Minutes of actions taken by the Board of Governors of the Fed-

eral Reserve

era.

System on Monday, March 13, 1950.

PRESENT: Mr. McCabe, ChairmanMr. EcclesMr. SzymczakMr. DraperMr. Evans

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

Minutes of actions taken by the Board of Governors of the Fed-

Reserve System on March 10, 1950 were approved unanimously.

Memorandum dated March 9, 1950, from Mr. Young, Director of the

°11 of Research and Statistics, recommending an increase in the

"larY of Miss Elaine L. Quarforth, a clerk-stenographer in that

0113 from $2,650 to $2,730 per annum, effective March 19, 1950.

Approved unanimously.

Letter to Mr. Peterson, Vice President of the Federal ReserveOf

St. Louis, reading as follows:

le,,L "In accordance with the request contained in yourm.'iLer of March 3, 1950, the Board approves the appoint-

of Orville H. Bleckman and Charles D. Zettler, at

Zesent assistant examiners, as examiners and the appoint-of Edgar H. Crist as assistant examiner for the Fed-

17. Et.l. Reserve Bank of St. Louis. It is understood that1:1 advise us of the dates upon which the appointmentsBle°me effective and as to the salary rates for Messrs.eekman and Zettler.

mil, The Board also approves the designation of Francis M.14'er as a special assistant examiner for the Federal Re-rya Bank of St. Louis."

Approved unanimously.

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Letter to Mr. Delos C. Johns, Vice President and Secretary of

the Federal Reserve Bank of Kansas City, reading as follows:

L, "The Board of Governors approves the reappointments(34 Messrs. Thomas McNally end Mason L. Thompson as membersof the Industrial Advisory Committee for the 10th FederalReserve

District to serve for terms of one year each be-

tinning March 1, 1950, in accordance with the action takenKY the Board of Directors of the Federal Reserve Bank ofI!nsas City as reported in your letter of March 6, 1950.' is noted from your letter that the directors have nota41 Yet decided on a third member of the Committee to fille vacancy occasioned by the death of Mr. D. Bruce,,orrester.

th "It is noted further from your letter that owing toe inactivity in industrial loans during the past several

rears, the directors prefer not to fill the other two ex-sbing vacancies on the Industrial Advisory Committee. Inview

of the circumstances, the Board of Governors will interP°se no objection to this decision."

1/4 of New York, reading as follows:

"Reference is made to your letter of March 2, 1950,

Z, • :sing e letter and a certified copy of a resolution:Pued by the Board of Directors of the 'Northport Trust

Irl:PanYt, Northport, New York, indicating its intention to

1,-‘611drawin from membership in the Federal Reserve System and

egusetdral.rale g waiver of the six months' notice of such with-

qui "As requested the Board of Governors waives the re-exit of of the six months' notice. Accordingly, upon

14• ;reader of the Federal Reserve Bank stock issued to theaujhPort Trust Company, Northport, New York, you areth u(3rized to cancel such stock and make appropriate refundfor'e°n. It is noted that the bank is arranging to applytle continuance of deposit insurance after withdrawal fromfon1111,3,er'shiP. If such action is taken, the bank will have

rflonths from the date of this letter in which to effect• hdrawal. (F.R.L.S. #3548)

Approved unanimously.

Letter to Mr. Wiltse, Vice President of the Federal Reserve

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"Please advise when cancellation is effected and refund18 made. The certificate of membership issued to the bankshould be obtained, if possible, and forwarded to the Board.The State banking authorities should be advised of the bank'sProposed withdrawal from membership and the date such with-

becomes effective."

Approved unanimously.

Letter to Mr. Sproul, President of the Federal Reserve Bank ofYo

reading as follows:

el "This refers to your letter of March 3, 1950 and en -_s_f:3sures with regard to suggested amendments to section 25(a)

the Federal Reserve Act. We note that you feel that ittlalei7 to give consideration to possible amendments to0 Edge Act which might make the Act a more effective in -84 °%aent to facilitate the financing of international andf°reign trade.b "We think that a review of the matter at this time willb: helpful and constructive. Our staff here will, of course,Et; Prepared to furnish any information or be of any assist-

It can, and any suggestions of your bank in connectionhe

the matter will be carefully and promptly considered by

Approved unanimously.

Letter to Mr. Russell G. smith, Executive Vice President, Bankor Alfieri

ea) 40 Wall Street, New York, New York, reading as follows:

:This refers to your letter of February 16, 1950, inrtje" You acknowledge receipt of the Board's letter of Feb-by1/17 8 with regard to the performance of certain functions°Our corporation in connection with letters of credit as

-Lined in your letter of December 13, 1949.you We note from the last paragraph of your letter thator LII.esume that corporations organized under section 25(a)

'14e Federal Reserve Act and those operating under agree-p11.18 Pursuant to section 25 of that Act are on an equaltar where foreign banking or international or foreign fi-bejial operations are concerned. In view of the differences"en the provisions of section 25(a) and those of section

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, 5 and the agreements pursuant thereto, as well as the Statetems under which section 25 corporations are incorporated,

Board is unable to agree with such an assumption concern-'ng the two types of corporations."

Approved unanimously fortransmission through the FederalReserve Bank of New York.

Chairman.

Sec re

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