19250521_Minutes.pdf

225

of tile 2A.orzi1 .-:.?serve 3oard. v.,as held. in the office of the

ktideral eorve 3bal'd on Tivarsday, Lia:).- 21, 1925 at 11:10,

dov,;rnor Criss in -ar

2latt

r. I,i11erJanles

1-r. Cl...Lianin.- .5lanaJc.,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 111C3 0 t 1.1170 of the -,]:.:ecutive Colmit tee held on

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.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

326

5/21/25 •

ii

-9-

Liernorand-um dated. -.ulay 15th from the Division of -..:aLlination, recom-

IALc: a,oroval of the anflication of the 2irst .,;ational Ban:: of 3ai1ey,

for ori-ina: stook (17 shares) in the 2c,,dc.)ro.1 2..eser7e 3ar"- of1

effective if and whon aatho”izod to sc:amenee )d3S tI1 33713 hav1n7; been

a:Troyer-1 on L:ay 15th on !..he, luitials of yn :mb e r3 of the _.:::ecatiVe Jonnittee.

2orm3l1yao-prove;1.

Liau 14th from the ".-?ed3ra1 il-7ont at_Linnc-apolis,

r comiondta7 aol)roval of the al---)lication of the Tanners 1:ationa1 Bank of

Liar;erwood, i;orth ta, for orir-inal stool:: (21 sh'aresi in the -2cidera1

-teserve 3aih of Liftn.ea-olis, ofictive if 1 -.7.1: en authorized to com -ience

busi,less; the c•ano havin- cn ap2r3ved on L 15th on the initials of

rnelnbers of the ...,Nen-dti inve Conittee.

ano..•oved.

Lierorandum dated. Liar lzith from the jivision of Ixamination, oecom-

approval of the applicat ion; of tho 2raiLl in i;at lanai 3an:4z,me

• Jersey for ori7inal stos:-.:-. (75 shares) in the 2edera1 eserVojunk

f the .L;ecurity 2erias the-J077 0

:aticnai Bank L7uilt, 2eas, or oriina1 stock (24 and 15 shares

l'osDectivoly) in the 2e1, :ral .leserve :Jan'. of eff ectivo if

• flO authorizT)d to co:..mence busluess; the same hav*i_n:7 *been ai -oroved on

--cV 15th on the initials of members of the -2x.oc7,1tivc.,. Co:mittee.

ir"orn-lally approved.

emoranaum dated kor 16t1i from the Division of -...:xrirlination, roco-

e1dhi a 2roval of the anplication of t.,1-le :cationca Bank of 'Iope"?la, Kansas


I)e biz-4

for ori,-inr-.1 stock (330 shares) in t1-3.e 2odera1 2Loserve Bank of

(litY, effective if :_ina ihen:-xathorized to commence -5usinosc; the

1avill7 been ai.corovod on 1r,t1-1 on ho iiiltI.1 of na1er

• -OCu10 1/4.,orzn. 0 •

rae11 12 - j2

Liay 1h 2r,..1 the Division of _:::-.3.:11nation,

a.12„;licc.t on or tie :if 3%

0.1

an the jeculty National Ijank 720:Las for or1,71-:_a1 stoo'L

(20- ani GO shares, r -)ectivel -c,) in the 2edera1 Ball a3,

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.

dated ha 13th fran t-,11.?, Division oil'

1110/131.,1- ao.L.Jrov:),1 of tho a litio 03 the 3tato tIonai afk. of

"or 0 1.1C r.:t0C".. (30 5:'arEIS ) i the oder1 3C70 2a5Ak

Qf -; 11as, effectiv:, 13 r1;_"; ::._-_thol-izea to co2.2acuce bdsiLoss; t7,1.: came

• bee,n a-,):L-)roved on 13th on ti.2.1 initials of non-abers of no Board.

,10,•

2on-va1yao.rovo,s1.

Le3.710-;7an1am dc-te4Lia 19n from the Division of •:intion, r7:30M"

a--_,-,2rovf-11 of the j1ication of the -2irst i;ntdonal an'or ihle

for ori7inr.2.1 stool: (13 shares) in the

c;ffoctivc if .a.na ahona..Ithoriz.ea to CO. once Os; the enic


5/21/m5

hai7ilyr been approved ell 19th on the initials of manabers of the. -joard.

2ormlly approvea.

fl2ort of Committee on 3a1aries,-L=penditures nd fficioncy on

letter j.js 13th from the Comptroller of the C4rrency, recommenlin

au increase from...3600•to 4900 . p3r e,imum in the salary of National -Lasi:

... 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 4,OOO per annum in the salary of 1;ational J.;a7L-

niner_L;a11,11 •13y r3; the Corrnni tt oe also roConien1in approv .

Approved.

..:ep,ort of Colmittee on oalarios, Expenditures ,-2.-nd Efficiency on

letter dated May 16th from the .ctin.L Comptroller of the Currency, racom-

raendin7 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 also recommendinL; :2.1 •

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

Of Atlanta, requesting approval of increases from 43,000 to .,,3,300 per

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: Depart-

tient, 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

chan:0 in salary, of ;al'. George W. Porter, an employee of the Auditing

Department 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, effective May 30th; the Chairman also requesting a.„),:xoval

Of - salary of 4200 per annum for Mr. Hobart B. Diets, appointed Assistant


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21/25 -7-

3f iTew York, advisin: that the Board of Directors of the -..3an',c. have

Cranted a leave of absence of approximately three Lionths, without pay,

to Ho.varci LI. Jefferson, a junior officer of the ban'ir,who has been

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 ic ipat 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 rmi s s 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.11ister end. 2IlLnore -oeets, an .2cancisco•

Li2on motion J=es, the above ao-plication

7ras, approved.

Lotter dated. Lay 14th from the ...ssistant Federal .toserve .Lgent et

reforrinL- to the Board.' action of 14th in approving

2orary transfer of the bl-lich of the Pacific outhest rst id ;.;avin

Ban:: located at 3927 •„ost .Stroot and advisi:z that ho had. 4...asinter-

preted the roTaost of the bank .../hich desires to move the br-nch to tempor-

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 ith that institution of the Bank of -Palo ..ato end the Bar::

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

4-.7t 4-by 4'4-

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 theComptrolldr 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.

Upon motion by Hamlin, it was also voted to

request the Board's Counsel for an opinion as to the

po:fer of the ioard to terAnate authority granted a

national bank for the :).1:ercise of trust powers.

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

• -fAanks" 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 estab-

lish 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 sub-

brach, 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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5/21/25

Dr? s mot ion beinr: put by the

shuir carried.

Letter dated Laty 15th fro :.1 the Deputy Liov3rnor of the Federal *

0''t Lel f

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

Plan outlined by the Open liarT,Let Investr.cnt Committee at its meeting on

Dr 1 30th.

Ordered circulated.

ted ',day 7th fron the Federal 2,c:5m.-re [,ent at .Dallaz; , on

tho subject of ar.,,sessr..1.-ts 1:=711or1-Ja-;:Ls for the costs of

atio-as niade by the Federal rv 21k ar1 ini ring as to no status of

th3 stuay of this. cius:ction 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 an Francisco, affective if ai1 when authorized by the Jouptrollor

Of 'rroncy to caimence business.


5/21/25 -14-

fie Jecretry then refi...:1. a tter ,dated L.jri1 !-.Zra from the Cocr,tary

Of F„.72 Govornorl-,.' Confey=ce e-Jbmittin: the foll0.7117 action tJ..17:an by the

Coll-fere:Ice hici on .:,.2r;1 6 - , 1925, 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

relative to certain addition!:-.1 purchases alid to re-apportion-

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

the 2edora1 ban'-:s with a view to •leterninin7 whether

some of the st:te,.ents aul feir,rts now ellbmitted to the

2o.lerz_a osevc 2oerJ. b„-- the .:ederal eserve hanhs 1:..ay be

reduced, 3 i-ncal oJ. or 311' tea .

-211e ,Jecret;...0: -,-eootc:d that t",-.:e Director of file

Division of esearch the Chief of the

Division of 3rufl-: Oz.,eratimeis, t7-Je Chief .„.x....;.-.1iler

and. himself, 7,17,a conferred re/-:,,rdin7 the above matter

and after some of the reerto, ncm roclnired,

had foviii.1 all others to be necessary.

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

Plan ht in:•ol)e,r1:7 be r ;ferrel to the .1-1,7.7 eeislativo Com-

mittee recently a1e2ointed by the 3oard•

fter discussion, it ans vote1 that no

aciou be anJa t -ward a')ov,-; nat-

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

till'es for such .-.e-1-.Thershi-:,:s by .2edeni1 ..:eserve

17yr.,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

current year bettor w1l1 be establisher-1 by the

.ALLerican .2,ankefs .ssociztio.1 in their consi:eration of natters h.'"viq-

to 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

,:.ction is considered nesess.--,-,- on the above.

(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

havin7 been reirLsted on 3rd to file a

a now rellort, consideration of . 11.e above recom-

mendation was withheld.

(7) .here it was votej to raise preseat limit of the .J'edec7.1

--servo :xchan70 raft fror, to v50,000, with the unt,rstanding.,

however, tLiac each 2ederal _..oserve bank ,i70 each ot:ler 2eJoral -.'21Cr73

i=dirt0 advice of to A.:12,es of mi7:bor banks to which y)crmits

are L;ivon to draw exe:Ianr2e drafts :la that care be exercised by all

Aeserve ..;anlm in c'ice'All- upz-1;.c":1 -permits before .passin,i; creait on a'17,7

exohan-0 dr,_tft, i. to in,iuiry la any ,,u -,stioaable c(-ses.be withjrawn under aviseit was also qn'orstood permits11-7

to all other ,i230-070 J(..nl:s to that effect.

Ui)on motion by h. Humlin, the above action

of the Couferece was ayoroved by the Board.

(6) .;:cre the Conference.eonsidered the request of the 2erlera1

...:oserve Coard whether or not eas'il 2ederal . eserve ban:: should ray

. /.0 rata share of the 07.7.).7in3e - of rrosecut111.7 aoal in the c'so

O. the •Cardtal Cram nd 2001 CocL'af.c . 7S. 2ederA ..:serve. Bank of

hl.tlanta.


• -16-

152o-i 710i, 10,1, t-; oil :;as i-rod

t o iionor 1).

7-nr, to -.Ler, was cofer2ed

action 'n 17. th‘..-it an'_1.0,p11 COU1C he to'ten

i 'Clip above cas.:,s.

'.2e107,•7: dated I:13.y 7th Z.rom tho 2e1ert-a cnit

his OlOCtIOjI as overllor of the ak to s=ceoft ijr. L.

rosi :led, the rosi'nc.tIon of 1,icrion isom, class

'ector, aic1 co2t adja.;t21ent3 in the junior official staff :11-,P to

%7410 resi7nation of ra . 'T:21 -ty ,;ovorilor.

.',.cferrea to the iomsitteo on District

T.ci1o7ram dated iiiay 20th from the .2oderal :.:L;Doerve ot at Dallas

:•'7771.51-11c7 that :-.,„lthort.r7h the rpzITTnation of ir. 3. Lchianey as.Jover.i-ior

of the ban': bec',Lic :7;ffoctI10 16th, hp (the 2cieral .;oserve

not v„T. Tted to onYs 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 ad-

7is that unaor the by-la,ws of Min DeyatyovorJor:,;11.1pert becomes

vonlor.

u,:..on motion, it was voted to roost r.

:2alley to continue as .:ederal 2,eserve ont

until onerwice roc:Iestecl by the 'board..

smo s then Ix cc ont d a t,010, 7.,,aaroosed to him by the 2 oderal

• 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

ial emmsel to assist in the -,:rosocution of the case which ccfnes


on .1,7;:-.,tion for fiduciaryxilr'raiwate Book

aed at : nCir.

to trial o y 25th.

after di s„us it 'was vot ai that the

Federal _1,sorvo Bank of ,,;t. LoT.zis bo advise,1

tiat-7 ,els it ccal not act; at

1Le 'ti,I2:2-t the znz:).;t02.1 s12.oula. be

1;y the 1_ the or thoir 1,ezInon.t

1/4.; -Ili— :

chc,nft•es I,

20th, - s sot forth inG at

e1d actio-A oninpowers as set forth

of this date.Approved.

iZecornnending actionpowers set forth

of thisDi.,

stoc1r. at I?tho

applications for f laze iarytheit-1/41.7-1:13.17 minute Bon:

2he me otinr adjou

roved:


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