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1_364 A meeting of the Board of Governors of the Federal Reserve reteralvas held in Washington on Wednesday, September 13, 1944, at 11:30 a.m. PRESENT: Mr. Eccles, Chairman Mr. Ransom, Vice Chairman Mr. McKee Mr. Draper Mr. Evans Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary The action stated with respect to each of the matters herein4tter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Peri "eral '`Iteserve System held on September 12, 1944, were approved unani- Letter to Mr. McRae, Chief Examiner of the Federal Reserve of, Bos on, reading as follows: t citit.4 "In connection with the June 30, 1944 report of conWe rn of United States Trust Company, Boston, Massachusetts, loa.'"'e received a copy of Schedule 0 showing the bank's tila.111,s, to and investments in its affiliate, New Scollay P. - u-ing Trust, but no reports of the affiliate on Form J111“- 220. If we understand the situation correctly, since - 7, 1944, the bank has not carried any loans to or se„4, pori'es of the affiliate on its books and affiliate reOn Form F. R. 220 are no longer required. On June 3 19414. however, the bank's investment apparently was earri d at $140,415, and the bank presumably made and pub1414: ' e a report of its affiliate as it had done on preN10 , mari call 11 dates. If so, we shall appreciate it if you let tot, us have a copy of the report on Form F. R. 220 plabl?ur records. If no such report was submitted and however, no good purpose would be served by 1365 9/13/44 -2jequiring the submission and publication thereof at this have sauwn assuming that the bank's books since July 7 no financial interest in the affiliate." Approved unanimously. Letter to Mr. Flanders, President of the Federal Reserve Bank or Bos tcYn, reading as follows: B "In reply to your letter of September 8, 1944, the ard does not contemplate making any changes at this lme in the classification of Group 1 banks for electoral PlIrPoses.ti j Approved unanimously. Letter to the Presidents of all the Federal Reserve Banks read141, P.1. as rola OWS: "There is attached for your information and guidance ;1; Photostatic copy of a memorandum from Colonel John C. i em, Chief, Special Financial Services Division of Var Department, further amending the instructions cl'ena the War Department to the Federal Reserve Banks 4.,c1 April 8, 1942, as amended April 14, 1942. You ti'l note that the amendment, which is to become effectve September 15, 1944, increases from $100,000 to 12,23°00 the amount within which the Federal Reserve can execute 1944 V-Guarantee Agreements without 'erence to Washington." Zelch Approved unanimously. Thereupon the meeting adjourned. (21(Z401. Chairman. ? --A., )111110-4A/L14 Secretary.
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