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15E14 A meeting of the Board of Governors of the Federal Reserve 4Ertem, W5 held in Washington on Thursday, December 2, 1937, at 2:45 15• rt. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak Davis Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman Co nsideration was given to each of the matters hereinafter retetTed to and the action stated with respect thereto was taken by the azsa The minutes of the meeting of the Board of Governors of the .'44 Reserve System held on December 1, 1937, were approved unani- Te legrcuuts to Messrs. Young, Stewart and Powell, Secretaries "the -6'.1sral Reserve Banks of Chicago, St. Louis and Minneapolis, 413Pecti,,, -ve-LY, and to Mr. Stewart, Chairman of the Federal Reserve ktlk Of c. Francisco, stating that the Board approves the establish/44 with -(3" 1 change by the St. Louis bank on December 1, 1937, and by the ottil chi"1E0, Minneapolis and San Francisco banks today, of the rates scoluit and Purchase in their existing schedules. Approved unanimously. 'Letter to Gidney, Vice President of the Federal Reserve 12441it Of, ' law York, reading as follows: 1.585 12/2/37 -2- "In accordance with the recommendation contained in Your letter of November 24, the Board approves the appointments of Philip L. Dickinson, at present an assistant examiner, as an examiner, and of Lawrence E. Quackenbush as Ti assistant examiner for the Federal Reserve Bank of New ic)rk- Please advise as to the dates the appointments become effective." Approved unanimously. Letter to Mr. Drinnen, First Vice President of the Federal Reserve 'Dank of Philadelphia, reading as follows: "In accordance with the request contained in your letof November 24, 1937, the Board approves the appointlit of John C. Hummel as an assistant examiner for the .ederal Reserve Bank of Philadelphia. In order that our records may be complete, please advise as to the date the ePPointment becomes effective." Approved unanimously. Letter to Mr. Evans, Vice President of the Federal Reserve Bank °t 1)allas, reading as follows: a "This refers to your letter of November 24, 1937, and i nclosures, presenting the question whether deposits "' all member banks made by the State Treasurer of Texas under e.greement contained in the form of application for desigoetical as a State depository constitute 'time deposits, Pen account' as defined in section 1(d) of Regulation Q. , "It is understood that the only question arises from t notice in the 1°1lo absence of a requirement for written wing provision of the application: All amounts due the State, both principal and interest, shall be paid by the applicant at Austin, 1;::::11raand after 31 days notice by the State "You state that you and your counsel feel that the WOlid st s used in the contract 'after 31 days notice by the te4te Treasurer' may reasonably be construed to mean writnotice in view of the fact that, as a matter of actual tallished procedure, all of his withdrawal notices are 1586 12/2/37 "in written form. It appears that this construction is supPorted by article 2525 of the Texas Depository Law, operative 9n and after August 1, 1937, which provides that 'the term "time deposits", as used herein, shall mean any deposit With reference to which there is in force a contract that neither the whole nor any part of such deposit may be withdrevin by check or otherwise prior to the expiration of the period of notice which must be given in writing in advance Of withdrawals.' "However, without undertaking to determine whether or not this is the correct construction of the form of application, no objection will be offered to treating deposits /!lade thereunder as 'time deposits, open account', provided that the State Treasurer in each case actually gives the ! equisite notice of withdrawal in writing and with the understanding that the form of application will be revised at the time of the expiration of the new depository contracts °II November 30, 1938, so as expressly to require written notice of withdrawal." Approved unanimously. Letter to the Presidents of all Federal reserve banks, reading 48 follows: "Under date of September 3 there was forwarded to you, 88 stated in the Board's letter R-71 of that date, a sap.J 1 ,Y of blank forms for the use of State bank members and r affiliates in submitting reports as of the next call ci bete. Inasmuch as the usual Fall call for reports has not been made, the blank forms now in the possession of State uelok members should be used in submitting the reports 11Y called for at the end of the year. In addition, " h8 0° I.wever, it is desired that the banks report the amounts th their agricultural loans and farm real estate owned by e114 as of the next call date. For this purpose please send t , turea copies of Form 105-f, a supply of which has been sent a You under separate cover, to each State bank member at di :time it is formally notified of the next call for con„ i(111 reports, with the request that a report thereon be ;'unlitted in duplicate at the same time that the condition re oPori on Form 105 is submitted. The information called bY Form 105-f is the same as was called for by the two p-'"andum items which appeared at the bottom of page 4 of °17111 105 on the June 30, 1937 call for condition reports. j 1V2/37 -4- "It is suggested that the figures reported on Form 1°5-f as of the next call date be compared with the car.'esPonding figures reported against the two memorandum items at the bottom of page 4 of the reports rendered as °f ;Uns 30, 1937, in order to make sure that the figures ;1q)orted for the two call dates appear to be comparable. 4, 111e copy of the report on Form 105-f should be sent to 4ns Board and the other copy retained by your bank." Approved unanimously, with the understanding that the letter would not be transmitted until the supply of Form 105-f was received from the printer. Thereupon the meeting adjourned. Chairman.
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