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it Minutes of actions taken by the Board of Governors of the Pederal Reserve System on Tuesday, November 1, 1949. PRESENT: Mr. Mr. Mr. Mr. McCabe, Chairman Szymczak Draper Vardaman Mr. Sherman, Assistant Secretary Mr. Morrill, Special Adviser Mr. Thurston, Assistant to the Board Minutes of actions taken by the Board of Governors of the Pederal Reserve System on October 18, 1949, were approved unanimously. Minutes of actions taken by the Board of Governors of the Federal Reserve System on October 19, 20, 21, 24, 25, 26, 27, 28, and 31 '1949, were approved and the actions recorded therein were ratified 14/ztliitIOUSly Memorandum dated October 31, 1949, from Mr. Boothe, Assistant lector of the Division of Administrative Services, recommending the 411)(3intment of Mrs. Louise Lewis Hiller as an operator (key-punch) in tils:t Division on a temporary basis for a period of two months, with basi 4-c salary at the rate of $2,650 per annum, effective as of the date 1c311 'which she enters upon the performance of her duties after having 1)a"ed the usual.physical examination. Approved unanimously. Letter to Mr. Young, President of the Federal Reserve Bank of ehicago, reading as follows: "The Board of Governors of the Federal Reserve System 34 11/1/49 -2- "has noted from your letter of October 26, 1949, that the Board of Directors and the Executive Committee have accepted the resignation of Mr. Charles B. Dunn as First Vice President of the Federal Reserve Bank of Chicago, effective November 1, 1949. "It also has been noted from your letter that Mr. Dunn will be kept on the rolls to December 1, 1949, in order to protect his rights under the Retirement System. Approved unanimously. Letter to Mr. Logan, Vice President of the Federal Reserve Bezit of New York, reading as follows: "In view of the recommendation contained in your letter of October 25, 1949, the Board of Governors extends until July 16, 1950, the time within which 'The Ilarine Trust Company of Buffalo', Buffalo, New York, IllaY establish a branch in the Town of Tonawanda, New York, as approved by the Board on November 16, 1948." Approved unanimously. Letter to Mr. McCreedy„ Vice President of the Federal Re- 1e Bank of Philadelphia, reading as follows: "This refers to your letter of October 24 regardthe penalty of $161.24 incurred by The National Bank of Ocean City, Ocean City, New Jersey, on a deficiency in its reserves for the period ended September 30. "It is noted that the deficiency resulted from an Unusual operating situation caused by certain personnel changes, that the subject bank's last previous deficiency occurred nearly two years ago, and that its excess reserves have averaged more than 5 per cent during the Past two years and about 10 per cent during the first half of October 1949. "In the circumstances, the Board authorizes your bank not to make the assessment." Approved unanimously. 5. stant Secretary.
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