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15b0 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Thursday, November 13, 1947. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Szymczak Draper Evans Vardaman Clayton Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Chairman Minutes of actions taken by the Board of Governors of the Federal Reserve System on November 12, 1947, were approved unaniZ01 .1 ly Memorandum dated November 12, 1947, from Mr. Thomas, Dil'ector of the Division of Research and Statistics, recommending that Richard A. Musgrave, a consultant to that Division, who is to attend the armual conference of the National Tax Association to be held at Miami, Florida, November 17-20, 1947, be requested to , n —ePare a brief report of the papers and discussions of special terest to the Board. It was understood that Mr. Musgrave's ter-Leave would not end until December, and the memorandum recomrilerld cl that in view of the additional service recommended, the date Of hi s terminal leave be extended an additional two days. The memoStated that travel expenses would not be paid by the Board. Approved unanimously. 1561 11/13/47 -2Memorandum dated November 10, 19470 from Mr. Bethea, Dibeetor of the Division of Administrative Services, recommending increases in the basic annual salaries of the following employees in that Division, effective November 16, 1947: Name Designation James P. Lynch Marjorie Eaton Adam V. Hauser Charles R. Nichols Thomas G. Cook Edward D. Rogers Madalena Bertoli in Libbie L. Boyd Sarah F. Mary J. Corbin Enrico klmeda Steiner Ethel M. Sunderman Margaret Dalton Teresa F. Crowell tlanche E. Peacock Clerk Stenographer Guard Guard Guard Messenger Charwoman Charwoman Charwoman Charwoman Charwoman Charwoman Charwoman Charwoman Charwoman Salary Increase To From $3,021.00 $3,271.80 2,469.24 2,394.00 2,394.00 2,469.24 2,394.00 2,469.24 2,394.00 2,318.76 2,168.28 2,093.04 2,020.00 1,954.00 2,020.00 1,954.00 2,020.00 1,954.00 2,020.00 1,954.00 2,020.00 1,954.00 2,020.00 1,954.00 1,954.00 1,888.00 1,888.00 1,822.00 1,888.00 1,822.00 Approved unanimously. Memorandum dated November 100 1947, from Mr. Bethea, Dil'ect°r of the Division of Administrative Services, recommending that the resignation of Miss Alice C. Brown, a clerk in that Di113L3/12 be accepted to be effective, in accordance with her reI11 e8t, at the close of business November 21, 1947, with the underthat a lump sum payment would be made for annual leave l'eraailling to her credit as of that date. Approved unanimously. 1_552 11/13/47 -3- Letter to Mr. Wiltse, Vice President of the Federal Reserve alukof New York, reading as follows: "In accordance with the request contained in your 1e!,ter of November 6, 1947, the Board approves the ap— P03-ntment of Daniel E. Wulff as an assistant examiner for the Federal Reserve Bank of New York. Please ad— vise us of the date on which the appointment becomes effective and the salary rate. "It has been noted that Mr. Wulff is obligated on a FHA mortgage on his home in the amount of $3,300, which 11"tgage is currently owned by the First National Bank of Freehold, Freehold, New Jersey, but that arrangements will pe made to place this mortgage elsewhere. Please advise us when this has been done and what the arrangements are." Approved unanimously. Letter to the Federal Deposit Insurance Corporation reading follams: "Pursuant to the provisions of section 12B of the Federal Reserve Act, as amended, the Board of Governors the Federal Reserve System hereby certifies that the !'?.rst State Bank, Junction, Texas, became a member of e Federal Reserve System on November 8, 1947, and is !pl'r a member of the System. The Board of Governors of Federal Reserve System further hereby certifies that, .connection with the admission of such bank to member— in the Federal Reserve System, consideration was ' I pNen to the following factors enumerated in subsection ‘g) 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 con— sistent with the purposes of section 12B of the Federal Reserve Act." 1.553 47 Approved unanimously APproved:
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