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691 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Yednesday, May 31, 1950. PRESENT: Mr. Mr. Mr. Mr. McCabe, Chairman Szymczak Draper Vardaman Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Minutes of actions taken by the Board of Governors of the e8-1 Reserve System on May 25, 1950, were approved unanimously. Minutes of actions taken by the Board of Governors of the Pecle'11 Reserve System on May 26 and 29, 1950, were approved and the actions r ecorded therein were ratified unanimously. =-emorandum dated May 29, 1950, from Mr. Millard, Director Of the, T, ivision of Examinations, recommending an increase in the 4.2ic sal8rY of Adrien P. Francoeur, an Assistant Federal Reserve fle in that Division, from 3,450 to 3,57.5 per annum, effec- tilre June 11, 1950. Approved unanimously. Letter to Mr. Creighton, Federal Reserve "Lent of the FedReserve Bank of Boston, reading as follows: "In accordance with the request contained in Your letter of' May 25, 1950, the Board of Governors a /Proves the apJointment of Mr. George E. Veils ES 1:1teMte Assistant Federal Reserve Agent, efrective 1-1/le 1, 1950, with salary at the rate of 31120 per d-1111111q, to succeed :Tr. Lewis E. Stoyle. ci_proval is given with the understanding that Mr. Tells will be placed upon the Federal Re- 692 "s .erve Agent's pay roll and will be solely responsible to him or, during e vacancy in the office of the Agent, to the Assistant Federal Reserve Agent, and to the Board of Governors, for the proper per' 31-17:lance of his duties. When not engaged in the PerformEnce of his duties as Alternate Assistant Federal Reserve Agent he me:i, ;Ath the approval of the Fedex:A_ Reserve Agent or, during a vacancy in the office of the Federal Reserve Agent, of the Aseistrat Federal Reserve Agent, and the President, Perform such work for the Bank as will not be inwith his duties as Alternate Assistant Federal Reserve Agent. "Mr. Wells should execute the usual oath of Office which should be forwarded to the Board of Go vernors." Approved unanimously. Letter to Mr. Stetzelberger, Vice President of the Federal Reser ye Bank of Cleveland, reading as follows: "Reference is made to your letter of Yay 19, submitting the reouest of The Union Dank of ' °I11111eroe Company, Cleveland, Ohio, for approval eder the provisions of Section 241, of the Federal 2ervc:) Act of its proposal to increase the carrying vLlue of its investment in the stock of Union PropertLes, Incorporated, its wholly owned subsidiary ellaged in holding bank premises, from a book value o l to Z9,000,000. "It is understood that the bank will increase th resent aggregate of capital and surplus to a -L of S9,050,001 by a transfer from the Undivided Ptrofits Account; that the increase of :,'8,999,999 in The carrying value of the stock of Union Properties, ' flcorporated, will be credited to surplus and upon consuramation of the proposed transaction combined c6Pitul and surplus will be 313,000,000. "In view of the circumstances, and your favorable recannendation, the Board of Governors approves °.1 the proposed increase in the carrying value of the 2t00%: of Union Properties, Incorporated, froz, 1 to at. '9,000,000 substantially in accordance with the plan 19 rcn r ezs 6.„3 5/31/5o H -3- as submitted." Approved unanimously. Letter to the Presidents of all Federal Resorve Banks reading e.e, follows: "There are enclosed for your information three ! °Pias of a study made of nonmember commercial banks 60 d etermine their eligibility for membership in the SYstem on the basis of minimum statutory capital requ irements. Similar data in summary form were sent to You with the Board's letter of May 27, 1949. Both were based on the lists of nonmember commercial banks submitted by the Federal Reserve Banks in reply to the ID uocrd's telegram of April 29, 1.949 or to a subsequent letter from the Division of Bank Operations. in "Three copies of the lists of ineligible banks Your District are also enclosed. tae ':S1?.pplementary letters are being prepared by , Division of Bank Operations explaining any difIerences between the enclosures and the lists subflitted by your Bank." Approved unanimous Secretary. sP.Proved (AZA /t. Chairman.
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