Ni;g4Ittion of Miss Mary B. Murphy, a clerk-stenographer in that

144rch3, 1950,

Minutes of actions taken by the Board of Governors of the

1's.1Reserve System on Thursday, March 23, 19)0.

PRESENT: Mr. Szymczak, Chairman pro tem.Mr. DraperMr. Vardaman

Mr. Carpenter, SecretaryMr. Sherman, Assistant SecretaryMr. Kenyon, Assistant Secretary

Memorandum dated March 20, 1950, from Mr. Young, Director

theor 1),

4-- vision of Research and Statistics, recommending that the

be accepted to be effective at the close of business

Approved unanimously.

Memorandum dated March 21, 19)0, from Mr. Bethea, Director

lArision of Administrative Services, recommending increasesthe b

"ic annual salaries of the following employees in thatbivisio

11, effectiveJoh, kut19.417 Idlash

W LarsonAtit:-"eth M. Young14. Utz

4J14011 L. Dinkins

April 2, 1950:

Title Maintenance MechanicOperating EngineerCharwomanCharwomanOperator (Mimeograph)

Salary IncreaseFrom To$3,900 $4,0253,900 4,02)2,470 20-402,330 2,4002,280 2,360

Approved unanimously.

,4ktat Letter to Mr. Latham, Vice President of the Federal Reserve

t lloston, reading as follows:

"In accordance with the request contained in yourer of March 20, 1970, the Board approves the appoint-

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3123/5o-2-

14ellt of Richard I. Gilman, at present an assistant examiner,Ee an examiner for the Federal Reserve Bank of Boston.

"Please advise us of the date upon which .the ap-Pointment becomes effective."

Approved unanimously.

Letter to Mr. Sproul, President of the Federal Reserve Bankor Ne_

w York, reading as follows:

t "Reference is made to previous correspondence be-

1lesn Your Bank and the Board regarding the extension;4. dollar credits by the Bank for International Settle-

• This general problem was discussed in Mr. Knoke'si'6ter of July 3, 1947 to the Board, enclosing a letter1;11 'glitch the Chairman of the B.I.S. indicated that thatsnk might resume the extending of dollar credits.c"usequently your Bank has kept the Board informed of

jsdits proposed by the B.I.S., and where any policy1118asje has been involved, the Board has brought then for consideration by the National Advisory

been "On reviewing the kinds of dollar credits that have

time, Proposed by the B.I.S. from 1947 to the presentr;44, the Board feels that the carrying out of itsreTPensibility for special supervision of foreignAc;*4tionships, under sec. 14(g) of the Federal Reserve

each does not require that it be consulted regarding

the idual B.I.S. credit before your Bank notifies• I.e, that there will be no objection to the

eredit.

ilot "Therefore, for the present and until further• your Bank is authorized to act on dollar

ta:Zi• lts proposed by the B.I.S. without prior consul-With the Board except in those cases in which

pc! issue of policy arises or in which your Bank pro-to object to the B.I.S. proposal.

rec It is understood, of course, that promptly uponereecliPt by your Bank of each proposal for a B.I.S.

• the Board's staff will be informally advised,or cslso that you will continue to send the Board copies

°I'respondence with the B.I.S. dealing with dollarel'edits,”

Approved unanimously.

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3/23/50-3-

Letter to Mr. Fletcher, First Vice President of the Federal

11€18erve Bank of Cleveland, reading as follows:

"Reference is made to your letter of March 16regarding the preparation of detailed plans andI!Pecifications for an addition to the Pittsburgh„ranch building, in accordance with the preliminary

.13:4ans and specifications which have been submitted't) the Board.4 "There are a few major questions which have..°t as yet been satisfactorily resolved, and before

Board authorizes the preparation of detailedand specifications it would be desirable if

these questions could be discussed with President

Gidney.

"Accordingly, it will be appreciated if youlet us know when it will be convenient for Mr.

b,,,c111, e3r to come to Washington for this purpose,a;figing with him, if he so desires, your architect

any members of the staff whom he may wish to have-ee°mPany him."

Approved unanimously.

Letter to Mr. Shepard, Chairman of the Federal Reserve Bank

Dr 14144eaPolis, reading as follows:

pecie "At the completion of the examination of thea ral Reserve Bank of Minneapolis, made as of

ZuarY 27, 19j0, by the Board's examiners, apc).4r of the report of examination was left forcollr information and that of the directors. APY Ifas also left for President Peyton.

su, "The Towle matter has already been the„uiect of correspondence and is being handled-vParately.

"The Board will appreciate advice that therePorttoA„ Of examination has been considered by theorist 4̀ of Directors. Any comments you may care to

regarding discussions with respect to theits'udnation, or as to action taken or to be taken4, a result

vPreciated.f the examination, will also be

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Approved unanimously.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis