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1486 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Monday, November 18, 1940, at 2:15 P.m. PRESENT: Mr. Mr. Mr. Mr. Yr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Davis Draper 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 hereinafter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Federal Reserve System held on November 16, 1940, were approved unanimously. Letter to the board of directors of "The Farmers and Merchants Bank", Boswell, Indiana, stating that, subject to conditions of memberShip numbered 1 to 3 contained in the Board's Regulation H and the following special condition, the Board approves the bank's application for membership in the Federal Reserve System and for the appropriate a.mount of stock in the Federal Reserve Bank of Chicago: "4. Prior to admission to membership, such bank, if it has not already done so, shall charge off or otherwise eliminate estimated losses of ,i2,817.85, as shown in the report of examination of such bank as of October 19, 1940, made by an examiner for the Federal Reserve Bank of Chicago." Approved unanimously for transmission through the Federal Reserve Bank of Chicago. 1487 11/18/40 -2- Letter to the board of directors of "The First State Bank of Taft", Taft, Texas, stating that, subject to conditions of membership numbered 1 to 3 contained in the Board's Regulation H, the Board approves the bank's application for membership in the Federal Reserve System and for the appropriate amount of stock in the Federal Reserve Bank of Dallas. Approved unanimously for transmission through the Federal Reserve Bank of Dallas. Telegram to Mr. West, Vice President of the Federal Reserve Bank of San Francisco, reading as follows: "In accordance with your recommendation the Board approves the application of Monterey County Trust & Savings Bank, Salinas, California, for permission to establish and operate a branch on the Fort Ord Military Reservation located in Monterey County, California, and to expend an amount not in excess of 25,000 to house and equip the proposed branch." Approved unanimously. Thereupon the meeting adjourned. # 1 6 1 4 4Xi-A.) 1( 1 10-AlLkALE____ Secretary. Approved: Chairman.
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