The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
788 Minutes of actions taken by the Board of Governors of the l'ecieral Reserve System on Monday, May 17, 1948. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. McCabe, Chairman Szymczak Draper Evans Vardaman Clayton Mr. Mr. Mr. Mr. ?e,4 ,4erea 1411111teS Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Board of actions taken by the Board of Governors of the eserve System on May 14, 1948, were approved unanimously. Letter to the Char board of directors of the "Peoples Bank of -Les rp toci44 -.*()) Charles Town, West Virginia, stating that, subject 1 1 4 t a4s of membership numbered 1 to 3 contained in the Board's 1114tio.„ s141)14 —4 4, the Board approves the bank's application for memberthe Ot E3tock , xoteral Reserve System and for the appropriate amount 14 the Federal Reserve Bank of Richmond APproved unanimously, together with Mr. Leach, President of the Federal Reserve Bank of Richmond, read14g as follows: 4 -Letter to t r,' , zaae Board of Governors of the Federal Reserve Sys! '1, -;'° ,,Ires the application of the Peoples Bank of il), 11- fwla, Charles Town, West Virginia, for member6111ke Federal Reserve System, subject to the conPl ' escribed in the enclosed letter which you are ' llatit s to forward to the board of directors of the el°secCytlel. Two copies of such letter are also enof which is for your files and the other n 789 ••• tt Or tA., ch you are requested to forward to the CommisBanking for the State of West Virginia for s JJaformation. : Or t It is assumed that you will follow the matter vi i-e bank's bringing into conformity with the proof law and the Board's regulations, the savings "mentioned on page 16 of the report of examinatie, n— it-s-rc'r membership and the matter of incorporating in toticevings passbooks appropriate provisions regarding ce ,, of deposit withdrawals. cazt .hit is understood that the directors of the applithro nit Propose to increase its capital by $37,500 : 13.1 %Ia. sale of $25,000, par value, of common stock at tor leinIllmi; that a meeting of stockholders had been called 12) 1948, to consider the matter; and that the rece t-e 13833k felt that the capital increase would be efto as Proposed. This would increase the capital ratio -"L Per cent of total assets." Chairman.
@FedFRASER