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4049 A meetin.:4 of the Federal Reserve Board was held in Washington on Thursday, December 27, 1934, at 4:00 p. in. PRESEIT: Mr. Yr. Mr. Mr. Mr. Mr. Eccles, Governor Thomas, Vice Governor Hamlin Liner James Szymczak Er. Lorrill, Secretary Mr. Bethea, Assistant Secretary Yr. Carpenter, Assistant Secretary The minutes of the meetings of the Federal Reserve Board held on December 12, 13, 14, and 15, 1934, were approved. The Board then acted upon the following matters: Memorandum dated December 19, 1934, from Mr. Parry, Chief °r the Division of Security Loans, recommending the appointment of lir s Philip E. Bradley as Assistant Chief of the division, with salary Itt the rate of $6,000 per annum, effective as of the date upon which he elIters upon the performance of his duties after having passed a tisfactory physical examination. Approved. Memorandum dated December 20, 1934, from .Ur. Paulger, Chief ,-division of Examinations, recommending the permanent appointElleilt 0 • George S. Sloan and his designation as a Federal reserve nith salary at the rate of $6,000 per annum, and that in the el/brit he does not pass a satisfactory physical examination, he be con- t4 a re,eive, temporary basis, at the same rate of compensation as he now until such time as his services can conveniently be dispensed *1th. 4050 12/27/34 Er. Sloan was appointed an examiner for all purposes of the Federal Reserve Act, as amended, and of all other acts of Cen7ess pertaining to examinations made by, for, or under the direction of the Federal Reserve Board; and was designated a Federal reserve examiner, with salary at the rate of ;6,000 per annum, all effective December 29, 1934, subject to his passing a satisfactory physical examination. Cc'Itinuation of his temporary appointment was also approved in the event he does not satisfactorily pass the physical examination. Letter to the board of directors of "The State Bank of Iiihitehall", Whitehall, Michigan, stating that, subject to the conprescribed in the letter, the Board approves the bank's ePPlication for membership in the Federal Reserve System and for the aPpropriate mount of stock in the Federal Reserve Bank of Chicago. Approved. Letter to Er. Fletcher, Acting Federal Reserve Agent at the Poderal Reserve Bank of Cleveland, reading as follows: "Reference is made to your letter of December 17, 1934, which you recommend an extension of time of one year withLfl which the 'Allegheny Valley Bank of Pittsburgh', Pittsburgh, ' l ennsylvania, may comply with the provisions of membership c?ndition numbered 18, which provides that the bank should Ill:thin six months from the date of its admission dispose of 811Y loans which may be secured in whole or in part by its own !tack or obtain the substitution of other adequate security ror each such loan. "It is noted that the bank accomplished its membership Oh January 23, 1934, that all loans secured by its own stock Ve now been disposed of or otherwise secured except the 0°Q.11 to Phil Kemery in connection with which the 30 shares lte own stock now held were acquired in November, 1933, the time of the declaration of a stock dividend and -which r 4051 12/27/34 -3- the bank states it could not dispose of at this time without undue sacrifice. "In view of all the circumstances in the matter and your recommendation, the Board extends to July 23, 1935, the time within which the Allegheny Valley Lank of Pittsburgh may comply With the provisions of membership condition numbered 13, and it ls requested that you advise the bank accordingly." Approved. Letter to Mr. Newton, Federal Reserve Agent at the Federal Ileserve Bank of Atlanta, reading as follows: . "Reference is made to your letter of December 17, 1934, IvIth regard to a request of 'The Citizens Bank of Georgiana', Alabama, that, on account of insufficient earnings, it be perratted to defer depreciating its banking house and furniture and fixtures, as required under a condition of membership, until such time as earnings of the bank show improvement. In view of the fact that the carrying values of banking house and furniture and fixtures are reported to be conservative and in va..evr of other circumstances outlined in your letter, the Board, ill accordance with your recoLimendation, will not require the bank to make the charge-offs for the year 1934 on account of depreciation in such assets, and you are requested to advise the bank accordingly." Approved. Letter to Er. Stevens, Federal Reserve Agent at the Federal 11441el'Ne Bank of Chicago, reading as follows: "Reference is made to the report of examination of 'The Detroit Savings Bank', Detroit, Michigan, as of June 11, 1934, arld the information submitted in connection therewith. "The report indicates that the bank on June 11, 1934, had estimated losses aggregating 31,686,900 and the information Zubmitted with Mr. Young's letter of October 17, 1934, shows 411a:1; the institution, between the date of examination and SepZemuer 30, 1934, eliminated 327,300 in assets through chargef8 !and set up specific reserves of $990,000, which amount, reordinz to Mr. Young's letter of December 14, 1934, had been creased to 31,284,400 as of November 30, 1934. In this contection Mr. Young states that the question of charging off detralned losses against specific reserves will be taken up with the bank either before the end of this year or at the time of e next examination. 4052 12/27/34 -4- "As you know, the Board feels that estimated losses and depreciation listed for elimination have not been properly eliminated by the setting up of reserves mhich are included with the bank's capital accounts in its published statements and that such reserves should be used either in making charge-offs of estimated losses or treated as valuation reserves and deducted from the assets against mhich they are allocated thereby showing only the net amount of the assets in the published statement. As you have been previously advised, the Board also feels that losses, to provide for 'which the reserves mere established, should be charged against the respective reserves as soon as such losses are determined. It is requested, therefore, that you endeavor to obtain before the end of the year adjustments in accordance with the Board's view outlined above. "The Board is pleased to note the conments in Er. Young's letter to the effect that the benl,is under capable management, the directors are really directing its affairs and that, in his opinion, a marked improvement, except for other real estate, will be shcmn at the time of the next examination." Approved. Letter to Er. Stevens, Federal Reserve Agent at the Federal 11"erve Bank of Chicago, reading as follows: "Reference is made to the report of examination of October 17, 1934, of 'The Fremont State Bank', Fremont, Michigan, and the supplemental information submitted in connection therewith. "It has been noted that, after giving effect to the purchase of $25,000 preferred stock in the bank by the Reconstruction Finance Corporation on October 20, 1934, and the removal cf certain undesirable assets by parties at interest, the condition of the bank still remains unsatisfactory, with an inncquate sound capital structure to support deposit liabilities. Arter deducting net depreciation in securities in the lower grades amounting to $17,800, and after allowance for assets ftlountinc to $19,100 (inclusive of 0.7,800 of carrying value °f banking house and furniture and fixtures) classified as qoubtful, the bank had a net sound capital of $25,000 as cornwith deposits of '477,700. Among other unsatisfactory 0 4.!atures it has been observed that the bank has a large amount nonincome producing assets and that net depreciation, auntinz to a7,800, on levier 7rade bonds has not been elimi,lated. 4053 12/27/34 "The report of examination shows that among the unsatisfactory assets charged off by the bank on October 17, 1934, was Q3,000 of the line of Lr. J. L. Hillyard, its Second Vice President and Director, and that on the date of examination his account with that institution was overdrawn in the amount of c68•076 In the latter connection, it has been observed that the examiner has stated that overdrafts to Mr. Hillyard are 'granted fairly steady'. As you know, the Board feels that any director, officer, or employee who has abused the credit facilities of the bank he serves has seriously impaired his usefulness to that institution, and it is expected that the future relations of Mr. Eillyard with the bank will be so conducted as to remove all causes for criticism. "It is possible also that Lr. Hillyard, by overdrawing his account in the manner described above, and Messrs. Lilo A. White and Harry D. Reber, President and Vice President, respectively, of the bank, by participating in the transactions hereinafter referred to, have become involved in violations of the provisions of section 22(g) of the Federal Reserve Act, if they are considered to be executive officers of the member bank within the meaninq of that section. With respect to Messrs. Ahite and Reber, the report of examination shows that on December 28, 1933, they gave their notes to the bank in the amounts of 4,6OO and $1,700, respectively, in order that they might Purchase certain real estate then being carried in the Other Real Estate account of the bank. However, before taking any action with regard to these possible violations, it will be appreciated if you will furnish the Board with more complete -1Q2ormation in connection therewith, together with your views ln the premises. "It has been noted that you feel that further attempts to strengthen the bank's capital at this time would probably be "less and that you are maintainin(7 a close contact with the sltuation. It will be appreciated if you will continue your efforts to effect corrections of the matters criticized and endeavor to have elimination made of depreciation on the lower p'ade securities as soon as it is feasible to do so. Please KeeP the Board advised of developments in this connection and °f anY Improvements made in the condition of the bank." Approved. Letter dated December 26, 1934, approved by five members "the Board, to Lr. Peyton, Federal Reserve Agent at the Federal 11,313er Ire Bank of Minneapolis, reading as follows: 4054 12/27/34 -6- "Receipt is acknowledged of Mr. Bailey's letter of October 13, 1934, inclosing a certified copy of the amended articles of incorporation of the Sault Savings Bank, Sault Sainte Marie, Michigan, executed in connection with the recent reduction in the bank's conmon capital stock and the sale by it of preferred stock A and preferred stock B. This document is somewhat voluminous, and Er. Bailey has requested advice as to whether the Board desires documents of this kind to be submitted to it in connection with similar transactions affectiml State member banks. "Az you know, when a State member bank applies for admission to membership in the Federal Reserve System, a copy of the charter of the bank, together with all amendments thereto, is forwarded to the Board for its information and records. The Board also desires that any amendments to a State bank's charter, while it remains a member of the Federal Reserve System, should be furnished to the Board for its information and in order that its records regarding the corporate powers and status of the bank may be complete. It will be appreciated if in each case you will submit the amendment to the counsel for your bank, in order that he may be satisfied as to all the legal aspects involved, and advise the Board of the opinion of your counsel when the copy of the amendment is forwarded to the Board. Of course, in any such case the opinion of your counsel should contain advice as to whether all requirements of the State lam' have been complied With. If in any case it appears that a correction in the Proceedings is necessary, it is assumed that you will take appropriate steps in order that the necessary correction may be effected. "While in some cases it may be desirable for the Federal reserve bank to obtain copies of underlying documents showing the action taken by the stockholders and/or directors of the .nstitution involved leading up to the amendment to its charter, 1/1 order that the counsel for the Federal reserve bank may be satisfied as to the legal aspects of the natter, copies of such Underlyinq documents need not be forwarded to the Board for its records. In this connection, the Board feels that the question as to what underlying documents, if any, need be obtained in a ! 1Y Particular case is a question which must be determined in Irlevr of the circumstances involved in each case and that this question should be determined by the Federal Reserve Agent and 2uneel for the Federal reserve bank in the exercise of a 1?asonable discretion in each case. It is assumed that, in ' ct?s absence of special circumstances,the counsel for the Federreserve bank will rely in each case upon information rea: ! 71 .7ed from the State supervisory authorities that appropriate i _lon has been taken by the stockholders and/or directors " °kin toward the amendment of the charter of the bank. 1 4055 12/27/34 -7- "In reply to Er. Bailey's specific inquiry with regard to whether the Board desires copies of amendments to charters Of State member banks covering the reduction of capital stock and the issuance of preferred stock, you are advised that the Board mould like to receive copies of any such amendments which Should be submitted in the manner described in detail above with regard to amendments to the charter of a State member bank. In this connection, it may be noted that, under the provisions of section 9 of the Federal Reserve Act as amended, the terms 'capital' and 'capital stock', for the purposes of membership of State banks in the Federal Reserve System, shall include the amount of outstanding capital notes and debentures legally issued by the applying bank and purchased by the Reconstruction Finance Corporation. It is understood that in most cases no amendment to the charter of a State member bank is necessary for the issuance of such capital notes or debentures, but, in Irievr of the fact that such capital notes and debentures are under the law considered capital and capital stock for member6114 Purposes, the Board in each case mould like to receive a copy of the agreement of the bank covering the issuance of such capital notes or debentures, together with advice of the counsel for the Federal reserve bank that he is satisfied as to the legal aspects involved. "In any case in whichthe Board has not heretofore been furnished with copies of amendments to the charter of State member banks or copies of agreements covering the issuance of capital notes or debentures sold to the Reconstruction Finance Corporation, it will be appreciated if, when such a fact comes to Your attention, you will obtain copies of such documents and forward them to the Board, with appropriate advice as to whether YoUr counsel is satisfied as to the legal aspects involved. As a matter of convenient procedure, in this connection, and in connection with any future amendments to charters or agreements 2overing the issuance of capital notes or debentures to the "construction Finance Corporation, you may wish to consider the d1r1sability of having the examiner for the Federal reserve bank qetermine at the time of examination of each State member bank Inhether there have been any amendments to its charter, or agreeients covering the issuance of capital notes or debentures sold o the Reconstruction Finance Corporation, copies of which have ot Previously been forwarded to the Board, rather than to make eclal inquiries of member State banks in this connection. 8 ,'In the specific case referred to by Er. Bailey, it is asthat your counsel was satisfied as to the legal aspects of ;4(1 amendments to the articles of incorporation of the Sault 13alrialgs Bank, but it will be appreciated if you will furnish the card with definite advice on this point." l r Approved. 4056 L3 / 47/34 Telegram to Mr. Curtiss, Federal Reserve Agent at the Pederal Reserve Bank of Boston, authorizing him, subject to the conditions prescribed in the telegram, to issue a limited voting Permtt to "The First National Bank of Boston", Boston, Massachusetts, "Aaing such orgahization to vote the stock which it owns or eoritrois in the "Old Colony Trust Company", Boston, Massachusetts, l'er the purposes set forth in the telegram. The telegram also etsted that the agent is authorized to revise the usual form of Permit so that the permit issued to the applicant pursuant to the telegram will entitle Wilmot R. Evans, V1lliam Dexter and G. Peabody Jr., trustees, or their successors as such, holding stock Or the Old Colony Trust Company for the benefit of the shareholders et the applicant, to vote such stock for the purposes stated in the telegram. Approved. Telegram to Mr. Case, Federal Reserve Agent at the Federal ve Bank of New York, authorizing him, subject to the conditions Prescribed in the telegram, to issue a limited voting permit to the h lgkmated Clothing Workers of America", New York, New York, en tt4:0 j*Ilf- such organization to vote the stock which it owns or controls "rho Ar nalgamated Bank of New York", New York, New York, for the Atkrpo " 8 set forth in the telegram. The telegram referred to the tokra, s telegram of January 6, 1934, Trans. 1937, explaining the 1e of the code word ANCILA1X, and stated that the agent is auth°rized ' -al issuing the limited voting permit referred to above fur- 4057 12/27/34 the to amend the form of the limited voting permit used by the Board by substituting for the words "entitling company to vote the Shares of stock which it owns or controls of bank for the following liraited purposes" the following: "to ALIALGALJATED CLOTHI1,3 vioRKERs OP AL-ERICA., NE17 YORK CITY, NEW YORK, authorizing Sidney Hillman and Joseph Schlossberg, as trustees, to vote the shares of stock of THE 13,A,ITK CI NEW YORK, NE17 YORK CITY, NEVI YORK, which they hold as trustees for the benefit of the members of the Amalgamated Clothing Tiorkers of America, for the followin:-, limited purposes", Etlid in the paragraph beginning "This is a limited voting permit" by aUbst ituting for "grantee" the words "said trustees". Approved. Two telegrams to LIr. Case, Federal Reserve Agent at the PAA Reserve Bank of New York, authorizing him, subject to the celiditions prescribed in the respective telegrams, to issue limited Ifetitle; Permits to the "First Securities Corporation of Syracuse" and the "First Trust cl; Deposit Company", both of Syracuse, New York, entiti4 _1z '41 such organizations to vote, for the purposes set forth in the telegrams, the stock which they own or control in the following 44134 a 'ho "The 'The "The ihe First First First North First National National National Syracuse National Bank of Canastota., Canastota, New York Bank of Earlville, New York Bank of liexice; Mexico, New York National Bank", North Syracuse, New York Bank of Waterloo' Waterloo, New York. Approved. 4058 12/27/34 -10Telegram to Er. Case, Federal Reserve Agent at the Federal Reserve Bank of New York, authorizing him, subject to the conditions Prescribed in the telegram, to issue a limited voting permit to "Geneva Shareholders, Inc.", Geneva, New York, entitling such organto vote the stock which it owns or controls in "The National Bknk of Geneva", Geneva, New York, for the purposes set forth in the telegram. Approved. Telegram to Mr. Case, Federal Reserve Agent at the Federal Reserve Bank of New York, authorizing him, subject to the conditions Prescribed in the telegram, to issue a limited voting permit to the Inter -County Title Guaranty and Mortgage Company", Floral Park, New Or1, entitling such organization to vote the stock which it owns or cs°4trol5 in the "Floral Park Bank", Floral Park, New York, for the 131/rP°803 set forth in the telegram. Approved. Two telegrams to Er. Newton, Federal Reserve Agent at the °Z el Reserve Bank of Atlanta, authorizing him, subject to the °134clitions prescribed in the respective telegrams, to issue limited Pe L'ts to "Almours Securities, Inc." and "Florida National Gl°1.11)1 Inc.", both of Jacksonville, Florida, entitling such organizEtti 48 oto vote, for the purposes set forth in the telegrams, the Iltc/ek 'which they own or control in the following banksi "The Florida National Bank of Jacksonville", Jacksonville, Florida "The Florida National Bank at Bartow: ! Bartow, Florida The Florida National Bank at Lakeland Lakeland, Florida 4059 12/27/34 "The Florida National Bank and Trust Company at nand", Miami, Florida "The Florida National Bank at St. Petersburg", St. Petersburg, Florida. Approved. TWO telegrams to Mr. Walsh, Federal Reserve Agent at the Pederal Reserve Bank of Dallas, authorizing him, subject to the e°11ditions prescribed in the respective telegrams, to issue limited 71)1411-0 permits to the "Mercantile National Bank at Dallas" and the "likluitable Securities Company", both of Dallas, Texas, entitling such °1'gsmizations to vote, for the purposes set forth in the telegrams, the stock -which they min or control in the following banks: "Farmers & Merchants State Bank", Carrollton, Texas "The First State Bank", Celina, Texas "Farmers & Merchants State Bank", Ladonia, Texas "The Farmers & Merchants State Bank of Wylidt, Wylie, Texas. The telegram authorizing the issuance of a limited permit to the A—.Lable Securities Company also stated that the time specified ill +1, e conditions of membership of the subsidiary State member bealka listed above within which the Mercantile National Bank at 411.0.5 and the Equitable Securities Company shall each obtain a bikeral voting permit is extended to June 1, 1935, and requested til0. 4 ths agent advise the applicants and the banks accordingly. Approved. 4060 12/27/34 -12Letter to Mr. Sargent, Assistant Federal Reserve Agent (It the Federal Reserve Bank of San Francisco, authorizing him, 811kject to the conditions prescribed in the letter, to issue 4111ited voting permits to the "Consolidated Securities Company" "d the "Anglo National Corporation", both of San Francisco, 414fornia, entitling such organizations to vote, for the pur15(38es set forth in the letter, the stock which they awn or eolltroi in the following banks: "First National Bank in Bakersfield", Bakersfield, California "The First National Bank of Fairfieldl Fairfield, California "The First National Bank of Longview", Longview, Washington "San Jose National Bank", San Jose, California "Bank of Suisun, National Association", Suisun City, California "The First National Bank of Weed", Weed, California "The Winters National Bank", Winters, California "The First National Bank in Yreka", Yreka, California "The First National Bank of Hanford", Hanford, California "The First National Bank of Lemoore", Lemoore, California. Approved. Telegram to Mr. Sargent, Assistant Federal Reserve Agent Ittthe Federal Reserve Bank of San Francisco, authorizing him, subhet to the conditions prescribed in the telegram, to issue a ed voting permit to the "Tracy Corporation", Salt Lake City, 11.4qt. entitling such orgAnization to vote the stock -which it owns Or eo4trole in the "Tracy Loan and Trust Company", Salt Lake City, or the purposes set forth in tho telegram. Approved. 4061 12/27/34 Letter dated December 26, 1934, approved by five members of the Board, to all representatives of the Industrial Advisory Conzaittees who attended meetins in liashinr-ton on December 17 and 18, 1934, and also to r. J. G. Holtzclaw, Chairman of the Indus- "4'3-al Advisory Committee for the Fifth Federal Reserve District. The letter read as follows: "There are attached copies of the minutes of the meetins of the Chairmen of the Industrial Advisory Committees held in Washin-ton on December 17 and 13, 1934. There is also attached a summary statement of the meetin of the members of the Federal Reserve Board with representatives of the Industrial Advisory Committees on the mornin,; of December 13, 1934. It will be appreciated if You will Hand to the other members of your committee the extra copies of the minutes and statement uhich are inclosed. "You will be advised in due course of any action taken by the Board in connection with the resolutions adopted at the December 18 meeting of the Chairmen. "The Federal Reserve Board wishes again to express its aPpreciation of the cooperation of the representatives of the industria2 Advisory Connittees in participating, in the consideration or the questions involved in the industrial loan activity, and assures you of its desire to be of any assistance it can to the committees in carryini on their work.11 Approved, together with a letter, also dated December 26, 193/1, and approved by five members of the Board, to the Federal reserve agents and governors of all Federal reserve banks, reading as follows: "There are attached, for your information, copies of minutes of the meetings of the Chairmen of the Industrial '611Tisory Committees held in Washington on December 17 and 18, 434, and a copy of a sumwar:1 statement of the meeting of the l labors of the Federal deserve Board w3th representatives of 1.1r e Industrirl Advisory Conrdttees on the morning of December 103A. A copy of a letter addressed by the Board today to the members of the Industrial Advisory Cohmattees who "onded these meetings is also enclosed." J, I 4062 12/27/34 -14- Letter dated Lecembor 26, 1034, auroved by five members of the E oard, to L. Curtiss, 7ederal heserve Lent at the Federal Re- serve Lank of Boston, inc1os4 11-; the fol1owin7 Clayton Act permits for transmittal to the applicants; suggestin tile that the agent advise aPPliconts that their permits have 'been granted with the expecta- tiot that, as indicated in :1.. h.eith's letter of :;ovumber 23, 141, to Assistant looderal lesorve /cent cRae, they will improve Ineir attendance at directors' neetin:s of The Brockton Lorris Plan :rockton, Lassachusetts; and reauestin5 that, when the Et'' ent submits his recommendation as a result of his annual review of' the e:t.8 permits, he report fully as to the attendance of the appliat directors' meetings: -r. Keith, for permission to serve at the same time a director and officer of The Brockton ::ational Bank, Brockton, Lassachusetts, and as a director of The Brockton Lorris Plc11 Company, Brockton, Lassachusetts, Georr;e A. a director and l'4n Company, Leach, for permission to serve at the same time of The Brockton 1:ationEl Bank, Brockton, Lassaas a director and officer of The Brockton L:orris Brockton, Lassachusetts. 'alliam A. Henan, for permission to serve at the same time a director of The Brockton rational Bank, Brockton, Massaand as a director of The Brockton Lorris Plan Company, Br ockton, Lassachusetts. i-lerhert L. Tinkham, for permission to serve at the same as a director of The Home a - tional Bank of Brockton, 1 °ekton, 1.iassachusetts, and as a director of The Brockton Horns 4.°11. Company, i;rockton, Lassachusetts. let ter also stated that delivery of the Clayton Act permit to • should not be made until it has been determined that his 4063 12/27/3,1 -15- s°rvicc with the 3atucket rrust of Lrockton and The Lrockton 1:ational knic does not come v:ithin the provisions of section 32 of the Bankihrr t of LY,63 or that his service with such institutions has been 5roucht into conformity with the reouiroments of that section, and re quested that the agent advise the Board of the action taken in the katter. Approved. Letter dated Lecemlor 26, 1934, approved by five members of * the , Btlarc., to 1,1r. hoxton, Federal Reserve Agent at the Federal Re- "3erve 31) of Richmond, stating that the Board has given censidera- *' -co the followint applications for permits under the Clayton Act, 1d t hat, upon the basis of the information before it, concurs in the 4':;ellt's opinion that the issuance of The permits applied for would be i, -"ccmloatible with the public interest. The letter also requested the Tont to communicate to the applicants the Board's position in the riatt er, and to advise the 13oard promptly as to whether they desire , any additional data, and, if not, as to what steps they Prep, to take in order to comply with the provisions of the Clay-Lon ti 4. Frank B. Lawrence, for permission to serve at the same time 48 a director and officer of the American liational Bank of Portseortsmouth, Virginia, and as a director of the Citizens iruct 6ompany, Portsmouth, Virginia. 'r. ,ernon A.:-rooks, for permission to serve at the same time ,14. 1 a director of tile American 1:ational Bank of Portsmouth, PortsOUth, Virginia, and as a director of the Uitizens 1 rust Company, ,-or tsmouth, Virginia. Dorin, for permission to serve at th-2 sore time as a 4064 12/27/3A -16- director of the American National Lank of Portsmouth, Portsmouth, Virginia, and as a director of the Citizens Trust Company, Portsmouth, Virginia. LI-. 6. O. Hall, for permission to serve at the same time as a director of the American National bank of Portsmouth, Portsmouth, Virginia, and as a director of the Citizens Trust Company, Portsmouth, Virsinia. Approved. There were then presented the follouing applications for ellt os in stock of Federal reserve tanks: , 113lications :or ADDITIO:AL Stock: LIstrict No. 9. The loirst National Bank of ,7;las[;avr, „ "Ilasour„ 1.:ontana ,Ret First National Bank and Trust Company of Ch The amberlain, Chamberlain, South Dakota Richland ilational bank of Sidney, Sidney, 1:ontana Lational Lank of Commerce of Tulsa, Ilasa, Oklahoma 44 . 1-.:!.a-t.ons for SURREi,DER of Stock! rict7T:O.Ilalronal Bank of Paterson, ea terson, New Jersey Shares 6 1 3 45 Total 10 45 55 270 270 360 360 Lo. 9• ,41e • 0,13-rat National Bank of Chippewa Falls, 'hiPPeuaFalls, -;;Isconsin 30 30 t;iet 1;o. 10. 1)4tr --ehurct Bank, 44Plehurst, Nebraska 13 18 t 3. ''1141z8trial Trust Company, ncton, Delaware trict 12. I;Ectional Bank of Coachella, oachella, California 26 4065 12/27/34: -17-- ______ for SURRENDER of S-Lock: (Continued) D' istif7a • 12. -- (ontinued) Ihe ';iachinton- ationa1 Lank of Vancouver, Vancouver, '.7ashington Shares 24 Total Approved. lhereupon the neetin7 adjourned. Piprovedi 50 728
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