The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
3801
A. meeting of the
Federal Reserve Board mus held in ;ashingtox
04
Wednesday, December 12, 1034, at 11:00 a. in.
PRESENT:
Er.
Er.
Er.
Er.
Er.
Er.
Eccles, Governor
Thomas, Vice Governor
Hamlin
Miller
James
Szymczak
Er. Eorrill, Secretary
Er. Bethea, Assistant Secretary
Mr. Carpenter, Assistant Secretary
Er. Goldenweiser, Director of the
Division of Research and Statistics
Mr. Tiyatt, General Counsel
Er. Vest, Assistant Counsel
Mr. -jingfield, Assistant Counsel
G
overnor Eccles read a
letter addressed to him under date
Of'
December 7,
1934, by Mr. L. B. Williams,
expressing appreciation
Ot the
Board's letter
of November 28, 1934, in which Er. Williams
174
advised of
acceptance of his resignation as Chairman and Federal
Reserve Agent
at the Federal Reserve
Bank of Cleveland.
Governor Eccles
referred to the list furnished him by the
4"retary's
office of items
which had been pending in the hands of
44%ers of
the Board
or before the Board for more
than a meek with()Ilt
tinal
action
having been taken thereon. lie stated
that Vice
%Nrtor
Thomas had
requested an opportunity to confer with him rea
number of
the matters which had
been charged to him (r.
111°1444), and
that as he
had not been able to arrange such a
l'ere/Ice
conprior to
this
meeting, he felt that the discussion of these
1;s4
45'ra
should be
deferred until a later date.
Reference was
then made to the charges against
Governor
3802
12/12/34
-2-
4134ine of the
Federal Reserve Bank of San Francisco by Mr. A. P.
4141116.11i, Chairman of the Bank
of America National Trust and Savings
488`3ciation, San
Francisco, California, in support of his suggesti°11that Governor
Calkins be removed from office, which matter had
bennunder co
nsideration by the Committee on District No. 12, and
4.411er) as Chair
of the Committee, presented a report of the
C15411111ittae, dated
December 10, 1934, to which was attached an analyis
Vest, Assistant Counsel, of the charges made by
Mr.
G444i41-
The last two
paragraphs of the report read as follows:
rs%n view of the large
number and the nature of the
eha
made and the fact that they
are in many cases not supby
evidence in the record or only partially so supported,
1,816 aPParent
that the most difficult phase of this matter
the
ascertainment of the facts with respect to the
ornral charges. Accordingly,
the Committee is giving consid8elleto04he question what procedure is likely to prove most
in ascertaining the facts with regard to
these
dear
bts
, and particularly to the question
whether
it
would
be
se
:
t- 7-4e to have
formal charges and documentary evidence preform:;4!
)
,Y Lr. Gia *ni with a reply by Governor
Calkins and a
f4ec- liearing
before the Federal Reserve Board or whether the
vhile should
be determined in a somewhat more
informal way,
thr:, ',11c matter is still
in the hands of the Board's Connittee,
tilie:E-;" an in
vestigation conducted in California by representaate.- °f the Board in
such manner as may appear most appropri130ard
'
f course, a formal proceeding before the
Federal Reserve
liotor.111)111d of
necessity involve considerable publicity and
fiatte etY which the
Committee feels should be avoided if the
;,12.!ari otherwise
be handled in a satisfactory manner.
Prceed "8 Committee
has
not reached a conclusion as to the
preparurde which
should be followed in this matter and is not
thin
tc make a
definite recommendation to the Board at
illt;4?. Ac
cordingly, the Committee is rendering this as
of the r1211 report
pending the completion of its consideration
be
question what
procedure in all the circumstances may
eertairo
eEls xPectd
6 t
prove the most satisfactory and
desirable in
Jalg the
facts with respect to the charges made."
14 co
4flection with the
submission of the report, L.r. Miller
3803
12/12/34
stated that
the Committee feels that, if the Board accepts the
rePort wad
indicates in a general way approval of the position taken
there;
-al, the
Committee, at an opportune time, could confer with Er.
Gicla4ini and Governor
Calkins, and perhaps the members of the
board of
directors of the Federal Reserve Bank of San
Francisco,
44d
POS si 1 —
13.LY accomplish a great deal in thatvay toward a
final
S
(3111tiva
of the
matter.
At the conclusion of a
discussion, upon motion
by lir.
Thomas, the Committee's report was accepted
and ordered
circulated to the other members of the
Board.
Governor Eccles
referred to the action taken by the ExecuC°11Thaittee of
the Board at the meeting on August 29,
1934, in
eque8tiliC Lir. Thomas
to investigate and report to the Board with
re(Ird tO the
r1sPoeits in
rEtlir
ed3
Nkber
Payment by the Postal Savings System
of interest on
connection with which no notice of
withdrawal was being
and with
regard to the effect thereof on bnnks mhich are
°f the Federal
Reserve System. Governor Eccles said that
tlatter
04Me to his
attention in the Treasury Department last
11/4114) ;
r- vu'e't he had
that
discussed it with Under Secretary Coolidge;
Po
illireStigation it was found
httcl rlot
that the Postal Savings System
advised the
11(0)
postmasters of the requirements of section
or
the 13anking Act
of 1933 with regard to notice by
depositors
tioll to withdraw
Po
postal savings deposits; and that such de.
hid
teIllg.
withdrawn without notice, and interest
was being
ther
"
1* Re
said that it
was his understanding that an
thia
8
3804
12/12/34
-4-
813Propriate advice had since
been sent out by the Postal Savings
SYstem and
that, therefore, no further action need be taken by the
130ard in
the matter.
lir. Thomas presented
a memorandum submitted to the Board
bYlir•
Boatwright, Assistant Counsel, under date of July 27, 1934,
illeonnection with the
request from the Bank of the Manhattan Comkayarbd the
Lianufacturers Trust Company, both of
New York City,
thrcl.lch the
Federal Reserve Agent at the Federal Reserve Bank of
1715wYerk, for a
ruling on the question whether section 11(m) of
the
Federal
Reserve Act limits the amount of capital and surplus of
8
'
State
member bank
which may be represented by loans secured by
Of
b°11(18
the United
States Government. The memorandum expressed
the °Mllion
that, -while the result
is unfortunate and may prejudice
the teres
t of certain
State member banks, the language of section
se clear
and comprehensive that counsel is unable to esee•loo the
conclusion that it prohibits a
State member bank from
a.
loan
secured by Government bonds to any
person in an amount
log
of th
eunimpaired capital and surplus of the bank.
14
discussing the opinion, the
memorandum stated that it is
Ilkisratood
that the
Comptroller of the Currency has taken the positie/lthat the
provision of section 5200 of the
Revised Statutes
e:teeptint from
the general
l04 limitation of that section loans seellNd by
Government bonds
is not repealed or affected in any may
l'Ythe
Provisions of
section 11(m), that the authority conferred
4N1rAtional
banks by
exception is controlling, and that,
the
said
3805
12/12/34
-5-
e`e a result, at
the present time a national bank is permitted to
1°421 on the
security of Government bonds any amount up to 255 of
s
114111Taired capital and surplus, and the Comptroller of the Cur'
l elleY is
authorized to increase this limit, subject to the approval
Of the
S
ecretary of the Treasury. The memorandum also referred to
ths fact
that an amendment
to section 11(m) which would have exespted
loans secured
by Government bonds from the 10./.. limitation
crthe
section WUS incorporated
in the so-called omnibus banking
411 Ishich
failed of enactment at the last session of Congress, and
ellggftted that,
if the Board rules in accordance with the opinion
referred
to
above, it recommend to the next session of Congress
til4t such an
amendment to section 11(m) be made.
During the ensuing discussion, it was agreed
that no
formal ruling should be made on the natter
at this
tins. but that an amendment to the law as
suggested by counsel should be recommended to the
1!ext session of
Congress, and, upon motion by la-.
amets,
to the counsel was requested to prepare a letter
Federal Reserve Agent at New York setting
forth the
facts involved and advising him that an
axlerldrient to the
law would be recommended.
Governor Eccles
th
mentioned the question of the discontinu
Ilalie1444a e Helena
branch of the Federal Reserve Bank of Lanneapolis
ktte
been
194.
t.:41e.
alld he
stated that he
felt that the present is an inopportune
te give
ktee
held on the
docket without action since October 25,
Of
consideration
to steps looking toward the discontinu-
et. branch
of a Federal reserve
bank.
. L. Hamlin moved that the matter be
lead on the
table.
Carried.
3806
12/12/34
_6-
Vice Governor
Thomas called attention to letters received
Iltder
date of
December 5, 1934 by the individual members of the
Board from
Senator Elmer Thomas, transmitting in each case a copy
Of ala
open letter
addressed by Senator Thomas to "senators, congresstoVernors, bankers, economists, editors,
educators, ministers
411d leaders of public thought and action", and
requesting the reactioll
444 comments of
the Board member on the inclosure.
LI-. James moved that the Secretary be
requested to prepare and submit to the Board
,
. or approval a draft of a letter to Senator
l!lomas acknowledging receipt of his communications and expressing the belief that it would
be
inappropriate at this time for the members
of the Board to enter into a
discussion of the
question presented.
Carried.
Governor
Eccles referred to the consideration given at
the
Meeting of
the Board on
November 28, 1934, to the question of
reducing the
maximum rate of interest prescribed in Regulation
til4t tay
be paid
by
member banks on time and savins deposits. He
4iteVte that
he had
advised Mr. Crowley, Chairman of the Federal DePosit
the Insurance Corporation, that the Board was considering reducing
tlaximum rate
prescribed in the regulation and that rx. Crowley
114(1
etkted that
he uas
favorable to a simultaneous reduction by the
rPoration of
the
1.14„ re
maximum rate of interest that may be paid by
cl 11
ember banks
Gove
on time and savings deposits held by them.
4
eeleS also
te
said that nearly everyone concerned seems
reduction by the
Board in the maximum rate would be a
3807
12/12/34
_7-
constructive measure; that any
opposition thereto is of minor in13(31"ballee; and that in his
opinion the Board should take action
Pr°1413tlY to take
effect on February 1, 1935.
In this
connection, la". SzYmezak
Presented a memorandum
cl4ted D
ecember 4, 1934, from lar.
Vest, Assistant Counsel, copies of
Ithieh had been
furnished to the other members of the Board who
Present at
the meeting, and which submitted a draft of amend41elit to
Regulation Q which would fix the maximum rate of
interest
711lich may be
paid by member banks on time and
savings deposits at
'° Per
annum, effective on a
date to be fixed by the Board, but
710Uld
permit member
banks to Pay interest in accordance with the
terks of
any
contract lawfully entered into prior to, and in force
a date
to be
fixed by the Board which the memorandum suggested
shollid be
ap pr
oximately the date on which member banks are
Of
notified
the
reduced maxim
rate. The memorandum also submitted an
°11434ative form
of amendment to the regulation
tor
which would provide
wle
reduction
the maximum rate of interest on time and savihte
dePc)sits to
2%, and, in addition,
011114
would provide for (a) a
0 Of
the
clauses of the regulation which now prohibit
the paybiellt of
interest on time
and savings deposits at a rate in excess
°t th
6 111°'XiM4m
rate compounded
semi-annually, so that they would
Pz'c'hibit the
the 3413tx.
Payment of interest on time and
savings deposits at
140.1M rate
compounded
quarterly, (b) the addition of a proviWould pe
't a member bank to pay interest on a
time or
3808
12/12/34
-8deposit received during the first five days of
any calendar
434th, at the
maximum rate prescribed by the regulation, calculated
tr°111the first day
of such calendar month until such time as the
cpsit no
longer constitutes a time deposit under the
provisions
Of the
regulation, and (c) the inclusion of a provision
permitting
ElZacqraper bank
to pay interest on a
time or savings deposit which is
1416131e Only at an
office of such bank located outside of the States
the
United States and
of the District of Columbia at a rate not
ecce6c15-11C such
maximum rate as the Board may prescribe from time to
tizie or
Payment in the
locality in which such office is located.
After discussion, upon motion by :Ls.
Szymczak,
the f
ollowing amended subsections (c) of Sections
III and V of
Regulation Q were adopted unanimously,
to take
effect on February 1, 1935, subject to action being
taken by the Federal Deposit Insurance
Corporation making a reduction to 2% in the
maximum
rate of interest that may be
paid by insured non!,11e2ber banks
on time and savings deposits; and, in
event such action is
taken by the Federal Deposit
tsurance Corporation,
to
the Governor was authorized
n°tify the Federal reserve
banks and to issue
'
llalltaneously
with the announcement of the action
°I' the Federal
Deposit Insurance Corporation an aplippriate press
statement on a date to be fixed by
after consultation
with the Chairman of the
J'ederea
Deposit Insurance Corporation.
Governor was also authorized to fix the
dates
th
es to
0 be
inserted in paragraphs numbered (2) in
01,e:11/landed subsections (c)
of sections III and V
da,he re
gulation, which would be shortly after the
13.2'° on mhich
public announcement is made of the
yard's action.
Etet; it 7ms understood
that, in the event the Board's
becomes
effective
and is made public, the
al
reserve b "s would be requested to
print
hrevisod Regulation Q
and distribute it to their
-6r ballks, and that an
appropriate statement of
trer
ra4
3809
12/12/3
4
-9the Board's action would be released and also included in the Federal Reserve Bulletin for December..
.
It was also understood further that in connection with the rates to be prescribed by the Board on
time and savings deposits in foreign branches of
American banks, such banks would be invited to submit requests to the Board that such rates be
e
stablished:
tt
'" Lu.R.41mum rate of interest -"(ij No member bnni: shall pay interest, accruing
after January 31,
1935, on any time deposit or any part
thereof at a rate in excess of ai percent per annum, corn
Pounded quarterly,6 regardless of the basis upon -which
such
interest may be computed, except as otherwise provided in th4 8 subsection.
"(2) A. member bank may pay interest on time deposits
in a
ccordance with the terms of any certificate of deposit
or other
contract which was lawfully entered into in good
faith prior to
, 1935, and in force on that date
and .vvtlich may not legally be terminated or modified by
auch bark at
its option or without liability; but no such
oertif
icate of deposit or other contract shall be renewed
or
extended unless it be modified to conform to the pro.nions of this
regulation, and every member bank shall
ke such
action as may be necessary, as soon as possible
1/4:33r,Isistently with its contractual obligations, to bring
co'L such certificates of deposit or other contracts
into
nrofimity with the provisions of this regulation.
(3) The rate of interest paid by a member bank
1113°11 a time deposit shall not
in any case exceed (i) the
or (ii) rate prescribed in paragraph 1 of.this subsection,
the maximum rate authorized by law to be paid upon
Ch
deposits by State banks or trust companies organized
der
1,„
the laws of the State in which such member bni* is
'11.11d,
wh chever may be less.
i
(4) A member bank may pay interest on a time dereceived during the first five days of any calendar
c
nat
the maximum rate prescribed in paragraph 1 of
calexidt,ection calculated from the first day of such
mr month until such
deposit is withdrawn or ceases
Am,
the n "is
ltmitation is not to be interpreted as preventing
Pro.01Pounding of interest at other than quarterly intervals
Pcuii—d`'sci that the
agrrerrate amount of such interest so!amthe 1Z does not exceed
the aggregate amount of interest at
--e above
prescribed when compounded quarterly.
th:
3810
12/12/34
-10-
II
to constitute a time deposit under the provisions
of
this regulation, whichever shall first occur.
A member bank may pay interest on a time deposit
Which"i5s)payable only at an office of such bank locat
ed
outside of the States of the United States and of the
District of Columbia at a rate not exceeding the maximum
rate prescribed
in paragraph 1 of this subsection or such
higher maximum rate as may be prescribed by
the Federal Reserve Board from time
to time for payment in the locality
in Which such offic
e is located.
(o) Maximum
rate of interest -No member bank shall pay interest, accruing after
January 31, 1935, on any savings depos
it or any part thereof at a r4e
in excess of al- percent per annum, compounded
quarterly, regardless of the basis upon which such interest
MY be computed, excep
t as otherwise provided in this subsection.
"
(2) 11 member bank may pay interest on savings
deposits in accordance with the terms
of any contract,
Which mas
lawfully entered into in good faith prior to
1935, and in force on that date and which may not
legally be termi
nated or modified by such bank at its opor mithout liabi
lity; but no such contract shall be
or extended unless it be modified to conform to
the
.. t3 Provisions of this regulation, and ever member bank
y
Shall take
such action as shall be necessary, as soon as
P°ssible consi
stently with its contractual obligations,
.?
1 brine;
all such contracts into conformity with the pro? of this
regulation.
(3) The rate of interest paid by a member bank
UPon
e a savings deposit shall not in any case
exceed (i)
tio maximum rate prescribed in paragraph 1 of this subse
cpaiT or (ii) the maximum rate authorized by law to be
or
UPon such depos
its by State banks or trust companies
barized under the laws of the State in which
such member
located, whichever may be loss.
de,_ (4) A member bank may pay inter
est on a savings
received during the first five days of any calendar
.0",?:11 at the
maximum rate prescribed in paragraph 1 of
oZ-ti !ubse
ction calculated from the first day of such
to c=i112t
elh until such deposit is withdrawn or ceases
this r
a savings deposit under the provisions of
egulation, which
ever shall first occur.
Ii
9This 1. .
the eo
4.1m1tation is not to be interprete
d as preventing
Provid2°u4ding of interest at other than quarterly inter
vals
'u that the
aggregate amount of such interest so condoes not excee
he
d the aggregate amount of interest at
'ate
above prescribed when compounded quarterly.
3811
12/12/34
-11-
"(5) A member bank may pay interest on a savings deposit which is payable only at an office of such
bank
lccated outside of the States of the United States and of
the District of Columbia at a rate not
exceeding the maximum rate prescribed in paragraph 1 of this
subsection or
such higher maximum rate
as may be prescribed by the
Federal Reserve Board from time to time for payment in
the
locality in which such office is located."
In connection
with the above matter, 1.:r. Morrill stated
that la,
• Stevens,
Federal Reserve Agent at the Federal Reserve Bank
c't Chiea.go, called
him on the telephone yesterday and stated that
the bazikt
'IC authorities
of the State of Indiana, as a result of
the telem to
Mr. Stevens which as approved at the meeting of
the
Board
on December 5, 1934, had advised that they
desired to
redUce to 22% the
,
maximum rate on time and savings deposits paid
1:3Y member 1,
-eiaks in that State
simultaneously with action by the
13141rd, and
L' had r
equested that they be given confidential advice of
the tolaxals
action sufficiently in advance of
public announcement
4 th4t the
,
J can
arrange to make an announcement of their action
4t the title
oun
cement is made by the Federal Reserve Board.
UPon motion by Er. Szymczak, it was underthat the request of the banking
authorities
'"le State of Indiana would
be complied with.
•,
10
Ziller submitted a
report which read in part as foloTh
ecoxImm e importance
of adequate statistical information and
analysis
to serve as a basis of Federal Reserve
over
?ieare,
been increasingly recognized by the
Board
the
114 an 'he B
pEtrt orar,ua...eard's own Division of Research and Statistics
budget of about .,:A.50,000 and in addition a
. the y120,000
budget of the Division of Bank Opera- .
43
;8 also
used in the collection of statistical
information.
'
11 view-of
the increasing importance of this work, it
3812
12/12/34
-12ft
-4s contemplated that
the Board's Division of Rosearch and
Statistics be strengthened and enlarged. The Division has
been
almost entirely absorbed by current work and has not had
an oPportunity in
recent years to do as much fundamental research and
investigation as is necessary in order to keep
abreast of developments. It is not proposed to make a radical
increase in the Division's personnel or budget, but to
to increase as specific projects are developed and
PaZio-ibiedt.
It is proposed to meet such
increase in the cost of
the Board's
Division of Research and Statistics as may be
neeeesarY by a reduction in the cost of the statistical work
.ctarried on in the
inaividual Reserve banks. According to
he expenses for
1933 the total cost of the statistical and
analytical functions of the banks was 3489,673.
Of this
nunt'177,793 was classified
as administrative, c;304,681 as
:ollection of statistics, 341,479 as the cost of
the monthly
ielters, and
365,720 as library. It would seem apparent that
LI of expenditure by the Federal Reserve banks is
necessary and that a reduction in its cost more
s
ufficient
to offset any increase in the Board's oral
work ea
th
n be accomplished.
Analysis of the expenditures by
c2,different Reserve banLs shows that they are largely conet7.rated in Boston, New
York, Philadelphia, Cleveland, Chi0.4°
'and San Francisco. At the other
banks expenditures
atively small.
sta,. 4s a general principle, it would appear that
the
to .'
t'lstleal and economic work of the banks
should be limited
tor27° Purposes: (1) such service as the
officers or direc;ef the
Reserve banks may require, and (2) such work as
serv
:
e issarY for the collection of data for the Federal
!
RetIndc;- c°ard. Independent research projects should
not be
bkrikrtaken
by the Reserve banks, unless for some
reason the
told tiii8 Particularly
advantageously located for this research
tiliesse Project is approved by the
Board or its representa-
t
:
T
the
:
11en the items of the expenditures
are considered under
th4t-Upheads enumerated above, it
appears that the 366,000
queeti
5 3 sPent for
library services is not excessive. The
°11 of the monthly letters that are
issued by the 11.e4erve b
cipal knks is one that requires further study. The primhowever, would occur under the two headings:
9stration and collection of statistics.
arLd 84,It is proposed that the
Board's Division of Research
the ;atietics assign a
man to a careful study of the work of
Of ti%1/tistical divisions of the twelve Federal
Reserve bas,
are '-'1" functions,
personnel, and the extent to which they
used
,
aria of the use that is made of the
monthly letters.
3813
12/12/34
-13-
un the
basis of this study it is proposed to make a definite
riecommendation
of cost reduction to be effective in the year
.936. In the meantime, it is proposed to make such reduction
ln the
course of 1935 as the study will indicate can be made
advantageously without delay."
Upon notion by hr. Hamlin, the proposals
mentioned in the report were approved and the
report WES ordered circulated.
1
"
Szymczak made a brief report on his attendance at the
111"-I1C of representatives
of the Federal reserve banks and in(114trial advisory
committees which was convened in Cleveland yesterday and
is continuing
today for the purpose of discussing
industrial loan
procedure.
Governor Eccles stated that the Secretary of the Treasury
11411.1'eeeived there
port on the credit survey which wms made during
the late summer
by representatives of the Treasury Department in
the
Seventh
Federal Reserve District, and had submitted the report
to him
With the
statement thA he desired to publish it. Governor
tocise
said
that, as the report dealt in part with industrial
lokts, he
had turned
it over to hr. Szymczak with the request that
he
'ii to
determine whether there is any objection to its being
1)1/1?liehed, and
that, upon being advised by hr. Szymczak that if the
?ederea
Reserve Board
is not understood as approving the report he
4121°
objection to its
publication, he (Governor Eccles) had so
l'el)c/rted at a
recent meeting of the committee of the lending
ttenoiez of
the
Governn°11"
There
ileVe been
followed a brief discussion of the results which
obtained from the industrial loan activity of the
Federal
3814
11
12/12/34
-14-
reserve banks,
and reference was made to certain instances which
had come
to the attention of members of the Board
where loans have
beeri
made by
banking institutions which would not have been made had
it lict been
for the industrial loan activity, and where helpful ad.-Ile() had
been given by the Federal reserve
banks in solving the
f4lafleial problems of
commercial and industrial concerns but vihich
had not r
esulted in loans by banks and, therefore, would not appear
&lithe
reports of loans and
commitments made.
Governor Eccles stated that he had requested Deputy
Governor
l'IrgeS$ of
the Federal
Reserve Bank of New York to communicate with
Gclrernor
Harrison, Chairman of the System Committee on Legislative
1414111, who is
still confined to his home by illness, and to adII" hita that
the Board desires the
committee to submit its report
"he earliest possible
date. He said that Deputy Governor Burgess
reported
11"
that Governor
Harrison was agreeable to this sug;esti°14 alld the
meeting of the committee to be held on December
17,
114. had
been
called for that
purpose'
IrL
connection with the above matter, Governor Eccles
erred
ret° the
telegram sent to the members of the Federal Open
Larket
Ntelli ttee °n December
7, 1934, calling a meeting of the cornittee in
the 3:11'7kna °4 Dsceraber 17,
1934. There ms a brief discussion as to
Prc)e edllr F,
lArtthichmight be followed in connection with the
meeting,
e°4ellIsions were
reached.
:°21etlior
ls
Eccles s-Lted that he desired to have
an informal
office with
the members of the Board tomorrow afternoon
381_5
12/12/34
-15-
Ett 31°° 13*
m
, Lr. Szymezak referred to the report submitted by the
Colmlittee on
District io. 7 under date of October 27, 1934, recomthe aPpointment of a successor to Li.. Stevens, Chairman and
Pederal
Reserve Agent at the Federal Reserve Bank of Chicago, and
i]acItar
ed Whether
that matter could be discussed during the informal
4estialz.
Re stated that,
if action is not to be taken by the Board,
he would,
like to advise Er.
Stevens as soon as possible and to with-
cireN the re
commendation as to the appointment
of a successor.
(1°Irertor
Eccles stated that the matter could be
discussed at the
m
eeting.
The Board then acted
upon the following matters:
riemorandum dated December 6, 1934, from Yr.
Goldenweiser,
Director of
the Division of
Research and Statistics, recommending
the
4PPo1ntment of /Jr.
Eartin Krost as a junior research assistant
illthe
division,
h Salary at tho rate of $3,400 per annum, efl'ective
jsaluary 7,
1935, subject
to his passing a satisfactory
epak
mination.
Approved.
Telegram dated
December 11, 1934, approved by five menbers
Board, to
Ir. Case, Federal Reserve Agent at the Federal Rerye t,
'
441c of
Nem York,
reading as follows:
Ld
"Your
letter seventh. Loard approves appointment
Ment F• Cleary
as examiner in Federal Reserve Agent's of
depart-Your bak
advise
n at salary
ar', rate of '45,400 per annum
effective date."
Or the
11
Approved.
3816
12/12/34
-16Telegram dated December 11, 1954, approved by four members
°f the
Board, to Mr. Case, Federal Reserve Agent at the Federal
Reserve Bank
of New York, reading as follows:
"Your letter seventh. Contemplated plan of borrowing
fl.fteen to tmnty-five
men from various banks in New York
CltY on
temporary basis to facilitate program of examination
work meets
with Board's approval."
Approved.
Letter dated December 11, 1934,
approved by five members of
the Bc/ard, to Mr.
Fletcher, Acting Federal Reserve Agent at the
?ecieral Reserve
Bank of Cleveland, reading as follows:
re "Reference is
made to your letter of November 30, 1934,
vi 5.4rding loans of theSecurity
Trust Company', aeeling, west
secured by stock of the trust company.
rt„
i'rom the
information subm!tted it appears that if the
note
the t°f 3,750 signed by R. E. and A. D.
Bowie, officers of
$6,2 rust company, and which is a
balance due on a note of
h 50 given in
January, 1932, in connection with the pur"ef 25 shares of stock
of the trust company, represents
'fide loan it is a loan made by the trust
theone
company on
ti,"euritY of the shares of its own capital stock in viola4•L rmation ion 9 of the Federal Reserve Act. In view of the
oro
, however, that neither the signers of
the note
has the trustee
in whose name the stock held as collateral
tranbaon issued have any
ownership in the stock and that the
tiadetion involving the purchase of 25 shares of stock was
tee- '41 compliance
with instructions of the executive committioil°f:bhe trust company, it would appear
that the transac0111.4'4f not an
actual
purchase
by
the
trust
company of its
4 stock in
violation of section 9 of the Federal Reserve Act,
4 tempted evasion of the spirit
and purposes of the
of
4
at411tory
provisiofls
prohibiting
the
purchase by a member bank
4- ce awn
stock.
1932,"41 any event, the bank has been
carrying since February,
Of th 4 shares
of its own stock contrary to the requirements
41rea
:law* You are requested, therefore, if you have not
Provi;ir dc)ne se, to advise the trust company of the
applicable
thet. of the law and to report to the Board what action
vqith
company has taken or
proposes to take to comply
'"e st
atutory provisions regarding transactions in its
:1
3817
12/12/34
-170
own stock.
"In your letter of November 30 no
mention was made of the
loan to li. C.
Franzheim secured in part by 21 shares of the
stook of the trust
company, and it is assumed that the stock
1111.1.8 taken as
collateral to protect an advance previously made.
't is noted that an
examination of the trust company will be
made In the
near future and you are requested to develop at
that time
full information regarding the loan to Mr. Pranzheim
secured
by stock of the trust company."
Approved.
Letter dated December 11, 1934,
approved by four members of
the t
,oard, to Ls.
Sargent, Assistant Federal Reserve Agent at the
e4eral
ReServe
Bank of San Francisco, reading as follows:
Receipt is acknowledged of your letter of Lovember 30,
1934
Ba,
!
, and inclosures,
relative to the request of the 'Security
cf Lyrtle Point', Myrtle Point, Oregon,
to rlire
for permission
;;2,000 of its outstanding capital debentures.
prove In
accordance mith your recomnendation, the Loard apE the
retirement of capital debentures of the Security
;cf Liyrtle Point,
Myrtle Point, Oregon, in the amount of
02-;
six
'
n°, with the
understanding that the bank's surplus mill be
ultaneously increased by the same amount."
Approved.
Letter dated
December 11, 1934, approved by five members of
Board, to L.
O'Connor, Comptroller of the Currency, reading as
toliovre
the
serve 4n
B accordance with your
recormendation, the Federal ReOf
°ard approves a reduction in the common capital
stock
fro -"
0
5 First National
Bank of Mexico', Mexico, New York,
1 0,000 to p.
25,000, pursuant to a plan which provides
0.72,0
bank's capital shall be increased
by the sale of ,
- °I' Preferred stock to
Porat;
the
Reconstruction
Finance Cort11 anVor
others, and that the released capital, together
ahaliTe bank's surplus, undivided profits and
reserve accounts.
reportve Used to
ethmtnat estimated losses as she=
she
in thbe
i4
°f ex
amination as of October 20, 1934, all as set forth
41*
1 Inemorandum of November 30, 1934.
considering the
plan under which the reduction in
thaZ
3818
12/1V34
-18-
common capital stock is to be effected, it has been noted
that the estiated
losses exceed the aggregate of released
capital, surplus, undivided profits and reserve for contingencies by approximately 913,700, resulting in a capital imPairment of that amount, and that securities depreciation
u!lprovided for in amount of approximately 26,900, if conered as a loss, mill further impair the bank's capital.
is
assumed, however, that this condition is receiving the
at
tention of your office."
T
Approved.
Letter dated December 11, 1934, approved by four members
the 13card, to Er. O'Connor, Comptroller of the Currency, read-
"follows:
"In accordance with your recommendation, the Federal leOard approves a reduction in the common capital stock
:blle 'Farmers and Lerchants National Bank and Trust Company
"
nchester', Mnc:lostor, Virginia, from '% 300,000 to 150,000,
17!
.uant to a
plan which provides that the released capital
be used to eliminate a corresponding amount of unsatis'
crY assets, all as set forth in your letter of December
" 1934.
sub. "It has been noted from the report of examination of the
iteJsot bank, as of
June 28, 1934, that your examiner regarded
tio Management as weak and incompetent and that the instituetasnjas burdened with a large aggregate of unsatisfactory
the:
,
3:
681 It is understood from your letter, however, that
corldii!:as boon a marked improvement in the bank's general
and
311 since the time of examination and that the officers
tion.;rectors have been giving the bank's affairs close atten-
1:
Approved.
Letter dated December 11, 1934, approved by four members
ne Loar
0,
d i to 1:r. O'Connor, Comptroller of the Currency, reading
roilows 3
" accordance with Acting Comptroller of the Currency
a red 3 recommendation, the
Federal Reserve Board approves
taw, ,
11ction in the common caAtal stock of 'The First National
pla
ndinsville', Blandinsville, Illinois, from ,,25,000
3819
1v12/34
-19-
,
6
IO
2,500, pursuant to a plan which provides that the bank's
capital shall be increased by the sale of 47,500 of preferred
stock to the Reconstruction Finance Corporation and/Or others,
8,-!Id.that the released capital, together with the bank's unQ-yided profits and 5,000 of its surplus, shall be used to
'lMlnate or reduce unsatisfactory assets, all as set forth
n kr.'Awalt's memorandum of December 3, 1934."
I
Approved.
Telegram dated December 11, 1934, approved by four members
or the
Board, to I. Fletcher, acting Federal Reserve Agent at the
Federal.
Reserve Bank of Cleveland, stating that the Board has given
clisideration
48tle", New C.a
.b
t::: application of the "Union Trust Company of New
Pennsylvania, for a voting permit under the
";114)ritY of section
5144 of the Revised Statutes of the United
atates, as
amended, entitlins such organization to vote the stock
/411.eh it
or controls in the "First National Bank of Lawrence
C°1111tY at New
Castle", New Castle, Pennsylvania, and has authorized
th"88110alee cf a
limited permit to the applicant, subject to the
411crvitr,. co
nditions:
11('N
auth
-L.) Prior to the issuance of the limited voting permit
orized
herein,
the Federal Reserve agent shall satisfy himself
that
each of the subsidiary banks of the applicant has
cl„at each
1-arged off or otherwise eliminated, (a) all losses in
fnls and discounts, (b) all depreciation in stocks and deoill::b_ed securities, (c) all depreciation in securities not
the four
highest grades as classified by a recognized
buslf”tment service organization regularly engaged in the
10 1.11css of rating or grading securities and (d) all other
1: s; as show by the latest available reports of exam.4n
, 1clis by the appropriate supervisory authorities, except
u the
charge-offs and eliminations required by (b) and
tablmab°ve may be based upon current appraisals of market- 1?curities satisfLctory to the Federal Reserve Acent;
(2) the
Federal Reserve Agent shall satisfy himself
z
3820
12/12/34
-20"that the applicant has substantially performed any
agreement or agreements heretofore executed by it as a
condition
to the
issuance of a limited voting permIt by the Federal
Reserve Board;
"(3) the Federal Reserve Agent and the Executive Committee of the Federal reserve bank shall approve the issuance of such permit.
11(
2) Prior to the issuance of the limited voting permit
authorized herein, you shall satisfy yourself that the appli?arlt has
charged off or otherwise eliminated: (a) all losses
1
,11 1°a-ns and discounts, (b) all depreciation in
stocks and
aulted securities, (c) all depreciation in
socurities not
tne four highest grades as classified by a recognized
investment service organization regularly engaged in
the busallese of rating or grading
securities, and (d) all other losses;
:
0 8hWn by the latest available report of examination made
for
in:Itisfactory to you, except that the charge-offs and elim-'10ns required by (b) and (c)
above may be based upon
,,urrent market
values of readily marketable securities."
841d for
the following
purposes:
T
:To elect directors of such
bank at the annual
en
holds
or at any adjournments thereof, at met/!,garany
time
natt
rl
fi°r to April 1,
1935, and to act thereat upon such
ers
°- a r°11tino nature as are ordinarily acted upon at
Zeeti
the
annual
rigs of such
bank."
The 'Lel
eCr ra also
authorized L. Fletcher to have prepared by counBei tor
the
Federal reserve bank, and to issue to the Union Trust
4.s41 Of Row Castle,
a limited voting permit in accordance with
the tele6as
rala when
the conditions prescribed therein have been
com1)"
"with.
Approved.
Telegram dated
December 11, 1934, approved by four members
13c3rds to Lr.
Sargent, Assistant Federal Reserve Agent at
the
Niercil
Reserve
htte .
Francisco, stating that the Board
ot the
Z).VIT.4
the li
consideratBia
k oft:e
o:to
an
application of the "Corporation of
reid6Ilt of the
Church of Jesus Christ of Latter-Day Saints",
3821
12/12/34
-21-
Salt Lake
City, Utah, for a voting permit under the authority of
eeetion 5144 of the
Revised Statutes of the United States, as
8411611ded, entitlinsuch organization to vote the stock which it
°Ions or
controls in "The Utah State national Bank of Salt Lake City",
"
4 the "Utah
Savings (:; Trust Company", both of Salt Lake City, Utah,
aild has a
uthorized the issuance of a limited permit to the appli414, subject
to the following conditions:
d i=
ii
nt
,o the issuance of the limited voting permit
authoze
"(1) the Federal Reserve Agent shall satisfy himself
that each of
the subsidiary banks of the applicant has
charged off or otherwise eliminated,
(a) all losses in
loans and discounts, (b) all depreciation in
stocks and
defaulted securities, (c) all depreciation in securities
not of the four
highest grades as classified by a recog.1i1,
1
,
!
2
investment service organization regularly engaged
the business or
rating or grading securities and (d)
all other
losses; as shown by the latest available reports
Of examinations by
the appropriate supervisory authorities
except
that the charge-offs and eliminations required by
Nb)an (c)
above may be based upon current appraisals of
marketable securities satisfactory to the
Federal Reserve
Jlent;
"(2) the Federal Reserve Agent shall
satisfy himself
toh.e applicant has
substantially
performed
any agreeor
agreements heretofore exJcuted by it as a condithe issuance of a limited
voting permit by the
1;1:47. Reserve
Board;
,
;.L. (3) the
Federal Reserve Agent and the Executive Cam;e:fofslilleizeil reserve bank shall approve the issut.
authf, 2) Prior to
the issuance of the limited voting permit
pep,,r1zed herein
applicant shall deliver to you Exhibits L,
,
r0rm P-3, executed by Beneficial Life
Insurance ComTem;leueseret News
Publishing Company, Layton Sugar Company,
Corapan Square
hotel, Utah Assets Corporation, Utah Hotel
Tr114',1,tah Savings
Trust Abstract Company, Utah Savings
Coillpat tuilding
Company, Utah Savings c'4 Trust Safety Deposit
euritiY
'Zion's Savings
Bank (;.: Trust Company, and Zion's Se"Corporation
and -1-•:hibit h,
Form P-4, exec17.ted
that
3822
12/12/34
-22-
"by Corporation of
the President of the Church of Jesus Christ
of Latter-Day
Saints and consented to by Beneficial Life Ins‘urance Company, Deseret "Tows
Publishing Company, Layton Sugar
. (3mPany, Temple Square Hotel, Utah
Assets Corporation, Utah
ietel Company, Utah
Savings c Trust Abstract Company, Utah
)e.vings
Trust Building Company, Utah Savings
Trust Safety
,?P°eitCompany, Zion's Savings Bank & Trust
Company, and
`lon's Securities
Corporation, all of which Ex::iiLits shall be
form
ol San satisfactory to Counsel for the Federal Reserve Bank
Francisco."
and for
the
following purposes:
"To elect
directors of such banks at the annual meetings
°f shar
eholders, or at any adjournrients thereof, at any time
Prior to April
1, 1935, and to act thereat upon such matters
Of a routine
nature as are ordinarily acted upon at the anIlual meetings of such banks."
The telep.
61'814
sel for
also authorized
Sargent to have prepared by coun-
ho
Federal reserve bank, and to issue to the
Corporation
Of the Presid ent
of the Church of Jesus Christ of
Latter-Day :Saints,
lirait°d votinc
permit in accordance with the telegram when the
118
prescribed therein have been complied with.
•
Approved.
Te1e grOX1
u40
p
to Lr. Sargent, Assistant Federal
Reserve Agent
ederal Reserve Bank
of San Francisco, reading as follows:
to ,
"Referring aeeler's telegram iovember
16 with r.oferlice
and .xchange
...
Press
Commissionb
Release
o.,
:
Under Regulation T question which must
Be determined
:
c:
!
II taininc' whether a non-exempted
security has loan value
such security is
'registered
on a national securirnt
Za
:
a:
i
ole
,
The security may be so registered and act40111 Cly be
entitled to loan value under Regulation T even
priunder Rule J8 it has been suspended from trading
is
, but, if under
e :
St -egee
1'
ellp
der Rule J28 or otherwise, the security
from registration it will at
such time cease to
to loan
arcedthi
value. If an account contains securities
co stricken from
registration the maximum loan
Of ceourities
in the account will accordingly be
C
12/12/34
0^
—,
0
"decreased.
a
ccount."
3823
This may cause the account to become a restricted
Approved.
Letter dated December 11, 1904, approved by four
members
tile Board,
to L. Case, Federal Reserve Agent at the Federal Ree 0 t
aijc of
New York, reading as follows:
, "The Board has reconsidered the Clayton
Act application
of 14r.
Thos. C. Boswell, Troy, New York, for permission to
!erve at
the same time as director of LAnufacturers Banir
of
_;ohocis
0
; (
1)
1;?
s , New York, and 'The Dxnufacturers National
$ Troy, New York, and upon the basis of the inlOfl
before
it, including that submitted with your letter
Of
krvember 5, 1934, has approved the
application.
There are inclosed the original and
copies of the
granted to lir. Boswell, for transmittal by you to
Zrmite a
elPPlicant
and the banks involved. A copy is also infor your
files."
Approved.
Letter dated
December 11, 1964, approved by four members
°arta, to Lr.
Case, Federal Reserve Agent at the :ederal Re4erlire
f New
York, inclosing the following Clayton Act permit
trw,
—4s/tit-Lai to
the applicant, and suggesting that the agent
41
/
480 the
aPPlicant that the permit has been (-ranted with the
exPsetati
c4 that,
as indicated in his letter
of LAy l$ 1934, to
kaai
°r the t
-Alatant •Th
-*Moral Reserve
Azont Dillistin, he will improve his at11411ce at
directors' meetings:
()
titekiellard
Havkins, for permission to serve at the same
port a8 a
director of Tho Citizens National
. Bank o.
f
eja as
04,Y=hand
as
a
director
tCleto
IT-tTl
'
stl:11=1;: Northport, Now York.
let
a-s
'
sugcested that the agent
endeavor, in cooperation
3824
'
2/12/34
-24-
th° aPpropriate supervisory authorities, to bring about an in1)17°'"ment in the
management of the banks involved in the permit, a
correct.
of the matters criticized by the examiners and completion
f the
program for the rehabilitation of The Citizens National Bank
°feast N
orthport through the sale of preferred stock; and requested
tliat
'when the anent submits his recozmnendation as a result of his
411111141 r°view of
the permit, he report fully as to the progress made
111
about an improvement in the management and condition of
the b
involved and as to the applicant's attendance at directors'
tleetitz,3
Approved.
Letter dated December 11, 1934, approved by five members of
the 13
°ard, to 1,jr.
Austin, Federal Reserve Agent at the Federal ReSer.ve
of Philadelphia, reading as follows:
"Reference
is made to your letter of November 15, 1934,
-0ern1ng the
Clayton Act application of Ia.. J. if. ward ankan, Chester,
Pennsylvania, for permission to serve at the
cli'n1° time as director of The First
National Bank of Chester,
chester, The Ridley Park
National Bank, Ridley Park, and
aTter-CambridP-e Bank and Trust Company, Chester, all of Penn.7;
111i-a, which was not approved by the Board as indicated in
1 tt
s of August 24, and November 12, 1934, to you.
e‘dv.i In your letter of November 15, 1931, you stated that
you
by'il ed
Hinkson of the Board's decision and were informed
041 4111 that he would not stand for reelection as director of
4t?'er The
First National Bank of Chester or The Ridley Park
Etej
°1141 Bank at the end of the current year provided such
zt,j7.°n was in
compliance with the Board's wishes. You also
nex,Led
that, in view of the proximity of the time for the
iliv,c„annual meetings of the shareholders of the three
banks
raelrycLved and in
order to relieve Mr. Hinkson of the embarrassyou :f r
esigning from the boards of the two national banks,
Bo
interpose no objection to this procedure unless the
u should
request that his resignation be submivtod and
r
3825
12/12/34
.
-25-
II
acted upon at this time.
"Under the circumstances, the Board will not require that
resignation be submitted and acted upon at this time, pro71aed he does not stand for reelection as director of either
Of the
national banks at the end of the current yoar and provided he does not actually serve as a director or perform any
°f the functions of' a director in the meantime.
"It will be appreciated if you will advise ir. iiinkson
accordingly. In order that the board's files may be complete,
!
-t will also be appreciated if you will ascertain and advise
the Board
definitely, after the next election of directors of
the two
national banks has taken place, that Li.. dinkson has
net been
reelected."
Approved.
L'etter dated December 11, 1934, approved by four members of
the '
c ard, to X. Stevens, Federal Reserve Agent at the Federal Reael la Bank
of Chicago, reading as follows:
"The Board has reconsidered the application of la-.
lb
ert L. Kettle, Kalamazoo, Lichigan, for permission under
:Ile provisions of the Clayton .Act to serve at the same time
8.
director of 'The First National Bank and Trust Company of.
and as director of Kalamazoo Industrial Bank, both
of 4
lomazoo, Michigan, and upon the basis of the information
rfore it,
includint; that submitted with Assistant Federal ReAzent Young's letter of September 28, 1964, still feels
that
1)the
granting of the permit applied for mould be incomwith the public interest as indicated in its letter
S
the eptember 22, 1934, to you. You are requested to advise
aplicant accordinzly.
nr
Please ascertain and advise as to what steps Li.. Kettle
_,°Poses to take in order to comply with the provisions of
.1‘41e
Clay-con Act."
4.,
Approved.
Letters dated December 11, 1934, approved by five members
,
q0 T)_
.L'uard, to
applicants for permits under the Clayton Act, ad0,
4
approval of their applications as follows:
Illt• Lou.
ls DuBois, for permission to servo at the same.time as
rector of The Livingston Lanor National Bank, Livint;ston
3826
12/12/34
-26Manor,
Liew York, and as a director of The First Lational Bank
and Trust Company of Ellenville, Ellenville, New York.
Geo. B. Reynolds, for permission to serve at the same
lme as a director of The First National Bank and Trust Com1,
111.,
r of Ellenville, Ellenville, New York, and as a director
he South Fallsburg National Bank, South Fal1sbur7, New
Lr. C
reorgeA. Leyor, for permission to serve at the same time
113 a director
of the First National Bank in St. Louis, St.
Lissouri, and as a drector of the Chippewa Trust ComParlys St.
Louis, Missouri.
John B. Strauch, for permission to serve at
the same time
a director of the First National
bank in St. Louis, St.
oui
bassouri, and as a director of the Northwestern Trust
'
oraNuly, St. Louis, Missouri.
Approved.
There mre then presented the following applications for
in stock of Foderd reserve banks:
4 lice:L.
'-lons for ADDITIONAL Stock:
e,Citizens iational Bank of
Bloomsbury,
pt,4°0111sbury,
New Jersey
,st
Ilational Bank of
Afton,
/11E:4011, Nevr York
D-lrst
...,004 •,National Bank of Boonville,
The
.1.11o, New Y6-rk
p '1448111a
veciarl-1
National Bank of Cedarhurst,
pi
urst, New York
c,t
National Bank of Cobleskill,
,-,u,Leski11, hew York
,seorld L
voo
ational
The 4 P?rstown, New Bank of Cooperstown,
York
atlonal Lohavik River Bank
of Fonda,
York
G"eh ey Lational bank and Trust Company of
T1416400, Geneseo,
New York
1,411Tvan County
National
Bank of Liberty,
.the 131 tY,
Ilew York
0;41ck Rier
v
National Bank of Louville,
L 41.110, New York
1e17
Shares
4
9
51
22
45
30
6
120
81
30
3827
12/12/34
-27-
,_41)Plications for ADDIT2I01:111_, Stock: (Continued)
(Iontinuesil)
The Llid
.114.77.azi-cirinNew York
Therst Irational Lank of Pe
rry,
Perry, New York
o'hf..:,r es
7
30
435
No. 3.
ili[ttstown Tria Campany,
ilizhtstown, iiew
Jersey
r211°
„ Thireilatro-m.1 Exchange Bank of Sandusky,
he,Sarldusky, Ohio
l'ooples State Bank Company,
Archbold,
,the
Ohio
pif-Lh Avenuo
Say-Irv-7s Bank Company,
Columbus, Ohio
(I)
fieRirst I'lational
Bank of Columbus,
Columbus, -siisconsin
5-strict
Ito. 3.
'44°
La-uional Lank in Ashdovm,
iishdovria,
Arkansas
h ectrmi, La-uional Bank of Carnal,
Illinois
Pirst
Ilational Bank of Enfield,
Illinois
Qecona La-Lional
Bank of Robinson,
he -12son, Illinois
Ilational
City ,jank of Evansville,
01,1:;173.11
sville, Indiana
,1-orial hank in
Evansville,
71,
A411Q/isTtrille, Indiana
Citizens Lational Lank 1' well City,
Th 'jell
City, Indiana
° Pirst l
iutional Bank of Greenville,
ClaIG.fi,"111rille, Kentucky
tiOflal Lank,
'ala State Lacsouri
Lani- of clinton,
IT
14011, lascouri
bank and rust -ompany,
b
r'-Y, Llicsouri
Bank
at * Lou, of St. Louis,
:1issouri
T/4,e
120
1
2
123
30
30
12
11
8
45
120
60
24
15
1
2
310
:3828
12/12/34
-28for ADDIT'IONAL Stock: (Continued)
17077:-.
.fhe,ZscanaiTa ilational Bank,
Zscana.ba, iachicnn
Third1,;-orthwestern ilational Bank of
0POlj, Minneapolis, Minnesota
'Ile First
1,ational hank of Montgomery,
Li AL,P;oniery,
Minnesota
Pir t
.•
8
4ational
Bank of Hopkins,
T1,opkin5, L'innesota
41Pire Lational Bank and Trust
Company of
at•
St. Paul, Minnesota
'"e Pirst
National Bank of Grantsbur7),
Clzrantsburs,
.41117
: of
Loyceville,
T4
b?,Yeeville, ".iisconsin
Lational hank of Jordan,
Thejardazi, Minnesota
:713-r.st 1
Tational Lank of Viall;.er,
,
.44 Pirst 1 idinnesota
;ationa1 bank of Bowman,
The 01,71-nan, Tiorth Dakota
pirst
n River liational Bank of River Falls,
Palls, -Wisconsin
4q41till Trust
Sal/in-3
tozeraan
'Dan"
Lontana
4-Lrks
Pork Valley
Bank,
erE, :_ontana
lt A striet
k
41-le sTiet, Lo.
1ir
141t1 °nal Bank of -,eliflower,
.he c
°Iltr, California
aPited Lational Lank of
Sacramento,
4eraTnent0, California
41)P•lications
f'or SI_Ld-61,1fila of Stocla
lztrict
The
o. 2.
Irit National hank of
Arcade,
.
New. York
llational Bank of Jast
itocnester,
'48t Ro
chester,
ow
York
1.;t t
iTational
. Ba
.nk
. of Bluefield,
West larr,inia
01143.t National
hank of north
I.larvland
Shares
30
2
1
2
1
15
27
5
127
3
300
iotal
150
303
1,337
186
90
6
96
11
3829
12/12/34
-29for.SURRE:OER of Stock:
(continued
16D7-d-cTG7e-Fjral liational Bank of Anniston,
TheAaltiston, Alab=a
First National Bank of
Jefferson,
Jefferson, Georgia
Di
strict
8.
The
Pirsi-l'aiona Bank of Paris,
Paris, Arkansas
Shares
36
67
103
60
Total
60
445
Approved.
Thereupon the meeting adjourned.
(
1;C'e-bri":"U
Governor.
?
Secretary.
@FedFRASER