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92'V A meeting of the Executive Committee of the Federal Reserve BOard WAS held in Washington on Tuesday, April 16, 1935, at 11:30 PRESENT: Er. Mr. Er. Mr. Eccles, Governor Thomas, Vice Governor Hamlin riller Mr. Merrill, Secretary Er. Bethea, Assistant Secretary Ir. Carpenter, Assistant Secretary The Committee acted upon the folloming matters: Telegrams dated April 12, 1935, from Mr. Clark, Secretary of the Federal Reserve Bank of Atlanta, and April 15 from Mr. Powell, Secretary of the Federal Reserve Bank of Minneapolis, both advising tIlat, at meetings of the boards of directors on the dates stated, no cheuages were made in the banks' existing schedules of rates of dise b and purchase. Without objection, noted with approval. Telegram to Mr. Stevens, Chairman of the Federal Reserve Bank cll'ehiea-go, reading as follows: "Your telegram April 12. Board approves for your bfirk, ef- eetivo immediately, rate of 1% per annum above your prevailing I?disceunt rate on portion of industrial advances on -which i'llanoing institution is obligated." Approved. Memorandum dated April 9, 1935, from Mr. Wyatt, General C011118 el, recommending,with the concurrence of Lir. Goldenweiser, Direetor - of the Division of Research and Statistics, that Er. S. Everett 4, library clerk, be transferred from the Division of Research 9'38 4/1€135 Etzul Statistics to the office of General Counsel, with no change in hi8 Present salary at the rate of $1,900 per annum, and that his ck 'aignation be changed from "Library Clerk" to "Law Clerk". The " 11 I1endatiens were approved by five members of the Board on April 13, 1935. Approved. Memorandum dated April 8, 1935, from L:r. Parry, Chief of the 81011 of Security Loans, recommending that the period for the te741'°rarY use in the division of the services of Mr. Milton C. Smith, ol the staff of the Federal Reserve Bank of Cleveland, in connection Vith the administration of the Board's Regulation T, be extended from 4Pri1 16 to May 15, 1935, inclusive, with the same provision for the u11 '8euent of the Cleveland bmilr for Mr. Smith's salary and travelas the original arrangement. The recommendation vas ap- 1)13d by five members of the Board on April 15, 1935. Approved. Telegram to Yr. Austin, Federal Reserve Agent at the Federal Ye Bank of Philadelphia, reading as follows: "Your letter April 12. Board approves the use of the five t eIIIPloyees of the discount department to lend clerical assistance rs° Your regular examiners and the designation of such employees ' e special assistants to examiners." Approved. Memorandum dated March 30, 1935, from the Committee on Salaries 41c1 -esnditures, which was discussed at the meetinr, of the Beard on 11 '1935, and which contained a summary of the information 929 4/16/35 -3- EllImatted in statements received from the Federal reserve ban,:s with re941rd to salaries of employees or the banks as of January 1, 1934 411cl January 1, 1935. The memorandum stated that the salary lists sub- by each Federal reserve bank had been examined and all differences bete the the lists and the personnel classification plans on file with 10 '°ard reconciled so that the lists were in agreement with such P41181 and recommended that the Federal reserve banks be advised that the "alaries of employees on January 1, 1935, as shomn in the lists 4ned the Board, had been noted with approval. The recommendation 174s approved by six members of the Board on April 13, 1935. Approved, together with a letter dated April 13, 1935 and approved by six members of the Board, to the chairmen of all Federal reserve banks, reading as follows: "Inrevieming statements furnished at the end of the year bY the Federal reserve banks on salaries paid officers and emPleVees, it is noted that the average salary paid employees inc o.re4sed at ten of the Federal reserve banks during the year ended 6, ,aluary 1, 1935, the increase for the System as a whole being from v1,555 to v1,535 %bile salary increases in individual cases may be necessary, is felt that under existing conditions such increases during 'he current year should not result in an increase in total salary PaYments or in average salaries unless a study indicates that the laries paid to employees by the Federal reserve bank are materillY out of line with those paid by local member banks for comParable services. "In approving personnel classification plans for the ederal reserve banks the Board stated that it was with the underthat the salary ranges provided for t'le respective posiblcms are consistent with salaries paid for similar work by local alike, and in case your bank has not made a comparison in recent Illonths between salaries paid by your bank and its branches, if , 11 ,11Y, and by local member banks, it is suggested that such a comvarison be made at your early convenience. The Board will appreciate your furnishing it with such int crmation in sufficient detail to show how salaries paid by the r 930 4/16/35 -.4 "Federal reserve bank and each of its branches compare with salaries paid for similar work by local member banks." Letter to hr. PeYton, Federal Reserve Agent at the Federal Bank of Minneapolis, reading as follows: "Reference is made to your letter of March 27, 1935, retrs'arding the matters of criticism reflected in the report of examination as of January 16, 1935, of thel2rallatin Trust and Savings Bank', Bozeman, Montana, and advising that the bank Pr°Posed a reduction of 050,000 in its common capital stock which would be used toward the elimination of the estimated losses shomn in the report. The report of examination indicates that the directors of ;he bank agreed at a meeting with the examiner, held subsequent ' t) the examination, to a tentative plan which provided for the 2?nversion of ,;75,000 of capital notes held by the Reconstruction I :in:knee Corporation into a like amount of preferred stock also .'() be held by the Reconstruction Finance Corporation, a reduction ,-11 common capital stock from 0100,000 to ,50,000 and the purchase rom the bank by certain of its stockholders of 50,000 in other flei potential other real estate. It appears, however, from the Information submitted with your letter of March 27, 1935, that ,!le Part of the plan pertaining to the proposed elimination of re other and potential other real estate has now been abandoned, dueto the inability of the stockholders to raise the 350,000, !,111d further that the local agency of the Reconstruction Finance orporation as well as the State Superintendent of Banks has reed that such assets need not be eliminated at this time. The !ank, however, has advised that it proposes to proceed with the ' onversion of its ,;75,000 of capital notes into preferred stock , Itrld with the reduction of its common capital stock of ,41;100,000 50,000, and although it appears that the Board's approval for ' o.4) proposed reduction in common capital stock is not required ,her through provisions of law or any membership condition apt_'4-1cable to the bank, you have requested that the Board give consideration to the matter. "The report of examination as of January 16, 1935, indicates that after deducting all estimated losses, doubtful assets and :!t 1 securities depreciation the bank has a net sound capital tt4*1.10ture of approximately 22 per cent, and that the amount of j e proposed reduction in common stock together with the instin 's available reserves is more than sufficient to eliminate ttti° 0 ? estimated losses shown in the report of examination. In view all of the circumstances, therefore, the Board will interpose ° objection to the reduction in the bank's common capital stock 1 1 931 4/16/35 -5- provided that the assets eliminated in connection therewith remain the property of the bank and with the understanding, of course, that the transaction has the approval of the State Superintendent of Banks, and that your counsel is satisfied as to the legality of the proceedings involved. "It has been noted from your letter of Larch 27, 1935, that You feel that the bank's generally unsatisfactory and frozen condition is due to the inadequacy of its management, that there has, however, been some improvement in the condition of the bank slIce the previous examination and that in view of all of the clroumstances it is your recommendation that no action be taken bY the Board with respect to the management, but that you will continuoinyour efforts to correct the situation. The Board concurs in your recommendation and suggests that you continuo LO follow the situation closely with a view to offering such assistance as may seem proper in the circumstances. It will be appreciated if you will advise the Board of the corrections effected by the bank in connection with its Proposed reduction in common capital stock." Approved. Letter to Er. C'Connor, Comptroller of the Currency, reading as follows' "In accordance with your recommendation, the Federal Re!erve Board approves a reduction in the common capital stock of ie 'Yirst Kational Bank in Mount Clemons', Mount Clemens, -Ichigan, from,200,000 to ;'?50,000, pursuant to a plan which Provides that the released capital shall be used in eliminating or reducinu, unsatisfactory assets, which are to remain the Property of the bank, all as set forth in your memorandum of April 0, 1935. "It is understood that the bank, on Larch 12, 1935, in! reased its capital by the sale of :460,000 of preferred stock o the Reconstruction Finance Corporation and others and that .h° Plan of capital reduction does not contemplate any further Increase in capital. "In considering the plan under which the reduction in Ilmon capital stock is to be effected, it has been noted that, " a,tter the proposed corrections have been effected, securities ?LePreciation unprovided for, if considered as a loss, would !-MPair common capital to the extent of approximately 10,500, 10, addition to which there will also remain unprovided for a e.rge amount of doubtful and otherwise undesirable assets. It Z 1 932 1 4/16/35 -6- Las also been noted that the bank's management is subject to criticism. It is assumed, however, that these natters are receiving the attention of your office." Approved. Letter to Er. O'Connor, Comptroller of the Currency, reading f011ows "In accordance with your recommendation, the Federal ?Le”rve Board approves a reduction in the common capital stock of ihe First National Bank of Rhinelander', Rhinelander, lacconsin, °m ,:;100,000 to $25,000, -pursuant to a plan which provides that v75,000 of existing preferred stock 'B' shall be converted into Ilew common stock, and that the released capital shall be used in ! IllIninating or reducing unsatisfactory assets, all as set forth ln your memorandum of Larch 28, 1935. "It is noted that the bunk, on October 19, 1933, increased 'ts capital by the sale of $150,000 of preferred stock to local Interests and that the plan of capital reduction does not contemPl'Ite any further increase in capital at this time." Approved. Letter to kr. Stevens, Federal Reserve Agent at the Federal O hank of Ghical2o, reading as follows: et "Reference is made to the Board's letter of August 27, 1934, that if the paid-up and unimpaired capital stock of The csvenor Savinc,s Bank, Jonesville, Michigan, which in connection ,41Ith the reorganization of the bank in Larch 1934, had been reottIced , from ,';;50,000 to ':;32,700, in violation of the requirements .0, the Federal Reserve Act for which the bank's membership in he System might be forfeited, had not been restored to at least "50,000 within six months from the date of the Board's letter. ) r°11 were requested to advise the Board as to the condition of the , ?nk at that time, as to any steps which had been taken to pro: : j de for the required increase in capital and as to your recom'Ildation and the recommendation of your board of directors in the flatter j i "It has been noted from hr. Young's letter of March 28, 1935. '.41t the president of the bank has stated that the institution 11 be able to sell ,4,8,300 of capital stock locally by May 1; : 1.1 It Your office feels that the officers of the bank are cooperat'C and, accordingly, recommends that the matter be deferred for 11 933 44'35 -7- it at least SO days, as it is believed that the bank's capital till be increased to the required amount either through local ald or through the sale of stock to the Reconstruction Finance Corporation. . "In view of all of the circumstances and the recommendatlon of your office, no action for 90 days from the date of letter will be taken by the Board on account of the reductl°11 in capital. However, if the bank's paid-up and inimpaired capital stock has not been restored to at least ,',50,000 upon !xPiration of such period, you are requested to advise the Loard as to the general condition of the bank at that time, the progress it has made in its efforts to provide for the required increase in its capital stock and as to your recomzendation in the matter." Approved. Letter dated April 13, 1935, approved by five members of the Board, to Ir. Peyton, Federal Reserve Agent at the Federal Reserve of lanneapolis, reading as follows: "Reference is made to your letter of April 5, 1935, in;losing a copy of a letter dated April 4, 1935, from Gardner B. r?rrY, vice president of 'Eorthmest Bancorporation', Linneapolis. : Innesota, concerning the limited voting permit issued to North:Jest Bancorporation on February 7, 1935. Yr. Perry stated that it had been impossible to obtain, prior to the expiration of such e permit, all the signatures of stockholders necessary to t?nsummate the proposed plan pursuant to which 'The First HaI°11a1 Bank of Baldwin', Baldwin, iiisconsin, would assume the deposit liability of 'The First National Bank of Knapp', Knapp, 4:1e°11-sin, and The First National Bank of Knapp would be placed voluntary liquidation. He requested a new voting permit 'klthorizing action, at any time prior to July 1, 1935, upon the ' l oPosalt.... covered by the permit issued on February 7. "The Board has considered this request and authorizes the iSs uNice of a voting permit which shall entitle Northwest Dancer; °"tion, Linneapolis, Minnesota, to vote stock which it owns or 4,0rItrole of The First National Bank of Knapp, Knapp, Wisconsin, Or the following limited purposes: "At any time prior to July 1, 1936, (1) To authorize or ratify the acceptance of a proposal Providing for the assumption of the deposit liability of The First National Bank of Knapp by The First National Bank of taldwin, Baldwin, Wisconsin; Z 934 V16/35 -0"(2) To place The First National Bank of Knapp in voluntary liquidation; (3) To take such further action as is necessary to effect such assumption of deposit liability and liquidation; provided that all action taken shall be in accordance with a plan satisfactory to the Comptroller of the Currency and the Federal Reserve Agent at the Federal Reserve Bank of Minneapolis. "Please have the permit authorized herein prepared by counsel for the Federal Reserve Bank of Minneapolis in the usual orm. It will be appreciated if you will mail to the Board, for its records, two executed copies of the permit issued by you under the authorization contained in this letter." Approved. Telegram to Lr. Sargent, lissistant Federal Reserve Agent at the l'ederal Reserve Bank of San Francisco, reading as follows: "Reference your tele7ram April 10 and letter February 23 17ith inclosure regardingrequest for permission to withdraw Y,°t1ng permit application of The First National Corporation of f:ortland, Portland, Oregon. On basis of facts stated, The First l'atlonal Corporation of Portland is not a holding company affilite of The First National Bank of Portland and accordingly the Loard grants the permission as requested and will consider the aPPlication withdrarn." Approved. Letter dated April 13, 1935, approved by five members of the 13No,,1 or i/e, to Ir. Case, Federal Reserve Agent at the Federal Reserve Bank ry0rk, reading as follows: "This refers to your letter of Larch 30, 1935, inclosing .,c)Pies of a letter dated Larch 26, 1935, which you have received oni the New York Stock Exchange, requesting authorization of ne Publication or distribution to its members of the text of rur reply of March 22, 1935 to New York Stock Exchange Inquiry 44 re Regulation T, and also inclosing copies of a draft of " a letter you propose to send to the New York Stock Exchange in tlle absence of objection by the Federal Reserve Board. hile the procedure whereby Federal Reserve agents answer as Ilany of the inquiries arising under Regulation T as they can J 935 4/16/35 -9- without submission to the Board has been of great assistance to the Board and seems to have worked very satisfactorily, the Board seriously doubts the advisability of publishing replies made by the Federal Reserve agents, since the twelve Federal Reserve agents may not be entirely uniform in their interpretations ef the regulation and the publication of conflicting rulings by he Federal Reserve agents might lead to much confusion. In the circumstances, the Board would prefer that replies made by the Federal Reserve agents be not published or distributed by the exchanges, but, whenever any such rulings cover questions of sufficient general interest or importance to justify publication, the.Board will be very glad to issue rulings for publication. It is believed that in this manner the confusion which might result from the publication of numerous different interpretations er the regulation can be avoided without undue inconvenience. "There is inclosed herewith the Board's Ruling No. 42 InILerpreting Regulation T, which is based upon your reply to New York Stock Exchange Inquiry No. 44, and it is suggested that you r?lease this to the New York Stock Exchange for publication and dlstribution in lieu of your reply. At the time the ruling is released to the Exchange you are requested to advise the Board er such fact by telegram in order that the ruling may be tele?aphed to the other Federal Reserve banks for public distribu,slon in the manner heretofore followed by the Board's numbered 441ings interpreting Regulation T." Approved, together with the inclosed ruling, reading as follows: "RULIEG NO. 42 INTERPRLTING REGULATION T. - The Federal Reserve Board has been asked whether a member of a national seeljurities exchange is permitted under the provisions of the "zd's Regulation T to make a short time unsecured loan to a Customer who is also a member of such exchange if such loan is "?'t 1. 'for the purpose of purchasing or carrying securities' rIthin the meaning of those words as used in the Securities ExAct of 1934. The inquiry makes clear that the loan in estion is not a loan of an emergency nature permitted under e provisions of section 10(d) of Regulation T. In reply, the Board rules that the making of the loan referred to is permitted ) 1!I1der the provisions of section 5(b) of the regulation if the ,"-la is not made for the purpose of evading or circumventing the evisions.of the regulation. ihe Board has also been asked whether a declaration of the bo rrower as to the purpose of an unsecured loan may be relied " °4 by the lender with the same effect as in the case of a `Leclaration made under section 8(c) of Regulation T. The Zl 936 4/16/35 -10- "declaration referred to in section 8(c) is a declaration with respect to an extension of credit on registered, non-exempted securities and the provisions of that section do not apply with the came effect to a declaration made with respect to an extension of credit without collateral. An extension of credit withCollateral by a member of a national securities exchange to his customer, if in fact made 'for the purpose of purchasing or ,c,,rrying securities', would be made in violation of section ' e)(2) of the Act and the Board is not empowered to make any pile or regulation which wculd allow such extension of credit to 1?e validly made. In these circumstances, the Board does not feel that it is appropriate for it to make any provision in its re gulations or to express any opinion with respect tc the circumstances under which, or the extent to which, the lending member wold be justified in placing reliance upon his customer's ?•itten declaration as to the purpose of a loan without collateral. It is recognized, however, that a declaration similar to that Provided for in section 8(c) of Regulation T may be of considerevalue to the lender in determining whether a loan is or is , 2 1.ct for the purpose of purchasing or carrying securities' and '!le Board knows of no reason why a declaration from the customer 8nould not be obtained even with respect to an extension of credit without collateral." Letter dated April 15, 1935, approved by six members of the * to Governor heviton of the Federal Reserve Bank of Atlanta, pre- Pared ob. -Ln accordance with the action taken at the meeting of the Board P111 11, 1935, and reading as follows: "Az you know, the Federal Reserve Board at its meeting on rvfll 4, 1935, deferred action on the proposed increase in the c!::? charged banking institutions doing business in Havana on _7,1-11e transfers effected through the Havana agency, in order to :7:Iford the Board an opportunity to obtain information as to er the increased rate would result in an increase in the rate 0, charged by commercial banks operating branches in Havana " cable transfers effected by them other than through the havana "The Board has been unable to obtain any satisfactory infercotlon as to what action the commercial banks mould take in this a nnection. However, aside from this point, on April 10, 1935, 0 , 1 ?Presentative of the State Department called at the Board's : ' t0.41ces, at the suggestion of Lr. Sumner 7iel1es, Assistant SecrerY of State, and stated that, while the economic situation in 937 4/16/35 -11- "Cuba has improved greatly in the last few weeks as the result of new trade agreements relating to sugar and certain other products, the political situation is still quite delicate; that the State Department is endeavoring in a friendly way to work out plans for stabilizing the political situation which may result in general elections being held in Cuba next November; that Lir. Welles feels that it would be very desirable to avoid anY action which might have a disturbing effect upon the improvement in the economic situation in Cuba; and that, while Er. Vielles realizes it is asking a great deal to request the Federal reserve bank to stand an operating loss, and he hesitates to maggest that it do so, he feels that if the rates for cable transfers could remain unchanged until the contemplated November elections it would be desirable that such a course be followed. II While the Federal Reserve Board is inclined to give favorable consideration to the request of the Federal Reserve Bank of 4tlanta that the rate on cable transfers be increased, it is not ,rePared to take any action which would place the Board or the ederal reserve bank in a position which would require the board or the bank to accept any responsibility for creating a situation 1Pich might be disturbing to economic or political conditions in 'alba at the present time. Therefore, in accordance with the sug?stion of the State Department, the Board has deferred action on proposed increase in the rate on cable transfers until after elections referred to by Ir. Vielles have taken place or, in -41E) event they are not held as contemplated, until December 1, 435, when the matter will be considered again. It will be apprecia-,ed, therefore, if, following the elections referred to or not later than December 1, 1935, you will r°Iiiew the mutter and forward to the Federal Reserve Board the recommendation of the board of directors of your bRnir as to what action should be taken by the Federal Reserve Board in the light °f conditions as they then exist in Cuba. In order that the commercial banks interested in this Mtter may be informed, a letter is being forwarded today to each of the representatives who attended the conference with you rd L./i s James in New York City on April 3, 1935, advising of the ,°ard's action. A copy of the letter to Li-. Rovensky of The 'lase National Bank of the City of New York is attached." F Approved, together with a letter to 1.:essrs. Joseph C. Rovensky, Vice President, Foreign Department, The Chase National Bank of the City of New York, Joseph H. Durrell, Vice President and Lanager Overseas Division, the National City Bank of New York, both of 1;ew York, I:ew York; Charles E. Spencer, Jr., Vice President, The First National Bank of Boston, Boston, Massachusetts; 938 4/16/35 -12P. W. Eurphy, Agent, Bank of Nova Scotia, New York, hew York; C. J. Stephenson, Agent, Canadian Bank of Commerce, New York, New York, and F. T. Walker, Agent, Royal Bank of Canada, New York, New York, reading as follows: "As you know, the Federal eserve Board has had under con8?.deration a request from the Federal Reserve Dank of Atlanta tIlat the Board authorize an increase to 12.00 per 0.,000 in the rate charged banking institutions doing business in Havana on cable transfers effected through the agency. The proposed increase was given further attention at the meeting of tho Federal Reserve Board on April 11, 1935, but, in vlovr of the information furnished to the Board informally by United States Department of State with regard to conditions ?/1 Cuba, the Board felt it was not advisable to authorize the Isncrease at this time. Accordingly, action on the matter was cleferred with a view to taking it up for consideration again at a later date." Letter dated April 15, 1935, approved by six members of the 13°ard, to the JUMBS A. hill 1;,fg. Co., Minneapolis, Minnesota, roadas follows: "Reference is made to your letter of April 4 regarding the rate of interest charged by the Federal Reserve Bank of Linnei5 on industrial advances under Section 13b of the Federal ! ,P01 L "eserve Act. "The Chairman of the Board of Directors of the Federal Ru! .8"at rlre Eank of flinneapolis has advised the Federal Reserve Board t in compliance with the Board's request, which was referred cl° , in our letter of February 28, the subject of interest rates arged on industrial advances has been considered by the Execurnj ilre Committee of his bank. The Chairman states that this corntee, after a careful review of all the factors in connection r! II the making of such loans, including the cost thereof and ra ' .06 charged by commercial banks, is convinced that the present tIt0 on these loans is fair and no change therein is recommended." j Approved. Letter dated April 15, 1935, approved by six members of the to Lr. E. J. Nereus, Cashier of the First National Bank in Glacitft °Ile, Gladstone, Michigan, roading as follows: 939 -13"heceipt is acknowledged of your letter of April 9, 1935, in regard to a proposal to have the territory situated in the uPper peninsula of Lichigan transferred from the jurisdiction 2f the Ninth Federal Reserve District to that of the Seventh ederal Reserve District. ttaile the Board understands that there has been some local agitation to transfer the northern hichigan area from the lanneaPolis to the Chicago District, such a proposal has not yet been Presented to the Board and is therefore not under consideration at this time. However, the Board is glad to have the benefit the reaction of your bank, and it will be borne in rand in 'clle event the matter should subsequently come up for consideration." - Approved. Letter to Yr. Wood, Federal Reserve Agent at the Federal Rove an of St. Louis, reading RS follows: "Receipt is acknowledced of your letter of April 2, 1935, r egarding the request of Lr. Edward J. Costigan for the return of his application under the provisions of section 32 of the : liking Act of 1933 for a permit to serve as director of the uoatmen's National Bank and as director and officer of Mitaker Company, both of St. Louis, hissouri. "In view of the provisions of section 128 of the Criminal Code, which prohibit the removal of any paper or document filed °r deposited in any public office or with any public officer of the United States, it is not believed that the Board may properly '-otUrn the papers comprising Li'. Costigan's application for a );errait under section 32, and you are requested to advise Er. j°stigan to this effect. As stated in the Board's letter of _44uary 19, 1935, however, Ia.. Costigan's application will be 4Narded as having been withdrawn, although it will be retained a2 4 part of the Board's records." 1 Approved. Letter dated April 13, 1535, approved by five members of the tooas -(13 to Er. hoxton, Federal Reserve Agent at the Federal Reserve Of IZichmond, inclosing the following amended Clayton Act permit rolt. t ' l Illlsmission to the applicant: 14's L. I. Rice, to serve at the same time as a director of the 940 Citizens National Bank of Berkeley Springs, Berkeley 4rin, ilest Virginia, and as a director and officer of The Old National Bank of Llartinsburg, Larinsburg, rrest Virginia, for the period ending January 14, 1936. Approved. Letters dated April 13, 1935, prepared in accordance with the "tion taken at the meeting of the Board on April 11, 1)35, and ap1)17°Imd by five members of the Board, to applicants for Clayton Act 1431ln-its advising respectively of the issuance of permits by the Board as i'c'llows: Lr• Ira 7i. , Ciralsky, to serve at the same time as a director of Ihe City National Bank of South Lend, South Bend, Indiana, and "a director of the Citizens Trust and Savings Bank, South Bend, Indiana, for the period ending January 14, 1936. :4r • 4'ales W. O'Brien, to serve at the same time as a director and icer of The City National Lank of South Bend, South Bend, t4diana, and as a director of the Citizens Trust and Savings allk, South Bend, Indiana, for the period ending January 14, 1936, r Approved. There -were then presented the following applications for q111121p111 stock of Federal reserve banks: A .4 1, • biet4ca.tIons for ADDITIONAL Stock: r'let Hos 3 %Ninth Bank and Trust Company, Thr:iladelphia, Pennsylvania -st National Bank of Stone Harbor, 111, 110 harbor, LEM Jersey ''irst National Bank of Pennington, Tb13e/Inington, New Jersey chland National Bank, Ilichland, Pennsylvania 134t1,i„ 4.11e L. 7. to National Bank of Dubuque, 'NbUqUe, Iom Shares 600 3 48 2 653 60 60 941 4/16/35 -15for ADDITIONAL Stock: (Continued) 8 Ihe Pirst -aate Bank of Chester, , Chester, Illinois 'he Llontcomery County Loan and Trust Company, flillsboro, Illinois tehfield Bank and Trust Company, , cield Illinois utlon State Bank of Clinton, , clinton, Missouri liormandy State Bank, Normandy, Missouri .odalia Bank and Trust Company, T Sedalia, Missouri he ?laza Bank of St. Louis, St. Louis, Missouri DieGriet Shares -, 40. 14-zlit No. 11. .1f3 Fli;t-RiaTEITal Bank of Amarillo, T1, Am arillo, Texas -4),First National Bank of Post, rost, Texas 1.1,st 'National Bank in Rockwall, 1,1, -,LeRockwall, Texas National Bank of Commerce of San Antonio, sat Antonio, Texas 6 6 4 3 7 6 6 38 30 2 2 240 Total 274 1,025 1V1 N.4.4 '`L Cati0118 for SURRENDER of Stock: rallketzuti-rcalte Bank, P/7atkenmuth, Michigan !)istrict ho. 9. -ix.;,t N ational Bank of Aberdeen, Aberdeen, South Dakota IID:111ot No. 11. -e Pirst National Bank of Doucjas, Ipcl'glas, Arizona Approved. 34 34 39 39 30 Total 30 103 942 4/16/35 -16-j Thereupon the ting adjourned. 01A;J_P Secretary. °Nred rnor.
@FedFRASER