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Minutes for October 161 1957 To: Members of the Board From: Office of the Secretary Attached is a copy of the minutes of the Board of Governors of the Federal Reserve System on the above date. It is not proposed to include a statement with respect to any of the entries in this set of minutes in the record of policy actions required to be maintained pursuant to section 10 of the Federal Reserve Act. Should you have any question with regard to the minutes, it will be appreciated if you will advise the Secretary's Office. Otherwise, if you were present at the meeting, please initial in column A below to indicate that you approve the minutes. If you were not present, please initial in column B below to indicate that you have seen the minutes. A Chm. Martin Gov. Szymczak Gov. Vardaman 1/ Gov. Mills Gov. Robertson Gov. Balderston Gov. Shepardson 1/ In accordance with Governor Shepardson's memorandum of March 8, 1957, these minutes are not being sent to Governor Vardaman for initial. Minutes of actions taken by the Board of Governors of the Federal Reserve System on Wednesday, October 16, 1957. The Board met in the Board Room at 10:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Balderston, Vice Chairman Szymczak Mills Robertson Shepardson Carpenter, Secretary Kenyon, Assistant Secretary Thomas, Economic Adviser to the Board Marget, Director, Division of International Finance Mr. Hackley, General Counsel Mr. Solomon, Assistant General Counsel Mr. Furth, Chief, International Financial Operations Section, Division of International Finance Mr. Mr. Mr. Mr. Survey of Common Trust Funds (Item No. 1). There had been circulated to the members of the Board a draft of letter to the Presidents Of all Federal Reserve Banks transmitting forms and instructions for the 1957 Survey of Common Trust Funds. Following a brief discussion, during which it was recalled that in 1955 the Board had authorized this annul survey on a continuing basis, the letter was approved unanimously. as A copy is attached to these minutes Item No. 1. Call for reports of condition. The Secretary reported that a letter dated October 14, 1957, had been received from the Deputy Comptroller c)f the Currency advising that on October 16, 1957, a call would be made 4P°4 all national banks for reports of condition of those banks and certain or their affiliates as of the close of business October 11, 1957. He said that in accordance with the policy established by the Board, a telegram 10/16/57 -2- was sent to the Presidents of the Federal Reserve Banks on October 14, 1957, requesting that a similar call be made upon State member banks. The action taken in sending the telegram to the Federal Reserve 134nks vas ratified by unanimous vote. The Board then vent into executive session. Appointment of Mr. Shay as Legislative Counsel. Governor Shepardson later informed the Secretary that during the executive session the Board appointed Jerome W. Shay, now Assistant General Counsel, as Legislative Counsel to succeed Alfred K. Cherry, effective January 1, 1958, 1th salary at the rate of $13,000 per annum. The meeting then adjourned. Secretary's Note: Governor Shepardson approved on behalf of the Board, on the dates indicated, the following items: °CtOber 14 0 , Memorandum dated October 9, 1957, from Mr. Young, Director, Division w'' e Research and Statistics, recommending the appointment of Mrs. Gertrude belss, formerly Chief of the Household Economies Research Branch of the baPsatment of Agriculture, as a Consultant on a temporary contractlial coals) effective immediately and until December 31, 1957, for work in Q4 ,1raillecti0n with the evaluation of the Consumer Finances Surveys, with Bo Pensation at the rate of $50 per day for each day worked for the aer'a either in Washington or outside the city, plus transportation in ste!'dance with the Board's travel regulations and a per diem in lieu of rieesIstenee at the rate of $12 for time spent in a travel status in cont i°11 with her assignments. The memorandum stated that for purposes of -vely Mrs. Weiss' headquarters would be her home. (petob 4em°randa from appropriate individuAls concerned recommending increases : 14 4.1 0 wle basic annual salaries of the following employees, effective October 1957: 10/16/57 -3- Name and title Division Basic annual salary To From Legal /Lillie A. Desmond, Secretary $4,080 $4,215 7,785 8,000 4,075 3,260 11,880 4,210 3,345 12,150 5,980 6,115 4,210 2,825 2,825 4,345 2,900 2,900 Research and Statistics Bernard Freedman, Economist International Finance Winifred J. Black, Secretary Carmen A. Booth, Statistical Clerk Robert L. Sammons, Chief, Latin American Section Examinations G. Halvor Bockman, Assistant Federal Reserve Examiner Administrative Services Dorothy A. Crutcher, Secretary Ruth A. Brown, Charwoman Edith C. Hartzell, Charwoman O ctober 16 Memorandum dated October 9, 1957, from Mr. Young, Director, ' 4°n of Research and Statistics, recommending a per diem in lieu of si ence at the rate of $12 for Donald C. Miller, Chief, Government vir2ance Section in that Division, while in Mexico City in connection the travel approved by the Board on March 20, 1957. g1,1, iiust . Memorandum dated October 11, 1957, from the Division of Personnel ti 7Liniatration recommending that Billie Jo Hickman, Personnel Clerk in t Division, be authorized to attend a Secretarial Training Conference toa",, turL'e held in Washington, D. C., on December 10 and 11, 1957, by the eall of Business Practice, and that the Board pay the $50 fee. 10/16/57 2°r -4- 16 (continued) Letter to the Federal Reserve Bank of Cleveland approving appointment of Richard John Barbato as assistant examiner. A ec)PY of the letter is attached hereto as Item No. 2. the Memorandum from Messrs. Bethea, Director, Division of nistrative Services, and Johnson, Controller, dated September 30, 4 9dmi57) recommending that five sets of Edison Voicewriter equipment be ' larchased at this time for the following Divisions, which made provision their 1957 budgets for such expenditures: Office of the Secretary, Research and Statistics (two sets), Bank Operations, and Examinations; ri°1 that a set also be purchased by the Division of Personnel Administion, which did not make a provision in its 1957 budget, for use -11tlY with the Legal Division and the Division of Administrative 'ervices. A Z BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. Item No. 1 10/16/57 Z-4511 (On office copies only) ACORES'S OFFICIAL CORRESPONDENCE TO THE BOARD ' 444**4 October 16, 1957. Dear Sir: A supply of the revised form F. R. 508 and instructions Survey of Common Trust Funds is being sent to you under a separatel r; a copy is enclosed. Minor revisions have been made 1rL the form and instructions; none is of a substantive nature. A list of suggestions for collecting and editing the reis also enclosed. It will be appreciated if you will arrange Ports to have spo the reports edited, and to conduct any necessary correnclencs regarding apparent inconsistencies and discrepancies be, lore forwarding reports to the Board. Very truly yours, S. R. Carpenter, Secretary. 4411c-Losures T° THE PRESIDENTS OF ALL FEDi,RAL RESERVE BANKS 2906 BOARD OF GOVERNORS 44 OF THE . , t ' jIj Item No. 2 10/16/57 FEDERAL RESERVE SYSTEM I * 1* WASHINGTON 25, D. C. ADDRESS OFFICtAL CORRESPONDENCE TO THE SOAR() *j.i14tistit .444w1.0 October 16, 1957 Mr. H. M. Boyd, Chief Examiner, Federal Reserve Bank of Cleveland, Cleveland 1, Ohio. Dear Mr. Boyd: In accordance with the request contained in Your letter of October 9, 1957, the Board approves the appointment of Richard John Barbato as an assistant examiner for the Federal Reserve Bank of Cleveland. Please advise the Board as to the date on which the appointment is made effective. Very truly yours, (Signed) S. R. Carpenter S. R. Carpenter, Secretary.
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