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171 A meeting of the Board of Governors of the Federal Reserve SYstem Was held in Washington on Friday, November 19, 19143, at 1:30 PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman McKee Draper Evans Morrill, Secretary Mr. Cprnenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The actl n stated with respect to each of the matters herein— after referred to was taken by the Board: The minutes of the Ideeting of the Board of Governors of the 'ecleral Reserve System held on November 18, 1943, were approved unani— Mousiy. Telegrams to Messrs. Treiber and iicCreedy, Secretaries of the Fed.e Reserve Banks of New York and Philadelphia, respectively, Mr. First Vice President of the Federal Reserve Bank of Cleveland, D. 11lard, Vice President of the Federal Reserve Bank of Chicago, Mr. RaY83 'rt., Secretary of the Federal Reserve Bank of St. Louis, Mr. Cald— 'rh, --.irman of the Federal Reserve Bank of Kansas City, and 411-.. Hale, etarY of the Federal Reserve Bank of San Francisco, stating that the D °ard approves the establishment without change by the Federal Re— '3e171r-,, banks of St. Louis and San Francisco on November 16 and by the Pede„, ' (. 11 Reserve Banks of New York, Philadelphia, Cleveland, Chicago, 71 11/19/43 —2— Kansas City, and San Francisco on November 18, 1943, of the rates of discotult and , urchase in their existing schedules. Approved unanimously. Letter to the board of directors of the "Union Trust and De13"it Company", Parkersburg, West Virginia, stating that, subject to e°11ditions of membership numbered 1 to 6 contained in the Board's Regu- 1111 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 Richmond. Approved unanimously, together with a letter to Mr. Leach, President of the Fed— eral Reserve Bank of Richmond, reading as follows: "The Board of Governors of the Federal Reserve System aPoroves the application of the 'Union Trust and Deposit Company', Parkersburg, i::est Virginia, for membership in the.Federal Reserve System, subject to the conditions pre— scribed in the enclosed letter which you are requested to forward to the Board of Directors of the institution. Two Copies of such letter are also enclosed, one of which is f°r Your files and the other of which you are requested to .f .orward to the Commissioner of BankinE for the State of ' viest Virginia, for his information. "It is noted that the bank has been advised as to the requirements of the Board's regulations with respect to notice of withdrawal of savings deposits, and it is assumed at Your office will follow the matter of bringing the uank's requirements into conformity." Letter to the board of directors of "The Farmers and Merchants Bank", Colby, Kansas, stating that, subject to conditions of mem— b"shi-P numbered 1 to 3 contained in the Board's Regulation H, the toard approves the bank's application for membership in the Federal 1 715 11/19/43 -3Reserve System and for the appropriate amount of stock in the Federal Reserve Bank of Kansas City. Approved unanimously, together with a letter to Mr. Leedy, President of the Federal Reserve Bank of Kansas City, reading as follows: "The Board of Governors of the Federal Reserve System approves the application of 'The Farmers and Merchants State .ank l, Colby, Kansas, for membership in the Federal Reserve oYstem, subject to the conditions prescribed in the enclosed 1?tter which you are requested to forward to the Board of Directors of the institution. Two conies of such letter are also enclosed, one of which is for your files and the other Of which you are requested to forward to the Bank Commissioner for the State of Kansas, for his information. "It is noted that the bank agreed to charge off immediately the estimated losses amounting to 42,404.50, as shown In report of examination for membership. It is assumed that You will satisfy yourselves that such losses have been cllarged off or otherwise eliminated prior to the bank's admlssion to membership and will advise the Board in due course." P Letter prepared for the signature of Chairman Eccles to the Hone ,rancis Biddle, the Attorney General, reading as follows: "Under date of September 18, 1943, the Board advised YOU that it did not know of any State legislation which it desired to propose at that time for the consideration of .7ollr Department and the Council of State Governments; but it expressed the hope that the proposed amendment exempting ?derally guaranteed war production loans from the loan mitations of the State banking; laws, which was placed on the program of the Council of State Governments last year !Lt the Board's suggestion and which has passed 40 of the ate legislatures, wir be enacted next year in Kentucky, Louisiana, Mississippi, Virginia and possibly in South Ca rolina. "This is to advise you that, on the basis of informa' 10n subsequently received, it now appears that it is not ecessary as a practical matter to obtain such amendments ln Virginia and South Carolina. 11/19/43 -.4— "For your further information in this connection, there is enclosed a copy of a letter addressed to the Board's General Counsel by the Counsel to the Federal Reserve Bank of Richmond under date of November 11, 1943." Approved unanimously. Thereupon the meeting adjourned. App
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