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758 Minutes of actions taken by the Board of Governors of the ?era Reserve System on Wednesday, May 12, 1948. PREsENT: Mr. Mr. Mr. Mr. Mr. Szymczak Draper Evans Vardaman Clayton Mt. Mr. Mt. Mr. l'etierea Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Board --'es of actions taken by the Board of Governors of the Ileserve System on May 11, 1948, were approved unanimously. littee Eta Letter to Honorable J. Parnell Thomas, Chairman, House Com- °II I/II-American. Activities, House Office Building, reading %jaws. 111 ,.,e Board of Governors of the Federal Reserve SYst: e designated Mr. Herbert A. Johnson, Person"'lake ,.`,ric p er, Division of Personnel Administration, to (thy i, % ficial visits to Federal agencies to obtain l bythe ii'°rmation on members and prospective members of cord„°4rclis staff which will assist the Board in the 'Lett or its loyalty program. Will appreciated if Mr. Johnson is permitib" tec 1.11 : 3 1.1 heAre such access to your files from time to time with Isespe Permit him to obtain loyalty information t0 allY cetxci the 13o employees or prospective employees of Arq information obtained in this way from Y°1-4" • ' htp. -- 8 will be treated in the strictest confidence. t.11.0beerctott.1: ti h.onsonhas discussed our program with Mr. Stripling of your staff, and we appreciate e4 Ze .rj at oion hnsoVich Mr. Stripling and his staff have th APProved unanimously together with e f ollowing statement of designation to 4 121e given to Mr. Johnson for use in tirig information from Government "'etieles and others: a: 759 5/12/ 8 -2pe, "This is to certify that Mr. Herbert A. Johnson, ti, -8°1111e1 Officer, Division of Personnel Administra4 ;11 of the Board of Governors of the Federal Reserve by tela, whose signature appears below, is authorized cie he Board to make official visits to Federal agenpers t and outside organizations to obtain information jairoainiug to personnel administration and loyalty the ? i ation on members and prospective members of d'8 '38.r staff. kelt The information furnished Mr. Johnson will be 4-11 strictest confidence. "This certificate expires May 12, 1949." Letter -' ' 4) MT. Laning, Vice President and Cashier of the FedReserv e Bank of Cleveland, reading as follows: ellei "Reference is made to your letter of April 15 and Accomi cTlres regarding exceptions taken by the General the-14 413:1g Office to charges covering contributions to ' beileltirement System by the Cincinnati Branch for the tf; lt Pisoal Agency employees on leave without pay ;1110flths of October and November, 1944. torcr This Particular question has not been raised here19115 ; ) 48 ' t least not officially, so far as we know. In Ibtea-F,'I't 1946, however, Office i certainl the General Accounting 4rve iions cePt to payments by the Federal ever.; : 11 114 of New York, Philadelphia, and Cleveland 4) Fijs'7",813ecial military, vacation, and dismissal pay : Liretne„ 1. Agency employees and contributions to the Re' SYstem for Fiscal Agency employees called to ;-1i3r service. lloted i Ais You indicate in your letter, if the exceptions ,t,e,itied-11Isthe claims of the Cincinnati Branch are sus'"e same policy undoubtedly will be applied in se .11.t is to all Federal Reserve Banks and branches. ' Alleor :Ped, however, that if a statement similar to eliclosed herewith is submitted to the General 44 t,e13t,' - 4g Office through the Commissioner of Public ' icevil ts1117 Department, the General Accounting Of1' p reconsider its action in the matter. 140111. —rerring to the second paragraph above, we 'e in having further information 760 5/12/148 -3 "abouf. merri.-:„. Your Bank's claim for reimbursement of Retireem contributions for the months of March, and June, 1944, on behalf of Marion Schuster, pef taore entering military service had been engaged pert tIMe on Regulation V operations for the Navy Detatillient• Our files do not seem to contain any infor°11 on the eventual outcome of the case." Approved unanimously. Letter to Mr. Emil Schram, President, The New York Stock hehallee '11 Wall Street, New York 5, New York, reading as follows: the 1"The New York Stock Exchange from time to time in te .Tast few years has surveyed its member firms to de8111313;" the number of margin accounts and has kindly --;;r us with this information at our request. atth 11.a-other count of the number of margin accounts, alad : v l elld of this coming June, would be of interest N11111-14-:ue to us, and we believe it would also be of 4 the Exchange. The specifications of the prelo ' beeem-1,81.1rveYs, such as those for your Form 495 dated "We 10) 1946, are satisfactory for our purposes. then aPPreciate your cooperation in sending us " figUres." unanimously. Approved 5 : MeMorandum dated 1948, from Mr. Cherry, Assistant C:111141' l'ecommetidi__, .L46 for the reasons stated in the memorandum, tl t the Board approve a proposal to amend Regulation L, Inter*(1c111:1€ 1341ak Dir ectorates under the Clayton Act, with the under1:411'114g thet Counsel's Office would work out the detailed lan(11' Blich amendment after consultation with Counsel for the he tiTh ?tillAtt:ItIlteeerve New York. The memorandum also recommended B_ank of -'e Aegulation L was amended, a letter be addressed 761 5/12/48 -4t0 FeV.eral Reserve Bank of New York terminating the agreement 114clet Section 25 and advising the Reserve Bank that in view of the 64514111eirt to Regul t on L the interlocking relationships now exist'4,Y continue and. the proposed relationship involving Mr. N. klter eke a director of the French American Banking Corporati°11 '110144 not be prohibited. Approved unanimously. APpliovea:
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