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A meeting of the Board of Governors of the Federal Reserve SYstem Was held in Washington on Wednesday, November 1, 1944, at 10:30 PRESENT: Hr. McKee Mr. Draper Mr. Evans Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters herein— after referred to was taken by the Board: B°nd in the amount of $10,000, executed under date of October 27, 1944, bY Eugene Louis Shipley as Federal Reserve Agent's Representa— tive at the Baltimore Branch of the Federal Reserve Bank of Richmond. Approved unanimously. Memorandum dated October 28, 1944, from Mr. Morrill recommend— ing that, in accordance with the policy adopted by the Board for the illiir°rra treatment of all employees entering military service, Dubose IlacDoell, who had been placed on inactive duty by the Navy, be rein— stjEL-cl in his former position of clerk in the Secretary's Office, with 411 illerease in his basic salary from $2,200 to $2,300 per annum, effec— tive November 1, 1 944) subject to his passing satisfactorily a physical exanain ation to determine whether he is still qualified to perform the cillties of his position. Approved unanimously. Memorandum dated October 30, 1944, from Mr. Goldenweiser, A1 ,00 t) ti 11/1/44 —2-Director of the Division of Research and Statistics, recommending that the following increases in basic annual salaries of employees LI that Division be approved, effective November 1, 1944= Name Ruby S. Dove Lilliam H. Ge Schiller raldine L. Davidson Margaret F. Mills Designation Clerk—stenographer Clerk—stenographer Clerk—stenographer Clerk—stenographer Salary Increase From To $1,920 $2,040 1,740 1,680 1,680 1,860 1,800 1,800 Approved unanimously. Memorandum dated October 30, 1944, from Mr. Smead, Director of the ---J-s-Lon of Bank Operations, recommending that the following &I/creases in basic annual salaries of employees in that Division be approved, effective November 1, 1944: lIgme Gerald M. Mortimer Conkling Johq J. B. Daniels 0. B. Hurley S arah Morrissette Louise Zelpha Cron Trott Dorothy Nerner Margaret karY Ann Griset aorta A. Chadik Garrison Designation Technical Assistant Technical Assistant Senior Clerk Senior Clerk Secretary to Mr. Horbett Clerk Clerk—stenographer Clerk—stenographer Clerk Clerk Salary Increase To From $5,400 5,400 3,100 2,800 2,100 1,860 1,860 1,800 1,800 1,740 $5,800 5,800 3,200 2,900 2,300 1,980 1,980 1,920 1,920 1,860 Approved unanimously. M emorandum dated October 30, 1944, from Mr. Smead, Administrator, rA_conlme nding that the following increases in basic annual salaries of e411)10Yee 8 in the Office of the Administrator of the War Loans Committee 11/1/44 -3- be aPproved, effective November 1, 1944: Name Olive Faucette 4ary Holmes lia/7 P. Kekenes Yvilliara E. Pinn Desi,gnation Salary Increase From To Clerk Clerk Clerk-typist Messenger $2,100 1,800 1,800 1,440 $2,300 1,920 1,920 1,500 Approved unanimously. Memorandum dated October 30, 1944, from Mr. Leonard, Director ()f the , on of Personnel Administration, recommending that the basic ,, s'arY of Miss Evelyn Underwood, leave clerk in that Division, be inc_ ' -eased from $1,560 to $1,620 per annum, effective November 1, 1944. Approved unanimously. Letter to the board of directors of the "Farmers and Merchants State Baak, , Stanley, Wisconsin, stating that, subject to conditions of 14erabershiP numbered 1 to 3 contained in the Board's Regulation H, the tioarA ' approves the bank's application for membership in the Federal Reserve System D and for the appropriate amount of stock in the Federal Reserve Bank of Minneapolis. Approved unanimously, together with a letter to Mr. Peyton, President of the Federal Reserve Bank of Minneapolis, reading as follows: te,"The Board of Governors of the Federal Reserve SysaPProves the application of the 'Farmers and Merchants -ate Bank!, Stanley, Wisconsin, for membership in the 11/1/44 —4— "Federal Reserve System, subject to the conditions prescribed in the enclosed letter which you are requested to forward to the Board of Directors of the institution. Two copies of such letter are also enclosed, one of which 18 for your files and the other of which you are requested to forward to the Chairman, Banking Commission for the pState of Wisconsin, for his information. "It has been noted that the question of whether appropriate steps were taken in 1932 to effect leg lly a reduction in the capital stock of the bank from g50,000 to $2 5,000 has been referred by the State Banking Depart;:nt to theAttorney toh General. Please advise the Board disposition of this matter and, in order to .;'omPlete our records, please furnish copies of pertinent .Legal documents." Letter to the board of directors of "The Marfa State Bank", 144 fa 1 to 3 Texas, stating that, subject to conditions of membership numbered contained in the Board's Regulation H, the Board approves the b4nicts application for membership in the Federal Reserve System and for the appropriate amount of stock in the Federal Reserve Bank of Dallas. Approved unanimously, for transmission through the Federal Reserve Bank of Dallas. Letter to the "Prairie State Bank", Oak Park, Illinois, reading as follows: tem : h The Board of Governors of the Federal Reserve Sys- cise ? considered the application for permission to exerNati,f1;111clarY powers made by you on behalf of 'Oak Park whis, -"a-L Bank', Oak Park, Illinois, the national bank into Ire Prairie State Bank, Oak Park, Illinois, is to be conirr ' ed, and grants such national bank authority, effective %rand when it is authorized by the Comptroller of the ire„I'noY to commence business, to act, when not in contra:'10/1 of State or local law, as trustee, executor, adesT-a!trator, registrar of stocks and bonds, guardian of tics c'es, assignee, receiver, committee of estates of luna'or in any other fiduciary capacity in which State 2,1 1648 11/1/44 "banks, trust companies or other corporations which come into competition with national banks are permitted to act under the laws of the State of Illinois, the exercise of 511 such rights to be subject to the provisions of the Federal Reserve Act and the regulations of the Board of Governors of the Federal Reserve System. "After the conversion of Prairie State Bank into Oak Park National Bank becomes effective and the Comp'roller of the Currency authorizes the national bank to commence business, you are requested to have the board of directors of the national bank adopt a resolution ifYing your application for permission to exercise ' IlciarY powers, and a certified copy of the resolution ' !0 adopted should be forwarded to the Federal Reserve ti:ank of Chicago for transmittal to the Board for its re?ords. When a copy of such resolution has been rercielved by the Board, a formal certificate covering the bational bank's authority to exercise trust powers will e forwarded." M Approved unanimously. Thereupon the meeting adjourned. hi Secretary. Member.
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