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824 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Thursday, May 27, 1954. PRESENT: Mr. Mr. Mr. Mr. Martin, Chairman Szymczak Mills Robertson Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Minutes of actions taken by- the Board of Governors of the Federal Reserve System on May 26, 1954, were approved unanimously. Letter to Mr. Fulton, President, Federal Reserve Bank of Cleveland, reading as follows: This refers to your letter of May 4 and to Mr. Thompson's letter of May 21 regarding the proposed lease for part of the Commerce Garage building in Cincinnati, Ohio. The Board will interpose no objection to the execu— tion by the Federal Reserve Bank of a lease along the lines of the draft submitted with your letter of May 4. Approved unanimously. Letter to Mr. Denmark, Vice President, Federal Reserve Bank of Atlanta, reading as follows: Reference is made to your letter of May 19, 1954, submitting the application of the Security Commercial Bank, Birmingham, Alabama, for permission to exercise fiduciary powers. Following consideration of the information sub— mitted by you in this connection and in view of your favorable recommendation, the Board of Governors of 825 -2- 5/27/54 the Federal Reserve System grants the applicant permission, under the provisions of its condition of membership numbered 1, to exercise the fiduciary powers now or hereafter authorized under the terms of its charter and the laws of the State of Alabama. You are requested to advise the Security Commercial Bank, Birmingham, Alabama, of the Board's action. Approved unanimously. Letter to the Presidents of all Federal Reserve Banks reading as follows: For many years the Reserve Banks have submitted to the Board of Governors for approval certified copies of the resolutions of the directors authorizing payment of semiannual dividends. In view of the high current level of earnings of the Federal Reserve Banks and their substantial surplus accounts, the Board has decided that until further notice submission of the semiannual dividend resolutions may be discontinued. Continuing authorization is hereby given for payment of the semiannual dividend. This does not affect the requirement that a statement be submitted by December 15 of each year showing estimated earnings, expenses, and proposed valuation allowances, special depreciation on buildings and fixed machinery and equipment, and other unusual year-end adjustments. The provision in the Accounting Manual concerning "Dividend Resolutions" will be revised accordingly. Approved unanimously. Letter to the Comptroller of the Currency, Treasury Department, Washington, D. C., (Attention: Mr. L. A. Jennings, Deputy Comptroller of the Currency), reading as follows: Reference is made to a letter from your office dated May 5, 1954, enclosing photostatic copies of an application to organize a national bank at Creston, Ohio, and requesting 826 5/27/54 -3- a recommendation as to whether or not the application should be approved. It is understood that the purpose of the organization of this bank is to take over all of the business of the Stebbins Banking Company of Creston. Information received from the Federal Reserve Bank of Cleveland with respect to the factors usually considered in connection with such applications is favorable. The Board of Governors, therefore, recommends approval of the proposal. The Board's Division of Examinations will be glad to discuss any aspects of this case with representatives of your office, if you so desire. Approved unanimously.
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