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637 A. meeting of the Board of Governors of the Federal Reserve 8Yeten was held in Washington on Friday, May 12, 1939, at 11:30 a. in. PRESENT: Mr. Eccles, Chairman Mr. Ransom, Vice Chairman Mr. Draper Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinreferred to was taken by the Board: Telegrams to Mr. Young, President of the Federal Reserve Bank Of Boston, Messrs. Kimball and Hays, Secretaries of the Federal Reserve Banks of New York and Cleveland, respectively, Mr. Leach, President of the Federal Reserve Bank of Richmond, Messrs. Dillard, Stewart and l'()Ivellt Secretaries of the Federal Reserve Banks of Chicago, St. Louis aad Minneapolis, respectively, Mr. Caldwell, Chairman of the Federal Reserve Bank of Kansas City, and Mr. Gilbert, President of the Fed"al Reserve Bank of Dallas, stating that the Board approves the es- tabl4 -.Lament without change by the Federal Reserve Banks of Richmond, 4"sas City and Dallas on May 10, by the Federal Reserve Banks of New Ycrics Cleveland, Chicago, St. Louis, Minneapolis and Dallas on May 11) 1939, and by the Federal Reserve Bank of Boston today, of the ' l atee of discount and purchase in their existing schedules. Approved unanimously. Letter to the "Mercantile Trust and Savings Bank of Chicago", Chicago, Illinois, reading as follows: 628 5/12/39 -2- "The Board of Governors of the Federal Reserve System has considered the application for permission to exercise fiduciary powers made by you on behalf of the Mercantile National Bank of Chicago, Chicago, Illinois, the national bank into which the Mercantile Trust and Savings Bank of Chicago is to be converted, end grants such national bank authority, effective if and when it is authorized by the Comptroller of the Currency to commence business, to set, when not in contravention of State or local law-, as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in Which State banks, trust companies or other corpolations Which came into competition with national banks are permitted to act under the laws of the State of Illinois, the exercise of all such rights to be subject to the provisions of the Federal Reserve Act and the regulations of the Board of Governors of the Federal Reserve System. "After the conversion of the Mercantile Trust and Savings Bank of Chicago into the Mercantile National Bank of Chicago becomes effective and the Comptroller of the Currency authorizes the national bank to commence business, YOU are requested to have the board of directors of the national bank adopt a resolution ratifying your application for permission to exercise trust powers, and a certified copy of the resolution so adopted should be forwarded to the Federal Reserve Bath: of Chicago for transmittal to the Board for its records. When a copy of such resolution has been received by the Board, a formal certificate covering the national bank's authority to exercise trust powers will be forwarded." Approved unanimously. Thereupon the meeting adjourned. Assistant Secretary.
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