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1679 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Tuesday, December 21 1947. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Szymczak Draper Evans Vardaman Clayton Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Chairman Minutes of actions taken by the Board of Governors of the Nittral Reserve System on November 28, 1947, were approved unanimously. Letter to Mr. McConnell, Vice President of the Federal Reserve 8841k of Minneapolis, reading as follows: "In view of the recommendation contained in your letter of November 25, 1947, the Board of Governors extends mto january 5, 1948, the time within which The Bank of Rhame, ,torth Dakota, Rhame, North Dakota, may accomplish membership." Approved unanimously. Telegram to Mr. Mangels, First Vice President of the Federal lieserv e Bank of San Francisco, reading as follows: "Re your wire November 15, 1947, it is Board's opinion in view of provisions of section 13b(e) of Federal Re: 8 rve Act, law does not contemplate payments by Federal ReBanks to the Treasury under that section covering any Et ; riod after final liquidation of Federal Deposit Insurance relI°ration stock owned by Reserve Banks. Payment for cur1 126 year should be computed on basis of period from January 61: October 7, 1947, the date of cancellation of such stock the!his payment should be made at the end of the year in -sual way." Approved unanimously.
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