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1753 MJflUtTa. of actions taken by the Board of Governors of the 'Federal Reserve System on Monday, December 9, 1946. PRLSENT: Mr. Mr. Mr. Mr. Eccles, Chairman Draper Evans Vardaman Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Chairman 14inutes of actions taken by the Board of Governor's of the Reserve System on December 6, 1946, were approved unani111(yusi r. Letter to the board of directors of "The Bank of Houston", ii°11t° ' 1) .lissouri, stating that, subject to conditions of maTibc)r4P/1111nbered 1 to 3 contained in the Board's Regulation H, the 11°41'cl aPProves the b(7- nk's application for membership in the Federal PL%erve system and for the appropriate ?ffiount of stock in the FedReserve Bank of St. Louis. Approved unanimously, together with a letter to Mr. Davis, President of the Federal Reserve Bank of St. Louis, reading as follows: "The Board of Governors of the Federal Reserve %stem aPproves the application of The Bank of Houston, a;, W°n, Missouri, for membership in the Federal Reserve crenl, subject to the conditions prescribed in the en1"ed letter which you are requested to forward to the ellecTd of directors of the institution. Two copies of letter are also enclosed, one of which is for your war ! 8 and the other of which you are requested to forto the Commissioner of Finance for the State of s°1Iri for his information. 1754 -2"Since the amount of estimated losses shown is relatively mall, the usual condition of membership replring elimination of losses has not been prescribed. 't ie noted, however, that the bank agreed to charge eff the estimated losses without delay. "The rport of examination for membership shovqs that the bank's internal operations are inefficiently • Tanaged and its records poorly maintained. Credit data 18 lnade-uat, supporting papers are lacking in connection with several real estate loans and overdnfts , a:PPear to be freely granted. It is noted, hoever, wlat the management expressed a desire to effect corrections and the examiner felt that satisfactory imrovement v,ould be attained under firm supervision. ,t le assumed, of course, that the matter will be foled closely and counsel and assistance given as the eed may appear." tallat op Letter to Mr. V;ayne, Vice President of the Federal Reserve 'Richmond, reading as follows: 1946 "Reference is made to your letter of November 25, O4, 3 regarding the proposal of the Union Trust Company : a Maryland, Baltimore, Maryland, to remodel the premises 1 ;2056 Harford Road, Baltimore, laryland, acquired in 1.0 4 5 3.1nl.order that a branch may be established at that er "In view of your recommendation, the Board of Gov— ofIl°rs will interpose no objection, under the provisions co conon of membership numbered 8 to which the trust 411IniPanY is subject, to the investment of approximately '3°00 for the purpose stated." Approved unanimous Secretary. Chairman.
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