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1991 Minutes of actions taken by the Board of Governors of the Fed— ell). Reserve System on Monday, November 24, 1952. The Board met in the 8°ard Room at 10:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Martin, Chairman Szymczak Vardaman Mills Robertson Mr. Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Kenyon, Assistant Secretary Vest, General Counsel Sloan, Director, Division of Examinations There was presented a draft of memorandum to all employees of the b 490ards prepared pursuant to action taken by the Board on November '1952, advising that all salary payments would be made by check, 18 effective November 26, 1952. The memorandum was approved unani— mously in the following form: For some time the Board has had under consideration l ecommendations received from public accounting firms that ' it would be in the interest of simplified and improved pay s and disbursing procedures to make all salary payment $91.00 of e shortag u.Y check. Last pay day (November 12) a was disclosed in the distribution of the cash pay roll. Although this is the first shortage experienced during the ManY years the present cash pay roll system has been in °Peration it confirmed the Board's feeling that the better AccordProcedure would be to pay salaries by check only. paid be will es 1-,11g1Y, effective November 26, all employe vY chock.” At this point Messrs. Thurston, Assistant to the Board; Riefler, stant to the Chairman; Thomas, Economic Adviser to the Board; and ' 92 11/24/52 1°1114, Director, Division of Research and Statistics, entered the room "NU% Sloan withdrew. the Before this meeting there had been sent to the members of )41'cl copies of a memorandum from Mr. Vest, dated November 20, 1952, oh Was attached a letter dated November 18 from Mr. Charles H. Kendall, General Counsel of the Office of Defense Mobilization, to Mr. Vet continuation and inviting the views of the Board regarding the anlenciment of the Defense Production Act in connection with the preparat/44 for presentation of the Act to the next session of the Congress. me morandum discussed briefly the four programs carried out by the Board question of what Pursuant to authority of the Act and raised the this time. 'if any, the Board might wish to express at which the Board Following a discussion of the recommendations make, during which Chairman Martin stated that Mr. Putnam, Adinformed him 11jstrator of the Economic Stabilization Agency, had that draft work had gone forward on the report and that he would send a further conthe Board for comment, Chairman Martin suggested that Bider . report had ation of the matter be deferred until Mr. Putnam's 11 received. Chairman Martin's suggestion was approved unanimously, with the understanding that in the meantime the staff would review the statements previously made by the Board with respect to continuing the statutory authority for the regulation of consumer and real estate credit. 1993 11/2l/52 _3_ At this point all of the members of the staff withdrew and the Board went into executive session. Following the executive session, Chairman Martin informed the Secretary that he had advised the Board that Mr. Stevens, Chairman and Federal Reserve Agent at the Federal Reserve Bank of New York, had agreed to continue to serve as Chairman and Federal Reserve Agent during the year 1953, and that the Board had authorized the sending of advices to Messrs. Stevens, Myers, Young, and Wendt regarding the actions taken concerning them at the meeting of the Board on October 23, 1952. The following additional action was taken by the Board: ors of the Fed— Minutes of actions taken by the Board of Govern ously. Reserve System on November 21, 1952/ were approved unanim
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