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I Minutes of actions taken by the Board of Governors of the 4(lere1 raet Reserve System on Wednesday, November 29, 1920. the The Board Special Library at 9:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Mr. McCabe, Chairman Eccles Szymczak Evans Vardaman Norton Powell Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. tefore Carpenter, Secretary Sherman, Assistant Secretary Kenyon, Assistant Secretary Morrill, Special Adviser to the Board Riefler, Assistant to the Chairman Thomas, Economic Adviser to the Board Leonard, Director, Division of Bank Operations Vest, General Counsel Young, Director, Division of Research and Statistics Hilkert, Acting Director, Division of Personnel Administration Nelson, Assistant Director, Division of Examinations this meeting there had been submitted a memorandum %\rerit4g 4 o4 the 1 topics to Presidents of the Federal Reserve Banks to be held at 10:00 ck It ',/eccts this moral-ng, agreed. 4 be discussed at a joint meeting of the Board The Board considered the topics listed and that the views of the Board would be stated substantially torcied in the minutes of the joint meeting. At this Point all of the members of the staff with the exception ():11essrs. C arpenter, Sherman, and Kenyon withdrew, and the action atEtt,c1 'with respect to each of the matters hereinafter referred to '4tIzerl by the Board: 11/29/50 -2Minutes of actions taken by the Board of Governors of the ?'deraa Reserve System on November 28, 1950, were approved unanimously. Memorandum dated November 27, 1950, from Mr. Betheal Director "4"ivision of Administrative Services, recommending increases illthe basic that tbd.sio_ e annual salaries of the following employees in 11, ffective December 10, 1950: Salary Increase Name ,1 To v°11t From Title 'LLti17."-Osborne $4,o7 0,900 Engineer Operating eci L. Preble 2,914 2,994 Ass't. Supervisor, Cafeteria L. Tull &Ira 1, 2,850 .4• 2,770 Jr. Supervisor, Cafeteria Bra 'an 2,850 2,770 Baker, Cafeteria 'Learl Jones i71!. 2,850 Cafeteria 2,770 Cook, IMhoff 2,610 2,530 acillia M. Cook, Cafeteria Adriell 2,330 2,260 .4,, c.he I. Cafeteria Helper 1 2,732 2,652 Broadhurst Cafeteria Helper obey 2,190 2,120 Cafeteria Helper Psomos 2,540 2,470 Cafeteria Helper 4 Approved unanimously. Memorandum dated November 28, 1950, from Mr. Noyes, Assistant kkItlistrator of the Office of Real Estate Credit, recommending the PDoiritment of that Miss Eleanor I. McNeill as a clerk-stenographer in the Ottie, on a temporary indefinite basis, with basic salary a,b °f $2,875 per annum, effective as of the date upon which 11(ellters upon the performance of her duties after having passed 11%lal physical examination, and subject to completion of the -tj-Ration of her references. Approved unanimously. 1 129/5o -313ezit Letter to Mr. Hill, Vice President of the Federal Reserve of Phi ladelphia, reading as follows: "In accordance with the request contained in 4,1111 letter of November 24, 19)0, the Board approves ; Ile de i 8J-gnation of Charles A. Shermer, Jr., as a cial assistant examiner for the Federal Reserve Ilk of Philadelphia." Approved unanimously. Letter to Mr. Luis Angel Arango, General Manager, Bunco de la PtIblica / Bogota, Colombia, reading as follows: 1950 "Reference is made to my letter of April 28, Coin'jegarding arrangements for the mission to of Messrs. David L. Grove and Gerald Alter. port: All carrier bills covering Mr. Alter's transreto,!:40/1 from Washington, D. C., to Bogota and The"'m have now been received and paid by the Board. ezcetc/tal cost of his transportation, plus an to Abaggage charge for Mr. Grove, amounts An itemized statement is enclosed. to l It will be appreciated if you will arrange fort..? Ire a remittance for the foregoing amount ded to us, which should be payable to the Bi The - c)f Governors of the Federal Reserve System. par elllittance should be in form collectible at 14 the United States. porta:With the settlement of the items of transthe igt°11 expense mentioned in this letter all of flCial arrangements incident to the mission have that been taken care of, since we understand dire 'he reimbursement of other expenses was handled 11],ctlY between you and Messrs. Grove and Alter. Yollu a, }1197`re informed me of the many courtesies which ettegLY°ur associates in the Banco de la Republica t aila hr during their stay in Colombia, and ) 4 ,1wrotZh, you sincerely on behalf of the Board Your cooperation." Approved unanimously. "/29/50 -4- Letter to The Columbia National Bank of Kansas City, 4118618 CitY, Missouri, reading as follows: sy "The Board of Governors of the Federal Reserve .ste has given consideration to your supplemental ication for fiduciary powers, and grants you or , 1c)ritY to act, when not in contravention of State re /v eal law, as guardian of estates, assignee, Th:e—er, and committee of estates of lunatics. e a Lmretxercise of these powers, in addition to those 4-0fore granted to act as trustee, executor, i4 etrator, registrar of stocks and bonds, or other fiduciary capacity in which State 1;17c:s, trust companies, or other corporations are, 11 e°111e into competition with national banks or mverraitted to act under the laws of the State ee°uri, shall be subject to the provisions Of j 0, /34e J - the Federal Reserve li.ct and the regulations 8Ystem. oard of Governors of the Federal Reserve Zt the : 41. 11.1-5 letter will be your authority to exercise the lleiary powers granted by the Board pending slaqivreParation of a formal certificate covering 1/1 „, authorization, which will be forwarded to you course." Approved unanimously, for transmittal through the Federal Reserve Bank of Kansas City. 4111, Telegram to Mr. Slade, Vice President of the Federal Reserve or s_ gat Fr ancisco, reading as follows: reccft:Reurlet November 25. In view of your opel, - :7e4d8.tion, Board approves establishment and 'P l;:i°11 of a branch in Linden, California, by and.Merchants Bank of Lodi, Celifornia, est,1"„California, provided such branch is 19,'(-1--Liskied within six months from November 13, 14-Load with the understanding that Counsel telr' serve Bank will review and satisfy himeElt 48 to legality of all steps taken to 4blieh branch." 11/29/50 Approved unanimously. Letter to Mr. Charles M. Thompson, Chairman, Veterans' 41cati°11 Appeals Board, Room 1070, Munitions Building, 21st and Cotstitution, Washington 25, D. C., reading as follows: "T11.16 is in reply to your letter of November 16 10 .50, requesting that personnel of your Board be Libgranted the privilege of the use of the Law Rese rr axi;e y s of yst te he m.Board of Governors of the Federal are glad to comply with your request and to I tilacr e ve Your personnel use the library, with the as stated in your letter, that Lstallding, , Pe s1 lib availing themselves of the use of the ea' , uea'Y will report to the person in charge on tr'41 occasion and, that no books will be removed c)111;t:}le library at any time. or I, We should like to point out that, because or 4.-ualtations of space, two of the attorneys aatit he /30ardis Legal Division are permanently efecl in the Board's Law Library; and, con4. we will have to ask that the use of the es lon -lurarY by your personnel be limited as far orgah —issible. We assume, however, that your regti zation will not need to use the library ' ty will do so only occasionally ysiblltmway ie is arise." Approved unanimously. Letro to Mr. Diercks, Vice President of the Federal Reserve Chicago, reading as follows: 24, :Reference is made to your letter of November ror .09„50, advising that assignments have been made c°1/1Pletion of your schedule for the exam1ti all State member banks in your district Trtiat— the current year with exception of the Harris „aaaci Savings Bank in Chicago. 411thoriti it Is noted that the State supervisory es are unable to arrange for participation -6; e jll the examination of that bank within the current ar and it is understood that Federal Reserve in the examination is important to the "e State authorities because of man power difficulties. have "In view of the fact that the State authorities batik agreed to arrange for joint examination of the Bo during the first week of January 1951, the ae;r ed Of Governors will interpose no objection to s rrasnt of the examination of the Harris Trust and avihgs nank until that time." Approved unanimously. reacii Letter to the Presidents of all Federal Reserve Banks, 4 as follows: dat : Enclosed with the Board's letter S-1100 14arch 28, 1949 was Form F. R. 664 to be used sUp&izing working arrangements with State erlr 80r7 authorities who are cooperating in the 'Jrcsment of Regulation W. ced,:Ila order to reinstitute that reporting prohere are enclosed sufficient copies of the orrm to c omplete one for each State, any portion ! 41 ich is in your district. In the case of eie.4- States where reports from cooperating , 1'es for the entire State are to be made to priA;:s!rve Bd.nk, please so indicate by approzo otnote. arr "Please submit reports which will reflect ge sibseq ments as they exist on January 1, 1951. oilas4t changes should be reported as they ijbY e ttllbmission of a new form for the State 1 Approved unanimously. 4,1 ,kerea -m.ram to the officers in charge of Regulation W of the *serve Banks, reading as follows: hearill :I connection with the proposed congressional your—Ags the Regulation W staff will appreciate rePlies to the following questions. '179 11/29/50 -7- hec "1. APproximately how many actual hardship or i_essitous cases resulting from Regulation W terms 117 been brought to the attention of your Bank and tigator's staffs in the: (a) automobile field, ! Ne Liorae improvement field, (c) other fields - specify. ,_ . "2 Row many of these cases were brought to Yo L‘c a ttention between September 18 and October 16 how manY since October 16? "3. What was the nature of the hardship in each case? "4. In your opinion how many and which ones °I 'the tre. ,se were of sufficient merit to warrant preferential colonlent under the regulation if some suitable provision LQ-cl be devised? "?. "Wha t provision, if any, would you suggest? that fu The staff is presently inclined to the view e"ka/ actual hardship or necessitous cases may not aha a degree warranting preferential treatment the n) such treatment, if provided, might undermine vielZr ectiveness of Regulation W. What are your t,„ te vie.Y we erliber 1.,, have your reply on or before Friday, Approved unanimously.
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