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242 A meeting of the Federal Reserve Board was held in Washington '311Friday, January 25, 1935, at 3:40 p. m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Governor Thomas, Vice Governor Hamlin Miller Szymczak Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Governor Mr. Miller stated that it had been learned that Mr. Eliel Saarinen, one of the architects whom it was contemplated would be in— to Of an participate in the program of competition for the selection architect for the Board's new building, is not an American citizen; 44d that he had discussed this fact with Mr. Moore, Chairman of the Com— Itssi0 4 of Fine Arts, who had advised that it was the policy of the Com- 1148Ea.on to make no awards to architects who are not American citizens. *. Miller said that he had given very careful thought to all of the circumstances involved, includi ng the unquestioned eminence of Mr. Saarinen 441 his architect ural genius, and had reluctantly come to the conclusion thittMr. Saarinen should not be invited to participate in the competition. Mr. Thomas stated that he questioned the justification for the ellination of -' 14r. SAPrinen from the competition on the basis of his not be a citizen of the United States; that Mr. Saarinen had lived in the Illted States for fifteen years and had contributed a great deal to the t ehitecture of this country; and that he had apparently simply neglected (Itlike the necessar th4t ---essary steps to become a citizen. Mr. Thomas also stated hs felt no bounds should be placed on the architectural ability 243 1/25/35 -.2- llable to the Board by a requirement that the competitors shall be citizens of the United States. Mr. Szymczak moved that Mr. Saarinents name be dropped from the list of competitors. Carried. *. Miller stated that he would discuss the matter further with 14's 100re and if there were any further developments in the matter he would l'ePort back to the Board. Mr. Miller then reported that he had consulted with Messrs. Meeks 441146Ore with regard to the question whether another name should be added to the list of competitors but that neither Mr. Meeks nor Mr. Moore was 4151e t ° suggest another architect with a rating comparable to that of the Itretatects t'erld to remaining on the list and that, therefore, he desired to recom- the Board that the competition be restricted to the nine remaining Mr. Szymczak moved approval of Mr. Miller's recommendation. Carried. The Board then acted on the following matters: Letter dated January 24, 1935, from Mr. Allan Sproul, Secretary of the l? edella Reserve Bank of New York, and telegrams dated January 24, 1955, 4rok 4z,. McAdams, Secretary of the Federal Reserve Bank of Kansas City, Ettla tbm.41114117 25) 1935, from Mr. Stevens, Chairman of the Federal Reserve 4t -hieago, all advising that, at meetings of the boards of directors the tilt orra es stated, no changes were made in the banks' existing schedules tes of discount and purchase. Without objection, noted with approval. 244 1/25/35 -3_ Letter to "The Second National Bank of Jackson", Jackson, Tennessee, l eading as follows: ' "The Federal Reserve Board has given consideration to your application for permission to exercise fiduciary powers, and grants you authority to act, when not in contravention of State or local law, as trustee, executor, administrator, registrar of stocks and bonds, guardian.of estates, assignee, receiver, committee of estates of lunatics, or la any other fiduciary capacity in which State banks, trust companies or other corporations which come into competition with national panks are permitted to act under the laws of the State of Tennessee, he exercise of all such rights to be subject to the provisions of the Federal Reserve Act and the regulations of the Federal Reserve Board. "This letter will be your authority to exercise the fiduciary 1?°17ers granted by the Board. A formal certificate covering such authorization will be forwarded to you in due course." Approved. Letter to the "Keokuk National Bank", Keokuk, Iowa, reading as f°110ws "The Federal Reserve Board has given consideration to your apPlication for permission to exercise fiduciary powers, and grants you .?.utbority to act, when not in contravention of State or local law, as ..l'ustee, executor, administrator, registrar of stocks and bonds, guardof: estates, assignee, receiver, committee of estates of lunatics, , arlY other fiduciary capacity in which State banks, trust comfl ; 1 2 1 ;e6 or other corporations which come into competition with national 1.;78 are permitted to act under the laws of the State of Iowa, only the ' pointedspecific trusts in which The Keokuk National Bank had been apand was acting on the date the Keokuk National Bank was authorizeci by ere, the Comptroller of the Currency to commence business, the ex-Se of all such rights to be subject to the provisions of the Feder' Reserve Act and the regulations of the Federal Reserve Board." Approved. 101 Letter to Mr. O'Connor, Comptroller of the Currency, reading as Boar,"In accordance with your recommendation, the Federal Reserve de„'aPproves a reduction in the common capital stock of 'The TallaptIr National Bank', Talladega, Alabama, from $200,000 to $100,000, Bank' otto.. 811ant to a plan provides that $50,000 of the released capital 1 returned to the bank's shareholders and that the remaining of released capital shall be used as a credit to eliminate a 245 1/25/35 -4- "Corresponding amount of unsatisfactory assets which are to remain the property of the bank, all as set forth in your letter of January 161 1935." Approved. Letter to Mr. O'Connor, Comptroller of the Currency, reading as tollowe: "In accordance with your recommendation, the Federal Reserve Board approves a reduction in the common capital stock of 'The Perry National Bank of Hamilton', Hamilton, Texas, from $1001000 to $501000, pursuant to a plan which provides that $350000 of the released capital Shall be used to eliminate or reduce undesirable assets, which are to remain the property of the bank; that $10,000 of the released capital shall be used to establish a surplus account, and that $51000 of the ,eased capital shall be used to set up a special reserve for secures depreciation, all as set forth in your letter of January 171 1955." Approved. Telegram to Mr. Peyton, Federal Reserve Agent at the Federal ReBank of Minneapolis, authorizing him to issue a limited voting pert° It Company", Oakes, North Dakota, entitling such Narlization to vote the stock which it owns or controls in "The First 141t1Q4a1 Bank of Oakes", Oakes, North Dakota, for the purposes set forth the telegram. Approved, together with a letter to Mr. O'Connor, Comptroller of the Currency, reading as follows: In accordance with your recommendation, the Federal Reserve Bo 144; 1(1 approves a reduction in the common capital stock of 'The First , onal Bank of Oakes', Oakes, North Dakota, from $501000 to $30,000, ut 7ellant to a plan which provides that the released capital shall be ird to eliminate or reduce unsatisfactory assets, all as set forth 5r, memorandum of January 8, 1935. 13 milt is not that the bank's capital was increased on December co;lelt.'°41 through the sale of $20,000 of preferred stock to the Reettpiction Finance Corporation, and that the proposed plan of rec41":7-Lization does not contemplate a further increase in the bank's "ti at the present time. In reviewing the report of examination as of July 261 246 1/25/35 -5- '1.9341 it was noted that your exsminer regarded the bank's management, which is reported to be dominated by Vice President F. D. McCartney, as unsatisfactory, and that he felt the institution's prospects for successful operation were not encouraging so long as Mr. McCartney's domination continued. It is assumed, however, that this matter is receiving the attention of your office." Approved. Telegram dated January 24, 1935, approved by three members of the Board, to Mr. Walsh, Federal Reserve Agent at the Federal Reserve 1344k of Dallas, authorizing him, subject to the conditions prescribed ill the telegram, to issue a limited voting permit to "Central Securities company_, " San Antonio, Texas, entitling such organization to vote the stock which it owns or controls in ”The South Texas National Bank Of San Antonio", San Antonio, Texas, for the purposes set forth in the telegran. Approved. the Telegram to Mr. Sargent, Assistant Federal Reserve Agent at p ederal Reserve Bank of San Francisco, reading as follows: "Retel January 21, 1935, Board's ANCIGAR telegram dated December 14, 1934, regarding 'American Investment Corporation', Ogden, Utah, is amended by adding to subdivision (2) following the letter the following: 'or, in the case of any such orevidence in writing satisfactory to Counsel for the Federal Reserve Bank of San Francisco that such exhibits e not required by the Board's Regulation P and the directions nthe printed forms referred to'. Please secure from applicomplete information concerning transfer of stock and Present stockholders, directors and management of 'Heber LiveStock Corporation' and advise." i Z Approved. Memorandum dated January 22, 1935, from Mr. Morrill, Secretary, 247 1/s/s5 -6- recommending that the Board authorize the payment of the necessary recording fees for the recording of the deeds received from the Secretary of the Treasury and the Director of the National Park Service covering the site for the Board's building, and the payment °f the v10.00 consideration to the National Park Service for the quit-claim deed delivered by it. Approved. Letter to Honorable Duncan U. Fletcher, Chairman of the ComInittee on Banking and Currency of the Senate, reading as follows: "This is in response to a letter addressed to the Federal Reserve Board, under date of January 10, 1935, by Mr. R. H. Sparkman, Acting Clerk of your Committee, in which he requests a report on S. 415, A Bill To amend section 14 of an Act entitled 'An Act relating to direct loans for industrial purposes by Federal Reserve banks, and for other purPoses', approved June 19, 1934 (Public, Numbered 417, Seventythird Congress). "Inasmuch as the proposed amendment would affect onlv. the powers of the Reconstruction Finance Corporation and would llot affect the Federal Reserve Board or the Federal Reserve rnks, it would seem inappropriate for the Federal Reserve ll'oard to express any opinion on the proposed amendment." Approved. Letter to Mr. P. F. Abell, New York, New York, reading as t°11ows. "I reported to Dr. Miller my telephone conversation with regarding the suggestion of Mr. Meeks that your services be ;'e made available to assist him in answering inquiries regard!lag.the program of competition in accordance with the provision 0., it under which incuiries will be addressed to the ProfessionAc . lviser, in view of our recent correspondence regarding the u n tinuance of your employment by the Board. "As it is understood that your employment on a monthly under the present arrangement will terminate upon the ' flnouncement by the Board of the program, the Board approves 248 1/25/35 -7-- "Compensation at the rate of0.00 per day and necessary traveling expenses for such time as Mr. Meeks or the Board may desire your services in connection with answers to communications submitted pursuant to paragraph 9 of Part I of the program." Approved. Telegram dated January 24, 1935, approved by three members of the Board to Mr. McAdams, Assistant Federal Reserve Agent at the Federal Reserve Bank of Kansas City, reading as follows: "Reference your letter January 14 and telegram January 22 concerning transfer of control of unissued Federal reserve notes at Denver branch because of appointment of Judd T. Jones, Acting Assistant Federal Reserve Agent at Denver branch, as Assistant Cashier of such branch, effective February 1, 1935. You state that unless Board wishes to suggest a course to be followed, you will arrange to have Acting Assistant Federal Reserve Agent Rhodes visit Denver branch 10?fore February 1, 1935, to relieve Jones of his responsibllitY as Acting Assistant Federal Reserve Agent and to place under control all Federal reserve notes held at such branch for account of Federal Reserve Agent and that unissued Federal reserve notes will continue to be held under triple control rsuant to an agreement substantially in form inclosed in oaid's letter X-6766. Board has no objection to above procedure with understanding that Board reserves right to require iltlsrangement to be modified or discontinued at any time. ;is!ise furnish certified copy of control agreement and reso'utlon authorizing its execution." r Approved. Letter to Mr. Austin, Federal Reserve Agent at the Federal Reserv _ e Bank of Philadelphia, reading as follows: , Of r "Further consideration has been given to the application rederic W. Bacon under the provisions of section 32 of ase, , 13anking Act of 1933 for a permit to serve at the same time 811 ,1rector of the Tradesmens National Bank and Trust Company as director and member of the Executive Committee of Securi8 Corporation General, both at Philadelphia, Pennsylvania. "In its letter of August 16, 1934, the Board stated that, °II the b asis of the information which had been submitted, it 249 1/25/35 "believed that Securities Corporation General was 'engaged primarily in the business of purchasing, selling, or negotiating securities' within the meaning of section F2. "Additional information has since been submitted regarding the activities of the corporation, and the matter has been reconsidered in the light of that information and the information previously submitted. It appears that the corporation is a so-called 'investment trust', and that as of December 31, 1933 the securities in its portfolio had been held for the following periods in the following percentages: 7 5 14 74 100. "It appears that purchase and sales of securities in its Portfolio constituted the following percentages of its total assets for the years 1929 to 1933, inclusive: Held Held Held Held Year 1929 1930 1931 1932 1933 less than 6 months between 6 and 24 months between 24 and 48 months over 48 months Purchases 53 20 2 1 13 Sales 49 12 13 13 18. "Although these purchases and sales resulted in profits for the years 1929 to 1931, inclusive, they resulted in losses for the years 1932 and 1933. "It also appears that the corporation has engaged in several involving the underwriting or distribution ) ° 1 f securities. Although a serious question as to the applicailitY of section 32 might be raised if the corporation should "gags in a substantial number of such transactions for the Pose of obtaining an underwriter's or distributor's profit, aPpears that the corporation has not engaged in any such tra ,„ nsactions since 1929, and that, with two possible exceptions, fle transactions of that nature in which it engaged during that ! Y. ar were all undertaken for the purpose of obtaining securities ';dca discount for investment, rather than for the purpose of oblning an underwriter's or distributor's profit. wh. "Moreover, the copies of the Annual Reports to stockholders have been submitted indicate that the corporation engaged ch_cm17 a negligible amount of transactions involving the nurti;se, sale or distribution of its own shares or other securis 1111ring the years 1931, 1932 and 1933. In the light of the information which has now been furnished 4, appears that section 32 of the Banking Act of 1933 is not app to the relationships described in the first paragraph 250 1/25/35 —9— "of this letter, and it will be appreciated if you will advise the applicant accordingly." Approved. Letter to Mr. Austin, Federal Reserve Agent at the Federal Reserve Bank of Philadelphia, reading as follows: "Reference is made to Assistant Federal Reserve Agent Hill's letter of January 11, 1935, relative to the Clayton Act permit granted by the Board on November 5, 1934, to Mr. A. Reed Hayes, Lewistown, Pennsylvania, covering his service as director and officer of 'The Citizens National Bank of Lewistown', Lewistown, as dir-ctor and officer of 'The Farmers National Bank of Belleville', Belleville, and as director of the Milroy Banking Company, 7ilroy, all of Pennsylvania. "It was noted from Mr. Hill's letter that The Farmers National Bank of Belleville and the Belleville National Bank, both of Belleville, Pennsylvania, consolidated on December 31, 1934, under the charter of The Farmers National Bank of Belle— ville end under the corporate title of The Kishacoouillas Valley National Bank of Belleville, that in the opinion of Your office this consolidation may be regarded as strengthen— ing the banking situation in Belleville and that your office recommends that the existing permit be continued in effect. "It appears from Mr. Hill's letter that the consolidation of The Farmers National Bank of Belleville with the Belleville National Bank was of such a nature that the rights, privileges and franchises of the constituent banks vested in the consoli— dated institution, in view of which the permit granted to Mr. HaYes on November 5, 1934, is still effective. The Board is willing at this time to allow the permit granted to Mr. Hayes On November 5, 1934, to continue in effect." Approved. Letter to Mr. Hoxton, Federal Reserve Agent at the Federal R e "re Bank of Richmond, reading as follows: "There are inclosed the original and copies of a Clayton !ct permit issued to Miss Sibyl Hottel, Woodstock, Virginia, Z° serve at the same time as an employee of 'The Shenandoah ;ati( ) nal Bank of Woodstock' and the Shenandoah Valley Loan and ,rust Company, both of Woodstock, Virginia, for the period end— 'Ilg January 14, 1936. . In considering this application the Board noted your un— fay arable recommendation based upon the examiner's opinion that 251 1/25/35 "the close relationship between the two banks involved should be terminated but does not feel that the denial of a permit to a minor employee will have a material effect upon the situation and realizes that such action may seriously affect the personal welfare of the applicant. "In the circumstances, you are authorized to deliver the Permit to the applicant and copies to the banks involved, retaining a copy for your files, unless you feel that there are Other unfavorable factors which the Board should consider. "When the permit and copies thereof are sent to the applicant and the banks involved, pleased advise them that the permit has been issued so as to expire at the close of January 14, 1936, as it is the purpose of the Board to recommend the enactment of legislation by the Congress at this session clarifying and otherwise amending the Provisions of the Clayton Act relatlng to interlocking bank directorates." Approved. Letter to Mr. Stevens, Federal Reserve Agent at the Federal Reserve Bank of Chicago, reading as follows: "Reference is made to your letter of December 15, 1934, c oncerning the Clayton Act permit granted December 23, 1933, to Mr. James T. McMillan, Detroit, Michigan, to serve at the 8: 41-Me time as director of the National Bank of Detroit and as director of the Detroit Savings Bank, both of Detroit, Michwhich permit was issued with the understanding on the ?art of the Federal Reserve Board that as soon as the existtrig emergency situation in Detroit had passed and Mr. McMillan .s able to resign as a director of one of the banks involved lth°ut injury to the interests of the banks, their depositors °r the community, such action would be taken by him. "It is noted from your letter of December 15, 1934, that While the banking situation in Detroit is not as acute as it oti!'s some time ago, the considerations set forth in your letter onij1,7 16, 1934, to the Board still prevail, and, in your nlon, Mr. McMillan's continued service to the two institu'°nsubeyond January 1935 is distinctly in the public interest. omm In all the circumstances and in accordance with your recperel.Idation, the Board is willing at this time to allow the ti mlt.granted to Mr. McMillan on December 23, 1933, to conlitheue in effect, with the understanding that, as indicated in meH.Boaard's letters of December 23, 1933, to you and to Mr. ari l n/ it shall be considered as of a temporary character a,, that' soon as the existing emergency situation is passed Liu Mr. McMillan is able to resign as a director of one of the r 252 1/25/35 -11- "institutions without injury to the interests of the banks, their depositors or the community, such action will be taken by him. Please advise Mr. McMillan and the banks accordingly. "The Board requests that you review this case not later than December 15, 1935 and advise what action is contemplated by Mr. McMillan at that time with respect to his services with the banks involved and whether, in your opinion, the permit issued b-r the Board should be revoked." Approved. Letters to Mr. Case, Federal Reserve Agent at the Federal Reserve Bank of New York, transmitting the following Clayton Act Permits/ and stating that delivery of the permits should not be made tji it has been determined that the applicants' services with the institutions named in the letters and the member banks involved do 11(4 come within the provisions of section 32 of the Banking Act of 1933/ or that their services with such institutions have been brought illt° conformity with the requirements of that section: Mr. Robert Carson, for permission to serve at the same time CIA.S a director and officer of The First National Bank of Perth ?boy, Perth Amboy, New Jersey, and as a director of The ',copies National Bank of New Brunswick, New Brunswick, New Jersey, for the period ending January 14, 1936. Ur, Reeve Schley, for permission to serve at the same time as officer of The Chase National Bank of the City of New York, New York, New York, as a director of the Commercial Trust ComL'anr of New Jersey, Jersey City, New Jersey, and as a director .°J the Somerville Trust Company, Somerville, New Jersey, for ne period ending January 14, 1936. Mr.D ." - inald B. Taylor, for permission to serve at the same yo as a director of The National City Bank of New York, New Tr1r141. New York, and as a director of the City Bank Farmers Company, New York 2 New York, for the period ending JanuarY 14, 1936, Approved. 253 1/25/35 Letter to Mr. Peyton, Federal Reserve Agent at the Federal Reserve Bank of Minneapolis, transmitting the following Clayton Act permits, and stating that delivery of the permits should not be made until it has been determined that the services of the applicants with the companies named in the letter and the member bank involved do not come within the provisions of section 52 of the Banking Act of 1933 °r that their services with such institutions have been brought into conformity with the requirements of that section: Mr. Otto Bremer, for permission to serve at the same time as ; le director and officer of The American National Bank of St. haul, St. Paul, Minnesota, as a director and officer of the rovers Exchange State Bank, South St. Paul, Minnesota, and as a director and officer of the Bank of Willmar, Willmar, Minnesota, for the period ending January 14, 1936. Mr. G. J. Johnson, for permission to serve at the same time as a director and officer of The American National Bank of Paul, St. Paul, Minnesota, as a director and officer of 7',he Detroit State Bank, Detroit Lakes, Minnesota, and as a cUrector of the State Bank of Shelly, Shelly, Minnesota, for th':' period ending January 14, 1936. Approved. Letter to Mr. Walsh, Federal Reserve Agent at the Federal Rsserv e blank of Dallas, transmitting the following Clayton Act permit, e.nd stating that delivery of the permit should not be made until it has been determined that the applicant's service with The DeSoto C°113(3rati0n and the DeSoto Securities Company, both of Mansfield, tOgisiana, and the banks involved does not come within the provisions or esetion 32 of the Banking Act of 1933 and/or section 8A of the elaYton Act or that his service with such institutions has been brought ttlto ecnformi y t with the requirements of those sections: 254 1/25/35 -13- Mr. E. T. Robinson, for permission to serve at the sane time as a director and officer of the DeSoto Bank and Trust Company, Mansfield, Louisiana, as a director of the Commercial National Bank in Shreveport, Shreveport, Louisiana, and as a director of the Continental-American Bank and Trust Company, Shreveport, Louisiana, for the period ending January 14, 1936. Approved. Letters to the respective Federal reserve agents stating that the Board has given consideration to the following applications for Permits under the Clayton Act, and that, upon the basis of the inferlaation before it, feels that the issuance of the permits applied for w°111c1 be incompatible with the public interest: Mr. Prank A. Kearney, for permission to serve at the same time as a director and officer of The Old Point National Bank of Phoebus, Phoebus, Virginia, and as a director of the Bank of Phoebus, Phoebus, Virginia. lAr- James H. Porter, for permission to serve at the same time 58 a director of The First National Bank & Trust Company in acon, Macon, Georgia, and as a director of the City Bank & Trust Company, Macon, Georgia. kCh letter also requested the agent to communicate to the applicant the Board,s Position in the matter, and to advise the Board promptly aa t_ rhether the applicant desires to submit any additional data, and, if 11, 4 as to what steps he proposes to take in order to comply with the . Pravlsions of the Clayton Act. Approved. Letters to the respective Federal reserve agents stating that th"°ard has i4 "C°rdance al'Y 9 reconsidered the following Clayton Act applications and, With the policy set forth in the Board's letter of Janu- 1 1935, has issued permits for the period ending January 14, 1936: 255 1/25/35 -14- Mr. Roscoe S. Bush, for permission to serve at the same time as a director and officer of The First National Bank of Marion, Marion, New York, and as a director of the Wayne County Trust Comnany, Palmyra, New York, for the period ending January 14, 1936. Mr. Album F. Skinner, for permission to serve at the same time as a director and officer of The National Bank of Westfield, Westfield, New York, and as a director of The State Bank of Mayville, Mayville, New York, for the neriod ending January 14, 1936. Mr. C. E. Morlatt, for permission to serve at the same time as a director and officer of The First National Bank of Camden, Camden, Ohio, and as a director of The Eaton National Bank, Eaton, Ohio, for the period ending January 14, 1936. Mr. James L. Kanaley, for permission to serve at the same time as a director of The First National Bank of Teedsport, WeedsPort, New York and as a director of the Hamilton State Bank, Chicago, IllinOis. Approved. Letters to applicants for permits under the Clayton Act advisito "in accordance with the policy set forth in the Board's letter of Jatua 17 9, 1935, of approval of their applications as follows: MI'. Winthrop W. Aldrich, for permission to serve at the same as a director and officer of The Chase National Bank ()- f L'Ile City of New York, New York, New York, and as a director and officer of The Chase Bank, New York, New York, for the Period ending January 14, 1936. Mr . Sainuel Armstrong, for permission to serve at the same time lapn off'cer of The Chase National Bank of the City of New TI T1 " 4 York, New York, and as a director of The Westfield su company, Westfield, New Jersey, for the period ending JanuarY 14, 193 Mr. va as ' 4 nfred Barber, for permission to serve at the same time yortn officer of The Chase National Bank of the City of New New New ork, York, New York, and as an officer of The Chase Bank, New York, for the period ending January 14, 1956. Mr, tr. time"Donald Campbell, for permission to serve at the same the ?*8 a director and officer of The Chase National Bank of CltY of New York, New York, New York, and as a director 256 1/2s/35 -15- of The Chase Bank, New York, New York, for the period ending January 14,1936. Mr. Maurice H. Ewer, for nermission to serve at the same time as an officer of The Chase National Bank of the City of New York, New York, New York, and as a director of The Chase Ban:, New York, New York, for the period ending January 14, 1936. Mr. Edwin A. Lee, for permission to serve at the same time as an officer of The Chase National Bank of the City of New York, New York, New York, and as a director and officer of the Maplewood Bank & Trust Company, Maplewood, New Jersey, for the period ending January 14, 1936. Mr. Arthur W. McCain, for permission to serve at the same time as an officer of The Chase National Bank of the City of New York, New York, New York, and as a director of The Chase Bank, New York, New York, for the Period ending January 14, 1936. Mr. Thomas N. McCarter, for permission to serve at the same time as a director of The Chase National Bank of the City of New York, New York, New York, and as a director and officer of the.Fidelity Union Trust Company, Newark, New Jersey, for the Perlod ending January 14, 1936. Mr. Henry D. Nagel, for an officer of The Chase ;ew York, New York, and °11c, 'Jew York, for the permission to National Bank as an officer period ending serve at the same time as of the City of New York, of The Chase Bank, New January 14, 1936. 41. Hermann G. Place, for permission to serve at the same time ; 8 an officer of The Chase National Bank of the City of New York, m?1/ York, New York, and as a director of the Bank of Millbrook, 111brook, New York, for the period ending January 14, 1936. Mr. Joseph C. Rovensky, for permission to serve at the same time an officer of The Chase National Bank of the City of New York, ew York, New York, and as a director and officer of The Chase ank, New York, New York, for the period ending January 14, 1936. Mr. oohn F. Schmid, for permission to serve at the same time as ; 11 officer of The Chase National Bank of the City of New York, N:: ! .*°rk, New York, and as a director of The Chase Bank, New York - -Lork, for the period ending January 14, 1936. i Mr. Ca J. Schmidlapp, for Permission to serve at the same time New% officer of The Chase National Bank of the City of New York, "rk, New York, as a director of The Chase Bank, New York, 257 1/P5 /35 -16- New York, and as a director of The Fifth-Third Union Trust Company, Cincinnati, Ohio, for the period ending January 14, 1936. Mr. Lynde Selden, for permission to serve at the same time as an officer of The Chase National Bank of the City of New York, New York, New York, and as a director of The Chase Bank, New York, New York, for the period ending January 14, 19M. Mr. Sherrill Smith, for an officer of The Chase New York, New York, and York, New York, for the permission to National Bank as a director period ending serve at the same time as of the City of New York, of The Chase Bank, New January 14, 1936. Mr. Siegfried Stern, for permission to serve at the same time as an officer of The Chase National Bank of the City of New York, New York, New York, and as a director and officer of The Chase Dank, New York, New York, for the period ending January 14, 1936. Mr. Henry C. Titus, for permission to serve at the same time as an officer of The Chase National Bank of the City of New York, !ew York, New York, and as an officer of The Chase Bank, New York, t4ew York, for the period ending January 14, 1936. Mr. Barton P. Turnbull, for permission to serve at the same time !!'s a director of The Chase National Bank of the City of New York, York, New York, and as a director of The Dunbar National Bank 1936New York, New York, New York, for the period ending January 14, Mr. Harold L. Van Kleeck, for permission an officer of The Chase National Bank New New York, and as a director of of New York New York, New York, for the 1936 to serve at the same time of the City of New York, The Dunbar National Bank period ending January 14, Mr. George E. Tarren, for permission to serve at the same time as officer of The Chase National Bank of the City of New York, Y°rk, New York, as a director of The Chase Bank, New York, New York, and as a director of The First-Stamford National Bank alid Trust Company, Stamford, Connecticut, for the period ending j alluarY 14, 1936. Mr. PA . as '-'4wIn R. Williams, for permission to serve at the same time NswIT officer of The Chase National Bank of the City of New York, " - Drk, New York, and as an officer of The Chase Bank, New York ork, New York, for the period ending January 14, 1936. Mr. p xlstace Seligman, for permission to serve at the same time 258 1/25/35 -17- as a director of The Marine Midland Trust Company of New York, New York, NPW York, and as a director of The Federal Home Loan Bank of Newark, Newark, New Jersey, for the period ending January 14, 1936. Miss M. J. Kasiskal for permission to serve at the same time as a director and officer of the Lava Hot Prins State Bank, Lava Hot Springs, Idaho, and as a director and officer of The Cassia National Bank of Burley, Burley, Idaho, for the period ending January 14, 1936. Approved. There were then presented the following applications for changes stock of Federal reserve banks: A lications for ADDITIONAL Stock: tistrict Security Bank & Trust Company, Madison, South Dakota Shares 15 15 10 Total 10 25 24 24 Istrict No. 8 -11.1e Amer ican-First National Bank of Mount Carmel, Mount Carmel, 120 Illinois 120 listrict No. 11 & Merchants State Bank & Trust Company, Rusk, Texas A lications for SURRENDER of Stock: uistrict No. 6 -Me First National Bonk of Thomson, Thomson, Georp7ia rt,istriet No. 10 ,he Citizens-First National Bank of Pawhuska, pawhuska, Oklahoma Ntional Bank of Commerce of Pawhuska, pawhuska, Oklahoma ...strict NO. 11 P-1'nt State Bank, p. Claude, Texas Irst p4 D National Bank in DeKalb, eKalb, -It StateTexas Bank, 4illeen, Texas 72 60 132 35 75 32 140 259 1/25/35 —18— ARRILWAzas for SURRENDER of Stock: (Continued) District No. 12 The First National Bank of Brea, Brea, California The First National Bank of Walla Walla, Walla Walla, Washington Shares 50 120 Total 150 566 Approved. Thereupon the meeting adjourned. / 1 460111- 1;:i rilitAR 9 Secretary. Governor.
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