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A meeting of the Executive Committee of the Federal Reserve Board vas held in 1...ashington on Tuesday, Lay 15, 1934, at 3:30 p. in. PRESKIT: Er. Mr. Er. Mr. Black, Governor Hamlin James Thomas Mr. Mr. Mr. Mr. Morrill, Secretary Carpenter, Assistant Secretary Bethea, Assistant Secretary Martin, Assistant to the Governor The Committee considered and acted upon the following matters: Letter dated May 14, 1034, approved by five members of the Board, to Er. , Chairman and Federal Reserve Agent at the Fed- eral Reserve Bank of Cleveland, reading as follows: "Your desire to 20 to August 1, j̀4,1e Joard and it has '11.e leave of absence be absent from Cleveland for the period from 1934, has been brought to the attention of requested nB to advise you that it approves involved." Approved. &t, Letter to Mr, Wood, Chairman of the Federal Reserve Bank of Louis, reading as follows: "Receipt is acknowledged of your letter of May 3, 1934, adVof l781 , . 1g of the appointment by the board of directors of your bank "L. H. Bailey as General Auditor of the Federal Reserve °f Louis, with salary at the rate of ,.6,000 per annum, effect. (1.iectil L ie ay 16, 1934. The Federal Reserve Board approves the arY at the rate fixed by your directors for Mr. Bailey in his /low position. poi : It is also noted from your letter that your directors apyoull'ed Er. Talliam E. Peterson as Secretary pro tem, and that siathave designated him as Acting Chief Examiner and Acting Asof ,J3tnt Federal Reserve Agent at his present salary at the rate 1304. ' °°0 Per annum, effective Lay 16, 1934, to succeed Mr. ActieY. The Board approves the appointment of Er. Peterson as Actillg Assistant Federal Reserve Agent and his designation as stlre - Chief Examiner. Mr. Peterson should execute the usual bond in the amount o_f -50p 000p and he should not enter lApoxi Y the performance of his duties as Acting Assistant Federal ; V15/34 -2- "Reserve Agent until you have received advice of the Board's approval of the bond. Before the bond is forwarded to the Board for approval it should be examined by your Uounsel to determine Whether its execution complies fully with the rules printed on the reverse side of form of bond 182. "You state in your letter that the bond of Lir. Bailey will be terminated effective Lay 13, 1934, which the Board understands to mean that you will have no objection to the bonding company being released from all liability on the bond for any acts committed by Mr. Bailey after that date." Approved. Lotter to the board of directors of the "Bank of Powhatan", 1%vihatau, Virginia, stating that, subject to the conditions prescribed in the letter, the Board approves the bank's application for member8114 ill the Federal Reserve System and for the appropriate amount of 8tc)ck iu the Federal Reserve Bank of Richmond. Approved. Letter to Mr. Tillliams, Federal Reserve Agent at the Federal Reserve Bank of Cleveland, reading as follomm: "Reference is made to the report of examination of he FireSte Park Trust and Savins Bank, Akron, Ohio, as of February 26, 1934, and the analysis thereof. „ "From the information submitted, there is no evidence that re estimated losses of y184,160.32 haw been eliminated from the Yak's assets. The 13oard feels that a bank's published statements rould reflect the true condition of the bank and that estimated eses as classified by the examiner should be promptly charged 1,1J or otherwise eliminated, and it will be appreciated if you thil advise the Board Ithat action has been taken by the bank in w s respect If the losses as classified in the report of oxas of February 26, 1934 have not already been charged to oc)r c)thorwise eliminated, it is requested that you endeavor tio such action by the bank. In the interests of cooperamay al, ' 11 it be advisable to take this matter up first with the rPrTiate State authorities. It has been had noted that on the date of examination the bank U42,430 of for losses and depreciation. The Board feelrTrvee tionsh4tne ozlmated losses and depreciation listed for eliminaeen properly eliminated by the setting up of 4 1404 5/15/34 '-3- "reserves which are included with the bank's capital accounts in its published statements. Such reserves should be used either in making charge-offs of the estimated losses and depreciation or treated as valuation reserves and deducted from the assets against which they are allocated, showing only the net amount of the assets in the published statement. If any reserves for losses are shown among the capital accounts they should represent allocations of surplus and/or undivided profits to cover possible or potential losses; or, in other words, represent true 'reserves for contingencies'. "Estimated losses shown in the report of examination include portions of loans to officers, directors and their interests. The Board feels that looms to officers and directors should be aLove criticism at all times and that any officer or director who has abused the credit facilities of the bank he serves has seri°uslY impaired his usefulness to that institution. The particular attention of the bank should Le called to this unsatisfactory feature and it is expected that such loans will be given prompt an earnest attention in an effort to remove all cause for criticism. "The report reflects a large increase during the past year iX1 4-1, volume of the bank's business, including the amount of unoured commercial loans. The examiner reports, horoever, that the most part credit information on the new lines, as well the other lines, is inadequate. It is suggested, therefore, tin discussion with the management of the bank you emphasize 2° importance of maintaining adequate credit data in connection t7tth the bank's loans. It is especially important in this case, o!,it appears that unsecured conwiercial loans have constituted i. 47/ a small proportion of the bank's loans in the past, but it ' expected that the volume of such loans will continue to grow. "In discussing the general condition of the bank the examt'rf.states that the speculative practices indulged in from time mith respect to transactions in collateral loans and sect :3 3 -es have apparently taken root as a policy; that the value 0,aaequate safeguards incident to sound practice, and especitie-Y warranted at this time by the rapid growth of business, has aij iourooked or lightly appraised; and that the management, to thought to be capable, appears to have allowed the bank ille ; 413 a subordinate position in the general policy. The examfundsaain comments on the practice of providing additional bor p L., order to purchase stock of the Firestone Tire and RubComa to beTused as collateral to admittedly weak and d jubtful lines. he business of a bank must be conducted at all es with due regard to the safety of the depositors, and it not f finath, 04c that their interests are properly conserved when the /10t4 1,! ° ,a bank are used for speculative purposes. It has been 100,0,:,'-100, that the bank has an investment of approximately in preferred stock of the Firestone Tire and Rubber r ir 1405 5/15/34 -4-. "Company. Under the provisions of Section 9 of the Federal Reserve Act as amended by Section 5 (c) of the Banking Act of 1933, State member banks may not legally purchase stock in other corporations after that date oxcept in the limited classes of cases in which national banks may lawfully do so, and as indicated by the condition of membership prescribed by the Board for sore time, the Board does not feel that stocks are suitable for the investment of funds of commercial banking institutions. It is requested that you advise the bank of the Board's views in these matters and endeavor to obtain a correction in the speculative practices referred to by the examiner and that you suggest that the management consider the advisability of disposing of the stocks it now holds as soon as it is feasible to do so. It is suggested, also, It in discussing this matter with the management of the bank You call attention to the various provisions of the law regarding speculative use of bank credit and the responsibilities imposed Upon the Federal Reserve Agents and the Federal Reserve Board in connection therenith. "It is noted that the trust department was not examined at time of the examination of the bank as of February 26, 1934. Ihe required certification to the Federal Deposit Insurance CorPoration must be made 'upon the basis of a thorough examination', lf at all possible the examinations made in connection with .e should include an examination of the trust deP sartment. If, for any reason, it is impracticable to examine department at the time of examination of the other departte 04, t_s and a subsequent examination of the trust department is not oe made, the report of examination should be accompanied by a Cop . of t_r the report of the latest available examination of the _ru.t supplemented by such additional information as . 111aY be available and you are requested to forward such information In this case." Approved. Letter to jr. O'Connor, Comptroller of the Currency, reading (la follows. Await"In accordance with the recommendation of Acting Comptroller Federal Reserve Board approves a reduction in the comstock of 'The First National Bank of Millburn', Ilew Jersey, from ,300,000 to ,l50,000, pursuant to a plan scier provides that the bank's capital shall be increased by the CorelonQI a50,000 of preferred stock to the Reconstruction Finance eli;T I Eltion, and that the released capital shall be used to set, Ilato a 4 orth incorresponding amount of undesirable assets, all as Lir. Awalt's memorandum of 1,Dy 7, 1934." c;Iti Approved. 5/1V34 Letter to Lr. O'Connor, Comptroller of the Currency, reading as follows: "In accordance with your recommendation the Federal Reserve Board approves e reduction in the common capital stock of 'The First National Bank in Fennimore', Fennincm, Wisconsin, from 6 %?50,000 to C37,500, pursuant to a plan which provides that the bank's capital shall be increased by the sale of v12,500 of preferred stock to the Reconstruction Finance Corporation and that the released capital, together with a portion of the bank's undivided profits, shall be used to eliminate unsatisfactory assets in the amount of approximately 1.4,000, all as set forth in your memorandum of nay 4, 1934." Approved. Letter to Er. O'Connor, Comptroller of the Currency, reading 4s follows: il leceipt is acknowledged of Acting Camptrol3er Awalt's m emorandum of May 5, 1934 with reference to the proposed reduction in the common capital stock of 'The Iirst :ational Bank of Cokato Cokato, ninnesota, from -,;.30,000 to ,;25,000, and the ,?iale Of :,225,000 of preferred stock to the Reconstruction Finnrice ' dorPoration, which was approved by the Board on January 13, 1934. "Lr. Await advises that the foregoing plan of recapitalizahas been amended, and that the bank now proposes to reduce .-f43 common capital stock from v30,000 to i'.15,000 and to sell 15,000 of Class 'A' preferred stock to the Reconstruction ,Li lnance Corporation and 0.0,000 of Class 'B' preferred stock to ocaln interests. In accordance withAwalt's recomLiendation, the Board appr f t s ,, ns the amended plan as set forth in his memorandum of May 5, be 1a s uith the understanding that the released capital shall n sed to eliminate a corrcspondiw: amount of unsatisfactory -scets 'which will remain the property of the bank." Approved. Letter dated May 14, 1934, approved by five members of the r 4r. tiot 1f1 O'Connor, Comptroller of the Currency, reading as fol- accordance -with Acting Comptroller favalt's recomrendale Pederal Reserve Board approves a reduction in the 14G7 5/15/34 -6- common capital stock of 'The Hcir,hton National Bank', Houghton, Lichigan, from 4200,000 to 1:',100,000, pursuant to a plan which Provides that the bank's capital shall be increased by c200,000 of preferred stock to be sold to the Reconstruction Finance Corporation, and that the released capital, together with a portion of the bank's surplus and urdivided profits accounts, shall be used to eliminate unsatisfactory assets, all as set forth in 1/-. Await's mamorandum of “ay 5, 1934." Approved. Letter to Ur. Dillistin, Assistant Federal Rcsorve Agent at the Federal Reserve Bank of New York, reading as follows: "Receipt is acknowledged of your letter of May 8 inclosing copy of correspondence with la-. George E. Roosevelt, Chairman of the Directors' Examining Committee of the Guaranty 'irust Com134/17 of New York, with regard to reports on Form 231. Your method of answering inquiries relating to the date a8 of which the report on Form 231 should be made out is proper, it isacIllst arlls at the reports be submitted as of the same date b 4 Approved. Letter dated May 14, 1934, approved by six members of the 8°Qrds oA • Yalliams, Federal Reserve Agent at the Federal Reserve 441c ef C leveland, reading as follows: 29, "Receipt is acknowledged of la-. Fletcher's letter of March ao 1934, regarding the question whether certain special time of the Commonwealth "rust Company, Pittsburgh, Fennsylmay f. Ie. ' be regarded as 'time deposits, open accounts' as deli-led 4 +4 411 Section III (a) of the Federal Reserve Board's Regulation th„"It is understood that, upon the request of a depositor Pedal account be opened, the Commonwealth Trust company Obtain a150ain from such depositor a check against a demand account as maintained by the depositor witll the bank for such amount co "e desires to deposit to his credit in a special time acA pass to bock is then issued to such depositor, similar foilhe. the passbook inclosed in your letter, in which is stamped the ionsn1nC clause: 'Until further notice and subject to reg1 : 11ater€181.°f the Pederal Reserve board, this account mill bear 111drav -; 4t the rate of -- per annum, payable quarterly, and withtherefrom shall be subject to not less than thirty-one 1468 5/15/34 -7- "days' written notice'. You state that in your consideration of these accounts with your counsel, it was concluded that if a signature card were taken from the depositor in whose name such a special time deposit was opened, and if such signature card embodied a statement of acceptance by the depositor of the pass book issued by the bank and the conditions stated therein, such deposit might possibly be regarded as a 'time deposit, open account' within the meaning of Regulation Q. "While a depositor who accepts a pass book with the provision in question stamped thorein may be held to have acquiesced in that provision and to be estopped to deny that withdrawals of such funds are subject to not less than 31 days' mritten notice, nevertheless the respective rights of the parties are not clear and it is the view of the Board that the mere acceptance of such a pass book without more is not a written contract mithin the 11-le5ning of Regulation Q and that the deposit evidenced by such Pass book does not constitute a 'time deposit, open account' within the meaning of the regulation. However, it is the view Of the Board that a deposit made in accordance with the procedure suggested by you and which may not be withdrawn except on written notice of not less than 30 days may properly be regarded as a 'tiro deposit, open account' within the meaning of Regulation Q Upon which interest may lawfully be paid. it has been noted that the clause stamped in the inclosed Pass book provides that withdrawals from the account shall be ,Subject to not less than 31 days' written notice'. It is beeved that the use of the words 'subject to' nakes the phrase a arbiguous, and that it is not clear mhether it means t n lievedvth tltlae deposit can be withdrawn only after 31 days' written has been given, or -whether it may be construed as meaning that 4: 1; the bunk merely reserves the right to require such notice. the°rdinglY, it is suggested that the bank be requested to revise virit?lause and use language which will indicate clearly that pos;Ien notice of intended withdrawal 'must be given by the deeas r a certain specified number of days in advance, in no C)g( 1,11;x.nnas by subsection (a) (2) of secti;s7in ote Q. prov,,It is also noted that the clause stamped in the pass book be "Les that interest on the accounts represented thereby shall I.,. payable quarterly; and, in this connection, your attention b: Tied to the fact that while interest on time deposits may naPounded at other than semiannual intervals, the aggregate azilount cf Interest so compounded must not exceed the aggregate,, at a rate of 3% per annum when compounded semiannually. Approved. Lott„ dated to1 1, 1934, approved by six nenbers of the kN4 to vr. Pre iiarner, Secretary of the Iowa Bankers Association, 1.41G9 5/15/34 -8- Des Loines, Iova, reading as follows: "..eceipt is acknowledged of your letter of April 18, 1934, regarding the form of a non-negotiable certificate of deposit submitted to you by an Iowa bank. "Az stated in the Board's letter to you of November 13, 1933, no particular form of time certificate of deposit is required and a deposit evidenced by any form which complies in all respects with the definition of time certificates of deposit set forth in the Board's Regulation Q may, of course, be treated as a time deposit for the purposes of the regulation. You will recall that at that time the Board transmitted to you copies of forms which, in its opinion, comply with the definition of time certificates of deposit contained in Regulation Q. "With respect to the form contained in your letter, it is noted that the certificate provides that it is payable' months after date' and that it is further provided that such certifica te will under no circumstances be paid 'prior to months from the date thereof.' Ythile it is assured that the last quoted phrase mould refer to the maturity date of the instrument, it is believed advisable that such Phrase should be revised so as to read 'prior to the maturity date herein specil°d's It is also suggested that, in order that depositors may _ ave actual knowledge that the rate of interest stated in the ?ertificate is subject to such modification as may be necessary t; conform to the rate of interest on time deposits as limited °Indpeir'ezzibed by the Federal Reserve Board from time to time So asto law, it would be desirable to modify such certificate include a statement substantially in the form of the :L!...t sentence contained in the forms of certificates of deposit wnich were inclosed with tho Board's letter of lIovenber 13, 1933. _,07 "Por your convenie nce, the forms of certificates of deposit Ired referred to which have heretofore been approved by the are inclosed herewith ." Z Approved. Letter to 48 lass Anna M. Forrine, Los Angeles, California, read- follows* 10 "Your letter of April 17, 1934, addressed to the Comptrol: b °f the Currency, has been referred to the Federal Reserve. the 1, 'r reply. You state that you have a savins account with 1 fc and ti7,°Ples-Pittsburgh Trust Company, Pittsburgh, Pennsylvania, s4ch ' - t 'when you recently requested payment of 3400.00 from cc:I:tit-Ian::: You were informed by the bank that such payment not be made except after three months' notice without viFederal Reserve Board's Regulation Q. In these "*. 5/15/34 -9- "circumstances, you request to be advised whether there is anything you may do in order to obtain the money desired without waiting for three months. "Section 19 of the Federal Reserve Act as amended by the Bankinp, Act of 1933 provides that no member bank of the Federal Reserve System shall waive any requirement of notice before payment of any savings deposit except as to all savings deposits having the same requirement. Pursuant to this provision of the statute, the Federal Reserve Board has prescribed in section VI of its Regulation Q certain requirements which must be observed by member banks in connection with the withdrawal of savings deposits. Subject to those provisions of the law and of Regulation Q, the repayment of savings deposits by a member bank is a matter which is governed by the contract entere d into betImen the bank and the depositors with respect to such desite; and it is understood that the contract between the .eople s-Pittsburgh Trust Compan y and its depositors, as contained bdi en the savings deposit pass book, requires that notice given to the bank a specified period before the withawal of any amount , the period of notice required depending Upon the amount to be withdrawn. “hile there is nothing in the law or the regulation which would prevent the bank from waiving Such requirement of notice in your case, under the provisions Of S Regulation it can do so only if it shall waive such notice u to the same portion or percentage of the savings deposits of everYnoth er depositor which are subject to the same requirement. A copy of the Board's Regulation Q is inclosed herewith for Your information. " r Approved. Letter to The Union Trust Company of Pittsburgh, Pittsburgh, flL.a, reading as follows: m "Receipt is acknowledged of your letter of Lay 8, 1934, rei s j:.ic,lac the permit issued to you under the provis ions of Section ' spo -ale Banking Act of 1933 authorizing you to act as correpealli ndellt bank in certain connections on behalf of Cassatt L.: Comex4',:, You point out that Cassat t Company acts as distributor s no assets and that all underwriting Corn-e ' is done by Cassatt which was also mentioned in your application. i4g tl,'T view of these circumstance s, you are correct in assumEtutho"!", subject to the limitations therein stated, the permit Corpoal)s You to act as correspondent bank on behalf of Cassatt --"°n as well as Cassatt & Compan y." Approved. Letter toRr. 400d, Federal Reserv e Agent at the Federal 1411 5/W34 -10- Reserve Bank of St. Louis, reading as follows: "The Federal Reserve Board has given consideration to the applications of J. S. Calfee, L. Ray Carter, F. V. Dubrouillet, 114 F, Gephart, F. E. Gunter, R. S. Hawes, Bert H. Lang, W. W. Snith, W. C. Tomkins, and F. 0. Watts under Section 32 of the Banking Act of 1933 for permits to serve at the same time as officers and/or directors of the First National Bank in St. Louis and as officers and/or directors of the First National Company, both of St. Louis, lassouri. "It appears from the applications that in May, 1933, the First National Company ceased active operations and has since that time confined its activities to liquidating its own affairs, servicing securities that are in default, and giving needed service and advice to its former customers in connection with their securities holdings. In view of these statements in the application and of the B°ard's letter of December 6, 1933 (X-7722), the provisions of Section 32 are deemed to be inapplicable to the applicants' service to these two institutions. It will therefore be appreciated if you will so advise the applicants." Approved. Letters dated May 14, 1934, approved by six members of the B°ard, to the following applicants for permits under section 32 of the 2 - .,„ --"'cing Act of 1933; each letter stating that it appears that the 1. 1 -6.4ationship covered by the application is within the class which 4ecti°11 32 vas desimned to terminate, and that, accordingly, the is unable to find that it would not be incompatible with the Nblic intere-t as declared by the Congress to grant the application, 41th0 11°1 in the event the applicant desires to submit further facts 01% armin— tz—uunte in support of the application the Board is prepared to °I11B th eM careful consideration: Winslow for permission to serve at the same time as a ;1',4-sotor Of Sears, 4-11L, ,e 'United States Trust Company and as general eral Partof Sears & Company, both of Boston, Massachusetts. Scott 1,43yer, for permission to serve at the same time as a 141, 5/15/34 -11- director of the Hannibal National Bank and as a director of the Bankers Bond & Securities Company, both of Hannibal, Iiissouri. Approved. Letters to the following applicants for permits under section 32 of the Banking Act of 1933; each letter stating that it appears that -,(3 relationship covered by the application is within the class vihich the the section 32 was designed to terminate, and that, accordingly: Board is unable to find that it would not be incompatible with public interest as declared by the Congress to grant the applica- ti011, although in the event the applicant desires to submit further fact; or arguments in support of the application the Board is proPared to give them careful consideration: Chester A. Bolles, for permission to serve at the same time 48 a director of the First National Bank, of Ipswich, Lassachu!etts: and as an officer, director and mantlgor of Damon 6: Bolles uompany, of Boston, Massachusetts. P• Winchester Denio, for permission to serve at the sane time 7ice-president and director of the Everett Bank and Trust Com4_111Y, Everett: v4 Massachusetts, and as vice-president of the First Boston Corporation of I.Tassachusetts, Boston, :4assachusetts. 14.r. R• liadsworth Hight, for permission to serve at the same time R d irector of the Anchoster Trust Company, Anchester: % Zsachusotts, and as an officer of the First of Boston Corpora' 1- 4 of I.:a ssachusetts, Boston, :;lassachusetts. Ch ries pro,ia E. Ober, for permission to serve at the same time as nd director of the Beverly rdational Bank, Beverly: and as vice-president and director of Stone & Of iZzrZ10 lew York, New York, in charge branch. /11r. Gs az R jrge O. Muhlfeld, for permission to serve at the some time d 0 4?.,rector of the Grace :TaLional Bank of New York, New York I40. f4,011i York: and as a director of Stone & Webster and A.odget: ilew York City, New York. J. lin A el, --aPman, for permission to serve at the some time as I\ 5/15/34 -12- a director of the First National Bank of Lake Forest, Lake Forest, Illinois, and as vice-president of Bartlett Knight & Company, Chicago, Illinois. LAr. halter J. Heller, for permission to serve at the same time as a director of the Wells Fargo Bank and Ilnion Trust Company, and as an officer of Heller, Bruce and Company, both of San Francisco, California. Approved. Letters dated 1,1av 14, 1934, approved by five members of the 13°11rd 'to applicants for permits under the Clayton Act, advising of 4PPreval of their applications as follows: Ir. A. B. Carrington, for permission to serve at the same time Z,t8 a director and officer of The First National Bank of Danville, D1°')anlle, Virginia, and as a director of the industrial Bank of Danville, Danville, Virginia. L. Herman, for permission to serve at the same time as a director of The First National Bank of Danville, Danville Virginia, , , az1d. as a director and officer of the Industrial Bank of Danville, Virginia. S, J. Owens, for permission to serve at the sane time as a ' i .rector and officer of the Industrial Bank of Danville, Danville, fv,lrginia, and as a director of the American National Bank cc Trust '°111Pany of Danville, Danville, Virginia. "E. Johnson, for permission to serve at the same time as a Zector of the First National Bank in Drake, Drake, North Dakota, decrit as a director and officer of The First National Bank of Fessen'Fessenden, North Dakota. Fred J. Mohr, for pe mission to serve at the sane time as a director and officer of The First National Bank of Fessenden, Fessenden, North Dakota, as a director and officer of the First Ilational Bank in the Drake, Drake, North Dakota, and as a director of Citizens State Bank, Enderlin, North Dakota. 111r, n A. Refling, dire for permission to serve at the sane time as a liortrr and officer of the First National Bank in Drake, Drake, !,)akota, as a director and officer of The First National essenden, Fessenden, North Dakota, and as a director Dakotar of the First National Bank in Bottineau, Bottineau, "th or : 1414. 5/15/34 -13- ;,:r. H. M. Rossebo, for permission to serve at the same time as a director and officer of the First National Bank in Drake, Drake, North Dakota, as a director of The First National Bank of Fessenden, Fessenden, North Dakota, and as a director of the First National Bank in Bottineau, Bottineau, North Dakota. 141. A. N. Wien, for permission to serve at the same time as a director of the First National Bank in Drake, Drake, North Dakota, and as a director of the Berwick State Bank, Berwick, North Dakota. Approved. Letters dated iLay 14, 1934, approved by six members of the Board, to applicants for permits under the Clayton Act, advising of 413Proval of their applications as follows: VY. Stewart, for permission to serve at the same time as a director and officer of The Commercial National Bank of Charlotte, Charlotte, North Carolina, and as a director and officer of the Industrial Loan and Investment Bank, Charlotte, North Carolina. ' 111%* It. L. Gibbon, for permission to serve at the same time as a irector of The Commercial National Bank of Charlotte, Charlotte, Lorth Carolina, and as a director of the Citizens Savings and oan company, Charlotte, North Carolina. j a * Zimmerman, for permission to serve at the same tine 18 a director and officer of The Charlotte National Bank, Charca it e, North Carolina, and as a director and officer of the 1z8/113 Savings and Loan Company, Charlotte, North Carolina. Ihaaas A. Marlow, for permission to serve at the same time ;sans. director and officer of the First National Bank Trust Com1./04.1' (12 tielena, Helena, Lontana, as a director of the Northern lielZ4 State Lank, Bic Sandy, Montana, and as a director of the 411:zb.ranch, Federal Reserve Bank of Linneapolis, Helena, Approved. Letters to applicants for permits under the Clayton Act, adOf a pproval or their applications as follows: Sellwood, for permission to serve at the sane time as 1415 5/15/34 -14- a director and officer of The City National Bank of Duluth, Duluth, Linnesota, as a director and officer of The First National Bank of Ely, Ely, Linnesota, and as a director and officer of the Commercial State Bank, Two Harbors, Lannesota. R. E. Burks, for permission to serve at the sane time as a director and officer of The First National Bank of Blackwell, Blackwell, Oklahoma, and as a director of The First National tank of Braman, Braman, Oklahoma. Approved. There was then presented the following application for surrender of stock of a Federal reserve bank: 4 lication for SURRENDER of Stock: District I o. 12. Lizcola County State Bank, Davenport, 'W ashington Shares 42 Approved. Thereupon the meeting adjourned. APProvedz Gove nor. 11 42
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