The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
547
A meeting of the Executive Committee of the Federal Reserve Board
W3
held in dashington on Friday, February 16, 1934, at 3:30
P.
PRESENT:
Yr. Black, Governor
Mr. Thamas
Szymczak
Mr. Morrill, Secretary
Mr. Carpenter, Assistant Secretary
Mr. Bethea, Assistant Secretary
The Committee considered and acted upon the followinc, matters:
Telegram, sent on February 15, 1934, with the approval of five
4164111"S of the Board, to Mr. Newton, Chairman of the Federal Reserve
or
San Francisco, in reply to a telegram of the same date from
111°°rs, Deputy Chairman, stating that the board of directors of the
beulk$ at its meeting on that date, voted to establish a rediscount rate
on rediscounts of eligible paper for member banks and advances to
raeMber banks under the provisions of sections 13 and 13(a) of the Fed'1
Ilsserve Act, as amended, effective February 16, 1934. The reply
3tated that
the Board approved for the Federal Reserve Bank of San
?ralicisco the rate of
2% fixed by the directors.
Approved.
the
Letter dated February 15, 1934, from Mr. Sproul, Secretary of
ederal
Reserve Bank of New York, and telegram dated February 16,
1341' tl
'
am Mr. Young, Secretary of the Federal Reserve Bank of Chicago,
4413ing that, at
meetings on the dates stated of the board of directors
4" e4acutive
committee of the respective banks, no changes were made in
the bellks,
existing schedules of rates of discount and purchase.
Without objection, noted with approval.
548
2/16/64
-2-Memorandum dated February 13, 1934, from Mr. 'au1ger, Chief of
the Division of ,Ixaminations, referring to the action taken on February
12
'1934, in authorizing him to negotiate with Mr. A. G. Lindquist for
hie eniployment by the Board as an assistant Federal reserve examiner
Etrla stating that
Mr. Lindquist had agreed to accept the position, with
8111ar7 at the rate of c:4,500 per annum.
Mr. Lindquist was appointed an examiner
for all purposes of the Federal Reserve Act,
as amended, and of all other acts of Congress
pertaining to examinations made by, for, or
under the direction of the Federal Reserve
Board, and was designated an assistant Federal
reserve examiner, with salary at the rate of
*1,500 per annum; all effective as of the date
Upon which he enters upon the performance of
his duties.
Memorandum dated February 13, 1934, from Mr. Paulger, Chief of
the ti
vietha of Examinations, referring to the action taken on February
10, 3.9!zA
`1**, in authorizing him to negotiate with Mr. Patrick Joseph Winkler
r" hie employment by the Board as an assistant Federal reserve examiner
441 stet
ing that Mr. Winkler had agreed to accept the position, with
341eLtY at the
rate of
3,600 per annum.
Mr. Winkler was appointed an examiner
for all purposes of the Federal Reserve Act,
as amended, and of all other acts of Congress
pertaining to examinations made by, for, or
Under the direction of the Federal Reserve
Board, and was designated an assistant Federal
reserve examiner, with salary at the rate of
03,600 per annum; all effective as of the date
Upon whicil he enters upon the performance of
his duties.
Telegram dated February 15, 1934, approved by five members of
BoEtre.,
to alr. Curtiss, F
- ederal Reserve Agent at the Federal Reserve
1/Ettik O
r Boston,
reading as follows:
the
549
i
2/16/34
-3-
"Your letter February ninth. Board approves designation of
Frank H. Rein at salary rate of $2,100 per annum and Joseph G.
Donovan and Robert C. Masters at salary rate of :j,800 per annum
each as assistant examiners in Federal Reserve Agent's department
YoUr bank. Please advise date commissioned."
Approved.
Telegram dated February 15, 1934, approved by five members of
the &Lard, to Mr. Austin, Federal Reserve Agent at the Federal Reserve
kak of Philadelphia, reading as
follows:
'Your letter February seventh. Board approves temporary
appointment Leonard Markofski as assistant examiner in Federal
Reserve Agent's department your bank at salary rate of 2,400
Per
undla2ctive upon assuming duties. Please advise efectM
Approved.
Telegram dated February 15, 1934, approved by five members of
the
to pr. Walsh, Federal Reserve Agent at the Federal Reserve
1344k of
Dallas, reading as follows:
"Your letter February sixth and telegram thirteenth. Board
approves
P,‘!deral designation of Singleton Morris as Assistant Examiner in
Reserve Agent's Department your bank at salary rate of
N01400 per annum
effective February 15, 1934."
Approved.
the
Telegram dated February 15, 1934, approved by five members of
board, to
Mr. Curtiss, Federal Reserve Agent at the Federal Reserve
klik 0.9 'Boston,
reading as follows:
re
"Refer your letter of February 5 and telegram of February 7
m48
!
°4diti0n of membership Somerville Trust Company, Somerville,
witrchUsetts. Board grants an extension of time to June 1, 1934
which the bank may comply with the provisions of condition
ered 3. Please advise the bank accordingly."
Approved.
550
M.6/34
Letter dated February 14, 1934, approved by four members of the
Board
$ to Mr. Hoxton, Federal Reserve Agent at the Federal Reserve Bank
°D Ric
ond, reading as follows:
"Reference is made to your letters of January 25, 1934, and
Xanuary 30, 1934, requesting reconsideration of condition numbered
21 prescribed by the Board in connection with the application of
the 'American Bank and Trust Company', Suffolk, Virginia, and incopies of letters dated January 12, 1934, and January 16,
1934, from the cashier of the bank to Yr. Fry in this connection.
"Condition numbered 21 provided that the bank discontinue the
oPsrations of its insurance department within sixty days from the
date of admission to membership. The Board has noted your comments
!t8 well as those contained in the letters from the cashier of the
,°anks and Mr. Jones, cashier of the American Bank and Trust Company,
'les conferred with the members of the Board's staff regarding this
Illatter. After considering the various aspects of the matter, the
Board feels that it could not with propriety make an exception to
i_t.s
established policy in this case, and that it would not be justi.led in permitting the American Bank and Trust Company to continue
Indefinitely the operation of its insurance department, or as requested by the bank in the event that the department must be disconIitusd, to extend until July 1, 1936, the time within which the bank
ght dispose of the
department. In view of all of the circumstances,
!
4 Wever, the Board extends until June 26, 1934, the time within which
bank may comply with the provisions of condition numbered 21,.
ax
lt is requested that you advise the bank accordingly."
f
r
Approved.
Telegram dated February 15, 1934, approved by five members of
tIlei3Q4rd, to Mr. Peyton, Federal Reserve Agent at the Federal Reserve
44k Of Ill
inneapolis, reading as follows:
st
"Refer Baileys telegram February 14 re application 'The YellowILa21,,
e Bank', Laurel, Montana. Board grants extension of time to
1,e;Zu 17, 1934, within which bank may accomplish its admission to
e0;;?rshiP. In reference to the bank's request for modification of
yoV tion numbered seventeen covering depreciation in securities
r attention is
called to the Board's telegram of Tune 14, 1933
(Trans 1821)."
Approved.
Letter dated
February lb, 1934, approved by five members of the
8°E*cis
to ,rji
O'Connor, Comptroller of the Currency, reading as follows:
"There is transmitted herewith for your consideration sid ac
551
2/16/34
-5-
"tion thereon an application of the State-Planters Bank and Trust
CalnPanY, Richmond, Virginia, for permission to establish a branch
at Hopewell, Virginia, after absorbing the State-Planters Bank of
Hopewell, Hopewell, Virginia.
"The State-Planters Bank and Trust Company of Richmond owns all
but 0.,600 par value of the capital stock of the State-Planters Bank
of Hopewell. Under the proposed plan, the State-Planters Bank and
Trust Company of Richmond will acquire all of the assets and assume
ell of the liabilities of the State-Planters Bank of Hopewell and
then establish a branch in the present location of the State-Planters
Bank of Hopewell. The Federal Reserve Agent at the Federal Reserve
Bank of Richmond recommends approval of the application, and advises
that the Virginia State Corporation Commission has issued its formal
approval. In view of the close affiliation of the two banks, it
appears that there will be little change in the operations.
"The Federal Reserve Board will interpose no objection to the
Proposed absorption of the State-Planters Bank of Hopewell, provided
that in effecting the absorption the State-Planters Bank and Trust
C°1143anY, Richmond, Virginia, shall not include in the carrying value
the assets taken over any of the losses in loans and miscellaneous
assets as shown in the report of examination of the State-Planters
Bank of Hopewell, Hopewell, Virginia, made as of October 9, 1933, by
an examiner for the Federal Deposit Insurance Corporation, or any.
other known losses,
or any loans secured in whole or in part by
atock in the State-Planters Bank and Trust Company, Richmond, Virginia;
d securities acquired from such bank by the State-Planters Bank and
rust Company, Richmond, Virginia, shall be set up on its books at
not more
than market value.
t, "The Board is of the opinion that the establidament and operaon of the branch at Hopewell is in accordance with the provisions
1,4 the
Federal Reserve Act governing the establishment of branches
f a State member bank provided your approval thereof is given. In
:law or the circumstances, it is the opinion of the Board that the
.uPPlioation should be granted.
"There are inclosed for your information a report of examinaon of the State-Planters Bank and Trust Company, Richmond, Virginia,
,! of August 15, 1933, a copy of the report of examination of the
;e-Planters
Bank of Hopewell, Hopewell, Virginia, as of October 9,
,!'.131 and a copy of a memorandum prepared by the Board's Division of
x..za
Minations.
ap
"It will be appreciated if you will advise the Board if you
Prove
rginia."
of the establishment and operation of the branch at Hopewell,
vi
r
Approved, and the Secretary was authorized,
Upon receipt of advice of approval by the Comptroller
Of the Currency of the establishment and operation of
the proposed branch at Hopewell, Virginia, to advise
the Federal Reserve Agent at Richmond that the Board
will interpose no objection to the absorption of the
State-Planters Bank of Hopewell by the State-Planters
Bank and Trust Company of Richmond, in accordance with
the understanding set forth in the above letter.
559
Letter dated February 15, 1934, approved by five members of the
soar
d• to Mr. O'Connor, Comptroller of the Currency, reading as follows:
"In accordance with your recommendation, the Federal Reserve
Board approves a reduction in the common capital stock of 'The
First National Bank of Glen Cove', Glen Cove, New York, from :200,000
to $100,000, pursuant to a plan which provides that the bank's
capital shall be increased by the sale at par of $75,000 par value
Preferred stock to the Reconstruction Finance Corporation, and that
the funds released by the reduction in common capital, together with
such portion of the bank's surplus, undivided profits and reserve
for contingencies as your office may require, shall be used to
eliminate substandard assets and securities depreciation, all as
set forth in your memorandum of February 6, 1934."
Approved.
Letter to Er. O'Connor, Comptroller of the Currency, reading as
t°110ws,
"In accordance with your recommendation, the Federal Reserve
Board approves a reduction in the common capital stock of 'The
Harrison National Bank', Harrison, New Jersey, from :,225,000 to
$112,-00, pursuant to a plan which provides that the bank's capital shall be increased by the sale at par of $112,500 par value
Preferred stock to the Reconstruction Finance Corporation or others,
and that the
funds released by the reduction in common capital
Ztook,
together with a portion of undivided profits, shall be used
a° eliminate substandard assets and depreciation in the amount of
„„PProximately $126,700, all as set forth in your memorandum of
x
ebruary 6,
1934."
Approved.
Letter dated February 15, 1934, approved by five members of the
d
tolo
'to La.. O'Connor, Comptroller of the Currency, reading as follows:
to
"In accordance with your recommendation, the Federal Reserve
.
N,
12trd aPproves a reduction in the common capital stock of 'The
'
''10/10.1 Bank of Wyoming', Wyoming, New York, from $50,000 to
%2
pursuant to a plan which provides that the bank's capital
ar4-1 be increased by the sale at par of :,!25,000 par value preferred
c to the Reconstruction Finance Corporation, and that the funds
illprsed by the reduction in common capital shall be used to
a corresponding amount of undesirable assets, all as set forth
Yclar memorandum of February 5, 1934."
r
Approved.
553
2/1.6/34
-7Letter dated February 15, 1934, approved by five members of the
13(3ard) to 1,Sr. O'Connor, Comptroller of the Currency, reading as follows:
"In accordance with your recommendation, the Federal Reserve
Board approves a reduction in the colimion capital stock of 'The
Peoples National 3ank of '8.shington', Vashington, ?ennsylvania,
from 0.00,000 to ,75,000, pursuant to a plan which provides that
the bank's capital shall be increased by the sale at par of .:25,000
Par value preferred stock to the Reconstruction Finance Corporation
or others, and that the funds released by the reduction in common
caPital stock shall be used to eliminate substandard assets and
securities depreciation, all as set forth in your memorandum of
February 3, 1934."
Alydroved.
Letter to Lr. O'Connor, Comptroller of the Currency., reading as
fellows:
"In accordance with your recommendation, the Federal Reserve
1-c?ard approves a reduction in the common capital stock of 'The
LflAY National Bank of Auburn', Auburn, Indiana, from :75,000 to
A,
q00,000, pursuant to a plan which provides that the bank's capital
.all be increased by the sale at par of „45,000 par value preferred
stock to the Reconstruction Finance Corporation, that the released
eaPital funds shall be used to eliminate substandard assets ad
securities depreciation, that approximately ;Y3,600 in cash shall
°s contributed locally, and that the bank's surplus be maintained
at not less than ,15,000, all as set forth in your memorandum of
February 3, 1934."
Approved.
Letter dated February L.', 1934, approved by five members of the
b()Ircli to LI" O'Connor, Comptroller of the Currency, reading as follows:
"In accordance with your recommenation, the Federal Reserve
Beard- approves a reduction in the common capital stock of 'The
to
7Teator national Bank', Streator, Illinois, from :;100,000
capital
bank's
the
that
00001 pursuant to a plan which provides
preferred
value
par
:90,000
,
34a-L1 be increased by the sale at par of funds
01
the
that
and
on,
to the Reconstruction Finance Corporati
2°
released by the reduction in coL.inon capital, tofether with a portion
O
a cash
co the bank's surplus and undivided profits accounts and
rd
substanda
eliminate
tribution of 40,000, shall be used to
2
of
surplus
legal
a
'"sets and securities depreciation, and that
554
2/16/34
-8-
shall be maintained, all as set forth in your memorandum
Of February 5, 1934."
Approved.
Letter dated February 15, 1934, approved by five members of the
13°4rd, to Mr. O'Connor, Comptroller of the Currency, reading as follows:
"In accordance with your recommendation the Federal Reserve
1,0ard approves a reduction in the common capital of the 'FirstCitizens National Bank of Dyersburg', Dyersburg, Tennessee from
1?3k)0,000 to c.,200,000 pursuant to a plan which provides that the
baak's capital shall be increased by the sale at par of c100,000
Par value preferred stock to the Reconstruction Finance Corporation
ahd that the funds
released by the reduction in common capital stock
all be used to eliminate unsatisfactory assets in the amount of
vl°°,000, all as set forth in your memorandum of February 5, 1934."
P
Approved.
Letter dated February 14, 1934, approved by four members of the
111rci
'to M. Curtiss, Federal Reserve Agent at the Federal Reserve Bank
°t Boston,
reading as follows:
el
"This refers to Mr. Gettemy's letter of February 8 with inapplication of the receiver of The State National Bank of
:!,111dsor, Vermont, for the cancelation of 60 shares of stock of the
Federal
Reserve Bank of Boston.
19, "AB stated in Mr. Gettemy's letter, the Board on March 14,
63) approved the application of The State National Bank of Wind3
,
1,
Vermont, for the cancelation of 15 shares of stock of the
Federal Reserve Bank of Boston, and if this stock had been canceled
tile
bank's holdings would have been reduced to 45 shares. Inasmuch,
w,!ver, as these 15 shares of stock were not surrendered by the
2114 because of the intervention of the banking holiday, the Board
41r,oke3 its
approval, granted on Larch 14, 1933, of the application
or The State National Bank of Windsor, Vermont, for the cancelation
ca 15 shares of Federal Reserve bank stock, and approves the applior 1c)n ef the receiver of the bank for the cancelation of 60 shares
stock of the Federal Reserve Bank of Boston."
r
Approved.
Letter dated February 14, 1934, approved by four members of the
(Itl^rcit t
1:-cClure, Federal Reserve Agent at the Federal Reserve Bank
555
II
2/16/3n,
-9-
of Kansas
City, reading as follows:
"Reference is made to your letter of December 30, 1933, in
:
1 ePly to the Board's letter of December 7, 1933 (X-7702), regardinC, examinations of State member banks in connection with applications for Class A stock in the i
- ederal Deposit insurance Corporation.
It is noted
that you have made tentative plans for enlarging your
exanhinifld. department to such an extent as may be necessary to
eXalline applicants for membership without undue delay and to examine
well in advance of June
30, 1934, all existing State member banks
which have not been examined by you within the past few months.
"In this connection you state that it has been your practice
to ilake credit investigations in conjunction with examinations by
the respective
State bankin7 departments and ask whether such credit
flvestigations will comply with the provisions of law requiring
.thorough examinations.' It is understood, of course, that a credit
inv estigation of the kind referred to will develop full information
With regard to the valuation of the assets of the
bank and that the
report of such credit investigation will represent a complete and
thorough examination of the bank with the appraisal
of assets contained in the report made by examiners for the Federal
reserve bank
nd the other information contained therein
developed by such examin_!3 or by the examiners for the State. In view of the requirements
;;:la the law,
you must be satisfied in each case that the examination
f de 1,
-Y the examiners for the Federal reserve bank and the examiners
;
3.1,,1 the State is a 'thorough examination', the results of which are
tlected in the report of credit investigation. An examination of
4ind may properly be used as a basis for the required certifite to the
Federal Deposit Insurance Corporation; but if in any
Case You
are of the opinion that a credit investigation in conjunction
'
with an examination by the State Banking Department will not
result
in a thorouch examination of the bank, examiners for the
!
f del'al reserve bank should make a thorough examination as a basis
or the
required certificate to the Federal Deposit Insurance CorP°ration.
:
j
"You ask, also, to be advised as to whether reports of examinati
:
c 11.0r of credit investirmtions made since June 30, 1933, will be
I,'1?1(lered sufficiently current on which to base the certifications.
;
b is believed that
in order to discharge the responsibility imposed
ba law, the necessary certifications, if at all possible, should be
ifs
"upon reports of examination made since January 1, 1934, although,
ilia,lic'oessary, consideration may be given to reports of examination
"in December,
1933."
Approved.
Letter dated February lb, 1934, approved by five members of the
'0441,c1
) to 171,
- • Newton, Chairman of the Federal :-.eserve Bank of San Francisco,
5 -(")
2/16/34
-10-
reading as follows:
"The Board has reviewed the report of examination of the
Federal Reserve Bank of San Francisco made as at the close of
business September 2, 1933, copies of which were left with you
and Governor Calkins.
"It is noted (page 16) that a review of the files in connection with the examinations of State member banks in the district
Indicated that the Bank Examination Department depended almost
entirely upon the State banking departments to obtain corrections
Or criticised matters reflected in the reports of examinations of
the State member banks, but that the files of the Bank Credit Divi,
s
,l°n, a part of the Credit Department, indicated that the Federal
41aaerve Bank, independently of the supervising authorities, had
Obtained correction of undesirable features in the condition of many
of the borrowing member banks, both State and national. The Board
notes that its examiner was informed that a plan would be devised
Providing for closer supervision and follow-up of matters of criticism listed in reports of examination of State member banks and
for obtaining corrections of such matters. The Board feels that it
is
desirable to work in cooperation with the State supervising
authorities and that the initiative in obtaining corrections in the
conditions of State member banks may properly be left to the State
authorities.
If such procedure, however, does not result in the
esired corrections, the Federal Reserve Agent through direct
approach to the State member banks should undertake to effect necesaarY corrections.
"It is also noted (page 16) that the California State law
Provides that private trusts, with certain exceptions, held by
State
banks shall not be subject to the inspection or supervision
°t the California superintendent of banks, his attorneys, examiners
or other
assistants, etc; that counsel for the Federal Reserve Bank
.
I as been requested to render an opinion as to how this law affects
4aminations by the examiners of the Federal Reserve Bank, and that
,,c()PY of his opinion will be forwarded to the Board when rendered.
13
" view of its importance in considering the applications of State
ke with trust departments for membership in the System, the
Board will appreciate your forwarding a copy of this opinion, to4'Q'ther with your comments, as soon as possible.
"The Board is pleased to note that the recommendations of its
exam4Aller (page 18) have been adopted and that hereafter audits of
the
a_ collection
and transit departments will be enlarged in scope
as to include a control on incoming mail for a period of time
Zsequent to the date of the audit, and that audits of the Fiscal
ch!Y
Department will be enlarged in scope so as to provide for a
n
eking of all subscriptions received.
,
i
"It has been observed (page 57) that securities are being held
safe-eepins
for various receivers of closed banks, and it will be
aWi'eciated if you will advise the Board as to the nature of such
ekeePinS accounts. In this connection, the Board feels that,
2/16/34
557
-11-
"While there is no objection to retaining the securities held in
safekeeping at the time of suspension of a member bank until the
receiver has had an opportunity to make other arrangements, new
deposits of securities should not be accepted.
"In the deferred charges schedule (page 125) of the Los Angeles
branch there is included an item covering payments made on construeof a new vault in the amount of ,6,695.84. It is understood
that this expenditure was made in accordance with the action taken
by the
bui1din,7 committee of your bank in authorizing the expenditure of approximately .J7,000 for completing and furnishing the subbasement vaults of the Los Angeles branch building, which were not
finished and equipped for use at the time the building was erected.
It will be recalled that the joint resolution adopted by Congress
authorizing the erection of the Los Angeles building provided that
the amount actually expended for vaults, permanent equipment, furnishings and fixtures for the building shall be subject to the approval of the Federal Reserve Board, and that on November 7, 1930,
in accordance with the provisions of the joint resolution, the Board
approved the final cost of the building as submitted in the report
?f the building committee of your bank
under date of September 18,
'
L930- Accordingly, the proposal to finish the sub-basement vaults
liould have been submitted to the Federal Reserve Board for approval
before the contracts were let. However, the Board approves the
estilnate of ;47,000 covering the additional work, and requests that
You submit
to it for aliproval the amount actually expended in the
eampletion of the
vaults. It is also requested that in the future,
contemplated additions
to your brink or branch buildings be submitted
to the Federal
Reserve Board for approval before bids are requested.
"The Board notes (page 156) that prior to March 1, 1933,
4°tarial work for the Portland Branch was performed by an outside
tarY who retained all fees; that due to recent legislation in
r e State of Oregon which reduced notarial fees, the branch, since
1933, has guaranteed the notary ;175 monthly, the notary
11 ) retain any excess
above that amount, and that during the six
tnths ended August 31, 1933, the branch has absorbed expenses in
'
y(
;Is connection amounting to 526.82. It will be appreciated if
me,! will advise the Board fully with regard to the notarial arrangeIts in effect at the Portland Branch, and furnish it with a
Schedule of
the fees allowed by law. It will also be appreciated
YOU will
advise the Board of the practice in respect to notary
'
us followed by member banks in Portland.
230, "The examiner comments in considerable detail (pages 228, 229,
com) regarding the liability of the Old National Bank and Union Trust
4e Pa4y, Spokane, Washington, for bills discounted with the branch
eiz
ating 4,398,997.16, all of which were past due on the date of
slic-Ilation. Since the bank subsequently has been licensed to reoperations on an unrestricted basis, it will be appreciated if
Iles will advise the Board as to the present status of its indebtedto the branch. The Board would also like to be informed as to
558
2/16/34
-12-
"the rate of interest charged on the paper held past due while the
bank was operating on a restricted basis. The examiner reports that
at the time of the examination it had not been determined whether
the bank would be charged at the rates in effect when the paper was
originally discounted with the branch or on the basis of the rates
Prevailing while the paper was held past due.
"It has been noted that L:r. Leisner, formerly Assistant Manager
at the Spokane Branch, has been transferred to the Los Angeles Branch
as Assistamt Tanager. The Board understands that one of the reasons
Prompting the transfer was that he had became indebted to banks in
SPckane. It will be appreciated if you will advise of all the circumstances surrounding the case and whether the indebtedness was of
such size or character as seriously to embarrass either the individual
or the Federal Reserve Bank.
"After the report and this letter have received the consideration of the
board of directors of the Federal Reserve Bank, the Board
would appreciate advice fram you as to what action has been taken
oX will be
taken on the matters discussed."
Approved.
Telegram dated February 14, 1934, approved by five members of the
8°4111 to mr. Williams,
Federal Reserve Agent at the Federal Reserve Bank
or
Cleveland, reading as follows:
"Fletcher's wire January 16 Board is of opinion that a Federal
Hanle Loan
Bank organized under Federal Hone Loan Bank Act of 1932
bank organized under laws of United States within meaning of
erton AntiTrust Act and that therefore prohibitions of Section
a_ will apply to a director, officer or employee thereof who is
bOrvinc" another organization which makes loans secured by stock or
114 collateral, unless a permit is obtained from the Board."
Approved, together with a similar telegram
dated February 14, 1934, also approved by five
members of the Board, to Mr. W. E. julius, Executive Vice-rresident of the Federal HOMB Loan
Bank of Cincinnati, Ohio, replying to his telegram
Of February 7 and letters of February 2 and
January 23.
Ot
bEttica:
There were then presented the following applications for original
itional stock, or for the surrender of stock, of Federal reserve
559
2/16/34
-13-
0419.p.tion8 for ORIGINAL Stock:
1-41:11,1;21No. 2.
The Nai
7
;
717Z-TiTink of Kings Park,
Xings Park, New York
1.111LI[S: 3
;
Dover
Natf5a717Bank,
Dover, Pennsylvania
ZZ4SitLY0* 7'
National-Ta -jf Ludington,
L
udington, Michigan
Ab l
ications for ADDITIONAL Stock:
District No. 4.
The C
leveland T-rust Company,
C
leveland, Ohio
Pirst
National Bank,
3-11113erY Rock, Pennsylvania
klik of
So
perton, Georgia
Shares
36
36
45
45
72
Total
72
153
7,200
3
7,203
16
16
865;717an,
District No.
The
First National Bank,
;tate Centre,
Iowa
Total
A li
cations for SURRENDER of Stock:
bistrict No. 1
Port F
airfield National Bank,
1, Port
Fairfield, Yaine
444srs National Bank,
1713bura, Massachusetts
Citizens National
Bank,
Poultney, Vermont
!istrict No. 4
.L3rErt
st National Bank,
National Bank,
fhil'at
National
Bank,
qrst
National Bank,
136411sYlvania
1,St
National Bank,
4-EtalsYlvania
Marietta, Ohio
Charleroi, Pennsylvania
Export, Pennsylvania
McKees Rocks,
180
72
51
303
480
270
105
360
North Girard,
bistrict No.
kereh
5.
0 a'4ts & Farmers National Bank,
Ilarlotte, North Carolina
5
7,224
18
1,233
360
360
5e0
i
2/16/34
-14-
A
—.cations for SURRENDER of Stock:
District No.
7.
City
National Bank,
Dixon, Illinois
(Continued)
3011th Side
National Bank,
St. LOUiS,
Missouri
District No. 9.
Pirst
National Bank,
, Winthrop,
Minnesota
se-4.st
National Bank)
CrarY, South Dakota
Shares
120
120
480
480
24
30
District No. 12.
'kited States
National Bank,
Vancouver, Washington
96
Total
54
96
2,646
Approved.
Thereupon the meeting adjourned.
1Secretary.
4DPIN3ved:
@FedFRASER