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Pflf) Minutes of actions taken by the Board of Governors of the Federal Reserve System on Tuesday, May 17, 1949. 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 Minutes of actions taken by the Board of Governors of the Federal Reserve System on May 16, 1949, were approved unanimously. Memorandum dated May 16, 1949, from Mr. Bethea, Director of the Division of Administrative Services, recommending increases in the basic annual salaries of the following employees in that Division, effective May 29, 1949: Name ne4i71-E7 Yibleott Pranklin Taylor terljamin D. Berry borne Johnson 4 4.1-Ph A. Sherrod p4. ' 444'n M. Palmer pe?ea.r1 Saieed kY lq. Morgan Alton W. CassidY Title Seely to Mr. Bethea Operator (Dup. Dev.) Foreman Opr. (Mim.) Mail Clerk Operator (Dup. Dev.) Clerk-Stenographer Clerk-Stenographer Clerk-Stenographer Laborer Salary Increase T43From $3,733Z-60 $3 9777.00 31100.20 3,024.96 21 799.214 21799.24 2,799.24 2,724.00 21648.76 2,573.52 21 086.00 21 874.48 2,874.48 21874.48 2,799.214 2,724.00 2,648.76 21 152.00 Approved unanimously. Letter to the board of directors of the "Fishermen and Merehants -ank", Los Angeles (San Pedro), California, stating that, 901 -2- 5/17/49 subject to conditions of membership numbered 1 and 2 contained in the Board's Regulation HI the Board approves the bank's application for membership in the Federal Reserve System and for the appropriate amount of stock in the Federal Reserve Bank of San Francisco. Approved unanimously, together with a letter to Mr. Earhart, President of the Federal Reserve Bank of San Francisco, reading as follows: "The Board of Governors of the Federal Reserve System approves the application of the 'Fishermen and Merchants Bank', Los Angeles (San Pedro), California, for membership in the Federal Reserve System, subject to the conditions prescribed in the enclosed letter which you are requested to forward to the board of directors of the institution. Two copies of such letter are also enclosed, one of which is for your files and the other of which you are requested to forward to the Superintendent of Banks for the State of California, for his information. "It is noted that, subsequent to its approval for membership the bank will be requested to remove from the classification of savings deposits the six accounts listed as non-conforming in the examination report of March 161 1949. "It is assumed that the bank's attention will be directed to the proper administration of loans coming within the provisions of Regulation "4 and its non-compliance with Treasury Department Regulations with respect to the use of U. S. War Savings Bonds, Series El as collateral to two loans cited in the examination report; also, that proper Provision will be made for estimated losses." Letter to Mr. 7ioolley, Vice President of the Federal Reserve ll'ank of Kansas City, reading as follows: "You will find enclosed herewith a photostat of a letter dated April 4, 1949, from Mr. Charles A. Petrie, an attorney at Montrose, Colorado, to Mr. Max Bulkley, 5/17/49 "United States District Attorney at Denver, Colorado, and also photostats of enclosures with that letter. These matters concern compliance with RegulationWby The Electric Center, an appliance business with stores at Montrose and Delta, Colorado. "The above correspondence was transmitted to us by a letter of May 6, 1949, from the Criminal Division, Department of Justice, Washington, D. C. The Department of Justice has informed Mr. Bulkley of its reference of this matter to us. "We will appreciate your giving this matter appropriate attention. Approved unanimously. Letter to Mr. McCreedy, Vice President and Secretary of the Federal Reserve Bank of Philadelphia, reading as follows: "Reference is made to your letter of May 3, 1949, concerning the expenditure of $3,500 to defray the expenses of dinners held in the interest of the Opportunity Drive for the sale of United States savings bonds. "It is noted that the 1949 budget of your Bank did not include provision for this expense. The Board accepts the expenditure of this additional amount as submitted and appropriate notations are being made in the Board's records." Approved unanimously. Proved, Ch rm .
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