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I ftl' Minutes of actions taken by the Board of Governors of the Federal Reserve System on Wednesday, June 10, 1953. PRESENT: Mr. Mr. Mr. Mr. Mr. Martin, Chairman Evans Vardaman Mills Robertson Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Minutes of actions taken by the Board of Governors of the Federal Reserve System on June 9, 1953, were approved unanimously. Letter to Mr. Sproul, President, Federal Reserve Bank of New York, reading as follows: "The Board of Governors approves the payment of salaries to the following officers of the Federal Reserve Bank of New York for the period June 1, 1953, through June 30, 1953, at the rates indicated, which are the rates fixed by the board of directors as reported in your letter of June 2, 1953. Annual Salary Title "Name $12,000 Dept. Research Manager, Charles A. Coombs 11,085 Economist Senior Arthur I. Bloomfield 11,200" Economist Senior George Garvy Approved unanimously. Letter for the signature of the Chairman to the Comptroller of the Clarrency, Treasury Department, Washington, D. C., (Attention: Mr. W. M. TaYlor, Deputy Comptroller of the Currency) reading as follows: "Reference is made to your letter of April 7, 1953, enclosing a photostatic copy of an application to organize a national bank at Albion, Michigan, under the title of National Bank of Albion and requesting a recommendation as to uhether or not the application should be approved. 6/10/53 -2- "We have received a report of investigation of the application made by the Federal Reserve Bank of Chicago setting forth information with respect to factors usually considered in connection with such applications. While it appears that the proposed capital structure of the bank would be adequate and the needs of the community might be better served with another banking institution, the information with respect to the competence of the proposed management, leading stockholder, and principal leader in the organization of this national bank is unfavorable. In the circumstances, the Board would not recommend approval of the application. "The Board's Division of Examinations will be glad to discuss any aspects of this case with representatives of your office, if you so desire." Approved unanimously.
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