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3421 A meeting of the Executive Committee of the Federal Reserve Board was held in Washington on Tuesday, November 6, 1934, at 3:00 P. PRESENT: Er. Hamlin, Chairman of the Executive Committee Eiller Li. James Er. Szymczak Lx. Eorrill, Secretary Er. Carpenter, Assistant Secretary The Committee considered and acted upon the following matter Letter dated November 5, 1934, approved by four members of the Board, to Er. O'Connor, Comptroller of the Currency, reading as touows: "In accordance with your recommendation, the Federal Reserve Board approves a reduction in the common capital stock of 'The Second National Bank of Hempstead', Hempstead, New fork, from $300,000 to $125,000, pursuant to a plan which provides that the bank's capital shall be increased by $225,000 Of preferred stock to be sold to the Reconstruction Finance Corporation and/Or others; that the release d capital shall be used to eliminate a corresponding amount of estimated losses altd lower grade securities depreciation, and that any lower grade securities depreciation not eliminated by the use of the released capital will also be charged off, all as set forth ln your memorandum of October 24, 1934." Approved. Telegram dated November 5, 1934, approved by four members of the card, to the governors of all Federal reserve banks, reading as toilowis 3 "Referring our September 21 telegram (TRANS 2079), new account on daily balance sheet, Form 34, Miscell aneous assets 4equired in settlement of claims account closed banks' should 3422 11/5/34 -2- "be confined to assets, legal title to which has been acquired by the Reserve bank, and for which final settlement has been made 'with the receiver. In Board's 'Instructions governing the preparation of earnings and expense reports and profit and loss statements', page 30, item 2-b 'Other real estate - otherwise acquired', please insert after first sentence the following; 'Real estate, legal title to which has been acquired in connection with claims against closed banks, should not be included in this account unless and until final settlement on account thereof has been made with the receiver'." Approved. Telegram to the Federal reserve agents at all Federal reserve 13.11.1c3. reading as follows: "It has core to Board's attention that some member banks have been reporting unsecured modernization loans insured by Federal Housing Administration under Section 2 of the National housing Act as loans on real estate. It is requested, therefore, that you advise all meekly reporting banks that modernization loans insured by the Federal Housing Administration under Section 2 of the National Housing Act should be classified in 'weekly condition report, Form B-21, as 'All other loans': unless such loans are actually secured by liens on real estate in 'which case they should be reported as 'Real estate loans'." Approved. Letter dated november 5, 1934, approved by four members of the Board, to Er. Clarence S. Liles, St. Paul, Linnesota, reading as roliovrst . "Your letter of August 28, 1934, to the President of the enited States in regard to an application by the licBean-Nesbitt , °11Pany for a loan under Section 13b of the Federal Reserve Act "48 been referred to the Federal Reserve Board for consideration. "Prom the information submitted, it appears that the con18 engaged in the business of developing real estate for ,°111e and business sites and proposes to use the loan applied ltior + , -0 Pay delinquent taxes and to satisfy other existing in,e . °tedness. It is understood that the company's application ns denied for the reasons that in the opinion of the Federal reserve bank and its Industrial Advisory Committee the company 3423 -3"is not engaged in an industrial or connercial business and the loan is not for the purpose of providing the company with 'working capital', as required by law. "As you may know, the Federal Reserve Board has left to the Federal reserve bsnks the exercise of the broad powers granted by Congress in section 13b wholly unimpaired and has prescribed no restrictions beyond those in the law itself; and, accordingly, it has not attempted to define the words 'working capital'. However, a Federal reserve bank must observe the requirements made by the statute in granting accommodations under this law, and, since Congress has seen fit to require that loans made under this section shall be for the purpose of furnishing 'working capital', a Federal reserve bank may not lawfully make an advance to an established industrial or conmercial business unless it is for the purpose of providing it with such working capital. "Ivhile the Federal Reserve Board feels that Federal reserve banks ordinarily are in a better position than is the Board to determine questions of this kind, it has, in view of Your request, considered the question whether the loan which has been requested by the LcBean-hesbitt Company is for the Purpose of providing such company with 'working capital' within the meaning of section 13b of the Federal Reserve Act. In 7ieW of the fact that the proceeds of the loan applied for in this case would be used to pay delinquent taxes and refund existing indebtedness, the Board finds no reason to differ With the conclusion of the Federal Reserve Bank of Minneapolis that such loan is not for the purpose of providing the company with working capital and does not comply with the requirements of the law in this respect. "It is the considered policy of the Federal reserve banks tO approach questions of this kind arising under section 13b 5 the Federal Reserve Act with a liberal viewpoint and the l'oderal Reserve Board has also given this question a sympath etic consideration; but, as indicat ed, it is unable to reach the e"clusion, in the circumstances of the case, that the loan is „ ?r the purpose of providing the company with 'working capital'. e question is not one in respect to which either the Federal oeserve Board or the Federal reserve banks have authority to ercise discretion and, in view of the requirement which rIgress has proscribed in the law, I am sure you will appreci e the position which it has been necessary for the reserve -44.4k to take in the matter." Approved. lelegram dated November 5, 1934, approved by four members of °4rd, to kr. Sargent, Assista nt Federal Reserve Agent at the 11/6/34 -4- r ecieral Reserve Bank of San Francisco, readin7, as follows: "Question presented in Itheeler's letter of October 24 regarding interpretation of term 'member' of national securities exchange as defined in Securities Exchange Act is receiving consideration of Board's staff. Board has no objection to suggestion in letter that you send San Francisco Stock Exchange copy of Comptroller of Currency's letter of June 28, 1934, mhich accompanied Board's latter X-7954 of July 5, 1934. In this connection please refer Board's telegram of July 16, 1934 in reply to your telegram of July 13, 1934." Approved. Letter dated November 5, 1934, approved by four members of the Board, to la". Case, Federal Reserve Agent at the Federal Reserv e Bszkof New York, reading as follows: "Receipt is acknowledged of your letter of October 30, 1934, regarding certain applications under the provis ions of section 32 of the Banking Act of 1933 involving the service of mortgage guaranty companies in the State of New Jersey. "You inclosed a copy of a letter dated October 26, 1934, addressed to you by Mr. C. A. Gough, Deputy Commissioner, State of New Jersey Department of Banking Insurance, Bureau of Insurance, Trenton, New Jersey, and a copy of General Order No. 1 of that department, dated Larch 21, 1933. "It appears that the effect of that order is to impose restrictions upon corporations in the State of New Jersey engaged in the busine ss of selling guaranteed mortgage participaticn certificates. The order provides in part as follows: '3. The sale of guaranteed mortgages and interests in mortgages by the guarantor compan y is suspended, * * *.f "In this connection, the Deputy Commissioner states in his letter: 'The restrictions imposed by the aforesaid General Order "To. 1 upon the issuance of any furthe r participation certificates or bonds by New Jersey lortgage Guaranty Compan ies are regarded by us as being of a temporary character, as no doubt several of such companies will in due course be released from the restrictions and again permitted to resume the normal function of i:;suin g guarantees of some character, but it is more than likely that sore of these companies mIll continue indefinitely under the restri ctions.' wg, It thus appears that the suspension, which has been in , 4feot since March 21, 1933, will probably never be removed as ' 4) some of the companies. In these circumstances, you suggest 3425 11/6/34 -5- "that, until such time as a particular New Jersey mortgage guaranty company actually resumes the function of issuing mortgage participation certificates or bonds, such company should not be regarded as being 'engaged' in the business of selling such participation certificates within the meaning of section 32. You also point out that, in the portion of the Deputy Commissioner's letter quoted above, he refers to the probability that several such companies may again be permitted to resume the function of issuing certificates 'of some character', and suggest that, if and whan such function is resumed, the form of the certificates issued may have little similarity to the form issued prior to the date of General Order No. 1. "You therefore suggest that it would be appropriate to advise each applicant for a permit under section 32 covering a I;exr Jersey mortgage guaranty company, in substanc e, that it aPPears that his service to such organization is not now subject to the provisions of section 32 since it appears that the "mPany is not engaged presently in the business of selling mortgage participation certificates or similar obligations, and advising him further that, in the event such company resumes the issuance and sale of such certific ates or other similar obligatio ns, it then will be necessary for the applicant to advise the Federal Reserve Agent thereof and to furnish him With full and detailed information concerning the nature of the business then transacted by such company in mortgage participation certificates, and with full and detailed information cerning the nature of such certificates, in order that furConth consideration may be given at that time to the question of 1-410 applicability of section 32 to such mortgage guaranty comPany. r ihe Board agrees with this suggestion and requests you tc proceed accordingly. Hr Ihere is inclosed a list of the applicants serving Naw Jersey mortgage guaranty companies mhose applicat ions have 13,een forwarded to the Board. The name of J. Clarence Walters 1! not included in the list, since it appears that the restriclone of General Order No. 1 are applicable to all of the 42!rtgage guaranty companies in New Jersey with the exception '(13 the ';.arren Title and Mortgage Guaranty Company which is the , r11PanY involved in Mr. Walter's application. As you know, v. ! ) board has recently written separate you ly regardin g Er. mIterst application." Approved. Letter dated November 5, 1934, approved by four members of the 13 c)arci 'to lir. Case, Federal Reserve Agent at the Federal Reserve 13toak ew York, reading as follows: 3426 -6"The Federal Reserve Board has given consideration to the application of Lir. George N. Tidd for a permit under section 32 of the Banking Act of 1933 to serve as director of Irving Trust Company, New York, New York; Fidelity Union Trust Company, Newark, New Jersey; and Prudential Investors, Inc., Jersey City, New Jersey. "It appears that Prudential Investors, Inc., is an investment trust and that it does net offer securities other than its own for sale to the public or engage in underwritings. It apPears that the total purchases and sales of securities by the corporation, exclusive of United States Government, State, runicipal, and short-term securities, during the years 1929 to 1933, inclusive, represented the following percentages of its total assets: Eurchases Year Sales 1929 154.0 49.0 1930 54.0 53.0 1931 20.0 27.0 1932 12.0 13.0 51.0 1033 24.0 Average for five years 73.5 37.2 "In this connection, it is noted that 1929 was the year of the organization of the corporation, and purchases for that year therefore include initial investments. Excluding the year 1929 but including all securities, the purchases by the corporation averaged approximately 51% of total assets in each year, etnd the sales averaged approximately 45%. "It appears further that for each of the four years 1929 to 1932, inclusive, the corporation sustained a loss from the sale of securities, and in the year 1933 it realized a profit which was roughly equal to the average loss in the preceding four years. "At the end of the year 1933, the securities in the corporation's portfolio had been held for the following periods in the proportions indicated: Held less than 6 months 24% Held 6 to 12 months 21% Held 12 to 18 months 9% Held 18 to 24 months 2% held 24 months and over 44%. "On the basis of the information which has been submitted, the Board concurs in your opinion that Prudential Investors, Inc., 8heuld not be regarded as 'engaged primarily in the business of . 314rehasing, selling, or negotiating securities' within the invendment of section 32. "Sufficient information has not been submitted regarding the activities of the corporation in purchasing, selling or distributing its own stock or other securities to the public to I 3427 1116/34 -7- "show whether the corporation is actively engaged in such transactions to such an extent as to raise a question regarding the applicability of section 32 in this case." Approved. Letter dated November 5, 1934, approved by four members of the Board, to Ni. Austin, Federal Reserve Agent at the Federal Reserve Bank of Philadelphia, reading as follows: "On September 14, 1934, the Board advised you that it had given consideration to the application of lr. LeRoy A. Goodwin, Gloucester City, New Jersey, for permission under the provisions of the Clayton Act to serve at the same time as a director Of First Camden National Bank and Trust Company, Camden, New Jersey, and as director and officer of Gloucester City Trust Company, Gloucester City, New Jersey, and, upon the basis of the information before it felt that the issuance of the permit aPplied for would be incompatible with the public interest. The Board's action upon the application was based upon the unsatisfactory condition of the Gloucester City Trust Company, Of which the applicant has been an officer and director since 1917, upon the nature and extent of the uses which have been made of the credit facilities of the banks by the applicant's interests, as shomn in current reports of examination, and upon the apparently extended condition of the applicant's financial affairs as set forth in such reports. "Subsequently, in accordance with Section V (g) of Regulation L, additional facts and arguments not appearing in his apPlioation and accompanying forms were submitted for the consideration of the Board. From the additional information submitted by the applicant, it appears that it would not be incompatible With the public interest to grant the permit requested. "In view of the foregoing and in accordance mith your recorlmendation, the Board has approved the application of Lir. Goodwin and there are inclosed the original and copies of the Permit covering his services as a director of First Camden National hank and Trust Company, Camden, New Jersey, and as director and officer of Gloucester City Trust Company, Gloucester city, New Jersey, for transmittal by you to Lr. Goodwin and the two banks. There is also inclosed for your files a copy of the Permit which has been granted to Li. Goodwin." Approved. Letter dated November 5, 1934, approved by four members of 3428 11/6/34 -8- the Beard, to Lir. 'alliams, Federal Reserve Agent at the Federal Reserve Bank of Cleveland, reading as follows: "There are inclosed the original and copies of a Clayton Act permit granted to Lir. harry C. Graham, Pittsburgh, Pennsylvania, to serve at the same time as director of the Coraopolis Trust Company, Coraopolis, Pennsylvania, and 'The Pitt National Bank of Pittsburgh', Pittsburgh, Pennsylvania, for transmittal by you to the applicant and the two banks, and a copy for your files. "In considering the application it was noted that 1,:r. Graham had attended only one of the twenty-five directors' meetings of the Coraopolis Trust Company held during the past two years and had stated to la''. Fletcher that he has no desire to continue as a director of the Coraopolis Trust Company because of his inability to attend directors' meetings regularly. It is noted further that the applicant feels that a severance Of his connection with the Coraopolis Trust Company at this time might give rise to a misunderstanding in the minds of dePositors. . "In the circumstances and in order to avoid any unnecessary nasunderstanding which might prove detrimental to the best interests of the ban;:s involved, the Board has granted the permit, to continue in effect, however, only to the close of December 31, 1934. iihen the permit is sent to the applicant it is suggested that you call his attention to the limited status of the Permit and advise him that it has been granted with the expectation that at the expiration thereof he will bring his relationships into conformity with the provisions of the Clayton Act. "Please keep the Board informed of the action taken in the Zatter." Approved. Letter dated November 5, 1934, approved by four members of the, toard, to Er. ü1liarns, Federal Reserve Agent at the Federal Re- eerire Bank of Cleveland, reading as follows: "The Board has reconsidered the applications of Messrs. Jo A. Aull, E. F. Harwitz, R. h. Snyder, and D. E. Snider, all ° et Liddletown, Ohio, for permission under the provisions of the 41 ,:ilyten Let to serve at the same time as officers and/Or direc' ure of The First and Llerchants National Lank of lliddletown !ild The American Trust and Savings Bank, both of Middleton, )11-10, and upon the basis of the information before it, including 3429 11/6/34 -9- "that submitted by the applicants which was transmitted to the Board by the Assistant Federal Reserve Agent with his letters of October 16, 1934, has granted a permit to Ir. J. A. Aull but still feels that the granting of the permits applied for to Lessrs. B. F. harwitz, R. H. Snyder and D. E. Snider would be incompatible with the public interest as indicated in its letter to you dated September 14, 1934. You are requested to transmit the Clayton -Act permit to Mr. Lull and copies to the banks involved and to advise the other applicants of the Board's action with respect to the reconsideration of their applications. "Please ascertain and advise as to what further steps Lessrs. Harmitz, Snyder and Snider propose to take in order to comply with the provisions of the Clayton Act." Ihe Clayton Act permit issued to Mr. Aull and inclosed in the letter referred to above, authorized him to serve at the same time as a di1.6eter and officer of The First and Merchants National Bank of ladcliet°wn, Liddlotorn, Ohio, and as a director of The American Trust 44d Savings Bank, Liiddletown, Ohio. Approved. Letter dated November 5, 1934, approved by four members of the Board, to Yr. Stevens, Federal Reserve Agent at the Federal ReBank of Chicago, reading as follows: "There are inclosed the original and copies of a Clayton Act permit granted to Li.. J. B. Barlow, Ripon, ;iisconsin, to serve at the same time as a director of The First National Pank of Ripon, Ripon, Ulsconsin, and as a director of the liazelton State Bank, Hazelton, Idaho, for transmittal by you to Mr. Barlow and the two banks, and a copy for your files. 0 On September 17, 1934, the Board declined to grant a Permit to Ir. Barlow, its action being based largely upon the fact that he attended only two of the twenty-seven meetings held by the directors of the Eazelton State Bank during the Past two years, and that his present residence, 1,800 miles from Hazelton, Idaho, raised serious question as to his ability tO properly and adequately serve the Hazelton bank. It appears, however, from additional information submitted by the applicant, aId inclosed with Mr. Young's letter to the Board dated September 25, 1934, that Li.. Barlaw's connection with the Hazelton 1 3430 1316/34 -10- "State Bank adds strength to its management and that he keeps sufficiently informed regarding the condition of the bank to enable him to exercise proper supervision over its affairs. In view of these facts, the Board has reconsider ed Er. Barlow's application and concurs in the opinion of your office that the granting of a permit to the applicant would not be incompatible with the public interest. Since the Board feels, however, that a director should have a satis factory record of discharging his duties and responsibi lities by participating in the management and opera tions of a bank Which he is serving including attendance at direc tors' meetings, the Board requests that, when you submi t your recommendation as a result of your annual revievtof this permi t, you report fully as to the manner in which Er. Barlow has discharged his duties and responsibilities as director of the Hazelton State Bank. "A copy of the permit granted to Mr. Barlow toget her with copies of this letter, of Yr. Barlow's letter to Er. Young dated September 22, 1934, and of Er. Young's lette r to the Board dated September 25, 1934, are being sent to Assistant zederal Reserve Agent Sargent at San Francisco for his information and,files." Approved. Letter dated November 5, 1964, approved by four membe rs of the Board, to Er. Stevens, Federal Reserve Agent at the Federal ReBank of Chicago, reading as follows: "Reference is made to Assistant Federal Reserve Agent Young's letters of October 15 and October 18, 1934, inclosing copies of letters from the State Bank of Union Grove , Union Grove, the West Racine Bank, Racine, and from Mr. 0. P. Graham, Racine, all of Wisconsin, relative to the appli cation of Lr. Graham for permi ssion under the provisions of the Clayton Act to serve at the some time as direc tor and officer of First Natio nal Bank and Trust Company of Racine and :lest Racine Bank, both of Racin e, and of State Bank of Union Grove, Union Grove, all of Wisconsin, which was not approved by the 80ard as indicated in its lette r of September 18, 1934, the B°11rd'8 aciion being based largely upon the unsatisfac tory condition of the State Bank of Union Grove, which is controlled end dominated by the appli cant, and upon the fact that funds Of this bank are apparently being used for the accommodation Of the vario us directors, officers and employees of the First Lational Bank and Trust Company of Racine. I 3431 11/6/34 -11- "In accordance with Section V (g) of Regulation L, additional information was submitted by the applicant from which it appears that the condition of the State Bank of Union Grove will be improved through the purchase of $18,000 of its capital debentures by the Reconstruction Finance Corporation; that due to the recent death of the cashier, a new cashier has been elected who is reported to be a much better bank man than his Predecessor; that criticized loans made by this bank to officers, directors and employees of the First National Bank and Trust Company of Racine have been further secured and/Or reduced; and that the applicant states that if such loans are not Placed in a satisfactory condition they will be charged off. The Board has given consideration to the additional information submitted, but inasmuch as the applicant awns control and dominates the affairs of the State Bank of Union Grove and, therefore, appears to be largely responsible for those matters which have been subject to criticism, it still feels that the granting of the permit applied for would be incompatible with the public interest. You are requested to advise the applicant of the Board's decision in the matter. "In order that its files in this case may be complete, Please advise the Board as to what steps r. Graham proposes to take in order to comply with the provisions of the Clayton Act." Approved. Letter dated November 5, 1934, approved by five members of the Board, to Li.. Peyton, Federal Reserve Agent at the Federal ReBank of lanneapolis, inclosing the folloving Clayton Act per114t8 for transmittal to the applicants; suggesting that the agent Elcill-se the applicants that it is with the expectati on that they improve their attendance at directors' meetings that the perkite , Ilave been granted; and requesting that, viien the agent submits , * 600mmendation as a result of his annual review of the permits, he „ 'ePort fully as to the attendance of the applicant s at directors' 4 . G. E. Ballard, for permission to serve at the same time as 4 director and officer of The National Bank of Fairmount, 3432 11/e/34 -12- Fairmount, North Dakota, and as a director of the Lank of New Effington, New Effington, South Dakota. Mr. B. W. Schoumeiler, for permission to serve at the same time as a director and officer of The National Bank of Fairmount, Fairmount, North Dakota, as a director and officer of the Bank of New Effington, New Effington, South Dakota, and as a director and officer of the bank of Veblen, Veblen, South Dakota. Mr. E. W. Schouweiler, for permission to serve at the same time as a director and officer of The National Bank of Fairmount, Fairmount, North Dakota, and as a director and officer Of the Bank of Veblen, Veblen, South Dakota. Approved. Letter dated November 5, 1934, approved by four members of the Board, to Li.. Peyton, Federal Reserve Agent at the Federal i.eBank of Linneapolis, inclosing the following Clayton Act per14:4ror transmittal to the applicant; suggesting that the agent advise the aPPlicant that the permit has been granted with the expectation that he will attend a sufficient number of the meetings of The Ameri444 x°hange National Lank to enable him to have personal contact l'ith the bank's affairs; and requesting that, when the agent submits hia- r ° commendation as a result of his annual review of the permit, e °port fully as to the applicant's attendance at directors' meet- &Its arld the manner in which he has discharged his duties as a directOr s lir. D. B. McDonald, for permission to serve at the same time as .director and officer of The American Exchange National Bank of ,11rginia, Virginia, Minnesota, and as a director of The Northern Ilational Bank of Duluth, Duluth, Minnesota . Approved. Letters dated November 5, 1934, approved by four members of -13the Board, to Mr. Peyton, Feder al Reserve Agent at the Federal Reserve Bank of Minneapolis, inclosing the follo wing Clayton Act perits for transmittal to the applicants; suggesting in each case that the agent advise the applicant that it is with the expectation that he will satisfactorily attend directors' meeti ngs that the permit hes been granted; and requesting that, when the agent submits his l'ecornnendation as a result of his annua l review of the permit, he l'eP°rt fully as to the applicant's attendance at directors' meeti ngs: 1,1r. Lewis G. Castle, for permission to serve at the same time as a director and officer of The Northern National Bank of Duluth, Duluth, Minnesota, as a director of the Western Natio nal Bank of Duluth, Duluth, LLinnesota, and as a direc tor and officer of The Liners National Bank of Eveleth, Eveleth, Minnesota. LT-r• Richard L. Griggs, for permission to serve at the same time as a director end officer of The Northern National Bank of Duluth, Duluth, Minnesota, as a director of The First National Bank of Hibbing, Hibbing, Minnesota, and as a director of The First National Bank of Virginia, Virginia, Minne sota. Zr. Dana C. Rood, for permi ssion to serve at the same time as a director and officer of The First National Bank of Hibbing, Minnesota, and as a director of The Northern National Bank of Duluth, Duluth, Minnesota. Approved. Letter dated November 5, 1934, approved by five members of the ' .uoard, to Mr. McClure, Federal Reserve Agent at the Federal Re4e11" -. -° Bank of Kansas City, inclosing the follo wing Clayton Act permit tr - nnamittal to the applicant; sugge sting that the agent advise the 4Plicant that it is with the expectation that he will satis - rEtet the ilr atten d directors' meetings of the Kemper State Bank that 13er1sit has been granted; and requesting that, when the agent 3434 11/6/34 -14- Tits his recommendation as a result of his annual review of the Perrnit, he report fully as to the appl icant's attendance at directors' ecitincs: LI.. James S. Neely, for permissi on to serve at the same time as an offi cer of The City National Bank and Trust Comp any of Kansas City, Kansas City, Missouri, and as a dire ctor of the Kemper State Bank, Boonville, Missouri. Approved. Letters dated November 5, 1934, approved by four members of the Board, to applican ts for permits under the Clayton Act, advising Qt aPproval of their appl ications as follows: 1 1%. Raymond B. Peer, for permissi on to serve at the same time as all employee of The Morr istown Trust Company, Morristown, New Jersey, and as a director of the First National Bank in Rockaway, Rockaway, New Jersey. A. Reed Hayes, for permission to serve at the same time as a director and officer of The Citizens Nati onal Bank of Lewistown, 1, ,ewistown, Pennsylvania, as a director and officer of The Farmers Lational Bark of Belleville, Bellevil le, Pennsylvania, and as a director of the Milroy Banking Company, Milroy, Pennsylvania. L. G. Kirby, for permission to serve at the same time as a director and officer of The First Nati onal Bank of Hibbing, Illobing, Minnesota, and as a director and officer of the Minors State Bank, Chisholm, Minn esota. S. R. Kirby, for permission to serv e at the same time as a rector and officer of The Northern Nati onal Bank of Duluth, uuluth, Minn esota, as a director and officer of The First National Bank of Hibb ing, tabbing, Minnesota, and as a dire ctor nd officer of The First ilational Bank of Virginia Virg , inia, 4,14nesota. „ J. W. Lyder, for permission to serve at the same time as a , 11rector and officer of The Northern National Bank of Duluth, , J1I1uth, Minnesota, and as a director of the Duluth National Bank , lrtauth, Minnesota. Ir a. Spring, for permission to serve at the sane time as an °'licer of The Nort hern NatioLal Bank of Duluth, Duluth, Minn esota 3435 11/6/34 -15- and as a director of the Duluth National Bank, Duluth sota, Linne- 111r. J. R. Schuknecht, for permission to serve at the sane time as a director and officer of The Miners National Bank of Eveleth, Eveleth, Minnesota, and as a director of The First National Bank of Gilbert, Gilbert, Minnesota. Approved. Thereupon the meeting adjourned. ) C644„ , 4131)1'oved: Chairman, IJxecutive Committee. /WV-CP Secretory.
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