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1155 Ameeting of the Federal Reserve Board was held in Washington on S aturday, May 18, 1935. at 9:30 a. m, PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Governor Thomas, Vice Governor Hamlin Miller James Szymczak Er. Mr. Mr. Mr. ALSO PRESENT: Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Governor Mr. Everett V. Eoeks, Professional Adviser to the Federal Reserve Board. Governor Eccles stated for Yr. James' information that the hard had met yesterday to receive the report of the jury appointed to 8 "P4elet the winning design submitted in the competition for the 4ele .40n of an architect for the Board's new building and that this " Illeetilag had been called for the purpose of taking action on the jury's l'ell°rt* 14r. James stated that he had read the report and had scanned the dr " ings submitted and that he was satisfied with the findings Of the jury. Er. Hamlin moved that the report of the jury be formally laid before the Board. Carried. Yr. Thomas moved that the Board approve the findings of the jury and designate design No. 7 as "premiated" and that the prize of the competition be awarded to the author of the design. Carried unanimously. 1156 5 VIV3 -2It was pointed out that up to this point the originators of the respective designs submitted were not known to the members of the jury, to the Federal Reserve Board, or to anyone else. The numbered envelopes containing the names and addresses of the coMPeting architects were then turned over to Mr. Miller as ChairOf the Board's building committee. Envelope No. 7 was opened by Laller and was found to contain the name of Paul Philippe Cret, Philadelphia, Pennsylvania. %nvelope No. 3, the number of the design placed second by the waS then opened by Mr. Miller and found to contain the name of 4°44 Russell Pope, New York, New York. Envelope No. 4, the design placed third by the jury, was then °Pelle( by rx. Miller and found to contain the name of James Gamble ' Rclgers, New York, New York. The other numbered envelopes were then opened by Er. Miller 4/Id found to contain the names of competing architects as follows: l• Holabird & Root, Chicago, Illinois. 2 . Delano & Aldrich, New York, New York. 5 . York & Sawyer, New York, 6 . 8 . 9 . New York. Egerton Smartueut, New York, New York. Arthur Brown, Jr., San Francisco, California. Coolidge, Shepley, Bulfinch & Abbott, Boston, Massachusetts. • Morrill stated that the Architectural Forum had obtained lth 14t1tions from five of the competing architects to make photographs 1157 N // 5 18 3s -3- c)f their respective designs and that the representative of the periodical had furnished the Board with photostat copies of four of such 4uthcrizations and a telegram had been received direct from Holabird Root authorizing the Board to make their drawings available to the inagazine. Mr. Meeks stated that he could see no objection to the 8°4rd permitting auch photographs to be taken. The Secretary was authorized to make the designs of the five architects referred to, and any others from whom appropriate authorization might be received, available to the representative of the Architectural Forum for photographing. Mr. Meeks was requested to advise the competing architects immediately of the action of the Board in the selection and appointment of the architect as well as the report of the jury. Mr. Miller moved that the jury be discharged and that, in accordance with the action taken by the Board on January 16, 1935, Messrs. Howells, Cross, Emerson and Delano be paid an honorarium of $300 each, plus necessary traveling and subsistence expenses, for their service on the jury. Carried, and it was understood that Mr. Miller would address letters to the members of the jury thanking them for their services, as well as to the competing architects, except Mr. Cret, commending them for the designs submitted. In accordance with the action taken by the Board on November 15, 1934, the payment to Mr. Everett V. Meeks of a fee in the amount of 42,500 waS approved. Mr. Miller left the room to advise Mr. Paul P. Cret over the, "lePhone of his appointment as architect for the Board's new . 1 14114 UPon his return Mr. Miller stated that he had advised Mr. 1158 5 18/35 / -4- Crot that the Board mould like to have him come to Washington and be at Miller's office on Monday, May 20, at 10:15 a. m. for a cons ultation, following which he mould attend the meeting of the Pine Arts Commission which will pass on the winning design. It was understood that Yr. Miller mould meet with representatives of the press at 11:00 o'clock today and give to them copies of the press release approved at the meeting yesterday and afford them an opportunity to take photographs of the winning design. Governor Eccles made a statement commending Yr. Miller for the lierY thorough, painstaking and effective manner in which he had helldied the respon ' sibility which had been placed upon him as the 111111111k4 of the Board's committee on the site and constr uction of the liew building and for the conduct of the compet ition for the selection or kri architect. 11r. Miller stated that he felt that, while exceptionally fine work, na 4 been done by the architects and by Mr. Meeks in preparing a„ Pervising the program of competition, the most important contri bUtion - 17618 made by the Board in approving an impartial procedure under /745-ch 0 1 -n-Y the best professional advice obtainable was used and which 1148 been Productive of the very best results. that thA - most difficult part of the building operation was still be- th 6 Board and he expres sed the 8 0krd He added that he felt hope that the members of the Ilituld continue to study the matter so that the very best possibl e an be had in the final design of the building. 1159 5 1V35 / -5 Mr. Szymczak and Mr. leeks left the meeting at this point. Governor Eccles asked whether the committee appointed at the 44 ting of the Board on May 1 to submit a " recommendation as to the Position that the Board should take with regard to interlocking bank directorates was prepared to submit a report. Mr. Thomas stated that the eormittee had conferred with counsel, and that he (Mr. Thomas) had prepared a report. Er. James renewed his suggestion that the problem be approached from the standpoint that there should be no interlocking bank directorat _ eu and Governor Eccles stated that he thought an exception should 111 be ade 17here the banks are owned or controlled by the same interests. Lr Liller expressed agreement with the position taken by Mr. James. The Illatter MS discussed in considerable detail and its bearing upon the policy that should be followed as to holding companies and branch ; 4-ng was considered. A. Thomas asked for an expression from the members of the 33°e4*(1 Present as to the policy that should be adopted in connection Wth "ation 32 of the Banking Act of 1933 and BOMB of the members Pre"lit indicated that they felt that the section should prohibit all 4Lt°1.1"kinC directorates of the kind referred to in the section. It was agreed that amendments to the Clayton Act and Section 32 of the Banking Act of 1933 should be determined upon and submitted to the committees of Congress as soon as possible. After further discussion, it appeared to be the consensus of the members present that, after disposition 1160 5 18/35 / -6is made by Congress of the proposed Banking Act of 1935, the Board should prepare a recommendation for legislation at the next session authorizing limited branch banking and that the recommendation should be submitted to the President to ascertain whether he would approve the recommendation or have any objection to its being submitted to the appropriate committees of Congress. There was then submitted a draft of reply to a letter dated APril 17 , 1935, from Senator Edward R. Burke in which he requested 4 li8t of executives and personnel of the Federal Reserve Board, as- signed to the Washington office, receiving salaries of c;15,000 or racre Per annum, together with the home State, Washington address, title and salary in each case. The proposed reply stated that the 13(1(trd has not authorized the publication of salaries of the individual uexnbe of its staff, but that there was printed in the annual report Of the Board a statement of the salaries of officers and employees 134c3wilig the number of persons on the Board's staff receiving salaries ts-ted amounts, that a copy of the annual report for 1933 showing such inf ormation as of December 31, 1933, was inclosed and that, if the 8ellator so desired, the report for 1934 showing similar informati°4 48 of December 31, 1934, would be forwarded to him as soon as 1)°48ible• The letter also inclosed a list showing the name, title or dealCilation, Washington address and home State of all of the full officerS and employees of the Board assigned to the Washington orrice, The letter had been put in circulation and Mr. Thomas had 1161 5 18/ / 35 -7attached a memorandum under date of May 7, 1935, stating that, in 48 °Pinion, there is no valid reason why the information requested should not be furnished. Governor Eccles stated that the question as to what action should be taken by the various Government departments on requests of thi8 kind came up before the Executive Council several months ago as 4 r Suit of Senators and Congressmen requesting Government agencies t° f• urnish complete lists of all their employees and the conclusion /116L8 reached that a reply should be made to the effect that the inf°rIllation requested would necessitate a great deal of time and exIlellee and the Government agencies were not in a position to undertake this 'With further appropriations from Congress. During the ensuing discussion, Er. Thomas pointed out that Plls°1 to 1931 the ' annual report of the Board contained the salaries Ot a• ll of the officers of the Board and he expressed the opinion that "t• he Federal Reserve Board is a public body there should be no objection to the publication of the salaries of the members of its Eltext At the conclusion of the discussion, Mr. Thomas moved that the Board furnish the information requested by Senator Burke. Mr. Miller moved that hr. Thomas' motion be amended to provide for the publication in the future annual reports of the Board of all salaries of officers and employees of the Board receiving $5,000 Per annum or more and that Senator Burke be furnished I llth such information as of December 31, 1934, in the form in which it will appear in the annual report. 1162 5/18/35 -8Mt. Miller's motion was put by the chair and carried, Lt. Thomas voting "no". The amended motion was then put by the chair and carried unanimously. There was a further brief discussion of amendments to the Clayton Act and Section 32 of the Banking Act of 1933 and it .was decided that the committee appointed at the meeting of the Board on May I should give further consideration to the matter and that it should be taken up again at a meeting of the Board to be held on "aednesday May 22, 1935. , The hoard then acted upon the follouing matters: Letter dated May 17, 1935, approved by four members of the 13clardi to Mr. Case, Chairman of the Federal Reserve Bank of New York, ream _ --LIT, as follows : "The Federal Reserve Board notes with approval from Mr. SProul's letter of May 9, 1935, that the board of directors of Your bank, at its meeting on that date, made no change in your existing schedule of rates of discount and purchase. "Your letter of May 10 advising of the review by the board of directors of your bank of the question of changes in dl-scount rates has also been received and will be given conGlderation by the Board." Approved. the Letter dated May 16, 1935, from Mr. Sproul, Secretary of sderal Reserve Bank of New York, and telegrams dated ray 15 1'11°14 14sscrs• Curtiss , Austin and Tvood, Chairmen of the Federal Reflk5 of Boston, Philade lphia and St. Louis, respectively, kdvirsitg that, at meetings of the boards of directors on the dates iltettsd, to changes were made in the banks' existing schedules of r"43a Qf discount and purchase. Without objection, noted with approval. 1163 5 18/35 / 0 Lemorandum dated May 13, 1935, from Mr. Carpenter, Assistant Seoreta rY, recolunending that, in order to provide for vacations in the 17ash1ngton telegraph office, Li.. L. H. Cooley, employed in the 17ashington telegraph office as a part time operator with salary at the r of 01,200 per annum, be placed on a full time basis, with " at the rate of $165 per month, for the period from June 16 to .1%7 last 31, 193 5/ inclusive, and that a temporary operator be employed °4 4 Part time basis, with salary at the rate of 3100 per month, to tttke the place of Li.. Cooley during the period referred to. Approved. Memorandum dated May 11, 1935, from Mr. -Gyatt, General Counsel the resignation of lass Jeanne Carroll as a stenographer 4 the 1 legal division, to take effect at the close of business on 144Y 31 10 5, '4-4 and recomMendins that the resignation be accepted. Accepted. Letter dated May 15, 1935, approved by four members of the to Mr. Walsh, Federal Reserve Agent at the Federal Reserve Bank °I' Dallas, reading as follows: st " Reference is made to the transaction whereby the 'First ,,,Ette Bank of Mathis', Mathis, Texas, acquired certain assets t ' and assumed a portion of the liabilities of, the Bank of T °111, Ynwa! Tynan, Texas, effective as of January 17, 1935. The Board has reviewed the information submitted in your ter of May 1, 1935, as well as the condition of the First t BlInk of hathis as reflected in the report of examination Et ! ti 04 Larch 26, 1935, from which it appears that the transac! 4 Of01 has resulted in no material change in the general character 0' assets of, or broadenins in the scope of the functions , he -ereised by, the State member institution, within the meaning X 1164 5 18 35 / / -10- of the general condition under which it was admitted to membershiP in the Federal Reserve System. "In the circumstances, and in view of your recommendati on, the Board will take no action affecting the membership of the Pirst State Bank of Mathis in the Federal Reserv e System by reason of the transaction. "It has been noted that a special visit to the bank will be made by the examiner to determine whether the various natters criticised in the report of examination as of March 26, 1935, in connection with the detail operations and general supervision ef the institution, have been correc ted. It will be appreciated if You will advise the Board of the status of such natters after the examin er has again visited the bank." Approved. Letter dated Lay 17, 1935, approved by three members of the Boar,1 -'' to Mr. Walsh, Federal Reserve Agent at the Federal Reserv e Of Dallas , reading as follows: t . "Condition numbered 1, prescribed by the Board in connecIcla with the application for membership of the 'Hamilton Bank and Trust Company', Hamilton, Texas, provides: 'That you shall agree not to pay any dividend based upon unearned or uncollected profits.' ,, "In the report of examination of the bank as of March 16, 35, the examiner reports an apparent violation of the condi°11 in connection with the payment by the institution of a 't,4,000 dividend on December 31, 1934, and in the analysis of the report you state: " 'Although the dividend was paid partly out of profits derived from operations prior to 1934, it appears that these Profits were both "earned" and "collected" and therefore the membership condition referred to by our examin er does not aPpear to have been violated. I shall be glad to have the _ard's view on this matter, and, in any event, I recommend !, ° Last no action be taken against the bank's membership in conI withT this transaction.' "The report of examination indicates that the bank has a net sund capital of approximately 43 per cent and it has been notedoe that although the dividend paid vas in excess of the amount of the institution's net earnings for 1934, the bank, at the time Parent, had undivided profits sufficient to pay the dividend. it In view of the circumstances, therefore, the Board concurs Ircilr opinion that payment by the bank of the dividend referred 1165 -11Ito was not a violation of condition of membership numbered 1." Approved. Letter dated May 15, 1935, approved by four members of the toard, to L. O'Connor, Comptroller of the Currency, reading as follows: hoardIn accordance with your recommendation, the Federal Reserve approves a reduction in the common capital stock of 'The kouhegan National Bank of :Ilford', Wilford, New hampshire, from to ca0,000, pursuant to a plan which provides for the ';se of the released capital, together l with a portion of the 1111110s undivided profits account, in eliminating all estimated °sses and net depreciation in securities, all as set forth in Your Supplemental memorandum of May 3, 1935. 15, This approval supersedes the Board's approval of December 1933, of the original plan of capital reduction." Approved. Letter dated May 15, 1935, approved by four members of the O'Connor, Comptroller of the Currency., reading as fol- 1) „ 4/1 accordance with your recommendation, the Federal Reserve pi " aPproves a reduction in the 4 common capital stock of 'The n tt National Bank of Antioch', Antioch, Illinois, from ,;80,000 pursuant to an amended plan which provides for the sal!p°2°' core -- Y40,000 of preferred stock to the Reconstruction Finance Pt?ration and/or others and for the use of the released capital ix alle-Ominating a corresponding amount of unsatisfactory assets, set forth in your memorandum of May 2, 1935. 2e1, 1QThis approval supersedes the Board's approval dated August : ' of a previous plan of capital reduction." 34, Approved. Tel -egram dated May 15, 1935, approved by four members of the ot, t0 ** Case, Federal Reserve Agent at the Federal Reserve Bank 4Ork, reading as follows: "Rolet April 10. In view of circumstances involved, Board's 1166 , 5 1e/35 / -12"letter of April 3, 1935 authorizing issuance of limited voting Permit to 'Bank of Nutley', Nutley, New Jersey, is hereby amended bY substituting 1 $250,000' for'$300,000' in paragraph numbered 2 cf required agreement on page 3 of letter." Approved. Letter dated May 17, 1935, approved by three members of the 41111c4 to kr. Fletcher, Acting Federal Reserve Agent at the Federal Rene , ' Lank of Ile Cleveland, reading as follows: d " Reference is made to your letter of April 18, 1935, ad,f:essed to Er. Szymczak regarding difficulties encountered in C1 44illing compliance with Regulation Q regarding the classifica,1 vlon of savings accounts. is understood that during the course of the examination of a , larGe State member bank in Cleveland your examiners insisted thatlarge accounts, which by their nature could not be er considas bona fide thrift accounts, be removed from the savings ' llssification in order to comply with Regulation Q. It is erstood, also, that the State member bank felt that strict l adiTliance with such requirements would place the bank at a dispr ntage unless the competing national banks followed a similar to-eedure, and that accordingly the State member bank endeavored Z ilist the cooperation of the two large competing national tT: but that 4 while one of the national banks indicated a disposite cooperate in the matter, the other had not so far indicated clngness to work with the other commercial member banks in eirrind in an effort to standardize practice so far as the clascfl uion of deposit accounts is concerned. . i ti :me If the question has not been satisfactorily adjusted by this Of " is suggested that you endeavor to enlist the cooperation to 011 chief national bank examiner of the district in an effort ! g wit.,-Exin uniform compliance with the provisions of Regulation 1410au410ut discrimination between national and State member banks. se keep the Board advised as to developments in this matter. Z Com- Approved, together with a letter to Mr. O'Connor, ptroller of the Currency, transmitting, for his con fidential information, a copy of the letter to Mr. Pl etcher. Lot ter dated May 17, 1935, approved by totIrd, three members of the to " heeler, Assistant Federal Reserve Agent 14 IN at the Federal 1167 5 18 35 / / -13Reserve Bank of San Francisco, reading as follows: "Reference is made to your letter of March 27, 1935, addressed to Lr. Carl E. Parry, Chief, Division of Security Loans, !ederal Reserve Board, inclosing a copy of a letter from Vim. uavalier & Co., asking two questions concerning Regulation T. It is assumed from the two letters that the first question relates to a situation as follows: "A broker, subject to Regulation T, pursuant to a customer's order delivers registered securities from an account of the customer which is sufficiently unrestricted to Permit the withdrawal of the securities at that time, to the transfer agent or registrar of the securities for transfer to and registration in the name of the customer, the transferred securities to be delivered to the broker for the purpose of redelivery to the customer. At the time the transferred soare received by the broker, the account has become restricted. The question is whether or not in view of the restricted nature of the account the broker may then deliver th?ise securities to the customer. th0You are advised that under Regulation T the delivery of securities, accompanied by documents adequate for transfer, to transfer agent or registrar with instructions to transfer the '13 be t itles to, and register them in, the name of the customer may If . reated as equivalent to delivery to the customer at that time. 't is the clear understanding that the transferred securities tc be received by the broker for delivery to the customer, ferh°11 /1 the customer's account may be restricted when the transre ! securities are received from the ed transfer agent or a0E-strar, delivery thereof may be made to the customer. It is 8.411Med that an appropriate entry will be made in the securities to fUlit of the customer indicating the delivery of the securities wilihe transfer agent on the date of such delivery, that notice the flbe given to the customer of such delivery, and that after voicate of such delivery the loan value of the securities in; of will be excluded in any determination of the loan value l is curities in the customer's account. e lew„ Ile second question seems to relate to a situation as fol- 17 "A customer, having an account with a broker subject to Regulat' 10n T, orders the sale of a registered security held . sUch account and expects 1 th to withdraw an amount representing t ,:gr::eds of the sale after the broker receives payment ctle f. At the time of the sale the status of the customer's ote„ 111t is such that either the security itself or the proceeds ° 1 e sale thereof could be withdrawn from the account. However 'the customer wishes to avoid the possibility that after 1168 5 18 35 // -14- "the broker receives the proceeds of the sale, he may be unable to withdraw the proceeds because of some intervening Change in the status of the account, which change might make such payment by the broker a violation of Regulation T. "Under the provisions of section 6 of Regulation T, as amended by Amendment No. 3 effective May 10, 1935, the broker !ah, in the circumstances described and upon instructions from the customer, transfer the securities, before or immediately after their sale, from the customer's combined account to a 8Pecial cash account. After the sale of the securities in the ,Pecial cash account and the receipt of the proceeds by the broker, the broker could pay the proceeds of the sale to the !ustomer from such special cash account at any time without regard to the condition of the customer's combined account at such time." Approved. Letter dated Lay 15, 1935, approved by four members of the 130ard 'to Li.. Case, Federal Reserve Agent at the Federal Reserve Bank liev' York, reading as follows: r, s refers to Li.. Gidney's letter of April 13, 1935, e; 48-ting to the termination of the holding company affiliate r pelationship between The First National Bank & Trust Company of rt Chester, Port Chester, New York, and The byram National elak V East Port Chester, East Port Chester, Connecticut. t . The Board understands that Port Chester National Corpora03 °11 an affiliate of The First National Bank L: Trust Company i' of port Chester, formerly awned 180 shares of the common stock th Byram National Bank of East Port Chester but that in 1934 ata- Corporation was dissolved and its assets, including such coock, have been transferred to The First National Bank & Trust 011Y of Port Chester. It is not entirely clear whether the in-elc vas transferred to the bank prior to the 1935 annual meet01-1 ..E the stockholders of The Byram Rational Bank of East Port °f ti -er but it is understood such stock and, possibly, an addit d: 10 shares held in the name of D. N. Williams, Vice Presi111 ila jof the bank, is now owned or controlled by The First 1cTal Bank & Trust Company of Port Chester. or E„ The Board further understands that The Byram National Bank Port Chester has outstanding 500 shares of common stock 250 shares of preferred stock; that the Reconstruction 1 'Ellice C , orporation owns all of the preferred stock; that at the LAnkts 1935 annual meeting 267 shares of the common stock and e 1169 5 18/35 / -15- "all of the shares of preferred stock were voted; that the stock then ()mod or controlled by The First National Bank a: Trust Company of Port Chester or Port Chester National Corporaas not voted; that the proxy for the Reconstruction Finance Corporation was not connected in any way with The Byram National Bank of East Port Chester, The First National Bank Z: Trust Company of Port Chester, or Port Chester National Corpor ation; that the instructions given to the proxy provided that with reference to the electi on of directors the proxy should be cooperative with the holders of the majority of the other !took and vote the stock owned by the Reconstruction Finance uorporation accordingly, but that he should not do so if the 3 °1 ':30sed action was clearly inimical to the interests of the ,1 t,orporat ion. "On the basis of these facts, the Board is of the opinion that The First National Bank & Trust Company of Port Chester 8 not a holding company affiliate of The Byram National Bank of st Port Chester. However, if the facts as summarized above e not entirely correct or if there are any further facts whidh 11_12cht have a bearing on the question whether a holding company !rfiliate relationship exists, the Board should be advised in orthat it may give further consideration to this matter. It loaY be noted that if the Reconstruction Finance Corporation nould at any future time issue a proxy to The First National & Trust Company of Port Chester or any person under its o_ntrol a further question might arise concerning the existence a holding compan affili ate relationship and it is suggested y that this fact be brought to the attention of that bank and The YMm National Bank of East Port Chester." 1 r Approved. Letter dated May 17, 1935, approved by three members of the 13clarcl to ti , - 4 . Hoxton, Federal Reserve Agent at the Federa l Reserve 8,kalc of Richmond, readin g as follows: ref "This refers to Ur. Fry's letter of February 1, 1935, with tollerence to the application of The Domini on Corporation, Charles' the 7435t Virginia, for a voting permit authorizing it to vote which it owns or controls of The First National Bank mItZ?uth Charleston, South Charleston, West Virginia, and subinformation relative to the termination of the holding vany affiliate relati onship. it aPpears that Tho First National Bank of South Charleston has 3r 00 shares of stock outsta nding; that 315 shares were voted 5 18 35 // -16- fl at the bank's 1935 annual meeting; and that The Dominio n Corporation mins or controls 141 shares and voted that number of shares at that meeting. It is also noted that in its report of conditi on as of Larch 4, 1935, The First National Bank of South Charleston stated that it had no holding company affiliates within the meaning of the Banking Act of 1933. "Since it appears that the holding company affiliate relationship has been terminated, it is assumed that no further Consideration need be given to the application of The Dominion corporation for a voting permit and accordingly the file has been closed." Approved. Letter dated May 17, 1935, approved by three members of the Board, to Alr. Sargent, Assistant Federal Reserve Agent at the FedReserve Bank of San Francisco, reading as follows: "Receipt is acknowledged of your letter of May 3, 1935, With reference to the application of Corvallis First National Cor poration, Corvallis, Oregon, for a voting permit authorizing t to vote the stock which it owns or controls of First Nationa l rank of Corvallis, Corvallis, Oregon, and submitting information ative to the possible termination of the holding company af,.Lliate relationship. The Board understands that at the time of its 1935 annual :!eting First National Bank of Corvallis had outstanding 750 c ares of preferred stock and 750 shares of common stock; that First National Corporation then owned or controlled cf, shares of the common stock; that the Reconst ruction Finance il;rPoration owned all of the preferred stock; that at such meetprG 680 shares of the common stock and all of the shares of the poeferred stock were voted; that Corvallis First National Cora ation voted all of the stock which it then owned or controlled; 4 pro that the Reconstruction Finance Corporation instructed its xY in part as follows: "Az a proxy of the Reconstruction Finance Corporation, YOU are instructed to be cooperative with the holders of the .jority of voting stock, held by others than this Corporato the end that the policies and plans of that majority In the selecti on of directors and the conduct of the bank's affairs may be effectuated. Such limitation on your power !tY be disregarded in instances where action is propose d Clearly inimical to the interests of this Corporation.' t r 1171 5 18/ / 35 -17"The Board further une,erstands that First National Bank of Corvallis now has outstanding 650 shares of preferred stock and 850 shares of common stock; that Corvallis First National CorPoration now owns or controls 389 shares of the common stock; and that the Reconstruction Finance Corporation owns all of the Preferred stock. "On the basis of these facts, the Board is of the opinion that Corvallis First National Corporation is not now a holding company affiliate of First National Bank of Corvallis and, accordingly, it is assumed that no further consideration need be given to the application for a voting permit. If there are any further facts which you believe should be brought to the Board's attention, the Board mill be glad to give further consideration '?() the matter. In the absence of such facts, you may advise the Interested organizations in accordance with this letter. "It is noted that the proxy voting the stock owned by the construction Finance Corporation at the bank's 1935 annual meeting was the owner of 10 shares of the bank's stock and 4 tares of the stock of Corvallis First National Corporation but rn, at he mas not an officer or director of either organization. i' lhe Board has no further information which would indicate that n. 1ms under the control of either organization. However, if ee Reconstruction Finance Corporation should at any tine in the auture issue a proxy to Corvallis First National Corporation, or 11°reon under its control, a further question might arise con: rning the existence of a holding company affiliate relationship Z 1,it is suggested that you call this to the attention of Cor' First National Corporation and First National Bank of e 4is ervallis.11 4 Approved. Telegram dated May 15, 1935, approved by five members of the kard, t toliows ° the governors of all Federal reserve banks, reading as "A. meeting of the Federal Open Market Committee is hereby eg to be held in 'Washington at the offices of the Federal erve Board beginning on Monday, May 27, 1935, at 10:30 a. in. toerl advise by wire as to your attendance. Board will desire arA-8cuss certain other matters with the governors while they Washington, and undoubtedly there will be topics which thatg°Irernors will wish to consider. Therefore, it is suggested maet.at the conclusion of the Open Market Committee meeting a 111S ef the Governors' Conference be held and that the 1172 5 18 35 / / -18- tt governors come prepared to stay at least two days." Approved. Letter dated nay 15, 1935, approved by four members of the to the governors of all Federal reserve banks, reading as fol- "There are being forwarded to you today, under separate cover, copies of the 'Instructions Governing the Preparati °11 cf Earnings and Expense reports and Profit and Loss stateWhich have been rewritten to bring them up to date. One copy of the instructions is inclosed for your information. "The instructions should be made effective as of June 1, 1935 I, Approved. Letter dated May 17, 1935, approved by three members of the 13()ards to. Ir. Curtiss, Federal Reserve Agent at the Federal Reserve 4tlakcf BoGton, reading as follows: T. . .411 examination of the agreements on F.R.B. Forms T-1 and 2 Idach have been filed by nonmember banks pursuant to the lcrI fisions of section 11 of the Board's Regulation T and section 8(a) cf the Securities Exchange Act of 1934 reveals apparent tnsicns and irregularities in certain cases. It is recognized such omissions and irregularities may be explained by docu111, 8 in the possession of the Federal Reserve agents or may be : 31 or ? matters of form which do not affect the legal sufficiency agreements. It is also recognized that in the case of each Of abll Of these agreements a Federal Reserve agent, acting presumez with the advice of counsel for a j Federal Reserve bank, has a ccuted and delivered to the nonmember bank filing the agreement Ex.p ro tificate on F.R.B. Form T-3 evidencing the filing of the . erlent and the qualification of the bank under section 8(a) Of 1 Securities Exchange Act of 1934. The Board does not wish to question the correctness of the State ezty c127 ts in any certificate which has been issued or to raise eert7°uots as to the rights of persons who have relied upon such 4,, 1 014i-oat° as evidencing the proper filing of one of these tirileei lellts, but in view of the possibility that at some future l °l0 Board may have to proceed to terminate the agreement of 1173 5 18 35 / / -19- a nonmember bank under section 8(a) of the Securities Exchange Act of 1934 because of the bank's failure to comply with the Provisions of the agreement, it is deemed advisable to correct nY omission or irregularity which night embarrass the Board in 'aking such action. "The only agreement filed in your district with respect to 1owsVtich there is an apparent omission or irregularity is as fol: Stoneham Trust Company, The agreement is not signed in Stoneham, lassachusots. the name of the trust company. "You are requested to call the attention of counsel for Your bank to this agreement and to advise the Board that it is ;he opinion of counsel for your bank that the omission or irregu±arity either constitutes a formality which does not affect the legal sufficiency of the agreement or that the agreement has been suPPlemented by a new agreement which has been properly executed elld filed by the nonmember bank. "Upon receipt of such advice from all of the Federal a Reserve ellts the Board will proceed with the publication of a list of all qualified nonmember banks in order to simplify the present Procedure under which it is necessary for each Federal Reserve 7 0 `g°11*t to notify not only the Board but also each other Federal "ocerve agent of additions to the list of qualified banks." Approved. Letter dated Llay 17, 1935, approved by three members of the 13°4rai t° L:r. Case, Federal Reserve Agent at the Federal Reserve Bank lievr York, reading as follow,: nAri T-2 examination of the agreements on F.R.B. Forms T-1 and pr olach have been filed by nonmember banks pursuant to the Elo ,Tsions of section 11 of the Board's c Regulation T and section ot of the Securities Exchange Act of 1934 reveals ii apparent that81°113 and irregularities in certain cases. It is recognized tiellt such emissions and irregularities may be explained by docuin the possession of the Federal reserve agents or may be tiera Illatters of form which do not affect the legal sufficiency ee,chhe aCreements. It is also recognized that in the case of Etbi °f these agreements a Federal reserve agent, acting presumez With the advice Z of counsel for a Federal reserve bank, has a con” and delivered to the nonmember bank filing the agreement (1.1.0"'4ficate on P.R.B. Form T-3 evidencing the filing of the of trent and the qualification of the bank under section 8(a) ° Securities Exchange Act of 1934. 11274 5 18 35 // -20- "The Board does not wish to question the correctness of the statements in any certificate 'which has been issued or to raise any doubts as to the rights of persons who have relied Upon such certificate as evidencing the proper filing of one of these agreements, but in view of the possibility that at some future time the Board may have to proceed to terminate the agreement of a nonmember bank under section 8(a) of the Securities -ixchange Act of 1934 because of the bank's failure to comply with the provisions of the agreement, it is deemed advisable to cor, any omission or irregularity which might embarrass the rect zoardnin taking such action. The agreements filed in your district with respect to wnich there are apparen t omissions or irregularities are as folic:eft: The Canadian Bank of Commerce, Toronto, Canada The Dominion Bank, Toronto, Canada. Banque Beige Pour L'Etranger, Lew York Agency, Brussels, Belgium The Columbus Trust Company, Ne wburgh, New York The agreement is signed in the name 'The Canadian Bank of Commerce, New York.' The agreement is signed in the name 'Agency The Dominion Bank New York, N. Y., It is not clear whether the nonmember bank seeking to qualify is the 'Banque Beige Pour L'Etranger' or 'Banque Beige Pour L'Etranger, New York Agency'. The subsequent agreement dated December 12, 1934, is evidently signed by two persons other than the persons named in the resolution printed immediately below the agreement. The name of the bank is omitted from the Secretary's certificate. "In the case of each of the following banks the authori ty f°1 the execution of the ' agreement is a resolution of the bariki e executive committee but there has been furnished to the !Tiard no excerpt from the by-laws of the bank properly evidenc1 6 the authority of the executive committee in this respect: 41Pire Trust Company New York City Title Guarantee and Trust Company New York City 14: -Lon Trust Company of Rochester Rochester, New York dina Trust Company Medina, New York 1195 5 18 35 // -21- "Auburn Trust Company Auburn, New York The Home Bnnk and Trust Company of Darien Darien, Connecticut Security Trust Company of Rochester, New York Rochester The Trust Company of New Jersey Jersey City, New Jersey Genesee Valley Trust Co. Rochester, New York State Trust Company of North Tonawanda North Tonawanda, New York The First Trust Co. of Tonawanda Tonawanda, New York The West Side Bank Bridgeport, Connecticut "In the following cases the resolution authorizes the execution and filing of the agreement by two or more officers but the signature of only one of such officers appears: 1.:edina Trust Company Medina, New York The Columbus Trust Company Newburgh, New York Genesee Valley Trust Company Rochester, New York "(In this connection the Board has ruled that an agreement on F.R.B. Form T-1 or T-2 is executed in accordance with the prescribed form of resolution of authorization if the agreement is signed by one of the two officers named in the reolution and is attested by the other.) 'You are requested to call the attention of counsel for ur bank to these agreements and to advise the Board that in 0 1 ease it is the opinion of counsel for your bank that the 1?" p-Lesion or irregularity is either satisfactorily explained by cl°euments in your possession or constitutes a formality which "not affect the legal sufficiency of the agreement or that b, agreement has been supplemented by a new agreement e has 'en properly executed and filed by the nonmomber bank. 'Upon receipt of such advice from all of the Federal reserve a nte the Board 16.11 proceed with the publication of a list of , qualified nonmember banks in order to simplify the present °eedure under which it is necessary for each Federal reserve ;70nt to notify not only the Board but also each other Federal eserve agent of additions to the list of qualified banks." r 4 Approved. Letter dated May 17, 135, approved by three members of the Boara, t Lr. Austin, Federal Reserve Agent at the Federal Reserve 8411k Ot .ul ladelphia, reading as follows: 11 An examination of the agreements on F.R.B. Forms T-1 and 5 18/35 / -22which have been filed by nonmember banks pursuant to the Provisions of section 11 of the Board's Regulation T and section (a) of the Securities Exchange Act of 1934 reveals apparent 8 omissions and irregul arities in certain cases. It is recognized that such omissions and irregularities may be explained by documents in the possession of the Federal Reserve agents or may be Inerematters of form which do not affect the legal sufficiency of the agreements. It is also recognized that in the case of eaCh of these agreements a Federal Reserve agent, acting presume'Y with the advice of counsel for a Federal Reserve bank, has ecuted and delivered to the nonmember bank filing the agreement a certificate on F.R.B. Form T-3 evidencing the filing of the agree, I ent and the qualification of the bank under section 8(a) of the 'ecurities Exchange Act of 1934. "The Board does not wish to question the correctness of the statements in any certificate which has been issued or to raise ahY doubts as to the rights of persons who have relied upon such cer tificate as evidencing the proper filing of one of these agree;711t. , but in view of the possibility that at some future time 7 ; 'a(i board may have to proceed to terminate the agreement of a nonTner bank under section 8(a) of the Securities Exchang e Act of '434 because of the bank's failure to comply with the provisions the agreement, it is deemed advisable to correct any omission ur irregularity which might embarrass the Board in taking such 4cticon. 11 The agreements filed in your district with respect to -which the re are apparent omissions or irregularities are as follows : The Altoona Trust Company, The agreement is not Altoona, Pennsylvania signed in the name of the trust company. Farmers, Bank of the State of The corporate seal is Delaware, Dover, Delaware not affixed. "In the case of each of the following banks the authority for the b execution of the a7reement is a resolution of the 1.hk 2 e s executive committee but there has been furnished to Lhe Board no excerpt from the by-laws of the bank properly e videncing the authority of the executi ve committee in this respect: Farmers' Bank of the State of Delamre Dover, Delaware Ihe Real Estate Trust Company of Philadelp Philadelphia, Pennsylvania hia latten Th_ zank and Trust Company Philadelphia, Pennsylvania ' ing Trust Company ,,Reading Reading, Pennsylvania 1D4,11k j -eu are requested to call the attention of counsel for your 1 these agreements and to advise the Board that in each :0 Vi8 35 / -23-- ease it is the opinion of counsel for your bank that the omis8ien or irregularity is either satisfactorily explained by docuIllents in your possession or constitutes a formality which does not affect the legal sufficiency of the agreement or that the ,greement has been supplemented by a new agreement which has 1°een properly executed and filed by the nonmember bank. "Upon receipt of such advice from all of the Federal Reserve agents tho •Board mill proceed mith the publication of a list of 411 qualified nonmember banks in order to simplify the present Procedure under which it is necessary for each Federal Reserve , a ;gent to notify not only the Board but also each other Federal serve agent of additions to the list of qualified banks." Approved. Letter dated May 17, 1935, approved by three members of the a.% 3 to lir. Fletcher, Acting Federal Reserve Agent at the Federal 11°serve 1, 'Jank of Cleveland, reading as follows: , 'Au examination of the agreements on F.R.B. Forms T-1 and A 1 4 'which have ' been filed by nonmember banks pursuant to the 81 \isions of section 11 of the Board's Regulation T and section 11;" 0 ) of the Securities Exchange Act of 1934 reveals apparent ,1 ti 8ions and irregularities in certain cases. It is recognized lant such omissions and irregularities may be explained by docu: , , 1 m,7' in the possession of the Federal Reserve agents or may be _:re matters of farm which do not affect the legal sufficiency v4 etx agreements. It is also recognized that in the case of tos h of these agreements a Federal Reserve agent, acting presuma. 'with the advice of :4Y j counsel for a Federal Reserve bank, has alcuted and delivered to the nonmember bank filing the agreement Et rertificate on F.2.B. Form T-3 evidencing the filing of the , or !ement and the qualification of the bank under section 8(a) -°1?, Securities Exchange Act of 1934. the The Board does not wish to question the correctness of raiastatements in any certificate which has been issued or to 4nY doubts as to the rights of persons who have relied thea "eh certificate as evidencing the proper filing of one of tutu agreements, but in view of the possibility that at some : tierit-e time the Board may have to proceed to terminate the agreetxcha f a nonmember bank under section 8(a) of the Securities ° viithTge Act of 1934 because of the bank's failure to comply corre he 4_ provisions of the agreement, it is deemed advisable to /3oEtrde anY omission or irregularity which might embarrass the : takinc such action. 1178 5 /w35 "The agreements filed in your district with respect to which there are apparent omissions or irregulariti es are as follows: The Ottoville BRI-11,- Company The corporate seal is Ottoville, Ohio not affixed. The resolution authorizing execution of the agreement names only one officer. "In the following cases the resolution authorizes the execution and filing of the agreement by two officers but the signature of only one of the two officers appears: The Lilledgeville Bank, Eilledgeville, Ohio "(In this connection the Board has ruled that an agreement on F.R.B. Form T-1 or T-2 is executed in accordance with the prescribed form of resolution of authorizatio n if the agreement is signed by one of the two officers named in the resolution and is attested by the other.) You are requested to call the attention of counsel for Your bank to these agreements and to advise the board that in :aoh ease it is the opinion of counsel for your bank that the , ission or irregularity is either satisf 1111 actorily explained by oUments in your possession or constitutes a formality which not affect the legal sufficiency of the agreement or that the a 1:!) greement has been supplemented by a new agreement which " Ilen properly execut 42 ed and filed by the nonmember bank. Upon receipt of such advice from all of the Federal Reserv e (tellts the Board will procee with d the publication of a list of ;10 qualified nonmember banks in order to simplify the present 40. c!dure under which it is necessary for each Federal Reserve 4: to notify not only the Board but also each other Federal 14 erve agent of additions to the list of qualified banks." V Approved. Letter dated May 17, 1935, approved by three members of the to Lir. Wood, Federal Reserve Agent at the Federal Reserve Bank O St. Louic, reading as follows: Boa T, "An examination of the agreem 2 ents on F.R.B. Forms T-1 and : have been filed by nonmember banks pursua pro hich nt to the 8(4 -siclis of section 11 of the Board's Regulation T and section ) 0411. of the Securi ties Exchange Act of 1934 reveals apparent that 1°118 and irregularities in certain cases. It is recognized Molit such omissions and irregularities may be explained by docuc in the possession of the Federal Reserve agents or may be 1179 5 18/35 / -25-- U mere matters of form -which do not affect the legal sufficiency of the agreements. It is also recognized that in the case of each of these agreements a Federal Reserve agent, acting presumablY with the advice of counsel for a Federal Reserve bank, has executed and delivered to the nonmember bank filing the agreement a certificate on F.R.B. Form T-3 evidencing the filing of t1le,agreement and the qualification of the bank under section 8 ( ‘a) ef the Securities Exchange Act of 1934. The Board does not wish to question the correctness of the statements in any certificate which has been issued or to raise anY doubts as to the rights of persons who have relied upon such certificate as evidencing the proper filing of one of these l eements, _gr but in view of the possibility that at some future the Board may have to proceed to terminate the agreement a nonmember bank under section 8(a) of the Securities Exchange et , of 1934 because of the bank's failure to comply with the evisions of the agreement, it is deemed advisable to correct 711Y omission or irregularity which might embarrass the Board J-4 taing such action. The agreements filed in your district with respect to J-eil 4cws: there are apparent omissions or irregularities are as fol- ff "In the following cases the resolution authorizes the execution and filing of the agreement by two officers but the signature of only one of the two officers appears: . S ,pringfield State Bank Springfield, Kentucky varmers Deposit Bank Brandenburg, Kentucky "(In this connection the Board has ruled that an agreeOn F.R.B. Form T-1 or T-2 is executed in accordance !Ith the prescribed form of resolution of authorization if ' agreement is signed by one of the two officers named in 11(1 the resolution and is attested by the other.) ,eaver Dam Deposit Bank, The resolution authorizes the 4ealier Dam, Kentucky execution and filing of the agreement by Frank Barnes, President, and Marshall Barnes, Vice President. The agreement is signed on behalf of the bank by Marshall Barnes, Vice President, and is attested by Frank Barnes, Secretary. The certificate as to the adoption of the resolution is not signed by the Secretary but is signed by Marshall Barnes, Vice President. 4 - 1180 5 18/35 / -26- The resolution authorizing execution of the agreement names only one officer. First-City Bank & Trust Company, The agreement is executed Hopkinsville, Kentucky. * under authority of a resolution of the 'Executive.. Board of Directors'. It is not clear whether this is a body other than the Board of Directors and if so whether it has power to authorize the execution of the agreement. 11 You are requested to call the attention of counsel for Y°ur bank to these agreements and to advise the Board that in each case it is the opinion of counsel for your bank that the !mission or irregularity is either satisfactorily explained by rcuments in your possession or constitutes a formality which e s not affect the legal sufficiency of the agreement or that r agreement has been supplemented by a new agreement which 43 been properly executed and filed by the nonmember bank. "Upon receipt of such advice from all of the Federal Reser lije agents the Board will proceed with the publication of a of all qualified nonmember banks in order to simplify the pr Re 8ent procedure under which it is necessary for each Federal ! er70 agent to notify not only the Board but also each other N: '`'eral Reserve agent of additions to the list of qualified banks.” "Peoples Bank, New Hope, Kentucky Approved. Letter dated May 17, 1935, approved by three members of the 11°41.(1, t/T , ° Stevens, Federal Reserve Agent at the Federal Reserve of chi eago, reading as follows: yo " Reference is made to Assistant Federal Reserve Agent clunVs letter of May 9, 1935, submitting a review of the ohltYton Act permit granted on February 5, 1934, to Br. George ofer Yorkville, Illinois, to serve at the same time as director viline Yorkville National Bank and Farmers State Bank of Yorkpe„? both of Yorkville, Illinois, and recommending that the , be revoked. 19R , You illere advised in the Board's letter of February 5, "--'s•that the permit was issued because of your statement 1181 5 18 35 // -27- "that while the banks involved are in substantial competiton, You felt that the influence of the applicant would be helpful in effecting a consolidation of the two institutions; and you were requested, in the event the proposed consolidation had not been effected by July 1, 1934, to review the matter and submit report to the Board with your recommendation as to whether or not the permit should be revoked. "It is noted from hr. Young's letter that the possibility of a consolidation of the two institutions involved has become more and more remote and is no longer being considered; that the circumstances which made it seem desirable to issue this Permit no longer exist, and that the continuance of the permit does not appear to be consiste nt with the Board's policy in ether situations of a similar nature since the banks involved are in direct competition with each other for the same classes of buf;iness and are located in the same business community. 'In COflgress view of the fact that there is now pending before the proposed legislation for the purpose of clarifying !nd otherwise amending the provisions of the Clayton Act, it is felt that no action should be taken at this time toward the t:elrocation of existing permits. In the circumstances, the 150ard will hold in abeyance the matter of revocation of the 'Mit granted to hr. Ohse pending the outcome of the legislation now before the Congress." Approved. totxrd Letter dated May 17, 1935, approved by three members of the t° Mr. NcAdams, Assistant Federal Reserve Agent at the Federal lteser Ire Bank of Kansas City, reading as follows: perni"There are inclosed the original and copies of Clayton Act ' granted to Mr. A. G. Sam, Sioux City, Iowa, to servo -- 13 director and officer of The Live Stock National Bank of CitY Sioux City, Io-;;a, and as director of The National , ;;" of Norfolk, Norfolk, Nebraska, and Ur. R. B. Montgomery, lit pirf°1k, Nebraska, to serve as director and officer of The , 14ttional Bank and Trust Company of Chamberlain, ChamberSouth Dakota, and as director and officer of The National 14an er Norfolk, Norfolk, Nebraska, for transmittal by you to torsre rStlil rsi.c Montgomery and the banks involved and copies y f :i The 13 It is noted that a charter has not yet been issued to 'ational Bank of Norfolk and in view of this you are 1182 5/18/ 35 -28-- It requested to withhold delivery of the inclosed permits and cc:Ties thereof until such charter is issued. "When the permits and copies thereof are forwarded to Lessrs. Sam and Nontgonery and the banks involved, please advise them that the permits have been issued so as to expire at the !lose of January 14, 1936, as there is now pending before the ogress proposed legislation for the purpose of clarifying !Ind otherwise amending the provisions of the Clayton Act relating to interlocking bank directorates. Copies of this letter and copies of Yr. Sam's and Ls. IL°11tgomery's permits have been forwarded to Federal Reserve Acen4.— Stevens at Chicago and Peyton at Minneapolis respectively; d when the permits are released please advise them and the Board accordingly in order that the files may be complete." Approved. Letter dated May 17, 1935, approved by three members of the to /ix. Walsh, Federal Reserve Agent at the Federal Reserve tarfl -- Of Dallas, reading as follows: " April 19, 1935, the Board granted Mr. James H. Sims: On s4 : , Texas, permission under the provisions of the Clayton 4 1111115 serve at the same time as director and officer of The a r?.rst National Bank of New Boston, New Boston, Texas, and as , 2 ,:rector of First National Bank at De Kalb, De Kalb, Texas, for period ending January 14, 1936. "The Board is now in receipt of a letter dated May 8, 1935, l Ylr. E. E. Bearden, Cashier of First National Bank at De fa cr us a copy of which is inclosed for your information and record making inquiry as to whether the permission granted ehat-r- Simms on April 19, 1935, authorizes his services as 1r0 of the board of directors of that institution. -n n at . 'Although the information submitted by First National Bank peb-e Kalb in connection with Mr. Simms' application dated bawf:uarY l, 1935, indicates that he has been an officer of that since December 19, 1934, Mr. Simms did not make applica411 11 to include his service as chairman of the board of directors , a report of examination of First National Bank at De Kalb niden°t available at the time Mr. Simms' application was con' NIRIG red in view of -which his service as officer of this bank corclot included in the permit heretofore granted to him. AcSira l glY, the Board has issued an amended permit covering Mr. as Present services as director and officer of The First 1183 5 18 35 // -29- "National Bank of New Boston, New Boston, Texas, and First National Bank at Be Kalb, De Kalb, Texas, for the period ending January 14, 1936; and there are inclosed the original and copies of this amended permit for transmittal by you to 11 Simms and the banks involved and a copy for your files. : ". "Before releasing the permit and copies you are requested to satisfy yourself that 1.r. Simms is not now serving any erCanizations other than those which he listed in item 12 of -.E. Form 94 in his application dated February 1, 1935, •P 'which make loans on the security of stock or bond collateral; and it will be appreciated if you v.11 advise the Board regarding this matter in order that its files may be complete. "Ir. Simms and the banks involved were advised upon the issuance of the previous permit as to the reason for its issuance so as to expire at the close of January 14, 1936." Approved. Letter dated May 15, 1935, approved by four members of the Board, + -° an applicant for a Clayton Act permit advising of the is14allce bY the Board of a permit as follows: Nelson Morris, to• serve at the same time as a director of e Rational Stock Yards National Bank of National City, NaStock Yards, Illinois, and as a director of The Eidvlty National Bank of Chicago, Chicago, Illinois, for the Aorlod ending January 14, 1936. Approved. Letters dated Lay 17, 1935, approved by three members of Board, to applicants for Clayton Act permits advising respectIlrelY Of the issuance of permits by the Board as follows: LI'. , wls T hf Le - Plemer, to serve at the same time as a director of , ilational Capital Bank of Washington, Washington, D. C., a director and officer of the East Washington Savings . 1936 Washington, D. C., for the period ending January 14, . Lr. thr ' Watson, to serve at the same time as a director of , C. ! Eastern Shore Citizens Bank, Onancock, Virginia, and as a oector of the Farmers & Merchants National Bank in Onley, eY, Virginia, for the period ending January 14, 1936. 1184 5118 35 / -30- W. P. C. Hazen, to serve at the same time as a director and officer of The National Capital Bank of Vashington, Washington, C., and as a director of the East Tiashington Savings Bank, lkshington, D. C., for the period ending January 14, 1936. Approved. There were then presented the following applications for 11411(13 in stock of Federal reserve banks: APPlle 4, .a vlon for ok,rlet No. 7 ORIGINAL Stock: Pirst National Bank in Wauwatosa, Walomtosa, asconsin Shares 72 72 150 150 „ lications for ADDITIO1TAL Stock: atri • First IZETEnal Bank of Clifton, Clifton, New Jersey D. 4. ,euziet No. 12. 1-r.st National Bank in Reno, heRE1/0, Nevada Skakaerican National Bank of San Bernardino, Bernardino, California 6 ileations for SURRENDER of Stock: ill_4trict no - 9 . *40 DicLiberty lAtional Bank of Dickinson, kinson, North Dakota 36 15 Total 51 201 14 14 e6'—e3 Bank-;:ild Trust company, Seattle, Washington 30 Total Approved. Thereupon the meeting adjourned. Governor. 30 44
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