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A. meeting of the Executive Committee of the Federal Reserve Board was held in Washington on Tuesday, December 12, 1933, at 10:30 a• rt. PRESENT: Er. Mr. Mr. Mr. Black, Governor Hamlin James Szymczak Morrill, Secretary Carpenter, Assistant Secretary Bethea, Assistant Secretary Martin, Assistant to the Governor Paulger, Chief of the Division of Examinations Mr. Wyatt, General Counsel Mr. Wingfield, Assistant Counsel Yr. Er. Er. Mr. Er. ALSO PRESENT: Mr. Austin, Federal Reserve Agent at the Federal Reserve Bank of Philadelphia Er. James M. Brittain of counsel for the Federal Reserve Bank of Philadelphia Mr. C. D. White, President, Guarantee Trust Company, Atlantic City, New Jersey Er. G. L. Cole, Vice President and Attorney for the Guarantee Trust Company Mr. Harry Bacharach, President of the Equitable Trust Company, Atlantic City, New Jersey, and Mayor of Atlantic City Mr. Charles S. Moore, Attorney for the Equitable Trust Company Mr. L. A. Harr, representing the Guarantee Trust Company and Equitable Trust Company Mr. George Compton, Supervisor of Bank Liquidations and Reorganizations of the Department of Banking and Insurance of the State of New Jersey. The repr esentatives of the Guarantee Trust Company and the Trust ccmloany de statements in support of the position e hat the Pr°1308 ed plan of reorganization of the two institutions, pre11111.tahl 4 aalaitted to the Board by Federal Reserve Agent Austin, is the , vossible under the circumstances; that, because of the banking 375 12/12/33 -2and busine ss conditions existing in Atlantic City at the present time, it— mAdd not be possible to raise the necessary capital for the orgallization of two now institutions; that the reorganized institutions IPeuld b• e in a stronger position than new banks; that they have a good 0410Lit Power and the confidence of the community and, mith the return q better banking and business conditions, will work out of their preNit difficulties; that the difficulties of the two institutions are "lbutable to a considerable extent to their having merged certain l'841: 411 '4 and having attempted to prevent the closing of other banks; that it is feared that if the two companies are placed in liquidation ' result in much larger losses to depositors as it is felt that clettera mill resort to bankruptcy and other methods of avoiding the PaYkorxt of their obligations; and that there is a very strong possibilitY that the failure of the institutions to reopen mould result in a 511aPse of the business situation in Atlantic City. " II Compton stated that his experience has been that much more aged from the assets of a bank as a going institution, even 111)t) " the dePosits are frozen to the extent of 100,:;, as contemplated ihlithe e of the Guarantee Trust Company and the Equitable Trust Com- than Possibly could be realized from liquidation through receiver114A; and that Lr. Kelly, Commissioner of Banking of the State of New 4liee" 1.8 Very much in favor of reopening the trust companies for the %°114 that (1) : he is absolutely of the opinion that it is in the best it °f he community and that if they are not allowed to reopen '111 rellit in a collapse of the Atlantic City situation, (2) the 376 12/12/33 -3- b8likte condition is the result of their having come to the rescue of ()1:41er yanks in the city and attempting to prevent the collapse of the 4331cing situation, and (3) that the management is highly regarded. 171** " vomPton also read letters dated December 11, 1933, from the Bank- iblf; Com missioner of the State of New Jersey to the Acting Secretary of the T reasury, recommending that he concur in granting a license to re°On the two institutions; from the Assistant Attorney General of New jel'")Y and William H. Compton and Company, certified public accountants, t° the Commissioner of Banking of New Jersey with regard to the quesO11 Whether mhere preferred stock is issued in an amount in excess of its Par -value :"Gs amount 4deral and is retirable at an amount in excess of par, the constitutes a liability; and from Er. Compton to the Reserve Board, stating that the Perth Amboy Trust Company and the Raritan Trust Company, both of Perth Amboy, New Jersey, and the 444404 Trust Company of Paterson, New Jersey, all in the Second Fedoral ReEerve District, were rehabilitated by issuing preferred stock 1111)zoribed for by the depositors of the institutions in an amount in exeeez Of Par and to be retired at the subscription price, and that t6 ln these cases was not questioned by the Federal reserve, bttrik• 14r- Austin stated that when the plan of reorganization of the t/k tr 118t "MParlieS was presented to the Federal Reserve Bank of Phila- Ph with 2 the bank advised the institutions of the Board's position NArd t ° the issuance of preferred stock to be retired at a premium, 4.t that it was felt by the trust companies that the proposed plan of 377 12/12/33 -.4- re°116anization was the only one possible under the circumstances, and that tuter a careful examination of the assets of the bank by Federal 1.64/e1've bank exannners, he had recommended that the reorganization P1418 be approved. The proposed plan of reorganization was discussed in detail " t"ard the end of the discussion it was pointed out that the two vUt.1°11Q ^ might withdraw from membership in the Federal Reserve SYstera and reopen as nonmember banks. Mr. White stated that it would rlot be satisfactory to reopen as nonmember banks. It was also pointed Cltitth at a new bank might be organized to take over the unrestricted 4P°41t8 of these two companies and to liquidate their indebtedness to their o-d depositors and other creditors. Mr. Mite asserted that it ‘18'1.11c1 11°t be possible in Atlantic City to raise the necessary capital r°r 4 IlEnT bank+ At the conclusion of the discussion, Governor Black fated that the Board would give further consideration to e proposed plans of reorganization in the light of the _11formation presented at this meeting, and advise with .regard to the Board's decision in the matter as soon as Possible. r The r epresentatives of the Guarantee Trust Company and the kr. w. TrIlet "lieringway, President of the Mercantile Commerce Bank and Cc gottlis e Trust Company and Ur. Campton then left the meeting, and Pans, St. Louis, Missouri, and Mr. Frank A. Thompson, of 4. for the bank, entered the room. Governor Black stated that yesterday he discussed with Mr. tiew -.171MY xtr. Thompson the matter of the disposition by the Mercan- 378 12/12/33 ti16 Commerce Bank and Trust Company of the stock held by it in the 144ros1itile Commerce National Bank in St. Louis, and indicated to them that it tight be well for them to submit some suggestion or request to the Board and that, accordingly* Mr. Hemingway had submitted the Naowi,- 'written request: th;ri . "alle we feel it unfortunate that this misunderstanding has wo think the Federal Reserve Board is not without responituility in this mattor. However we realize that the Board feels ,"Ilt Vie were at fault and since we are members of the Federal ; ,eserve System it is our purpose to conduct our business in harr°11Y h the wishes of the Federal Reserve Board. Therefore we snklest that the Board extend the time for the disposal of the for six months and that we will endeavor within that time a plan to the Board for the disposal of the stock withZtPrecent the liquidation of the bank and having due regard for our respo nsibility to depositors." Mr 'Hemingway referred to the resolution adopted by the board O d-rectors of the Mercantile Comerce Bank and Trust Company at its " 11 4.11E on October 20,leinsfurcopies of which previously had been 414h "to the Board, and which requested that the Board permit the e°111Palay to hold the stock of the national bank, and he stated ,r. -I-eon had prepared a brief on the matter setting forth the 4et as they wBre understood by the bank, but that the brief had not 1)44 atibillitted to the Board for the reason that it was felt that there Wotata be 11° advantage in further reviewing the facts at this time. He q.slo stated t hats if the Board sees fit not to reconsider its previous 4etio_ . W-Ith Cornregard to the holding of the stock of the Mercantile CamSP44 s or si ' i llticnal Ba, nk the trust company would like to havean extension Illonths of the time within which it may dispose of the stock in c*cier. that matter may be disposed of without further discussion. 379 12/12/33 -G- Upon inquiry by Governor Black as to whether it was desired to file with the Board the brief referred to by Mr. Hemingway, Mr. 14111Pon stated that it was felt, after discussing the matter with the tiera)ers of the Board and its counsel and members of its staff, that it Would be inadvisable to pursue the discussion further, and that it had been e oncluded not to present the brief. laessrs. Hemingway and Thompson then left the meeting. Ur. Szymczak moved that the request of the Mercantile Commerce Bank and Trust Company for an extension of six months of the time within which it may dispose of the stock of the Mercantile Commerce National Bark be granted, and that the Secretary and the Board's General Counsel be 1 :oquested to prepare a letter to the Mercantile Commerce !dank and Trust Company, advising that the Board approves -che request with the understanding that a further extension c'f time will not be granted by the Board. Carried. The Governor was also authorized to approve the proposed letter when prepared. Go vernor Black then referred to the proposed plan of reorganizaqen of the Guarantee Trust Company and the Equitable Trust Company °f Atlantic City, New Jersey, and stated that he felt that the proper t° Pursue in that situation was for new institutions to be oras he did not see haw the depositors would benefit in anyway N41 the reorganization Plans proposed, and that he would like authorthe Board to the officers of the two discuss this matter with they were In Washington. The authority requested by Governor Black was granted. At this ., point Mr. Wingfield left the room. 12/12/33 Governor Black then read a letter received under date of It°%rember 29, 1933, from Mr. Case, Federal Reserve Agent at New York, terring to the inquiries received from banks in Puerto Rico concernirlg me mbership in the Federal Reserve System and setting forth reasons -e suggestion contained in the letter that the question of memberof banks located in territories, dependencies and insular posses- of the United States be considered as one for government study, Preatura,, ulY with the assistance of the Federal Reserve Board and the 4deraI reserve banks, and, failing such a solution, that the matter be co), -eldered as a System matter, and a System committee appointed to the Committee on Branch, Group and Chain Banking to study the tat4r and submit a prompt report upon the whole question of merber441/ °f bank --s in territories, dependencies and insular possessions, n, 1°- 448 called to the fact that Mr. Case's letter was received betore -0 letter prepared in accordance with the action taken at the 01 the Board on November 28, 1933, was approved by the members or the 13 °ard. and that, accordingly, that letter had not been dispatched. The suggestion contained in Mr. Case's letter was discussed and the h::°11 expressed by some members of the Board that, in view of the 4.et t b4nIcs in territories, dependencies and insular possessions of the t 1141.4. k'sd States may apply for membership in the Federal Reserve Systhe pr°Posed study should be made in order that the Board may be P°siti on to pass upon applications for membership from such banks. made the suggestion that it might be desirable for the Board () 541) 1 10 141r• J0hn W. Pole, former Comptroller of the Currency, to 381 12/12/33 -8- erlduct the Survey in cooperation with representatives of the Federal 4servp LankS of New York, Atlanta and San Francisco, and if necessary, with repr esentatives of the interested departments of the Government. At the conclusion of the discussion, Mr. Hamlin moved that the Governor be authorized to take the matter 1113 with Mr. Pole and to ascertain whether he would be in a.position to enter the employ of the Board in connection With the proposed survey. Carried. The Comnittee then considered and acted upon the following zatters Telegram dated December 11, 1933, from Er. 0. S. Powell, Statist4iall of the Federal Reserve Bank of Minneapolis, advising that, at zeet4-c °f the board of directors on that date, no change was made &lathe ballk's existing schedule of rates of discount and purchase. Without objection, noted with approval. Lie rioraxidum dated December 11, 1933, from Er. Morrill, Secretary 811'114r 'WYatt, General Counsel, stating that, due to the increase in the °lure of work in the office of General Counsel, it is recommended t4t 141r8. L iargaret F. Raynor, a stenographer in the Secretary's office, be transferred to the office of General Counsel, at her present salary °I °1,600 per annum. The memorandum also stated that as soon as a tEkafactory person can be secured, a memorandum will be submitted to the toard recomzending the appointment of a stenographer to fill the It"a4-10Y it the lurs. Secretary's office caused by the transfer of 4khor Approved. ; 12/12/33 Reply to a letter dated December 6," 1933, from Mr. Stevens, Chairman of the Federal Reserve Bank of Chicago; the reply reading as follows : , e ozymczak has brought to the attention of the Board your -!-etter of 6 in regard to your relations as director of the Texas Corporation, the Diamond Match Company, and Wilson and Company, Inc. nm Ihe Board will not object to your deferring your resignation February in the case of the corporation which has its an111 stockholders' meeting in that month but it does not feel .... at action should be deferred until April in any case. In the reumstances, the Board suggests that you take the necessary ac°a in all three cases not later than February." 4 Zt Approved. Telegraphic reply on December 11, 1933, approved by three membore ur the Board, to the telegram dated December 4 from Mr. Newton, Federal ileeerve Agent at San Francisco, requesting a leave of absence tor Iv_ aety A. days and approval by the Board of the appointment of kr. DaY. Deputy Governor of the Federal Reserve Bank of San 444°5-sco 'as acting assistant Federal reserve agent during Er. Newton's al) "floe. The reply read as follows: Hy i'°ur telegram December 4 STOP While you do not expressly so 0 ta-e it is inferred that your request is due to condition of tillr health and therefore Board approves leave of absence for days in accordance with your request STOP With regard to rXtY tallZ6st for aPproval of appointment of Mr. Day as Acting Assisederal Reserve Agent it is established policy of Board to reouj irld;r acting assistant Federal reserve agents to be entirely resjeendent of operating department of Federal reserve bank and vellir ible solely to Federal reserve agent STOP Accordingly it be necessary for Mr. Day to resign as Deputy Governor of sTob and to be transferred to payroll of Federal reserve agent ler DaTherefore inquiry was made of Governor Calkins as to whether advi Yts resignation would meet with his approval and he has madesed as follows: QUOTE Jr. Newton's request for leave was suggestion STOP I did not realize it would be necessary t - -°r Mr. Day to actually resign and do not think it is ; 383 12 /33 -10- desirable that he should but contemplated his being granted 11,..ealre STOP If it is necessary for him to resign I mm sure Mr. will withdraw that part of his application UNQUOTE STOP Board i'oard will be glad to consider your recommendation as to any apPoillent which would comply with policy above referred to." Approved. Telegram to the Federal reserve agents at all Federal reserve bEtIlicap reading as follotm: car,"Please wire separately for head office and each branch, if 8.J1 name and official title of each person, other than an asR Federal. Reserve agent, authorized to act for the Federal Reserve agent in issuing Federal Reserve notes to the bank and a ;receiving such notes from the bank, also mount of bond, if Y2 provided for each such person." Approved. Letters to the boards of directors of the following State 'each letter stating that, subject to the conditions prescribed "u letter, the Board approves the bank's application for membership the Federal Reserve System and for the appropriate amount of stock ill the p : ci cier6Il reserve bank of the district in mhich the applicant is 1.0ettte Federal Reserve Bank Applicant Bank ell'raers and Bank of Summers", ville", Merchants Sumersville, Jest Virginia llonan State Bank", Ronan, Montana Richmond Minneapolis Approved. Ti 141.. 1,0 eCraphic reply to a telegram dated December 8, 1933, from 'Federal Reserve Agent at Minneapolis; the reply reading as tollela rt°11 16.ere rerring your telegram December 8 re application Farmers & allts State Bank, Sacred Heart, Minnesota, Board grants 384 110.2/33 -11- aPPlicant extension of time to Jennary 9, 1934 in which to comPlY with conditions of membership." Approved. Letter to Mr. O'Connor, Comptroller of the Currency, reading Eta It of accordance with the recommendation of Acting Comptroller d the Currency Await, the Federal Reserve Board approves a rein the capital stock of the 'First National Bank .ucticm 1a Gree wcht common Greenwich, Connecticut, from 4150,000 to 3112,500, n auant to a plan which provides for a reduction in the par "of the present common capital from 3100 to ,;25 per share, till of 437,500 par value new common stock for 449,500, and the pre sale use of the released capital funds, together with the 412,000 tinum on the sale of the new common stock, in eliminating esai..1a-ced losses in the amount of approximately 415,659 and depreciiTI ln lower grade securities of approximately 333,517 as classsil ac 'Led by the National bank examiner in his report of examination of A October 23, 1933, all as set forth in Mr. Amult's momoranultra of November 29, 1933." Z Approved. Letter to Mr. O'Connor, Comptroller of the Currency, reading Ete f0110173• t reau-La.accordance with your recommendation, the Board approves a gn„ctlon in the common capital stock of 'The First National ;414 of Sterling', Sterling, Kansas, from $50,000 to $25,000, r Ttnt to a plan -which provides that the bank's capital stock ua ah ferr be increased by the sale at par of25,000 par value prethe Z! stock to the Reconstruction Finance Corporation, and that toreleased by the reduction in common capital stock shall : tL cilds eliminate substandard assets and depreciation in the °f approximately 416,100, and in increasing surplus actit, co: 0,900, all as set forth in your memorandum 11717; : 17 . DeZ:1 ' ct Approved. Letter El& toil° 0 3 to lir. O'Connor, Comptroller of the Currency, reading 111n 41,413.4_ accordance with the recommendation of Acting Comptroller 62 the Federal Reserve Board approves a reduction in the ( 12/12/33 -12- tt common capital stock of 'The First National Bank in Richmond', Ilehmond, California, from fl00,000 to .',50,000, pursuant to a 1:3Larl which provides that the bank's capital shall be increased , ° ,Y the sale at par of v50,000 par value preferred stock to the (i)construction Finance Corporation, and that the funds released ey the reduction in common capital stock shall be used to elimlnate substandard assets and depreciation aggregating approxitelY .1i46,832.00 and to increase the surplus or undivided prof1Qs.accot un by approximately $3,168.00, all as set forth in etlng Comptroller Awalt's letter of November 27, 1933." Approved. RePly to a letter dated October 16, 1933, from 14-ir. Hoxton, Feder al Reserve Agent at Richmond; the reply reading as follows: tr "Receipt is acknowledged of your letter of October 16, 1933, ansmitting a copy of the memorandum prepared by Assistant Elshier Dillard with reference to the Fiscal Agency operations der his charge and the special study thereof made by the ard's examiners in connection with the recent examination of C7"e Federal Reserve Bank of Richmond. Reply to your letter has by lay vi yd in order that the memorandum might be reviewed t1)e field examiner who conducted the special study. 1144"It is noted that your board of directors regard as 'somewhat ' pr ll!tified' the examiner's comment, in connection with the laeaccioe of padding subscriptions, to the effect that 'when a tne of padding is resorted to by a subscribing bank, it ciems that the reserve bank officers should be required to exer: t ,c)me effective initiative instead of waiting until the practime.?as been permitted to run to extremes over a long period of r j "TH• -ls comment of the examiner was based upon a study of a Pion of the issues floated during the years 1931, 1932 and ' 19 3. So far as the letters of July 21, 1931 and January 23, are concerned, 'both attempting to correct the abuses of 1Z, Lula. subscriptions', according to your letter, the recipient "c easily gain the impression from the phraseology used that the ner.existence of the practice was not definitely established nor es 1(3us enough to be regarded as of great importance. The next nf,Ieral issues of securities floated by the Treasury Department the letter of July 21, 1931 were not popular generally " 1 the dealers and the types of banks which resorted to the Padding practices, although it was noted from the report that Some Padding was done in your district in connection with the te : aeptember, 1931 and December, 1931 issues. For example, at30 1"i °n is directed to the fact that the Peoples State Bank of "611 Carolina filed subscriptions for 80 customers in Class D r 4: 386 12/12/33 -13- "for $8,000,000 for the issue of 3% notes dated September 15, 1931. This was the next issue after the letter of July 21, 1931. The bank suffered some loss on these bonds, and had Some of them On !land 'when it closed its doors December 31, 1931. 'During the last eight months of 1932 padding again was resorted to in increasing proportions in your district, as well as 14 certain others. The letters of January 23, 1933 to banks in Mir district contained in part practically the same language used in the 1931 letter, namely: 'An analysis of the subscriptions received by this bank to the last offering * * * seems to indicate the possibility that some banks of the district have resorted to -what has been called "padding subscriptions' in order to obtain the amount of securities desired, a practice -which is not approved by the Federal Reserve Banks or by the Treasury Don partment.' raa This letter followed a long series of subscriptions for issues, finY of which were padded, some to extremes, and, on account of 19Ttneial conditions existing when the issues after February 1, they "Were floated, as well as certain requirements instituted by din Treasury Department to curb padding, it was noticed that padgeneral decreased considerably. Therefore, it does not _Xar that either of the letters referred to, each issued after a ! s of padded issues and before a series of issues not padded, yuel old.rectly the cause of natural decline in padding practices. the t seems unnecessary to enter into any extended discussion of Other points covered by Mr. Dillard's memorandum. Apparently the me morandtun is predicated mainly upon an analysis from an operat5Z stand-point of the subscriptions made by one bank to various theues of Government securities during 1931, 1932 and 1933, whereas the 8Pecial study by the Board's examiner represents an analysis of pol„su bscriptions of many banks to certain issues during the same 00, : 1 °d, for the purpose primarily of pointing out matters to be to Jed bY the Auditing Department. Attention is called, ill e following comments of the examiner with respect to Mr. howevr,p ard:ts memorandums 1. In several instances Mr. Dillard admits that his department was somewhat in error. (See paragraph 2, page 1, Paragraph 7 and 8, page 2). 12. In several instances Mr. Dillard refers to issues Which were not covered in the special study and not intended to be criticized. (See paragraph 1, 3 and 4, page 2, and Paragraph 3 and 4, page 3). In several instances Mr. Dillard refers to items "" .ach vBre not criticized because they were single subscriptions. (See paragraph 5 and 6, page 2, and paragraph 1 and '',Page 3). : 7 4- In the memorandum (paragraph 4, page 1 and paragraph Page 3) reference is made to the practice of consolidating 387 12/12/33 -14- "two or more subscriptions into one allotment. The examiner does not fully agree with the opinion expressed by Mr. Dillard that 'the practice which is followed by us in consolidating all subscriptions placed by a bank for its min account into one subscription, is generally understood and they do not file them separately for their own account for the purpose of securing larger allotments', in so far as 1931 and 1932 issues are concerned, although it may be that since then the practices of the Federal reserve bank has become more nearly uniform and generally known. "B. In the memorandum (paragraph 8, page 3 and paragraph and 2, page 4) reference is made to a subscription of 0.0/000 by Mr. Charles E. Reiman, President of the Western National Bank, Baltimore, Maryland. The report referred to he subscriptions submitted by the bank of which Mr. Reiman is a director, a considerable number of which were in the amount of ,;10,000 each, including his subscription, and called attention to the actual results which indicated that the bank obtained an over-allotment. Mr. Dillard evidently misunderstood the point involved. .Several of the paragraphs in Mr. Dillard's report are not cornUpon because they refer to portions of the report which are i-e xplanatory. The Board 6 8 pleased to note that the suggestions made by its tio_ ner in regard to auditing functions have been given consideralalLao and that in the future the auditing department mill maintain th. :23 complete control over the assets, accounts and functions of xiscal Agency Department of your bank." l Approved. batiks, Telegram to the Federal reserve agents at all Federal reserve reading as follows: "7— ad vising Board of payments on subscriptions to Federal Reof 8; 13 bank stock by organizing national banks please show number For tZ1.1.613 applied for and date application was forwarded to Board. pecie s Purpose the meaning of code 'NARRATEDLY' on page 166 of ly ' t al Reserve telegraph code book is changed effective immediatetodao read as follows: 1(1ame and location of national bank) has of, raade required payment on account of subscription to (number to p"ares) of stock of this bank, application for which was forwarded I )ard on (date) with recommendation that the .T stocrt r eal all= eerljj-11 Approved. Telegraphic reply to a letter dated December 7, 1933, from Mr. 388 12/12/33 -15- 11700,1 2 Federal Reserve Agent at St. Louis; the reply reading as follows: L "Your letter December 7 re deposits of funds of City of St. 1°1118. Lams of Missouri require Funds Committee annually to seect banks or trust companies which will give highest rate of 12.iterest for current deposits of the city's funds commensurate /71th the safety thereof. Question whether interest is required lx.Ider State j,with respect to deposits of such funds not enclear but matter has been considered by City Counselor of ,6_t Louis and your counsel and Board finds no adequate reason on nets of information submitted for reaching a conclusion different irom that expressed by your counsel." Approved. Letters to applicants for permits under the Clayton Act, advis1.4. Of aPProval of their applications as follows: Lir , • zzra H. Bigelow, for permission to serve at the same time as .liorector and officer of the Northborough National Bank, NorthIlaZchusetts, and as director and officer of the First . 4 4 1'= Westborough, Massachusetts. r. j J. Colony, for permission to serve at the same time as 81,1-6etor of tho Winchester National Bank, Winchester, New Hamp/Ve, and as director and officer of the Cheshire National Bank, IleTV Hampshire. " 11 AHal "Y C. Edgerton, for permission to serve at the same time 4 as Ne;-Lreetor of The Dartmouth National Bank of Hanover, Hanover, 1/0,!!amPshire, and as director of the Northfield National Bank, --LIfield, Vermont. (114;;_ 1 Joseph A. Norton, for permission to serve at the same time as icuZetor and officer of the First National Bank, Winsted, Connectas director of The Hurlbut National Bank, Winsted, Coneeticute ws direct 11°dman Peabody, for permission to serve at the sane timeas maa _a or of the on,of Boston Safe Deposit and Trust Company, Bc.,!ochusetts, and as director of The Merchants National Bank n, Boston, Massachusetts. Mr. Al Ripley, for permission to serve at the same time as sett-''or of the Federal Reserve BArk of Boston, Boston, Nassachu1-lad as director and officer of The Merchants National Bank or Is!'' —8ton, Boston, Massachusetts. 12/12/33 -16- lir. Benjamin F. Sargent, for permission to serve at the same time as director and officer of the Powow River National Bank, Amesbury, M.!xssachusetts, land as director of The First National Bank of Merrlmac, Merrimac, Massachusetts. R. Catlett, for permission to serve at the same time as director and officer of the First National Bank, Fairmount, Illinois, as director and officer of the First National Bank in Homer, liomer, Illinois. Xr. p J. Miller, for permission to serve at the same time as dil',?ctor and officer of the First National Bank, Ottawa, Kansas, as tor and officer of the Lane State Bank, Lame, Kansas, and as ',?-rector of The Commercial National Bank of Kansas City, Kansas Kansas. 14r. E., ' 14 lullaney, for permission to serve at the same time as LLI.:ector and officer of the First National BAnk, Collyer, Kansas, 4P 48 director of the Federal Reserve Bank of Kansas City, Kansas .7,it Missouri. (14_ Ur. Ed r- O. dir Howard, for permission to serve at the same time as citector and officer of the Walker Bank_ & Trust Company, Salt Pike ReaY, Utah and as director Walker,of the Salt Lake City branch, Federal erve Bank of San Francisco, Salt Laic() City, Utah. Approved. There WE then presented the following application for original tQek of a Federal reserve bank: i.lti?ation for ORIGINAL Stock: ,rct rIct II No 1n • dlaXional Bank in Grand Junction, Grand -Lon, Colorado Shares 70 70 Approved. Thereupon the meeting adjourned. !kr ) - 415roIrecit Secretary. i Governor.
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