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419 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Tuesday, March 18, 1947. PRESENT: Mr. Mr. Mr. Mr. Yr. Eccles, Chairman Draper Evans Vardaman Clayton Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Thurston, Assistant to the Chairman Minutes of actions taken by the Board of Governors of the Federal Reserve System on March 17, 1947, were approved unanimously. Letter to Mr. Whittemore, President of the Federal Reserve Bank of Boston, reading as follows: "This is to advise you that the Board of Governors notes without objection the salaries paid to employees of the Federal Reserve Bank of Boston as of January 1, 1947, as indicated in the statement Submitted with Mr. Willett's letter of January 20, 1947." Approved unanimously, together with similar letters to the Presidents of the remaining Federal Reserve Banks, except the letter to Mr. Peyton, President of the Federal Reserve Bank of Minneapolis, which read as follows: "This is to advise you that the Board of Governors notes without objection the salaries paid to employees of the Federal Reserve Bank of Minneapolis and the Helena Branch as of January 1, 1947, as indicated in the statement submitted with your letter of January 22, 1947, including the salary of ",478 paid to Mr. Karl VanderHorck, Examiner." Telegram to Mr. Clark, First Vice President of the Federal Reserve Bank of Atlanta, reading as follows: 420 3/18/47 "Reference wire February 25 and Mr. Stepi7enson's letter March 14, Board approves designation of Vestus L. Crowe as special assistant examiner for the Federal Reserve Bank of Atlanta." Approved unanimously. Letter to Mr. Leedy, President of the Federal Reserve Bank of Kansas City, reading as follows: "The Board of Governors approves the payment of, salary to Mr. Fred C. Schmocker, Assistnnt Cashier, Oklahoma City Branch, for the period from April 1, 1947, through May 31, 1947, at the rate of 1!,4,500 per annum, which is the rate fixed by the Board of Directors as reported in your t,,7-1egram of March 14, 1947.11 Approved unanimously. Telegram to Mr. Earhert, President of the Federal Reserve 13 /1.k of San Francisco, reading as follows: "Please advise R. P. A. Everard, Bank of America National Trust, and Savings Association, San Fr-ncisco, California, as follows, in response to his wire, of March 15: 'Board considers its order of June 28, 1946, issued before Commonwealth of the Philippines becere a republic on July 4, 1946, is authority for establishment by Bank of 'merica of brnnch at Manila, Republic of the Philippines. S. R. Carpenter, Secretary, Board of Governors of the Federal Reserve System'." Approved unanimously. Letter to Mr. Gentry, First Vice President of the Federal Reserve Bank of Dallas, reading as follows: "This refers to your letter of February 26, 1947, advising of the results of the general review made by your Bank of all cases in which member banks in your district have been granted authority to accept drafts 421 3/18/4 7 -3- "or bills of exchange up to 100 per cent of their capital and surplus. "In accordance with the recommendation made in your letter, the Board has today rescinded the authority of the member Inks rimed below to accept drafts and bills of exchange up to 100 per cent of their capital and surplus, such rescission to become effective July 1, 1947: The American National Bank of Austin, Austin, Texas First National Bank J.-. Brownwood, Brownwood, Texas ?tate Natir,nal Bank of Corpus Christi, Corpus Christi, Texas The Citizens National Bank of Hillsboro, Hillsboro, Texas The First National Bank of Navasota, Navasota, Texas The First National Bank of San Angelo, San Angelo, Texas The American National Bank of Terrell, Terrell, Texas The First National Bank of Waco, Waco, Texas "There are enclosed letters addressed by the Board to these banks with respect to this matter; and it will be appreciated if you will promptly transmit them to the banks affected. For your records, there is also enclosed a copy of each such letter." Approved unanimously. tiAtaafi /4!..t ecretary. Approved: Chailuan.
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