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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.
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