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A meeting of the Board of Governors of the Federal Reserve System Was held in Washington on Wednesday, December 6, 1944, at 10:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Draper Evans Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters herein— r eferred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Pecier 61 Reserve System held on December 5, 1944, were approved unani- 14emorandurn dated December 1, 1944, from Mr. Bethea, Director : the nivisien of Administrative Services, recommending that Seaton 41311 '4 m essenger in that Division, be retained in active service on Ettel arY" basis, for a period of not to exceed one year beginning 41laY 1, 1945, with no change in his present basic salary at the : Lt°f3-.1000 per annum and with the understanding that his contin111 active service during that period will depend upon the need t(1"i8 services and his ability to render them satisfactorily. Approved unanimously. UeMoranclum dated December 6, 1944, from Yr. Bethea, Director _FL —2— qthe ivision of Administrative Services, recommending that Mrs. 14174. Deneen be appointed as a cafeteria helper in that Division ona tempo rary basis for a period of 60 days, with basic salary at the rate of $1,200 per annum, effective December 6, 1944, and with tl11114.Eanding that she will not become a member of the Board's l'etirerrient system during the period of her temporary employment. Approved unanimously. Letter to the "Security National Bank, Alexandria, Louisiana", 4ex andria, Louisiana, reading as follows: 4_ "The Board of Governors of the Federal Reserve Sys1 has given consideration to your application for fidu— inarY powers, and grants you authority to act, when not ec contravention of State or local law, as trustee, ex— Utor administrator, registrar of stocks and bonds, an of estates, assignee, receiver, committee of esi in7rs of lunatics, or in any other fiduciary capacity ti 4"lch State banks, trust companies or other corpora— Which come into competition with national banks Loe.Permitted to act under the laws of the State of tollIslana, the exercise of all such rights to be subject the Federal Reserve Act and the reg— tIle provisions of R,. 1c3ns of the Board of Governors of the Federal Reserve -Jatem. tun "This letter will be your authority to exercise the t:67,elar7 powers granted by the Board pending the prepara— °f a formal certificate covering such authorization, , en will be forwarded to you in due course." Approved unanimously. Indiana, Nactin. Letter to the "LaFayette National Bank", La Fayette, e 48 follows: t4.1111,"The Board of Governors of the Federal Reserve Sys— "as given consideration to your supplemental applica— tho .for fiduciary powers, and, in addition to the au— ho heretofore granted to act as trustee, executor, 12/6/444 —3— n and guardian of estates, grants you author— to act, when not in contravention of State or local taw,.as registrar of stocks and bonds, assignee, receiver, ucommittee of estates of lunatics, or in any other fiduciary alltY in which State banks, trust companies, or other corporations which b come into competition with national iani.cs are permitted to act under the laws of the State of tririlana, the exercise of all such rights to be subject to Provisions of the Federal Reserve Act and the regula— 'cm,s of the Board of Governors of the Federal Reserve System fid "This letter will be your authority to exercise the lclarY powers granted by the Board pending the prepara— wL:n of a formal certificate covering such authority, u4oh will be forwarded to you in due course." ." UniniStratOr, V Approved unanimously. Letter to the Presidents of all the Federal Reserve Banks read— trig as follows: a, "For your information there is enclosed a copy of ojemorandum received from the Navy Department, dated chlinber 4, 1944, signed by Commander Donald P. Welles, ti"of the Finance Division, regarding the interpreta— On of Paragraph 5 of the termination loan agreement." Approved unanimously. ae Letter to the Presidents of all the Federal Reserve Banks read— follows: hoir2It is desired that the regular annual reports of ' 4.- 1g company affiliates on Form F.R. 437 be obtained for ' iri„, 'he year ending December 31, 1944, or for the hold— tx,Lc°111Pany affiliate's latest fiscal year if it differs 11017,...the calendar year. Accordingly, please request each ; 44-rig company affiliate which has its principal execu— ti1 vot,, e°ffice in your district, and which holds a general . Permit, to file such a report in duplicate with bank not later than February 1, 1945. If you are LW44 -48a6isfied that, due to personnel shortage or for other :: 1 a8°ns, it would be impracticable for a holding company Zifiliate to complete the preparation of its report by ?bruarV 1, you are authorized to extend the time for hiling the report, but no such extension should be granted eYond March 1, 1945. Information contained in these _qports must be available to the Board as soon as prac4_ cable, and extensions should therefore be granted spar-L[1AI. p.R. "Please inform us as to the number of copies of Form 437 which your Bank will need, in excess of its Present stock, in obtaining the reports of holding compan yaffiliates in your district. Since the form has not ben : revised, it is again suggested that it may not be hol!pary to furnish additional copies of the form to bi; . y1-g -4 Company affiliates which do not fill out the 'florm but use it only as a guide for preparing their reports, and that such holding company affiliates be recrIl_lested to submit their reports in substantially the same ° m and subject to the same instructions as in previous Years. do "If your Bank has in stock any of the forms which ro not show the Budget Bureau approval number, before such shras are delivered to a holding company affiliate, there °111d be typewritten in the upper right-hand corner of Page 1 of the form the notation: 'Form Approved Budget Mo. 55-R001-42.' toll -ror further information as to the procedure to be raez d in obtaining the reports, please refer to the per,.2ndua c) (R-368--a) enclosed with the Board's letter of sti sr 23, 1938 (R-368). The instructions contained in the memorandum are still applicable to the handling of ire cillrmeeports, with the exception that, instead of the re_ nt of the last two sentences of the memorandum thai. .101a 1_copies be obtained of the latest reports of examinaState supervisory authorities of nonmember unin183ZI subsidiary banks, it will be sufficient for our f; (rk ' osss if such reports are made available to your Bank a,yss and a copy of the analysis of each such rePort of examination (including excerpts of pertinent comth., 8 relative to any criticised matters) is submitted to - Board, hol "It has been noted that, in the past, Some of the tording company affiliates did not submit all of the intinTation requested on the annual report form. This dehas been illustrated in a number of instances 1W44 —5— "by the incompleteness or inadequacy of the data submitted th respect to item 7 of page 9 relating to each subsidlarY or affiliated organization with which the relationshiP was established or terminated since the date of the P irevious report to the Board. It will be appreciated if "°11 will review the reports as soon as practicable after they. are filed with you with a view to determining their ' c'mPleteness and request from the respective holding coin'Y affiliates such additional data and explanations as re necessary to complete or correct the reports. view of the desirability of having the informafon contained in the reports available in the Board's &es as promptly as practicable after the end of the year, of is requested that you forward to the Board one copy it !,ch report immediately upon receipt by your Bank. pr v4111 be appreciated if, after you have completed your toelil nary review of the reports filed, you will send holthe Board immediately copies of any letters to the ti ding company affiliates requesting additional informa1.2n. When such information is received it should be 'rwsfded promptly to the Board. of „I During the course of your complete or final review fle reports filed, you may find it necessary to obtain colTler information from the holding company affiliates. of any requests for such information, and the addi'” tilp , d fla-L r, prinformation submitted, also should be forwarded yo- PtlY to the Board. It is contemplated that after sank has made the necessary review and analysis of s of examination by the supervisory authorities of t Ports ancl banks and their affiliated organizations in each group, by has completed the final review of each report filed rel:tholding company affiliate, a copy of the memorandum 5:to the review will be forwarded to the Board, togeth:With any recommendations, comments or suggestions you may have regarding each case." Approved unanimously. Thereupon the meeting adjourned. Chairman.
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