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440 Minutes of actions taken by the Board of Governors of the l'ederai Reserve System on Monday, March 7, 1949. The Board met 14 the Board Room at 2:30 p.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. McCabe, Chairman Eccles Szymczak Draper Vardaman Clayton Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Board Following the meeting on March 2, 1949, the suggestion was that the advice of action by the Board approving the applicati°4 °f sank of America National Trust & Savings Association for (11411°11t3r to establish a branch in Bangkok, Siam, and withholding k3Pt. °1/al of the Benk's applications to establish three branches in Otrta 11Y, be sent in separate letters. Drafts of such letters had been prepared and at this meeting approval was given to the following letter to Bank of America National Trust & Savings Association, with the miderstanding that a separate letter would be sent later With respect to the three German branches. On this action Messrs. McCabe, Vardaman, and Clayton voted "aye", and Messrs. Eccles, Szymczak, and Draper did not vote. Mr. Evans had stated that if he were present he would vote to approve. , "The Board of Governors of the Federal Reserve Syste 4 44 authorizes Benk of America National Trust and Savings °ciation, San Francisco, California, pursuant to the " 3/7/49 -2- "Provisions of Section 25 of the Federal Reserve Act, to establish a branch at Bangkok, Siam, and to operate and maintain such branch subject to the provisions of such section; upon condition that unless the branch is actually established and opened for business on or before March 1, 950, all rights granted hereby shall be deemed to have "leen. abandoned And the authority hereby granted shall aUtomatically terminate on such date." Minutes of actions taken by the Board of Governors of the 4( ler ) tt-Reserve System on March Memorandum dated March or the 4, 1949, were approved unanimously. 3, 1949, from Mr. Bethea, Director pivision of Administrative Services, recommending that the N140ation of Robert P. Warner, accounting clerk in that Division, 1)15 a -(13ted, to be effective, in accordance with his request, at t1 5 clos. Of business on March 9, 1949, and that appropriate payet he made for annual leave remaining to his credit as of that Approved unanimously. t Memorandum dated March 7, 1949, from Mr. Bethea, Director kvision of Administrative Services, recommending that the Nigilation of Anthony Dellenoci, tabulating machine operator in tilAt 1J iv181°11, be accepted, to be effective, in accordance with 11141 at the close of business on March 25, 1949, and that —141citt6 Payment be made for annual leave remaining to his 442 3/7/49 -3- credit as of that date. Approved unanimously. Memorandum dated March 7, 1949, from Mr. Bethea, Director "the Division of Administrative Services, recommending that the best^ - animal salary of each of the following employees in that Diilisi°11 be increased as shown below, to be effective March 20, 1949: _Name kerris maytex ice }Itirix Barnes "il liern R. McDonald RV Cooke M. Lewis Proposed Increase To From Title Gardener Operator (Mica.) Guard Charwoman Elevator Operator $2,949.72 $3,024.96 2,573.52 2,498.28 2,423.04 2,350.00 20284.00 2,350.00 2,152.00 2,218.00 Approved unanimously. kyttoveti:
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