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519 A meeting of the Board of Governors of the Federal Reserve SYstem. was held in Washington on Saturday, March 21, 1942, at 11:30 a•Pa. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman McKee 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 herein— after referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Peder ad 'Reserve System held on March 20, 1942, were approved unani— Mously. Memorandum dated March 16, 1942, from Mr. Goldenweiser, Di— of the Division of Research and Statistics, recomnending that, -"all8e of approaching confinement, Mrs. Kathryn S. Faulkner, a clerk ill that Division, be granted leave of absence without pay from May 6 (when her accumulated and current accrued annual and sick leave will have been exhausted) through the middle of October 1942. The memorandum stated that, in accordance with the Board's policy on confinement ea.8e8 adopted November 10, 1941, Mrs. Faulkner informed Mr. Golden— Ilei8er more than five months before her expected confinement, that The clise'ntinued work at the close of business on March 15, 1942, f°11r months prior to the expected confinement, and that the three—month 520 3/21/42 -2- Pellod of absence following confinement should end about the middle of October 1942. The memorandum further stated that Mrs. Faulkner's case would be reviewed at the end of the period of leave of absence and an appropriate recommendation made to the Board, and recommended that the Board continue its contributions to the retirement system 0/Ibehalf of Mrs. Faulkner during the period of leave of absence without Pa7 Provided she continues her own contributions during the same Period. Approved unanimously. Memorandum dated March 16, 1942, from Mr. Goldenweiser, Director 0.r. 1. the Division of Research and Statistics, recommending that 1418' Ca therine M. Counts, a clerk in that Division, who has been on lea:" of absence since September 16, 1941, because of confinement, be ellanted an additional leave without pay from March 16, 1942, through 413111 15 '1942, and that during the additional leave the Board conto make its contributions on her behalf to the retirement sys41 with the understanding that she will continue her own contributione during the period. Approved unanimously. Or Letter to Mr. Leach, President of the Federal Reserve Bank chmond , reading as follows: lett "In accordance with the request contained in your of March 16, 1942, the Board approves the appointMent-er - of Robert L. Miller as an assistant examiner for 521 3/21/42 —3— "the Federal Reserve Bank of Richmond. us of the effective date." Please advise Approved unanimously. Letter to Mr. Davis, President of the Federal Reserve Bank of St. Louis, thee reading as follows: "The Board of Governors approves the changes in Personnel classification plan of your Bank as rein your letter of March 14, 1942." Approved unanimously. Memorandum dated March 20, 1942, from the Division of Security 14ans) reading as follows: . "There is attached a list of the automobile ap,71841 guides which it is recommended that the Board cp.gnate for purposes of Regulation IV, showing in dethe exact territory for which it is recommended each guide or each edition be designated. Fed "There are also attached a proposed letter to the n,eral Reserve Banks, a proposed press release, and prosed letters notifying the guide book publishers as to boe d 8°ard i s decision. The letters to the publishersemth Y the requests that it is proposed to make regarding dee.nlanner in which the publishers may announce their saslgnations, and some other requests that seem necesr7 regarding details, ge4.'These recommendations follow substantially the sugsmi;3v:°fls made in the memorandum dated March 6, from Mr. and Mr. Dembitz to Governor Ransom, with the exc?pha -,8 noted beim:. The substance of these recommendations pr : sbeen discussed with Mr. Cravens, and he has not exwith any of them. tO b It will be observed that the proposed press release det,:,18sued by the Board is relatively brief, with full It -Le to be obtainable from the Federal Reserve Banks. 11414:i lls Proposed that the matter of public announcement be deta d in this way because a press release giving full be ' 1 8 of all designations throughout the country would unduly long. T 522 3/21/42 -4- "It is recommended (with Mr. Cravens' concurrence) that the their de Board request the publishers not to announce signations except in the manner specified in the ttached proposed letters, but that the Board refrain Irom prescribing the exact -wording of the publishers' ouncements. The measure of flexibility obtained in hle way seems essential, especially in view of the differences in the publishers' set-ups, and it seems unlikely at anY publisher -- knowing that his designation is la.uuject to termination at any time -- will abuse this llebility. In case the Board wishes, however, to prescribe the exact wording of the publishers' announcements, a have prepared a draft of a form for this purpose which we e can submit if desired. "It is proposed that the Board's designations of all aPPraisal guides be limited to their quotations for used ?ars of 1935 and later models. This is proposed in order that the maximum credit value of a car of 1934 or earlier will be 66-2/3 per cent of the cash purchase price -'Without requiring that the 'appraisal guide value' limita,;:°n be applied to such old cars. Reasons for this proused exception include the fact that average price quotathoseor older models are necessarily less accurate than flo on the later cars, the fact that application of the rule to very old cars would result in down payment rebetterof 50 per cent and more on an old car in much than average condition, and certain other technical as°ns as set forth on page 23 of the March 6 memorandum. dif "Each respect in which the designations now proposed in fer from those recommended in the March 6 memorandum dev?Ives a proposal that the Board refrain from giving a slCnation in a case where further information has reied that a particular guide has little or no circulaa°11 to automobile dealers in the territory involved. The mesee Involving significant differences from the March 6 morrldum are as follows: '1. It is not recommended that the 'Official Autamobile co e Guide, published by the Recording and Statistical rPoration be given any designation at this time. Further a sis since March 6 has indicated that the general lel anarj than of quotations in this publication is somewhat higher ar'n had been indicated in the March 6 memorandum, and we p114!"°1d by the Federal Reserve Bank of Chicago that this has -cation, compiled primarily for the insurance business, arid * negligible' circulation among automobile dealers th instalment lenders. As to circulation figures by states, e co rporation wrote: n T 523 3/21/42 -5- "'Our list of subscribers is limited to 500600 subscribers, who may take anywhere from one to three thousand annual subscriptions. All of the large . . . Insurance Companies operate in more than one State, . . . so that we do not know just where they send the books, since we send them all of their books in one shipment for distribution.' "2. The memorandum of March 6 suggested that the Board • might refrain from designating the 'Blue Book-ExelItivs l Edition' for the State of Texas, on the ground veat the circulation of this edition was believed to be 4r:T the prices quoted by it tended to be congher than those quoted by other publications higher l' s°1 'which designation in Texas was proposed. For the frae reason it is now recommended that the Board also refrom designating this publication for the State of asnrsota. On 15 out of the 29 models which we analyzed nes:,selple, this edition quoted higher prices for MinerO than the extreme western portion of the ' alIgLe) than either the Market Record or the N.A.D.A. guide, thl °lir inquiries as to circulation details revealed that st;s t edition has a circulation of only 9 copies in the Other editions of the same publisher are recomMende. e for designation for Texas and Minnesota. and N ' 3 For the states of Montana, Wyoming, Colorado, in ew CO, analysis indicated that the prices quoted in Zue 'Blue Book-Executive Edition' were higher than those he N.A.D.A. the guide and the Market Record on 26 out of cule. ? models used as a sample. Study of the detailed cirthei,1,211 figures given us by the publishers indicates that a 'led Book and Blue Book-Editions A and B (which quote higinewhat lower level of prices) have a considerably 4lit?I 'circulation in those states than the Executive and .1 t,°n- It is therefore recommended that the Red Book sta , he Blue Book-Editions A and B be designated for those state a and that the Executive Edition not be given such esi gnation." il The list of automobile appraisal guides referred to in the memorandum was as follows: ' 524 3/21/42 -6- Name of Guide and b MARKET ANALYSIS REPORT, published by Used Car Statistical Bureau, Inc. AMRICAN AUTO APPRAISAL, Published by Automobile Reference and Appraisal Bureau OFFICIAL laSCONSIN AUTOMOBILE VALUATION GUIDE, Published by National Used Car Market Report, Inc., for Wisconsin Automotive Trades Ass ociation NEBRASKA OFFICIAL USED CAR SURVEY, Published by State of Nebraska Motor Vehicle Dealers Administration KELLEY BLUE Published BOOK, by Kelley Kar Company OFFICIAL Published GUIDE, by Pacific Auto Guide, Inc. NOR TEST USED CAR VALUES, 11311blished by Northwest PublishIng Company Territory for which publication is designated Connecticut Maine Massachusetts New Hampshire Rhode Island Vermont Michigan - Southern Peninsula Ohio Wisconsin Nebraska Arizona California Idaho Nevada Oregon Utah Washington Arizona California Idaho Nevada Oregon Utah Washington Idaho Oregon Washington 525 3121/42 -7,- Name of Guide and OFFICIAL BLUE BOOK NEW AND USED CAR GUIDE, Published by National Used Car Market Report, Inc. -A EDITION B EDITION BLUE BOOK NATIONAL USED CAR MARKET REPORT -EXECUTIVE EDITION, Published by National Used Car Market Report, Inc. -"Retail sales values" for Zone No. 1 Territory for which publication is designated entire United States except the states of Arizona, California, Idaho, Nevada, Oregon, Utah, Washington entire United States except the states of Arizona, California, Idaho, Nevada, Oregon, Utah and Washington and the following ten counties of Michigan: Genesee, Jackson, Lapeer, Livingston, Macomb, Monroe, Oakland, St. Clair, Washtenaw, Wayne Connecticut Delaware District of Columbia Maine Maryland Massachusetts New Hampshire New Jersey New York Pennsylvania Rhode Island Vermont Virginia 526 3/21/42 -8Name of Guide and b ishe BLUE BOOK NATIONAL USED CAR MARKET REPORT -EXECUTIVE EDITION (Continued) "Retail sales values" for Zone No. 2 "Retail sales values" for Zone No. 3 "Retail sales values" for Zone No. 4 "Retail sales values" for Zone No. 5 Territory for which publication is dsiiated Alabama Arkansas Georgia Louisiana Mississippi North Carolina South Carolina Tennessee Illinois Indiana Kentucky Michigan (Southern Peninsula, except the following ten counties: Genesee, Jackson, Lapeer, Livingston, Macomb, Monroe, Oakland, St. Clair, Washtenaw, Wayne.) Ohio West Virginia Florida Iowa Kansas Michigan - Northern Peninsula Missouri Nebraska Oklahoma Lisconsin North Dakota South Dakota 527 3/21/42 Name of Guide and blishe BL BOOK NATIONAL USED CAR MARKET REPORT -EDITION (Cont inued) "Retail sales values" for Zone No. 6 RED BOOK NATIONAL USED CAR MARKET REPORT, published by National Used Car Market Report, Inc. MARKET RECORD, Pu blished by Market Record, Inc. -D ISTRICT 1 EDITION -9Territory for which publication is designated Arizona California Idaho Nevada Oregon Utah Washington Same as territory designated for Official Blue Book New and Used Car Guide - B Edition Connecticut Delaware District of Columbia Illinois Indiana Kentucky Maine Maryland Massachusetts Michigan (except the 10 counties for which District 3 Edition is designated) New Hampshire New Jersey New York Ohio Pennsylvania Rhode Island Vermont Virginia Nest Virginia 528 3/21/42 -10- Name of Guide and iggilet-Eliii76:11-1;17ed) DISTRICT 3 EDITION Territory for which publication is esiiated ... DISTRICT 5 EDITION DISTRICT 7 EDITION D ISTRICT 9 EDITION n OFFICIAL USED CAR GUIDE, Published by National Automobile Dealers Association -DISTRICT B EDITION ......... Following 10 counties in Michigan -- Genesee, Jackson, Lapeer, Livingston, Macomb, Monroe, Oakland, St. Clair, Washtenaw, Wayne Alabama Arkansas Florida Georgia Kansas Louisiana Mississippi Missouri North Carolina Oklahoma South Carolina Tennessee Texas Colorado Iowa Minnesota Montana Nebraska New Mexico North Dakota South Dakota Wisconsin Wyoming Arizona California Idaho Nevada Oregon Utah Washington Connecticut Delaware 529 3/21/42 -11Name of Guide and he N.A.D.A. OFFICIAL USED CAR GUIDE (Continued) DISTRICT B EDITION (Continued) D ISTRICT EF EDITION D ISTRICT G EDITION Territory for which publication is designated District of Columbia Maine Maryland Massachusetts New Hampshire New Jersey New York Pennsylvania Rhode Island Vermont Virginia Lest Virginia - following 8 counties: Berkley, Grant, Hampshire, Hardy, Jefferson, Mineral, Morgan, Pendleton Alabama Arkansas Florida Georgia Louisiana Mississippi Tennessee Following county in Texas - Bowie. Illinois (except the southern section for which the J Edition is designated) Indiana Following 4 counties in Iowa -- Clinton, Dubuque, Jackson, Scott Kentucky Michigan - Southern Peninsula (except the 10 counties for which the S. E. Michigan Edition is designated) 530 3/21/42 -12- Name of Guide and P1-422-1-ahar_ N.A.D.A. OFFICIAL USED CAR GUIDE (Continued) DISTRICT G EDITION (Continued) S. E. MICHIGAN EDITION DISTRICT H EDITION DISTRICT J EDITION Territory for which publication is desigriated North Carolina Ohio South Carolina Lest Virginia (except the 8 counties for which the District B Edition is designated) Following 10 counties in Michigan -- Genesee, Jackson, Lapeer, Livingston, Macomb, Monroe, Oakland, St. Clair, Washtenaw, Layne Michigan -- Northern Peninsula Minnesota (except the 15 counties for which the District K Edition is designated) Wisconsin Illinois -- Section south of and including following counties: Adams, Cass, Champaign, DeWitt, Logan, Menard, Piatt, Schuyler, Vermilion Iowa (except the 4 counties for which the District G Edition is designated) Kansas Missouri Nebraska (except the 12 counties for which the District K Edition is designated) 531 3/21/42 -13- Name of Guide and h R.A.D.A. OFFICIAL USED CAR GUIDE (Continued) DISTRICT J EDITION (Continued) DISTRICT K EDITION Territory for which publication is desimated Oklahoma Following 5 counties in South Dakota: Bon Homme, Charles Clay, Union, Yankton Texas (except Bowie County and the 6 counties for which District K Edition is designated) Colorado Following 15 counties in Minnesota: Big Stone, Clay, Kittson, Lac qui Parle, Lincoln, Marshall, Norman, Pennington, Pipestone, Polk, Red Lake, Rock Traverse, tilkin, Yellowmedicine Montana Following 11 counties in Nebraska -- Banner, Box Butte, Cheyenne, Dawes, Deuel, Garden, Kimball, Morrill, Sheridan, Scotts Bluff, Sioux New Mexico North Dakota South Dakota (except the 5 counties for which the District J Edition is designated) Following 6 counties in Texas -- Brewster, Culberson, El Paso, Hudspeth, Jeff Davis, Presidio Utah Wyoming 532 3/21A2 -14Name Of Guide and blisher N.A.D.A. OFFICIAL USED CAR GUIDE (Continued) DISTRICT L EDITION DISTRICT 0 EDITION Territory for which publication is destmated Arizona Following 11 counties in California: Imperial, Inyo, Kern, Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo, Santa Barbara, Ventura California (except the 11 counties for which the District L Edition is designated) Idaho Oregon Washington . In accordance with the recommendatlons contained in the memorandum and effective April 1, 1942, the current and subsequent editions during the remainder of 1942 of the automobile appraisal guides as shown in the list were designated by the Board, as provided in Part 3 of the Supplement to Regulation W, with the understanding that the designation was subject to revocation as to any guide at any time. The draft of letters to the Presidents of the Federal Reserve Banks and the guidebook publishers and the proposed press statement submitted with the memorandum were approved unanimously, the letter to the publishers reading substantially as follows: hed"The Board has included , pubautomobile the 8 bY among 4PPraisal guides designated for use for purposes of Regulation W in the States of 533 3121/42 -15- "(Thi -8 Paragraph to be varied as necessary for publishers ""0 publish more than one edition.) "This (date) is to apply to the edition(s) designation of during the reand, (name of guide) Illainder of the year 1942, to subsequent ..r,11onthly) editions, Loimonthl ) but is subject to revocation by the Boara at any ime. mai "It is assumed that the issues published during the render of the year 1949 will he similar in form to the issue(s) of p and that the basis on which the retail Prices quoted are determined will be generally s'"-L-Lar to the basis of the retail prices quoted in the ate issue(s). If your organization decides tO make any substantial change in form or basis, or to ll ,angc your schedule of publication dates, it is suggested "at You notify the Board in advance. b_. "The Board's designations of all appraisal guides are anng limited to their quotations for used cars of 1935 .1, 1 later models. The maximum credit value of a car of or earlier model -- in the absence of designated 'apce:'teal guide values' for such cars -- will be 66-2/3 per "of the bona fide cash purchase price, and there will be. .4.. no objection to your pointing out these facts in conneculon zodele '" any values that you quote for 1934 and earlier publ."It is requested that your organization refrain from or elselehing any statement (in (name of guide) th Ilhere) to the effect that such publication is among 3(11e designated by the Board for the purposes of Part oeftattt ation W unless such statement is accompanied dL?' b of equal prominence to the effect that such to !eation does not indicate any finding by the Board as the -e accuracy or correctness of the prices shown or of sticLmethods of compilation. It is also requested that any 1)110 statement as to this designation appear inside of the of 4-i-cation rather than on an outside cover. It is assumed, eQuree, that you will avoid making any statement (in 'de or in any advertisement, cirei;tr, letter, or other material) that would improperly that your prices or methods of compilation have tes o found t0 be correct by the Board or by the United Government or by any other agency thereof, and that use your best efforts to prevent any such mis-F4'Tntation by others. It 13 also suggested that your publication, if it 534 3/21/42 —16— n. includes any notice that it is among those designated for Purposes of Regulation W., include also a statement indicatin gterritory for which it is designated and the dates Ithin which the particular issue is in effect. "It is noted that the issue of your (date) Publicationdes states that the values shown for the various may be increased somewhat if the particular car is equiPPed with a radio or heater. The 'estimated average retail values' to be used for purposes of Regulation Wpould be values without any such additions for cars havtng a radio or heater, and it is suggested that your statement regarding such extra equipment be accompanied by the f°rmation that such additions should not be included in .termining maximum credit values for purposes of Regulation Your publication also specifies an amount that may be a .s dded for cars with overdrive or automatic transmission cot; extra equipment; there is no objection to the inclusion , such amount in determining maximum credit values for pur °ses 13 of Regulation W. (This paragraph to go only to Publishers who recommend adding for radios or heaters.) "In the event that you desire that any change be made in the terms of designation or in the requests outlined above, the Board will be glad to give consideration to any s uggestions or proposals that you may wish to submit. 'There is enclosed for your information a copy of a ilirress release which the Board is issuing for release on 23.11 P Telegram to the Presidents of all Federal Reserve Banks, reading 4 follows: vi "In order to assist the Board in determining the adG sabllity of regulating open credits under Regulation W, : 12 17ernor Ransom has formulated the questions set forth t_ °17. He would like to have your opinions in response beenthese questions independently of the views that have si received from those engaged in the trade. It Is ashowever, that you will wish to discuss the matter 17e hln Your own staff before formulating your opinions. th aPpreciate the fact that your opinions, as well as any lilact we may have, are not necessarily final but would , e Your judgment at this time. If you will mall or wire yo "1" answers so as to reach the Board not later than next 535 3121/42 —17— "Thursday, it will be greatly appreciated. "1. Do you think open credits (including open book accounts and similar non instalment credits) should be regulated to any extent under Regulation W? Answer yes or no. "2. If your answer is yes, which of the following or guments have influenced your conclusion, indicating those which are the most important in your mind. A. To prevent evasion of regulation; B. To more nearly equalize the regulation of consumer credit between those now subject to Regulation W and those obtaining and extending Other forms of credit; C. To round out the regulation of consumer credit by covering an important field not now regulated, thus making more effective the ma— of Regulation V; for future use; D. To contribute to the fight on inflation by reducing the amount of credit extended on pres— ent and future listed articles; E. To lessen the diversion of materials and skills from war purposes by dampening consumer de— mand for present and future listed articles; F. Through determent of unnecessary purchases, to build up a backlog of savings to aid the Govern— 'Rent in financing the war and to accumulate purchas— ing power for use when production for war purposes -Lessens; G. To support the efforts of other Governmental agencies to curb consumer demand through more direct methods of control such as taxation, priorities, l'ati°ninE, price control, etc., and thus possibly Contribute some assistance particularly to the lessen— rlg of the difficult problems of rationing and price control. (If the foregoing list does not cover the ground adequately in your opinion, state any other arguments whoh have influenced your conclusion.) If your answer is no, which of the following argu— nients ar_ ave influenced your conclusion, indicating those which the more important in your mind. A. Administrative difficulties. B. Trade reaction. C. Public reaction. p.cot r mt dislike of selective or direct credit 536 3/21/42 -la- "E. Unsatisfactory results so far from regu1ating consumer credit. F. Belief that better results can be produced in curbing consumer demand by action on the part of Other Governmental agencies, e.g., taxation, priorities, rationing, price control, etc. G. Belief that some other agency, not the Federal Reserve System, should regulate consumer credit. H. Belief that all outstanding consumer credit 18 in process of being reduced regardless of regulation. I. Belief that the disturbance of normal busiess processes would more than offset any possible benefits. (If the foregoing list does not cover the ground adequately in your opinion, state any other rguments which have influenced your conclusion.) 4. If your answer to Question Number One is yes, state in ci „A. substance your idea of the types or kinds of ts that should be included within the regulation. Boa '5. Assumi, ng for the sake of discussion, that the yo , rd should regulate such credits, indicate the order of t41; preference among the following possible methods of conthat or any combination of them (adding any other methods YOU may think should be considered): A. Requiring the same cash down payment on any or future listed article that is required by the regulation when such article is covered by ins6alment sale credit. B. Requiring some particular percentage down Yment in cash on any article (whether listed or un_lsted) sold on open credit. If you favor this plan, °I.Iggest the percentage figure that seems appropriate at this time. , C. 'Freezing' an existing account, that is, de:Ling further credit for (a) listed articles or (b) for t e1.7 1 article whether listed or unlisted (1) whenever e: 1 e is a charge in such account for a listed article Which has remained unpaid for a specified period or (2) whenever there is a charge in such account, ?ether for a listed or unlisted article, which has emained unpaid for a specified period. This plan might work as follows: If there were an Unpaid item in the account for (a) a listed article or (b) any article, the merchant having such account r 537 3121/42 -1911 on his books could not extend further credit to such customer until the account was paid in full. In this connection please consider the question Whether the denial of further credit should apply also whenever there is a default in an instalment sale credit of the same seller or whether the denial of further credit should include the denial new instalment sale credits, as well as additions to the existing account. If you favor such a plan state which of the alternatives you prefer. Also please consider how the account might be 'unfrozen!, as, for example, by payment in full or by converting it into an instalment credit with an appropriate down payment. D. If you favor plan C, in some form, indicate what period you would specify before the account is frozen and when that period should begin. Suggestions as to length of period which have been received range from 15 to 120 days. E. Requiring a certain percentage of every °1371 book credit to be paid monthly. (Suggestions Which have been received have varied from one fifth to one half). Mat percentage would you suggest? P. If you favor some other plan or some variat. 1°11 or combination of the foregoing plans, please °utline its substance here, and give briefly your reasons. "6. Since there are many possible ways of stating argunio_ents pro and con and plans for dealing with the subject 012,en book credit, we would not wish the foregoing to be arsidered as representing any preconceived conclusions or th rePresenting any attempt at perfection of statement and poi el'efore we hope that you will feel free to add at this ttan-Y" comments, suggestions or preferences that you rtia,,n, tf", 'ink would be helpful in rounding out the considerasiV of the entire problem. In this connection please conand indicate whether your answers to any of the ques' a 118 would be materially influenced by the possibility of 04ubstantial increase in the number of listed articles those now covered by the regulation, to include soft goo8 ev °ds and goods with relatively small unit values." Approved unanimously. Letter to the Director of the Mint, Treasury Department, reading 538 3121/42 -20- "Reference is made to your letter of March 11, 1942, the cooperation of the Federal Reserve System, as Part of the war effort, in returning to the coinage mints empty coin bags as they accumulate from time to time. "A copy of your letter is being sent to all Federal Reserve Banks and we are sure that they will continue to :00perate with your office in this matter to the fullest c:5tent. Incidentally, a number of Reserve Banks forwarded circulars to their member banks regarding the return of pItY coin bags after receiving Mr. Julian's letter of donee ruary 23, 1942, requesting advice as to what might be in the matter of recovering coin bags from member 1,_ uanks and other financial institutions." re Approved unanimously, together with a letter to the Presidents of all Federal Reserve Banks transmitting copies of the above letter and the one under reply. Thereupon the meeting adjourned. eertat, Secretary. Chairman.
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