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'Minutes of -ctions taken by the Board of Governors of the
Petk
ral Reserve
Eystem on Tuesday, May 20, 1952.
The Board met in
executive session in the Conference Room at 10:00 a.m.
PRESDNa:
Lr.
Mr.
Mr.
LT.
Mr.
Mr.
Martin, Chairman
t..;zymczak
Evans
Powell
Mills
261-)erton
,
The Chlir.d'n l...ter informed the
Eecretar: th t Curing the e:ecutive
trr.-nucus -)prova7 was g'ven tr tic
Jctter to Yr. Ce,!ler-L, Proc
dent, ],c(7c-1 Reserve 'Rank of Dallas:
a
"The Board of Governors approves the payment of salord„ as Vice President and GenerY4
Z 1 r. d''rrY
eff(.,ctivc t-(lay, and for the period cnding.
1!)53, at the rr, tc of $12,000 per annum, v_Ich -T s
the
fiYed by tiE 7(
of Directors as indicAfe-- :a
e
Your
letter of
,
'
./
"
.6iven with the underEt nqing that
=-11,DreVal
th
val he T)1 -_ced in your records informti:m et,tab!Zn8 th'A th( change in title for Mr. Shi:'CfC_
ael
e bona fide promotion in accordance wIt.i.1 ;
stab;
Ja
ization re: ulitions."
4
The f
ollowinr cLd6TA.'=q1 1 actions were taken I.; the Board:
Minutes of Nctiont tden hp the Board of Governorr of the Federal
EYetem on may 1),
Memoranaa dateei La:( C
bilriziori of A
t,
be
were approved unanimous 1'•
1952, from Mr. Bethe, Director,
inistrative fCrlllCCC, recommending that the tc:::crary
at
pointmehts of the following employees in th,lt
:
ti tericled on a
perm:rnent
effectI've MaY 25, 1952) 14itri .110
their present bcc inu1
ivision
a1
arie3:
5/20/52
-2Title
(1)ertiriL :1-111L7ineer
NeE,senr:er
Arthur C. Myers
Luciut-.; Thalley
-±,proved
Letter to Mr.
eiel, Secretary, Federal Reserve Ba-a:7
f `..t. Louis,
l'4.d hle; as
follows:
"The Board. of Governors approves the payment of
,EtrY to -r.
m
la
Marvin L. Bennett as an 4-isEdstamt hanaGer, Little
Branch, for the p,'riod JuJy 1, 1.95, throuc,hVa
f9
.53, at the
rate of :.6,900 per annum, which is the rate
10Y the Board of Directors as reported in your letter
viaY 12, 192."
r,)ved unmimo sly.
Letter to Mr. 1
1-bur, Cha:Trman, Federal Reserve Bank of San
readinL; as follew:
'Th1e
- al,-c7„,isiflF
an,i,
, y`',
o
y7 u for your letter of 1:y 13, ],
re ,t,„ct to
Directorswitn
(1. 1,.et.;lie feelincc of the ',c,,r. of
'rement allowance: for retire(' employee.
: rest :The Board of Glvernorf L,re tly ct9ixeciateF the '.111
ze.et;en by the Brylr(1 (-)f D.irectorE in this l&itter, ,, s
in your letter, und the 7 1,1r1i. Lion you .L11-Litted
ction Pl<o -i, appr(ciated. Howover„ ._,..fter
f'llrt"is c"Ile
, till believher
Board, of' GevernorE. :
1701 es, con2ideratioa, the
incircumtaces
that, in the light o' all the
16
lAr.
theIlea, it would not he de!):ralle at tha time to
matter of increased retlreraent allowances."
Hi.(7,ved
Letter to,
Tice
reideiit, reCleral
12,of Phila-
asfoll(:1Nu:
subeference is ]de to :;rour letter of May 9)
the'
Company,
Iiilmington,
Trust
requeLt of the pi1sJuton
(4471,
5120/52
-3t,Del
"L,
aware, for an-firoval of the eLtahlishrient of a branch
Ifewark, Delawere, in cnrinection with the 'proposed alof the 2aruors `Hru;.;t Coqoany, I:ewarkl Delaware.
e
"In 'view of your recommendLtion, the 13e2r0._ of Gov13.1
'
.11.c)rs approves the establicauent and o-2eration of
.nranch in Newark, Delaware, 'oy the \:i3ilington Tru;.;t ComfarlY, Waminizton, Delaware, u7)on absorption of the Fan::
rf3 Trust ConTar:y 411
accordance with the zaan cuThrvitted.
:
,1cl Provided lirior aTroval of the -,1)Dro:priate rtite au1 CL 11
It CL unierL-tood. that Couni.:el for
',
a"erve Bank will review and aitisfy himoelf as to
-Legality of a n_ rte-rJE tiiken to effect the traction
dald- to
este„blish the branch."
Approved ullanimoucl:T.
Letter to
kr.
rthur
. 71.1-14,Tat
Jr., Director of
The
e'raraitt
ee Of New T1y- 1an/1 of the D-Aional Flanninii; _ssociation, 230
Co
eSS
reoclInE, as :"013-owF-):
Boston,
glle "This refers
to your letter of _Ix"' 3r), 1.9')2, re- ,
..
8,
1 ting et'rtail-.). data, on i:1(71);
Joanc and conmitiaentL
:
fle Federal ReEt-,,,ve
1.3b of the iede-L l'eserve „ct. The.3e. 0;,tu,
hav
7:3-i(licatecl: in your letter,
1417ve 'been tabulated from r(ll-vrtL,
)43-7
:orar
thee- C°Pies or the;:e Ioras re encloLecl, tefether with
ta
bulations r(que.te0—
tio "It is understooqthat ;our desire for this inforraatocrt1
to ena.hle you to in.a:c.c corrariscus between the
E° -8-11k i E e:.,T)erience, (1-ta on which hei,e been or
.,ied -by the T'eezer:.1 Ii.eserve Bank of Borton,
riatil
2P1
riot Ca"- experience
Ins snuck EIS cone of the ci±urcs ?ac,
wish
eerl PubliEhed, it i; reriuesteei that in c,
mil,
i
l Vtlet
ahem in tiny mr1nLer, iTinw:cr;:t or ,fc'c
n opi)o:tuto the 7
-crd so that ve
j to review the Jroc)obed rorn or -, )1..:011.c tlen.
/110.7
.it
;.1-Trr7eC, 11;:.11-1!.ton:
TeleeraM to Mr. Cooi:_,
ftc
11)11as, readinf; as
follolvs:
1-c;- 10JL)nt and Ct.bhier, Federal ReEerve
"You. subnittod by telephone facts of real estate
change trnsact'on subject to Regiziation T hcre builder
exchanges n,w hou,e valued at ...,311-1 C001 for
u
unen'rom
houe va.lued at f:;20,000 plus cash 2 C
14)000 mortgage given by purchaser on new 1- 1
1,,o third
c;sting
I3artY. Builder who wants to borrow f:,6,00(
1?roDerty tL115
eyclringe inquiries whether this loan
Prohibited
,
uion, since proceeds of 10?-11 plus
nsh consider-tion
- coni llt-)00.0 will te used to ,
ruction loan on 11vi house. 1,e do not think lo a of 4:.6,coo
11 :
e-1 1 ting Property is subject to Regulation Y 50 lOng.
b.1,
'
eflazer of new house dOes not retain title to and give
gaze on existing property."
roved unaniriously
@FedFRASER