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243 A meeting of the Board of Governors of the Federal Reserve ante/a/las held in Washington on Wednesday, February 14, 1945, at 10:30 a.m.. 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 hereinreferred to was taken by the Board: The ?e4ral 4:1144. minutes of the meeting of the Board of Governors of the Reserve System held on February 13, 1945, were approved unani- Memorandum dated February 8, 1945, from Mr. Morrill recommendthat the temporary appointment of Miss Berl R. Stroud, a file clerk the 'ecretary,s Office, be extended for an additional period of six 140hths from February 28, 1945, and that her basic salary be increased 451 ''" to t1,560 per annum, effective February 16, 1945. Approved unanimously. Memorandum dated February 10, 1945, from Mr. Parry, Director °f the pi -vision of Security Loans, recommending that the following inProlreA, " basio annual salaries of employees in that Division be apeffective February 16, 1945: 244 2/14/45 —2— Name Designation Catherine kith D. L. Schmidt Stone Secretary to Mr. Parry Secretary to Mr. Brown Salary Increase From To 2,100 1,920 $2,300 2,100 Approved unanimously. Letter to the board of directors of the "Farmers Savings Bank", " ' 9113 Missouri, stating that, subject to conditions of membership 11141berAd 1 -- -4 to 6 contained in the Board's Regulation H, the Board ap— Prove 8 e the bank's application for membership in the Federal Reserve Tatera "4..ud for the appropriate amount of stock in the Federal Reserve Of St. Louis. The letter also contained the following special e(Irninent: "It has been noted that the bank has outstanding capital stock of Irn.00,000 which is in excess of the th 7.11 lgure at which the stock is shown on the books of banank. In this connection the Board feels that the wiLL should, as soon as practicable, take such action 8,611in its power as may be necessary to cause the common 4ock to be shown at its par value. whi It appears that the bank possesses certain powers ren . are not being exercised and which are not necessarily eu, -11,7'red in the conduct of a banking and trust business, to-" as the power to act as surety. Attention is invited the f9 that if the bank desires to exercise any powers shir,e,ally exercised at the time of admission to member— '' IA will be necessary under condition of membership ern. ered 1 to obtain the permission of the Board of Gov— orebf exercising them. In this connection, the understands that there has been no change in the thelper4 °I* the corporate powers exercised by the bank since 'ate of its application for membership." Comt . Approved unanimously, for transmis— sion through the Federal Reserve Bank of St. Louis. 245 2/14/45 —3— Letter to the "Bank of Berkeley", Berkeley, California, read— ing as follows: _, "The Board is glad to learn that you have completed ;11 arrangements for the admission of your bank to the. hederal Reserve System and takes pleasure in transmitting erewith a formal certificate of your membership. _ "It will be appreciated if you will acknowledge re— slpt Pt of this certificate." Approved unanimously. Thereupon the meeting adjourned. Chairman.
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