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Minutes of actions taken by the Board of Governors of the
Federal Reserve System on Monday, October 190 1953. The Board met
in the Board Room at 10:00 a.m.
PRESENT:

Mr. Martin, Chairman
Mr. Szymczak
Mr. Vardaman
Mr. Mills
Mr. Robertson
Mr. Carpenter, Secretary
Mr. Kenyon, Assistant Secretary
Mr. Thurston, Assistant to the Board

There was presented a request that Mr. Williams, Assistant
Director, Division of Research and Statistics, be authorized to travel
to New York, New York, on October 20 and 21, 1953, to attend a meeting
of the System Committee on Current Business Developments.
Approved unanimously.
Reference was made to a memorandum addressed to Chairman Martin
under date of October 114,

1953, by Mr. Young, Director, Division of Re-

search and Statistics, in which Mr. Young stated that he had been invited by the National Bureau of Economic Research to serve on an exploratory committee on research in the capital and securities markets and that
the responsibility would entail reviewing staff memoranda and attending
possibly two meetings in New York City. The first meeting of the committee was scheduled for October 21, 1953.
Approved unanimously.
Chairman Martin stated that Mr. Johns, President of the Federal
Reserve Bank of St. Louis, had asked to meet with the Board of Governors




-2-

10/19/53

to discuss the selection of a site for the erection of a proposed
new building for the use of the Louisville Branch

and that 10:30 a.m.

on October 21, 1953, had been set as the time for the discussion.
The meeting then adjourned. During the day the following adexditional actions were taken by the Board with all of the members
cept Governor Evans present:
Minutes of actions taken by the Board of Governors of the
sly.
Federal Reserve System on October 14, 1953, were approved unanimou
Minutes of actions taken by the Board of Governors of the
were approved and
Federal Reserve System on October 15 and 16, 1953,
the actions recorded therein were ratified unanimously.
rative
Memorandum from Mr. Bethea, Director, Division of Administ
g employee
Services, recommending that the resignation of the followin
in that Division be accepted:
Effective date

Name and title

November 12, 1953

Jean W. Myers,
Clerk
Approved unanimously.

,
Memorandum dated October 14, 1953, from Mr. Bethea, Director
Preston E. Fowler,
Division of Administrative Services, stating that
the Federal
Laborer in that Division, has applied for retirement under
on NoReserve Retirement System, effective at the close of business
vember 30, 1953.




Noted.

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10/19/53

Letter to Mr. Hodgkinson, Federal Reserve Agent, Federal
Reserve Bank of Boston, reading as follows:
In accordance with the request contained in your
letter of October 9, 1953, the Board of Governors approves the payment of salaries, effective October 14,
1953, to the following members of the Federal Reserve
Agent's staff at the rates indicated:
Annual Salary
Title
Name
Alternate Assistant $7,800
John F. Mooney
F. R. Agent
Clifford E. Morrissey Alternate Assistant 5,200
F. R. Agent
Alternate Assistant 4,300
George E. Wells
F. R. Agent
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 8, 1953, the Board approves the appointment3of Dean W. Bassett and Benedict Rafanello as
assistant examiners for the Federal Reserve Bank of New
York.
Please advise as to the dates upon which the appointments are made effective.
Approved unanimously.
Letter to Mr. Denmark, Vice President, Federal Reserve Bank
of Atlanta, reading as follows:
In accordance with the request contained in your
letter of October 8, 1953, the Board approves the designation of H. V. Heyman and N. N. Self of the Birmingham
Branch as special assistant examiners for the Federal Reserve Bank of Atlanta, for the specific purpose of rendering assistance in the examinations of State member banks
only.




Approved unanimously.

lo/19/53
Letter to Mr. Johns, President, Federal Reserve Bank of
St. Louis, reading as follows:
The Board of Governors approves the payment of
salary to Mr. Darryl R. Francis as an officer of the
Federal Reserve Bank of St. Louis, with the title of
Vice President, for the period November 1, 1953,
through December 310 19530 at the rate of $15,000
per annum, which is the rate fixed by the Board of
Directors as reported in your letter of October 90

1953.




Approved unanimously.