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A meeting of the Board of Governors of the Federal Reserve SYsteal was held in Washington on Tuesday, June 6, 1939, at 2:30 p.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chaiman Ransom, Vice Chairman Szymczak McKee Davis Draper Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinaft er referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the l'ecierel Reserve System held on June 5, 1939, were approved unanimously. Letter to Mr. P. Philip Lacovara, Legal and Asst. Editor, Trusts Estates, New York, New York, reading as follows: "Receipt is acknowledged of your letter of May 25, 1939 1 requesting advice as to whether the Board has given it s approval to a plan for the operation of a Common Trust /kind. "The Board has not approved any specific plan for the operation of a Common Trust Fund because it does not feel that it would be appropriate for it to do so. How, ever) the Standing Comnittee on Common Trust hinds of the 1:rust Division of the American Bankers Association has Undertaken to prepare a form of plan which will serve as El guide to assist banks which may prepare such plans, and the Board has advised that Committee that its proposed Plen does not conflict with the Board's regulations. The Board does not have available for distribution a copy of the plan proposed by the Standing Committee on Common ,,lrlast Funds, but you may be able to obtain a copy from 1411. Walter Reid Wolf, Vice President of the City Bank Fanners Trust Company of New York, who is Chaiman of that Committee.” Approved unanimously. 748 6/6/39 4.) 41110,14. Memorandum dated June 5, 1939, from Mr. Bethea 8 ''311arYs Assistant stating that if the Board approved, the division heads of the Th._ ivgardts organization would be advised that all employees who ecAlad be spared might be excused from duty from 10:00 a.m. until 2:00 11411 on June 8, 1939, without charge against their annual leave for the vwcPose of joining in welcoming the King and Queen of Great Britain. Approved unanimously. Thereupon the meeting adjourned. -6:5C-e4w, 414
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