Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, June 9, 1950, Volume 37, Part 2

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73S

Minutes of actions taken by the Board of Governors of the
Federal Reserve
System on Friday, June 9, 1950.
PRESENT:

Mr.
Mr.
Mr.
Mr.
Mr.

McCabe, Chairman
Eccles
Szymczak
Draper
Vardaman
Mr. Carpenter, Secretary
Mr. Sherman, Assistant Secretary
Mr. Kenyon, Assistant Secretary

Minutes of actions taken by the Board of Governors of the
--eral Reserve
System on June 8, 1950, were approved unanimously.
Telegrams to the Federal Reserve Banks of New York, Cleveland,

'
- Qrld, Chicago, St. Louis, Minneapolis, Kansas City, Dallas,
s

an Francisco stating that the Board approves the
establishment

/4ithOut
change by the Federal Reserve Banks of Kansas City and San
Prezei q
--co on June 7, and by the Federal
Reserve Banks of New York,
Clev
'
e and, Richmond, Chicago, St. Louis, Minneapolis, and Dallas on
hitte
'2 1950, of the rates of discount and purchase in their existing
aehedules,
Approved unanimously.
Memoranda from the heads of the divisions indicated below
l'eeorrnending increases in the basic annual salaries of the followIllg ez
Ployees in those divisions, effective June 11, 1950:

141,:te of
,
..gemo
Name
/47;aca AND STATISTICS
6 W-4
Miss Alice Swindlehurst
4,13 -'.8
'
TIVE SERVICES
°
Wayne A. Pollard




Title

Salary Increase
From
To

Clerk

$3,850

,4,075

5,750

5,800

Assistant Chief,
Fiscal Section

6/9/50

-2Approved unanimously.
Memorandum dated June 8, 1950, from Mr. Leonard, Director

Of the n
-ivision of Bank Operations, recommending an increase in the
be-sio salary of F. A. Walker, Supervisor, Settlement and Currency
Section of
that Division, from $4,825 to $4,950 per annum, effective June
11, 1950.
Approvedunanimously.
Letter to Mr. Armistead, Vice President of the Federal Re"
re Bank of Richmond, reading as follows:
"In accordance with the request contained
in Your letter of June 7, 1950, the Board approves
the designation of A. Sage Robertson as a special
assistant examiner for the Federal Reserve Bank
of
Richmond."
Approved unanimously.
Letter to Mr. Fill, Vice President of the Federal Reserve
131411,
,..

of Philadelphia, reading as follows:
19cn "Reference is made to your letter of May 261
,
submitting the request of the Norristownenn Trust
Company, Norristown, Pennsylvania, for
;
1 ermission to
establish and operate a branch at
Te'lleY Forge, Pennsylvania, for the period from
:
une 23 through July 13, 1950, to provide banking
.4acilities for the Jamboree of the Boy Scouts of
Alaerica.
,
"It is understood that provision of the con'Plated facilities has been approved by the
tete
authorities and, in view of your recommenda1!
.°11, the Board of Governors approves the estab;A.shment and operation of a branch in Valley Forge,
_ennsYlvania, by the Norristown-Penn Trust Company,
!
o
rristown, Pennsylvania, for the period from
'June 23 through July 13, 1950/ in quarters to be




6/9/50

-3-

"furnished by Boy Scout officials in charge of the
Boy Scout Jamboree at Valley Forge."
Approved unanimously.
Letter to Mr. Stetzelberger, Vice President of the Federal
Reserve Bank of Cleveland, reading as follows:
"Reference is made to your letter of May 31,
1950, submitting the request of the 'Peoples City
Bank', McKeesport, Pennsylvania, for permission to
l,
establish
and operate a branch at Bentleyville,
ennsylvania, in connection with the purchase of
assets and assumption of deposits of The Citizens
National Bank of Bentleyville; also a branch (de
n°vo) in East McKeesport, Pennsylvania.
"In view of your recommendation, the Board
()f Governors approves of the establishment and op1**ati0n of branches at Bentleyville and East
l',!?Keesport, both in Pennsylvania, by the Peoples
ultY Bank, McKeesport, Pennsylvania, provided the
Prior approval of the appropriate State authorities is obtained, the purchase of assets and
tssumption of liabilities of The Citizens National
sank of
Bentleyville is accomplished substantially
'
ei s Proposed, the proposed branch at Fast McKeesport
Is established within six months of the date of
this letter and with the understanding that Counsel
for the
Reserve Bank will review and satisfy himself as to
the legality of all steps taken to establish the branches."
Approved unanimously.
Memorandum dated June 7, 1950, from Mr. Millard, Director
ths
- Division of Examinations, recommending that the voucher of
j% Calvin Smith, an Assistent Federal Reserve Examiner in that
41risi°11, in the amount of $115.63 claiming per diem for the period
Nr 1/
1950, be paid in full.




Approved unanimously.