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1 194 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Wednesday, July 28, 1948. PRESENT: Mr. Mr. Mr.. Mr. McCabe, Chairman Eccles Evans Vardaman Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Thurston, Assistant to the Board Minutes of actions taken by the Board of Governors of the Federal Reserve System on July 21, 1948, were spproved unanimously. Minutes of actions taken by the Board of Governors of the Fecleral Reserve System on July 22, 23, 26, and 27, 1948, were apP:*Ied 8Ind the actions recorded therein were ratified unanimously. Letter to Mr. Lawson, Comptroller, First of Boston Inter- Corporation, 67 Milk Street, Boston, Massachusetts, readi4€ as follows: 19 "Receipt is acknowledged of your letter of July t., 1948, with which was transmitted a report of condi-1 on of First of Boston International Corporation as at e close of business June 30, 1948. 29 "Reference is made to the Board's letter of July 1937, which amended, effective September 1, 1937, agreement entered into May 11, 1935 by the Corporasrn with the Board to provide that the Corporation maintain reserves against deposits received in the United States in the percentages required by law to s°„13.e maintained by member banks of the Federal Reserve s4"era located in central reserve cities. It is ob: 1 ved from Schedule 10, page 3 of the report, that a - reserve required to be carried against net demand sePosits has been computed at 20%, although such reWas advanced to 24 effective June 11, 1948. 'aever, it is noted from the schedule that cash elipr le for use as reserve was more than adequate to e for the reserve presently required to be ained 4 4 Approved unanimously. 7/28/48 -2Letter to the "National Bank of Commerce of Pine Bluff", Pine Bluff/ Arkansas, reading as follows: "The Board of Governors of the Federal Reserve System 1, -as given consideration to your application for fiducia-1J powers, and grants you authority to act, when not in contravention of State or local law, as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of ?states of lunatics, or in any other fiduciary capacity 1-11 which State banks, trust companies or other corpora'ions which come into competition with national banks e permitted to act under the laws of the State of .tt .rktansa._, the exercise of all such rights to be sublot to the provisions of the Federal Reserve Act and of the Board of Governors of the Federal Re:e14 the“This letter will be your authority to exercise fiduciary powers granted by the Board pending the P11;eparation of a formal certificate covering such th °rization, which will be forwarded to you in due course.” j Approved unanimously, for transmission through the Federal Reserve Bank of St. .us. Secretary.
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