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1484 A meeting of the Executive Committee of the Federa l Reserve Board was held in Washington on Wednesday, June 26, 1935, at 11:30 a. m. PRESENT: Mr. Mr. Mr. Yr. Eccles, Governor Miller James Szymczak Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary There were presented two memoranda dated June 15, 1935, from 14% 'TA -las submitting a letter dated June 14 from Mr. Strate r, Secretary tha Federal Reserve Bank of Cleveland, to which was attached a plan 414)tc'ved by the board of directors for the curtailment of salary expendit448 hY the bank. The first memorandum stated that the plan incorp orates a schedule or di . malssal wages which provides for the continuance of the salaries e 111110Yee5, after their services are terminated, for a period , depend1.11g u 13°4 the length of service, up to a maximum of six months for ern, 11°Ye erl who have been in the service for more than five years; that the ith a "ntemplates a reduction in the bank's staff of 106 employees with 44111k1 saving in salary payments of approximatel ;3164, y 000; and that t4 4,41 °lint involved in the dismissal wages provided in the plan is ap( 414at Itr e-4 Rittl 420,000. The memorandum further stated that a study of the ttrik hild a personal interview with the officers and directors of the caused Mr. James to reach the conclusion that the subject had PProached in the right spirit and that the plan promises the most iktietti et(lrY solution of the most vexatious problem that he had yet seen. 114 in "1°1'aridum contained a recommendation that if the legal department mle that it would be desirable to do so in order to make the payment 1485 6/26/35 -2" he dismissal wages proper and legal, the Board give approval to the Proposed payments which would be made within the discretion and 4tith°1'ity of the board of directors of the Federal reserve bank. The second memorandum stated that 14r. Jamecz does not feel that the P1411 proposed by the Cleveland bank is adequate to take care of elnPio Yees of advanced age who have been with the bank for a long period or +4 ' Ills and who are separated from the service through no fault of their N that he believes that such cases require special treatment in in44144a1 cases; and ternora ura covering hd bee u circulated Nle 191 1935, from that he expects shortly to present to the Board a this matter. There was attached to the file, which among the members of the Board, a memorandum dated Mr. Vest, Assistant General Counsel, stating that, 17141e the subject is not entirely free from doubt, it is believed that tilec°11rts would uphold the legal authority of the Federal reserve bank t° 11144 PaYments of dismissal wages as contemplated in the plan. In connection with a discussion of this matter, Governor Eccles 411geq that authority should be given to other Federal reserve banks t0 tqy the dismissal wages and it was agreed that the policy followed by 1.°us banks should be substantially uniform. Mr. Miller expressed the view that in the interest of the effi- be arid economic operation of the Federal reserve banks a policy should ted of compulsory retirement of employees who have attained the °r 65 1111)1°Yee unless there is unanimous agreement of the directors that an should be retained and his retention is approved by the Federal 1486 64/z5 Ileserve Board. Mr. James stated that he felt the schedule of dismissal wages submitted by the Cleveland bank should be approved with the understand— that the matter would be reviewed by the Board in six months to deter • mine to what extent, if any, the approval should be modified. At the conclusion of the discussion, Governor Eccles suggested that the Board authorize all Federal reserve banks, upon appropriate affirmative action by the boards of directors of the respective banks, to pay salary at the current rate for a period up to a maximum of six months to employees whose services are terminated by the bank, it being understood that the maximum of six months' salary may be allowed only to employees who have served five years or more and that the salary allowance /or employees who have served less than five years may be for a lesser period bearing some reasonable relation— ship to the length of service. Governor Eccles' suggestion was unanimously approved. It was Pointed out that on December 26, 1954, the Federal Reserve Board addressed a letter to all Federal reserve hanks authorizing them to make such additional contributions as may be necessary to bring the retire— ment allowance under the retirement system to employees retiring at or after age 65 up to an amount not to exceed kr480 per annum, and it was agreed that the authority to Pay dismissal wages should be in addition to the authority contained in the Board's letter of December 26, 1954. Governor Eccles suggested, and his suggestion was concurred in by the other members of the Board, that the Bcard should be prepared to make recommendations to the governors of Federal reserve banks at a Governors' Con— ference to be held in the Fall, with regard to compulsory retirement of employees of Federal reserve banks along the lines suggested by Mr. Miller. In this connection, it was requested that there be obtained a list of the names, positions occupied, and ages of all employees of Federal reserve banks who are F!87 6/26/35 -465 years of age or over, together with a list of the names, positions occupied, and ages of employees of Federal reserve banks who have already been retired. Governor Eccles referred to the recommendation made by Messrs. 844d, Chief of the Division of Bank Operations, and Goldenveiser, 44etor of the Division of Research and Statistics, which was conside4d at the meeting of the Board on May 22, 1955, that there be published th the text of the weekly statement of condition of Federal reserve banks 411 estimate of excess reserves of member banks, and there was read a tele, Gram received from the Federal Reserve Bank of New York under date Or it- 414.Y 24, 1935, setting forth reasons why it is believed that a weekly estilli4te of excess reserves should be made availoble to the public and At44 g that the inclusion of such an estimAte in the text of the weekIv atiltement of condition of Federal reserve banks would be effective in t1141€ng timely and accurate knowledge of these figures to public attentiett qoreir Governor Eccles stated that he had discussed this matter with Harrison when the latter was in Tashington recently and that Qover la°1 'Harrison felt that if the weekly estimate were not given out b "Pera and others would make their own calculations which might be '41'1 i 4aocurate and that, therefore, the publication of an accurate estikt e --s a constructive step. Mr._ Miller expressed the opinion that the estimate should not be 4 in the text of the weekly statement and should not be given out Nrthe thoilaci Pederal Reserve Bank of New York, but that if it is published it be given out by the Board and not by the New York bank. 1488 6/26/3s -5Governor Eccles suggested that the recommendation contained in the memorandum from Messrs. Smead and Goldenweiser be approved in order to remove any necessity for speculation on the part of the public as to th amount of excess reserves. Governor Eccles suggestion was put to vote, the members voting as follows: Governor Eccles flayen Mr. James "aye" "aye!" Mr. Szymczak Mr. Miller "no" Inasmuch as the vote was not unanimous, action on the matter was deferred until the next meeting of the Board. Governor Eccles referred to the resolution passed by the Senate Nterday extending for one year the temporary insurance provisions of 8ecticni 12B of the Federal Reserve Act and stated that there is a possi- that the resolution will not be agreed to by the House, and that the Permanent insurance provisions may go into effect on July 1, 1935. th is connection reference was made to certain State member banks on /41teh there was question as to whether or not the Board would be able to e el'tifY that the banks' assets were adequate to enable them to meet ot 6fleir liabilities to depositors and other creditors as shown on the booke of the bank. ilrs Clayton referred to the unsatisfactory condition of banks 141A, b_ 44ktik of uor, Michigan, and particularly to The Farmers and Mechanics Ana Arbor which is a member of the Federal Reserve System. He ettited that the Division of Examinations had recommended that the membekrik not be certified as having assets adequate to enable it to meet 1489 6/26/35 -6- 44 of its liabilities to depositors and other creditors and that this recc)ramendation presented the question whether the Federal Reserve Board 14)tild be justified on any grounds in making a favorable certification, Illtrtieularly in view of the fact that one of the banks in Ann Arbor is Ilot Et member of the Federal Reserve System but is a member of the temporary „(1 f\114• automatically will become a member of the permanent insurance He stated further that there is an agreement between the Federal Depos, It Insurance Corporation and the Reconstruction Finance Corporation to rrp, ' Qeeed with the merger of the member bank and two other banks in Ann krbor if and when the Banking Bill of 1935 is passed authorizing the kler41 Deposit Insurance Corporation to purchase bank assets. Mr. Claytort , -L80 pointed out that if the permanent insurance provisions of Sectioll 28 go into effect and the member bank is not certified, insurance Its dePosits will cease on June 50, 1935, and that the officers and cl4Bet °-8 of the bank have not been advised that the bank will not be 4rtifi -eu. It was stated in this connection that the bank's directors ttki the State authorities have known the condition of the bank for a 1,„e tUne and that there have been almost continuous negotiations by the eserve Bank of Chicago with the Reconstruction Finance Corporathe Federal Deposit Insurance Corporation looking toward the reNEttizA4. of the bank but that no plan had been agreed upon. During the ensuing discussion it was agreed that it was not the responsibility of the Federal Reserve Board to notify the Farmers and Mechanics Bank that the Board is unable to give it a favorable certification and that the Board should take no action to that end. It was agreed, however, that Mr. Paulger, Chief 1490 w26/35 -7-of the Division of Examinations, should advise the Federal Deposit Insurance Corporation informally of the Board's position in the matter. The memorandum dated June 24, 1935, from the Division of Exam, °as with regard to the certification of The Farmers and nechanics 4tilt n p -4 Ann Arbor stated that the Federal reserve agent had advised thEtt °11 the basic of the examination of the bank as of February 19, 193s / 46 was not in a position to make a favorable recommendation for t4 c ertification of the bank for membership in the permanent deposit 1441., encs fund. The memorandum stated that on the basis of estimated 1088„ "and depreciation in securities the bank has a deposit impairment °t i270n ,u00 and that the chief examiner for the Federal reserve bank 1141 8/4-, -"-Lsed on June 24, that the classifications in the report had been libe, ' :411 and that he felt quite sure that there had not been sufficient in the condition of the bank since the examination to warrant a 4041011 "dation that the bank be favorably certified. The memorandum rezctm encled that the member bank be not certified to the Federal Deposit -4"e Corporation as having assets adequate to enable it to meet all iabilities to depositors and other creditors as shown by the booke 0t, ?titierta the bank unless the Reconstruction Finance Corporation or the Deposit Insurance Corporation gives a binding commitment which Cei nsidered an asset for the purpose of certification. The recommendation was approved and the Secretary or an Assistant Secretary was authorized, upon receipt of a proper request from the Federal Deposit Insurance Corporation, to execute a certification to the Federal Deposit Insurance Corporation that, upon the basis of a thorough 1491 6/26/35 examination of the member the bank are not adequate all of its liabilities to creditors as shorn by the bank, the assets of to enable it to meet depositors and other books of the bank. There was then presented a memorandum dated June 22, 1935, from the °ivision of Examinations, stating that on the basis of the report Of elcalaination of the Savings Investment and Trust Company, East Orange, 114 Jay. —8eY, a State member bank, dated April 272 19352 there is a deposit iliP44111ent after the elimination of estimated losses, doubtful assets 6.41 A ' ePreciation in securities, of '94,000, but that notwithstanding the 111184tisfactory condition of the bank it is believed that an affirmative cellification is warranted on the basis that there should be sufficient solirld value in the 0756,000 of doubtful assets to more than cover the cleksit impairment. The memorandum recommended that upon receipt of a %est fl'om the Federal Deposit Insurance Corporation an affirmative 4rtitic8.tion of the member bank be given. The memorandum also stated til4t the Federal reserve agent had recommended that the bank be favorably %titled. Governor Eccles expressed the opinion that the Board would be allbieet to justified criticism if it refused to certify the bank as he 41t thkt the bankts assets are adequate tocleositors to meet all of its liabilities and other creditors. It was pointed out that ordinarily 41-ttLer3 estimate a recovery of fifty per cent of doubtful assets, and, tlIthts e°411eotion it was stated that the Board had been advised int°114114 'that the Comptroller of the Currency was not deducting doubtful 4eeeta 1.4 connection with the certification to the Federal Deposit 1..492 -9Corporation of national banks. Governor Eccles said that he had 1, -Elea advised that the member bank had made application to the Reeons truction Finance Corporation for the purchase by the corporation of tlan , '-v)000 of preferred stock; that the application was to be acted upon "he meetin2 of the directors of the corporation this morning; and that 4. J. 11e32 Chairman of the Corporation, had made a commitment to Governor tee' e8 to purchase 0_1000,000 of preferred stock of the bank in addition t)t, -4e 0-A500,000 of preferred stock already held by the corporation. Va.. Miller moved that the Secretary of the Board, or an Assistant Secretary thereof, be authorized, upon receipt of affirmative evidence that the Reconstruction Finance Corporation had committed itself to purchase at least i'A,000,000 of additional preferred stock in the bank and upon receipt of a proper request from the Federal Deposit Insurance Corporation, to execute a certification to the Federal Deposit Insurance Corporation that, upon the basis of a thorough examination of the member bank, the assets of such bank are adequate to enable it to meet all of its liabilities to depositors and other creditors as shown by the books of the bank. Carried. Nitt A letter had been received under date of June 24, 1935, from the 41 Reserve Agent at the Federal Reserve Bank of New York with re- k4 t° the Savings Investment and Trust Company, East Orange, New Jersey, hiCh it was stated that the agent did not see how a favorable etdation could be made with regard to the certification of the 4kt AzIlloY Trust Company and The Raritan Trust Company, both of Perth Y, tolgo *'w Jersey, unless their capital could be supplemented which be done only by the purchase of preferred stock by the Reconstruction 1493 6/26/s5 -10lice Corporation as there was no possibility of raising the funds 4e411Y. The letter also stated that it is understood that both trust e4nles had made application to the Reconstruction Finance Corporation FOXYpreferred stock; that the examination of The Raritan Trust C1410-vc4W as of February 6, 1955, showed net capital funds of i441000 414 dolabtful assets of 0_60000, but that the agent felt obliged to take tto -ecount the frozen condition of the bank's assets, the heavy bills P4YEtble, and the fact that the trust company is operating at a loss of 4b°11t a6,000 a year, all of which, taken together, make it appear very 401bt that the assets of the trust company are adequate to meet its Recommendations from the Division of Examinations with re414 to the certification of the Perth Amboy Trust Company and The RanzYuat Company had not been received and no action was taken by the kazd on the matter. Mr. Morrill submitted a memorandum addressed to the Board by Mr. qolde 417eiser, Director of the Division of Research and Statistics, under 4te ' r 'Tune 25, 1935, to which was attached a memorandum describing 111 "white collar" projects under the Works Relief Program in which is interested; stating that it is believed that the prospect to tailling information that will be useful to the Board is sufficient 'tiry a certain amount of exploratory work which would not involve 't outlay for the Board, and proposing, if the Board interposes lk 0154 4ction, to explore these projects further and prepare for the " onsideration definite applications for allotments for funds c 444(* 44 Works Relief Program. 1494 6/26/35 -1114r. Miller stated that when the matter referred to in the memo- r4t44m was first brought to his attention he was inclined to the opinion that it was not the type of activity in which the Federal Reserve Board should be interested, but that, upon further consideration, he concurred 11411 It Goldenweiser that the information which would be made available t4°11gh studies of bank statistics may be useful to the Board, and that i'rthe Division of Research and Statistics reaches the conclusion that studies could be made, he would favor the authorization of the 1411Paration by the Division of applications for allotments. After a brief discussion it was agreed to authorize the Division of Research and Statistics to make a further study of the matter and, if it should be decided that studies should be made under the Works Relief Program, to submit a recommendation to the Board. Szymczak referred to the resolution adopted at the meeting . Nterd —ay with the representatives of the Industrial Advisory Committees "ding that the Federal Reserve Board make an early study of the keibi litY of furnishing to worthy industries such permanent capital kg the judgment of the Board may be required. He stated that he was iu ' 44114 °Pinion that any study looking toward meeting the needs of small 44111eb.: 1?14 'Les for permanent capital was outside of the province of the eral Reserve Board or the Federal reserve banks and could not be c4413"ered as a function of the banks under the emergency industrial 444 Etilthority contained in section 13b of the Federal Reserve Act, and tlIkt ott 14 his opinion the suggested study should not be made. He then elle° ths following resolution for the consideration of the Board: 1495 6/2e/35 "WHEREAS, it has been proposed by a resolution adopted by the Chairmen of the Industrial Advisory Committees of the Federal Reserve banks at bashington, D. 0., June 25, 1955, that the Federal Reserve Board make a study of the problem of furnishing permanent capital to worthy industries; and "tHEREAS, it does not appear appropriate that the source of such funds should be the Federal Reserve System, organized fOx' other specific purposes; and "tHEREAS, it does not appear that the Federal Reserve Board is the agency that should undertake, on its own initiative, a survey to determine how funds may be provided to suPPly the fixed capital needs of small industries; "NOW, THEREFORE, BE IT RESOLVED, that the Federal Reserve Board do not undertake such study at this time and that the Board notify the Industrial Advisory Committees accordingly . "BE IT FURTHER RESOLVED, that the Federal Reserve Board, taking this action, desires to express to the Chairmen of "le Industrial Advisory Committees the appreciation of the _3014.2d of the spirit of helpfulness and cooperation in which 'their resolution was adopted." r. James stated that he felt there was some merit in the sug68ti°14 contained in the recommendation of the representatives of the 111(443tIla1 Advisory Committees and that it had occurred to him that a INiesa step for the Federal Reserve System to take in the event the Bill of 1935 is passed would be to look into the matter of tat411,144illg tki sto(0, the the financial status of small local industries the capiof which is not listed on any exchange on the basis of which /494a value of the stock could be determined. He said if that were 404 and the information made available to investors it would be of kteri , assistance to the small industries in obtaining needed capitiq 1.111118 and would be helpful in opening up the local capital market. Mr. James' suggestion was discussed in some detail and at the conclusion of the discussion Mr. Szymczak moved that the resolution offered by him be adopted. Carried. 1496 866/35 -13Mr. Miller stated that he was planning to leave next Tuesday rpr4 period of a week or ten days and that as soon as the architect beppi 8 work on the final drawings for the Board's new building he ex- Pected to leave for California. He also stated that in the preparation "he preliminary drawings for the Board's new building the question 1144 been raised as to the advisability of providing for shower bath flieja4 'ties in connection with the men's toilet on the Board room floor •th e use of the Board members, in the basement in connection with the toil ' e rooms for men, and in connection with the men's and women's toilet 8 on the top floor. The members present indicated that they felt that provision for these showers should be made. Ur. Miller then stated that the architect had suggested that the etter walls of the two courts of the new building should be of the a ta kind of marble as the other exterior walls but of second grade kterio which is as satisfactory for building purposes as first grade ' krbi The members present agreed that the architect's suggestion should be followed. Mr. Miller also said that it has been found that it will be 8-17 to place the building three feet further south than was orig1414 contemplated in order to provide for the necessary clearance on t em, that this proposed change is being considered by the Commission 411. .Arts and that it is expected that approval will be received 44°.ztly. 1497 6/26/35 —14— Governor Eccles stated that he had requested the Legal Division t°9)7eilare tentative drafts of regulations of the Federal Reserve Board which Aill be required if the Banking Bill of 1955 is passed, and to be Nare d to submit them to the Board so that as soon as possible after the 1,„ '4.11 passes the Board can forward the drafts to the Federal reserve 408 for *A their study and recommendation with the thought that the regu— can be adopted in their final form possibly sometime during SePtember. The Committee then acted upon the following matters: Telegram from Mr. Curtiss, Chairman of the Federal Reserve Bank or 130 ston, tic) eh n advising that, at the meeting of the board of directors today, Was made in the bank's existing schedule of rates of discount 441 PlI chase. Without objection, noted with approval. Memorandum dated June 22, 1955, from Mr. Morrill submitting a I tte dated June 19 from Dr. Barr, the Board's examining physician, '41tch 4 dvised that he will be away from Washington on vacation during 111 °Ilth of July, and recommended that the Board use the services of • C. Chadwick, with whom Dr. Barr is associated, for any physical t).J3.141. - 114tions of employees of the Board that may be necessary during his 413 - et1e. • Mr. Morrill's memorandum recommended that the Board authorize • chm Qwlck to make such physical examinations of prospective employees the me _ e r d ral Reserve Board as may be necessary during the contemplated U r e Dr. Barr, the fee for each examination to be 5.00 which is 1498 6/26/35 -15the tee paid Dr. Barr. The recommendation was approved by four members q the Board on June 25, 1935. Approved. Letter dated June 24, 1935, approved by three members of the 15k114 'to Mr. Case, Federal Reserve Agent at the Federal Reserve Bank tNeW York, reading as follows: "Reference is made to your letter of June 19 in which you , equest approval of the transfer of an employee from another "Partment of the bank to replace Mr. Etcheverry, whose emPloyment by the Federal Reserve Bank of San Francisco was apPl'oved by the Federal Reserve Board on June 18. In the cir! luastances, the Board approves the proposed transfer to fill e vacancy in your Reports Department at a salary not in exa8 of that paid Mr. Etcheverry." Approved. Memoranda dated June 22, 24 and 25, 19350 from the Division of t441,44143 %dons stating that the Federal reserve agents at the respective MET_ ' 41 reserve banks had recommended, on the basis of thorough examina48s that, in accordance with the provisions of Section 12B(e) of the Net_ Reserve Act, the Federal Reserve Board certify to the Federal 11°84 bl4ate 14 _nsurance Corporation that the assets of each of the State member sted below are adequate to enable the bank to meet all of its 114bilit1ee to depositors and other creditors as shown by the books of 44 11411 the ks 441 u4ei tho. The memoranda also stated that the reports of examination of listed had been carefully reviewed in the Division; that, on of such review, the Division concurs in the recommendations of 'I reserve agents; that in the opinion of the Division there is 44a '4°1114 that the condition of each of the banks listed is such as to warrant 1199 6/26/35 —16.- 411 Lifirmative certification; and that it is recommended that, upon l*eeeiPt of a request from the Federal Deposit Insurance Corporation, the Board, pursuant to the provisicins of Section 12B(e) of the Federal lerve Act, and in accordance with the procedure suggested in the 411'°randa presented at the meeting on June 24, 1965, certify upon the hapti a thorough examination that the assets of each of the banks liated 4re adequate to enable it to meet all of its liabilities to (leP°81tors and other creditors as shown by the books of the bank; Name of Bank Location DISTRICT NUMBER 6 (ATLANTA) Northeastern Banking Company Commerce, Georgia I'lltrtnlers State Bank Lincolnton, Georgia -"e F armers Bank Wionroel Georgia kreainah Bank and Trust Company Of Savannah, Georgia Savannah County Union Bank Greeneville, Tennessee DISTRICT Ni MBER 4 (CLEVELAND) The First-Central Trust Company Akron, Ohio APPle Creek Banking company Apple Creek, Ohio Tile Peoples State Bank Company Archbold, Ohio Aahland Bank and Savings Th e°1aParty Ashland, Ohio Th:!:!rzers Bank of Bellville,alio Bellville, Ohio 111-Qr eeksville Bank Company Brecksville, Ohio ?e°Ples Bank Company Canal Linchester, Ohio 111;Cominercial Bank Company Celina, Ohio -„krmers and Merchants Bank ‘j°n1Pany Christiansburg, Ohio Central Trust Company Cincinnati, Ohio Pe°Ples Bank and Savings 1mPa/1y Cincinnati, Ohio eT'ovident Savings Bank and 1:,11.st Cincinnati, Ohio Company '011thern Ohio Savings Bank T1:1,11(1 Trust Cincinnati, Ohio Company o°vrilon Banking Company of '41111obiana County Columbiana, Ohio % Date of Examination 6/4/55 6/1/35 6/6/35 5/105 11/15/54 11/164 1/16/35 12/10/34 2/25/35 102.54 1 5/15/55 2/27/35 4/1V35 3/27/35 10/V54 12/10/54 10/1/64 12/10/34 2/6/35 1500 6/2e/35 -17- Date of Examination Location Th6t, DISTRICT NUMBER 4 (CLEVELAND) th CotilpanyAvenue Savings Bank 12/15/54 Columbus, Ohio Federal Reserve Agent recommends certification on basis of report of examination as of 5/20/55, which report has not yet been received by the Board. Citizens BankinZ and C°111Pany Czlying° Conneaut, Ohio 10/27/34 Corineaut Banking and Trust C13zPariy. Conneaut, Ohio 5/6/35 %Cortland Banking Savings and 1.6`1°111Pany 10/27/54 Cortland, Ohio 41: P,eopies Bank & 12/i/64 Trust Company Coshocton, Ohio ','°1111ercial and Savings Bank °raPaalY 4/5/35 Danville, Ohio Vioel'e.i.al Bank 4/6/55 Delphos, Ohio 111,'60Ples Bank of Delphos 4A/55 Delphos, Ohio TCP(Att's Bank & Trust Company East Liverpool, Ohio 2/25/65 Panyette State Savings Bank v eiN°111 4/27/35 Fayette, Ohio 44.„ 86-villgs anu Trust ComPanY Geneva, Ohio 1/21/35 .0.---4-1-t-lboro Bank and Savings i4"(4496.ny 4/10/35 Hillsboro, Ohio pvOrn ait ,L?'enS Bank and Savings p-mtj'allY of Leesburg 4/13/35 Leesburg, Ohio e-4trners State Bank of Lyons,0.Lyons, Ohio 4/30/35 t,-'''izens Bank of 5/8/65 Madison, Ohio L'Iadison Co' Savings and Trust 11Pany !kr 2/25/35 Mansfield, Ohio No Banking 10/51/34 Marengo, Ohio Company Federal Reserve Agent recommends certification on basis of report of examination us of 5/29/551 which report has not yet been received by the Board. e°Ples Savings Bank Company Martins Ferry, Ohio Federal Reserve Agent recommends certification on basis of report of examination as of 6/6/55, which report has not yet been received by the Board. Yaville-Commercial Bank Marysville, Ohio Federal Reserve Agent recommends certification on basis of report of examination as of 5/20/35, )1 which report has not yet been received by the Board. 01,, t-! 4r8 'qe,l,alson Bank 3/30/65 Eason, Ohio L4erchants Trust Company L:lassillon, Ohio 7/20/34 Bank admitted to membership November 20, 1964, on basis of report of examination of July 20, 1934. Federal Reserve Agent recommends certification on basis of State report of examination of December 11, 1964. ki jean Trust & Savings 4/6/35 Middletown, Ohio .014,ip,Q1" State Bank 4/10/35 Minster, Ohio <J. ells Bank of Mt. Blanchard Mount Blanchard, Ohio 4/24/35 e.; 101 1501 6/26/35 -18- Date of il ize of Ba.nk Examination Location DISTtiICT NUMBLA 4 (CLEVILUID) TheK, 4/9/35 U,ount Vernon, Ohio The Li. "°',, County Caviizs Bank erill-', County Bank 12/15/34 Newark, Ohio Federal Reserve Agent recommends certification on basis of report of examination as of 5/20/35, Them which report has not yet been received by the Board. , ie n,, r., thel, -,-,. 2/4/65 'rust Company Newark, Ohio 'err'Y County Bank12/15/34 New Lexington, Ohio Federal Reserve Agent recommnds certification on basis of report of examination as of not 5/203,The the Board. N_ which report has yet been received by 11. ;.,`krrville 1/12/35 Savings Bank Orrville, Ohio e' : oa. 41ers Bank and Savings ..,. 111 CRTP4 4.4.11Y of Pomeroy, Ohio 3/05 Pomeroy, Ohio 1/22/35 Rittman, Ohio Savings Bank 1 Th-1°I falssellville 4/2/35 Russellville, Ohio Thpe ,.`°' 41c. Banking Company 4/13/35 St. Marys, Ohio Th- Nest ern Secur'ay Bank 1/21/35 Sandusky, Ohio III !Citizens Bank 1/12/65 Shelby, Ohio Th Shiloh ' Savings Bank Company 1/16/55 Shiloh, Ohio he Conimeroe 2/4,/35 Guardian Bank Toledo, Ohio ri,',° Cltizens Trust Company 11/19/54 Toledo, Ohio Th ;To.Ledo Trust CompanY 1/28/55 Toledo, Ohio Th: ica Savings Bank Company 2/25/35 Utica, Ohio ke r'e°Ples Ohio Savings Bank Van Vert, 4/20/35 1'4 Th4tkeman Bank Company 11/3/34 Wakeman, Ohio T11 'plrst Wellinzton 2/2/35 Wellington, Ohio Bank " pv°zamercial Banking & Trust Th 1)?aPairi 1/12/35 Vooster, Ohio :11.416urd.. Deposit 3/26/35 Ohio Bank Springs, Yellow CompanyD Qr of Ambridge 7/16/34 Pennsylvania Ambridge, stim*zit S avings & Trust Company 2/11/65 Dormont, Pennsylvania Savings & Trust Peo4tePittsburrih „ °41PEtriy East Pittsburgh, Pennsylvania 1/25/35 4, l'4.eZ Citv eEbiterBank 4/20/35 McKeesport, Pennsylvania z,e,,, County New Brighton, Pennsylvania Trust Company3/19135 .411 . and Paint Borough,(Scalp Level P.O.), Miners Bank 1/5/55 Pennsylvania 5/27 /35 Pennsylvania Pittsburgh, Company he 1.V. Valley BankofPittsburghPittsburgh, Pennsylvania 1/23/4 ok-'3.4-onial Trust Company 4/23/35 Pittsburgh, Pennsylvania 111441e(t e'U-th Trust Company 1/19/35 Pittsburgh, Pennsylvania ' Bank at 10/20/54 Pennsylvania Pittsburgh, Pittsburgh ?10'3 RQs_p. t?tter .ittsburgh Trust Co 2/11/55 Pittsburgh, Pennsylvania : Nb,,,e and Trust Company 3/30/35 Pittsburgh, Pennsylvania c4t'TrIlst 1/5/35 Pennsylvania Windber, Company 12/15/34 Bank It-.%111'Ie 8 Sistersville, host Virginia 'and Trust Company ?ktual Trust Company 12/11/54 Wheeling, West Virginia 1111:"prust 12/7/34 Wheeling, West Virginia Company 14" Dollar Savings & Trust Co. Aeeling, Lest Virginia 12/3/54 h 1_502 V26/35 -1°- Naze of Bank Location eD----------DIOTAICT (SAN FRANCISCO) NUMB ER 12 11 ,Alckeye Valley Bank Arizona Buckeye, e. Sola,.Bank r, of Carmel Carmel, California -4) '-'011nty Bank Fairfield, California ikti e„ Grand Bank Le Grand, California -i.er's and Merchants Bank of co'f)ng Beach Long Beach, California '`'tornia Bank Los Angeles, California e 1tra..1. Bank of Oakland Oakland, California 'Izens Commercial Trust, 411(1 Savings Bank of Pasadena. Pasadena, California sri, 4t Trust and Savings Bank of sn A Lkena ,,04+ , Pasadena, California wereY Count, Ater; r List & Savino Salinas, California oBankRnn kmej'e41.1 Trust Company L;an Francisco, California Cit71,°I San Rafael San Rafael, California 'ells State Bank Santa Paula, California of Santa Paula kitt Aberdeen Aberdeen, Idaho kr 4e County Bank Arco, Idaho Security Bank of Idaho Boise, Idaho L'irst State Bank of Kellogg Kellogg, Idaho ic4,0f Orofino Orofino, Idaho '1state Bank Richfield, Idaho 4C11"-1,4-11-ere Company, Bankers Soda Springs, Idaho ' Ells Bank & Trust Company Twin Falls, Idaho 414 c't Albany Albany, Oregon ti4: Bank Dallas, Oregon c41.tt-1-4SS and Josephine Bank Grants Pass, Oregon itainea Haines, Oregon t,11G`r'tZT Bank of Eyrtle Point Myrtle Point, Oregon A, ,c1-111g & Co. Bank Oakland, Oregon tkrilt-''selarity Bank Brigham City, Utah c:'r Southern Utah Cedar City, Utah EAlraim Ephraim, Utah ockt4;ler State Helper, Utah Bank ,Itlif,'„ce-riking Company Kaysville, Utah ',oktn;hv9.1ey Banking Company Logan, Utah Arb `eltti. ot Lh, Security Bank Ogden, Utah sn% "'erY Bank Price, Utah pr,qtatr,e,e-nd Merchants Bank Provo, Utah .1i).ite Bank Ba of Salina Salina, Utah 1,.'tqfoari and Trust Company Salt Lake City, Utah 1,11k & Salt Lake City, Utah e ckink& Trust Company e try-iat, t Salt Lake City, Utah Company ..?t" Spanish Fork Spanish Fork, Utah RA Bank of Spanish Fork Spanish Fork, Utah c'ttree -Q] Banking Company Springville, Utah Vernal, Utah ;tiate Lank Vernal, Utah Stb-te Bank Almira, Vtashington hre,Valley Bank Cashmere, V,ashington —'obcon Bank & Trust Co. Chehalis, tsashington 1 4 S N trik! Date of Lxamination 10/18/34 2/11/65 1/10/35 5/25/55 2/26/35 11/23/34 L/28/55 4/5/35 5/11/65 1/14/55 10/10/54 4/22/55 10/2/54 5/16/55 5/18/55 6/30/35 5/6/35 5/18/35 5/21/35 5/11/35 1015/54 1/7/35 1/2/35 1/25/55 4/15/55 1/26/55 1/21/55 10/4/54 11/15/54 11/20/34 5/7/35 1/9/35 2/1655 5/4/35 1/2/55 1V19/54 11116/54 3/6/35 2A/55 5/18/35 1/15/55 12/7/54 12/5/54 10/29/54 10/31/54 5/1/35 3/16/55 2/2/55 1503 6/26/$5 —20-of Ba.nk DI0ThICT NurattLa rellrity State Bank, Coulee City 1,1,44 Pariners Bank klak of Hoquiam p'4'ama. State Bank v°111itz Valley Bank, Kelso, itgton State Bank of LaCrosse c'414'4454 State Bank State Bank 4kulip State iof RosaliaBank -cal)t,es Bank and Trust Company 1-"'.1e Trust Company P4'411 State Bank lfie Stat SPoeita Bank -Ile and Eastern stern TrustmiCv I! ompany 1011Washington Trust Company State Bank ?a: Traders Bank kiltrs State Bank of Uniontown '414. Valley Bank -tktf b_ 4',Catk of Wilbur Z8: DISTRICT NUMBER sank & Trust Company Bank and Trust Company Batik & Trust Co. ki.7.1Vorthen Company 4'14.1ott State Bank Qiew State Bank tOyi kilk of SteeleviLle Barik and Trust Company PIC:4erts Ban k 44,7;',tert3 Bank and Trust Company .'1,QkY Title Trust Company Ihz"-irt Bank and Trust Company 44d'°1-lisville Trust Company County Bank ,4tNState Ba 0f Clinton 444, 'tank of Farming ton "14 PA„ 8.aviwYs b Bank -4:111Grs & Merchants Bank & Zq1111.1,,,st Itkl'tq% Company County State P Bank Ptr. 1,'Y Bank A 0 State Rank of ,,,lapiertood illth4h(4i 14eziphis. ?141, ?o 8ank and Trust Company PiJklidy Bank „ State Bank I kl' 4 ' 41 Bank rik and Trust Company Location 12 (SAN FRANCISCO) Coulee City, Washington Ellensburg, Washington Hoquiam, Washington Kalama, hashington Date of Examination 3/19/35 2/23/35 3/30/35 4/9/35 Kelso, Washington Lacrosse, Vyashington Pullman, Washington Puyallup, Washington Puyallup, Washington Rosalia, aashington Seattle, Washington Seattle, Washington Selah, Washington South Bend, Washington Spokane, Washington Spokane, '!,ashington Tekoa, Washington Toppenish, Washington Uniontown, Washington Wenatchee, Washington Wilbur, 14ashington 3/2/35 1/23/35 5/15/35 4/22/35 4/13/35 1/26/35 11 / ./7/34 1 2/35 5/28/35 2/26/35 12/3/34 10/1/34 5/8/35 2/27/35 1/30/35 3/9/35 4/27/35 8 (ST. LOUIS) Batesville, Arkansas Blytheville, Arkansas Fordyce, Arkansas Little Rock, Arkansas Jacksonville, Illinois Richview, Illinois Steeleville, Illinois Danville, Kentucky Hartford, Kentucky Hopkinsville, Kentucky Louisville, Kentucky Louisville, Kentucky Louisville, Kentucky Camdenton, Missouri Clinton, Ussouri Farmington, Missouri Glasgow, Missouri V9/35 1/5/35 1/23/35 1/14/35 1/14/35 5/18/35 5/20/35 3/15/35 2/23/35 2/23/35 3/15/35 2/16/35 10/6/34 12/15/34 5/4/35 1216/51 2/6/35 Hannibal, Missouri Lancaster, Missouri Luxemburg, Missouri Maplewood, Missouri Memphis, Missouri Moberly, Missouri Monroe City, Missouri Normandy, Missouri Pine Lawn, Missouri Sedalia, Missouri 1/5/35 1/14/35 1/12/35 2/12/35 1/15/35 2/V35 1A/35 4/15/35 1/24/35 12/10/34 1504 6/26/35 of Bank Loebticm DISTRICT NUMBER 8 (ST. LOUIS) 1,;11e Baden Bank of St. Louis St. Louis, Missouri emen Bank and Trust Company St. Louis, Missouri „4.4 Dank & Trust Company St. Louis, Missouri t_'111-913evm Trust Company St. Louis, Missouri Taylor Trust ComPanY St. Louis, Missouri ?fferson Bank and Trust Company. St. Louis, Missouri -e ,, f5ers0n-Gra v215 Bank of St Louis St. Louis, Missouri ILr'iu'ell Trust Company Louis, Missouri 17tlehester Bank of St. Louis St. Louis, Missouri cturers Bank & Trust ComP41.1Y of St. Louis St. Louis, Missouri 'ereant ile-Commeree Bank and Talast Company St. Louis, Missouri and City Trust Company St. Louis, Missouri St. Louis Trust Company St. Louis, Missouri °41e Plaza Bank of St. Louis St. Louis, Missouri ‘j°11thern Commercial and Savings 41St. Louis, Missouri v°1144k west Bank of St. Louis St. Louis, Missouri ted Bank and Trust Company St. Louis, Missouri W1114 ,Bank of St. Louis County,W1St. Louis County, Missouri &a State Bank Vandalia, Missouri .1 /1:of Versailles Versailles, Missouri lebst ' ' - 1 county Bank Washington, Missouri er Groves Trust Company Webster Groves, Missouri r (jil DISTRICT NUMBER 10 1KANSAS CITY) Iller,00lorado Bank and Trust T11:°1qany of Delta, Colorado Delta, Colorado -,,Cerltral Savings Bank and Th'rust Company Denver, Colorado -colorado Savings and Trust c e°/111:tany La Junta, Colorado 'tntereial Savings Bank of Sterling Sterling, Colorado e citizens 4 Bank of Abilene, .11s T4 as Abilene, Kansas "1.) !ilorrill and Janes Bank Hiawatha, Kansas Th114tehinson State Bank Hutchinson, Kansas ktili,verview State Bank Kansas City, Kansas D''tizens State Bank Liberal, Kansas t'e°Ples State Bank of Luray, T414 .8 Luray, Kansas rIsa4St State Bank Ness City, Kansas 4gs• State Bank Onaga, Kansas 'elle State Bank Osage City, Kansas Date of Lxaminatien 5/29/35 12/11/34 12/4/34 11/14/34 1/2/35 2/25/35 1/19/35 11/7/34 11/25/34 4/6/35 3/2/35 12/24/34 4/25/35 12/18/34 11/20/34 4/12/33 2/4/35 1/7/35 2/2/35 12/12/34 4 15 35 1/11/35 2/7/35 12/3/34 2/4/35 2/9/35 10/22/34 10/13/54 1/19/35 4/13/35 1/12/35 10/24A4 1/8/55 10/20/54 10/17/34 1505 6/26/t5 Name of Bank Location DISTRICT NUMBER 10 (KINEAS CITY) Peoples Bank Pratt, Kansas Sedan State Bank Sedan, Kansas Sylvan State Bank Sylvan Grove, Kansas 41e First State Bank of Tonganoxie Tonganoxie, Kansas Th heildelaty Savings State Bank Topeka', Kansas geFEatlers and Merchants State Bank Wakefield, Kansas "te State Bank iJinfield, Kansas ‘'elltl'Y County Bank Albany, Missouri °I Carthage Carthage, Missouri 0 ' of Craig Craig, Missouri il°r4eree Trust Kansas City, Missouri CdomPanY }lantE Bank of Kansas City, Missouri Kansas •t, State Bank of King City, kissouri King City, Missouri ‘rton County State Larnr, Missouri Bank ectirity Bank of Rich Hill Rich Hill, Missouri plPire Trust Company St. Joseph, Missouri -11,rzt st. Joseph Stock Yards Bank South St. Joseph, Missouri 44 4tlz County Bank Nebraska Alma, ens Bank Bancroft, Nebraska .iTtllir.gton County Blair, Nebraska Bank 11:eo, tmercial Bank Grand Island, Nebraska t°.,1141d State Ba.nk North Platte, Nebraska State Bank Pawnee City, Nebraska 4-1,1:ler State Bank Scribner, Nebraska ga.:L4lEblArg Bank Stromsburc, Nebraska c'r Valley Valley, Nebraska State Bank 1,ahoo, Nebraska he Citizens Bank Aztec, New Mexico 4rst Bank of okarche Okarche, Oklahoma ' ckit wi..„ DISTRICT NUMBER 5 (PHILADELPHIA) able Trust Ulmington, Delaware ComPanY 441%'-gton ijit + Trust company Wilmington, Delaware 41. s-own Trust Company Hightstown, New Jersey r ttIV!eton Bank and Trust Company Princeton, New Jersey I'L'Iitte Trust Company Riverside, New Jersey 111 `4esiooro Trust Company Swedesboro, Nev: Jersey °°tleburg ki, °r119any. Bank-Columbia Trust Bloomsburg, Pennsylvania Chsle Trust Carlisle, Pennsylvania ComPanY catabridge Bank and Trust 4e 1111:)any Chester, Pennsylvania TIC`i-eld Trust Pennsylvania Clearfield, Company 4441tour County Danville, Pennsylvania Trust Company Date of Examination 1/1E/55 1020/54 1/5/35 1/16/35 11/24/34 12/11/34 12/1/34 1/12/35 1/29/35 1/16/35 2/16/35 12/26/34 1/15/35 1/124/55 1/26/35 1/21/55 4/8/35 4/6/35 10/13/54 10/16/34 4/10/55 12/15/34 3/25/35 4/16/35 4/13/35 4/17/55 10/10/34 1/31A5 1/16/35 1O/V34 1404 3/16/35 12/8/34 3A6/35 10/27/34 5/23/35 10A/34 1/31/35 3/16/35 1/19/35 1506 6726/55 -25- Date of Location Examinaticn DISTRICT NUMBER 3 (PHILADELPHIA) T4 Union Banking & Trust Company of 1/12/55 Dubois, Pennsylvania The Dubois, Pennsylvania Easton Trust Company Pennsylvania 10/27/54 Easton, 4st P etersburg State Bank East Petersburg, Pennsylvania 4/23/35 qexis 11/104 Egypt, Pennsylvania ventral Bank of Egypt Trust Com:)any 10/C/3. , Harrisburg, Pennsylvania 1)1211/1in Deposit Trust Company Pennsylvania 10/16/34 Harrisburg, T - Zkle Bankinz and. Trust Company 2/16/35 Hazleton, Pennsylvania -e Peoples Company Savings and Trust 3116/35 Hazleton, Pennsylvania 1,4aders Bank and Trust Company 12/1/54 Pennsylvania Hazleton, "43'110 County Savin,Es Bank 4/20/55 Honesdale, Pennsylvania ft'24ale Trust Company 3/23/55 Houtzdale, Pennsylvania ahe Grange Trust Company 11/10/54 Huntingdon, Pennsylvania perlkintown Bank and Trust Company Jenkintown, Pennsylvania 4/13/55 ' 'Illrhers Bank and Trust Company of Lancaster 11/3/54 Lancaster, Pennsylvania 11111,?:The Trust Company 12/31/34 Lemoyne, Pennsylvania ii-stown Trust Company 11/24/34 Leristown, Pennsylvania 13.'-uHaven Trust Company 10/27/34 Lock Haven, Pennsylvania k.el‘t3r State Bank & Trust Company Mount Carmel, Pennsylvania 1/5/55 stewn. Trust Company Myerstown, Pennsylvania 2/16/35 116rs and Merchants Bank New Oxford, Pennsylvania 10/2/34 ,tiown Bank Orrstown, Pennsylvania 2/16/55 Bank and Trust Company Paoli, Pennsylvania 4/10/55 l'litY-Philadelphia Trust GlIth ° 41%7 , Philadelphia, Pennsylvania 1/1;1'55 Brothers Bank and Trust Th. T131111Y 1/26/35 Philadelphia, Pennsylvania Irit-:',11th Bank and Pennsylvania 11/19/54 Philadelphia, Company Trust Qrtlaip-rL)°r0 Bank and Pennsylvania Prospect Park, 4/10/35 Company Trust tr3certowri Trust Company 11/24/34 Quakertown, Pennsylvania Thf,tleeksville State Bank 11/13/34 Pennsylvania Schnecksville, s"rhuylkill Haven Trust zt ' °111Piany Schuylkill Haven, Pennsylvania 1/19/55 ?eeeltorl Bank and Trust Company 4/17/35 Steelton, Pennsylvania T.es Trust Company of Nalm4c144, P9lansylvan1a 1/26/35 Tamaqua, Pennsylvania State Bank Temple, Pennsylvania 10/2/54 If2-Barre Deposit and Savings NZ/k 12/31/34 Wilkes-Barre, Pennsylvania " -QS Trutt Company of "ralsal.ng, Pa. Vvyomissing, Pennsylvania 10/23/34 IrGtxclian Trust Company of olNk P . York, Pennsylvania 1/26/55 rust Company York, Pennsylvania 2/2/35 Name of Bank Ort1: 1507 6/2s/35 Name of Bank —24— Location DISTRICT NUMBER 2 (NE-6 YORK) BtVorine Trust Company Bayonne, New Jersey Bloomfield Bank 6,, Trust Company Bloomfield, New Jersey C° nity Trust Company of Bloomfield Bloomfield, New Jersey -bsnit of Bogota Bogota, New Jersey icionton Trust Company Boonton, New Jersey Carteret Bank and Trust Carteret, New Jersey Company Cranford Trust Company Cranford, New Jersey e Dover Trust Company Dover, New Jersey ! rs e°Ples Trust Dunellen, New Jersey Company ;erttral Elizabeth, New Jersey :ert LeeHome Trust Company Trust Company Fort Lee, New Jersey DseezCounty Trust Company Franklin, New Jersey Bergen 'eoPles Trust Company of Cotinty Hackensack, New Jersey "ottercial Trust Company of New Jersey City, New Jersey -ejerse Nev, Y Jersey Title Guarantee 411c1 Trust Jersey City, New Jersey 14.,'Ildcz Trust Company Linden, New Jersey Company "44k of Montclair Montclair, New Jersey eritelair Trust Company Montclair, New Jersey 04Morristown Trust Morristown, New Jersey Company rlton Newark, New Jersey ?°11.1111busTrust Company Trust Newark, New Jersey ?ei(12tal Trust Company Company Newark, New Jersey 4,4,111.t.y Union Trust Company Newark, New Jersey '4-111 riashington Trust Company Newark, New Jersey gaants and Newark Trust tinirkoany of Newark, Newark, New Jersey N. J. States Trust Ziewaric Company of Newark, New Jersey ket Side Trust Com2any Newark, New Jersey Th82410 Park Trust tomPanY Passaic, New Jersey eblianlilton Trust Company Of kia'4ter5011, New Jersey Paterson, New Jersey ThitY Trust Plainfield, New Jersey Companxllfield Trust New Jersey Plainfield, 41,111 Trust L'on/ParkY 0Ompany Jersey Rahway, New iCtafield Park Trust Company Ridgefield Park, New Jersey -vehelle Park Bank of Rochelle 111,1fkrk, N. J Rochelle Park, New Jersey kkth"'-ord Trust Rutherford, New Jersey Company Cillatge Trust Company South Orange, New Jersey 11/nillit Trust Summit, Company New Jersey e Bank gezttield and Trust Co. of hestfield, New Jersey ? ii Date of Examination 1/30/35 11/15/34 4/2035 5/4/35 2/23/35 3/28/35 4/6/35 35 3/23/ 4 2/ 5 /4 9 6/ /35 4/8/35 5/4/35 2/13/35 1/22/35 3/1235 2/9/35 3/23/35 12/3/34 2/54 11/2 11/13/34 4/2/35 12/18/34 4/13/35 3/16/35 3/2755 4/4/35 12/5/34 2/27/35 3/25/35 4/13/35 3/30/35 5/4/35 4/27/35 1/26135 4/8/35 2/4/35 4/15/35 1508 6435 Location DISTRICT NUMBER 2 (NEW YORK) :1,1, 1Aestfield Trust ComPanY -i,estfield, New Jersey t'atizena and Farmers Trust Company Adams, New York ?rvirst Trust Company of Albany Albany, New York ;,11e Bank of Amityville Amityville, New York tgornery County Trust Amsterdam, Company New York G411-k of Avoca Avoca, New York :rlesee Trust Batavia, New York t .State BankComPanY of Belmont Belmont, New York -qirne Midland Company of Trust as. iii nghamton Binghamton, New York of Blasdell Blasdell, New York 4:LjertY Bank of Buffalo Buffalo, New York --.1111facturers and Traders Trust ?Ns COmpany Buffalo, New York "4e 4rine Trust Company of om. Buffalo Buffalo, New York .0-,'Elrio County Trust Company Canandaigua, New York 414,,-Lrst State Bank Canisteo, New York 1it of Cattaraugus Cattaraugus, New York terlter Moriches Bank Center Moriches, New York 111,,te Bank, Chatham Village, New m zork Chatham, New York r,17.11e1 L'3tatg. Bank Clymer, New York Bhe,ei_Cohocton State Bank Cohocten, New York 44 of Bethlehem Delmar, New York Th 4k Trust Dunkirk, New York Company aatik of East Aurora East Aurora, New York ch'-- State Bank of Ellenburg Ellenburg Depot, New York Z-4,erP-11k; Canal Trust Company Elmira, New York hmu.teott Trust Company York Endicott, New ‘jliel ,°11 Trust C ompany of Endicott Endicott, New York Bank Evans Mills, New York ?lc,' 411k of of EvansMills Farmingdale Farmingdale, New York Ott-1,241 Park Bank Floral Park, New York :4eris Trust Company Fredonia, New York City 4:(41113any Bank and Trust Garden City, New York 411'lia. Trust Company Geneva, New York 111 1 Cc3rnpany of Fulton County Gloversville, New York 4:11tof Hammondsport Hammondsport„ New York Ricksville Hicksville, New York Trust Uontpany th Johnson City, New York 4stchester Katonah, New York Bank Trust Company Kingston, New York glnetican Bank Lackawanna, New York 7 Date of Examination 4/25/55 2/2/35 4/27/35 1/17/55 l27/34 4/20/35 2/2/35 4/5/35 9/28/34 2/2735 4/5/35 12/14/34 9/28/34 l20/54 3/9/35 3/9/35 5/16/55 10/3q/54 10/18/54 3/2M55 1/16/55 2/26/35 9/28/34 10/204 12/8/54 10/54 9/28/54 4/29/35 1/17/35 3/30/35 2/23/35 1/5/35 1/26/55 2/18/35 3/12/35 2/14/55 9/28/34 1/26/35 10/6/34 3/4/35 1509 6/26/35 Name of Bank Location ic DISTRICT NUMBER 2 (- NEI. Yaa) The Herkimer County Trust Company Lit:0 e New York The Citl zens Bank of Locke, N. Y. Locke, New York tewis County Trust Company Lowville New Yorkc The„PecTles Trust Company of lOfl Malone, New York ""le lassena Banking and Trust Massenal New York TheC"IPanY State Bank of Mayville, /114Yviiie„ New York Mayville, New York ql tkit of Millbrook, New York Ilillbrook ComPany of Northern stehester Mount Kisco, New York ,,';Leetwood Bank Mount Vernon, New York 14ount Vernon Trust Company Mount Vernon, New York Ailialgamated Bank of New York New York, New York p:4ers Trust Company New York, New York eitient and Directors of the Ma nhattan Company (Bank of New York, New York l'anhattan Company) Of New York and Trust New York, New York kne°14PallY ce of Yorktown New York, New York Hanover Bank and Trust eh e,° 4 111ParV New York, New York cii7w-cal Bank & Trust Company New York, New York Cnk Farmers Trust Company New York, New York ceon Truat Company New York, New York Tile°111a1 Trust New York, New York Company ceo ntinental Bank & Trust N,"any of New York New York, New York 4.0cchange Bank Trust Company New York New York Theration Bank and Trust Company New York, New York kVifth Avenue Bank of New York New York, New York %141"311 Trust New York, New York Company of New York Til ltY Trust Company of New York New York, New York 41rQarbor State Bank New York, New York Tyllie; Trust New York, New York Conyany qenry New York, New York Schroder Trust Company NI1Yer County Trust Company New York, New York n41.,ine Midland Trust Company 4e1": York New York, New York e 1:',erchants Bank New York, New York The ';ge% York Trust Company New York, New York TttidoerInSZT1Vania Exchange Bank New York, New York 1141t- Bank of New York New York, New York Ived a es Trust Company of ely Stt "y ork New York, New York Date of Examination 10/20/34 10/9/34 1/21/35 9/23/34 11/10/54 5/12/35 11/24/54 248/35 3/16/35 11/20/64 1/26/35 11/2/54 12/51/S4 2/4/35 1/9/55 10/19,/54 10A/34 2/15/55 2/28/35 10/13/34 12/4/34 11/17/34 1V21/34 2/20/55 11/26/54 3/8/35 3/11/35 2/1/55 5/735 10/27/34 9/2834 2/5/35 2/1/35 0/55 3/14/35 4/6/55 1510 .6/26/35 Location Iliri&D.7 Bank DISTRICT NUMBER 2 (NEW YORK) PA ier City Niagara Falls, New York Trust Company ugdensburg Trust Company Ogdensburg, New York Olesz Trust Company of Olean Olean, New York Deposit 4411.8011 County Trust anu 4 C° ' Oneida, New York ne Bank of Ontario Ontario, New York 11 ; 4 or Orchard ' Orchard Park, New York Park First Trust and Deposit OrVany of Oriskany Falls, N.Y.Oriskany Falls, New York Bank of Pearl River, New 1,, York Pearl River, New York Citizens Bank of Perry Perry, New York Trust Company of Westchester County Port Chester, New York errtral Trust Rochester, Company, Lit, tl Y* Rochester, New York Trust 40t1-0:0(liptl-Aanylliance Bank and Rochester, New York The ',rust Rome, New York Company 1/4414ELPeconic Bank Sag Harbor, New York T11,, nca Trust Company Salamanca, New York ,1,11' Adirondack Trust Company Saratoga Springs, New York C°e Ystermeni s Bank and Trust cal °111Pany Sayville, New York Reathcote Trust Company Th Scarsdale Scarsdale, New York SqLenectady Trust Company Schenectady, New York liSitte Bank of Sea Cliff, Sea Cliff, New York of S mithtown Smithtown Branch, New York tjn hamp ton Bank Southampton, New York /Izo Trust Company Spring Valley, New York 11,Ct'sc'f Suffolk Stony Brook, New York County h?,!!cuse Trust Company Syracuse, New York ql.-,-(son. Irving Trust Tarrytown, New York Company Corthern New York Trust Watertown, New York 11(141,klls State Bank Watkins Glen, New York Westbury Trust Company Westbury, New York W iic,.!e Bank Westhampton Beach, New York eew BriFhton West New Brighton, New York sqlns n s BankBank1-) of White $ N• y. White Plains, New York °II/1%r Trust White Plains, New York ComPulY S Date of Examinati,n 9/23/54 10/27/54 1/16/55 2/25/35 2/15/35 2/5/35 3/30/55 3/25/55 12/5/54 3/21/55 11/3/34 3/1/35 10/54 12/1/34 1/19/35 12/22/34 4/1/35 2/V35 12/27/54 4/4/35 3/2/55 10/27/54 11/14/34 1/3 /35 12/28/54 10/15/54 9/28/54 4/23/35 2/13/35 11/24/34 10/24/54 2/28/55 2/5/35 1511 6/26/35 -28- NES2p of Bank Location DISTRICT NUMBER 1 (BOSTON) ?4e4ix State Bank and Trust ,Com?any Hartford, Connecticut idgewatAr Trust Company Bridgewater, Massachusetts „Nlklin County Trust Company Greenfield, Massachusetts rip,adley Falls Holyoke, Massachusetts Trust Comps.nytiYarinis Trust Company Hyannis, Massachusetts Wellesley- Trust Company 1%e11es1ey, Massachusetts V Date of Examination 00/35 5/29/35 6/1/35 5/11155 6/1/35 5/25/35 DISTRICT NUMBER 7 lpHICAGO) he Gerber State Bank arrners State Bank of BelvLdere, I llinois les Bank of Bloomington Int Elver Community Bank '0.1g8mated Trust & Savings Bank 1;relce1 State Bank of Chicago 1,,altoti State Bank ' 4'e Shore. Trust and Savings IH Banit :4.11 State Bank '4'realitile Trust and Savings keBank of Chicago 1),,tr0P01itan State Bank 0na1 Loan & Savings Bank ela State Bank Til eLt !Bank of Clearing uPPer Avenue Bank '4'174 State Bank Bank of Cowden Thee County Bank and Trust Co., bre ; : 41 rtlers State Bank of Eureka Trust and Savings Bank Blank and Trust C ompany pE'°11 State Bank Zjitir8 alld Mechanics Bank pee State Bank of Geneva Ten State Savings Bank of vewne e The StateState Bank of London Mills Lostant ?‘nF i-cia6rrs State Bank of Z;'.. State Bank of Matteson -;41 Illinois Trust and Ilef.vam, LIiirkgs Bank Qtti-`it'a State Bank , ze 11 State Bank of Milford 4 Argenta, Illinois 1,/2/35 Belvidere, Illinois Bloomington, Illinois Byron, Illinois Chicago, Illinois Chicago, Illinois Chicago, Illinois 1/21/35 10/15/34 1/30/35 4135 1/3 35 2/15A5 Chicago, Illinois Chicago, Illinois 12/12/54 5/6/55 Chicago, Illinois Chicago, Illinois Chicago, Illinois Chicago, Illinois Chicago, Illinois Chicago, Illinois Chicago, Illinois Cowden, Illinois Elburn, Illinois Eureka, Illinois Evanston, Illinois Evanston, Illinois Fulton, Illinois Galesburg, Illinois Geneva, Illinois 5/27/35 2/11/55 5A0/35 5/135 1/7/35 6/25/55 6/13/35 12/104 2/4 ,7/35 103/34 1/21/35 11/7/54 1/28/35 10/22/54 1/14/35 Kewanee, Illinois London Mills, Illinois Lostant„ Illinois Matteson, Illinois 11/2054 10/9/34 12/1 /34 1 26 35 Mattoon, Illinois Metamora, Illinois Milford, Illinois 12/10/34 10/1/64 12/4/54 1512 6/26/35 Name of Bank -29- Location DI5TAICT NUMDER 7 (CHICAGO) Pat'ish Bank and Momence, Illinois Trust Company State Bank of Niantic Niantic, Illinois 81)ringfie1d Marine Bank Sprinfield, Illinois T, er State Bank Stockland, Illinois Bank of Tolono Tolono, Illinois i&ens Bank of Tolono Tolono, Illinois 6';'?„qa State Bank Tuscola, Illinois N''zens State Bank of Walnut Walnut, Illinois ;ntorth Banking Company Washington, Illinois First, State Bank of Wenona Wenona, Illinois Ii4eat°n Trust and Savings Bank Wheaton, Illinois qltette State Bank Wilmette, Illinois 'cletcher Trust Company Indianapolis, Indiana ilens State Bank Jamestown, Indiana Mohawk State Bank Mohawk, Indiana ge Mer chants Trust and Savings ! 0mPany of Dincie, Indiana Muncie, Indiana cr:Zers Loan and Trust Company Tipton, Indiana T7ercia1 State Bank Afton, Iowa State Bank Algona, Iowa chlne°e State Bank Blencoe, Iowa 4„'z'c'kee State Bank Cherokee, Iowa iport Bank and Trust Compan Davenport, Iowa /„Iler's Trust Company Des Moines, Iowa "a State Bank and Trust Company 4°I Fairfield, Fairfiold, Iowa Iowa Tings Fontanelle, Iowa Fort Dodge, Iowa '1't ?tacitson ca Fort ;qadison, Iowa Savings s Bank ii,,14(10d State Bank Glenwood, Iowa ru,lal State Bank Iowa Holstein, /11 "01Anty State Iowa Grove, Bank Ida kee Monticello State Bank Monticello, Iowa kIlp,rhead State Bank Moorhead, Iowa 4cetitine Bank and Trust Compan Iowa Muscatine, Ti Pet County Newton, Iowa Savings Bank °41e Trust and Savings Bank Osage, Iowa 111;`41. Bank and Trust Company Ottumwa, Iowa Ne'rille State Bank Iowa Riceville, The Rome State Bank Royal, Iowa Seollrity Trust and Savin6s Shenandoah, Iowa T 4rity Trust Storm Lake, Iowa & Savings Bank enDleton Templetcn, Iowa Savings Bank ;EnIE Savings Williams, Iowa Bank -41e,r1 State Savings Bank Adrian, Michigan 11:Ln Date of Examination 1,/,/34 1 3 35 1/7/35 12/8/54 11/14/34 11/14/34 ly1/34 1 17 35 10/8/34 12/17/34 2/6/55 2/1/55 5/11/35 5//1 35 12 1/54 11/5/54 4/8/35 3/19/35 4/8/35 2/13/35 3/30/35 1149/34 4/22/35 5/15/55 5/18/35 4/9/35 1/21/55 3/11/35 2/19/35 2/18/35 10/22/34 2/12/55 10/1/34 2/4/55 4/15/35 1/14/55 4/16/55 2/20/35 3/105 1226 '54 2/9/35 4/11/35 1/14/55 1513 8/26/35 -30llama of Bank Location DISTAICT NUMBER. 7 (MICAGO) C:knercial Savings Bank Adrian, Michigan Lenawee County Savings Bank Adrian, Michigan cottnercial and Savings Bank h 01 Albion Albion, Michigan rAlgonac Saviags Algonac, Michigan Bank TI.;Peqa. Savings Alpena, Michigan Bank Parzers State Bank of Alto Alto, Michigan tItte Savings Bank of Ann Arbor Ann Arbor, Michigan 111e 14'Inada State Bank Armada, Michigan ?eQtaes C 14t ilatik ommercial and Savings Bay City, Michigan The RaPids Savings Bank Big Rapids, Michigan Blanchard State Bank Blanchard, Michigan 81is Blissfield, Michigan 848t 5field State Bank State Savings Bronson, Michigan Bank Trjoa City Savings Bank BroNvn City, Michigan case City State Bank Cass City, Michigan PirilleY State Bank Cass City, Michigan County State Bank Cassopolis, Michigan Cht°" county Savings Bank Charlotte, Michigan St:!`..sea. State Chelsea, Michigan Bank b''e Bank of Croswell Croswell, Michigan ate Bank Davison, Michigan Th' betroit Savings Detroit, Michigan Bank 14,01,.1)aited Savings Detroit, Vichigan Bank of Detroit County Bank Dundee, Michigan Olti...612.11ingt0n State Bank 1,4 Farmington, Michigan 6tate Bank Fennville, Michigan citizens Commercial and ,Te C ;,"30a st 11t1111,nitrig,s//11::_acrihkigaofn the F.011„4?e County SavingsCity Bankof ,e ct. St-tn. Bank .t,eziout State Bank 4 b' ' irl 4te. Bank of Fremont 014ci; ilaven State Bank C() "not Bank el , 444 c-tal : State Savings Bank TC't State Bank of Greenville liolland City ,Irst State Bank. State and Savings 14'q Bank Rowell, Michigan ,krikGlrenor Savings Bank 1...°4' Lakeview Lr•Peer 3,avings Bank of kichigan „:1! Date of Examination 1/21/55 1/28/65 4/29/35 08/35 10/2/34 2/25/65 2/19/35 1/5/35 4/29/35 3/30/65 4/5/55 11/7/54 1/26/35 5/14/35 2/5/35 2/4/35 11/24/54 1/29/,5 1/7/35 2/11/65 5/13/35 4/8/35 3/11/35 12/31/54 11/14/34 11/1, 1134 Flint, Michigan Flint, Michigan Fountain, Michigan' Fremont, Michigan Fremont, Michigan Grand Haven, Michigan Grand Rapids, Michigan Greenville, Michigan Greenville, Michigan Holland, Michigan 12/5/34 10/29/34 2/27/35 10/17/54 128/34 1/14/35 2/25/35 10A/34 4/8/35 2/11/55 Howell, Michigan Jonesville, Michigan Lakeview, Michigan s/6/35 4/3/35 4/9/35 Lapeer, Michigan 3/27/35 1514 ei2'6/35 Bank Location DISTRICT NUMBER:7 (CHICAGO) Savillgs Bank Lowell., Michigan ;!4)Ples Bank Manchester, Michigan ilanistee County Savings Bank Manistee, Michigan Jones Exchange Bank Marcellus, Michigan C ozmercial Savings Bank Of Varshall Marshall, Michigan Michigan FarrnersBank 1 of Mason Mason, Michigan Tt State Savings Bank Mason, Michigan Dek,bemical State Savings Bank Midland, Michigan i)!0Ples State Bank of Milan Milan, Michigan Makrd State Bank Monroe, Michigan SavinLs Bank Mount Pleasant, Michigan Isabella County State Bank Mount Pleasant, Michigan Raven Savings Bank New Haven, Michigan i:sted State Bank Onsted, Michigan First State Bank of Petoskey Petoskey, Michigan G*: 1 Pigeon State Pigeon, Michigan Bank 41 ' clian Bank of Royal Oak Royal Oak, Michigan Inaw State Saginaw, Michigan Bank at. c uarles Charles, Michigan State Bank St. -0 1tinercial and Savings Bank of T 4. Glair St. Clair, Michigan heUjt Growers State Bank of p astugatuck, Mich. Saugatuck, Michigan 411c1 ' anu Merchants State Bank °r sebewaing, Mich. Sebeaing, Michigan Citizens State Bank of 62outh Haven South Haven, nehigan State BaA Sparta, Michigan 4:17411-ng Lake State Bank Spring Lake, Michigan V! 1**se City State Bank Traverse City, Michigan Th: 4EtYne State Bank Viayne, Michigan State Bank of thitehall Michigan Lhitehall, 4e ql liamston State Bank of zeWilliamston, Mich. tilliamston, Michigan k114111d State Bank Zeeland, Michigan cf Burlington, Wisconsin Burlington .Xec) 4 Exchange Bank Edgerton, Wisconsin Savinas Bank Manitowoc, isconsin k::"c4r1 State Bank Milwaukee, ilisconsin o'er State Bank Milwaukee, Wisconsin nzt, and Ilsley Bank Milwaukee, Wisconsin '1%114111 f "i Bank 4,4cic Milwaukee, Wisconsin Bank of Platteville Platteville, tisconsin tl%ls State Bank of Sheboygan, N k-nnin u Sheboygan, Usconsin 114,44ne State Bank of South "' L Iltauk eo South Milwaukee, tisconsin Lk. 11 1 Ti7seta Date of Examination 4/23/35 10/26A4 12/5/54 11/5/34 11/12/54 4/3/55 3/30/35 1405/54 4/1A5 11/26/54 W11/34 10/29/54 10/17/54 11/5/54 12/5/34 12/51/34 12/31/54 5/20/35 10/15/54 11/19/54 12/31/54 5/25/35 2/11/35 11/24/34 4/22/35 2/4/35 2/13/35 11/12/54 10/8/54 3/26/35 2/18/55 10/13/34 4/8/35 4/8/35 5/13/35 1/2Z.5 4/1/35 4/1/35 3/4/35 10/15/54 1515 6/26/3.5 Name of Bank Location DISTRICT NUEBER 7 (CHICAGO) f Sturgeon Bay Sturgeon Bay, Wisconsin te.dt Date of Examination 11/19/7_4 The recommendations of the Division of Examinations were unanimously approved. Memorandum dated June 24, 1935, from the Division of Examinations ttating york) a that the condition of The People's Bank of Hamburgh, Hamburg, New f3 reflected by the report of examination as of April 13, 1935, made by all exarair.er for the Federal Reserve Bank of Net York, is unsatisfactory t4(1 that the memorandum was submitted in order that the Board may have the nation in considering the recommendation that the bank be certified tO. t he p that ederal Deposit Insurance Corporation. The memorandum also stated the report of examination shows a net sound capital of ;;34,900; that tt. he be. 01.8 of the valuations fixed by the examiner it appears that the / 1 41tit 448 assets adequate to enable it to meet all of its liabilities to 414) -wOrS and other creditors; that the Federal reserve agent had recomkeNe 4 that the bank be favorably certified; and that it is recommended that receipt of a request from the Federal Deposit Insurance Corpora11, the Board, pursuant to the provisions of Section 12B(e) of the Federal 4el've 'lett and in accordance with the procedure suggested in the memoranda 4 erite,d at the meeting on June 24, 1965, certify, upon the basis of a ht4q°11gh ep( amination that the assets of The People's Bank of Hambureh, 4441:41re, ev York, are adequate to meet all of its liabilities to depositors other creditors as shown by the books of the bank. The recommendation of the Division of Examinations was unanimously approved. Memorandum dated June 24, 1935, from the Division of Examinations 1516 6/26/55 —33— stAtirig that the condition of the Bank of Nutley, Nutley, NQW Jersey, 48 terlected by the report of an exPmination.made as of March 4, 1935, by 41 "aminer for the Federal Reserve Bank of New York, is unsatisfactory 441 that the memorandum was submitted in order that the Board may have itfor Illation before it regarding the condition of the bank in considering the r °commendation that the bank be certified to the Federal Deposit In— elltellee Corporation. The memorandum also stated that the report of ezEtizazia. tion shows a net sound capital of Z77,300; that it is believed than affirmative certification is warranted on the basis that there should be 814ficient sound value in the assets to cover all liabilities to de15440 113 and other creditors notwithstanding the probable overvaluation -4'41 assets; 44k'be ot a that the Federal reserve agent had recommended that the favorably certified; and that it is recommended that, upon receipt tequest from the Federal Deposit Insurance Corporation, the Board, 1)111'8484:1t to the provisions of Section 12B(e) of the Federal Reserve Act, 414 14 accordance with the procedure suggested in the memoranda presented (It the zeeting on June 24, 1935, certify, upon the basis of a thorough 1a ti°n, that the assets of the Bank of Nutley, Nutley, New Jersey, kre "equate to enable it to meet all of its liabilities to depositors 44,a other creditors as shown by the books of the bank. The recommendation of the Division of Examinations was unanimously approved. Memorandum dated June 210 1935, from the Division of Examinations 4t4ti g that an affirmative certification to the Federal Deposit Insurance 1-u on the basis of the most recent report of examination of the 151_7 6/26/4 P.88 —34— Bik and Trust Company, Passaic, New Jersey, as of February 16, 14"Pends to a large extent upon whether a possible liability to non— sEe„, depositors to a plan of reorganization is to be considered a 114b alty to depositors as shown by the books of the bank". The memo— r4441114also stated that the report of examination shows a net sound capital °1411°98,000; that the Federal reserve agent had recommended that the be favorably certified and that on the basis of the report of examina— ti0 4111t Division of Examinations concurs in the recommendation of the bUt that the question is presented as to what consideration should tgilren to the possible liability of non—assenting depositors. In this kllecticm, the memorandum set forth that under the provisions under which thtBah corp0:7 1 1 is required to certify banks to the Federal Deposit Insurance hitt ahati°n, the certification is based on the liabilities of the bank by the books of the bank"; that it is believed it would be high— °, enulative for the Board to undertake to determine what the decision r t4u, kcier " 4 ,gher court in New Jersey (where the question of liability is , c°4sideration with regard to another State bank) will be on the ‘tte e 44d also to determine the effects of such &decision on the subject that i+ -- is believed the Board's certification should be based on ities of the bank as now shown by its books; and that it is ttlt 14(e) ged that upon receipt of a request from the Federal Deposit In— °'Poration, the Board, pursuant to the provisions of Section csf the p ederal Reserve Act, and in accordance with the procedure Nted )ko,m the b4.4 memoranda submitted at the meeting on June 24, 1935, certify, kt 484 of a thorough examination, that the assets of the People's 1518 6/26/35 -354Ltik and Trust Company are adequate to enable it to meet all of its liab ilities to depositors and other creditors as shown by the books of the bank. The recommendation of the Division of Examinations was unanimously approved. Telegram to Er. Sargent, Assistant Federel Reserve Agent at the Fed el'al Reserve Bank of San Francisco, reading as follows: "Re letter June a) regarding Gunnison Valley Bunk, Gunnison, ILt_ah, your assumption is correct that for purposes of certification ' t4 .1e capital debentures sold to the Reconstruction Finance CorporaOn will be regarded as capital and not as liabilities to creditiors.n Approved. Letter dated June 4 5, 1935, approved by four members of the Board, O'Connor, Comptroller of the Currency, reading as follows: "In accordance with your recommendaticn, the Federal Reserve 80a pirrd . approves a reduction in the common capital stock of 'The ,1, 8t National Bank of Lexington', Lexington, Virginia, from ,000 to 50,000, pursuant to a plan which provides that the .,, e-Leased capital shall be used in eliminating a corresponding ' 01110unt of unsatisfactory assets, all as set forth in your letter June 12, 1935." Approved. Telegram dated June 25, 1965, approved by four members of the trit. q, to the Federal reserve agents at all Federal reserve banks, read4E follows: "RulinE No. 44 interpreting Regulation T. The Securities and ce;Z,Inge Commission by its Rules AIM, AN7, and AN8 has exempted sec in securities for limited periods from the operation of ext:1?fl 7(c)(2) of the Securities Exchange Act of 1934 to the ' 14 and upon the conditions stated in such Rules. the The Federal Reserve Board rules that, as a result of and to extent specified in the Commission's Rules AN6, A1170 and ANS, 1519 6/26/35 -36"the securities mentioned therein are !exempted securities! thin the meaning of section 2(f) of hegulation T. However, 'ne Board points out that the maximum loan value of such securities, inntead of being that provided in section 5(e), is limited by the conditions of the Commission's exemption to the maximum loan value ,hich such securities would have if during the periods prescribed 44,7 were registered securities." n Approved. Memorandum dated June 24, 1955, from the Committee on Salaries and txpeIlditures, submitting the resolutions adopted by the boards of directors or to, ."14. Federal reserve banks which provided for the payment on June 30, i96s '°I* dividends to stockholding member banks, at the rate of 6% per kkurn for the first six months of 1935, and calling attention to the fact '414, t he estimated dividend requirements of the Federal Reserve Banks of kiam elPhia, Minneapolis and San Francisco are in excess of estimated tet earnings for the six months period. The memorandum also stated the. 4 th e Committee had reviewed the dividend resolutions and recommended tho 4 the Payment of a semi-annual dividend by each Federal reserve bank be k40ri 2ed by the Board. The recommendation was approved by four members or the 13°ard on June 25, 1935. Approved. to 4, 7elegram dated June 25, 1935, approved by two members of the Board, 18tin, Federal Reserve Agent at the Federal Reserve Bank of Phila: qt11111 reading as follows: tio The question presented in your wire June 24 regarding subscripOZ, Federal Deposit Insurance Corporation stock by a national tir Incorporated July 31, 1934, to succeed private bank is a ques' 0r determination of the Federal Deposit Insurance Corporation 442141 is understood that that Corporation is of the following opinion: tA 1.0nal bank which became incorporated July 31, 1934, prior to en time it had operated for about 30 years as a private bank, must ' 1520 N4S subscribe to stock on the basis of its paid up capital and surplust." Approved. Telegram dated June 250 1955, approved by two members of the Board, to mr. McAdams, Assistant Federal Reserve Agent at the Federal Reserve Bank Of ica. nsas City, reading as follows: "The questions presented in your wire June 22 regarding State and national banks which have been involved in conversions within act twelve months are questions for determination of the Federal cePosit Insurance Corporation and it is understood that that onoration is of the following opinion: qlere a state bank, member tt nonmember, converts into a national bank on or after July 1, 1934, t"e national bank must subscribe to class A stock in the Federal aePosit Insurance Corporation on the basis of its paid up capital surplus. Lhere a national bank converts into a state bank on ' 8.4t; after July 1, 1934, the state bank must subscribe to class A orc'ek in the Federal Deposit Insurance Corporation on the basis its pale up capital and surplus'." t ,2d Approved. Letter dated June 25, 1935, approved by three members of the Board, to Of Att, ark) Assistant Federal Reserve Agent at the Federal Reserve Bank ntay reading as follows: to "Reference is made to your letter of June 18, 1965, relative el the questiun of the applicability of the provisions of the til : Y°n Act to the service of members of the advisory boards of ha;'ranches of The First National Bank of Birmingham, Birming— off4 1°-abaza, who are serving at the same time as directors, -"erv, or employees of other banks. 'It is noted that Jr. Robert H. ivoodrow (whose Clayton Act Permit granted on August 27, 1954, to serve as director of The dir 'leld American National Bank, Fairfield, Alabama, and as ., Al4tetor and officer of Industrial Savings Bank, Birmingham, , is no longer effective by reason of the voluntary liquiaa4414 of The Fairfield American National Bank) is the only individ41 at this time serving as a member of the adviory board of a Ilch of The First National Bank of Birmingham and other banks. cett !As stated in your letter, the Board has held that under of 2-ln circumstances, service of a member of an advisory board ' eta national bank does not come within the prohibitions of the "14-).n Act; however, a determination of this question in each 4 8/26/65 PA 4."..ase depends upon the particular facts involved. In this connec' 10n, it appears that the advisory boards of branches of The First NE!tional Bank of Birmingham are elected by the board of directors ()I the institution, that they have no legal status, exercise no 4 ! -I thority, act only in an advisory capacity to the local branch nager and receive a nominal fee for their services. "In the circumstances, it does not appear that the service tembers of such advisory boards comes within the prohibitions w the Clayton Act and accordingly, it will be unnecessary for 7:r. a()c)drori to obtain a Clayton Act permit to serve at the same time .1,8 4 _ EL member of the advisory board of the Fairfield branch of The rIlfst National Bank of Birmingham, Birmingham, Alabama, and as a L'41ector and officer of Industrial Savings Bank, Birmingham, Alaikupa n Approved. There were then presented the following applications for charges Ill etock of Federal reserve banks: ' tLtione for SURINDER of Stock. Shares :-Peoples Peoples National Bank of Brattleboro, ZI Vermont Ro 7. ktionai Bank of l',auwatosa, 14144tos&I Viisconsin 120 120 72 Total 72 192 Approve6. Thereupon the meeting adjourned. Secretary. Governor.
@FedFRASER