Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, October 23, 1947, Volume 34, Part 4

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14

Minutes of actions taken by the Board of Governors of the
Federal Reserve System on Thursday, October 23, 1947.
PRESENT:

Mr. Eccles, Chairman
Mr. Szymczak
Mr. Draper
Mr.
Mr.
Mr.
Mr.

Carpenter, Secretary
Sherman, Assistant Secretary
Morrill, Special Adviser
Thurston, Assistant to the Chairman

Memorandum dated October 21, 1947, from Mr. Smead, Director
of the
Division of Bank Operations, recommending the appointment of
Miss Grace Lucille Van Order as a clerk in that Division, on a tempoindefinite basis, with basic salary at the rate of $2,394 per
8-1111

effective as of the date upon which she enters upon the per-

f°L*Ilailce of her duties after having passed the usual physical examination.

The memorandum also stated that Miss Van Order was a member

°I the Civil Service retirement system and would remain in that
sYstem.
Approved unanimously.
Letter to Mr. Weigel, Assistant Vice President of the Federal
Reserve Bank of St. Louis, reading as follows:
"In accordance with the request contained in your letter of October 14, 1947, the Board of Governors approves
the payment of salary
to Mr. L. E. Tennant as Stock Clerk
in the General Service Department, Memphis Branch, at the
rate of $2,541 per annum, which is $81 in excess of the
salarY range for the grade in which the position is
cl
assified."




Approved unanimously.

10/23/47

-2-

Letter to the Federal Deposit Insurance Corporation reading
as

follows:
"Pursuant to the provisions of section 12B of the
Federal Reserve Act, as amended, the Board of Governors
of the Federal Reserve System hereby certifies that the
First State Bank of Green's Bayou, Houston, Texas, became
a member of
the Federal Reserve System on October 22, 1947,
and is now a member of the System. The Board of Governors
of the Federal Reserve System further hereby certifies
that, in connection with the admission of such bank to
membership in the Federal Reserve System, consideration
was given to the following factors enumerated in subsection (6)-N 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
Whether or not its corporate powers are
consistent with the purposes of section
12B of the Federal Reserve Act."




Approved unanimously.

Secretary.

Chairman.