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Minutes of actions taken by the Board of Governors of the hderal Reserve System on Thursday, October 28, 1948. PRESENT: Mr. Mr. Mr. Mr. McCabe, Chairman Szymczak Draper Evans 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 1 44111 Reserve System on October 22, 1948, were approved unanimously. Minutes of actions take by the Board of Governors of the n NeralReserve System on October 25, 26, and 27, 1948, were approved 414 the actions recorded therein were ratified unanimously. Memorandum dated October 22, 1948, from the Division of Per- Bolatlei Administration, stating that Mr. Van Fossen, Assistant DireCtor of the D ivision of Bank Operations, reached retirement age q 65 0_ 4 October 6, 1948, and would retire on December 31, 1948. Noted. ()ciEtte Metiorandum dated October 20, 1948, from Mr. Leonard, As- Director of the aervi the Division of Bank Operations, stating that ces or ee4rch attl k)lerEtti 114t Mr. Pawley, an economist in the Division of Re- Statistics, would be utilized by the Division of Bank (348 14 11 j connection with the administration of Regulation 3o, 1949, and reco ending that his salary be charged 44ita, 1 the blaA __ et of the Division of Bank Operations for that 11.1 thia e teMorandum stated that Mr. Thomas was agreeable to 4rra.4ement. 1830 ' ,128/48 -2The vest) the Utilized. memorandum also stated that,with the approval of Mr. services of Mr. Cherry, Assistant Counsel, would be in an administrative capacity in connection with Regula- tiot 1.1 for the remainder of this year. In view of the relatively slic)I't time i nvolved, the memorandum recommended that there be no cliatge jai the allocation of his salary, but that traveling expenses it.ctirred by Mr. Cherry during this work be charged to the budget or the Division of Bank Operations. Approved unanimously. Letter to the Presidents of all Federal Reserve Banks read- itg a follows: cond't the time of the last Presidents' Conference, rici -Terati°r1 Bwalza status was given to the question of giving ofto senior economists at a Federal Reserve desi elld although some doubt was expressed as to the Of 44bilitY of taking such action, it was the consensus cli ideconference that it should not object to an inthe 1141 Federal Reserve Bank doing so. Subsequently, Boa approved payment of salary to three employees the the 'aderal Reserve Bank of Chicago as officers of 14ithZ4k with the title of 'Senior Economist', and ree4rahe understanding that this action would not be az a precedent in other cases. beitR Z:e change in the status of these employees is Rese; —"plight to the attention of the other Federal °Iat sv 11:, Banks merely as a matter of information, withmac. at th gesting in be changes similar any that way ose Approved unanimously. 411.k Letter to Mr. Hill, Vice President of the Federal Reserve Or Philadelphia, reading as follows: 1831 10/28/48 -3L "Reference is made to your letter of October 20, 1948) submitting the request of the Security Bank and niTr.ust Company, Philadelphia, Pennsylvania, for per„Isssion to allow duly authorized representatives of e.Pennsylvania Company for Banking and Trusts to tiview the bank's copy of the report of its examinabY the Reserve Bank as of February 24, 1948. "It i s understood that the directors of the Sec e uritY Bank and Trust Company have indicated their Thftval of the proposed absorption of that bank by tha4-Lenneylvania Company for Banking and Trusts and ex the desired permission to exhibit the report of aillination was requested by formal resolution. Go__ "In view of your recommendation, the Board of ofvUlnors will interpose no objection to the review report of examination by duly authorized representet True !ives of The Pennsylvania Company for Banking and 0,11pinym us on .” the premises of the Security Bank and Trust g Approved unanimously. Letter to Mr. Gidney, President of the Federal Reserve Bank Or °level sIld, reading as follows: 1948 "As requested in your letter of September 15, une Board has given consideration to the proPas as t ei; Purchase by your Bank of the real estate known Pitt ; l, e Speer Estate adjoining your Aldine property in ealla rgh. In the light of your September 15 letter lette-e slIPPlementary information contained in your (pf October 13 the Board will interpose no obprielen to tl„ - purchase ur „ -e of the Speer property at a 13:u iB 11 exceeding $180,000. In this connection it as that the directors office as well head of the this °se of the Pittsburgh Branch have concluded that its i!),l'eTerty is a good buy from the point of view of it w-'1111e -Producing possibilities and the added value ing: c1 give to the present holdings either for build----LPoses or for resale." Approved unanimously. 1832 1°128/ Memorandum dated October 27, 1948, from Mr. Hooff, Assistant e°1-41sel,recommending that, in addition to material previously subtlitted, there be published in the law department of the November 1811e of the Federal Reserve Bulletin amendment No. 1 to Regulation ' 14 tc4ther with the press release as an introductory statement. The rae Morandum also recommended that a revised introductory stateZelit the r-orm attached to the memorandum with respect to sum- Itlelites °I' Previously published interpretations be substituted for that submitted with the earlier material for the November Bulletin. Approved unanimously. Approved:
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