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e30

A meeting of
the Board of Governors of the Federal Reserve
8Ystem was held
in Washington on Saturday, May 4, 1940, at 11:30 a.m.
PRESENT:

Mr. Eccles, Chairman
Mr. McKee
Mr.
Mr.
Mr.
Mr.

Morrill, Secretery
Bethea, Assistant Secretary
Carpenter, Assistant Secretary
Clayton, Assistant to the Chairman

The action
stated with respect to each of the matters hereintItter r
eferred to was taken by the Board:
Letter to the board of directors of "The Farmers and Merchants
Batik c
(3MPEinY", Arlington, Ohio, stating that, subject to conditions of
er,
i,4
--LP numbered 1 to 3 contained in the Board's Regulation H and
the r
t1011

°-1°wing
r

1311

e

special condition, the Board approves the bank's applies-

Membership in the Federal Reserve System and for the approamount of stock in the Federal Reserve Bank of Cleveland:
it4.
Such bank shall make adequate provision for dePrecietion in its banking house and furniture and
f
ixtures."
Approved unanimously, together with
a letter to Mr. Fleming, President of the
Federal Reserve Bank of Cleveland, readas follows:
tem a"The Board
of Governors of the Federal Reserve SystetIc PProves the application of 'The Farmers and Merchants
Fed CMPany', Arlington, Ohio, for membership in the
so_78-1 Reserve System, subject to the conditions preed in the
enclosed letter which you are requested
Noi°rward to the Board of Directors of the institution.
is fnies of such letter are also enclosed, one of which
to
Your files and the other of which you are requested
or (,°/*Nierci to the Superintendent of Banks for the State
'hi° for his information.

toT




631

"It is assumed that the Reserve Bank will shortly
make s follow-up investigation to see that the criticised
Practices in the handling of the bank's securities account
have been
discontinued in accordance with assurances Fiven
the State
Department following the issuance of a formal
4
1v rning on April 2, 1940, and it is requested that the
.°1dinFs on such investigation be reported to the Board."
Telegram to Mr. Merritt, Federal Reserve Agent at the Federal
Reserve Bank
of Dallas, stating that, subject to the conditions set
torth in.
the
telegram, the Board of Governors of the Federal Reserve
SYsteri a
uthorizes the issuance of a general voting permit, under the
Drovisions of
Section 5144 of the Revised Statutes of the United States,
to
the "
Republic National Beak of Dallas", Dallas, Texas, entitling
"clrgsmization to vote the stock which it owns or controls of "The
I'lrst
National Bank of
Waco", Waco, Texas, at all meetings of shareholders of
such bank, and that the period within which a permit may
:
"Pursuant to the authorization contained in
I el-881i
*Iltited to
thirty days from the date of the telegram
l'oxis of
time is
granted by the Board. The condition
tel
Pon which the permit was authorized was as

the telegram is
unless an extencontained in the
follows:

"Prior to issuance of general voting permit
authorized herein, applicant shall execute
and deliver to you in duplicate an agreement
in same form as that which applicant executed on March 1, 1939, as condition to
issuance of permit dated March 1, 1979."




Approved unanimously.

632
S/4/40




Thereupon the meeting adjourned.

-f3k4ALQ,e
Secretary.

Chairman.