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2368 A meeting of the Executive Committee of the Federal Reserve 4)ELI ' cl was held in Washington on Wednesday, August 1, 1934, at 11:00 Ets PRESENT: Mr. Thomas, Chairman of the Executive Committee Mr. Hamlin Mr. Tames Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Martin, Assistant to the Governor The Committee considered and acted upon the following matters: Telegram dated August 1, 1934, from Yr. Austin, Chairman of the Federal Reserve Bank of Philadelphia, advising that, at a meeting °lithe board of directors today, no change was made in the bank's ell8t143 schedule of rates of discount and purchase. Without objection, noted with approval. Letter dated July 31, 1934, approved by four members of the 13°411d, to Mr. Newton, Federal Reserve Agent at the Federal Reserve 13eilk °I' Atlanta, reading as follows: "It appears from the analysis of the report of examination of the Georgia Railroad Bank & Trust Company, " .1 U8te, Georgia, made as of April 16, 1934, inclosed with four letter of Tune 2, 1934, that possible violations of i!he provisions of Section 22(g) of the Federal Reserve Act, 4437e been committed by Messrs. C. H. Phinizy, A. B. Von Kamp X. Lee Etheridge, President and Vice President, respec" :velY, of that bank. In accordance with the Board's usual Practice in such cases, these possible violations have been rePorted to the Attorney General of the United States for elloh action as he considers advisable, and a copy of the letter today addressed to the Attorney General is inclosed herewith for your information. "It is noted tha-c you have called these possible violato the attention of the Georgia Railroad Bank & Trust COmPany, but it Coes not appear that you have reported them 2369 8/1/34 -2"to the local United States District Attorney. In this connection, your attention is invited to the Board's letters !! Xuly 11 and July 22, 1933, (X-7493) and (X-7518), respec" ' I. 41)1Y, coveringthe reporting of such matters. In the cir?Ixastances, you are requested to make a similar report to the local United States District Attorney." Approved. Letter dated July 31, 1934, approved by four members of the 11" 'to Lx. A. C. Thorkelson, Cashier of The American National Bank Or VaileY City, North Dakota, reading as follows: "This refers to the resolution adopted on November 21, , 933, by the board of directors of your bank signifying the val?k's desire to surrender its right to exercise trust powers whlch have been granted to it by the Federal Reserve Board. "The Board understands that The American National Bank YalleY City has been discharged or otherwise properly leved in accordance with the law of all of its duties as !iduciary. The Board, therefore, has issued a formal certiticate to your bank certifying that it is no longer authorlzed to exercise any of the fiduciary powers covered by the Pr°visions of Section 11(k) of the Federal Reserve Act, as eZtended. This certificate is inclosed herewith. ... "In this connection, your attention is called to the tact that, under the provisions of Section 11(k) of the "doral Reserve Act, as amended, when such a certificate ! .1as been issued by the Federal Reserve Board to a national u4nk, such bank (1) shall no longer be subject to the provisions of Section 11(k) of the Federal Reserve or the ! egulations of the Federal Reserve Board made pursuant 5heret0, (2) shall be entitled to have returned to it any 8?cUrities which it may have deposited with the State or similar authorities for the protection of private or court trusts, and (3) shall not exercise any of the powers covered by Section 11(k) of the Federal Reserve Act except with the permission of the Federal Reserve Board." n Approved. Letter to Mr. N. F. Bonfield, Jr., President of The First Ileti°441 Bank of Austin, Minnesota, reading as follows: 1, "This refers to the resolution adopted on January 9, 4-1134 by the board of directors of The First National Bank 2370 8/1/34 -3- "?f Austin, signifying the bank's desire to surrender its right to exercise trust powers which have been granted to it by the Federal Reserve Board. "The Board understands that The First National Bank of Austin) Austin, Minnesota, has been discharged or otherwise Pr°PsrlY relieved in accordance with the law of all of its duties as fiduciary. The Board, therefore, has issued a tc)rmal certificate to The First National BAnk of Austin certifYing that it is no longer authorized to exercise any °r the fiduciary powers covered by the provisions of Section 1(k) of the Federal Reserve Act, as amended. This certiricate is inclosed herewith. "In this connection, your attention is called to the fact that, under the provisions of Section 11(k) of the Bleders1 Reserve Act, as amended, when such a certificate , 1ln ae been issued by the Federal Reserve Board to a national u414k, such bank (1) shall no longer be subject to the 12r0visions of Section 11(k) of the Federal Reserve Act or liss regulations of the Federal Reserve Board made pursuant thereto, (2) shall be entitled to have returned to it any securities which it may have deposited with the State or .stirailar authorities for the protection of private or court ) ,1118ts, and (3) shall not exercise any of the powers covered "Y Section 11(k) of the Federal Reserve 4ct except with the Permission of the Federal Reserve Board." 1 Approved. Letter dated July 31, 1934, approved by four members of the 13°4111 to mr. O'Connor, Comptroller of the Currency, reading as follows: toe "In accordance with Acting Comptroller Awalt's recami, ndetion, the Federal Reserve Board approves a reduction " the common capital stock of 'The First National Bank of 1' Islip, New York, from $100,000 to 3.0,000, pursuant to latior4a plan which provides for the retirement of 0.00,000 in c 8ting Preferred stock and the sale of :31000000 of new 17cr3c)n stock to the present preferred stockholders, and ' P,rovides further that the released capita, together with V-°1000 from the bank's surplus or undivided profits ac° shall be used to liquidate the existing contin;nt liability of $150,000 which was incurred through the aZe of the present preferred stock at a premium of that .1„,°1111t, all as set forth in Mr. Awalt's memorandum of July 1934.“ i Approved. 2371 8/v34 -4Letter dated July 31, 1934, approved by four members of the 13°411, to mr. O'Connor, Comptroller of the Currency, reading as follows: "In accordance with Acting Comptroller of the Currency wait's recommendation, the Federal Reserve Board approves a reduction in the common capital stock of 'The National Bank c)f Coxsackie', Coxsackie, New York, from :,i100,000 to $50,000, PlIrsuant to a plan which provides that the bank's capital .athall be increased by the sale of . ,',50,000 of preferred stock 1° the Reconstruction Finance Corporation, and that the re-1-e_8.sed capital shall be used to eliminate an equivalent amount or the least desirable assets in the beak, all as set forth Lir. ,Walt's memorandum of July 18, 1934." Approved. L:emorandum dated July 25, 1934, from Er. Wingfield, Assistant C°1148el, referring to the Board's usual practice of reporting apparent /7101ations of the provisions of section 22(g) of the Federal Reserve Act to the Attorney General without attempting to determine whether attch cases are actual violations or whether the persons involved should be Pro -seoUted, and calling attention to a case in which it appears that "eqUent to June 16, 1933, the effective date of the provisions of "1°4 22(g), it was decided that a voluntary assessment would be made 4aillst the stockholders of the Greene County Union Bank, Greeneville, I'Mxiessee, a member bank; that certain of the stockholders, including two e lecutive officers of the bank, being unable to pay all or a portion or, 8 "ca assessment, gave their notes to the bank; and that it appears, th"Ol'e, that such executive officers became indebted to the member bctlik4hd technically violated the provisions of section 22(g). The kelti°1"Eltdura also stated that it appears however that the action of the cXecUtive officers was for the benefit of the bank and its depositors 1'111;41 'than for the benefit of the executive officers; that apparently 2372 SAN -5it was not a transactio n of the kind which the provisions of section 22 W are designed to prevent; and that, in these circumstances, it is believed that it would not be inappropriate for the Board to exercise a reasonable discretion in the matter and not report the case t° the Attorney General. The suggestion that the case be not reported was approved. Telegram dated July 31, 1934, approved by four members of the to Mr. Curtiss, Federal Reserve Agent at the Federal Reserve 13411Ic Or Boston, reading as follows: "Your letter Tilly twenty fifth re meeting of repro?entatives of member and non-member banking institutions 1:4 Your district in connection with extension of credit 1.hider section 13b of Federal Reserve Act. In event meet14g is called, Board approves action your directors in !tutnorizing Governor of your bank to reimburse any banking ! Jastitution represented at such meeting, upon receipt by of request for reimbursement, for the amount expended !Y not more than one representative of such institution 1-01 railroad fare and Pullman accommodation in attending Zeeting.” Approved. Telegram dated July 31, 1934, approved by four members of the Board., to las. Zurlinden, Deputy Governor of the 1--edera1 Reserve Bank Or Cleveland, reading as follows: "Your wire July 25 requesting ruling whether under P_I'°7isions of subsection (b) of section 13b of the .ederal Reserve Act your bank may discount for a financing institution operating in its district an obligation entered tato for the purpose of obtaining working capital for an established industrial or commercial business located in ,nother Federal reserve district just across the line dividIng that district from the Cleveland district. Federal Reerve Board is of the opinion that your bank may lawfully p.e'e such discount provided, of course, that other applicable requirements of law and regulation are met." Z Approved. 2373 8/1/34 _6_ . Letter dated July 31, 1934, approved by four members of the Board, to vurtiss, Federal Reserve Agent at the Federal Reserve Bank of Bosreading as follows: "There are inclosed the Clayton Act permit and copies thereofe issued by the Board to Mr. Oliver B. Ellsworth to !erve as director and officer of the Riverside Trust Company, nartford 9 Connecticut, as director and officer of The PortTrust Company, Portland, Connecticut and as director c't The Middletown National Bank, Middletown, Connecticut. , "In the consideration of Mr. Ellsworth's application for a Clayton Act permit it was noted (Item 12- F.R.B. Form 94, dated November 15, 1933) that he was serving as vice President and director of The Portland Company, Inc., the business of which was reported to be 'investments'. wi "While the Board does not have detailed information t,!/1 respect to the character of the business conducted by is company, it appears possible that the provisions of 2,ction 32 of the Banking Act of 1933 are applicable in this case. Therefore, the Board requests that you make such ,!vastigatima as is necessary to determine the status of Ellsworth with respect to the provisions of Section 32. 0 , "If You find to your satisfaction that the provisions 4 Section 32 are not applicable to Yr. Ellsworth you are au thorized to transmit the Clayton Act permit to the applicant and copies thereof to the banks concerned. "If you find that Mr. Ellsworth's service with the above named banks and company comes within the provisions of ‘'ulon 32 you are requested to advise him of the requireOf that section and as to the procedure in making f. ,!! L 8;rkl application for a Section 32 permit. If upon a con0;kleration of all of the facts involved, with the advice Your counsel, you are unable to determine to your .74isfaction the applicability of Section 32 in this case, t4a Board, upon receipt of full information, will be glad rule upon the matter. In any event, the delivery of e Clayton Act permit should not be made until it has been determined that Ur. Ellsworth's service with the "Ire named company and banks does not come within the 14311°visions of Section 32 or that his service with such 4.nstitutions has been brought into conformity with the reirements of that section. Please advise the Board of 4e action taken in this matter. "Although it does not appear that Yr. Ellsworth is .7L ,debted directly or indirectly to any of the banks inlved in his application, for your confidential informa.°311 the Federal Deposit Insurance Corporation report of r j 2,374 8/1/34 _7_ "examination of The Portland Trust Company as of April 10, 1934, showed a loan of 3..0,000 to the Middletown Golf Club, of which Mr. Ellsworth is treasurer and a director, classifiell a8 $9,000 slow and $1,000 loss, and a loan of 0.0,550 vo -uhe Freestone Realty Company, of which he is treasurer and a director, classified as $7,150 slow, a,700 doubtful and 1)700 loss, In addition, loans of Mr. Ellsworth's wife and of his interests aggregating $41,000 were classified as 1_"!!7. The report of examination of The Middletown National 1°u-nic showed a loan of 33,900 to the Middletown Golf Club c lassified as doubtful. "The Board requests that you cooperate with the appropriate supervisory authorities in an endeavor to effect an improvement in the condition of the loans of the applicant's j v fe and his interests, and that when you make your recammenda°11 as a result of your annual review of this permit you ' report fully as to the progress made with respect thereto." Approved. Letter dated July 31, 1934, approved by four members of the 84141t11 to - Case, Federal Reserve Agent at the Federal Reserve Bank Of iq 811/ York, reading as follows: f„.„ "The Board has reconsidered the application, as amended, Mr. Joseph M. Forsythe for a permit under Section 8 of the 4-aYton Antitrust Act to serve as a director and officer of The Sherburne National Bank, Sherburne, New York, and as '11,,Irector of The National Bank and Trust Company of Norwich, Norwich, New York. In the light of the additional informa; I (134 auhmitted with your letter of May 23, 1934, and Mr. : 434e-tin's letter of June 25, 1934, the Board has granted 1381111dt to Mr. Forsythe to serve the above named institui°489 which permit and copies thereof are inclosed. 4 "It is noted, however, that in reply to :0.1estion iubered 12 on F.R.B. Form 94, the applicant states that he also serving as director of the Norwich Securities Corporaon, Norwich, New York, which is described as being engaged ' in a the securities business. While the Board does not have ! tailed information regarding the character of the business Of the latter corporation , it appears possible that the provisions of Section 32 of the Banking Act of 1933 are applicable to Mr. Forsythe's service as officer or director of the above tTalad banks and as director of the 2:orwich Securities Corpora: 0 (34. You are, accordingly, requested to withhold delivery the Clayton Act permit to Mr. Forsythe until you are : atlsfied that Section 32 does not apply to his service to the member banks above named and the Norwich Securities 8/1/34 -8:?°rParation, in which event, you are authorized to deliver the _i-LaYton Act permit to the applicant and at the same time to -utahamit copies thereof to the banks concerned. "If you find that Mr. Forsythe's service to the Norwich See -4.4 „ --lules Corporation and the member banks named comes within the scope of the provisions of Section 32, you are requested to !Idvise him of the requirements of that section and to notify atm, that he may file an application for a permit covering such service. Of course, if upon consideration of the facts involved, Ftethr vitd ce of your counsel, you are unable to determine Mr. Forsythe's service comes within the scope of Section ; the Board upon receipt of full information will be glad to " I-Le Upon the matter. In any event, the delivery of the Clayton !aft permit should not be made until it has been determined that Tt Forsythe's service to the Norwich Securities Corporation, e Sherburne National Bank and The National Bank and Trust aiPanY of Norwich does not came within the provisions of See32 or that his service with those institutions has been 1) taught into conformity with the requirements of the section. "It will be appreciated if you will advise the Board of Your action in this matter." 2 r j Approved. Letter dated July 31, 1934, approved by four members of the to Mr. Case, Federal Reserve Agent at the Federal Reserve Bank or Yark, reading as follows: "There is inclosed a Clayton Act permit covering the s ervice of Ur. William F. Sober as director and officer of llanufacturers National Bank of Troy, New York, and as ector of the Taconic Valley Bank, Berlin, New York. It is ;toted that in reply to question numbered 12 on application (311°1 94, the applicant states that he is also serving as pro sident of the Security Prop. Co., Inc., Troy, New York. "While the Board does not have detailed information reisrdilaZ the character of the business of Security Prop. Co. it appears possible that the provisions of Section 32 the Banking Act of 1933 are applicable in connection with 1118 service as director and officer of The Manufacturers d!tional Bank of Troy, the Taconic Valley Bank and as presi: at Of Security Prop. Co. Inc. You are, accordingly, reeested to withhold delivery of the Clayton :Jet permit to Tr Seber until you are satisfied that Section 2 does not Q'Pllr to the relationship above described, in which event are authorized to deliver the Clayton ;tot permit to the ' ttPlicant, at the same time transmitting copies thereof to ,40 banks involved. Z 2376 0 8/1/3,1 -9"If you find that La.. Saber's service with the Security ProP. Co. Inc. and the member banks involved comes within the 14!,r_ovisions of Section 32 you are requested to advise him of e requirements of that section and notify him that he may ila an application for a permit covering such service. Of !,?urse, if upon a consideration of the facts involved, with .:.4ae advice of your counsel, you are unable to determine ilhether Mr. Seber's service comes within the provisions of Section 32, the Board, upon receipt of full information, will be glad to rule upon the matter. In any event, the delivery °' I the Clayton Act permit Should not be made until it has been determined that Mr. Seber's service with the Security ' 01). Co. Inc. and the member banks involved does not COMB within the provisions of Section 32 or that his service with slIch institutions has been brought into conformity with the requirements of that section. "Please advise the Board of your action in this matter." r Approved. Letters dated July 31, 1934, approved by four members of the Board, t)/41,. Stevens, Federal Reserve Agent at the Federal Reserve Bank of Chicago, liererring to the following applications for permit3under the Clayton ;,ct, stetia.e, in each case, that, upon the basis of the information before it, the Board concurs in the agent's opinion that the issuance of the pert41 t 4Plied for would be incompatible with the public interest. Each letter als° requested the agent to communicate to the applicant the Board's liti°11 in the matter, and to advise the Board promptly as to whether the II-TV-leant desires to submit any additional data, and, if not, as to steps he proposes to take in order to comily with the provisions of the c4A°11 Act. Ault, for permission to serve at the same time as a IiI:ector of The Third National Bank of Rockford, Rockford, 0 ,illc)ist and as an officer and director of the State Rank Xirkland, Kirkland, Illinois. UZ. T ttwe -L. Floyd Garrott, for permission to serve at the same r„ as a director of The First-Merchants National Bank of --4.'aYette, Lafayette, Indiana, as an officer and director 2377 8/1/34 -10of the Battle Ground State Bank, Battle Ground, Indiana, and as an officer and director of the Fowler State Bank, Fowler, Indiana. 1!?'. William C. Mitchell, for permission to serve at the same ,e as a director of The First-Merchants National Bnrk of aYette, LArayette, Indiana, and as a director of The Purdue State Bank, West Lafayette, Indiana. al Mr. G. C. Spafford, for permission to serve at the same time as an officer and director of The Third National Bank of Rockrlt Rockford, Illinois, as a director of the State Bank of kland, Kirkland, Illinois, and as a director of the Cherry Valley State Bank, Cherry Valley, Illinois. O 14r. Donald Vincent, for permission to serve at the same time 8 a director of The First National Bank of Clarion, Clarion, Iowa, EIS a director of the First State Bank and Trust Company, 1 „ ;°, . 1 t_ Dodge, Iowa, and as an officer and director of the State '''41144 of Worthington, Northington, Minnesota. Approved. Letter dated July 31, 1934, approved by four members of the Board, to Stevens, Federal Reserve 1,gent at the Federal Reserve Bank of Ckcago, reading as follows: y "Reference is made to Assistant Federal Reserve 4--_:ent letter of June 26, 1934 with which was inclosed copy ( ) 4' : . a letter dated June 19, 1934 from the First National Bank DeKalb, DeKalb, Illinois, relative to the Clayton Act anpli!ation of Mr. E. P. Ellwood, DeKalb, Illinois, for permission 'c_) serve as director and officer of First National Bank in De111 9 DeKalb, Illinois, as director of Genoa State Bank, Genoa, ili ln°1s, and as director of The Citizens National Bank of ubc)ck, Lubbock, Texas, which application was disapproved by the Board on May 9, 1934. „ "It is noted that Yr. Ellwood has resigned as a director Of the Genoa State Bank, but desires to remain as a director the Citizens National Brirk of Lubbock for the reason that ia executor of his brother's estate at Lubbock, Texas, which has an interest in the Lubbock bank and also other large real estate holdings in that vicinity. It is also noted that lor the same reason Mr. Ellwood wishes to remain as a director First National Bank in DeKalb and that the bank states that it would very much like to retain him. , "The Board has given consideration to these facts but 34ill feels that the issuance of the permit applied for would Tine's 2378 8/1/34 -11- "be incompatible with the public interest, as indicated in its letter to you dated May 9, 1934. You are requested to advise the applicant accordingly. "Please ascertain and advise as to what further steps Mr. Ellwood proposes to take in order to comply with the Provisions of the Clayton Act." Approved. Letter dated July 31, 1934, approved by four members of the 8°tIrcl, to Mr. McClure, Federal Reserve Agent at the Federal Reserve }lank °r Kansas City, reading as follows: "There are inclosed the Clayton Act permit and copies thereof issued by the Board to Mr. Robert C. Boyd covering s service as director and officer of The Carson National ' auk of Auburn, Auburn, Nebraska, and director and officer .c.lf The First National Bank of Johnson, Johnson, Nebraska, .401' transmittal by you to Ur. Boyd and the two banks, toher with a copy for your files. "The Board concurs in your opinion that although the aPPlicant is probably partly responsible for the condition °f the Johnson bank along with the other directors who are described as 'lax in attention and supervision', his forced withdrawal from the bank would be very harmful under present circumstances. Apparently the applicant is a capable banker ezd it would appear that his regular attendance at directors' Meetincs as well as his supervision and counsel would be 7erY helpful to the Tohnson bank. , "The Board suggests that you endeavor, in cooperation the appropriate supervisory authorities, to bring about 4 strengthenina of the active management of the Johnson bank rd that you cooperate to bring about a change in the atti411de of the directors toward this bank. When you submit cur recommendations as a result of your annual review of his permit, the Board requests that you report fully as to m116 Progress made in the correction of the Johnson bank's legement and condition and as to whether the applicant is ischarging his responsibilities by attending directors' eti8 or otherwise." I Z V Approved, together with a similar letter, also dated July 31, 1934, and approved by four members of the Board, to Mr. McClure, inclosing a Clayton Act permit authorizing Mr. Franz F. Mberer to serve at the same time as a director and officer of The First National Bank of 2379 8/1134 -12Johnson, Johnson, Nebraska, and as a director and officer of The Auburn State Bank, Auburn, Nebraska. Letters dated July 31, 1934, approved by four members of the 13°ard, to applicants for permits under the Clayton Act, advising of 4131/1 'Oval or their applications as follows: . Madison. L. Toms, for permission to serve at the same time r a director and officer of The National Iron Bank of Yorrisrwa, Morristown, New Jersey, as a director and officer of The uhatham Trust Company, Chatham, New Tersey, and as a director °11 the First National Bank in Rockaway, Rockaway, New Tersey. , Lr_° S. S. F. Harman, for permission to serve at the same ! ,-uata as a director of the Farmers Bank of Clinch Valley, Tazewell, Virginia, and as a director of the Tazewell National Baak, Tazewell, Virginia. 141%* F. R. Gannon, for permission to serve at the same time as director of The First National Bank of Ellendale, Ellendale, atap e ta, and as a director and officer of The First Bank of Hecla, Becla, South Dakota. ** F. B. Stiles, for permission to serve at the same time as ad director and officer of the First National Bank and Trust 2 , nIParLY of Aberdeen, Aberdeen, South Dakota, as a director :74g officer of The McCook County National Bank of Salem, Salem, ,311th Dakota, and as a director and officer of The Farmers Diational Bank of Vienna, Vienna, South Dakota. Approved, together with letters, also dated Ally 31, 1934, and approved by four members of the Board, to the respective Federal reserve agents, requesting that, when they submit their recommendations as a result of their annual review of the permits referred to above, they report fully as to the status of the matters referred to in the individual letters. Letters dated July 31, 1934, approved by four members of the to applicants for permits under the Clayton Act, advising of 417a1 of their applications as follows: W. Armstrong, for permission to serve at the same 1:44Jme !!* Ray as a director of The Superior National Bank of Hancock, 2380 8/1/34 -13cock, Michigan, as a director of The First National Bank of Lake Linden, Lake Linden, Michigan, and as a director of The 8111 .0r Trust Comrany, Hancock, Michigan. Gordon R. Campbell, for permission to serve at the same ine as a director and officer of the Merchants and laners 4, Calumet, Michigan, as a director and officer of The 13erior National Bank of Hancock, Hancock, Michigan, and as d irector and officer of The Superior Trust Company, Hancock, L 7 8. Mr. William Johnson, for permission to serve at the some time ! 8 a director of The Superior National Bank of Hancock, Han")ck, Michigan, and as a director of The Superior Trust Company, Rancock, Llichigan, Charles L. Lawton, for pervission to serve at the same time !! a director and officer of The Superior National Bank of Han'°ek, Hancock, Michigan, and as a director and officer of The c'uPsrior Trust Company, Hancock, Michigan. 14"aRichard E. Odgers, for permission to serve at the same time director and The Bank officer of Superior National of HanCock 0, Hancock, Michigan, as an officer of The Superior Trust 71311nanY, Hancock, Michigan, and as a director and officer of 6 First National Bank at Hubbell, Hubbell, Michigan. Ur. x^ -sePh Ruppe, for termission to serve at the sane time as a c; o rector and officer of The Superior National Bank of HanHancock, Michigan, and as a director and officer of The ' 41)erior Trust Company, Hancock, Michigan. Approved, together with a letter, also dated July 31, 1934, and approved by four members of the Board, to Yr. Peyton, Federal Reserve Lent at the Federal Reserve Bank of Minneapolis, requesting that, when he submits his recommendations as a result of his annual review of the permits referred to above, he report fully as to the progress made in bringlag about an improvement in the loan and investment policies of the banks involved. Letter dated July 31, 1934, approved by three members of the to an -- applicant for a permit under the Clayton Act, advising of EtI3PrcIvral of his application as follows: 2381 8/1/34 -14- Mr. E. X. Evans, for permission to serve at the same time as a director and officer or The First National Bank in Ontonagon, O ntonagon, Lichigan, and as a director of Ale lArst National Bank or Rockland, Rockland, Lichigan. 4proved. Letters dated July 31, 1934, approved by four members of the Board, to aPPlicants for permits under the Clayton Lct, advising of approval of thej aPplications as follows: ! .r° Morris H. Cone, for permission to serve at the same time :! a director of The First National Bank of White River JuneiOii Vhite River Junction, Vermont, and as a director of the "tater-State Trust Company, White River Junction, Vermont. Rollo L. Dimick, for permission to serve at the same time aulAcyee of The First National Bank of White River JuneWhite River Junction, Vermont, and as an officer of the Illter-State Trust ComPany, White River Junction, Vermont. Mr. Everett J. Eaton, for permission to serve at the same time ? i a director and officer of The First National Bank of White 1117er Junction, White River Junction, Vermont, and as an officer °f the Inter-State Trust Company, White River Junction, Vermont. Ur° Chas. LeBourveau, for permission to serve at the S1MB time a director and officer of The First National Bank of White 2iver lunation, White River Junction, Vermont, and as a direc;or and officer of the Inter-State Trust Company, White River Unction, Vermont, 1111s* G. H. Miller, for permission to serve at the same time as director of The First National Bank of White River Junction, ! l I ite River Junction, Vermont, and as a director and officer 'IT Montthe Inter-State Trust Company, White River Junction, Ver- 141 ' 6 3. Miller, for permission to serve at the same time as lirector of The First National Bank of Yvhite River Junction, c;ulte River Junction, Vermont, and as a director and officer r the Inter-State Trust Company, White River Junction, Vermont. lars Geo. W. Smith, for permission to serve at the same time as iroctor and officer of The First National Bank of White Worer Junction, White River Junction, Vermont, and as a director ce the Inter-State Trust Company, White River Junction, Vermont. 2382 8/1/34 -.15Nr. Lawrence Day, for permission to serve at the same time as a director and officer of The National Iron Bank of Morristown, Morristown, New Jersey, and as a director of The Chatham Trust CamMny, Chatham, New Jersey. '7hs. S. Hill, for permission to serve at the same time as Mr a director of the Bank of Bowie, Bowie, Maryland, and as a director and officer of The First National Bank of Southern 17 .arYland of Upper Marlboro, Upper Marlboro, Maryland. " 14 H. C. Danforth, for permission to serve at the same time as a director and officer of The First Dakota National Bank and Trust Company of Yankton, Yankton, South Dakota, and as a director of the Security Savings Bank, Ireton, Iowa. 1_41r. Albert Koegel, for permission to serve at the same time e's,a director of the National Bank of Flint, Flint, Michigan, as a director of the Merchants 84 Mechsnics Bank, Flint, ' 41chigan. Mr. Colman J. Ross, for permission to serve at the same time as a director of the National Bank of Flint, Flint, Michigan, 2Id as a director and officer of the Merchants e4. Mechanics Bank, r.Liat, Michigan. ! 1' .X°31117a W. Aoher, for permission to serve at the same time as ulrector and officer of the First State Bank of Zurich, 414101) Montana, and as a director of The Farmers National Bank ill Chinook, Chinook, Montana. 1_11% Nax P. Kuhr, for permission to serve at the same time as director of The Hill County State Bsnk, Havre, Montana, and IZZetor of The Farmers National Bank in Chinook, Chinook, Z MI% Fred C. Andersen, for permission to serve at the same time a director and officer of The First State Bank of Bayport, ort, Minnesota, and as a director of The First National or Stillwater, Stillwater, Minnesota. Z n G. D. Combes, for permission to serve at the same time as ; 4 rsctor of the Madison Valley Bank, Ennis, Montana, as a ector of the Bank of Sheridan, Sheridan, Montana, and as a tor and officer of The First National Bank of Dillon, LJJ.J.lon, Montana, r 1. G. Danskin, for permission to serve at the same time as rectorof The Merchants National Bank of Glendive, Glendive, MO t and as a director of the A.endive State Bank, Glendive, 4t ana Montana. 2383 8/1/34 -16'Claude D. Riley, for permission to serve at the some time as director and officer of The First National Bank in Ontonagon, untonagon, Michigan, and as a director of The Commercial Bank, Lt Anse, Michigan. Ur. 10 tolr D. Goepfert, for permission to serve at the same time as ! I, director and officer of The First Citizens National Bank of latertown, Viatertown, South Dakota, and as a director and officer Of The Farmers National Bank of Vienna, Vienna, South Dakota. Mr. n •4., . C. Noonan, for permission to serve at the same time as ! I director of The First Citizens National Bank of Watertown, 4atertown, South Dakota, and as a director of The McCook County 1,rat1ona1 Bank of ::;alem, Salem, South Dakota. L. S. Spencer, for permission to serve at the same time as !d irector of The First Citizens National Bank of Watertown, i:ittertown, South Dakota, and as a director and officer of The 7,t National Bank and Trust Company of Lake Norden, Lake " rwz,n, South Dakota. Mr TT n A. Kibbee, for permission to serve at the same time as mi;lrector and officer of the Commercial Trust and Savings Bank, Banlechell, South Dakota, and as a director of the Federal Reserve Of lanneapolis, idinneapolis, Minnesota. Ur, EA „" A. Porter, for permission to serve at the same time as ulrector and officer of the First National Bank and Trust „TipanY of Aberdeen, Aberdeen, South Dakota, and as a director 'd4- the Security Bank and Trust Company, Webster, South Dakota. Approved. There were then presented the following applications for changes 14 stock or Federal reserve banks: lications for ORIGINAL Stock: ,,Jstziot No. 2 Shares lational Bank of Phelps, 116.11)s, rIew York , ), 118trict No. 6. —4e Citizens National Bank of Quitman, ilit146110.1 Georgia strict Nos 44i Natio4a1 9. Metals Bank of Hancock, 41cLec'ek, Michigan Approved. 36 36 36 36 510 Total 510 582 Thereupon the mooting adjourned. ' Secretary. Executive Committee.
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