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1.714 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Thursday, October 7, 1948. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. McCabe, Chairman Eccles Szymczak Draper Evans 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 Federal Reserve System on October 6, 1948, were approved unanimously. Memorandum dated October 1, 1948, from Mr. Carpenter recomnlending the appointment of Mrs. Portia Rohwer Agadjanian as a file eielsk in the Secretary's Office, on a temporary basis for a period months, with basic salary at the rate of $2,573.52 per annum, effective as of the date upon which she enters upon the performance Of her duties after having passed the usual physical examination. The m -elnorandum also stated that it was contemplated that Mrs. Agadjanian l'r°111d lipe-oome a member of the Federal Reserve retirement system. Approved unanimously. or Memorandum dated October 4, 1948, from Mr. Bethea, Director . vivision of Administrative Services, recommending the appoint- raerit of Mrs. Dorothy S. Hurst as a clerk-stenographer in that Division, On a tezporary indefinite basis, with basic salary at the rate of 171.5 10/7/48 -2- $2,498.28 per annum, effective as of the date upon which she enters Upon the performance of her duties after having passed the usual Physical examination. The memorandum also stated that it was con- templated that Mrs. Hurst would become a member of the Federal Reserve retirement system. Approved unanimously. Letter to Mr. Diercks, Vice President of the Federal Reserve Bank of Chicago, reading as follows: "In accordance with the recommendation contained in Your letter of October 2, 1948, the Board extends to November 8, 1948, the time within which the Commercial State !ank of Melvin, Melvin, Illinois, may accomplish termina41-°n of its membership under the waiver of six months' notice granted on June 8, 1948." Approved unanimously. Letter to Mr. Gidney, Presiden,t of the Federal Reserve Bank of Cleveland, reading as follows: "In your letter of September 15, 1948, it is stated that your board of directors has authorized you to communicate with the Board of Governors with respect to ?!euring approval for the purchase at a price not exceedg $180,000 of a parcel of real estate known as the opeer Estate, which adjoins your Aldine property in Pitta"When you and Mr. Brainard met with the Board here April it was understood that the Cleveland Bank would in vestigate a plan which would include the sale of the nieting Pittsburgh building and the construction of a 'Lew building adequate to meet the foreseeable require-' "nts of the Branch, including the possibility of provid'ng rental space, and would also consider the possible 1716 10/ /48 -3- 'acquisition of the Speer Estate. "Before acting on the proposal to purchase this Property the Board would like to know what consideration has been given by your Bank to the construction of a new building in Pittsburgh instead of an addition or annex. Also, it is noted that the indicated price of the Speer Property is rather high, especially in comparison with the cost of the Aldine property which was acquired only two years ago." Approved unanimously. Letter to Mr. Dearmont, Chairman of the Federal Reserve Ballk of St. Louis, reading as follows: "At the completion of the examination of the Federal Reserve Bank of St. Louis, made as of July 28) 1948, by the Board's examiners, a copy of the report of examination was left for your information and that of the directors. A copy also was left for President Davis. "The Board will appreciate advice that the report has been considered by the Board of Directors. Any comments you may care to offer regarding discussions with respect to the examination, or as to action taken or to be taken as a result of the examination, will also be of interest to the Board. "In this connection) it is understood that Mr. Murff discussed with you the practice of certain officers taking a half-day off each week in addition to the regular vacation period and despite the observance of a five-day work week, and also the need for revising the Bank's present 'Vault Rules and Regulations' with the view to requiring that on officer witness the closing of the vault at the end of each day's business. "The Board will appreciate advice as to developments 1.rith respect to these subjects." Approved unanimously. Secretary.
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