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1398 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Thursday, November 20, 1947. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Szymczak Draper Evans Vardaman Clayton Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Chairman Minutes of actions taken by the Board of Governors of the 1?edera1 Reserve System on November 191 1947, were approved unanitousiy. Memorandum dated November 14, 1947, from Mr. Thomas, Di0f the Division of Research and Statistics, recommending thet the basic hi Per aan_ um salary of Mrs. Lucile R. MacLean, a library as- that Division, be increased from $2,394.00 to $2,544.48 effective November 301 1947. Approved unanimously. Memorandum dated November 14, 1947, from Mr. Thomas, Dil'ect r ° of the Division of Research and Statistics, recommending that the basic salary of Miss Patricia Anne Vandoren, a clerktell° gl'aPher in that Division, be increased from $2,093:04 to 42)168 t"D Per annum, effective November 30, 1947. Approved unanimously. /11ZV47 -2- Memorandum dated November 17, 1947, from Mr. Thomas, Director or the Division of Research and Statistics, recommending increases illthe basic annual salaries of the following employees in that Di- '/'1111., effective November 30, 1947: Name Designation Dorothy I. South John B. Churchill Elsie T. Ethel L. Nelson Elva R. Evans Townsend 4444 Grace Green Mary R. Wilkinson Tressa B. A. Hemminger Regina Hurley Louise Richards M Murphy Skate Reed Economist Research Assistant Research Assistant Clerk Clerk Clerk Clerk Secretary Clerk-Stenographer Clerk-Typist Clerk-Typist Messenger Salary Increase To From $3,773.40 $3,898.80 3,146.40 3,021.00 3,146.40 3,021.00 3,648.00 3,773.40 2,544.48 2,469.24 2,469.24 2,394.00 2,168.28 2,243.52 2,895.60 2,770.20 2,394.00 2,469.24 2,619.72 2,544.48 2,394.00 2,469.24 2,168.28 2,093.04 Approved unanimously. t Memorandum dated November 13, 1947, from Mr. Parry, Direc°f the Division of Security Loans, recommending an increase in tfl stebasie salary of Miss Alice Swindlehurst, a clerk in that Divi°4 'fl"°m $3,146.40 to $3,271.80 per annum, effective November 30, 190, Approved unanimously. Letter to Mr. Sproul, President of the Federal Reserve Bank Of` York Of reading as follows: "Mr. Szymczak has referred to the Board your letter "ovember 13, 1947, advising that the War Department 1GO0 11/20/47 -3- "hed requested the services of Mr. Alfred Von Klemperer as assistant to Mr. Jack Bennett, the finance advisor to General Clay in Germany, and that accordingly, a six-month e of absence without pay was voted for Mr. Von Klemperer DY the Executive Committee. "The Board has no doubt that Mr. Von Klemperer's services will be beneficial to the military government in Europe and, in the circumstances, interposes no objection to the arrangement with respect to him as described in your letter." Approved unanimously. Letter to Mr. Gidney, President of the Federal Reserve Bank of cle veland, reading as follows: "Reference is made to your letter to Governor Evans of November 17, 1947, submitting informally proposed increases in the salaries of three junior officers. "The Board of Governors approves the payment of Sal to the following officers of the Federal ReBank of Cleveland for the period December 1, 1947 rough April 30, 1948, at the rates indicated, if your rates:of ard Directors formally fix the salaries at such iZ aLme , jaraes R. Lowe M. Miller k4eo. R. Ross Title Assistant Cashier Assistant Cashier Assistant Cashier Annual Salary $70000 7,000 7,000" Approved unanimously. Letter to the board of directors of the "Security Trust Com, Nr 0 ttoohester", Rochester, New York, stating that, subject to c'D'acliti c)-8 of membership numbered 1 to 6 contained in the Board's legulat* uon 1 — “ and the following special condition, the Board approved the bank, s aPplication for membership in the Federal Reserve System 1601 laho/47 -4- for the appropriate amount of stock in the Federal Reserve Bank or tie'w York: "7, Prior to admission to membership, such bank, if it has not already done so, shall charge off or Otherwise eliminate losses of $10,348, as shown in the report of examination of such bank as of September 19, 1947, made by an examiner for the Federal Reserve Bank of New York." Approved unanimously, together with a letter to Mr. Sproul, President of the Federal Reserve Bank of New York, and a separate letter to the applicant bank. The letters read as follows: Letter to Mr. Sproul "The Board of Governors of the Federal Reserve Ystem approves the application of the Security Trust s, l "anY of Rochester, Rochester, New York, for memberin the Federal Reserve System, subject to the con°ns prescribed in the enclosed letter which you are quested to forward to the board of directors of the le-stitution. Two copies of such letter are also enof°sed, one of which is for your files and the other nich you are requested to forward to the Superinte n!anks for the State of New York, for his i;T c = "Enclosed is a letter approving the retention and ()Per +. , ii,4-lon of branches at Fairport, Pittsford, and Dans;,es all in the State of New York, which you are re1!!,lested to forward to the board of directors of the ap/71 3cr;urThere is also enclosed a copy of this :t t f0 !:j el ie York Since it is understood that in the State of New of a trust funds deposited in the banking department bank rPferred claims in the event of liquidation areP of the bank, you are authorized, in accordance with ,he t general authorization previously granted by be l'oard, to waive compliance with condition of memrshiP numbered 6 until further notice. 1b02 11/20/47 -5- "It is noted that steps will be taken to bring the savings accounts listed on page 16(1) of the report of examination for membership into conformity with the law and the Board's regulations and that Director Clark is expected to resign as a director of the applicant bank order to continue to serve as a director of another local bank." Letter to the applicant bank "In connection with the approval of your applicatio P -Lor membership in the Federal Reserve System, the Board of Governors of the Federal Reserve System ap°ves the retention and operation by the Security 17et Company of Rochester, after admission to memte, r_shiP, of the three branches listed below, the es4!lolishment of such branches having been approved by .re Banking Department of New York on the dates indicated: Date of approval by Location of Branch the Banking Department Z Fairport, New York Pittsford, New York Dansville, New York May 29, 1944 May 29, 1944 September 29, 1947" Letter to the Honorable Preston Delano, Comptroller of the ClelleY, reading as follows: In procedure proposed to Mr. accordance with the Polu rer in a recent discussion, we are enclosing three ;c1I3J-es each of the voting permits listed on the attached tliZets. According to our records, copies of these per8 have not been furnished your office heretofore. terAlso enclosed are three copies each of the Board's let August 14 1947, to Mellon National Bank and Truot' st Bo Company, Pittsburgh, Pennsylvania, advising of the r "dts determination that such bank was not engaged, diretlY or indirectly, as a business in holding the stock oe ti) or managing or controlling, banks, banking associa, 1 61°1181 savings banks, or trust companies, and accordingly Nj.not a holding company affiliate of The Farmers Deposit ''1°11al Bank of Pittsburgh except for the purposes of lb(). 11A0V47 -6- section 23A of the Federal Reserve Act, and the Board's letter of July 22, 1947, to The First National Bank of Tampa, Tampa, Florida, rescinding a similar determination dated January 6, 1941, with respect to the holding comPa4Y affiliate status of The First National Bank of Tampa and Union Security & Investment Company, Tampa, Florida." Approved unanimously. Letter to the Presidents of all Federal Reserve Banks readas follows: "During its recent sessions, the Conference of dents considered the recommendations of the ConIerenee of Examiners with respect to the analysis of reports of examination of national banks and, upon ?Commendation of the Committee on Member Bank SuperOn, approved the recommendations. For convenience ,copY of the report of the Conference of Examiners is aLtaohed. The Board has reviewed the report of the comZittee of the Conference of Examiners and likewise Qq)Proves the recommendations. "It is expected that the President of each Ree sy, - ve Bank will satisfy himself that the procedures followed by his Bank are consistent with the Committee reports' , Approved unanimously. Letter to Mr. John T. Rohr, President of The Toledo Trust Toledo 3, Ohio, reading as follows: No Nova "This will acknowledge receipt of your letter of 12, enclosing a copy of a resolution unani(31181Y adopted by the Toledo Clearing House Association IIP°eing the proposal terminating the reserve city .desigt i°11 of Toledo. The resolution will be considered by ei.et Board before action is taken to change the reserve designation of any of the present reserve cities." Approved unanimously. 1604 11/2 0/47 Memorandum dated November 172 1947, from Mr. Thomas tor Direc- of the Division of Research and Statistics, recommending, for the reasons stated in the memorandum, that $10000 be added to the itea Of Stationery and Supplies in the 1947 non-personal budget or that Division. Approved unanimously. Prirovedi
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