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756 A meeting of the Board of Governors of the Federal Reserve SysWS held in Washington on Monday, May 24, 1943, at 10:15 a.m. P'RESMT: Mr. Eccles, Chairman Mr. Ransom, Vice Chairman Mr. Szymczak Mr. McKee 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 hereina'rter re ferred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Pedes. rsi R eserve System held on May 22, 1943, were approved unanimously. Memorandum dated May 20, 19431 from Mr. Goldenweiser, Director the Divlelon of Research and Statistics, submitting the resignation of 148.14111i8e Bleier as a clerk-stenographer in that Division, to became "tective as of the close of business on August 8, 1943, and recommending t4t the re signation be accepted as of that date. The resignation was accepted. parlyti Letter to the board of directors of "The Lindsey Banking Cornfldsey libzibere Ohio, stating that, subject to conditions of membership 4 1 t° 3 contained in the Board's Regulation H, the Board approves "e 1)/110 8 113131ication for hiembership in the Federal Reserve System and 757 5/24/43 tc)r the appropriate amount of stock in the Federal Reserve Bank of Cleve- Approved unanimously, together with a letter to Mr. Fleming, President of the Federal Reserve Bank of Cleveland, reading as follows: "The Board of Governors of the Federal Reserve System ?Proves the application of 'The Lindsey Banking Company', _ indseY, Ohio, for membership in the Federal Reserve System, ject to the conditions prescribed in the enclosed letter which , i You are requested to forward to the Board of Directors el the institution. Two copies of such letter are also enClosed (Due of which is for your files and the other of which i;11 are requested to forward to the Superintendent of Banks ' 1 the State of Ohio for his information. "It is assumed that you will follow the matter of the bank' s reducing to within statutory limits the excess balances 14 nonmember banks." r Letter to the Presidents of all the Federal Reserve Banks, reading follows: tank,ItIn order that the practice at all Federal Reserve nf maY be uniform with respect to the time when the amount 1-v-ederal Reserve notes outstanding Is reduced because of zenrjets of Federal Reserve notes to the Treasury for retireser,' 4t will be appreciated if in the future all Federal Repe: a e Banks will put through entries reducing the amount of tei'ral Reserve notes outstanding upon receipt of the CYPEP Of the Currency Redemption Division of the Office Zhi:TirreZair of the United States. colia;fhis procedure seems to be desirable in view of the Irel security provisions of Section 16 of the Federal Re8A " 4 Approved unanimously. 4e f. Letter to the Presidents of all the Federal Reserve Banks, reading "This Decem letter supersedes the Board's letter S-134, date er 19, 1938, with reference to the use of Form F. R. 212. 758 5/24/43 -3-- . "The form has been revised to provide space for reporting fatlngs assigned under the recently adopted uniform system and .r Provide for listing the major problems in banks rated C or . L/* few other changes have been made but they are of minor importance. Two copies of the revised form, which has been aPProved by the Board, are enclosed and a supply of the forms is being mailed to each of the Reserve Banks under separate cover. Additional supplies may be obtained upon request. . "Form 212 will continue to be used only in connection With e xaminations made by examiners for the Federal Reserve ,,41118- _However, as is now the case, if the report of an in"ePendent examination made by State authorities discloses a ! ituation or contains information which should be brought to !Ile attention of the Board, the information should be presented in the form best adapted to the particular situation. 8. "At some of the Reserve Banks there is apparently a con41der'able delay in receiving,' information from State authorities connection with joint examinations and as a result Form 212 not forwarded to the Board until some time after the report examination is sent. It is requested that hereafter the rm be submitted along with the report of examination for4rded to the Board. If information with respect to the clasi-cation of assets by the State examiner or other information : 1ih eh is to come from the State authorities is not available When a the report is forwarded, such information may be sent in con!bsequent letter or a supplemental Form 212 so marked and m "ining only the necessary additional information and cornents I :. 1 Approved unanimously. Thereupon the meeting adjourned. (pLit,_Qp Secretary. Chairman.
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