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Minutes of actions taken by the Board of Governors of the Fecier al Reserve System on Monday, March 20, 1950. PRESENT: Mr. Mr. Mr. Mr. Szymczak, Chairman pro tem. Draper Evans Vardaman Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Minutes of actions taken by the Board of Governors of the ?ecieral Reserve System on March 17, 19)0, were approved unanimously. Letter to Mr. Neely, Chairman of the Federal Reserve Bank c)t Atlanta, reading as follows: rtte:In accordance with the request contained in your of March 17, 1920, the Board of Governors approves, fective April 1, 19)0, the payment of salary to Mrs. a nevieve M. Barnett, Alternate Assistant Federal Reserve at the rate of $4,080 per annum." Approved unanimously. tejak or Letter to Mr. Hilkert, Vice President of the Federal Reserve Philadelphia, reading as follows: "In accordance with your letter of March 16, 1950, eril records have been amended to indicate that another le.tde, in addition to those referred to in your ri er oi February 14, 1920, has been selected as a orrst-Year student to attend the forthcoming session the Graduate School of Banking at Rutgers University. This is to advise that the Board of Governors terv — oses no objection to this additional enrollment." Approved unanimously. Letter to Mr. Slade, Vice President of the Federal Reserve tftbiat or Q 'all Francisco, reading as follows: 363 3/20/D0 -2- "Reference is made to your letter of March 6, 1950, !Ubmitting the request of the 'American Trust Company', I tan Francisco, California, for permission to operate a ,rallch in connection with the Grand National Junior l'ivestock Exposition from April 1 to April 6, 1970, and "a continuing authority to operate such a branch in with that Exposition and the Grand National Livestock Exposition each spring and fall, in lieu of 44.vestock Obtaining permission each time as has been the practice °r the past several years. is noted that the Superintendent of Banks for Cali f , - -Lornia ornia has granted continuing authority for the °Aeration of this branch, and, in view of your recom, 4rndati0n, the Board of Governors approves the establish; ent and operation by the American Trust Company, San Ifancisco, California, of a branch at the Livestock mnilion at Geneva Avenue and Rio Verde Street, San L eo County, California, for the duration of Grand National estock Expositions and the Grand National Junior LiveStock cf, Expositions each year, with the understanding that 111114sel for the Reserve Bank will review and satisfy inself as to all the legal aspects involved." Approved unanimously. Letter to Mr. Erickson, President of the Federal Reserve * 11 Of th .00ston, reading as follows: 81111 "This refers to your letter of March 7, 19)0, ba itting a review of the classification of member ei:".8 in your district for the purpose of electing re! 8 A and Class B directors and recommending a c4a ssification. In accordance with your recommendation, the Bon ' d of Governors has changed the classification of-1 peallleMber banks for electoral purposes in the First or le3ral Reserve District so that Group I will consist t„ a4ks having a combined capital and surplus of --"-e 4 than $1,800,000, Group 2 of banks having a .;orQb boti : Illed capital and surplus of $400,000 to $1,800,000, ' 4 inclusive and Group 3 of banks having a combined c4Pital and surplus of less than $400,000." Approved unanimously. cr.) ,r )" 3120/50 —3— Telegram to Mr. Powell, First Vice President of the Federal Reserve Bank of Minneapolis, reading as follows: e, "Your wire. Mr. Millard, Director of Board's Division Examinations, will arrive Minneapolis by Northwest Airat 2:13 p.m. Tuesday, March 21, and will be authorized t° assist in developing full statement of facts as outlined ard's Wire March 17. Please make reservation for him at aleapolis Athletic Club and advise." Approved unanimously. ADDroveci:
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