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Minutes of actions taken by the Board of Governors of the
Federal Reserve System on Thursday, October 16, 1952.
PRESENT:
Mr. Martin, Chairman
Mr. Szymczak
Mr. Robertson
Mr. Carpenter, Secretary
Mr. Sherman, Assistant Secretary
Letter to Mr. Latham, Vice President, Federal Reserve Bank
of Boston, reading as follows:
"In accordance with the request contained in your
letter of October 7, 1952, the Board approves the reappointment of Loring Campbell Nye as an assistant examiner for the Federal Reserve Bank of Boston.
"Please advise us of the date upon which the reappointment becomes effective."
Approved unanimously.
Letter to Mr. Wiltse, Vice President, Federal Reserve Bank
of New York, reading as follows:
"In accordance with the request contained in your
letter of October 3, 1952, the Board approves the designation of George T. Gearty as a special assistant examiner for the Federal Reserve Bank of New York."
Approved unanimously.
Letter to Mr. Bilby, Vice President, Federal Reserve Bank
of New York, reading as follows:
"In view of the circumstances described in your
letter of October 7, 1952, the Board of Governors approves the continuation of the payment of salary to
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10/16/52
"Mr. Robert Ross Covert, as Group 1 Representative, at
the rate of $61500 per annum, which is $700 in excess
of the maximum established for the position to which
he is now assigned."
Approved unanimously.
Letter to Mr. Treiber, First Vice President, Federal Reserve
Bank of New York, reading as follows:
"The Board of Governors approves the payment of
salary to Mr. William F. Palmer as an officer of the
Federal Reserve Bank of New York with the title of
Manager, for the period ending March 31, 19531 at the
rate of $111000 per annum, which is the rate fixed by
the Board of Directors as indicated in your letter of
September 30, 1952."
Approved unanimously.
New
Letter to Mr. Clarke, Secretary, Federal Reserve Bank of
York, reading as follows:
"Reference is made to your letter of October 71
1952, advising that, at the request of the United
Nations Relief and Rehabilitation Administration (Relief and Works Agency for Palestine Refugees), Mr.
Frederick V. Loud, an Economist in the Foreign Research Division of the Research Department, has been
granted a leave of absence without pay for a period
of one year commencing about October 24, to enable
him to work in Lebanon on the Agency's staff as
Economic Analyst. It is noted from your letter
that the Agency is to compensate Mr. Loud for his
services, and, in addition, pay for his living and
travel expenses.
"It is noted further that Mr. Loud will, in
effect, replace Mr. John S. Morgan, an Economist
in your Research Department, who has been granted
two months' further leave of absence without pay
to permit him to travel at his own expense on his
return trip.
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10/16/52
"The Board of Governors interposes no objection
to the arrangements with respect to Messrs. Loud and
Morgan as described in your letter."
Approved unanimously.
Letter to the Board of Directors, First Trust & Deposit
Company, Syracuse, New York, reading as follows:
"Pursuant to your request submitted through the
Federal Reserve Bank of New York, the Board of Governors approves the establishment and operation of a
branch office at a point on Brewerton Road approximately 1.44 feet northerly from the N. W. Corner of
Brewerton Road and West Molloy Road, in the unincorporated village of Mattydale, town of Salina, County
of Onondaga, State of New York, provided the branch
is established within six months from the date of
this letter."
Approved unanimously, for
transmittal through the Federal
Reserve Bank of New York.
Memorandum from Mr. Carpenter, Secretary of the Board of
the
Governors, dated October 141 1952, referring to the action of
Board on July 221 1952, regarding the establishment of an Office of
Defense Loans, and attaching a budget submitted by the Administrator
of that Office covering the period September 23 to December 31, 1952,
1 of which
inclusive. The total amount of the budget was $71 201.83
$71116.83 was for personal services and $85 was for non-personal
services.
Approved unanimously.
@FedFRASER