A meeting of the Executive Committee of the Federal Reserve

Board vas held in 1...ashington on Tuesday, Lay 15, 1934,

PRESKIT: Er. Black, GovernorMr. HamlinEr. JamesMr. Thomas

at 3:30 p. in.

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

The Committee considered and acted upon the following matters:

Letter dated May 14, 1034, approved by five members of the

Board, to Er. , Chairman and Federal Reserve Agent at the Fed-

eral Reserve Bank of Cleveland, reading as follows:

"Your desire to be absent from Cleveland for the period from20 to August 1, 1934, has been brought to the attention of

j̀4,1e Joard and it has requested nB to advise you that it approves'11.e leave of absence involved."

Approved.

Letter to Mr, Wood, Chairman of the Federal Reserve Bank of

Louis, reading as follows:

"Receipt is acknowledged of your letter of May 3, 1934, ad-Volf781,1.g of the appointment by the board of directors of your bank" L. H. Bailey as General Auditor of the Federal Reserve°f

effect. Louis, with salary at the rate of ,..6,000 per annum,(1.iectilie L ay 16, 1934. The Federal Reserve Board approves thearY at the rate fixed by your directors for Mr. Bailey in his/low position.

poi :It is also noted from your letter that your directors ap-youll'ed Er. Talliam E. Peterson as Secretary pro tem, and thatsiathave designated him as Acting Chief Examiner and Acting As-of ,J3tnt Federal Reserve Agent at his present salary at the rate1304. '°°0 Per annum, effective Lay 16, 1934, to succeed Mr.ActieY. The Board approves the appointment of Er. Peterson asActillg Assistant Federal Reserve Agent and his designation asstlre - Chief Examiner. Mr. Peterson should execute the usuallApoxi theY bond in the amount o_ 50p f - 000p and he should not enter

performance of his duties as Acting Assistant Federal

&t,

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"Reserve Agent until you have received advice of the Board's ap-proval of the bond. Before the bond is forwarded to the Boardfor approval it should be examined by your Uounsel to determineWhether its execution complies fully with the rules printed onthe reverse side of form of bond 182.

"You state in your letter that the bond of Lir. Bailey willbe terminated effective Lay 13, 1934, which the Board understandsto mean that you will have no objection to the bonding companybeing released from all liability on the bond for any acts com-mitted by Mr. Bailey after that date."

Approved.

Lotter to the board of directors of the "Bank of Powhatan",

1%vihatau, Virginia, stating that, subject to the conditions prescribed

in the letter, the Board approves the bank's application for member-

8114 ill the Federal Reserve System and for the appropriate amount of

8tc)ck iu the Federal Reserve Bank of Richmond.

Approved.

Letter to Mr. Tillliams, Federal Reserve Agent at the Federal

Reserve Bank of Cleveland, reading as follomm:

"Reference is made to the report of examination of he Fire-Ste Park Trust and Savins Bank, Akron, Ohio, as of February26, 1934, and the analysis thereof.„ "From the information submitted, there is no evidence thatre estimated losses of y184,160.32 haw been eliminated from theYak's assets. The 13oard feels that a bank's published statementsrould reflect the true condition of the bank and that estimated

4eses as classified by the examiner should be promptly charged1,1J or otherwise eliminated, and it will be appreciated if you

thil advise the Board Ithat action has been taken by the bank inws respect If the losses as classified in the report of ox-as of February 26, 1934 have not already been charged

to oc)r c)thorwise eliminated, it is requested that you endeavortio such action by the bank. In the interests of coopera-al, 11' it may be advisable to take this matter up first with therPrTiate State authorities.had

It has been noted that on the date of examination the bank

feelrTrvee of U42,430 for losses and depreciation. The Boardtionsh4tneozlmated losses and depreciation listed for elimina-

een properly eliminated by the setting up of

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"reserves which are included with the bank's capital accountsin its published statements. Such reserves should be used eitherin making charge-offs of the estimated losses and depreciationor treated as valuation reserves and deducted from the assetsagainst which they are allocated, showing only the net amount ofthe assets in the published statement. If any reserves forlosses are shown among the capital accounts they should representallocations of surplus and/or undivided profits to cover possibleor potential losses; or, in other words, represent true 'reservesfor contingencies'.

"Estimated losses shown in the report of examination includeportions of loans to officers, directors and their interests.The Board feels that looms to officers and directors should beaLove criticism at all times and that any officer or director whohas abused the credit facilities of the bank he serves has seri-°uslY impaired his usefulness to that institution. The particularattention of the bank should Le called to this unsatisfactoryfeature and it is expected that such loans will be given promptan earnest attention in an effort to remove all cause for criti-cism.

iX1 4-1,volume of the bank's business, including the amount of un-

roured commercial loans. The examiner reports, horoever, thatthe most part credit information on the new lines, as wellthe other lines, is inadequate. It is suggested, therefore,tin discussion with the management of the bank you emphasize

2° importance of maintaining adequate credit data in connectiont7tth the bank's loans. It is especially important in this case,o!,it appears that unsecured conwier cial loans have constitutedi. 47/ a small proportion of the bank's loans in the past, but it' expected that the volume of such loans will continue to grow.

"In discussing the general condition of the bank the exam-t'rf.states that the speculative practices indulged in from time

mith respect to transactions in collateral loans and se-ct 3:3-es have apparently taken root as a policy; that the value0,aaequate safeguards incident to sound practice, and especi-tie-Y warranted at this time by the rapid growth of business, hasaijiourooked or lightly appraised; and that the management,to thought to be capable, appears to have allowed the bankille;413 a subordinate position in the general policy. The exam-f aain comments on the practice of providing additionalundsbor p L., order to purchase stock of the Firestone Tire and Rub-d

Comato be Tused as collateral to admittedly weak andjubtful lines. he business of a bank must be conducted at allires with duenot f regard to the safety of the depositors, and it

finath, 04c that their interests are properly conserved when the/10t41, °!,a bank are used for speculative purposes. It has been100,0,:,'-100, that the bank has an investment of approximately

in preferred stock of the Firestone Tire and Rubber

"The report reflects a large increase during the past year

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"Company. Under the provisions of Section 9 of the Federal Re-serve Act as amended by Section 5 (c) of the Banking Act of 1933,State member banks may not legally purchase stock in other cor-porations after that date oxcept in the limited classes of casesin which national banks may lawfully do so, and as indicated bythe condition of membership prescribed by the Board for sore time,the Board does not feel that stocks are suitable for the invest-ment of funds of commercial banking institutions. It is requestedthat you advise the bank of the Board's views in these mattersand endeavor to obtain a correction in the speculative practicesreferred to by the examiner and that you suggest that the manage-ment consider the advisability of disposing of the stocks it nowholds as soon as it is feasible to do so. It is suggested, also,It in discussing this matter with the management of the bank

You call attention to the various provisions of the law regardingspeculative use of bank credit and the responsibilities imposedUpon the Federal Reserve Agents and the Federal Reserve Board inconnection therenith.

"It is noted that the trust department was not examined attime of the examination of the bank as of February 26, 1934.

Ihe required certification to the Federal Deposit Insurance Cor-Poration must be made 'upon the basis of a thorough examination',

lf at all possible the examinations made in connection with.e

at

should include an examination of the trust de-Psartment. If, for any reason, it is impracticable to examinedepartment at the time of examination of the other depart-

te04,t_s and a subsequent examination of the trust department is not

Cop oe made, the report of examination should be accompanied by a

t_r. of the report of the latest available examination of the_ru.t the

supplemented by such additional information as1.11aY be available and you are requested to forward such informationIn this case."

Approved.

Letter to jr. O'Connor, Comptroller of the Currency, reading(la follows.

Await "In accordance with the recommendation of Acting Comptroller

c;ItiFederal Reserve Board approves a reduction in the com-stock of 'The First National Bank of Millburn',Ilew Jersey, from ,300,000 to ,l50,000, pursuant to a planscier provides that the bank's capital shall be increased by the

CorelonQI a50,000 of preferred stock to the Reconstruction Financeeli;ITEltion, and that the released capital shall be used toset ,Ilato a corresponding amount of undesirable assets, all as4orth in Lir. Awalt's memorandum of 1,Dy 7, 1934."

Approved.

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Letter to Lr. O'Connor, Comptroller of the Currency, reading

as follows:

"In accordance with your recommendation the Federal ReserveBoard approves e reduction in the common capital stock of 'TheFirst National Bank in Fennimore', Fennincm, Wisconsin, from6%?50,000 to C37,500, pursuant to a plan which provides that thebank's capital shall be increased by the sale of v12,500 of pre-ferred stock to the Reconstruction Finance Corporation and thatthe released capital, together with a portion of the bank's un-divided profits, shall be used to eliminate unsatisfactory assetsin the amount of approximately 1.4,000, all as set forth in yourmemorandum of nay 4, 1934."

Approved.

Letter to Er. O'Connor, Comptroller of the Currency, reading4s

follows:

illeceipt is acknowledged of Acting Camptrol3er Awalt'smemorandum of May 5, 1934 with reference to the proposed reduc-tion in the common capital stock of 'The Iirst :ational Bank ofCokato Cokato, ninnesota, from -,;.30,000 to ,;25,000, and the,?iale Of :,225,000 of preferred stock to the Reconstruction Finnrice'dorPoration, which was approved by the Board on January 13, 1934.

"Lr. Await advises that the foregoing plan of recapitaliza-has been amended, and that the bank now proposes to reduce

.-f43 common capital stock from v30,000 to i'.15,000 and to sell15,000 of Class 'A' preferred stock to the Reconstruction,Li ln 0.ance Corporation and 0,000 of Class 'B' preferred stock toocalninterests.

apprIn accordance withAwalt's recomLiendation, the Board

5, f st,,ns the amended plan as set forth in his memorandum of Maybe 1-a s uith the understanding that the released capital shalln sed to eliminate a corrcspondiw: amount of unsatisfactory-scets 'which will remain the property of the bank."

Approved.

r4r. O'Connor, Comptroller of the Currency, reading as fol-

Letter dated May 14, 1934, approved by five members of the

tiot 1f1 accordance -with Acting Comptroller favalt's recomrenda-le Pederal Reserve Board approves a reduction in the

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common capital stock of 'The Hcir,hton National Bank', Houghton,Lichigan, from 4200,000 to 1:',100,000, pursuant to a plan which

Provides that the bank's capital shall be increased by c200,000of preferred stock to be sold to the Reconstruction Finance Cor-

poration, and that the released capital, together with a portionof the bank's surplus and urdivided profits accounts, shall beused to eliminate unsatisfactory assets, all as set forth in 1/-.Await's mamorandum of “ay 5, 1934."

Approved.

Letter to Ur. Dillistin, Assistant Federal Rcsorve Agent at

the Federal Reserve Bank of New York, reading as follows:

"Receipt is acknowledged of your letter of May 8 inclosing4 copy of correspondence with la-. George E. Roosevelt, Chairmanof the Directors' Examining Committee of the Guaranty 'irust Com-134/17 of New York, with regard to reports on Form 231.

Your method of answering inquiries relating to the datea8 of which the report on Form 231 should be made out is proper,

date bit isacIllstarlls at the reports be submitted as of the same

Approved.

Letter dated May 14, 1934, approved by six members of the

8°Qrds oA • Yalliams, Federal Reserve Agent at the Federal Reserve

441c ef Cleveland , reading as follows:

29, "Receipt is acknowledged of la-. Fletcher's letter of Marchao 1934, regarding the question whether certain special time

of the Commonwealth "rust Company, Pittsburgh, Fennsyl-f. Ie.' may be regarded as 'time deposits, open accounts' as de-li-led 4+4 411 Section III (a) of the Federal Reserve Board's Regula-tion

th„ "It is understood that, upon the request of a depositor

Obtain Pedal account be opened, the Commonwealth Trust companya150ain from such depositor a check against a demand accountas maintained by the depositor witll the bank for such amountco "e desires to deposit to his credit in a special time ac-to

the A pass bock is then issued to such depositor, similarfoilhe. passbook inclosed in your letter, in which is stamped the

ions n1nC clause: 'Until further notice and subject to reg1:11a-ter-€181.°f the P ederal Reserve board, this account mill bear 111-drav -; 4t the rate of -- per annum, payable quarterly, and with-

therefrom shall be subject to not less than thirty-one

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"days' written notice'. You state that in your considerationof these accounts with your counsel, it was concluded that if asignature card were taken from the depositor in whose name sucha special time deposit was opened, and if such signature cardembodied a statement of acceptance by the depositor of the passbook issued by the bank and the conditions stated therein, suchdeposit might possibly be regarded as a 'time deposit, open ac-count' within the meaning of Regulation Q.

"While a depositor who accepts a pass book with the provi-sion in question stamped thorein may be held to have acquiescedin that provision and to be estopped to deny that withdrawals ofsuch funds are subject to not less than 31 days' mritten notice,nevertheless the respective rights of the parties are not clearand it is the view of the Board that the mere acceptance of sucha pass book without more is not a written contract mithin the11-le5ning of Regulation Q and that the deposit evidenced by suchPass book does not constitute a 'time deposit, open account'within the meaning of the regulation. However, it is the viewOf the Board that a deposit made in accordance with the proceduresuggested by you and which may not be withdrawn except on writtennotice of not less than 30 days may properly be regarded as a'tiro deposit, open account' within the meaning of Regulation QUpon which interest may lawfully be paid.

it has been noted that the clause stamped in the inclosedPass book provides that withdrawals from the account shall be,Subject to not less than 31 days' written notice'. It is be-

lievedvth

eved that the use of the words 'subject to' nakes the phrase

deposit can be withdrawn only after 31 days' writtenn at

tltlae arbiguous, and that it is not clear mhether it means

that has been given, or -whether it may be construed as meaning

4:1; the bunk merely reserves the right to require such notice.the°rdinglY, it is suggested that the bank be requested to revisevirit?lause and use language which will indicate clearly thatpos;Ien notice of intended withdrawal 'must be given by the de-eas r a certain specified number of days in advance, in no

secti;s7in ot C e)g(1, 11;x.nn

Q.

as by subsection (a) (2) of

prov,,It is also noted that the clause stamped in the pass bookbe "Les that interest on the accounts represented thereby shallI.,.

payable quarterly; and, in this connection, your attentionb: Tied to the fact that while interest on time deposits may

naPounded at other than semiannual intervals, the aggregatecfazilountat

Interest so compounded must not exceed the aggregate, a rate of 3% per annum when compounded semiannually.

,

Approved.

Lott„ datedto11, 1934, approved by six nenbers of the

kN4 to vr.Pre iiarner, Secretary of the Iowa Bankers Association,

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Des Loines, Iova, reading as follows:

"..eceipt is acknowledged of your letter of April 18, 1934,regarding the form of a non-negotiable certificate of depositsubmitted to you by an Iowa bank.

"Az stated in the Board's letter to you of November 13,1933, no particular form of time certificate of deposit is re-quired and a deposit evidenced by any form which complies in allrespects with the definition of time certificates of deposit setforth in the Board's Regulation Q may, of course, be treated asa time deposit for the purposes of the regulation. You will re-call that at that time the Board transmitted to you copies offorms which, in its opinion, comply with the definition of timecertificates of deposit contained in Regulation Q.

"With respect to the form contained in your letter, it isnoted that the certificate provides that it is payable'months after date' and that it is further provided that suchcertificate will under no circumstances be paid 'prior tomonths from the date thereof.' Ythile it is assured that thelast quoted phrase mould refer to the maturity date of the in-strument, it is believed advisable that such Phrase should berevised so as to read 'prior to the maturity date herein speci-l°d's It is also suggested that, in order that depositors may

_ave actual knowledge that the rate of interest stated in the?ertificate is subject to such modification as may be necessaryt; conform to the rate of interest on time deposits as limited°Indpeir'ezzibed by the Federal Reserve Board from time to time

law, it would be desirable to modify such certificateSo asto include a statement substantially in the form of the:L!...t sentence contained in the forms of certificates of depositwnich were inclosed with tho Board's letter of lIovenber 13, 1933._,07 "Por your convenience, the forms of certificates of deposit

ZIred referred to which have heretofore been approved by theare inclosed herewith."

Approved.

Letter to

48 follows*

10 "Your letter of April 17, 1934, addressed to the Comptrol-b: °f the Currency, has been referred to the Federal Reserve.

the 1,1 fc'r reply. You state that you have a savins account withand ti7,°Ples-Pittsburgh Trust Company, Pittsburgh, Pennsylvania,s4ch -'t 'when you recently requested payment of 3400.00 fromcc:I:tit-Ian:::

without

You were informed by the bank that such paymentnot be made except after three months' notice vi-Federal Reserve Board's Regulation Q. In these

lass Anna M. Forrine, Los Angeles, California, read-

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"circumstances, you request to be advised whether there is any-thing you may do in order to obtain the money desired withoutwaiting for three months.

"Section 19 of the Federal Reserve Act as amended by theBankinp, Act of 1933 provides that no member bank of the FederalReserve System shall waive any requirement of notice before pay-ment of any savings deposit except as to all savings depositshaving the same requirement. Pursuant to this provision of thestatute, the Federal Reserve Board has prescribed in sectionVI of its Regulation Q certain requirements which must be ob-served by member banks in connection with the withdrawal ofsavings deposits. Subject to those provisions of the law andof Regulation Q, the repayment of savings deposits by a memberbank is a matter which is governed by the contract entered intobetImen the bank and the depositors with respect to such de-

rsite; and it is understood that the contract between the.eople s-Pittsburgh Trust Company and its depositors, as con-tained bdien the savings deposit pass book, requires that notice

given to the bank a specified period before the with-awal of any amount, the period of notice required dependingUpon the amount to be withdrawn. “hile there is nothing in thelaw or the regulation which would prevent the bank from waivingSuch requirement of notice in your case, under the provisionsOf Regulation it can do so only if it shall waive such notice

S u to the same portion or percentage of the savings deposits ofeve rYnother depositor which are subject to the same requirement.

A copy of the Board's Regulation Q is inclosed herewithfor Your information."

Approved.

Letter to The Union Trust Company of Pittsburgh, Pittsburgh,

flL.a, reading as follows:

m "Receipt is acknowledged of your letter of Lay 8, 1934, re-sij:.ic,lac the permit issued to you under the provisions of Sectionspo' -ale Banking Act of 1933 authorizing you to act as corre-peallindellt bank in certain connections on behalf of Cassatt L.: Com-ex4',:, You point out that Cassatt Company acts as distributorCorn-e's no assets and that all underwriting is done by Cassatt

which was also mentioned in your application.i4g tl,'T view of these circumstances, you are correct in assum-Etutho"!", subject to the limitations therein stated, the permitCorpoal)s You to act as correspondent bank on behalf of Cassatt

--"°n as well as Cassatt & Company."

Approved.Letter

toRr. 400d, Federal Reserve Agent at the Federal

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Reserve Bank of St. Louis, reading as follows:

"The Federal Reserve Board has given consideration to theapplications of J. S. Calfee, L. Ray Carter, F. V. Dubrouillet,114 F, Gephart, F. E. Gunter, R. S. Hawes, Bert H. Lang, W. W.Snith, W. C. Tomkins, and F. 0. Watts under Section 32 of theBanking Act of 1933 for permits to serve at the same time asofficers and/or directors of the First National Bank in St.Louis and as officers and/or directors of the First NationalCompany, both of St. Louis, lassouri.

"It appears from the applications that in May, 1933, theFirst National Company ceased active operations and has sincethat time confined its activities to liquidating its own affairs,servicing securities that are in default, and giving needed ser-vice and advice to its former customers in connection with theirsecurities holdings.

In view of these statements in the application and of theB°ard's letter of December 6, 1933 (X-7722), the provisions ofSection 32 are deemed to be inapplicable to the applicants' ser-vice to these two institutions. It will therefore be appreci-ated if you will so advise the applicants."

Approved.

Letters dated May 14, 1934, approved by six members of the

B°ard, to the following applicants for permits under section 32 ofthe -2.,„

--"'cing Act of 1933; each letter stating that it appears thatthe 1. 1

-6.4ationship covered by the application is within the class which

4ecti°11 32 vas desimned to terminate, and that, accordingly, the

is unable to find that it would not be incompatible with theNblic

intere-t as declared by the Congress to grant the application,41th0

11°1 in the01%

armin—tz—uunte insupport of the application the Board is prepared to

°I 11B th eM careful consideration:

Winslow Sears, for permission to serve at the same;1',4-sotor Of 4-11L, time as a

,e 'United States Trust Company and as general eral Part-of Sears & Company, both of Boston, Massachusetts.

Scott 1,43yer,for permission to serve at the same time as a

event the applicant desires to submit further facts

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director of the Hannibal National Bank and as a director of theBankers Bond & Securities Company, both of Hannibal, Iiissouri.

Approved.

Letters to the following applicants for permits under section

32 of the Banking Act of 1933; each letter stating that it appears

that -,(3 relationship covered by the application is within the class

vihich section 32 was designed to terminate, and that, accordingly:the

Board is unable to find that it would not be incompatible withthe

public interest as declared by the Congress to grant the applica-

ti011, although in the event the applicant desires to submit furtherfact; or

arguments in support of the application the Board is pro-Pared to give them careful consideration:

Chester A. Bolles, for permission to serve at the same time48 a director of the First National Bank, of Ipswich, Lassachu-!etts: and as an officer, director and mantlgor of Damon 6: Bollesuompany, of Boston, Massachusetts.

P• Winchester Denio, for permission to serve at the sane time7ice-president and director of the Everett Bank and Trust Com-4_111Y, Everett: Massachusetts, and as vice-president of the Firstv4 Boston Corporation of I.Tassachusetts, Boston, :4assachusetts.

14.r.R• liadsworth Hight, for permission to serve at the same time

% R d

an

irector of the Anchoster Trust Company, Anchester:Zsachusotts, d as an officer of the First of Boston Corpora-'1- 4 of I.:assachusetts, Boston, :;lassachusetts.

Chpro,ia ries E. Ober, for permission to serve at the same time asnd director of the Beverly rdational Bank, Beverly:

and as vice-president and director of Stone &Of iZzrZ10

branch.

d 0

lew York, New York, in charge

/11r. Gsaz R jrge O. Muhlfeld, for permission to serve at the some time4?.,rector of the Grace :TaLional Bank of New York, New YorkI40. f 4,011i York: and as a director of Stone & Webster and A.odget:ilew York City, New York.

J. lin

A el,--aPman, for permission to serve at the some time as

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a director of the First National Bank of Lake Forest, LakeForest, Illinois, and as vice-president of Bartlett Knight & Com-pany, Chicago, Illinois.

LAr. halter J. Heller, for permission to serve at the same timeas a director of the Wells Fargo Bank and Ilnion Trust Company,and as an officer of Heller, Bruce and Company, both of SanFrancisco, California.

Approved.

Letters dated 1,1av 14, 1934, approved by five members of the

13°11rd' to applicants for permits under the Clayton Act, advising of

4PPreval of their applications as follows:

Ir. A. B. Carrington, for permission to serve at the same timeZ,t8 a director and officer of The First National Bank of Danville,D1°')anlle, Virginia, and as a director of the industrial Bank ofDanville, Danville, Virginia.

L. Herman, for permission to serve at the same timerector of The First National Bank of Danville, Danville,a,z1d. as a director and officer of the Industrial Bank of

Virginia.

S, J. Owens, for permission to serve at the sane time as a'i .rector and officer of the Industrial Bank of Danville, Danville,fv,lrginia, and as a director of the American National Bank cc Trust'°111Pany of Danville, Danville, Virginia.

" E. Johnson, for permission to serve at the same time as aZector of the First National Bank in Drake, Drake, North Dakota,decrit as a director and officer of The First National Bank of Fessen-' Fessenden, North Dakota.

Fred J. Mohr, for pedirector and officer ofFessenden, North Dakota,Ilational Bank in Drake,the

Citizens State Bank,

as a di-Virginia,

Danville,

mission to serve at the sane time as aThe First National Bank of Fessenden,as a director and officer of the FirstDrake, North Dakota, and as a director ofEnderlin, North Dakota.

111r, ndire A. Ref ling, for permission to serve at the sane time as aliortrr and officer of the First National Bank in Drake, Drake,

!,)akota, as a director and officer of The First Nationalessenden, Fessenden, North Dakota, and as a director

or Dakotar of the First National Bank in Bottineau, Bottineau,

"th :

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1414.

;,:r. H. M. Rossebo, for permission to serve at the same time asa director and officer of the First National Bank in Drake,Drake, North Dakota, as a director of The First National Bank ofFessenden, Fessenden, North Dakota, and as a director of theFirst National Bank in Bottineau, Bottineau, North Dakota.

141. A. N. Wien, for permission to serve at the same time as adirector of the First National Bank in Drake, Drake, NorthDakota, and as a director of the Berwick State Bank, Berwick,North Dakota.

Approved.

Letters dated iLay 14, 1934, approved by six members of the

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

413Proval of their applications as follows:

VY. Stewart, for permission to serve at thea director and officer of The Commercial Nationallotte, Charlotte, North Carolina, and as a director and officerof the Industrial Loan and Investment Bank, Charlotte, NorthCarolina.

1'11%* It. L. Gibbon, for permission to serve at the same time as airector of The Commercial National Bank of Charlotte, Charlotte,Lorth Carolina, and as a director of the Citizens Savings andoan

company, Charlotte, North Carolina.

ja * Zimmerman, for permission to serve at the same tine18 a director and officer of The Charlotte National Bank, Char-caitt e, North Carolina, and as a director and officer of the

1z8/113 Savings and Loan Company, Charlotte, North Carolina.

Ihaaas A. Marlow, for permission to serve at the same time;sans. director and officer of the First National Bank Trust Com-1./04.1' (12 tielena, Helena, Lontana, as a director of the NorthernlielZ4 State Lank, Bic Sandy, Montana, and as a director of the411:zb.ranch, Federal Reserve Bank of Linneapolis, Helena,

same time asBank of Char-

Approved.

Letters to applicants for permits under the Clayton Act, ad-Of a

pproval or their applications as follows:

Sellwood, for permission to serve at the sane time as

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a director and officer of The City National Bank of Duluth,Duluth, Linnesota, as a director and officer of The First Na-tional Bank of Ely, Ely, Linnesota, and as a director and of-ficer of the Commercial State Bank, Two Harbors, Lannesota.

R. E. Burks, for permission to serve at the sane time as adirector and officer of The First National Bank of Blackwell,Blackwell, Oklahoma, and as a director of The First Nationaltank of Braman, Braman, Oklahoma.

Approved.

There was then presented the following application for sur-

render of stock of a Federal reserve bank:

4 lication for SURRENDER of Stock: Shares District I o. 12.Lizcola County State Bank, Davenport,'W

ashington 42 42

APProvedz

11

Approved.

Thereupon the meeting adjourned.

Gove nor.

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