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Minutes of actions taken by the Board of Governors of the

Federal Reserve System on Thursday, October 9, 1947.

PRESENT: Mr. Eccles, ChairmanMr. DraperMr. Evans

Mr. Carpenter, SecretaryMr. Sherman, Assistant Secretary

Mr. Morrill, Special AdviserMr. Thurston, Assistant to the Chairman

Memorandum dated October 7) 1947, from Mr. Bethea, Director

of the Division of Administrative Services, recommending increases

in the basic annual salaries of the following employees in that

Division, effective October 19, 1947:

Name

W. A. PollardE. L. CarmichaelHarry E. Kern

DesignationSalary IncreaseFrom To

$5,027.404,024.203,397.20

Asst. Chief, Fiscal SectionSupvr. Publications Sec.Supvr. Procurement Sec.

4,902.O03,898.803,271.80

Sven Johnson Foreman of Laborers 3,146.40 3,271.80Mary E. Dorsey Printing Clerk 3,021.00 3,146.40

Robert P. Warner Accounting Clerk 3,021.00 3,146.40John M. Poundstone Pay Roll Clerk 3,021.00 3,146.40Enid W. Staley Printing Clerk 2,770.20 2,895.60

Woodley Boothe General Mechanic 2,694.96 2,770.20Helen L. &den Clerk-Stenographer 2,619.72 2,694.96Benjamin R. Reading Clerk 2,469.24 2,619.72Karl J. Steger General Mechanic 2,394.00 2,544.48Philip D. Faber Supply Clerk 2,168.28 2,243.52

William E. Smoot Guard 2,020.00 2,093.04

Approved unanimously.

Letter to the board of directors of the "Union State Bank",

UPt°11, Wyoming, stating that, subject to conditions of membership

numbered 1 to 3 contained in the Board's Regulation H and the

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following special condition, the Board approves the bank's appli-

cation for membership in the Federal Reserve System and for the

appropriate amount of stock in the Federal Reserve Bank of Kansas

City:

"4. At the time of admission to membership such bankshall have paid-up and unimpaired capital stock

of not less than $25,000, in accordance with the

program as proposed involving introduction of not

less than $7,500 new funds."

Approved unanimously, together with

a letter to Mr. Leedy, President of theFederal Reserve Bank of Kansas City, read-ing as follows:

"The Board of Governors of the Federal Reserve Sys-tem approves the application of the Union State Bank,Upton, Wyoming, for membership in the Federal ReserveSystem, subject to the conditions prescribed in theenclosed letter which you are requested to forward tothe board of directors of the institution. Two copiesof such letter are also enclosed, one of which is foryour files and the other of which you are requestedto forward to the State Examiner for the State of Wyom-

ing, for his information."It is understood that completion of the program

for increasing capital which involved introduction of

$7,500 new funds waited formal approval of the State

authorities at the time the application for membershipwas submitted. While completion may have been accom-

plished in the meantime a condition of membership hasbeen prescribed pertaining to this necessary actionand it is requested that the Board be given specificadvice of compliance with the condition of membership."

Letter to the Federal Deposit Insurance Corporation reading

5.s follows:

"Pursuant to the provisions of section 12B of the

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"Federal Reserve Act, as amended, the Board of Gover-nors of the Federal Reserve System hereby certifiesthat the Security State Bank, Littlefield, Texas, be-came a member of the Federal Reserve System on Octo-ber 4, 1947, and is now a member of the System. TheBoard of Governors of the Federal Reserve System fur-ther hereby certifies that, in connection with theadmission of such bank to membership in the FederalReserve System consideration was given to the follow-ing factors enumerated in subsection (g) of section12B of the Federal Reserve Act:

1. The financial history and condition of the

bank,2. The adequacy of its capital structure,3. Its future earnings prospects,

4. The general character of its management,5. The convenience and needs of the community to

be served by the bank, and6. Whether or not its corporate powers are con-

sistent with the purposes of section 12B ofthe Federal Reserve Act."

Approved unanimously.

Telegram to Mr. Latham, Vice President of the Federal Re-

serve Bank of Boston, reading as follows:

"Retel October 8 regarding publication of condition

reports in Connecticut. On basis of facts of this par-ticular case, including our understanding that effortsare being made to obtain amendments to State law underWhich similar situations may be avoided in the future,Board will interpose no objection if reports as of Octo-ber 6 made pursuant to Board's call are not publishedby Connecticut State member banks but banks furnishappropriate evidence of publication of State reportsas of September 30. Please advise Connecticut Statemember banks in your District accordingly. We arenotifying Federal Reserve Bank of New York of BoarcPs

action."

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Approved:

-4-

Approved unanimously, together witha similar telegram to Mr. Wiltse, VicePresident of the Federal Reserve Bank ofNew York.

Chairman.

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