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1 4 727 Minutes of actions taken by the Board of Governors of the Nderai Reserve System on Tuesday, December 9, 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 Pederai Reserve System on December 5, 1947, were approved unanimously. Memorandum dated December 2, 1947, from Mr. Bethea, Director (If the Division of Administrative Services, recommending that the rest gnation of Eugene P. Jordan, operating engineer in that Division, be -ecePted to be effective, in accordance with his request, at the elos, ' of business December 17, 1947, with the understanding that a liznp 8/1n1 Payment would be made for annual leave remaining to his elledit as of that date. Approved unanimously. Memorandum dated December 5, 1947, from Mr. Bethea, Director the 71 , dvision of Administrative Services, recommending that the 41150rA,.— -*J appointment of Mrs. Kathrine Boyd, a cafeteria helper in that 1)1vision, be extended on a temporary indefinite basis with no Ch ri in her present basic salary of $1,690 per annum, effective 1. -r 13, 1947. Approved unanimously. 10728 1W47 -2Letter to Mr. Voolley, Vice President and Cashier of the Fed- e1 Reserve Bank of Kansas City, reading as follows: "In accordance with the request contained in your letter of December 1, 1947, the Board approves the appointment Of Elmer L. Screechfield as an assistant examiner for the Federal Reserve Bank of Kansas City. Please advise us of the date upon which the appointment is made effective and also as to salary rate." Approved unanimously. Telegram to Mr. Carstarphen, Secretary of the Federal Reserve kak Of St. Louis, reading as follows: "Relet December 5, Board has no objection to purchase ..e.ti?.d installation of auxiliary electric power equipment in Little Rock Branch building at a cost of not to exceed 31500.fl Approved unanimously. Letter to the Presidents of all Federal Reserve Banks reading f°110WS "There have been forwarded to you today under separate cover copies of form F. R. 107 to be used by State mem,er 1 banks in submitting their reports of earnings and divir4ds for the calendar year 1947. The form is the same as ;he one used in submitting the reports for the calendar year 46 except for the deletion of land excess profits tax! within parentheses at item 7, Taxes on net income. "In order that our tabulations may, in so far as practi)le, include earnings and dividends of banks which were "embers of the Federal Reserve System during part of the reP°It period, it will be appreciated if hereafter you will endeavor to obtain supplementary earnings and dividend re3°Its (face side of form F. R. 107 only) in each of the fol°/ling eases, ,,There applicable: (a) State member bank converted into or absorbed or succeeded by E. national bank. (Its earnings, expenses, etc., are not included in the report of the national bank.) r 1 1729 12/9/47 —3n(b) State member bank absorbed by another State member bank, provided the absorbing bank does not submit a consolidated report for the full period. (c) State member bank withdrawn from membership and deposit insurance. (If insurance is continued, full year figures will be obtained by the Federal Deposit Insurance Corporation.) The supplementary reports should cover the period from January 1.to date of change if the change takes place during the first .-x months, or from July 1 to date of change if during the last 81 ?Ix months of a year. However, a report need not be requested if the amount of total current earnings reported thereon is not likely to exceed $100,000. "It is requested that preliminary tabulations in thousands dollars be made hereafter for all member banks in your Disit_irlet by class of bank (national and State members separately, ' DY reserve classifications) of the selected items listed below, as numbered in the calendar year 1947 earnings and dividend report form: 1(a)(1) Interest and dividends on United States Government obligations 1(b) Interest and discount on loans 1(h) Total current operating earnings 2(i) Total current operating expenses 3 Net current operating earnings 4(e) Total recoveries and profits 5(d) Total losses and charge-offs 7 Taxes on net income 8 Net profits Cash dividends declared on common stock (13(f) in national bank reports; 9(h) in State member banks reports) If practicable, the tabulations should be forwarded to reach the 80ard by the end of January and July. Estimates may be made in ?"es of missing or incorrect reports that would delay the Ta bulations." Approved unanimously, with the understanding that the letter would be sent when the forms ref therein were printed ancl/ -:dy or distribution. Secreta y. Chairman.
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