The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
2130 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Saturday, November 7, 1942, at 11:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Szymczak Draper 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 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 6, 1942, were approved unanimously. Letter to the board of directors of "The Citizens Loan and Trust Company'', Washington, Indiana, stating that, subject to conditions of Membership numbered 1 to 6 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 St. Louis. Approved unanimously, together with a letter to Mr. Davis, President of the Federal Reserve Bank of St. Louis, reading as follows: "The Board of Governors of the Federal Reserve System approves the application of "The Citizens Loan and Trust Company", Washington, Indiana, for membership in the Federal Reserve System, subject to the conditions prescribed 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 for your 2131 11/7/42 -2- "files and the other of which you are requested to forward to the Director, Department of Financial Institutions for the State of Indiana for his information. "It is understood that in the State of Indiana trust funds deposited in the banking department of a bank are preferred claims in the event of liquidation of the bank. Therefore, you are authorized in accordance with the general authorization previously granted by the Board to waive compliance with condition of membership numbered 6 until further notice." Thereupon the meeting adjourned. 11(1 S cretary. APProved: Lte Chairman.
@FedFRASER