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89-5 Minutes of actions taken by the Board of Governors of the ?eciertiti Reserve System on Wednesday, June 2, 1948. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman pro tem. Szymczak Draper Clayton Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Board Minutes of actions taken by the Board of Governors of the FedL. he 8=rve System on June 1, 1948, were approved unanimously. Letter to Mr. Whittemore, President of the Federal Reserve Of Th._ 4Joston, reading as follows: 19 "This refers to Mr. Schlaikjerfs letter of May 20, et $ stating that your Bank has found it advisable to P'-0Y Mr. John T. Noonan as special counsel for your . 0 to resist real estate tax assessments by the City 15;toston on the Bank premises and on the adjacent Perty which has been acquired for additional build-4g Purposes. to "It is noted that Mr. Noonan hpndled litigation I.: Your Bank in connection with similar proceedings te/' the years 1937-41; that substantial savings will ill f.!alized by the Bank in the event you are successful to 7.ffing the assessment reduced to a figure comparable 004uLet during the period 1937-41; that while it is not Non Possible to determine the exact amount of Mr. te;TIll's fee, he has indicated that it will not exthe- 48,500; that the fee will be less depending upon thEd.enent material previously prepared is used; and it (she fee will be substantially less in the event 's not necessary to litigate the matter. kr "The Board approves the payment of compensation to Sci;111?°nan subject to the conditions stated in Mr. —Eq-kjerts letter." Approved unanimously. 89C-1, 6/248 —2Letter to Mr. McLarin, President of the Federal Reserve Bank or Atatui reading as follows: "The Board approves the payment of salary to Mr. Llolm B. Raisty as Senior Economist, Grade XVI, at rate of $8,000 per annum, effective June 1, 1948, 8 requested in your letter of May 26, 1948. or "Since this salary is in excess of the maximum el the grade in which Mr. Raisty's position will be .8 .8 sified, it is understood that any changes in his - 11rY will be presented to the Board." ' Approved unanimously. Telegram to Mr. Young, President of the Federal Reserve Bank 401 reading as follows: "Retel May 26 Board approves employment law firm 'laYer Meyer Austrian & Platt and attorney Marshall oillarnsY of Chicago as special counsel in tax matter "erms stated in your telegram." Approved unanimously. Letter to Mr. Leach, Chairman of the Committee on Operations qtheConference of Presidents, Federal Reserve Bank of Richmond, Itittig as follows: the A."1t has recently been brought to the attention of or : 4 clard that according to their time schedules some rer'" Federal Reserve Banks accept for two days' decredit country items drawn on all par remitting 14 +1, 8 in States which are located in whole or in part dtWrir districts, but that some other Banks give three deferred credit for country items drawn on banks th"e parts of such States which are not located in -kr districts. creci,"For example, Chicago gives two days' deferred or for country items drawn on any bank in the State Ztei:11 ,40is that remits at par, even though part of the ' 18 located in the Eighth Federal Reserve District; 897 whereas Atlanta gives two days' deferred credit for countrY items drawn on banks in that part of Alabama attached tio the Atlanta territory and three days' deferred credit i c3r such checks drawn on banks in that part of Alabama 'cleated in the Birmingham zone. "This difference is of considerable importance in ti e°1111ection with the proposed requirement that member banks 300 or more items payable in the territory of another 12-"ral Reserve Bank or branch either route such items dito such other Federal Reserve Bank or branch or sort 4 trilid list the items separately if they deposit them with sneir own Federal Reserve Bank. It is understood that 11-r4 e of the Federal Reserve Banks at least think this is IZ' a worthwhile requirement in so far as it relates to ailerlis payable in States which are partly in one district Partly in another district. It is believed that r:18 matter is of such importance as to warrant its being r:Isrred to the Committee on Collections for study and colr miendation. se "A review of the time schedules of the Federal Reter je Banks also shows differences with respect to the : 118 1°c1 of determining deferred availability. Some Banks fo;calendar days in determining the period of deferment anci , 06'sh items drawn on banks in Federal Reserve Bank fe °ranch cities and business days in determining defor country items, while other Banks use busic0„2,daYs for determining deferment for both city and LrY items. "The Board would appreciate it if this matter also 13111,6 be referred to the Committee on Collections for the to1.1415s of ascertaining whether it would be practicable tht,811 Reserve Banks to adopt a similar practice in respect." Approved unanimously. Letter "fro -44-, to the Presidents of all Federal Reserve Banks read- tnrs: ?Iese "Sorae preliminary plans recently prepared for Federal ttonzlre Bank branch buildings have provided for installaths 2f equipment to supply emergency electric power in etle," .ent of disruption of the normal power supply. Such ricy Service would be the minimum necessary to provide 898 48 -4- "light and power to permit safe evacuation of the building !!11 the transfer of money and securities to the vaults. Boardts files do not contain complete information re1-ng the existence of such facilities at the various and branches, and it will be appreciated if you . . 4.1 let us know whether your Bank's buildings are so Pped and, if sot the general scope of the emergency 'ectric service provided. "We should also appreciate having your opinion as to : 1 desirability of installing such equipment, where not "ided, as an additional protective measure." f r Approved unanimously. Memorandum dated June 2, 1948, from Mr. Hooff, Assistant a ot the 44 recommending that there be published in the law department 411e issue of the Federal Reserve Bulletin statements in I'l attached to the memorandum with respect to the following Real Estate Loans Reconstruction Finance Corporation Participation Reserves Central Reserve City Banks Approved unanimousl Secre 17.
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