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1988 Minutes of actions taken by the Board of Governors of the Pederal Reserve System. on Wednesday, December 28, 1949. PRESENT: Mr. Mr. Mr. Mr. Szymczak, Chairman pro tem. Draper Evans Vardaman Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Thurston, Assistant to the Board Minutes of actions taken by the Board of Governors of the Ilederal Reserve System on December 20, 1949, were approved unanimously. Minutes of actions taken by the Board of Governors of the Fed111 /14 Reserve System on December 21, 22, 23, and 27, l9!;9, were approved eIld the actions recorded therein were ratified umnimously. Telegram to Mr. Paul H. Helms, Helms Bakeries, Los Angeles, 41 ornia, reading as follows.: "Board of Governors of the Federal Reserve System has appointed you director of Los Angeles Branch of Federal Reserve Bank of San Francisco for two-year term beginning acceptance January 1, 1950 and will be pleased to have your by collect telegram." Approved unanimously. Letter to Mr. Diercks, Vice President of the Federal Reserve of Chicago, reading as follows: "In accordance with the request contained in your letter of December 16, 1949, the Board approves the designation of Herman Henry Longfield as a special assistant examiner for the Federal Reserve Bank of Chicago." Approved unanimously. -4 1989 12/28/49 Letter to the board of directors of "The Farmers State Bank or Breckenridge, Michigan", Breckenridge, Michigan, stating that Bilbtlect to conditions of membership numbered 1 and 2 in the Board's lleeXation H, the Board approves the bank's application for memberIn the Federal Reserve System, and for the appropriate amount °11 stock in the Federal Reserve Bank of Chicago. Approved unanimously, for transmission through the Federal Reserve Bank of Chicago. Telegram to the Presidents of all Federal Reserve Banks, Is 41ing as follows: " "Please observe following procedure regarding yearend closing of books: 1. As of December 31 make careful estimate of reimbeen submitted. bursable expenses for which claims have not and report expenses operating Deduct such estimate from reimexpenses, other and agency 'Fiscal against asset item bursable.' 2. Wire Board so as to reach Washington by noon E.S.T. Oil Tuesday, January 3: (a) Average daily amount Federal Reserve notes outstanding in excess of gold certificates pledged with Agent for last quarter of 1949. (Code OUTS) (b) Net earnings for 1949 after deducting pro rata share of $40,000,000 addition to reserves for contingencies, interest on Federal Reserve notes for first three quarters, and dividends for year. (Code NTEA) receipt of above information Board will deterUpon 3. mine your Bank's rate of interest and amount to be paid to Treasury for last quarter of 1949 on daily average outstanding Federal Reserve notes not covered by gold certificates pledged with Agent. 1990 12/28/49 -3- "4. Credit payment to Treasury for last quarter Of 1949 to 'Other deposits' on Form F. R. 34 for December 31 and credit Treasurer's General Account on January 3. "Statement of earnings and expenses of the Federal Reserve Banks in Board's Annual Report will show profit aad loss section as in Annual Report for 1948, page 71. Board has no objection to your Bank's using same for= followed in your 1948 published annual report if different so that 1948 and 1949 statements will be comparable." Approved unanimously. Pi Drove.
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