View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

869
A meeting of the Federal Reserve Board was held in Washington
ollTuesday, April 9, 1935, at 11:30 a. m.
PRESENT:

Mr.
Mr.
Mr.
Mr.
Mr.
Mr.

Eccles, Governor
Thomas, Vice Governor
Hamlin
Miller
James
Szymczak

Mr. Morrill, Secretary
Mr. Bethea, Assistant Secretary
Mr. Carpenter, Assistant Secretary
The Board acted upon the following matters:
Telegram to Mr. Strater, Deputy Governor of the Federal Reserve
Bank of

Cleveland, reading as follows:
"
Jour telegram and letter. Board approves for your bank
+?11°wing schedule of rates on industrial advances, effec'1-ve immediately: Advances direct to industrial or
.et°111nleroial organizations: 4 1/2% to 6% per annum. Advances
w2,financing
institutions: 3 1/2% per annum on portion for
iliJ.ch institution
is obligated and 4% per annum on remaing Portion. Commitments to make advances 1% per annum,
,
sle new rate to apply to future commitments and future
PVmants on commitments to direct borrowers already out-

j

Approved.
Memorandum dated April 4, 1935, from the Committee on Salaries
€trici

enditures submitting: a letter dated April 3 from Mr. Sinclair,

13eilltY Governor
of the Federal Reserve Bank of Philadelphia, which rebarik.

ertain changes in the personnel classification plan of the
The memorandum stated that the Committee had reviewed the pro-

Dostad Changes

and, with the exception of the increase in salary range
tc*the P"ition of "Chief Clerk", Reconstruction Finance Corporation,
e°11ecti°n Division, they appeared to be reasonable and not in conflict




870
4/9/55

—2—

with the
principles set forth in Governor Eccles' letter of January 5,
455) and

recommends that they be approved. The memorandum also stated

tilat While the
Personnel classification plan of the bank shows a salary
range of $204042520, established in February 1932, for the position of
ftchief
Clerk", Reconstruction Finance Corporation, Collection Division,
the B,
'ard's records show a range of $1680-:
4 1980, that the Committee is
"the
()Pinion that the salary range of $204042520 for such position
is .L. ;qv-,
^
ovnable and recommends that it be approved.
Approved.
Telegram to Mr. McAdams, Assistant Federal Reserve Agent at the
?ederal

Reserve Bank of Kansas City, reading as follows:

"Your letter
April 4. Board approves use temporarily of the
fourteen employees of Denver Branch to lend clerical
assistance
to your regular examiners in examinations of
State member
banks• If
Approved.
Memorandum dated April 5, 1935, from the Committee on Salaries
arid
enditures, submitting a letter dated March 27 from Mr. Coleman,
i)ePlit3T

Governor of the Federal Reserve Bank of Dallas, which requested

a chlinge in

the Personnel classification plan of the El Paso Branch to
Pronie _or
1a
The niernorandumreduction in the salary range for the position of "Guard".
stated that the reduction is to bring the salary range
T811n11 Position into line with that for the same position at the
°tiler branches of
the bank, and that the Committee recommends that
13 atPr°ved.




Approved.

871
4/9/35
-3Letter to the "United States National Bank in Johnstown",
jc3hlist0'nly
Pennsylvania, reading as follows:
"The Federal Reserve Board has given consideration
to your
application for permission to exercise fiduciary
Powers, and grants you authority to act, when not in
con
travention of State or local law, as trustee,
executor, administrator, registrar of stocks and bonds,
guardian of estates, assiznee, receiver, committee of
?states of lunatics, or in any other fiduciary capacity
,-11 which State banks, trust
companies or other corporations which come into competition with national banks
.:,re permitted to act under the laws of the State of
'
tennsylvanial the exercise of all such rights to be subject
10 the provisions of the Federal Reserve Act and the regulations of the Federal Reserve Board.
"This letter will be your authority to exercise the
fidn •
powers granted by the Board. A formal certificate eoverinv,
such authorization will be forwarded to you
in due
course."
Approved.
Letter to Mr. Peyton, Federal Reserve Agent at the Federal Reaelte Bank of
Minneapolis, reading as follows:
"Reference is made to your letter of March 12, 1955,
which was transmitted the application of 'The
Miners,
First National Bank of Ishpeming', Ishpeming,
gn:higan, for permission to act as executor, administrator,
iltdrdian of estates and committee of estates of lunatics,
te: authority of Section 11(k) of the Federal Reserve
mit "Consideration has been given to the information subwhit2d bY you and by the Comptroller of the Currency, from
sai?' it appears that the applicant bank is in a generally
sefactory condition although its active management is
,Pet to some criticism. It further appears, however,
(11:; the bank's
officers, including the proposed trust
thj
eery are lacking in experience in fiduciary matters;
as
the bank does not have any real need for trust powers,
haZ denced by the fact that the predecessor bank although
th,Vg trust powers apparently did not exercise them, and
131,4 ,the area, population and business interests of the
"4's trade territory do not evidence any probability of




872
4/9/35
-4—
suPplying a volume of fiduciary business which would be
Profitable to the bank or enable it to employ an experienced
trust officer, especially as trust services are available
in nearby cities. In view of the foregoing situation and
Of Your adverse recommendation, in which the Comptroller
?S the Currency
concurs, the Board is unwilling to grant
Ilduciary powers to the institution at this time.
"You are reauested, therefore, to advise The Miners'
First National Bank
of Ishpeming, Ishpeming, Michigan,
.tthat the
Board has denied its application, but in the event
any time in the future changing conditions modify
tilatat
e conclusions as set out in the preceding paragraph, it
will be glad to
reconsider the matter."
Approved.
Letter to "The National Deposit Bank in Owensboro", Owensboro,
Kentucky,
reading as follows:
"The Federal Reserve Board has given consideration to
Your
aPlplicption for permission to exercise fiduciary
;Powers,
and grants you authority to act, when not in contraof State or local law, as trustee, executor, admin.ator, registrar of stocks and bonds, guardian of
7
.states,
assignee, receiver, committee of estates of
lonl,
e.tics, or in any other fiduciary capacity in which State
trust companies or other corporations which come into
+1,-,Petition
with national banks are permitted to act under
:'J'e laws of the
State of Kentucky, the exercise of all such
'-ghts to be
subject
to the provisions of the Federal Reserve Act
and the regulations of the Federal Reserve Board.
rid !This letter will
be your authority to exercise the
catuclary powers granted
by the Board. A formal certifie
covering
such
authorization
will be forwarded to you
-14 due
course."
Approved.
Letter to Mr. Clark, Assistant Federal Reserve Agent at the Fed1441- Re
serve Bank of Atlanta, reading as follows:
tr, "Reference
is made to your letter of March 29, 1935,
the request of the Bank of Canton, Canton,
for a further extension, to April 1, 1936, of the
-'e within
which it may, in accordance with the require-




873
4/9/35
-5"ments of membership condition numbered 17, dispose of the
remainder of its holdings of stock of the Canton Cotton
Hills, consisting of 110 shares and carried in the bank's
investment account at $150 per share. The Board has
Previously granted extensions from January 1, 1934, to
October 1, 1954, and subsequently to April 1, 1935, within
which the provisions of membership condition numbered 17
might be complied vdth and it is noted that the bank has
disposed of
only 10 shares of the stock in question since
Its
admission to membership.
"It has been noted that the directors of the bank have
reported that the committee appointed by them to dispose of
the stock
has been unsuccessful, although diligent efforts
this connection have been made, and that the bank feels
(a
sale of its holdings at this time could be
thamade Only
at a price less than the actual value of the stock
and would result
in a needless loss to the bank.
"In view of all the circumstances, including your
reco
of mmendation, and the fact that the State Superintendent
Banks has granted the institution permission to carry
he stock
until April 1, 1936, the Board extends to April 1,
the time within which the Bank of Canton may comply
144.Tal the provisions
of membership condition numbered 17 and
is requested that you advise the bank accordingly. It
rs been observed
that the directors of the institution are
r$31 accord with
the Board's views with respect to the investment of
banks' funds in corporate stocks and that every
efort1
will be made to dispose of the stock in question
:!Icre April 1,
1936. The Board trusts that the committee
1.4t1
' be successful in its efforts within the time now allotted."
Approved.
Letter to Mr. Austin, Federal Reserve Agent at the Federal Re-

&terve

Bank of Philadelphia, reading as follows:
"Receipt is acknowledged of your letter of March 28,
/ advising the Board, merely for its information, with
ti,
,
gard to a possible situation which might arise in connecp
with the rehabilitation of the Bank of Auburn, Auburn,
!
71.
1,rania, which was effected in the latter part of 1929 or
144
ci:,-;
IrlY part of 1930. It has been noted that you are
be'
11-4Y of the opinion that the charges which it appears may
lip Preferred against Mr. Hill, Assistant Federal Reserve
'
ent, are absolutely unfounded. It has also been noted that

4




874
4/9/35
-6-"the matter has been referred to the counsel for your bank,
who has been
in communication with representatives of the
State Banking Department, and that it is apparently the
view of that Department that there is nothing to be done
with regard to
the matter. It is assumed that you will
keep in touch
with
the State Banking Department with regard
to this
matter and will advise the Board if there should be
anY further
developments."
Approved.
Letter to Mr. Walsh, Federal Reserve Agent at the Federal Reserve
Bank
of Dallas, reading
as follows:
"This refers to your letter of March 4, 1935 regarding
the
a
legality of the payment of interest by a member bank on
-emand deposits of the McAllen Independent School District
d certain Water Control and Improvement Districts of the
0 Texas.
A copy of the opinion of your counsel on
the
uae subject
was submitted with your letter.
The right of a member bank to pay interest on demand
dePosits of
Water Control and Improvement Districts of the
State of
Texas is the subject of your letter of February 27,
'
35 and of the Board's reply thereto dated March 13,
1935.
0
The Federal Reserve Board has carefully considered the
ini°11 of your counsel that it is not lawful for a member
t°Pay interest on demand deposits of independent
eeh.°01
gu
districts in the State of Texas. From the statutes
in,
c,4ed
)
,
in your counsel's memorandum, it appears that in
arIrPendent school districts of more than 150 scholastics
in all independent school districts created by act of
the
halr legislature prior to January 1, 1920 in counties that
t, e a population of less than 3,340 'the treasurer
o
sitorY) of the school fund shall be that person or
0
,
rP°ration who offers satisfactory bond and the best bid
4. interest on
the average daily balances'.
se "In accordance with previous rulings by the Federal ReopliZ
* Board upon similar statutes of other states, it is the
Art:;'?11 of the Board that the above quoted provision of
the
e 2832, Vernon's Annotated Texas Statutes, requires
PaYment of interest upon demand deposits by independent
Liool
districts of the kind described above.
rea "It is noted
that your counsel states that he is
cox:r,lebly sure that the McAllen Independent School District
a-Lns more than 150 scholastics. Accordingly, on the

r

e




875
4/9/35
-7.n
assumption that such is the fact, the Board is of the
°Pinion that a member bank may lawfully pay interest on
deposits of the McAllen Independent School District which
!re payable on demand. No opinion is expressed by the
Board regarding the payment of interest upon funds of
Independent school districts to which the provisions of
Article 2832 are not applicable."
Approved.
Letter to Mr. Austin, Federal Rqserve Agent at the Federal Re13e1

Bank of
Philadelphia, reading as follows:

"The Board was recently advised informally that you
hair
e a representative in the Discount Department of your
bank
whose sole duties are to maintain joint custody with
bank
of all notes and acceptances pledged
c2, secure Federal Reserve notes and to maintain a record
0-L such
collateral.
"Such information as is available at the Board's
Ices indicates that in accordance with the Board's
aetter of August 9, 1917 (X-312), all other Federal Reserve
_gents have
designated employees in the Discount Departto represent them in maintaining joint custody of
;°11ateral pledged with them as security for outstanding
:
ere]. Reserve notes and that when such employees are not
corged on work in connection with maintaining custody of
0,,,lateral for the Federal Reserve Agent they perform
wlernwork in the Discount Department.
If the advice received by the Board is correct it will
be a
be Ppreciated if you advise the Board rhether it would not
theractical to designate some employee to act for you in
connection who would devote his time to other work
1711e8
c_ n his
services were not required in receiving and releasing
'
llateral and maintaining a record thereof."

r

Approved.
Memorandum dated March 29, 1935, from Mr. Parry, Chief of the
4ision
- of Security Loans, referring to his memorandum of December 19,
19t
4) With
regard to margin requirements on daylight trades of
a clalists
and floor traders, upon which action by the Board was still
Perldit
'
C and recommendinq that, in vier of developments since the date



876
OAS

-8--

the earlier
memorandum, the matter be referred back to the staff
Presentation to the Board at some later date in case action by the
8°8-1.1 Should be
requested by the Securities and Exchange Commission.
Approved.
Letter dated April 8, 1935, approved by five members of the
Board,
-Lu' to Mr. C. B. Eilenberger, Third Assistant Postmaster General,
l'eading as
follows:
"This refers to your letter of March 12, 1935, MO-M,
with
inclosures, regarding losses of certain postmasters
!Elle to abrasion
upon shipments of gold coin made by them
u.'() Federal
Reserve banks. At the suggestion of the
'c)mptroller General of the United States that the matter
reimbursement on account of such losses would appear to
A e for consideration under the provisions of the Emergency
1RPropriation Act, fiscal year 1935, approved June 19,
B0341 you
have referred the matter to the Federal Reserve
2,rd With a request that the postmasters involved be re441011rsed from the appropriation cited.
tu ."Inasmuch as the appropriation referred to is under
X.Ourisdiction of the Treasury Department and any
for reimbursement on account of losses sustained
idue to
abrasion of gold coin must be settled by that
b4artment, your letter, with inclosures, is this day
0 rig referred to
'
the Secretary of the Treasury for his
onsideration•"

r

Approved.
Letter to Mr. Case, Federal Reserve Agent at the Federal Reserve
"New York, reeding as follows:
ellbm "Consideration has been given to the information
theul
:
Ated With your letter of March 29, 1935, regarding
1g3.,
-PPliosbility of section 32 of the Banking Act of
or ,i11,0_th? service of Mr. Curtis E. Calder as a director
aria
ationai City Bank of New York, New York, New York,
o/ '
ono
.f United States & International Securities1;
N1=ti




877
4/9/35
-9appears that United States & International Securiles Corporation is engaged in investing and reinvesting
Its funds and that purchases and sales of securities in the
COr-puration's portfolio amounted to the following percentages
of total assets, taken at cost, for the following years:
Year
1930
1931
1932
1933
Average for period

Purchases
20.99
18.97
17.53
43.43

Sales
17.33
19.43
A.
28.15

24.89

21.65

"It appears that the securities in the corporation's
Portfolio as of
June 30, 1934 had been held for the following
Periods in the following percentages:
Held
Held
Held
Held
Held

less than 6 months
6 to 12 months
12 to 18 months
18 to 24 months
24 months and over

5
7
10
ONO

78
100

"It also appears that no shares or other securities of the
have been sold since 1928. During each of the past
e years, the corporation has purchased in the open market
a4c1 retired a portion of its first preferred stock.
t_
"Since its organization the corporation has engaged in
,irelve transactions involving the issue, underwriting or
'
'
tic ribution of securities. The Board feels that such transse l°ns, rhen not entered into for the purpose of acquiring
ase4ritie8 at a discount for investment, should not be regarded
merely incidental to the business of keeping assets invested
to
the
of
best advantage, but, on the contrary, are characteristic
he Principal type of organization which the Congress had in
in enacting section 32. However, it appears that the
'Oration engaged in no transactions of this kind in 1931 or
s11,;, in only two such transactions in 1952, and in only one
pril transaction
in 1934; and that the latter resulted in a
t6,0001
°f
which was equal to less than 1 per cent of
thnt
di ..4noome received by the corporation during 1934 from
co:ldends and interest. Of course, if the activities of the
theP°ration in this connection should increase materially in
uturey a further question as to the applicability of
secj
1°11 32 might be raised.
corporation
hre




878
4/9/35
-10"On the basis of the above information, the Board does
not believe that
United States & International Securities
Corporation should be deemed to be engaged primarily in the
business of purchasing, selling, or negotiating securities
:
1 1tala the meaning of section 32, and it rill be apprecieted
lf you will advise Mr. Calder accordingly."
Approved.
Letter to Mr. Case
11611

Federal Reserve Agent at the Federal Reserve

of New York,
reading as follows:
4

"Consideration has been given to the additional informa-on forwarded with your letter of March 26, 1935 in conneci°n with the application of Mr. Bayard F. Pope under the
Provisions of section 32 of the Banking Act of 1933 for a
rermit to serve as director and chairman of the Advisory
of The Marine Midland Trust Company of New York,
New
Trr York, New York, and as director of Selected Industries
V'eorporated, Jersey City, New Jersey. It is noted that, on
he basis
of the information which has now been submitted,
211 and counsel for your bank are of the opinion that section
should not be regarded as applicable to the relationships
-La
question.
"It appears from the information which has been subat Selected Industries Incorporated is a so-called
flnvestment trust' engaged in investing and reinvesting its
1,114d8 in securities. A statement of its investment policies
been submitted, accompanied by an analysis designed to
;
o
rr that only
such changes are made in its investment portas are required by a sound and conservative investment
c01,1?Y and that the corporation has not cared to attempt, nor
ma-T_idered itself equipped to attempt, to take advantage of
4 l'et fluctuations
to obtain speculative profits. It
iPears that purchases and sales of securities by the corporazCylilleIng the past five years, omitting purchases and sales
States Government securities and of the corporac,
°11 s own shares, were equivalent to the following pervntages of its
total assets.

V

K

J

Year
1930
1931
1932
1933
1934
Average for period



Purchases
32.42
28.52
21.88
35.30
25.03

Sales
16.41
34.30
15.37
36.37
27.06

28.63

25.50

879
4/9/85
-11.

"It further appears that the securities in the corporaPortfolio as of December 31, 1933 had been held for
the following periods in the following percentages:
Held
Held
Held
Held

less than 6 months
6 to 12 months
12 to 24 months
over 24 months

23.54
7.35
9.28
59.83
100.00

"It also appears that during the year 1934 the corporation
took four
syndicate participations. However, although each
of these participations resulted in a profit, the total profit
was equal to
less than 4 per cent of the income of the corpora'
j.1.0h from dividends, interest, etc., during that year. Although
the amount of
such transactions in 1934 was small, a further
question as to the applicability of section 32 might, of
°course, be
raised if the volume of such transactions should inrease materially in the future.
"It also appears that during the past tDo years the
corporation has not purchased or sold any of its own shares
or other
securities and that such purchases and sales in 1932
were negligible in amount.
"As you know, the Board stated in its letter of October
20, 1934 that, on the basis of the information which had then
been
..,
submitted, the provisions of section 32 were apparently
;1)131j-cable to the relationships covered by this application.
t,c matters particularly referred to in the Board's letter were
,r relatively high rate of turnover in the corporation's
!,'''erfolio„ the absence of definite information regarding the
rars during which securities had been held in the corpora8 °11 s portfolio, and the fact that the corporation engaged in
hrdioate operations. As stated above, definite information
now been received regarding these last two matters. With
respectha
to the rote of turnover, the revised figures which
e been submitted are considerably lower than those which
were
the basis of the Board's earlier consideration. It
cg!ars that the difference results (a) from the inclusion
co„."he year 1934 in the five-year period covered, and the
pu;responding omission of the year 1929, during which the
elleses representing initial investment of the corporation's
fund
of s were made, (b) from the omission of purchases and sales
od States Government securities, which were manifestly
otUnitr
serjurohased for speculative purposes but in order to con(c) idle funds awaiting investment in other securities, and
fromm the fact that the previous figures were calculated

4




880
4/9/35
-12n

on the basis of the average value of the corporation's
assets at the beginning and end of the respective years,
Whereas the revised figures are calculated on the basis of
the cost of the
portfolio. In view of the great decline in
the general
market value of securities, this last change
has
produced a considerable difference in the percentages
Shown, but
it appears that, even if this change in basis
had not been
made, a rate of turnover of less than 50 per
cent per year would have been shown.
"On the basis of the additional information which has
been submitted, the Board is of the opinion that section
32 of the Banking Act of 1933 is not applicable to the
ele+„4onships described in the first paragraph of this
letter. Of course, this conclusion is equally applicable
,to Messrs.
Curtis E. Calder, Eugene V. Stetson, and Harold
Talbott, Jr., who have filed applications covering their
services to Selected Industries Incorporated and various
lember banks. It will be appreciated if you will advise the
aPplicants accordingly."
Approved.
Letter to Mr. Hoxton, Federal Reserve Agent at the Federal Re—
ee Bank of Richmond,
reading as follows:
"This refers to Mr. Fry's letters of February 16 and
PabruarY
21, 1935, regarding certain directors and/or
1 national banks in your district who are serving
s,105.
Rappahannock Trust Company, Front Royal, Virginia,
tPParently in violation of section 8A of the Clayton Anti—
Act and/or section 32 of the Banking Act of 1933.
„ "In his letter of February 21, 1935, Mr. Fry states
14v,lat the
State Banking Department has advised you that the
rre1141
, aPpahannock Trust Company has surrendered its banking
0-1.:r er as of February 16, 1935, and since that date is
4,:fiE_tting as a mortgage company. However, it is not clear
v,..._-uner or not the trust company will make loans secured
i;J: stock or
bond collateral within the meaning of section
4rof the Clayton Antitrust Act and whether it will sell
tgage bonds or other securities of the kinds referred to
secttion 32 of the Banking Act of 1933.
4.141,01_l it appears from Mr. Fry's letters that the parties
i,,,,o-Lved have not been willing to furnish you with necessary
-:nation in response to his letters. Horever, it may be
;1_11133.e for you to obtain information from the State Banking

:hmie




881
4/9/35
HDepartment regarding the powers which may be exercised by
the trust company under the provisions of the charter under
which it is now operating and as to whether it appears from
lt_he informtion
in the possession of the State Banking
Department whether or not the trust company now makes loans
secured by stock or bond collateral or issues bonds in
series
against mortgages held in pools or deals in securities
. !1° any extent. If you do not obtain the necessary information
ln this manner, you may deem it advisable to have a repres
centative of your office call upon the persons or the trust
°R1PanY involved for the purpose of obtaining the necessary
in
formation.
"When you have obtained such 'additional information in
this matter as is practicable, please advise the Board,
fter Consideration
considerction of the matter by your counsel, as to
het
it appears that there are any violations of section
!A of the
Clayton Antitrust Act or section 32 of the Banking
cr 1933
1953 and give the Board your recommendation as to
what
should be taken by the Board."

:

Approved.
Letter to Mr. Peyton, Federal Reserve Agent at the Federal Re-

4a-tre

nank of Minneapolis, reading as follows:

nl!.eference is made to your letter of March 27, 1935,
a letter dated March 25, 1935, from Mr. C. P. Klein,
1--)ka, lannesota, requesting an amendment to his Clayton
4cl,
permit.
nn
to s_241 January 21, 1935, Mr. Klein was granted permission
r,
e at the same time as director and officer of The
',,trst National
Bank of Chaska, Chaska, Minnesota, and as
Wector of The Klein National Bank of Madison, Madison,
and it is noted that he is now serving as president
malcIt as well as director of The Klein National Bank of
iscn and requests that his permit be amended accordingly.
he Board has approved the request of Mr. Klein and
are inclosed the original and copies of an amended
gmit covering
his present services as director and
el,-a icer of The
First National Bank of Chaska and as director
pe1,
4(3fficer of The Klein National Bank of Madison, for the
--1 ending January 14, 1956, for transmittal by you to
"-Lein and the banks involved and a copy for your files.
.
it "In view of the Board's letter of April 9, 1934 (X-7856)
18 assumed that you are satisfied that Mr. Klein is not
Van°sing
a
A

4elbe




882
4/9/35
-14-Serving any organization other than those which he
listed in item 12 of F.R.B. Form 94 in his previous application and that no such organizations other than those
indicated therein (item 13) make loans on stock or bond
collateral; but
it will be appreciated if you will advise
:the Board regarding this matter in order that its files may
be
complete. However, if Mr. Klein is serving any organizatlon other than
those listed in his previous application,
Please advise the Board regarding the matter and hold the
Permit pending further advice from the Board.
i "Mr. Klein and the banks involved were advised upon
the
ssuance of the previous permit dated January 21, 1955,
se to the
reason for the issuance ,of the permit so as to
expire at the close of January 14, 1936."
Approved.
Letters to applicants for Clayton Act permits advising respecJ, of the issuance of permits by the Board as follows:
Mr.
,
V• Hodges, to serve at the same time as a
William V.
dire
of The United States National Bank of Denver,
tenver, Colorado, and as a director of The First National
Of Fort Morgan, Fort Morgan, Colorado, for the period
ending January 14,
1936.
Mr.
K
ennedy, to serve at the same time as a director
and off Kennedy,
;-'
leer of the National Bank of Commerce in Pawhuska,
Oklahoma, and as a director and officer of the
•Diearnsdall State Bank, Barnsdall, Oklahoma, for the period
riding January 14, 1956.
Approved.

Thereupon the meeting adjourned.

Approved:




Governor.