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A meeting of the Federal Reserve Board was held in Washington on Tuesday, October 31, 1933, at 11:25 a. m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Black, Governor Hamlin Miller James Thomas Szymczak Mr. Morrill, Secretary Mr. Martin, Assistant to the Governor Wyatt, General Counsel Governor Black submitted the following statement for inclusion in the Board's minutes: "On Sunday, October 29, 1933, I was invited to a conference at the White House. At this conference there were present: The President Mr. Bruere Mr. Kent Mr. Crane Governor Harrison Mr. Warren Mr. Rogers Mr. Morgenthau Mr. Jones Mr. Acheson Mr. Black "The President reviewed the present situation especially as it related to agriculture. "He then stated that in pursuance of his policy to raise the level of commodity prices he had determined to have the Government, operating through the Reconstruction Finance Corporation, buy gold in the world market. He then asked for information and opinions as to the best mechanism covering such purchases. After discussion it was determined that the ileconstruction Finance Corporation should purchase the gold in the world market and should finance such purchases through its debentures, and, the means being thus afforded, the most efficacious proceeding would be, first, to have the Reconstruction Finance Corporation deliver to the Federal Reserve Bank of New York as its agent its debentures covering the cost of the gold purchased in the 535 10/31/33 - 2- "world market; second, the Federal Reserve Bank of New York, operating through regular channels, would buy francs or sterling and convert such francs or sterling into gold for the account of the Reconstruction Corporation; third, the gold so purchased would be delivered to the Reconstruction Finance Corporation at the price paid and such price would be paid out of the debentures of Reconstruction Finance Corporation delivered to the Federal Reserve Bank of New York; fourth, such transactions on the part of the Federal Reserve Bank of New York would be solely as agent of the Reconstruction Finance Corporation and at the risk and expense of that Corporation. "Governor Harrison and I stated to the conference that in our opinion the mechanism proposed was practicable and that I would recommend that the Federal Reserve Board grant necessary permission to the Federal Reserve Bank of New York and Governor Harrison would recommend it to the directors of the Federal Reserve Bank of New York. "It was stated at the conference by the President that the operation would be by the Federal Reserve Bank of New York and transactions would be had by it in line with the proposed policy of the Government, reports to be made of its operations and the results of those operations, and that if the dollar was unduly depreciated the operation night be reversed. "It was further agreed at the conference that Governor Harrison might immediately acquaint the Bank of England and the Bank of France with the present objective of the Government in these transactions. "On Monday morning, October 30, 1933, I informally acquainted the members of this Board of the scope and details of this conference, and was informally advised by the Board members that when formally presented they would permit the Federal Reserve Bank of New York to engage in the necessary operations subject only to legal restrictions. "I then requested the opinion of our Counsel, Mr. Wyatt, as to the right of a reserve bank to purchase debentures issued by the Reconstruction Finance Corporation. Later in the day on Monday I received the opinion of Mr. Wyatt in which opinion he stated that under the law a Federal Reserve Bank could not purchase debentures of the Reconstruction Finance Corporation. This opinion was considered informally by the Board members and it was thought that since this program was originated by the President it would be proper and courteous to have an opinion on this legal question from the Attorney General. The President agreed to the propriety 5R6 - 3 - 10/31/33 "of this request and stated that he would request such opinion. "The Board will understand, and the President was so informed, that this program can be carried out in connection with a member bank or banks without the purchase of such debentures by the Federal Reserve Bank of New York, but, if legal, it would seem proper to have the transaction fully handled by the Reserve Bank." At the request of Governor Black the Secretary read to the Board a telegram addressed to the Board under date of October 30, signed by Mr. Crane, Deputy Governor of the Federal Reserve Bank of New York, which was received this morning, and which reads as follows: "At the meeting of the executive committee of our board of directors today the following resolution was adopted: Voted that, subject to the approval of the Federal Reserve Board, this bank may, in accordance with the request already received from the Reconstruction Finance Corporation, act as fiscal agent of that Corporation in the sale of its debentures or notes in the form to be prescribed by the Reconstruction Finance Corporation, and at rates of interest or discount to be fixed by it, against payment in gold recovered fram natural deposits in the United States or any place subject to the jurisdiction thereof, and may also, if so requested by the Reconstruction Finance Corporation, act as fiscal agent of that Corporation in the sale of such debentures or notes against payment in gold acquired abroad, the price at which such gold is to be accepted in payment for such debentures to be fixed by the Reconstruction Finance Corporation, and that the officers of this bank be, and they hereby are, authorized to do and perform such acts and to sign and execute such agreements as they may deem necessary or advisable in order to carry out the purposes of this resolution. "We shall appreciate advice of the Board's action on this matter." Thereupon the members of the Board entered into a discussion "to whether the resolution quoted in Mr. Crane's telegram covered all -4 10/31/33 the authority intended to be exercised by the Federal Reserve Bank of New York in view of Governor Black's statement, and indicated a desire to have for the purposes of the record a copy of the request received from the Reconstruction Finance Corporation to which reference was made in the telegram. Governor Black then left the room for the purpose of talking over the long-distance telephone with Mr. Crane and upon his return said that while he was talking to Mr. Crane Governor Harrison had cone in; that Governor Harrison had been endeavoring to work out an agreement with the Reconstruction Finance Corporation; and that Governor Harrison had said that for the present the resolution as quoted in Mr. Crane's telegram contained all the authority that the Federal Reserve Bank of New York desired. At the suggestion of Governor Black, Governor Harrison was invited to COMB into the meeting. Governor Harrison said that the method Of handling the matter had been worked out with the Reconstruction Finance Corporation and that yesterday the President had expressed the thought that the method proposed was the best way. At the suggestion of one of the mem- bers of the Board, Governor Black read to Governor Harrison the memorandum which has been quoted in these minutes. Governor Harrison said that during the meeting on Sunday the President asked him for his views as to the mechanics by which the proposed objectives could be attained, but expressly stated that he was not seeking an expression of opinion as to the policy or wisdom of the proposed action; that he answered that the most obvious and Clearly legal course was to handle the matter through a member bank if such 538 10/31/33 - 5 - nember bank were willing to do so; and that mechanically it could be done through the Federal Reserve Bank, but that there were two questions upon which he was not prepared to express an opinion, one being whether the Federal Reserve Bank had a legal right to buy debentures issued by the Reconstruction Finance Corporation, with respect to which Governor Harrison said that he was very doubtful, and, second, whether it was wise as a matter of 13°11.eY for the Federal Reserve Bank to do so, as to which he could not undertake to express an opinion without consultation with his associates and the board of directors of the Federal Reserve Bank of New York; but that he preferred an arrangement with a member bank. Governor Harrison added that, ac- cording to his understanding, it was left that he should explore the question Of Policy involved and that Governor Black should explore the question of law. Governor Harrison said that later Governor Black advised him informally of lixe, Wyatt's opinion, which he thought he agreed with, although he had not "tidied it carefully. He then said that the President had sent for him Yesterday afternoon and asked him about the mechanics of the proposed action, that he told the President that he felt that it would be better to handle it through a member bank and asked whether the President would have any objection to doing it through a single member bank in New York; and that the 1°Ileeident replied that he had no objection if the right were reserved to ebarle the procedure if it becarle desirable to do so later. Governor lirrison said the President inquired about the possibility of the Federal Ileserve Bank handling the operation and that in reply he referred to the 8111.3 two questions that he had mentioned on Sunday, whereupon the President ' e 1(1, that he need not consider these questions any longer but could arrange 539 10/31/33 - 6 to conduct the operation through the member bank without the purchase of the debentures by the Federal Reserve Bank, that the Attorney General was away and would not be back for three days, and that he did not feel it necessary to devote further time to the two questions which Governor Harrison had raised. Governor Harrison said that when he left the President it was clearly understood that what was approved was the conduct of the operation through a member bank in New York, and that he immediately informed Mr. Crane over the telephone and through him the directors of the New York Ban, who were then in session, feelinc; that there was no point in their considering further the question of policy as to the Federal reserve bank unless it should develop that the President wanted to go further. Governor Harrison informed the Board that he had been working with Mr. Tones on a draft of a letter to be addressed by the Reconstruction Finance Corporation to the Federal Reserve Bank of New York covering the Procedure which was to be followed, and that before the letter was transmitted to the Federal Reserve Bank of New York it would be submitted to the President. Governor Harrison added that the resolution as quoted in the telegram from Mr. Crane contained all the authority which it was desired that the Board approve for the Federal Reserve Bank of New York at this time. Be said also that he had told Mr. Jones that the Federal Re- serve Bank of New York would not want to act as fiscal agent for the le oonstruction Finance Corporation in selling its debentures unless it had an opinion of counsel for the Reconstruction Finance Corporation that the issuance of these debentures was legal and that he pointed out ,51 - 7- 10/31/33 to Mr. Jones that any banking institution which undertook to perform such a service would make a similar request. In the course of further discussion Of the operation Governor Black stated that the President had said that the handling of the matter in furtherance of the end desired was to be entirely in the judgment of the Federal Reserve Bank of New York. 11r. Hamlin then said to Governor Harrison that the telegram presupposes that the operation will be carried on entirely through a member bank and Governor Harrison answered that Mr. Hamlin's understanding was correct. At this point Governor Harrison left the meeting. Thereupon the Board voted to authorize the Federal Reserve Bank of New York to act as fiscal agent of the Reconstruction Finance Corporation, in accordance with the resolution quoted in the wire of October 30 from Deputy Governor Crane of the Federal Reserve Bank of New York, addressed to the Federal Reserve Board, and the Board's Secretary was requeste to wire Mr. Crane accordingly. The Secretary then brought to the attention of the Board a telegram dated October 26 from Acting Governor Johns of the Federal Reserve Bank or Atlanta as follows: "Jones, Chairman, Reconstruction Finance Coruoration, has requested this bank to act as Fiscal Agent under provisions of Section 7 of the Reconstruction Finance Corporation Act in the matter of distribution of its notes payable in newly mined gold. Section 7 of the Act authorizes and directs Federal reserve banks to act as Fiscal Agent for the Corporation but before replying would like to know that the Federal Reserve Board approves our complying with the Reconstruction Finance Corporation's request." Thereupon the Board voted to interpose no objection to the Federal Reserve Bank of Atlanta acting as fiscal agent for the Reconstruction Finance Corporation with respect to the distribution of debentures of the Reconstruction Finance Corporation in accordance with the request contained in the wire from Mr. johns, and the Secretary was requested to advise 7:r. Johns accordingly. -8 - 10/31/33 Governor Black stated that all of the appointive members of the Board and the Comptroller of the Currency had indicated their approval of the draft of reply to the letter dated September 22, 1933, from Mr. Herbert Fels, Economic Adviser of the State Department, to which reference was made at the meeting of the Board on October 25, 1932, and that, accordingly, the reply, which reads as follows, was forwarded to Mr. Feis on October 31, 1933: "Reference is made to your letter of September 22, 1933 (-7,A 462.00 R 296 B.I.S./339) transmitting a copy of a letter from the Secretary General of the Monetary and Economic Conference requesting advice as to whether the United States Government would be prepared to grant to the Bank for International Settlements privileges similar to those contained in Article 10 of The Hague Agreement of January 20, 1930. Article 10 of the Agreement reads as follows: 'The Bank (for International Settlements), its property and assets, and also the deposits of other funds entrusted to it, on the territory of, or dependent on the administration of, the Parties shall be immune from anrdisabilities and from any restrictive measures such as censorship, requisition, seizure or confiscation, in time of peace or war, reprisals, prohibition or restriction of export of gold or currency and other similar interferences, restrictions or prohibitions.' "In the draft of uniform text transmitted for the consideration Of those governments which may be interested in granting such immunities to the Bank for International Settlements, which was also inclosed in your letter, it is noted that it is contemplated that a government agreeing to grant such immunities would also agree that any disi:ute between such government and the Bank for International Settlements as to the interpretation or application of the grant of immunities should be referred to the Arbitral Tribunal provided for by the said Agreement of January 20, 1930. "All of the possible implications of the provisions of Article 10 of The Hague Agreement above quoted are not clear. In considering the matter, however, the Board has noted that Article 10 provides that the Bank for International Settlements shall 10/31/33 - 9 - "be immune from prohibitions or restrictions on the export of gold or currency. As you know; the Executive Order of the President of August 28, 1933, which was issued pursuant to the provisions of the Act of October 6, 1917, as amended by the Act of March 9, 1933, prohibits the earmark or export of gold coin, gold bullion, or gold certificates from the United States except under license therefor issued by the Secretary of the Treasury. The Secretary of the Treasury is authorized in his discretion to issue licenses permitting the export of gold in certain prescribed cases including: 'The export of gold coin or gold bullion earmarked or held in trust since before April 20, 1933, for a recognized foreign government, foreign central bank, or the Bank for International Settlements'. Inasmuch as the President has in this Executive Order restricted the export of gold, it would seem that no special exception other than that which has been provided in the Order with respect to gold earmarked or held in trust should be made in favor of the Bank for International Settlements or any other foreign bank. In the circumstances, the Board feels that it would not be desirable for the United States to become a party to the proposed agreement in favor of the Bank for International Settlements." Approved. The Secretary reported that the Comptroller of the Currency toasY issued a call on all national banks for reports of condition as at the close of business on October 25, 1933, and that, in accordance with the usual practice, a call was made on behalf of the Federal Reserve Board on ell State member banks for reports of condition as of the same date. The call made on behalf of the Board was ratified. The Board then considered and acted upon the following matters: Reply to a letter dated October 16, 1933 from Governor Geery "the Federal Reserve Bank of Minneapolis stating that the bank's paying teller, Mr. V. A. Nelson, an ex-service rAn, applied to the Veterans Adlanistration for hospital treatment and was notified to appear on March 10 last for examination and operation if necessary; that March 10 was in 10/31/33 - 10 - the middle of the bank holiday when the bank's tellers were working day and night and that, thinking it would be unfair to other tellers for him to leave at that time, he arranged for a postponement of a week; that on March 17 the tellers were still working until midnight or later and that Governor Geery, at Mr. Nelson's request, wrote the doctor explaining the circumstances and asking for a further postponement; and that on March 22 1. Nelson was notified that all examinations had been discontinued on in- structions from Washington. Governor Geery's letter stated also that on APril 8, 1933, Mr. Nelson was taken ill and an operation was performed three days later at a cost of 235.95, which expense he could have avoided had he taken advantage of the privilege granted him by the Veterans Administration; that the executive committee of the Federal reserve bank had voted to reimburse Mr. Nelson for this expense; that the board of directors of the bank, at its last meeting, had confirmed this action; and that the Board's approval of the action is requested. The reply stated that, in view of the circum- stances connected with the case, and particularly in view of the fact that Governor Geary felt the work of the bank was such as to justify his writing tO the employee's doctor asking for a Postponement of his examination, the Board interposes no objection to the Federal reserve bank reimbursing Mr. Nelson for the expense incurred by him in connection with the operation, with the understanding that the approval should not be construed as a precedent for any similar cases which may arise in the future. Approved. Letter to Mr. McClure, Federal Reserve Agent at Kansas City, etat ing that the Board approves the bond in the amount of .4;50,000 executed 10/31/33 - 11 - under date of September 27, 1933, by Mr. N. R. Oberwortmann as Assistant Federal Reserve Agent at.the Federal Reserve Bank of Kansas City. Approved. Letter dated October 30, 1933, to the board of directors of "The Citizens Bank of Mount Blanchard", Mount Blanchard, Ohio, approved by five members of the Board, stating that, subject to the conditions prescribed in the letter, the Board approves the bank's application for membership in the Federal reserve system and for the number of shares of stock of the Federal Reserve Bank of Cleveland to which the bank will be entitled upon the basis 01' its capital and surplus as of the date upon which its membership becomes effective. Approved. Telegram to Mr. Walsh, Federal Reserve Agent at Dallas, relative to the proposed name of a company to be organized to take over the real estate and insurance business of the Southern Arizona Bank and Trust Company, Tucson, Arizona, which, under the conditions of membership imposed by the Board in connection with the company's application for membership in the Federal reserve system, was required to dispose of such business prior to 4amission to membership. The telegram stated that the Board interposes no ob jection to the name "Arizona Realty and Trust Company" for the new co:':.pany, but suggests that the words "and Trust" be eliminated from the name of the proposed company. It Approved. Letter dated October 30, 1933, to "The First National Bank of asefferson Parish at Gretna", Gretna, Louisiana, approved by five members 10/31/33 - 12 - 545 of the Board, referring to the application filed in the bank's behalf for permission to exercise fiduciary powers under the provisions of section 11(k) of the Federal Reserve Act, and stating that the Board has considered the application and authorizes the bank to act, when not in contravention of State or local law, as trustee, executor, aaministrator, 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 corporations which come into competition with national banks are permitted to act under the laws of the State of Louisiana, only in the specific trusts in which the Gretna Trust and Savings Bank, Gretna, Louisiana, had been appointed and was acting on the date The First National Bank of Xefferson Parish at Gretna, Louisiana, was authorized to commence business bY the Comptroller of the Currency, the exercise of all such rights to be subject to the provisions of the Federal Reserve Act and the regulations of the Federal Reserve Board. The reply stated also that action has been de- ferred upon the bank's application for full fiduciary powers until the institution has been in operation for at least one year and a report of an examination made subsequent to the expiration of that period has been received. Approved. Letter dated Octobe: 30, 1933, to "The First National Bank of Bay Cit " , Bay City, Texas, approved by five members of the Board, stating that the Board approves the bank's application for permission to act, when not in colltravention of State or local law, as trustee and registrar of stocks and b°11c189 the exercise of such rights being subject to the provisions of the Federal Reserve Act and the regulations of the Federal Reserve Board. Approved. 546 10/31/33 - 13 - Telegram to the Federal reserve agents at all Federal reserve banks stating that the prohibitions of section 8A of the Clayton Antitrust Act, as amended, apply to directors of Federal reserve banks and their branches, and that it is assumed that consideration is being given to this Point in connection with the forthcoming elections of ClassA and B directors of each Federal reserve bank, and that the board of directors of each bank will give the matter consideration in making appointments of directors of branches, if any, for terms beginning Ianuary 1, 1934. The telegram also requested that each Federal reserve agent investigate and advise the Board immediately whether the Class C director of his bank and directors of branches, if any, whose terms expire December 31, 1933, have any affiliations coming within the prohibitions of section 8A of the Clayton Act; that he furnish the Board with full information with regard to such affiliations and particularly whether they are with non-banking institutions; and that, in the event the Board's district committee has taken up with the Federal reserve agent the matter of the selection of a successor to any branch bank director Whose term expires on December 31, 1933, information need not be obtained covering the present incumbent, but Should be furnished covering the proPosed successor. The telegram stated further that a survey should be made also of other directors of each Federal reserve bank and branches, if any, to determine whether it will be necessary for them to obtain permits, or, 7thether they have affiliations with non-banking institutions coming within the Prohibition of section 8A, which will make them ineligible to serve at the same time as a director of a Federal reserve bank or branch. Approved. 547 10/31/33 Telegram to Mr. Case, Federal Reserve Agent at New York, requesting that he advise Mr. Brandwen, New York, New York, counsel for the Amalgamated Bank of New York, New York, as follows: "Referring to question whether Amalgamated Clothing Workers of America is holding company affiliate of Amalgnmated Bank of New York, Board understands that two individuals as trustees hold less than a majority of stock of member bank, but more than fifty per centum of number of shares voted for election of directors of such bank at preceding election. From information furnished it appears that Amalgamated controls such stock indirectly through medium of trustees, and accordingly, that Amalgamated is affiliated with such member bank in manner described in Section 2, subsection (c) of Banking Act of 1933 and that it is holding company affiliate of such bank within meaning of Act. Board extends until and including November 7, 1933, time within which Amalgamated Bank of New York must obtain and file agreement by its holding company affiliate on Federal Reserve Board Form P-5. Board has taken similar position in regard to question whether Chicago Joint Board is holding company affiliate of Amalgnmnted Trust and Savings Bank, Chicago, Illinois, and has so advised Federal Reserve Agent at Chicago by telegram of this date." Approved. Telegram to Mr. Stevens, Federal Reserve Agent at Chicago, reading as follows: "BY telegram September 25, Board advised you it would appear that Chicago Joint Board, Amnlgamated Clothing Workers of America, is holding company affiliate of Amalgamated Trust and Savings Bank, Chicago, Illinois, if it is affiliated with such bank in any manner described in Section 2, subsection (c) of '3!Inking Act of 1933. At request of counsel representing bank, Board has given further consideration to this matter. From information furnished, Board understands that three individuals, as trustees, hold approximately 75 per centum of stock of bank, and it appears that Joint Board controls such stock indirectly through mediu:q of such trustees. Accordingly, it would appear that Joint Board is affiliated with member bank in manner described in Section 2, subsection (c) of Act, and that it is holding company affiliate of such bank within meaning of Act. Board extends until and including November 7, 1933, time within which Amalgamated Trust and Savings Bank must obtain and file agreement by its holding company affiliate on F. R. B. Form P-5." Approved. 548 10/31/33 - 15 - Reply on October 30, 1933, approved by five members of the Board, to a letter dated October 10 from Er. Carl R. Korb, Vice President of the Union Trust Company of Pittsburgh, Pennsylvania, referring to his letter of September 22 in which he stated that the trust company has received from the Federal Reserve Bank of Cleveland F.H.B. Forms P-1 to P-6, inclusive, to be used in an application by a holding company affiliate for a voting permit under section 5144 of the Revised Statutes as amended. The reply stated that in acting upon an application for a voting permit the Board is required under section 5144 to determine whether the granting of the permit would be in the public interest, that Regulation P and the accompanying fcrms were prepared with a view to obtaining the information necessary for a Proper consideration of this question; that, therefore, in answer to Er. Xorbts first question, it is necessary for each applicant to furnish as Part of its application all information which in the particular case is called for by paragraph 13 of Form P-1; and that the necessity is not eliminated by the fact that the applicant or the subsidiary or both are Members of the Federal reserve system, but that if any information required by F.R.B. Form P-1 has been furnished to the Federal reserve agent and to the Board prior to the filing of the application, the applicant may incorPorate such information in the application by reference. In response to Er. IC°113's inquiry as to whether it is essential that all the various forms and IleDorts be filed in triplicate, the reply stated that the Board realizes that the necessity of preparing copies of voluminous papers may be burdensome, hilt that the requirement of submission in triplicate was decided upon after ca'I'eful consideration of the procedure to be used in passing upon the numerous 10/31/33 aPplications to be submitted and that no exception appears here to be justified. Approved. Reply on October 30, 1933, approved by five members of the Board, to a letter dated September 13 from Wise, Shepard & Houghton, New York, New York; the reply reading as follows: "Your letter of September 13, 1933, addressed to the Comptroller Of the Currency has been referred to the Federal Reserve Board. "You ask, first, whether section 32 of the Banking Act of 1933 is applicable to certain directors of the Continental Bank and Trust Company of New York who are members of the New York Stock Exchange. That section is applicable to the service of an Officer or director of a member bank as 'an officer, director, or manager of any corporation, partnership, or unincorporated association' engaged primarily in buying, selling, or negotiating securities. Since the statute refers only to an 'officer, director or manager' of the organizations of the kind referred to, the mere fact that the directors to whom you refer are members of the New York Stock Exchange would not make that section applicable to them. "You also ask whether that section is applicable to directors of that bank who are partners in firms which do a New York stock exchange business. It appears that the word 'manager' in the provision quoted above includes any person who manages, controls, or directs the business of an organization engaged primarily in Purchasing, selling or negotiating securities, or who participates in such management or control, either at the main office or at a branch office, branch, etc., of such organization, and therefore includes arygeneral partner in a partnership princiPally engaged in such business; and this conclusion is strengthened by the reference to 'partnership' in the words immediately following the words 'officer, director or manager'. However, it also appears that the provision in question is inapplicable to an inactive partner in such a Pa-tnership who has no voice in the management or control of its business and whose liability is limited to the amount of his contribution to the partnership. "You also ask whether that section is applicable to directors of th'2,t bank who are employed by or associated with a New York stock exchange firm. Section 32 does not contain a reference to 'emPloyees', and unless the persons to whom you refer may properly 10/31/33 550 - 17 - "be classed as 'directors', 'officers', or 'managers' of the New York stock exchange firms, the provisions of section 32 would not be applicable to them." Approved. Reports of Standing Committee dated October 31, 1933, recamraending approval of the following changes in stock at Federal reserve banks: Aaliaation for ORIGINAL Stock: District No. 2. National Ulster County Bank, Kingston, N.Y. A2p1ication for SURRENDER of Stock: District No. 11. National Bank of Commerce, Amarillo, Texas (Insolvent) Shares 180 180 90 90 Approved. Thereupon the meeting adjourned. 413Proved: Governor,
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