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Minutes of actions taken by the Board of Governors of the Ner ID a- 'teserve System on Thursday, September 28, 1950. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. McCabe, Chairman Szymczak Evans Vardaman Norton Powell Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Minutes 11 serve 41,0. of the meeting of the Board of Governors of the System with the Presidents of the Federal Reserve he °n September 27, 1950,.were approved unanimously. Minutes of actions taken by the Board of Governors of the 'r41 Reserve System on September 27, 1950, were approved unanimously. MeMoran dum dated September 26, 1950, from Mr. Vest, General 41) recom-p, Ti4 Jr - ending an increase in the basic salary of William H. law clerk in the Legal Division, from $4,200 to c Per annum, effective October 1, 1950. Approved unanimously. qN 111: 1 :::::dum dated September 26, 1950, from Mr. Bethea, Director of Administrative Services, recommending that Benjamin 1114cillig) Day roll clerk in that Division, be granted leave of Vithout Pay beginning October 23, 1950, for the purpose of Nportit€ for he be active duty with the United States Marine Corps Reserves, anted the benefits outlined in the Board's policy, adopted 9128150 -214118t 1/ 1950, for all employees called for military service, that ilebegrarted one month's unearned salary, and that he receive a lump 4141)8Zalent for any accumulated and accrued annual leave remaining to is credit at this time. Approved unanimously. MeMorandum dated September 270 1950, from Mr. Bethea, Director te t cl 1311rieion of Administrative Services, recommending that Henry 4te, 8. laborer in that Division, be granted leave of absence without 1514begInni-116 October 16, 1950, for the purpose of reporting for active t4tIltith the United States Army Reserve Corps, that he be granted berier, tor ail 4.8 oUtlined in the Board's policy, adopted August 1, 1950, elliPloyees called for military service, that he be granted one tircy 11 1111441.11/46- salary, and that he receive a lump sum payment for 'chilia%13141,11Etted and accrued pnnual leave remaining to his credit at 44. Approved unanimously. °t th keltorejaclum dated September 27, 1950, from Mr. Bethea, Director toti EI 1411181°4 of Administrative Services, recommending that the 1144, '4°4 of Berrd W. Larson, an operating engineer in that : q t 4' he aecePted to be effective, in accordance with his request, close of business October 6, 1950 Approved unanimously. 9/28/50 -3dated September 28, 1950, from Mr. Carpenter, 4el'etarY of the Board, recommending the appointment of Mrs. Hazel 4111°I'e Larsoh as a file clerk in the Office of the Secretary, on EttellliarY $4)Per indefinite basis, with basic salary at the rate of annum, effective as of the date upon which she enters the Per formance of her duties after having passed the usual -vsic8.1 elamination, and subject to a satisfactory check of her teteretice . Approved unanimously. Letter to the Presidents of all Federal Reserve Banks, Pt Nell 4ork, reading as follows: a re "There has recently been submitted to the Board be me,'3ftendation that Section 17(c) of Regulation F the-74,11dea eo as to increase from $50,000 to $100,000 1.1 701,14t of the funds of any one trust which may be 1-0) na Common Trust Fund. By similar amendment 14e4tthe Board increased the limitation on invest%;'L' Common Trust Funds from $25,000 to $50,000. Pose ' 144 eXPression of your views relative to the provieve tIlliehdment to Regulation F, together with the Vith representative bankers or trustmen experienced adMinistration of Common Trust Funds in your titiernt e , vill be of : assistance to the Board in its conthereT011 of this matter. As a matter of convenience Pe t1 -84attached a summary of some of the considerations ettILZ4 ' to the proposal. It is requested that your tl iVe forwarded to reach the Board "t3r4oZmblen: Approved unanimously. tette „ to the Presidents of all Federal Reserve Banks, rouolis • 9/28/50 -4r "The substitution of 'designed for household use' : the previous cubic foot capacity demarcation in re2 sting of refrigerators and food freezers has Of L'ed in questions relating to the applicability have"lation W. In one ease certain food freezers miibeen designated by the manufacturer as 'commercial to:81. They are similar in appearance and function de manufactured by the same company and th8elEgiated by that company as 'home freezers', although home model uses a smaller horse,l)ower compressor vithe't least one of the commercial models is equipped - Ls_liding glass lid. to,„4 44e Board believes, however, that because the ec freezers in question are of a type readily Qtable to household use, and are not designed firt i'velY for commercial use, they are listed i'4-e8 under Regulation W." Approved unanimously.
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