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f ,-62( Minutes of actions taken by the Board of Governors of the Peaeral Reserve System on Monday, November ), 1951. PRESENT: Mr. Mr. Mr. Mr. Mr. Martin, Chairman Szymczak Vardaman Norton Powell Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Minutes of actions taken by the Board of Governors of the Reserve System on November 1, 1951, were approved unanimously. Mirxtes of actions taken by the Board of Governor of the l'e4erea aeserve System on November 2, 1951, were approved and the ac14048 recorded therein were ratified unanimously. Memorandum dated October 29, 1951, from Mr. Young, Director, -01-on of esearch and Statistics, recommending the appointment of 14r8i Na 'ncY L. Kelly as a Clerk-Stenographer in that Division, on a • te141)0rary indefinite basis, with basic salary at the rate of $31415 Der effective as or the date upon which she enters upon the Derr nee of her duties after having passed the usual physical ti°11 and subject to the completion of a satisfactory employment lEation. Approved unanimously. Letter. to Frederick C. Fiechter, Jr., Esquire, Freeman, ox -) r-LVelve South Twelfth Street, Philadelphia, Pennsylvania, reading 11.014s 14,4 -2"This refers to your letter of October 25, 1951 concerning the question of whether or not the Esso Pennsylvania Lease Trust indenture is a firm commitment within the meaning of section 6(b) of Regulation X. "Le have reviewed the trust agreement and copies of correcpondeuce relating to the question obtained from the I'ed-cnil Reserve Bflnk of Philadelphia and, inasmuch as the ReListrant is not 'required without option or discretion on his part to extend credit upon demand by the borrower OX' upon compliance by the borrower with one or more condirorerred to in such agreement', we agree with the conclusion of the Philadelphia Bank that the trust agreement is not a firm commitment within the meaning of section 6(b). "The Board in the past has considered questions of whether or not si.milar financing arrangements were firm commitments within the meaning of section 6(b) and in cur °Pillion the interpretation of the Philadelphia Bank is consistent with the pos-;tions taken by the Board on such Similar questions." Approved unanimously, with a copy to the federal Aserve Bank of Philadelphia. ft
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