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Minutes of actions taken by the Board of Governors of the Federal Reserve System on Wednesday, May 17, 1950. PRESENT: Mr. Mr. Mr. Mr. Mr. McCabe, Chairman Eccles Szymczak Draper Vardaman Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Minutes of the meeting of the Board of Governors of the Federal Reserve System with the Federal Advisory Council held on May 16, 1950, were approved unanimously. Minutes of actions taken by the Board of Governors of the Pederal Reserve System on May 16, 1950, were approved unanimously. Memorandum dated May 16, 1950, from Mr. Young, Director of the Division of Research and Statistics, recommending the appointinent of John M. Culbertson, as an economist in that Division, with salary at the rate of $4,600 per annum, effective as of the date uPon which he enters upon the performance of his duties after h"ing Passed the usual physical examination. Approved unanimously. Letter to Mr. Bilby, Vice President of the Federal Reserve 1441k of New York, reading as follows: "Reference is made to your letter of May 11, 1950, requesting the Board to approve a payment to the Retirement System by the Federal Reserve Bank of New York in order that one of its employees would not suffer a loss of creditable service because of a temporary leave of absence without pay. "The Board of Governors approves the payment by the New York Bank to the Retirement System of $682.79 on 4 5/17/50 -2- "behalf of Donald C. Niles. It is understood that Mr. Niles will make a lump sum contribution equal to the amount which he would have paid the Retirement System if he had not been on leave of absence." Approved unanimously. Letter to The Honorable, The Comptroller of the Currency, TreasurY Department, Washington 25, D. C., reading as follows: "It is respectfully requested that you place an order with the Bureau of Engraving and Printing supplementing the order of June 20, 1949, for printing Federal Reserve notes of the Federal Reserve Bank of San Francisco in the amount and denomination stated below: Number of DenomiAmount sheets nation $12,000,000" 50,000 Approved unanimously. Memorandum dated May 12, 1950, from Mr. Thomas, Economic Adviser to the Board, recommending that the Board issue an invitation to the foreign members of the Conference of Commercial Bunk Economists, /1hioh is meeting in Atlantic City May 31 - June 11, 19)0, to visit the Board's offices Friday, June 16, or on some day the following Igeek convenient to the members of the Conference, that the group be 147ited for lunch, and that members of the Board's staff be authorized to work out an appropriate program of meetings. Approved unanimously. Memorandum dated May 12, 1950, from Mr. Millard, Director the Division of Examinations, recommending that beginning j'eull-larY 1, 1950, the cost of printing examination report forms 629 VIVA -3- Ps R. 410 used by Federal Reserve Banks in connection with their examination of State member banks be absorbed in the Board's expenses and that the appropriate item of the 1950 budget of the Division of Examinations be increased by an amount sufficient to cover the cost. Approved unanimously. 414 0 1 - 4,—.6dLimi Secre a A pproved: Chairman.
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