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188 Minutes of actions taken by the Board of Governors of the Pederea Reserve System on Monday, February 16, 1948. Met in The Board the Special Library at 2:45 p.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman pro tern Szymczak Draper Evans Clayton Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Board Smead, Director of the Division of Bank Operations Parry, Director of the Division of Security Loans Thomas, Director of the Division of Research and Statistics Vest, General Counsel Leonard, Director of the Division of Examinations Young, Associate Director of the Division of Research and Statistics Townsend, Associate General Counsel Before this meeting the Federal Advisory Council submitted a. tem (1/1'8ndum covering topics discussed at a separate meeting of the il on February 15 which were to be reviewed with the Board at JObli- meeting to be held at 10:30 tomorrow morning. The Board consiz "red the topics and it was agreed that Chairman Eccles would state, - the views of the Board substantially along the lines recorded 111 the - minutes of the joint meeting. There was a further discussion of the practice followed by ).)4e I-81'1Se depositors of requesting depository banks to furnish them 1_89 2/16/48 lth -2- more detailed information regarding their condition than was 817s11 to depositors generally, which matter was discussed at the Zeeting on February Pecieral 6, 1948, at which time it was agreed that the Advisory Council should be asked to express its views on thsPractice at its meeting with the Board tomorrow, and it was sliested that the topic also should be placed on the agenda for disclission with the Presidents at their conference with the Board tleZt week. In accordance with the foregoing suggestion, unanimous approval was given to the following telegram to Mr. Sproul, Chairman of the Presidents' Conference: "The Board will appreciate it if you will have following topic placed on the agenda for the fort Conference: hcoming meeting of the Presidents' "It appears that recently there has been a re suMption of the practice of certain large de1p3sitors of requesting that the depository banks tIlrnieh them more detailed information regarding ,"s condition of the banks than is given to de.sitors generally. The Board would appreciate if the Presidents would discuss this matter olrld advise the Board as to (1) the desirability s 14 the supervisory agencies joining in a statelint to banks in their respective jurisdictions 0 ich would suggest that banks adopt a practice : not making available to large depositors in- . °rMation which was not given to their depositors ' frnerally, (2) what, if any, other action might be aken by the supervisory agencies, and (3) the con, -derations that should prompt the supervisory agenles in any action that they might take." the V V There was presented a memorandum dated February 16, 1948, trora Messrs. Thomas and Young, Director and Associate Director, 190 2/16/48 -3respectively, of the Division of Research and Statistics, recomniellcling, for the reasons stated in the memorandum, that $7,000 be d.clecl to the Miscellaneous item in the 1948 non-personal budget or that Division for the purpose of supplementary work in conWith the 1948 Survey of Consumer Finances now being conal:toted for the Board by the Survey Research Center, University of Michigaz. Approved unanimously. At this point Messrs. Smead, Parry, Thomas, Vest, Leonard, Yoitag, and Townsend withdrew and the action stated with respect to each or the matters hereinafter set forth was taken by the Board: Minutes of actions taken by the Board of Governors of the Peaer el Reserve System on February 13, 1948, were approved unani111°/41Y. Letter to Mr. Strathy, Secretary of the Federal Reserve talak _ °r Richmond, reading as follows: "The Board of Governors approves the reappoints of Messrs. J. G. Holtzclaw, Walker D. Stuart, ov' on D. Dennis, William L. Manning and John L. -Luehurst as members of the Industrial Advisory 4.°111mittee for the Fifth Federal Reserve District . serve for terms of one year each, beginning 1:1E11 ' 0h 1, 1948, in accordance with the action taken BY the Board of Directors of the Federal Reserve pak of Richmond, as reported in your letter of eurUarY 12, 1948." Approved unanimously. 2)/W48 Memorandum dated February 11, 1948, from Mr. Horbett, As8./It Director of the Division of Bank Operations, recommending thet the Board authorize release of the figures covering 1947 mem- ber vank earnings and also the release of a press statement, a 1M°P°sed text of which was included with the memorandum. Approved unanimously. APPrOvec i: airman pro em.
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