meeting minutes, november 6, 1934, volume 21, part 6...fore, that you advise all meekly reporting...

3421

A meeting of the Executive Committee of the Federal Reserve

Board was held in Washington on Tuesday, November 6, 1934, at 3:00

P.

PRESENT: Er. Hamlin, Chairman of the ExecutiveCommitteeEiller

Li. JamesEr. Szymczak

Lx. Eorrill, SecretaryEr. Carpenter, Assistant Secretary

The Committee considered and acted upon the following mat-

ter

Letter dated November 5, 1934, approved by four members of

the Board, to Er. O'Connor, Comptroller of the Currency, reading astouows:

the

"In accordance with your recommendation, the Federal Re-serve Board approves a reduction in the common capital stockof 'The Second National Bank of Hempstead', Hempstead, Newfork, from $300,000 to $125,000, pursuant to a plan which pro-vides that the bank's capital shall be increased by $225,000Of preferred stock to be sold to the Reconstruction FinanceCorporation and/Or others; that the released capital shall beused to eliminate a corresponding amount of estimated lossesaltd lower grade securities depreciation, and that any lowergrade securities depreciation not eliminated by the use of thereleased capital will also be charged off, all as set forthln your memorandum of October 24, 1934."

Approved.

Telegram dated November 5, 1934, approved by four members of

card, to the governors of all Federal reserve banks, reading astoilowis 3

"Referring our September 21 telegram (TRANS 2079), newaccount on daily balance sheet, Form 34, Miscellaneous assets4equired in settlement of claims account closed banks' should

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

3422

11/5/34 -2-

"be confined to assets, legal title to which has been acquiredby the Reserve bank, and for which final settlement has beenmade 'with the receiver. In Board's 'Instructions governingthe preparation of earnings and expense reports and profit andloss statements', page 30, item 2-b 'Other real estate - other-wise acquired', please insert after first sentence the follow-ing; 'Real estate, legal title to which has been acquired inconnection with claims against closed banks, should not beincluded in this account unless and until final settlement onaccount thereof has been made with the receiver'."

Approved.

Telegram to the Federal reserve agents at all Federal reserve

13.11.1c3. reading as follows:

"It has core to Board's attention that some member bankshave been reporting unsecured modernization loans insured byFederal Housing Administration under Section 2 of the Nationalhousing Act as loans on real estate. It is requested, there-fore, that you advise all meekly reporting banks that moderniza-tion loans insured by the Federal Housing Administration underSection 2 of the National Housing Act should be classified in'weekly condition report, Form B-21, as 'All other loans':unless such loans are actually secured by liens on real estatein 'which case they should be reported as 'Real estate loans'."

Approved.

Letter dated november 5, 1934, approved by four members of

the Board, to Er. Clarence S. Liles, St. Paul, Linnesota, reading asroliovrst

. "Your letter of August 28, 1934, to the President of theenited States in regard to an application by the licBean-Nesbitt,°11Pany for a loan under Section 13b of the Federal Reserve Act"48 been referred to the Federal Reserve Board for considera-tion.

"Prom the information submitted, it appears that the con-18 engaged in the business of developing real estate for

,°111e and business sites and proposes to use the loan appliedltior +, -0 Pay delinquent taxes and to satisfy other existing in-,e°tedness. It is understood that the company's application.ns denied for the reasons that in the opinion of the Federalreserve bank and its Industrial Advisory Committee the company


3423

-3-

"is not engaged in an industrial or connercial business andthe loan is not for the purpose of providing the company with'working capital', as required by law.

"As you may know, the Federal Reserve Board has left tothe Federal reserve bsnks the exercise of the broad powersgranted by Congress in section 13b wholly unimpaired and hasprescribed no restrictions beyond those in the law itself; and,accordingly, it has not attempted to define the words 'workingcapital'. However, a Federal reserve bank must observe therequirements made by the statute in granting accommodationsunder this law, and, since Congress has seen fit to requirethat loans made under this section shall be for the purposeof furnishing 'working capital', a Federal reserve bank maynot lawfully make an advance to an established industrial orconmercial business unless it is for the purpose of providingit with such working capital.

"Ivhile the Federal Reserve Board feels that Federal re-serve banks ordinarily are in a better position than is theBoard to determine questions of this kind, it has, in view ofYour request, considered the question whether the loan whichhas been requested by the LcBean-hesbitt Company is for thePurpose of providing such company with 'working capital' with-in the meaning of section 13b of the Federal Reserve Act. In7ieW of the fact that the proceeds of the loan applied for inthis case would be used to pay delinquent taxes and refundexisting indebtedness, the Board finds no reason to differWith the conclusion of the Federal Reserve Bank of Minneapolisthat such loan is not for the purpose of providing the companywith working capital and does not comply with the requirementsof the law in this respect.

"It is the considered policy of the Federal reserve bankstO approach questions of this kind arising under section 13b5 the Federal Reserve Act with a liberal viewpoint and thel'oderal Reserve Board has also given this question a sympatheticconsideration; but, as indicated, it is unable to reach thee„"clusion, in the circumstances of the case, that the loan is?r the purpose of providing the company with 'working capital'.e question is not one in respect to which either the Federal

oeserve Board or the Federal reserve banks have authority toercise discretion and, in view of the requirement whichrIgress has proscribed in the law, I am sure you will appreci-e the position which it has been necessary for the reserve-44.4k to take in the matter."

Approved.

lelegram dated November 5, 1934, approved by four members of

°4rd, to kr. Sargent, Assistant Federal Reserve Agent at the


11/6/34 -4-

recieral Reserve Bank of San Francisco, readin7, as follows:

"Question presented in Itheeler's letter of October 24 re-garding interpretation of term 'member' of national securitiesexchange as defined in Securities Exchange Act is receivingconsideration of Board's staff. Board has no objection tosuggestion in letter that you send San Francisco Stock Exchangecopy of Comptroller of Currency's letter of June 28, 1934, mhichaccompanied Board's latter X-7954 of July 5, 1934. In this con-nection please refer Board's telegram of July 16, 1934 in replyto your telegram of July 13, 1934."

Approved.


the Board, to la". Case, Federal Reserve Agent at the Federal Reserve

Bszkof New York, reading as follows:

"Receipt is acknowledged of your letter of October 30,1934, regarding certain applications under the provisions ofsection 32 of the Banking Act of 1933 involving the serviceof mortgage guaranty companies in the State of New Jersey.

"You inclosed a copy of a letter dated October 26, 1934,addressed to you by Mr. C. A. Gough, Deputy Commissioner,State of New Jersey Department of Banking Insurance, Bureau ofInsurance, Trenton, New Jersey, and a copy of General Order No.1 of that department, dated Larch 21, 1933.

"It appears that the effect of that order is to imposerestrictions upon corporations in the State of New Jersey en-gaged in the business of selling guaranteed mortgage participa-ticn certificates. The order provides in part as follows:

'3. The sale of guaranteed mortgages and interestsin mortgages by the guarantor company is suspended, * * *.f"In this connection, the Deputy Commissioner states in hisletter:

'The restrictions imposed by the aforesaid General Order"To. 1 upon the issuance of any further participation certif-icates or bonds by New Jersey lortgage Guaranty Companiesare regarded by us as being of a temporary character, as nodoubt several of such companies will in due course be re-leased from the restrictions and again permitted to resumethe normal function of i:;suing guarantees of some character,but it is more than likely that sore of these companiesmIll continue indefinitely under the restrictions.'

wg, It thus appears that the suspension, which has been in,4feot since March 21, 1933, will probably never be removed as'4) some of the companies. In these circumstances, you suggest


342511/6/34 -5-

"that, until such time as a particular New Jersey mortgageguaranty company actually resumes the function of issuing mort-gage participation certificates or bonds, such company shouldnot be regarded as being 'engaged' in the business of sellingsuch participation certificates within the meaning of section32. You also point out that, in the portion of the DeputyCommissioner's letter quoted above, he refers to the probabil-ity that several such companies may again be permitted to resumethe function of issuing certificates 'of some character', andsuggest that, if and whan such function is resumed, the formof the certificates issued may have little similarity to theform issued prior to the date of General Order No. 1.

"You therefore suggest that it would be appropriate toadvise each applicant for a permit under section 32 covering aI;exr Jersey mortgage guaranty company, in substance, that itaPPears that his service to such organization is not now sub-ject to the provisions of section 32 since it appears that the"mPany is not engaged presently in the business of sellingmortgage participation certificates or similar obligations, andadvising him further that, in the event such company resumesthe issuance and sale of such certificates or other similarobligations, it then will be necessary for the applicant toadvise the Federal Reserve Agent thereof and to furnish himWith full and detailed information concerning the nature ofthe business then transacted by such company in mortgage par-ticipation certificates, and with full and detailed information

Conth cerning the nature of such certificates, in order that fur-consideration may be given at that time to the question of

1-410 applicability of section 32 to such mortgage guaranty com-Pany.rihe Board agrees with this suggestion and requests you

tc proceed accordingly.HrIhere is inclosed a list of the applicants serving Naw

Jersey mortgage guaranty companies mhose applications have13,een forwarded to the Board. The name of J. Clarence Walters1! not included in the list, since it appears that the restric-lone of General Order No. 1 are applicable to all of the

42!rtgage guaranty companies in New Jersey with the exception'1(3 the ';.arren Title and Mortgage Guaranty Company which is the,r11PanY involved in Mr. Walter's application. As you know,v.!) board has recently written you separately regarding Er.mIterst

application."

Approved.

Letter dated November 5, 1934, approved by four members ofthe 13c)arci ' to lir. Case, Federal Reserve Agent at the Federal Reserve13toak

ew York, reading as follows:


3426

-6-

"The Federal Reserve Board has given consideration tothe application of Lir. George N. Tidd for a permit under sec-tion 32 of the Banking Act of 1933 to serve as director ofIrving Trust Company, New York, New York; Fidelity Union TrustCompany, Newark, New Jersey; and Prudential Investors, Inc.,Jersey City, New Jersey.

"It appears that Prudential Investors, Inc., is an invest-ment trust and that it does net offer securities other than itsown for sale to the public or engage in underwritings. It ap-Pears that the total purchases and sales of securities by thecorporation, exclusive of United States Government, State,runicipal, and short-term securities, during the years 1929 to1933, inclusive, represented the following percentages of itstotal assets:

Year Eurchases Sales1929 154.0 49.01930 54.0 53.01931 20.0 27.01932 12.0 13.01033 51.0 24.0

Average for five years 73.5 37.2"In this connection, it is noted that 1929 was the year of

the organization of the corporation, and purchases for thatyear therefore include initial investments. Excluding the year1929 but including all securities, the purchases by the corpor-ation averaged approximately 51% of total assets in each year,etnd the sales averaged approximately 45%.

"It appears further that for each of the four years 1929to 1932, inclusive, the corporation sustained a loss from thesale of securities, and in the year 1933 it realized a profitwhich was roughly equal to the average loss in the precedingfour years.

"At the end of the year 1933, the securities in the corpor-ation's portfolio had been held for the following periods inthe proportions indicated:

Held less than 6 months 24%Held 6 to 12 months 21%Held 12 to 18 months 9%Held 18 to 24 months 2%held 24 months and over 44%.

"On the basis of the information which has been submitted,the Board concurs in your opinion that Prudential Investors, Inc.,8heuld not be regarded as 'engaged primarily in the business of

I3.14rehasing, selling, or negotiating securities' within the in-vendment of section 32.

"Sufficient information has not been submitted regardingthe activities of the corporation in purchasing, selling ordistributing its own stock or other securities to the public to


3427

1116/34 -7-

"show whether the corporation is actively engaged in suchtransactions to such an extent as to raise a question regardingthe applicability of section 32 in this case."

Approved.


the Board, to Ni. Austin, Federal Reserve Agent at the Federal Re-

serve Bank of Philadelphia, reading as follows:

"On September 14, 1934, the Board advised you that it hadgiven consideration to the application of lr. LeRoy A. Goodwin,Gloucester City, New Jersey, for permission under the provi-sions of the Clayton Act to serve at the same time as a directorOf First Camden National Bank and Trust Company, Camden, NewJersey, and as director and officer of Gloucester City TrustCompany, Gloucester City, New Jersey, and, upon the basis ofthe information before it felt that the issuance of the permitaPplied for would be incompatible with the public interest.The Board's action upon the application was based upon the un-satisfactory condition of the Gloucester City Trust Company,Of which the applicant has been an officer and director since1917, upon the nature and extent of the uses which have beenmade of the credit facilities of the banks by the applicant'sinterests, as shomn in current reports of examination, and uponthe apparently extended condition of the applicant's financialaffairs as set forth in such reports.

"Subsequently, in accordance with Section V (g) of Regula-tion L, additional facts and arguments not appearing in his ap-Plioation and accompanying forms were submitted for the consid-eration of the Board. From the additional information submittedby the applicant, it appears that it would not be incompatibleWith the public interest to grant the permit requested.

"In view of the foregoing and in accordance mith your rec-orlmendation, the Board has approved the application of Lir.Goodwin and there are inclosed the original and copies of thePermit covering his services as a director of First Camden Na-tional hank and Trust Company, Camden, New Jersey, and asdirector and officer of Gloucester City Trust Company, Gloucestercity, New Jersey, for transmittal by you to Lr. Goodwin and thetwo banks. There is also inclosed for your files a copy of thePermit which has been granted to Li. Goodwin."

Approved.



3428

11/6/34 -8-

the Beard, to Lir. 'alliams, Federal Reserve Agent at the Federal Re-

serve Bank of Cleveland, reading as follows:

"There are inclosed the original and copies of a ClaytonAct permit granted to Lir. harry C. Graham, Pittsburgh, Pennsyl-vania, to serve at the same time as director of the CoraopolisTrust Company, Coraopolis, Pennsylvania, and 'The Pitt NationalBank of Pittsburgh', Pittsburgh, Pennsylvania, for transmittalby you to the applicant and the two banks, and a copy for yourfiles.

"In considering the application it was noted that 1,:r.Graham had attended only one of the twenty-five directors'meetings of the Coraopolis Trust Company held during the pasttwo years and had stated to la''. Fletcher that he has no desireto continue as a director of the Coraopolis Trust Company be-cause of his inability to attend directors' meetings regularly.It is noted further that the applicant feels that a severanceOf his connection with the Coraopolis Trust Company at thistime might give rise to a misunderstanding in the minds of de-Positors.. "In the circumstances and in order to avoid any unnecessarynasunderstanding which might prove detrimental to the best in-terests of the ban;:s involved, the Board has granted the permit,to continue in effect, however, only to the close of December31, 1934. iihen the permit is sent to the applicant it is sug-gested that you call his attention to the limited status of thePermit and advise him that it has been granted with the expecta-tion that at the expiration thereof he will bring his relation-ships into conformity with the provisions of the Clayton Act.

"Please keep the Board informed of the action taken in theZatter."

Approved.

Letter dated November 5, 1934, approved by four members ofthe ,

toard, to Er. ü1liarns, Federal Reserve Agent at the Federal Re-eerire

Bank of Cleveland, reading as follows:

"The Board has reconsidered the applications of Messrs.Jo A. Aull, E. F. Harwitz, R. h. Snyder, and D. E. Snider, all°et Liddletown, Ohio, for permission under the provisions of the41,:ilyten Let to serve at the same time as officers and/Or direc-'ure of The First and Llerchants National Lank of lliddletown

!ild The American Trust and Savings Bank, both of Middleton,)11-10, and upon the basis of the information before it, including


3429

11/6/34 -9-

"that submitted by the applicants which was transmitted to theBoard by the Assistant Federal Reserve Agent with his lettersof October 16, 1934, has granted a permit to Ir. J. A. Aull butstill feels that the granting of the permits applied for toLessrs. B. F. harwitz, R. H. Snyder and D. E. Snider would beincompatible with the public interest as indicated in its let-ter to you dated September 14, 1934. You are requested totransmit the Clayton -Act permit to Mr. Lull and copies to thebanks involved and to advise the other applicants of the Board'saction with respect to the reconsideration of their applications.

"Please ascertain and advise as to what further stepsLessrs. Harmitz, Snyder and Snider propose to take in order tocomply with the provisions of the Clayton Act."

Ihe Clayton Act permit issued to Mr. Aull and inclosed in the letter

referred to above, authorized him to serve at the same time as a di-

1.6eter and officer of The First and Merchants National Bank of lad-

cliet°wn, Liddlotorn, Ohio, and as a director of The American Trust

44d Savings Bank, Liiddletown, Ohio.

Approved.


the Board, to Yr. Stevens, Federal Reserve Agent at the Federal Re-

Bank of Chicago, reading as follows:

"There are inclosed the original and copies of a ClaytonAct permit granted to Li.. J. B. Barlow, Ripon, ;iisconsin, toserve at the same time as a director of The First NationalPank of Ripon, Ripon, Ulsconsin, and as a director of theliazelton State Bank, Hazelton, Idaho, for transmittal by youto Mr. Barlow and the two banks, and a copy for your files.0

On September 17, 1934, the Board declined to grant aPermit to Ir. Barlow, its action being based largely upon thefact that he attended only two of the twenty-seven meetingsheld by the directors of the Eazelton State Bank during thePast two years, and that his present residence, 1,800 milesfrom Hazelton, Idaho, raised serious question as to his abilitytO properly and adequately serve the Hazelton bank. It appears,however, from additional information submitted by the applicant,aId inclosed with Mr. Young's letter to the Board dated Septem-ber 25, 1934, that Li.. Barlaw's connection with the Hazelton

1


3430

1316/34 -10-

"State Bank adds strength to its management and that hekeeps sufficiently informed regarding the condition of thebank to enable him to exercise proper supervision over itsaffairs. In view of these facts, the Board has reconsideredEr. Barlow's application and concurs in the opinion of youroffice that the granting of a permit to the applicant wouldnot be incompatible with the public interest. Since theBoard feels, however, that a director should have a satis-factory record of discharging his duties and responsibilitiesby participating in the management and operations of a bankWhich he is serving including attendance at directors' meet-ings, the Board requests that, when you submit your recom-mendation as a result of your annual revievtof this permit,you report fully as to the manner in which Er. Barlow has dis-charged his duties and responsibilities as director of theHazelton State Bank.

"A copy of the permit granted to Mr. Barlow together withcopies of this letter, of Yr. Barlow's letter to Er. Youngdated September 22, 1934, and of Er. Young's letter to theBoard dated September 25, 1934, are being sent to Assistantzederal Reserve Agent Sargent at San Francisco for his infor-mation and,files."

Approved.


the Board, to Er. Stevens, Federal Reserve Agent at the Federal Re-

Bank of Chicago, reading as follows:

"Reference is made to Assistant Federal Reserve AgentYoung's letters of October 15 and October 18, 1934, inclosingcopies of letters from the State Bank of Union Grove, UnionGrove, the West Racine Bank, Racine, and from Mr. 0. P.Graham, Racine, all of Wisconsin, relative to the applicationof Lr. Graham for permission under the provisions of theClayton Act to serve at the some time as director and officerof First National Bank and Trust Company of Racine and :lestRacine Bank, both of Racine, and of State Bank of Union Grove,Union Grove, all of Wisconsin, which was not approved by the80ard as indicated in its letter of September 18, 1934, theB°11rd'8 aciion being based largely upon the unsatisfactorycondition of the State Bank of Union Grove, which is controlledend dominated by the applicant, and upon the fact that fundsOf this bank are apparently being used for the accommodationOf the various directors, officers and employees of the FirstLational Bank and Trust Company of Racine.


I 11/6/34 -11-

3431

"In accordance with Section V (g) of Regulation L, addi-tional information was submitted by the applicant from whichit appears that the condition of the State Bank of Union Grovewill be improved through the purchase of $18,000 of its capitaldebentures by the Reconstruction Finance Corporation; that dueto the recent death of the cashier, a new cashier has beenelected who is reported to be a much better bank man than hisPredecessor; that criticized loans made by this bank to of-ficers, directors and employees of the First National Bank andTrust Company of Racine have been further secured and/Or re-duced; and that the applicant states that if such loans are notPlaced in a satisfactory condition they will be charged off.The Board has given consideration to the additional informationsubmitted, but inasmuch as the applicant awns control anddominates the affairs of the State Bank of Union Grove and,therefore, appears to be largely responsible for those matterswhich have been subject to criticism, it still feels that thegranting of the permit applied for would be incompatible withthe public interest. You are requested to advise the applicantof the Board's decision in the matter.

"In order that its files in this case may be complete,Please advise the Board as to what steps r. Graham proposes totake in order to comply with the provisions of the Clayton Act."

Approved.

Letter dated November 5, 1934, approved by five members of

the Board, to Li.. Peyton, Federal Reserve Agent at the Federal Re-

Bank of lanneapolis, inclosing the folloving Clayton Act per-

114t8 for transmittal to the applicants; suggesting that the agent

Elcill-se the applicants that it is with the expectation that they

improve their attendance at directors' meetings that the per-kite ,

Ilave been granted; and requesting that, viien the agent submits,*600mmendation as a result of his annual review of the permits,

he „'ePort fully as to the attendance of the applicants at directors'

4. G. E. Ballard, for permission to serve at the same time as4 director and officer of The National Bank of Fairmount,


3432

11/e/34 -12-

Fairmount, North Dakota, and as a director of the Lank of NewEffington, New Effington, South Dakota.

Mr. B. W. Schoumeiler, for permission to serve at the same timeas a director and officer of The National Bank of Fairmount,Fairmount, North Dakota, as a director and officer of the Bankof New Effington, New Effington, South Dakota, and as a directorand officer of the bank of Veblen, Veblen, South Dakota.

Mr. E. W. Schouweiler, for permission to serve at the sametime as a director and officer of The National Bank of Fair-mount, Fairmount, North Dakota, and as a director and officerOf the Bank of Veblen, Veblen, South Dakota.

Approved.


the Board, to Li.. Peyton, Federal Reserve Agent at the Federal i.e-

Bank of Linneapolis, inclosing the following Clayton Act per-

14:4ror transmittal to the applicant; suggesting that the agent advise

the aPPlicant that the permit has been granted with the expectation

that he will attend a sufficient number of the meetings of The Ameri-

444 x°hange National Lank to enable him to have personal contact

l'ith the bank's affairs; and requesting that, when the agent submitshia- r °commendation as a result of his annual review of the permit,e

°port fully as to the applicant's attendance at directors' meet-&Its

tOr s

arld the manner in which he has discharged his duties as a direc-

lir. D. B. McDonald, for permission to serve at the same time as.director and officer of The American Exchange National Bank of,11rginia, Virginia, Minnesota, and as a director of The NorthernIlational Bank of Duluth, Duluth, Minnesota.

Approved.

Letters dated November 5, 1934, approved by four members of


-13-

the Board, to Mr. Peyton, Federal Reserve Agent at the Federal Re-

serve Bank of Minneapolis, inclosing the following Clayton Act per-

its for transmittal to the applicants; suggesting in each case that

the agent advise the applicant that it is with the expectation that

he will satisfactorily attend directors' meetings that the permit

hes been granted; and requesting that, when the agent submits his

l'ecornnendation as a result of his annual review of the permit, he

l'eP°rt fully as to the applicant's attendance at directors' meetings:

1,1r. Lewis G. Castle, for permission to serve at the same timeas a director and officer of The Northern National Bank ofDuluth, Duluth, Minnesota, as a director of the Western NationalBank of Duluth, Duluth, LLinnesota, and as a director and officerof The Liners National Bank of Eveleth, Eveleth, Minnesota.

LT-r• Richard L. Griggs, for permission to serve at the same timeas a director end officer of The Northern National Bank ofDuluth, Duluth, Minnesota, as a director of The First NationalBank of Hibbing, Hibbing, Minnesota, and as a director of TheFirst National Bank of Virginia, Virginia, Minnesota.

Zr. Dana C. Rood, for permission to serve at the same time as adirector and officer of The First National Bank of Hibbing,

Minnesota, and as a director of The Northern NationalBank of Duluth, Duluth, Minnesota.

Approved.

Letter dated November 5, 1934, approved by five members ofthe '

.uoard, to Mr. McClure, Federal Reserve Agent at the Federal Re-4e11"

°-.- Bank of Kansas City, inclosing the following Clayton Act permittr- nnamittal to the applicant; suggesting that the agent advisethe4 Plicant that it is with the expectation that he will satis-rEtetilr attend directors' meetings of the Kemper State Bank thatthe

13er1sit has been granted; and requesting that, when the agent


343411/6/34

-14-

Tits his recommendation as a result of his annual review of the

Perrnit, he report fully as to the applicant's attendance at directors'

ecitincs:

LI.. James S. Neely, for permission to serve at the same time asan officer of The City National Bank and Trust Company of KansasCity, Kansas City, Missouri, and as a director of the KemperState Bank, Boonville, Missouri.

Approved.

Letters dated November 5, 1934, approved by four members of

the Board, to applicants for permits under the Clayton Act, advising

Qt aPproval of their applications as follows:

1 1%. Raymond B. Peer, for permission to serve at the same time asall employee of The Morristown Trust Company, Morristown, NewJersey, and as a director of the First National Bank in Rockaway,Rockaway, New Jersey.

A. Reed Hayes, for permission to serve at the same time as adirector and officer of The Citizens National Bank of Lewistown,1,,ewistown, Pennsylvania, as a director and officer of The FarmersLational Bark of Belleville, Belleville, Pennsylvania, and as adirector of the Milroy Banking Company, Milroy, Pennsylvania.

L. G. Kirby, for permission to serve at the same time as adirector and officer of The First National Bank of Hibbing,Illobing, Minnesota, and as a director and officer of the MinorsState Bank, Chisholm, Minnesota.

S. R. Kirby, for permission to serve at the same time as arector and officer of The Northern National Bank of Duluth,uuluth, Minnesota, as a director and officer of The First Na-tional Bank of Hibbing, tabbing, Minnesota, and as a directornd officer of The First ilational Bank of Virginia, Virginia,4,14nesota.

„ J. W. Lyder, for permission to serve at the same time as a1,1rector and officer of The Northern National Bank of Duluth,,J1I1uth, Minnesota, and as a director of the Duluth National Bank,lrtauth, Minnesota.

Ira. Spring, for permission to serve at the sane time as an°'licer of The Northern NatioLal Bank of Duluth, Duluth, Minnesota


3435

11/6/34 -15-

and as a director of the Duluth National Bank, Duluth Linne-sota,

111r. J. R. Schuknecht, for permission to serve at the sane timeas a director and officer of The Miners National Bank of Eveleth,Eveleth, Minnesota, and as a director of The First National Bankof Gilbert, Gilbert, Minnesota.

4131)1'oved:

)C644„, /WV-CPSecretory.

Approved.

Thereupon the meeting adjourned.

Chairman, IJxecutive Committee.


meeting minutes, november 6, 1934, volume 21, part 6...fore, that you advise all meekly reporting...

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