The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
2233 Ameeting of the Executive Committee'of the Federal Reserve B°4ra waa held in Washington on Saturday, July 21, 1934, at 11:30 a. in. PRESENT: Mr. Thomas, Chairman, Executive Committee Lir. James Mr. Szymczak Hr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Martin, Assistant to the Governor The Committee considered and acted upon the following matters: Telegram dated July 20, 1934, approved by three members of the 13°EllIcl) to Lir. Austin, Chairman of the Federal Reserve Bank of Philoa' readin0 as follows: yo , , "Your letter July 18 to Governor Black. Board approves for 04''f.bank, effective immediately, rate of from 4;; to 6% per annum lic2lrect advances to established industrial or commercial busioi°8es under section 13b of Federal Reserve Act, in place of rate 5% to 6;', per FinilUM approved by Board on July 9, 1934." Approved. Telegram dated July 20, 1934, approved by three members of the 8c41rd) t° r , • Sargent, Assistant Federal Reserve Agent at the Federal Bank Of San Francisco, reading as follows: rat "YoUr telegram July 19. Board approves for your bank following on ir.dustrial advances under provisions of section 13b of . pererea Reserve Act, as amended, effective July 20, 1934: 5% to 6% busieal4um on direct advances to established industrial or commercial oth;/1, 1e3sea; 34 to 4% per annum on portions of advances to banks and bili;lrfiaancing institutions for which institutions retain responsioth; 1 4 :4a.ad 4% to 5% per annum on portions of advances to banks and rese- " - Ilancing institutions for which institutions are relieved of 20 Preibility. Board also approves for your bank, effective July 934, following commitment rate on industrial advances; 1% to row;:r "IlUm depending on (a) whether commitment is to direct borwhether commitment is to bank or financial institution, iustite proPortion of responsibility retained by bank or financing Beard Ti°11 ) and (d) length of time for which commitment is made. or ,4etes With approval from your telegram that board of directors - Your bn, ro- at --, its meeting on July 19, 1934, made no change in your 2234 Ma/al -2existing schedule of rates of discount and purchase other than est ablishment of rates referred to above." Approved. Memorandum dated July 16, 1934, from Mr. Parry, Assistant Directc'or the Division of Research and Statistics, recommending the temporary 413Point Me--, for a ueriod of three months, of Miss Lois A. Crim as a atell°graPher in the division, with salary at the rate of c1,440 per annum, etreetive AllY , 26, 1934. Approved. Letter dated July 20, 1934, approved by four members of the 13°4113 to iT„ O'Connor, Comptroller of the Currency, reading as follows: 88.1 Awalt's letter of July 13 recommending increases in be ' rles for the employees and in the amounts set out below has thri br°11Cht to the attentionof the Board. The Board approves in salaries recommended and fixes the salaries of these --" employees, effective August 1, 1934, as follows: Name Salary Raman Dingier, Cle rk4fiessenger lire. Sarah Sithens, Clerk -Counter Ilre. Edna L. Todd, 'Clerk -Counter Uze. H. T. Brinker, Cle rk-Counter Miss Janet Oliphant, Cle rk-Counter ;A,500 1,500 1,500 1,500 1,500" Approved. Mell4randum dated July 17, 1934, from the Committee on Salaries 4.4c1 1.*49611 suhmitting a letter dated, July 9 from Mr. Clark, 4Qtetain, the Federal Deserve Bank of Atlanta, which requested IIDDrovea Q2 ehalages in the personnel classification plan of the bank 2235 7A1/34 to„ -t-.0vide for the new positions of "guard" in the custodian-iieconstruc- tiOrt 4inance Corporation department of the head office, and "assistant to chief clerk" and "vault custodian" in the custodian-Reconstruction Corporation department of the Tacksonville branch, and increases 8alarY ranges of the positions of "stock roam clerk" and "office at the New Orleans branch. The memorandum stated that the cammittee h4a reviewed the proposed changes and recammended that they be approved. Illieree°rmilendation was approved by three members of the Board on Tuly 20, 1934, Approved. Letter dated July .(), 1934, prepared in accordance with the 61"1°11 taken at the meeting of the Board on Tuly 17 and approved by thalse ziletabers of the Board, to Mr. Case, Federal Reserve Agent at the Ileclere-1- Reserve Bank of New York, reading as follows: swam "Receipt is acknowledged of your letter of Tune 22, 1934, liew. j i tting the application of the Savings Banks Trust Company of York, New York, for membership in the Federal Reserve System. "The application of the Savings BanksTrust Company has been 114C4 careful consideration by the Federal Reserve Board and it is trtlel'8tood that, while it has general banking and trust powers, the cres d.14eQraPanY was organized as a part of a plan to make additional et04 : 4 facilities available to mutual savings banks which hold the stock of'the trust company, that its relations are prini411 . 141Y With with such mutual savings banks, and that it is not engaged otlille of receiving deposits from or making loans to or the,rwise dealing with the public generally. As you know, under thelj r°visions of the Federal Reserve Act mutual savings banks are serv ! eves eligible for admission to membership in the Federal Re41)04 ' "atem, with the approval of the Federal Reserve Board, and avai3 ission the facilities of the Federal Reserve System are It;Jle to them. In the circumstances, the Board is of the opinion tliat! Whi,h ?e Savings BanksTrust Company is not an institution of the kind lt 15 contemplated should be admitted to membership in the 2. 36 7/21/34 _4_ "Federal Reserve System under the provisions of the Federal Reserve 41") and, accordingly, the Board has decided not to approve its aPPlication for membership in the Federal Reserve System. However, the Board will be glad to give consideration to applications for !dmission to membership in the Federal Reserve System from any of the mutual savings banks holding stock in the Savings BanksTrust 214ParlY or from any other mutual savings banks. You are requested 40 advise the Savings BanksTrust Company accordingly." Approved. Letter dated July 20, 1934, approved by three members of the to Lir. or A4stola, Curtiss, Federal Reserve Agent at the Federal Reserve Bank reading as follows: "Reference is made to your letter of May 24, 1934, and ar. letters of Tune 30 and July 16, 1934, all of which relate ? condition of membership numbered 21 prescribed in connection with aPPlication of the Fall River Trust Company, Fall River, LassaMassa:111setts, which provides that the bank shall, within six months from the date of its admission, cause the removal from its banking- quarters Ri the offices of the cooperative bank now located therein. The Fall 4 4 er Trust Company accomplished its membership on December 29, 1933, Deo °II hlaY 14, 1934, the Board granted an extension of six months to si-elaber 29, 1934, within which the bank may comply with the provi048 of condition numbered 21. "It is noted that the Fall River Trust Company has a written agree the cooperative bank which provides among other things t ) 111;4 7/r Offices of the cooperative bank shall be located in the ag quarters of the trust company and that such agreement shall in force until either party desiring to recede therefrom shall at uo the other party a notice in writing of its intention to do so illia, eaet two years prior to the time the withdrawal shall take effect, cc"88 otherwise agreed to by both parties in writing, but the trust ce44.?,Y has not as yet given formal notice of its intention to rev the agreement regarding the location of the offices of the bank in the barking quarters of the trust company. time '14 view of the circumstances, the Board grants an extension of withi, ! () two years from the date that the required notice is given videi%Which to comply with condition of membership numbered 21, proviae ,1, 11e required notice is given without further delay. Please ad1.7a11 River Trust Company accordingly, and also advise the ,4 the effective date of the notice." ''"e7S Z Approved. Letter dated July 20, 1934, approved by three members of the 2237 MU/34 -5- to 111.r. Williams, Federal Reserve Agent at the Federal Reserve Batk of Cleveland, reading as follows: "Reference is made to Yr. Fletcher's letter of February 6, regarding the holding by The Hillsboro Bank and Savings (34PanY, Hillsboro, Ohio, of five shares of its own stock as col; .Lateral to a loan. "From the information submitted in the accompanying letter trom the president of the bank, it appears that the stock was taken as additional collateral to a loan previously made in good 111ith. In such circumstances, the holding of the stock as col0 . lateral is not a violation of the Federal Reserve Act. A bank's via stock, however, is undesirable collateral to the bank's loans, aad should be disposed of at the first favorable opportunity. You t e accordingly requested to take the matter 111) with the member elnk on this basis and request it to take all feasible steps to 0 141inate as soon as possible any necessity for the holding of its Wt. stock as collateral." 1934 Approved. Letter dated Xuly 20, 1934, approved by three members of the °Ilz(11 to mi... , Wood, Federal Reserve Agent at the Federal Reserve Bank reading as follows: . "This refers to the application of 'The Southern Illinois 11:&aal Bank of East St. Louis', East St. Louis, Illinois, for rj""eion to exercise fiduciary powers. It appears from the last B114'°1"t of examination of The Southern Illinois National Bank of glis St. Louis that it has preferred and common capital stock agtoe.Tiag c650,000, no surplus, and undivided profits amounting i1p1,284. It is understoo that under the laws of the State of d th,,,14?is a bank with trust powers may not be organized in a place ' 6, 81Ze of East St. Louis unless it has a capital of at least ' 4°,000 , and a surplus equal to 10;3 of its c4pital. Pede As You know, under the provisions of section 11(k) of the Reserve Act the Board is not authorized to issue a per-- exercise trust powers to a national bank having a capital law 8111T1Us less than the capital and surplus required by State the or State instituti ons exercising trust powers. It has been B°ard's practice in passing upon applications for trust aildelbs by national banks to require compliance with the capital the nrPlus requiraments in effect at the timewith reference to has nizat1on of State institutions with trust powers. It /31'elri°uslY also been the practice of the Board to require 2238 7ha/34 -6- u national bank applying for trust powers to have the amount of caPital and the amount of surplus recuired for the organization otate institutions with trust powers rather than merely to have an aZgregate amount of capital and surplus equal to the aggregate ii1°11nt of capital and surplus required of such State institutions. ! lever, in a recent case arising under the laws of another State ""e Board has taken the position that it may properly grant fiduciarY powers to a national bank which has at least the amount of Stock required for the organization of State institutions with luciarY powers, together with an aggregate amount of capital stock and surplus equal to the aggregate amount of capital stock and surplus ,,equIred of such State institutions; provided, that in the particular ' cl!se the national bank shall have an a(alouate surplus and that all the circumstances involved shall warrant the granting of the fidunarY powers applied for. In the case under consideration the State nithorities advised the Board that they felt that in the circumstances ;described the reouirements of the State law as to capital and surplus 4 t1; 3e °1 bee n substantially complied with and that they did not object to bas fanting of trust powers to national banks in that State on that f the case of ilhe Southern Illinois National Bank of East St. T"In ' °uis it has been observed that the amount of its capital is 'eater than the aggregate tainimuu amount of capital and surplus : clulred for the organization of a State institution with trust i;c3 3:!rs in a place the size of East St. Louis, and that the national while it has no surplus fund, has a substantial amount of Unaide dProfits. In these circumstances, before the Board acts on the Lj.application of The Southern Illinois National3ank of East St. ti,'13, it will be appreciated if you will obtain information from 07,6 otate banking authorities as to whether they feel that in view the amount of capital of this national bank the requirements of tle o e..tate law as to capital and surplus applicable to the organizasta f a State institution with trust powers will have been subto- lallY complied with and as to whether they have any objection Beiv_`' he Cs'ranting of trust powers to The Southern Illinois National 4 °I' East St. Louis on this basis." T Approved. Letter dated July 20, 1934, approved by three members of the 13(1a7c(1 3 to --- O'Connor, Comptroller of the Currency, reading as follows: 1931 2!forence is made to the Board's letters of September 29, The August 0, 1932, in connection with the application of lea States National Bank of Eugene, ugene, ,Jregon, for Perun not —elon to exercise fiduciary powers, from which it will be ed t'at only limited authority was granted, and that action 4:8 2239 NI/34 -7"011 the application for full fiduciary powers was deferred pending receipt of a report of examination of the bank. "In this connection, there is transmitted herewith a letter 4, trem the Assistant Federal Reserve Agent at San Francisco, asking that consideration be again given the bank's application for full ,idticiarY powers. The Board will, therefore, reconsider the bank's :',IPlication and, in view of the information contained in the letter gu?ye referred to and the recent report of examination of the apPlicant bank, would be pleased to receive your recommendation in the premises. "Kindly return the attached papers with your reply." Approved. Tel-eGram dated Xuly 20, 1934, approved by two members of the 13°41'd1 to ir.Peyton, Federal Reserve Agent at the Federal Reserve Bank ct1N,...."416e13°118, stating that the Board has given consideration to the 413Plieation of "C. E. Conrad Estate, Inc.", Kalispell, Montana, for a 7c4134.; Pertait under the authority of section 5144 of the Revised Statutes or the United States, as amended, entitling such organization to vote the 8t°°1c which it ovms or controls in "The Conrad National Bank of Kalispell'', Zalispell, lv:ontana, and has authorized the issuance of a limited permit to the applicant, subject to the following condition: autho:rrior to the issuance of the limited voting permit hereby 4zed applicant shall agree as follows: "First. That it will cause the rehabilitation of the capi' ta structure of The Conrad National Bank of Kalispell under a It)lall approved by the Comptroller of the Currency and satisfactory : 1 13 the Federal Reserve Agent at the Federal Reserve Bank of bleaPolis, within such time as shall be fixed by the said eral Reserve Agent, and in any event prior to September 30, 34L 01,which plan shall provide that said bank shall charge off t„?„!Ilerwise eliminate: (a) depreciation in all stocks and deei--ued securities, (b) depreciation in all securities not inin the four highest grades as classified by a recognized '4vestment service organization regularly engaged in the business or ra or grading securities, and (c) all losses, except loans tO 11. Estate, Inc., its principal stockholders, and Pall Town3ite Company, such charge offs or eliminations to 2240 -8"be based upon and, except as indicated in (c), to be to the extent Of the classifications set forth by I. H. Gentry, a national bank examiner, in his report of examination of such bank as of March 10, 1934; which plan shall also provide that all assets of such bank Which are charged off or otherwise eliminated shall remain the Property of such bank, and also that the common stock of such bank shall be reduced from the par value of Two Hundred Fifty Thousand Dollars (250,000) to One Hundred Thousand Dollars (100,000) and that preferred stock in the par value of One Hundred Fifty Thousand Dollars (3150,000) shall be issued and sold to the Reconstruction Fiaance Corporation for cash. "Second. That so long as it is a holding company affiliate Of The Conrad National Bank of Kalispell, it shall take such steps as are necessary to cause said bank to maintain a management which !hall be satisfactory to the Comptroller of the Currency and the eederal Reserve _Agent at the Federal Reserve Bank of Minneapolis. "Third. That it shall guarantee the obligations of its principals . teckholders, and Montana and Idaho Investment Company, and Townsite Company, to The Conrad National Bank of Kalispell, bud shall cause such obligations and its own obligations to the said caak to be secured to the satisfaction of the Comptroller of the 2,,rr,,neY and the Federal Reserve Agent at the Federal Reserve Bank `14.1unneapolis either by pledging its own assets or by causing its aelPal stockholders, and Montana and Idaho Investment Company, b.d Xalispell Townsite Company to pledge their assets or by a coinof such methods." T at.a tor the following purposes: to i8"4t anY time prior to September 30, 1934, to act upon a proposal pzeresUa and sell to the Reconstruction Finance Corporation, or others, rred stock of The Conrad National Bank of Kalispell having a par e,,c)r One Hundred Fifty Thousand Dollars (0_50,000), and to reduce 7 t.11;11, co stock of said bank from the par value of Two Hundred Fifty alote:and Dollars (0250,000) to One Hundred Thousand Dollars (0100,000). 8,: nlake such amendments to the articles of association and by-laws erre;;"4 bank and to take such other action as shall be necessary to with — 84ch Purposes, provided that such proposal shall be in accordance alld a Plan which shall be approved by the Comptroller of the Currency tealksatisfactory to the Federal Reserve Agent at the Federal Reserve ket °I" Idituieapolis; also to elect directors of said bank and to con14)04 other matters of a routine nature as are ordinarily acted at the aanual meetings of said bank." The teiser am stated also that it is understood that there is under con- a Plan whereby the "Conrad Block" will be sold to the national et its appraised value and that the sale price of such property will 2241 7(2a0/3.4 -9be aPPlied to the reduction of the applicant's debt to the bank in order tIl" a 1°an cr 10,000, for the purpose of paying the applicant's notes t0 the Old National Bank and Union Trust Company, Spokane, Washington, and the Pi/,st National Bank, Seattle, Washington, may be made by the Conrad betk t the applicant without exceeding the legal loan limit. The telegtsizalso authorized the agent to have prepared by counsel for the Federal reserve bank, and to issue to C. E. Conrad Estate, Inc., a limited voting Permit in accordance with the telegram when the condition prescribed therein 448 been complied with. Approved, together with a letter, also dated Tuly 20, 1934, and approved by two members of the Board, to Mr. O'Connor, Comptroller of the Currency, reading as follows: th "In accordance with Acting Comptroller Awalt's recommendation, sts Federal Reserve Board approves a reduction in the common capital fr,°°c of 'The Conrad National Bank of Kalispell', Kalispell, Montana, th-1V250,000 to 0.00,000, pursuant to a plan which provides that tOe valikt e capital shall be increased by 0150,000 of preferred stock reibe sold to the Reconstruction Finance Corporation, and that the op eased capital shrIll be used in eliminating a corresponding amount 4; unsatisfactory assets, all as set forth in Acting Comptroller ti ! ltt e letter of Tune 7, 1934. It is understood from the informat4 submitted that the matter of strengthening the management of "18 institution 13 receiving your consideration." Letter dated July 20, 1934, approved by three members of the toEtril ' 4 to Ia.,* .tr Of Richm " °xton, Federal Reserve Agent at the Federal Reserve Bank °lid; reading as follows: elo, : Reference is made to LIT. Fry's letter of July 5 with the inclig`t aPPlication of The First National Bank of Clifton Forge, Pede;n F°rge, Virginia, for 60 additional shares of stock of the etats'LL Reserve Bank of Richmond. A notation on the application Res::that the subject bank does not wish to surrender Federal p1113-1" 3e bank stock on account of a temporary reduction in its surlit wishes to apply for additional stock on the basis of its increased capital. The instant application shaffs the capital stock 2242 7/21/34 -106F the bank as ,200,000 and its surplus as :::25,000, compared with Y400,000 and ;$.50,000, respectively, at the time of the last adjust1s its holdings of Federal Reserve bank stock, approved by the Beard 0I1 1187 10, 1916. its"While Regulation I provides that a member bank need not reduce holdins of Federal Reserve bank stock incident to a reduction itS surplus, there is no provision for the issuance of Federal ' Is8erve bank stock in an amount in excess of six percent of a bank's e egste capital and surplus. On the basis of its application, r r ersf°1's, The First National Bank of Clifton Forge is entitled and s'quirad to hold a total of 135 shares of stock of the Federal ReBank of Richmond, or 45 shares more than it now holds, and acslfaillglY a new application should be submitted for 45 additional Llres of such stock." Approved. Letter dated Tuly 20, 1934, approved by three members of the 11°4rd, to la,. D. W. Bell, Commissioner of Accounts and Deposits, Treasury 413artmeiat, reading as follows: wh osipt is acknowledged of your letter of Tune 28, 1934, in " i11 You state that it has long been the established policy of the or Ti'sas-u-vY to require member banks acting as general depositaries Go the Government to cash all Government checks and coupons from bonds at face value and that the balances carried to the credit of lredlt the Treasurer of the United States with such depositaries be fixed in direct proportion to the amount and character of t'7e Trep b-siasss transacted. You request to be advised whether the 7a1;81117's policy of requiring general depositaries to cash at face z;iet1: 3 1 =12:nt checks and coupons presented by the holders thereof of the compensating balances carried in the Treasurer's Boa°11aInt in anY way conflicts with the rulings of the Federal Reserve Pod% . riterPreting the prohibition contained in Section 19 of the 1430:1- Reserve Act upon the payment of interest directly or indirectly sposits payable on demand. Beara:It is understood, as a result of consultation between the Of ti; s Assistant Counsel and the Chief of the Division of Deposits are -e Tr°asurY Department, that the facts with respect to the matter ellesUbs tantially as follows: The balance to be carried with any is dral depositary to the credit of the Treasurer of the United States the n?rnined, usually at intervals of six months, on the basis of casc440Unt of Government checks and coupons from Government bonds to tr bY such depositary and the amount of deposits received for credit rix Treasurer's account with such depositary. It is customary to Pozit:! amount of the balance to be carried with such a general deat approximately one-third of the aggregate amount of all 2243 -11"such checks and coupons cashed by the bank during the preceding 81X months period plus approximately one-fifth of the amount of dePosits received by such depositary for credit to the Treasurer's account during such preceding six months. ic3 distinction is made 14 sUch determination, however, between the amount of Government checks which are cashed by the depositary and the amount of coupons from Government bonds which are so cashed, but the aggregate of amounts is taken as the basis. It is further understood that banks acting as general depositaries do not pay or absorb any charges exPenses in connection with the cashing and collection of Governchecks, except possibly in rare instances. The depositary banks, aowever, customarily pay and absorb registered mail fees and insurance fees in tranamittinc to the Federal reserve banks coupons Cram Governl Which they have cashed. The balances carried to the credit r the Treasurer of the United States with such depositaries are pay0 o abln demand. () "The Federal Resrv Board has heretofore ruled that the ab2Ption or payment of exchange or collection charges in amounts ;11 ' 1c:a do not vary with or bear a substantially direct relation to 02e aa°unt of the depositor's balance does not constitute a payment hibinterest directly or indirectly and, accordingly, is not proIvited by the Federal Reserve Act. This ruling is published in the al Reserve Bulletin for rune, 1934, at page 394. "Inasmuch as practically no charges are paid or absorbed by • cavrr banks acting as general depositaries in connection with the Withg Of Government checks and since the amount of balances carried 8ucha depositary is based upon the aggregate amount of coupons • checks which are cashed regardless of whether the amount of th• eP°11s cashed is a nmAll or large portion of such aggregate, it is abovviOw Of the Federal Reserve Board, on the basis of the facts as aotie stated, that the charges which are absorbed by a member bank tiO as a general depositary do not vary with or bear a substansuo:'Y direct relation to the amount of the balance carried with Acc;; d epositary to the credit of the Treasurer of the United States. be pfd.I'llglY, without expressing any opinion as to whether there would 14t1-.. Indirect payment of interest if such a substantially direct reindi°/IshiP were involved, it is the Board's opinion for the reason res_cated that there is no such indirect payment of interest with Of Vet to the balances in question to the credit of the Treasurer United States and, accordingly, that the practice above set forth 18 not prohibited by the provisions of Section 19 of the Fed' • Reserve "It ram, be pointed out that if the facts as stated above readi 4bsorC,414 Treasurer's balances with general depositaries and charges ' e bY the depositaries in connection with such balances should subs° teresrentlY be changed in such a way as to involve a payment of inOr dart 'a violation of the provisions of law prohibiting the payment tvroidAnst by member banks on deposits payable on demand could be uY converting such balances into time deposits as defined in 2244 -12;the Board's Regulation Q. In this connection, it is understood that it is your present practice, generally speaking, to give banks acting as general depositaries 30 or GO days' notice before withbalances on deposit with them." Approved. Letter dated July 24 1934, approved by three members of the 33°ard) toTT O'Connor, Comptroller of the Currency, readins as follows: "In connection with Mr. Martin's conversation with Mr. Await ' 1111Y 17 there is inclosed a copy of a letter addressed to Mr. s„, 4 „ /"zak by kr. Y. Lionberger Davis of the Security National Bank drings and Trust Company, St. Louis, Missouri, in regard to the s48PlaY of signs containing the words 'Member of Federal Reserve on buildings of banks which have been placed in liquidation. There eA , is also inclosed a list of national banks which we are informpy the Federal Reserve Agent in St. Louis have not removed such 114gns, together with the names of the receivers thereof. The Federal r,!servo Agent at St. Louis has also advised the Board that a request 0 ; (14 Your office to the receivers would result in immediate removal custle signs. The Board understands that during Mr. Martin's dislie' - °n of the matter with Mr. Awalt the latter indicated a willingtb 8 to have such instructions issued upon receipt of a request from ,;:s Federal Reserve Board. The Board assumos that you agree that it 'rLl:Indesirable to permit the retention of such signs in the case of th banks which have been placed in the hands of receivers for ire Purpose of final liquidation, and therefore it will be pleased will issue appropriate instructions to national bank receivers these signs from all such banks, including those shown in list inclosed with this letter." r Approved. 48 Telegram. dated July 20, 1934, approved by three members of the t Governor Calkins, Chairman of the Governors' Conference, reading rollows: Re8 1,2e,1:erring Your July 12 telegram, Board believes that the Federal uanks should be reimbursed for all expenses in connection with e*gslloY operations and, pending an agreement with Treasury ped;''ng such reimbursement, interposes no objection to adoption by Ille4J,11 Reserve banks, effective July 1, 1934, of the policy recamit ;; in minutes of committee meeting on accounting up to and includ-e4n 21 on Page 4 of such minutes." Approved. 2245 -13Letter dated July 20, 1934, approved by three members of the lk)4rci) to la,. Or Case, rederal Reserve Agent at the Federal Reserve Bank liew York, reading as follows: "The Federal Reserve Board has under consideration several IPPlieations for permits under Section 32 of the Banking Act of 1933 made by members of the firm of Brown Brothers, Harriman & New York, New York, to serve at the same time as partners "the latter and as directors of various member banks. "The Board understands that prior to Tune 16, 1934, Brown br others, Harriman & Co. had abandoned the business of purchasing, 13 1.71ing or negotiating securities and submitted itself to the superOf the New York State Banking Department, its securities ,l'siness having been assumed by Brown, Harriman & Company, Incorct7ated, a new corporation. The Board, however, has received no rormation Concerning the relationships, if any, between the old tE1rtnersh1p and the new securities corporation and, before the : 4 yrd rules on the question whether Brown Brothers Harriman & Co. ci-teames within the provisions of Section 32, it will be apprebettil;ed if you will obtain full information as to any relationships een -rown Brothers, Harriman & Co. and Brown, Harriman & CamPallY, I ) 7rporated, and transmit the some to the Board with your comzentZ Approved. Letter dated Slily 20, 1934, approved by three members of the 6341 ' (1, t o'ATessrs. Hughes, Schuman & Dwight, New York, New York, reading 48 fc'llows: 1934 "The Federal Reserve Board has received your letter of June 20, at t;1014 which You request a ruling on the question whether service westr.: 8alte time as director of The Title and Mortgage Company of County and as officer or director of a banking institutionter relat eh is a member of the Federal Reserve ystem constitutes a 1933.-°48hip within the scope of Section 32 of the Banking Act of sul)er"joll state that you are attorneys for George S. Van Schaick, or .0, " 04dent of Insurance of the State of New York in the natter fieh abilitation proceedings of :- :estchester Title & Trust Corned that the Superintendent of Insurance has recently prepared thai;"_for the servicing of all the mortgages guaranteed prior to ."`'ellabilitation by the Lawyers Westchester Ylortgage and Title 2246 7/21/34 C°4Pa 1Y, the First :iortgage Guaranty and Title Company and the estchester Title & Trust Company, which plan has been approved by an , order of the Supreme Court of Westchester County, dated Tune 5, You further state that in order to carry out the plan, the Title and Mortgage Company of Westchester County and Westchester !!ealtY Management, Inc., a wholly owned subsidiary thereof, have been designated agents of the Superintendent of Insurance to exerelse all of the powers conferred upon him by Sections 3 and 4 of Chapter 745 of the Laws of 1933 of the State of New York with re!Peet to all certificated mortgages guaranteed by Westchester Title t Trust Company and Lawyers Westchester Mortgage and Title Company. 104 state that the Superintendent also proposes to enter into a c°11tract with The Title and Mortgage Company of Westchester County ?d, Westchester Realty Management, Inc., hiring the latter two cor. ttlons to service all whole mortgages guaranteed by Westchesterer 'd-Le & Trust Company, Lawyers Westchester Mortgage and Title Cam: 4 14Y or First Mortgage Guaranty and Title Company and to manage real estate owned, held by or subject to assignment of rents tneh he three companies as the Rehabilitator of each company shall al-algnate. It is understood that at the present time The Title se ':Ic)rtgage Company of Westchester County is doing nothing but 114/Tieing mortgages and managing real property and that it does 0- .buy or sell mortgages nor does it issue policies of insurance issue securities of any kind. "On the basis of the facts submitted, it appears that The Tit]. e and Lortgage Company of Westchester County may not be reded as 'engaged primarily in the business of purchasing, sellsecurities' by reason either of its present raortvltics or the activities in which it may engage in servicing to jaes and managing real estate as described above, pursuant thc, "? proposed contract with the Superintendent of Insurance. In elreumstances, therefore, the provisions of Section 32 of the i;Vng Act of 1933 do not cover the service as a director of that ltution and as a director or officer of a member bank." 4 r Approved. et Letter to the following applicant for a permit under section 32 the 8anking Act of 1933, the letter stating that, on the basis of the ilitortaation submitted, the dealer in securities appears to be "engaged 1111-karily in the business of purchasing, selling, or negotiating securitlee" vlithin the meaning of section 32; that the relationship covered bY the application apparently is within the class which the Board believes that section was designed to terminate; and that, in the circum- 2247 7/21/34 -15stazoes, the Board is unable to find that it would not be incamptatible Wita the public interest, as declared by congress, to grant the applicatic11, a1thotk;h in the event the applicant desires to submit further facts °Ilar(Ments in support of the application the Board is prepared to give thelA careful consideration: P 'Blair Lee, for permission to serve at the same time 8.a director of the First National Bank of Philadelphia, ladelphia Pennsylvania, and as a director and resident 7:lee-president of the Philadelphia office of Drown, Harriman ec Co., Incorporated, New York, New York. Approved. Letter dated July 20, 1934, approved by three members of the to 14r. Boxton, Federal Reserve Agent at the Federal Reserve Bank or I), '''ehIllond, reading as follows: st "This refers to your letter of July 11, 1934, in which you that your records are not clear as to whether Er. Henry Shrive th :r of Cumberland, Maryland, has been issued a permit under ot'.ClaYton Act to serve as director of the First National Bank Savage, Mt. Savage, Maryland, and as director and officer or elid"-e Flint National Bank of Cumberland, Cumberland, Marylnd,equst advice concerning this matter. to IlaY 21, 1921, Er. Shriver made application to the Board otlEXIrva as a director and officer of the First National Bank of com, erland, Cumberland, Maryland, as director of the Liberty Trust BjallY) Cumberland, Earyland, and as director of the First National of Savage, Mt. Savage, Maryland. After sone correspondence Dec2:1)11 the applicant and the Board, la'. Shriver was advised on ' 4-LW e 20 1921, in part as follows: "'The Board has decided, therefore, that it will grant s 4 c)ux' aPplication as to the First National Bank of Cumberland 1 the Liberty Trust Company only for the remainder of your ?esent term as director of those banks and only on condiaril that those banks will eliminate all common directors their next annual election in Tanuary, 1922. laudIf You will advise the Board which of the two Cumber34.1 Institutions you elect to continue to serve and will ' 4-ue that you will not accept reelection to the board of Z 2248 -16"'directors of the other at its next election in January, 1922, the Board will issue to you a formal certificate of its consent to serve those banks for the remainder of your present term. "'The Board will also grant you permission to serve the First National Bank of nt. Savage, Daryland.i "In reply to the above letter, L.r. Shriver advised that he to be reelected as president and member of the Board of Directors 44 rectors of the First National Bank of Cumberland, but would not stand for reelection to the Board of Directors of the Liberty Trust 4PanY but that he expected to be a member of the Executive Cam2 mittee of the Trust Company. In reply, the Board advised Lr. 6hriver on January 3, 1922, that "Inasmuch as that part of Section 8 of the Clayton Antitrust Act which prohibits interlocking relations between national banks and State trust companies having resources of over ?5,000,000 but which are located in cities of less than 200,000 inhabitants applies only to persons who serve as directors of institutions of both classes and does not apply to persons who 8er7e as directors of national banks and as officers or am13 0Yees but not as directors of such State institutions, or Ylce versa, the arrangement which you contemplate will constitlIte a technical compliance with the law, and the Federal Reserve Board will have no further jurisdiction in the matter so 4-°11g as no person serves as director of both institutions. "'The Board feels, however, that a continued joint control ?f: both institutions through the membership of officers and .rectors of the national bank on the executive committee of the trust company, such as your plan apparently contemplates, is not in harmony with the spirit or purpose of the Clayton 4?t; and for this reason the Board does not approve of the althoubt it has no power to prevent its consummation.' 811, :The Board's files contain no further correspondence with reoi ! 6 to this matter nor does it appear that a permit to serve any the4he institutions was ever issued to Lir. Shriver. Assuming that 4at.E1PPl1cant also continued his service as director of The First ()118.1 Bank of Lt. Savage, no permit was required under the proof Section 8 of the Clayton Act covering his relationship with tio the three institutions, and, in this connection, your attenti: cs J called to the provisions of Section IV (a)(7) of RegulaAct-t1 ' which state that the provisions of Section 8 of the Clayton ?dowhich air u prohibit a person from serving at the same time as proe?t°r: officer, or employee of any number of national banks, 4 _,71ded no two of them are located in the same city of over 290,000 uh J-abitants and no one of them has resources aggregating over 5,000,000'. 2249 -17- 71,,t that time neither city had a population exceeding 200,000 nor aid the resources of either of the national banks exceed 5,000,000. "If, however, Mr. Shriver is still serving the two national balo.k , either as officer, director or employee, and either bank makes t°aas secured by stock or bond collateral, such service, as you know, u°mes within the provisions of Section 8A of the Clayton Act.fl Approved. Letter dated Xuly 20, 1934, approved by three members of the 13()ard$ to Lir. i Myers, Governor of the Farm Credit Administration, relading as follows: 11 A "The Federal Reserve Board has under consideration the Clayton h'et aPPlicatioll of Mr. H. Lane Young to serve as director and offih?li of certain banks in the State of Georgia. In connection with application, it is noted that la.. Young is also serving as diector Of the Central Bank for Cooperatives, Washington, D. C., which, he Board is informed, was organized under the Farm Credit Act of Under the provisions of Section 8A of the Clayton Act, no director,t officer or employee of any bank, banking association or company organized or operating under the laws of the United States2t a shall be at the sane time a director, officer or employee of cozporation (other than a mutual savings bank) or a member of a partnership organized for any purpose whatsoever which shall make ; 41Z:c 81 . 1red by stock or bond collateral, except to its own subUnder the provisions of Section 8 of such ict, the trel'al Reserve Board is authorized, under certain circumstances, s;issue permits covering services of the kind referred to in i,!"41°)a a and 8A. However, the provision of Section 8 which author„78 the Board to issue permits refers only to banking institutions '.4.t. certain classes, and the Board is, accordingly, without authorto isSue permits involving relationships between national banks staOther banks organized and operating under the laws of the United or ” aad non-bankinc institutions which COMB within the provisions Section 8.A. aet "It is, therefore, necessary for the Federal Reserve Board to Whether (1) the Central Bank for Cooperatives is a bank etiftthe meaning of Section 8 of the Clayton Act and (2) such inmet1 4°11 makes loans secured by stock or bond collateral within the Of Section 8A. It will be appreciated, therefore, if you 11raish the Board with copies of the charter, by laws and other doc2 nts relating to the organization and powers of such institutio bus'together with a detailed statement of the character of the the Iless actually conducted by the institution. In this connection, B°ard would appreciate being advised specifically whether the 2250 7/21/34 -18"Celltl'al Bank for Cooperatives accepts deposits, and if so the ni!tture thereof; whether it acts as a government depository or agent of the United States; and the various types of ?011ateral accepted as security for loans or discounts. If t ls feasible for you to furnish the views of your counsel as !to whether the Central Bank for Cooperatives is a.bank within e Ceaerally accepted meaning of that term, such an opinion woUld also be appreciated." Approved. Board Letter dated July 20, 1934, approved by three members of the to Lir. Newton, Federal Reserve Agent at the Federal Reserve Bank f At), alatas reading as follows: "There is inclosed a Clayton Act permit coverin the service Of co 14.1"' Roger ap C. Jones as director of The Peoples Bank & Trust :Paul', Selma, Alabama, and as director of The First National Bank 111,2 1,134er") Linden, Alabama. It is noted that in reply to question Zuered 12 on application form 94, the applicant states that he is AI aervine; as president of the Mabry Securities Company, Selma, --LabamQ. .01 "While the Board does not have detailed information regarding 0. , e character of the business of the Mabry E,ecurities Company, it eara possible that the provisions of Section 32 of the Banking reci.c3f 1933 are applicable in connection with his service as a diOf the above named banks and as president of the Labry Sedel tiea Company. You are, accordingly, requested to withhold ti2JeT7 of the Clayton Act permit to Lr. Jones until you are antisthabc7 Section 32 does not apply to the relationship described 130 v?, in which event you are authorized to deliver the Clayton Act or tlt tc the applicant, at the same time transmitting copies therehe banks involved. com ,"If You find that Mr. Jones' service with the Mabry Securities and the member banks involved comes within the provisions 03-1, .rction 32 you are requested to advise him of the requirements a 1) hat section and notify him that he may file an application for or .041t k11 coverinc such service. Of course, if upon a consjsieration abl_"e facts involved, with the advice of your counsel, you are unvisl. to determine whether Mr. Tones' service comes within the prowilic s of Section 32, the Board, upon receipt of full information, Of thuc Elad to ru'e upon the matter. In any event, the delivery te,°l13rton Act pemit should not be made until it has been de:4Lad t that Mr. Tones' service with the Labry Securities Company ue member banks involved does not came within the provisions 4 2251 7/21/34 -19"Of Section 32 or that his service with such institutions has been 'Drought into conformity with the requirements of that section. "Please advise the Board of your action in this matter." Approved. Letter dated Tuly 20, 1934, approved by three members of the 13°ard, to L. Peyton, Federal Reserve Agent at the Federal Mi luleaPolis, reading as follows: eserve Bank "There are inclosed the original and copies of the Clayton Act Permit issued by the Board to David Bickle, Sr., Ismay, Montana, t! I'lla his service as director and officer of The First National In of Ismay, Ismay, Montana and the Bank of Baker, Baker, 1ontana. 171,„ "In considering Mr. Bicklets application it was noted that 1:LL-!-e from the information available the Bank of Baker appeared to tie,la a satisfactory condition, the examination report of The First ta4 l "flal Bank of Ismay reflected an unsatisfactory condition, and f at Your examiner reports that 1,1r. Bickle is largely responsible ior t the unfortunate condition of the bank. You state, however, that mi+17°uld not be for the best interests of the bank to refuse a perL.Bickle at this time, but that you believe the Comptroller "le Currency Should use the proper pressure to change the manageOf the institution. "In accord with your recommendation and in view of the informan submitted, the Board is of the opinion that it would be in the ulio interest to grant a permit to 1,.r. Bickle in order to avoid ;;I'y unnecessary misunderstanding in the Ismay and Baker communities wri ltlight prove detrimental to the institutions involved. It is .:;!Te8ted, however, that you endeavor, in cooperation with the chief 31!al bank examiner of your district, to bring about a strengthenthe management of the Ismay bank and a correction of the conCriticized by the examiner. When you sulyait your recammenda4 11 as the result of your annual review of this permit please remerrL fully as to the progress made in the improvement of the manageand condition of this bank." Approved. Letter dated July 20, 1934, approved by three members of the 130arA " to "qr. Sargent, Assistant Federal Reserve Agent at the Federal Ileserve Batik of San Francisco, reading as follows: "This refers to your letter of Tune 26, 1934 and previous cor- relative to the Clayton Act application of Mr. John S. 2252 7/21/34 -20"Dutton for permission to serve at the sane time as an officer of the Bank of America National Trust and Savings Association, San Prancisco, California, officer of the Bank of 21flerica, San FranCisco, California, and as director of the First National Bank of '611tte, Butte, lAontana. You state in your letter of Tune 26, that .Y211 have been advised that rir. Dutton has tendered his resignation as member of the Board of Directors of the First National Bank Butte, and for that reason, you have been requested to consider 4-1% Dutton's application as withdrawn. "In this connection, you are advised that, until la'. Dutton's resignation from the Board of Directors of the First National Bank (3f Butte has been accepted or until he has otherwise severed his connection with such bank, his service on the three banks is in cont ravention of the provisions of the Clayton Act. Since it apRears to be Mr. Dutton's intention to sever his connection with the !irst National Bank of Butte, upon receipt of advice that his eienation has been accepted, you are advised that in view of the traket permit issued by the Board on November 30, 1932 covering NaZi servioe of all officers and employees of the Bank of America Trust and Savings Association and the Bank of America, no ther action by the Board will be necessary with respect to Li'. 4".Gt011 as officer of the two institutions in San Francisco." g Approved. Letter dated July 20, 1934, approved by three members of the }30ard ) to eq)Proval rin applicant for a permit under the Clayton Act, advising of or his application as follows: c, 'oaluuel B. Sutphin, for permission to serve at the same time a ; $ director of The Indiana National Bank of Indianapolis, 0 a1alp°1") Indiana, and as a director of The Union Trust -1-'411Y of Indianapolis, Indianapolis, Indiana. APproved, together with a letter, also dated Slily 20, 1934, and approved by three members of the Board, to Ia.. Stevens, Federal "serve Agent at the Federal Reserve Bank of Chicago, reading as follows: the : There is inclosed a copy of the Clayton Act permit issued by ser17°Eird to Lir. Samuel B. Sutphin of Indianapolis, Indiana, to as es director of The Indiana National Bank of Indianapolis and director of The Union Trust Company of Indianapolis, both of ellaP°11s, Indiana. 2253 7/21/34 -21- "In considering this application it was noted that Mr. Sutphin attended only nine of the twenty-seven meetings of the board of directors of The Union Trust Company ef Indianapolis held during the 13/1"4. two years. A satisfactory attendance at directors' meetings is necessary for the proper discharge of a director's duties, aad it is with the expectation that La'. Sutphin will improve his attendance that the Board has granted him a permit. "It Was was also noted that permits have been previously issued to eleven interlocking directors of these banks, which Permits apparently cover the services now being rendered, with the e4cePtion of that issued to Mr. Arthur V. Brown, which does not ver his service as an officer of The Indiana National Bank of tilianaPolis, in view of which it appears that Mr. Brown should thJ-G a new application. In this connection reference is made to e 13°ard'3 letter of April 9, 1934, X-7856. "APparently 1,,r. Brown has attended only two of the ten directors' ,estiae)s of the Union Trust Company held prior to cn examination made ; 8 of /Tovember 13, 1933; and according to the examination reports, Mr. : rTan A. Perry did not attend any of the last twenty-five directors' 111:::!'ngs of The Indiana National Bank or of the last ten directors' th ;ngs of The Union Trust rust Company held prior to the examination of these' , 1 as of January 17, 1934, and November 13, 1933, respectivewas further noted that the examination report of The Indiana T e.t. "nal Bank of Indianapolis as of January 17, 1934, showed loans to Arthur V. Brown, Yred c. Appel, Norman A. Perry and Samuel E. th : and/or their interests as subject to criticism. The Board feels 1°ans to directors, officers and their interests should be at all times free from criticism. rev. n4hen. you submit your recommendation as a result of your annual c,2sw of these ilzent status permits, you are requested to report fully as to the of the borrowings of Lessrs. Appel, Brown, Ferry and perr s. d/or their interests, and as to the attendance of Messrs. Brown, Y and Sutphin at directors/ meetings." r 13041. ,e, Pz.0 Letters dated Tuly 20, 1934, approved by three members of the t° aPPlicants for permits under the Clayton Act, advising of apt their as. aPplications as follows: atirford To. Martin, l'or permission to serve at the same time chtl :director of the United States Trust Company, Boston, Lassadirector of the Pittsfield-Third National Bank Pittsfield, Lassachusetts. ce a d100' Bennett, for permission to serve at the sane time as boxio tor of The l'irst National Bank of .iellsboroush, 00111q17)ennsYlvania, and as a director and officer of the Tioga 811vings Trust Company, ,,ellsboro, i'ennsylvania. 2254 7/21/34 -22.G. Carson, for permission to serve at the same time a director of The Arst National Bank of Wellsboroush, ljellsboro, .C,ennsylvania, and as a director of the Tiosa County Savings & Trust Company, ;;ellsboro, Pennsylvania. H. K. Crandall, for permission to serve at the srurn time as a director and officer of The Athens National Bank, Athens, Pen4sYlvania, and as a director of The Merchants and Mechanics National Bank of ;Jayre, Sayre, Pennsylvania. Mr• 2avid A. Keefe, for permission to serve at the same time as a director of The Athens National Bank, Athens, Pennsylvania, and- as a director and officer of The Lerchants and Mechanics 1Zational Bank of Sayre, Sayre, Pennsylvania. Idr • "D. a directorCraig, for permission to serve at the same time as of the Aodlawn Trust Company, Aliauippa, Pennsylvania, aria as a director of The First National Bank of Aliquippa, Aliquippa, Pennsylvania. ri.r. IT 41. B. Moore, for permission to serve at the same time as a director of the Vloodlawn Trust Company, Aliquippa, Pennsylvania, ejld as a director of The First National Bank of Aliquippa, AliqUiPpa, Pennsylvania. p. Moore, for permission to serve at the same time as a ,.I.rector and Officer of the 1Voodlawn Trust Company, Aliquippa, 411,111sYlvania, and as a director of The First National Bank of 4-quiPpa, Aliquippa, Pennsylvania. x. +. 4- 0. Ruffner, Jr., for permission to serve at the same ylrae „ Ali ' 19-4 a director and officer of the Woodlawn Trust Company, pirqiiTa, Pennsylvania, and as a director and officer of The t National Bank of Aliouippa, Aliquippa, Pennsylvania. (11,_ aa altrieS A. Cannon, for permission to serve at the same time Conoo rector and officer of the Cabarrus Bank and Trust Company, 1Tati;:4 North Carolina, as a director and officer of The Concord Ohaz1;:t Bank, Ooncord, North Carolina, and as a director of the lot, 44 ue branch of the Federal Reserve bank of Richmond, Chariiorth Carolina. La'. T1 a dia„ -r4.nnon, for peImission to serve at the same time as tow4,14°r The Hanblen National Bank of Morristown, Morris;',eilllessse, and as a director and officer of the Citizens Qlleedville, Tennessee. 4 dire,.' Ialters, for permission to serve at the same time as --"°r of The Famblen National Bank of Morristown, Morristown, 2255 v21/34 -23- m_ rennessee, and as a director and officer of the Citizens Bank, White Pine) Tennessee. Thad B. Lampton, for permission to serve at the same time as a director and officer of •the Capital National Bank in Jackson, ackson, Mississippi, as a director and officer of the Bank of Wesson, Wesson, Mississippi, and as a director of the lagnolia Bank, 1agnoli3., lIr. George C. Wallace, for permission to serve at the same time an officer of the Capital National Bank in Jackson, Jackson, s1seiPpi, and as a director of the Bank of Wesson; Tresson, Lassiesippi. T "S. Radney, for permission to serve at the same time as a and officer of The First National Bank of Ashford, Ilsh; °rd) Alabama, and as a director and officer of the Farmers and 4erehants Bank, Ashford, Alabama. 1 f;,3.• S. Williams, for permission to serve at the sane time as : `uxector of The First National Bank of Ashford, Ashford, Alafr d: : 1 1 4d1b8airsna !director of the Farmers and Merchants Bank, AshB. PS Young, for permission to serve at the same time as a or and officer of the Bank of St. Joseph & Trust Company, t.Xoseph) Louisiana, and as a director of the Britton and Koontz 1°11a1 Bank in Natchez, Natchez, Mississippi. 1dr. C. Glen as Beadenkopf, for permission to serve at the same time t0414 director of The Central National Bank of 7filmington, Ilua; 1 ;=zaE zd as a director of the Thompson Savings Bank, Ur m • Br„mi dire -.'°LJ-eY, for permission to serve at the same time as a lachctorA anu officer of The First National Bank of Evart, Evart, and as a director and officer of the Mecosta County State ca Mecosta, Michigan. 1111% X. Butler, for permission to serve at the same time as a44 rector of The First National Bnnk of Evart, Evart, Michigan, Rapi%=e=r . of the Citizens State Bank of Big Rapids, Big Mr. Walln„ 4 ail„:—e - F. Henry, for permission to serve at the same time as of The First National Bank of Evart, Evart, Michigan, alad- `Iireetor of the L]ecosta County State Bank, Lecosta, Michigan, 114ir a director and officer of the Citizens State Bank of Big 8 'BiG Rapids, Michigan. 2256 7/21/34 tiz. F. A. Foley, for permission to serve at the same time as a director and officer of The First National Bank of Rolls, Rolls, North Dakota, and as a director of The First National Bank of Cando, Cando, North Dakota. Lir. Is J4L- C. Hansen, for permission to serve at the same time as a director and officer of The First National Bank of Churchs Ferry, Churchs Ferry, North Dakota, and as a director of the Federal Reserve Bank of Minneapolis, Minneapolis, Minnesota. H. P. Johnson, for permission to serve at the same time as a director and officer of The First National Bank of Dickinson, Dickinson, North Dakota, and as a director of the Union Bank of Dulan Center, Dunn Center, North Dakota. Herman Leutz, for permission to serve at the sane time as a :director and officer of The Security National Bank of Taylor, Taylor, North Dakota, and as a director and officer of the Union Bank of Dunn Center, Dunn Center, North Dakota. Dr, A 1,Tachtwey, for permission to serve at the same time as a director and officer of The First National Bank of Dickinson, Dickinson, North Dakota, as a director and officer of The Liberty NaBank of Dickinson, Dickinson, North Dakota, and as a director Of the Union Bank of Dunn Center, Dunn Center, North Dakota. T• A. Tollefson, for permission to serve at the same time as and officer of The First National Bank of Dickinson, Dickinson North Dakota, and as a director and officer of the Union 8424k of Dunn Center, Dunn Center, North Dakota. R. M. Watson, for permission to serve at the same time as a ldirector and officer of the First National Bank in libbridge, Noge, id -! South Dakota, and as a director of The First National Bank Of Groton, Groton, South Dakota. Approved. There were then presented the following applications for changes in stomp. —4 of Federal reserve banks: Zet lieeti°4 for ORIGINAL Stock: rict No. 7 Peoples National Bank of Cambridge, 4111bridge, Illinois Shares 36 36 2257 7/21/34 -25-for ADDITIONAL Stock: P.1.1'ti....SIN°* The 7' National Bank in troliet, 111111015 die First National Bank of Iowa ,Iowa City, City, Iowa Ilate National Brookville Bank, 13roolcville, Indiana Port Wayne National Bank, Port Wayne, Indiana Central National Bank & Trust Co. of Des en3oillee$ Des Moines, Iowa. --aullnity Nati onal Bank of Pontiac, Pontiac, Michigan District No. The 10* First, Na.tional Bank of Huzoton, Th Elligoton, Kansas _Callaha National 'Bank, u°184e$ Nebraska -46 PoUrth National Bank of Tulsa, Tulsa, 01lahoina District No. 12. The Temple National Bank, TamPle City, California .1) 6 6 3 3 450 2 Approved. 470 7 15 30 4 Total A 1= 44.ca.tions for SURRENDER of Stock: &strict No. 3* Tile See°nd 'iiational Bank of Allentovrn, Allentown, Pennsylvania Pirat National Bank e': Trust Co. of Easton, Th!4,8ton$ Pennsylvania - burnside National Bank, B side, Pennsylvania District No. The 9. National Bank of Grey Eagle, Grey Eagle, Minnesota District l'ile CitizNo. 1'ens National Bank of Brownwood, .,, trotn.Wood, Texo.s. liaske11 National Bank, 11a3kell, Texas Shares 52 4 526 120 120 36 276 18 18 120 GO Total 180 474 2258 7/2v34 -26- Thereupon the meeting adjourned. )- 1() Secretary. 4131)rov utive committee.
@FedFRASER