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1278 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Wednesday, September 171 1947. PRESENT: Mr. Mr. Mr. Mr. Szymczak, Chairman pro tern Draper Vardaman Clayton Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Morrill, Special Adviser Minutes of actions taken by the Board of Governors of the Federal Reserve System on September 16, 1947, were approved unaniously. Memorandum dated September 16, 1947, from Mr. Leonard, °I-rector of the Division of Examinations, recommending that the l esignation of James R. Boggs, an Assistant Federal Reserve Ex' kratner in that Division, be accepted to be effective in accordance 11th his request, at the close of business September 19, 1947, with the understanding that a lump sum payment would be made for annual leave remaining to his credit as of that date. Approved unanimously. Memorandum dated September 15, 1947, from Mr. Boothe, Assistant Director of the Division of Administrative Services, recomr4e4ding the appointment on a permanent basis of Mrs. Mary Ethel e nter, a cafeteria helper in that Division, effective as of the s3cloiration of her temporary appointment on September 20, 1947, with 110 change in her present basic salary of $1,690 per annum. The 1279 9/17/47 -2- memorandum also stated that it was contemplated that Mrs. Canter would become a member of the Federal Reserve retirement system. Approved unanimously. Memorandum dated September 16, 1947, from Mr. Boothe, Assistant Director of the Division of Administrative Services, recommending that the resignation of Miss Ruth Jones, a cafeteria helper in that Division, be accepted to be effective, in accordsaloe with her request, at the close of business September 18, 1947, with the understanding that a lump sum payment would be Made for annual leave remaining to her credit as of that date. Approved unanimously. Telegram to the Presidents of all Federal Reserve Banks l'eading as follows: "One of the Reserve Banks has received an inquiry from a bank as to whether banks will be permitted to carry the new issue of 2-1/2 per cent Treasury Bonds, Investment Series A 1965, at par or would have to adjust book values to redemption values. "We have checked informally with the office of the Comptroller of the Currency, the F.D.I.C., and the Executive Committee of the National Association of Supervisors of State Banks. It was agreed that the principle set forth in the joint statement of the bank supervisory agencies on January 3, 1944, with respect to Series G Savings Bonds is applicable to the new Investment Series A 1965, and in examination reports they will be valued at par and not at pre-maturity redemption values." Approved unanimously. 1280 9/17/47 _3.. Letter to Mr. Young, President of the Federal Reserve Bank of Chicago, reading as follows: "Thank you for your letter of August 30, 1947, with further reference to the program for conversion of the electric power in your head office building from direct to alternating current and for modernizing the elevator system. It is noted that the estimated cost of the former is $4270000 and of the latter $220,500, or a total of $647,500. It is also noted that you propose to proceed with the work as promptly as possible which it is estimated will require from eighteen months to two years to complete. The Board has no objection to the changes in the program as outlined in your letter." Approved unanimously. Secretary. A pproved:
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