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1844 Minutes of actions taken by the Board of Governors of the ?ecieral Reserve System on Friday, November 2, 1949. PRESENT: Mr. Mr. Mr. Mr. Mr. Szymczak, Chairman pro tem. Draper Evans Vardaman Clayton Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Morrill, Special Adviser Minutes of actions taken by the Board of Governors of the Federv 'Reserve System on November 23, 1949, were approved unanimously. Telegrams to the Federal Reserve Banks of Cleveland, Richmond, Atlenta: Chicago, St. Louis, Minneapolis, Dallas, and San Francisco 'tett 4 that the Board approves the establishment without change by the ? edal'al Reserve Bank of Chicago on November 21, by the Federal lie serv. Bank of San Francisco on November 22, by the Federal Reserve ktuts Of Cleveland, Richmond, Atlanta, and St. Louis on November 23, bY the, zederal Reserve Bank of Minneapolis on November 23 and 25, 41c1 by. - the Federal Reserve Bank of Dallas on November 251 1949, of the r atas of discount and purchase in their existing schedules. Approved unanimously. Memorandum dated November 18, 1949, from Mr. Millard, Director or th 6 --orision of Examinations, recommending that the official headtAllarte ra of Philip C. Rachford, an Assistant Federal Reserve Examiner hx thelt tivision, be changed from Nashville, Tennessee, to Birmingham, Alebuta effective immediately. 1845 4/25/49 -2Approved unanimously. Memorandum dated November 17, 1949, from Mr. Young, Di°' of the Division of Research and Statistics, recommending 44 itc:x.ele,se in the basic salary of Daniel H. Brill, an economist 1-11that Division, from $6,800 to $71600 per annum, effective lialre4lber 27, 1949. Approved unanimously. Memorandum dated November 25, 1949, from Mr. Carpenter, Seere, ' 41a7 of the Board, recommending an increase in the basic e of William R. Corkhum, minutes clerk in the Secretary's Otrie ' e from $3,225 to $3,450 per annum, effective November 27, 1949. Approved unanimously. Memorandum dated November 14, 1949, from Mr. Young, DiNto, - of the Division of Research and Statistics, recommending --ease in the basic salary of Miss Loretta Freedman, a clerk i) 4 that -ivision, from $2,970 to $3,035 per annum, effective or 27, 1949. Approved unanimously. Memorandum dated November 23, 1949, from Mr. Bethea, Diteeto r of the Division of Administrative Services, recommending the Et PPointment of Fred J. Lowe as a laborer in that Division on k t0r exY basis for a period of two months, with basic salary at 1S4 4/25/49 -3- therate of $2,120 per annum, effective as of the date upon which he elaters upon the performance of his duties after having passed u sual Physical examination. Approved unanimously. Letter to Mr. Leach, President of the Federal Reserve Bank °t Rlehmond, reading as follows: "Reference is made to your Bank's letters of Septenther 29, 1949, and October 27, 1949, in which you advised that it appears expenses for certain functions at Your head office and branches will exceed the 1949 estimates as follows: Ge 1:111aEion Richmond Baltimore Charlotte $2,5oo $21,000 OiriiTlead N%'"leion of Space 61000 55,000 4, 11141' 44'e and Equipment $5,000 15,000 leion of Personnel 7,100 /4 'age and Expressage 4,400 , sUllanice 400 2,000 2,700 p;"àrelleY and Coin 14,000 5,000 32,000 lietsral Reserve Note Issues 11,000 erch and Statistical 100 "The Board accepts the revised figures as submitted, appropriate notations are being made in the Board's ' ecords." 4 r&sysj Approved unanimously. Letter to Mr. Frank Pace, Jr., Director of the Bureau of . tiladget, reading as follows: "In compliance with a request received from the s_ ,7nate Committee on Banking and Currency, the Board has TPared the enclosed report on the bill H.R. 5512 to : 41e4d section 13 of the Federal Farm Loan Act, as a41eadel. "Before transmitting this report, the Board will 1847 11/25/49 appreciate advice as to the relationship of the proPosed legislation to the program of the President." Approved unanimously. Telegram to Mr. Khoke, Vice President of the Federal Re411/8 Bank of New York, reading as follows: "Your wire November 23. Board approves a further loan or loans on gold to be extended by your Eank to Banco Central del Ecuador on the following terms and conditions: (A) The amount to be advanced under this arlianEement not to exceed $3,400,000 in the aggregate any one time outstanding; such loan or loans to ;Je made up to 98 per cent of the value of gold bars aeld in your vaults as collateral; (B) Each such loan or renewal thereof to run fo , r 90 days, but no loan or renewal thereof to mature Leter than 180 days after the date of the first such 14)811 and in no event later than June 1, 1950; (C) Each such loan and any renewal thereof to bear interest from the date such loan is made or re, 11811ed until paid, at the discount rate of your Bank 111 effect on the date on which such loan or renewal 18 Imade. "It is understood that the usual participation ll be offered to the other Federal Reserve Banks." Approved unanimou Secretary.
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