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1._ Minutes of actions taken by the Board of Governors of the ' -.Leral Reserve System on Monday*, November 21, 1949. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. McCabe, Chairman Eccles Szymczak Draper Evans Vardaman Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Board Minutes of actions taken by the Board of Governors of theps., ' Ieral Reserve System on November 18, 1949, were approved z134s1Y. Memoranda dated November 17, 1949, from Mr. Young, Ditlkq,lor °r the Division of Research and Statistics, recommending °see in the basic annual salaries of the following employees tha t Division effective November 27, 1949: Salary Increase To From Title IC- Thompson $5,400 Economist $.4775 eza J. Powers 3,825 3,600 Economist Approved unanimously. Telegram to Mr. Knoke, Vice President of the Federal ReOf New York, reading as follows: "Your wire November 17. Board approves a three nionth -s tu. renewal to February 23, 1950 of $450000,000 3 "e $60,000,000 loan against gold maturing November en.l.„ 1949/ by your Bank to Banque de France on the : 1044e terms and conditions as apply to the outstanding °4 as set forth In your letter to the Board of .2 11/21/49 -2- November 21, 1947. Also, in accordance with your telephone suggestion with respect to approval of future renewals, Board agrees that unless unusual economic or political conditions arise in France future renewals rilaY be granted when requested by Banque de France subJect to the repayment of $15,000,000 at the time of each maturity until the loan is completely repaid. "It is understood that the usual participation 141-11 be offered to the other Federal Reserve Banks." Approved unanimously. Letter to Mr. Brainard, Chirman of the Federal Reserve Of Cleveland, reading as follows: "At the completion of the examination of the vreral Reserve Bank of Cleveland, made as of August ) 1949, by the Board's examiners, a copy of the reoff examination was left for your information and ialt1.14.directors. A copy was also left for PresitIt Of p et4 u_ The Board will appreciate advice that the report 6 been considered by the Board of Directors. Any vrments you may care to offer regarding discussions th respect to the examination, or as to action taken vr to be taken as a result of the examination, will also be appreciated." r
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