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2654 A meeting of the Executive Committee of the Federal Reserve Board Was held in dashington on Viednesday, August 29, 1934, at 3:15 p. m. PRESENT: Yr. LIX. Mx. Mr. Thomas, Vice aovernor Hamlin Tames O'Connor Mx. Mr. Mr. Mx. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Martin, Assistant to the Governor Wyatt, General Counsel There was presented a memorandum dated August 21, 1934, from Mr. C"Penter, Assistant Secretary, stating that certain of the messengers Oh the Board's staff in the Washington Building are assigned to offices °t the members of the Board, and that in order to provide the necessary 488sager service for the other offices of the Board in the Washington 81111dlag and between that building and the Shoreham and Treasury Buildings, eZ additional messenger is needed. The memorandum recommended that the Iklard approve the appointment of William H. Drake as a messenger with sale. 17 at the rate of c-; 4 840 per annum, effective as of the date he enters 415°4 the Performance of his duties after having passed a satisfactory PhYsical examination. Approved. Reference was made to a letter and telegram dated July 25, 1934, tram 414 Curtiss, Chairman of the Federal Reserve Bank of Boston, advising thaLt, et its meeting on that date, the board of directors of the bank had 41ced, subject to the approval of the Board, a minimum rate on commitments 1414, ' section 13(b) of the Federal Reserve Act of one-half of one per cent per um during the life of the commitment with authority to the officers 2655 8/29/34 -2- to1— °, /large a higher rate in individual cases; the rate on commitments of 1688 than one year to be not less than one-half of one per cent. Reference 17043111L8.de also to a draft of a telegram to Mr. Curtiss, which had been pre- Darea following the receipt of his telegram and letter, stating that the 18°41,11 feels that it is not desirable to approve a minimum rate for commitziellts under section 13(b) with authority to the officers of the bank to °114rge. an unlimited higher rate in individual cases, but that the Board has IJP1)1Trved for several Federal reserve banks minimum and maximum rates on camlaitzents to make industrial advances and suggests that the Boston bank fix 44d 811brait to the Board for approval a minimum and maximum rate on commitfor such advances. In this connection there was also presented a telegram dated July 28, 1924) trom Mr. Young, Secretary of the Federal Reserve Bank of Chicago, stat14 that the board of directors of the bank at its meeting on July 27 had 13(1, salbject to the approval of the Board, a rate of one per cant per annum com Mitments for six months under section 13(b) of the Federal Reserve Act; the rate on cammitments for longer than six months to be subject to negotiations d epending upon the length of time and circumstances. Mx. James stated that he had objected to the form in which the advice Ot the b tO .00ard's action had been drafted, and that he felt the Board's reply the Boston bank might be in a form approving the minimum rate fixed by the '111c, stating that other Federal reserve banks have established maximum tta well 48 zinimum commitment rates, and suggesting that the Federal Reserve 13411k Of "J°8ton also fix a maximum rate and submit it to the Board for 41313roveas 2656 8/29/34 -3After discussion, the Secretary was requested to advise the Chairmen of the Federal Reserve Banks of Boston and Chicago along the lines of Mr. James' suggestion. There was then presented a memorandum, which had been circulated 841°11g the members of the Board under date of August 4, 1934, from Mr. Van ()esen, Assistant Chief of the Division of Bank Operations, summarizing the reports received from the Federal reserve banks in respons e to the 8°4rd's telegram of July 3, 1934, with respect to the advisability of 1"ering the present maximum rate of 3L on time and savings deposits preeellted in the Board's Regulation Q. The memorandum stated that six of the -1114&3 recommend that no change be made, four make no recommendations, 44d two, Boston and Dallas, recommend that the maximum rate be reduced to The memorandum also stated that the reports indicate a predominating reeling that no change should be made in the present maximum rate, the Zore limPortant considerations for this opinion being as follows: 1. The principle of a general maximum, below which actual rates may be determi ned by clearing house associations and individual banks in the light of local conditions, is believed Preterable to the principle of a minutely regulated rate structure. 2. Lowering the rate would not greatly benefit the large member banks, which can afford to take such action independent:II/11'2 but it might embarrass the smaller member banks, which are h more affected by postal savings and mutual savings competition. Upon motion by Mr. O'Connor, it was agreed that no change should be made in the present maximum rate of 3,0 on time and savings deposits prescribed in Regulation '). d Mr. Thames referred to a memorandum dated July 6, 1934, from Mr. tt re commending that the Board authorize the Legal Division to compile end h, -"e Printed a new edition of the Federal Reserve Act and appendix. 2657 8/29/34 -4-- 14r. Thomas stated that he had arranged through Mr. Peyton, Federal Reserve Agent at Minneapolis, to have lir. Homer P. Clark, Class C Director and Deputy Chairman of the Federal Reserve Bnnk of Minneapolis, and Chairman of the West Publishi ng Company, publishers of law books, stop in Washington on his . return from his vacation to confer with regard to the desirability of having the West Publishing Company compile and print for the Board a new edition Of the Federal Reserve Act. A discussion ensued as to whether it is desirable to have a new edition of the Act printed at this time and Mr. Wyatt stated, if the Board liculd decide to have the work done, the Legal Division is prepared to do the Work of compiling and indexing, although if the Board should desire to heve the work done elsewhere he saw no objection. There was also some dis- c488ion as to whether a new edition of the Act should contain annotations Of court decision s and the Board's rulings as printed in the Federal Reserve but no decision was reached. At the conclusion of the discussion, the -Tice 3overnor was requested to consider the matter further and submit a recommendation to the Board as to the action to be taken. Consideration was also given to thirty-eight Clayton Act applicatiaas Which had been received , and analyzed by the Board's Division of from directors and/or officers of the National City Bank, New York, New York, for permission to serve at the same time as directors 4134/c3r officers of other banking institutions, and particularly to five °t the applications received from officers and directors of the national ballk Who, on the basis of the available information, appear to be partially respo— "lble for the criticized policies and practices of the bank. 2658 8/29/34 -5There was read a draft of a letter prepared by Mr. Thomas to the Federal Reserve Agent at New York setting forth the matters which had been given consideration by the Board in connection with the applications and stating that the Board feels it should have further information concerning the applicants and especially concerning the officers and directors who have served as members of the executive committee. The draft of letter 413° requested that the matter be brouLlht to the attention of the directors of the Federal Reserve Bank of New York so that the Board may have the benefit of their views. Some of the members present questioned the advisability of adal'essing a letter to the Federal Reserve Agent at New York and Mr. O'Connor 411ggested that the Board might mnl-e an independent investigation to ascertetn the extent of the responsibility of each of the applicants in connection with the management of the national bank, after which, if thoucht 4d7ieable, the matter could be taken up with the directors of the Federal ReServe Bank of New York for their suggestions. At the conclusion of the discussion, upon motion by Mr. Hamlin, the Division of Examinations was requested to develop, through an independent Investigation, and submit to the Board definite information as to the nature and extent of the responsibility of each of the thirty-eight applicants for the criticized policies and practices of the bank. Ur. O'Connor stated that the Federal Deposit Insurance Corporation ilad been giving consideration during the summer to the question of Postal ' 68 competition with banks, it having come to the attention of the C°rPorat. -lon that the Postal Savings System is accepting deposits and perkitti Ile their withdrawal without notice and paying the accrued interest 2659 8/29/34 -6- thereon, which is equivalent to the payment of interest on deposits payable on demand which, under the regulations of the Board and the Federal Deposit Insurance Corporation, banks which are members of the Federal Reserve System O] whose deposits are insured under section 12B of the Federal Reserve Act, cannot do. Be said that during the courSe of the summer the Federal Deposit Iasurance Corporation had forwarded a memorandum to the Post Office Departflient calline; attention to this matter, that this morning he had conferred with Postmaster General Farley regarding it, and that Er. Farley had promised to look into the matter. Mr. O'Connor moved that the Vice Governor be requested to investigate and report to the Board with regard to the payment by the Postal Savings System of interest on deposits in connection with which no notice of withdrawal is required, and with regard to the effect thereof on banks which are members of the Federal Reserve System. Carried. The Committee then considered and acted upon the following matters: Letter dated August 28, 1934, approved by three members of the 113ard, to MT. O'Connor, Comptroller of the Currency, reading as follows: "Receipt is acknowledged of Acting Comptroller Gough's memorandum of August 23, 1934, with reference to the proposed reduction in common capital stock of 'The First National Bank of Durango', Durango, Colorado, which was approved by the Board on July 3, 1934, pursuant to a plan which provided, aal,ong other things, for the purchase for cash by shareholders 01 the bank of !20,000 of questionable assets. "Mr. Gough advises that the maximum of cash that can be raised by shareholders of the bank to purchase questionable assets ilb41,000. "In accordance with Mr. Gough's recommendation, the Board ezends its previous approval to provide that the amount of questionable assets to be Purchased by shareholders be reduced 2660 8/29/34 -7- "fram ;20,000 to 41,000, with the understanding that the other provisions of the plan as originally approved remain unchanged." Approved. Letter dated August 28, 1934, approved by three members of the Board, to Er. O'Conno r, Comptroller of the Currency, reading as follows: "This refers to NI*. Await's memorandum of August 6, 1934, regarding a possible violation of the Federal Reserve Board's Regulation Q by The Ludlow National Bank of Ludlow, Missouri, as disclosed by the statement of one of your examiners. "It appears from the statement of the examiner that the bank is carrying two accounts to which are attached agreements reading as follows: 'This is to state that I will maintain my account in your bank in the sum of as an open account not subject to check unless on 30 days' notice and that I an to receive % interest on this deposit for one . year from this date.' It is understood that the bank contends that such deposits are to be considered savings deposits, although the bank maintains no savings department. "As you know, one of the requirements of a savings deposit as defined in section V(a) of the Board's Regulation Q is that the pass book or other form of receipt, evidencing such deposit, must be presented to the bank whenever a withdrawal is made. Since there does not appear to be any such requirement with respect to the deposits here in question, such deposits cannot be regarded as savings deposits within the meaning of Regulation Q on which interest may lawfully be paid. Moreover, it is not required with respect to the deposits in question that notice Of withdra wal shall be given in writing; and, therefore, such deposits do not conform to the definition of 'time deposits, Open. accounts', as set forth in section III(a) of Regulation Q. If it is desired to classify the deposits in question as time deposits, open accounts, it is suggested that the wording of the agreeme nt in respect thereto be changed so as to require written notice of withdrawal and so as otherwise clearly to conform to the requirement Regulat of ion Q that neither the Whole nor any part of such deposits may be withdrawn by check or otherwise except on written notice given by the depositor Of not less than 30 days." Approved. Letter dated August 28, 1934, approved by three members of the 1308.rd $ to Mr. Sailer, Deputy Governor of the Federal Reserve Bank of 2661 8/29/34 Of New York, reading as follows: "Referring to your letter of August 24, the Board sees nc objection to your furnishing Er. T. L. Nicholson of the Standards and Research Division of the United States Department of Labor with the data he requests regarding the job specifications used by your bank, with the understanding, Of course, that the data is not to be made public." Approved. Letter to Mr. Stevens, Federal Reserve agent at the Federal ReBank of Chicago, reading as follows: "Receipt is acknowledged of your letter of Tuly 26, 1934, With regard to the Board's letter of Tune 20, 1934 (X-7923), in which the Board advised that it would give consideration to aPPlications for membership in the Federal Reserve System from trust companies which do substantially no commercial banking business. You requested advice as to what will be the basis for a reserve deposit in the Federal reserve bank if a trust company which does not receive any deposits is admitted to membership in the Federal Reserve System. "It was assumed at the time the Board issued the ruling contained in its letter of Tune 20, 1934, that the reserve deposit carried at a Federal reserve bank by an institution of the kind referred to therein would necessarily be comparatively small, and a trust company which does not receive any deposits and is admitted to membership in the System under the policy described in the Board's letter of Tune 20, 1934, would not be required under the law to maintain a reserve deposit with the Federal reserve bank. While you have not specifically requested advice with regard thereto, you have referred to uninvested cash balances held by a trust company in connection with its trust business. In this connection, your attention is called to a ruling of the Board published on page 572 of the Federal Reserve Bulletin for May 1922, where you will find a detailed discussion Of the circumstances under which reserves must be carried by ember banks against balances of that kind. "You also requested advice with regard to whether the status of a trust company which does no commercial banking busi4?88 and does not make loans secured by stock or bond collateral vi_yth relation to the provisions of section 8 or section 8A of the Clayton Antitrust Act would be affected in any way by the admis:ion of such trust company to membership in the Federal Reserve irrtam. The Board has heretofore considered this matter, and 4`14 are advised that under the Board's ruling the admission of e. State bank or trust company to membership La the Federal Reserve 2662 8/29/34 -9- "System does not affect its status with relation to the provisions of section 8 or section 8.L. of the Clayton Antitrust Act. In this connection, your attention is called to an opinion of the Attorney General of the United States published on page 744 of the Federal Reserve Bulletin for October 1917, and a ruling of the Board published on page 654 of the Federal Reserve Bulletin for October 1935." Approved. Letter to Mr. Case, 'Pederal Reserve Agent at the Federal Reserve Baak of New York, reading as follows: "The Federal Reserve Board has under consideration the applications of Messrs. Harry H. Pond, F. Irving Walsh, Dewitt Hubbell and Arthur E. Crone for permission under section 8 of the Clayton Act to serve The Plainfield Trust Company, a member bank, and The Plainfield National Bank, both of Plainfield, New Jersey. The Board also has under consideration a similar application of Mr. Patrick McDonough for permission to serve The First National Bank of South Plainfield, South Plainfield, New Jersey, and The Plainfield National Bank, Plainfield, New Jersey. "It has been noted that The Plainfield Trust Company owns 4,248 of the 7,000 outstanding shares of the common stock of The Plainfield National Bank and thus appears to be a holding cOmpany affiliate of The Plainfield National Bank within the meaning of section 2(c) of the &inking Act of 1933. No applicatlon for a voting permit under the provisions of section 5144 Of the Revised Statutes of the United States, as amended, has been received by the Board from The Plainfield Trust Company, and it will be aopreciated if you will advise the Board whether the trust campany is now a holding company affiliate of the national bank, and if so, whether the trust company intends to file an application for a voting permit. "The Clayton Act applications disclose that Harry H. Pond, F. Irving Walsh and Dewitt Hubbell are serving as officers and/or directors of The Plainfield Title Lnortgage Guaranty Company, Plainfield, New Jersey, the business of which is described as 'mortgage loans and title guaranty'. It has been noted that nr. Dillistin is obtaining information regarding the aPplicability of section 32 of the Banking Act of 1933 to these r elationships, and that such information, together with counsel's ()Pinion will be forwarded to the Board upon receipt thereof. "In answer to auestion No. 12 of F.R.B. Form 94a, three of the applicants state that The Plainfield Trust Company owns a majority of the stock of The Plainfield Title 8:Mortgage Guaranty 2663 8/29/34 -10- "Company. It thus appears possible that the trust company may be affiliated with the mortgage company within the meaning of section 2(b) of the Banking Act of 1933 in a manner which falls Within the prohibitions of section 20 of the Banking Act of 1933. In this connection reference is made to the ruling published at page 302 of the Federal Reserve Bulletin for May, 1934, with regard to the question whether mortgage notes are securities Within the meaning of section 20 and section 32 of the Banking Act of 1033, and section 5144(e)(3) of the Revised statutes of the United States, as amended. It vill be appreciated if you Will obtain information concerning the possible application of section 20 of the Banking Act of 1933 to the relationship in question, and furnish such information to the Board. If it should be found that the trust company has terminated its relationship with the mortgage company in order to comply with the provisions of section 20, please furnish information as to wham the stock was sold, and also as to the date of such sale. "The applications also show that several of the applicants are serving as partners in Pond & Company, and Hubbell Company, both of Plainfield, New Jersey, the business of each of which companies is described as 'Security Nominee'. It also appears that some of the applicants are serving as officers and/or directors of Dnop Corporation, Plainfield, New Jersey, the business of Which is described as 'Property Nominee for Trust Estates'. It will be appreciated if you will obtain and furnish to the Board information concerning the nature of the business carried on by the three above-mentioned companies, and advise the Board whether, in your opinion, service to such companies and to a member bank violates the provisions of section 32 of the Banking Act of 1933. "The Board will withhold action upon the above-mentioned Clayton Act applications pending receipt of a reply to this letter." Approved. Letter to Williams, Federal Reserve Agent at the Federal Reserve Bank of Cleveland, inclosing the following Clayton Act permit, atd stating that, when he has ascertained that The Nahoning National 8.10k has taken or is taking the necessary steps to comply with the proof Section 5139 of the United States Statutes, he is authorized to release the permit to the appliennt. Mr. Benjamin L. Agler, for permission to serve at the same time as a director of The Ehhoning National Bank of Youngstown, Youngstown, 2664 8/29/34 -11- Ohio, and as a director and officer of the Morris Plan Bank, Youngstown, Ohio. Approved. Letter to Mr. Austin, Federal Reserve Agent at the Federal Reserve Bank of Philadelphia , inclosing the following Clayton Act permit, and stating that if the agent finds to his satisfaction that the provisions of section 32 of the Banking Act of 1943 are not applicable to the applicant, he is author ized to transmit the Clayton Act pernit to him. The letter also requested that, in the event delivery of the permit is made, the agent report fully, when he submits his recommendation as a result of his annual review of the permit, as to Mr. Donner's attendance at directorat meetings: Ur. William H. Donner, for permis sion to serve at the same time as a director of The Mellon Nation al Bank of Pittsburgh, Pittsburgh, Pennsylvania, and as a director of the Fidelity-Philadelphi a Trust Company, Philadelphia Pennsy lvania. , Approved. Letters to Mr. Williams, Federal Reserve Agent at the Federal Re- serve Bank of Cleveland, inclosing the following Clayton Aet permits, each letter stating that if the agent finds to his satisfaction that the provisions of section 32 of the Banking Act of 1933 are not applicable to the t1313licant, he is authorized to transmit the Clayton Act permit, but that, if.he finds that the applicant's service does came within the provisions Or section 32, delivery of the permit should not be made until the applicant conforms with the requirements of the section: Ur. Arthur V. Davis, for permission to serve at the same time as a director of The Union Trust Campany of Pittsburgh, Pittsburgh, Pennsylv ania, as a director of The Mellon National Bark of 111 2665 8/29/34 -12- Pittsburgh, Pittsburgh, Pennsylvania, and as a director of The Union Savings Bank of Pittsburgh, Pittsbur gh, Pennsylvania. Mr. Paul Mellon, for permissi on to serve at the same time as a director of The Union Trust Company of Pittsbur gh, Pittsburgh, Pennsylvania, as a director of The Mellon National Bank of Pittsburgh, Pittsburgh, Pennsylvania, and as a dire ctor of The Union Savings Bmik of 'Pittsburgh, Pittsbur gh, Pennsylvania. Mr. Richard K. Mellon, for permission to serv e at the same time as a director and offi cer of The Mellon National Bank of Pittsburgh, Pittsburgh, Pennsylvania , as a director and officer of The Forbes National Bank of Pittsburgh, Pittsburgh, Pennsylvania, and as a director of The Union Trust Company of Pittsburgh, Pittsburgh, Pennsylvania. Mr. William L. Mellon, for permission to serve at the same time as a director of The Union Trust Company of Pittsburgh, Pittsburgh, Pennsylvania, as a director of The Mell on National Bank of Pittsburgh, Pittsburgh, Pennsylvania , and as a director of The Union oavings Bank of Pittsburgh, Pitt sburgh, Pennsylvania. Mr. W. C. Robinson , for permission to serve at the same time as a director of The Union Trust Company of 2ittsburgh, Pittsburgh, Pennsylvania, and as a director of The 'Mellon National Bank of Pittsburgh, Pittsburgh, Pennsylv ania. Mx. Alan M. Scaife, for permission to serve at the same time as a director of The Mellon National Bank of Pittsburgh, Pittsburgh, Pennsylvania, and as a director of The Forbes National Bank of Pittsburgh, Pittsburgh, Pennsylv ania. Approved. Letter to Mr. 'ailliam s, Federal Reserve Agent at the Federal Reserve Bank of Cleveland, inclosin g the following Clayton Act permit, and regilesting that when the agen t submits his recommendation as a result of his aanual review of the permit, he report fully as to the applicant's at tendance at directors' meetings: Ux.Childs Frick, for perm ission to serve at the same time as a director of The Union Trust Company of Pittsburgh, Pittsburgh, Pennsylvania, as a director of The Mellon National Bank of Pittsburgh, Pittsburgh, Pennsylvania, and as a director of The Unio n Savin2:e Bank of Pittsbur gh, Pittsburgh, Pennsylvania. Approved. http://fraser.stlouisfed.org/ 111of111 1111111111111.111.1.1.11M Federal Reserve Bank St. Louis 2666 8/29/34 Letter to Lir. Newton, Federal Reserve Agent at the Federal Reserve Bauk of Atlanta, inclosing the following Clayton Act permit for transmisaicra to the applicant; suggesting that the agent endeavor, in cooperation with the Chief National Bank Examiner of his district, to bring about a str engthening of the management and a correction of the conditions which gave rise to the examiner's criticisms in connection with the condition of the Piedmont bank; and requesting that when the agent submits his roomzendation as a result of his annual review of the permit, he report fully aS to the progress made in bringing about an improvement in the management "d condition of the Piedmont bank. The letter further requested that, When t ransmitting the permit to 1.5r. Wellborn, the agent inform him that It Was not necessary to include permission to serve The First National 1344k of Xacksonville, Jacksonville, Florida, as the Comptroller of the CUrl'encY advised that this bank is in receivership; Mr. Arthur Wellborn, for permission to serve at the same time as a director and officer of The Commercial National Bank of Annlston, Anniston, Alabama, and as a director and officer or The First National Bank of Piedmont, Piedmont, Alabama. Approved. Letter to Mr. McClure, Federal Reserve Agent at the Federal Reeve Bank of Kansas City, inclosing the following Clayton Act permit, 114c1 8tating that if the agent finds to his satisfaction that the pro- Of section 32 of the Banking Act of 1933 are not applicable to the aPPlicant, he is authorized to transmit the Clayton Act permit to him. The letter also requested that, if the permit is delivered, the agent report r411Y When he submits his recommendation as a result of his annual review °r the permit as to Mr. Smith's attendance at directors' meetings; 2667 8/29/34 -14Mr. F. R. Smith, for permission to ser ve at the same time as a director and officer of the Loo keba State Bank, Lookeba, Oklahoma, and as a director of the First National Bank in Duncan, Duncan, Oklahoma, Approved. Letter to Mr. Sargent, Assist ant Federal Reserve Agent at the Federal Reserve Bank of San Francisco, inclosing the following Clayton Act permit for tranam ission to the applicant, and req uesting that the agent cooperate with the app ropriate supervisory authorities in an endeavor to effect an i'ovet in the condition of the applicant's indebtedn ess to The First National Bank of Oakdale, and that, when the agent makes his recommendation "a result of his annual review of the permit, he report fully as to the 13I'°gress made by Mr. Lee in eliminati ng his line of credit from the national bank and in effecting an improvAment in his fin ancial affairs: • D. E. Lee, for permissio n to serve at the same time as a director and office r of The First National Bank of Oakdale, Oakdale, Californi a, and as a director and officer of the Stanis laus County Savings Bank, Oakdale, Californi a. Approved. Letters to applicant s for permits under the Clayton Act, advising Of aPproval of their applications as follows: Mr. Samuel H. Fisher, for permission to ser aS a tru ve at the same time stee of The New York Trust Company, New York, New York, and as a airector and officer of The First National Bank of Litchfield, Litchf ield, Connecticut. Mr. Gourdin Y. Gaillard, for permis sion to serve at the same time as a director and officer of The New Haven Bank, National Banking Association, New Haven, Connecticut, and as a director of The Morris Plan Bank of New Haven, New Haven, Connecticut. Mr. Charles W. Whittlesey, for per mission to serve at the same time as a director of The New Haven Bank, NationAl Banking Association, ! 1 ,( !w . Haven, Connecticut, and as a direct or and officer of The Morris r-Lan Bank of New Haven, New Haven, Connecticut. 2668 8/29/34 -15- Mr. William G. Warden, for permission to serv e at the same time as a director of The Mellon National Bank of Pittsburgh, and as a director of the Germantown Trust Company, Philadelphia , Pennsylvania. M. E. R. Crawford, for permissi on to serve at the same time as a director of The Mellon National Bank of Pittsburgh, Pittsbur gh, Pennsylvania, as a director of The First National Bank of Duqu esne, Duquesne, Pennsylvania, and as a director of The Nati onal Bank of McKeesport, McKeesport, Pennsylvania. Mr. George W. Crawford, for permissi on to serve at the same time as a airector of The Unio n Trust Company of Pittsburgh, Pittsburgh, Pennsylvania, as a director of The Mellon Nati onal Bank of Pittsburgh, Pittsburgh, Pennsylvania, and as a director of The Union Savings Bank of Pittsburgh, Pittsbur gh, Pennsylvania. Mr. Roy A. Hunt, for permission to serv e at the same time as a director of The Union Trust Company of Pitt sburgh, Pittsburgh, Pennsylvania, as a director of The Mellon Nati onal Bank of Pittsburgh, Pittsburgh, Pennsylvania, and as a director of The Union Savings Bank of Pittsburgh, Pittsbur gh, Pennsylvania. Mr. B. F. Jones, III, for perm ission to serve at the same time as a director of The Union Trus t Company of Pittsburgh, Pittsburgh, Pennsylvania, and as a director of The Mell on National Bank of Pittsburgh, Pittsburgh, Pennsylvania. Mr. Sidney S. Liggett, for permissi on to serve at the same time as an officer of The Union Trust Company of Pittsburgh, Pittsburgh, Pennsylvania, as a director of The Farm ers Deposit National Bank Of Pittsburgh, Pittsburgh, Pennsylvania, and as a director of the Farmers Deposit Trust Company, Pitt sburgh, Pennsylvania. Mr. Henry C. licEldowney, for permission to serve at the same time as a director and officer of The Union Trust Company of Pittsburgh, Pittsburgh, Pennsylvania, as a direc tor of The Mellon National Bank Of Pittsburgh, Pittsburgh, Pennsylvania, and as a director and Officer of The Union Savings Bank of Pittsburgh, Pittsburgh, Pennsylvania. Mr. Charles R. Eckert, for permission to serve at the same time as a director and officer of The Peoples National Bank of Rochester, Rochester, Pennsylvania, and as a dire ctor of The Monaca National Bank, Monaca, Pennsylv ania. Mr. John E. Geist, for permission to serve at the sme time as a director of The National Bank of Brookville, Brookville, Pennsylvania, and as a director and offi cer of the Farmers & Miners Trust Company, Punxsutawney, Penn sylvania. 2669 8/29/34 Mr. D. V. Heck, for permission to serv e at the same time as a director and officer of The First National Bank of Jewett, Jewett, Ohio, and as a director and offi cer of The Gnadenhutten Bank, Gnadenhutten, Ohio. Mr. Matt Herold, for permission to serv e at the same time as a director and officer of The American Nati onal Bank of Newport, Newport, Kentucky, and as a director and officer of the Bellevue Commercial & Savings Bank, Bellevue, Kentucky . Mr. W. T. McCoy, for permission to serve at the same time as a director of The First National Bank of Claringt on, Clarington, Ohio, and as a director and officer of The First Tyler Bank and Trust Company, Sistersville, West Virg inia. Mr. H. Meade McGee, for permission to serve at the same time as a director of The Citizens National Bank of, Big Run, Big Run, Pennsylvania, and as a director and officer of The Coun ty National Bank of Punxsutawney, Punxsutawney, Penn sylvania. Mr. David G. Morgan, for permission to serv e at the same time as a director of the Federal Home Loan Bank of Pittsburgh, Pittsburgh, Pennsylvania, and as a director and officer of The Haze lwood Bank, Pittsburgh, Pennsylvania. Mr. Mark DePue, for permission to serv e at the same time as a director of The First National Bank of Spencer, Spencer, Test Virginia, and as a director of The First Nati onal Bank of Reedy, Reedy, West Virginia. Mr. T. V. Foster, for permissi on to serve at the same time as a director and officer of The .rirst National Bank of Spencer, Spencer, West Virginia, and as a director of The First National Bank of Reedy, Reedy, West Virgi nia. Mr. Grover C. Helm, for perm ission to serve at the same time as a director and offi cer of The First National Bank of Mackinaw, Mackinaw, Illinois, and as a director and officer of The National Bank of Bloomington, Bloomington, Illi nois. Mx. W. Loren Parr, for 1)ermission to serve at the same time as an officer of The Comm ercial National Bank of Charles City, Charles City, Iowa, and as an offi cer of the Commercial Trust and Savings Bank, Charles City, Iowa. Mx. Clarke Washburne, for permission to serve at the same time as.a director and officer of The District National Bank of Chicago, Chicago, Illinois, and as a director and officer of the State Bank of Winnetka Winn , etka, Illinois. 2670 8/29/34 -17- Mr. S. P. Applewhite, for permission to serve at the same time as a director of The Bank of Dougl as, Douglas, .Lrizona, and as a director of the El Paso Branch, Federal Reserve Bank of Dallas, El Paso, Texas. Mr.' T. H. Griffith, for permission to serve at the same time as a director and officer of The City National Bank of Taylor, Taylor, Texas, and as a director and offic er of the Farmers State Bank, Bertram, Texas. Mr. E. Avenali, for permission to serve at the same time as a director and officer of the Crocker First Natio nal Bank of San Francisco, San Francisco, California, as a direc tor and officer of The First National Bank of San Mateo County at Redwood City, Redwood City, California, and as a director and offic er of the San Mateo County Bank, Redwood City, Calif ornia. Mr. Hall C. Ross, for permission to serve at the same time as a director and officer of The National Bank of San Mate o, San Eateo, California, as a director of The First National Bank of San Mateo, County at Redwood City, Redwood City, Calif ornia, and as a director of the San Mateo County Bank Redwo , od City, California. Mx. Sohn F. Bennett, for peraission to serve at the same time as a director and officer of The Utah State National Bank of Salt Lake City, Salt Lake City, Utah, and as a director and officer of Zion's Savings Bank & Trust Company, Salt Lake City, Utah. Mr. Willard R. Smith, for Permission to serve at the same time as a director of The Utah State National Bank of Salt Lake City, Salt Lake City, Utah, and as a director and officer of Lion's Savings Bank &I Trust Company, Salt Lake City, Utah. Ur. Heber X. Grant, for permission to serve at the same time as a director and officer of The Utah State National Bank of Salt Lake City, Salt Lake City, Utah , and as a director and officer of Zion's Savings Bank & Trust Compa ny, Salt Lake City, Utah. Mr. L. F. Brichetto, for permission to serve at the same time as a director and offic er of The First National Bank of Oakdale, Oakdale, California, and as a direc tor and officer of the Stanislaus County Savings Bank, Oakdale, California. Mr. W. Rodden, for permission to serve at the same time as a director and officer of The First Natio nal Bank of Oakdale, Oakdale, California, and as a director and officer of the Stanislaus County Savings Bank, Oakdale, Calif ornia. 1dr. P. J. Dougherty, for peraission to serve at the same time as 2671 8/29/30_ -18a director of The First National Bank of Monterey, Mon terey, California, and as a director of The Bank of Carmel, Carmel, California. Mr. A. a. Furlong, for per mission to serve at the snme time as a director of The Fir st National Bank of Monterey, Monterey, California, and as a director and officer of The First National Bank of Pacific Grove, Pacific Grove, California. Mr. Silas V;. Mack, for permission to serve at the same time as a director and office r of The First National Bank of Monter ey, Monterey, California, as a director of The Bank of Carmel, Car mel, California, and as a director of The First National Ban k of Pacific Grove, Pacific Gro ve, California. Mr. T. A. Sparolini, for permission to serve at the same time as a director of The Fir st National Bank of Monterey, Monter ey, California, and as a direct or of The Bank of Carmel, Carmel , California. Mx. T. A. Work, for permis sion to serve at the same tim as e a director and officer of The First National Bank of Monter ey, Monterey, California, as a director and officer of The Sal inas National Bank, Salinas, Cal ifornia, and as a director and off icer of The Bank of Carmel , Carmel, California. Ur. W. C. Robbins, for per mission to serve at the same tim e as a director and office r of the Bank of Suisun, Nat ional Association, Suisun City, Califo rnia, and as a director and off icer of The First National Ban k of Fairfield, Fairfield Cal ifornia. , Approved. There were then presen ted the following applications for cha nges in stock of Federal reserve banks: h.LpPlication for ORI GINAL Stock: District No. 4. National Bank of America in Pittsburgh, Pittsburgh, Pennsylva nia Shares 180 180 15 15 A lication for SUR RMIDER of Stock: District No. 5. C itizens Bank and Trust Company, Blackstone, Virginia Approved. Thereupon the meeting adjourned.
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