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1985 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Thursday, November 19, 1953. The Board met in the Board Room at 10:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Martin, Chairman Szymczak Evans Robertson Mr. Carpenter, Secretary Mr. Kenyon, Assistant Secretary Mr. Thurston, Assistant to the Board Reference was made to the discussion at the meeting on November 16, 1953, regarding the appointment of Class C directors, the designation of Chairmen, and the appointment of Deputy Chairmen at the Federal Reserve Banks. It was noted that at that meeting the Board deferred action on the appointment of a Class C director at the Federal Reserve Bank of Chicago to succeed Mr. Allan B. Kline, who is ineligible for reappointment under the Board's policy of rotation of Class C directors. uestion was raised whether the Board wished to act at this time on the redesignation of Mr. John S. Coleman as Chairman and Federal Reserve Agent at the Bank for the year 1954 and the reappointment of Mr. Bert R. Frail as Deputy Chairman for the year 1954. Thereupon, it was voted unanimously to designate Mr. Coleman as Chairman and Federal Reserve Agent at the Federal Reserve Bank of Chicago for the year 1954 and his compensation as such was fixed on the uniform basis fixed for the same position at all I -2- 11/19/53 Federal Reserve Banks, i.e., the same amount as the aggregate of fees payable during the same period to any other director for attendance corresponding to his at meetings of the board of directors, executive committee, and other committeesof the board of directors. It was also voted unanimously Mr. Prall Deputy Chairappoint to Chicago Bank for the the of man 1954. year The meeting then adjourned. During the day the following additional actions were taken by the Board with all of the members except Governor Vardaman present: Minutes of actions taken by the Board of Governors of the Federal Reserve System on November 18, 1953, were approved unanimously. Telegram to Mr. Alonzo G. Decker, Jr., Vice President, Ile Black and Decker Manufacturing Company, Towson, Maryland, prepared Pursuant to action taken at the meeting on November 16, 1953, and reading as follows: Board of Governors of the Federal Reserve System has appointed you Class C director of Federal Reserve Bank of Richmond for three-year term beginning January 1, 1954, and will be pleased to have your acceptance by collect telegram. As you know, the Board will issue later a press statement on appointment3of directors at all Federal Reserve Banks and Branches. It would be appreciated if announcement of your appointment could be deferred until release of Board's statement. Approved unanimously. 11/19/53 -3- Telegram to Mr. Y. Frank Freeman, Vice President, Paramount Pictures, Inc., Hollywood, California, prepared pursuant to action taken at the meeting on November 161 1953, and reading as follows: Board of Governors of the Federal Reserve System has appointed you Class C director of Federal Reserve Bank of San Francisco effective January 1, 1954, for unexpired portion of term ending December 31, 1955, and Deputy Chairman at Bank for year 1954. Your acceptance by collect telegram will be appreciated. Board will issue later a press statement on appointments of directors at all Federal Reserve Banks and Branches. It would be appreciated if any announcement of your appointment could be deferred until release of the Board's statement. Approved unanimously. Memorandum from Mr. Bethea, Director, Division of Administrative Services, recommending that the resignation of the following employee be accepted: Effective date Name and title November 25, 1953 Nancy C. Jacobson, Clerk-Stenographer Approved unanimously. Trust Letter to the Board of Directors, The Cleveland Company, Cleveland, Ohio, reading as follows: Pursuant to your request submitted through the GovFederal Reserve Bank of Cleveland, the Board of the approves ernors of the Federal Reserve System establishment and operation of a branch in the city of Bay Village, Cuyahoga County, Ohio, at the southwest corner of the intersection of Dover Center and _1._ 11/19/73 Wolf Roads, by The Cleveland Trust Company, Cleveland, 29, Ohio, provided the branch is established by April 1954. Approved unanimously, for transmittal through the Federal Reserve Bank of Cleveland. Memorandum dated November 12, 1953, from Mr. Young, ng as follows: Director, Division of Research and Statistics, readi s During the past year or two, the Research Department inssed of several of the Federal Reserve Banks have expre certain s Censu the of u Burea the from ning obtai terest in At a reretail trade data for their Reserve districts. u and the cent meeting between representatives of the Burea these System, it became apparent the Bureau could furnish ated, data on a regular monthly basis. The Bureau indic (in concost tal opmen devel total a be would however, there nuconti a and $700 of c) univa on g ammin nection with progr ing cost of $120 per month ($10 per Bank). were Subsequently all of the Federal Reserve Banks rethese ning obtai in est inter canvassed regarding their exthe in share to s ngnes willi tail trade data and their nce. insta every in ved recei were es pense. Favorable repli the ent, ursem reimb of r matte the With respect to with Bureau prefers to deal with one agency, rather than Conthe of e Offic 's Board The . the 12 individual Banks Board troller has indicated it would be feasible for the the g ursin reimb then Bank each with u, to pay the Burea cost. the of th Board for one-twelf Burgess, A letter has been received from Mr. Robert W. the proDirector of the Bureau of the Census, outlining data and enposed program for furnishing the retail trade through June closing an estimate of the cost of the work Total cost for 1954, the end of the Bureau's fiscal year. include the the period would amount to 31,540 (this would . of $700) cost initial developmental Controller be It is recommended that the Office of the to the Bureau authorized to render payment in this amount s. In the share ctive respe their and to assess the Banks each year once u Burea the urse reimb future, the Board would 11/19/53 -5- in the amount of $1,440—the continuing annual cost of having these data supplied each month—and would assess each Reserve Bank for its one-twelfth share of this cost. Approved nnAnimously.
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