19340801_Minutes.pdf

2368

A meeting of the Executive Committee of the Federal Reserve

4)ELI'cl was held in Washington on Wednesday, August 1, 1934, at 11:00Ets

PRESENT: Mr. Thomas, Chairman of the Executive CommitteeMr. HamlinMr. Tames

Mr. Morrill, SecretaryMr. Bethea, Assistant SecretaryMr. Carpenter, Assistant SecretaryMr. Martin, Assistant to the Governor

The Committee considered and acted upon the following matters:

Telegram dated August 1, 1934, from Yr. Austin, Chairman of

the Federal Reserve Bank of Philadelphia, advising that, at a meeting

°lithe board of directors today, no change was made in the bank's

ell8t143 schedule of rates of discount and purchase.

Without objection, noted with approval.

Letter dated July 31, 1934, approved by four members of the

13°411d, to Mr. Newton, Federal Reserve Agent at the Federal Reserve

13eilk °I' Atlanta, reading as follows:

"It appears from the analysis of the report of exami-nation of the Georgia Railroad Bank & Trust Company,

.1"U8te, Georgia, made as of April 16, 1934, inclosed withfour letter of Tune 2, 1934, that possible violations ofi!he provisions of Section 22(g) of the Federal Reserve Act,4437e been committed by Messrs. C. H. Phinizy, A. B. Von Kamp

X. Lee Etheridge, President and Vice President, respec-":velY, of that bank. In accordance with the Board's usualPractice in such cases, these possible violations have beenrePorted to the Attorney General of the United States forelloh action as he considers advisable, and a copy of theletter today addressed to the Attorney General is inclosedherewith for your information.

"It is noted tha-c you have called these possible viola-to the attention of the Georgia Railroad Bank & Trust

COmPany, but it Coes not appear that you have reported them

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

23698/1/34

-2-

"to the local United States District Attorney. In this con-nection , your attention is invited to the Board's letters!! Xuly 11 and July 22, 1933, (X-7493) and (X-7518), respec-"I.'41)1Y, coveringthe reporting of such matters. In the cir-?Ixastances, you are requested to make a similar report tothe local United States District Attorney."

Approved.


11"' to Lx. A. C. Thorkelson, Cashier of The American National BankOr

VaileY City, North Dakota, reading as follows:

"This refers to the resolution adopted on November 21,,933, by the board of directors of your bank signifying theval?k's desire to surrender its right to exercise trust powerswhlch have been granted to it by the Federal Reserve Board.

"The Board understands that The American National Bank

nYalleY City has been discharged or otherwise properlyleved in accordance with the law of all of its duties as

!iduciary. The Board, therefore, has issued a formal certi-ticate to your bank certifying that it is no longer author-lzed to exercise any of the fiduciary powers covered by thePr°visions of Section 11(k) of the Federal Reserve Act, aseZtended. This certificate is inclosed herewith.

t... "In this connection, your attention is called to theact that, under the provisions of Section 11(k) of the

"doral Reserve Act, as amended, when such a certificate!.1as been issued by the Federal Reserve Board to a nationalu4nk, such bank (1) shall no longer be subject to the pro-visions of Section 11(k) of the Federal Reserve or the!egulations of the Federal Reserve Board made pursuant5heret0, (2) shall be entitled to have returned to it any8?cUrities which it may have deposited with the State orsimilar authorities for the protection of private orcourt trusts, and (3) shall not exercise any of the powerscovered by Section 11(k) of the Federal Reserve Act exceptwith the permission of the Federal Reserve Board."

Approved.

Letter to Mr. N. F. Bonfield, Jr., President of The First

Ileti°441 Bank of Austin, Minnesota, reading as follows:

1, "This refers to the resolution adopted on January 9,4-1134 by the board of directors of The First National Bank


2370

8/1/34-3-

"?f Austin, signifying the bank's desire to surrender itsright to exercise trust powers which have been granted toit by the Federal Reserve Board.

"The Board understands that The First National Bank ofAustin) Austin, Minnesota, has been discharged or otherwisePr°PsrlY relieved in accordance with the law of all of itsduties as

fiduciary. The Board, therefore, has issued atc)rmal certificate to The First National BA nk of AustincertifYing that it is no longer authorized to exercise any°r the fiduciary powers covered by the provisions of Section11(k) of the Federal Reserve Act, as amended. This certi-ricate is inclosed herewith.

"In this connection, your attention is called to thefact that, under the provisions of Section 11(k) of theBleders1 Reserve Act, as amended, when such a certificate1,nlae been issued by the Federal Reserve Board to a nationalu414k, such bank (1) shall no longer be subject to the12r0visions of Section 11(k) of the Federal Reserve Act or

liss regulations of the Federal Reserve Board made pursuantthereto, (2) shall be entitled to have returned to it any

securities which it may have deposited with the State or.stirailar authorities for the protection of private or court),1118ts, and (3) shall not exercise any of the powers covered"Y Section 11(k) of the Federal Reserve 4ct except with thePermission of the Federal Reserve Board."

Approved.


13°4111 to mr. O'Connor, Comptroller of the Currency, reading as follows:

toe "In accordance with Acting Comptroller Awalt's recam-i,ndetion, the Federal Reserve Board approves a reduction

i" the common capital stock of 'The First National Bank ofto

1' Islip, New York, from $100,000 to 3.0,000, pursuantlatior4a plan which provides for the retirement of 0.00,000 inc 8ting Preferred stock and the sale of :31000000 of new'17cr3c)n stock to the present preferred stockholders, andP,rovides further that the released capita, together withV-°1000 from the bank's surplus or undivided profits °

ac-shall be used to liquidate the existing contin-

;nt liability of $150,000 which was incurred through theaZe of the present preferred stock at a premium of that.1 „,°1111t, all as set forth in Mr. Awalt's memorandum of July

1934.“

Approved.


23718/v34

-4-


13°411, to mr. O'Connor, Comptroller of the Currency, reading as follows:

"In accordance with Acting Comptroller of the Currencywait's recommendation, the Federal Reserve Board approvesa reduction in the common capital stock of 'The National Bankc)f Coxsackie', Coxsackie, New York, from :,i100,000 to $50,000,PlIrsuant to a plan which provides that the bank's capital.athall be increased by the sale of ..,',50,000 of preferred stock1° the Reconstruction Finance Corporation, and that the re--1-e_8.sed capital shall be used to eliminate an equivalent amountor the least desirable assets in the beak, all as set forth

Lir. ,Walt's memorandum of July 18, 1934."

Approved.

L:emorandum dated July 25, 1934, from Er. Wingfield, Assistant

C°1148el, referring to the Board's usual practice of reporting apparent

/7101ations of the provisions of section 22(g) of the Federal Reserve

Act to the Attorney General without attempting to determine whetherattch

cases are actual violations or whether the persons involved should

be Pro-seoUted, and calling attention to a case in which it appears that

"eqUent to June 16, 1933, the effective date of the provisions of

"1°4 22(g), it was decided that a voluntary assessment would be made

4aillst the stockholders of the Greene County Union Bank, Greeneville,

I'Mxiessee, a member bank; that certain of the stockholders, includingtwo e

lecutive officers of the bank, being unable to pay all or a portion

or 8,"ca assessment, gave their notes to the bank; and that it appears,

th"Ol'e, that such executive officers became indebted to the member

bctlik4hd technically violated the provisions of section 22(g). The

kelti°1"Eltdura also stated that it appears however that the action of the

cXecUtive officers was for the benefit of the bank and its depositors

1'111;41' than for the benefit of the executive officers; that apparently


2372

SAN-5-

it was not a transaction of the kind which the provisions of section

22W are designed to prevent; and that, in these circumstances, it

is believed that it would not be inappropriate for the Board to exer-

cise a reasonable discretion in the matter and not report the case

t° the Attorney General.

The suggestion that the case benot reported was approved.

Telegram dated July 31, 1934, approved by four members of the

to Mr. Curtiss, Federal Reserve Agent at the Federal Reserve

13411Ic Or Boston, reading as follows:

"Your letter Tilly twenty fifth re meeting of repro-?entatives of member and non-member banking institutions1:4 Your district in connection with extension of credit1.hider section 13b of Federal Reserve Act. In event meet-14g is called, Board approves action your directors in!tutnorizing Governor of your bank to reimburse any banking!Jastitution represented at such meeting, upon receipt by

of request for reimbursement, for the amount expended!Y not more than one representative of such institution1-01 railroad fare and Pullman accommodation in attendingZeeting.”

Approved.

Telegram dated July 31, 1934, approved by four members of theBoard.,

to las. Zurlinden, Deputy Governor of the -1-edera1 Reserve BankOr

Cleveland, reading as follows:

"Your wire July 25 requesting ruling whether underP_I'°7isions of subsection (b) of section 13b of the.ederal

Reserve Act your bank may discount for a financinginstitution operating in its district an obligation enteredtato for the purpose of obtaining working capital for anestablished industrial or commercial business located in,nother Federal reserve district just across the line divid-Ing that district from the Cleveland district. Federal Re-

Zerve Board is of the opinion that your bank may lawfullyp.e'e such discount provided, of course, that other appli-cable requirements of law and regulation are met."

Approved.


2373

8/1/34_6_

. Letter dated July 31, 1934, approved by four members of the Board,to

vurtiss, Federal Reserve Agent at the Federal Reserve Bank of Bos-

reading as follows:

"There are inclosed the Clayton Act permit and copiesthereofe issued by the Board to Mr. Oliver B. Ellsworth to!erve as director and officer of the Riverside Trust Company,nartford 9 Connecticut, as director and officer of The Port-

Trust Company, Portland, Connecticut and as directorc't The Middletown National Bank, Middletown, Connecticut., "In the consideration of Mr. Ellsworth's applicationfor a Clayton Act permit it was noted (Item 12- F.R.B. Form94,

dated November 15, 1933) that he was serving as vicePresident and director of The Portland Company, Inc., thebusiness of which was reported to be 'investments'.wi "While the Board does not have detailed informationt,!/1 respect to the character of the business conducted byis company, it appears possible that the provisions of

2,ction 32 of the Banking Act of 1933 are applicable inthis case. Therefore, the Board requests that you make such,!vastigatima as is necessary to determine the status of

Ellsworth with respect to the provisions of Section 32.0, "If You find to your satisfaction that the provisions4 Section 32 are not applicable to Yr. Ellsworth you areauthorized to transmit the Clayton Act permit to the appli-

cant and copies thereof to the banks concerned.

above "If you find that Mr. Ellsworth's service with thenamed banks and company comes within the provisions of

‘'ulon 32 you are requested to advise him of the require-f. L,!! Of that section and as to the procedure in making8;rkl application for a Section 32 permit. If upon a con-0;kleration of all of the facts involved, with the advice

Your counsel, you are unable to determine to your.74isfaction the applicability of Section 32 in this case,

a Board, upon receipt of full information, will be gladt4 rule upon the matter. In any event, the delivery ofe Clayton Act permit should not be made until it hasbeen

determined that Ur. Ellsworth's service with the"Ire named company and banks does not come within the

14311°visions of Section 32 or that his service with such4.nstitutions has been brought into conformity with the re-

rirements of that section. Please advise the Board of4e action taken in this matter.

"Although it does not appear that Yr. Ellsworth is.7L,debted directly or indirectly to any of the banks in-

jlved in his application, for your confidential informa-.°311 the Federal Deposit Insurance Corporation report of


2,3748/1/34

_7_

"examination of The Portland Trust Company as of April 10,1934, showed a loan of 3..0,000 to the Middletown Golf Club,of which Mr. Ellsworth is treasurer and a director, classi-fiell a8 $9,000 slow and $1,000 loss, and a loan of 0,550vo -uhe

0. Freestone Realty Company, of which he is treasurer

and a director, classified as $7,150 slow, a,700 doubtfuland 1)700 loss, In addition, loans of Mr. Ellsworth's wifeand of his interests aggregating $41,000 were classified as1_"!!7. The report of examination of The Middletown National

1°u-nic showed a loan of 33,900 to the Middletown Golf Clubclassified as doubtful.

"The Board requests that you cooperate with the appro-priate supervisory authorities in an endeavor to effect animprovement in the condition of the loans of the applicant'svjfe and his interests, and that when you make your recammenda-'°11 as a result of your annual review of this permit youreport fully as to the progress made with respect thereto."

Approved.


84141t11 to- Case, Federal Reserve Agent at the Federal Reserve BankOf iq

811/ York, reading as follows:

f„.„ "The Board has reconsidered the application, as amended,Mr. Joseph M. Forsythe for a permit under Section 8 of the

4-aYton Antitrust Act to serve as a director and officer ofThe Sherburne National Bank, Sherburne, New York, and as

'11,,Irector of The National Bank and Trust Company of Norwich,Norwich, New York. In the light of the additional informa-I;(134 auhmitted with your letter of May 23, 1934, and Mr.:434e-tin's letter of June 25, 1934, the Board has granted

1381111dt to Mr. Forsythe to serve the above named institu-i°489 which permit and copies thereof are inclosed.4 "It is noted, however, that in reply to :0.1estioniubered 12 on F.R.B. Form 94, the applicant states that he

also serving as director of the Norwich Securities Corpora-'on, Norwich, New York, which is described as being engagedina the securities business. While the Board does not have!tailed information regarding the character of the businessOf the latter corporation, it appears possible that the pro-

visions of Section 32 of the Banking Act of 1933 are applicableto Mr. Forsythe's service as officer or director of the above

tTalad banks and as director of the 2:orwich Securities Corpora-0:(34. You are, accordingly, requested to withhold delivery

the Clayton Act permit to Mr. Forsythe until you are:atlsfied that Section 32 does not apply to his service tothe

member banks above named and the Norwich Securities


8/1/34-8-

:?°rParation, in which event, you are authorized to deliver the_i-LaYton Act permit to the applicant and at the same time to

-utahamit copies thereof to the banks concerned."If you find that Mr. Forsythe's service to the NorwichSee -4.4

„ --lules Corporation and the member banks named comes withinthe scope of the provisions of Section 32, you are requested to!Idvise him of the requirements of that section and to notifyatm, that he may file an application for a permit covering suchservice. Of course, if upon consideration of the facts involved,Ftethr

Mr. vitd ce of your counsel, you are unable to determineForsythe's service comes within the scope of Section

2; the Board upon receipt of full information will be glad to"I-Le Upon the matter. In any event, the delivery of the Clayton!aft permit should not be made until it has been determined thatTt Forsythe's service to the Norwich Securities Corporation,

re Sherburne National Bank and The National Bank and Trust

jaiPanY of Norwich does not came within the provisions of See-321) or that his service with those institutions has been

taught into conformity with the requirements of the section."It will be appreciated if you will advise the Board ofYour action in this matter."

Approved.


to Mr. Case, Federal Reserve Agent at the Federal Reserve Bankor

Yark, reading as follows:

"There is inclosed a Clayton Act permit covering theservice of Ur. William F. Sober as director and officer ofllanufacturers National Bank of Troy, New York, and asector of the Taconic Valley Bank, Berlin, New York. It is

;toted that in reply to question numbered 12 on application(311°1 94, the applicant states that he is also serving aspro

sident of the Security Prop. Co., Inc., Troy, New York."While the Board does not have detailed information re-

ZisrdilaZ the character of the business of Security Prop. Co.it appears possible that the provisions of Section 32

the Banking Act of 1933 are applicable in connection with1118 service as director and officer of The Manufacturersd!tional Bank of Troy, the Taconic Valley Bank and as presi-:at Of Security Prop. Co. Inc. You are, accordingly, re-

eested to withhold delivery of the Clayton :Jet permit toTr Seber until you are satisfied that Section 2 does notQ'Pllr to the relationship above described, in which event

are authorized to deliver the Clayton ;tot permit to the'ttPlicant, at the same time transmitting copies thereof to,40 banks involved.


2376

0 8/1/3,1-9-

"If you find that La.. Saber's service with the SecurityProP. Co. Inc. and the member banks involved comes within the14!,r_ovisions of Section 32 you are requested to advise him of

re requirements of that section and notify him that he mayila an application for a permit covering such service. Of

!,?urse, if upon a consideration of the facts involved, with.:.4ae advice of your counsel, you are unable to determineilhether Mr. Seber's service comes within the provisions ofSection 32, the Board, upon receipt of full information, willbe glad to rule upon the matter. In any event, the delivery°I' the Clayton Act permit Should not be made until it hasbeen

determined that Mr. Seber's service with the Security'01). Co. Inc. and the member banks involved does not COMBwithin the provisions of Section 32 or that his service withslIch institutions has been brought into conformity with therequirements of that section.

"Please advise the Board of your action in this matter."

Approved.

Letters dated July 31, 1934, approved by four members of the Board,

t)/41,. Stevens, Federal Reserve Agent at the Federal Reserve Bank of Chicago,

liererring to the following applications for permit3under the Clayton ;,ct,

stetia.e,in each case, that, upon the basis of the information before

it,the Board concurs in the agent's opinion that the issuance of the per-

t41t 4Plied for would be incompatible with the public interest. Each

letterals° requested the agent to communicate to the applicant the Board's

liti°11 in the matter, and to advise the Board promptly as to whetherthe

II-TV-leant desires to submit any additional data, and, if not, as to

steps he proposes to take in order to comily with the provisions of

the c4A°11 Act.

Ault, for permission to serve at the same time as aIiI:ector of The Third National Bank of Rockford, Rockford,0,illc)ist and as an officer and director of the State Rank

Xirkland, Kirkland, Illinois.

UZ. Tttwe-L. Floyd Garrott, for permission to serve at the samer„ as a director of The First-Merchants National Bank of--4.'aYette, Lafayette, Indiana, as an officer and director


2377

8/1/34-10-

of the Battle Ground State Bank, Battle Ground, Indiana, andas an officer and director of the Fowler State Bank, Fowler,Indiana.

1!?'. William C. Mitchell, for permission to serve at the same

al,e as a director of The First-Merchants National Bnrk ofaYette, LArayette, Indiana, and as a director of The Purdue

State Bank, West Lafayette, Indiana.

Mr. G. C. Spafford, for permission to serve at the same timeas an officer and director of The Third National Bank of Rock-

Orlt Rockford, Illinois, as a director of the State Bank ofkland, Kirkland, Illinois, and as a director of the Cherry

Valley State Bank, Cherry Valley, Illinois.

14r. Donald Vincent, for permission to serve at the same time8 a director of The First National Bank of Clarion, Clarion,Iowa, EIS a director of the First State Bank and Trust Company,1„;°,1.t_ Dodge, Iowa, and as an officer and director of the State'''41144 of Worthington, Northington, Minnesota.

Approved.

Letter dated July 31, 1934, approved by four members of the Board,to

Stevens, Federal Reserve 1,gent at the Federal Reserve Bank of

Ckcago, reading as follows:

y "Reference is made to Assistant Federal Reserve 4--_:entTine's letter of June 26, 1934 with which was inclosed copy(4):.' a letter dated June 19, 1934 from the First National Bank

DeKalb, DeKalb, Illinois, relative to the Clayton Act anpli-!ation of Mr. E. P. Ellwood, DeKalb, Illinois, for permission'c_) serve as director and officer of First National Bank in De-

1119 DeKalb, Illinois, as director of Genoa State Bank, Genoa,ili ln°1s, and as director of The Citizens National Bank of

ubc)ck, Lubbock, Texas, which application was disapproved bythe Board on May 9, 1934.„ "It is noted that Yr. Ellwood has resigned as a directorOf the Genoa State Bank, but desires to remain as a director

the Citizens National Brirk of Lubbock for the reason thatia executor of his brother's estate at Lubbock, Texas,

which has an interest in the Lubbock bank and also other largereal

estate holdings in that vicinity. It is also noted thatlor the same reason Mr. Ellwood wishes to remain as a director

thatFirst National Bank in DeKalb and that the bank states

it would very much like to retain him., "The Board has given consideration to these facts but34ill feels that the issuance of the permit applied for would


2378

8/1/34-11-

"be incompatible with the public interest, as indicated in

its letter to you dated May 9, 1934. You are requested toadvise the applicant accordingly.

"Please ascertain and advise as to what further stepsMr. Ellwood proposes to take in order to comply with theProvisions of the Clayton Act."

Approved.


8°tIrcl, to Mr. McClure, Federal Reserve Agent at the Federal Reserve

}lank °r Kansas City, reading as follows:

"There are inclosed the Clayton Act permit and copiesthereof issued by the Board to Mr. Robert C. Boyd coverings service as director and officer of The Carson National'auk of Auburn, Auburn, Nebraska, and director and officer

.c.lf The First National Bank of Johnson, Johnson, Nebraska,.401' transmittal by you to Ur. Boyd and the two banks, to-

her with a copy for your files."The Board concurs in your opinion that although the

aPPlicant is probably partly responsible for the condition°f the Johnson bank along with the other directors who aredescribed as 'lax in attention and supervision', his forcedwithdrawal from the bank would be very harmful under presentcircumstances. Apparently the applicant is a capable bankerezd it would appear that his regular attendance at directors'Meetincs as well as his supervision and counsel would be7erY helpful to the Tohnson bank.

, "The Board suggests that you endeavor, in cooperationthe appropriate supervisory authorities, to bring about

4 strengthenina of the active management of the Johnson bankrd that you cooperate to bring about a change in the atti-411de of the directors toward this bank. When you submit

Icur recommendations as a result of your annual review ofZhis permit, the Board requests that you report fully as tom116 Progress made in the correction of the Johnson bank's

Vlegement and condition and as to whether the applicant isischarging his responsibilities by attending directors'et i8 or otherwise."

Approved, together with a similar

letter, also dated July 31, 1934, and

approved by four members of the Board,to Mr. McClure, inclosing a Clayton Act

permit authorizing Mr. Franz F. Mbererto serve at the same time as a directorand officer of The First National Bank of


2379

8/1134-12-

Johnson, Johnson, Nebraska, and as a directorand officer of The Auburn State Bank, Auburn,Nebraska.

Letters dated July 31, 1934, approved by four members of the

13°ard, to applicants for permits under the Clayton Act, advising of

4131/1'Oval or their applications as follows:

. Madison. L. Toms, for permission to serve at the same timer a director and officer of The National Iron Bank of Yorris-rwa, Morristown, New Jersey, as a director and officer of Theuhatham Trust Company, Chatham, New Tersey, and as a director°11 the First National Bank in Rockaway, Rockaway, New Tersey.

!L,,r_° S. S. F. Harman, for permission to serve at the same-uata as a director of the Farmers Bank of Clinch Valley, Taze-

well, Virginia, and as a director of the Tazewell NationalBaak, Tazewell, Virginia.

141%* F. R. Gannon, for permission to serve at the same time asdirector of The First National Bank of Ellendale, Ellendale,atape ta, and as a director and officer of The First

Bank of Hecla, Becla, South Dakota.

** F. B. Stiles, for permission to serve at the same time asad director and officer of the First National Bank and Trust

2n,IParLY of Aberdeen, Aberdeen, South Dakota, as a director:74g officer of The McCook County National Bank of Salem, Salem,,311th Dakota, and as a director and officer of The FarmersDiational Bank of Vienna, Vienna, South Dakota.

Approved, together with letters, also dated

Ally 31, 1934, and approved by four members ofthe Board, to the respective Federal reserveagents, requesting that, when they submit theirrecommendations as a result of their annual re-

view of the permits referred to above, theyreport fully as to the status of the matters

referred to in the individual letters.

Letters dated July 31, 1934, approved by four members of the

to applicants for permits under the Clayton Act, advising of

417a1 of their applications as follows:

1:!!* Ray W. Armstrong, for permission to serve at the same44Jme as a director of The Superior National Bank of Hancock,


23808/1/34

-13-

cock, Michigan, as a director of The First National Bank ofLake Linden, Lake Linden, Michigan, and as a director of The8111 .0r Trust Comrany, Hancock, Michigan.

Gordon R. Campbell, for permission to serve at the sameLine as a director and officer of the Merchants and laners

74, Calumet, Michigan, as a director and officer of The13erior National Bank of Hancock, Hancock, Michigan, and as8. d irector and officer of The Superior Trust Company, Hancock,

Mr. William Johnson, for permission to serve at the some time!8 a director of The Superior National Bank of Hancock, Han-")ck, Michigan, and as a director of The Superior Trust Company,Rancock,

Llichigan,

Charles L. Lawton, for pervission to serve at the same time!! a director and officer of The Superior National Bank of Han-'°ek, Hancock, Michigan, and as a director and officer of Thec'uPsrior Trust Company, Hancock, Michigan.

14" Richard E. Odgers, for permission to serve at the same timeCock

a director and officer of The Superior National Bank of Han-0, Hancock, Michigan, as an officer of The Superior Trust71311nanY, Hancock, Michigan, and as a director and officer of6 First National Bank at Hubbell, Hubbell, Michigan.

Ur. x^-sePh Ruppe, for termission to serve at the sane time as

aco;rector and officer of The Superior National Bank of Han-Hancock, Michigan, and as a director and officer of The

-'41)erior Trust Company, Hancock, Michigan.

Approved, together with a letter, alsodated July 31, 1934, and approved by fourmembers of the Board, to Yr. Peyton, FederalReserve Lent at the Federal Reserve Bank ofMinneapolis, requesting that, when he submitshis recommendations as a result of his annualreview of the permits referred to above, hereport fully as to the progress made in bring-lag about an improvement in the loan and in-vestment policies of the banks involved.

Letter dated July 31, 1934, approved by three members of the

to an-- applicant for a permit under the Clayton Act, advising of

EtI3PrcIvral of his application as follows:


2381

8/1/34

Mr. E. X. Evans, fordirector and officerOntonagon, Lichigan,Bank or Rockland, Rockland, Lichigan.

-14-

permission to serve at the same time as aor The First National Bank in Ontonagon,and as a director of Ale lArst National

4proved.

Letters dated July 31, 1934, approved by four members of the Board,

to aPPlicants for permits under the Clayton Lct, advising of approval of

thej aPplications as follows:

!.r° Morris H. Cone, for permission to serve at the same time:! a director of The First National Bank of White River June-iOii Vhite River Junction, Vermont, and as a director of the

"tater-State Trust Company, White River Junction, Vermont.

Rollo L. Dimick, for permission to serve at the same time

aulAcyee of The First National Bank of White River June-White River Junction, Vermont, and as an officer of the

Illter-State Trust ComP any, White River Junction, Vermont.

Mr. Everett J. Eaton, for permission to serve at the same timei? a director and officer of The First National Bank of White1117er Junction, White River Junction, Vermont, and as an officer°f the Inter-State Trust Company, White River Junction, Vermont.

Ur° Chas. LeBourveau, for permission to serve at the S1MB timea director and officer of The First National Bank of White

2iver lunation, White River Junction, Vermont, and as a direc-;or and officer of the Inter-State Trust Company, White RiverUnction, Vermont,

1111s* G. H. Miller, for permission to serve at the same time asdirector of The First National Bank of White River Junction,!Ilite River Junction, Vermont, and as a director and officer'IT Montthe Inter-State Trust Company, White River Junction, Ver-

141'6 3. Miller, for permission to serve at the same time aslirector of The First National Bank of Yvhite River Junction,

c;ulte River Junction, Vermont, and as a director and officerr the Inter-State Trust Company, White River Junction, Vermont.

lars Geo. W. Smith, for permission to serve at the same time asiroctor and officer of The First National Bank of White

Worer Junction, White River Junction, Vermont, and as a directorce the Inter-State Trust Company, White River Junction, Vermont.


23828/1/34

-.15-

Nr. Lawrence Day, for permission to serve at the same time asa director and officer of The National Iron Bank of Morristown,Morristown, New Jersey, and as a director of The Chatham TrustCamMny, Chatham, New Jersey.

Mr' 7hs. S. Hill, for permission to serve at the same time asa director of the Bank of Bowie, Bowie, Maryland, and as adirector and officer of The First National Bank of Southern17.arYland of Upper Marlboro, Upper Marlboro, Maryland.

14" H. C. Danforth, for permission to serve at the same timeas a director and officer of The First Dakota National Bankand Trust Company of Yankton, Yankton, South Dakota, and asa director of the Security Savings Bank, Ireton, Iowa.

1_41r. Albert Koegel, for permission to serve at the same timee's,a director of the National Bank of Flint, Flint, Michigan,

as a director of the Merchants 84 Mechsnics Bank, Flint,'41chigan.

Mr. Colman J. Ross, for permission to serve at the same timeas a director of the National Bank of Flint, Flint, Michigan,2Id as a director and officer of the Merchants e4. Mechanics Bank,r.Liat, Michigan.

!1' .X°31117a W. Aoher, for permission to serve at the same time asulrector and officer of the First State Bank of Zurich,

414101) Montana, and as a director of The Farmers National Bankill Chinook, Chinook, Montana.

1_11% Nax P. Kuhr, for permission to serve at the same time asdirector of The Hill County State Bsnk, Havre, Montana, and

ZIZZetor of The Farmers National Bank in Chinook, Chinook,

MI% Fred C. Andersen, for permission to serve at the same timea director and officer of The First State Bank of Bayport,

Zort, Minnesota, and as a director of The First Nationalor Stillwater, Stillwater, Minnesota.

n G. D. Combes, for permission to serve at the same time as;4 rsctor of the Madison Valley Bank, Ennis, Montana, as a

rector of the Bank of Sheridan, Sheridan, Montana, and as ator and officer of The First National Bank of Dillon,

LJJ.J.lon, Montana,

1. G. Danskin, for permission to serve at the same time as

MO rectorof The Merchants National Bank of Glendive, Glendive,4t anat and as a director of the A.endive State Bank, Glendive,Montana.


2383

8/1/34-16-

'Claude D. Riley, for permission to serve at the some time asdirector and officer of The First National Bank in Ontonagon,

untonagon, Michigan, and as a director of The Commercial Bank,Lt Anse, Michigan.

Ur. 10tolr D. Goepfert, for permission to serve at the same time as!I, director and officer of The First Citizens National Bank oflatertown, Viatertown, South Dakota, and as a director and officerOf The Farmers National Bank of Vienna, Vienna, South Dakota.

Mr. •4.,. C. Noonan, for permission to serve at the same time as!I di

n

rector of The First Citizens National Bank of Watertown,4atertown, South Dakota, and as a director of The McCook County1,rat1ona1 Bank of ::;alem, Salem, South Dakota.

L. S. Spencer, for permission to serve at the same time as! director of The First Citizens National Bank of Watertown,

i:ittertown, South Dakota, and as a director and officer of The7,t National Bank and Trust Company of Lake Norden, Lake"rwz,n, South Dakota.

Mr TT nA. Kibbee, for permission to serve at the same time as

mi;lrector and officer of the Commercial Trust and Savings Bank,Banlechell, South Dakota, and as a director of the Federal Reserve

Of lanneapolis, idinneapolis, Minnesota.

Ur, EA„ " A. Porter, for permission to serve at the same time asulrector and officer of the First National Bank and Trust

„TipanY of Aberdeen, Aberdeen, South Dakota, and as a director'd4- the

Security Bank and Trust Company, Webster, South Dakota.

Approved.

There were then presented the following applications for changes

14 stock orFederal reserve banks:

lications for ORIGINAL Stock:,,Jstziot No. 2

lational Bank of Phelps,116.11)s, rIew York

),11,8trict No. 6.—4e

Citizens National Bank of Quitman,ilit146110.1 Georgia

strict Nos 9.44i

Natio 4a1 Metals Bank of Hancock,41cLec'ek, Michigan

Shares

36 36

36 36

510 510Total 582

Approved.


Thereupon the mooting adjourned.

' Secretary.

Executive Committee.


Documents

19340801_Minutes.pdf