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1062 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Thursday, July 17, 1947. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Szymczak Evans Vardaman Clayton Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Thurston, Assistant to the Chairman Minutes of actions taken by the Board of Governors of the Federal Reserve System on July 16, 1947, were approved unanimously. Memorandum dated July 11, 1947, from Mr. Smead, Director of the Division of Bank Operations, recommending that increases in the basic annual salaries of the following employees in that DiIrision be approved, effective July 27, 1947: Name J°1111 R. Farrell J. C. Franzoni L oretta M. Goheen Marjorie F. Jones Rita S. Boyer M argaret K. Ball 4elYn Bryan Catherine L. Benson Esther G. Peck Can M. Skinner Designation Technical Assistant Technical Assistant Senior Clerk Senior Clerk Clerk Clerk Clerk Clerk Clerk Clerk Salary Increase From To $5,654.40 $5,905.20 5,027.40 51403.60 3,522.60 3,648.00 3,648.00 3,522.60 3,146.40 3,021.00 3,021.00 2,318.76 2,318.76 2,243.52 3,271.80 3,146.40 3,146.40 2,394.00 2,394.00 2,318.76 Approved unanimously. Memorandum dated July 16, 1947, from the Division of PerAdministration recommending the appointment of Herbert William 1063 7117/47 18411dY as a messenger in Mr. Clayton's office, on a temporary indefinite basis, with basic salary at the rate of $1,954 per annum, effective as of the date upon which he enters upon the performance of his duties after having passed the usual physical examination. The memorandum also stated that Bundy was a member of the Civil Service retirement system and would remain in that system. Approved unanimously. Memorandum dated July 14, 1947, from Mr. Bethea, Director of the Division of Administrative Services, recommending that Eugene Ps Jordan, an operating engineer in that Division, be retained in active service until the end of the calendar year 1947 with no change in his present basic salary of $3,021 per annum. The memo- stated that Mr. Jordan would attain retirement age of 65 on August 26, 1947. Approved unanimously. Letter to Mr. Diercks, Vice President of the Federal Reserve 13zInk of Chicago, reading as follows: "Reference is made to Chief Examiner Van Zante's letter of July 8, 1947, submitting certified copies of resolutions adopted by the Board of Directors of the State Bank of Blue Island, Blue Island, Illinois,signifying its intention to withdraw from membership in the Federal Reserve System and requesting waiver of the six months' notice usually required. "In view of the Reserve Bank's favorable recommendation, the Board of Governors waives the usual requirement of six months' notice, as requested. Accordingly, upon surrender of the Federal Reserve Bank stock issued to the 7/17/47 -3- "State Bank of Blue Island, Blue Islend, Illinois, the Federal Reserve Bank is authorized to cancel such stock and make appropriate refund thereon. It is noted the bank wishes the termination of its membership to coincide with its acceptance for insurance by the F.D.I.C., and that the supervising examiner of that Corporation has advised you that his office has been contacted in order that the bank may apply for continuance of insurance. Jhen formal application for continuance of insurance is made, the bank will have four months from the date of this letter to accomplish termination of its membership (F.R.L.S. #3548). "Please advise the Board of Governors when cancellation is effective and refund is made. The Certificate of Membership issued to the bank should also be obtained, if possible, and forwarded to the Board. The State banking authorities should be advised promptly when the bank's withdrawal from membership has been effected and given the reasons therefor, if desired." Approved unanimously, together with a letter to the Honorable Maple T. Han, Chairman, Federal Deposit Insurance Corporation, reading as follows: "In accordance with the request contained in your letter of July 11, 1947, the Board of Governors of the Federal Reserve System hereby grants written consent, Pursuant to the provisions of subsection (k)(2) of Section 12B of the Federal Reserve Act, for examiners for the Federal Deposit Insurance Corporation to make an examination of the State Bank of Blue Island, Blue Island, Illinois, in connection with its application for continuance of insurance after withdrawal from membership in the Federal Reserve System. "There are no unfulfilled conditions nor incomplete corrective programs with respect to the member bank in corporaconnection with which the Board would eugge: tion of conditions for continuing its s s- an insured bank." Secretary. Chairman.
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