Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, December 29, 1948, Volume 35, Part 4

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Minutes of actions taken by the Board of Governors of the
Federal Reserve System on Wednesday, December 29, 1948.
PRESENT:

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

McCabe, Chairman
Szymczak
Draper
Evans
Vardaman
Clayton
Mr. Carpenter, Secretary
Mt. Sherman, Assistant Secretary
Mr. Thurston, Assistant to the Board

Minutes of actions taken by the Board of Governors of the
Federal Reserve System on December 28, 1948, were approved unani41°Usly.
Letter to Mr. Leedy, President of the Federal Reserve Bank
Of Kansas City, reading as follows:
"The Board approves a supplemental payment
by
$523
the Federal Reserve Bank of Kansas City
the Federal Reserve Retirement System on behalf
Mrs. Julia Climent, as requested in your letter
December 24, 1948."

of
to
of
of

Approved unanimously.
Letter to Mr. Fulton, Vice President of the Federal Reserve
88-11k of Cleveland, reading as follows:
"Reference is made to your letter of December 22,
1948, submitting the request of The Union Bank of
Commerce Company, Cleveland, Ohio, for permission to
reduce its capital $16,395 to effect the retirement
of the remaining 1,639-1/2 shares held by Union Properties, Inc. It is understood that none of the released capital will be paid to stockholders but that
the amount of the reduction will be added to surplus.




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"In view of the circumstances involved and your
favorable recommendation, the Board of Governors approves the proposed reduction of $16,395 in capital,
provided the transaction is approved by the appropriate
State authorities and with the understanding that Counsel for the Reserve Bank will review and satisfy himself as to the legality of all steps taken to effect
the reduction."
Approved unanimously.

Approved: