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Minutes of actions taken by the Board of Governors of the Federal Reserve System on Monday, March 13, 1950. PRESENT: Mr. Mr. Mr. Mr. Mr. McCabe, Chairman Eccles Szymczak Draper Evans Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Minutes of actions taken by the Board of Governors of the Federa. Reserve System on March 10, 1950 were approved unanimously. Memorandum dated March 9, 1950, from Mr. Young, Director of the °11 of Research and Statistics, recommending an increase in the "larY of Miss Elaine L. Quarforth, a clerk-stenographer in that 0113 from $2,650 to $2,730 per annum, effective March 19, 1950. Approved unanimously. Letter to Mr. Peterson, Vice President of the Federal Reserve Of St. Louis, reading as follows: le,,L "In accordance with the request contained in your m.'iLer of March 3, 1950, the Board approves the appointof Orville H. Bleckman and Charles D. Zettler, at esent assistant examiners, as examiners and the appointof Edgar H. Crist as assistant examiner for the Fed17. Et.l. Reserve Bank of St. Louis. It is understood that 1:1 advise us of the dates upon which the appointments Ble°me effective and as to the salary rates for Messrs. eekman and Zettler. mil, The Board also approves the designation of Francis M. 14'er as a special assistant examiner for the Federal Rerya Bank of St. Louis." Z Approved unanimously. 3113/50 .") Letter to Mr. Delos C. Johns, Vice President and Secretary of the Federal Reserve Bank of Kansas City, reading as follows: L, "The Board of Governors approves the reappointments (34 Messrs. Thomas McNally end Mason L. Thompson as members of the Industrial Advisory Committee for the 10th Federal Reserve District to serve for terms of one year each beinning March 1, 1950, in accordance with the action taken KY the Board of Directors of the Federal Reserve Bank of I!nsas City as reported in your letter of March 6, 1950. ' is noted from your letter that the directors have not 4 a 1 Yet decided on a third member of the Committee to fill ,,oe vacancy occasioned by the death of Mr. D. Bruce rrester. th "It is noted further from your letter that owing to e inactivity in industrial loans during the past several ears, the directors prefer not to fill the other two exsbing vacancies on the Industrial Advisory Committee. In view t of the circumstances, the Board of Governors will in erP°se no objection to this decision." t r Approved unanimously. Letter to Mr. Wiltse, Vice President of the Federal Reserve / 1 4of New York, reading as follows: "Reference is made to your letter of March 2, 1950, •, : sing e letter and a certified copy of a resolution :Pued by the Board of Directors of the 'Northport Trust Irl:PanY t, Northport, New York, indicating its intention to from membership in the Federal Reserve System and eguset g waiver of the six months' notice of such with1,-‘611drawin dral.rale Z qui "As requested the Board of Governors waives the reexit of the six months' notice. Accordingly, upon 14• ;reader of the Federal Reserve Bank stock issued to the auj hPort Trust Company, Northport, New York, you are th u(3rized to cancel such stock and make appropriate refund for'e°n. It is noted that the bank is arranging to apply tle continuance of deposit insurance after withdrawal from fon1, 11, 3er ' shiP. If such action is taken, the bank will have rflonths from the date of this letter in which to effect • hdrawal. (F.R.L.S. #3548) 000 yt 3113/50 "Please advise when cancellation is effected and refund 18 made. The certificate of membership issued to the bank should be obtained, if possible, and forwarded to the Board. The State banking authorities should be advised of the bank's Proposed withdrawal from membership and the date such withbecomes effective." Approved unanimously. Letter to Mr. Sproul, President of the Federal Reserve Bank of Ne Yo reading as follows: el "This refers to your letter of March 3, 1950 and en_s_f:3sures with regard to suggested amendments to section 25(a) the Federal Reserve Act. We note that you feel that it tlalei7 to give consideration to possible amendments to 840 Edge Act which might make the Act a more effective inf°%aent to facilitate the financing of international and °reign trade. b "We think that a review of the matter at this time will : b helpful and constructive. Our staff here will, of course, Et ;Prepared to furnish any information or be of any assistIt can, and any suggestions of your bank in connection he matter will be carefully and promptly considered by the Approved unanimously. Letter to Mr. Russell G. smith, Executive Vice President, Bank or Alfieri ea) 40 Wall Street, New York, New York, reading as follows: :This refers to your letter of February 16, 1950, in rtje"You acknowledge receipt of the Board's letter of Febby1/17 8 with regard to the performance of certain functions °Our corporation in connection with letters of credit as -Lined in your letter of December 13, 1949. you We note from the last paragraph of your letter that or LII.esume that corporations organized under section 25(a) '14e Federal Reserve Act and those operating under agreep11 . 18 Pursuant to section 25 of that Act are on an equal tar where foreign banking or international or foreign fibej ial operations are concerned. In view of the differences "en the provisions of section 25(a) and those of section 3/1 -4, 5 and the agreements pursuant thereto, as well as the State tems under which section 25 corporations are incorporated, Board is unable to agree with such an assumption concern'ng the two types of corporations." Approved unanimously for transmission through the Federal Reserve Bank of New York. Secre Chairman.
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