19340528_Minutes.pdf

1549

(I

Mr. Miller stated

therefore,

Ire also said that, while no!fleeting with the

UV 25, 1934,

willing to

conditions

scribed in an amended form,raerabership in the Federal

11114rstanding had at that111°11e on May 26 that the Boardton

today for the purposehe Wonld

like to have considered.

Mr. Perkins stated that about

would

A meeting of the Federal Reserve Board was held in Washington

°1114°1143-87, May 28, 1934, at 10:30 a. m.

PRESENT: Mr. Black, GovernorMr. HamlinMr. MillerMr. JamesMr. ThomasMr. Szymczak

Mr.Mr.Mr.Mr.Mr.Mr.Mr.

Bethea, Assistant SecretaryCarpenter, Assistant SecretaryMartin, Assistant to the GovernorWyatt, General CounselWingfield, Assistant CounselDuBois, Assistant CounselLeonard, Federal Reserve Examiner

ALSO PRESENT: Mr. James H. Perkins, President, City BankFarmers Trust Company, New York, N. Y.

Mr. Capron, of counsel for the City BankFarmers Trust Company

that Governor Black had been called to the Capi-

not be present at the beginning of the meeting.

meeting

representatives

•of the Board had been held since the

of the City Bank Farmers Trust Company on

members of the Board had indicated that they would not be

consider favorably the request of the trust company that standard

of membership numbered 12, 17 and

in the event the

16 be not prescribed or be pre-

trust company applies for

Reserve System, and that, in accordance with the

meeting, Mr. Perkins had been advised by tele-

would be glad to have him come to Washing-

of presenting any additional information that

six years ago he had come to the

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

1_550

tleate 1,8 ..iad been recognized by the New York courts and the state legislature,

tilat th.15 tYPe of investment had been found to be of considerable help incotalec„"4011 with the investment of trust funds for the reason that it is

will be largely followed in the future in the investment of the funds of such

trlasts.

5/28/34

"uclusion that

-2-

some method would have to be devised whereby small trustsconid. be given the same careful supervision that is given to large trusts

vithvia incurring an expense which would be prohibitive to the small

tr11812; tlflat. as a result, he had devised a plan of uniform trusts described

1.11 a.-PaziPhlet prepared by the trust company. (copies of which he left with

tIle13°ard), and that, while the trust company had only approximately

112.00n „-- -)vuu invested in such uniform trusts, he felt that the question in-volvea

was of considerable importance be:muse he was convinced that theP421 0..-Ilers a service to small trusts which can be performed only in this

md thout being prohibitive from the standpoint of cost and that the plan

Re stated, as a second point for the consideration of the Board,that th

e PrePriety of investing trust funds in mortgage participation certi-

'ult to find mortgages which are in the same amount as the funds avail-

"fsctiv p,„e ' successful, and that up to a year ago no trust administered

bY the trust

'e for i-rmestment in a particular trust, that the practice has been very

tNtalso called attention to the fact that there are other

c

ccmPany had suffered any loss from such investments.

Mr. perkins

SYetem °T4Parlies in New York City which are members of the Federal Reserve

raezibe 4Ii

ch are not required to comply with the three conditions ofrshi,1.

referred to, and he stated that he felt his company should not


5/28/34-3-

1_551

be reqW.red to comply with any conditions which competing trust companies

are not required to meet. Upon inquiry, Mr. Perkins said that so far asbe knew there were only one or two trust companies that follow the prac-

tilce of mingling trust funds under uniform trust agreements similar to

that "used by the City Bank Farmers Trust Company.

In response to a question from Mr. Miller, Mr. Perkins stated

that the reason why the trust company is considering membership at thistime is that it is affiliated with the National City Bank in that the

stock of the trust company is trusteed for the benefit of the shareholders

Qf the national bank, and that, in order to retain that affiliation after

'7114e 16, 1934, the trust company must become a member bank in order tocomply

with the provisions of section 5139 of the Revised Statutes. Heotated that there are approximately 90,000 shareholders of the National

CitY Bank and that it would not be '9

distribute the stock of the

ossible to dissolve the trust and.

trust company to the shareholders of theIlatioijaa. bank.

There was a general discussion of the reasons for the adoption

bY the 11°ard of the three conditions of membership in question and whether,,vof the Character of the business of the trust company, it shouldbeedMitted to

membership.

' Dizrirl,E; the discussion Governor Black entered the room, and at its

e°4c1usio/11.1essrs. Perkins and Capron withdrew from the meeting.

11r. Haralin referred to the action taken by the Board on the

C Oral)

hs for membership previously submitted to the Board by trust

e Ant..- practically no commercial banking business and there


1552

5/28/34-4-

followed a consideration of the question whether the Federal ReserveBoard

should advise the trust company that it would not be willing to

waive or amend the three conditions of membership, or whether it shouldbe

advised that, because of the charter of its business, which appearsto be

almost exclusively a trust business, the Board is unwilling to ad-

mit it to membership.

Attention was called to the fact that the Division of Examina-

ti°48 is now considering the application of the Farmers Deposit TrustCoran,

of Pittsburgh, Pennsylvania, for membership in th Federal Re-see

SYstem which involves circumstances similar to those involved inthe

l(re

reqUest of the City Bank Farmers Trust ,Company.

Accordingly, it was decided to defer furtherconsideration of the request of the trust companyuntil 'the Division of Examinations and the LegalDivision are ready to submit the application of theFarmers Deposit Trust Company, and, in view of thefact that the representatives of the City BankFarmers Trust Company had stated that the companyhas approximately $35,000,000 in mortgages whichhave been foreclosed, Governor Black was requestedto confer by telephone with Mr. Case, Federal ReserveAgent at the Federal Reserve Bank of New York, andascertain what the recent examination discloses as tothe condition of the trust company.

Governor Black then referred to a letter, dated May 23, 1934, from

l'erkins, as Chairman of the Board of Directors of the National City

Of 1T

been

tiOn

sw York

Prepared by

, and he read the following proposed reply, which had

the legal division and submitted to him for considera-

14 Ifi,I.:T1,118 iS reply to your letter of May 23, 1934,.01.0 yo"u submit for the Board's consideration aP°sed plan intended to prevent the violation of the


5/28/34

provisions Of the Banking Act of 1933 which would result inthe event that The National City Bank of New York should,after June 16, 1934, be affiliated with a corporation en-gaged

principally in the issue, flotation, underwriting,Pit,Iblio sale or distribution of securities within the meaning21 Section 20 of the Act. It is understood that The City'',°mPanY of New York, Inc. is at the present time a corpora-1-on affiliated with The National City Bank within the scopeOf this section and that all of its stock is now held by

terustees for the benefit of the shareholders of The NationalCity Bank under a trust agreement which has recently been

z4uended so as to empower the trustees in their discretiono assign the stock of the Company to the Bank and so as to

losFovide that the trust will terminate as soon as none of theremains in the hands of the trustees.

"Under the plan as outlined by you the trustees willtran s,beforeper all of the stock of the Company to the Bank on orb

the June 16, 1934, and, also on or before June 16, 1934,

A„Z,"mDanY will file a certificate of dissolution under;.'"'61e 10 of the Stock Corporation Law of the State of New

loate It is understood that upon the filing of this certi-of dissolution the Company is required to proceed to

taltillst and wind up its affairs and will continue as a corpora,coTil OnlY for the purpose of discharging its liabilities,act ecting and distributing its assets and doing such otherott,s as are required to adjust and wind up its affairs, its

Corporate powers having been irrevocably lost.a,. In the light of your reference to Section 20 of the.4.akcing the

Act of 1933, and of discussions between members of,Athe :(3ardls staff and your counsel, Mr. William W. Lancaster,its 'Oa rd understands that the sole question presented for

Se0t?"31 deration is whether your Bank would be violating17111,r1 20, after June 16, 1934, by reason of the relationsthe- it would then have with the Company as a result of

nsummation of the plan outlined in your letter.the , The Board is of the opinion that if, before June 16, 1934,Cease alhasY been formally placed in dissolution and hasciellt a to

transact any business except such as may be inci-* * * to its liquidation it will no longer be a 'corporation

, engaged principally in the issue, flotation, und.erwrit-ti 0 1ic sale, or distribution at wholesale or retail ornote " sYnclicate participation of stocks, bonds, debentures,Of .61' or other securities' within the meaning of Section 20

ship ie!anidng Act of 1933 and. that therefore the relation-your Bank and the Company which will exist after

a vie 16' 1934, if the plan is carried out, will not constitutelation of the provisions of this Section.may Tr? Board is not attempting to decide whether your Bank1./141:::"'erlY acquire the stock of the Company in the mannerdActra'ed in your letter as that question is within the juris-

11 of the Comptroller of the Currency nor is it expressing

-5-


1551

P1

5/28/34-6-

anY opinion as to the validity of the plan in view of any sec-tion of State or Federal law other than Section 20 of the BankingAct of 1933".

After discussion, during which it was pointedout that the position taken in the letter is in:agreement with the position taken by the Board inits telegram of May 22, 1934, to Mr. W. B. Cudlip,Detroit, Michigan, the letter was approved.

The meeting recessed and reconvened at 4:00 n. m. with the same

attendance of the members of the Board and its staff as at the morning

session, with the exception of Mr. DuBois. Mr. Goldenweiser, Director ofthe

Division of Research and Statistics, and Mr. Vest, Assistant Counsel,

wsl'e also present.

Mr. Goldenweiser

port had been received from the printer and copies had been furnished tome,ers

and ipf

the Board and the heads of the various divisions of the Board,

thatfurther suggestions had been inserted in the report. There was

151'esented a proposed change

Of the i.eport

stated that the galley proof of the annual re-

in the first two sentences of the first

) suggested by Mr. Miller, which was approved.

page

..The report, as amended, was then approved forsubmission to the Speaker of the House of Represen-atives and the Pre-sident of the Senate, and for re-

leaZto the press, upon a date to be determinedMr. Go

ldenweiser left the meeting at this point.

Governor Black stated that he had telephoned Mr. Case, Federal Re-

%Ire 'Agent at the Federal Reserve Bank of New York, with regard to the

condition of the City Bank Farmers and that Mr. Case had ad-

that, While the major part of the business of the company

bliqlless, it has about $40,000,000 of deposits, with $6,000,000

is

or

trust


1555

5/28/34

$000 cn,vn0 in commercial and individual deposits, that it would take over

aPPr°ximately $20,000,000 -lore of deposits from a branch of the National

CitYBenk located in the same building, that it has $6,000,000 or $8,000,000

CoraraerCial. loans, that of the $35,000,000 of mortgages in foreclosure

rnalV are mortgages which came to the company

-7_

as part of the corpus of

tlIsts accepted, and that there have been no losses in mortgages foreclosed

Where the company made the initial mortgage.

torsaJ-d, that he felt that the trust company is the type of institu-

tion that should come into the Federal Reserve System.

Mr. Case also stated, Glover-

It was pointed out that the representatives of the trust company,at the meeting

tO cotamercial

a Tusstion as

Of ec)mmercial

D

l'arraers

en May 25, 1934, had advised that the company has practically

deposits or commercial loans and that, therefore, there is

to whether the company actually does any appreciable amount

bamking business.

Accordingly, the Governor was asked to telephoneMr. Case and request that he come to Washington to-morrow and bring with him the report of the recent"amination of the trust company so that the Boardmay have detailed information as to the condition,and as to the character of the business, of thetrust company.

There was then presented a memorandum, dated May 28, 1934, from the

Of Examinations, with regard to the membership application of the

eposit Trust Company, Pittsburgh, Pennsylvania. The memorandumStated

that „,1Or the sh.

of the stock of the applicant is trusteed for the benefit

'a'reholders of the Farmers Deposit National Bank of Pittsburgh;that the t1118t that the

company has practically no deposits or commercial loans;

is no intention to develop the institution into a bank of


1556

5/28/34

depOsit;

Statutes which provides that after June 16, 1934 the certificates of

stock 00, a national bankshall not represent the stock of any other corpora-

tiola except a member bank. The memorandum also reviewed the action taken

by the Board in the past on applications for membership submitted by trusteozn,

j"L.Lles which were doing practically no banking business and recommendedthat

as the amlicant is not engaged in the character of business contem-

and that it is making application at this ti-ae solely in order

that it-m comply with the requirements of section 5139 of the Revised

Plated 111,loOngress for member banks, the application be denied.

Mr. James moved that counsel be requested toPrepares for the consideration of the Board, aletter to the Federal Reserve Agent at Cleveland,advising that the Board is unwilling to approvethe

application.

Carried.

Mere was read and discussed the following letter to Mr. Hoxton,ral Reserve Agent at Richmond:

ofIR "The Board has given consideration to the applicationW. Bladen Lowndes, Baltimore, Maryland, for per-

at o

'under the provisions of the Clayton Act to serveTria. -e same time as an officer and director of The Fidelity,iret Com„-0.4Y,

st Baltimore, Maryland, as a director of The

:.Lonal Bank of Baltimore, Baltimore, Maryland, andGun cdficer and director of The Second National Bank of

tba "land, Cumberland, Maryland, and, upon the basis ofperm!alformation before it, feels that the issuance of the

aPPlied for would be incompatible with the publicthe liest' You are requested to advise the applicant oftinenic!ard.is position in the matter, unless there are per-0.4a ;i1.4f ets which were not submitted with the application

-4cri You feel should be given consideration.him communicating with the applicant, please adviseflat , accordance with Section V (g) of Regulation

e°11sideration will be given to any additional facts or142';o ellts not

appearing in his application and accompark rms which 'le feels should be brought to the Board's


15575/28/34

-9-

"attention. In this connection, please advise the Board

promptly as to whether Mr. Lowndes desires to submit anyr.ditional data, and, if not, as to what steps he proposeso take in order to comply with the provisions of the Clay-ton Act.

"If you deem it desirable or necessary you are autho-rized to inform Mr. Lowndes that the Board's action uponhiS aPplication was based upon the apparent abuse of thecredit facilities of The Fidelity Trust Company and TheSecond National Bank of Cumberland by the applicant, his4arailZii and their interests.inp

IA permit was granted to the applicant in 1916 cover-his service as vice president and director of The-c4delity Trust Company and as vice president and directorof The Second National Bank of Cumberland. In view of theZPplicant's apparent abuse of the credit facilities of these

w° banks, it does not appear that the continuance of thisPermit would be compatible with the public interest, andYou are requested to advise the applicant of the Board's

;Ileiition in the matter, unless there are pertinent factsYou feel should be given consideration before notify-arilg Mr. Lowndes. In communicating with the applicant, youv e( equested to advise him that, in accordance with Section

to of Regulation L, the Board will afford him an opportunity

r_ _ue heard in the matter of revoking the existing'Termit inoter that he may Present any facts which he feels should ber light to its attention before a final decision is made."

approved.

Upon motion by Mr. James, the letter was

Tie Board then considered and acted upon the followinL: matters:Telegram dated May 26, 1934, a7pproved by four members of the

u4rd, to mW°0d, Federal Reserve Agent at the Federal Reserve Bank

0f St. Lo u15,stating that the Board approves the bond, in the amount

executed on May 22, 1934, by Mr. William Edward Peterson

lag Assistant Federal Reserve Agent at the Federal Reserve BankSt. Lollis.

Approved.

Memorandum dated May 21, 1934, from the Committee on Salaries


M-M0

Approved.

Telegram dated May 26, 1934, approved by six members of the Board,

5/28/34-10-

alExpenditures, submitting a letter dated May 16 from Mr. Preston,

DePlitY Governor of the Federal Reserve Bank of Chicago, which requested

E9)r"el of changes in the personnel classification plan of the bank to

Iprelricie for ten new positions at the head office and fourteen new posi-

tiene at the Detroit branch; a change in the title of one position at

the head office and the discontinuance of six positions, changes in the

salaa7 ranges

rallge of

the

of twelve positions, and a change in the title and salary

one position at the Detroit branch. The memorandum stated that

e°mmittee has reviewed the proposed changes and recommends that they

be aPproved. The recommendation was approved by six members of the Boardorl Kay 26, 1934.

Approved.

Letter dated May 26, 1934, approved by six members of the Board,to 141,4 p

reeton, Deputy Governor of the Federal Reserve Bank of Chicago,

l'eadirig as follows.

tai ,I1The Federal Reserve Board approves the recommendation con-ed in your letter of May 21 that the temporary employment of

b Hartney as an Electrician in the Service Department of theallk at an annual salary of $3,300 be continued until May 31."

to 14,.

Wood, Federal Reserve Agent at the Federal Reserve Bank of St.

reading as follows:

a, "Your telegram May twenty-fourth. Board approves temporaryA.!Pointraent of Alfred C. Martin as examiner in Federal Reserve

g.entl e department your bank at salary rate of $300 per month.zoease advise effective date and furnish information requested in

ardi e letter September 20, 1933 (X-7595)."

Approved.


15595/28/

-.11-

Letter dated May 26, 1934, approved by six members of the Board,to U.

Austin, Federal Reserve Agent at the Federal Reserve Bank of Phila,

dell)Ilial with regard to the steps which should be taken to correct the

Matters commented on in the report of examination of the Peoples Trust

°°r41 V of Wyomissing, Pennsylvania, as of December 9, 1933.

Approved.

Telegram dated May 26, 1934, approved by six members of the

-4u, to Mr. Williams, Federal Reserve Agent at the Federal Reserve

1344c of Cleveland, reading as follows:

orm_.eederal Reserve Board has considered the application of

,'.4e First National Bank in Massillon 1, Massillon, Ohio,for :permission to act as trustee, executor, administrator,

gardian of estates, assignee, receiver, committee of estates1°)f lunatics, or in any other fiduciary capacity in which State

...84cs, trust companies, or other corporations which come into.0111petition with national banks are permitted to act under therws of the State of Ohio, in addition to the right to act aseeistrar of stocks and bonds, which was granted by the Board

1, 1934.t.,11. view of the information contained in the report of examina-l°4 of April 11, 1934, and the adverse recommendation ofAssistant Federal Reserve Agent Fletcher and your executivetl,mml

t

tee, with which the Comptroller of the Currency concurs,Boa rd is unwilling to approve the bank's application for

aci'!-tional fiduciary powers. You are requested, therefore, tovise The First National Bank in Massillon that the Board has

denied its application."

Approved, together with a letter, alsodated May 26, 1934, and approved by six membersof the Board, to Mr. Williams, Federal ReserveAgent at the Federal Reserve Bank of Cleveland,reading as follows:

"There is transmittedharals telegram to you ofPlication for trust powersUassillon, Massillon, Ohiothat you advise the annlic

herewith a confirmation of the

this date, advising that the ap-

of The First National Bank in

, has been denied and requesting

ant bank accordingly.


15605/28/34

-12-

"In the Board's letter to you of May 1, 1934, advisingthat The First National Bank in Massillon has been grantedthe right to act as registrar of stocks and bonds, mentionwas made of certain unsatisfactory features of the bank's?ondition and the criticism of its management, as revealedin the report of examination of April 11, 1934. Since thatletter was written additional information has reached theBoard which reflects seriously upon the character and abilityof the chief executive officers of the subject bank, and whichnot (3nlY influenced the Board to deny the trust power appli-cation but which causes grave doubt as to whether such officersshould be permitted to continue to operate the bank.

"While the Board cannot revoke the authority alreadyFanted, it is possible, in view of the fact that no additionaltrust powers will be authorized, that the bank might be willingto rel inquish the one power now held by it, and it issug-%sted that you consider the advisability of endeavoring to

tala a voluntary surrender of its authority to act as regis-trar of stocks and bonds.,. The Board would like to be advised of your views intnls

connection."

Memorandum dated May 22, 1934, from Mr. Vest, Assistant Counsel,

recc)rlraellaing that there be published in the next issue of the Federal

Reserve

Reserve

Bulletin statements with regard to rulings which the Federal

Beard has recently made on the following subjects:

1. Classification of deposits as savings depositsunder Regulation q.

2. Deposits represented by certificates of depositas constituting savings deposits.

3. Payment of savings deposits before interest pay-ment dates.

4.

5.

Accommodation indorsement as "loan or extensionof credit" within section 23A of the Federal Re-serve Act.

Limitations on loans or extensions of credit toaffiliates secured by paper eligible for redis-count.

Approved.


15615/28/34

-13-

Letter dated May 26, 1934, approved by six members of the Board,to ,-r. aoxton, Federal Reserve Agent at the Federal Reserve Bank of Rich-

mond-, reading as follows:

"In connection with the application of Waller C. Hardyunder Section 32 of the Banking Act of 1933 for a permit toIsClhev :t the same time as vice-president and director of the

Valley Bank, Charleston, West Virginia, as vice-presi-ent and director of the Greenbrier Valley Bank, Lewisburg,Vest Virginia, and as nartner of Winthrop, Mitchell & Company,

letter York, New York, Mr. Fry has forwarded to the Board with his

letter of May 16, 1934, a copy of a letter from the applicantlated May 15, 1934, which states that Winthrop, Mitchell &

Cs°1PaAY confines its business exclusively to purchasing andel 1j

securities as a broker'.In view of this statement, it appears that the pro-

visions of Section 32 are inapplicable to the relationship

rered by Mr. Hardy's application and, therefore, it will bePpreciated if you will advise him accordingly."

Approved.

Letters dated May 26, 1934,tO the rou.oving

applicants for permits under section 32 of the Bankingliot of 1933;

covered by the

i ned to terminate,

that it would not be

the Congress to grant

aesires to submit further

each letter stating that it appears that the relationship

application is within the class which section 32 was de-

and that, accordingly, the Board is unable to find

incompatible with the public interest as declared by

the application, although in the event the applicant

the Boa,ra. is

prepared to give

as 41; " Mathews, for permission to serve at the same timeviii:irman of the board and director of the Bank of Russell-Of tc,'Arkansas, and as president and director

Mathews Investment Company, Inc., Russellville, Arkansas.

eoMr, n

time ge Samuel Neal, for permission to serve at the sameas President and director of the Bank of Russellville,

approved by six members of the Board,

facts or arguments in support of the application

them consideration:careful


15625/28/34

Russellville, Arkansas, and as treasurer and director of theMathews Investment Corapany, Inc., RuSsellville, Arkansas.

Approved.

Letter dated May 26, 1934, approved by six members of the Board,to

Casa, Federal Reserve Agent at the Federal Reserve Bank of NewYork,

.stating that the Board has given consideration to the following

aPPlication for a permit under the Clayton Act, and that, upon the basisof the

information before it, feels that the issuance of the permit8141lied

for would be incompatible with the public interest. The letter

tiola

4 the matter, and to advise the Board promptly as to whether the

aplAioant desires to submit any additional data, and, if not, as to whatsteps

he iproposes

to take in order to comply with the provisions of the

Cla'Yt°11 Act.

Mr. 11 oward S. Lyon,for permission to serve at the same timeall officer of the Somerville Trust Company, Somerville,

Beelw jerseY, and as a director of The First National Bank ofJ.videre, Belvidere, New Jersey.

SO 1—equested the agent to communicate to the applicant the Board's posi-

Approved.

Letter dated May 26, 1934, approved by six members of the Board,

t°14rs Wood, Pederal

reatlial as

Reserve Agent at the Federal Reserve Bank of St. Louis

follows:

"eor ThrtesI)ondenc

is your refers to yo letter of May 4, 1934 and previousof e relative to the applicability of Section 8Apr Ile Clayton Act to the service of Mr. Charles J. Haase, as_es4clent of Marx & Bensdorf, Inc., Memphis, Tennessee, andist

director of the Federal Home Loan Bank, Cincinnati, Ohio.corlyould appear from the information contained in such .wileltIszolt:oz Ittszi.i.ef,en:.nezitcion to be determined is,

e loans secured by stock


1533

5k/311

"or bond collateral after January 1, 1934, and more -particular-whether the first mortgage bonds taken as collateral for

°ans are lbonds' within the meaning of that section.It is noted that Marx 84 Bensdorf, Inc., have approximately

eleven million first mortgage bonds outstanding. Although it is

either ar,,C-e, it is assumed that these bonds were issued in series,

r, sr in coupon or registered form, against pools of mortgages'11 real estate held in trust. Some of these bonds have been ac-cepted as collateral for loans, Without so ruling, it would

,Seem.that loans secured by such bonds would fall within theof Section 8A and therefore the relationshi-o of Mr. Haase

described above would be prohibited. However, since the Boardhno information concerning the character of such bonds, itbe appreciated if you, with the advice of counsel for the

'.?deraithe lle serve Bank, will dispose of the matter. In this

Board'sconnec-tion

letter of April 16, 1934 (X-7866) may be ofasslstance to you."

-15-

Approved.

Letters dated May 26, 1934, approved by six members of the Board,

t° al:Tlicants for permits under the Clayton Act, advising of approval of

their aPplications as follows:

lit11:1 Claude L. Allen, for permission to serve at the samelieje as a director and officer of the Melrose Trust Company,00 e, Massachusetts, as a director of the Somerville Trustse:4'arW, Somerville, Massachusetts, and as a director of The'ilerville National Bank, Somerville, Massachusetts.

lir. /7vernal W. Bates, for permission to serve at the same time'13eria director of The First National Bank and Trust Company of

!Ter 141alle11, New Haven, Connecticut, and as a director of Ther's Plan Bank of New Haven, New Haven, Connecticut.

lir. -0-tira '4'ederick T. Bradley, for permission to serve at the sameof as a director of The First National Bank and Trust Company

llorrriv Hallen, New Haven, Connecticut, and as a director of The--s Plan Bank of New Haven, New Haven, Connecticut.

Mr'ttme -ara B. Gumbart, for permission to serve at the same

Ras a director and officer of The Morris Plan Bank of

0011;eeNticlilotpir„

ti al'e atn, New Haven, Connecticut, and as a director of The

1:lal Bank and Trust Company of New Haven, New Haven,


1564

5N31

Mr. Edwin P. Root, for permission to serve at the same timeas a director of The Morris Plan Bank of New Haven, New Haven,Connecticut, and as a director and officer of The First National

Bank and Trust Company of New Haven, New Haven, Connecticut.

!;!. Edward B. Spalding, for permission to serve at the same3:111s as an officer of The First National Bank and Trust CompanyOf New Haven, New Haven, Connecticut, and as a director ofThe Morris Plan Bank of New Haven, New Haven, Connecticut.

M. Thomas M. Steele, for permission to serve at the same time

ao-s a director and officer of The First National Bank and Trust,°mP.:911Y of New Haven, New Haven, Connecticut, and as a director

lale Morris Plan Bank of New Haven, New Haven, Connecticut.

Mr. mwlarles M. Walker, for permission to serve at the same time

r" a director and officer of The Morris Plan Bank of New Haven,a Haven, Connecticut, and as a director of The First Nationalank and Trust Company of New Haven, New Haven, Connecticut.

Mr. will.lam A. Warner, for permission to serve at the same

it,T; ' as a director of The Morris Plan Bank of New Haven, Newfsn, Connecticut, and as a director of The First National Bank'4441Trust Company of New Haven, New Haven, Connecticut.

Mr.za. ice N. Welch, for permission to serve at the same time

ta director and officer of The First National Bank and Trust

4orpanY of New Haven, New Haven, Connecticut, and as a direc-

cut of The Morris Plan Bank of New Haven, New Haven, Connecti-•

Mr. un, "enrY A. Alker, for permission to serve at the same timeii;,..director and officer of The Harbor National Bank of Port04."gton, Port Washinzton, New York, and as a director andpc, leer of The Port Washington National Bank and Trust Company,rt W

ashington, New York.

Mr. elas .Larence Walters, for permission to serve at the same timea director and officer of The First National Bank of Belvi-dere, Belvidere, New Jersey, a Thnd as a director of e Phillips-National Bank and Trust Company, Phillipsburg, New Jersey.

di • Walters, for Permission to serve at the same time aspaiiijector of The Phillipsburg National Bank and Trust Company,

Natil,113sburC, New Jersey, and as a director of The First"nal Bank of Belvidere, Belvidere, New Jersey.


5/28/34

-17-

Mr. R. J. McCleery, for permission to serve at the same timeas a director and officer of The Peoples National Bank ofWest Alexander, West Alexander, Pennsylvania, and as a direc-tor of The National Bank of Claysville, Claysville, Pennsyl-vania.

1565

Mr' 0. DeGray Vanderbilt, Jr., for permission to serve at the!ame time as a director of The First National Bank of Norwood,Norwood, Ohio, and as a director and officer of The Camargo Bank,Madeira, Ohio,

14" A. C. Clewis, for permission to serve at the same time asdirector and officer of The Exchange National Bank of Tampa,Tampa,

Florida, as a director and officer of the First Savingsd'e Trust Comnany, Tampa, Florida, and as a director of the Bankof Dunedi n,L Dunedin, Florida.

Mr. George B. Howell, for permission to serve at the same time;3 a director and officer of The Exchange National Bank of

andarlPTariuTs Company, ar'apPlazw,orida, and as a director of the First Savin-gs

Tampa, Florida.

Mr. p -1a1Lt A. Hoxie, for permission to serve at the same time

a director of The Exchange National Bank of Tampa, Tampa,orida, and as a director of the First Savings and TrustvmPa4Y, Tampa, Florida.

14r• as Pet er 0. Knight, for permission to serve at the same timeTar: director and officer of The Exchange National Bank ofaler,„ Tampa , Florida, as a director of the First Savingscol _rust Company, Tampa, Florida, and as a director of thelarabiaBanIc of Thor City, Tampa, Florida.Mr. p. nas a „,.v. Knight, Jr., for permission to serve at the same timeplo .ulrector of The Exchange National Bank of Tampa, Tampa,

lled,ailZd:! a director of the Hernando State Bank, Brooks-

Mr' Karl P.as . Whitaker, for permission to serve at the same time„:. dlr E.

of The Exchange National Bank of Tampa, Tampa,;40

10 -da , and as a director of the First Savings and TrustmPallY' Tampa, Florida.

Mr. w.as " 4. Harrell, for permission to serve at the same time01: Officer of The Hamilton National Bank of Chattanooga,

ITat*-6a4"ga , Tennessee, and as a director of The Hamiltonlona Bank of Johnson City, Johnson City, Tennessee.

Mr, La di_ Ynn Paler, for permission to serve at the same time as

1-ect •°r and officer of the Central National Bank and Trust


I5G65/28/34

-18-

Cora,1-anY of Des Moines, Des Moines, Iowa, and as a directorof The Pirst National Bank of Valley Junction, Valley Junction,Iowa.

!" E. J. Hirshberg, for Permission to serve at the same timea director and officer of The First National Bank of Choteau,

clioteau, Montana, and as a director and officer of The FirstIlational Bank of Fairfield, Fairfield, Montana.

Mr. .Ii Hollister, for permission to serve at the same time2-8 a director and officer of the Security National Bank andfrust Company of Sioux Falls, Sioux Falls, South Dakota, as2. director and officer of the Security State Bank, Geddes,2Outh

tate:ia Dakota,: and as a director and officer of the Security

Tyndall, South Dakota.

Miss Louise Muggli, for permission to serve at the same timea director and offider of The First State Bank of Roscoe,

ofsZe. tliZta, and as a director of The First National BankCold Spring, Minnesota.

tire. A,time 'nes Muggli Stein, for Permission to serve at the same0, ?, as

old

a director and officer of The First National Bank04ff„ SPring, Cold Spring, Minnesota, and as a director and

1"r of The First State Bank of Roscoe, Roscoe, Minnesota.

Mr. we Ea A.1. • Grisso, for permission to serve at the same time as0,4risctor and officer of the First State Bank, Seminole,

ab43/11a, as a director and officer of The Security National01:07,0f Norman, Norman, Oklahoma, and as a director of the"11°Ma State Bank, Konawa, Oklahoma.

Mr, ,a A4" 116 Patten, for permission to serve at the same time as

rsctor and officer of The Security National Bank of1\tatr•aall'Norman, Oklahoma, and as a director of The Firstlonal Bank of Edmond, Edmond, Oklahoma.

Mrs Leo(lire t ede' for permission to serve at the 47ame time as aGrazi,e, °r and officer of The John Schuhmacher State Bank, Laof 4)etTt%Tie a,nd as a director of The Farmers National Bank

Fayetteville, Texas.Mr, Retine nrY C. Schuhmacher, for permission to serve at the sameI/011,4.as a director of The Union National Bank of

Houston,.

TTeeTs, as a director of the Guardian Trust Company,, and as a director of the John SchuhmadherState

Be-11:k• La Grange, Texas.Mr. 17.

S' Chipman, for permission to serve at the same time


5128/34-19-

as a director of The Utah State National Bank of Salt LakeSalt Lake City,' Utah, and as a director of the State

zank of Lehi, Lehi, Utah.

1_567

Approved.

There were then Presented the following applications for changestfl St ock of Pederal reserve banks:

No 3

A lications for ORIGIN.AL Stock:

Pirst National Bar&- ill

Bangor'r, Bangor,

Penasylvezia 150°°11th Philadelphia National

Th 3axik ofPhi

360ladelphia, Philad.elphia, Pennsylvania

546

e First National Bank of Tuckahoe,

TI-Ickahoe, New Jersey 36

District No. 7.The National Bank of Bloomington,

IllinoisBlooraington,4.40 First National Bank in Traer,Traer, Iowa

hblications for SURRENDER of Stock:ct No. 2.Qle 'National Bank of Clayville,

1T. Y.41‘st National Bank of East Orange,Ea.st

Oroxtge, New Jersey4"Qe Cooperstown National Bank,Cooperstown, New York 60

District No. 4.711e National Bank of Commerce of Lorain,Lorain, Ohio 165165

kstriet

Chilton

11.0. 7The

National

Bank,°Ililton, Wisconsin

1)7111,8ti'ict No. 9.?irst

National Bank ofWoodstock, llinnesota

,,,,1`)4trict No. 12."Le Vancouver

National Bank'Varle°1-wer ,

Washington

Shares

153

Woodstock.,

108

45Total

18

141

36

18

85 Total

699

219

36

18

85523

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

Thereupon the meeting adjourned.


Documents

19340528_Minutes.pdf