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155'47 Minutes of actions taken by the Board of Governors of the Pederal Reserve System on Tuesday, September 27, 1949. The Board met in the Board Room at 10:40 a.m. PRESENT: Mr. Mr. Mr. Mr. McCabe, Chairman Szymczak Draper Vardaman Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Thurston, Assistant to the Board Nelson, Director of the Division of Personnel Administration Millard, Director of the Division of Examinations Young, Associate Director of the Division of Research and Statistics Solomon, Assistant General Counsel Smith, Special Counsel members of Before this meeting there had been sent to the the Board a draft of a proposed Statement and Order relating to the l equest filed by Transamerica Corporation under date of September ' 10, 1949, for the production of certain papers from the Board's riles, The proposed Statement and Order would supply certain of the papers and would give respondent's counsel thirty days within Ilhich to file a memorandum setting forth reasons for requesting ceraction on requested material te.in of the other papers and would defer the files of the Comptroller of the Currency and the Federal Deposit Insurance Corporation pending receipt of word from those agencies concerning the availability of the material. In commenting 14Dorl the proposed statement, Mr. Solomon referred to a memorandum 1_588 -2- 9/27/49 from Mr. Townsend, Solicitor of the Board, dated September 16, 1949, recommending that the request be denied in its entirety for the reason that none of the papers and documents therein requested by resPondent would, if produced, have the slightest relevance to the issues of the case. A copy of Mr. Townsend's memorandum had been eett to each member of the Board on September 19, 1949. Mr. Solomon stated that after full consideration he, Mr. Vest, General Counsel, and Mr. Smith felt that, for reasons discussed, it ould be desirable to comply with the request of counsel for TranssZerica Corporation to the extent indicated in the draft of Statetent and Order. Following a discussion, the Statement and Order was approved unanimously in the following form: "UNITED STATES OF AMERICA BEFORE THE SYSTEM BOARD OF GOVERNORS OF aliE FEDERAL RESERVE IN THE MATTER OF TRANSAMERICA CORPORATION STATEMENT AND ORDER ON RESPONDEWS DEMAND FOR PRODUCTION OF PAPERS FROM TEE BOARD"S FILES De"Respondent has filed with the Board a 'Notice and Files', dated Board's mand for Production of Papers in the September 10, 1949. of the "It is difficult to understand the relevance of t's (2) responden and documents called for by Items (1) documents were the that Notice. It appearing, however, referred to in the course of testimony offered for the Board, production of certified copies of the letter and memorandum referred to in Items (1) and (2) is being ordered "The Board has been unable to find any records of kind which are within the call of Item (3) of respondent's Notice. 1589 9/27/49 -3- "Respondent's request for the statistical information referred to in Item (6) of its Notice is granted. "The matter of supplying the statistical information referred to in Item (7) of respondent's Notice is under consideration. As soon as the Board has reached a conclusion regarding the request, it vill advise respondent of its decision. "The relevance of the material referred to in Items (4) and (5) of respondent's Notice is not apparent to the Board, and some or all of such material appears to be privileged as Government documents not subject to disclosure (Cf. sections 8 and 9 of the Board's Rules of Organization), communications between attorney and client, or both. In the circumstances, before acting upon respondent's request to produce the documents called for by Items (4) and (5) of its Notice, the Board will be glad to receive from counsel for respondent, if he desires to submit it, a memorandum setting forth the reasons why such documents are believed to be relevant, the Purposes which respondent expects them to serve, the reasons why he believes such documents should be produced, and the authorities relied on by respondent in support of its request for their production. Respondent will be allowed 30 days from the date of this Statement and Order within which to file with the Board, and serve upon the Board's Solicitor, copies of such a memorandum. The date Board's Solicitor will be allowed 20 days from the file of his receipt of such memorandum within which to With the Board, and serve upon counsel for respondent, a reply to such memorandum. ORDER forth in the foregoing Statement set "For the reasons It is ORDERED that the Secretary to the Board prepare and forward to counsel for respondent and to the Solicitor for the Board: 1. A certified copy of letter (being the letter above-mentioned Nodescribed in Item (1) of respondent's tice) from M. S. Eccles to Henry Morgenthau, Jr., dated October 27, 1938, together with a certified copy of the memorandum referred to in said letter. 2. A certified copy of an undated and unsigned memorandum (being the memorandum described in Item (2) of respondent's above-mentioned Notice) beginning with the words, 'The Board believes that, in the interest of all concerned,' and concluding with the words, 'thus best serve the public 1590 9/27/49 "'interest'. 3. The information referred to in Item (6) of respondent's above-mentioned Notice. "This 27th day of September, 1949. "By the Board. _Isigned) S. R. Carpenter, Secretary. (SEAL) "Governors Eccles and Clayton took no part In the consideration or decision of the Notice and Demand referred to in the foregoing Statement and Order." Messrs. Eccles and Clayton joined the meeting at this time. Chairman McCabe referred to the discussion at the meeting on September 23, 1949, of a letter from Mr. L. M. Giannini, President °11 Bank of America National Trust and Savings Association, dated September 20, 1949, regarding pending applications of the Bank to establish branches at locations now served by certain California banks owned by Transamerica Corporation. He also referred to a draft °f1 reply which had been prepared in accordance with the discussion "that meeting and which the members of the Board present at the illeeting had indicated informally that they would be willing to ap15rove. The Chairman stated that he had read the draft to Mr. Delano, e°411Dtroller of the Currency, who had raised certain questions as to hic legal authority regarding the approval of the establishment of btanches by the national bank and with regard to what should be said 14 the letter regarding a conference of counsel. Mr. Vardaman stated that he was opposed to indicating in any IftY that the Board would participate in a conference which included 1591 9/27/49 -- representatives of the Bank of America and the Comptroller of the Currency and that if the Bank of America wished to have a conference /1hieh might lead to a discussion of the Transamerica proceeding and a Possible suggestion for settlement of the proceeding, such a conference should be between attorneys for that Corporation and the 130ard. There followed a discussion of alternative drafts of letters, 'luring which it was suggested that a draft along the lines proposed at this meeting be read over the telephone to Mr. Evans and to the Comptroller of the Currency and that Chairman McCabe be authorized to mail either that draft or the draft presented at the beginning °f this discussion with such changes in language as were agreeable to Mr. Evans and to the Comptroller, but that if there was any change in the sUbstance of the letter because of suggestions by either Mr.Evans Or the Comptroller, it would be given further consideration by the 130ard. The foregoing suggestion was approved unanimously. Chairman McCabe referred to the discussion at the meeting on September 13, 1949, of the staff report with respect to changes that should be made in deposit insurance coverage and the base and rate ti3r assessments for deposit insurance and to the letter sent that 48.1Y to Chairman Marl of the Federal Deposit Insurance Corporation "king for any comments he might wish to make on the study. Chairman 1.5,2 -6- 9/27/49 said that he had received the following reply from Chairman Rarl under date of September 23, 1949: "Received and noted with interest your letter of September 13, 1949, with August 17, 1949, enclosure therein entitled 'Staff Suggestions for Deposit Insurance Reforms'. Obviously a great amount of care and work went into the preparation of this study, all of which we genuinely appreciate. "As you undoubtedly know, this Corporation has been requested by the Subcommittee of the Joint Committee on the Economic Report to respond to numerous questions regarding proposed changes in the deposit insurance as well as other banking laws. In view of the foregoing request, our Board prefers not to comment directly on the material enclosed in your letter until the President's program is definitely established. "Again thanking you not only for your kindness, but likewise for your thoughtfulness in making this material available to our Board of Directors, beg to remain..." Mr. Young stated that staff members of the Budget Bureau had 14dicated they would like to have an opportunity to review the study °f deposit insurance, and the members of the Board who were present iliclicated they would have no objection to Mr. Young furnishing a °°13Y of the study for that purpose together with a copy of the letter Mdressed to the Chairman of the Federal Deposit Insurance Corporat1011 under date of September 13 and his reply thereto. Before this meeting there had been circulated among the membel's of the Board a memorandum from Messrs. Thomas and Young dated ilUgust 30, 1949, reading as follows: "On April 251 19461 Governor Evans recommended participation by the Board and the Federal Reserve Banks in 1593 9/27/49 -7- "a conference which had been arranged by the Bank of Mexico in consultation with the Board to include representatives of all the central banks of thele.stern hemisphere. The recommendation was unanimously approved. The plan was that the first conference, in Mexico City, 1946, should, if successful, inaugurate a continuing series of conferences at technical levels aimed at improvement of central bank methods, including particularly the development of better information about conditions affecting central banking policy in Latin America. "The conference in Mexico City in 1946 was attended by Messrs. Woodlief Thomas and David Grove of the Board's staff, Horace L. Sanford and Henry Wallich of the Federal Reserve Bank of New York, and Watrous H. Irons of the Federal Reserve Bank of Dallas. The interchange of ideas concerning central bank operations and research problems and the personal associations which were established have contributed to greater cooperation among the participating central banks. Stimulated by that meeting several of the Latin American central banks have already undertaken to Improve their statistical work, especially in the fields of monetary and banking statistics, national income, and balance of payments. "Invitations to the second of these conferences, to be held in Santiago, Chile, December 2 to 17, 1949, have been issued by the Bank of Chile, and it is recommended that the Board authorize Mr. Ralph A. Young and Mr. Gerald Alter to attend as its representatives. It is also recommended that the Board approve designation of Mr. Oliver P.Wheeler, Vice President of the Federal Reserve Bank of San Francisco, as a member of the delegation. The Board on July 11 authorized the designation of Mr. Horace L. Sanford and Mr. 0. Ernest Moore of the Federal Reserve Bank of New York. This delegation, of which Mr. Young would be head, will be able to participate in all phases of the conference program and represent the different interests of the Federal Reserve System in central banking. A copy of the agenda for the Second Conference is attached. "It is also recommended that the Board's representatives to the Santiago conference be allowed a per diem of $12 per day in lieu of subsistence, and that Mr. Young, as head of the delegation, be authorized an additional amount not to exceed $5n0 to cover other expenses of the delegation, including necessary entertainment, without requiring detailed itemization of the vouchers or the furnishing 1594 -8- 9/27/49 "of receipts. The additional expenditures under this authorization are to be reported to the Board's Personnel Committee. A similar arrangement was approved by the Board for Mr. Thomas at the conference in Mexico in 1946. The per diem of $12 is based on past experience and on current information obtained from the State Department. "It will be desirable for both Mr. Young and Mr. Alter to visit a number of central banks enroute to and from Santiago, but the details of the itineraries are not yet complete. It is recommended that the Personnel Committee be authorized to approve the detailed itineraries, which Will involve about five additional days for Mr. Young and a period from about November 12 to December 31 for Mr. Alter. It is expected that Mr. Alter will attend the Bogota meeting of the Inter-American Statistical Institute, of which the Board is a member; visit Paraguay to prepare a first-hand report on the Paraguayan central bank, which was set up four years ago with technical assistance from the Federal Reserve System; and obtain in various placds information concerning issues that will probably come up for action by the National Advisory Council." ,4 Mr. Young stated that although the Federal Reserve delegation 14ight appear large, it seemed desirable to have adequate representation so that the System could participate in all phases of the conference which was technical in nature. He added that the Bank of Chile, which was arranging the conference, would probably feel that the size of the representation indicated the importance attached to the conference by the Federal Reserve System. Following a discussion, upon motion by Mr. Szymczak, the recommendations contained in the memorandum were approved unsnimously. Mr. Szymczak then referred to a letter from the Economic Cooperation Administration dated September 14, 1949, requesting that q4t 1595 _9_ 9/27/49 Rextdall W. Hinshaw, an economist in the Division of Research and Statistics, be granted a leave of absence for a period of one year to serve as a specialist in intra-European balance of payments activities in the Paris office of the Economic Cooperation Administration. Mr. Szymczak stated that the Personnel Committee had con- sidered the matter in the light of the policy with respect to leaves Of absence discussed at the meeting of the Board on April 18, 1945, and it recommended that the Board not approve this request. Mr. SzYmczak added that both Messrs. Thomas and Young, Director and Associate Director, respectively, of the Division of Research and Statistics, felt that leaves of this type were desirable from the Board's standpoint and from the standpoint of the men concerned because of the experience and added value the individuals would gain, that there were strong arguments for this point of view, but that at the present time Mr. Hinshaw's services were badly needed at the Board and that on the whole it did not seem desirable to grant the leave when there was no adequate substitute to carry Mr. Hinshaw's work during his absence. In response to a question from Chairman McCabe, Mr. Young stated that in terms of the operation of the Research Division, Mr. aillshaw would be missed because his services were needed in the orgatization but that, in terms of the program followed in the Research 1)1vision for developing and training young men of promise, a longer- 1.59f -10- 9/27/49 rut view would be that while Mr. Hinshaw would be missed during the period of a few months, he would be a much more valuable man UPon his return because of the experience he would gain during his absence. Mr. Young added that if opportunities such as this were 40t to be availed of and if the Board wished to develop men who would be experts in their fields, it perhaps should consider some Other program for providing the equivalent experience that could be gained in opportunities such as that proposed for Mr. Hinshaw. During a further discussion of the matter, Chairman McCabe suggested that as a compromise arrangement Mr. Hinshaw be 4 granted a leave of absence without pay for a period not to exceed 84 months with the understanding that the Economic Cooperation AdIntaistration would not make a request for an extension of the leave. lie added that this would give Mr. Hinshaw the benefit of the exParience of working with the Economic Cooperation Administration 14 its Paris office, that the ECA would, no doubt, obtain considerable benefit from Mr. Hinshaw's services during this period, suad that if it desired his services for a longer period, it should aPProach him on the basis of his going with the organization on a Permanent basis. Mr. Young stated that this might be a compromise worth suggesting to the Economic Cooperation Administration, that Mr. Arthur 14. Marget who is now employed in the Paris office of ECA in the ;P. 15,7 -11- 9/27/49 same field of work in which Mr. HinLhalyNould be engaged is to join the Board's staff as Assistant Director of the Division of Research and Statistics on January 1, 1950, that he understood Mr. Hinshaw would take over some of the work now being done at ECA by Mr. Marget, and that the Board would have the benefit of Mr. Marget's services during the absence of Mr. Hinshaw. In the ensuing discussion, Mr. Eccles expressed the view that it was not desirable to grant members of the staff extended leaves of absence of this nature because the Board would be deprived Of their services during such periods and could not employ replaceMents for them, and that if such experience as that suggested for MI% Hinshaw was necessary to the training of individuals, a program should be worked out whereby a sufficient additional staff was available to carry the work in the absence of an individual who might be sent to other countries either at the Board's expense or on some Other basis for training and development. Personnel Committee should look It was the consensus that the report to the Board. illt° Mr. Eccles' proposal and Thereupon, upon motion by Mr. Szymczak, unanimous approval was given to a letter to the Economic Cooperation Administration in the following form: considered the request con"The Board of Governors has McCabe dated September 14, Chairman tained in your letter to W. Hinshaw, an economist Randall of 1949, for the services 159S -12- 9/27/49 "in the Division of Research and Statistics, to serve as a specialist for a period of one year in intra-European balance of payments activities under the direction of Mr. Henry J. Tasca, Chief of the Trade and Payments Division of the Office of the Special Representative of ECA in Paris. Although the need for Mr. Hinshaw's services as a regular member of the Board's staff is great, the Board has agreed to grant him leave for the purpose specified for a period that would not exceed six months, beginning January 1, 1950, plus the necessary travel time to and from Paris, with the understanding that no request for an extension of the leave beyond the six months' period will be made. If this period will be acceptable, with the understanding indicated, the necessary details will be arranged so as to make Mr. Hinshaw available by the end of this year. "It is understood that the Economic Cooperation Administration will reimburse the Board of Governors for Mr. Hinshaw's salary, including overtime pay, and that it will bear his transportation, subsistence, and travel insurance costs." At this point all the members of the staff except Mr. Carenter withdrew from the meeting. Mr. Draper stated that Mr. Vardaman had raised with him 4gain the question of the Board members' use of the Board's pri' 411-te dining rooms and had suggested that there be a discussion of the desirability of making the Blue Room available to the individual tealbers of the Board on a rotation basis similar to that previously 8Uggested. The matter was discussed but no action was taken to ch4nge the arrangement adopted by the Board at its meeting on October 22, 1948. In accordance with the action taken at the meeting of the Board on September 8, 1949, the Personnel Committee presented a I599 -13- 9/27/49 Memorandum dated September 16, 1949, recommending (1) that effective October 1, 1949, Mr. Woodlief Thomas be designated Economic Adviser to the Board and Chairman of a new committee to be called the Board's Research and Statistical Coordination Committee, (2) that effective October 1, 1949, Mr. Ralph A. Young be designated Director of the Division of Research and Statistics and a member c'r the Research and Statistical Coordination Committee, (3) that ttot later than June 30, 1950, a new Division of International Finance be activated under a Director, who will be a third member of the Research snd Statistical Coordination Committee, to be desigIlated by the Board by that time, and (4) that the duties of the conomic Adviser, the Division of International Finance, and the Division of Research and Statistics be as outlined in the memoran- The recommendations of the Personnel Committee were disclIssed, and it was agreed that the creation of a Division of Intertiational Finance was an essential part of the proposal recommended bY the Personnel Committee and that if the recommendations were apProved it would be necessary for the Board to create not later than jtIne 30, 1950, the new Division of International Finance as recomIllended by the Committee. At the conclusion of the discussion, recommendations were approved unanithe the that the with understanding mously, Economic the to the Board, Adviser of duties oft 1600 9/27/49 -14the Division of Research and Statistics, and the new Division of International Finance, when organized, would be as follows: "(1) Economic Adviser to the Board -- Under this re would be organization the Economic Adviser to the Board g to its relatin matters expected to advise the Board on lar particu have would monetary and credit policies; he respect with ies activit responsibility for the Board's to Open Market Operations and it is assumed would be the h Economist for the Open Market Committee. The Researc Ecothe which of ee, Committ and Statistical Coordination d to nomic Adviser would be chairman, would be expecte between ation coordin maintain effective and economical the Division of Research and Statistics and the Division Of International Finance, and to work out broad plans for c Adthe research activities of the System. The Economi y h Advisor Researc System the viser would be chairman of of n Divisio new the of r Directo Committee and, until the would be a member of International Finance was chosen, he ts. He would Interes Foreign on the System Staff Group al CommitEditori Board's the of continue also RS member staffs the of use make would Adviser tee, The Economic need, would he that nce assista all for Of the two Divisions ry. secreta except that of a Statistics -- Since "(2) The Division of Research and c economy are domesti the of ies activit the interests and l policies, the nationa of nation determi predominant in the be would recognized ics Statist Division of Research and of research field the in ibility respons as having major be to respone continu will It on behalf of the System. ies and activit its among d include sible for all work now . The tional Finance Interna of not assigned to the Division the of al member a Editori be would Director of the Division y ee. Advisor Committ h Researc Committee and of the System The Library and charting services will remain in the Division of Research and Statistics but will continue to serve the Division of International Finance as well as other Diwould also have major visions of the Board. The Division the Editorial Comof on directi the responsibility under article and. other leading the of tion mittee, for prepara Federal Reserve the Bulletin and in material for inclusion Report. the Board's Annual "The salary and other expenses of the Economic Adviser and his secretary would be transferred to and carried in the budget of the Board, which would be increased accord- 4 1601 9/27/49 -15- "ingly. The budget of the Division of Research and Statistics for 1949 would otherwise continue as authorized. Recommendations as to the budget of the Division of International Finance and for corresponding revision in that of the Division of Research and Statistics will be made at the time of the physical separation of the two divisions. "Whenever a statement on an economic subject is to be made before a group meeting in Washington, the Chairman or the member of the Board most directly concerned, having In mind the subject matter to be discussed, will designate the member of the Research and Statistical Coordination Committee to make the statement. the func"These changes would not in any way affect Board. the of n divisio tions performed by any other -- The "(3) The Division of International Finance ed, would reactivat when Finance Division of International rebe would and rs Governo of port directly to the Board the ion with connect in ons operati sponsible for (a) staff Rethe Federal of ons operati foreign supervision of the of the Fedserve Banks under Section 14 (pars. (e) and (g) the eral Reserve Act),(b) maintenance of the contacts of and Board with the staffs of the State Department, ECA, on matters country this in s agencie c domesti Other official of ance opera(c) mainten , finance tional interna relating to ial agenother unoffic and banks c domesti with ting contacts ance (d) , mainten finance tional interna of area cies in the Of contacts of the Board of Governors with foreign central and (e) staff banks and foreign governments in this area, of the Chairhip members the with ion connect operations in role as a ry statuto his in rs Governo man of the Board of It would also con. Council y Advisor l member of the Nationa of area the in foreign h researc g existin tinue to carry on and would develop such economics and international finance ry and appropriate for necessa be may additional research as to the extent auns functio various the exercise of its thorized by the Board. "This plan would involve no departure from the structure of organization within the international group now authorized by the Board except the establishment of a Director and Assistant Director." The Secretary was requested to prepare an appropriate press release and advice to the Federal Reserve Banks with respect to the appointments of Messrs. Thomas and Young to be released in a form 1602 9/27/49 -16approved by Messrs. Thurston, Thomas, and Young, and the Personnel Committee. In connection with the above action the salary of Mr. Young as Director of the Division of Research and Statistics was increased to the rate of $15,000 per annum, effective October 1, 1949. During the consideration of the above matter, Mr. Carpenter was called from the meeting to talk with Mr. Evans by telephone and 11Pon his return stated that Mr. Evans would prefer a shorter reply to the letter from Mr. Giannini than was discussed earlier in this meeting. There was a further discussion of the reply that tl Illight be made to Mr. Giannini's letter but no decision was reached with respect to it. The action stated with respect to each of the mattershere after referred to was taken by the Board: the Minutes of actions taken by the Board of Governors of l'edsral Reserve System on September 26, 1949, were approved unani11 14°Usly. Memorandum dated September 27, 1949, from Mr. Boothe, Assistellt Director of the Division of Administrative Services, recommendthe appointment of William Matthew Breen as a cafeteria helper in that Division on a temporary basis for a period of two months, with basic per annum, effective as of the salary at the rate of $2,020 date upon which he enters upon the performance of his duties after . h4ving passed the usual physical examination 1603 9/27/10 -17Approved unanimously. Letter to the Federal Deposit Insurance Corporation, dashing- ton, D. C., reading as follows: "Pursuant to the provisions of section 12B of the Federal Reserve Act, as amended, the Board of Governors of the Federal Reserve System hereby certifies that the 'Southern Commercial and Savings Bank', East Pasadena, California, became a member of the Federal Reserve System on September 17, 1949, and is now a member of the System. The Board of Governors of the Federal Reserve System further hereby certifies that, in connection with the admission of such bank to membership in the Federal Reserve System, consideration was given to the following factors enumerated in subsection (0 of section 12B of the Federal Reserve Act: 1. The financial history and condition of the bank, 2. The adequacy of its capital structure, 3. Its future earnings prospects, 4. The general character of its management, 5. The convenience and needs of the community to be served by the bank, and 6. alether or not its corporate powers are consistent with the purposes of section 12B of the Federal Reserve Act." Approved unanimously. Letter to Mr. Meyer, Assistant Vice President of the Fed: eral Reserve Bank of Chicago, reading as follows "In accordance with the request contained in your letter of September 22, 1949, the Board of Governors approves, effective October 10, 1949, the payment of salary to August J. Pettke, Federal Reserve Agent's Representative, Detroit Branch, at the rate of $5,500 per annum." Approved unanimously. Letter to Mr. Volberg, Vice President of the Federal Reserve Bank of San Francisco, reading as follows: 1ff 1604 -18- 9/27/49 "Reference is made to your letter of September 20,1949, submitting the request of the 'American Trust Company', San Francisco, California, for permission to operate a temporary branch at the Livestock Pavilion, located at Geneva Avenue and Rio Verde Street, San Mateo County, California, for the period of October 28 to November 6, 1949, inclusive, in connection with the Grand National Livestock Exposition to be held at that time. "It is noted that the establishment of the proposed branch has the approval of the Superintendent of Banks for California, and in view of your recommendation the Board of Governors approves the temporary establishment and operation of a branch at the Livestock Pavilion located at Geneva ia, Avenue and Rio Verde Street, San Mateo County, Californ ia, by the American Trust Company, San Francisco, Californ e, for the period of October 28 to November 6, 1949, inclusiv LiveNational in connection with the holding of the Grand for stock Exposition, with the understanding that Counsel all to as himself the Reserve Bank will review and satisfy the legal aspects involved." Approved unanimously. Reserve Letter to Mr. Lunding, Deputy Chairman of the Federal 13ank of Chicago, reading as follows: the Federal "At the completion of the examination of by the 19491 3, June of as Reserve Bank of Chicago, made ion was examinat of report the Board's examiners, a copy of A s. director the of that left for your information and Young. t copy was also left for Presiden the report "The Board will appreciate advice that s. Any comof Director Board has been considered by the ons with g discussi regardin ments you may care to offer or to taken action to as or respect to the examination, be will also ion, examinat the be taken as a result of appreciated." Approved unanimously. Memorandum dated September 22, 1949, from Mr. Chase, Assistellt Solicitor, recommending that $5,000 be added to the 1949 budget 1605 9/27/49 Of -19- the Solicitor's Office to cover travel expense • Approved unanimously. Secretary. APProved: Chairman.
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