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95 A meeting of the Executive Committoe of the Federal Reserve Board vas held in Washington on Thursday, April 13, 1933, at 12:15 P. m. FRILSENT: Mr. Mr. Mr. Mr, Meyer, Governor Hamlin Miller James Mr. Morrill, Secretary Mr. McClelland, Assistant Secretary Mr. Harrison, Assistant to the Governor. Governor Meyer stated that Governor Harrison of the Federal Reserve Beak Of New York, who is in Washington, had advised him this morning that there is a possibility that the board of directors of the bank will take "tion at its meeting this afternoon to reduce the rediscount rate of the bank from all, to 2 1/2%. After a discussion, the Governor was authorized, in the event action to reduce the discount rate is taken by the board of directors of the New York bank, to approve, for and on behalf of the Board, a rate of 2 1/2'70, effective April 14, 1933, Governor Meyer also stated that there was a sharp increase in for a4sat exchange quotations in the New York market today and that the Federal Reserve Bank of New York has received an application from the Bank of the nnattan Company for a license from the Secretary of the Treasury to ezPort aPproximately 000,000 of gold to Holland, and he raised for dis- el-1881011 the question as to whether the Board should recommend to the 8eoretary of the Treasury that such licenses be granted freely. The en- ellinC discussion developed the consensus that a recommendation should be 414de bY the Board to the Secretary of the Treasury that licenses for the "Port of gold in accordance with the Executive Order issued by the Presicleat on April 5, 1933, should be issued freely to recognized dealers in r°teien exchange. 96 4/13/33 At the conclusion of the discussion, Governor Leyer was requested to communicate the recommendation to Under Secretary of the Treasury Ballantine who was in communication by telephone with the Secretary of the Treasury in New York. Governor :_eyer left the meeting and upon his return stated that he had advised Mr. Ballantine of the Board's recommendation. The Assistant Secretary presented a telegram dated April 12, 1933, approved by four members of the Board, to the Governors of all ?ede rEJ. reserve banks, stating that the Conference of Governors originally called for Monday, April 17, 1933, is postponed until Wednesday, April 19, 1933) at 10:00 a. m., and requesting that the individual Governors advise hether they can arrange to be present at the conference. Approved. The Committee then considered and acted on the following matters: Telegrams dated April 11, 1933, from Jr.l Eesher, Secretary of the Feder al Reserve Bank of :dnneapolis, and April 13, 1933, from Mr. Hoxton, Chairman of the Federal Reserve Bank of Richmond, advising that at meetings r their boards of directors, on the dates stated, no changes were made in the banks' existing schedules of rates of discount and purchase. Without objection, noted with approval. Letter dated February 21, 1933, from Mr. Newton, Chairman of the Pederal Reserve Bank of Jan Francisco, stating that as it was known by bill dealers in San Francisco on February 20 and 21, 1933, that the Federal Reael'Ire Bank of Mew York was purchasing bills on those dates at a rate of 1/2 the San Francisco bank purchased in the San Francisco market of bills at that rate, notwithstanding the fact that the bank's nii11111111111 authorized rate for purchases of bills was that the purchases 97 4/13/33 -3-. by the bankwereapprov ed. by the executive committee on February 21, and that the approval of the Board is requested. The Assistant Secretary stated that this letter was received in due course but through inadvertence had not been broucht to the attention of the Board. The Secretary was requested to advise L. Newton that the Board approves the rate of l/2',3 at which the purchases referred to were made by the San Francisco bank. Telegrams dated April 12, 1933, from Mr. McClure, Chairman of the rederal Reserve Bank of Kfurias City, stating that the board of directors of tha bank at its meeting on that date established a rate of 5% on all advances to nonmember State banks and trust companies under the provisions or section 404 of the Act of March 9, 1933, as amended by the Act of March 24 '1933; no other change having been made in the bank's existing schedule °r rates of discount and purchase. The rate of 5,; established by the board of directors was approved, and its action in making no other change in the bank's existing schedule Of rates of discount and purchase was noted with approval. Memorandum dated April 12, 1933, from the Secretary recomnending that 10r. 'crank H. Grins, Jr., be appointed as assistant index clerk and %Jet in the Secretary's office with salary at the rate of )1,600 per arittalt, e ffective April 14, 1933. Approved. Letter dated April 11, 1933, from Mr. Sproul, Secretary of the Fed61141 Reserve Bank of New York, advising that at the meeting of the Eteetztive th.13 committee of the bank on April 10, 1933, it was voted to accept " .6sigaation of Mr. R. H. Morgan, Manager of the Bill Department, 98 V13/33 -4- effcctive April 7 1033. ) Noted. Letter dated April 10, 1933, from _,ssist;nnt Tederal Reserve Agent A4(lereon at Cleveland referriny to the temporary employment of L. Harry liallek and : iss Kathleen Atkinson in connection with the share-the-work 111°Iretlent, and stating that Yr. Hauck's services were terminated on Larch 31; that T'4 SS - '"-, Atkinson has been transferred to the credit department of the bank to fill a vacancy there; and that, with the disposition of these ticl Persons, the share-the-work movenent has been definitely suspended. Noted. iieply to a letter and telegram dated April 6, 193b, from Hr. 11111.118, federal ,leserve _igent at Cleveland, advising of the appointment O that date, under the authority granted by the Board on Larch 20, 19, orp David G. jatterson as an assistant examiner in the Tederal reserve dePartment of the bank, with salary at the rate of :2,400 per annum. Th replY stated that the Board notes with approval the appointrient of Watterson, and requested that the agent advise whether the appointment 13 1)ermanent or on a temporary basis for the period of the increased work In the agent's department. Approved. Letter dated April 11, 1933, to Hr. Haish, le hairman of the Tederal 'IT 3ank of Dallas, approved by three members of the Board, stating that in accordance with the recommendation contained in his letter of 4111'11 3 ' 1(33'6, the Board has approved changes in the personnel classifica- 99 1/13/33 -5- tl°14. Plan of the Houston branch to provide for the new positions of t'lliallager't and "stenographer and clerk" in the Reconstruction Finance C4rPoration department of the branch. Approved. Letter dated April 8, 1933, from Mr. Sargent, Secretary of the Fedeta" Reserve Bank of San Francisco, advising of the appointment by the b°411. or directors of the bank of Er. W. D. Shortt to the position of 4ealstant auditor at the head office, effective April 6, 1933, without cliertge in his present salary, the appointment having been made necessary by tha t elP°ra47 appointment, effective March 11, 1933, of Mr. R. T. Hardy, 411111t°r, to the position of acting assistant cashier, also without a change aelary. Noted. Telegram dated April 11, 1933, from Mr. Newton, Chairman of the 'Escier*(11 Reserve Bank of San Francisco, advising of the death on April 9, 1933 '°t Mr. G. G. Wright, one of the Board's appointees to the directorate °t the Salt Lake City branch. Voted with regret. The matter of the selection of a successor to flr. Wright for the unexpired portion of the term ending December 31, 1934, was referred to the Commdttee on. District No. 12, for recomrendation to the Board. Reply to a letter dated February 14, 1933, from Mr. Newton, Chair111'4'4 °I' Federal Reserve Bank of San Francisco, inclosing a copy of a 1"ter dated February 4, 1933, from Mr. T. H. Ramsay, class A director of the ba4k, with rega to his service as a director of the State Agricultural cl°16tY of California, and a copy of a letter dated February 11, 1933, from 4/13/33 100 —6— lars Davis, LIA.ria&i.ng Director of the Spokane branch stating that Mr. Stanly ' 4 4sto11, a director of the branch, is no longer serving on the Board of Regents of the University of Idaho nor on the State Board of Education and that he has stated that he will resign from any political committees of 111/1c4 he may be a msmber, follauing which he will address a letter to Mr. 13Evris advising that he is no longer a meMber of any political organizations. The re:AY stated that it is assamed from Mr. Ramsay's letter that the State 4$1110111tural Society is either a continuation, under a new name, or a allee888°r: of the State Board of Agriculture, Which is referred to in his b10ECoEtPhical sketch on file with the Board, and as it seems clear from the ---°17aultion contained in the letter that the position does not come within t48 Scope of the Board's resolution of December 23, 1915, the Board will /1171 48 0se no objection to Yr. Ramsay's retaining the position while serving director of the Federal Reserve Bank of San Francisco. The reply also /'15c14e3ted that Mr. Newton forward to the Board, for its files, a copy of the letter „A, ,fitioh Mr. Easton stated he would address to the Managing Director of tlte SPokane branch. Approved. Telegrams dated April 11, 1936, to the respective Federal reserve 4.411t ) approved by four members of the Board, stating that the Board has d the applications of the following State bPinking institutions for kero, -42-LP in the Federal Reserve System and for Federal reserve bank stock, 411biect to the conditions prescribed in the individual telegrams: Name of Bank Number of Shares Federal Reserve Bank litIrtalo Bank, Buffalo, *4est Va. 27 Richmond atate Bank of Cochran, Cochran, Ga. 20 Atlanta 1_01 4/13/33 -7Approved. Telegram dated April 12, 1933, to Mr. Case, Federal Reserve Agent Ett gel?. York, approved by three members of the Board, stating that the 8°"1 has approved the application of the Leonia Bank and Trust Company, Leonia, New Tersey, for membership in the Federal Reserve System and for shares of stock of the Federal Reserve Bank of New York, subject to the eftlitions prescribed in the telegram. Approved. Telegran to la.. Case, Federal Reserve Agent at New York, stating that the Board has approved the application of the Salimanca Trust Company, Salalluinca, New /brk, for membership in the Federal Reserve System, and for 6/3 shares of the stock of the Federal Reserve Bank of New York, subject to the conditions prescribed in the telegram. Approved. TelegrEun dated April 12, 1933, to la.. Walsh, Federal Reserve Agent at 1341148, approved by four members of the Board, referring to the app1ica- t144 ot the Farmers and Merchants State Bank, Brady, Texas, for permission t°17ithdraw immediately from manberdhip in the Federal Reserve System, and sge(tillg that the Board waives the usual requirement of six months notice 114(1 that, accordingly, upon surrender of the Federal reserve bank stock laalled to the Farmers and Merchants State Bank, the Federal Reserve Bank Ot Dallas lS authorized to cancel such stock and make a refund thereon. Approved. Reply to a letter dated Tanuary 23, 1933, from Mr. Case, Federal 4eserv_ " 4 Agent at New York, transnitting analyses of State examinerst reports 102 4113/33 -8- examination of the Bank of 1_anhattan Itust Company und the International Acceptance Bank, Incorporated, together with various schedules and reports 1 connection with the transactions whereby the Bank of 1:anhattan Trust C°111PanZor absorbed the International Acceptance Bank and was merged with the ' leeicient and Directors of the Danhattan Company under the title of the 411k of the —anhattan Cory; Mr. Case recommending that the Board require 4° l'urther eliminations or adjustments under the condition of membership re1atifl3 thereto which was oreseribed for and accepted by the bank at the tilre it Was admitted to membership in the Federal Reserve System. The l'eP1Y stated that, from the infornutien submitted, it appears that the refor charge-offs and the allocation of specific reserves as set ollt in the reports of examination as of ".Lcaember 18, 1932, of the institutions c onstituting the present Bank of the 1:anhattan Company, have not been entirely cenjlied with; that,in order to comply with the condition of 111€411bel ' 811110 prescribed by the Board with regard to the charging off of icleee3 and depreciation, it will be necessary for the bank to charge off, 0therw13e eliminate, approximately .1,724,000; and that it will be 4131'eciated, therefore, if the agent will advise the bank of the Beard's views and request that, if it has not already done so, it charge off or "liel'filee eliminate, all depreciation on securities investments below the hiCthest grades, stocks and defaulted bonds, and also on all other 488eta included in the requirements of the State banking department, which not been charged off or otherwise eliminated. The reply also noted that in the report of examination of the former Bank of Lanhattan Trust CQI4' Y there are listed a number of leans on which a total of 10,141-1/2 103 V13/33 -9- silazes of 1:anhattan Company stock have been taken as collateral, apparently to secure debts previously contracted, and requested that the agent discuss the /natter with the bank, with a view of obtaining the elimination of such collateral as rapidly as nay be possible under the existing conditions. Approved. Telegraphic reply to a telegram dated April 12, 1933, Iron Assistant ccleral Reserve Agent Bailey at Einmeapolis, outlining the steps taken by the IpsoPles State Bank, Plainview, :-innesota, to place that institutioh in a eat'sfactory condition, and stating that the executive committee of the I;'ecleral reserve bank recomnends that, if the Board approves, it request the Secr etary of the Treasury to authorize the Federal reserve bank to issue a license to the menber bank to open at once. The reply stated that the ree. endation of the executive comittee does not require the approval of the °ard. and Should be submitted to the Secretary of the Treasury direct. It a_lso referred to the condition of membership to which the bank is recluiring aqbject an increase of its capital stock, noted that the stockholder have agreed to increase the capital stock to ,5,000 within one ' laar; and requested that tion re Bailey forward to the Board detailed informa- garding the condition of the bank as a result of corrections out- lined in his telegram, a copy of the agreement of the stockholders, and his reco ser7e ntiondation and that of the executive conraittee of the Federal re- bank as to the action which should be taken by the Board. Approved. to 1, le 1-los 1-1 on April 11, 1933, approved by four nembers of the Board, ex's dated 1ardh 30 and 31, 1933, from Er. Newton, Federal Reserve 104 4/13/33 -10- Agent at San Francisco, reporting respectively that the Steiwer & Carpenter 134113c, Fossil, Oregon, and the First National Bank, Elma, Washington, have been continuously deficient in their required reserves for periods exceeding air months. The replies stated that, in view of the information submitted, the Beard will take no action at this time with regard to these deficiencies other than to forward a copy of the agent's letter with regard to the 442It1ona1 bank to the Acting Comptroller of the Currency for the information or his office. Approved. Letter dated April 12, 1933, to, the First National Bank of Groton, New York, approved by four members of the Board, stating that the Board has ePProved the bank's application for permission to act, when not in "ntrevention of State or local Ism, as executor and administrator, the e4eteiee of such rights being subject to the provisions of the Federal Re" 4"re Act and the regulations of the Federal Reserve Board. Approved. Reply to a letter dated March 1, 1933, from Mr. Walsh, Federal Re8"Ve ACent at Dallas, stating that in view of the Observations made therein 13(1111'd. 'Day desire again to consider the position taken in its letter of Ootob er 201 i32 (X7-7276), suggesting that expenses incurred in connection with tlesral offerings, etc., should not be paid by Federal reserve banks, 444 to permit the bapk5 to pay for such offerings without referring them tO the B0 d, subject, of course, to any criticism that the Federal reserve e4azilner8 may wish to make. The reply stated that,upon reviewing the reports of -- expenses of the Federal reserve banks, it appears that only 105 4/13/33 -11- -" of the banks have made expenditures for floral offerings since 1927, most of them apparently having considered such expenditures as personal, and that,while the Board appreciates the motives that result in e4Penditures of this character, it feels, as stated in its letter of C)etc)ber 20, 1932, that they should not be treated as a part of the expenses Of the Federal reserve banks as such. The reply also added that floral tferinCe made by the 2ederal Reserve Board are paid for by its members and not out of its official funds. Approved. Telegraphic reply to a telegram dated April 8, 1933, from Governor 131"k of the lfederal Reserve Bank of Atlanta requesting that the Board e4certain if the Treasury Department would be willing to authorize the Fedreserve bank to consent to renewals of notes pledged by banks in the llands of conservators as security for war loan deposit accounts and held by the Federal reserve bank as custodian for the Treasury, and what disposition 8hould be made of interest on such notes, if remitted. The reply quoted a nleraorandura received under date of April 12, 1936, from Assistant Secretary 01* the Treasury Douglas, stating that the Treasury will not object to the Eleeepting renewals of the notes referred to for a period not exceeding 3° day3; that the Treasury prefers to leave the matter largely to the (118el 'etion of the 2edera1 reserve barks, as they are in a better position t0 determine the desirability of the procedure to follow in any given case; 81341 the't the interest due from the notes should be collected and applied by the reserve banks as a payment against the war loan deposit account of tho a eP°81tarY bank. 106 4/13/33 -12Approved, and the Secretary was requested to telegraph the contents of Assistant Secretary Douglas' memorandum to the other Federal reserve banks for their information. TelsCem to the Governors of all Federal reserve banks, outlining t4a Inrormation to be furnished to the Board in the future on schedules l'eCerclillG collateral for advances to member banks under section 10(b) of =eederal Reserve Act, as amended, and stating that collateral for adto nonmember banks under the Act of March 24, 1933, should be atililarlIr classified and, in. addition, separate totals should be shown on te schedules for bills receivable eligible for discount nnd for securities elielble for purchase by the Federal reserve banks. Approved. TelefIram to the Federal reserve agents at all Federal reserve banks atati4C that, in order that the Board may follow closely all changes in the " 118 of banks, the Federal reserve banks are requested to mail as soon " Practicable statements shoving ( ) the name and location, and total ciel)clalts as of the last call for condition reports, of each nonmember State 11411, tl'uet company, stock savings bank, mutual savings bank, and private 11441c IllIder State supervision in the respective districts as of April 12, 19331 (b) the nane and location of eadh State bank and trust company menber 1°4144) as of April 12, 1933, had not been licensed by the Secretary of the Ill'eazillrlar to resure full banking functions, (c) name and location of each ill'iltste b.-, not under State supervision but included in the Federal reserve 11441zet Printed lists of banks authorized to reopen, as well as of any other Illetitution included therein which would not be included in the abstract of .°11(liti°11- reports of State banks, and (d) name and location of each non- 107 '/13/33 -13- Metter State bank, trust comany, stock savings bank, mutual savings bank eIld Private bank under State supervision which suspended, went into liqu1dati°111 or was absorbed by another bank during the period from March 1 to1„ -L‹, 1933, together with the date and manner in which the bank went out et existence. The telegram also requested that the leederal reserve banks 17°841 e euPPlenent to lists (a) and (b) as of each Wednesday beginning April 191 and stated that,in lieu of telegraphic and nail reports of bank 811sPensi0n3 heretofore furnished, the Federal reserve banks wire to the 114°411rd as soon as practicable the name and location of each bank which during the Period from Larch 13 to April 13 (1) suspended or went into liguidation after resuming full banking operations, (2) suspended or went into liquidation art" resuming operations on a restricted basis or without having resumed aloy banking operations, and (3) was placed on a restricted basis after having z"Illned full bankinc, operations; also that corresponding data be wired ell-t1 ' 11411t1Y to the Board hereafter. 414 to The telegram further stated that reports St. 6386-a should continue to be submitted monthly covering all 1311k. cons olidations, absorptions and mergers and on form St. 6336-c coverinc new banks, successions and conversions; that,pending receipt and tabulation of these data, statistics on bank suspensions will not be 1514111811 "d by the Board; and that it is suggested that this policy also be r°11°17ed by the Federal reserve banks. Approved. Letter dated April 11, 1933, to the Chairnen and Governors of all Ader 8 '1 reserve banks transmitting a copy of the letter addressed by the 80111..0. to the Chairman of the Committee on Banking and Currency of the 4/13/33 Senate 108 -14- regarding Senate Bill 875, which provides for the supervision of tr&rfic in investment securities in interstate commerce, and stating that 4 similar letter regarding H. 1i. 4314 was being addressed to the Chairman °r the 'nmittee on Interstate and Foreigi Commerce of the House of Repre sentatives. Approved. Reply on April 12, 1933, approved by four members of the Board, to letters dated January 13 and flardh 30, 1933, fram Assistant Federal Reserve Aerit Gettemy at Boston, inquiring whether deposits made in a member bank bY the Federal Hone Loan Bank of Cambridge, I:assachusetts, may be classified bY the member bank as amounts due to banks in computing its reserve. ' lePlY stated that upon consideration of the matter The it is the opinion of the 13°erd that a Federal home loan bank may properly be considered a bank within the Illeaning of the eighth paragraph of section 19 of the Zederal Reserve Act, 164101 that deposits made by such an institution in a member bank may properly be classified by the latter as amounts due to banks in computing its reserves 4)4 in Preparing its reports of condition. Approved, together with a letter dated April 12, 1933, to the ihairmen of all Yederal reserve bsnks inclosing a copy of the letter addressed to Gettemy. Letter dated April 12, 1(.333, to the Chairmen and Governors of all Pedsral reserve banks, approved by four members of the Board, stating that t4 view - of the fact that the Federal reserve banks act as fiscal agents of the a_ ' vernment in receiving subscriptions to bonds, notes, Treasury bills, ert • catee of indebtedness, and other obligations of the United States, it is C view of the 2edera1 iieserve Board that if directors, officers or 4/13/33 -15- (31)1°Yece of a :ederal reserve bank file subscriptions for such securities directly with such _2'ederal reserve bank especial care should be taken to illake certain that their subscriptions are handled in strict accordance with l'ressur= 3, Instructions and in no respect receive more favorable treatment than 18 accorded other subscriptions of the same class Ct and that,in order to insure conpliance with this principle, it is suggested that a specific rricer of the bank be charged with the responsibility of supervising all SlahseriPtions hereafter received from directors, officers and employees of the bank and that the auditor of the bsnk also be instructed to prepare a clete 'lled analysis of all such subscriptions, the allotments thereon, and ther actions taken with respect thereto, and submit a full report thereon t0 the board of directors at the earliest possible neetin:; following the date r tile issuance of such Government obligations. Aporoved. It was understood that with the approval of the above letter, which WaS " ePared by the Board's General Counsel in the light of the motion by 3-71e3 which was adopted at the meeting on April 3, 1933, no further action 118eci be taken by co el under the motion referred to. IlePlY on April 12, 1933, approved by four members of the Board, to Et letter dated Liarch 25, 1935, from Senator Joseph T.Robinson, inclosing a letter dated Larch 9, 1933, fromilr. I. B. Daggett of Earianna, Arkansas, e°4t8illing a Suggestion that all of the profits of the Federal reserve banks he distributed to the member banks. The reply stated that apparently this ellestion would require the return to the Federal reserve banks, for dist11.13/Itioll to the member banks, of the money originally paid to the Treasury 2L-10 4/13/33 -16- 48 a franchise tax, and the distribution to the member banks of the existing 811rDlus of the Federal reserve banks, and that, for the reasons stated in the letter, the Federal Reserve Board feels that the action suggested by ',Ir. Daggett would not be consonant with the best interests of the Federal Reserve System. Approved. Reply on April 11, 1933, approved by three members of the Board, to 4 letter dated Earch 10, 1933, from the Secretary to Senator Reed inclosing a°1'resp°ndence from 1,r. James W. Gillogly suggesting the adoption of a plan iliv°1v1nC the purchase of silver on a large scale by the United States alpirernment in exchange for silver certificates. The reply stated that the slIgestion is evidently based in part on the supposition that there is a 811°1'tage of currency in this country and in part on the theory that a rise the Price of silver would constitute an important factor in improving c°11clit10115 throughout the world; that an adequate supply of currency is (1v4liable for all legitimate needs at the present time; and that,as to the err eet of such a Plan on world trade, the question has so many ramifications ad the 2 ar., 0u has had so many other pressing problems, that there has not beela an adequate opportunity to consider the various phases of the problem ella the 'clard is not therefore in a position to convent upon it at this time. Approved. Llz. Hamlin stated that,from a Personal conversation with Senator Glass ' he had understood that,as the Senator is generally familiar with the 80ardt, - general position with regard to the provisions of the Glass bill, he clia not e°nsider it necessary for the Board to file with him its suggestions 4/13/33 48 to -17- Possible chanes in the bill, as a whole, but that he might be intereste, u in obtaining a report on a plan for the insurance of losses in fliber banks which has not yet been perfected and which may be placed in the bill. Reports of Standinc Committee dated April 10, 11 and 13, 1933, recomaPproval of the following Changes in stock at Federal reserve banks: A l ications for ORIGINAL Stock: D istrict r 10 PirstRatilal link at Ardmore, Oklahoma. Shares 120 120 144 Total 264 9istrict ro. 11- Wichita National Bank, Wichita Falls, Texas. 44).ication9 for ADDITIONAL Stock: District No. 11. Illercantile Bank & Trust Company, DalIss, Texas. v., ( Increase in surplus) '41e0re National Bank, Kilgore, Texas. (Increase in surplus) 6 9 15 90 90 105 105 19 19 48 (V.L.Suc. National B 120 Glasgow, Kentucky. by The New Farirs National Bank of Glasgow) 168 41) li cations for SURRENDER of Stock: ,D,istrict 2. -'1-zst National Bank, Hawthorne, New Jersey. (V.L. Abs. by Peoples Bank of Hawthorne, nonmember) J.strict No. 6. adsden National Bank, Gadsden, Alabama. (Insolvent) -1. -2/1 trict T.ZaT-Jiii--Bank, George, Iowa. (Insolvent) District Natio 1 No. anal. by ri Bank of Orleans, Orleans, Ind. (V.L.Suc. ille Bank of Orleans, nonmelJber) bistrict No. P4 10. 114ers Natio Ban?l Alma, Kansas. (V.L.Suc. b -2irst National Bank in Alma, Kansas) 23 23 112 M.3/33 -18- A l D ications for SURAENDER of Stock: (Cont'U) istrict ?ollett National Bank, Follett, Texas. , (Decrease in surplus) .i/tret National Bank, Littlefield, Texas. (Decrease in surplus) Shares 9 19 424 10 Total Approved. Report of Standing Committee dated April 13, 1933, recommending aPP:roval of the following Clayton Act application: Lr. E. A. Frost, for permission to serve at the same time as director of the State National Bank of Texarkana, Arkansas, 4nd as director of the Commercial National Bank in Shreveport, Shreveport, Louisiana. Appr cued. Thereupon the neetinc adjourned. Secretary. 413PrOyed:
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