The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
830 Minutes of actions taken by the Board of Governors of the erai Reserve System on Monday, May 24, 1948. PRESENT: Mr. Mr. Mr. Mr. Mr. McCabe, Chairman Eccles Szymczak Evans Clayton Mr. Mr. Mr. Mr. tr,41 . NI minutes Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Board of actions taken by the Board of Governors of the Fed- aer7e System on May 21, 1948, were approved unanimously. Minutes of the meeting of the Board of Governors of the Fed- 411 48e1.'ve SYstem with the Presidents of the Federal Reserve Banks 4Y 21, 1948, were approved unanimously. t441 Wlien Messrs. Riefler and Bopp took to Senator Taftt s office (itIti(5tter aPProved by the Board at the joint meeting of the Presie Eoad the ttkotti Board on May 217 19481 with which was submitted a Neez 11/41 of the : study made with respect to a proposal for uniform l'ecluirements for all member banks, they were asked by Mr. to ti e) S.te'ff Director of the Joint Committee on the Economic Report, stbiftltY before the Committee in executive session on the pos4141 "tects of the proposal as outlined in the memorandum. Today kti I:441 McCabe : received a telephone request that they testify in les4 nietillg of the Committee and, after the matter was discussed 831 -2-441Y with the individual members of the Board who were availeke c au afternoon (Messrs. McCabe, Eccles, Szymczak, Evens, end 1%11), it was agreed unanimously that Messrs. Thomas, Riefler, N to,, 4 should the khd present the matter before the Committee in somewhat 11"le zanner as it had been presented to the Board of Governors the Pre sidents, Conference. Memorandum dated May 17, 1947 from Miss Loverne Templeton, °.2411°grapher in Mr. Szymczak's office, requesting that a determ4- Pe made as to the responsibility for payment of a $15 fee all X-ray ordered on March 30, 1948, by Dr. O'Keefe in conl''Poti Idth her physical examination for employment by the Board, *Itch Mr. Szyniczak suggested that the fee be paid by the Approved unanimously. Mem -°randum dated May 17, 1948, from Mr. Thomas, Director the bi 41, '481°11 of Research and Statistics, recommending that the of J. Burke Knapp, Assistant Director of that Division, \'413ted uo be effective, in accordance with his request, at t el4 e of b usiness May 23, 1948, with the understanding that Pa-YMent would be made for annual leave remaining to (lit as of that date. Approved unanimously. XeMor— • culaum dated May 17, 1948, from Mr. Bethea, Director of 0,„ 'Administrative Services, recommending the appointment 832 5/2448 — or 03. erlil B. Hopkins as a painter in that Division, on a temporary bkeis Lor a period of three months, with basic salary at the rate Ot tZ 6 '94 ' 96 per annum, effective as of the date upon which he etitern the performance of his duties after having passed the 4441 1,t P14.8ica1 examination. The memorandum also stated that it 40t „ 4, the ,,eciec-- uemPlated that Mr. Hopkins would become a member of ttt ral Reserve retirement system during the period of his r4111*Y. ellIployment. Approved unanimously. Letter to Mr. Latham, Vice President of the Federal Reserve Of to ston, reading as follows: DI4ti : Tbie refers to your letter of May 14, 1948, E2ubBotIA-4g a question as to whether United States Savings Eleo`t8) Series G 2 may be considered 'readily marketable 4a1,111rities' within the meaning of section 17(c)(5) of —e n.tion r F„ and the footnote thereunder. Viied trl a letter dated January 16, 1948, the Board rebark- 14 a similar inquiry, made on behalf of a member ets.„1 and there is quoted below the pertinent para." of that letter: 'Series F and G United States Savings Bonds , 11,,el'e not being issued by the Government when "Ciliation F was amended in 1937 to authorize /mmon trust funds. If these bonds had been e stence at that time, consideration unbtealY would have been given to the incluof a provision specifically providing lA ud't they should be treated as readily marketacule securities. The regulation does not now trt a in such a provision and, in view of the q1 ;11118 of these bonds, there is considerable ril:stion whether, as a technical matter, they e regarded as readily marketable securities : 1 82 es that term is presently defined by the "Eulation. However, we have not had previous rxi X C2141.mr, asouln.) 5/24/48 -4-t occasion to consider this question and action in the matter does not appear necessary because it seems most unlikely that over 60 per cent of the assets of a common trust fund would consist of United States Savings Bonds and securities which are not clearly readily marketable.' #/, "The Board's ruling of November 8, 1939 (F.R.L.S. 1. : 4 4t 4) to which you refer, does not apply here, as it retio:%°.44 to the provisions of section 9(b) of Regulathj 1'. For your information, however, it is probable ere :a number of changes in Regulation F may be considilc' ta the near future, including a provision recognizth: Series G bonds as readily marketable securities for Nrposes of section 17(c)." Approved unanimously. Letter to Mr. Fletcher, First Vice President of the Federal 114nk of Cleveland, reading as follows: litii:This refers to your letter of May 17, 1948, in 457egar°11 request authority to expend approximately qier4uu for the removal of exterior casement windows on the tenth floor of the main office buildfor replacing them with Sealuxe double hung 8 and casement doors and transoms. 1q4cint,8ince as you state in your letter the casement ter178 and doors to be removed are so rusty and detoarned as to constitute a serious hazard, the (T a,14411 interpose no objection to the expenditure 41'0Ximately $57,600 for their replacement." 1 Approved unan Secretary. Chairman.
@FedFRASER