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) Minutes of actions taken by the Board of Governors of the Federal Reserve System on Friday, October 24, 1952. PRESENT: Mr. Mr. Mr. Mr. Mr. Szymczak, Acting Chairman Evans Vardaman Mills Robertson Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Minutes of actions taken by the Board of Governors of the Federal Reserve System on October 23, 1952, were approved unanimously. Telegrams to the Federal Reserve Banks of New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis) Kansas City, Dallas and San Francisco stating that the Board approves the establishment without change by the Federal Reserve Bank Of St. Louis on October 20, by the Federal Reserve Banks of New York, Ph iladelphia, Cleveland, Richmond, Atlanta, Chicago, Minneapolis, 4ansas City, and Dallas on October 23, and by the Federal Reserve Bank of San Francisco on October 2h, 1952, of the rates of discount and Purchase in their existing schedules. Approved unanimously. Memorandum dated October 21, 1952, from Mr. Horbett, Assistant Director, Division of Bank Operations, recommending that Catherine A. Fornof, Stenographer in the Division of Administrative Services, be transferred to the position of Clerk-Stenographer in the Division 18fifi 10/24/52 -2- of Bank Operations, with no change in her basic salary at the rate of $3,495 per annum, effective as of the date on which she assumes her new duties. The memorandum also stated that the Division of A dministrative Services was agreeable to this transfer. Approved unanimously. Memoranda recommending that the basic annual salaries of the following employees be increased in the amounts indicated, effective 26, 1952: MemorandumSalary Increase Date of To From Name and Title Szymczak Governor Memoranda from October 10/20/52 10/21/52 Fredrick L. Frost, Messenger Virginia Ogilvie, Stenographer $3,070 $3,150 3,335 31410 Memorandum from the Secretary of the Board 10/6/52 Doreen M. Dippre, Secretary • 3,910 4,035 Memorandum from Mr. Vest, General Counsel 10/10/52 Wilson L. Hooff, Assistant Counsel 8,360 8,560 Memorandum from Mr. Marget, Director, Division of International Finance 9/24/52 Dorothy Grifasi, Clerk-Stenographer 3,415 3,495 Memorandum from Mr. Dembitz, Assistant Director, Division of International Finance 10/16/52 Reed J. Irvine, Economist 4,705 5106o 1807 1O/2I/52 Salary Increase To From Name and Title 2.112-21:24i_Tgr44 04m ____.-------Director, Memorandum from Mr. Leonard, Division of Bank Operations 9/23/52 Gerald M. Conkling„ Chief, Member Bank Section $10,000 $10,200 Memorandum from Mr. Kelleher, Assistant Director, Division of Administrative Services 9/22/52 Louise L. Hiller, Key Punch Operator 3,190 3,270 Memorandum from Mr. Bethea, Director, Division of Administrative Services 10/17/52 George L. Spencer, Jr., Clerk-Stenographer 3,270 Memorandum from Mr. Boothe, Administrator, Office of Defense Loans 10/22/52 Margaret Wolfe, Secretary 4,160 4,295 Approved unanimously. 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 10, 1952, the Board of Governors approves the payment of salaries to the following named members of the Federal Reserve Agent's staff at the rates indicated, effective October 15, 1952: 1808 10/24/52 "Name and Title John F. Mooney Alternate Assistant Federal Reserve Agent Clifford E. Morrissey Alternate Assistant Federal Reserve Agent George E. Wells Alternate Assistant Federal Reserve Agent" Annual Salary 47,500.00 5,000.00 4,o5o.00 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 1952, the Board approves the appointments of John C. Parker, Leo H. Sablove and Edward K. Warde as assistant examiners for the Federal Reserve Bank of New York. Please advise us of the dates upon which the appointments become effective. "The Board also approves the designation of Richard J. Peltier as a special assistant examiner for the Federal Reserve Bank of New York." Approved unanimously. Letter to Mr. Brainard, Federal Reserve Agent, Federal Reserve Bank of Cleveland, reading as follows: "In accordance with the request contained in your letter of October 9, 1952, the Board of Governors of the Federal Reserve System approves the payment of salary to Mr. William Howard Marsh, Federpl Reserve Agent's Representative at the Cincinnati Branch, at the rate of $6,o84.00 per annum, retroactive to September 28, 1952.1! Approved unanimously. 1809 10/24/52 -5- 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 13, 1952, the Board approves the designation of Alvin B. Chandler as a special assistant examiner for the Federal Reserve Bank of Atlanta for the specific purpose of rendering assistance in the examinations of State member banks only." Approved unanimously. Letter to Mr. Diercks, Vice President, Federal Reserve Bank of Chicago, reading as follows: "This will acknowledge receipt of your letter of October 10, 1952, requesting that the Board approve the designation of Lloyd Ralph Mueller as a special assistant examiner for the Federal Reserve Bank of Chicago. "It is noted that Mr. Mueller is the owner of $5,000 par value stock of the Bank of Sheboygan, Sheboygan, Wisconsin, a State member, and he has agreed, if approved for appointment, he would dispose of his stockholdings in the Bank of Sheboygan. "The Board approves the designation of Lloyd Ralph Mueller as a special assistant examiner for the Federal Reserve Bank of Chicago with the understanding that he will dispose of his holdings in the Bank of Sheboygan before the effective date of his designation." Approved unanimously. Letter to Mr. Dawes, Secretary, Federal Reserve Bank of Chicago, reading as follows: "In view of the circumstances described in your letter of October 10, 1952, the Board of Governors approves the continuation of the payment of salary for the period ending April 30, 1953, to Mr. Harlan J. Chalfont, the Vice President in charge of the Detroit Iyanch, at his present rate of $14,300 per annum, which is the rate approved by the Executive Committee as indicated in your letter." Approved unanimously. 1810 lo/24/52 -6- Letter to Mr. Meyer, Vice President, Federal Reserve Bank of Chicago, reading as follows: "In view of the circumstances described in your letter of October 8, 1952, the Board of Governors approves retroactive to October 12 1952, the payment of salaries to George S. Komes and Louis Rappaport, while serving as split-shift elevator operators, at the rate Of $4,326.40 per annum each, which, when converted to an annual rate on a 40 hour work-week basis, exceeds the maximum established for the grade in which their position is classified." Approved unanimously. Letter to Ir. Dearmont, Federal Reserve Agent, Federal Reserve Bank of St. Louis, reading as follows: "In accordance with the request contained in your letter of October 9, the Board of Governors approves the payment of salaries to the following named members of the Federal Reserve Agent's staff at the rates indicated, effective October 1, 1952, except in the case of MT. Zehner whose salary increase will be effective November 1, 1952: Annual Salary Name Title St. Louis Office Edward H. Hoppe Assistant Federal Reserve $51o4o.00 Agent Richard O. Kaley Alternate Assistant Fed5)340.00 eral Reserve Agent Edward A. Zehner Alternate Assistant Fed3,240.00 eral Reserve Agent Little Rock Branch William S. Dawson Federal Reserve Agent's Representative I2aLEX1119Pranch Garland-F:77;71 Federal Reserve Agent's 5,34o.00 Representative 1_,Li 1 1 10/24/52 Name "Memphis Branch Carl Ritzel -7Title Federal Reserve Agent's Representative Benjamin B. Monaghan Federal Reserve Agent's Representative Annual Salary $5,520.00 5,620.00" Approved unanimously. Letter to the Board of Directors, Worcester County Trust Company, Worcester, Massachusetts, reading as follows: "Pursuant to your request submitted through the Federal Reserve Bank of Boston, the Board of Governors of the Federal Reserve System approves the establishment and operation of a branch at 291-297 Park Avenue, Norcester, Massachusetts, by Worcester County Trust Company, Worcester, Massachusetts." Approved unanimously, for transmittal through the Federal Reserve Bank of Boston. Letter to Mr. Wiltse, Vice President, Federal Reserve Bank of New York, reading as follows: "As recommended in your letter of October 114, 1952, the Board of Governors, without modifying the position stated in its letter of September 18, 1952, to The Marine Trust Company of Western New York, Buffalo, Neu York, has extended to March 10, 1953, the time within which the trust company may establish a branch in the Village of Lewiston, New York." Approved unanimously. Letter to the Board of Directors, The Hanover Bank, New York, New York, reading as follows: "Pursuant to your request submitted through the Federal Reserve Bank of New York, the Board of Governors 1812 10/24/52 -8- "approves the establishment and operation of a branch at 1460 Broadway, New York, New York, by The Hanover Bank, 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. Letter to Mr. N. C. Lenfestey, Executive Vice President and Cashier, The National City Bank of New York, New York, New York, reading as follows: "This refers to your letter of October 8, 1952, enclosing a copy of resolutions adopted by the Board of Directors of your Bank on October 7, 1952, relating to the request of the Far East Command that your Bank furnish limited banking facilities at Camp Otsu, Japan. "The Board of Governors will interpose no objection to The National City Bank of New York establishing limited banking facilities at Camp Otsu, Japan, under its designation as a Depositary of Public Moneys of the United States as, if, and when authorized by the Treasury Department. "It will be appreciated if you will advise the Board of Governors in writing, through the Federal Reserve Bank of New York, as to the date the proposed facilities are established and opened for business at Camp Otsu, together With information as to which of your branches in Japan will have supervision over such activities at Camp Otsu." Approved unanimously, for transmittal through the Federal Reserve Bank of New York. Letter to the Board of Directors, Bronx County Trust Company, New York, New York, reading as follows: 1813 10/24/52 -9- "Pursuant to your request submitted through the Federal Reserve Bank or New York, the Board of Governors approves the establishment and operation of a branch by you at 5560 Broadway, in the Borough of the Bronx, New. York, 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. Letter to the Board of Directors, The Schenectady Trust Company, Schenectady, 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 in the unincorporated village of Mayfair, town of Glenville, New York, the branch to be located in a building now under construction on a plot located approximately 350 yards north of the junction of Glenridge Road and State Route 50, provided the branch is established within six months from October 1, 1952." Approved unanimously, for transmittal through the Federal Reserve Bank of New. York. Letter to the Board of Directors, The Farmers Savings and Trust Company, Mansfield, Ohio, reading as follows: "Pursuant to a request submitted through the Federal Reserve Bank of Cleveland under date of October 10, 1952, the Board of Governors of the Federal Reserve System apProves the establishment and operation of a branch in Belleville, Ohio, by The Farmers Savings and Trust Company, Mansfield, Ohio, and hereby gives its written consent under the provisions of Section 18 (c) of the Federal Deposit Insurance Act to the absorption of The Farmers Bank, of Belleville, Ohio, Belleville, Ohio, without 1814 10/24/52 "increasing the surplus of The Farmers Savings and Trust Company to an amount which will equal the aggregate surplus of the two banks involved in the proposed absorption, provided that prior formal approval is obtained from the appropriate State authorities, that the aggregate capital and aggregate surplus of the resulting bank shall be in the amount of $600,000 each, as proposed, and provided further that the absorption is Otherwise effected substantially in accordance with the plan as submitted." Approved unanimously, for transmittal through the Federal Reserve Bank of Cleveland. Letter to the Presidents of all Federal Reserve Banks, reading as follows: wripare have been forwarded to you today under separate cover the indicated number of copies of the following forms, a copy of each of which is attached, for use of State member banks and their affiliates in submitting reports as of the next call date: Number of F. R. 105 (Call No. 126), Report of condition State member banks. F. R. 105e (Revised May 19)48), Publisher's copy report of condition of State member banks. F. R. 105e-1 (Revised May 19)48), Publisher's copy report of condition of State member banks. F. R. 220 (Revised March 1952), Report of affiliate holding company affiliate. F. R. 220a (Revised March 1952), Publisher's copy report of affiliate or holding company affiliate. of the forms are the same as those used on September 5, 1952, Even Schedule B remains unchanged, although on December 15 Ithe last issue of marketable United States bonds maturing after 4) Years will move into the 10-20 year maturity classification. ' Form of Form of Form of Form or Form of "When the forms are distributed to the State member banks, it might be well to mention that no amounts should be reported against item 8, United States bonds maturing after 20 years from date of call report." Approved unanimously, with the understanding that the letters would not be sent until the forms are printed.
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