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2025 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Friday, September 28, 1951. PRESENT: Mr. Martin, Chairman Mr. Norton Mr. Powell Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Telegrams to the Federal Reserve Banks of Cleveland, Richmond, Chicago, St. Louis, Minneapolis, Dallas, and San Francisco stating that the Board approves the establishment without change by the Federal Reserve Bank of St. Louis on September 24, by the Federal Reserve Bank of San Francisco on September 25, and by the Federal Reserve Banks of Cleveland, Richmond, Chicago, Minneapolis, and Dallas on September 27, 1951, of the rates of discount and purchase in their existing schedules. Approved unanimously. Memorandum dated September 26, 1951, from Mr. Townsend, Solicitor, recommending an increase in the basic salary of Miss Joan A. Temple, Typist in the Office of the Solicitor, from $2,450 to $2,530 per annum, effective September 30, 1951. Approved unanimously. Memoranda from Mr. Leonard, Director, Division of Bank Operati"s, recommending increases in the basic annual salaries of the f°11awing employees in that Division, effective September 30, 1951: I 7- 9/28/51 -2- Date of Memo and Name 9/19/51 Miss Mary M. Durkan 9/27/51 Mrs. Eleanor I. Klein Title Analyst Statistical Clerk Salary Increase From To $4,200 $4,600 2,730 2,810 Approved unanimously. Memorandum dated September 26, 1951, from Mr. Young, Director, Division of Research and Statistics, recommending the appointment of Mrs. Charlotte T. Breckenridge as a Clerk in that Division, on a temporary basis for a period of one year, with basic salary at the rate of $2,890 per annum, effective as of the date upon which she enters upon the performance of her duties after having passed the usual physical examination and subject to the completion of a satisfactory employment investigation. Approved unanimously. Letter to Mr. Gilbert, President of the Federal Reserve Bank of Dallas, reading as follows: "Reference is made to your letter of September 17, 1951, advising of the various changes made in official designations and assignments in connection with the resignation of Vice President H. R. DeMoss. "In accordance with the action taken by the Board of Directors, the Board of Governors approves the appointment of Vice President L. G. Pondrom as an Examiner for the Federal Reserve Bank of Dallas, his designation as the officer in charge of the bank examination function, and payment of salary to him for the period September 13, 1951 through May 31, 19523 at his present rate of $13,000 per annum. "The Board of Governors also approves the payment of salary to Mr. J. L. Cook as Vice President and Cashier for _3_ 9/28/51 "the period September 13, 1951, through May 31s 1952, at the rate of $10,000 per annum, which is the rate fixed by the Board of Directors as indicated in your letter. "The Board of Governors also approves the payment of salary to Mr. E. H. Berg as Assistant Cashier for the period September 13, 1951, through May 31, 1952, at his present rate of $7,000 per annum." Approved unanimously. Letter to Mr. Pondrom, Vice President and Cashier of the Federal Reserve Bank of Dallas, reading as follows: "In accordance with the recommendation contained in your letter of September 24, 1951, the Board of Governors extends to November 15, 1951, the time within which the Anthony State Bank, Anthony, Texas, may accomplish membership. Please advise the applicant to this effect." Approved unanimously. Letter to Mr. McCreedy, Vice President of the Federal Reserve Bank of Philadelphia, reading as follows: 'This refers to your letter of September 25, regarding the penalty of $15.78 incurred by The First National Bank of Frankford, Frankford, Delaware, on a deficiency in its reserves for the period ended August 31, 1951. "It is noted that the deficiency resulted from the subject bank's overlooking the fact that the Reserve Bank was closed on Saturday, and a draft mailed to the Reserve Bank on Friday was not credited to its account until Monday, two days later than the bank had anticipated, and that this is the first deficiency in its reserves since 1938. "In the circumstances, the Board authorizes your bank to waive assessment of the penalty in this case." Approved unanimously. Atwq 7 -4-- 9/28/51 Letter to Mr. Roger W. Jones, Assistant Director, Legislative Reference, Bureau of the Budget, Washington, D. C., reading as follows: "This refers to your letter of September 26, 1951, addressed to Mr. George B. Vest, General Counsel, including a facsimile of the enrolled enactment of Congress of S. 2006 'To increase the lending authority of ExportImport Bank of Washington and to extend the period within which the bank may make loans' and requesting comments. "The present law authorizes the Export-Import Bank to borrow from the Treasury up to an aggregate amount not exceeding two and one-half times the amount of its authorized capital stock. S. 2006 would increase this to three and one-half times the amount of such capital stock. The present law limits the total amount of loans by the Bank which may be outstanding at any one time to $31500,000,000. The bill would increase this to $4,500,000,000. Finally, the bill would permit the Bank to exercise its functions until June 30, 1958 instead of June 30, 1953 as provided in the present law. "As you possibly are aware, the National Advisory Council on International Monetary and Financial Problems, of which Chairman Martin is a member, has taken formal action recommending an increase in the lending authority of the Export-Import Bank along lines which are entirely consistent with S. 2006. The Board of Governors is in accord with this action and recommends the approval of the bill." Approved unanimously. Letter to the United States Civil Service Commission, Washington, D. c., reading as follows: "The Board of Governors desires to hold a hearing Under Section 8 (b) of its Regulation 1K, consumer credit, issued pursuant to Section 601 of the Defense Production Act of 1950 with respect to a case involving the question whether or not a registrant's license to do business of the kind which is subject to Regulation W should be suspended. "The Board of Governors does not have any hearing examiners to hold such a hearing, and, therefore, asks 9/28/51 -5- "the approval of your Commission for the loan of the services of Mr. James J. Fitzpatrick, a hearing examiner of the National Labor Relations Board. We have already communicated with the National Labor Relations Board and have been advised that the loan of the services of Mr. Fitzpatrick has been consented to by it. Copies of the letters which were exchanged are attached hereto." Approved unanimously. Letter to the Presidents of all Federal Reserve Banks, reading as follows: "At the recent'System Conference on Regulation W several of the Federal Reserve Banks suggested that the Board reconsider the views expressed in W-137 (S-1286) regarding statistical data required on Regulation W registration statements. While the Board feels that it would be inappropriate for it to issue a general instruction excusing Registrants from submitting answers to section IV on newly-filed registration statements, the Board is of the view that the extent of the statistical data, if any, to be required on such statements 18 a matter for the administrative discretion of the Federal Reserve Bank in each case. This supersedes W-137 (S-1286)." Approved unanimously. Telegram to Mr. Edwin C. Bottcher, Cullman, Alabama, reading as follows: "Board of Governors of the Federal Reserve System has appointed you director of the Birmingham Branch of the Federal Reserve Bank of Atlanta for three-year beginning January 1, 1952, and will be pleased to have Your acceptance by collect telegram. "It is understood that you are not a director of a bank and do not hold public or political office. Should your situation in these respects change during the tenure of your appointment, it will be appreciated 9/28/5l -6- "if you will advise the Chairman of the Board of Directors of the Federal Reserve Bank of Atlanta." Approved unanimously.
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