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poirvir Minutes of actions taken -CAE; Foard of Governors of the 4derai Reserve PRESEVT: ystem on Mondvy, Earch Mr. Mr. Mr. Mr. Mr. Mr. Mr. M,7,-,rtin, Chairmen Lzymozak Evans Vordaman Powell Mills Robertson Mr. Carpenter, Lecretry Mr. Sherman, A::saitnt Lucre Mr. Kenyon, i_ssistant , Minutes of actions taken by the Board o-f GovaraGro of the Reserve System on February 7), 19:)2, were approved unanimously. Minutes of the meeting of the Board of Governors of trie 7ederal Re"rile SYetem with the Presidents of the Federal Reserve Banks held "elpIllarY 29, 19)2, were approved unanimously. Letter to Mr. McCreed, Fecrcta17, ecleml Reserve Bank of Phila- readlnE as follows: i ,t "The Board of Governors approve,,:, the reappo.ntuel °I. Ivie liLon, Pow . Keith Jet., sere. B. F. Mechlin3-, Forry L. Miller, /4a-s m. skinner, and Daniel IT. Lchultrz, as members of the zerlIstrial Advisory Committee for the Third Federal Re: v District to serve for term, of one ye%r each, be1116 March 1, l9t)2, in accordance with the acV—cn ,ten by ti, phil-Le Board of Directors of the 1:edell Irserve TAn]ro 192e. elPhja, as reported in your letter of FeTru,,,,r: ,t , Approved unanimousl. etter to Mr. Hill, Vice Preident, T Nita 'reading as follows: eral z T .,,:iff or rbila_ fit 3/3/52 -2-"This refers to your letter of February 4, 1952, eng a copy of a letter from The Pennsylvania Company for 11 11-king and. Trusts, askinc; permission to extend the business itS affiliate, the Colonial ,'-u_rety Company, to include the fire, theft, and collision insurance of autollwrlesitirle. of purchased. for cash where the purchasers are willing _ Permit the ,automobile dealer to write the insUranCe as 'agent for the surety company. "It is understood from your letter that the parties ' reriv aEreed that the Colonial E'urety Company will not handle eN`lals of any such Policies; that it will reinsure 90 per of the risk. as is being done on business fresently Iner1-11g, Witten on sales financed by such dealers throujh the this tyre of bu:bier bank; and that it is wi lThn to limjt 1/0-;riess so that its 10 per cent portion of the risk assumed -Ld not exceed $25,000 measured by the amount of premiums u°1:ce at any one time. Previously indicated in our Letter of /larch 7, 1951, 'ard erio;` seriously questions the :.rc,:riety of a rdenber bank's 1/017g:1.11E, directly or indirectly, in the insurance business. er, In view of the comnaratively small amount of additional kvl, ri8e the "ere involved, the Board will interpose no objection. to 2ur_extension of the insurance operctior,c by the Colonial eejtY Company to the extent and subject to the limitations fc)rth above.' 4 Approved unan!mously. Letter to the Honorable John D. Hickerson, Assistant Secretary ta•lc.e) ca8111-11Cton, D. C., readinu as follows: "This re1,14. acknowledge your letter of Icebninry 26) 1952, ' 111-g to United Ftates particip-tion in international conrisen incident to t:We have noted. the problems -which Fund eala " t} e depletion of the 'International Cont-;, to insure le Principles which have been et ad.en ' ' 1J'ate United F'tates rerresent,t'od 'n International -3_ nferences to be held during the remainder of the f* 1952 and during the fiscal year 1953." Approved unanimously.
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