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On,r1,4 Pf,o4 Minutes of actions taken by the Board of Governors of the 7ederal Reserve System on Monday, October 1, 19i)l. i'RESEW: Mr. Norton, Chairman pro tem. Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Memorandum dated September 2), 19)1, from Mr. Young, Director, Division of Research and Statistics, recommending that rqui J. Smith, Analyst, Division of Bank Operations, be transferred to the Division of Research and Statistics as an Economist, with no Change in his present basic salary of 4:•),40C rcr annum, effective as of the date on which he enters upon the performance of his new duties. The memorandum also stated that the Division of Bank Operations was * a6reeab1e to this transfer. Approved unanimously. Letter to Mr. Neely, Chairman or the Federal Reserve Bank of Atlanta, reading as follows: "A reply to your letter of August 27 regarding the need for additional space for the Nashville branch has been deferred until the return of Gov. Norton who had the opr,ortunity to discuss the matter with you during his recent visit to Atlanta. "The Board is in syhipathy with your idea that a new building is the ultimate solution for the situation at Nashville. It may be some time, however, before construction can be undertaken, as additicnal legislation will undoubtedly be necessary before authorization for the build inc can be given. The economic and materials situations also would have a bearing upon the timing of the project even after the necessary legislation is passed. In the meantime, it would seem to be in order to proceed 10/1/51 -2- "1,4Ith the selection of a site and the preparation of preliminary plann. "Accordingly, the Board is prepared to consider the request for authorization to purchase a lot when the Bank submits a. recolawndation as to a specific site. In this connection we suggest that you keep Gov. Norton advised as to de1,,i1o1cents and that at an appropriate time he review the situation on the spot in Nashville with represJntatives of your Bank in order that he my have firsthand information in presenting the matter to the Board." Approved unanimously. Telegram to Mr. Sch1aikjer, Vice President of the Federal Reserve 13;-nk of Boston, reading "Reurlet September facility. We concur In third paragraph of your to finance the proposed ject to Regulation Y." as follows: P4 about off-street parking the viewpoint expressed in the letter that credit extended garage construction is sub- Approved unanimously. r-3ccretery.
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