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1905 Minutes of actions taken by the Board of Governors of the Pederal Reserve System on Monday, November 10, 1952. PRESENT: Mr. Martin, Chairman Mr. Evans Mr. Mills Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Letter to Mr. Wiltse, Vice President, Federal Reserve Bank of "eg York, reading as follows: "This refers to the recent retirement of preferred stock by The Elizabethport Banking Company, Elizabeth, New Jersey. Section 9 of the Federal Reserve Act was amended by the Act of July 15, 1952, so as to require the Board's consent before any reduction in capital stock of a State member bank. Although the Board's prior consent cannot be given, as is required by law, the Board hereby approves the retirement of the preferred stock of The Elizabethport Banking Company." Approved unanimously. Letter to the Board of Directors, Security Trust Company of Rochester, Rochester, New York, reading as follows: 'Pursuant to the request submitted through the Federal Reserve Bank of New York, the Board of Governors of the Federal Reserve System approves the establishment and operation of branches in Mount Morris, New York, and Naples, New York, by Security Trust Company of Rochester, Rochester, New York, provided the mergers with Genesee River National Bank of Mount Morris, Mount Morris, New York, and The Hiram Maxfield State Bank, Naples, New York, are effected substantially in accordance with the agreements entered into with these banks under dates of September 18 and October 1, 1952; that prior to the Mergers Security Trust Company of Rochester shall have 1906 11/10/52 -2- "increased its capital and surplus each to $2,860,000, in accordance with the program outlined in Mr. Farrell's letter of September 29, 1952, addressed to the Federal Reserve Bank of New York; and formal approval of the appropriate State authorities is obtained." Approved unanimously, for transmittal through the Federal Reserve Bank of New York. Letter to Mr. Jack B. Huhn, President, National Association of Illvestors' Brokers, 24 Broad Street, New York, New York, reading as follows: "This refers to your letter of October 21, 1952, concerning the level of margin requirements. "The Board appreciates very much your taking the time to give it the benefit of the views of the National Association of Investors' Brokers and the Association of Customers' Brokers, and they will be given consideration. The Board is always glad to hear from you on this matter. "In view of the fact that Mr. Marshall Dunn, President of the Association of Customers' Brokers also signed Your letter, we are enclosing an extra copy of this letter for his convenience." Approved unanimously. Memorandum dated November 6, 1952 from Mr. Thomas, Economic 141riser to the Board, and Mr. Young, Director, Division of Research alldStatistics, stating that in accordance with the general authorits 4Lti°n given by the Board on November 10, 1949, tentative arrangemen had been made for a dinner in connection with the meeting on November "of the System Research Advisory Committee and the Subcommittee 11/10/52 of the Presidents -3and Statistics, Conference Committee on Research a list of those invited to and submitting for the Board's approval was the second dinner attend. The memorandum also stated that this scheduled to be held during 1952 for this group, since the meeting that for 1951 had had to be postponed until March of this year, but Division sufficient funds were available in the 1952 budget of the cost of the dinner. Or Research and Statistics to cover the Approved unanimously.
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