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665 A meeting of the Board of Governors of the Federal Reserve SYstem was held in Washington on Tuesday, April 24, 1945, at 10:30 PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Draper Evans Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Thurston, Assistant to the Chairman The action stated with respect to each of the matters hereinafter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Feder R1 Reserve System held on April 23, 1945, were approved unanimously. Memorandum dated April 19, 1945, from Mr. Bethea, Director cer the n -ivision of Administrative Services, recommending that the fol41ing increases in basic annual salaries of employees in that Division be a Pproved, effective May 1, 1945: ERMe Joseph E. Seburn E. Kelleher Prank W. Baker Constable Howard Lee Warwick, Jr. N1%17 Alice elson S. Brundage Dyson PeNY C. 1.,amea H. Riston Macklin nerMan Lee Tobler borot4Y ReameY Designation Administrative Assistant Foreman Operator Operator, Duplicating Devices Operator, Duplicating Devices Clerk Operator, Duplicating Devices Foreman of Laborers Laborer Laborer Page Approved unanimously. Salary Increase To From $3,800 2,500 $4,000 2,600 1,860 1,980 1,900 1,800 1,980 1,920 1,800 1,920 1,380 1,440 1,260 1,860 2,040 1,440 1,500 1,320 666 4/24/45 —2-Memorandum dated April 23, 1945, from Mr. Thomas, Director et the Division of Research and Statistics, submitting the resignation Qf Paul Vinelli as a research assistant in that Division, to become effective as of the close of business on April 24, 1945, and recommend— ing that the resignation be accepted as of that date and that, because °f the special circumstances necessitating his resignation, Mr. Vinelli be Paid an amount equivalent to one month's salary in addition to pay— ment for the accumulated annual leave standing to his credit. Mr. Leonard, Director of the Division of Personnel Administration, had attached a note to Mr. Thomas' memorandum stating that, while he had 11° °blection to the payment of a month's salary to Mr. Vinelli in addi— ti°11 t° a lumP sum payment for his unused annual leave, as recommended by !kr. Thoma-, he could not join affirmatively in the recommendation, his 4., '"ollght being that, in view of the circumstances, a month's salary be Paid In • lieu of the unused annual leave. The resignation was accepted as of the close of business on April 24, 1945, and, in accordance with Mr. Leonard's sug— gestion, unanimous approval was given to the payment of one month's salary to Mr. Vinelli in lieu of payment for his unused annual leave. the M emorandum dated April 23, 1945, from Mr. Thomas, Director of sion of Research and Statistics, submitting the resignation of 141's* Ruby S. Dove as a clerk—stenographer in that Division, to become "feative as of the close of business on April 30, 1945, and recommend— that the "' resignation be accepted as of that date. 667 4/24/45 —3— The resignation was accepted as rec— ommended. Letter to the Federal Deposit Insurance Corporation reading as follows: "Pursuant to the provisions of section 12B of the Federal Reserve Act, as amended, the Board of Governors of the Federal Reserve System hereby certifies that the First State Bank, Odessa, Texas, became a member of the Federal Reserve System on April 23, 1945 and is now a member of the System. The Board of Governors of the r:ederal Reserve System further hereby certifies that, ln.connection with the admission of such bank to member— Ship in the Federal Reserve System, consideration was Pven to the following factors enumerated in subsection kg) of section 12B 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, and 6. Whether or not its corporate powers are consistent with the purposes of section 12B of the Federal Reserve Act." Approved unanimously. Bazik of Letter to Mr. Peterson, Vice President of the Federal Reserve St. Louis, reading as follows: "In accordance with the request contained in your lett letter of March 26, 1945, there is enclosed a copy of a 1913er addressed to a national bank under date of April 7, bY Deputy Comptroller McCandless, with respect to }lee -Limitations and restrictions of section 5136 of the su ,8ed Statutes of the United States on the purchase by ci"' bank of bonds issued by improvement districts of the Little Rock, Arkansas. 'Although the opinion does not indicate the specific 668 41214145 -4- reason for the position that in most instances the bonds issued by such improvement districts would not qualify as investment securities, we have been informally advised by the Comptroller's Office that this position was taken because in most instances such securities do not meet the test of marketability set forth in section I of the Comptroller's Investment Securities Regulation, as no steps are taken to provide for their public distribution and the maintenance of a ready market. "The Comptroller's Office has requested the Board and your Bank to treat this copy of the opinion as confidential information as the position stated therein has not been issued as a public ruling, but you are at liberty to advise the member bank of the substance of the ruling." Approved unanimously. Letter to the Secretary of State prepared for the signature of Chairman Eccles and reading as follows: 'With further reference to our letter of January 20 and the consideration that has been given to problems raised by acquisition of the Pan American Trust Company of New York by the Bank of Mexico, it is thought that You would be interested in knowing that the Federal Reserve Bank of New York has been advised by the New York ,uate Banking Department that it is anxious to have the rust co any complete its program of increasing its capital stock and feels uncertain as to the regularity 4., the election of directors at the recent meeting of ,Te trust company's shareholders in view of the fact rat he t Bank of Mexico did not vote its shares. Knowthat representations have been made to Mexican ofT f,icials by Ambassador Messersmith, the State Banking BotaTlument is deferring action on these questions. This de4. d also has taken no action upon an application for 4 _'ermination of the question whether the Bank of Mexico a holding company affiliate of the Trust Company under ti: terms of the law. In view of the fact that administratio!actions _ are being held in suspense while representa,, are made to the Mexican Government, we trust that ne may be informed as soon as possible of the result of those representations." Approved unanimously. Thereupon the meeting adjourned.
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