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I Minutes of actions taken by the Board of Governors of the Pederal Reserve System on Tuesday, September 11, 1931. The Board met /li the Board Room at 10:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Murtin, Chairman Szymczak Evans Powell Crpenter, Secretary Sherman, Assistant Secretary Riefler, Assistant to the Chairman Thomas, Economic Adviser to the Board Vest, General Counsel Townsend, Solicitor Young, Director, Division of Research and Statistics Mr. Allen, Director, Division of Personnel Administration Mr. Sloan, Director, Division of Examinations Mr. Nelson, Assistant Director, Division of Examinations Mr. Mr. Mr. Mr. Mr. Mr. Mr. Before this meeting there had been sent to each member of the ' copy of Mr. Evans' memorandum dated August 30, 19)1, suggesting 4e.1 the basis upon which the Blue Room may be reserved by members of tle t_ )4.x*cl for luncheon be revised as follows: It The Blue Room will always be reserved for the regular 411 , leetings of the Federal Advisory Council. c: The Blue Room can be reserved by a Board Member for visiting foreign delegations of bankers or government ° 1,Ifficials. (This would ordinarily be the Board Member , hose assignments include contact with these people.) 10:here cannot be more than two such reservations in any . s. All Board Members are invited to attend these ;= , a" .The Blue Room can be reserved by a Board Member (same efinition as above) to entertain visiting United States 9/11/51 -2- "bankers or groups with whom the Board has business, Providing there are a total of not more than two such reservations in a week. "4. A Board Member can reserve the Blue Room for his OWn personal guests once every two weeks but not more nfrequently. !). If the Blue Room is not reserved, a Board Member IllaY reserve the room not earlier than 24 hours before he wishes to use it." Following a discussion, upon motion by Mr. Evans, the memorandum was approved unanimously. There was presented a draft of letter to the Presidents of all Reserve Banks prepared in accordance with the understanding at the meeting on August 16, 19)1 reading as follows: "There is attached for your information a statement Of policy which the Board has adopted with regard to granting prior written consent for mergers or absorptions when required pursuant to Section 18(c) of the Pederal Deposit Insurance Act. "Vde have been advised that this policy is consistent with that followed by the Comptroller of the . Currency and the Federal Deposit Insurance Corporation In considering transactions requiring their consent Under the above provision of the Federal Deposit Insurance Act. "This statement of policy is furnished for your .11idance in considering absorptions or mergers requiring consent of the Board of Governors and it is not contemplated that any public announcement or distribution thereof will be made." Chairman Martin stated that Mr. Vardaman, who was unable to %1. 14 this meeting, had informed him that he wished to be recorded as tin 'Inc)" with respect to the foregoing letter. q 9/11/)1 -3Thereupon, upon motion by Mr. Powell, the letter was approved, it being understood that Mr. Vardaman would vote "no" if he were present. Before this meeting there had been circulated among the members °I' the Board a memorandum dated August 21, 1951, from Mr. Carpenter subillitting a statement which outlined a plan under which the operations of the Board would be carried on in the event the Board's building was seri'1181Y damaged or destroyed by enemy action. The plan contemplated that illthe event of an emergency the Federal Reserve Bank of Richmond would Ile used as a relocation center, that members of the Board and a skeleton 1 would carry on necessary functions at that location, and that the ' ' "411 r apers of the staff remaining in Washington would carry on whatever (c4‘k was possible either in assisting in the rehabilitation of the buildOr Performing their assigned duties as fully as possible at home or Ileevhere. be It was also contemplated that TWX telegraph equipment would 4 Ilstalled at the Richmond Bank for necessary telegraph communications With the Federal Reserve B.Lnks and that certain designated persons at the ' - 444 would be authorized to (1) operate the interdistrict settlement rt4la '(2) sign checks on the gold certificate fund, and (3) sign requests 0ther communications relating to the printing and shipment of Federal I ve notes and shipment of United States currency. The statement also ' °1t J 4 L tled the steps that had been taken to safeguard and disperse vital Ncor 48 of the Board and to protect personnel. The memorandum recommended €1;,,flt -4Nt the plan as outlined in the statement be approved by the Board th the understanding that a copy ,weuld be given to each employee with the request that he keep it in a place at home where it would be avafl.In the event of damage to the Board's bujlding. Following a discussion, the proposed plan was approved unanimously and the following actions contemplated by the plan were also taken by unanimous vote: 1. Mr. J. M. Nowlan, Assistant Cashier, and Messrs. E. D. Coleman, E. J. Carr, and W. C. Crump of the Accounting Department of the Richmond Bank were authorized, in the event the plan was put into operation, to operate the interdistrict settlement fund. 2. The following letters were approved with the understanding that the respective authorizations contained therein would have no effect on the existing authorizations to sign the documents referred to in the respective letters: Letter to the Treasurer of the United States "The Board of Governors of the Federal Reserve System has adopted a plan for the relocation of certain of its essential operations at the Federal Reserve Bank 13f Richmond in the event of an emergency arising from enemy action. In the event of such an emergency, the following persons at the Federal Reserve Bank of Richmond, whose signatures appear below, are authorized to signchecks drawn to the order of the Treasurer of the tnited States on the cola Certificate Fund and have been designated as officers of the Board for this pur"e: Mr. Ch%rles P. 'McCormick; Federal Reserve Agent; 1441". Robt. L. shepherd, Aosistant Federal 'E,=3serve Agent; essrs. Morris Barret, Jr., and George E. Tholapson, Jr., : 41ternate Assistant Federal Reserve Zigenta. Charles P. McCormick Morris Barret, Jr. Robt. L. Shepherd George E. Thompson, Jr." Letter to A. W. Hall, Director of the Bureau of Engraving and Printing "The Board of Governors of the Federal Reserve System has adopted a plan for relocation of certain of its essential operations at the Federal Reserve Bank Of Richmond in the event of an emergency arising from enemy action. In the event of such an emergency, the following officers of the Federal Reserve Bnnk of Richmond, whose signatures appear below are authorized to Sign requests for the delivery of Federal Reserve notes and all other communications relating to Federal Reserve notes: Mr. J. S. Walden, Jr., First Vice President; Mr. R. W. Mercer, Vice President and Cashier; Mr. C. B. Strathy, Vice President and Secretary; Messrs. J. M. Nowlan, W. B. viakeham, and Edw. Waller, Jr., Assistant Cashiers. J. S. Walden, Jr. J. M. Nowlan R. W. Mercer W. B. Wakeham C. B. Strathy Edw. Wailer, Jr." Letter to Comktroller of the Currency "The Board of Governors of the Federal Reserve SYstem has adopted a plan for relocation of certain of its essential operations at the Federal Reserve Bank ( If Richmond in the event of an emergency arising from 11eraY action. In the event of such an emergency, the : 4011owing officers of the Federal Reserve Bank of Rich%°fla, whose signatures appear below, are authorized to ”gli requisitions for shipment of Federal Reserve notes ‘11()rm FR 4)), requests for printing Federal Reserve notes, 6114 all other communications relating to Federal Reserve Mr. J. S. Walden, Jr., First Vice President; Mr. W. Mercer, Vice President and Cashier; Mr. C. B. Strathy, flice President and Secretary; Messrs. J. M. Nowlan, W. B. ham, and Edw. Wuller, Jr., Assistant Cashiers. 9/11/51 -6J. S. Walden, Jr. J. M. Nowlan R. W. Mercer W. B. Wakeham C. B. Strathy Edw. Waller, Jr." Letter to Treasurer of the United States "The Board of Governors of the Federal Reserve System has adopted a plan for relocation of certain of its essential operations at the Federal Reserve Bank of Richmond in the event of an emergency arising from enemy action. In the event of such an emergency, the following officers of the Federal Reserve Bank of Richmond, whose signatures appear below, are authorized to sign requests (Form F.R. 203) for the shipment of United States currency to Federal Reserve Banks and Branches: Mr. J. S. Walden, Jr., First Vice President; Mr. R. W. Mercer, Vice President and Cashier; Mr. C. B. Strathy, Vice President and Secretary; Messrs. J. M. Nowlan, W. B. Wakeham, and Edw. Waller, Jr., Assistant Cashiers. J. S. Walden, Jr. J. M. Nowlan R. W. Mercer W. B. Wakeham C. B. Strathy Edw. Waller, Jr." 3. The following letter to the Presidents of all Federal Reserve Banks was approved: "In order that the Board of Governors may be prePared for any emergency that may arise from war damage to its building which would require operations to be carried on at another location, plans have been made Under which the members of the Board and the senior Staff will go to the Federal Reserve Bank of Richmond here essential operations may be carried on until 4eIl1 ' age to the building can be repaired. Should such a 1110ve become necessary your Bank will be informed as Pl'omptly as possible and after receipt of such advice 8.11 communications to the Board should be directed in care of the Federal Reserve Bank of Richmond. 1. 9/11/51 0 91 -7- "It is expected that during such an emergency all but absolutely essential activities of the Board would be suspended pending the establishment of more normal working conditions for the Board and its staff. Therefore, communications sent to the Board during such period should be confined to matters requiring Immediate attention and all communications, examination and other reports, and other material sent to the Board on a regular basis should be withheld until receipt of further advice from the Board. "Additional standby TWX equipment is being installed in the Federal Reserve Bank of Richmond for emergency telegraph communication service and it is suggested that each of the other Federal Reserve Banks obtain standby TWX equipment for emergency use if it does not now have such equipment. In the event the present switching facilities are disabled it will be necessary that the Federal Reserve Banks be in a position to communicate directly with each other and all Banks Should have the necessary TWX equipment available for that purpose. Studies are being made of the System's telegraph facilities and if other changes and plans are proposed your Bank will be kept informed. "Designated members of the staff of the Federal Reserve Benk of Richmond have been trained and authorized to operate the Interdistrict Settlement Fund and to handle currency matters in the event these functions cannot be carried on in Washington." Mr. Evans stated that the staff had obtained information concern14€ the most suitable location for a shelter in the Board's building for in the event of threatened bombing and that it had been determined that --e north ground floor corridor would be very satisfactory for the 1441,0 se/ having been given a rating of 68 out of possible 74 points, %/140, " rating would be raised to 73 if the glass panels in the doors lqq.e replaced with solid panels. He also stated that a memorandum Co the proposed conversion of the tunnel under the Board building I Si 9h1/51 -8- to Use as a storage area would be submitted in the near future. He 1140 stated that steps were being taken to conserve paper in the mimeoPh room by printing on both sides as was done during the last war. Copies of a memorandum from the Personnel Committee dated ePtember 4, 1951 recommending the reappointments of Class C directors 41 branch directors at the Federal Reserve Banks and branches indicated, 4101 redesignation of Chairmen and Deputy Chairmen as listed in the memo-. 8'111 , had been sent to all members of the Board prior to this meeting. 141 Evans stated that the recommendations of the Personnel Committee based upon informaticn and recommendations of the Federal Reserve 4blit Chairmen and that the Committee felt it would be desirable to make aPPointments as recommended promptly. Following a discussion, and by unanimous vote, actions were taken by the Board to make the following appointments and designations with the understanding that advices would be sent promptly to the individuals concerned, but that no announcement of the appointments and designations would be made until the customary statement was given to the press toward the end of the year. The following were appointed as Class C directors of the respective Federal Reserve Banks shown, each for a term of three years, beginning January 1, 19)2: 9/11/51 -9-Name William I. Myers William J. Meinel Leo L. Rummell W. G. Wysor Paul E. Reinhold P. J. Lunding Joseph H. Moore Paul E. Miller Lyle L. Hague Federal Reserve Bank New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City The following were designated as Chairmen and Federal Reserve Agents at the respective Federal Reserve Banks shown for the year 1952 and the compensation of each as Chairman and Federal Reserve Agent was fixed on the uniform basis for the same position at all Federal Reserve Banks, i.e., the same amount as the aggregate of the fees payable during the same period to any other director for attendance corresponding to his at meetings of the board of directors, executive committee, and other committees of the board of directors: Federal Reserve Bank Name Boston Harold D. Hodgkinson Nov York Robert T. Stevens Philadelphia Whittier Warren F. Cleveland George C. Brainard Richmond Charles P. McCormick Atlanta Frank H. Neely Chicago F. J. Lunding St. Louis Russell L. Dearmont Minneapolis Roger B. Shepard Kansas City Robert B. Caldwell Dallas J. R. Parten San Francisco Brayton Wilbur The following were appointed as Deputy Chairmen of the respective Federal Reserve Banks for the year 1952: 9/11/51 -10Federal Name William I. Myers C. Canby Balderston John C. Virden John B. Woodward, Jr. Rufus C. Harris John S. Coleman lam. H. Bryce W. D. Cochran Robert L. Mehornay Reserve Bank New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City The following were appointed as directors of the respective branches of the Federal Reserve Banks shown, each for a term of three years beginning January 1, 1952: Name Ernest H. Hahne J. Hillis Miller H. C. Meacham Pierre B. McBride Federal Reserve Bank Branch Cincinnati Jacksonville Nashville Louisville The following were appointed as directors of the respective branches of the Federal Reserve Banks shown, each for a term of two years beginning January 1, 1952: Name William M. Day G. R. Milburn Cecil Puckett Cecil W. Cotton Joseph W. Seacrest Aaron M. Frank Federal Reserve Bank Branch Detroit Helena Denver Oklahoma City Omaha Portland 141". Evans said that the Personnel Committee also recommended 'to fill vacancies that would exist at the end of this year, ap13(1114R„ —A4s for three-year terms be tendered Mr. A. G. Decker, Jr., Vice 111,e8icie lit in charge of manufacturing and Director, Black and Decker 9/11/51 -11- Milltacturir.7 Company, Towson, Maryland, as a director of the Baltimore 4614eh of the Federal Reserve Bank of Richmond; Mr. Edwin C. Bottcher, c°t"toll and dairy farmer, Cullman) Alabama, as a director of the Birmingham Branch of the Federal Reserve B-64nk of Atlanta; and Mr. Jordon G. Lee, Jr., -.4 College of Agriculture, Louisiana 'State University, Baton Rouge, Lotlisiant2, as It director of the .New Orleans Branch of' the Atlanta BrInk, if it 14a3 ascertained that they would accept the appointments. These recommendations of the Personnel Committee were approved unanimously. Mr. Allen withdrew from the meeting at this point. Mr. Evans stated that the Personnel Committee had been studying th414rd i s Budget performance for 1951 and the procedure for preparing the '131cliget for 1952, and that it had reviewed the budgets for some divi.115 Vith the division heads and would complete discussions with all '411/1tion heads next week. , He also said it was =item:plated that these 1118.tters would be presented to the Board for consideration at the meeting °11ZTursday, September 20, 1951, and that the Personnel Committee would N4st that the Board devote to the subject as much of the day as was ressarY; All of the members present were agreeable to this arrangement. 'Chairman Martin stated that Mr. Vardaman had suggested that 87ilda circulated to members of the Board for consideratton prior 111"ting be prepared with a sufficient number of copies so that nielziber could be supplied with a copy which he could retain. The 91/11/1 -12- ‘Chai , . rman stated that he felt such a procedure would be desirable, and it vas understood that the Secretary's office would follow that proce(lure in the future. Messrs. Sloan and Nelson withdrew at this point. Mr. Evans stated that in accordance with the discussion at the til"ngs on August 28 and September 4, representatives of Admiral Corpora- 'tion) westinghouse Electric Corporation, and Philco Corporation met with 'nernbcrc of the staff at 2:30 p.M. on Thursday, September 6, 1951 the Purpose of discussing trade-ins in connection with the down-payrequirements of Regulation W on appliances. He went on to say that 'the d_se i_ ussion, which lasted most of the afternoon, appeared to have been l'ecessrul as a step toward eliminating objectionable advertising and 'Nett ces in connection with the down-payment provisions of the regula. , and that there had been issued for public release on September 7 an tate - vretetion covering the matter along the lines discussed at the meetCtt September 4. Ni', Leach, Economist, Division of Research and Statistics, joined the meettng at this point. 4 Mx, Thomas reported on recent developments in the open market. Following Mr. Thome report all members of the staff withdrew e,eci the Board wont into executive session. Subsequently Chairman Martin advised the Secretary that durinG -13the executive session, the Board discussed and approved by unani mous vote the recommendation contained in a memorendum dated September 4, 1951, from Mr. Szymczak, reading as follows: "On August 14, 1951, the Board authorized Mr. Evans t° make a trip later this year to Rome and Other iiropean clties, with the understanding that he would be absent l',rom Washington for a period ,of between two and three tonths. "Under the Board's travel regulations he will be allowed his actual necessari transportation exT)enst!s. To covur other expenses which he will incur while absertt from Washington, it is recommended that he be allolie,d a per diem of ,41:25 plus an amount not exceed$500 to cover such extraordincxy expenses as he rtia.Y find it necessary to incur in order properly to rq)resent the Board during the trip." The action stated vita respect to each of the matters hereinreferred to was ta",cen by the Board: Minutes of actions taken by the Board of Governors of the esrve System on September 10, 1951, :ere approved unanimously. Memoranda dated September 7, 1951, fron Mr. Noyes, Director, of Selective Credit Regulation, recommending that the resignati Nies Adele Eug, Secretary to Mr. Benner, Assistant Director, 111 t14. 'Division, be accepted to be effective, in accordance with her t the close of business September 9, 1951. Approved_ unanimously. 9/11/51 -14Memorandum dated September 7, 1951, from Mr. Vest, General Coutsel, recommending an increase in the basic salary of Miss Jean Crosby, secretary to Mr. Hackley, Assistant General Counsel, Legal D11/1.81011, from $3,600 to $3,725 per annum, effective September 16, 1951. Approved unanimously. Memorandum dated September 7) 1951, from Mr. Vest, General COI% sel) recommending an increase in the basic salary of Mrs. Evelyn W, Da •c411.1ards, Secretary to Mr. Solomon, Assistant General Counsel, Division, from ,l',3,475 to $3,725 per annum, effective September 16, 1951, Approved unanimously. Memorandum dated September 4, 19)1, from Mr. Leonard, Director, blision of Bank Operations, recommending an increase in the basic 4141'Y of Mrs. Anne D. Dougherty, Statistical Clerk in that Division, $2)650 to $2,730 per annum, effective September 16, 1951. Approved unanimously. Memorandum dated September 4, 1951, from Mr. Marget, Director, is 1°11 of International Finance, recommending increases in the I eznual salaries of the following employees in that Division) trective September 16, 1951: 9/11/51 Name -1.eanor M. Ballinger illialll E. Hardy Title Clerk Messenger Salary Increase From To 4;27790 $2,810 2,62 ' 2,')72 .,' ppproved unanimously. Memorandun dated September 10, l9)1, from Mr. Young, Director, 1)11fision of Research and Statistics) recommending that the Board allthorize the granting of official leave and the payment of necessary tl'(17e1 expenses to Me r6. Homer Jones, Chief, Consumer Credit and Section, Irving Schweiger, Economist, and Louis Weiner, Acting Cllier, National Income, MoneyPlows and Labor Section, members of the ` of the Division of Research and Statistics, for the purpose of ' ' 1'terldirig the National Conference on Income and Wealth to be held at the ij ILLversity of Michigan, Ann Arbor) Michigan on September 14-15, 1951 arla sponsored by the National Bureau of Economic Research. Approved unanimously. Letter to Mr. Clark, First Vice President of the Federal Reserve Of Atlanta, reading as follows: "This refers to your letter of August 29, 1951, slibmitting with your favorable recommendation the reest of Dothan Bank and Trust Company, Dothan, Alabama, ,°r Permission. to act as Fiscal Agent for the Housing killthority of the City of Dothan in connection with a °rthcoming issue of its bonds. "It is noted that the duties of the member bank ell connection with the contemplated appointment will inauthentication of the bonds, payment of interest r Principal thereon, and the performance of other p ; 9/11/51 -16- "ministerial duties commonly involved in connection with the administration of appointments of this kind, and that accompanying responsibilities will therefore be limited in nature. It is further observed that the member bank is desirous of accepting this appointment In keeping with its civic responsibilities and has no intention of entering the trust field generally or to establish a trust department. In the circumstances, the Board has no objection to the Dothan Bank and Trust Company accepting an appointment as Fiscal Agent for the Housing Authority of the City of Dothan, Alabama, vith the understanding that the bank will not acquire anY other fiduciary business without first obtaining the permission of the Board. Please advise the bank accordingly. Approved unanimously. Letter to Mr. Olson, Vice President of the Federal Reserve Bank Or Ms: '"Icago) reading as follows: "The Board today received a letter from James M. McInerney, Assistant Attorney General in charge of the ..riminal Division, Department of Justice, in regard to 6he above-entitled matter. A copy of Mr. McInerney's letter is enclosed for your information. "As you will observe, the Department desires to lave certain additional information before reaching a reision as to what action, if any, it should take 4gainst the Aluminum Home Improvement Company. It Rd be appreciated, therefore, if you would have W investigators make such customer contacts 0 13.8 1-s necessary to establish whether or not, in each 4 1' the cases covered by your report) the repairs or fllProvements were actually begun and completed by the ' IlUminum Home Improvement Company, obtaining the predates whenever possible. We would also appreciate ' r ix you would obtain the information respecting the tact and date of incorporation of the registrant. It f8 suggested that this information be submitted in the 0°11 ' 3. of a supplemental report which the Board, in turn, ' ell submit to the Department of Justice." i Approved unanimously. Ma/51 -17Telegram to Mr. Gilbert, President of the Federal Reserve B(?,nk Qf Dallas, stating that, subject to conditions of membership numbered l ella 2 set forth in the Board's Regulation H and the special condition 4ecifiea1ly stated hereafter, the Board approves the application of the Anthony Ctate Bank,athony, Texas, for membership in the Federal Reserve System, effective if and when the bank is authorized to commence 13118ineee by appropriate State authorities: 3, At the time of admission to membership, such bank shall have a paid-up and unimpaired capital stock of not less than $75,000 and other capital funds of not less than $37,)00. The teleF;ram also contained the following statement: "It appears that the bank possesses authority to exercise c :rtain powers not usual to commercial banking stIch as the power to issuo and sell investment certificates, but it is understood that such powers are not to be exercised. The application has been approved on this basis and attention l•e called to the fact that under the provisions of condition °f Nembership numbered one if the bank should desire in the !uture to exercise such rowers, it will be necessary for the °411k to obtain the permission of the Board of Governors to do Approved unanimously. Letter to Mr. Paul M. Herzog, Chairman, National Labor Relations 441'a) I.,&811111ton, D. C., prepared pursuant to the action taken at the n,(r)t.zinibci. ) 6, 1-95 1; 9.uthorizing an administrative hearing to ClEqc. -1' 411-le whether the license of Master Tiro and Supply Company, Lawrence, 114 4chlleetts, a re&j.strant under Regulation WI Consumer Credit, should h 11Spericied: I (.14 ) 7 1, .4_ )/11b1 -18- "It is understcod that informal arrangements have. been made for the loan of the services of one of your trial examiners to conduct a hearing on charges of vie,, lations of Regulation W, consumer credit, issued by the Board of Governors. "We are therefore officially requesting that an examiner be detailed to conduct this hearing. The Board Of Governors will reiMburse the Natienal Labor Relations Board for his salary and any travel expenses involved for the period of time his services are utilized in this detail "It will be appreciated if you will confirm this reiMbursable detail so that the necessary arrangements may be made for the hearing, probably in the latter Part of October." Approved unanimously. Press release dated September 11, 19.)1, reading as follows: "Since the beginning of the program in September 19)01 . tc) ally 31, 1951, privately-owned banks in the United States have approved V-loans amounting to 028,600,000 to American industries engaged in defense work. Under this program, these loans are guaranteed in various percentages of fifty Per cent and more by the respective Federal Government gencies, authorized by the Congress under the Defense l'roduction Act of 1950, to make such guarantees. Under the terms of this legislation, the Federal Reserve Banks ,8;ct as fiscal agents of the United States, under the ' Irection of the Beard of Governors. 70f the 568 applications for these, guaranteed loans, aUthorized, approxinItely twenty per cent were for amounts 1111der $100,0004 forty per cant for amounts under $250,000, sixty per cent for amounts under $500,000, as shown in 'he following table: !rid Per cent of ' Cumulative Amount of Loan ' total number ' percentage distribution of loans Under .2 .c 000 $2)1000 9.0 4.8 - V49/999' 21.8 12.8 $50,000 - $99,999' 9/11/51 -19- Cum.ulative ' Per cent of percentage ' nuMber total "Amount of Lodz distribution of loans Z1.3 39.1) TI-657157T:7 10,999 61.4 20.1 - $499,999 1 ) .') 76.9 $500,000 - $959,999 )4.4 1(.) y1,00,000 - *4,999,999 2.6 97.0 4,000,000 - 40,999/999 100.0 3.0 iI220021CCO and ovor "Of the total number of guaranteed loans authorized, about fifteen 2er cent ver,:! obtained by borrowers with total assets of under $100,000, and approximately fifty per cent by borrowers with assets of under VX0,000. The percentage distrfbution of the number of lwIns by size of borrower is shown La the followinv table: Cumulative ' Per cent of percentage 2,ssets of Borrower' total number distribution of loans 1.6 Lnder 1.6 $25,00c - $49,999 5.1 3.1 ) 14.0 T)°)C00 - 4.99,599 9.5 31.9 17.3 .;.1 )2)49,999 $25C,u_C 18.6 $499,999 1).9 - 099;999 1,00C1000 - $5,999)999 '7(.4 93,8 Y10,00C,OCC 5.1 9 .9 ‘iN;)2(,)9,599 1C0.0" 0ç0 000 and over 1.1 fTproved unanimously. Letter to the Honorable, The Comptroller of the Currency, ' 4'Y Department, Washington, D. C., reading as follows: "It is respectfully requested that you place with and Printing an order for printBureau of .11graving 10,000,000 additional sheets of FedertJ1 Reserve notes the fiscal year ending June 30, 1952. This is a p.1-11)PleNental order to the order for )2,22),000 sheets, "ontained lig our letter of June 21, 1951. "Information as to the distribution of these 10,,, nno01000 sheets by Federal Reserve Bark and denomination the -20be supplied at a later date." IproVe(I unanimously. Memorandum dated September 11, 1951, from Mr. Vest, General Obn --sell recommending, for the reasons stated therein, that the 1951 get for the Legal Div s on for telephone and telegraph expenses be it ereased by an additional $700. Approved unanimouSly. 111111110.107i4 Secretary.
@FedFRASER