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Federal.

Federal

Minutes of actions taken by the Board of Governors of the

Reserve System on Wednesday, May 14, 1947.

PRESENT: Mk. Eccles, ChairmanMk. SzymczakMk. DraperMr. EvansMk. VardamanMk. Clayton

Mr. Carpenter, SecretaryMr. Sherman, Assistant SecretaryMr. Morrill, Special AdviserMr. Thurston, Assistant to the Chairman

Minutes of actions taken by the Board of Governors of the

Reserve System on May 13, 1947, were approved unanimously.

Memorandum dated May 9, 19470 from Mr. Bethea, Director of

the Division of Administrative Services, recommending that the tem-

P°rary appointment of Mks. Ethel M. Bolac, a cafeteria helper in

that Division, be extended for an indefinite period with no change

her present basic salary of $1,690 per annum, effective May 18,

1947. The memorandum also stated that it was contemplated that

Mrs. Bolac would become a member of the Federal Reserve retirement

sYstam.

Approved unanimously.

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

Reserve Bank of Minneapolis, reading as follows:

"The Board of Governors approves the changes inthe personnel classification plan of the Federal Re-serve Bank of Minneapolis and the Helena Branch, con-sisting of an increase in the maximum annual salary

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"for the position of Personnel Supervisor at the HeadOffice and the establishment of the position of Gener-al Clerk at the Helena Branch, as submitted with yourletter of May 8, 1947."

Approved unanimously.

Letter to Mr. Woolley, Vice President and Cashier of the

Federal Reserve Bank of Kansas City, reading as follows:

"In accordance with the request contained in yourletter of May 10, 1947, the Board approves the reappoint-ment of Harry Thomas Steffens as an assistant examinerfor the Federal Reserve Bank of Kansas City.

"In the circumstances, it will not be necessary tosubmit the usual statement as called for by the Board'sletter of August 25, 1939 (F.R.L.S. #9181). It is as-sumed, of course, that Mr. Steffens has no indebtednessto banking institutions or outside business connectionsWhich may have an undesirable effect upon his service asan employee of the Federal Reserve Bank of Kansas City.

"Please advise us of the date upon which the appoint-ment becomes effective and the salary rate."

Approved unanimously.

Letter to Mr. Sheehan, Chief Examiner of the Federal Re-

serve Bank of New York, reading as follows:

"In view of the recommendation contained in yourletter of May 7, 1947, and the information submittedtherewith, the Board of Governors approves, under theProvisions of Section 244 of the Federal Reserve Act,the expenditure of approximately $85,000 net by the

New Trust Company of Bergen County, Hackensack,

New Jersey, for the purpose of acquiring the stockOf the Westwood Investment Company, an affiliate hold-ing title to the banking premises occupied by its West-wood branch. It is understood that the affiliate isto be liquidated and title to the property assumed bythe member bank."

Approved unanimously.

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

Reserve Bank of Atlanta, reading as follows:

"This refers to your letter of April 9, 1947,and Mr. Turman's telegram of May 5, 1947, concern-ing the ownership of bank stocks by W. R. Reynolds& Company and Genesee Corporation, and the proposed

consolidation of American National Bank of Miami and

First National Bank of Miami, both of Miami, Florida.

"The Board agrees with your Counsel's opinion

that Genesee Corporation is a holding company affili-

ate of American National Bank of Miami by virtue ofits ownership of more than 50 per cent of the numberof shares voted for the election of directors of thebank at the preceding election and that, in the ab-sence of action terminating the holding company af-

filiate relationship, it will be necessary for Genesee

Corporation to obtain a voting permit in order to votethe shares which it owns or controls of American Nation-al Bank of Mismi in favor of the consolidation of thatbank with First National Bank of Miami.

"If Genesee Corporation wishes to apply for sucha permit, consideration will be given to the issuance

of a limited permit covering the consolidation of the

banks on the basis of a skeleton application submittedon Form P-1 and accompanied only by Exhibits A, C, K,M and 0.

"Consideration is being given to the holding com-Pany affiliate status of W. R. Reynolds & Company and

You will be advised further concerning this matter ata later date."

Approved unanimously.

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Secretary.

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