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1580 A meeting of the Board of Governors of the Federal Reserve System W48 held in Washington on Friday, December 15, 1939, at 11:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak Davis Draper Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinafter tleterred to was taken by the Board: The minutes of the meetings of the Board of Governors of the Fedel'41:Reserve System held on December 13 and 14 (two meetings), 1939, were el31:°1'ed unanimously. Telegrams to Messrs. Kimball and Post, Secretaries of the Federal Ileeerve Banks of New York and Philadelphia, respectively, Mr. Leach, ill'""erlt of the Federal Reserve Bank of Richmond, Mr. McLarin, First ?residen,_ of the Federal Reserve Bank of Atlanta, Mr. Olson, 44818tatt Secretary of the Federal Reserve Bank of Chicago, Mr. Stewart, eelwe ry. of the Federal Reserve Bank of St. Louis, Mr. Ziemer, Vice Of the Federal Reserve Bank of Minneapolis, Mr. Caldwell, 4 of the Federal Reserve Bank of Kansas City, Mr. Gilbert, Presi- tede::: Federal Reserve Bank of Dallas, and Mr. Hale, Secretary of Reserve Bank of San Francisco, stating that the Board approves "tblishment without change by the Federal Reserve Bank of Kansas City c1411"enth "9, by the Federal Reserve Bank of San Francisco on December 12, 1581 12/15/39 -2bYtheFederal Reserve Banks of New York, Richmond, Atlanta, Chicago, Elt•Loi,4"' 3) Minneapolis and Dallas on December 14, 1939, and by the Federal Reaelil'a Bank of Philadelphia today, of the rates of discount and purchase Illthetv existing schedules. Approved unanimously. Letter to Mr. Lassiter, Chairman of the Federal Reserve Bank of 110140nd. ) reading as follows: "At the completion of the examination of the Federal arve Bank of Richmond, made as of October 4, 1939, by the ?:rd's examiners, a copy of the report of examination was de j4t for Your information and the information of the other ors and a copy was also furnished President Leach. Aft or'er the report of examination has received the consideration Bo the Board of Directors of the Federal Reserve Bank, the be"d Will appreciate advice as to any action taken or to o4 taken with respect thereto as well as with respect to bit2ther significant matters which may have been discussed • e_ '-Le examiners with the management during the course of Aamination." b Approved unanimously. t01, Letter to the Federal Deposit Insurance Corporation, reading as Ped "Pursuant to the provisions of section 12B of the ti:'6.1 Reserve Act, as amended, the Board of Governors of ederal Reserve System hereby certifies that the 'Pine LEtwh% toti;Juank and Trust Company', Pine Lawn, Missouri, became a ealci of the Federal Reserve System on December 12, 1939, or tr now a member of the System. The Board of Governors c4e Federal Reserve System further hereby certifies that, lia j tnilection with the admission of such bank to membership the; 48 l 'ederal Reserve System, consideration was given to til)11 V410wine: factors enumerated in subsection (g) of seeof the Federal Reserve Act: The financial history and condition of the bank, 2. The adequacy of its capital structure, 3. Its future earnings prospects, 1582 12/15/39 —3— "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 consistent with the purposes of section 12B of the Federal Reserve Act." Approved unanimously. Telegram to the Presidents of all Federal Reserve banks, reading roilows: . "Board of Governors approves following changes in Paragraphs of circulars of Federal Reserve banks on , Collection of cash items', approved by the Presidents at heir conference in Washington on December 12. Under vgni; 217m instructions' paragraphs numbered (1) and (2) revised, effective January 2, 1940, to read as follows: t(1) Do not Protest items of $50.00 or less. (2) Protest dishonored ! f ea8 of 450.01 or over, except those bearing on their u'Ice the A.B.A. no protest symbol of the Federal Reserve or of a preceding bank endorser.' Paragraph shown at bottom of page 1 of report of Standing Committee on Caldated November 8, 1939, inserted as second paragraph under caption 'Terms and conditions of collection'. re-re'graphs under caption 'Telegraphic costs' changed to : p aa as follows: 'Charges for all telegrams pertaining to /4!ent, nonpayment or tracing of items, or in connection " receiving or transmitting any other information or 14:ructions, will be made at commercial rates against the from which such items were received; telegrams to such 11" 1 4-e will be sent "collect".' In notifying banks of change it ?heck collection circular relating to protest of items, j -8 assumed that you will advise them that change was reC°111111ended by American Bankers Association." Approved unanimously. Thereupon the meeting adjourned. 4111)ro,?,e4:
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