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3004
A meeting of the Executive Committee of the Federal Reserve Board
washeld in
Washington on Thursday, September 27, 1934, at 4:00
PRESENT:
Mr.
Yr.
Mr.
Mr.
D. M.
Thomas, Vice Governor
Hamlin
James
Szymczak
Mr. Betheal Assistant Secretary
Mr. Carpenter, Assistant Secretary
The
Committee considered and acted upon the following matters:
Memoranda dated September 22, 1934, from Mr. Paulger, Chief of
the 4vision
of Examinations, recommending that the temporary employment
"Iliss Claire C.
Atkins, Miss Helene L. Kearney, and Miss Frederica G.
11j+4.
er, as stenographers in the division be extended for another nericd
ot
thirtY days,
with compensation at the same rate as their previous em-
Plow.
The recommendations Isere approved by four members of the Board
SzPtember 26, 1934.
Approved.
?Jemorandum dated September 22, 1934, from Mr. Goldenweiser,
Director of
the Division of Research and Statistics, recommending the
NPk
Ititment
of /ass Marion Dowling as a stenographer in the division,
with salary
at the rate of $1,620 per annum,
effective as of the date
1lNiltich she
enters upon the nerformance of her duties after having
l'"ned a
satisfactorY physical examination. The recommendation was an1°1-ed bY
four members of
the Board on September 26, 1934.
Approved.
'emorandum dated September 22, 1934, from the Committee on
Etries and
Expenditures, submitting a letter dated September 19 from
3005
9/27/34
-2-
Sailer, Deputy Governor of the
Federal Reserve Rrm77
which remested annrovnl of
s
change in the personnel clssification
Plan of the
ban17 tn ,-1-nv7Cc- for the new position of "law clerk" in the
legal u
opartment. The memorandum stated that the committee had reviewed
the Pr"°scd change and recommended that it be approved.
Approved.
l'ITIlcran(lum dated September 24, 1954, from the Comnittee on SalEries
and Expenditures, sul-mittirg a letter dated September 20 from 7r.
C°11t'n1l0r of the Federal Reserve Bank of Richmond, which requested
aPprovR1 of changes in the personnel classification plan of the
4ltill°re Branch, to Drovide for four new Positions in the
Reconstruction
'-nEn"
Coporation custodian department. The memorandum stated. that the
ecVlittee had
reviewed the proposed changes and recommended that they be
approved.
Aly,roved.
Letter to Mr. Case, Federal Reserve Agent at the Federal Reserve
1111k of 7,1
'ew York, reading as follows:
an, "Reference is made to the report of examination of /Merchants
!
l el7ark Trust Company of Newark, N. J.", as of May 28, 1934,
inforlration submitted in connection therewith.
Accipreirg to the report of your examiner, denreciation in
,1
2:"Iities and estirlPted losses amounted to 1,591,578.2.0. There
-c)
cation as to That action the bank has taken with respect
elimination of such assets, anel it will be appreciated if
thet rill adviFe the Board what action has been taken regarding
e?Amination of criticized
assets.
trev."Tt has been
noted that since August 14, 1933, date of the
1°us examination, there has been but a slight
change in the
e
cou.btedness to the bank of Mr. J. S. Pinnel and J. S. Rinpel and
bei owA comparison of the indebtedness on the two dates is shorn
3006
9/27/34
.
-3-
"Js S. Rippel
Collateral
loan
80/14 and mortgage
11. S. Rippel and Co.
'
Collateral
loan
Unsecured loan
Municipal securities held under
repurchase agreement
Investment
in securities of
interests
of Mr. Rippel
August 14
1933
May 28
1934
8400,000
675,000
400,000
675,000
460,000
150,000
440,000
150,000
329,688
2,014,688
252,600
81,917,600
Information
not available
472,669
a ,4 "The examiner reports that the collateral loans of Mr. Rippel
theRippel and Co. were covered by the estimated value of
collateral, but that the loans were under-margined, and that
collateral was mainly of a type which is not readily marketAs requested in the Board's letters of December 11, 1933,
an
'
i
c April 25, 1934, your examiner obtained statements of Mr. Rippel
al J- S. Rippel and Co. and it is assumed that the statements were
made available to the bank. These statements, while indicatT, athstantial net worths, are too condensed to permit of analysis.
this connection, the Board feels that all banks should maintain
act,equate credit data and that Particularly all loans of officers,
rectors or
substantial stockholders or their interests should be
orPNrted by detailed financial statements justifying the granting
seceredits to the extent of the portion of any loans which are not
tired by an adequate amount of collateral.
The
bank submitted
pith the detailed list of the investments of
thf
report of examination made by the State examiner includes
ri—
o"
t blocks of bank stock carried at a5,257. The information does
or show whether such stocks were acquired in violation of condition
FebTha
illenlbership numbered three as amended in the Board's letter of
--arr 28, 1928, which reads as follows:
4
4
"3. Except after applying for an5receiving the perof th., Federal Reserve Board, such trust company
Shall not acquire an interest in any other bank or
trust
c°mPany through the purchase of stock in such other bank
or trust company.
117.4.
eilmpt -46 will be appreciated, therefore, if you will ascertain the clras t a.nces under which such stocks were acquired anc3 .,Ovisr, the Board
° 77.our recommendations in the matter."
Approved.
F.
3007
j
9/27/34
-4-Letter to Mr. Peyton, Federal Reserve Agent at the Federal Reserve
illot" Minneapolis, reading as follows:
"Reference is made to the report of examination of "The
State Bank of Ewen, Ewen, ilichigan, as of August 27, 10,74,
and the supnlemental information submitted in connection
t
hererith.
, "It is noted that the bank has made application to the
neconstruction Finance Corporation for the sale of *25,000
Preferred
F,p5
- stock and that there has been raised the sum of
)-80 from stockholders in connection with the plan to rebilitate its capital. Then the plan has been consummated
be appreciated if you will report what action has
bee'
'
Jeer
'
. taken by the bank with respect to the elimination of
estimated losses and depreciation in securities together with
,nZir other information you may have regarding the improvement
I
an the bank's
condition. Please forward for the Board's files
tILIY amendments made to the bank's charter in connection with
ue capital adjustments.
f. , It has been observed that estimated losses, as classialTEI by your examiner, include part of a loan to D. A. Kooker,
12.1rector of the bank. As you know, the Board feels that
"ans to directors, officers and their interests should be
e criticism at all times and that any officer or director
has 'thused the credit facilities of the bank he serves has
11°us1Y impaired his usefulness to that institution."
r
4
Approved.
Letter to the "Oil City National Bank", Oil City, Pennsylvania,
teaca4
g as
follows:•
ti
The Federal Reserve Board has reconsidered your applicaOr(T
.,for permission to exercise fiduciary powers, and, in lieu
pe'
41e limited authority granted to your bank under date of
bum..
thnillbe-r 7, 1934, grants you authority, effective if and when
ileq`Jomptroller of the Currency authorizes you to commence
asE3 ) to act, when not in contravention of State or local law,
bol,tl'ustee, executor, administrator, registrar of stocks and
esidf, guardian of estates, assignee, receiver, committee of
4n,l,"ues of lunatics, or in any other fiduciary capacity in which
i47,e banks, trust companies or other corporations which come
tilf;-,comnetition with national banks are permitted to act under
ri- 'arls of the State of Pennsylvania, the exercise of all such
Aepts to
be subject to the pravisions of the Federal Reserve
and the reujai-ions of the Federal Reserve Board.
3008
9/27/34
-5-
"The Board feels that, if you are tendered any of
the
trusts now held by The Oil
City National Bank, you should
carefully scrutinize their condition and should not
accent
of such trusts which, through their
assumption,
may be
e
det
riment,
a to the interests of your institution.
"Inasmuch as the Comptroller of the Currency has not yet
aUthorized the Oil City National Bank, Oil CitT,
Pennsylvania,
..t? commence
business, the Board will require that your board of
'lrectors
adopt a resolution ratifying your application for perto exercise trust powers, and it is requested that
a
certified copy of the resolution so adopted be
forwarded
as
,',°011 as Possible
to the Federal Reserve Board through the
l'ederal
Reserve
Agent
at the Federal Reserve Bank of Cleveland.
When a
copy of such rosolubion has been received
by the Board
:4,0'°rmal certificate covering your
authority
to
exercise
trust
P
will be sent to you."
Approved.
Ilarat of
Letter to Mr. Caoe, Federal Reserve Agent at the
Federal Reserve
New York, reading as follows:
, "Reference is
made to Mr. Dillistin's letters of August.30,
t
.uIptember 7 and September 18, 1934,
in connection with the reducpa". in the common capital stock
of the 'Central Home Trust Co,Elizabeth, New Jersey, from $500,000 to $250,000 and the
re rease in the bank's capital by
the sale of 'i,250,000 Qf preer?ed stock to the
Reconstruction Finance Corporation, which was
of-Lected about
June 30, 1934, withoUt first obtaining the approval
thrthe Board required by
its condition of membership numbered
The Board has reviered the
information submitted in conWith this transaction, from which it appears
that the rei broPd esPital, together with a portion of the bank's
surplus,
ub 1- , reserves and suspense
ets
accounts was used in eliminating
itaaandard assets and securities
depreciation aggregating approXill 41,7 $499,628, or
approximately the total of losses as set up
the ie rePort of examination of May 28, 1934. In the
circumstances,
can.14.ord will interpose no
objection to the reduction in the bank's
re;11"a':a-1-3 providing the assets charged
off in connection therewith
thata-11 the
property of the bank, and with the understanding of course,
°Ie transaction has been
aPproved by the Commissioner of Bankis saT41 Insurance of the State of New Jersey
and that MIT counsel
ther iefied as to the
legality of the proceedings in connection
the ewith. It will be appreciated if you will
forward copies of
ttojIlendments to the bank's charter which
were
adopted in connecIjith the
adjustment of capital.
vestm It is observed that the subject bank has a
substantial in41.e ;i'ellt in corporate stocks. The Board
feels that such stocks
(3 suitable investments for
'
funds of commercial banking
3009
9/27/34
-6-
"institutions and it is suggested that you advise the bank of
the Board'
s attitude in this connection with the view of obtaining the elimination of such stocks as soon as it is feasible
to
do se.it
Approved.
ezik
Letter to !Ir. Case, Federal Reserve Agent at the Federal Reserve
of New York, reading as follows:
"Reference is made to Assistant Federal Reserve Agent
lallistin's
letter of September 71 l94, in regard to the
I
pPlica
tion of the 'Trade Bank of New York', New York, N. Y.,
r6Rermission to reduce its common capital stock from .
.660,00
_;
0
v02,500, pursuant
amende
to
an
plan
d
which
provid
for
es
the
iae at Dar
of ft23,750 of new common stock to the present stockand '
j 250,000 of capital debentures to the Reconstruction
ell-Ince Corporation, and provides also for the use of the released
1,413-Ltal
uank's in eliminating unsatisfactory assets and in augmenting the
surplus profits and reserves.
t4
"In view of Mr. Dillistin's recommendation and the correc'
eocns to be made
in the bank's condition as set forth in the inTr:rim submitted, the Board approves the application of the
Bank of New York, New York, N. Y., for permission to reduce
la° common
capital from i;660,000 to $82,500 subject to the folg conditions:
j
c
"1. That, prior to or concurrently with such
reduction of common capital stock, the bank's
capital shall be increased by the sale at par
Of $250,000 par value of capital debentures
to the Reconstruction Finance Corporation, and
the sale at par of A123,750 par value of new
common stock to local interests.
"2. That the bank will maintain an amount of
Paid -up and unimpaired capital and unimpaired
Surplus of not less than one-tenth of the average
amount of its aggregate deposit liabilities and
in no event shall the aggreg
ate of the common capital stock and capital debentures be reduced below
v400,000 without the consent of the Federal Reserve
Board. When and if the aggregate amount of common
capital stock and capital debentures equals $400,000
no further reduction in the amount of capital deben
tures outstanding shall 1-e made without a corresPcnding increase in common capital stock. In determining the average amount of aggregate deposit liabilities the period of twelve months ending on the
thirtie
th day of November in each year shall be used.
3010
9/27/34
-7That none of the funds released by the reduction
in common capital shall be returned to shareholders
but that such released capital shall be used to eliminate unsatisfactory assets aggregating approximately
476,0001 shown in the report of examination made by
an examiner for the New York State Banking Department
as of , arch 8, 1934, and set forth in Mr. Dillistin's
letter of September 7, 1934.
"4. That the transaction has the approval of the New
York State Banking Department.
"5. That your counsel has considered the case and is
satisfied as to its legal aspects.
, "This approval supersedes the Board's approval of December 30,
'
938, of the original plan of capital reduction.
,. "Inasmuch as the proposed eliminations as set forth in condi;
10n numbered three will leave approximately ?100,000 of the released capital which may be used to augment the bank's surplus,
or reserves, it is suggested that you bring
to the
s attention the desirability of using such funds to
establish adequate reserves against doubtful assets.
a "Upon completion of the proposed plan please advise the Board
to the amount of eliminations made and reserves provided by
p e bank; also forward copies of amendments to the bank's charter
-or our
files.
"In considering the plan under which the proposed reduction
4
ftcommon capital is to be effected it has been noted that the
usted capital, including common stock and capital debentures,
;!7n0-.total A456,2501 or $43,750 less than the amount of capital
'qulred by State law for a State bank in New York City exercising
ust powers ($500,000). It is understood that the State Banking
4,Partment has already given at least its tentative approval of
17 proposed plan, and
it is assumed that the State authorities
ir had the question of sufficiency of capital structure in mind
to
with such approval. The Board, however, would like
be advised
;_?
definitely as to the position taken by the State
lngDepartment on this question."
4
r
Approved.
Letter to Mr. O'Connor, Comptroller of the Currency, reading as
t011ows:
accordance with Acting Comptroller of the Currency
a";'.°8 recommendation, the Federal Reserve Board approves
Ntgductien in the common capital stock of 'The American
4-°11a1 Bank of San Bernardino', San Bernardino, California,
3011
9/27/34
-8A
44_4 um 0_50,000 to
875,000, pursuant to a plan which provides
;"at the
bank's capital shall he increased by ;100,000
-i
of preferred stock
to be sold to the Reconstruction Finance Corpora;
1(311; that the
released capital shall be used to eliminate or
aeduce a corresponding
amount of undesirable assets, and that
alYI°1untarY contribution of N51000 be made by local
interests,
'
as set forth in Mr.
Awalt's letter of September 12, 1934.
"Although
Mr. Await' memorandum provides for the use of
.'"bic l,Y the
V750of released capital in eliminating unsatisfac. assets, it is
assumed that that amount, together with the
1.1.1tarY contribution and a portion of
the bank's undivided
Pr
;iso-Llts
account, will be used to eliminate all estimated losses
cllssified by your examiner.
tion In c
onsidering the plan under which the reduction in conmn caPital is to be effected the severe criticisms
m made of the
P:
nagement by your examiner, and the statement
-,serv
of the Federal
a
e Agent that 'the future success of
the bank depends upon
di,40:engthening of the management, which should be made a contheof
•
B
tr)ermitting
these adjustments' have been noted, and,
stexj7d s approval of
the capital reduction is with the uncierotfic.‘"g that this
matter is receiving the attention of your
"possible to do so, a change in manageinezeit
Trcii.lItlege3Cte3d-s.
0
Approved.
tulk.
or L,:t.ter to
Mr. Stevens, Federal Reserve Agent at the
Federal Reserve
'flleago, reading
as follows:
Joilitlhe Board has
considered the application of the 'Chicago
Illird, Amalgamated Clothing Workers of
America', Chicago,
as _ --183 for a
permit
under
section
5144
of
the
Revised Statutes,
ded)
permitting the voting of stock which it owns or conhas the l Amalgamted Trust & Savings Bank', Chicago, Illinois,
There:
aPProved the issuance of such a permit to
the applicant.
the 17
inclosed herewith a permit which is in form to
authorize
t•he t°°-/Ig of the
orpstees who stock of the Amalgamated Trust & Savings Bank by
now hold title to such stock, or their
suceorth
1°01 and you
are hereby authorized to deliver such permit to
e43Plicant.”
trzen
Approved.
8
'
l etter dated
September 26, 1934, approved by four members of the
14.r(1) to
41"' Peyton,
Federal Reserve Agent at the Federal Reserve Bank of
3
reading as
follows:
3012
9/27/34
-9"Reference is made to :Ir. Swanson's letter of September 1,
1954
111 ) inclosing a statement of expenses incurred by your examiner
v making an examination of Marshall-McCartney Company of Oakes,
lorth
PermitDakota, in connection with its application for a voting
"It appears that
the itemized statement of expenses incurred,
tot
total
ti
0229.01, does not include any office overhead in connecan? with such
examination but includes only out-of-pocket expenses
in salarY of the examiner for the time he was engaged in the examton and
that the examination was made in accordance with the
fo el agreement
contained in paragraphs 1 and 2 of the amlication
tj,
voting permit made by Marshall-McCartney Company, based upon
f,: Provisions
of Section 19 of the Banking Act of 1933. Theretore,
the Board sees
no reason why the bill should not be presentto the
'
holding company affiliate for payment.
the future it will be unnecessary for you to submit such
statements
n
to the Board for approval before presenting them for
Pa7ment,”
Approved, together with a letter, also
dated September 26, 1954, and approved by
four members of the Board to :Vs. Peyton,
Federal Reserve Agent at the Federal Reserve
Bank of Minneapolis, reading as follows:
193, "Reference is
made to Lir. Swanson's letter of September 1,
ine;, in
clesing a statement of expenses incurred by your examin making
a 3imu1t2neous examination of 'Northwest Bantion1 and its banks and affiliated companies in connech its
application for a general voting permit.
total. °u stated that the itemized statement of expenses incurred,
nect4lng 04,859.42,
does not include any office overhead In conex'
,po °n with such
examination but includes only out-of-pocket
enpans and salaries of
the examiners for the time they were
thatl in the
examination. In view of these facts, it appears
amount of :P4,859.A2 is a reasonable and proper charge
the exa
agree2
mination, rhich was made in accordance with the usual
fi
votin'ent c
ontained in paragraphs 1 and 2 of the application or
SepteiVermit made by
Northwest Bancorporation under date of
the 13:,!!* 21, 1933, based
upon the provisions of Section 19 of
tiTi lng Act of
1935. Accordingly, the Board sees no reason
bill
t,e for should not be Presented to the holding company atpayment."
Tel g Thr
N"4112 t
PeA.keral
Rese
Sargent, Assistant Federal Reserve Agent at the
rve Bank
of San Francisco, reading as follows:
T
3013
9/27/34
-10, "Relet
September 13. The Board desires to issue general
.?'ing permits-in all cases where
current simultaneous expmina'
10ns of holding
comrany affiliates and their subsidiaries are
al.lable and indicate condition,
management and relationships
justify. As a condition precedent to
the granting of gen
:
ral voting
permits the Board requires holding company affili-!c'es and their
subsidiary banks in general to comply with the
nme co
nditions as to the elimination of criticized assets,
rect10n5 in
management policies and relationships as if
7
1
were appl,ying
for and being admitted to membership in the
Reserve System. It is expected that all holding company
"41liates which have
complied with these conditions will be
grnted general
voting permits during this year. In all other
cs:'es con
sideration will be given to the issuance of the necesb rY
,
limi
111dingted
r,
permits until necessary corrections have been rede
e12
company affiliates and their subsidiary banks or the
neca
uionships have
, for the beenterminated. In all cases where it is
'be
e"a17
'
stock orned by holding company affiliates to
pe v?ted for
specific pip-poses prior to the issuance of general
the
,
!
t , Your office should
advise the Board of the details
'e°4) together
with your recommendation in the ratter."
r
r
7
ii
Approved.
Ilemorandum dated
September 241 19341 from Ur. Vest, Assistant
reeclamending the nublication in the next issue of
the Federal
"e Bull
of statements
to t 12.
attached to the memorandum with regard
ti:e.-°ard's recent
rulings as to (a) investment banking firm as
wicalig
institution within the meaning of
Ileee
section 13b of the Federal
ot es e Act, aad (b)
discount for financing institution of obligation
t4blished
business located in another Federal reserve
district.
Approved.
Letter
dated September
261 19341 approved by four members of the
11°4rd, to
4v; 1.ork Mr
'case,
Federal Reserve Agent at the Federal Reserve Bank of
'''eading
as follows:
trio "This
refers to your letter
of August 291 T1
/
1 with
-c)sul'e8,
regarding the right of the Irving -r
Company,
3014
9/27/34
-11IT" York, to continue
to pay interest on certain deposits payle on
demand with that company by itself as trustee under
section 77B of the
Bankruptcy Act.
"In a letter to :Jr. Walter S. Logan, Deputy Governor of
bank, dated October 5, 1933, the Federal Reserve Board
h'-orlcurred in the opinion
expressed by counsel for the Irving
!just
Company that that company might lawfully pay interest on
4ertain demand
deposits held by it as trustee in bankruptcy and
l'ePosited with
itself prior to June 16, 1933, pursuant to a
cia1 rule of
the United States District Court for the Southern
v of Tiew York, until such time as the deposits should be
4- e
is thexpended or distributed in the administration or settlement
estates in whose accounts the funds were deposited. It
t„1111derstood that since that time proceedings have been instied under new
section 77B of the Bankruptcy Act in the case of
ain of
thC estates with respect to which the Irving Trust
has been
13 11 under such acting as receiver, trustee, or custodian, and
:
section 77B of the Bankruptcy Act, the regular
insj11Ptcy a
dministration may be superseded by new proceedings
datii'uted thereunder and that the time and
manner of any liquitha
:
°11
°r
settlement
of
the
estates
may
be changed. It appears
to .tt,
tirrrcourt may direct the trustee or receiver in bankruptcy
to ara s-er and deliver
assets belonging to a bankrupt's estate
evelitnewlY appointed trustee for the debtor; and
that in the
the t of such
transfer, the old account standing in the name of
of sur4stee or receiver in bankruptcy is closed out
and the funds
4am_ eh account are
transferred
to
a
new
account
opened
in the
the
'
of the
trustee for the debtor appointed in accordance with
timerr pr
oceedings. It is understood that up to the present
truet2le Irving Trust Company has
been appointed by the court as
-e for the debtor
deze.
,
in
all
such
new proceedings, and that the
001110"u deposits
formerly standing in the name of the Irving Trust
to :
11 1Y as trustee or
receiver in bankruptcy have been transferred
tee ro accounts, in
the name of the Irving Trust Company as trusNr berthe'ciebtar)
and that withdrawals from the new accounts
beinp. ,t
!
a de onlY as authorized or provided, new signature cards
-"ained.
UTAuglist'l a letter
addressed to the Federal Reserve Board dated
the 0
,
4 21.5, 1934,
counsol for the Irving Trust Company expresses
acooth
;
41'n'mn that the
transfer of the deposits in question to new
the .7''s in the name
e of the Irving Trust Company
q
Compa
as trustee for
ebtor
in
the
thee
,
new proceedings has the effect of terminating
°II such , t entered into prior to June 16, 1933, o pay interest
depos ts,
tUllz i
and that, therefore, the company may not lawrer. conti
laue to Pay interest on such deposits after such trans-
4
td:rt
Careful Oonsideratien of this
matter, the Federal
the /11r. °ard concurs in
the opinion so expressed by counsel for
lng
Trust Company; and it is the view of the Board
that
301_5
9/27/34
-12"under the
provisions of section 19 of the Federal Reserve Act
:
1/11 of the Board's Regulation Q, the Irving Trust Company may
13° lawful1y pay interest on the deposits in question which are
ti,a3rable on demand
after the transfer of such deposits to new
2cclunts in the name of the Irving Trust Company or another as
tee for
the debtor in proceedings instituted under section
"d of the Bankruptcy
Act."
p
Approved.
Telegram
to Mr. Anderson, Assistant Federal Reserve Agent at the
Pederai
/teserve Bank of Cleveland, reading as follows:
bani, "Rete1
, - September 25 in regard to proper classification of
ba:7 with capital ftP00,000 and surplus deficit "'t.50,000. On
st-ls of understanding that par value of outstanding capital
baok °f bank in question is ('00,000 it is view of Board that
n4 should
be included in electoral group 2."
Approved.
Letter dated Septemb r 26, l9F4, approved by four members of the
" to p
a
-'0vernor seay of the Federal Reserve Bank of Richmond, reading
"°11ows.
:
the 1There are inclosed herewith copies of letters addressed to
istr:2ard's General Counsel by Mr. H. S. Yohe, In Charge, 1!idmin-)
till
:
-on U. S. Warehousr, Act, under the Department of Agriculproe!'Pith regard
to the independence of varellousemen under the
:
111 41
.elons of section XI(5) of the Board's Regulation A relatsui-31,1T bankers'
acceptances. It will be appreciated if you wl.11
a 1,;%
to the Board, es a basis for consideration in formulating
With-11;?to Mr. Yohe's letters, any information which you may have
ter,':ference to the facts of the matters discussed in hisletregether with such comments as you may care to make with
t
, anY position which may have been taken or opinion exreeLe Ted °Y. the Federal Reserve Bank of Richmond as to warehouse
dieaps issued by warehouse companies in the circumstances inin r. Yohe's
letters."
Approved.
Tel
egram to Mr. Sargent, Assistant Federal Reserve Agent at the
Reseri7e
sank of San Francisco, reading as follows:
"Rete- c
Leptember 21 and letter August 15 in regard to Cott-on Pa'lk and Trust Company, Chehalis, Washington. In past
3016
9127/34
-13-
position that in general holdings of Federal
2°ard hasbanktaken
stock by member bank should be based on amount of
i'BerVe
snd and paid-in capital stock, together with amount of outbor,
a1,1uing R. F. C. Onbentures and amount of surplus shorn on
m:'
s of member bank, rather than on its unimpaired capital
of°°k and surplus. However, if ag7egate of capital accounts
is member bank as shown by its books and reports of condition
ter than par value of outstanding capital stock and
deb
arnrenturss, it is clear that bank has no surplus and amount of
cia surplus shown on books of bank should not be included in
resermining basis for subscription by member bank to Federal
Ban7ve bank
stock. Accordingly, in case of Coffman-Dobson
Trust
Company, subscription should be based on aggregat and
As ,Par value of outstanding capital stock and debentures.
vihisated in
Trans. 2077, in determining electoral group in
trip.t.member bank belongs, basis should be same as that used
euermining required holdings of Federal reserve bank stock."
Approved.
Letter
to Mr. Case, Federal Reserve Agent at the Federal eserve
of Ns17
York, reading as follows:
19 /1 "Receipt is acknowledged of your letter of September 11,
N '
0 and inclosure, relating to the request of Mr. Prentiss
!°r a ruling as to the applicability of section 32 of
t171
ofej-alTI'ln Act of 1933 to his service as an officer and director
dir Herr Schroder Trust Company, New York, :Jew York, and as
o_eotor of
Electric Shareholdings Corporation, and its fully
42ed
subsidiary, Falkland Corporation. It is noted that you
2 siel°/111se1 for your bank feel that the provisions of section
ould not be
regarded as applicable to the relationships in
queetioa.
"I+
,
- appears from the information that has been furnished
that 4
trustulle Electric
Shareholdings Corporation is an investment
tior,) that it has never engaged in the flotation and distribuits °f securities,
other than its own, and that the number of
clurly
7r1 shares OUtstanding has shown only very slight variations
*4 the past
three years.
eove_lhe st
atistical
information which has been furnished (thich
thatl the
consolidated operations of both corporations) shows
durilu.11:Jurohases and sales of securities by the corporation
Pere
1929-1933 inclusive, constituted the following
entagesYears
of
total assets:
2
Year
1929
1930
Purchase
76.10
4.37
Sales
49.92
12.44
3017
9/27/34
"1931
1952
1933
11.52
6.63
8.48
Average for 5 years 30.2
27.30
10.64
7.05
26.2
"It also appears that the securities in the corporations'
l'rtfolios as of December 31 193.7 had been held for the foll
ow.
--lug periods:
•
"1.95%-held for less than 6 months
6.77%-held between 6 and 12 months
2.48%-held between 12 and 18 months
1.15%-held between 18 and 24 months
87.65%-held for 24 months and over.
Bo "cn the basis of the above information, the Federal Reserve
19gd.ls of the opinion that section 32 of the Banking Act of
is 18 not applicable to the relationship in question, and it
suggested that you advise thy. Gray accordingly."
Approved.
?eta-.
,,,re.)„
Letter to Mr.
Sargent, Assistant Federal Reserve Agent at the
serve Bank of San Francisco, reading as follows:
1934 "Receipt is acknowledged of your letter of September 17,
zit LF,egarding the application of Mr. E. C. Davies for a persection 32 of the Banking Act of 1953 to serve as a
41ctor of the
Utah Savings & Trust Company and as president
41;es-Badger & Company, both of Salt Lake City, Utah.
1-t is noted that the letter of September 14, 1934, address :
01110t;%,_to you by
the Utah Savings & Trust Company', which you
trio. '? Your letter, contains the following statement regafdt 'Their business is devoted enLirez Company:
to:i;=:nuEsi
cipies ocordinay,
it would appear that, in view of the pristated in the Board's letter of April 13, 1934 (X-7800),
the
shipPI:ovisions of
applicable to the relationvhichla question; section 32 are not
and, unless there are other considerations
,
it is
believe should be called to the attention of -Lille Boara,
suggested that you advise :r. Davies according:Lys t
Approved.
Letter to
Curtiss, Federal Reserve Agent at the Federal Reserve
Boston
reading as follows:
"Therf,
Act pe
,.
are inclosed the original and copies of a Clayton
granted to Mr. F. Winchester Denio, Boston, Massa-
3018
V27/-64
-15`'
."usetts,
to serve at the same time as an
officer of The First
ational Bank of
Boston, Boston, Massachusetts and as director
:
s
l
cer
of Everett Bank and Trust
Company, Everett, Massafor transmittal by you
to
Mr.
Denio and the banks inIved, and a
copy for your files.
he "In c
onsidering Ur. Deniols application, it was noted that
al Was not an
officer, director or employee of The First Nation'
he !lank of
Boston, as of the date of his application, but
that
tirs.?ad indicated
that he was to be elected a vice president of
ofi"; institution.
Upon his election and qualification as an
of The
First
to tcer
National Bank of Boston, you are authorized
ttpd,ransmit the permit
to the applicant, forwarding at the same
Copies
l
thereof to the banks involved.
Please advise the
Board of the disposition of this case."
S
Approved.
Letter to Mr.
Curtiss, Federal Reserve Agent at the Federal Reserve
Boston,
inclosing the following Clayton Act permit;
the a
suggesting that
:
&tall:
I lit advise
the applicant
that it is with the expectation that he will
e his att
at directorst meetings that the
permit has been
e.'8111
requesting that, when the agent submits
his recommendation as
teilcittrice Of his annual
review of the permit, he report fully as to the atof the a
pplicant at directors' meetings:,
11r. n.
ilaiak or
ne,
A‘41TfOrd
A
,..
IC Simonds,
Lu
xe
Chllset
et°r of the
for permission to serve at the
time
Old Colony Trust Company, Boson,I:Massalitelibte
'and as a
director of The Safety Fund National Bank
Ill'g,
Fitchburg, Massachusetts.
Approved.
Letter,
") Mr. Curtiss,
Federal Reserve Agent at the Federal Reserve
(31‘ 130Stoll .
the
1 incl"ing the following Clayton Act
permit; stating that,
4ge4t fin
Os to his
satisfaction that no concerns other than the
itIV°11terl .
e ttihit
14 the
Clayton Act application are now making loans on
the
the n, Y of Stock or
bond collateral within the
meaning of section 8A of
'on Ant,
he is a
uthorized to deliver the permit to the applicant;
8
3019
9/27/34
-16that the agent advise the Board of his disposition of
the
Inatter.
The letter
also suggested that the agent advise the applicant that
iavdth the
expectation that he will improve his attendance at directors!
leetings of the French American
Banking Corporation that the permit
'48been
granted; and requested that, when the
agent submits his recomon as a
result of his annual review of the permit, he report fully
41 tom
3
'1%
Stockton's attendance at directors' meetings.
Mr 101,;14
R e -----LLP Stockton, for
permission to see
serve at the sane time
,O-. a
director
and
officer
of
The
rs"_!,on,
First National Bank of Boston,
ar
s BostoMassachusetts, as a director and officer of the First
,, n Inte
New York, New York, and
y a ulrector rnationalCorporation,
of the French American Banking
Corporation, New
csrk/ New York.
it
Approved.
Two
letters to Mr.
Curtiss, Federal Reserve Agent at the Federal
sank of
Poston, inclosing the following Clayton Act permits, and
8t4ting in
each case
that if he finds to his satisfaction that with the
exe
1D't,lon of
the a
pplicant's service to the institutions covered by the
the
provisions of section 8A of the Clayton Act are not
applic4114) the agent is
authorized to transmit the permit. Each letter also
ecillested that the
agent advise the Board as to his disposition of the
ktter%
11-88erve
Mr. per
48 a A4flard 17. Trafford, for
permission to serve at the same time
80sto rector and officer
of The First National Bank of Boston,
Or to-)
Massachusetts, and as a director and officer of the First
ston
International Corporation, New York, New York.
11r*
Oh
a direc4. elleY Wells,
for permission to serve at the same tzs:f
chil
e4
.'°r of The
Southbridge
National Bank, Southbridge,
Massa4;g.as a
director of the Old Colony Trust Company, Boston,
Approved.
3020
9/27/s4
-17-Letter
of
to Mr. Case, Federal Reserve Agent at the Federal
Reserve
New york
inclosing the following Clayton Act permit, and stati-_
illgthAf
Bection
-
he in
i the agent
finds to hissatisfaction that the provisions of
of the Banking
Act of 1933 are not applicable to the applicant,
auth
orized to transmit the Clayton Act
permit:
0l
are
'
R.
for permission to serve at the same time
a d
irector
of
The
King,
Lincoln
tJYrani,
National Dank and Trust Company of
Plan--se/ Syracuse New
N
Yo-k and as a director of The Morris
J-ndustrial Bank of Syracuse, Syracuse, New
York.
y
Approved.
Letter to Mr.
Case, Federal Reserve Agent at the Federal Reserve
1/411kof
New
York, inclosing the following
Clayton Act permit; suggesting
that the
agent
endeavor, in cooperation with the appropriate supervisory
kthorities, to
bring about a strengthening of the management of
the
t-
hillanns bank and a correction of the
conditions which have given rise
exaMiner's
criticisms; and requesting that, when the agent submits
l'"°111111endation as a result of his annuel
review of the permit he report
"to 1,
8-t
the
progress has been made in bringing about an improvement in
5.1nent and
condition of the Fleischmanns bank:
Mr, p
dire rank Kittle,
for permission to serve at the same time asa
L' officer of The Peoples National Bank of
MargaretNatioe'
44'idxgaretville, New York, and as a director of The First
1181 Bank of
Fleischmenns, Fleischmanns, New York.
Approved.
Oft
tetter to
an applicant for a permit under the
Clayton Act, advising
of his e
nplication as follows:
q
48 a r;:-1111ford Osborn, for permission
to serve at the ..7.me time
144.7 lrector
of
The City National Bank & Trust Comp
of Dan
latio;n:rbul71 Connecticut, and as a director of
anfL
The
Bethel
Bank, Bethel,
Connecticut.
3021
9/27/34
-18-
Approved, together with a letter to Mr. Cse, Federal Reserve
Agent at the Federal Reserve Bank of New York,
suggesting that the agent endeavor, in cooperation with
the
appropriate supervising authorities, to expedite the
completion of the program for strengthening
the capital
s ructures of
the banks involved in Mr. Osborn's application and to
bring about correction of the matters criticized by the examiner; and
requesting that, when the agent
z1;ibmits his recommendations as a result of his annual
review of the permit, he report fully
as
to
the
progress
!lade in
recapitalization and in bringing about improvement
in the
condition of the banks.
Letter to
Mr. Tilliams, Federal Reserve Agent at the Federal Reserve,
'
41 allk of
Cleveland, reading as follows:
Act "There are inclosed the
original and copies of a Clayton
tilleyermit granted
to Mr. A. C. Robinson to serve at the same
00111;:s an officer and director of The Peoples-Pittsburgh
Trust
bii 7rAY and as a director of
The First National Bank at Pitts11; both
of Pittsburgh, Pennsylvania.
burgh It
u was noted that "Ir. Robinson is a director of the
Pitts.
nited C
orporation, designated as a 'holding company' but
02 or Ta'7 be a 'securities company' within the intent of Section
yo4
uhe n
-anking Act of 1953. Therefore, the Board requests that
m
:
.1
1
1k:
such
Of
investigation as is necessary to determine the status
uT14;°bin80n with respect to the provisions of Section 32.
tio4
You find to your satisfaction
that the provisions of Seeareto;alfitieng applicable to Mr.
Robinson, you are authorized to
ilici:dp
.ermit to the applicant and copies thereitIhe bankstroll
baaiks If You find
that 'Ir. Robinson's service with the above named
realle and
compa-my comes within the provisions of Section 36 you are
the nsted to
advise him of the reauirements of that section as to
la;I:,°oedure in
making formal application for a Section 32 permit.
vice.T, a con
sideration of all of the facts involved, with the adtton till Your
counsel, you are unable to determine to your saltisfacreeeini.e aPPlicability
of Section 32 in this case, the Boa,
m upon
In
'.! full
information, will be glad to rule on the matter.
r ade ilx,;:?nt, the delivery of the Clayton Act
permit should not be
the all'"11- it has been
determined
that
:Ir.
Robinson's
service with
atolls a:e named
banks
and
company
does
not
come
within
the provibeell 10
Section
32 or that his service with such institutions has
cught into
Conformitywith the requirements of that section.
P.
irat !
las also noted that
Mr. George T. Ladd, a director of the
t1(111
°
p
Bank is also connected
with the Ladd Securities
-4111:11% -r* j•
Hil lman, Jr., a director of the First National
tanciselotth: „,
Peoples-Pittsburgh Trust Company, who
was granted a
er 4 1930 is connected with the
Hillman Investment
3022
9/27/34
-19no
Ompa
These companies may be 'securities companies' within
the ,
- ntent of Section 32 of
the Banking Act of 1933. In Decemf
e
;
r;c.M312 Mr. Ladd forwarded to this office an application for
32 permit, which application was returned to your
l'ee for ycur certificate. This
application has not been presented
for consideration, rith respect to the servtele (
„3
„f Mr. J. H. Hillman, Jr. described
above, it is noted that
w.! Jaillman
Investment Company has been considered in connection
1.‘2:L,h the
Clayton Act application of Mr. C. N. Abernethy, as stated
s_.4
'
t
eabl:r1ga
ssistant Federal Reserve Agent Anderson dated
The letter stated that Yr. Abernethy is not
'
in officer,
director, or manager of the Hillman Investment Cornid not
1,711:PeAY had been indicate clearly whether the activities of the
considered to an extent sufficient to determine
w4eler the
services of "Mr. Hillman as a director of that Company
f,
coma
sZta that within the prohibitions of Section 32. However if you
the services of these gentlemen come
within the proviof Section 32,
you are requested to notify them in the premheretofore Suggested.
advise the Board."Pleas of the action taken in these matters."
iserV
Approved.
130a.rd
Letters to the
respective Federal reserve agents, stating that the
'las
given c
onsideration to the following applications for permits
1111cier the ClaYton
Act, and that, upon the basis of the information before
It' feels
that the
issuance of the
1134
Permits applied for would be incompatwith the
public interest. Each
letter also requested the agent to
Cate to
the applicant
the Board's position in the matter, and to
e4isathe
Board promptly
as to rhether the applicant desires to submit
NrEtdditional idta,
and, if not, as to what steps he proposes to take in
c°m101.7 with
the provisions of the Clayton Act.
as n.
•
atd.
Abernethy, for permission to serve at the same tire
:rector
of the Arsenal Bank, Pittsburgh,
?ell
a
Pennsylvania,
director of the First National
tsYlvani
Bank
of
Etna, Etna,
a.
TAr.
`lames L
"a d
• Kanaley, for permission
to serve at the same time
New y ireetOr
of The First
z
National Bank of Teedsport, Teedsport,
Ilinois: and as a director of the Hamilton
State Bank, Chicago,
Approved.
3023
9/27/34
-20Letter to
Mr. Hexton, Federal Reserve Agent at the Federal
Reserve
Bet
Of
Richmond, reading as follows:
L., The
Board has reviewed the permit issued
by it to 11r.
Estes, Washington, D. C. on
April 281 1911 under theproetd
of the ClRyton Act to serve at
the same time as officer
director of
The Columbia National Bank of Washington, and
LaIrector of The
Washington Loan and Trust Company, both of
ir"lngton, D.
C., and upon the basis of the information
before
peLf
i eels that the
public interest requires revocation of the
ofTt
heretofore issued. You are requested to advise Mr.
Estes
faetl
,
/e 13°a'd i 5 position in the metter, unless
there are pertinent
f • - 1711101 You feel should be
given consideration before notiYlng 14r.
Estes,
aceo„ n co
mmunicating rith Mr. Estes, please inform him that, in
are(
;:alice
th Section V (i) of Regulation
LI the Board will
him an
the
opportunity to be heard in the matter of revoking
he'
f-;
sting Permit in order that
he may present any facts which
decies-Ls should
be brought to the Board's attention
before a final
prom
n is made. In this
connection,
please
advise
the Board
data'''Y as to whether
Nr. Estes desires to submit any additional
coL11,1.!fld/ if not, as to what steps
he proposes to take in order to
vl with
the Board's decision.
info,,,If You deem
it advisable or necessary, you are authorized
to
Of
Estes
that
hig
the Board's action was based upon the extent
serves.0
the credit facilities of both of the
banks which he
4rtit or
Approved.
Letter 4.
'JO Mr.
Peyton, Federal Reserve Agent at the Federal Reserve
MinneaP°1i5, reading as follows:
Ciit. There are
inclosed the original and copies of an amendedi
Dek:n Act
permit granted to Mr. Ed A. Porter,
the;
Webster, South
15, ..,co serve
at the same time as director and
klItills-c
officer of
National Bank and Trust Company of
Aberdeen,
Aberdeen,
t;ebet
°ta, and as
director and officer of Security Bank,
the ,blqel'lbSouth D .1c
aota-/ for transmittal by you to Mr. Porter
and
ni allks and a copy
for your files.
ec
tinori -1,
,
1 slialch as the file
indicates that due to the reduction in
loglia11f °ck of
the Aberdeen bank some of its
directors were °irisYou
requested, before releasing the permit to Mr.
he is and the are
CO
copies
thereof to the banks, to determine whether
tt,
1.1„Per
11-1,f qualified as a
director of this bank.
'
ase advise
the Board of your action in this matter.”
Approved.
3024
9/27/34
—21—
Letter to Mr. Walsh, Federal Reserve
Agent at the Federal Reserve
/3allac of
Dallas, reading as follows:
"On August 25, 19F4I the Board
advised you that it had given
fleideration to the application of Mr. W. L. Barry, Marshall,
sexasY for permission under the provisions of the Clayton Act to
Nerve at the
same time as director and officer of The First
Bank of Marshall, Marshall, Texas, and as director and
1-3'icer of the
First State Bank, Harleton, Texas, and upon the
10 sie of the information
:
before it, felt that the issuance of the
FtXlied for would be incompatible with the public interest.
s action upon the application was based largely upon
the
4Plicant'5 lack of
attendance at directors' meetings of the First
atetBank, Harleton, Texas.
T
ISulaseouently, in
accordance with Section V (g) of Regulation
dadditional facts and argwnents not appearing in his application
Boa4cemPanying forms were submitted for the consideration of the
From the additional information submitted by the
applicant,
iDears that
Mr. Barry keeps in almost daily contact with the
Other
vs,: officers and
directors of the Harleton bank, that he Keeps in
ne4.cl05e touch
with all of the bank's affairs, and that his con—
cesspn with the
bank has been very helpful in building up a suc—
and profitable business. It has been
has
noted that Mr. Barry
the isiciated that,
if his connection with the Harleton bank is broken,
placi°1ders of a
majority of the bank's capital stock will favor
depr7ng the institution in liquidation and that
such action would
:elaii:reittItieerbigt;ss interests of Harleton and farmers in its
of banking facilities, thus inconveniencing
applia3uPering their operations. It has been noted
also that the
as ancant has
asked to be advised if he may be permitted to serve
electi c)fficer and director of the Harleton bank until the annual
with;1)11 in
January, 1935.
n view of the additional facts submitted and in accordance
Qur rec
ommendation, the Board has granted a permit to Mr.
listiionauthorizing
him to serve as director and officer of The First
offies
:
1 Bank of Marshall, Marshall,
Texas, and as director and
contitit
'
l of the First
State
Bank,
Harleton,
Texas, the permit to
becembee in effect
only for the period ending at the close of
are re r 11-, 1934. then
transmitting the permit to Mr. Barry you
per4altquested
call his attention to the limited status of the
tuand to inform
toh
him that the Board has granted the permit
tore, "e
exPectation that he will in the future, attend the direc—
his seilleetings of the First State Bank, Harleton, Texas, and
that
Of thsillel,e
2 will be brought into conformity with the
provisions
01 Jcon
Act upon the expiration of this permit.
tio4 011nruch
as the Board's disapproval of Mr. Barry's applica—
25, 1934 was based largely upon his lack of attend—
lee at d128.1
_....cuors' meetings of the First State Bank, Harleton,
?
Z
3025
MIN
—22-"Texash) it is suggested that you inform Mr.
Barry that, prior to
c e expiration of
this permit, the Board will be pleased to give
2n3ideration to a
new application submitted in accordance with
B
oard's Regulation L, if accompanied by a statement of his
it
tentions With respect io future attendance at such
meetings.
up,
;
ease keep the Board informed of the action taken in this
Matter.
Approved.
Letter to Mr.
Sargent, Assistant Federal Reserve Agent at the
44ral ,
TO*
Leserve
Dank of San Francisco, reading as follows:
Act "There are
inclosed the original and co7ies of a Clayton
to Permit granted
rat. A. 3. Cruickshank, Santa Ana, California,
Naj
erve at the same time as director and officer of First
L0 Inge1
1 Bank in Santa
Ana, California, and as director of the
tr- 4
es Branch, Federal
Reserve Bank of San Francisco, for
0/le lpy
Tflittal by you to the applicant and the two banks concerned.
, of the permit
is for your files.
it
441 the
consideration
of the application of Mr. Cruickshank
reowas noted
that First National Bank in Santa Ana represents a
harganization of the affairs of The First National Bank of Santa
aoc and the
Farmers and Merchants Savings Bank, Santa Ana; that
ot t rding to the
report of examination of The First National Bank
colid,nta Ana, as
of June 13, 1933, that bank was in verypoor
diff:
.,
3t
and that it appears from other
information that the
a la;ulties of
The First National Bank of Santa Ana were due, in
eapii:kg m
easure, to an unwise policy of investing in fixed, of
the C'1,and
development loans. The applicant was president
eXtetZ% for ma/17 years, and apparently was responsible to a great
iS eo2gr
atsy:zintiolmiaII:y:lso
appears that Mr. Cruickshank
the,1°°r these
reasons, the Board has been reluctant to grant,
term'%rnit. However,
the Board has noted that Tir. Cruickshank s
Reee4' office as
director
of the Los Angeles Branch, Federal
conside Bank of
San Francisco expires December 31, 1934, and has
time ?red the
possibility that the refusal of the pert
permit at this
Saztelght prove embarrassing to the new First National Bank in
Permit aal and in view
of your recommendation, has granted the
This /7t?
'
l the period ending at the close of December 31,
1934.
a direct
'
avoid the necessity of Mr. Cruickshank's resigning as
let, it °r of the Los
Angeles Branch and the situation can be
"
tcra
sngemwe(lu
Without
any unnecessary embarrassment by an
n ld
y7he
3 57 in due
:
uc 11t1935.
course another person may be appointed
4-nue4Geci him as a
director of the Los Angeles Branch effective
3026
9/27/34
-23-
v.
, "If there are other
pertinent facts bearing on this case
ch were
not submitted with the application and which you
feel
uld be
given consideration, the Board will be glad to
theme n
consider
8;
Approved.
lloard
Letter dated
September 26, 1934, approved by four members of the
1 b° an aPplicant for a
permit under the Clayton Act, advising of
aPprovai
of his
application as follows:
.
p L.
Downs, for permission to serve at the same time
as
ector of
The First National Bank of Holland, Holland,
xill B) and as a
director of The First National Bank of Killeen,
, Texas.
;Z
Approved.
O
Letters to
applicants for permits under the Clayton Act, advising
approv
al of their
applications as follows:
Mrs
°bart Ames, for
permission to see
serve at the same time as a
ct°r of the Old Colony
Company,
Boston, Massachusetts,
tastas a d
irector and officer of The First National Bank of
°11, North
Easton, Massachusetts.
Nath 4
as a A. an-el
laass 'lrector Stevens. for permission to serve at the same time
and officer of The Andover National Bank,
Andover,
Trust
00m,:tehusetts, as a
director of the Boston Safe Deposit and
colfY, Boston,
Massachusetts, and as a director of the Old
vnY Trust
Company, Boston, Massachusetts.
Mr. ch
sale
°4 of4s• W- Bailey, for permission to
serve at the same time as
chussti!er of The
Mass ') and as First National Bank of Boston, Boston, Lassaa director of the Granite Trust
Company, Quincy,
aehusetts.
Mr
41arn—
a4 erialeLtu L.
Beals, for permission to serve at the same time as
chUsett ee of The
First National Bank of Boston, Boston, MassaCorpor4; and as an
officer of the First of Boston International
New York, New
York.
°tricel%Clrk, for
permission to serve at the same time as an
:
14 as al7 The First
National Bank of Boston, Boston, Massachusetts,
"ew York; iCt
iko
.f the First of Boston International Corporation,
3027
9/27/34
-24-
tltr- Wilbur F.
Lawson, for permission to serve at the same time
M: an Officer of The First National Bank of Boston, Boston,
8sachusetts, and as a director and officer of the First of
l'oeton In
ternational Corporation, New York, New York.
Mr. D. A. de
serve at the same time
"an officerMenocal for permission to see
of The lFirst National Bank of Boston, Boston, Massatch
and as,liet
a director of the French American Banking CorporaNew York, New
York.
11r
'I.FlarrY T. Nelson,
for permission to serve at the same time as
chu°:acer of The First
National Bank of Boston, Boston, Massaal -5-"s, and as an
employee of the First of Boston Internationor
poration, New York, New York.
j
4T88 E- Potts, for permission to serve at the same time as
ch °-"4-cer of The
First National Bank of Boston, Boston, Massacollsetts, and
as an officer of the First of Boston International
rporation, New York, New
York.
*. Ha
as an r2ld E. Randall, for permission to serve at the same
time
chu
- c4licer of The First National Bank of Boston, Boston, Massa_ setts,
and
as an officer of the First of Boston International
0o
rporation, New York,
New York.
1$. Chp,1
title;
---es E. Spencer, Jr., for
permission to serve at the same
:114fsficer of The First National Bank of Boston, Boston,
1 and as a director of the First of Boston
Inter1 nal Corp
oration, New York, New York.
Mr. Hex
as an V..,c1 A- Tenney, for
permission to serve at the same time
Massan°'"icer of The First
National Bank of Boston, Boston,
flati:411setts, and
as
an
officer
of the First of Boston Internal Cor
poration, New York, New York.
C
a8 anhal
;478 T. W. Tigh for permission to serve at the same time
?,1111set7;
'
- cer of The First National Bank of Boston, Boston,
Massa-LnU
-) and as a
director and officer of the First of Boston
-rnati°nal Corporation New York, New York.
Off10, p
:,4!!8d, for permission to serve at the same titimeasan
ssa_
,2'11 e.eLir
.„'The First National Bank of Boston, Boston, La
zr001,1 -, and as a
director of the Brookline Trust CompanT,
-4-4-ne,
Massachusetts.
4r;488ntoC
for permission to serve at the same time as
1.11c1 a s'
,
:r of The Rockport
r
National Bank,
Rockport, Massachusetts,
4asea:h174roy
e e of The Second - National Bank of
Boston, Boston,
'44
.reet,
r1
-*
3028
9/27/34
-25Mrs Fred W.
!I. director DeVoe, for permission to serve at the same time as
of The First National Bank of Milltown, Milltown,
ew
Jersey, and as a director of The First National Bank of
Highland Park,
Highland Park, New Jersey.
Mr. E
d4 _ 1111-1- Hansen, for permission to serve at the same time as a
c-Lvector of The
Lincoln National Bank and Trust Company of pyra,
use, SYracuse, New
York and as a director of The Morris Plan
•41clustrial.
Bank of SyracIllse, Syracuse, New York.
Mr. j
;;s •
S. Meachem, for permission to serve at the same time
.
-ra director of The Merchants National Bank & Trust Company of
Tho,?se) Syracuse, New York, and as a director and officer of
Plan Industrial Bank of Syracuse, Syracuse, New York.
y_
41'•Emil
r
Klein,d
for permission to serve at the same
me as
pa ector
and officer of The United National Bank of Cliffside
At,
Cliffside Park, New Jersey, as a director of The North
dir.
I
fPn
National Bank, North Arlington, New Jersey, and as a
G,..1'cuor and
officer of the Guttenberg Bank and Trust Company,
,u
uenberg, New Jersey.
*. How. A
1% Roberts, for permission to serve at the sane
as a A
uirect
litolfor
of The Atlantic Highlands National Bank, Atlantic
timepa;
klIe
as a director of The Keansburg National
cl:nsIbt; ezys.ecit.Isly.
g,
j
Mr. R. ty
Al
director
'Garrahan, for permission to serve at the se
am time as a
and
of The Kingston
Kingston,
Pennsylvania,
National
Bank,
as a director
and officer of the Forty Fort State Bank, Forty
-.)
Pennsylvania.
direct • Rosser,
for
same time as a
PeliflevZ and officer permission to serve at the
of The Kingston National Bank, Kingston,
State-,:v ania, and as a director and officer of the Forty Fort
nank, Forty
Fort, Pennsylvania.
Mr. A. ,.
a dire
Snelbaker,
, for permission to serve at the same time as
Cotpe.,2tclr and
officer of
National Bank & Trust
the s
;
49 3 Woodstown, New The Woodstown
director and officer of
and
as
a
Jersey,
'edesboro m
-Lrust Company, Swedesboro, New Jersey.
Sones for permission to serve at the sane time as a
cknu Officer of
the Bank of South Williamsport, South
The 1.ZrIrisPc)rt) PP-nnsylsvania,
and as a director and officer of
st National
Bank of Hughesville, Hughesville, Pennsyl-
dire
3029
9/27/z4
—2614r. P
A,-rank P. Brooks, for permission to
serve at the sane time as
kk-Lrector of The
Peoples—Pittsburgh Trust Company, Pittsburgh,
BennsYlvania, and as a director and officer of
The First National
ank at P
ittsburgh, Pittsburgh, Pennsylvania,
Mr. D.
.
dir R.
Pile, for permission to serve at the same
time as a
St7stown
ect°1' an officer of The First National Bank at Stoystorn,
Be
'ennsylvania, and as a director of The First National
of Priedens,
Friedens, Pennsylvania.
Mr. j
Aj °ssph
Gebelin, for nermission to serve at the same time as
',0'trector of the
City National Bank of Baton Rouge, Baton Rouge,
P ulsianay and as a -director of the St. James Bank
and Trust Com—
Lutcher, Louisiana.
Mrs W. T
dire
17right, for permission to serve
cit ctor•of
at the stAmeti7e as a
The
Baj) Missouri, Inter—State National Bank of Kansas City, Kansas
and as a director and officer of The Cloud
County
) C°ncordia,
Kansas.
/iir. Ayal C.
Barnes, for permission to serve at the same tilre
as
city
I
041:iee
r of The
First
National
Bank
of
Salt
Lake
City,
Salt
Lake
connLUtah, and
as a director and officer of the
Barnes Banking
KaZsvillP, Utah.
;
direcear S. Hills, for
Cit
permission to serve at the same time as a
°r of The
First Nation
Bank of Salt Lake City, Salt Lake
and as a "
director and officer of the State Bank of
Y, Park
City, Utah.
b
Y, Utah
Aark 0.
t
/
Approved.
etock orThere was
then presented the
following application for a change in
a l'ederal
reserve bank:
cation
for
1*,4
ORIGINAL Stock:
ePt.irst
National Bank
at St. James,
'lames,
Minnesota
A
Shares
35
35
Approved.
A
Thereupon the meeting adjourned.
4131)1.01re
Assistant Secretary.
Ice
Governor.
@FedFRASER