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1435 A meeting of the Board of Governors of the Federal Reserve Sys- tecarias held in Washington on Thursday, October 10, 1946, at 10:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Draper Evans Vardaman Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Chairman The action stated with respect to each of the matters hereinreferred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Pederal Reserve System held on October 92 1946, were approved unani- Memorandum dated October 4, 1946, from Mr. Young, Assistant Director of the Division of Research and Statistics, submitting the tse8ignation of Gerald M. Alter, an economist in that Division, and l'eccIranierlding that the resignation be accepted, in accordance with his l'ecluest, to become effective at the close of business October 6, 1946, with the understanding that a lump sum payment would be made for an- Nal leave remaining to his credit as of that date. Approved unanimously. Memorandum dated October 10, 1946, from Mr. Leonard, Director the TN1 'JJ-vision of Examinations, recommending (1) that Mr. E. R. Millard an— be z'vuulted Assistant Director of the Division of Examinations at his 1436 10/10/46 -2- Present salary of $10,000 per annum, effective November 1, 1946; (2) that Mr. George S. Sloan be appointed Assistant Director of the Dilrieion of Examinations, effective November 1, 1946, and that his basic salary be increased from $8,059.80 to $9,376.50 per annum, eftective November 3, 1946; and (3) that the following increases in basic annual salaries of employees in that Division be approved, effective October 20, 1946: Naze Designation 4. R. C. C. Wilkes t. L. Hostrup 114 J. J. R. A. N. Brien, Jr. M cClelland Radford, Jr. Thompson Federal Federal Federal Federal Federal Federal Reserve Reserve Reserve Reserve Reserve Reserve Examiner Examiner Examiner Examiner Examiner Examiner Salary Increase To From $8,778.00 4;9,077.25 7,581.00 6,623.40 6,623.40 6,384.00 6,144.60 8,059.80 6,862.80 6,862.80 6,623.40 6,623.40 Approved unanimously, with the understanding that Mr. Leonard be authorized to negotiate with Mr. Hugh J. Helmer, an examiner for the Federal Reserve Bank of Chicago, to accept appointment as a Federal Reserve examiner on the Board's Washington staff at a salary of either 0,862.80 or 0,102.20. Mr. Helmer would succeed Mr. Sloan as a review examiner. Telegram to Mr. Swanson, Vice President of the Federal Reserve of minn eapolis, reading as follows: Fre,4 "elet October 4. Board approves designation of m.erick M. Gannon, Earl C. Benson and William A. O'Brien special assistant examiners." Approved unanimously. 1437 10/10/46 -3- Letter to Mr. Grady, Federal Reserve Agent of the Federal Reserve Bank of San Francisco, reading as follows: "In accordance with the request contained in Mr. Earhart's letter of October 4, 1946, the Board 2f Governors approves the payment of salary to Mr. "M. Stone, Assistant Federal Reserve Agent, at the rate of 0,900 per annum, effective October 1, 1946." Approved unanimously. Letter to the Federal Deposit Insurance Corporation, Vbashing— ton, ' D C., reading as follows: "Pursuant to the provisions of section 12B of the Federal Reserve Act, as amended, the Board of Governors , O,f the Federal Reserve System hereby certifies that the er State Bank, Gruver, Texas, became a member of the deral Reserve System on October 8, 1946, and is now a Tember of the System. The Board of Governors of the ederal Reserve System further hereby certifies that, IT.e°nnection with the admission of such bank to member— in the Federal Reserve System, consideration was en to the following factors enumerated in subsection g) of section 12B of the Federal Reserve Act: p r 1. The financial history and condition of the bank, 2. The ade ,uacy 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. Maether or not its corporate powers are consistent with the purposes of section 12B of the Federal Reserve Act." Approved unanimously. 1438 10/10/46 -4- Telegraa to Mr. Volberg, Vice President of the Federal Reserve Bank of San Francisco, reading as follows: "Relet October fourth. In view your recommendation Board approves establishment and operation of branch at Geneva Avenue and Rio Verde Street, San Mateo County, California, by American Trust Company, San Francisco, California, from November 12 to November 26, 1946, in connection with Grand National Livestock Exposition Provided prior approval of appropriate State authorities is obtained and Counsel for the Reserve Bank is satisfied as to legal aspects involved." Approved unanimously. Thereupon the meeting adjo All11111" Secretary. Chairman.
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