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225
3oard. v.,as held. in the office of the
:.?serve
of tile 2A.orzi1 .
eorve 3bal'd on Tivarsday, Lia:
, )-. 21, 1925 at 11:10
ktideral
dov,;rnor Criss in-ar
2latt
r. I,i11er
Janles
1-r. Cl...Lianin.-.5lana
Jc.
,c-retary
The minqtes of the mc,,oting of the ii'ederal
osof73 3oord hold on.
3rd were read and o.pproved.
mint
•of the
111C30t 1.1170
Colmit tee held on
of the ,]:.:ecutive
41L-1i1 27th, 29th and Lay 5th, 8th and 14th, havin: been circulated
32110117.7 the mentors .of the lAard and Toad by them, were formally approved.
Memorandum dated
ri1 19th from the Division of :1-::::3mination
al)faication of thc.1.1orca:;.tila 1;r2,tio-da1 J'ail37. In Dallas, Tel:as,
a :(1, 1 or:ailization, for permission to • e:aercise fiduciary powers if and.
7111011 authorized by the Comptroller of tile Currency tb doEmence business;
thn Tnemordin race: m(nadinr; that in accordance with the policy of the
bard the ap-plication be referred to the Co:itroller of the C-urreno:yr.
hifter discussion, 11r. Platt moved approval
•
of the application subject to o1rov ,.1 by the
Comptroller of the Currency.
'Carried.
;:,.lemorandurn dated Lia-y 14th from the Division of ..:,'xamination
aroval of the af,plicatioa of the Citizens lia.tional 3anr'c,
,
•ezas for orirrinal stock (75 shares) in the 2ederc,-.41 —;serve Janh of
effective if and when authorized to conimence business; the same having been
aDDroved
0, 15th on the initials of members of the ::::.:ecutive Committee.
Formally approved.
326
5/21/25
-9-
•
15th from the Division of -..:aLlination, recomLiernorand-um dated. .ulay
ii
IALc:
1
a,oroval
3ai1ey,
of the anflication of the 2irst .,;ational Ban:: of
,dc.)ro.1 2..eser7e 3ar"- of
for ori-ina: stook (17 shares) in the 2c,
)d3S
effective if and whon aatho”izod to sc:amenee
tI1
33713 hav1n7; been
:mb e r3 of the _.:::ecatiVe Jonnittee.
a:Troyer-1 on L:ay 1 5th on !..he, luitials of yn
2orm3l1yao-prove;1.
Liau 14th from the ".-?ed3ra1
il-7ont at_Linnc-apolis,
Bank of
r comiondta7 aol)roval of the al---)lication of the Tanners 1:ationa1
Liar;erwood, i;orth
ta, for orir-inal stool:: (21 sh'aresi in the 2- cidera1
-teserve 3aih of Liftn.ea-olis, ofictive if
busi,less; the c•ano havin-
1 -.7.1:en authorized to com -ience
cn ap2r3ved on L
15th on the initials of
in
ve Conittee.
rnelnbers of the ...,Nen-dti
ano..•oved.
Ixamination, oecomLierorandum dated. Liar lzith from the jivision of
lanai 3an:4z,
approval of the applicat ion; of tho 2raiLl in i;at
me
•
Jersey
-J077
for ori7inal stos:-.:.- (75 shares) in the 2edera1
2erias
f the .L;ecurity
0
:aticnai Bank
L7uilt, 2eas,
the
or oriina1 stock (24 and 15 shares
f
, :ral .leserve :Jan'. of
l'osDectivoly) in the 2e1
• flO
eserVojunk
ef ectivo if
hav*i_n:7 *been ai -oroved on
authorizT)d to co:..mence busluess; the same
2x.oc7,1tivc.,
. Co:mittee.
--cV 15th on the initials of members of the ir"orn-lally approved.
...:xrirlination, rocoemoranaum dated kor 16t1i from the Division of e1dhi
Bank of 'Iope"?la, Kansas
a 2roval of the anplication of t.,1-le :cationca
)
I
e biz-4
for ori,-inr-.1 stock (330 shares) in t1-3.e 2odera1 2Loserve Bank of
0.1
(litY, effective if :_ina ihen:-xathorized to commence -5usinosc; the
• -OCu10 /14.,orzn.
of na1er
ho iiiltI.1
1r,t1-1 on
1avill7 been ai.corovod on
0•
Liay 1h 2r,..1 the Division of _:::-.3.:11nation,
rae11
12
an
or tie :if 3%
a.12„;licc.t on
- j2
the jeculty National Ijank
(20- ani GO shares, r
720:Las for or1,71-:_a1 stoo'L
-)ectivel -c,) in the 2edera1
Balla3,
efleetive if a-..1'1 when authorize', to co.:no:Ice lx,1511,-;0s; the
aID'LL7I11.-*
7.3th on tho initials of :12220,-_,,rs of the
2-0:0fovo1.
13th fran t-,11.?, Division oil'
dated ha
litio
1110/131.,1- ao.L.Jrov:),1 of tho a
"or 0
r.:t0C".. (30 5:'arEIS ) i
1.1C
, 13 r1;_";
Qf -; 11 as, effectiv:
•
03 the 3tato
tIonai
the
afk. of
oder1
3C70 2a5Ak
::._-_thol-izea to co2.2acuce bdsiLoss; t7,1.: came
13th on ti.2.1 initials of non-abers of no Board.
bee,n a-,):L-)roved on
2on-va1yao.rovo,s1.
Le3.710-;7an1am dc-te4Lia
a--_,-,2rovf-11 of the
19n from the Division of
•:intion, r7:30M"
- irst i;ntdonal
j1ication of the 2
an'or ihle
for ori7inr.2.1 stool: (13 shares) in the
,10,•
c;ffoctivc if .a.na ahona..Ithoriz.ea to CO. once
Os; the enic
5/21/m5
hai7ilyr been approved ell
- oard.
19th on the initials of manabers of the. j
2ormlly approvea.
fl2ort of Committee on 3a1aries,-L=penditures
letter
j.js
nd
fficioncy on
13th from the Comptroller of the C4rrency, recommenlin
au increase from...3600•to 4900 . p3r e,imum in the salary of National L- asi:
... E. Power; the Colilmittoe also recommenalurr. aroval.
4i-oproved.
2.eport of .Cominittee on
1:rits,.L:xpiendituros cnclL:fficiency on
letter datea Liy15th from the Com.ptroller of the Currency, recommendia7
au Increase from ,3600 to
niner_L;a11,11
4,OOO per annum in the salary of 1;ational J.;a7L-
•13y r3; the Corrnni ttoe also
roConien1in
approv
.
Approved.
-2.-nd Efficiency on
..:ep,ort of Colmittee on oalarios, Expenditures ,
letter dated May 16th from the .ctin.L Comptroller of the Currency, racomraendin7 approval of a salary of 43,600 per L.2.inura for National 3an
Examiner
Uharles . o j;aria to be assizy_ed to the 2wolft:i fesieral -;oserve District;
wIC 002:1it-tee
:2.1•
also recommendinL;
Approved.
aeport of Oonnittee on. 6a1:_ries, :11.72enditures and Efficiency on
1:;ttor :1- ted
iLaY
1 9th from the
ctin
;;emptroller o' the Onrr.cy, rec.') 1-
n- approval of a salary of •v3,,J00 per annum for National
Ji
raut H. Hess, to be assi-Jed to the lauth 2cdera1 _;.eserve District; the
Oonmlittoe also rec-.):.3a(nclin:: approval.
Approved.
:14')
5/21/25
.
Letter dated May 18th from the Chairman of the Federal Reserve Bank
.
per
Of Atlanta, requesting approval of increases from 43,000 to ,,3,300
allaTmm in the salary of Lir. George S. Vardaman and from 42400 to
2700 per
, anamm in the salary of Mr. Herbert Ayers, employees of the Ludithr: Departtient, effective April 15, 1925.
'Upon motion .by Mr. James, the increases
.
recotmended were a-gproved.
Letter dated May 18th from the Chadrman of the Federal .aeserve Bank
Of Atlanta, requesting approval of an increase from3600 to „4200 per
annul:: in the salary of Yr.
J. MoLarin, Jr., Cashier of the Jacksonville
Branch, affective May 1, 1925.
Upon motion by Mr. James, the increase
recommended was approved.
Letter dated May 16th from the Chairman of the Federal Aasorvo 3-,17,1*
Of Dallas, advising of the resisuation of Mr. C. L. jhitley, Auditor
at tho Houston Branch, and the t=2orary transfer to that position without
an employee of the Auditing
chan:0 in salary, of ;al'. George W. Porter,
D epartment at the head office.
Noted.
Lotter dated May 20th from the Ohaiman of the Federal Reserve Baal:
01. Phil deli.hia, advising
&
the resignation of Mr. William A. Dyer, Cashier
id Jecretary, and the appointment to succeed him of Mr. C. A. iicIlhenny,
forerly Assistant Cashier, with an increase in salary from '49,000 to
,t4;10 ,0
0 per annum,
Of - salary
effective May 30th; the Chairman also requesting a.„),:xoval
of 4200 per annum for Mr. Hobart B. Diets, appointed Assistant
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21/25
have
3f iTew York, advisin: that the Board of Directors of the ..3an',c.
Cranted a leave of absence of approximately three Lionths, without pay,
Ho.varci LI. Jefferson, a junior officer of the ban'ir,who has been
to
Invited by the Chilian 41.'nbassador to be the "oankin--- member of a financial
•
Mission to that country.
I;oted.
Letter dated Lay 7th from the Chairman of the ;federal 2,:iserve Bank
ilaael_hia,•rec,luesting approval of the action of the Board of
Directors of that bank in voting to grant to G-overnor
:.OrriS
a three
):Lotithse leave of absence with full pay beginning about June 1st.
Upon motion by Mr. Haaalin, it was voted to
interpose no objection to the action of the directors
of the batik.
Lotter dated May 7th from the Chairman of the Federal
eserve
.3a.11"ez of Boston, advising that the Board of Directors at their meet iur
°11 Liay 6t1-1 authorized the ic.:ovomor to arran,7se for that bank's par t icipat 1.02 ,
in the credit 2ecent1.2; o.)ened by the Federal aeserve Bank of I;ew York for
t:1.0 Bank of
.
I;oted.
.
Letter dated May 13th from the Federal ,?esrve
1iit at Jleveland,
transmit tinc- and. recommending approval of an application of the Fourth
and Jentral ?rust Com2any, Uincinnati, Ohio, for
rmiss ion to establish
a bc.auch at Lariaaont, cincinnati.
Upon ..ot ion by Mr. janyes, the above application
was approved.
Letter J.,.ted. kay 26th from the ..ssistant Federal
eserve ....r7ent at
-8-.
aai
rancisco, transmitting and recommendinr,. approval of an aiLplication
Of the :an:: of Italy for permission to establish a branch de novo at the
oorr.a. of Lati.1 1ister end. 2IlLnore
Li2on motion
7ras, approved.
- oeets,
an .2cancisco•
J=es, the above ao-plication
Lotter dated. Lay 14th from the ...ssistant Federal .toserve .Lgent et
reforrinL- to the Board.'
action of
2orary transfer of the bl-lich of the Pacific
Ban:: located at 3927 •„ost
14th in approving
outhest
rst
id ;.;avin
.Stroot and advisi:z that ho had. 4...asinter-
../hich desires to move the br-nch to temporpreted the roTaost of the bank .
ar;.7 quarters at 3915 -.'est Sixth .tret instead of 3907
t Sixth street,
Pendin7 erection of permani3nt quarters at the northeast corner of Sixth
Street &al(' -.,estern 4'.venue.
Upon notion, it was voted to approve the removal
to the tempo rary quarters mentioned.
Lemorandum dated. Lay 13th from the Division of 2xamination,
attention to the fact that certain ban'.:s in the Second and. 3eventh Districts
have recently established branches without securing the agproval of the
Loard,
_Leferred to the Connittee on:xeminations.
Letter dated ::ay 16th from the President of the Lercantile nrust
- of rialifornia, with recard to the consummation of plans for the
consolid-Ltion
- alo ..ato end the Bar::
ith that institution of the Bank of P
Of aurlin..„Ime with its branch, cali the desire of the iiercantile 'irqst
to
esta.blit.->h br'.,n.che,s in their premises.
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5., /21/ 5
t Federal .-eserve Agent at 14:w Orleans, under bond of ,.i100,000
and at an annual salar
of ,12.00, with further compensation at the rate
of %;5.00 for each time he is called upon to serve; 'Counsel statin: that
there is no Jrovision of law which forbids the
pointment of an officer
.Of a member bank as an Assistant Federal deserve Al,- ent and that the questir
Ix) one of policy.
•
After discussion it aus voted to interpose
no objection to the designation of Lir. Stevens
on the terms suggested.
..emorandum dated :Lay 14th from General Counsel, with regard to letter
'dated April 16th from the Federal aeserve .igent at 'Jan Francisco on the
subject of, irreTjlarities in the trust department of the Seattle National
4nk,oattle, .:ashington; 'Counsel* stating that such matters . come within
the province of the Comptroller of the Currency, and submittindraft of a
reply- to the Federal
eserve
cint advising th72.t his letter is. bein
refer-
red, to the Comptroller for attention.
-fter discussion, it was voted to a,oprove the
1)roposed letter to the 2ederal ..;eserve Ac7ent and
it was directed that a letter be adaressed to the
Comptrolldr of the Currency advising him of the
Board's disapproval of the practice of the 6eattle
National Bank in depositing at interest uninvested
trust balances, without crediting revenue therefrom
to the trusts.
Hamlin, it was also voted to
Upon motion by
for an opinion as to the
Counsel
request the Board's
terAnate
authority granted a
po:fer of the ioard to
1
:ercise
of
trust powers.
:).
the
national bank for
Memorandum dated :Lay 13th from Counsel, with reference to letter
dated
6th from the Deputy Governor nf the Federal aeserve Bank of
•• a
5/21/25
-11-
lirAnsas City, requestin- an opinion on the question :711.eth r balances due
from foreifli branches of banks in this country can be treated as a part
of the item "Due 2rom Banks" to be deducted from the total of "Due TO
•f
- Aanks" in computing reserves; Counsel stating that such balances ylayable
in forei.:;1, carre:icy may not be deducted, balances pay,eble in dollars may
be deducted and that balances payable ,:ithor in dollarsor in foreirn
Currency due from a member 'oank's on forei(li branch may not b-N deducted.
Aleferred to the Law Cornittee.
Liemorondirn dated ilay lath from the Coranittee on Jadaries, i;:c.1)enditures and Lfficiency, submittinf.; functional OX13011.3.0 reports for
thc; first i._uarter of 1925 and z-;. memorandum dated hay 12th from 4,;:c Ccf
Of the .L.,ivision of Bank Operations re7ardinP: same.
Noted and ordered circulated.
LiemorandUm from Counsel dated 41.11 28th, with re:-,:rd to the ap/Ale tion of the National City Bank of Now York for permission to establish a sub-branch, azency or office of its Cuban Branch in the town of
Vertientes, Province of CeLlazuey, in the
ejahlic of Cuba; Counsel stat-
tag' there is no leF:al reason why the application .Ahould not be granted.
Upon motion, t:,e following was ordered spread
limn the minutes:
"The National City 2.ank of liew York havinr;, on or
about pri1T, 1925, filed an application with this Board
for the purpose or obtainin7 authority to establish a subbrach, agency or office of its Cuban Branch in the to-al of
Vertiontes, 2..ovince of C1oy, in the 1,-31;ublic of Cuba,
mid tho said application 11.37inc been considered; rind it
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•
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t Lel f
5/21/25
Dr? s mot ion beinr: put by the
carried.
shuir
Letter dated Laty 15th fro:.1 the Deputy Liov3rnor of the Federal
*
Ba11.1 of icew York, enclosing sta.to -ent of a further re-dintriirai-,ion amounting
to
23,0ao,o.:3 of -overnr.r.Int securitis in the 6,istem account, under the
Let Investr.cnt Committee at its meeting on
Plan outlined by the Open liarT,
Dr
1
30th.
Ordered circulated.
,
ent at .Dallaz;, on
ted ',day 7th fron the Federal 2,c:5m.-re [
1:=711or1-Ja-;:Ls for the costs of
tho subject of ar.,
,sessr..1.-ts
atioa
- s niade by the Federal
th3 stuay of this. cius:ction
rv
21k ar1 ini ring as to no status of
con:lusted by. a special committee of the
Board.
Aeferred to the Oen-Inittee on 21:al, in2?-t ions.
Order of the President of the United jtatos dated Lay 1st as follows:
"Under no' provisions of the Federal ...-Leseeve .,"xct
(6'ectiod 13) apro7od. Dece:iber 23, 1913, D. R. JriLsincer
is hereby designated Gov. -rnor of the Federal -lese,-ve
Doz.vd. for the period fro , hay 1, 1925, to pri1 30, 1926,
or until othein-rise directed."
2,-31(r7ran-, dated Lay 20th fro-.1 the Federal 2.eserve ,gent at
an
'raneiseo, recommending approval of tan c-,-.0-012.s. tied of the Peoples National
O11h
of Los
ri-clos, a conversion of the Peoples )3.11:1: and. 2rust Oompany
Of Los 11-fire1es, for ori7im.1 stock (300 shares) in the Federal .leserve
'coal': of
Of
an Francisco, affective if ai1 when authorized by the Jouptrollor
'rroncy to caimence business.
-14-
5/21/25
fie Jecretry then refi...:1. a
Of
from
tter ,dated L.jri1 !.Zra
the Cocr,tary
F„.72 Govornorl-,.' Confey=ce e-Jbmittin: the foll0.7117 action tJ..17:an by the
Coll-fere:Ice hici on .:,.2r;1 6 -
, 1 925, ui:on Ti-hic,h action was taTren by the
..)oarrs stated. be10-,7:
(1) ',";here, the jOnferc,nce voted to ajro7o the re-i)ort
and rocorrznenqations of the Open 1.,:arTet Investment Co7,7r4ttee
- purchases alid to re-apportionrelative to certain addition!:.1
ment of the 07.1istin.,-- account.
fais matter is covered by ;Ir. Lillerts motion
:creviously carried at t7:iis lneetiuT and no further
action is co-Ilsidered necessary.
(2) „7-..ere it 77-',S voted, that the .1:elerdl _;esterve 2- ,o-ird be
re;:ilesto-1 to arrauz-e to havo re2rese_atctives of the JkNL-oci
1.1.cot with a coizlittee of o,:ent.., .ein.:~ 'Tell to be appointed by
ban'-:s with a view to •leterninin7 whether
the 2edora1
aul feir,rts now ellbmitted to the
st:te,.ents
some of the
b„-the .:ederal eserve hanhs 1:..ay be
2o.lerz_a osevc 2oerJ.
311'
tea.
reduced, 3i-ncal oJ. or
that t",-.:e Director of file
,Jecret;...0:
,
-eootc:d
-211e
the Chief of the
esearch
Division of
Chief .„.x....;.-.1iler
Oz.,eratimeis,
t7-Je
3rufl:
Division of
above matter
the
:
,,rdin7
re/conferred
7,17,a
and. himself,
ncm roclnired,
reerto,
the
of
some
and after
necessary.
be
to
others
foviii.1
all
had
on not ion, it was vot,-..;a that no
action be taken by the 3oard.
(3)
„here it was sil:2,23:,•ted by the Conference that the
iiestiom of le7is1at ion in re -7,%rd to both 2oderLi.1 2..eserve
Inter-bank 21dolit: Insurance and tho 2odcral:,esorve :3nsion
ht in:•ol)e,r1:7 be r ;ferrel to the .1-1 ,7.7 eeislativo ComPlan
mittee recently a1e2ointed by the 3oard•
fter discussion, it ans vote1 that no
a')ov,-; nataciou be anJa t -ward
ter to the Ler-islr-tive Committee.
..itere it was voted to be the sense of the Conference
hat the2edeva1 .leserve 6'ystaTI-1 should continue its membership
0.2t:7aiee Council.
5/21/25
IiI)on motion, it was 7ot7;:1 tliat no action
was necessary In view of the . evions act on of
the Board in votin to allow reasonable ex-ren1i7
:,:s by .2edeni1 ..:eserve
till'es for such ..- e-1.Thershi17yr.,7.s•
•
.(5) ..here it was voted to reco=en1 to each 2edee -a _Loserve b
that it eontinlie its '
-.0mbershil)in the —merican 3a:efs .,..ssocil.tion for
the c.,resent, jth the ho-ne that if membershi2 is extended be;o1al the
w1l1 be establisher-1 by the
bettor
current year
.ALLerican .2,ankefs .ssociztio.1 in their consi:eration of natters h.'"viqto do with the 2edera1 Jescrve j:;CteM.
ne question of exixenditares for r:embership
in various or:_t_lizations h-vi_Yr.: already been
decided u_ion, t'Le Boz,rd voted that no f,;.'ther
- - on the above.
,:.ction is considered nesess.--,,
(3) .i:Lere it wLts voted to reaffirm all o7 the recommendations
with fer-7,rd to non-cash co11octioll conal.led in the _re-2rt of the
Voluntai77 Je,
evices Ja-lnittee to no 2edera1 eserve _Ward unier late
Of h2ri1 3, 1924 L.:_a to -..211rove the .sule..3-.Atar:- re.,2ort fi]33. by
the standinr; Committee on Collections with the Conference of .iovernors
and the ::ederal 2Leserve board unJor 1- te of 2ri1 6, 1925.
2he Jtail1in.7 Committee on Collections
3rd to file a
havin7 been reirLsted on
above recom.
11.e
consideration
of
rellort,
a now
withheld.
mendation was
preseat limit of the .J'edec7.1
(7) .here it was votej to raise
with the unt,rstanding.,
v50,000,
to
fror,
--servo :xchan70 raft
each
ot:ler 2eJoral -.'21Cr73
,i70
bank
_..oserve
2ederal
however, tLiac each
banks
mi7:bor
to which y)crmits
of
A.:12,es
to
i=dirt0 advice of
be
care
exercised by all
that
:la
drafts
exe:Ianr2e
are L;ivon to draw
before
.passin,
i; creait on a'17,7
p
ermits
upz-1;.c":1
c'ice'AllAeserve ..;anlm in
in,iuiry la any ,,u -,stioaable c(-ses.
i. to
exohan-0 dr,_tft,
be withjrawn under avise
permits11-7
it was also qn'orstood
to all other ,i230-070 J(..nl:s to that effect.
Ui)on motion by h. Humlin, the above action
Couferece was ayoroved by the Board.
the
of
(6) .;:cre the Conference.eonsidered the request of the 2erlera1
...:oserve Coard whether or not eas'il 2ederal . eserve ban:: should ray
aoal in the c'so
. /.0 rata share of the 07.7.).7in3e - of rrosecut111.7
2ederA
7S.
..:serve. Bank of
.
CocL'af.c
2001
nd
O. the •Cardtal Cram
hl.tlanta.
-16-
•
i-rod
t-; oil :;as
152o-i 710i, 10 ,1,
1).
iionor
o
t
cofer2ed
7-nr, to -.Ler, was
17. th‘..-it an'_1.0,p11 COU1C he to'ten
action 'n
i 'Clip above cas.:,s.
cnit
dated I:13.y 7th Z.rom tho 2e1ert-a
'.2e107,•7:
his OlOCtIOjI as
rosi :led, the rosi'nc.tIon of
'ector, aic1
co2t
ak to s=ceoft ijr. L.
overllor of the
isom, class
1,icrion
adja.;t21ent3 in the junior official staff :11-,P to
-ty ,;ovorilor.
%7410 resi7nation of ra . 'T:21
.',.cferrea to the iomsitteo on District
T.ci1o7ram dated iiiay 20th from the .2oderal :.:L;Doerve
:•'7771.51-11c7 that :-.,„lthort.r7h the rpzITTnation of ir. 3.
of the ban': bec',Lic :7;ffoctI10
not v„T. Tted to
onYs
ot at Dallas
Lchianey as.Jover.i-ior
16th, hp (the 2cieral .;oserve
offico to as7.2.1-:1,:: the
uties of ,.iovernor y f,refer-
rin7 1;0 viLdt until Iris s7J.c..7;cssor is ni.imed; the Poderl ...eserve ...•ent ad7is
,ws of Min
that unaor the by-la
DeyatyovorJor:,;11.1pert becomes
vonlor.
u,:..on motion, it was voted to roost r.
ont
,eserve
:2alley to continue as .:ederal 2
until onerwice roc:Iestecl by the 'board..
smo s then Ix cc ont
d a t,010,
7.,,aaroosed
to him by the 2oderal
ent at>Jt. jouis, Atli reforence to the )rosec-ition of an of-
•
of t'Lle
nioa a.al planters faah ail.2rast Jom7)any of lit-tlYnhis, ond
sa,-,•-•coti-::;-, that the ioard retr,lest the Dejartr.-ent o± Mr_tice to f-arnish
of the case which ccfnes
ial emmsel to assist in the ,:rosocution
to trial o
y 25th.
it 'was vot ai that the
after di s„us
,,;t. LoT.zis bo advise,1
of
Bank
sorvo
Federal _1,
tiat-7 ,els it ccal not act; at
1Le 'ti,I2:2-t the znz:).;t02.1 s12.oula. be
or thoir 1,ez
1_ the
1;y the
Inon.t
/14.; -Ili—
20th, -
:
chc,nft•es I, stoc1r. at I?
s sot forth in tho
at
G
actio-A on applications for f lazeiary
e1d
powers as set forth in theit-1/41.7-1:13.17 minute Bon:
of this date.
Approved.
.1,7;:-.,tion for fiduciary
iZecornnending action on
xilr'raiwate Book
set forth
powers
this
of
Di.,
2he me otinr adjou aed at
roved:
:
nCir.
@FedFRASER