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OW1)0 7 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Friday, October 28, 1949. PRESENT: Mr. Szymczak, Chairman pro tem. Mr. Draper Mr. Sherman, Assistant Secretary Mr. Morrill, Special Adviser Mr. Thurston, Assistant to the Board Telegrams to the Federal Reserve Banks of New York, Cleveland, Richmond, Chicago, St. Louis, Minneapolis, Kansas City Dallas, and Sall Francisco stating that the Board approves the establishment without by the Federal Reserve Bank of San Francisco on October 24, by the Federal Reserve Banks of Chicago and St. Louis on October 26, and by the Federal Reserve Banks of New York, Cleveland, Richmond, Minneapolis, 4811sas City, and Dallas on October 27, 1949, of the rates of discount ' 14a Purchase in their existing schedules. Approved unanimously. Memorandum dated October 27, l94(,, from Mr. Millard, Director or the Division of Examinations, recommeLding increases in the basic 11411a1 salaries of the following employees in that Division, effective ) C ctober 30, 1949: 4exae Title tlean,„ C. Smith A. Dons 's --ea Federal Reserve Examiner Federal Reserve Examiner Salary Increase To From $7,000.00 $6,800.00 5,600.00 5,400.00 Approved unanimously. Letter to Mr. Leach, President of the Federal Reserve Bank of 10/28/49 -2- R1c1 mond, reading as follows: "In your letter of October 20, 1949, you state that the directors of the Federal Reserve Bank of Richmond have approved the proposed purchase of 38 new steel lockers and 4 small lock boxes to match for use in the Charlotte Branch and request the Board of Governors to approve the acceptance of the low bid of the Herring-Hall-Marvin Safe Company in the amount of $17,945.29 for furnishing this equipment. "The Board of Governors has no objection to the acceptance of this low bid by your Bank. It is noted that the 24 second-hand odd-sized lockers to be replaced will be sold." Approved unanimously. Telegram to Mr. Martin, Assistant Vice President of the ecieral Reserve Bank of Atlanta, reading as follows: "Reurtel, although revised instructions (S-1123) for waiver of penalties for deficiencies in reserves of member banks were made effective on the date of the Board's letter, October 10, 1949, they may be applied to deficiencies in reserves Prior to October 10 where penalties had not as yet been assessed." Approved unanimously, with telegrams transmitting this advice to the Presidents of all other Federal Reserve Banks. Aszi>tant Secretary.
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