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Minutes of actions taken by the Board of Governors of the Federal Reserve System on Thursday, June 25, 1953. The Board met in the Board Room at 10:00 a.m. PRESENT: Mr. Ur. Mr. Mr. Martin, Chairman Szymczak Mills Robertson Mr. Carpenter, Secretary Mr. Kenyon, Assistant Secretary Mr. Thurston, Assistant to the Board There was presented a memorandum dated June 18, 1953, from Mr. Thomas, Economic Adviser to the Board, requesting that he be authorized to accept an invitation from Mr. Burton Crane, of New York University, to participate in a discussion on "Monetary and Debt Policies" at one of a series of seminars being arranged by the University for this fall for higher—level corporation executives. An attached letter from Mr. Crane dated June 9, 1953, indicated that he would like to have Mr. Thomas speak at the seminar on December 2 1953. Approved unanimously. Reference was made to an inquiry made by the State Department through Mr. Marget, Director of the Division of International Finance, as to whether the Board would be willing to arrange a visual economic presentation and luncheon on July 17, 1953, for Mr. Fritz Schaeffer, German Finance Minister. -2- 6/25/53 It was suggested that if the Board approved the program, an invitation might be extended to the German Charge d'Affaires and that inquiry would be made as to what representation from the State Department would be appropriate. Chairman Martin then suggested that the Board agree to arrange the visual economic presentation and the luncheon, subject to his discussing the matter with the Treasury. This suggestion was approved unanimously. The meeting then adjourned. During the day the following addi- tional actions were taken by the Board with all of the members except Governors Evans and Vardaman present: Minutes of actions taken by the Board of Governors of the Federal Reserve System on June 24, 1953, were approved unanimously. Letter to Mr. Stetzelberger, Vice President, Federal Reserve Bank of Cleveland, reading as follows: "In accordance with the request contained in your letter of June 17, 1953, the Board approves the appointment of Eric H. Thomas as an assistant examiner for the Federal Reserve Bank of Cleveland. Please advise us of the date upon which the appointment is made effective, and salary rate. "It is noted that Mr. Thomas is indebted in the amount of $600 to the First National Bank of Scranton, 6/25/53 -3- "Pennsylvania, secured by 14 shares the Scranton National Bank. It is Thomas plans to sell the stock and prior to the effective date of his of common stock of understood that Mr. liquidate the loan appointment." Approved unanimously. Letter to Mr. Diercks, Vice President, Federal Reserve Bank of Chicago, reading as follows: "In accordance with the request contained in your letter of June 19, 1953, the Board approves the designation of Elmer William Fletcher as a special assistant examiner for the Federal Reserve Bank of Chicago. "It is noted that Mr. Fletcher is indebted to the National Bank of Hyde Park in Chicago, Illinois, in the amount of $7,665.68 on a GI loan secured by a mortgage on his residence property. It is understood that arrangements will be made to transfer the mortgage to some institution other than a member bank." Approved unanimously. Letter to Mr. McConnell, Vice President, Federal Reserve Bank of Minneapolis, reading as follows: "This refers to your letter of June 11, 1953 enclosing copies of correspondence and memoranda with reference to a proposed amendment to the articles of incorporation of the Rapid City Trust Company, Rapid City, South Dakota, for the purpose of curtailing the activities of the Company to something less than those contemplated by the statute under which it is incorporated. "It does not appear that a change in the general character of the trust company's business or in the scope of the corporate powers exercised by it at the time of admission to membership is contemplated. Accordingly, adoption of this amendment will have no effect upon the right of the Rapid 6/25/53 -4- "City Trust Company to continue as a member of the Federal Reserve System and will not require the approval of the Board of Governors pursuant to a condition of membership." Approved unanimously. Letter to the Board of Directors of The Southwest Bank, Inglewood, California, stating that subject to conditions of membership numbered 1 and 2 contained in the Board's Regulation HI and the following special condition, the Board approves the Bank's application for membership in the Federal Reserve System and for the appropriate amount of stock in the Federal Reserve Bank of San Francisco, effective if and when the bank is authorized to commence business by the appropriate State authorities: 3. At the time of admission to membership, such bank shall have a paid-in and unimpaired capital of $300,000 and surplus and other capital funds of $150,000, of which not less than $60,000 shall be credited to surplus. Approved unanimously, for transmittal through the Federal Reserve Bank of San Francisco.
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