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421 A meeting of the Board of Governors of the Federal Reserve Syswat held in Vashington on Monday, March 22, 1943, at 11:00 a.m. PRESENT: Mr. Ransom, Vice Chairman Mr. Draper Mr. Evans 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 hereinktter 'eferred to was taken by the Board: Letter to the nommercial National Bank of Kinston", Kinston, Oh Carolina, reading as follows: "The Board of Governors of the Federal Reserve System given consideration to your application for fiduciary vowers and grants you authority to act, when not in cont, illialrention of State or local law, as trustee, executor, adt Ilistrator, registrar of stocks and bonds, guardian of es: assignee, receiver, committee of estates of lunatics, any other fiduciary capacity in which State banks, mpa conies or other corporations which come into comet t rltion with national banks are permitted to act under the ! WI of the State of North Carolina, the exercise of all : 11:e" rights to be subject to the provisions of the Federal Csserve Act and the regulations of the Board of Governors of "e Federal Reserve System. r. "This letter will be your authority to exercise the cillciary powers granted by the Board pending the preparawsh°11 of a formal certificate covering such authorization, -4-eh will be forwarded to you in due course." ha ,8 j Approved unanimously. Letter to the Presidents of all the Federal Reserve Banks, g as follows: or, "You will find enclosed copy of a Viar Department mem, 4e dum, dated March 17, 1943, signed by Colonel John C. elle] ;Chief, Advance Payment and Loan Branch, with further 422 3/22/43 "reference to guarantees and loans made by Federal Reserve ,B'arlks under the decentralization of authority granted by the Department. "A copy of Colonel Mechem's memorandum is being sent to each Liaison Officer." Approved unanimously. Letter to Mr. Dillard, Vice ?resident of the Federal Reserve Of Chicago, reading as follows: "This is with reference to your letters of February 27, 19 +443 and March 4, 1943, concerning the application of Regulav-Le'n W to 'contract accounts'. he"As you know from discussions with Mr. Bonnar Brown when was in ChicaLo, the staff has been working on a possible endment to the regulation to take care of this problem of 11tract sales'. Enclosed for your comment and criticism is ',tentative draft, not yet considered by the Board or subtheed to any other Federal Reserve Bank, which would have h effect of exempting business of this kind. You will note it also covers certain sales by manufacturers and wholeatt-ters which, while technically subject to the regulation, je doubtless being handled quite generally as exempted transi°ns• We should like to have your opinion on the proposed re ..t, c-lr-Lsion both as to substance and form. In this connection, 1ll -wish to consult Mr. Kemper and perhaps other inti7ireeted persons in the trade, with the understanding of course in this preliminary stage any oublic reference to the matls to be avoided. 1141,e agree with the conclusion mentioned in your letter ' t. 41arch 4, 1.943 to the effect that flashlights are listed arI. I-eles on the basis of their inclusion in Group A-28 (Portable ttlhights, etc.). In connection with the inquiries mentioned in reat letter, you may wish to call the attention of your cororsP°nuents to the fact that sales of goods that become the de°Perty of the Defense Plant Corporation would be exempt un2, the terms of section 8(1), Credit to Governmental Agencies Religious, Educational or Charitable Institutions." Z Approved unanimously. 423 3/22/43 Thereupon the meeting adjourned.
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