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k Minutes of actions taken by the Board of Governors of the Melilla Reserve System on Tuesday, November 29) 1949. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. McCabe, Chairman Eccles Szymczak Draper Vardaman Clayton 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 the Pellerg41 Reserve System on November 28, 1949, were approved unani 111°1181Y. Memorandum dated November 27, 1949, from Mr. Thomas, Eco/4( 11,e A dvise abore to the Board, recommending that Vendel 0. Jeffries, in the Division of Administrative Services, be trans- terred. t0 the Division of Research and Statistics as a messenger, ba---c gi salary at the rate of $2,252 per annum effective No- t0:tr 28/ 1949. The memorandum also stated that the Division tA , 1 4 (141 rative Services was agreeable to this transfer. Approved unanimously. Letter to Mr Loir, Vice President and General Counsel the, x ederal Reserve Bank of New York, reading as follows: loh,4fReference is made to your letter of November 23, submitting the request of the Nassau County Trust SI i82 11/29/49 -2- "Company, Mineola, New York, for permission to establish a branch in Sea Cliff, New York, in connection with its proposal to absorb The State Bank of Sea Cliff, N. Y., through merger. "It is understood that the approval of the apPropriate State authorities has been obtained and, 14 view of your recommendation, the Board of Goveillors approves the establishment and operation of a branch in Sea Cliff, New York, by the Nassau L °1-IntY Trust Company, Mineola, New York, provided he Proposed merger with The State Bank of Sea 'sliff, N. Y., is completed substantially in accordance with the plan submitted and with the understanding that counsel for the Reserve Bank will reView and satisfy himself as to the legality of all taken to effect the merger and establish the uranch u F Approved unanimously. Letter to Mr. Denmark, Vice President of the Federal Refiery Betnk of Atlanta, reading as follows: "Reference is made to your letter of November 16 '1949, submitting the application of the North .Th0re Bank, Miami Beach, Florida, for permission "° exercise fiduciary powers. In view of the Reserve Bank's recommendation na the information submitted, the Board of Governors the Federal Reserve System grants the applicant : ellnission, under the provisions of its condition of nthership numbered 1, to exercise the fiduciary were now or hereafter authorized under the terms its charter and the laws of the State of Florida. "You are requested to advise the North Shore ' Ilk, Miami Beach, Florida, of the Board's action." Approved unanimously. the 1,e Letter to Mr. Berge, Secretary and Assistant Counsel of tieral Reserve Bank of Boston, reading as follows: "This refers to your letter of November 22, 1949, 1 '3 ot 11/29/49 -3- "enclosing a letter from Mr. Paul C. Cabot, President of State Street Investment Corporation, setting forth various alternative plans for handling the details of the distribution of the proposed offering Of stock of State Street Investment Corporation which .ns the subject of our letter to you dated November • 1949. "We note the statement contained in your letter that the alternative plans would not alter in any Material respect the essential nature of the proposed stock offering; that such plans are only concerned with the details of distributing the unsubscribed portion of the total offering; and that in your opinion the 84°Ption of such plans would not cause it to become sUbject to section 32 of the Banking Act of 1933. The Board sees no reason to differ with your views as exPressed in your letter of November 22, 1949." Approved unanimously. Telegram to Mr. Earhart, President of the Federal Reserve ttkit of San Francisco, reading as follows: "Re your letter November 22, 1949, Board approves 131.0Posal for arbitration of matter in dispute between 713111* Bank and Kuney Johnson Company in accordance with conditions outlined in your letter and its enclosures elld with understanding that Judge Lloyd L. Black or • Other Judge of United States District Court would ' et as sole arbitrator. It is assumed that your counsel :18 satisfied that award made under such proceedings ' 1d be legally enforceable." Approved unanimo Secretary.
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