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cs;! t Minutes of actions taken by the Board of Governors of the l'ederaa. Reserve System on Monday, October 17, 1949. PRESENT: Mr. Mr. Mr. Mr. Mr. McCabe, Chairman Szymczak Draper Vardaman Clayton Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Board Minutes of actions taken by the Board of Governors of the Fed— eral Reserve System on October 121 1949, were approved unanimously. Minutes of actions taken by the Board of Governors of the Fed— eral Reserve System on October 13 and 14, 1949, were approved and the actions recorded therein were ratified unanimously. Memorandum dated October 17, 1949, from Mr. Nelson, Director clt the Division of Personnel Administration, recommending an increase in the basic salary of Mrs. Margaret Wolverton, personnel clerk in that Division, from $3,476.40 to $3,601.80 per annum, effective October 1949. Letter to the board of directors of the "Union Bank of Blair", Blair, Wisconsin, stating that, subject to conditions of membership 1111111bered 1 and 2 contained in the Board's Regulation HI the Board ap°ves the bank's application for membership in the Federal Reserve 111' r8"tein and for the appropriate amount of stock in the Federal Reserve Bahl, of Minneapolis. 4 10/17/49 Approved unanimously, together with a letter to Mr. Peyton, President of the Federal Reserve Bank of Minneapolis, reading as follows: "The Board of Governors of the Federal Reserve Sys— tem approves the application of the 'Union Bank of Blair' Blair, Wisconsin, for membership in the Federal Reserve System, subject to the conditions prescribed in the en— closed letter which you are requested to forward to the board of directors of the institution. Two copies of such letter are also enclosed, one of which is for your files and the other of which you are requested to for— ward to the Chairman, Banking Commission for the State of Wisconsin, for his information. Since the estimated losses shown in the report of examination for membership are relatively small and the examiner states that they were to be charged off at the next Board meeting, the usual condition requiring elim— ination of losses has not been prescribed. It is as— sumed, however, that you will satisfy yourselves that such losses actually are eliminated." Approved unanimously. Letter to Mr. Winthrop W. Aldrich, Chairman of the Board of Directors, The Chase Bank, New York, New York, reading as follows: "There is enclosed a copy of the report of exam— ination of the Head Office of The Chase Bank, New York, New York, made as of August 31, 1949, by examiners for the Board of Governors of the Federal Reserve System. The figures for the foreign branches shown in the com— bined statement of condition, as well as the figures for The Chase National Executors and Trustees Corpora— tion Limited of London and Union Provinciale Immobi— liere of Paris, were supplied by the Head Office. Your courtesy in acknowledging receipt of the re— port will be appreciated." Approved unanimously. Telegram to Mr. Knoke, Vice President of the Federal Reserve 1682 10/17/49 -5- Bank of New York, reading as follows: "In compliance with the request in your letter of October 11 the Board approves the opening and maintenance of an account on your books for and in the name of Caisse Centrale de la France d'Outre-Mer, subject to the usual terms and conditions upon which you maintain accounts for foreign central banks. It is understood that you will in due course offer participation in this account to the other Federal Reserve Banks." Approved unanimousl OW* , 0114.11•11. Secretary. Approved:
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