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▪ )10;...47 () ) 01,, • .? Minutes of actions taken by the Board of Governors of the Peclerai Reserve System on Uednesday, November 7, PRESENT: Mr. Mr. Mr. Mr. 1951. Szymczak, Chairman pro tem. 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 Federal Reserve System on November 6, 1951, were approved unanimously. Memorandum dated October 31, 1951, from Mr. Bethea, Director, si°11 of Administrative Services, recommending the appointment of Mrs. 4calaia, s Courtney as a Stenographer In that Division, on a temporary ilidLetirlite basis, with basic salary at the rate of 0,4 5 per annum, erreetive as of the date upon which she enters upon the performance her duties after having passed the usual physical examination and Noi oect to the completion of a satisfactory emlaoyment investigation. Approved unanimously. Memorandum dated November 6, 1951, from Mr. Horbett, Assistant ctor, Division of Bank Operations, recommending increases in the b4ic atnual salaries of the following employees in that Division, "I'ective November 11, 1951: Llarae 1'44' Petti:Teia peezle *B. Ivie 0. E riandour pranzont Title Secretary to Mr. Myrick Statistical Clerk Technical Assistant Salary Increase From To $3,660 7'3) 3,535 6,740 ,cJin W1151 unanimously. Approved unanimously Letter to Mr. 'Latham, Vice President of the Federal Reserve Bollk of Beston, reading as follows: "In accordance with the request contained in your letter of November 5, 1951, the Board approves the ap12ointment of Walter Orrin Farrell as an assistant examiner for the Federal Reserve Bank of Boston. Please advise us of the date upon which the appointment is made effective." Approved unanimously. Letter to Mr. Denmark, Vice President of the Federal 'Reserve Bank A tlanta, reading as follows: "In accordance with the request contained in your letter of November 1, 1951, the Board approves the designation of Victor A. Allenbach ES a special assistant examiner for the Federal Reserve Bank of Atlanta. Approved unanimously. Letter to Mr. Albert Gersten, Whittier College Heights, 6363 3re Boulevard, Los Angeles, California, reading as follows: form.-We acknowledge your letter of October 23, 1951, :111Us of the current status of your Whittier College ei-IChts development. The information which you have fur- is interesting especially because in our continuing t:4-1dY of the effect of the operation of Regulation X, attenl°4 is given to housing inventory which is not readily mairk v etable. As we have previously stated, the regulation he modified when evidence indicates it is desirable to d° so in the public interest. , "Provision for making application for hardship exempt, 'or& °Y any builder or other person before March 15, 1951, (Ilinection with residential construction, was set forth 'he previous section 5W, Contemplated Construction, of dr,.-;• ,1 C 11/7/51 -3- "the regulation. Such provision is no loncer in the regulation, however, and you no doubt appreciate, it would not be ,possible, in fairness to all the builders and others in the real estate business who are carryinr forward operations under Regulation X, to grant an individual exemption from its requirements." Approved unanimously.
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