19350518_minutes.pdf

1155

Ameeting of the Federal Reserve Board was held in Washington

on Saturday, May 18, 1935. at 9:30 a. m,

PRESENT: Mr. Eccles, GovernorMr. Thomas, Vice GovernorMr. HamlinMr. MillerMr. JamesMr. Szymczak

Er. Morrill, SecretaryMr. Bethea, Assistant SecretaryMr. Carpenter, Assistant SecretaryMr. Clayton, Assistant to the Governor

ALSO PRESENT: Mr. Everett V. Eoeks, Professional Adviserto the Federal Reserve Board.

Governor Eccles stated for Yr. James' information that the

hard had met yesterday to receive the report of the jury appointedto 8"P4elet the winning design submitted in the competition for the

4ele".40n of an architect for the Board's new building and that this

Illeetilag had been called for the purpose of taking action on the jury's

l'ell°rt* 14r. James stated that he had read the report and had scannedthe dr"ings submitted and that he was satisfied with the findings

Of the jury.

Er. Hamlin moved that the report ofthe jury be formally laid before the Board.

Carried.

Yr. Thomas moved that the Board approvethe findings of the jury and designate de-sign No. 7 as "premiated" and that the prizeof the competition be awarded to the authorof the design.

Carried unanimously.

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

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It was pointed out that up to this point the originators of

the respective designs submitted were not known to the members of the

jury, to the Federal Reserve Board, or to anyone else.

The numbered envelopes containing the names and addresses of

thecoMPeting architects were then turned over to Mr. Miller as Chair-

Of the Board's building committee. Envelope No. 7 was opened by

Laller and was found to contain the name of Paul Philippe Cret,

Philadelphia, Pennsylvania.

%nvelope No. 3, the number of the design placed second by the

waS then opened by Mr. Miller and found to contain the name of

4°44 Russell Pope, New York, New York.

Envelope No. 4, the design placed third by the jury, was then

°Pelle(' by rx. Miller and found to contain the name of James Gamble

Rclgers, New York, New York.

The other numbered envelopes were then opened by Er. Miller4/Id

found to contain the names of competing architects as follows:

l• Holabird & Root, Chicago, Illinois.

2. Delano & Aldrich, New York, New York.

5.

6.

8.

9.

lth

14t1tions from five of the competing architects to make photographs

York & Sawyer, New York, New York.

Egerton Smartueut, New York, New York.

Arthur Brown, Jr., San Francisco, California.

Coolidge, Shepley, Bulfinch & Abbott, Boston, Massachusetts.

• Morrill stated that the Architectural Forum had obtained


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c)f their respective designs and that the representative of the peri-

odical had furnished the Board with photostat copies of four of such

4uthcrizations and a telegram had been received direct from Holabird

Root authorizing the Board to make their drawings available to the

inagazine. Mr. Meeks stated that he could see no objection to the

8°4rd permitting auch photographs to be taken.

The Secretary was authorized to make thedesigns of the five architects referred to, and anyothers from whom appropriate authorization might bereceived, available to the representative of theArchitectural Forum for photographing.

Mr. Meeks was requested to advise the competingarchitects immediately of the action of the Board inthe selection and appointment of the architect as wellas the report of the jury.

Mr. Miller moved that the jury be dischargedand that, in accordance with the action taken by theBoard on January 16, 1935, Messrs. Howells, Cross,Emerson and Delano be paid an honorarium of $300each, plus necessary traveling and subsistence ex-penses, for their service on the jury.

Carried, and it was understood that Mr.Miller would address letters to the membersof the jury thanking them for their services,as well as to the competing architects, exceptMr. Cret, commending them for the designssubmitted.

In accordance with the action taken by theBoard on November 15, 1934, the payment to Mr.Everett V. Meeks of a fee in the amount of 42,500waS approved.

the, Mr. Miller left the room to advise Mr. Paul P. Cret over

1411 "lePhone of his appointment as architect for the Board's new1.4

UPon his return Mr. Miller stated that he had advised Mr.


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Crot that the Board mould like to have him come to Washington and

be at Miller's office on Monday, May 20, at 10:15 a. m. for a

consultation, following which he mould attend the meeting of the

Pine Arts Commission which will pass on the winning design.

It was understood that Yr. Miller mouldmeet with representatives of the press at 11:00o'clock today and give to them copies of the pressrelease approved at the meeting yesterday and af-ford them an opportunity to take photographs ofthe winning design.

Governor Eccles made a statement commending Yr. Miller for

the lierY thorough, painstaking and effective manner in which he had

he'lldied the responsibility which had been placed upon him as the

111111111k4 of the Board's committee on the site and construction of the

liew building and for the conduct of the competition for the selectionor kri

architect.

11r. Miller stated that he felt that, while exceptionally finework ,

na4 been done by the architects and by Mr. Meeks in preparinga„-Pervising the program of competition, the most important contri-

bUtion- 17618 made by the Board in approving an impartial procedure under

/745-ch 0 1-n-Y the best professional advice obtainable was used and which

1148 been Productive of the very best results. He added that he felt

that thA- most difficult part of the building operation was still be-

th6 Board and he expressed the hope that the members of the80krd

Ilituld continue to study the matter so that the very best possible

an be had in the final design of the building.


be 111a

Lr

de 17here

Liller

The Illatter

the policy

;4-ng was considered.

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Mr. Szymczak and Mr. leeks left the meeting at this point.

Governor Eccles asked whether the committee appointed at the

44"ting of the Board on May 1 to submit a recommendation as to the

Position that the Board should take with regard to interlocking bank

directorates was prepared to submit a report. Mr. Thomas stated that

the eormittee had conferred with counsel, and that he (Mr. Thomas)

had prepared a report.

Er. James renewed his suggestion that the problem be approached

from the standpoint that there should be no interlocking bank direc-

torat _eu and Governor Eccles stated that he thought an exception should

the banks are owned or controlled by the same interests.

expressed agreement with the position taken by Mr. James.

MS discussed in considerable detail and its bearing upon

that should be followed as to holding companies and branch

A. Thomas asked for an expression from the members of the

33°e4*(1 Present as to the policy that should be adopted in connectionWth

"ation 32 of the Banking Act of 1933 and BOMB of the members

Pre"lit indicated that they felt that the section should prohibit all

4Lt°1.1"kinC directorates of the kind referred to in the section.

It was agreed that amendments to the Clayton Actand Section 32 of the Banking Act of 1933 should bedetermined upon and submitted to the committees ofCongress as soon as possible.

After further discussion, it appeared to be theconsensus of the members present that, after disposition


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is made by Congress of the proposed Banking Act of1935, the Board should prepare a recommendation forlegislation at the next session authorizing limitedbranch banking and that the recommendation shouldbe submitted to the President to ascertain whetherhe would approve the recommendation or have any ob-jection to its being submitted to the appropriatecommittees of Congress.

There was then submitted a draft of reply to a letter datedAPril 17,

1935, from Senator Edward R. Burke in which he requested

4 li8t of executives and personnel of the Federal Reserve Board, as-

signed to the Washington office, receiving salaries of c;15,000 or

racre Per annum, together with the home State, Washington address,

title and salary in each case. The proposed reply stated that the

13(1(trd has not authorized the publication of salaries of the individualuexnbe

of its staff, but that there was printed in the annual report

Of the Board a statement of the salaries of officers and employees

134c3wilig the number of persons on the Board's staff receiving salaries

ts-ted amounts, that a copy of the annual report for 1933 showing

such information as of December 31, 1933, was inclosed and that, if

the 8ellator so desired, the report for 1934 showing similar informa-

ti°4 48 of December 31, 1934, would be forwarded to him as soon as

1)°48ible• The letter also inclosed a list showing the name, title

or dealCilation, Washington address and home State of all of the full

officerS and employe es of the Board assigned to the Washingtonorrice,

The letter had been put in circulation and Mr. Thomas had


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attached a memorandum under date of May 7, 1935, stating that, in

48 °Pinion, there is no valid reason why the information requested

should not be furnished.

Governor Eccles stated that the question as to what action

should be taken by the various Government departments on requests of

thi8 kind came up before the Executive Council several months ago as

Suit 4 rof Senators and Congressmen requesting Government agencies

t° f• urnish complete lists of all their employees and the conclusion

/116L8 reached that a reply should be made to the effect that the in-

f°rIllation requested would necessitate a great deal of time and ex-

Ilellee and the Government agencies were not in a position to undertakethis' With further appropriations from Congress.

During the ensuing discussion, Er. Thomas pointed out that

Plls°1' to 1931 the annual report of the Board contained the salaries

Ot a• ll of the officers of the Board and he expressed the opinion that

" t• he Federal Reserve Board is a public body there should be no ob-

jection to the publication of the salaries of the members of itsEl text

At the conclusion of the discussion, Mr. Thomasmoved that the Board furnish the information requestedby Senator Burke.

Mr. Miller moved that hr. Thomas' motion beamended to provide for the publication in the futureannual reports of the Board of all salaries of of-ficers and employees of the Board receiving $5,000Per annum or more and that Senator Burke be furnishedIllth such information as of December 31, 1934, inthe form in which it will appear in the annual report.


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Mt. Miller's motion was put by the chair andcarried, Lt. Thomas voting "no".

The amended motion was then put by the chairand carried unanimously.

There was a further brief discussion of amendmentsto the Clayton Act and Section 32 of the Banking Act of1933 and it .was decided that the committee appointedat the meeting of the Board on May I should give furtherconsideration to the matter and that it should be takenup again at a meeting of the Board to be held on "aednes-day, May 22, 1935.

The hoard then acted upon the follouing matters:

Letter dated May 17, 1935, approved by four members of the

13clardi to Mr. Case, Chairman of the Federal Reserve Bank of New York,ream _

--LIT, as follows:

the

"The Federal Reserve Board notes with approval from Mr.SProul's letter of May 9, 1935, that the board of directors ofYour bank, at its meeting on that date, made no change in yourexisting schedule of rates of discount and purchase.

"Your letter of May 10 advising of the review by theboa rd of directors of your bank of the question of changes indl-scount rates has also been received and will be given con-Glderation by the Board."

Approved.

Letter dated May 16, 1935, from Mr. Sproul, Secretary of

sderal Reserve Bank of New York, and telegrams dated ray 15

1'11°14 14sscrs • Curtiss, Austin and Tvood, Chairmen of the Federal Re-

fl k5 of Boston, Philadelphia and St. Louis, respectively,

kdvirsitg that, at meetings of the boards of directors on the dates

iltettsd, to changes were made in the banks' existing schedules of

r"43a Qf discount and purchase.

Without objection, noted with approval.


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Lemorandum dated May 13, 1935, from Mr. Carpenter, Assistant

Seoreta rY, recolunend ing that, in order to provide for vacations in

the 17ash1ngton telegraph office, Li.. L. H. Cooley, employed in the

17ashington telegraph office as a part time operator with salary at

the r of 01,200 per annum, be placed on a full time basis, with

".1%7 at the rate of $165 per month, for the period from June 16 to

last 31, 193

°4 4 Part time

tttke the place

Memorandum dated May 11,

5/ inclusive, and that a temporary operator be employed

basis, with salary at the rate of 3100 per month, to

of Li.. Cooley during the period referred to.

Approved.

1935, from Mr. -Gyatt, General Counsel

the resignation of lass Jeanne Carroll as a stenographer

41 thelegal division, to take effect at the close of business on

144Y 31 10' 4-45, and recomMendins that the resignation be accepted.

Accepted.


to Mr. Walsh, Federal Reserve Agent at the Federal Reserve Bank

°I' Dallas, reading as follows:

st "Reference is made to the transaction whereby the 'Firstt,,,Ette Bank of Mathis', Mathis, Texas, acquired certain assetsT'°111, and assumed a portion of the liabilities of, the Bank ofYnwa! Tynan, Texas, effective as of January 17, 1935.

The Board has reviewed the information submitted in your

Xter of May 1, 1935, as well as the condition of the First

Et t! BlInk of hathis as reflected in the report of examinationti 04 Larch 26, 1935, from which it appears that the transac-

01! has resulted in no material change in the general characterOf 4 ns he assets of, or broadeni in the scope of the functions0, '

-ereised by, the State member institution, within the meaning


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of the general condition under which it was admitted to member-shiP in the Federal Reserve System.

"In the circumstances, and in view of your recommendation,the Board will take no action affecting the membership of thePirst State Bank of Mathis in the Federal Reserve System byreason of the transaction.

"It has been noted that a special visit to the bank willbe made by the examiner to determine whether the various natterscriticised in the report of examination as of March 26, 1935, inconnection with the detail operations and general supervisionef the institution, have been corrected. It will be appreciatedif You will advise the Board of the status of such natters afterthe examiner has again visited the bank."

Approved.

Letter dated Lay 17, 1935, approved by three members of theBoar,1-'' to Mr. Walsh, Federal Reserve Agent at the Federal Reserve

Of Dallas, reading as follows:

t. "Condition numbered 1, prescribed by the Board in connec-Icla with the application for membership of the 'Hamilton Bankand Trust Company', Hamilton, Texas, provides:'That you shall agree not to pay any dividend based uponunearned or uncollected profits.'

,, "In the report of examination of the bank as of March 16,35, the examiner reports an apparent violation of the condi-°11 in connection with the payment by the institution of a't,4,000 dividend on December 31, 1934, and in the analysis ofthe report you state:"'Although the dividend was paid partly out of profits de-rived from operations prior to 1934, it appears that theseProfits were both "earned" and "collected" and therefore themembership condition referred to by our examiner does notaPpear to have been violated. I shall be glad to have the!,°_ard's view on this matter, and, in any event, I recommendLast no action be taken against the bank's membership in con-

withTI this transaction.'

net "The report of examination indicates that the bank has asund capital of approximately 43 per cent and it has been

notedoe that although the dividend paid vas in excess of the amountof the institution's net earnings for 1934, the bank, at the time

Parent, had undivided profits sufficient to pay the dividend.it In view of the circumstances, therefore, the Board concurs

Ircilr opinion that payment by the bank of the dividend referred


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Ito was not a violation of condition of membership numbered 1."

Approved.


toard, to L. O'Connor, Comptroller of the Currency, reading as follows:

hoardIn accordance with your recommendation, the Federal Reserveapproves a reduction in the common capital stock of 'The

kouhegan National Bank of :Ilford', Wilford, New hampshire, fromto ca0,000, pursuant to a plan which provides for the

l';se of the released capital, together with a portion of the1111110s undivided profits account, in eliminating all estimated°sses and net depreciation in securities, all as set forth inYour Supplemental memorandum of May 3, 1935.15, This approval supersedes the Board's approval of December

1933, of the original plan of capital reduction."

Approved.


O'Connor, Comptroller of the Currency., reading as fol-

1)„ 4/1 accordance with your recommendation, the Federal Reserve

npi "4 aPproves a reduction in the common capital stock of 'Thett National Bank of Antioch', Antioch, Illinois, from ,;80,000sal!p°2°' pursuant to an amended plan which provides for thecore -- Y40,000 of preferred stock to the Reconstruction Financeix

Pt?r ation and/or others and for the use of the released capitalalle-Ominating a corresponding amount of unsatisfactory assets,set forth in your memorandum of May 2, 1935.2e1, 1Q:This approval supersedes the Board's approval dated August'34, of a previous plan of capital reduction."

Approved.

Tel-egram dated May 15, 1935, approved by four members of the

ot, t0 ** Case, Federal Reserve Agent at the Federal Reserve Bank

4Ork, reading as follows:

"Rolet April 10. In view of circumstances involved, Board's


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"letter of April 3, 1935 authorizing issuance of limited votingPermit to 'Bank of Nutley', Nutley, New Jersey, is hereby amendedbY substituting 1$250,000' for'$300,000' in paragraph numbered 2cf required agreement on page 3 of letter."

Approved.

Letter dated May 17, 1935, approved by three members of the

41111c4 to kr. Fletcher, Acting Federal Reserve Agent at the FederalRene,'Ile Lank of Cleveland, reading as follows:

d "Reference is made to your letter of April 18, 1935, ad-

C1,f:essed to Er. Szymczak regarding difficulties encountered in

,144illing compliance with Regulation Q regarding the classifica-vlon of savings accounts.is understood that during the course of the examinationof a

, larGe State member bank in Cleveland your examiners insistedthatlarge accounts, which by their nature could not be consid-er

as bona fide thrift accounts, be removed from the savings

Z'llssification in order to comply with Regulation Q. It is

lerstood, also, that the State member bank felt that strict

adiTliance with such requirements would place the bank at a dis-pr ntage unless the competing national banks followed a similarto-eedure, and that accordingly the State member bank endeavoredZilist the cooperation of the two large competing nationaltT:4 but that while one of the national banks indicated a disposi-

te cooperate in the matter, the other had not so far indicatedclngness to work with the other commercial member banks ineirrind in an effort to standardize practice so far as the clas-

cfli.uion of deposit accounts is concerned.ti:me If the question has not been satisfactorily adjusted by thisOf " is suggested that you endeavor to enlist the cooperationto 011! chief national bank examiner of the district in an effortg wit.,-Exin uniform compliance with the provisions of Regulation1410au410ut discrimination between national and State member banks.

se keep the Board advised as to developments in this matter.

Approved, together with a letter to Mr. O'Connor,Com-ptroller of the Currency, transmitting, for hisconfidential information, a copy of the letter to Mr.Pletcher.

Lotto ter dated May 17, 1935, approved by three members of thetIrd,

to 14" INheeler, Assistant Federal Reserve Agent at the Federal


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Reserve Bank of San Francisco, reading as follows:

"Reference is made to your letter of March 27, 1935, ad-dressed to Lr. Carl E. Parry, Chief, Division of Security Loans,!ederal Reserve Board, inclosing a copy of a letter from Vim.uavalier & Co., asking two questions concerning Regulation T.r

It is assumed from the two letters that the first questionelates to a situation as follows:

"A broker, subject to Regulation T, pursuant to acustomer's order delivers registered securities from an ac-count of the customer which is sufficiently unrestricted toPermit the withdrawal of the securities at that time, to thetransfer agent or registrar of the securities for transfer toand registration in the name of the customer, the transferredsecurities to be delivered to the broker for the purpose ofredelivery to the customer. At the time the transferred so-

are received by the broker, the account has becomerestricted. The question is whether or not in view of therestricted nature of the account the broker may then deliverth?ise securities to the customer.

th0You are advised that under Regulation T the delivery ofsecurities, accompanied by documents adequate for transfer, to17 '13transfer agent or registrar with instructions to transfer the

be t itles to, and register them in, the name of the customer mayIf .reated as equivalent to delivery to the customer at that time.'t is the clear understanding that the transferred securitiestc be received by the broker for delivery to the customer,ferh°11 /1 the customer's account may be restricted when the trans-

re !ed securities are received from the transfer agent ora0E-strar, delivery thereof may be made to the customer. It is8.411Med that an appropriate entry will be made in the securitiesto fUlit of the customer indicating the delivery of the securitieswilihe

transfer agent on the date of such delivery, that noticethe flbe given to the customer of such delivery, and that aftervoica;te of such delivery the loan value of the securities in-of will be excluded in any determination of the loan valuelise curities in the customer's account.lew„ Ile second question seems to relate to a situation as fol-

Reg"A customer, having an account with a broker subject to

ulat'10n T, orders the sale of a registered security held.1th sUch account and expects to withdraw an amount representingtctle,:grf.::eds of the sale after the broker receives payment

At the time of the sale the status of the customer'sote„°1111t is such that either the security itself or the proceedsever

e sale thereof could be withdrawn from the account. How-' the customer wishes to avoid the possibility that after

-13-


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130ard

-14-

"the broker receives the proceeds of the sale, he may be un-able to withdraw the proceeds because of some interveningChange in the status of the account, which change might makesuch payment by the broker a violation of Regulation T."Under the provisions of section 6 of Regulation T, as

amended by Amendment No. 3 effective May 10, 1935, the broker!ah, in the circumstances described and upon instructions fromthe customer, transfer the securities, before or immediatelyafter their sale, from the customer's combined account to a8Pecial cash account. After the sale of the securities in the,Pecial cash account and the receipt of the proceeds by thebroker, the broker could pay the proceeds of the sale to the!ustomer from such special cash account at any time withoutregard to the condition of the customer's combined account atsuch time."

Approved.

Letter dated Lay 15, 1935, approved by four members of the

' to Li.. Case, Federal Reserve Agent at the Federal Reserve Bank

liev' York, reading as follows:

r , s refers to Li.. Gidney's letter of April 13, 1935,e;48-ting to the termination of the holding company affiliaterpelationship between The First National Bank & Trust Company ofert Chester, Port Chester, New York, and The byram Nationalelak V East Port Chester, East Port Chester, Connecticut.t. The Board understands that Port Chester National Corpora-03i°11' an affiliate of The First National Bank L: Trust Companyof port Chester, formerly awned 180 shares of the common stockth Byram National Bank of East Port Chester but that in 1934ata- Corporation was dissolved and its assets, including suchc ock, have been transferred to The First National Bank & Trusto

011Y of Port Chester. It is not entirely clear whether thein-elc vas transferred to the bank prior to the 1935 annual meet-

01-1 ..°f the stockholders of The Byram Rational Bank of East PortEti -er but it is understood such stock and, possibly, an additd:111 10 shares held in the name of D. N. Williams, Vice Presi-ilaj of the bank, is now owned or controlled by The First

1cTal Bank & Trust Company of Port Chester.or E„ The Board further understands that The Byram National Bank

Port Chester has outstanding 500 shares of common stock250 shares of preferred stock; that the Reconstruction

L1, 'Ellice Corporation owns all of the preferred stock; that at theAnkts

1935 annual meeting 267 shares of the common stock and


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"all of the shares of preferred stock were voted; that thestock then ()mod or controlled by The First National Bank a:Trust Company of Port Chester or Port Chester National Corpora-

as not voted; that the proxy for the ReconstructionFinance Corporation was not connected in any way with The ByramNational Bank of East Port Chester, The First National Bank Z:Trust Company of Port Chester, or Port Chester National Corpor-ation; that the instructions given to the proxy provided thatwith reference to the election of directors the proxy shouldbe cooperative with the holders of the majority of the other!took and vote the stock owned by the Reconstruction Financeuorporation accordingly, but that he should not do so if the3,1'°1:30sed action was clearly inimical to the interests of thet,orporation.

"On the basis of these facts, the Board is of the opinionthat The First National Bank & Trust Company of Port Chester18 not a holding company affiliate of The Byram National Bank ofrst Port Chester. However, if the facts as summarized abovee not entirely correct or if there are any further facts whidh11_12cht have a bearing on the question whether a holding company

!rfiliate relationship exists, the Board should be advised in

It orthat it may give further consideration to this matter.loaY be noted that if the Reconstruction Finance Corporationnould at

any future time issue a proxy to The First National& Trust Company of Port Chester or any person under its

o_ntrol a further question might arise concerning the existencea holding company affiliate relationship and it is suggestedthat this fact be brought to the attention of that bank and The

YMm National Bank of East Port Chester."

Approved.

Letter dated May 17, 1935, approved by three members of the13clarcl, to ti

- 4. Hoxton, Federal Reserve Agent at the Federal Reserve8,kalc of

Richmond, reading as follows:

ref "This refers to Ur. Fry's letter of February 1, 1935, withtollerence to the application of The Dominion Corporation, Charles-the' 7435t Virginia, for a voting permit authorizing it to vote

which it owns or controls of The First National BankmItZ?uth Charleston, South Charleston, West Virginia, and sub-information relative to the termination of the holding

vany affiliate relationship.has 3r it aPpears that Tho First National Bank of South Charleston00 shares of stock outstanding; that 315 shares were voted


5/18/35-16-

flat the bank's 1935 annual meeting; and that The Dominion Cor-poration mins or controls 141 shares and voted that number ofshares at that meeting. It is also noted that in its reportof condition as of Larch 4, 1935, The First National Bank ofSouth Charleston stated that it had no holding company affili-ates within the meaning of the Banking Act of 1933.

"Since it appears that the holding company affiliaterelationship has been terminated, it is assumed that no furtherConsideration need be given to the application of The Dominioncorporation for a voting permit and accordingly the file hasbeen closed."

Approved.


Board, to Alr. Sargent, Assistant Federal Reserve Agent at the Fed-

Reserve Bank of San Francisco, reading as follows:

"Receipt is acknowledged of your letter of May 3, 1935,With reference to the application of Corvallis First NationalCorporation, Corvallis, Oregon, for a voting permit authorizing

tt to vote the stock which it owns or controls of First Nationalrank of Corvallis, Corvallis, Oregon, and submitting information

ative to the possible termination of the holding company af-,.Lliate relationship.

The Board understands that at the time of its 1935 annual:!eting First National Bank of Corvallis had outstanding 750c ares of preferred stock and 750 shares of common stock; that

First National Corporation then owned or controlledcf, shares of the common stock; that the Reconstruction Financeil;rPoration owned all of the preferred stock; that at such meet-prG 680 shares of the common stock and all of the shares of thepoeferred stock were voted; that Corvallis First National Cor-a4ation voted all of the stock which it then owned or controlled;pro that the Reconstruction Finance Corporation instructed its

xY in part as follows:"Az a proxy of the Reconstruction Finance Corporation,YOU are instructed to be cooperative with the holders of the

r.jority of voting stock, held by others than this Corpora-to the end that the policies and plans of that majority

In the selection of directors and the conduct of the bank'saffairs may be effectuated. Such limitation on your power!tY be disregarded in instances where action is proposedClearly inimical to the interests of this Corporation.'


toliows

Approved.

Telegram dated May 15, 1935, approved by five members of the

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"The Board further une,erstands that First National Bank ofCorvallis now has outstanding 650 shares of preferred stock and850 shares of common stock; that Corvallis First National Cor-Poration now owns or controls 389 shares of the common stock;and that the Reconstruction Finance Corporation owns all of thePreferred stock.

"On the basis of these facts, the Board is of the opinionthat Corvallis First National Corporation is not now a holdingcompany affiliate of First National Bank of Corvallis and, ac-cordingly, it is assumed that no further consideration need begiven to the application for a voting permit. If there are anyfurther facts which you believe should be brought to the Board'sattention, the Board mill be glad to give further consideration'?() the matter. In the absence of such facts, you may advise theInterested organizations in accordance with this letter.

meetingFinance Corporation at the bank's 1935 annual

"It is noted that the proxy voting the stock owned by theconstruction was the owner of 10 shares of the bank's stock and 4tares of the stock of Corvallis First National Corporation butrn, at he mas not an officer or director of either organization.i'lhe Board has no further information which would indicate that

4n. 1ms under the control of either organization. However, ifee Reconstruction Finance Corporation should at any tine in theauture issue a proxy to Corvallis First National Corporation, or

11°reon under its control, a further question might arise con-:rning the existence of a holding company affiliate relationshipZ1,it is suggested that you call this to the attention of Cor-e '4is First National Corporation and First National Bank ofervallis.11

kard, t° the governors of all Federal reserve banks, reading as

"A. meeting of the Federal Open Market Committee is herebyeg to be held in 'Washington at the offices of the Federalerve Board beginning on Monday, May 27, 1935, at 10:30 a. in.

toerl advise by wire as to your attendance. Board will desirearA-8cuss certain other matters with the governors while they

Washington, and undoubtedly there will be topics whichthatg°Irernors will wish to consider. Therefore, it is suggestedmaet.at the conclusion of the Open Market Committee meeting a

111S ef the Governors' Conference be held and that the


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tt

governors come prepared to stay at least two days."

Approved.

Letter dated nay 15, 1935, approved by four members of the

to the governors of all Federal reserve banks, reading as fol-

"There are being forwarded to you today, under separatecover, copies of the 'Instructions Governing the Prepara-ti

°11 cf Earnings and Expense reports and Profit and Loss state-Which have been rewritten to bring them up to date. One

copy of the instructions is inclosed for your information."The instructions should be made effective as of June 1,1935 I,

Approved.


13()ards to.Ir. Curtiss, Federal Reserve Agent at the Federal Reserve

4tlakcf BoGton, reading as follows:

T.2 . .411 examination of the agreements on F.R.B. Forms T-1 andIdach have been filed by nonmember banks pursuant to the

lcrIfisions of section 11 of the Board's Regulation T and section8(a) cf the Securities Exchange Act of 1934 reveals apparenttnsicns and irregularities in certain cases. It is recognized

such omissions and irregularities may be explained by docu-111,31:8 in the possession of the Federal Reserve agents or may beor ? matters of form which do not affect the legal sufficiencyeach Of

agreements. It is also recognized that in the case ofabll Of these agreements a Federal Reserve agent, acting presum-ezj with the advice of counsel for a Federal Reserve bank, has

uted and delivered to the nonmember bank filing the agreementa ccEx.p.ro tificate on F.R.B. Form T-3 evidencing the filing of theerlentOf and the qualification of the bank under section 8(a)1 Securities Exchange Act of 1934.

State The Board does not wish to question the correctness of the

ezty c127 ts in any certificate which has been issued or to raiseeert7°uots as to the rights of persons who have relied upon such4,1,014i-oat° as evidencing the proper filing of one of thesetirileeillellts, but in view of the possibility that at some future°l0 Board may have to proceed to terminate the agreement of


1173

5/18/35

a nonmember bank under section 8(a) of the Securities ExchangeAct of 1934 because of the bank's failure to comply with theProvi sions of the agreement, it is deemed advisable to correctnY omission or irregularity which night embarrass the Board in'aking such action.

"The only agreement filed in your district with respect to1owsVtich there is an apparent omission or irregularity is as fol-:

-19-

Stoneham Trust Company, The agreement is not signed inStoneham, lassachusots. the name of the trust company."You are requested to call the attention of counsel for

Your bank to this agreement and to advise the Board that it is;he opinion of counsel for your bank that the omission or irregu-±arity

either constitutes a formality which does not affect thelegal sufficiency of the agreement or that the agreement has beensuPPlemented by a new agreement which has been properly executedelld filed by the nonmember bank.

a "Upon receipt of such advice from all of the Federal Reserveellts the Board will proceed with the publication of a list ofall

qualified nonmember banks in order to simplify the presentProcedure under which it is necessary for each Federal Reserve70̀g°11*t to notify not only the Board but also each other Federal"ocerve agent of additions to the list of qualified banks."

Approved.

Letter dated Llay 17, 1935, approved by three members of the

13°4rai t° L:r. Case, Federal Reserve Agent at the Federal Reserve Banklievr

York, reading as follow,:nAri

T-2 examination of the agreements on F.R.B. Forms T-1 andpr olach have been filed by nonmember banks pursuant to theEloc,Tsions of section 11 of the Board's Regulation T and sectionotii of the Securities Exchange Act of 1934 reveals apparent

81°113 and irregularities in certain cases. It is recognizedthat tiellt such emissions and irregularities may be explained by docu-

tiera in the possession of the Federal reserve agents or may be

Illatters of form which do not affect the legal sufficiencyee,chhe aCreements. It is also recognized that in the case ofEtbi °f these agreements a Federal reserve agent, acting presum-ezZ With the advice of counsel for a Federal reserve bank, hasa con” and delivered to the nonmember bank filing the agreement(1.1.0"'4ficate on P.R.B. Form T-3 evidencing the filing of theof trent and the qualification of the bank under section 8(a)° Securities Exchange Act of 1934.


11274

5/18/35-20-

"The Board does not wish to question the correctness ofthe statements in any certificate 'which has been issued or toraise any doubts as to the rights of persons who have reliedUpon such certificate as evidencing the proper filing of one ofthese agreements, but in view of the possibility that at somefuture time the Board may have to proceed to terminate the agree-ment of a nonmember bank under section 8(a) of the Securities-ixchange Act of 1934 because of the bank's failure to comply withthe

provisions of the agreement, it is deemed advisable to cor-r,ect any omission or irregularity which might embarrass thezoardnin taking such action.

The agreements filed in your district with respect townich there are apparent omissions or irregularities are as fol-ic:eft:

The Canadian Bank of Commerce,Toronto, Canada

The Dominion Bank,Toronto, Canada.

Banque Beige Pour L'Etranger,Lew York Agency,Brussels, Belgium

The Columbus Trust Company,Ne

wburgh, New York

"In the case of eachf°1' the execution of the agreement is a resolution of thebariki

e executive committee but there has been furnished to the!Tiard no excerpt from the by-laws of the bank properly evidenc-1 6 the authority of the executive committee in this respect:41Pire Trust CompanyTitl New York City

e Guarantee and Trust Company New York City14:-Lon Trust Company of Rochester Rochester, New York

dina Trust Company Medina, New York

The agreement is signed inthe name 'The Canadian Bankof Commerce, New York.'

The agreement is signed inthe name 'Agency The Domin-ion Bank New York, N. Y.,

It is not clear whether thenonmember bank seeking toqualify is the 'Banque BeigePour L'Etranger' or 'BanqueBeige Pour L'Etranger, NewYork Agency'. The subse-quent agreement datedDecember 12, 1934, isevidently signed by two per-sons other than the personsnamed in the resolutionprinted immediately belowthe agreement.

The name of the bank isomitted from the Secretary'scertificate.

of the following banks the authority


1195

5/18/35-21-

"Auburn Trust CompanyThe Home Bnnk and TrustCompany of Darien

Security Trust Company ofRochester

The Trust Company of New JerseyGenesee Valley Trust Co.State Trust Company of NorthTonawanda

The First Trust Co. of TonawandaThe West Side Bank

Auburn, New York

Darien, Connecticut

Rochester, New YorkJersey City, New JerseyRochester, New York

North Tonawanda, New YorkTonawanda, New YorkBridgeport, Connecticut

"In the following cases the resolution authorizes theexecution and filing of the agreement by two or more officersbut the signature of only one of such officers appears:1.:edina Trust Company Medina, New YorkThe Columbus Trust Company Newburgh, New YorkGenesee Valley Trust Company Rochester, New York

"(In this connection the Board has ruled that an agree-ment on F.R.B. Form T-1 or T-2 is executed in accordance withthe prescribed form of resolution of authorization if theagreement is signed by one of the two officers named in thereolution and is attested by the other.)

'You are requested to call the attention of counsel for

rur bank to these agreements and to advise the Board that in01?"1 ease it is the opinion of counsel for your bank that thep-Lesion or irregularity is either satisfactorily explained bycl°euments in your possession or constitutes a formality which

4" not affect the legal sufficiency of the agreement or thatb,e agreement has been supplemented by a new agreement has'en properly executed and filed by the nonmomber bank.

'Upon receipt of such advice from all of the Federal reservea nte the Board 1,6.11 proceed with the publication of a list of

qualified nonmember banks in order to simplify the present°eedure under which it is necessary for each Federal reserve

;70nt to notify not only the Board but also each other Federaleserve agent of additions to the list of qualified banks."

Approved.

Letter dated May 17, 135, approved by three members of theBoara, t

Lr. Austin, Federal Reserve Agent at the Federal Reserve8411kOt .ul

ladelphia, reading as follows:

11

An examination of the agreements on F.R.B. Forms T-1 and


5/18/35-22-

which have been filed by nonmember banks pursuant to theProvisions of section 11 of the Board's Regulation T and section8(a) of the Securities Exchange Act of 1934 reveals apparentomissions and irregularities in certain cases. It is recognizedthat such omissions and irregularities may be explained by docu-ments in the possession of the Federal Reserve agents or may beInerematters of form which do not affect the legal sufficiencyof the agreements. It is also recognized that in the case ofeaCh of these agreements a Federal Reserve agent, acting presum-e'Y with the advice of counsel for a Federal Reserve bank, hasecuted and delivered to the nonmember bank filing the agreement

a certificate on F.R.B. Form T-3 evidencing the filing of the agree-I,ent and the qualification of the bank under section 8(a) of the'ecurities Exchange Act of 1934.

"The Board does not wish to question the correctness of thestatements in any certificate which has been issued or to raiseahY doubts as to the rights of persons who have relied upon suchcertificate as evidencing the proper filing of one of these agree-;711t.7;, but in view of the possibility that at some future time'a(i board may have to proceed to terminate the agreement of a non-Tner bank under section 8(a) of the Securities Exchange Act of'434 because of the bank's failure to comply with the provisions

urthe agreement, it is deemed advisable to correct any omissionirregularity which might embarrass the Board in taking such

4cticon.11

The agreements filed in your distrithere are apparent omissions or irregularThe Altoona Trust Company,Altoona, Pennsylvania

ct with respect to -whichities are as follows:The agreement is notsigned in the name ofthe trust company.

Farmers, Bank of the State of The corporate seal isDelaware, Dover, Delaware not affixed.

"In the case of each of the following banks the authoritybf or the execution of the a7reement is a resolution of the21.hk e s executive committee but there has been furnished toLhe Board no excerpt from the by-laws of the bank properlyevidencing the authority of the executive committee in thisrespect:

Farmers' Bank of the State ofDelamre Dover, Delaware

Ihe Real Estate Trust Company ofPhiladelphia Philadelphia, Pennsylvania

latt -Th_ en zank and Trust Company Philadelphia, Pennsylvania' ing Trust Company,,Reading Reading, Pennsylvania

1D4,11k j-eu are requested to call the attention of counsel for your1:0 these agreements and to advise the Board that in each


Vi8/35

ease it is the opinion of counsel for your bank that the omis-8ien or irregularity is either satisfactorily explained by docu-Illents in your possession or constitutes a formality which doesnot affect the legal sufficiency of the agreement or that the,greement has been supplemented by a new agreement which has1°een properly executed and filed by the nonmember bank.

"Upon receipt of such advice from all of the Federal Reserveagents tho •Board mill proceed mith the publication of a list of411 qualified nonmember banks in order to simplify the presentProcedure under which it is necessary for each Federal Reserve,a;gent to notify not only the Board but also each other Federal

serve agent of additions to the list of qualified banks."

11

a.%3to lir. Fletcher, Acting Federal Reserve Agent at the Federal

-23--

Approved.


°serve 1,'Jank of Cleveland, reading as follows:

'Au, A examination of the agreements on F.R.B. Forms T-1 and1'4 'which have been filed by nonmember banks pursuant to the1181;"\isions of section 11 of the Board's Regulation T and section0,1) of the Securities Exchange Act of 1934 reveals apparentti 8ions and irregularities in certain cases. It is recognizedlant,1,: such omissions and irregularities may be explained by docu-m,7' in the possession of the Federal Reserve agents or may be

v

_:re matters of farm which do not affect the legal sufficiencyetx4

agreements. It is also recognized that in the case oftos h of these agreements a Federal Reserve agent, acting presum-a:j.4Y 'with the advice of counsel for a Federal Reserve bank, hasalcuted and delivered to the nonmember bank filing the agreementEt,rertificate on F.2.B. Form T-3 evidencing the filing of theor !ement and the qualification of the bank under section 8(a)

-°1?, Securities Exchange Act of 1934.the The Board does not wish to question the correctness of

straia atements in any certificate which has been issued or to4nY doubts as to the rights of persons who have relied

thea "eh certificate as evidencing the proper filing of one oftutu: agreements, but in view of the possibility that at sometierit-e time the Board may have to proceed to terminate the agree-txcha°f a nonmember bank under section 8(a) of the SecuritiesviithTge Act of 1934 because of the bank's failure to complycorre he4_ provisions of the agreement, it is deemed advisable to/3oEtrde: anY omission or irregularity which might embarrass the

takinc such action.


1178

5/w35

Boa

"The agreements agreements filed in yourwhich there are apparent omissionslows:

The Ottoville BRI-11,- CompanyOttoville, Ohio

district with respect toor irregularities are as fol-

The corporate seal isnot affixed. The resolu-tion authorizing executionof the agreement namesonly one officer.

"In the following cases the resolution authorizes theexecution and filing of the agreement by two officers butthe signature of only one of the two officers appears:The Lilledgeville Bank, Eilledgeville, Ohio

"(In this connection the Board has ruled that an agree-ment on F.R.B. Form T-1 or T-2 is executed in accordancewith the prescribed form of resolution of authorization ifthe agreement is signed by one of the two officers named inthe resolution and is attested by the other.)

You are requested to call the attention of counsel for

:aoYour bank to these agreements and to advise the board that in h ease it is the opinion of counsel for your bank that the,1111ission or irregularity is either satisfactorily explained byVoUments in your possession or constitutes a formality which

the not affect the legal sufficiency of the agreement or that

1:!) agreement has been supplemented by a new agreement which"42 Ilen properly executed and filed by the nonmember bank.Upon receipt of such advice from all of the Federal Reserve

(tellts the Board will proceed with the publication of a list of;10 qualified nonmember banks in order to simplify the present40. c!dure under which it is necessary for each Federal Reserve4:14 to notify not only the Board but also each other Federal

erve agent of additions to the list of qualified banks."

Approved.

Letter dated May 17, 1935, approved by threeto Lir.

O St. Louic,

members of the

Wood, Federal Reserve Agent at the Federal Reserve Bank

reading as follows:

T,2 "An examination of the agreements on F.R.B. Forms T-1 andpro:hich have been filed by nonmember banks pursuant to the8(4)-siclis of section 11 of the Board's Regulation T and section0411. of the Securities Exchange Act of 1934 reveals apparentthat 1°118 and irregularities in certain cases. It is recognizedMolit such omissions and irregularities may be explained by docu-

c in the possession of the Federal Reserve agents or may be


1179

5/18/35-25--

Umere matters of form -which do not affect the legal sufficiencyof the agreements. It is also recognized that in the case ofeach of these agreements a Federal Reserve agent, acting presum-ablY with the advice of counsel for a Federal Reserve bank, hasexecuted and delivered to the nonmember bank filing the agree-ment a certificate on F.R.B. Form T-3 evidencing the filing oft81(le,agreement and the qualification of the bank under section‘a) ef the Securities Exchange Act of 1934.

The Board does not wish to question the correctness of thestatements in any certificate which has been issued or to raiseanY doubts as to the rights of persons who have relied upon suchcertificate as evidencing the proper filing of one of thesel_greements, but in view of the possibility that at some future

the Board may have to proceed to terminate the agreementa nonmember bank under section 8(a) of the Securities Exchange

,et of 1934 because of the bank's failure to comply with theffevisions of the agreement, it is deemed advisable to correct711Y omission or irregularity which might embarrass the BoardJ-4 taing such action.

The agreements filed in your district with respect toJ-eil

4cws: there are apparent omissions or irregularities are as fol-

"In the following cases the resolution authorizes theexecution and filing of the agreement by two officers butthe signature of only one of the two officers appears:.S,pringfield State Bank Springfield, Kentuckyvarmers Deposit Bank Brandenburg, Kentucky

"(In this connection the Board has ruled that an agree-On F.R.B. Form T-1 or T-2 is executed in accordance

!Ith the prescribed form of resolution of authorization if'11(1 agreement is signed by one of the two officers named inthe

resolution and is attested by the other.),eaver Dam Deposit Bank,4ealier Dam, Kentucky

The resolution authorizes theexecution and filing of theagreement by Frank Barnes,President, and Marshall Barnes,Vice President. The agreementis signed on behalf of thebank by Marshall Barnes, VicePresident, and is attested byFrank Barnes, Secretary. Thecertificate as to the adoptionof the resolution is not signedby the Secretary but is signedby Marshall Barnes, Vice Presi-dent.

-4


1180

5/18/35-26-

"Peoples Bank,New Hope, Kentucky

First-City Bank & Trust Company,Hopkinsville, Kentucky. *

The resolution authorizingexecution of the agreementnames only one officer.

The agreement is executedunder authority of a resolu-tion of the 'Executive..Board of Directors'. It isnot clear whether this is abody other than the Boardof Directors and if sowhether it has power toauthorize the execution ofthe agreement.

11You are requested to call the attention of counsel forY°ur bank to these agreements and to advise the Board that ineach case it is the opinion of counsel for your bank that the!mission or irregularity is either satisfactorily explained byrcuments in your possession or constitutes a formality whichre s not affect the legal sufficiency of the agreement or that

agreement has been supplemented by a new agreement which43 been properly executed and filed by the nonmember bank.

"Upon receipt of such advice from all of the Federal Re-serlije agents the Board will proceed with the publication of apr of all qualified nonmember banks in order to simplify theRe!8ent procedure under which it is necessary for each FederalN:er70 agent to notify not only the Board but also each other'`'eral Reserve agent of additions to the list of qualifiedbanks.”

Approved.


11°41.(1, t/T,° Stevens, Federal Reserve Agent at the Federal Reserve

of chieago, reading as follows:

yo "Reference is made to Assistant Federal Reserve AgentclunVs letter of May 9, 1935, submitting a review of theohltYton Act permit granted on February 5, 1934, to Br. Georgeofer Yorkville, Illinois, to serve at the same time as directorviline Yorkville National Bank and Farmers State Bank of York-pe„?, both of Yorkville, Illinois, and recommending that the

be revoked.19R, You illere advised in the Board's letter of February 5,

"--'s•that the permit was issued because of your statement


1181

5/18/35-27-

"that while the banks involved are in substantial competiton,You felt that the influence of the applicant would be helpfulin effecting a consolidation of the two institutions; and youwere requested, in the event the proposed consolidation had notbeen effected by July 1, 1934, to review the matter and submitreport to the Board with your recommendation as to whether or

not the permit should be revoked."It is noted from hr. Young's letter that the possibility

of a consolidation of the two institutions involved has becomemore and more remote and is no longer being considered; thatthe circumstances which made it seem desirable to issue thisPermit no longer exist, and that the continuance of the permitdoes not appear to be consistent with the Board's policy inether situations of a similar nature since the banks involvedare in direct competition with each other for the same classesof buf;iness and are located in the same business community.

'In view of the fact that there is now pending before theCO flgress proposed legislation for the purpose of clarifying!nd otherwise amending the provisions of the Clayton Act, it isfelt that no action should be taken at this time toward thet:elrocation of existing permits. In the circumstances, the150ard will hold in abeyance the matter of revocation of the'Mit granted to hr. Ohse pending the outcome of the legisla-tion now before the Congress."

totxrd

lteser

Approved.


t° Mr. NcAdams, Assistant Federal Reserve Agent at the Federal

Ire Bank of Kansas City, reading as follows:

perni"There are inclosed the original and copies of Clayton Act--'13 granted to Mr. A. G. Sam, Sioux City, Iowa, to servodirector and officer of The Live Stock National Bank of

CitY, Sioux City, Io-;;a, and as director of The Nationallit;;" of Norfolk, Norfolk, Nebraska, and Ur. R. B. Montgomery,pirf°1k, Nebraska, to serve as director and officer of The

14ttional Bank and Trust Company of Chamberlain, Chamber-,South Dakota, and as director and officer of The National

14an er Norfolk, Norfolk, Nebraska, for transmittal by you totorsrye r fStlil:rsi.ci Montgomery and the banks involved and copies

The 13 It is noted that a charter has not yet been issued to'ational Bank of Norfolk and in view of this you are


1182

5/18/35-28--

Itrequested to withhold delivery of the inclosed permits and

cc:Ties thereof until such charter is issued."When the permits and copies thereof are forwarded to

Lessrs. Sam and Nontgonery and the banks involved, please advisethem that the permits have been issued so as to expire at the!lose of January 14, 1936, as there is now pending before theogress proposed legislation for the purpose of clarifying

!Ind otherwise amending the provisions of the Clayton Act relat-ing to interlocking bank directorates.

Copies of this letter and copies of Yr. Sam's and Ls.IL°11tgomery's permits have been forwarded to Federal ReserveAcen4.—

Stevens at Chicago and Peyton at Minneapolis respectively;d when the permits are released please advise them and the Board

accordingly in order that the files may be complete."

Approved.


to /ix. Walsh, Federal Reserve Agent at the Federal Reserve

tarfl-- Of Dallas, reading as follows:

s4 "On April 19, 1935, the Board granted Mr. James H. Sims:4:1111115, Texas, permission under the provisions of the Clayton

serve at the same time as director and officer of Ther?.rst

National Bank of New Boston, New Boston, Texas, and asa

,2,:rector of First National Bank at De Kalb, De Kalb, Texas, forperiod ending January 14, 1936."The Board is now in receipt of a letter dated May 8, 1935,

fcral Ylr. E. E. Bearden, Cashier of First National Bank at Deus a copy of which is inclosed for your information andrecord

making inquiry as to whether the permission grantedehat-r- Simms on April 19, 1935, authorizes his services as1r0-n of the board of directors of that institution.

at .n 'Although the information submitted by First National Bankpeb-e Kalb in connection with Mr. Simms' application datedbawf:uarY l, 1935, indicates that he has been an officer of that

since December 19, 1934, Mr. Simms did not make applica-411,11 to include his service as chairman of the board of directors

a report of examination of First National Bank at De Kalbniden°t available at the time Mr. Simms' application was con-NIRIG red' in view of -which his service as officer of this bankcorclot included in the permit heretofore granted to him. Ac-Siral glY, the Board has issued an amended permit covering Mr.

as Present services as director and officer of The First


1183

Approved.


tIlrelY Of the

5/18/35-29-

"National Bank of New Boston, New Boston, Texas, and FirstNational Bank at Be Kalb, De Kalb, Texas, for the periodending January 14, 1936; and there are inclosed the originaland copies of this amended permit for transmittal by you to1:1". Simms and the banks involved and a copy for your files.

"Before releasing the permit and copies you are requestedto satisfy yourself that 1.r. Simms is not now serving any er-Canizations other than those which he listed in item 12 of•P-.E. Form 94 in his application dated February 1, 1935,

'which make loans on the security of stock or bond collateral;and it will be appreciated if you v.11 advise the Board regard-ing this matter in order that its files may be complete.

"Ir. Simms and the banks involved were advised upon theissuance of the previous permit as to the reason for itsissuance so as to expire at the close of January 14, 1936."

Board, +-° an applicant for a Clayton Act permit advising of the is-

14allce bY the Board of a permit as follows:

Nelson Morris, to• serve at the same time as a director ofe Rational Stock Yards National Bank of National City, Na-

Stock Yards, Illinois, and as a director of The Eid-vlty National Bank of Chicago, Chicago, Illinois, for theAorlod ending January 14, 1936.

Approved.

Letters dated Lay 17, 1935, approved by three members of

Board, to applicants for Clayton Act permits advising respec-

issuance of permits by the Board as follows:

LI'. L -T ehf, , wls Plemer, to serve at the same time as a director ofilational Capital Bank of Washington, Washington, D. C.,a director and officer of the East Washington Savings

1936.. Washington, D. C., for the period ending January 14,

Lr.thr, ' C. Watson, to serve at the same time as a director of! Eastern Shore Citizens Bank, Onancock, Virginia, and as aoector of the Farmers & Merchants National Bank in Onley,

eY, Virginia, for the period ending January 14, 1936.


1184

44

5118/35-30-

W. P. C. Hazen, to serve at the same time as a directorand officer of The National Capital Bank of Vashington, Washington,

C., and as a director of the East Tiashington Savings Bank,lkshington, D. C., for the period ending January 14, 1936.

Approved.

There were then presented the following applications for

11411(13 in stock of Federal reserve banks:

APPlle 4,.avlon for ORIGINAL Stock: Sharesok,rlet No. 7

Pirst National Bank in Wauwatosa,Walomtosa, asconsin 72

lications for ADDITIO1TAL Stock: „atri •

6 FirstIZETEnal Bank of Clifton,Clifton, New Jersey 150

D. 4.,euziet No. 12.1-r.st

National Bank in Reno,he RE1/0, Nevada

Skakaerican National Bank of San Bernardino,Bernardino, California

ileations for SURRENDER of Stock:ill_4trict no -. 9*40

DicLiberty lAtional Bank of Dickinson,kinson, North Dakota

e6'—e3 Bank-;:ild Trust company,Seattle ,

Washington

Approved.

36

15

72

150

51Total

14

30

201

14

30Total

Thereupon the meeting adjourned.

Governor.


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