Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, November 8, 1948, Volume 35, Part 4

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Minutes of
actions taken by the Board of Governors of the
Pe
derq Res
arve System
on Monday, November 8, 1948.
PRESENT: Mr.
McCabe, Chairman
Mr. Szymczak
Mr. Draper
Mr. Evans
Mr. Vardaman
Mr. Clayton
Mr.
Mr.
Mr.
Mr.

Carpenter, Secretary
Sherman, S.ssistant Secretary
Morrill, Special Adviser
Thurston, Assistant to the Board

Milautes
of actions taken
by the Board of Governors of the FedReSpv.
-.ve
SYstem on
November 5, 1948, were approved unanimously.
Letter to
Mr. Diercks, Vice President of the Federal Reserve
klak of ch.
leago, reading
as follows:
15t "In
accordance with your telephone request, which
0
ext;en`L,be
confirmed
by letter, the Board of
Cor,, s to D
ecember
8, 1948, the time within:
$4r4ch t
I;
acjoel'elal
State Bank of
Melvin,
Melvin,
lieivric.Plis,,h te
1948."
e- °I sixrmination of its membership under the
months' notice granted on June 8,
Approved unanimously.

Letter
‘1,
-‘ or

chic

to Mr.

Diercks, Vice President of the Federal Reserve

40, r
eading as follows:
Hitef
Octobe„ersnce is
made to Mr. Van Zante's letter of
8t1qe g
1948, submitting the applicatioril:
Eion toallk of
p=is_
ni
Carthage, Carthage, Indiana,
exercise
fiduciary powers.
e inflirtnvi,
ew of the
Reserve Banks' recommend,
ttion and
c.l'61-°4 submitted the Board of Governor
of
Governorsermis_
'KIII 13Z4/1-1Reserve System grants the applicant
snhiler the
Provisions of its condition of mhe
oiriher gl
'ed 1, to
exercise the fiduciary powers
authorized under the terms
tser
charter
'
111/8 of
the State of Indiana.




11/8/48

YOU are
requested to advise the State Bank of
"age, Carthage,
Indiana, of the Board's action."
Approved unanimously.
Reserve

Letter to Mr.
Smith, Assistant Vice President of the Federal

(Ink of Cleveland,
reading as follows:
"This
refers to your letter of October 29, with
ei ell 37°11 enclosed an
advertisement of an automatic
riotectric
table model roaster. You asked whether or
rae„,,
sneh an
""-Lting of article is a listed article within the
Regulation 14•
deeip.„The cle-ssification 'cooking stoves and ranges
1 ort7ie
,d for
household use' listed in Group B of Part
tabi.p uue SuloPleinont to
Regulation W includes such
as d:,tridel roasters
and
cookers if the cash price
'
2-ried in
Section 8 (h)(7) is 35O.00 or more."
Approved unanimously.
Letter

to the
Presidents of all Federal Reserve Banks reading

Joint
t
e Board meeting of the Presidents' Confer—
the
of Governors on October 5, 1948,
agTeement
that in the event a Federal Reserve
ak;ene:s '
l eclueeted by the Treasury to absorb
as
regarded
any fiscal
reitab-4 exPenses
which have been generally requested
8holl reinble, the
Federal Reserve Bank so
ediately communicate the facts to the Chair—
and
to th- ‘ine
Comittee on Fiscal Agency Operations
Nirzne„
13°Eircl of Governors. It was understood that the
ktt
°f the
Committee would promptly submit the
lqthet
the
- h ‘j° the
full Committee which, in conjunction
:ratt
of the Board's Division of Bank Op—
ef
“Irt
would discuss it with the Treasury in an
—
t,;„reach a
mutually satisfactory agreement.
to ae 14.1 it
should become necessary for the Treasury
i
t/rdereZ 8* deficiency
appropriation from Congress n
:
% °11.1c1
nlake full
which the Treasury
;ervi b-i4."111Pelled reimbursement,
to do if it had performed the
1„-(/netcl
ee :,à'8elfII it
reed that the case would be
48
csn its merits
wasg
and before a final decision
bY the%
hed te
h question
_oero
of
intly
d bereviewed jo
of Governors
and the Conference
etnheere




VI

3 if tff

11/8/48

—3—
the "In reaching
this agreement it was also understood
the

same general
procedure would be followed If
requests were received from any other department
Bayo_ageneY of the Government for Which the Federal Reserve
gAs act as
fiscal agents."

:1ar

Approved unanimously.
Letter to the
Presidents of all Federal Reserve Banks reading

sepa _7Thars have been
forwarded to you today under
NaZte cover
the indicated number of copies of the
for using forms, a
copy of each of which is attached,
slIttit:,of State member banks and their affiliates in
Nizvoer"1
4 reports as of
of
the next call date:
Form F. R.
105 (Call No. 110), Report of
Condition of State member banks.
Form F. R. 105b (Revised August 1939)/ Loans
and advances
to affiliates and investments
./11.cLal
t:2s secured by obligations of
1
14

;

Form
zpx:; R. 105e (Revised May 1948), Publiopo
tla.o f report of condition of State
member
Form F. R. 105e-1 (Revised May 1948), Publisher's copy of report of condition of
State
Form F. member bank.
R. 220 (Revised August 1946), Report
of affiliate or
holding company affiliate.
"
/.1,t1 F. R. 220a (Revised August 1946), PubCopy of report of affiliate or
holding company affiliate.
orm F.
R. 220b (Revised August 1946), Instructions for the preparation of reports
°f affiliates and holding company affiliates.
JI„ "The,
30 Proposed
ie ties ;1417.48 with forms are the same as those used on
the exception of a minor clarifying
5 1 of Qorn1 F. R. 105. The parenthetical inset n
rtrler
Lchedule F) Time deposits of individuals,
ships
End corporations, has been cl-mod to read
Perso ng
Al."tal
deposits accumulated for payment of
n8 end which are not deducted in Schedule




1_8'11
—4-Approved unanimously, with the
understanding that the letter would
not be sent until the forms referred
to therein were printed and ready
for distribution.