19481108_Minutes.pdf

Minutes of actions taken by the BoardPe derq Res arve System on Monday, November 8,

PRESENT:

Milautes of actions taken by the Board

Mr.Mr.Mr.Mr.Mr.Mr.

klak of ch.

leago, reading as follows:

ReSpv. SYstem on November 5, 1948, were

-.ve

Letter to Mr. Diercks, Vice President

McCabe, ChairmanSzymczakDraperEvansVardamanClayton

of Governors of the

1948.

Mr. Carpenter, SecretaryMr. Sherman, S.ssistant SecretaryMr. Morrill, Special AdviserMr. Thurston, Assistant to the Board

of Governors of the Fed-

approved unanimously.

of the Federal Reserve

15t "In

0 accordance with your telephone request,ext;en`L,be confirmed by letter, the Board ofwhich

Cor,, s to December 8, 1948, the time within :$4r4ch Itacjoel'elal State Bank of Melvin, Melvin, ;

lieivric.Plis,,h termination of its membership under thee- °I six months' notice granted on June 8,

1948."

Letter‘1,-‘ or chic to Mr. Diercks, Vice President of the Federal Reserve

40, reading as follows:HitefOctobe„ersnce is made to Mr. Van Zante's letter of8t1qe g 1948, submitting the applicatioril:p=is_Eion toallk of

Carthage, Carthage, Indiana,ni exercise fiduciary powers.e inflirtnvi,ew of the Reserve Banks' recommend,

c.l'61-°4 submitted the Board of Governor ermis_ttion and

Governors of'KIII 13Z4/1-1- Reserve System grants the applicantsnhiler the Provisions of its condition of mheoiri-her gl'ed 1, to exercise the fiduciaryauthorized under the terms t'111/8 of the State of Indiana.

powerssercharter

Approved unanimously.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

11/8/48

YOU are requested to advise the State Bank of"age, Carthage, Indiana, of the Board's action."


Letter to Mr. Smith, Assistant Vice President of the FederalReserve(Ink of Cleveland, reading as follows:

"This refers to your letter of October 29, with

ei ell 37°11 enclosed an advertisement of an automaticriotectric table model roaster. You asked whether orrae„,,sneh an article is a listed article within the""-Lting of Regulation 14•

deeip.„The cle-ssification 'cooking stoves and ranges1 ort7ie,d for household use' listed in Group B of Parttabi.puue SuloPleinont to Regulation W includes suchas d:,tridel roasters and cookers if the cash price'2-ried in Section 8 (h)(7) is 35O.00 or more."

Letterto the Presidents of all Federal Reserve Banks reading

etnheere t the Board eJoint meeting of the Presidents' Confer—

of Governors on October 5, 1948,

sagTeement that in the event a Federal Reserve

ak;ene: l'eclueeted by the Treasury to absorb any fiscalreitab-4 exPenses which have been generally regarded as

8holl reinble, the Federal Reserve Bank so requested

ediately communicate the facts to the Chair—to th- ‘ine Comittee on Fiscal Agency Operations

and

Nirzne„13°Eircl of Governors. It was understood that thektt °f the Committee would promptly submit thelqthet-h ‘j° the full Committee which, in conjunction:ratt

the

of the Board's Division of Bank Op—“Irt would discuss it with the Treasury in an ef

—t,;„reach a mutually satisfactory agreement.to ae 14.1 it should become necessary for the Treasuryt/rdereZ

i8* deficiency appropriation from Congress n

%:°11.1c1 nlake full reimbursement, which the Treasury;ervi b-i4."111Pelled to do if it had performed the1„-(/netclee :,a'8elf II it

wasg reed that the case would be

th hed48 csn

hits merits and before a final decisionbbY ee% te_oero q uestion d bereviewed fjoointlyof Governors and the Conference



11/8/48

—3—

the "In reaching this agreement it was also understoodthe s would ame general procedure be followed If:1ar

requests were received from any other departmentBayo_ageneY of the Government for Which the Federal ReservegAs act as fiscal agents."


Letter to the Presidents of all Federal Reserve Banks reading

VI 3 if tff

sepa_7Thars have been forwarded to you today underNaZte cover the indicated number of copies of thefor using forms, a copy of each of which is attached,slIttit:,of State member banks and their affiliates inNizvo "14 reports as of the next call date:er of

Form F. R. 105 (Call No. 110), Report ofCondition of State member banks.

Form F. R. 105b (Revised August 1939)/ Loansand advances to affiliates and investments

;11 4./11.cLalt:2s secured by obligations ofForm zpx:; R. 105e (Revised May 1948), Publi-

opotla.o f report of condition of Statemember

Form F. R. 105e-1 (Revised May 1948), Pub-lisher's copy of report of condition ofState member bank.Form F. R. 220 (Revised August 1946), Reportof affiliate or holding company affiliate."/.1,t1 F. R. 220a (Revised August 1946), Pub-

Copy of report of affiliate orholding company affiliate.orm F. R. 220b (Revised August 1946), In-structions for the preparation of reports

JI„ "The,°f affiliates and holding company affiliates.30 Proposed forms are the same as those used onei ties ;1417.48 with the exception of a minor clarifying

5 1 of Qorn1 F. R. 105. The parenthetical inset nrtrler Lchedule F)ships Time deposits of individuals,

End corporations, has been cl-mod to readPerso ngAl."tal deposits accumulated for payment of

n8 end which are not deducted in Schedule


1_8'11

—4--

Approved unanimously, with theunderstanding that the letter wouldnot be sent until the forms referredto therein were printed and readyfor distribution.


Documents

19481108_Minutes.pdf