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INDEX TO MINUTES OF BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1962 (PART 1) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis INDEX 1962 1 Pages ItAll Abandoned property, State statutes relating to: SEE: Deposits: Dormant accounts State laws: Dormant accounts Acceptances: First National Bank of Miami, Fla., authorized to accept drafts or bills of exchange drawn for purpose of furnishing dollar exchange as required by usages of trade in certain designated countries, dependencies, or insular possessions of the U.S. Bank of Oregon, Portland, Ore., First National authorized to accept drafts or bills of exchange drawn by Banco de la Republica, Bogota, Colombia, for purpose of furnishing dollar exchange Relationship of transaction to Western Bancorporation and Western Bancorporation International Bank, and provisions of sec. 6(a)(4), Bank Holding Company Act and also Reg. K reviewed First Pennsylvania Banking and Trust Company, Philadelphia, Penna., authorized to accept drafts or bills of exchange drawn for the purpose of furnishing dollar exchange National Bank of Washington, Tacoma, Wash., authorized to accept drafts or bills of exchange drawn by Banco de la Republica, Bogota, Colombia, for purpose of furnishing dollar exchange Relationship of transaction to Western Bancorporation and Western Bancorporation International Bank, and provisions of sec. 6(a)(4), Bank Holding Company Act and also Reg. K reviewed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/22 2265, 2272 11/16 4358, 4364 11/16 4359 1/31 349, 372 11/16 4358, 4363 11/16 4359 1962 2 Pages Acceptances: (continued) Southern Arizona Bank and Trust Company, Tucson, Arizona, authorized to accept drafts or bills of exchange drawn by Banco de la Republica, Bogota, Colombia, subject to termination on 90-day notice, for purpose of furnishing dollar exchange Relationship of transaction to Western Bancorporation and Western Bancorporation International Bank, and provisions of sec. 6(a)(4), Bank Holding Company Act and also Reg. K reviewed Acceptances, bankers: Export Import Bank of Washington, acceptances fully guaranteed by, question from representative of, with respect to cooperation of banks in connection with, reported by Gov. Robertson Manufacturers Hanover International Banking Corp., New York, N.Y., noted, without objection, purchase of bankers acceptances from the funds paid by Manufacturers Hanover Trust Company for capital stock of Manufacturers Hanover International Finance Corp., New York, N.Y., noted without objection, purchase of bankers acceptances from the funds paid by Manufacturers Hanover Trust Company for capital stock of of capital and surplus: 1007 to up Acceptances Sumitomo Bank of California, San Francisco, Calif., subsidiary of Sumitomo Bank, Ltd., Osaka, Japan, which maintains a New York agency, request for authority to accept commercial drafts or bills of exchange up to 1007 of capital and surplus, agreed to defer action until staff checked further with FRBank of San Francisco Irregularities presenting an important supervisory problem indicated by Gov. Mills http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/16 4358, 4362 11/16 4359 1/29 318 4/18 1386, 1402 4/18 1386, 1403 11/5 4239 11/5 4242 1962 3 Pages Acceptances up to 1007 of capital and surplus: (continued) Sumitomo Bank of California, San Francisco, California: (continued) Review of additional information, increased acceptance powers granted under 11/19 specified conditions Accounting Manual: Budgets of FRBanks, Accounting Manual to be revised to reflect changes in Federal Reserve Bank budgetary procedures as adopted by Presidents' 6/27 Conference and approved by Board Revisions relating to charges for Bank-owned furniture and equipment, functional expense distributions for retirement and other benefits, and the new formula for computing charges to reimbursable Fiscal Agency units re floor space in Bankowned buildings, approved by Board, advice to Chairman of Presidents' Conference with copies to all Federal Reserve Bank pres3/16 idents Accounting procedures: FRBanks: Fiscal Agency units, new formula for computing charges to reimbursable, for use of floor space in Bank-owned buildings, actions of the Presidents' Conference concerning changes in Accounting Manual re, approved by Board, advice to Chairman of Presidents' Conference with copies to all Federal Reserve 3/16 Bank presidents "Retirefor distributions Functional expense ment and other benefits", actions of the Presidents' Conference concerning changes in Accounting Manual re, approved by Board, advice to Chairman of Presidents' Conference with copies to all Federal 3/16 Reserve Bank presidents http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4371, 4420 2402 912, 937 912, 937 912, 937 1962 4 Pages Accounting procedures: (continued) FRBanks: (continued) Furniture and equipment, usage charges for Bank-owned, actions of the Presidents Conference concerning changes in Accounting Manual re, approved by Board, advice to Chairman of Presidents Conference with copies to all FRBank presidents Holding company affiliates, change in financial reporting procedure by First Virginia Corp., Arlington, Va., as reflected by a Preliminary Prospectus filed with the Securities and Exchange Conunission, contrary to Board policy as indicated in the Standard Voting Permit Agreement, agreed that representatives of First Virginia Corp. and Securities and Exchange Commission be invited to meet with representatives from the Legal and Examination Divisions prior to further consideration by the Board Indicated Change in financial reporting procedure by First Virginia Corp., Board's views re such change, sent to First Virginia Corporation Accounts, FRBanks: Difference (over and short) accounts, Mr. Smith to review, to make sure no trend suggesting laxity at any FRBank could be detected Addresses: Cross, Howard, Vice President, FRBank of New York, comments made at appearance before Chamber of Commerce in San Juan, Puerto Rico, re FDIC attitude toward chartering new banks in Puerto Rico, as set forth in article in San Juan Star, letter from Chm. Cocke, FDIC, to Secretary of Treasury, Puerto Rico, with respect to, copy sent to Pres. Hayes http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/16 912, 937 1/2 1 2/1 379 11/19 6/7 4377 2069, 2079 1962 5 Pages Administrative Procedure Act: H.R. 9929, proposed revision of, report affirming Board's views previously expressed on an identical bill, approved for transmittal to Congressman Celler, Chairman of the House Committee on the Judiciary Settlement of cases, consideration of any reasonable proposal required by, discussed in connection with current case Separation of functions, members of staff who may properly participate in settlement negotiations, requirements under, referred to by Mr. Hackley Affiliates: Indebtedness of affiliates of State member banks in connection with investments in bank premises, letter to FRBank of Minneapolis re certain situation, and re requirement of Board's approval of certain transactions in connection with, approved, with understanding edited copies to be sent to all FRBanks Security Building, Inc., subsidiary of Security Bank & Trust Company of Bozeman, Mont., indebtedness incurred by, in connection with erection of bank's building, letter to FRBank of Minneapolis re, and question of Board approval of transaction Union Properties, Incorporated, former wholly owned affiliate of Union Commerce Bank, Cleveland, Ohio, investment in bank premises from May 31, 1950, to October 31, 1961, approved Agencies, foreign: Banca d'America e d'Italia, Milan, Italy, granted consent to establish an agency at the former location of its branch at Corso Italia 98, Catania, Italy, advice to Bank of America http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/16 600, 612 7/11 2597, 2605 7/11 2600 9/14 3504, 3541 9/14 3504, 3541 5/10 1779, 1794 5/24 1929, 1934 1962 6 Pages Agencies, foreign: (continued) Banca d'America e d'Italia: (continued) Consent granted Bank of America to the establishment by, of agencies in Milan, Rome, Turin, and Bologna Questions and discussion re lack of extensive information re, re condition of, and reference to examination of Bank of America Agency for International Development: Irvine, Reed, Chief, Latin America, Asia and Africa Section, Div. of International Finance, participation in survey mission to British Guiana as requested, authorized Air conditioning: Cincinnati Branch, proposed plan for the installation of a separate air conditioning system on the third floor, no objection interposed by the Board Alhadeff, David A., Professor at the Univ. of Calif., participant in seminar re proposed program for analysis of banking structure and competition, staff to determine availability re employment of American Bankers Association: Bank service corporations, H.R. 8874, bill authorizing certain banks to invest in, introduced by Congressman Spence as requested by, report sent to Congressman Spence to sending copy of report to objection No Center for Latin American Monetary Studies, possible participation of United States private banks at the Seventh Operational Meeting to be held in Mexico City, Sept. 314, 1962, suggestion to invite through Common trust funds, participation of funds held by banks as "custodian" under Uniform Gifts to Minors Act in funds under section 17(a), Reg. F, reply to inquiry from Trust Division approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/9 3845, 3853 10/9 3846 2/9 480, 499 11/14 4312, 4330 3/1 789, 791 2/26 2/27 715, 727 747 3/16 936 1/11 113, 127 1962 7 Pages American Bankers Association: (continued) Common trust funds: (continued) Proposal by Committee on Common Trust Funds of Trust Div., of the, to increase the dollar limitation that may be invested on behalf of any one trust in a common trust fund maintained under the provisions of section 17(c) (5) of Reg. F, agreed to defer decision re, until after consideration of bona fide fiduciary purpose test 4/30 question Discount eligibility of paper, suggestion by Subcommittee on Legislation that draft of proposed legislation re, be submitted to, for views, approved by Presidents Conference, agreed Board would consider matter at early date 9/27 9/28 Matter considered and discussed further International Banking Summer School to be held in Moscow, July 1962, arrangements for U.S. representation being made by, advice of Board's nominations for FRSystem candidates 2/12 sent to Luncheon in the staff dining room, authorized for officers of the National and State Bank Divisions of the, to be followed by a conference in Board room 10/10 American Electric Power System, "Key Employee Stock Purchase Plan--1959" of, request for review of previous ruling re, involving loans made by Manufacturers Trust Co., pledged by stock, and Irving Trust Co., backed by guarantee of, determined that loans by Irving Trust Co., not subject to Reg. U, advice to Simpson Thacher 4/11 & Bartlett American Telephone and Telegraph Company: Employees' Stock Plan, status under Reg. U of proposed loans by Albuquerque National Bank to persons who are purchasing shares of stock under, interpretation sent to FRBank of Kansas City with understanding it would be published in Federal 5/31 Register http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1529 3691 3725 523, 535 3875 1344, 1357 1980, 1995 1962 8 Pages American Telephone and Telegraph Company: (continued) Multiple group communication tariffs offered by, agreement with General Services Administration under which FRSystem would be afforded economies of, approved and executed, advice to Chairman of Presidents Conference Reference to savings that would be effected in line rental charges for System's leased wire system Anglo Argentina S. A. Compania de Seguros, Buenos Aires, Argentina, consent granted Bankers International Financing Company, Inc., New York, N.Y., to purchase stock of Annual reports: Board of Governors: Economic developments, review of, discussion re effectiveness of yearly publication of, in the annual report Examinations of national and District of Columbia banks, charges by Comptroller of Currency for providing FRBanks with copies of reports of, suggestion made at joint meeting with Presidents re statement of matter to be included in, for possible consideration by appropriate Congressional committees Consensus re including in proposed letter to Comptroller of Currency reference to inclusion of subject in Board's annual report Policy actions of Federal Open Market Committee, record of, staff suggestion re combining with policy records of Board and other material in order to present a single chronological record and enhance the effectiveness of Staff suggestion re combining policy records of Board and FOMC with other material in order to present single chronological record and enhance the effectiveness of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/25 4064,4079-80 10/25 4079 3/5 820, 825 2/14 555 6/19 2213 6/21 2242 2/14 555 2/14 555 1962 9 Pages Annual reports: (continued) Board of Governors: (continued) Open Market Transactions of FRSystem, Table No. 5, recommendation re expansion to include monthly data for outright transactions in Government securities for certain maturity groupings, approved Board of Governors, 1961: Federal Open Market Committee action terminating the three operating policies adopted in 1953, suggestion by Mr. Molony to cut extensive discussion included in galley proof text of the, matter to be considered further Consensus a brief statement be used in text of, Mr. Molony authorized to revise the proposed paragraph Policy records of Board and FOMC for inclusion in, status commented on Policy record, actions approved for inclusion in Discussion re inclusion of qualifying statements in, Governor King's opinion that separate statement should be limited to members who actually dissented Policy record, actions of Federal Open Market Committee, approved for inclusion in, following discussion re length of dissenting statements compared with majority statements, and certain changes in statements of Governors Robertson and Mills having been noted Transmitted to Speaker of House of representatives, with copy to President of Senate, noted First Wisconsin Bankshares Corporation, Milwaukee, Wisc., extension of time for filing of annual report granted Architects: Harbeson Hough Livingston & Larson, Philadelphia, Pa., (successor to Paul P. Cret, Architect) to be requested by Governor Shepardson to review plans for possible addition to Board's building, on lot on north side of C Street http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/15 571 2/14 554 2/15 574 2/7 444 2/14 552 2/14 553 2/15 572 3/8 852 4/30 1526, 1542 4/24 1468 1962 10 Pages Arcturus Investment & Development Ltd., Montreal, Canada, consent granted retroactively to Chase International Investment Corporation, New York, N.Y., re the purchase of stock shares of, and extension of time within which certain other investments may be made in Noted in reviewing report of examination of Chase International Investment Corporation, that Board was not informed of stock purchases by, as required by Condition 1 of the General Consent Acquisitions of stock in generally designated types of corporations, extension of termination date of outstanding general consent for, to Chase International Investment Corporation and Area Redevelopment Act, referred to in connection with review of S. 3130, a bill authorizing the Secretary of Conunerce to purchase evidences of indebtedness from lending institutions in redevelopment areas Armored car service: Federal radio transmitting frequency, application for use by FRBank of Dallas and branches between armored cars and guard headquarters, letter from Mr. Spitz, Alternate Treasury Department Representative of Interdepartment Radio Advisory Committee, authorizing, transmitted to FRBank of Dallas Use of frequency at relocation center included in authorization Shipments of currency by registered mail and by, draft of letter to Postmaster General advising consensus of Presidents Conference re, prepared by Miscellaneous Operations Conunittee, discussed by Board, telegram to President Swan re certain suggested changes approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/16 1376, 1378 4/16 1379 12/20 4/18 4849, 4876 1396 12/17 4788, 4795 12/17 4795 9/21 3612, 3643 1962 11 Pages Army and Air Force Exchange: Deposits, question re eligibility to maintain a savings account with member banks, advice to FRBank of New York and funds deposited by, are not eligible Articles of Association: FRBanks, request from Comptroller of Currency to FRBanks for copies of, telegram to FRBanks from Board with respect to, approved No reference to, contained in FRAct noted Assessments: FRBanks, for expenses of Board for second half of 1962 For expenses of Board for first half of 1963 Association of Registered Bank Holding Companies, Washington, D.C., suggestion by Governor Robertson that it would seem appropriate to secure views of, with respect to question of policy involved re issuance by First Virginia Corp., Arlington, Va., of two classes of stock with unequal voting rights Bank holding company application Forms F.R. Y-1 and F.R. Y-2, letter re proposed revision, sent to Bank service corporations, H.R. 8874, bill authorizing certain banks to invest in, no objection to sending copy of Board's report to House Banking and Currency Committee Association of Reserve City Bankers: Absorption of exchange charges, discussion re situation at meeting of, reported in joint meeting of Board and FAC Discount eligibility of paper, suggestion by Subcommittee on Legislation that draft of proposed legislation re, be submitted to, for views, approved by Presidents Conference, agreed Board would consider matter at early date Matter considered and discussed further http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/8 61, 74 3/20 3/20 951, 975 952 6/22 2269 12/19 4809 7/11 2584 8/30 3329 2/27 747 5/1 1600 9/27 9/28 3691 3725 1962 12 Pages Audit function: FRBanks, internal, retention of public accounting firms by FRBanks to study, in connection with resolution adopted by Chairmen's Conference that directors of each FRBank have Audit Review Committee make such a study, discussion and understanding re Recommendations of Price Waterhouse & Co., re examining procedures and techniques of Board's field examining staff referred to in connection with Plan discarded by FRBank of Philadelphia, but adopted at FRBanks of New York and Chicago, noted Inquiries by Governor Balderston, in consideration of Reserve Banks' first half of 1963 budgets, re staff increase and upgrading in the examination function and, understanding, from which no dissent was indicated, that this strengthening was the Board's desire Auditors: FRBanks: Administrative audits of FRBanks by, question with respect to, raised by Governor Mitchell in connection with procedural changes in examination and supervision of FRBanks proposed by Governor Robertson Salaries, positions of General Auditors and Asst. General Auditors omitted from calculations per guidelines for percentage limitations on officers' salary increases at FR Banks, advice to FRBanks Audits: Board of Governors, 1961, by firm of public accountants, report including financial statements and report on scope of examination of financial statements, transmitted to Chairmen of Senate and House Banking and Currency Committees http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/23 2790 7/23 2790 9/13 3471 12/19 4834 12/20 4859 10/31 4196, 4213-16 2/21 688, 699 1962 13 Pages Audits: (continued) Board of Governors, 1962, public accounting firm of Haskins & Sells, selected to conduct, advice to Haskins & Sells, and advice to Price Waterhouse & Co. Comments re rotation of accounting firms FRBank of New York, review of internal audit function by Haskins & Sells, question re comments, re adequacy of procedures in auditing System Open Market Account, reply by Mr. Smith re time and effort devoted to audit of the Account as indicated by Price Waterhouse & Co. System Open Market Account, question re adequacy of procedures at FRBank of New York and comments by Haskins & Sells following their review of audit function at New York, reply by Mr. Smith re time and effort devoted to, as indicated by Price Waterhouse & Co. Automobiles: Market, appraisal of current strength of, topic for discussion with FAC Demand for automobiles will continue relatively good with firm used car prices, views of FAC expressed at joint meeting Awards: Distinguished Federal Civilian Service Award to be granted by President annually, as established by Executive Order 10717, Mr. Woodlief Thomas nominated by Board for, advice to be sent to Distinguished Civilian Service Awards Board Balance of payments: Edge Act corporation investments involving imports with possible effect on, discussed in connection with consideration of stock purchase of Chemical International Finance, and reference to letter from the Comptroller of the Currency re proposed investment of Boston Overseas Financial Corporation http://fraser.stlouisfed.org Federal Reserve Bank of St. LouisFurther discussion 4/9 4/9 1282, 1297-98 1282 11/19 4377 11/19 4377 8/28 3232, 3258 9/18 3560 1/31 370 3/1 783 3/2 799 1962 14 Pages Balance of payments: (continued) Edge Act corporations, investments in international factoring programs by, in relation to U.S. balance of payments problem and U.S. foreign trade policy, discussion in connection with applications of Boston Overseas Financial Corporation, views of Comptroller of Currency noted Further discussion, reference to study of Reg. K with hope expressed that it would shed light on Board's approach to problem United States: Deficit in, public concern re, topic for discussion with FAC Certain suggestions re possible elimination of deficit, discussed at joint meeting of Board and FAC Further reference to problem Problems resulting from, FAC inclined to place relatively more weight on international considerations in view of, in area of monetary and credit policy, views of FAC in joint meeting with Board Appraisal of public reaction to, topic for discussion with FAC Little reaction by the general public re latest developments in, concern indicated by informed persons re the increase in payments deficit, views expressed at the meeting with FAC Report by Mr. Furth re situation Banco Lar, Brazilian banking corporation, partiallyowned by Chase Manhattan Overseas Corp., problems involving loan arrangements in connection with, and also involving Chase Manhattan Overseas Banking Corp., noted in consideration of report on H.R. 12501, bill dealing with such problems http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/18 2742 7/23 2782 2/1 384, 391 2/20 2/20 668 671 5/1 1593 11/2 4220, 4232 11/20 11/6 8/13 4439 4255 3075 1962 15 Pages Bank automation: Survey re, of commercial banks having certain total deposits, and proposed form for, reviewed by Chairmen of automation subcommittees of Presidents' Conference Committee on Systems and Procedures and by System Research Advisory Committee, approved by Board, advice to FRBanks Bank holding companies: Bank Stock Corporation of Milwaukee, Wisconsin: Applicability of paragraph (4), section 8, Clayton Act, to dual service as officers and directors of Marshall and Ilsley Bank and Silver Spring Bank, both of Milwaukee, Wis., in event controlling interest of latter bank is not acquired by, reply approved, Governor Mills' reservations having been noted Application for prior approval of acquisition of stock of Silver Spring Bank, Milwaukee, Wis., approved, Governor Robertson dissenting, pending antitrust suit brought by Justice Dept. against, in connection with its acquisition of Bank of Commerce, discussed in relation to instant case Issuance of Order and Statement authorized Request by Dept. of Justice for condition reports and earnings and dividends reports for years 1956 through 1961 of certain State member banks in Milwaukee County for use in pending case involving, letter agreeing to make reports available approved, with Governor Mills dissenting SEE: Bank holding companies: Marshall and Iisley Bank Stock Corporation, Milwaukee, Wisconsin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/21 679, 697 1/26 303, 313 3/21 981 3/28 1085, 1088 4/18 1388, 1419 1962 16 Pages Bank holding companies: (continued) Brenton Companies, Inc., Des Moines, Iowa, application to acquire shares of Poweshiek County National Bank of Grinnell, The First National Bank of Perry, Brenton State Bank, Dallas Center, and Jefferson State Bank, Jefferson, all of Iowa, approved with Governor Mitchell's reservations noted Possibility of a conflict of interest operation between the Brenton family and minority shareholders of the holding company questioned by Governor Mitchell Issuance of order and statement authorized C. B. Investment Corporation, Houston, Texas, approval re stay of Board's order directing divestment of bank shares of the First National Bank of La Porte, Texas and the First National Bank of Port Arthur, Texas Application for acquisition of stock of The First National Bank of Port Arthur, Texas, through exercise of preemptive stock purchase rights approved unanimously, order and statement to be prepared for Board consideration Heavy indebtedness of Corporation noted Order and statement approved Petition for reconsideration of Board's conclusion re divestment of certain shares of First National Bank of La Porte, Texas and First National Bank of Port Arthur, Texas, following discussion of possible willful violation by exercise of certain rights without prior Board approval, and possibility of oral presentation, letter to FRBank of Dallas re Board's view and position, approved Columbia Bancorporation, sale by Western Bancorporation, Los Angeles, Calif., of approximately 937 of all shares of common stock of First Western Bank and Trust Company, Los Angeles, Calif. to, Board concludes that Columbia Bancorporation will not be a bank holding company http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/2 4221 11/2 4221 11/19 4371, 4415-17 1/18 217, 224 2/14 2/14 2/19 551 551 628, 639-41 5/31 1981, 2001 3/7 838 1962 17 Pages Bank holding companies: (continued) Commercial Associates, Inc., Pensacola, Fla., application to acquire stock of Commercial National Bank of Pensacola, Fla., and Bank of Gulf Breeze, Fla., approved Issuance of order and statement authorized Financial General Corporation, exempt from the requirements of Bank Holding Company Act in light of registration under Investment Company Act of 1940, possible amendment repealing exemption, letter to Senator Robertson, Chm. of Committee on Banking and Currency First Bancorporation of Florida, Inc., Orlando, Fla., application for approval to become a bank holding company through acquisition of stock of Barnett National Bank of Jacksonville; First National Bank of Miami; First National Bank of Orlando, and Exchange National Bank of Tampa, all in Fla., following discussion and presentation of statement by Governor Mills, application denied, Governors Mills and Shepardson dissenting Agreed that no oral presentation be held Issuance of order denying, majority statement, and dissenting statement, of Governors Shepardson and Mills authorized Date of issuance noted First Bank Stock Corporation, Minneapolis, Minn., increase in the concentration of resources held by, noted in report to Comptroller of Currency on competitive factors in connection with proposed merger of three small State banks into The National Bank of South Dakota, Sioux Falls, a subsidiary of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/9 8/28 3053 3233, 3260-67 4/9 1283, 1300 6/25 6/25 2283 2295-97 7/27 7/27 2860, 2877 2861 12/3 4599 1962 18 Pages Bank holding companies: (continued) First Oklahoma Bancorporation, Inc , Oklahoma City, Oklahoma: Application to become a bank holding company: Discussion re possibility of holding an oral presentation or public hearing with respect to, expansion of holding company operations and trend toward substitution for branch bank operations noted, agreed matter to be considered further at another meeting Review by Mr. O'Connell of protests received re, agreed to hold public hearing, Governor Mills dissenting, Legal Division to make necessary arrangements, notice of Order for Hearing issued Arrangements re hearing with respect to the proposed acquisition of shares of First National Bank and Trust Company of Oklahoma City, Oklahoma, and Idabel National Bank, Idabel, Oklahoma, reported, anticipated that C. W. Schneider, Hearing Examiner, NLRB, will serve as Hearing Examiner, Mr. O'Connell as Board Counsel, assisted by Mr. Leedy, General Counsel and Secretary, FRBank of Kansas City designated as Hearing W. Schneider C. Examiner, report by Mr. O'Connell re certain motion filed in case, understood Mr. O'Connell to proceed at his discretion Order denying motion to extend date for hearing and motion for special permission to appeal adverse ruling of the trial examiner, approved Renewal of motion that certain protesting banks be admitted as parties in hearing re, contained in telegram from counsel for protesting banks, reply denying motion for certain reasons, approved, proposed action to be taken, in event Hearing Examiner proposes to admit certain parties, indihttp://fraser.stlouisfed.org cated by Mr. O'Connell Federal Reserve Bank of St. Louis 3/16 914 4/9 1271, 1293 4/13 1364 5/15 1828 6/1 2014, 2027 6/4 2034, 2047 1962 19 Pages Bank holding companies: (continued) First Oklahoma Bancorporation, Inc.: (continued) Application to become bank holding company:(continued) Order for public oral argument issued, including denial of certain motions of protesting banks regarding two issues of late filing 10/5 Order granting motion by protesting banks to clarify Board's order of Oct. 5, 1962, and denying motion to strike applicant's response to protesting banks exceptions, and postponement of oral argument, reopening of hearing record or remanding proceeding and record to hearing examiner 10/11 Order approved, Governors Robertson and King dissenting 10/31 Request by Senator Monroney that decision be withheld until after meeting of State legislature in Jan. 1963, understood that Chm. Martin would explain why Board was not in position to comply 11/14 Motion to reopen the record to permit cross examination on matters received in evidence, received from protesting banks in matter of, agreement with recouunendation of Legal Div. that motion be 11/15 denied, staff to draft order Issuance of order and statement denying motion to reopen record and permit cross examination on matters received in evidence, 11/28 authorized Issuance of order, majority statement, and dissenting statements of Governors Robertson and King, 11/28 authorized First Security Corporation, Salt Lake City, Utah, application to acquire stock of Carbon Emery Bank, Price, Utah, denied 2/5 expressed by Commissioner Utah Bank Concern re acquisition of additional banks 2/5 and establishment of new branches 2/15 Issuance of Order and Statement authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3816, 3840 3886, 3913 4185 4324 4349 4537, 4551-58 4537, 4559-94 414 414 569, 587-96 1962 20 Pages Bank holding companies: (continued) First Virginia Corporation, Arlington, Virginia, change in financial reporting procedure as reflected by a Preliminary Prospectus filed with Securities and Exchange Commission, contrary to Board policy as indicated in Standard Voting Permit Agreement, agreed that representatives of First Virginia Corp. and SEC be invited to meet with representatives of Legal and Examinations Divisions prior to further consideration by Board Review of meeting with representatives of, and of meeting with representatives of SEC, Board's views re such change sent to Order extending time for acquisition of stock of Richmond Bank and Trust Company, Richmond, Va., approved and issued Applications to acquire stock of Farmers & Merchants National Bank of Winchester, Va., Southern Bank of Norfolk, Va., and Peoples Bank of Mount Jackson, Va., question re holding oral presentation in light of policy questions re issuance by, of two classes of common stock having unequal voting rights, agreed matter be considered with full Board Fourth application involving Shenandoah County Bank & Trust Co., Woodstock, Va., submitted, agreed to arrange a meeting with, and request financial information, possibility of amending or issuing an interpretation of Regulation Y to be explored Application to acquire stock of four Virginia banks, following discussion re matter of two classes of common stock (voting and limited voting); review of memorandum from Legal and Examinations Divisions, applications disapproved, Gov. Mills dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/2 1 2/1 379, 387 3/2 799, 810 6/27 2377 7/11 2578, 2641 8/3 2932 1962 21 Pages Bank holding companies: (continued) First Virginia Corporation, Arlington, Va.: (continued) Application to acquire stock of four Virginia banks: (continued) Following presentation of procedural proposal by Mr. O'Connell, understood Legal Div. would prepare for consideration an order and statement relating only to denial of application re Farmers and Merchants Nat'l 8/8 Bank, Winchester, Va. 8/8 Gov. Mills' vote noted Application to acquire stock of Farmers and Merchants National Bank of Winchester, Va., issuance of order, majority statement and dissenting statement of Gov. Mills authorized 8/28 Inquiry by Gov. Mitchell as to whether evidence in record indicated First Virginia was not rendering services 8/28 to its subsidiary banks Application for acquisition of stock of Southern Bank of Norfolk, Peoples' Bank, Mount Jackson, and Shenandoah County Bank and Trust Company, Woodstock (all in Virginia), approved unanimously, rescinding Board's previous action of disapproval, subject to action being taken by, to amend articles of incorporation to pro9/21 vide only one class of stock Issuance of order and statement approving, authorized, following conunents by Gov. Mitchell re content of 10/17 statement First Wisconsin Bankshares Corporation, Milwaukee, Wis., extension of time for filing of annual report granted 4/30 Application to acquire stock of Merchants & Savings Bank, Janesville, Wis., procedural question in light of statutory requirement to hold hearing since adverse recommendation received from Wisconsin Commissioner of Banks not received by Board until after expiration of 30-day period provided by law, agreed to order an oral presenta6/18 tion before the Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3035 3041 3233, 3260-65 3234 3616 3939, 3951-65 1526, 1542 2190 1962 22 Pages Bank holding companies: (continued) First Wisconsin Bankshares Corporation, Milwaukee, Wisconsin:(continued) Application to acquire stock of Merchants & Savings Bank, Janesville, Wis.: (continued) Order issued Comments by Mr. O'Connell re arrangements for oral presentation tomorrow Agreed to defer decision pending study of case in relation to application to acquire stock of American Bank and Trust Company, Racine, Wis., and application of Marine Corporation to acquire stock of Beloit State Bank, Beloit, Wis., suggested Div. of Research and Statistics provide economic commentary on situation Views of Board members expressed, application denied by unanimous vote Application to acquire shares of American Bank and Trust Company, Racine, Wisconsin., denied by unanimous vote General Bancshares Corporation, St. Louis, Mo., application to acquire shares of the Commercial Bank of St. Louis County, Olivette, Mo., and the Lindbergh Bank, Hazelwood, Mo., agreed to defer action pending preparation by the Div. of Examinations of further memorandum re financial and banking aspects of Applications approved, Governors Robertson, Shepardson, and Mitchell dissenting Issuance of Order, majority statement, and dissenting statement of Govs. Robertson and Mitchell authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/18 2194, 2209 8/6 2972 9/28 3712 12/19 4816 12/19 4819 2/27 740 4/10 1320 4/27 1508, 1514 1962 23 Pages Bank holding companies: (continued) General Bancshares Corporation, St. Louis, Mo.: (continued) violations of section 6 of Bank Possible Holding Company Act, disclosed in reports of examination by FDIC of The Baden Bank of St. Louis and Jefferson-Gravois Bank of St. Louis, involving their participation in loans originated by the Cotiuiiercial and Industrial Bank, Memphis, Tenn., all 3 banks subsidiaries of, letter to FRBank of St. Louis setting forth a tightening of standards, with copies to FRBanks, Comptroller of Currency, and FDIC Concern re practice and agreement with limiting intersubsidiary participations to new loans rather than outstanding loans, expressed by Gov. Mills Marine Corporation, Milwaukee, Wis., application for prior approval of acquisition of shares of Security State Bank, Madison, Wis., request by Governor Mitchell for more information re services available to subsidiary banks of, action deferred pending availability of such information Application approved Issuance of order and statement approving application authorized Application to acquire stock of Beloit State Bank, Beloit, Wis., adverse recommendation received from Wisconsin Commissioner of Banks, issuance of order for public hearing authorized, staff to proceed with arrangements for hearing, letter notifying of time and place of hearing sent to Charles W. Schneider selected by Civil Service Commission to serve as Hearing Examiner in connection with http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/17 4788, 4796 12/17 4789 5/17 5/22 1856 1906 6/4 2032, 2038 7/18 2752, 2760-64 7/18 2754 1962 24 Pages Bank holding companies: (continued) Marine corporation, Milwaukee, Wisconsin: (continued) Application for prior approval of acquisition of stock of Marine National Bank of Waukesha, Wis., a proposed new bank in process of organization approved unani8/22 mously Issuance of order and statement autho9/12 rized Application to acquire stock of Beloit State Bank, Beloit, Wis., denied with 12/19 Governor King dissenting Marine Midland Corporation, Buffalo, New York, certain pending and prospective holding company applications from, letter from Comptroller of Currency recommending against Board approval of, noted 2/7 Application (proposed) to acquire stock of Security National Bank of Long Island, Huntington, New York, submission of Exhibit E(3) concerning character of management with request for confidential treatment in connection with Board action, including possible public hearing, advice to Phillips, Mahoney, Lytle, Yorkey 4/16 & Letchworth Procedural question in light of statutory requirement to hold hearing since adverse recommendation of Comptroller of Currency not received by Board until expiration of 30-day period provided by law, following discussion, agreement on procedure re possible oral presentation, with Governor 6/18 Robertson's reservations noted Status of application before New York 6/18 State banking authorities noted Favorable action having been taken by New York State banking authorities, Order for public oral presentation issued 7/23 Suitable date for oral presenta7/23 tion noted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3174 3440,3448-54 4822 443 1376, 1380 2184 2186 2787, 2810 2789 1962 25 Pages Bank holding companies: (continued) Marine Midland Corporation: (continued) Application re Security National Bank: (continued) Copies of letters received from Comptroller of Currency and Department of Justice sent to, with letter advising names of parties granted permission to appear at oral presentation and re private presentation to Board of certain information 8/30 Request for permission to appear at oral presentation denied, views in writing will be given consideration, advice to Sidney Friedman, New 9/10 York, N. Y. Telegram to Sidney Friedman reaffirming Board's denial of request to appear at oral presentation, approved 9/13 Understanding re procedure as requested by attorney for access to all correspondence addressed to Board 9/13 with respect to application Request by counsel for, re access to certain testimony presented in private to Board at oral presentation, letter re testimony of Arthur T. Roth with understanding re certain other requested infor9/21 mation, approved Denied, Governor Mitchell voting "no" 10/30 and Governor Mills abstaining, Comments by Governor King re statement, agreement re suggested editorial changes issuance of order, statement, and dissenting statement by Governor Mitchell, 11/19 authorized Marshall and Ilsley Bank Stock Corporation, Milwaukee, Wis., referred to in connection with discussion re Wisconsin bank holding company applications (formerly under 12/19 title of Bank Stock Corporation) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3327, 3337 3406, 3417 3456, 3486 3457 3615, 3645 4144 4369,4382-4414 4809 1962 26 Pages Bank holding companies: (continued) Montana Shares, Incorporated, Great Falls, Montana: Application to acquire stock of two Montana banks, Comptroller of Currency to submit views and requesting copy of application following notification by Board of receipt of application Two classes of stock of, each with certain rights and privileges, discussed in consideration of applications to acquire stock of three Montana banks Intention to acquire controlling interest in the Clinic Building Corporation, which holds stock of First National Corporation which has interest in certain residential properties, matter of section 4(c) prohibition, and possible divestment of nonbanking interest, discussed Applications to acquire stock of Central Bank of Montana, Great Falls; and additional stock of Citizens Bank of Montana, Havre; and Liberty County Bank, Chester, all in Montana, approved, Gov. Mitchell dissenting, subject to condition re new capital, and with understanding re recommendations of Div. of Examinations re condition of subsidiary banks and divestment of certain nonbanking interests. Issuance of the three orders and statements approving, authorized, with a dissenting statement by Gov. Mitchell, and a letter to the President of Intention to acquire controlling interest in the Clinic Building Corporation, which holds stock of First National Corporation which has interest in certain residential properties, matter of section 4(c) prohibition, no objection to transaction in light of proposed divestment of shares of First National Corporation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/18 2746 9/13 3460 9/13 3464 9/13 3460 10/3 3753, 3769-91 10/3 3753, 3790 1962 27 Pages Bank holding companies: (continued) Morgan New York State Corporation, Albany, N.Y.: Application to become a bank holding company by acquisition of stock of Morgan Guaranty Trust Company and certain other N.Y. State banks, letter from Comptroller of Currency recommending against Board approval, and letter from Morgan New York State Corporation replying to Comptroller's letter, to be made part of the public record Delay in processing by Board staff, understood Mr. Sherman to prepare prospective schedule for completing action on certain other cases and Question re procedure to follow re announcement of Board's decision re Application denied, staff to draft order and statement Order and statement denying application for permission to become a bank holding company authorized for release tomorrow Timing of release and form of press release re, discussed Concurring statement of Gov. Mitchell released May 8 noted Northwest Bancorporation, Minneapolis, Minn., Board's denial of application to acquire control of First National Bank of Pipestone, Minn., upheld by U.S. Court of Appeals in St. Louis, noted, reference to discretion of Board under Bank Holding Company Act in connection with Texas Bank and Trust Company, Dallas, Texas, request for withdrawal of directive requiring disposal of interest in the stock of First Bank and Trust Company of Richardson, Texas, such stock acquired by Texas Fiduciary Corp., a subsidiary of, withdrawal approved in light of no willful violation and expiration of bank holding company status of, advice to FRBank of Dallas http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/7 443 3/9 860 4/3 1130 4/5 1194 5/3 1663, 1671 5/3 1664-66 5/3 1666, 1715 6/25 2297 6/28 2406, 2416 1962 28 Pages Bank holding companies: (continued) Trans -Nebraska Company, Lincoln, Nebr.: Application to become a bank holding company through acquisition of stock of Martell State Bank, Martell, Nebr ; Sioux National Bank of Harrison, Nebr.; and Crawford State Bank, Crawford, Nebr.; agreed formal public hearing be held, Legal Division to make arrangements, order issued Position of Nebraska State Director of Banking noted by Gov. Robertson David London, Hearing Examiner, National Labor Relations Board, selected by Civil Service Commission as Hearing Examiner in the hearing re Request for continuance of date for hearing re, denied, advice to Joseph V. Johnson, Tecumseh, Nebraska Discussion re recommended changes in letter of denial United Virginia Bankshares, Incorporated, Richmond, Va.: Application to become a bank holding company by acquiring stock of Citizens Marine Jefferson Bank, Newport News; First and Citizens National Bank of Alexandria; First National Trust and Savings Bank of Lynchburg; Merchants and Farmers Bank of Franklin; State-Planters Bank of Commerce and Trusts, Richmond; and Vienna Trust Company, Vienna, Va., agreed matter to be considered further when all Board members are present Discussion re unfavorable report by Dept. of Justice indicating involvement in sec. 7, Clayton Act, understood that report would be considered before voting on pending application Noted that Justice had not complied with 30-day limitation in submitting reports, question of a time schedule to be discussed with Asst. Attorney General http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/8 3029, 3047 8/8 3030 3213 8/27 9/4 3343, 3356 9/4 3344 11/6 4266 11/14 4318 11/14 4321-23 1962 29 Pages Bank holding companies: (continued) United Virginia Bankshares, Incorporated: (continued) Application to become a bank holding company: (continued) Discussion re adverse report from Justice and implications thereof, application approved, Governor Robertson 11/15 4338 dissenting suggested and After further discussion changes by Gov. Mitchell, order, majority statement, and dissenting 12/5 4622, 4646-61 statement by Gov. Robertson issued Valley Bancorporation, Appleton, Wisconsin, application to become a bank holding company by acquiring stock of Appleton State Bank, Appleton, Bank of Black Creek, Black Creek, and Northern State Bank, Appleton (a proposed new bank), all of 12/19 4828 Wisconsin, approved unanimously Virginia Commonwealth Corporation, Richmond, Va.: Application to become a bank holding company by acquiring shares of Bank of Virginia, Richmond; Bank of Henrico, Sandston; Bank of Salem, Salem; Bank of Occoquan, Occoquan; Bank of Warwick, Newport News, 10/11 3888 approved unanimously Recommendations all favorable except 10/11 3888 Dept. of Justice Issuance of order and statement author10/25 4065, 4085-97 ized Request for determination pursuant to section 4(c)(6) of the Bank Holding Company Act re activities of Virginia Standard Corporation and State-Wide Insurance Corporation, Inc., nonbanking subsidiaries of, Notice of Request and Order for Hearing approved, to be published in the Federal Register, Mr. Ringer of the National Labor Relations Board designated 12/21 4953, 4965 as Hearing Examiner Western Bancorporation, Los Angeles, California, sale to Columbia Bancorporation of stock of First Western Bank and Trust Company, Los Angeles, Calif., no approval or other action of the Board necessary with respect to, 830, 838 3/7 advice to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 30 Pages Bank holding companies: (continued) Western Bancorporation, Los Angeles, Calif.: (continued) Request by Congressman Patman re applicability of sec. 3(d) of the Bank Holding Company Act, with respect to the merger applications of subsidiaries of, involving the approved merger of Bank of Idaho, Boise, Idaho, with The National Bank of Bonners Ferry, Idaho, and the possible merger of Walker Bank and Trust Co., Salt Lake City, Utah, with the First National Bank of Price, Utah, reply approved 4/16 1376, 1382 Failure of anticipated sale by, of First Western Bank and Trust Company, Los Angeles, Calif., as it reflects on capital adequacy of United California Bank noted 9/24 3653 Certain subsidiaries of, authorized to accept drafts or bills of exchange drawn by Banco de la Republica, Bogota, Colombia, provisions of sec. 6(a)(4), Bank Holding Company Act reviewed in light of 11/16 4358 transaction Relationship of Western Bancorporation Inter11/16 4359 national Bank to transaction noted Proposed sale of stock of First Western Bank and Trust Company, Los Angeles, Calif., to Greatamerica Corporation, letter to Covington & Burling indicating Board approval of specific 12/3 4597, 4605 transaction not required Certain variation in terms of sale does not alter Board's conclusion,no approval or action of Board required, advice to Covington & Burling 12/3 4758, 4775 Whitney Holding Corporation, New Orleans, La.: Application to become a bank holding company: Oral presentation re names of persons granted permission to appear at, not to be published but to be furnished in response to legitimate inquiries 1/4 41 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 31 Pages Bank holding companies: (continued) Whitney Holding Corporation: (continued) Application to become a bank holding company: (continued) Stenographic record of proceeding made of, copy of transcript placed in Board's files Letter to Mr. Saxon, Comptroller of the Currency reviewing the history of the application and requesting comments on views expressed re the Whitney National Bank of New Orleans during the oral presentation Indication that an opinion re the standing and integrity of the management of the Whitney National Bank of New Orleans was wanted Understood errata sheets for transcript of oral presentation of, to be prepared and filed with official documents Delay in processing by Board staff, discussion, understood Mr. Sherman to prepare prospective schedule for completing action on certain other cases and Question re procedure to follow re announcement of Board's decision re, discussion and consensus with respect to question Statements and arguments, for and against, heard at oral presentation, application approved, Gov. Robertson dissenting, staff to draft order and statements Issuance of order approving application for permission to become a bank holding company, majority statement, concurring statement of Governor Mitchell and dissenting statement of Gov. Robertson, authorized, reference to application of Whitney National Bank in Jefferson Parish to establish a branch in Airline Park Shopping Center http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/17 207 1/31 349, 375 1/31 349 2/7 444 3/9 860 4/3 1130 4/3 1131 5/2 1607, 1634 1962 32 Pages Bank holding companies: (continued) Whitney Holding Corporation: (continued) Application to become a bank holding company: (continued) Contemplated amendment to charter of, Board and staff have no comments to offer with respect to, advice to FRBank of Atlanta Protest from Mr. Lawrence A. Merrigan, President of Bank of New Orleans and Trust Co., re the formation of, indications that other banks might join Mr. Merrigan's bank in seeking judicial review of Board's decision, information noted, with comment that Board should act on petition for reconsideration promptly Petition for reconsideration of Board's order permitting Whitney to become a bank holding company, filed by Edward L. Merrigan on behalf of three banks located in Louisiana, denied, advice to Mr. Merrigan Letter from Comptroller of Currency Gidney containing his recommendation re application made available to Mr. Merrigan, understanding re furnishing Comptroller of Currency Saxon's letter Suit brought by three banks in Louisiana in U.S. District Court for District of Columbia to enjoin Comptroller of Currency from issuing certificate authorizing establishing of new branch bank facilities in the name of Whitney National Bank or otherwise in Jefferson Parish, noted Request for "rehearing" on application approved by Board, received from Louisiana State Bank Commissioner Jeansonne, denied, advice to Mr. Jeansonne http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/24 1929, 1939 6/14 2167 6/25 2275, 2308 6/25 2280 6/25 2176 6/25 2280, 2311 1962 33 Pages Bank holding companies: (continued) Whitney Holding Corporation: (continued) Application to become a bank holding company: (continued) Suit filed in U.S. Circuit Court of Appeals for New Orleans District to vacate Board's decision, request from attorney for, that certain parts of Whitney's application be treated as confidential and omitted from appeal record, reply indicating that request should be directed to Department of Justice Inquiry from Justice Dept. re Board's position in connection with the treatment of certain exhibits, reply approved Issuance of order extending time for opening of Whitney National Bank in Jefferson Parish, La., approved Periodic review of developments in the case suggested Bank Holding Company Act of 1956: Amendment re one-bank cases: Legislative proposal by Legal Division, with proposed amendment to section 3 (a)(1) discussed, certain loopholes noted by Mr. Solomon, proposal to be redrafted Question re provisions of, re tax relief incident to divestment of nonbanking interest in connection with one-bank definition, matter to be discussed with Bureau of Internal Revenue and Treasury Department Question re procedure for introduction of legislation Revised draft accepted for use in connection with legislative proposals Board might submit to this session of Congress exemption accorded companies of Removal registered under Investment Company Act of 1940, possibility discussed by Senator Robertson with Chairman Martin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/25 2845, 2852 8/3 2930, 2969 10/19 4013, 4026 10/19 4015 1/8 62 1/8 64 1/8 64 1/10 83 4/9 1283 1962 34 Pages Bank Holding Company Act of 1956: (continued) Amendment re one-bank cases: (continued) Draft bill containing amendments proposed by Board, submitted to Senator Robertson and Congressman Spence, Chairmen of Senate and House Banking and Currency Committees, with letter describing proposed changes and reiterating recommendations in 1958 Report to Congress re Applications under: Available for public inspection in cases where public hearing or oral presentation is ordered, except such portions that Board finds disclosure would not be in public interest, amendment to Board's Rules of Procedure approved, Governor Mills dissenting Banks in the New York City area, reference to conversation with the New York State Superintendent of Banks re views received from the Comptroller of the Currency re bank merger applications and Status of staff work reported by Messrs. Hackley and Solomon with respect to pending Consideration of memorandum from Messrs. Hackley, Noyes and Solomon re proposed program for analysis of banking structure and competition, to aid in consideration of bank merger applications and, staff to determine availability of Professor Alhadeff or another qualified person, and members for an advisory committee, informing Board re developments http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/9 1284,1299-1310 1/12 138, 151 1/25 293 2/7 444 3/1 786 1962 35 Pages Bank Holding Company Act of 1956: (continued) Applications under: (continued) Delays in processing by Board staff, proposed committee to consult with interested divisions re staff procedures and personnel situation, certain pending cases and schedules reviewed, agreed proposed study be deferred Messrs. Sherman, Hackley and Solomon requested to prepare report on current procedures Understood Mr. Sherman to provide Board with prospective schedule re certain pending cases Problem re question of whether substantial part of the banking system was going to be converted to the holding company pattern of operations in connection with consideration of, noted Question re immediate announcement of Board's decisions re, with order and statement to follow, or re withholding announcement until order and statement prepared, raised in connection with certain major cases under consideration, consensus no announcement to be made until order and statement are issued Procedures in handling bank merger applications and, previously adopted by Board, Gov. Mitchell's decision to cast his vote following expression of Board views in conformance with, in connection with consideration of merger applications of Chemical Bank New York Trust Company and Chase Manhattan Bank, both of New York City Request for confidential treatment of Exhibit E(3) concerning character of management with respect to proposed application of Marine Midland Corporation, Buffalo, N.Y., to acquire stock of Security National Bank of Long Island, Huntington, N.Y., advice to Phillips, Mahoney, Lytle, Yorkey, & Letchworth http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/9 860 3/9 865 3/9 866 3/16 916 4/3 1130 4/6 1261 4/16 1376, 1380 1962 36 Pages Bank Holding Company Act of 1956: (continued) Applications under: (continued) Suggestions by Governors Mitchell and Robertson to ascertain and describe functions in making examinations of bank holding companies and to include information on the activities of the applicants in the memoranda submitted to the Board, in light of additional information requested in consideration of application of Marine Corp., Milwaukee, Wis., for approval of acquisition of shares of Security State Bank, Madison, Wisconsin State bank supervisors be adthat Agreement vised of the filing of applications involving banks in their states, and that Comptroller of Currency be informed of receipt of applications involving State banks Procedure re notice of receipt of applications to supervisory authorities not required by law to make recommendations, agreement that no invitation for comments be included in letters of notification Proposed revision of Forms FR Y-1, and FR Y-2 tentatively adopted by Board, notice to be published in Federal Register for comments Copies to be sent to FRBanks for comment and distribution to registered bank holding companies; copies to be sent to Department of Justice, Comptroller of Currency, and Association of Registered Bank Holding Companies Legislation to require decisions on bank merger applications and, to be announced within a specified period of time, possibly the "60-day rule" as followed by the Comptroller of the Currency, noted by Chm. Martin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/22 1907 6/25 2281 7/18 2746 7/23 2786 7/23 2786 7/27 2861 1962 37 Pages Bank Holding Company Act of 1956: (continued) Applications under: (continued) Drafts of proposed forms FR Y-1 and FR Y-2 sent to Presidents of FRBanks for comments, letters sent to Comptroller of Currency, Dept. of Justice, Association of Registered Bank Holding Companies, and notice to be transmitted to Federal Register Delays in processing of, suggestions for expediting discussed, understanding re availability to Board members of weekly list of pending applications prepared by Division of Examinations, further understanding re primary responsibility residing in Governor Shepardson for working with staff in connection with Expediting the processing of, suggestion re discussion with FRBank Presidents re possibility of obtaining additional staff assistance from the Reserve Banks, referred to Governor Shepardson and Mr. Solomon for consideration Time limit in connection with the submission of reports by the Dept. of Justice re suggestion to discuss with the Asst. Attorney General in connection with the unfavorable report re the acquisition of stock of six Virginia banks by the United Virginia Bankshares, Incorporated, Richmond, Va. Procedures for processing by FRBanks by (1) expediting submission of memoranda to Board; (2) use of reasonably standardized format; (3) maintenance of high standards of accuracy; (4) presentation of factors both pro and con; and (5) objective analysis of points of view, letter to FRBanks Use of examining, research, and legal personnel suggested http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/30 3329, 3339 9/26 3670 10/1 3742 11/14 4321-23 12/20 4850, 4886 12/20 4887 1962 38 Pages Bank Holding Company Act of 1956: (continued) Bank holding company expansion in Wisconsin, discussed prior to consideration of two applications of First Wisconsin Bankshares Corp., and one application of The Marine Corporation, all of Milwaukee, Wisconsin Question whether financial needs of large industries should flow to New York and Chicago or if more desirable to build up other financial centers Further reference to by Governor Shepardson Bank mergers involving holding company banks, request by Congressman Patman re applicability under section 3(d) of the, in connection with merger applications of subsidiaries of Western Bancorporation, Los Angeles, Calif., reply approved Reference by Mr. Solomon re Board's previous position re possible extension of coverage under, discussed in connection with report on competitive factors re proposed merger of three small state banks into The National Bank of South Dakota, Sioux Falls, a subsidiary of the First Bank Stock Corporation, Minneapolis, Minn. Bank Service Corporation Act and, interpretation re applicability of, in certain situations, approved, to be pub lished in Federal Register and FRBulletin Bank service corporations: Question whether bank holding company-owned corporation serving only subsidiary banks is considered as, under Bank Service Corporation Act, and if such investment is permissible under, interpretation approved Owned by bank holding company or its subsidiaries, which also serves other banks, applicability of Bank Service Corporation Act and interpretation approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/19 4809 12/19 12/19 4813 4817 4/16 1376, 1382 12/3 4599 12/20 4852, 4914 12/20 4852, 4914 12/20 4852, 4914 1962 39 Pages Bank Holding Company Act of 1956: (continued) Bank service corporations: (continued) Question re limitation on investments by bank holding company systems in stock of, interpretation of sec. 302(b), Small Business Investment Company Act, applicable to, interpretation approved Bank stock, premiums paid for, comment by Governor Robertson re development of adequate information by bank examiners in connection with, as well as other factors that might suggest a conflict of interest Branch banking: State statutes relating to, in light of request by Gov. Mills, it was understood that the Legal Div. would prepare a memorandum re the Board's statutory responsibilities with respect to holding company cases indicating the possibility of an intent to circumvent Concluded that the Board be guided by and not influenced by State branch banking regulations Laws in Louisiana, opinion of La. State Attorney General re operations of bank holding companies in Louisiana in relation to, submitted by La. St. Bank Commissioner in connection with Whitney Holding Corp. matter Chain banking: Survey requested by Congressman Patman, Chm. of the House Small Business Committee, for data from all member banks re, draft letter to all domestic registered bank holding companies and holding company affiliates holding voting permits requesting information with respect to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/20 4852, 4914 11/2 4223 6/14 2167 7/9 2561 6/25 2280 4/11 1339 1962 40 Pages Bank Holding Company Act of 1956: (continued) Chain banking: (continued) Survey: (continued) Letter transmitting forms for use in obtaining information, and instructions, sent to each bank holding company Inquiries from respondents as to whether reports would be kept confidential and whether the report was compulsory Follow-up request for information with respect to, sent to member banks and bank holding companies not responding to previous request, reply to Congressman Patman, Chm. of the House Select Committee on Small Business, re outcome of survey Reports re bank holding companies submitted in connection with, sent to Congressman Patman pursuant to his request Comments by Mr. Langham re nature of certain statistical and analytical work being done re survey Clayton Act, section 7, report by Justice Dept. indicating that the application by United Virginia Bankshares Incorporated, Richmond, Va., to acquire stock of six Va. banks was disconsonant with, understood that the report would be considered before voting on the pending application Discretion of Board under, reference to decision of Court of Appeals in St. Louis upholding Board's denial of application of Northwest Bancorporation to acquire control of First National Bank of Pipestone, Minn. Examinations of bank holding companies, suggestion by Governor Mitchell to ascertain and describe functions of bank holding companies http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/28 1963, 1977 5/31 1985 7/24 2817, 2840-41 9/12 3439, 3442 9/12 3440 11/14 4318 6/25 2297 5/22 1907 1962 41 Pages Bank Holding Company Act of 1956: (continued) Financial reporting procedure of First Virginia Corporation, indicated change in, representatives of First Virginia Corporation and Securities and Exchange Commission to be invited to meet with representatives of the Legal and Examining Divisions prior to further consideration by the Board Board's views re change in, advice to First Virginia Corporation Form F.R. Y-1 and Y-2: Revision tentatively adopted by Board, notice to be published in Federal Register for comments Draft of proposed form sent to Presidents of FRBanks for comments, letters sent to Comptroller of Currency, Dept. of Justice, Association of Registered Bank Holding Companies, and notice to be transmitted to Federal Register Hearings required under, question re statutory requirement to hold hearing re application under, in light of receipt by Board of adverse recommendation from Comptroller of Currency after expiration of 30-day period provided by law, raised in connection with application of Marine Midland Corporation, Buffalo, N. Y. Also questioned, in light of receipt by Board of adverse recommendation from Wisconsin Commissioner of Banks after expiration of 30-day period provided by law, raised in connection with application of First Wisconsin Bankshares Corp., Milwaukee, Wisconsin Holding company affiliates: Legislative proposal by Legal Division relating to one-bank cases, and proposed amendment to section 3 (a)(1), discussed, certain loopholes noted by Mr. Solomon, proposal to be redrafted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/2 1 2/1 379, 387 7/23 2786 8/30 3329, 3339 6/18 2184 6/18 2190 1/8 62 1962 42 Pages Bank Holding Company Act of 1956: (continued) Holding company affiliates: (continued) Revised draft of proposed amendment to section 3(a)(1) accepted for use in connection with legislative proposals Board might submit to this session of Congress Proposed amendments relating to, contained in draft bill to amend, submitted by Board to Senate and House Banking and Currency Committees Investments and extensions of credit, intrasystem, by banks in holding company system, proposed repeal of section 6 relating to, contained in draft bill to amend, submitted by Board to Senate and House Banking and Currency Colluaittees One bank cases: Legislative proposal by Legal Division, with proposed amendment to section 3(a) (1) relating to, discussed, certain loopholes noted by Mr. Solomon, proposal to be redrafted Question re provisions relating to tax relief incident to divestment of non-banking interests in connection with, suggestion matter be discussed with Bureau of Internal Revenue and Treasury Dept. Revised draft of proposed amendment to section 3(a)(1) accepted for use in connection with legislative proposals Board might submit to this session of Congress Proposed amendments relating to, contained in draft bill to amend, submitted by Board to Senate and House Banking and Currency Committees as agencies for activities subbanks of Use stantially unrelated to the banking business, resulting in the practice of subterfuge, referred to by Governor Mills in discussion re the exemptions of Capitol Dairy Company and "A"-Standard Small Loan Corporation from all holding company affiliate requirements except those contained in section 23A of FRAct http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/10 83 4/9 1284, 1299 4/9 1284, 1299 1/8 62 1/8 64 1/10 83 4/9 1284, 1299 12/21 4950 1962 43 Pages Bank Holding Company Act of 1956: (continued) Reversal of Board's action approving application under, question raised in connection with request for reconsideration of application of Whitney Holding Corporation approved by Board Sections 2 and 3, amendments to, proposed by Board, contained in draft bill to amend, submitted by Board to Senate and House Banking and Currency Committees Section 3(a)(1), draft of proposed amendment to, prepared by Legal Division in connection with one bank definition discussed, proposal to be redrafted in light of certain loopholes noted by Mr. Solomon Revised draft of proposed amendment to section 3(a)(1) accepted for use in connection with legislative proposals Board might submit to this session of Congress Section 3(d), request by Congressman Patman re applicability of, in connection with merger applications of subsidiaries of Western Bancorporation, Los Angeles, Calif., reply approved Section 4(c), intention of Montana Shares, Inc. Great Falls, Mont., to acquire controlling interest in the Clinic Building Corp., which holds stock of First National Corporation which has interest in certain residential properties, questioned After suggested changes, letter indicating no objection to proposed transaction approved Section 4(c)(4), interpretation of sec. 302(b), Small Business Investment Act and, re investments by bank holding companies in stock of small business investment companies, superseding 1959 interpretation, approved for publication in Federal Register and FR Bulletin, and sent to all registered bank holding companies http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/25 2277 4/9 1284, 1299 1/8 62 1/10 83 4/16 1376, 1382 9/13 3464 10/3 3754, 3790 12/11 4714, 4727 1962 44 Pages Bank Holding Company Act of 1956: (continued) Section 4(c)(4): interpretation of sec. 302(b) of the Small Business Investment Act and, applicable to limitation on investments by bank holding company systems in bank service corporations Section 4(c)(6), request by Virginia Commonwealth Corporation, Richmond, Va., for determination pursuant to, re activities of Virginia Standard Corporation and State-Wide Insurance Corporation, Inc., Notice of Request and Order for Hearing approved Section 6, proposed amendment to repeal, contained in draft bill submitted by Board to Senate and House Banking and Currency Committees Section 6(a)(1), provision precluding State nonmember insured banks from investing in a bank service corporation, situation discussed in consideration of report on H.R. 8874 Section 6(a)(4), prohibitions re loan, discount or extension of credit by banking subsidiary of a bank holding company to any other subsidiary company discussed in connection with applications of 3 subsidiary banks of Western Bank Corporation for authorization to accept drafts or bills of exchange, and relationship of such transactions to Western Bancorporation International Bank Possible violations of, disclosed in reports of examination by FDIC of The Baden Bank of St. Louis, and JeffersonGravois Bank of St. Louis, involving their participation in loans originated by the Commercial and Industrial Bank, Memphis, Tenn., all three banks subsidiaries of General Bancshares Corporation, letter to FRBank of St. Louis setting forth a tightening of standards, with copies to FRBanks, Comptroller of the Currency, and FDIC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/21 4852, 4914 12/21 4953, 4965 4/9 1284, 1299 2/26 716, 729 11/16 4359 12/17 4788, 4796 1962 45 Pages Bank Holding Company Act of 1956: (continued) Section 6(a)(4), prohibitions re loan: (continued) Possible violations of: (continued) Concern re practice and agreement with limiting intersubsidiary participations to new loans rather than outstanding loans, expressed by Governor Mills Small business investment companies, investments by bank holding companies in, interpretation superseding 1959 interpretation approved, to be published in Federal Register, FRBulletin and sent to registered bank holding companies Stock, two classes, voting and nonvoting (limited voting), question re Board's responsibility in acting on applications where additional issuance of limited voting stock is proposed, raised in connection with applications of First Virginia Corporation Agreed to arrange a meeting with First Virginia Corporation, financial information requested, possibility of amending or issuing an interpretation of Reg. Y to be explored Voting and limited voting, further discussion re question of Board's responsibility in acting on applications involving situation with respect to, Procedural proposal relating to situation involving, presented by Mr. O'Connell, understanding re proposal Question also raised in consideration of applications of Montana Shares, Inc., Great Falls, Mont., to acquire stock of three Montana banks Tax relief provisions incident to divestment of nonbanking interests, question in light of possible "one-bank definition" amendment, suggestion that matter be discussed with Bureau of Internal Revenue and Treasury Department http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/17 4789 12/11 4714, 4727 6/27 2377 7/11 2578, 2641 8/3 2932 8/8 3035 9/13 3460 1/8 64 1962 46 Pages Bank for International Settlements: Euro-dollar, meeting of experts to discuss, invitation for FRSystem participation, agreement re representation from Board's staff, FRBank of New York, and understanding Mr. Young would endeavor to locate appropriate person from another FRBank, Travel by Mr. Katz to attend, authorized FRSystem membership on board of directors of, possibility of formal arrangement re, question of member of Board of Governors of FRSystem serving as director, Chm. Martin to attend May meeting to obtain more information for Board consideration Definitions discussed in light of possible, agreed the Bank was an "international financial institution" and that it operated as a monetary and financial authority of foreign governments Foreign currency account of FRBank of New York with, approved, advice to Presidents of all FRBanks Loans by FRBank of New York, extension of gold loan arrangement with, approved Meetings: Central bank economists to be held in Basle, Switzerland, March 10-12, 1962, attendance by Mr. Hersey, Adviser, Div. of International Finance, authorized, attendance of an additional representative of the FR System to be designated by the FRBank of New York approved Young to attend, on actual A. Ralph expense basis, including official entertainment, authorized Ralph C. Wood, authorized to accompany Governor Mitchell and President Irons http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/27 9/19 2862 3586 4/9 1274 10/25 4069-70 6/1 2016, 2029 10/1 3740, 3748 2/2 397 3/5 823 5/9 1762 1962 47 Pages Bank for International Settlements: (continued) Status of, for purposes of exemption from interest rate limitations on official foreign time deposits under recent amendment to section 19, FRAct, position adopted that BIS was included in its coverage, Governor King's position indicated and Governor Robertson abstaining Cablegram sent to President Holtrop and letter to FRBanks approved, FDIC advised Bank Merger Act of 1960: Orders on bank merger cases, proposal that such orders be so worded as to refer to, rather than to section 18(c) of the Federal Deposit Insurance Act, noted without objection Bank Service Corporation Act: Bank Holding Company Act and, interpretation re applicability of, in certain bank holding company situations, approved, to be published in Federal Register and FRBulletin H.R. 8874, a bill to authorize certain banks to invest in bank service corporations as means of obtaining data processing services, report to Congressman Spence approved, Gov. Mitchell's views having been noted Presidents' Conference views re similar proposal No objection to furnishing copies of reports to American Bankers Association and Association of Registered Bank Holding Companies Draft of press statement proposed to be issued by Board upon enactment of, bill to authorize investments by certain banks in bank service corporations, sent to FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/25 4067 10/25 4074,4099-4100 6/8 12/20 2089 4852-4914 2/26 715, 727 2/26 717 2/27 747 9/28 3706, 3730 1962 48 Pages Bank Service Corporation Act: (continued) H.R. 8874: (continued) Press statement approved for issuance if H.R. 8874 should be enacted, noted that it could be converted into a joint release with FDIC if desired Issuance of press stated under date of October 24, 1962, signed into law on October 23, 1962 (P.L. 87-856) Section 5: Bank services performed under, proposed Regulation S to implement, to be published in Federal Register for comments FDIC considering publishing similar regulation noted Bank service corporations: Bank holding companies: Corporations owned by, serving only subsidiary banks, question whether corporation is considered a bank service corporation under the Bank Service Corporation Act and if such investments are permissible under Bank Holding Company Act of 1956, interpretation approved Corporations owned by a, or its subsidiary banks which also serves other banks, applicability of Bank Service Corporation Act and Bank Holding Company Act, interpretation approved H.R. 8874, a bill to authorize investments by certain banks in, question of inapplicability to State nonmember insured banks in light of section 6(a)(1) of the Bank Holding Company Act, report to Congressman Spence, noted that Presidents' Conference views similar to proposal Statement to be presented by Chairman Martin before the House Banking and Currency Committee, Subcommittee No. 1, re, to be revised in form suitable to Chairman Martin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/3 3752 10/24 4047, 4062 11/26 4492 11/26 4492 12/20 4852, 4914 12/20 4852, 4914 2/26 715, 727 7/18 2754 1962 49 Pages Bank service corporations: (continued) H.R. 8874: (continued) Report on substitute amendment adopted by Subcommittee No. 1, House Banking and Currency Committee, approved and sent to Congressman Spence Letter to Congressman Moorhead in reply to his request for comments on a letter from Mr. Myers, Secretary of Banking, with respect to, Report to Chm. Robertson, Senate Banking and Currency Committee, approved Statement to be made by Mr. Solomon, on behalf of Board, at hearing before Senate Banking and Currency Committee, re transmitting proposed FRBanks Letter to statement to be issued to State member banks upon enactment into law and draft of proposed press release, approved Press statement approved for issuance if H.R. 8874 is enacted, could be converted into a joint release with FDIC if desired Signed into law on October 23, 1962, (Public Law 87-856), press release issued Report re sent to Budget Bureau Investments by bank holding company systems in stock of, question re limitation on, under Bank Holding Company Act, interpretation of sec. 302(b), Small Business Investment Company Act, applicable to, interpretation approved Participation of banks in, question of "internal" services being performed by bank service corporations being considered by Board, noted as related to a question involving the service building of a bank constituting a branch http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/25 2844, 2850 7/25 2844, 2851 8/17 3132, 3142 8/29 3315 9/28 3706, 3730-32 10/3 3752 10/24 10/10 4047, 4062 3863, 3878 12/20 4852, 4914 10/30 4161 1962 50 Pages Bank service corporations: (continued) Services performed by, proposed Regulation S to implement sec. 5, Bank Service Corporation Act, to be published in Federal Register for comments FDIC considering publishing similar regulation noted Bank supervision: Meeting with Comptroller of the Currency, invitation to be extended by Board for a general discussion re matters with respect to Further discussion with respect to meeting re Bank supervisory agencies: (Federal) Bank mergers: Procedure requested by Justice Department for receipt of reports on competitive factors at same time as receipt by deciding agencies, views of Bank service corporations, question re supervision of, in light of proposed authorization for certain banks to invest in, as contained in H.R. 8874 Branch bank data, possible collection of, summary of results of FRBank survey re branch record keeping procedures, staff to prepare a recommendation that might be explored with the other, and the Bureau of the Budget data, proposal re adoption of deposit Branch bank report form to expand the collection of, sent to FDIC and Comptroller, with attached form, and request for comments re, for possible use in place of regular deposits-by-counties form in June, 1962 California, concentration of banking in, possible conference of, to study matter, agreed plans with respect to, were dormant, Board's Secretary instructed to drop item from list of pending items http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/26 4492 11/26 4492 3/7 832 3/12 876 4/25 1477 2/26 716, 729 2/27 734 4/13 1363, 1370 6/5 2060 1962 51 Pages Bank supervisory agencies: (Federal) (continued) Examiners from, experimental program of training for, re examination problems relating to increasing use of electronic equipment by banks, reported by Governor Robertson Regulation Q, memoranda by Mr. Hackley with respect to possible amendments re, agreed that memorandum be transmitted to the FRBanks and other Federal bank supervisory agencies for comment Memorandum transmitted under date of Aug. 29, 1962, requesting comments by Sept. 28, 1962 Bank supervisory matters: Bank merger and bank holding company applications possibilities for expediting the processing of, possibility of obtaining additional staff assistance from the Reserve Banks referred to Governor Shepardson and Mr. Solomon for consideration re possible preliminary discussion with Presidents attending tomorrow's FOMC meeting Board work load and amount of time spent on, compared to monetary policy, discussion re possible solutions regarding State banking departments and possible legislation placing matter in hands of one agency and bank merger and holding company matters in administrative tribunal Suggestion re possible action under Presidential Reorganization Plan Comments by Chairman Martin re problem, made to joint meeting of Board with Presidents' Conference Views of Chm. Martin re, expressed at joint meeting with FAC Comp troller of Currency position re certain, as expressed at meeting with Board March 13, question re discussing with FAC, agreed items first be cleared with Comptroller http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/30 342 7/24 2819 7/24 2827 10/1 3742 3/21 993 3/21 995 3/27 1080 4/4 1185 3/14 902 1962 52 Pages Bank supervisory matters: (continued) Responsibility for, within The Federal Government, matter being considered by Interagency Committee studying Financial Institutions, discussion re position Board should take, understood matter to be considered further Further discussion re Board's position with respect to, to be considered again when more Board members are present Banking Act of 1933: Section 2: Amendment proposed, supplementing certain proposed amendments to the Bank Holding Company Act of 1956 contained in draft bill submitted by Board to Senate and House Banking and Currency Committees Section 21: Time certificates of deposit, negotiable, question whether issuance constitutes issuance of securities by banks in violation of, included in study of time certificates of deposit Banking data: Banking structure: SEE: Banking structure Collection program requirements, including call report procedures, memorandum by Governor Mitchell re a positive program for reform of, agreed that Governor Mitchell would work with staff members particularly from the Divisions of Research and Statistics and Bank Operations re specific proposals for Board's consideration Mortgage interest rates, collection of data by FDIC, to be combined with information to be collected by the Federal Home Loan Bank Board from other lenders, no objection to inclusion in statements indicating Board's support of proposal, advice to FDIC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/3 10/10 3757 3871 4/9 1284, 1299 1/15 155 10/3 3756 1/18 220, 227 1962 53 Pages Banking data: (continued) Requests for reproduction of punched cards containing, not of a confidential nature, staff authorized to comply with such requests on reimbursable basis, with certain understandings n of, memorandum from Mr. collectio Statistics, Noyes submitting for Board endorsement the report "Framework for Collection of Banking Statistics" issued by System Research Advisory Committee, report endorsed unanimously Banking controls: SEE: Chain banking: Survey of chain banking through indirect controls Banking quarters: Fallout shelters: FRBank of Richmond, no objection to acceptance of bid and expenditure on project, including architects' and engineers' fees FRBank of San Francisco, execution of a fallout shelter license to the Federal Government permitting use of certain areas in Bank's service building for fallout shelter purposes, no objection by Board FRBanks: Building projects, each FRBank President to meet once a year with Board's Committee on Organization and Building Plans for purpose of considering any sizable building projects, advice to FRBanks FRBranch banks: S. 1005, a bill providing for repeal of present legal restrictions on funds available for construction of FR Branch Bank buildings, draft statement to be given by Vice Chairman Balderston before Subcommittee No. 1 of House Committee on Banking and Currency http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/14 10/18 3105 3978 5/24 1929, 1936 6/29 2426, 2449 6/27 2392, 2400-01 5/7 1746 1962 54 Pages Banking quarters: (continued) FRBranch banks: (continued) S. 1005: (continued) Report sent to Chm. Robertson, Senate Banking and Currency Committee Report sent to Budget Bureau Indebtedness of affiliates of State member banks in connection with investments in bank premises, letter to FR Bank of Minneapolis with copies to all FRBanks (Individual banks): Bank of Halifax, Va., investment in bank premises approved Bank of Idaho, Boise, Idaho, investment in bank premises approved Bank of Memphis, Missouri, investment in bank premises, approved Bank of Slidell, Louisiana, investment in bank premises approved Additional investment in bank premises approved Bank of Vernal, Utah, investment in bank premises approved Birmingham Branch, proposed purchase of property adjoining, no objection Bloomfield State Bank, Bloomfield, Ind., investment in bank premises approved Cherokee, Iowa, investment Bank, Cherokee State in bank premises approved Cincinnati Branch: Air conditioning, proposed plan for the installation of separate air conditioning system on third floor, no objection interposed by Board Ownesville, Missouri, investof Bank Citizens ment in bank premises approved Citizens Bank of Pacific, Missouri, additional investment in bank premises approved Citizens Bank & Trust Company, Campbellsville, Kentucky, investment in bank premises approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/17 8/22 3132, 3141 3174, 3191 9/14 3504, 3541 12/13 4757, 4768 5/2 1605, 1626 5/21 1879, 1883 5/31 1980, 1990 10/1 3740, 3746 2/26 713, 723 11/2 4220, 4234 5/31 1980, 1991 4/25 1472, 1487 11/14 4312, 4330 6/7 2069, 2073 1/10 83, 102 2/8 455, 475 1962 55 Pages Banking quarters: (continued) (Individual banks): (continued) Citizens State Bank of Petersburg, Indiana, investment in bank premises approved Colonial Bank and Trust Company, Waterbury, Conn. investment in bank premises approved Additional investment in bank premises approved Commercial and Savings Bank of Millersburg, Ohio, additional investment in bank premises approved Commercial Trust and Savings Bank, Mitchell, S.D. investment in bank premises approved Deposit Guaranty Bank & Trust Company, Jackson, Miss., additional investment in bank premises approved Additional investment in bank premises approved in letter approving establishment of a branch at 4229 North State Street, Jackson, Miss. Farmers and Merchants Bank, Hannibal, Mo., investment in bank premises approved Farmers and Merchants Bank, Vandalia, Ill., additional investment in bank premises approved FRBank of Atlanta: Head office building: Discovery of structural weakness in old section of, to which alterations and addition are being made, Mr. Bryan to be informed of Board's views, results of inspection by Board's Consulting Architect, Mr. Witherell, noted Demolition of old building underway, employment of Batson-Cook Company at certain fee in connection with work already performed re alterations, construction of new addition and certain other services, authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/29 2425, 2446 1/29 316, 331 10/24 4042, 4053 8/14 3101, 3116 4/5 1194, 1233 7/13 2700, 2706 9/24 3650, 3658 10/17 3939, 3950 2/12 504, 532 4/19 1427 5/28 1958, 1971 1962 56 Pages Banking quarters: (continued) (Individual Banks): (continued) FRBank of Atlanta: (continued) Head office building: (continued) No objection to proceeding with West addition to, on basis of plans outlined and architects' drawings submitted FRBank of Kansas City: Acquisition of two lots adjacent to Bank-owned property at rear of head office building for possible future expansion, no objection FRBank of New York: Elevator facilities, employment of architectural firm of York & Sawyer to make a formal survey proposal concerning modernization of, no objection Vault, gold, proposed building alterations to provide additional space for earmarked gold, in view of existing questions, agreed to explore further and obtain views of FR Bank of New York before reaching decision Possibility of taxation upon foreign central banks if gold was held under earmark in States other than New York Discussion with Mr. Hayes, Pres. of FR Bank of New York re, suggestion by Governor Robertson that New York Bank review a previous emergency planning study referring to possibility of using vault facilities at West Point, indication by Mr. Hayes that this would be done Budget, 1963, first half, accepted with understanding that current expenses in budget period would not include cost of expanding gold vault http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/14 12/20 3504, 3539 4850, 4885 4/9 1270, 1286 12/5 4625 12/5 4626 12/18 4800 12/19 4834, 4846 1962 57 Pages Banking quarters: (continued) FRBank of Richmond: Fallout shelter, no objection to acceptance of bid and expenditure on project, including architects' and engineers' fees Space needs for present and future operations, question re space provided for Board's emergency operations, agreed that Board's staff committee explore aspects of relocation center problem FRBank of San Francisco: Sale of portion of parking lot to City and County of San Francisco in connection with widening of Clay Street, no objection Fallout shelter license to the Federal Government permitting use of certain areas in Bank's service building for fallout shelter purposes, no objection by Board to execution of Fidelity Bank and Trust Company, Houston, Texas, additional investment in bank premises approved Fidelity-Philadelphia Trust Company, Philadelphia, Pa., additional investment in bank premises approved (during year 1962) nt in bank premises, investme Additional incident to the establishment of a branch, approved investment in bank premises al Addition incident to establishment of a branch at 2401 Pennsylvania Avenue, Philadelphia, Pa., approved Additional investment in bank premises approved incident to establishment of a branch in Lower Merion Township, Pa. Fidelity Union Trust Company, Newark, N. J., additional investment in bank premises approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/24 1929, 1936 7/17 2730 6/25 2275, 2307 6/29 2426, 2449 6/21 2240, 2249 4/26 1494, 1498 4/30 1526, 1541 9/19 3582, 3592 11/28 9/21 4536, 4543 3610, 3631 1962 58 Pages Banking quarters: (continued) First-Citizens Bank and Trust Company, Greencastle, Ind., additional investment in bank premises approved First State Bank, Churdan, Iowa, investment in bank premises approved First State Bank, Odessa, Texas, investment in bank premises approved with understanding re increase in capital accounts Hackensack Trust Company, Hackensack, New Jersey, investment in additional bank premises approved, incident to the establishment of a branch Hightstown Trust Company, Hightstown, N. J., investment in bank premises approved with understanding re increase in capital Hunterdon County Trust Company, Califon, N. J., additional investment in bank premises approved Indiana Lawrence Bank & Trust Company, North Manchester, Indiana, investment in bank premises approved Joy State Bank, Joy, Ill., investment in bank premises approved Little Rock Branch: Building site for proposed new building, no objection to FRBank of St. Louis negotiating for acquisitions of, and authorization for its purchase Purchase of, in substitution for previously proposed purchase, no objection, cost authorized McIlroy Bank, Fayetteville, Arkansas, investment in bank premises approved Investment in bank premises in connection with the establishment of a branch at 1943 North College Street, approved Merchants and Farmers Bank, Smithfield, Va., granted permission to retain its ownership of formerly occupied bank premises for period of six months http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/5 1194, 1231 5/21 1879, 1882 9/13 3456, 3482 2/16 598, 611 9/4 3342, 3350 9/13 3455, 3474 5/4 1721, 1726 9/10 3405, 3411 7/27 2857, 2875 12/20 4849, 4883 7/6 2544, 2549 8/2 2922, 2926 6/18 2183, 2200 1962 59 Pages Banking quarters: (continued) Merchants and Farmers State Bank of Weatherford, Texas, investment in bank premises approved, with understanding re increase in capital funds New Orleans Branch, complaint from owner of premises abutting proposed new branch building re demolition of one wall of his building, letter from Congressman Boggs re, agreed that Board should take no position on matter, President Bryan to be asked to handle situation, with certain understanding Pacific State Bank, Hawthorne, Calif., additional investment in bank premises approved Peninsula Bank and Trust Company, Williamsburg, Va., investment in bank premises approved Peoples Trust City Bank, Reading, Pa., additional investment in bank premises approved Peoples and Union Bank, Lewisburg, Tennessee, investment in bank premises approved Provident Bank, Cincinnati, Ohio, additional investment in bank premises approved Hurricane, West Virginia, addiBank, Putnam County tional investment in bank premises approved Raritan, New Jersey, addiBank, State Raritan tional investment in bank premises approved Ravalli County Bank, Hamilton, Montana, investment in bank premises approved, with the understanding that both capital stock and surplus of the bank will be increased Russiaville State Bank, Russiaville, Ind., investment in bank premises approved, upon admission to membership in FRSystem Scott County State Bank, Scottsburg, Ind., additional investment in bank premises approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/13 3456, 3483 6/18 2196 2/12 504, 534 5/2 1604, 1621 9/19 3583, 3596 3/22 1016, 1028 8/20 3151, 3162 2/12 504, 529 10/24 4042, 4054 5/21 1879, 1884 1/8 61, 70 7/12 2671, 2693 1962 60 Pages Banking quarters: (continued) Security Bank & Trust Company of Bozeman, Mont., investment in bank premises approved Security Bank and Trust Company, Owatonna, Minnesota, investment in bank premises approved Security-Peoples Trust Company, Erie, Penna., additional investment in bank premises approved Security Trust Company, Lynn, Mass., investment in bank premises approved State Bank of Northfield, Minnesota, investment in bank premises approved State Bank and Trust Company, San Marcos, Texas, investment in bank premises approved, with understanding re capital structure Approval of May 15, 1962 for an investment in bank premises rescinded Sulphur Springs State Bank, Sulphur Springs, Texas, additional investment in bank premises approved Trust Company of New Jersey, Jersey City, N.J., investment in bank premises approved Union Commerce Bank, Cleveland, Ohio, investment in bank premises made by the bank and its former wholly owned affiliate Union Properties, Inc., during period May 31, 1950, to October 31, 1961, approved Vienna, Virginia, investCompany, Vienna Trust ment in bank premises approved Additional investment in bank premises approved Company, Wilmington, Delaware, Trust Wilmington investment in bank premises approved Additional investment in bank premises approved in connection with approval of application to acquire assets and assume liabilities of Townsend Trust Company, Townsend, Del. Investment in bank premises approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/14 3504, 3540 9/19 3582, 3593 7/24 2815, 2829 10/24 4041, 4049 4/30 1526, 1546 5/15 1827, 1832 7/6 2545, 2550 5/10 1779, 1795 11/14 4312, 4328 5/10 1779, 1794 1/24 242, 260 3/23 1037, 1043 4/27 1505, 1512 6/11 7/12 2117 2671, 2692 1962 61 Pages Banking structure: Changes in, revised draft of report for Senate Select Committee on Small Business, approved for transmittal to Senator Sparkman, Governor Mills' excep1/3 tion having been noted s participant Copies of report to be furnished in seminar on competition in bank1/3 ing to aid of, Competition and, program for analysis in consideration of bank merger and bank holding company applications, memorandum by Messrs. Hackley, Noyes and Solomon re, staff to determine availability of Professor Alhadeff or another qualified person, and members for an advisory committee, Presidents of FRBanks to be informed re possibility of discussion at forthcoming Examiners' 3/1 Conference progress on reporting Memorandum by Mr. Noyes re organization of, agreed Tynam Smith, Div. of Research and Statistics and Theodore Veenstra, Div. of Bank Operations, be assigned to program, report on efforts to obtain staff 5/7 leadership to be presented later perof recruitment re Report by Mr. Holland sonnel, Board to be advised of 5/9 further developments Competition and: Letter to universities re Board's interest in research in banking markets and negotiations for four papers by academic scholars on bank competition, markets and mergers, approved by Board Proposal for augmenting staff of Banking Markets Unit, Div. of Research and Statistics, to be presented to Board company expansion in the State holding Bank of Wisconsin,discussed in light of applications of First Wisconsin Bankshares Corp., and The Marine Corporation 18, 28 20 786 1746 1767 12/12 4743 12/12 4743 12/19 4809 1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 62 Pages Bannon, Richard J., reproduction of copies of "History of the Weekly Combined Statement of the Twelve Federal Reserve Banks" by, approved with the understanding that copies be placed in Reserve Bank Libraries and that the author be furnished a small number of copies Batson-Cook Company, employment by FRBank of Atlanta in connection with head office building alterations, authorized Billings, Peter B., Salt Lake City, Utah, attorney for Continental Bank and Trust Co., request that Show Cause Hearing be open to public and that place of hearing be changed from Salt Lake City Branch to some other building in Salt Lake City, reply approving Blaine, Charles G., Buffalo, N.Y., Counsel for Marine Midland Corporation, request for presentation of testimony in oral presentation before Board re application of Marine Midland Corporation, reply approved Blood Donor Program: Certificate of recognition from Red Cross to be received by John C. Brennan on behalf of Board Board of Governors: Audits: 1961, report by firm of public accountants, transmitted to Chairmen of Senate and House Banking and Currency Committees 1962, selection of public accounting firm of Haskins & Sells, to conduct, advice to Haskins & Sells, and advice to Price Waterhouse & Co. Bank supervisory matters: Amount of time spent with respect to, compared with time re monetary policy, possible legislation to place matter in hands of one agency and bank merger and holding company matters with an administrative tribunal, staff to circulate to Board previous draft legislation with respect to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/9 2554 5/28 1958, 1971 6/8 2098, 2111 9/21 3615, 3645 9/7 3377 2/21 688, 699 4/9 1282, 1297-8 3/21 993 1962 63 Pages Board of Governors: (continued) Bank supervisory matters: (continued) Comments by Chairman Martin made at joint meeting of Board and Presidents' Conference Views of Chairman Martin expressed at joint meeting of Board and FAC Board Members' Offices: Adviser to the Board, position held by Woodlief Thomas, Board conclusion that upon retirement of Mr. Thomas, position would be discontinued Secretary to Mr. Thomas, Adviser to the Board, recommendation that position be abolished thirty calendar days after the retirement of Mr. Thomas, approved Building: Addition or annex to, possible construction of, on lot north side of C Street, Governor Shepardson to request architectural firm of Harbeson Hough Livingston & Larson, Philadelphia, Pa., (successor to Paul P. Cret, Architect), to review plan Mr. Harbeson authorized to proceed with review of plans for, understanding re total cost of review Results of study by Mr. Livingston reviewed, Governor Shepardson authorized to work out an agreement with Harbeson Hough Livingston and Larson, for development of new plans for annex Concurrence in Governor Shepardson's understanding re authorization to negotiate a new contract with the architect as to terms of employment, discussion re procedure re planning for needs of Board Governor Shepardson authorized to proceed with the final details of the contract, upon completion, the Secretary authorized to execute it on behalf of the Board, suggestion re desirability of a staff committee to assist in developing ideas for the building, Governor Shepardson to report on procedure http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/27 1080 4/4 1185 4/16 1376 5/9 1768 4/24 1468 5/24 1932 9/12 3435 9/27 3692 11/2 4224 1962 64 Pages Board of Governors: (continued) Building: (continued) Addition or annex to: (continued) Provision for drawing of new plans included in 1963 budget Fallout shelter facilities in Board's garage area, negotiated contract with George A. Fuller Company for installation of, in accordance with plans submitted by White and Mariani, authorized, Governor Mitchell's reservations having been noted Contract with George A. Fuller Company prepared, Secretary authorized to execute on Board's behalf Reception room adjoining the Oval, preparation of display of System publications in, approved Seals, no change to be made in bronze seals imbedded in the floors outside the Board Room and in the Constitution Avenue lobby, approved as recommended in Mr. Sherman's memorandum Space needs for Board and its staff, report on present and projected, to be presented to Board in near future, reported by Governor Shepardson Proposed 5-year lease for as much space in new FDIC building to meet Board's needs, Governor Shepardson requested to proceed negotiations with FDIC Arrangements for lease of space in the new FDIC building for a 5-year period approved Negotiations concluded for lease of space in new FDIC building reported by Governor Shepardson, provisions of lease outlined, lease executed by FDIC forwarded to Board for execution Lease executed on behalf of Board by Asst. Secretary, noted Costs of renting and furnishing space in new FDIC building included in 1963 budget http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/10 4692 9/12 3433 9/28 3727 6/25 2298 3/22 1017 3/20 954 4/24 1467 6/15 2178 8/28 3246 8/28 3248 12/10 4691 1962 65 Pages Board of Governors: (continued) Conflict of interest, procedures re guarding against, in the employment of consultants, definition of consultants with respect to the submission of proposed questionnaire discussed, agreed to hold for further consideration, with the understanding that the Division of Personnel would contact other agencies for their interpretations Memorandum to be sent to all consultants enclosing questionnaire approved Reports submitted to Board by consultants, procedure for handling, approved, with understanding cases involving possible conflicts be reviewed by the Board Division of Administrative Services: Duplicating, Mail Messenger, and Supply Section, Operator (Mimeograph), establishment of new position approved Tabulating Equipment, Operator, establishment of new position approved, with appointment of Charles W. Wrenn, present Operator, (temporary appointee) to fill the position under full employee status Dining room, staff, use by Chm. Martin for a luncheon for the trustees and senior class of St. Timothy's School in Baltimore, Maryland, cost to be paid by Chm. Martin, no objection Bank Division of Operations: Unit to review operating efficiency of FR Banks and report its findings to Board, suggestion by Governor Mitchell that proposed use of internal audits and administrative audits at FRBanks should be included in proposed procedural changes in FRBank examinations and supervision http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/14 2164 6/25 2281, 2312 8/17 3134 6/26 2367 6/26 2367 1/15 162 12/20 4859 1962 66 Pages Board of Governors: (continued) Division of Data Processing: Establishment of, effective Jan. 1, 1963, unanimously approved, with the appointment of Maurice H. Schwartz as Director and Lee W. Langham as Assistant Director, understood that appropriate budget and salary proposals would be submitted to the Board for consideration at a later date Division of Examinations: Delegation of authority for deciding certain types of items processed in the, proposal submitted by Gov. Mitchell, legal aspects discussed, agreement to defer for further consideration after completion of study by Legal Division Recording and Stenographic Section, position of Assistant Supervisor established with understanding re abolishment of one Grade FR-4 position when vacancy occurs Statistical Clerk or Statistical Assistant, establishment of new position approved Training Technician, establishment of a new position approved Division of International Finance: Clerk-Stenographer, establishment of a new position approved Europe and British Commonwealth Section, position of Research Assistant authorized and appointment made Research assistants, summer, two temporary positions approved Sensitive position, Statistical Assistant determined to be a, with the understanding that the incumbent (Pearl G. Farrington) would be cleared by means of a full field investigation Special Studies and Operations Section, Economist, establishment of new position in connection with the System's activities in the field of foreign exchange operations, approved Research Assistant, establishment of temporary summer position of appointment and salary of T. Paul Schultz, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/11 3903 12/5 4631 9/4 3344 6/13 2148 4/23 1450 10/10 3876 5/15 1829 4/20 1437 2/27 756 2/27 756 4/13 1366 1962 67 Pages Board of Governors: (continued) Division of Personnel Administration: Security program, overexpenditure to cover estimated cost of full field investigations in connection with declaration of all positions in Stenographic Section, Secretary's Office, as sensitive Division of Research and Statistics: Banking Markets Unit, proposal for augmenting staff of, to be presented to Board shortly, noted in consideration of program for analysis of banking structure and competition Banking Section, relatively small budget for, noted by Governor Mitchell in consideration of 1963 budget, in light of opinion more manpower should be put in this section Clerical position at FR-3 level, abolishment of, in connection with establishment of Secretarial position at FR-6 level Research Assistants, summer positions, establishment of two additional, approved, with the understanding that no budgetary overexpenditure would result Five temporary summer positions approved Secretarial position at FR-6 level, additional position established, with understanding re designation of position for purposes of 1962 budget, and re abolishment of position of Clerk at FR-3 level Emergency plans, report on defense mobilization activities during past year, including program for continuity of FRSystem functions in event of attack, bank preparedness, and V-loan program, sent to Chm. Robertson, Joint Committee on Defense Production http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/13 1366 12/12 4743 12/10 4694 9/4 3344 4/18 1401 4/20 1437 9/4 3344 9/13 3457, 3487 1962 68 Pages Board of Governors: (continued) Employee-management cooperation policy, statement approved and delivered to all members of the Board's staff in light of an Executive Order issued by the President, directing that certain policies should govern officers and agencies of the Executive Branch in dealings with Federal employees and organizations representing them Letter to Secretary of Labor Goldberg stating Board has no comments on draft of proposed standards of conduct for employee organizations and proposed code of fair labor practices in connection with program for Employee training and development program: SEE: Staff of Board of Governors: Employee Training and development program: Employer's liability insurance, policy with Liberty Mutual Insurance Company cancelled in light of ruling by Department of Labor that Board members, officers, and employees are covered by Federal Employees' Compensation Act, advice to Liberty Mutual Employment policy: Designation of Messrs. Kelleher and Kern, Director and Assistant Director of the Division of Administrative Services, as Contracts Compliance Officer and Deputy Contracts Compliance Officer to carry out the policies covered in Part III of Executive Order 10925, advice to President's Committee on Equal Employment Opportunity relating to nondiscrimiregulations Separate nation in contracts would not be issued but procurement activities would be carried on in accordance with the Executive Order information re employment containing Report of selected minority groups by the Board sent to Civil Service Commission in connection with study being conducted at the request of the President's Committee on Equal Employment Opportunity http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/26 2337, 2371 8/13 3082 2/21 688, 700 3/22 1016, 1029 3/22 1016 7/27 2862 1962 69 Pages Board of Governors: (continued) Equipment: SEE: Equipment: Board of Governors: International Monetary Fund consultations with the U.S. Government, report by Mr. Young re, and re extent to which Board would be represented at Legal Division: Assistant General Counsel, establishment of additional position of, approved Attorney, abolishment of presently vacant position of, approved Bank holding company cases indicating the possibility of an intent to circumvent State laws on branch banking, in light of request by Governor Mills it was understood that a memorandum re the Board's statutory responsibilities with respect to, would be prepared by Concluded that the Board be guided by the Bank Holding Company Act of 1956, and not influenced by State branch banking regulations Positions for summer employment of two law students, establishment and compensation approved, budgetary overexpenditure not involved Secretarial position at a Grade FR-6, establishment of an additional position of Assistant General Counsel, approved Establishment of an additional, in order that a secretary might be appointed to work primarily for new Asst. General Counsel, approved Senior Attorney position, vacant, abolishment of, approved Stenographic position, vacant, abolishment of, approved Stenographic position, abolishment of a presently vacant, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/5 823 1/12 146 1/12 146 6/14 2167 7/9 2561 4/30 1540 1/4 42 1/12 146 1/4 42 1/4 42 1/12 146 1962 70 Pages Board of Governors: (continued) Members: Bank for International Settlements, possibility of formal arrangement for FRSystem membership on board of directors of, question re member of Board of Governors serving as director of, discussion, Chairman Martin to attend May meeting to obtain more information for Board consideration Federal Employees' Compensation Act, ruling of Department of Labor that Board members are covered by, received Managerial duties, direction vested with Gov. Shepardson, including authorization to approve travel requests, personnel actions relating to Board employees, other than official staff, appointments of examiners, assistant examiners and special or special assistant examiners of FRBanks Votes: Bank merger applications reconsidered after denial, question re members who did not participate in original decision, Governor Mills' views re Bank merger and bank holding company cases, possible alternative procedure discussed whereby cases would be considered by Board with vote to be taken when order and statement was issued Further discussion, decision by Gov. Mitchell to cast vote in conformance with the old procedure, in connection with considerations of applications of Chemical Bank New York Trust Company and Chase Manhattan Bank, both of N.Y., N.Y. Counsel for Dauphin Deposit Trust Company, Harrisburg, Pa., informed that vote for denial of bank's application to merge with The First National Bank of Mount Holly Springs, Pa., by five members with one dissent, provides no support to a petition for reconsideration http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/9 1274 2/21 688 7/24 2827 1/10 89 4/3 1130 4/6 1261 10/24 4043, 4061 1962 71 Pages Board of Governors: (continued) Members: (continued) (Individual members): Balderston, C. Canby, to confer with staff re development of memorandum re 1/16 181 proposed changes in G. 7 statement re on questi to Statement with respect interest rates payable on savings deposits of national banks in New York State, in light of State Regulations, sec. 24 of the FRAct, and 1/31 362 Reg. Q son Gov. Robert with Dissenting statement issued with order and statement approving merger of City Trust Company, Bridgeport, Conn., with 3/23 1040, 1056 West Side Bank, Bridgeport, Conn. Headache checks, including envelope drafts, memorandum from, recommending that letter with respect to problem be sent to FRBanks, 4/10 1318, 1333 letter approved Draft statement re S. 1005, a bill providing for the repeal of present legal restrictions on funds available for construction of FRBranch Bank buildings, to be given before the Subcommittee No. 1 of the House 1746 5/7 Banking and Currency Committee by Discussion with President of Manufacturers National Bank of Detroit re possibility of bank declining to respond to chain banking survey, and his 2092 6/8 comments re, reported by Designated member of Board's Committee 6/27 2393, 2400 on Organization and Building Plans Comments re participation on panel of 11/16 4356 Fiscal Policy Conference King, G. H., Jr., dissenting statement re amendment to Reg. Q providing higher maximum permissible rates of interest on time and savings deposits included in the Board's 2/14 552 policy record in the Annual Report Designated member of Board's Committee 6/27 2393, 2400 on Organization and Building Plans http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 72 Pages Board of Governors: (continued) Members: (continued) King, G. H., Jr.: (continued) Memorandum presenting plan for ranges and administration of salaries of Presidents and First Vice Presidents by, to be discussed at an early meeting in the fall at which a full Board was present Governor Mitchell and, to discuss with President Bopp of the FRBank of Philadelphia the proposed purchase of certain additional IBM electronic check and general data processing equipment Statement dissenting from Board's approval of application of First Oklahoma Bancorporation to become bank holding company, issuance authorized Martin, William McC., Jr.: Draft of testimony by, at Joint Economic Committee hearings on Economic Report of President, to be revised Testimony re FRSystem foreign currency operations before Joint Economic Committee,in connection with hearings on President's Economic Report, referred to at joint meeting with FAC Statement by, for hearings before House Banking and Currency Committee re H. R. 10162, a bill to amend the Bretton Woods Agreements Act authorizing the U.S. to participate in loans to International Monetary Fund, understood that revised draft would be prepared satisfactory to To confer informally with President of New York Stock Exchange re development of list of unregulated lenders Bank supervisory matters, views re amount of time Board required to spend on, as compared to monetary policy, and re possibility of turning bank examination function over to chartering authority, and possible legislative solution http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/11 2627-35 10/24 4044 11/28 4537, 4593 1/22 231 2/20 674 2/27 748 3/8 846 3/21 993 1962 73 Pages Board of Governors: (continued) Members: (continued) Martin, William McC.,Jr.: (continued) Comments re bank supervisory problem and time devoted by Board to such matters in relation to time devoted to monetary and credit policy considerations, made at joint meeting of Board with Presidents' Conference Views re problem of cost of national bank examinations, expressed at joint meeting of Board with FAC Named as member of three interagency conunittees established by President of U.S. to study financial institutions, Federal credit programs, and corporate pension funds and other private retirement and welfare programs To attend May meeting of Bank for International Settlements to obtain more information re possible formal arrangement for FRSystem membership on board of directors of BIS Telephone call from Senator Robertson re possibility of amending Bank Holding Company Act to remove the exemption accorded companies registered under investment Company Act of 1940, reported by Endeavoring to arrange meeting with at least one member of Senate who expressed interest in Board's study of classification of cities for reserve purposes, indicated Issuance of dissenting statement of Governor Shepardson and, in connection with issuance of order and statement denying application of United California Bank, Los Angeles, Calif., to merge with The First National Bank of Vista, California http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/27 1080 4/4 1185 4/6 1243 4/9 1279 4/9 1283 5/14 1813 6/20 2217, 2231 1962 74 Pages Board of Governors: (continued) Members: (continued) Martin, Wm. McC., Jr.: (continued) Statement to be presented before Subcommittee on Economic Stabilization, Automation and Energy Resources of Joint Economic Committee on subject of credit: conditions and inventory investment, reviewed, agreed statement be revised in form satisfactory to Statement to be presented before House Banking and Currency Committee on S. 1771, relating to foreign branches of national banks; H.R. 8874, relating to bank service corporations, and H.R. 7796, relating to real estate loans by national banks, to be revised in form satisfactory to Testimony by, reply to letter from Comptroller of Currency commenting on H.R. 7796, approved Mills, A. L., Jr.: Abstained from participation in discussion and action on report to Comptroller of Currency on competitive factors re proposed merger of Dallas City Bank, Dallas, Oregon, into First National Bank of Oregon, Portland, Oregon Relaxation of banking laws passed in 1930's, tendency noted by, in discussion of possible interpretation under Reg. 0 and section 22(g), FRAct Statement of explanation re favorable vote on amendment to Reg. Q providing higher maximum permissible rates of interest on time and savings deposits Statement presented by, re application of Whitney Holding Corporation to become bank holding company http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/12 2682 7/18 2754 8/14 3101, 3119 1/16 181 1/16 193 2/14 552 4/3 1146 1962 75 Pages Board of Governors: (continued) Members: (continued) Mills, A. L., Jr.: (continued) Views re Board's action increasing maximum rate of interest payable on time and savings deposits, and Board's attitude toward problem of interest rates payable in New York State Views re study of banking services from which area of New Jersey would derive most benefit Dissenting statement re denial of application of Chemical Bank New York Trust Company, New York City, for approval of its merger with Long Island Trust Company, Garden City, New York Dissenting statement re denial of application of Chase Manhattan Bank, New York, N. Y., for approval of its merger with Hempstead Bank, Hempstead, N. Y. Legal Division to prepare memorandum re Board's statutory responsibilities with respect to bank holding company cases indicating possibility of intent to circumvent State laws on branch banking, requested by Statement of views re application of First Bancorporation of Florida, Inc., Orlando, Fla. for approval to become bank holding company by acquisition of certain Florida banks Dissenting statement re denial of application by Dauphin Deposit Trust Company, Harrisburg, Pa., to merge with First National Bank of Mount Holly Springs, Pa. Dissenting statement re denial of application of First Bancorporation of Florida, Inc., Orlando, Fla., for approval to become a bank holding company through acquisition of stock of four national banks in Florida http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/23 1449 4/27 1507 4/30 1528, 1569 4/30 1529, 1586 6/14 2167 6/25 2288 7/13 2717 7/27 2860, 2892 1962 76 Pages Board of Governors: (continued) Members: (continued) Mills, A. L., Jr.: (continued) Dissenting statement re denial of application of First Virginia Corporation to acquire stock of Farmers and Merchants National Bank, Winchester, Va. Request that record show him as abstaining from voting with respect to formal acceptance of previously submitted plan by Mr. Sullivan terminating the capital adequacy proceeding against the Continental Bank and Trust Company, Salt Lake City, Utah Statement of views re reduction in reserve requirements Views re FRBank officer salaries, indicating that Board should not be concerned about individual cases where there was no serious inconsistency with policies outlined by Board Mitchell, George W.: To supervise proposed study of Reg. K and arrangements for committee to undertake study Issuance of dissenting statement re approved application by Liberty Bank and Trust Company, Buffalo, N. Y., to merge with Bank of Orchard Park, New York Statement presented re application of Whitney Holding Corporation to become bank holding company Statement of views re application of Morgan New York State Corporation, Albany, N. Y., to become bank holding company through acquisition of stock of Morgan Guaranty Trust Company of New York, N. Y., and of six up-State New York Banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/28 3233, 3282 10/11 3899 10/18 3986 12/20 4865 2/28 779 4/3 1150 4/5 1211 1962 77 Pages Board of Governors: (continued) Members: (continued) Mitchell, George W.: (continued) Consideration of memorandum by, re issues in connection with study of Reg. K Dissenting statement re approval of application of General Bancshares Corporation,St. Louis, Mo., to acquire stock of Commercial Bank of St. Louis County, Olivette, Mo., and Lindbergh Bank, Hazelwood, Mo. Concurring statement in connection with approval of application of Whitney Holding Corporation, New Orleans, La., to become bank holding company Trip to Europe to attend annual meeting of Bank for International Settlements, and to visit a number of European central banks Designated chairman of Board's Committee on Organization and Building Plans Dissenting statement re approved application of Citizens Bank of Perry, N. Y., to merge with First National Bank of Perry, N. Y. Memorandum by, re banking data requirements including call report procedures Dissenting statement re authorization for Montana Shares, Incorporated, Great Falls, Mont., to acquire stocks of Central Bank of Montana, Great Falls, Mont., Citizens Bank of Montana, Havre, Mont., and Liberty County Bank, Chester, Mont. Dissenting statement re Board's denial of application of Marine Midland Corporation, Buffalo, N. Y., to acquire stock of Security National Bank of Long Island, Huntington, New York Possibility of raising interest rate limitation on time deposits with maturities up to six months, suggested by, with request for full consideration of subject at future date http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/11 1347 4/27 1508, 1522 5/2 1610, 1647 5/9 1762 6/27 2393, 2400 7/23 2785, 2808 10/3 3756 10/3 3778 11/19 4369, 4482 12/20 4854-55 1962 78 Pages Board of Governors: (continued) Members: (continued) Mitchell, George W.: (continued) Suggestion that Board should have in Division of Bank Operations a unit to review operating efficiency of FRBanks Memorandum summarizing basic issues involved in Regulation K study presented to Board Intention to attend Conference on Inflation and Growth to be held in Rio de Janiero, Brazil, in January 1963 noted by Robertson, J. L.: Meeting with Mr. Saxon and Mr. Cocke re proposed survey of dormant accounts in banking system reported by Statement of explanation re favorable vote on amendment to Regulation Q providing higher maximum permissible rates of interest on time and savings deposits included in Board's policy record in the Annual Report Authorized to meet with Mr. Saxon, Comptroller of Currency to discuss plan re allocation of cost with respect to supervision of national banks Report to Board re meeting with Mr. Saxon,authorized to advise Mr. Saxon re Board's willingness to meet and discuss further Dissenting statement with Governor Balderston re approved application of City Trust Company, Bridgeport, Conn., to merge with West Side Bank, Bridgeport, Conn. Dissenting statement re approval of application of General Bancshares Corporation, St. Louis, Mo., to acquire stock of Commercial Bank of St. Louis County, Olivette, Mo., and Lindbergh Bank, Hazelwood, Missouri http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/20 4859 12/20 4860 12/20 4872 2/7 445 2/14 552 2/19 631 2/27 749, 761 3/23 1040, 1056 4/27 1508, 1522 1962 79 Pages Board of Governors: (continued) Members: (continued) Robertson, J. L.: (continued) Dissenting statement in connection with approval of application of Whitney Holding Corporation, New Orleans, La., to become bank holding company Recorded as not participating in discussion or vote on issuance of order continuing date of Show Cause Hearing re Continental Bank and Trust Company, Salt Lake City, Utah Dissenting statement re approval of application of Peoples Bank and Trust Company, Grand Haven, Mich., to merge with Spring Lake State Bank, Spring Lake, Michigan Dissenting statement re approval of application of Union Trust Company of Maryland, Baltimore, Md., to merge with Farmers and Merchants' Bank, Salisbury, Maryland Decision not to attend meeting with Mr. Sullivan, President of Continental Bank and Trust Company, Salt Lake City Dissenting statement re approved application of Citizens Bank of Perry, New York, to merge with First National Bank of Perry, New York, issued Visits to central banks of certain Latin American countries planned by, travel by Reed J. Irvine to accompany, authorized Dissenting statement re approval of application of Walker Bank and Trust Company, Salt Lake City, Utah, to merge with First National Bank of Price, Utah Dissenting statement re approval of application of First Oklahoma Bancorporation to become a bank holding company, issuance authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/2 1610, 1650 5/28 1961 6/25 2301, 2329 6/25 2301, 2321 7/2 2475 7/23 2785, 2808 7/27 2859 11/21 4471 11/28 4537, 4587 1962 80 Pages Board of Governors: (continued) Members: (continued) Robertson, J. L.: (continued) Dissenting statement re approval of application by United Virginia Bankshares, Incorporated, Richmond, Va., to become bank holding company by acquisition of stock of six Virginia banks Dissenting statement re approved application of Liberty Bank and Trust Company, Buffalo, N. Y., to merge with First National Bank of Batavia, N. Y. Shepardson, Charles N.: Requested to proceed with negotiations with FDIC for proposed 5-year lease for as much space in new FDIC building to meet Board's needs To request architectural firm of Harbeson Hough Livingston & Larson, Philadelphia, Pa., to review plans for possible addition to Board's building, on lot on north side of C Street Additional authority to approve foreign travel for Board staff members for purpose of attending meetings of Working Party 3, Economic Policy Committee, Organization for Economic Cooperation and Development Dissenting statement of Chm. Martin and, re denied application of United California Bank, Los Angeles, Calif. to merge with The First National Bank of Vista, California Vested with direction of Board's internal affairs of a managerial nature, including authorization to approve travel requests, personnel actions relating to Board employees, other than official staff, appointments of examiners, assistant examiners, and special or special assistant examiners of FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/5 12/20 4624, 4658 4851, 4896 4/24 1467 4/24 1468 5/17 1859 6/20 2217, 2231 7/24 2827 1962 81 Pages Board of Governors: (continued) Members: (continued) Shepardson, Charles N.: (continued) Dissenting statement re denied application of First Bancorporation of Florida, Inc., Orlando, Fla., for approval to become a bank holding company through acquisition of stock of four national banks in Florida Personnel actions, Gov. Shepardson authorized to approve on behalf of Board all personnel actions relating to members of Board's staff other than official staff Procedures: Bank holding company applications, agreement that State bank supervisors be advised of filing of applications involving banks in their states, and that Comptroller of Currency be informed of receipt of applications involving State banks Notice of receipt of, to supervisory authorities not required by law to make recommendations, agreement that no invitation for comments be included in letters of notification Bank merger and bank holding company applications, amendment to Rules of Procedure that such applications be made available for public inspection in cases where public hearing or public oral presentation is ordered, except such portions that Board finds disclosure would not be in public interest, following discussion, approved, Gov. Mills dissenting Amendment published in Federal Register Delays in processing by Board staff, proposed committee to consult with interested divisions re staff procedures and personnel situation, agreed proposed study be deferred http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/27 2860, 2892 7/24 2827 6/25 2281 7/18 2746 1/12 1/12 138, 151 143 3/9 860 1962 82 Pages Board of Governors: (continued) Procedures: (continued) Bank merger and bank holding company applications: (continued) Messrs. Sherman, Hackley and Solomon requested to prepare report on current 865 3/9 procedures Question re iumediate announcement of Board's decisions re, or withholding announcement until order and statement are prepared, raised in connection with 4 major cases 1130 4/3 under consideration Governor Mitchell's decision to cast his vote with respect to merger applications of Chemical Bank New York Trust Company and Chase Manhattan Bank, according to 4/6 1261 previously adopted rules Seven-day waiting period provided in Board's order re consummation of approved consolidation of the Peoples Bank and Trust Company, Grand Haven, Mich., with The Spring Lake State Bank, Spring Lake, Mich., request from Michigan State Superintendent for consummation on seventh day, agreed that Board's rule could be construed as allowing consummation on sev6/26 2332 enth day Suggestions re procedures to expedite processing of, in light of delays, understanding re availability to Board of weekly list of pending applications prepared by Division of Examinations, further understanding re primary responsibility residing in Governor Shepardson for working with staff in connec9/26 3670 tion with Memoranda submitted to Board by Division of Examinations supplementing memoranda received from FR Banks, understood letter to FR Bank Presidents re handling of 10/18 3973 applications be prepared http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 83 Pages Board of Governors: (continued) Procedures: (continued) Branch banks: Applications of State member banks, procedure for presenting to Board, agreed that the Division of Examinations would attach a brief covering memorandum to the memorandum submitted by the FR Bank Board approval of applications to establish, will include approval of one six-month extension of time to establish, advice to all FRBanks, letter to FRBank of New York approved Wire to Presidents of all FRBanks indicating six-month extension applies to all outstanding authorizations for which no extension has thus far been given Delegation of authority: SEE: Board of Governors: Delegation of authority Direction of internal affairs: Additional authority for Governor Shepardson to approve foreign travel by Board staff members for purpose of attending meetings of Working Party 3, Economic Policy Committee, Organization for Economic Cooperation and Development Internal affairs that are of a managerial nature, direction vested in Governor Shepardson Quarters: Proposed 5-year lease for space in new FDIC building, Governor Shepardson requested to proceed with negotiations with FDIC Arrangements for lease of space in new FDIC building for 5-year period approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/9 1765 11/6 4255,4273-74 11/14 4312, 4332 5/17 1859 7/24 2827 4/24 1467 6/15 2178 1962 84 Pages Board of Governors: (continued) Quarters: (continued) Negotiations concluded for lease, reported by Governor Shepardson, provisions of lease outlined, lease executed by FDIC and forwarded to Board for execution Lease executed on behalf of Board by Assistant Secretary noted Records: Miscellaneous, pertaining to State member banks, request for authority from National Archives for disposal of, on a continuing basis after a 5year retention period Fiduciary powers of national banks, letter to Comptroller of the Currency inviting discussion at staff level in connection with transfer of, upon the signing of H.R. 12577 Agreement that folders for each national bank currently exercising fiduciary powers, and certain files maintained by Legal Division, be transferred to Comptroller of Currency, decision deferred re transferring material in Board's general files relating to both State and national banks, pending further review, letter to Comptroller approved Reimbursement of expenses incurred in connection with Board recruitment resulting in transfers from FRBank or Branch to Board, policy approved Relocation site of Board's operations, committee comprised of Messrs. Harris, Farrell, and Kelleher appointed to explore problems arising from space needs at FRBank of Richmond, committee to present recommendations to Board Rules of Organization and Procedure: Revisions made during 1961 and 1962 in administrative practices, letter of explanation, with copy of Rules, sent to Senator Carroll, Senate Subcommittee on Administrative Practice and Procedure, Senate Judiciary Committee, as requested http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/28 3246 8/28 3248 8/28 3248 9/25 3662, 3668 10/18 3969, 4002 4/2 1113 7/17 2730 10/30 4143, 4162 1962 85 Pages Board of Governors: (continued) Rules of Organization and Procedure: (continued) Amendment to, allowing bank merger and bank holding company applications to be made available for public inspection in cases where public hearing or public oral presentation is ordered, except such portions that Board finds disclosure would not be in public interest, approved, Governor Mills dissenting Published in Federal Register Seals: Revision to conform to design of FRBulletin seal as redrawn in 1961, approved as recommended in Mr. Sherman's memorandum, no provision made in 1962 budget for expenditure No change to be made in bronze seals imbedded in floors outside Board Room and in the Constitution Avenue lobby Revised seal placed in use today, noted Secretary's Office: Sensitive positions: Stenographic Section positions declared sensitive, overexpenditure in 1962 budget of Division of Personnel Administration authorized to cover estimated cost of full field investigations Clearing Assistant, Clearing Unit, declared to be, full field investigation to be initiated for incumbent, Lee E. Sawyer Workmen's compensation, claim filed by Board employee under District of Columbia Workmen's Compensation Act, letter denying Board or the employee as being subject to the Act at time of injury, sent to Dept. of Labor 13°ggs, Hale, Congressman: New Orleans Branch building project, complaint from owner of premises abutting proposed new building, re demolition of one wall of his building, letter received from, understanding re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/12 1/12 138, 151 143 3/22 1016 3/22 8/20 1017 3158, 3167 4/13 1366 4/20 1438 1/10 100 6/18 2196 1962 86 Pages Bonds: Chemical State Savings Bank, Midland, Michigan, permission to act as the paying agent on bond issues, requested by, Board interposes no objection Establishment of Bond Department by Union County Trust Company, Elizabeth, N.J., Board permission not required due to type of condition imposed at time of membership, advice to FRBank of New York Excess, fidelity, protective benefits of the $1 million stressed letter to Presidents of all FRBanks Inter-American Development Bank, execution of fiscal agency agreement by FR Bank of New York with, in connection with proposed 20-year bond issue, authorized International Bank for Reconstruction and Development, amendment to Fiscal Agency Agreement with FRBank of New York authorizing Bank to act as fiscal agent, approved in connection with bond issue by Proposed issue of Two Year Bonds of 1962, amendment to Fiscal Agency Agreement with FRBank of New York to include, approved Revenue: Inquiry whether certain transactions by banks involving, are permissible under Paragraph 7, section 5136, Revised Statutes, reply to Investment Bankers Association of America S. 3131, bill to amend section 5136, Revised Statutes, with respect to authority of national banks to underwrite and deal in securities issued by State and local governments, including, following discussion, agreed to defer consideration of report to Senate Banking and Currency Committee http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/5 4619, 4637 8/6 2972, 2991 2/28 764, 770 12/7 4672, 4679 2/5 409, 427 9/13 3456, 3485 4/9 1270, 1291 8/28 3236 1962 87 Pages Bonds: (continued) Revenue: (continued) Views of FAC re proposed legislation to permit underwriting and dealing in, by commercial banks, expressed at joint meeting Committee for Study of Revenue Bond Financing, to meet with Board on Oct. 31st Meeting of representatives of, with Board opposition expressed by Committee, re possible legislation to permit underwriting and dealing in, by commercial banks Savings, program announced by Citizens and Southern National Bank, Atlanta, Georgia, re issuance of time certificates of deposit under the name of "Citizens and Southern Savings Bonds," question re propriety discussed, request for high-priority study by Research, Examinations, and Legal Divisions Survey of loans on stocks and, as collateral, to develop information re volume and characteristics of loans subject to Reg. U, and of security loans exempt from the present Regulation, authorized by Board, Governor Mills dissenting, letter to Presidents of FRBanks indicating contact would be made with research departments re further steps re Union County Trust Company, Elizabeth, N.J., question re need for permission to establish a Bond Department, Board's consent not required due to type of condition imposed at time of membership, advice to FRBank of New York Borrowings: Commercial banks, use of FRBank discount window, tentative recommendation by Committee on Financial Institutions that all commercial banks be given access to FRdiscount facilities on same basis as member banks, instruction to Mr. Noyes re position to be taken at meeting with Committee http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/18 3579 10/18 3982 10/31 4175 1/15 155 5/7 1743, 1759 8/6 2972, 2991 10/10 3868 1962 88 Pages Borrowings: (continued) Member banks, use of FRBank discount window by six country banks noted during review of examination report of FRBank of Kansas City, action unnecessary due to improvement over previous year, understood that Governor Mitchell would discuss administration of discount function with President Clay Doctoral dissertation re, release of 1961 data in statements, "Borrowings from FRBanks," L.5.3 and L.5.4, by FRBank of St. Louis for use in, no objection by Board Branch banks, domestic: Applications to establish: Board's opinion such applications should be processed promptly and transmitted to Board, letter to all FRBanks to be prepared, and advice of Board's position to be transmitted to Comptroller of Currency and FDIC Board's practice of not acting on applications until approved by appropriate State banking authorities discussed, letter to FRBanks approved Hearing by House Banking and Currency Committee on bill placing the authority for approval of, Board questioned by National Association of Supervisors of State Banks re possible objection to hearing re, agreed unnecessary to reply Procedure for presenting to Board, proposal whereby the Division would attach a covering memorandum to the memorandum submitted by the FRBank, agreement re Sample of effective branch presentation to be sent to FRBanks for their use Board's approval will include six-month extension of time to establish, advice to FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/2 9 2/12 504, 533 1/26 299 1/29 325, 335 2/19 629 5/9 1765 5/9 1765 11/6 4255, 4274 1962 89 Pages Branch banks, domestic: (continued) Applications to establish: (continued) Board's approval will include six-month extension: (continued) 11/7 4276 Reference to above authorization Wire to Presidents of all FRBanks indicating six-month extension applies to all outstanding authorizations for which no extension has thus 11/14 4312, 4332 far been given filed applications of branch status California, by the three largest State member banks, question re possible preemption of sites by larger banks when applications are not processed 1/26 298 promptly Information re branches approved for two national banks in California during past year or two, interest expressed by Governor King, staff to assemble 2/28 764 such information Deposit data: Summary of results of FRBank survey re branch record keeping procedures and outcome of questionnaire with respect to, staff to prepare a recommendation that might be explored with other bank supervisory agencies 2/27 734 and Bureau of Budget Proposal re adoption of report form to expand collection of, sent to Comptroller of Currency and FDIC, with attached form, for possible use in place of 4/13 1363, 1372 regular deposits-by-counties form Discussion re alternative procedures, letter to Comptroller restating Board's position and commenting on alternative proposal, approved, 5/17 1850, 1867 with copy to FDIC expand Decision of Board and FDIC to collection of, to include reports of deposits by cities, from all member and nonmember banks, sample form and instructions sent to FR 5/24 1930, 1949-51 Banks, and letter to FDIC approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 90 Pages Branch banks, domestic: (continued) Deposit data: (continued) Proposal re adoption of report form to expand: (continued) Decision of Comptroller of Currency not 5/24 1949, 1951 to participate in program noted Question whether reports by member banks re, are mandatory, in light of letter of Comptroller of Currency to national banks, discussion re Board authority under section 11(a), FR Act, telegram to FRBanks approved, with copy to Comptroller of Currency 6/25 2299, 2314 Governor Mitchell's reference to letter by Comptroller of Currency informing national banks that submission of reports re, was at their discretion, Secretary of Board requested to transmit to Bureau of Budget copies of letter and wire to FR Banks indicating reports are mandatory, in light of section 11(a) of 6/29 2422, 2436 FRAct Inquiry from First National Bank of San Jose, Calif., re use of, question of confidentiality of certain unpublished information and Board's authority to collect, reply approved with edited copies to be sent to FRBanks, Budget Bureau 7/25 2843, 2848 and Comptroller of Currency Data used in compiling publication "Distribution of Bank Deposits by Counties and Standard Metropolitan Areas," requested by Business Equipment Manufacturers Association, request approved, on reimbursable basis, with certain un8/14 3103, 3120 derstanding Establishment of, resulting from acquisitions under sec. 18(c), question re necessity of Board approval of, and re capital requirements of resulting bank, understood reply to inquiry from Farmers and Merchants Bank of Long Beach, Calif., be sent as staff letter by Mr. 433 2/6 Hackley to FRBank of San Francisco http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 91 Pages Branch banks, domestic: (continued) Extensions of time to establish, suggestion by FRBank of New York re delegation of authority to FRBanks to approve one six-month extension, approval authorized Advice to FRBanks Reference to above authorization Wire to Presidents of all FRBanks indicating six-month extension applies to all outstanding authorizations for which no extension has thus far been given Foreign banks with branches in U.S.: SEE: Foreign banks: Branches in the U.S. Louisiana, opinion of Louisiana State Attorney General re bank holding company operations in relation to branch banking laws submitted by Louisiana State Bank Commissioner in connection with Whitney Holding Corporation matter Rescinding of Board's approval for establishment of, Board's position that a denial could be reversed, but no basis upon which approval of application of Wells Fargo Bank to establish branch could be rescinded, noted in light of inquiry Retention of, upon conversion, consolidation, or merger where continuing or acquiring bank would be a national bank, proposed amendment to sec. 5155, Revised Statutes relating to, proposed by Treasury Dept., report sent to Budget Bureau H.R. 12825, bill to amend sec. 5155, Revised Statutes relating to, report to Chm. Spence, House Banking and Currency Committee, approved Mr. Solomon designated to testify on behalf of Board before Subcommittee No. 1, draft of statement distributed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/6 11/6 11/7 11/14 4255, 4273 4255, 4274 4276 4312, 4332 6/25 2280 9/28 3705 4/10 1313, 1331 8/13 3078, 3096 8/13 3079 1962 92 Pages Branch banks, domestic: (continued) Retention of: (continued) Report to Chm. Spence, House Banking and Currency Committee, approved Report to Chm. Robertson, Senate Banking and Currency Committee, approved Understanding re statement to be made by Mr. Solomon, on behalf of Board, at hearing before Senate Banking and Currency Conuittee re Report on enrolled bill H.R. 12899 sent to Budget Bureau Service buildings, question whether operation of certain services of State member banks in such buildings constitutes operation of a branch, requiring Board approval State statutes relating to, in light of request by Governor Mills it was understood that Legal Division would prepare memorandum re Board's statutory responsibilities with respect to holding company cases Concluded that Board be guided by Bank Holding Company Act of 1956, and not influenced by State branch banking regulations (Individual banks): American Bank and Trust Company, Suffolk, Va., establishment of branch at location of its present principal office at intersection of Main and Washington Sts., Suffolk, upon removal of such office to new location, six-month extension approved Ann Arbor Bank, Ann Arbor, Michigan, establishment of branch in vicinity of intersection of Plymouth Road and Huron Parkway, approved Bank of America National Trust and Savings Association, San Francisco, Calif., information re branches approved for, during past year or two, interest expressed by Governor King, staff to assemble such information http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/27 3194, 3216 8/29 3315, 3324 8/29 3315 9/19 3583, 3602 10/30 4161 6/14 2167 7/9 2561 12/13 4757, 4769 7/2 4270, 2506 2/28 764 1962 93 Pages Branch banks, domestic: (continued) Bank of Huntington, N.Y., establishment of branch on easterly side of East Deer Park Road, south of junction of Jericho Turnpike and East Deer Park Road, Huntington, N.Y., approved Bank of Idaho, Boise, Idaho, application to operate branch incident to merger with First National Bank of Bonners Ferry,Idaho, approved Issuance of order and statement authorized, Mr. Sherman reported that Governor King was agreeable to issuance Granted extension of time, retroactively, within which to establish branch at Post Falls, Idaho Bank of Indiana, Gary, Ind., operation of two branches at offices of Lake County State Bank, East Gary, Ind., approved, incident to merger of Gary Trust and Savings Bank and latter bank under title of Bank of Lansing, Michigan, establishment of branch near northwest corner of South Logan St. and Holmes Road, approved Bank of Las Vegas, Nevada, granted extension of time within which to establish branch in vicinity of intersection of Maryland Parkway and East San Francisco Ave., Clark County, Nev., approved Establishment of branch in vicinity of intersection of West Charleston Boulevard and Decatur Road, approved Bank of New Orleans and Trust Company, New Orleans, La., establishment of branch in Medical Plaza Building at Prytania and Foucher St., New Orleans, approved, with need for further strengthening of capital structure stressed Bank of New York, New York, N.Y., establishment of branch at 51 West 52nd St., Borough of Manhattan, N.Y., approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/1 2914, 2919 2/12 507 2/16 601, 613-15 5/10 1779, 1792 10/29 4122, 4134 1/24 243, 273 3/21 979, 1000 5/21 1880, 1892 1/11 112, 125 7/27 2856, 2872 1962 94 Pages Branch banks, domestic: (continued) Bank of Perry, N.Y., application by Citizens Bank of Perry, N.Y., to operate a branch for a one-year period at the location of Citizens Bank, incident to its merger with First National Bank of Perry, N.Y., under charter of Citizens Bank, with title of, approved with Governors Robertson and Mitchell dissenting Issuance of order, statement and dissenting statement of Governors Robertson and Mitchell authorized Bank of Phoebus, Hampton, Va., establishment of a branch in Riverdale Plaza Shopping Center on north side of West Mercury Boulevard, Hampton, Virginia, approved Bank of Slidell, Louisiana, establishment of a branch at corner of Broad St. and Ponchartrain Blvd., Slidell, La., approved, with understanding re operation in temporary quarters pending completion of permanent quarters Continued operation of branch at 1903 Second St., Slidell, La., during time main banking office is being remodeled, approved Bank of Virginia, Richmond, Va., establishment of branch at intersection of Brook Road, Azalea Ave. and Norwood Avenue in Henrico County, Va., approved Bank of Warwick, Newport News, Va., establishment of branch on U.S. Route 17 near north junction of State Route 621 and U.S. Route 17, Grafton, Va., approved Bank of Wood County Company, Bowling Green, Ohio, operation of branch at present location of office of Perrysburg Banking Company, Perrysburg, Ohio, approved in connection with approval of merger of two banks, order issued http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/9 2558 7/23 2785, 2802 5/9 1764, 1776 3/20 948, 960 5/31 1980, 1990 8/17 3131, 3136 8/13 3069, 3090 6/8 2087 1962 95 Pages Branch banks, domestic: (continued) Bank of Wood County Company, Bowling Green, Ohio: (continued) Extension of time to establish branch between East Court and East Wooster Streets at the New York Central Railway, 7/20 2766, 2772 approved Bankers Trust Company, New York, N.Y., establishment of branch at 1180 Avenue of the Americas, Manhattan, N.Y., 2/26 713, 722 approved Granted extension of time within which to establish branch at 2 Lafayette Street, Borough of Manhattan, 4/5 1193, 1228 New York, N.Y. Establishment of branch at northeast corner of 31st Ave. and 77th St. in Jackson Heights, Borough of Queens, 4/18 1387, 1413 New York, N.Y., approved Establishment of branch at 1660 Second Ave. in Borough of Manhattan, New York, 6/14 2163, 2169 N.Y., approved Granted extension of time within which to establish branch at 280-290 Park Ave., Borough of Manhattan, N.Y., 9/21 3610, 3629 New York Granted extension of time within which to establish branch at 2 Lafayette St., Borough of Manhattan, N.Y., 9/21 3610, 3630 New York Establishment of branch at 845 Third Ave., 10/5 3814, 3828 Manhattan, N.Y., N.Y., approved Third Ave., 605 Establishment of branch at 10/22 4032, 4035 Manhattan, N.Y., N.Y., approved nonmember Commerce, Canadian Imperial Bank of clearing accounts for Portland and Seattle branches of, carried by FRBank of San Francisco, situation discussed in consideration of question re establishment of such account by FRBank of New York for N.Y. City branch of Israel 7/12 2677 Discount Bank 7/31 2902 Further discussion http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 96 Pages Branch banks, domestic: (continued) Central Jersey Bank and Trust Company, Freehold, N.J., application of Asbury Park and Ocean Grove Bank, Asbury Park, N.J., to operate branches at present ten offices of, in connection with its application to merge with, allowing the Freehold bank to retain its title, agreed that both banks would be afforded an opportunity for public oral presentation Oral presentation arranged for May 25, 1962, Order issued Couunents re scheduled oral presentation Application denied unanimously after discussion Central Trust Company, Cincinnati, Ohio: Establishment of a branch at 3300 Central Parkway, approved provided that branch operations conducted at 3129 Spring Grove Avenue are discontinued simultaneously with the establishment of the new branch Establishment of a branch on Glenway Avenue, 600 feet west of Werk Road, Cincinnati, Ohio, approved Extension of time to establish a branch in the Eastern Hills Plaza Shopping Center on Paxton Avenue, south of Oakley Park and Athletic Playfield, Cincinnati, Ohio, approved Establishment of a branch at southeast corner of Northland and Waycross Road, Forest Park, Ohio, approved Central Trust Company, Rochester, N.Y.: Establishment of a branch at 2595 West Henrietta Road, Brighton, N.Y., approved Operation of a branch at present location of Prattsburgh State Bank, Prattsburg, N.Y., incident to merger of the two banks approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/7 1738 5/7 5/24 1742, 1755 1931 6/18 2194 1/24 243, 272 5/31 1980, 1989 7/2 2470, 2505 8/29 3314 3321 5/2 1604, 1619 11/23 4477, 4483 1962 97 Pages Branch banks, domestic: (continued) Chase Manhattan Bank, New York, N.Y.: Extension of time to establish a branch at 6510 Avenue U, Brooklyn, N.Y., approved Establishment of a branch at 9313 Third Avenue, Borough of Brooklyn, Kings County, New York, approved Establishment of a branch at 655 Hunts Point Avenue, Bronx, N.Y., approved Establishment of a branch at 201 East 79th Street, Manhattan, N.Y., approved Application to merge with Hempstead Bank, Hempstead, N.Y., and to operate branches at the present offices of the Hempstead Bank, denied by majority vote with Governors Mills and King voting to approve Issuance of order and statement authorized, accompanied by dissenting statement by Governor Mills Granted extension of time within which to establish a branch at 2035 Crompond Road, Yorktown Heights, Yorktown, New York Establishment of a branch at 2065 Second Avenue, Borough of Manhattan, New York, N.Y., approved Establishment of a branch at 28 Welcher Ave., Peekskill Plaza Shopping Center, Peekskill, N.Y., approved Granted extension of time within which to establish a branch at 2 Knickerbocker Avenue, Brooklyn, N.Y. Granted extension of time within which to establish a branch at 2840 Jerusalem Avenue, North Bellmore, New York Establishment of a branch at 220 West Jericho Turnpike, Syosset, N.Y., approved Chemical Bank New York Trust Company, New York, N.Y.: Granted extension of time within which to establish a branch at 67 Broad St., New York, N.Y., with understanding re operations at branch located at 30 Broad Street http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/5 48, 54 1/24 243, 271 2/15 566, 578 3/21 979, 1003 4/6 1244 4/30 1528, 1574-86 6/21 2240, 2246 8/2 2922, 2925 8/3 2930, 2967 9/4 3342, 3347 9/4 3342, 3348 9/21 3610, 3636 1/16 179, 196 1962 98 Pages Branch banks, domestic: (continued) Chemical Bank New York Trust Company, N.Y., N.Y.: (continued) Granted extension of time within which to establish a branch at 1900 Ralph 2/7 442, 452 Avenue, Brooklyn, New York Operation of limited-purpose branch at 30 Broad Street, New York, N.Y., for certain period, approved, with understanding re simultaneous opening of its branch at 67 Broad 2/12 503, 526 Street Establishment of a temporary branch at 1220 Jerome Avenue, Bronx, N.Y., in connection with removal of portions of its branch operations from damaged quarters at 9 East 167th Street, action approving, 1127, 1157 4/3 ratified Application to merge with Long Island Trust Company, Garden City, N.Y., and to operate branches at the present offices of Long Island Trust Company, denied by majority vote with Governors Mills and King voting 4/6 1244 to approve Issuance of order and statement re denial authorized with dissenting 4/30 1527, 1552-69 statement of Gov. Mills attached Establishment of a branch at 410-420 Northern Boulevard, Great Neck, Town of 7/27 2856, 2870 North Hempstead, N.Y., approved N.Y., granted Elmira, Chemung Canal Trust Company, extension of time within which to establish a branch at 602 South Main Street, Village of Horseheads, 6/21 2240, 2247 New York Chester-Schroon-Horicon Bank, Chestertown, N.Y., establishment of a branch on Main Street in Schroon Lake, N.Y., to be utilized between June 1 and 2/12 503, 527 September 30 only, approved establishment Abilene, Kansas, Bank of Citizens of a branch at 502 North Cedar 7/24 2815, 2831 Street, Abilene, Kansas, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 99 Pages Branch banks, domestic: (continued) Citizens Bank, Attica, N.Y., establishment of a branch at 22 Main Street, Attica, N.Y., approved, six-month extension approved Citizens Central Bank, Arcade, N.Y., single office of the Bank of Delevan, N.Y., to be operated as a branch of, in conjunction with approval of the merger of Bank of Delevan, N.Y., into, issuance of order and statement authorized Citizens Commercial & Savings Bank, Flint, Michigan, establishment of a branch at G-3055 West Pierson Road, approved Citizens Commercial Trust and Savings Bank of Pasadena, California: Establishment of an in-town branch on the south side of Colorado Blvd. between Catalina and Wilson Avenues, approved Change in location of branch from south side of Colorado Boulevard between Catalina and Wilson Avenues to Southwest corner of Catalina St. and Colorado, Pasadena, Calif., approved Citizens Fidelity Bank and Trust Company, Louisville, Kentucky: Establishment of a branch in Mid-City Shopping Center on Bardstown Road, Louisville, Ky., approved Establishment of a branch in the Lynnview Shopping Center, Jefferson County, Kentucky, approved, with the understanding that operation at the existing office at 4243 Preston Highway, Jefferson County, Kentucky be discontinued City Trust Company, Bridgeport, Conn., application to merge with West Side Bank, Bridgeport, Conn., and to operate a branch at present office of latter bank, approved, Governors Balderston and Robertson dissenting Order and statement for approval issued, with dissenting statement of Governors Balderston and Robertson http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/26 1/24 10/24 4491, 4508 245, 282-84 4042, 4055 4/18 1387, 1415 10/5 3814, 3827 3/21 979, 1005 11/5 4236, 4247 3/14 889 3/23 1040, 1048-56 1962 100 Pages Branch banks, domestic: (continued) Cleveland Trust Company, Cleveland, Ohio: Establishment of a branch in Midtown Shopping Center at northwest corner of intersection of Broadview and Snow Roads, Parma, Ohio, approved Establishment of a drive-in facility 400 feet from branch quarters in Midtown Shopping Center at Broadview and Snow Roads, Parma, Ohio, approved Expiration date of option on location for proposed drive-in facility referred to Establishment of a branch in Brecksville Shopping Center on Chippewa Road near intersection of Brecksville Road, Brecksville, Ohio, approved Establishment of a branch at southeast corner of intersection of Wilson Mills and Richmond Roads, Richmond Heights, Ohio, approved Granted extension of time within which to establish a branch at 38 Main Street, Chagrin Falls, Ohio Granted extension of time within which to establish a branch in Brecksville Shopping Center on Chippewa Rd. near intersection of Brecksville Rd., Brecksville, Ohio Establishment of a branch in Biddulph Plaza Shopping Center at intersection of Ridge and Biddulph Rds., Brooklyn, Ohio, and a branch drive-in facility at the same approximate location, approved, six-month extension approved Colonial Bank and Trust Company, Waterbury, Conn.: Establishment of a branch at intersection of Thomaston Avenue and West Main Street, Waterbury, Conn., approved Establishment of a branch in the Southbury Shopping Center, Southbury, Conn., approved Establishment of a branch near the junction of Main Street and Highland Avenue, Cheshire, Conn., approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/5 820, 826 4/24 1466, 1471 4/24 1467 4/26 1494, 1499 8/30 3325, 3331 10/17 3939, 3949 10/18 3968, 3998 11/28 4536, 4544 1/29 316, 331 8/6 2971, 2989 10/24 4042, 4053 1962 101 Pages Branch banks, domestic: (continued) Commerce Union Bank, Nashville, Tenn., application to merge with Broadway National Bank, Nashville, Tenn., and to operate offices of latter bank as branches, order approving, issued Commercial Security Bank, Ogden, Utah, establishment of a branch at 3700 Wall Avenue, South Ogden, Utah, approved Connecticut Bank and Trust Company, Hartford, Connecticut: Establishment of a branch at 1159-1159a and 1161-1163 New Britain Avenue, in the Elmwood section of West Hartford, approved Application to merge with Wallingford Bank and Trust Company, Wallingford, Conn., and incident thereto to operate a branch at location of latter bank, approved unanimously Issuance of order and statement authorized County Bank of Santa Cruz, Calif.: Granted extension of time within which to establish a branch at intersection of Front and Cooper Sts., Santa Cruz, California Extension of time within which to establish a branch on vicinity of intersection of Front and Cooper Streets, Santa Cruz, Calif., approved Establishment of a branch in East Cliff Village Shopping Center between 14th and 17th Avenues at East Cliff Drive near city of Santa Cruz, approved, six-month extension approved County Trust Company, White Plains, N.Y., two offices of Gramatan National Bank and Trust Company of Bronxville, N.Y., to be operated as branches of, incident to the merger of the two banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/2 1606, 1628 4/25 1473, 1488 1/24 243, 270 8/8 3033 8/17 3133, 3143-45 3/21 979, 1001 9/10 3405, 3412 11/23 11/7 4476, 4482 4287 1962 102 Pages Branch banks, domestic: (continued) Dauphin Deposit Trust Company, Harrisburg, Penna.: Application to merge with the First National Bank of Mount Holly Springs, Pa., and to operate a branch at the location of the latter bank, denied with Gov. Mills dissenting Possibility of an oral presentation discussed, agreement against prior to announcing Board's decision Order, majority and dissenting statements reviewed, agreed majority statement be revised for further consideration Order and statements issued Deposit Guaranty Bank & Trust Company, Jackson, Mississippi: Granted three month extension of time within which to establish a branch in vicinity of intersection of McDowell and McFadden Roads, Jackson, Miss., with understanding no further extensions to be considered unless definite steps are taken to establish the branch Question re possible pre-emption of site Establishment of a branch near intersection of U.S. Highway 80 and Ellis Ave., Jackson, Mississippi approved Establishment of a branch at 4229 North State St., Jackson, Miss., approved Company, Maine: Trust Depositors Establishment of a branch in the vicinity of the intersection of Madison Avenue and Beech Street, Skowhegan, Somerset County, Maine, approved Establishment of a branch in the Northwood Park Shopping Center, Lewiston, Maine, approved Detroit Bank and Trust Company, Detroit, Mich.: Establishment of two branches (1) to be located on south side of Seven Mile Road between Hartwell and Snowden Streets, Detroit; and (2) to be located on south side of Eight Mile Road in vicinity of intersection with Evergreen Road, Detroit, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/3 2517 7/3 2521 7/12 7/13 2675 2701, 2709 2/21 2/21 678, 692 678 7/13 2700, 2706 9/24 3650, 3658 1/24 243, 268 2/5 409, 417 5/31 1980, 1992 1962 103 Pages Branch banks, domestic: (continued) Detroit Bank and Trust Company: (continued) Establishment of a branch in the vicinity of the intersection of Ten Mile and Greenfield Roads, Royal Oak Township, Oakland County, Michigan, approved Dutchess Bank and Trust Company, Poughkeepsie, N.Y., establishment of a branch at 432 South Road in the Hudson Plaza, Town of Poughkeepsie, Dutchess County, New York, noted that operation of branch at 423 South Road will continue, sixmonth extension approved Egg Harbor Bank and Trust Company, Egg Harbor City, New Jersey, establishment of an in-town branch at northwest corner of Philadelphia Avenue and Arago Street, approved Elyria Savings & Trust Company, Elyria, Ohio, establishment of a branch on south side of Cleveland -Elyria Road east of intersection of Avon Lake Road, North Ridgeville, Ohio, approved, provided branch operations conducted at 7077 Avon-Belden Road are discontinued Farmers Bank and Trust Company, Blytheville, Arkansas, establishment of a branch at 106 North Broadway St., approved Farmers and Merchants Bank of Lawrenceville, Va.: Application to merge with Bank of Alberta, Va., and to operate the office of latter bank as branch of, issuance of order and statement approving, authorized Establishment of a branch in Broadnax, Va., approved Farmers and Merchants Bank of Long Beach, Calif.: Application to acquire assets and assume liabilities of Farmers and Merchants Bank of Southern Counties Long Beach, Calif., and to establish branches at locations of offices of latter bank, approved unanimously http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/29 11/21 2426, 2453 4446, 4453 8/13 3069, 3089 6/25 2275, 2306 1/24 243, 275 8/27 3197, 3221-23 11/2 4219, 4227 3/21 987 1962 104 Pages Branch banks, domestic: (continued) Farmers and Merchants Bank of Long Beach, Calif.: (continued) Application: (continued) Issuance of Order and Statement authorized 3/28 1085, 1096 Granted extension of time within which to establish a branch on south side of Artesia Street between Obisop and Indiana Avenues, Long Beach, California, six-month extension 9/19 3583, 3594 approved Farmers Savings and Trust Company, Mansfield, Ohio, establishment of branch at southwest corner of Park Avenue West and Brookwood Way, Mansfield, Ohio, approved, six-month exten12/19 4808, 4838 sion approved York, N.Y.: Federation Bank and Trust Company, New Establishment of a branch in vicinity of intersection of Williamsbridge Road and Morris Park Avenue, Bronx 61, 69 1/8 County, N.Y., approved Nostrand Establishment of a branch at 1871 Avenue, Brooklyn, New York, N.Y., 6/13 2134, 2149 approved side of south Establishment of a branch on Strang Avenue, 100 ft. west of intersection of Strang Ave. and Baychester Ave., Bronx, N.Y., approved, with notation re capital 10/26 4103, 4106 of bank Philadelphia, Company, Trust Fidelity-Philadelphia Pennsylvania: Establishment of a branch at 3606 West Chester Pike, Newtown Square, Newtown Township, Delaware County, Penna., approved, also approval of additional investment in bank premises 4/30 1526, 1541 incident to Establishment of a branch in the Philadelphian (apartments), 2401 Pennsylvania Ave., Philadelphia, Pa., approved, with additional investment in bank 9/19 3582, 3592 premises incident to, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 105 Pages Branch banks, domestic: (continued) Fidelity-Philadelphia Trust Company, Philadelphia Pennsylvania: (continued) Establishment of a branch at 250 East Lancaster Avenue, Wynnewood, Lower Merion Township, Pa., and investment in bank premises incident to, approved, six-month extension approved Fidelity Savings Bank, Ottumwa, Iowa, investment in bank premises approved Fidelity State Bank, Dodge City, Kansas, establishment of a branch at 312 Gunsmoke Street, Dodge City, Kansas, approved Fifth Third Union Trust Company, Cincinnati, Ohio, establishment of a branch at southeast corner of Glendale-Milford Road and Saint Rita Lane, Evendale, Ohio, approved First Bank and Trust Company, Fords, New Jersey, establishment of a branch at 1379 St. Georges Avenue, Avenel, Woodbridge Township, N.J., approved First-City Bank & Trust Company, Hopkinsville, Ky.: Establishment of a branch in an unincorporated area on U.S. Highway 41A, opposite gate 4, Fort Campbell, Ky., approved Discussion re recommendation for disapproval of application from FRBank of St. Louis and re earnings prospects of the proposed branch Establishment of a °ranch on Canton Pike and Blane Drive in Indian Hills, Hopkinsville, Ky., approved Change in location of a branch at Fort Campbell, Kentucky, approved First Pennsylvania Banking and Trust Company, Philadelphia, Pennsylvania: Granted extension of time within which to establish a branch at northeast corner of Ashland Avenue and MacDade Boulevard, Glenolden,Pa. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/28 4536, 4543 10/18 3969, 3999 6/28 2405, 2414 1/16 180, 197 7/2 2470, 2504 5/10 1780, 1797 5/10 1780 5/10 1780, 1797 9/27 3678, 3694 4/2 1103, 1116 1962 106 Pages Branch banks, domestic: (continued) First Pennsylvania Banking and Trust Company: (continued) Granted extension of time within which to establish a branch at 255 East 8/14 County Line Road, Warminster, Pa. Street, Walnut 1518 at branch a of on Operati Philadelphia, Pa., until January 1, 9/4 1965, approved h establis to which within time of Extension a branch at southeast corner of Grant Avenue and Roosevelt Boule9/13 vard, Philadelphia, Pa., approved shestabli Calif., , Lynwood of Bank First State ment of a branch in vicinity of intersection of Alondra and Paramount Boulevards, Paramount, Calif., approved, with understanding re increase of capital funds by sale 3/14 of additional common stock sh to establi which within time of on Extensi a branch in vicinity of intersection of Alondra and Paramount Boulevards, Paramount, Calif., 9/6 approved applica N.Y., Albany, of Company First Trust tion to merge with Broadalbin Bank, Broadalbin, N.Y., and to operate a branch at present location of latter bank, ap3/14 proved unanimously 3/20 Issuance of order and statement authorized Franklin County Trust Company, Greenfield, Mass., establishment of a branch at 399 3/23 Federal Street approved Mich., Genesee Merchants Bank & Trust Co., Flint, establishment of a branch at G-5278 Corunna Road, Flint, Mich., 9/21 approved lphia, Girard Trust Corn Exchange Bank, Philade Pa., establishment of a branch in Upper Darby Shopping Center on north side of State Road, near intersection of State Road and Lansdowne Avenue, Upper Darby, 8/14 Pa., approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3100, 3113 3342, 3349 3456, 3475 886, 907 3359, 3372 888 951, 969 1037, 1042 3611, 3640 3101, 3119 1962 107 Pages Branch banks, domestic: (continued) Glenns Ferry Bank, Ltd., Glenns Ferry, Idaho, establishment of a branch in Kuna, Idaho, approved Greene County Bank, Greeneville, Tennessee, establishment of a branch at the corner of Tusculum Boulevard and Mason Street, approved Greenfield State Bank, Bakersfield, Calif., establishment of a branch in vicinity of Wilson Road and South H Street in Kern County, Calif., approved Hackensack Trust Company, Hackensack, N.J.: Application to merge Bank of Saddle Brook and Lodi, Saddle Brook, N.J., into, and to operate branches at present locations of two offices of the latter, approved Noted in letter re strengthening of capital position that the New Jersey Department of Banking and Insurance felt that the capital position was sufficiently serious to make approval of the latest branch application conditional on the provision of additional capital Hagerstown Trust Company, Hagerstown, Md., establishment of a branch on east side of 900 block South Potomac St., Hagerstown, Md., approved Hempstead Bank, Hempstead, N.Y.: Establishment of a branch in the Tru-Value Shopping Center, Old Bethpage Road, Old Bethpage, unincorporated area of Plainview, Town of Oyster Bay, Nassau County, N.Y., approved, with need to strengthen the bank's capital structure stressed Establishment of a branch at Store No. 13, Great Bay Shore Shopping Center, Montauk Highway, Islip, N.Y., approved, with notation re need for strengthening bank's capital http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/12 2671, 2690 1/15 153, 163 8/20 3152, 3165 1/17 207 1/29 317, 333 6/29 2426, 2452 10/19 4010, 4021 1962 108 Pages Branch banks, domestic: (continued) Hillsboro Bank and Savings Company, Hillsboro, Ohio, application to purchase assets and assume liabilities of Citizens Bank and Savings Company, Leesburg, Ohio, and to operate a branch at present head office of latter bank, approved Issuance of order and statement authorized Hunterdon County Trust Company, Califon, New Jersey, establishment of a branch in the vicinity of the intersection of County Routes 517 and 523 N. J., approved Industrial State Bank of Kalamazoo, Michigan, establishment of a branch at 3122 Oakland Drive, approved International State Bank, Raton, New Mexico, establishment of a branch in Cimarron, New Mexico, approved Irving Trust Company, New York, N.Y., establishment of a temporary branch at 2 Broadway, N.Y., N.Y., for purpose of conducting operations of certain departments during construction of addition to head office building, approved, six-month extension approved Israel Discount Bank Limited, Tel Aviv, Israel, question whether New York City branch of, is eligible (1) to admission to membership in FRSystem; (2) to carry a nonmember clearing account with FRBank of New York, and (3) to establish an account with FRBank of New York under sec. 14(e), FRAct, agreed matter to be discussed with Presidents of FRBanks of New York and San Francisco Discussion with Messrs. Hayes and Swan, Mr. Shay to contact Counsel for FRBank of New York for further consideration http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/8 6/18 2087 2184, 2203 3/1 783, 794 4/18 1387, 1414 8/20 3151, 3164 11/28 4536, 4542 7/12 2676, 2697 7/31 2902 1962 109 Pages Branch banks, domestic: (continued) Israel Discount Bank Limited: (continued) New York City branch, Board's view that section 13, FRAct, would not preclude the FRBank of New York from opening and maintaining a nonmember clearing account for, advice to FRBank of New York indicating matter is within the discretion of an FRBank Letter from FRBank of New York containing counsel's doubts re legal authority with respect to, matter to be considered further Question re opening nonmember clearing account with FRBank of New York, Board's previous opinion reaffirmed with understanding matter within discretion of the FRBanks, agreed not to send letter to FR Bank of New York or to Israel Discount Bank, Chm. Martin to discuss matter with President Hayes Killbuck Savings Bank Company, Killbuck, Ohio, establishment of a branch on Main Street in Berlin, Ohio, approved Lawrence Savings and Trust Company, New Castle, Pa., application to acquire assets and assume liabilities of First National Bank of Wampum, Pa., and incident thereto to operate a branch at location of latter bank, approved Issuance of order and statement authorized Liberty Bank and Trust Company, Buffalo, N.Y.: Application to merge with Bank of Orchard Park, N.Y., and to operate a branch at present location of latter bank, approved, Gov. Mitchell dissenting Issuance of order and majority statement, and dissenting statement of Gov. Mitchell, authorized Granted extension of time within which to establish a branch on west side of Niagara Falls Boulevard, corner of Treadwell Road, Tonawanda, N.Y. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/27 3684, 3701 10/25 4075 10/29 4123 9/4 3343, 3351 8/8 8/22 3034 3171, 3180-82 2/15 570 2/28 764, 773 4/26 1494, 1497 1962 110 Pages Branch banks, domestic: (continued) Liberty Bank and Trust Company, Buffalo, N.Y.: (continued) Granted extension of time within which to establish a branch at 347-349 Central Avenue, Village of Fredonia, 7/23 Pomfret, New York Operation of a branch at present location of First National Bank of Batavia, N.Y., incident to merger of the 12/20 two banks, approved estabMd., Liberty Trust Company, Cumberland, lishment of a branch in Searstown 8/14 Plaza, LaVale, Md., approved Lincoln Rochester Trust Company, Rochester, N.Y.: Granted extension of time within which to establish a branch at 875 South 5/24 Avenue, Rochester, N.Y. Establishment of a branch at 851 Fairport Rd., 10/29 Perinton, N.Y., approved Long Island Trust Company, Garden City, N.Y., establishment of a branch at 970 Merrick Road, Copiague (unincorporated village), Town of 6/15 Babylon, N.Y., approved York, New Company, Trust Hanover Manufacturers New York: Extension of time to establish a branch at 5664 Riverdale Avenue, Riverdale, Borough of the Bronx, New York, 2/23 N.Y., approved Extension of time within which to establish a branch at 41-01 Kissena Boulevard, Flushing, Borough of Queens, New 7/23 York, New York Manufacturers and Traders Trust Company, Buffalo, New York, establishment of a branch in Boulevard Mall Shopping Center at intersection of Niagara Falls Boulevard and Maple Road Exten5/17 sion, Amherst, N.Y., approved Marine Midland Trust Company of Central New York, Syracuse, N.Y.: Establishment of a branch in Hiawatha Plaza Shopping Center at intersection of Long Branch Road and N.Y. State 1/29 Hwy. 57, in Clay, N.Y., approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2782, 2795 4851, 4888 3101, 3118 1929, 1935 4112, 4131 2175, 2181 707, 709 2782, 2796 1850, 1864 316, 332 1962 111 Pages Branch banks, domestic: (continued) Marine Midland Trust Co. of Central New York: (continued) Establishment of a branch at 700-730 Eric Blvd., East, Syracuse, N.Y., approved, concurrent with discontinuation of branch operations 10/5 at 321 Erie Boulevard, East Marine Midland Trust Company of the Mohawk Valley, Utica, N.Y., establishment of a branch in Store No. 1, Campus Shopping Center, Champlin Road, 2/7 Whitestown, N.Y., approved County, Rockland Marine Midland Trust Company of Nyack, N.Y., establishment of a branch at 142 Oak Tree Road, Hamlet of Tappan, Orangetown, N.Y., 9/26 approved New York, Southern of Marine Midland Trust Company Elmira, N.Y., establishment of a branch in Vestal Plaza Shopping Center, 4700 Vestal Parkway East, in unincorporated portion of Town 7/27 of Vestal, N.Y., approved of t establishmen Matawan Bank, Matawan, N.J., a branch at southwest corner of intersection of State Highway 79 and Harbor Road, Marlboro, N.J., approved, with understanding re 9/21 additional capital funds establishArkansas, , McIlroy Bank, Fayetteville ment of a branch at 1943 North College Street, and an invest8/2 ment in bank premises approved t establishmen N.Y., York, of New Bank Merchants of a branch at 757 Third Avenue, Borough of Manhattan, N.Y., N.Y., approved, with understanding re 9/21 increase in capital funds establishMaine, Bangor, Company, Trust Merrill ment of a branch in the business district of Hampden, Maine, ap11/5 proved granted Tenn., Columbia, Bank, Middle Tennessee extension of time within which to establish a branch in Columbia Plaza Shopping Center on West 7th 5/16 Street, Columbia, Tennessee http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3814, 3830 443, 453 3669, 3672 2856, 2871 3611, 3639 2922, 2926 3610, 3637 4235, 4245 1837, 1846 1962 112 Pages Branch banks, domestic: (continued) Middle Tennessee Bank, Columbia, Tennessee: (continued) Extension of time within which to establish a branch in Columbia Plaza Shopping Center on West 7th Street, 9/10 Columbia, Tenn., approved establishMontana, Miles City Bank, Miles City, ment of a drive-in branch about 11/5 65 feet from the bank's main office Albany, New Mutual Trust and Deposit Company, Indiana, extension of time to establish a branch in the unincorporated community of Floyds 5/21 Knobs, Indiana, approved New Jersey Bank and Trust Company, Clifton, N.J., establishment of a branch on McBride Avenue between Lackawanna Avenue and Radcliffe Avenue, West Paterson, N.J., approved, provided branch operations now conducted at 1005 McBride Avenue are 5/16 discontinued establishment Ohio, Niles Bank Company, Niles, of a branch in a shopping center at the southwest corner of the intersection of Youngstown-Warren Road and Niles -Cortland Road, 5/21 Niles, Ohio, approved Norfolk County Trust Company, Brookline, Mass., establishment of branches at (1) 60 McGrath Highway, Quincy, Mass., and (2) 525 Washington Street, 6/4 Weymouth, Mass., approved Old Kent Bank and Trust Company, Grand Rapids, Mich., extension of time within which to establish an in-town branch at 807 Eastern Avenue, S.E., to replace its present branch at 768 Wealthy Street, 9/6 S.E., approved Oregon Bank, Portland, Oregon, establishment of a branch at northeast corner of intersection of 10th Avenue West and Lincoln Street, Eugene, Oregon, approved, with understanding re 4/9 increase in capital and surplus http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3405, 3413 4236, 4248 1880, 1891 1837, 1845 1880, 1890 2032, 2037 3359, 3371 1270, 1287 1962 113 Pages Branch banks, domestic: (continued) Oystermen's Bank and Trust Company, Sayville, N.Y., establishment of a branch on north side of Veterans Memorial Hwy., west of intersection of Smithtown Avenue and Veterans Memorial Hwy., Bohemia, Islip, N.Y., approved Pacific State Bank, Hawthorne, Calif., establishment of a branch at 136th Street between Ramona Street and Hawthorne Boulevard, Hawthorne, Calif., approved Patchogue Bank, Patchogue, N.Y., establishment of a branch in vicinity of intersection of Jericho Turnpike and Patchogue-Port Jefferson Highway, Brookhaven, N.Y., approved Peoples Bank and Trust Company, Grand Haven, Michigan, application to consolidate with The Spring Lake State Bank, Spring Lake, Michigan, and to establish a branch at the present location of the latter bank, approved with Governor Robertson dissenting Issuance of order and statement, and dissenting statement of Governor Robertson authorized People's Savings and Trust Company, Hazelton, Penna., application for permission to purchase the assets and assume the liabilities of the First National Bank in Freeland, Penna., and to operate a branch at the present location of the Freeland bank, approved Issuance of order and statement authorized Peoples and Union Bank, Lewisburg, Tenn., establishment of a branch at 422 East Commerce Street approved Peoples Union Bank and Trust Company, McKeesport, Pa., operation of branch at present location of Bank of Glassport, Pa., approved in connection of merger of latter bank with http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/5 3814, 3829 2/12 504, 534 1/10 83, 103 6/13 2134 6/25 2301, 2323 5/7 5/10 1737 1783, 1798 1/18 216, 223 10/5 3815, 3835 1962 114 Pages Branch banks, domestic: (continued) Peru Trust Company, Peru, Indiana: Granted extension of time within which to establish a branch at Bunker Hill Air Force Base, Miami County, Indiana Application to merge with Farmers State Bank, Mexico, Ind., and request for permission to establish a branch at the present location of Farmers State Bank, approved Order and statement issued Piedmont Trust Bank, Martinsville, Va., establishment of a branch in Collinsville, Va., approved Planters Bank and Trust Company, Hopkinsville, Kentucky, establishment of a branch in the Skyline Shopping Center on Fort Campbell Boulevard, Hopkinsville, Kentucky, approved Princeton Bank and Trust Company, Princeton, N.J., establishment of a branch at 12-14 Nassau St., Princeton Borough, New Jersey, approved Provident Bank, Cincinnati, Ohio, establishment of a branch at northwest corner of Reading Road and Chaucer Drive, Sycamore, Ohio, approved Provident Tradesmens Bank and Trust Company, Philadelphia, Pennsylvania: Establishment of a branch in the Garrett Road Shopping Center, Garrett Road near Sherbrook Blvd., Upper Darby Township, Delaware County, Penna., approved Establishment of a branch on Righters Mills Road near Youngsford Road, Gladwyne, Lower Merion Township, Pa., approved Change in location of a branch from Righters Mill Road near Youngsford Road to Merion Square Shopping Center on western corner of Righters Mill Road and Youngsford Road-both in Gladwyne, Lower Merion Township, Pa., approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/26 297, 309 3/22 3/23 1021 1040, 1058-60 5/15 1827, 1831 5/4 1722, 1727 7/3 2514, 2542 8/20 3151, 3162 2/2 395, 399 5/10 1780, 1796 9/14 3504, 3538 1962 115 Pages Branch banks, domestic: (continued) Provident Tradesmens Bank and Trust Company: (continued) Establishment of a branch at 132 Butler Ave., Borough of Ambler, Montgomery County, Penna., approved, with the understanding that the existing office at Butler Avenue and 10/1 Main Street will be discontinued Establishment of a branch in the King of Prussia Plaza, Upper Merion Township, Montgomery County, Penna., 11/5 approved Raritan State Bank, Raritan, New Jersey, establishment of a branch on Route 206 between Hamilton Road and Amwell Road, Hillsborough Township, Somerset County, New Jersey, 10/24 approved Reference to provision that bank's plan to increase its capital be consummated prior to establishment of the branch 10/24 Reading Trust Company, Reading, Pa., establishment of a branch at 2002 Penn Ave., 9/19 West Lawn, Pa., approved Rhode Island Hospital Trust Company, Providence, Rhode Island: Granted extension of time within which to establish a branch in Warwick, 4/5 Rhode Island Establishment of a branch in the Rhode Island Hospital at 593 Eddy St., Providence, Rhode Island, ap6/7 proved Richland Trust Company, Mansfield, Ohio, establishment of a branch at the northwest corner of Park Avenue West and Trimble Road, Mansfield, Ohio, approved, six-month exten12/5 sion approved Riverside Trust Company, Hartford, Connecticut, establishment of a branch in Constitution Plaza at the corner of State Street and American Row, 4/11 approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3740, 3745 4235, 4246 4042, 4054 4054 3582, 3591 1194, 1229 2069, 2076 4619, 4636 1335, 1352 1962 116 Pages Branch banks, domestic: (continued) St. Joseph Valley Bank, Elkhart, Indiana, extension of time to establish a branch in the vicinity of the intersection of Nappanee and West Indiana Streets, approved Seattle Trust and Savings Bank, Seattle, Wash., establishment of a branch in Crossroads Shopping Center approved Security Bank and Trust Company, Owatonna, Minn., establishment of a branch directly across the street from the bank's main office, approved Security First National Bank, Los Angeles, Calif., information re branches approved for, during past year or two, interest expressed by Governor King, staff to assemble such information Security Trust Company of Rochester, N.Y.: Establishment of a branch in the Empire Plaza on Empire Boulevard, Irondequoit, N.Y., approved Extension of time to establish a branch at 293 East Main Street, approved Sellersburg State Bank, Sellersburg, Indiana, establishment of a branch in Borden, Indiana, approved with provision re increase in capital stock Southern Arizona Bank and Trust Company, Tucson, Arizona: Extension of time to establish a branch at the intersection of Valencia Rd. and South 12th Avenue, approved Establishment of a branch in the Thomas Mall Shopping Center at intersection of Thomas Road and 44th Street, Phoenix, Ariz., approved Establishment of a branch in the new terminal building of the Tucson Municipal Airport, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/29 2425, 2447 7/12 2671, 2691 9/19 3582, 3593 2/28 764 1/10 83, 103 11/14 4312, 4329 10/5 8/2 3814, 3832 2922, 2927 8/17 3132, 3139 11/7 4275, 4283 1962 117 Pages Branch banks, domestic: (continued) Southern Bank and Trust Company, Richmond, Va.: Establishment of a branch at the head office site of Citizens Bank of Chesterfield, Bon Air, Va., incident to its merger with, approved unanimously following review of Virginia law relating to establishment of Issuance of order and statement authorized Establishment of a branch at intersection of Broad Street Road and Wistar Road in Henrico County, Va., approved State Bank of Albany, N.Y.: Establishment of an in-town branch at 25 New Scotland Avenue approved Establishment of a branch at 265 Osborne Road, Colonie, N.Y., approved State Bank, Fort Dodge, Iowa, establishment of a branch at the northwest corner of the intersection of First Avenue South and South Seventh Street, Fort Dodge, Iowa, approved State Bank of Salem, Indiana, application to purchase the assets and assume the liabilities of State Bank of Hardinsburg, Indiana, and to establish a branch at the location of the latter bank, approved Issuance of order and statement authorized State-Planters Bank of Commerce and Trusts, Richmond, Virginia: Operation of branches at present offices of Suburban Bank, Henrico County, Va., incident to merger with, approved Issuance of order and statement authorized Establishment of a branch at intersection of Charles City Road, Brittles Lane and Williamsburg Road, Henrico County, Va., approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/5 2056 6/13 2134, 2150-52 8/20 3151, 3163 7/27 2856, 2873 9/21 3610, 3638 3/7 830, 837 7/11 7/13 2575 2703, 2722 8/20 3157 8/22 3172, 3186-88 8/28 3232, 3250 1962 118 Pages Branch banks, domestic: (continued) State-Planters Bank of Commerce and Trusts: (continued) Establishment of a branch at southeast corner of Forest Hill Avenue and 48th 10/5 Street, Richmond, Va., approved Sussex County Trust Company, Franklin, N.J., establishment of a branch on eastern side of Route 515, at intersection of Route 515 and State Highway 94, 8./27 Vernon, N.J., approved Trust Company of Morris County, Morristown, New Jersey, extension of time to establish a branch at the intersection of Ridgedale Ave. and Hanover Ave., Morris Township, Morris County, 10/4 N.J., approved City, N.J., Jersey Trust Company of New Jersey, establishment of a branch at 21172127 Hudson Boulevard, Jersey City, N.J., approved, with understanding that branch operations at 391 Jackson Avenue will be 2/15 discontinued Union Bank, Los Angeles, California: Extension of time within which to establish a branch in San Diego, California 4/25 approved Granted extension of time within which to establish a branch in Pasadena, 5/10 California Granted extension of time within which to establish a branch at the intersection of Wilshire Boulevard and Western Avenue, Los Angeles, 5/17 California Establishment of a branch at the intersection of Ninth and Main Streets, Los Angeles, approved, increase 10/25 in capital structure noted Services, functions, and departments expected to be housed in new service building, question whether operations constitute a branch, Board interposes no objection to these 10/30 operations http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3814, 3831 3195, 3219 3793, 3806 566, 579 1473, 1490 1779, 1793 1850, 1866 4064, 4077 4142, 4161 1962 119 Pages Branch banks, domestic: (continued) Union Bank and Trust Company, Grand Rapids, Michigan: Establishment of a branch at 1530-28th St., S.E., approved Granted extension of time within which to establish an in-town branch at 1225 Leonard Street, N.E. Union Bank and Trust Company, Kokomo, Indiana, establishment of an in-town branch at 405 Southway Boulevard East approved Union Commerce Bank, Cleveland, Ohio: Establishment of a branch at 11710 Clifton Boulevard, Lakewood, Ohio, approved Establishment of a branch at 6371 Granger Road, Independence, Ohio, approved Union and New Haven Trust Company, New Haven, Conn.: Operation of a branch at location of office of Madison Trust Company, Madison, Conn., incident to merger of the two banks, approved Establishment of a branch in Colony Shopping Center on North Colony St., Wallingford, Conn., approved Union Trust Company of Ellsworth, Maine, establishment of a branch in a shopping center at Outer High Street, approved Union Trust Company of Maryland, Baltimore, Md.: Operation of branches at offices of Kingsville Bank, Kingsville, Md., incident to merger with, approved Issuance of order and statement authorrized Operation of branches at the locations of the offices of the Farmers and Merchants' Bank, Salisbury, Md., incident to the merger with, approved with Governor Robertson dissenting Issuance of order, statement, and dissenting statement authorized Operation of three offices of Liberty Bank, Easton, Md., incident to merger with, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/24 243, 274 8/27 3195, 3218 7/27 2857, 2874 3/21 979, 1004 8/30 3325, 3332 10/9 3850, 3855 10/29 4112, 4130 1/24 243, 269 3/14 893 3/20 950, 962 6/13 2137 6/25 2301, 2315 10/12 3919, 3925 1962 120 Pages Branch banks, domestic: (continued) United California Bank, Los Angeles, Calif: Extension of time to establish a branch at the intersection of Hacienda Boulevard and Old Valley Blvd., City of Industry, Los Angeles County, California, approved Establishment of a branch on the grounds of the National Orange Show, adjacent to city of San Bernardino, Calif., for a certain period, approved, agreed that approval would cover operation of the branch for each succeeding year that the National Orange Show is opened to the public Extension of time to establish a branch at the intersection of San Antonio Drive and Long Beach Blvd., Long Beach, California, approved Establishment of a branch between Fourth Street and College Avenue, Santa Rosa, California, approved with Governor Robertson dissenting Approval rescinded Extension of time within which to establish a branch in Costa Mesa, Calif., approved Operation of branches at the present two offices of The First National Bank of Vista, California, incident to merger with, agreed that an opportunity for a public oral presentation should be accorded to Oral presentation arranged for May 25, 1962, order issued Comments re scheduled oral presentation Application to merge and operate branches denied, Chm. Martin and Governor Shepardson voting to approve Issuance of order, statement, and dissending statement of Chairman Martin and Governor Shepardson, authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/5 409, 421 2/9 479, 497 3/1 783, 795 4/18 6/29 1388, 1418 2426, 2454 4/23 1442, 1455 5/7 1731 5/7 5/24 1737, 1753 1931 6/11 2118 6/20 2217, 2223-31 1962 121 Pages Branch banks, domestic: (continued) United California Bank: (continued) Establishment of a temporary branch in the Howard-Canfield Building, Santa Barbara, Calif., approved Granted extension of time within which to establish a branch at northeast corner of Duncan and North Main Streets, Walnut Creek, California Establishment of a branch at 6412 Skyway, Paradise, Calif., approved Extension of time to establish a branch at 1800 Van Ness Avenue, San Francisco, California, approved Establishment of a branch in the Coddingtown Regional Shopping Center, Guerneville Highway and U.S. Highway 101, Sonoma County, California, approved Operation of a branch at present location of the Farmers and Merchants Bank of Blythe, California, incident to merger with, approved Issuance of order and statement authorized Granted extension of time within which to establish a branch in West Los Angeles Fashion Center at Olympic Boulevard and Purdue Avenue, Los Angeles, California Granted extension of time within which to establish a branch at 8220 De Soto Avenue, Los Angeles, Calif. Establishment of a branch in Larwin Plaza Vallejo Shopping Center, Vallejo, California, approved Granted extension of time within which to establish a branch in downtown business district of Downey, California Unsatisfactory capital position of, noted by Governor Robertson with suggestion re possible action re future and pending branch bank applications of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/24 1929, 1940 5/28 1958, 1969 6/5 2049, 2062 6/29 2426, 2450 6/29 2426, 2454 7/12 2675 7/20 2767, 2775-77 7/13 2700, 2708 7/23 2782, 2797 8/29 3314, 3322 9/4 3343, 3353 9/17 3549 1962 122 Pages Branch banks, domestic: (continued) United California Bank: (continued) Granted extension of time within which to establish a branch in vicinity of Whittier Boulevard and Santa Gertrudes Avenue, East Whittier, California Matter of capital adequacy discussed in light of possible future branch bank applications, agreed study of capital position should proceed immediately Establishment of a branch at Seal Beach, Calif., approved, it being understood a study of the bank's capital adequacy would proceed Establishment of a branch at Doolittle Drive and Marina Boulevard, San Leandro, Calif., approved, it being understood a study of the bank's capital adequacy would proceed Establishment of a branch at University Ave. and Cowper Street, Palo Alto, California, approved Extension of time to establish a branch at 5th Street and Wilshire Boulevard, Santa Monica, operations now conducted at 1401 Third Street to be discontinued simultaneously with the establishment of the new branch Valley Bank and Trust Company, Springfield, Mass., establishment of a drive-in branch at 7-9 School Street, Westfield, Mass., approved, six-month extension approved Vienna Trust Company, Vienna, Va.: Granted extension of time within which to establish a branch at intersection of Maple Avenue and Berry Street, Vienna, Virginia Establishment of a branch at corner of Church Street and Dominion Rd., Vienna, in connection with plan to move main office from this location to Maple Avenue branch, approved, six-month extension approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/21 3610, 3634 9/24 3652 9/24 3652, 3659 9/24 3652, 3660 10/5 3814, 3833 12/19 4808, 4844 11/28 4535, 4541 2/12 11/28 503, 528 4536, 4545 1962 123 Pages Branch banks, domestic: (continued) Wachovia Bank and Trust Company, Winston-Salem, North Carolina: Establishment of a branch in the Friendly Shopping Center at Greensboro, N.C., approved, also the establishment of a branch on the east side of Main Street near Oakdale Road, Jamestown, North Carolina, approved Establishment of a branch at corner of Third and Main Streets, Bayboro, N.C., approved, provided branch operations at present branch office on Main Street are discontinued Establishment of a branch at 1065 Providence Rd., Charlotte, N.C., approved, six-month extension approved Walker Bank & Trust Company, Salt Lake City, Utah: Establishment of a branch at 3500 South Street and 2800 West Street, Granger, Utah, approved Establishment of a branch at Washington and Eighth South Streets, approved, with the understanding that branch operations now conducted at 450 South Second West Street, will be discontinued Granted extension of time within which to establish an in-town branch at southeast corner of intersection of Washington and Eighth South Streets Operation of a branch at present location of the First National Bank of Price, Utah, incident to merger with, order of approval authorized Washington Trust Bank, Spokane, Wash., establishment of an in-town branch on North Division Street between Longfellow and Wellesley Streets, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/12 871, 880 3/14 886, 906 11/28 4536, 4546 4/25 1473, 1489 5/21 1880, 1893 10/29 4112, 4128 11/21 4462 4/5 1194, 1235 1962 124 Pages Branch banks, domestic: (continued) Waterloo Savings Bank, Waterloo, Iowa, establishment of a branch at Park Ave. and Cedar Street, Waterloo, Iowa, approved Wells Fargo Bank American Trust Company, San Francisco, California: Extension of time to establish a branch in Cupertino, Calif., granted with stated conditions Extension of time to establish a branch in the downtown business section of Eureka, California, approved Wells Fargo Bank: (formerly Wells Fargo Bank American Trust Company) Granted extension of time within which to establish a branch in Modesto, California Granted extension of time within which to establish a branch at 1702 Tenn. Avenue, Vallejo, California Situation re branches approved but not yet established, and status of pending applications by, reviewed by Mr. Leavitt Establishment of branches at the following locations: (1) 447 Sutter St., San Francisco, (2) in the vicinity of the downtown business district of Milpitas, Santa Clara County, California, and (3) at the intersection of West Jackson Street and Calaroga Ave., Hayward, Calif., approved Establishment of a branch at Manteca, Calif., approved Establishment of a branch either in the Linda Mar Shopping Center or in the New Sharp Park Shopping Center, Pacifica, California, approved Establishment of a branch at Los Altos, California, approved Granted extension of time within which to establish a branch at Modesto, California http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/7 830, 836 1/26 297, 312 2/5 409, 422 2/21 678, 693 2/21 678, 694 2/28 764 2/28 764, 767 2/28 764, 768 2/28 764, 769 3/2 799, 809 4/5 1194, 1234 1962 125 Pages Branch banks, domestic: (continued) Wells Fargo Bank: (continued) Establishment of a branch at the intersection of California State Highway #1 and Carmel Valley Road, in Carmel Valley, California, approved Granted extension of time within which to establish a branch at 1702 Tenn. Avenue, Vallejo, California Extension of time to establish a branch in the Sacramento Redevelopment Area Shopping Center, Sacramento, Calif., questioned, agreed to hold for further consideration pending information from the FRBank of San Francisco Extension of time approved Establishment of branches (1) in vicinity of southern side of Lake Tahoe, El Dorado County, Calif., and (2) in vicinity of Northgate Shopping Center, Terra Linda, California, approved Establishment of a branch at Rosemont Plaza on Middle Jackson Road between Manlove and Mayhew Roads, Sacra mento County, California Extension of time to establish a branch at the intersection of Camden Ave., Hicks Road, and Kooser Road, San Jose, California, approved Establishment of a branch at Novato, Calif., approved Establishment of a branch at Davis, Calif approved Granted extension of time within which to establish a branch at Salinas, California Granted extension of time within which to establish a branch at Redding, California Granted extension of time within which to establish a branch at 447 Sutter Street, San Francisco, Calif. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/9 1270, 1288 5/16 1837, 1847 6/1 6/5 2017 2060, 2064 6/7 2069, 2078 6/18 2184, 2201 7/6 2545, 2551 7/30 2899, 2900 8/3 2930, 2968 8/6 2972, 2994 8/6 2972, 2995 8/8 3027, 3044 1962 126 Pages Branch banks, domestic: (continued) Wells Fargo Bank: (continued) Granted extension of time within which to establish a branch at Milpitas, California Granted extension of time within which to establish a branch at Hayward, California Establishment of a branch at 1160 Forest Avenue in area adjacent to Pacific Grove, California, approved Granted extension of time within which to establish a branch at the intersection of Winding Way and Manzanita Avenue, Sacramento County, California Granted extension of time within which to establish a branch at the intersection of California State Hwy. #1, and Carmel Valley Road in Carmel Valley, California Concern expressed by President of Security State Bank, Pacific Grove, Calif., re establishment of a nearby branch by, question whether Board's authorization could be rescinded, negative reply by Governor Balderston Ratification of action re sending of telegram authorizing operation of a branch each year during the Quarter Horse Show and sale at Livestock Pavilion, San Mateo County, California Extension of time to establish a branch at the intersection of Saratoga, Prospect, and Campbell Avenues, San Jose, California, approved Extension of time to establish a branch at Auburn, California, approved Establishment of a branch in the Golden Gate Produce Terminal at South San Francisco, and a branch at Yuba City, Calif., approved, sixmonth extension approved for both branches http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/13 3069, 3087 8/13 3069, 3088 9/13 3456, 3484 9/14 3504, 3544 9/28 3704, 3729 9/28 10/19 3705 4011, 4025 11/7 4276, 4286 11/7 4276, 4285 12/5 4619, 4639 1962 127 Pages Branch banks, domestic: (continued) Wells Fargo Bank: (continued) Granted extension of time within which to establish a branch at San Jose, California Whitehouse State Savings Bank, Whitehouse, Ohio, establishment of a branch in the Village of Holland, Ohio, approved six-month extension approved Whitney National Bank, suit brought by three banks in Louisiana to enjoin Comptroller of Currency from authorizing estab lishment of new branch bank facilities in the name of, noted Wilmington Trust Company, Wilmington, Delaware: Operation of a branch at present location of Townsend Trust Company, Townsend, Delaware, incident to merger with, approved Issuance of order and statement authorized Windber Bank and Trust Company, Windber, Pa.: (formerly Windber Trust Company) Operation of a branch at the present location of Central City National Bank, Central City, Pa., incident to merger with, approved Issuance of order and statement authorized Wyandotte Savings Bank, Wyandotte, Michigan: Establishment of a branch in Taylor Township, consideration deferred Establishment of a branch at 21005 Goddard Road, Taylor, Mich., approved Protest filed by Security Bank, Lincoln Park, Mich., with regard to, reviewed by Mr. Leavitt Branch banks, FRSystem: Banking quarters: S. 1005, a bill providing for the repeal of the present legal restrictions on funds available for construction of FRBranch Bank buildings, draft of statement to be given by Vice Chairman Balderston before Subcommittee No. 1 of the House Committee on Banking and Currency, to be revised and presented in final form satisfactory to Gov. Balderston http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/13 4758, 4774 12/21 4950, 4964 6/25 2276 6/11 2117 6/21 2240, 2250 6/8 2088 6/21 2241, 2255 1/22 230 2/9 480, 498 2/9 480 5/7 1746 1962 128 Pages Branch banks, FRSystem: (continued) Banking quarters: (continued) S. 1005: (continued) Report sent to Chm. Robertson, Senate Banking and Currency Committee Report sent to Budget Bureau Establishment and functions of, information with respect to, to be included in reply to letter from Congressman Reuss raising question of possibility of establishing a branch in Milwaukee, Wisconsin, revised draft of reply to be prepared Further discussion, letter to Congressman Reuss approved with Governor Mitchell dissenting Salaries: Officers, Vice Presidents in charge of, question re maximum salaries for, discussed in consideration of proposed increase in maximum for Group A (Individual branches): Baltimore: Equipment, electronic check processing, IBM 1401, no objection to rental of, advice to FRBank of Richmond Staff: Armstrong, B.F., Asst. Cashier, salary approved Hagner, D.F., Vice President, salary approved Jones, E.R., Jr., Asst. Cashier, salary approved Stewart, A.A., Jr., Cashier, salary approved Wienert, A.C., Asst. Cashier, salary approved Birmingham: Banking quarters, proposed purchase of property adjoining, no objection Salaries, employee salary structure, question re proposal to apply proposed increase at head office to, matter to be discussed with Chm. Tarver and Pres. Bryan http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/17 8/22 3132, 3141 3174, 3191 5/17 1854 5/22 1908, 1922 9/12 3430 5/7 1730, 1752 12/20 4932 12/20 4932 12/20 4932 12/20 4932 12/20 4932 11/2 11/28 4220, 4234 4538 1962 129 Pages Branch banks, FRSystem: (continued) Birmingham: (continued) Staff: Frazer, Henry C., Vice President, salary approved Rainey, E.C., Asst. Vice President, salary approved Self, W.N., FRAgent's Representative, appointment approved Stewart, Marvin W., Assistant Cashier, salary approved Salary approved Salary approved Thomas, William H., Assistant Cashier, salary approved Salary approved Salary approved Waller, Wm. A., Jr., Cashier, salary approved Buffalo: Salaries: Employees, clerical and non-clerical, increase in structure approved Physicians, increase in structure approved Question re increase in salary when due to retire within the year, understanding re Staff: Doll, George J., Cashier, salary approved Greene, Gerald H., Asst. Cashier, salary approved Keane, John T., Asst. Cashier, salary approved Myers, M. Monroe, Asst. Cashier, salary approved until retirement Smith, Insley B., Vice President, salary approved Wessell, Harold M., Asst. Vice President, salary approved Charlotte: Equipment, electronic check processing, 1MB 1401, no objection to rental of, advice to FRBank of Richmond http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/20 4934 12/20 4934 10/11 3886, 3911 10/24 4042, 4052 12/3 4600, 4615 12/20 4934 10/24 4042, 4052 12/3 4600, 4615 12/20 4934 12/20 4934 11/21 4446, 4457 11/21 4446, 4457 12/20 4864-72,4924 12/20 4926 12/20 4926 12/20 4926 12/20 4926 12/20 4926 12/20 4926 5/7 1730, 1752 1962 130 Pages Branch banks, FRSystem: (continued) Charlotte: (continued) Staff: Keller, Winfred W., Asst. Cashier, salary approved Salary approved Krueger, Fred C., Jr., Asst. Cashier, salary approved Salary approved Ligon, S. A., Cashier, salary approved MacDonald, E. F., Vice President, salary approved Mondy, E. C., Asst. Cashier, salary approved Sing, Robert E., FRAgent's Representative, appointment to succeed Winfred W. Keller, approved Cincinnati: Banking quarters, proposed plan for the installation of a separate air conditioning system on the third floor, no objection interposed by the Board Equipment, electronic check processing, Burroughs B-270, no objection to rental, under purchase option, advice to FRBank of Cleveland Staff: Biermann, John, Asst. Cashier, salary approved Geers, Phil J., Cashier, salary approved Hurst, George W., Asst. Cashier, salary approved Kiel, Fred 0., Vice President, salary approved Salary approved MacDonald, Walter H., Asst. Cashier, salary approved Schafer, Robert P., FRAgent's Representative appointment approved Denver: Staff: Krebs, H.F., Asst. Cashier, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/20 12/20 3152, 3166 4932 8/20 12/20 12/20 3152, 3166 4932 4932 12/20 4932 12/20 4932 9/21 11/14 7/17 3610, 3633 4312, 4330 2729, 2733 12/20 4930 12/20 4930 12/20 4930 2/21 12/20 678, 696 4930 12/20 4930 1/24 12/20 242, 265 4943 1962 131 Pages Branch banks, FRSystem: (continued) Denver: (continued) Staff: (continued) Puckett, Cecil, Vice President, salary approved until retirement Stempel, H. L., Cashier, salary approved Zahourek, J. R., Asst. Cashier, salary approved Detroit: Equipment, electronic check processing, IBM 1401, no objection to rental under purchase option Staff: Bloomfield, R. W., Asst. Vice President, salary approved Carey, P. C., Asst. Cashier, salary approved Cook, Robert W., FRAgenes Representative, appointment to succeed Otis R. Radford, approved Lamphere, G. W., Asst. General Counsel, salary approved Purol, Louis J., Asst. Cashier, salary approved Salary approved Rickel, W. G., Asst. Cashier, salary approved Swaney, R. A., Vice President, salary approved El Paso: Staff: Arnold, Theodore C., Cashier, salary approved Salary approved Bohne, Roy E., Vice President, salary approved Salary approved Coleman, Forrest E., Asst. Cashier, salary approved Salary approved FRBank of Chicago: Establishment of a branch in Milwaukee, Wisconsin, question re possibility of, raised by Congressman Reuss, understood that a revised draft of reply would be prepared http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/20 12/20 4943 4943 12/20 4943 1/5 48, 56 12/20 4937 12/20 4937 4/23 12/20 1442, 1453 4937 4/26 1495, 1503 12/20 4937 12/20 4937 12/20 4937 4/20 12/20 1436, 1439 4945 4/20 12/20 1436, 1439 4945 4/20 12/20 1436, 1439 4945 5/17 1854 1962 132 Pages Branch banks, FRSystem: (continued) FRBank of Chicago: (continued) Establishment of a branch: (continued) Further discussion, letter to Congressman Reuss approved with Governor Mitchell dissenting Congressman Reuss and certain Milwaukee associates to meet with Board to discuss Views of directors of the FRBank of Chicago reported by Governor Balderston Meeting with Congressman Reuss to be held as planned, no objection to the attendance of a reporter, or the preparation of a transcript of the meeting Helena: Staff: Heath, J. L., Asst. Cashier, salary approved VanNice, C. A., Vice President, salary approved Worcester, R. W., Asst. Cashier, salary approved Houston: Staff: Cook, J. L., Vice President, salary approved Hartung, W. C., Asst. Cashier, salary approved Moss, Linwood F., appointment as FRAgenes Representative to succeed C. E. Purifoy, approved Story, Rasco R., Asst. Cashier, salary approved Troy, B. J., Cashier, salary approved Jacksonville: Salaries, employee salary structure, question re proposal to apply proposed increase at head office to, matter to be discussed with Chm. Tarver and President Bryan http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/22 1908, 1922 6/1 2019 6/8 2098 6/11 2122 12/20 4941 12/20 4941 12/20 4941 12/20 4945 12/20 4945 6/27 12/20 12/20 11/28 2373, 2396 4945 4945 4538 1962 133 Pages Branch banks, FRSystem: (continued) Jacksonville: (continued) Staff: Clark, T. C., Asst. Vice President, 12/20 salary approved 12/20 approved Crow, Vestus, Cashier, salary Hargett, Billy, Asst. Cashier, salary 12/20 approved salary President, Lanford, T. A., Vice 12/20 approved Little Rock: Banking quarters, no objection to FRBank of St. Louis negotiating for acquisition of building site for proposed 7/27 new building, purchase authorized another building of Proposed purchase site, in substitution for previously proposed purchase, no objection, 12/20 cost authorized Staff: Breen, John F., Jr., Cashier, salary 1/26 approved 12/20 Salary approved Burton, Fred, Vice President and Manager, 12/20 salary approved salary Cashier, Jensen, Howard J., Asst. 1/26 approved 12/20 Salary approved Mayfield, Dean E., FRAgent's Representative, appointment to succeed Howard J • 1/24 Jensen, approved salary Cashier, Ward, John K., Asst. 12/20 approved Los Angeles: Salaries, officers assigned to, Vice President and Manager, and establishment of an additional position carrying the title of Vice President and serving as second officer, change being made incident to retirement of Mr. Volberg as Vice President and Manager, salaries 5/22 approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4934 4934 4934 4934 2857, 2875 4849, 4883 297, 311 4939 4939 297, 311 4939 242, 267 4939 1911, 1925 1962 134 Pages Branch banks, FRSystem: (continued) Los Angeles: (continued) Staff: Carter, W. E., Asst. Manager, salary approved Davenport, Donald M., Assistant Manager, salary approved, effective August 1, 1962, title change to Vice President with, salary approved, effective November 1, 1962 Salary approved Jones, M. A., Asst. Manager, salary approved Kelly, Gerald R., Assistant Manager, salary approved Salary approved Parker, G. D., Asst. Manager, salary approved Robinson, J. R., Asst. Manager, salary approved Szevery, Adolph R., FRAgent's Representative, appointment approved Watkins, C. H., Vice President, salary approved, effective August 1, 1962, title change to Vice President and Manager with, salary approved, effective November 1, 1962 Salary approved Louisville: Staff: Henry, Donald L., Vice President and Manager, salary approved Menges, John W., Cashier, salary approved Nelson, Louis A., Asst. Cashier, salary approved Woertz, Clarence J., Asst. Cashier, salary approved Memphis: Staff: Black, Paul I., Jr., Asst. Cashier, salary approved DeVos, E. Francis, Vice President and Manager, salary approved Garbarini, Joseph P., Sr., Asst. Cashier, salary approved Salary approved Monaghan, Benjamin B., Cashier, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/20 4947 12/20 12/20 4947 4947 12/20 4947 5/22 1925 12/20 4947 12/20 4947 12/20 4947 11/14 4312, 4331 5/22 12/20 1925 4947 12/20 4939 12/20 4939 12/20 4939 12/20 4939 12/20 4939 12/20 4939 1/26 12/20 297, 311 4939 12/20 4939 1962 135 Pages Branch banks, FRSystem: (continued) Milwaukee, Wisconsin, question re possibility of establishing a FRBranch in, raised by Congressman Reuss, understood that a revised draft of reply would be prepared Further discussion, letter to Congressman Reuss approved with Governor Mitchell dissenting Congressman Reuss and certain Milwaukee associates, to meet with Board to discuss Views of directors of the FRBank of Chicago, reported by Governor Balderston Meeting with Congressman Reuss to be held as planned, no objection to the attendance of a reporter, or the preparation of a transcript of the meeting Nashville: Salaries, employee salary structure, question re proposal to apply proposed increase at head office, to, matter to be discussed with Chm. Tarver and Pres. Bryan Staff: Magee, Stuart H , Asst. Cashier, salary approved Moody, R. E., Jr., Vice President, salary approved Sewell, W. H., Asst. Vice President, salary approved Starr, L. W., Cashier, salary approved New Orleans: Building project, complaint from owner of premises abutting proposed new branch building re demolition of one wall of his building, letter from Congressman Boggs re, agreed that Board should take no position on matter, President Bryan to be asked to handle situation, with certain understanding http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/17 1854 5/22 1908, 1922 6/1 2019 6/8 2098 6/11 2122 11/28 4538 12/20 4935 12/20 4935 12/20 12/20 4935 4935 6/18 2196 1962 136 Pages Branch banks, FRSystem: (continued) New Orleans: (continued) Salaries, employee salary structure, question re proposal to apply proposed increase at head office to, matter to be discussed with Chm. Tarver and Pres. Bryan Staff: Chapman, L. Y., Asst. Vice President, salary approved Junca, R. M., Asst. Cashier, salary approved Shaw, Morgan L., Vice President, salary approved Walter, Theodore, Asst. Vice President, salary approved Oklahoma City: Staff: Alexander, F. W., Cashier, salary approved Farley, E. P., Asst. Cashier, salary approved Milburn, W. J., Jr., Asst. Cashier, salary approved Pritz, H. W., Vice President, salary approved Omaha: Staff: Debus, P. A., Vice President, salary approved until retirement Doran, W. P.,Asst. Cashier, salary approved until retirement Pleiss, W. L., Asst. Cashier, salary approved Rankin, G. G., Cashier, salary approved Pittsburgh: Equipment, electronic check processing, Burroughs B-270, no objection to rental under purchase option, advice to FRBank of Cleveland Staff: Bedel, Walter L., FRAgent's Representative, appointment approved Dorn, Paul H., Asst. Cashier, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/28 4538 12/20 4935 12/20 4935 12/20 4935 12/20 4935 12/20 4943 12/20 4943 12/20 4943 12/20 4943 12/20 4943 12/20 4943 12/20 4943 12/20 4943 7/17 2729, 2733 1/24 242, 265 12/20 4930 1962 137 Pages Branch banks, FRSystem: (continued) Pittsburgh: (continued) Staff: (continued) Harrell, Clyde E., Vice President, salary approved Salary approved Houpt, Charles E., Asst. Cashier, salary approved Schmidt, John A., Cashier, salary approved Steinbrink, Roy J., Asst. Cashier, salary approved Portland: Staff: Brown, William M., Assistant Vice President, salary approved Salary approved Grimm, F. K., Asst. Manager, salary approved Randall, J. A., Vice President and Manager, salary approved Skinner, Francis R., Assistant Manager, salary approved Salary approved Salt Lake City: Staff: Dunn, R. C., Asst. Manager, salary approved Holman, A. G., Asst. Manager, salary approved Price, A. L., Vice President and Manager, salary approved Simmons, T. M., Assistant Vice President, salary approved Salary approved San Antonio: Staff: Moore, Carl H., Vice President, salary approved Mundt, A. E., Cashier, salary approved Russell, Alvin E., Asst. Cashier, salary approved Schmid, Frederick J., Asst. Cashier, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/21 678, 696 12/20 4930 12/20 4930 12/20 4930 12/20 4930 5/22 1925 12/20 4947 12/20 4947 12/20 4947 5/22 1925 12/20 4947 12/20 4947 12/20 4947 12/20 4947 5/22 1925 12/20 4947 12/20 12/20 4945 4945 12/20 4945 12/20 4945 1962 138 Pages Branch banks, FRSystem: (continued) Seattle: Staff: Barglebaugh, E. R., Vice President and Manager, salary approved Glascock, R. P., Asst. Manager, salary approved Laiti, A. C., Asst. Manager, salary approved Salary approved Reff, F. J., Asst. Manager, temporary assignment of certain officers of FRBank of San Francisco to Seattle Branch because of vacancy in official staff following the death of, noted Sandstrom, W. R., Asst. Vice President, salary approved Salary approved Branch banks, foreign: Applications to establish, by member banks and Edge Act corporations, Board's approval will include approval of one six-month extension of time to establish, FRBanks authorized to so advise applicants under specified conditions, advice to FRBanks Wire to Presidents of all FRBanks indicating six-month extension applies to all outstanding authorizations for which no extension has thus far been given Establishment by American banks in foreign areas that might be termed "trouble spots" for possible speculative gains, comments by Governor Mills re recent trend, view expressed that matter was pertinent to current study of Regulation K Establishment of branches of national banks, possible change in law transferring to Comptroller of Currency authority for, arrangement made for meeting with the Comptroller http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/20 4947 12/20 4947 9/21 3611, 3642 12/20 4947 8/28 3232, 3252 5/22 1925 12/20 4947 11/6 11/14 4255, 4274 4312, 4332 3/9 857 3/12 877 1962 139 Pages Branch banks, foreign: (continued) Establishment of branches: (continued) Request by Mr. Knight, General Counsel, Treasury for Board's views re proposed legislation with respect to, Mr. Hackley authorized to indicate Board's general leaning against such a transfer Further discussion, staff to draft letter to Treasury opposing proposed bill Letter to Secretary of Treasury Dillon approved and delivered personally by Chairman Martin, copy sent to the Comptroller of the Currency Establishment by United States banks, suggestion that specific approval not be required for, contained in report to Comptroller of Currency by special committee of bankers, suggestion received by Board, matter discussed Examination of foreign branches of national banks, Board reluctant to state it would not exercise authority provided by sec. 25(6) of FRAct with respect to, discussed in connection with request by Swiss National Bank re examining requirement and submission of reports by proposed branch of First National City Bank, N.Y., N.Y., in Geneva, Switzerland Letter to Pres. Schwegler, Swiss Nat'l Bank, approved, Gov. Mitchell to advise President Hayes Swiss National Bank would be inclined not to permit the opening of Geneva Branch of First National City Bank, N.Y., N.Y., if examined by an agency of another government, noted by Gov. Mitchell http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/3 2533 7/11 2592 7/13 2702, 2719 10/9 3846 10/4 3792 10/19 4011, 4022 12/20 4872 1962 140 Pages Branch banks, foreign: (continued) Extensions of time to establish, by member banks and Edge Act corporations, suggestion by FRBank of New York re delegation of authority to FRBanks to approve one six-month extension, Board agreed that Board approval of applications to establish branches will include approval of one sixmonth extension, FRBanks authorized to so advise applicants under specified conditions, advice to FRBanks Wire to Presidents of all FRBanks indicating six-month extension applies to all outstanding authorizations for which no extension has thus far been given Guarantees, views by Governor Robertson re provisions in the proposed regulation to effectuate P.L. 87-588, permitting exercise of additional powers by foreign branches of national banks, relating to Investment in securities (including stock) of the foreign state in which a foreign branch was located, authorization re, in the proposed regulation to effectuate P.L. 87-588, permitting exercise of additional powers by foreign branches of national banks, questioned by Governor Robertson National banks: S. 1771, a bill which would authorize the Board to permit, to exercise certain additional powers, statement to be presented by Chairman Martin before Subcommittee No. 1, House Banking and Currency Committee, reviewed and discussed, and to be revised in form satisfactory to Chairman Martin Enrolled bill to improve the usefulness of, report sent to Budget Bureau http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/6 4255, 4273 11/14 4312, 4332 12/12 4740 12/12 4741 7/18 2754 8/9 3052, 3064 1962 141 Pages Branch banks, foreign: (continued) National banks: (continued) Public Law 87-588, proposed regulations to reflect recent enactment of, letter to certain national banks requesting suggestions re, approved, with copies to all FR Banks Regulation proposed to effectuate P.L. 87588, permitting exercise of additional powers by, publication for comments deferred, at Gov. Mitchell's request, pending review by Board of Reg. K memorandum Publication of proposed regulation deferred further pending consideration of Reg. K study Regulations of Board relating to powers by: SEE ALSO: Regulations, Board of Governors: Foreign branches of national banks State member banks having overseas branches, FR Bank of New York requested to obtain certain information from (Individual banks): Banca d'America e d'Italia, Milan, Italy, consent granted Bank of America to the establishment by, of branches in Salerno, Taranto and Arenzano Bank of America, New York, N.Y., operation of overseas branches of Bank of America NT&SA, San Francisco, Calif., and, three possible alternatives noted, advice to Bank of America NT&SA that Board will interpose no objection to consolidation of all branches under the latter Extension of time to establish an additional branch in the City of Singapore, Colony of Singapore, in vicinity of Carpenter Street, approved Bank of America National Trust and Savings Association, San Francisco, Calif., operations of over-seas branches of Bank of America, New York, N.Y., and, three alternatives presented by, noted, no objection by Board to consolidation of branches under, advice to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/27 3195, 3220 12/12 4739 12/20 4863 8/27 3195 10/9 3845, 3853 3/8 847, 854 4/23 1442, 1452 3/8 847, 854 1962 142 Pages Branch banks, foreign: (continued) Bank of America National Trust and Savings Association: (continued) 3/8 848-50 Matter of capital adequacy discussed Establishment of a branch in the City of Amsterdam, The Netherlands, 6/7 2069, 2077 approved Establishment of branches at the following locations authorized: 28 Place Vendome, Paris, France Koenigsallee 33, Duesseldorf, Germany 5 Avenida 11-16, Guatemala City, Guatemala 7th Avenue #7-34, Guatemala City, Guatemala 2A Queen's Road Central, Hong Kong, Colony of Hong Kong Rue Riad Solh, Beirut, Lebanon 2 Weld Road, Kuala Lumpur. Federation of Malaya 31 Raffles Place, Singapore, Colony of Singapore, the foregoing authorization relating to the plan of, to convert the present branches of its wholly owned subsidiary, Bank of America, New York, 12/20 4849, 4881 N.Y., to branches of Bank of America, New York, N.Y., establishment of branches by Bank of America NT&SA, authorized, at locations of present branches of, in France, Germany, Guatemala (2), Colony of Hong Kong, Lebanon, Federation of Malaya, and 12/20 4849, 4881 Colony of Singapore Bank of Liberia, Inc., Monrovia, Liberia, letter to Chemical International Banking Corporation re its investment in, including request for information re proposed branches of, in order that Board may give prior consent 5/15 1827, 1833 to establishment of branches a of establishment Consent granted to the branch at Buchanan, Grand Bassa County, Republic of Liberia, advice to International Banking 829, 834 3/7 Corporation, New York, N.Y. Chase Manhattan Bank, New York, N.Y., establishment of a branch in Santo Domingo, Dominican Republic, at Isabel la Catolica #65, corner of Mercedes 857, 867 3/9 Street, authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 143 Pages Branch banks, foreign: (continued) Chase Manhattan Bank, New York, N.Y.: (continued) Comments by Gov. Mills re American banks entering so-called "troublespots" for possible speculative reasons Establishment of a branch in the Ducor Palace Hotel, Monrovia, Liberia, approved Granted extension of time within which to establish a branch in City of Port-of-Spain, Trinidad, The West Indies Establishment of a branch at Calle del Sol, 75, Santiago de los Caballeros, Dominican Republic, approved, six-month extension approved Chase Manhattan Bank (South Africa) Limited, Johannesburg, South Africa, granted extension of time within which to establish a branch at Norwich House, Smith Street, Durban, Republic of South Africa, advice to Chase Manhattan Overseas Corporation, N.Y., N.Y. First National City Bank of New York, N.Y.: Establishment of a branch in the Guarani Hotel, Asuncion, Paraguay, approved In the City of Madras, Madras State, India, approved In Brussels, Belgium, approved In Milan, Italy, approved In Santo Domingo, Dominican Republic, at corner of Calle Hostos and Calle El Conde, authorized, comments by Gov. Mills re American banks entering so-called "trouble spots" for possible speculative reasons In Geneva, Switzerland, approved, discussion re Swiss banking law prohibiting any agency of U.S. Government from examining books and records of branches of American banks in Switzerland http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/9 857 5/9 1764, 1772 8/28 3232, 3251 11/21 4446, 4452 5/10 1779, 1791 1/12 135, 148 1/12 1/22 1/22 135, 149 229, 236 229, 237 3/9 857, 868 4/10 1311, 1330 1962 144 Pages Branch banks, foreign: (continued) First National City Bank of New York, N.Y.: (continued) Establishment of a branch: (continued) 5/9 In Quito, Ecuador, approved 8/6 In Delhi, India, approved Extension of time within which the branch in the Hato Rey area of San Juan, Puerto Rico may occupy temporary quarters during construction of a new building, approved 4/19 Extension of time to establish a branch in the Castelo District of Rio de Janeiro, Estado da Guanabra, 7/20 Brazil, approved Bretton Woods Agreements Act: Amendment to: Authorizing the United States to participate in loans to the International Monetary Fund, proposal approved by National Advisory Council whose membership includes the Chairman of the Board, Board's views requested by Bureau of the Budget, discussion re possible problems involved re Board's comments on legislative proposals recommended by the National Advisory Council, agreed that the Division of International Finance would furnish the Board with a copy of the special report prepared by the Council re, in light of Governor Mitchell's 1/24 comments Bureau of the Budget advised re Board's 1/25 favorable position H.R. 10162, authorizing the United States to participate in loans to the International Monetary Fund, discussion re draft statement to be presented by Chm. Martin in connection with hearings by the House Banking and Currency Committee re, reference in testimony to System program of foreign currency operations discussed, understood that revised draft would be prepared satisfactory 2/27 to the Chairman 6/18 Report sent to Budget Bureau http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1764, 1771 2972, 2992 1423, 1432 2766, 2771 247 295 748 2184, 2202 1962 145 Pages Brookings Institution: Center for Advanced Studies of the, Ralph C. Wood granted period of leave with pay to accept appointment, without stipend, as a Federal Executive Fellow at the Budget: Federal: Report of Organizations for Economic Cooperation and Development containing suggestion re Federal budget, reply to inquiry from Senator Proxmire, over signature of Mr. Young, no objection Budgets: Board of Governors, 1961: Expenditures in excess of, in account classifications of various divisions, approved Performance report reviewed, overexpenditure reflected in, approved Overbudgeting in area of personal services due to unfilled budget positions, and in certain nonpersonal services, discussed Board of Governors, 1962: Division of Administrative Services, overexpenditure in printing and binding budget for reprinting of 50,000 copies of Fourth Edition of The Federal Reserve System Purposes and Functions, authorized Division of Personnel Administration, overexpenditure to cover estimated cost of full field investigations in connection with declaration of all positions in Stenographic Section, Secretary's Office, as sensitive Research and Statistics, overof Division expenditure resulting from approved interim financial support for the quarterly July 1962 survey re consumer buying intentions, authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/26 4505 1/12 145 2/6 434 2/6 434 2/6 434 6/4 2035 4/13 1366 6/29 2421 1962 146 Pages Budgets: (continued) Board of Governors, 1962: (continued) Division of Research and Statistics: (continued) Designation of secretarial position at FR-6 level as B.P. No. 99, Administration, for budget purposes, and abolishment of FR-3 position, 9/4 Clerk, Staff Services, approved Bureau Research projects of National of Economic Research, Inc., New York, N.Y., contract to furnish Board with results of various, at cost of $7,500 executed by Governor Shepardson with understanding re overexpenditure in 11/15 the 1962 budget of as reapproved Expenditures in excess of, quested by certain divisions and 12/19 offices Industrial Production--59 Base, recommendation re cost of printing revision in special pamphlet, approved, with understanding re overex8/20 penditure in budget Inter-Agency Bank Examination School, overexpenditure occasioned by approval of Governor Robertson's memorandum recommending that the Board and FDIC share with the States the expense of State Examiners attending the school, approved for 3/16 the year 1962 to conform to the Seal, revision of Board's, design of the FRBulletin seal as redrawn in 1961, estimated cost about $500, no provision made in 3/22 1962 budget for expenditure Board of Governors, 1963: 12/10 Budget approved for provision Annex across C Street, 12/10 drawing of new plans included in c, proelectroni Chart-making machine, posed purchase of, provided for 12/10 in http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3344 4352 4836 3152 926 1916 4691,4708-09 4692 4692 1962 147 Pages Budgets: (continued) Board of Governors, 1963: (continued) Budget approved: (continued) Consumer finances survey, nationwide, provision for expected costs included in Division of Research and Statistics, banking section, relatively small budget for, noted by Governor Mitchell in consideration of Printing and binding costs, increase in, principally for printing of supplements to Banking and Monetary Statistics and revision of FRSystem: Purposes and Functions, provision for, included in Rental and furnishing of space in new FDIC building, costs included in Retirement system, Board plan, amount included in, to cover funding in connection with increased benefits to retirees under Salaries, employees, provision for general pay increase adopted by Board October 1962, included in Salaries, official staff, possibility of Congressional amendment to Executive Pay Act, but no provision made in 1963 budget for adjustments re FRBank of Dallas: Procedure requiring semiannual budgets for Reserve Banks criticized by, in first half of 1963 budget, advice to FRBank of New York: Clearing and collection, increase in payments toward expenses of the Berger County and Nassau County check clearing bureaus, questioned by Governor Mills in consideration of first half of 1963 budget Vault, gold, proposed building alterations to provide additional space for earmarked gold, submitted in first half of 1963 budget, accepted with the understanding that current expenses in the budget period would not include cost of expanding http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/10 4691 12/10 4694 12/10 4692 12/10 4691 12/10 4691 12/10 4691 12/10 4691 12/19 4831, 4847 12/19 4832 12/19 4834, 4846 1962 148 Pages Budgets: (continued) FRBank of Philadelphia: Salaries, employees, salary adjustment of 37 not fully provided for in the 1962 budget noted, questions raised by Governor Mitchell FRBanks: 1963, first half: Accepted, letter to FRBank of Boston with similar letters to other FRBanks, except individual letters to FRBank of New York, commenting on proposal to expand the gold vault, and FRBank of Dallas, re their concern with respect to submission of semiannual budgets Auditing function, inquiries by Gov. Balderston, re staff increase and upgrading in the examination function and the, understanding that this strengthening was desired by the Board Equipment, electronic check processing, installation of, failure to reduce number of employees in check collection function, noted by Governor Mills, explanation by Mr. Farrell Membership dues and contributions, no provision in the new budget procedure for information on expenditures re, staff opinion that such expenditures were well stabilized at a non-objectionable level Procedure requiring semiannual budgets for Reserve Banks criticized by the FRBank of Dallas in their Procedures, suggestion by Governor Mitchell that favorable consideration be given to the revision advocated by President Deming of the FRBank of Minneapolis, allowing comparisons against a current rate of expenses rather than against the like six months of the year preceding the budget period, no disagreement http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/2 5, 11 12/19 4830,4845-47 12/19 4834 12/19 4831 12/19 4833 12/19 4831, 4847 12/19 4831, 4833 1962 149 Pages Budgets: (continued) FRBanks: (continued) Colluaittee on Organization and Building Plans, reconstituted Board Budget Committee to study FRBanks' budgets, to meet once a year with each FR Bank President Governors Balderston, King, and Mitchell designated members, with Governor Mitchell as Chairman, advice to FRBanks Procedures: Memorandum by Mr. Farrell recommending that the Presidents' Conference be asked to comment on revised procedure involving five specific proposals, simplified budget report form attached, letter to Chm. of Presidents' Conference approved, copies to Presidents of FRBanks Revisions approved, composing of: submission of budgets by either departments or functions twice a year, changes in budget report form, limitation of explanatory material and evaluations of activities of certain functions, and elimination of budget experience reports, advice to FRBanks Meetings of FRBank Presidents with Board's Budget Committee for overall budget review discontinued, yearly meetings of each President with Board's Committee on Organization and Building Plans to be held for consideration of officer salaries and building plans, advice to FR Banks Experience reports for 1961, agreed not to distribute to FRBanks since this would be the last of such reports due to the change in procedure http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/27 2393,2400-01 4/11 1341, 1356 6/27 2373,2400-01 6/27 2393 7/23 2789 1962 150 Pages Budgets: (continued) FRBanks: (continued) Salaries, officers, proposal by Governor Balderston re possibility of sending letters to the Chairmen re changes in FRBank officer salaries, in light of forthcoming meetings of the Presidents with the Board's Committee on Organization, Compensation, and Building Plans, in connection with the 1963 Bureau of Budget: Authority for FRBanks to purchase Government securities direct from the Treasury, bill proposed by Treasury to extend, for two years, report sent to Branch bank data, possible collection of, summary of results of FRBank survey re branch record keeping procedures, staff to prepare a recommendation that might be explored with the other bank supervisory agencies and the, with respect to Branch bank deposit survey, Governor Mitchell's reference to Comptroller of the Currency's letter informing national banks that submission of reports re, was at their discretion, Secretary of the Board requested to transmit to, copies of letter and wire to FRBanks indicating reports are mandatory, in light of section 11(a) of the FRAct Bretton Woods Agreements Act, draft bill to amend, authorizing the United States to participate in loans to the International monetary system, favored by Board, advice to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/27 3690 5/2 1605, 1627 2/27 734 6/29 2422, 2436 1/25 295 1962 151 Pages Bureau of the Budget: (continued) Chain banking, draft of a schedule to obtain information re, requested by Congressman Patman, Chm. of the House Select Committee on Small Business, transmitted to, with request for Budget Bureau number Understanding re further advice to, re proposed form to be used in connection with survey Condition reports: Proposed supplement for obtaining information re holdings of certain securities and loans for purchasing or carrying securities, for use at forthcoming spring call, letter transmitting draft, sent to Revised form for use by national banks, proposal of Comptroller of Currency re, Governor Mills to advise Budget Bureau re proposal Further discussion, revised draft reply to the Comptroller to be prepared for consideration Board's position stated in letter to Comptroller of Currency with copy to Consumer buying intentions: Survey re, conducted by the Bureau of the Census, Board's interim financial support for the quarterly July 1962 survey, requested by, approved subject to clearance with the House and Senate Appropriations Subcommittees, any resulting overexpenditure in 1962 budget authorized No objection from Appropriations Subcommittees, letter to, authorizing payment Consumer interests, possible Presidential message concerning Board's views requested by, reply approved Draft of contemplated Presidential message received from, with request for Board suggestions, agreed Board had no comments, Budget Bureau to be advised informally http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/11 1339, 1355 5/2 1614 3/2 801, 815 4/27 1511 4/30 1536 5/2 1611, 1656 6/29 2418,2433-34 6/29 2421, 2435 2/9 480, 500 3/5 821 1962 152 Pages Bureau of the Budget: (continued) Credit union report forms, State and Federal, proposal by, for additional items for inclusion in, approved by Board Defense Production Act of 1950, draft bill to amend further, report to Export-Import Bank of Washington, study by interested agencies re possibility of increasing private capital participation in operations of, Budget Bureau invites Board's staff to participate, authorization and understanding re, Governor Robertson to be kept informed re developments Designation of Mr. Partee as Board's representative and Mr. Gemmill as alternate, advice to Federal funds series revised form F.R. 716 being submitted to Gehman, Clayton, to attend meeting of Conference of European Statistics Working Group on Industrial Statistics in Geneva, Switzerland, request received from, that he represent U.S., noted Home Owners' Loan Act and Federal Home Loan Bank Act, draft bill to amend, submitted by Federal Home Loan Bank Board, understood report to Budget Bureau be redrafted Unfavorable report transmitted to Home Owners' Loan Act and Federal Home Loan Bank Act, revised draft bill to amend, permitting broader authority for Federal savings and loan associations to engage in the financing of multiple dwelling units, comments transmitted to the H.R. 7796, a bill to amend certain lending limitations on real estate and construction loans applicable to national banks, report sent to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/14 887 2/14 548, 562 1/29 317 1/29 318, 334 8/28 3286 4/20 1437 3/9 3/16 860 913, 944 7/11 2571, 2638 9/19 3584, 3694 1962 153 Pages Bureau of the Budget: (continued) H.R. 8874, a bill to authorize certain banks to invest in bank service corporations, staff comments re proposed letter from Treasury to Senate Banking and Currency Committee requested by Report on bill transmitted to H.R. 10162, an enrolled bill to amend the Bretton Woods Agreements Act to authorize the United States to participate in loans to the International Monetary Fund to strengthen the international monetary system, report sent to H.R. 12080, an enrolled bill to permit domestic banks to pay interest on time deposits of foreign governments at rates differing from those applicable to domestic depositors, report sent to H.R. 12577, an enrolled bill to place authority over trust powers of national banks in the Comptroller of Currency, report sent to H.R. 12899, an enrolled bill to amend section 5155, Revised Statutes, relating to bank branches which may be retained upon conversion, consolidation, or merger, report sent to Budget Bureau H.R. 13044, an enrolled bill consisting of amendments to the Home Owners Loan Act and the Federal Home Loan Act liberalizing the authority of the Federal savings and loan associations to lend on multi-unit residential property,no objection indicated in report to Housing Act of 1949: Draft bill to amend title V of the, providing an alternate method of financing rural housing loans and for other purposes, proposed by the Department of Agriculture, report to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/17 3132 10/10 3863, 3878 6/18 2184, 2202 10/5 3815, 3834 9/19 3588, 3603 9/19 3583, 3602 10/3 3752, 3766 3/23 1038, 1046 1962 154 Pages Bureau of the Budget: (continued) Housing Act of 1949: (continued) Report sent to, on revised draft bill re Income and dividends reports, midyear, elimination by Comptroller of Currency for national banks, letter to, requesting views re, and submitting decision to discontinue comparable reports from State member banks, and willingness to participate in an integrated program for collection of such data, copies to Comptroller of Currency, FDIC Reports on proposed legislation to, submission of views on matters outside the scope of the responsibilities of the Board, questioned by Governor Robertson Revised Statutes, proposed amendment to section 5155, relating to bank branches which may be retained upon conversion, consolidation, or merger, report sent to Report on enrolled bill H.R. 12899,re transmitted to S. 1005, bill to amend sections 3 and 10, FRAct, relating to an increase in the statutory limitation on expenditures for FRBranch bank buildings, report sent to S. 1771, enrolled bill to improve the usefulness of national bank branches in foreign countries, report sent to S. 3291, enrolled bill to amend section 14(b), FRAct, to extend for two years the authority of FRBanks to purchase U.S. obligations directly from the Treasury, report sent to Silver, draft bill submitted by the Treasury Department to repeal certain legislation relating to the purchase of, authorizing FRBanks to issue FRnotes of $1 denomination, and terminating the special tax on transfers of interests in silver bullion, Board views to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/3 1128, 1165 6/20 2220, 2235 1/24 250 4/10 1313, 1331 9/19 3583, 3602 8/22 3174, 3191 8/9 3052, 3064 6/27 2387, 2399 2/5 410, 428 1962 155 Pages Bureau of the Budget: (continued) State legislation: Negotiable Instruments Law, proposed uniform statute amending, to eliminate necessity of protests with respect to domestic drafts and checks, Board's recommendation re enactment by States submitted to, for submission to Committee of State Officials Survey of common trust funds for 1962, Form F.R. 508, as revised, submitted for approval to, Time certificates, negotiable, approval of form for proposed survey requested from Trust activities of national banks, draft bill, submitted by the Treasury, to transfer from the Board of Governors to the Comptroller of the Currency authority re, favorable report to United States Code, section 131 of title 13, proposal by the Department of Commerce to amend, to provide for earlier taking of the economic censuses, favorable comments transmitted to Bureau of the Census: Consumer buying intentions, survey re, conducted by, request by Bureau of the Budget for Board's interim financial support for the quarterly July 1962 survey, in light of deferred Congressional action, approved subject to clearance with the House and Senate Appropriations Subcommittees No objection from Appropriations Subcommittees, letter to the Bureau of the Budget authorizing payment Bureau of Employees' Compensation: Federal Employees' Compensation Act, ruling that Board members, officers, and employees are covered by, advice received from http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/17 1850, 1861 9/19 3583, 3598 11/15 4338 6/26 2334, 2369 4/18 1387, 1416 6/29 2418, 2433-34 6/29 2421, 2435 2/21 688 1962 156 Pages Bureau of Employees' Compensation: (continued) Workmen's compensation, claim filed by Board employee under District of Columbia Workmen's Compensation Act, letter denying that the Board or the employee were subject to the Act at the time of injury, sent to Bureau of Engraving and Printing: FRnotes, marked specimen of each denomination of, provided by, for use in international currency exhibit of International Bank for Reconstruction and Development, no objection by Board Printing order for fiscal year ending June 30, 1963, placed with Bureau of Federal Credit Unions: Credit union report forms, proposed additional items for inclusion in, requested by, approved by Board Bur eau of Internal Revenue: Tax relief provisions of the Bank Holding Company Act of 1956 incident to divestment of nonbanking interests, question in light of possible "one-bank definition" amendment, suggestion that matter be discussed with Business Equipment Manufacturers Association: "Distribution of Bank Deposits by Counties and Standard Metropolitan Areas," duplicate punched cards covering data as of June 1960 and June 1962 contained in, requested by, request approved, on reimbursable basis, with certain understanding Business conditions: Topic for discussion with FAC: Current and general outlook for next six months generally good, discussion re current trends in consumer credit, residential mortgage credit, and business loans, at joint meeting with Board and FAC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/10 100 5/10 1783 6/28 2405, 2410 3/14 887 1/8 64 8/14 3103, 3120 2/20 651 1962 157 Pages Business conditions: (continued) Topic for discussion with FAC: (continued) Performance of the economy in recent months, and effect of steel wage settlement and subsequent increase in steel prices Performance of economy somewhat below expectations, general outlook for remainder of year is for moderate rise in level of business economy, views re steel wage settlement and price increases expressed in joint meeting of FAC and Board Topic for discussion with FAC: Outlook for remainder of year, and performance of the economy thus far this year Performance of economy this year somewhat below expectations, business for remainder of year expected to follow irregular although slightly rising trend, views of FAC expressed in joint meeting Topic for discussion with FAC: Situation in light of period of international tension No significant increases in consumer or business inventory buying, price markups, or change in capital investment plans due to international tensions, views expressed at the joint meeting with FAC 4/13 1363, 1370 . 5/1 1588 8/28 3232, 3258 9/18 3555 11/2 4220, 4232 11/20 4430 IICII Ca lifornia: Branch banking: Applications for branches filed by the three largest State member banks, memorandum containing tabulations re, question re possible preemption of sites by larger banks when applications are not processed promptly http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/26 298 1962 158 Pages California: (continued) Branch banking: (continued) Information re branches approved for two national banks in California during past year or two, interest expressed by Governor King, staff to assemble such information Concentration of banking in, question re arranging for interagency meeting re, Comptroller of the Currency Saxon not prepared to enter into such meeting, noted by Governor Robertson Possible conference of the three Federal bank supervisory agencies to study, agreed that plans were dormant, Board's Secretary instructed to drop them from list of pending matters California State Superintendent of Banks: O'Kane, John A., Vice President and General Counsel, FRBank of San Francisco, temporary appointment as Acting, with leave of absence without pay for period of three months, no objection by Board, advice to FRBank of San Francisco No objection to additional leave without pay for Mr. O'Kane to act as Cameroun: Societe Generale de Banques au Cameroun, Yaounde, Cameroun, consent granted to Bankers International Corporation, New York, N.Y., to purchase shares of Carroll, John A., Senator: Administrative practices and procedures of Board, changes made during 1961 and 1962 requested by, in connection with study by Subcommittee on Administrative Practice and Procedure of Senate Judiciary Committee, copy of Board's Rules of Organization and Procedure with letter of explanation sent to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/28 764 2/7 446 6/5 2060 5/7 1747, 1760 8/6 2972, 2996 12/21 4950, 4960 10/30 4143, 4162 1962 159 Pages Celler, Emanuel, Congressman: Bank merger applications of The Chase Manhattan Bank and Chemical Bank New York Trust Company, both of New York City, furnished to, Chairman of the House Judiciary Committee, by the applicant banks with confidential material deleted H.R. 9929, proposed revision of Administrative Procedure Act, report affirming Board's views previously expressed on an identical bill, approved for transmittal to, Chairman of the House Committee on the Judiciary Interlocking directorates, possible elimination of several exceptions permitting, contained in Reg. L, which were made by the Board pursuant to section 8 of the Clayton Act, letter replying to questions raised by, approved Censuses: Economic, including manufacturers, minerals, and other businesses, proposal by Department of Commerce to amend the United States Code, section 131 of title 13, to provide for earlier taking of the, favorable report to the Bureau of the Budget Center for Latin American Monetary Studies: FRSystem membership in, and possible assumption of share of financial responsibility of, discussed, possibility of becoming a "collaborating" rather than full member to be explored by Mr. Young with Dr. Marquez Letter to Dr. Marquez approved, advice to FRBanks Nominations for possible candidates to participate in the Eleventh Technical Training Program to be held in Mexico City, April 26August 16, 1963, letter to Presidents of all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/4 40 2/16 600, 612 5/24 1930, 1945 4/18 1387, 1416 9/19 3584 10/22 12/5 4032, 4040 4619, 4640 1962 160 Pages Center for Latin American Monetary Studies: (continued) United States private banks, possible participation at the Seventh Operational Meeting to be held in Mexico City, September 3-14, 1962, suggestion to invite through the American Bankers Association Visit to Board by trainees of, with luncheon, translating facilities, conducted tour of Washington, and certain minor expenditures, approved (Individual names): Hart, Janet, formerly of the Board's staff, presently residing in Mexico City, designated as an ad hoc representative of the Board to attend this year's sessions, no objection to leading discussion sessions if understood that views were personal Maroni, Yves, Economist, Division of International Finance: Possible representative at Seventh Operational Meeting to be held in Mexico City, September 3-14, 1962 Travel to Mexico City to represent Board at the Seventh Operational Meeting of the, authorized Pascual, Armand A., FRBank of San Francisco, attendance at Tenth Annual Training Program, approved Sammons, Robert L., Adviser, Division of International Finance, to lecture on the FRSystem at the Tenth Regular Training Program of, letter to, approved Travel to Mexico City authorized ham banking: Cn Survey of, through indirect controls, request by Congressman Patman, Chairman of the House Select Committee on Small Business, staff to prepare draft reply reflecting willingness, but spelling out foreseen difficulties http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/16 936 7/23 2794 4/16 1377 3/16 912, 936 6/25 2303 2/26 713, 725 2/21 6/21 678, 695 2243 3/12 874 1962 161 Pages Chain banking: (continued) Survey: (continued) Agreed expenditure of time and money justified only if survey would be of significant value to Small Business Committee, advice to Chm. Patman, staff indicated that survey could be done without participation of Comptroller, agreed to defer sending letter to Comptroller until receipt of answer from Mr. Patman Congressman Patman's reply indicating value to House Small Business Committee, broader study including nonmember banks suggested by Governor Mitchell, agreed to limit to member banks with possible later consideration of expansion, letter to Comptroller of Currency re participation approved, draft of schedule to obtain information transmitted to Budget Bureau requesting Budget Bureau number Letter to Comptroller of Currency in reply to his letter re, understood that if no reply was received, Board would proceed with survey, further advice to Budget Bureau re proposed form to be used Letter to FRBanks enclosing certain information re, and letter to member banks and bank holding companies enclosing forms and instructions for use in obtaining information, approved Inquiries from respondents as to whether reports would be kept confidential and whether the report was compulsory, concensus re Board's response to questions http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/22 1020-21 4/11 1339,1354-55 5/2 1613, 1658 5/28 1963,1975-77 5/31 1985 1962 162 Pages Chain banking: (continued) Survey: (continued) Inquiry as to law under which information is required to be submitted, and the protection provided a bank against legal action by shareholder who might resent release of confidential information, received from First National Bank of Sayreville, N.J., revised draft of reply to be prepared Reply approved, with copies transmitted to FRBanks Report by Governor Balderston re his conversation with the President of the Manufacturers Nat'l Bank of Detroit re possibility of bank's declining to respond to the survey Reference by Governor Mitchell to letter sent to all national banks by the Comptroller of Currency, informing them that reports requested by the Board could be submitted at their own discretion Follow-up request for information with respect to, sent to member banks and bank holding companies not responding to previous request, reply to Congressman Patman re outcome of, possibility that subpoenas might be served on banks refusing to reply Copies of reports of bank holding companies and certain member banks submitted in connection with, sent to Congressman Patman, pursuant to his request, list of banks that have failed to respond to be sent to Mr. Patman List of member banks not included in, and list of 18 member banks omitting data re loans on bank stock, transmitted to Congressman Patman, Chairman of Select Committee on Small Business http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/8 2089 6/13 2142, 2156 6/8 2092 6/29 2422 7/24 2817,2840-41 9/12 3432, 3442 10/4 3803, 3811 1962 163 Pages Chain banking: (continued) Survey: (continued) Specifications in connection with, question raised by staff with request for guidance, report on anticipated progress, agreed letter be prepared to Mr. Patman re anticipated time and expense required,suggestion re limiting Board activity to the 200 largest banks, inability to set up definite commitment date for completion, indicated Letter from Mr. Patman stating that information would be subpoenaed from member banks listed as not having responded, matter of responses made on a confidential basis referred to, explanatory correspondence necessary Research plans of FRSystem for use of data collected,staff to review material for leads and suggestions Further discussion re study and use of material, understood that the staff would develop plans for analyzing the survey findings Request from Justice Dept. for access to reports obtained from Valley National Bank and Arizona Bank, Phoenix, Ariz., in connection with, majority of Board decided to deny request Program proposed by staff for internal use of data collected relating to (1) multiple bank stock holdings in the name of nominees, (2) interlocking directorates and multibank stock holdings, (3) concentration of ownership of individual banks, and (4) data on loans on bank stocks, no objection by Board to proposal http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/10 3863 10/10 3864 11/8 4303 11/14 4315 11/16 4356 12/10 4687 1962 164 Pages Chain banking: (continued) Survey: (continued) Draft of letter to Mr. Patman noting that tabulations had been transmitted and pointing out Board's reservations re apparent significance of data developed from, to be submitted to Board for approval Letter to Mr. Patman approved Chandler, Lester V., Professor, Princeton University, arrangements made by FRBank of New York with, for service as consultant in connection with program and operations of Research and Statistics function and general monetary matters, noted Circulars, Board of Governors: Absorption of exchange charges, memorandum and letter re background of situation preparatory to proposed meeting to discuss possible amendment of Reg. Q, sent to all Presidents of FRBanks Accounting manual changes relating to charges for Bank-owned furniture and equipment, functional expense distributions for retirement and other benefits, and the new formula for computing charges to reimbursable Fiscal Agency units re floor space in Bankowned buildings, approved, advice to Chairman of the Presidents' Conference with copies to all FRBank presidents Advances under section 13, FRAct, interpretation that promissory notes insured by Farmers Home Administration considered eligible for, advice to FRBanks Affiliates of State member banks, indebtedness of, in connection with investments in bank premises, letter to FRBank of Minneapolis in connection with a certain situation advice to be sent to all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/10 12/12 4688 4739, 4754 10/17 3939, 3948 3/21 989, 1011 3/16 912, 937 5/14 1812, 1822 9/14 3504, 3541 1962 165 Pages Circulars, Board of Governors: (continued) Articles of Association of FRBanks, request from Comptroller of Currency to FRBanks for copies of, telegram to FRBanks from Board with respect to, approved Bank automation survey, advice to FRBanks re, with copy of proposed questionnaire form Bank holding company application forms F.R. Y-1 and F.R. Y-2, drafts of proposed forms sent to Presidents of FRBanks for comments Bank holding company and bank merger applications, procedures for processing, by FRBanks, letter indicating suggestions for facilitating Board decisions on, sent to FRBanks Bank Holding Company Act of 1956, possible violation of section 6(a)(4) of, disclosed in reports of examination by FDIC of three subsidiary banks of General Bancshares Corporation, St. Louis, Mo., letter to FRBank of St. Louis setting forth a tightening of standards, with copies to FRBanks, Comptroller of the Currency, and FDIC Bank for International Settlements, Board's position re amendment to sec. 19, FRAct, removing limitation on interest rates payable on official foreign time deposits, interpretation indicated that BIS was included in its coverage, advice to all FRBanks Bank mergers: Proposed stock exchange or purchase price transactions proposed by banks involved in, letters sent to shareholders explaining such transactions, all FRBanks requested to forward to Board such letters http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/20 951, 975 2/21 679, 697 8/30 3329, 3339 12/20 4850, 4886 12/17 4788, 4796 10/25 4067, 4100 6/5 2058, 2063 1962 166 Pages Circulars, Board of Governors: (continued) Bank mergers: (continued) Draft of letter to be prepared for transmittal to Presidents of all FRBanks re expediting action on, and re possible bolstering of staff resources connected with Notice of intent to merge required to be published in a newspaper for 30 days, letter to FRBanks indicating member banks should be informed that publication should begin promptly after filing application with FRSystem Bank Service Corporation Act, letter to FRBanks transmitting proposed letter to be issued to State member banks upon enactment of H.R. 8874, a bill to authorize investments by certain banks in bank service corporations, and a draft of the press statement, approved Branch banks: Applications of State member banks to establish, received at FRBanks, to be processed and submitted to Board promptly, advice to FRBanks Deposit data by cities for, decision of Board and FDIC to collect, from all member and nonmember banks, advice to FRBanks enclosing sample form Question whether such report by member banks is mandatory, telegram to FRBanks approved Letter replying to inquiry from the First National Bank of San Jose, Calif., re use of such reports and treatment of confidential unpublished information, edited copy sent to FRBanks Extension of time to establish, one six-month period will be included with Board's approval to establish, FRBanks authorized to so advise applicants under specific conditions, advice to FRBanks Applicable to outstanding authorizations for which no extension has been given, FRBanks advised http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/18 3976 10/29 4112, 4132 9/28 3706,3730-32 1/29 325, 335 5/24 1930, 1949 6/25 2299, 2314 7/25 2843, 2848 11/6 4255, 4274 11/14 4312, 4332 1962 167 Pages Circulars, Board of Governors: (continued) Budgets of FRBanks: Procedures re, memorandum by Mr. Farrell reco wmending that the Presidents' Conference be asked to comment on revised procedure involving five specific proposals, letter to Chairman of Presidents' Conference approved, with copies to Presidents of all FRBanks Revised procedures re, adopted by Presidents' Conference and approved by Board, telegram and letter to FRBanks Center for Latin American Monetary Studies, nominations for possible candidates to participate in the Eleventh Technical Training Program to be held in Mexico City, April 26August 16, 1963, letter to Presidents of all FRBanks Chain banking through indirect controls, survey re, copies of correspondence between Board and Congressman Patman, forms, and transmittal letters to member banks and bank holding companies re,transmitted to all FRBanks Question by First National Bank of Sayreville, N.J., re authority for information requested with respect to and possible provision for protection against the release of confidential information, copies of reply to be sent to the FRBanks Condition reports: State member banks and their affiliates, forms for next call sent to all FRBanks for use by not to be used at forthcoming J, Schedule call, advice to FRBanks Forms for next call sent to all FRBanks Forms for next call sent to all FRBanks Forms for next call sent to all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/11 1341, 1356 6/27 2373,2400-01 12/5 4619, 4640 5/28 1963, 1975 6/13 2146 3/2 801, 812 3/21 979, 1002 2070, 2083 6/7 8/17 3135 11/21 4451 1962 168 Pages Circulars, Board of Governors: (continued) Currency and negotiable securities, shipment by direct commercial air flights, proposal by Post Office Department to extend to field officials authority with respect to Federal Reserve, letter to FRBanks requesting comments approved Defalcation losses in banks, suggestions re continuing and redoubling efforts to convince banks of need for $1 million excess fidelity bonds for protection against, letter to FRBanks enclosing possible letter to be sent to State member banks that have not obtained such coverage, approved Deposits, savings, computation of interest on a daily basis, requested reports submitted by FRBanks re practice of member banks in connection with, letter to Presidents of all FRBanks requesting continuance of observation re possible abuses with respect to Directors, FRBanks, 1925 ruling precluding service of officers or directors of insurance companies as Class B directors to be reaffirmed in letter to FRBanks, letter to be sent some time after end of year Dormant accounts, Texas statute providing for protection and preservation of, letter from FRBank of Dallas raising question of compliance with such State laws by FRBanks, copy of letter sent to FRBank of New York, and to all other FRBanks, requesting information re situation in respective districts State statutes relating to, study by Presidents' Conference re applicability to FRBanks requested in letter to Chairman Fulton, with copy to each FRBank President http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/3 1128, 1163 2/28 764, 770 5/22 1905, 1921 11/8 4301 4/2 1103, 1122 5/24 1930, 1943 1962 169 Pages Circulars, Board of Governors: (continued) Emergency plans: Regulations 1 and 2 relating to "Operations of FRBanks" and "Use of Secured Notes to Transfer Credits," approved to be automatically effective in the event of an attack, transmitted to the Presidents of all FRBanks Envelope drafts, study re, requested of Presidents' Conference by Board, letter to Chairman Fulton with respect to, with copy to each FRBank President, approved Letter to FRBanks indicating Board concurrence in Presidents' Conference action in adopting recommendations contained in the Joint Report of the Subcommittee on Collections and the Subcommittee of Counsel on Collections Federal funds series, revision of, approved, letter to FRBanks with respect to Food stamp program, amendment to Agreement with Dept. of Agriculture approved by Presidents' Conference, telegram to Chairman of Presidents' Conference advising that Board has no objection to execution of amendment, copies sent to all FRBanks Foreign accounts: Maintained by the FRBank of New York with eight foreign banks, advice to FRBanks re, Board approved re Opening and maintenance by the FRBank of New York: Account with the Bank of International Settlements, designation under Reg. N approved, advice to Presidents of all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/5 154, 178 5/31 1980, 1994 10/22 4032, 4038 8/28 3244, 3286 2/28 765, 781 2/13 540, 546 6/1 2016, 2029 1962 170 Pages Circulars, Board of Governors: (continued) Foreign accounts: (continued) Opening and maintenance by the FRBank of N.Y.: Account with the Societe Nationale de Credit a l'Industrie, Brussels, Belgium, designation under Reg. N approved, advice to Presidents of all FRBanks Foreign branches of national banks, Public Law 87-588, an act to improve the usefulness of, proposed regulations to reflect recent enactment of, letter to certain national banks requesting suggestions re, approved, with copies to all FRBanks Foreign currency operations of FRSystem, memorandum from Mr. Hackley re possibility of making such operations subject to supervision, of the Board rather than of FOMC, to be sent to Presidents of FRBanks Foreign currency holdings of FRBanks, manner of reporting on Form F.R. 34 sent to all FRBanks Foreign relationships of FRSystem, applicability of statement of procedures re foreign relationships of FRBanks to FRSystem operations in foreign currencies, clarifying telegram to all FRBanks approved General Services Administration, execution of a contract with, under which the FRSystem would be afforded the economies of multiple group communications tariffs offered by the American Telephone Company, advice sent to Presidents of all FRBanks Headache checks, including envelope drafts, question re possible handling as noncash items, letter to FRBanks requesting views Hospitalization plan of FRBank of Atlanta, inclusion of "student definition" clause in, approved by Board, copy of letter to FRBank of Atlanta sent to all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (continued) 6/15 2178, 2182 8/27 3195, 3220 2/9 489 2/16 602, 625 2/16 609, 626 10/25 4080 4/10 1318, 1333 3/8 841, 853 1962 171 Pages Circulars, Board of Governors: (continued) Income and dividends reports of State member banks: Decision not to collect reports for June 30, 1962, in light of action by the Comptroller of the Currency to eliminate midyear reports of national banks, staff to explore the possibility of obtaining midyear reports from a limited sample survey of member banks on a simplified form containing items used in the semi-annual press statement E.5, advice to Presidents of all FRBanks requesting views of midyear, in light of elimination Elimina tion by the Comptroller of the Currency of comparable reports of national banks, letter to Office of Statistical Standards, Bureau of the Budget, requesting views re, and stating willingness to participate in an integrated program for collection of such data, copies of letter to the Comptroller of the Currency, FDIC, and FRBank Presidents Forms to be sent to all FRBanks for reports for the calendar year 1962 Insurance, FRBanks, expenditures re, revised draft of letter to FRBanks with respect to, approved, no objection to discontinuance of certain insurance coverage or to arrangement for shareholding losses time and savings deposits of on t rates Interes member banks having certain total deposits, approval of survey to be conducted by FRBanks re, letter sent to all FRBanks Loans by member banks on stocks and bonds as collateral, survey to develop information re volume and characteristics of loans subject to Reg. U, and of security loans exempt from the regulation, authorized by Board with Gov. Mills dissenting, letter to Presidents of all FRBanks re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/18 1399, 1420 6/20 2220, 2235 11/21 4451 2/19 628, 644 1/12 136 5/7 1743, 1759 1962 172 Pages Circulars, Board of Governors: (continued) Loans on securities, methods and standards used by banks re, letters to Presidents of all FRBanks and separate letters to Presidents of the New York, Chicago and San Francisco Reserve Banks requesting interviews with certain selected banks to supplement data obtained in survey of "Bank Loans Collateralized by Stocks and Bonds" Margin calls by banks, telegram sent to FRBanks requesting them to proceed on personal interview basis questionnaire for survey transmitted to FRBanks Motion picture on FRSystem purposes, structure, and operations, expenditure by FRBanks for, approved by Presidents' Conference, no objection by Board, copy of letter to Chm. Bryan, of the Presidents' Conference sent to all FRBanks National banks: Applications to organize, Board recommendations to the Comptroller of the Currency no longer requested, letter to FRBanks advising no further reports necessary and canceling outstanding instructions re Examination reports, schedule of charges for providing copies of, proposed by Comptroller of Currency, letter to FRBanks requesting views Regional chief national bank examiners requested by the Comptroller of the Currency to make arrangements with the FRBanks for delivery of reports and billings, wire sent to Presidents of all FRBanks re arrangements with respect to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/5 4662, 4663 7/18 2748, 2759 2/6 432, 439 3/8 850, 855 5/9 1761, 1770 7/3 2539 1962 173 Pages Circulars, Board of Governors: (continued) Regulation D, revision of, and amendment to the 1947 rule for Classification of Reserve Cities, copies to all Federal Reserve Banks proposed G, amendment re definition n Regulatio of noncash items, notice for publication in Federal Register sent to all FRBanks with letter re collection of envelope drafts n I: Regulatio Proposed revision dealing with issuance and cancellation of FRBank stock to conform to the style of the Code of Federal Regulation, draft sent to FRBanks for comments Revised draft sent to Federal Reserve Banks Regulation J, amendment to section 210.2(a) to specify that nonmember clearing accounts are available to nonmember banks and trust companies rather than nonmember State banks and trust companies, approved, advice to FRBanks Regulation K, review and study of, letter to Presidents of all FRBanks requesting comments to section 214 relating amendment n Regulatio N, to accounts of FRBanks with foreign banks, advice to FRBanks re Regulation 0, Board agreed to regard Vice Chairman of the Austin National Bank, Austin, Texas as an executive officer for the purposes of, advice to FRBank of Dallas, issuance of an S-letter informing all FRBanks n Q: Regulatio Time certificates, conversion of 6-month into 12-month, bearing interest at the new maximum 47, request by FRBranch of Detroit for interpretation under, advice to FRBranch of Detroit with copies to all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/11 10/22 2663 4038 5/16 1840, 1848 12/7 4672 9/27 3684, 3700 1/18 217, 225 2/13 546 2/27 739 1/5 51, 58 1962 174 Pages Circulars, Board of Governors: (continued) Regulation Q: (continued) Section 217.3(b), proposed amendment to clarify ruling re reduction of contracted interest rates on long term time certificates to comply with Board's reduction of maximum rates Memoranda by Mr. Hackley with respect to possible amendments re, transmitted to FRBanks for comments Regulation U: Nonpurpose loans, allegations re negligence of FRSystem involving use of nonpurpose loans to finance stock market speculation, in violation of, comments re, requested by Nate White, Editor of the American Banker, FRBank Presidents requested not to reply pending determination of appropriate System reply FRBanks to be advised of contents of reply to Nate White Reserve cities, amendment to 1947 Rule for Classification of Reserve Cities and revision of Reg. D, copies transmitted to Presidents of all FR Banks Reserve requirements, reduction for member banks approved, advice of Board's action to be sent to all FRBanks Retail trade statistics program, draft letter to Mr. Bennett, President of the National Retail Merchants Association, setting forth conclusions as recommended in the report by the Committee of Five, transmittal of draft letter to Chm. of the Presidents Conference and Presidents of all FRBanks for views, approved Salaries: Examiners employed by FRBanks, Comptroller of the Currency, and FDIC, report of study re, transmitted to FRBank Presidents http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/17 1854 7/24 2819, 2827 6/15 2174 6/20 2217, 2233 7/11 2663 10/18 3983 11/27 4518, 4532 7/11 2512, 2667 1962 175 Pages Circulars, Board of Governors: (continued) Salaries: (continued) Officers of FRBanks: Revisions in policy re, letter to Chairmen of all FRBanks re salaries of Presidents and First Vice Presidents, and letter to Presidents of all FRBanks re salary ranges for other officers Revisions in guidelines for, advice to the Chairmen and Presidents of the FRBanks, except the FRBank of New York Section 32 of the Banking Act of 1933 applicable to a director, officer, or employee of a member bank who is a special or limited partner in a firm primarily engaged in the business described in, exception not to be made, advice to Presidents of all FRBanks Survey of common trust funds for 1962, Form F.R. 508, as revised, submitted to Budget Bureau for approval, with understanding similar letters to be sent to Presidents of FRBanks Time certificates, negotiable, issued by large commercial banks, proposed survey of, approved by Board, advice to FRBanks Treasury financing, advance refunding, terms announced, Treasury to include a statement relating to the value at which banks would be allowed to carry on their books securities subscribed to by them in connection with the refunding, advice to be sent to FRBank Examination Departments Trust powers of national banks: H.R. 12577, a bill transferring from the Board to the Comptroller of the Currency authority to regulate the exercise of, signed by the President, sec. 11(k) of the FR Act repealed, regulation similar to Reg. F promulgated by the Comptroller, advice to FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/4 10/31 3800,3807-09 4196,4213-14 8/2 2922, 2928 9/19 3583, 3598 11/15 4336, 4354 2/16 597 10/1 3740-41 1962 176 Pages Circulars, Board of Governors: (continued) Trust powers of national banks: (continued) Termination of Reg. F in light of passage of Public Law 87-722 transferring from the Board to the Comptroller of the Currency authority to regulate the exercise of, similar regulation issued by Comptroller, advice to Presidents of all FRBanks Circulars, FRBank of New York: Interest payable on savings deposits by banks in New York State, question re FRBank of New York circularizing to member banks Board's position re Request from N.Y. State Superintendent that FRBank of New York not publicize Board's position, agreed FRBank of New York be advised not to send out usual operating circular Circulars, FRBanks: Noncash operating circulars and letters of FRBanks, amendment to uniform paragraph "Telegraphic advice" relating to service charges for telegrams re noncash items, approved by Presidents' Conference, and approved by Board, advice to FRBanks Civil Service Commission: Hearing ordered by Board re application of First Oklahoma Bancorporation, Oklahoma City, Okla., for approval of formation of bank holding company, Charles W. Schneider selected by the, to conduct formal hearing Report containing information re employment of selected minority groups by the Board of Governors sent to, in connection with study being conducted at the request of the President's Committee on Equal Employment Opportunity Public Law 87-793 amending, providing for increased retirement benefits under, no objection to increased benefits to annuitants under Board's plan to conform with, with understanding re implementation of proposal pending further Congressional action http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/3 3757, 3792 1/31 367 2/1 384 3/20 948, 958 5/15 1828 7/27 2862 11/26 4491,4511-14 1962 177 Pages Civil Service Retirement System: Bakke, Karl E., Senior Attorney, Legal Division, a member of, usual physical requirements waived Clayton Act: Section 7, application of United Virginia Bankshares, Incorporated, Richmond, Va., to acquire stock of six Virginia banks, Justice Department in connection with, views discussed Section 8: Applicability of an exception under, to service of officers and directors of Marshall and Ilsley Bank, as officers and directors of Silver Spring Bank, both of Milwaukee, Wis., in the event that Bank Stock Corporation, which now owns controlling stock of the former, does not acquire controlling interest of the latter, advice to FDIC approved, with Governor Mills' reservations noted Exceptions contained in Regulation L, permitting several interlocking directorates, which were made by the Board pursuant to, question re possible elimination, raised by Congressman Celler, Chairman of the House Judiciary Committee, reply approved Clearing and Collection: Absorption of exchange charges: Question re arranging interagency meeting on, Comptroller of Currency, Saxon not prepared to enter into such meeting, noted by Governor Robertson Memorandum from Governor Robertson recommending amendment to Reg. Q providing that, would not be payment of interest on deposits, agreement re proposed meetings with FDIC directors, FRBank Presidents, and FAC to discuss http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/7 11/14 2071 4319 1/26 303, 313 5/24 1930, 1945 2/7 446 3/14 896 1962 178 Pages Clearing and Collection: (continued) Absorption of exchange charges: (continued) Memorandum re background of situation sent to Presidents of FRBanks preparatory to proposed meeting to discuss, with copy to FAC, letter sent to Mr. Prochnow re proposed meeting with FAC, with copy to each member of FAC Views of FRBank representatives, re possible amendment to Regulation Q, expressed at joint meeting of Board with Presidents' Conference, views of Governor Mills and comments by Chairman Martin Possible amendment to Reg. Q with respect to, views of FAC members expressed at joint meeting with Board Consensus that Board's position re, should not be expressed at forthcoming Federal Advisory Council meeting, consideration to be given to views of Council members No decision reached by Board reported by Chm. Martin, at joint meeting with FAC, position of Comptroller of Currency reported, and discussion re possibility of banks engaging in more effective policing of Board's present policy Reserve City Bankers position reported Automation of banks, proposed survey of commercial banks having certain total deposits, recommendation and proposed form of questionnaire approved by Board, advice to FRBanks Bergen County and Nassau County Check Clearing Bureaus: Reports from FRBank of New York re operations of, Board continuing to receive, verified by Mr. Farrell Letter to FRBank of New York re reports; remarks re study of utilizing electronic equipment for check processing http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/21 989,1011-13 3/27 1071 4/4 1166 4/30 1539 5/1 5/1 1599 1600 2/21 679, 697 1/3 22 2/15 566, 583 1962 179 Pages Clearing and collection: (continued) Bergen County and Nassau County Check Clearing Bureaus: (continued) Increase in payments by the FRBank of New York toward expenses of, questioned by Governor Mills in consideration of 1963 budget, first half Check collection function, request for the preparation of a draft outline of a revised procedure for examining the, in connection with the review by Price Waterhouse & Co. of the techniques and procedures used in examining FRBanks Check kiting operations: Bank of Delevan, New York, substantial losses incurred as the result of, action under the 10-day provision for passing on bank merger applications recommended in order to expedite application for proposed merger into The Citizens Central Bank, Arcade, New York Further reference Further reference Check mechanization: FRBank of Boston, no objection to proposed rental of NCR 310 electronic check processing equipment by FRBank of Chicago, no objection to rental under purchase option, Burroughs B-270 at the, and IBM 1401 at the Detroit Branch No objection to rental, with purchase option, by, of second complement of Burroughs B-270 check processing equipment FRBank of Kansas, rental, under purchase option, of electronic check processing equipment consisting of an IBM data processing system, supported by National Cash Register encoding equipment, by, no objection http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/19 4832 6/1 2030 1/4 1/5 1/24 37 52 245 5/24 1929, 1938 1/5 48, 56 10/25 4/19 4064, 4078 1423, 1433 1962 180 Pages Clearing and collection: (continued) Check mechanization: (continued) FRBank of Philadelphia, proposed expenditure by, for check and data processing equipment based on a desire to limit the use of the equipment to daytime hours only, agreed that Governors King and Mitchell would discuss proposal with President Bopp prior to further Board consideration Telegram indicating that the Board interposes no objection, approved FRBank of Richmond, no objection to the acquisition of Burroughs B-270 highspeed check processing equipment on a rental basis, under purchase option, by the FRBank of San Francisco, noted without objection the plans of, to continue lease, under purchase option, certain National Processing highspeed electronic check processing equipment Check processing, study re utilizing electronic equipment for processing checks, being made by Nassau and Bergen County clearing bureaus, Board requests to be kept advised by FRBank of New York re Check processing service organizations, Presidents' Conference views re possible legislation re national banks investing in, noted in consideration of proposed H.R. 8874, bill to authorize certain banks to invest in bank service corporations Checks and domestic drafts, enactment by States of proposed uniform statute amending Negotiable Instruments Law to eliminate the necessity of protests with respect to, Board's recommendation submitted to Budget Bureau for submission to Committee of State Officials http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/24 4044 10/31 4194, 4212 7/24 2815, 2830 2/15 566, 584 2/15 566, 583 2/26 717-19 5/17 1850, 1861 1962 181 Pages Clearing and collection: (continued) Collection and service charges, question re applicability of sections 13 and 16 of the FRAct re the charge that a Bank may make against its depositors for paying checks drawn by him on the bank, and the charge that a bank may make against the payee or holder of checks for collecting such items drawn on other banks, advice to Mr. Hufsmith, Chairman of the First National Bank, Palestine, Texas Data processing services for banks, H.R. 8874, bill to authorize certain banks to invest in "bank service corporations" as means of obtaining, report to Congressman Spence approved Envelope drafts: SEE: Clearing and collection: Headache checks: Headache checks: Question re possible imposition of handling as noncash items, and re possible imposition of handling charges on items not susceptible to highspeed processing, as deterrent against use of, letter to FRBanks requesting views, and suggesting matter be discussed with Presidents jointly Study re envelope drafts, by Presidents' Conference requested by Board, letter to Chm. Fulton, with copy to each FRBank President, approved Handling and collection of, recommendations in Joint Report of Subcommittees on Collections and Counsel on Collections adopted by Presidents' Conference and concurred in by Board, letter to FRBanks advising of proposed amendment to Reg. G re definition of noncash items, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/3 3752, 3764 2/26 715, 727 4/10 1318, 1333 5/31 1980, 1994 10/22 4032, 4038 1962 182 Pages Clearing and collection: (continued) Nassau County Check Clearing Bureau: SEE: Bergen County and Nassau County Check Clearing Bureaus: Noncash items, proposed amendment to Reg. G re definition of, notice re, approved for publication in Federal Register letter to FRBanks re handling of 10/22 4032,4036-38 envelope drafts in light of uniform to amendment Noncash operating circulars, paragraph "Telegraphic advice" relating to service charges for telegrams re noncash items, approved by Presidents' Conference, and approved by Board, advice to 3/20 948, 958 FRBanks Nonmember clearing account: New York City branch of Israel Discount Bank Limited, Tel Aviv, Israel, question re eligibility to maintain, with the FRBank of New York, under sec. 13, FRAct, agreed matter to be discussed with Presidents of FRBanks of New York and San Fran7/12 2676, 2697 cisco and Hayes Swan, Discussion with Messrs. Mr. Shay to contact Counsel for FRBank of New York for further 7/31 2902 consideration would FRAct, Board's view that section 13, not preclude FRBanks from opening and maintaining such accounts with foreign commercial banks' branches in this country, advice to FRBank of New York, indicating decision re Israel Discount Bank, Ltd., is 9/27 3684, 3701 within the discretion of a FRBank York containNew of Letter from FRBank ing counsel's doubts re legal authority for opening account, 10/25 4075 matter to be considered further such account that Board's opinion reaffirmed could be opened by FRBank of New York for New York City branch of Israel Discount Bank, at the discretion of the FRBank, Chm. Martin to discuss the matter with Presi10/29 4123 dent Hayes http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 183 Pages Clearing and collection: (continued) Nonmember clearing account: (continued) Regulation J, section 210.2(a) amendment to specify that such accounts are available to "nonmember banks and trust companies" rather than "nonmember State banks and trust companies", approved, notice to be published in FRBulletin and Federal 9/27 3684, 3698 Register, advice to FRBanks Par clearance of checks, discussion re possibility of imposing par clearance on all 10/10 3874 banks Service charges of FRBanks for telegraphic advice re noncash items, amendment to uniform paragraph "Telegraphic advice" of noncash circulars and letters of FRBanks, approved by 3/20 948, 958 Board, advice to FRBanks Telegraphic transfer of Government securities, uniform System policy re charges for "JAPNU wires" recommended by the Subcommittee of Fiscal Agency Operations and approved by the Presidents Conference, no objec395, 400 2/2 tion by Board Clearing house associations: Bergen County and Nassau County Check Clearing Bureaus: SEE: Clearing and collection: Bergen County and Nassau County Check Clearing Bureaus: Coal and steel Community, High Authority of the European: SEE: European Coal and Steel Community: COde of conduct: FRBank officers and employees, question re Board endorsing or advocating such code applicable to, expressing views re several areas of activity in which a question of property might arise, raised in connection with matter of FRBank of Boston employee maintaining a stock trading account 3/22 1023 speculative in character of Federal Regulations: Regulation I, Board of Governors, proposed revision dealing with the issuance and cancellation of shares of FRBank stock, to the style of the Code, sent to 5/16 1840, 1848 FRBanks with request for comments http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 184 Pages Coin: Shortages: Proposal by Jewel Tea Company to prepare supplies of scrip to be used in the Chicago District as a substitute for Not necessary for Jewel Tea Company to use scrip, reported by Governor Mitchell Letter to Secretary of the Treasury suggesting possible emergency measures to ease the current Colean, Miles, commercial consultant, Mr. Noyes authorized to explore possibility of engaging, as consultant for economic study of the real estate field Collateral: Advances to member banks: Farmers Home Administration, promissory notes evidencing loans by member banks to farmers which are insured by, considered eligible as collateral security for, advice to, interpretation to be "S" letter to FRBanks and to be published in FRBulletin with Legislative changes approved by Presidents' Conference in light of System Committee report on eligible paper, agreed matter to be considered by the Board at an early date Matter considered further Survey of bank loans on stocks and bonds as collateral approved with Governor Mills dissenting, letter to Presidents of all FRBanks Letters to Presidents of all FRBanks with separate letters to New York, Chicago, and San Francisco Reserve Banks requesting interviews with certain selected banks re methods and standards used re loans on securities to supplement data, information desired by Securities and Exchange Commission and by Board for use in connection with proposals for extending the scope of Regulations U and T http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/2 4223 12/20 4872 11/14 4326, 4335 10/19 4010 5/14 1812, 1822 9/27 9/28 3691 3725 5/7 1743, 1759 12/5 4627,4662-63 1962 185 Pages Colombia: Corporacion Financiera Nacional, Medellin, Colombia, consent granted to Bankers International Financing Company, Inc., New York, N.Y., to purchase shares of Loans requested by Banco de la Republica, Bogota, Colombia, from FRBank of New York and from International Monetary Fund, situation reviewed Commercial banks: (State chartered) Savings deposits in New York State, maximum rates of interest payable on, understanding re informing N.Y. State Superintendent of Banks of Board's views and consultation with Mr. Treiber before publication of Board's position, letter to FRBank of New York Consideration deferred Comparison with mutual savings banks and national banks in light of State regulations, section 24 of the FRAct, and Reg. Q, agreed to invite Oren Root, New York State Superintendent of Banks to meet with the Board to discuss Maximum rates of interest payable on comparison with mutual savings banks and national banks in light of State regulations, section 24 of the FRAct, and Regulation Q, New York State Superintendent of banks, accompanied by Counsel for the New York State Banking Dept. to meet with Board, agreement re possibility of change in Board's position re Board's former position reaffirmed, Governors Balderston and Mills dissenting, advice to New York State Superintendent of Banks with copy to the FRBank of New York Statement by Governor Balderston http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/21 4950, 4962 8/14 3106 1/10 1/22 93, 107 230 1/24 251 1/25 290 1/31 1/31 350, 377 362 1962 186 Pages Commercial banks: (continued) Savings deposits in New York State: (continued) Maximum rates of interest: (continued) Agreement that FRBank of New York not circulate to member banks the Board's position re national banks with respect to Commission of Money and Credit: SEE: Committees: Economic Development, Committee on: Committees: American Bankers Association: Common Trust Funds, Committee on, proposal by, to increase the dollar limitation that may be invested on behalf of any one trust in a common trust fund maintained under the provisions of section 17(c)(5) of Regulation F, agreed to defer decision until after consideration of the bona fide fiduciary purpose test question State Legislation Committee of, proposed uniform statute amending the negotiable Instruments Law drafted in collaboration with Presidents' Conference Committee by, Board's recommendation re enactment by States sent to Budget Bureau for submission to Committee of State Officials Audit Review Committees of FRBanks, resolution adopted by Chairmens' Conference that FRBank directors request a study by, of the internal audit function, questioning the retention by FRBanks of public accounting firms Banking and Credit Policy: Time certificates of deposit, negotiable, proposed survey of those issued by large commercial banks, approved by Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/1 384 4/30 1529 5/17 1850, 1861 7/23 2790 11/15 4336, 4354 1962 187 Pages Committees: (continued) Banking structure and competition, advisory committee of consultants to study, staff to proceed in setting up such a committee, discussed in connection with proposed program for analysis of Board of Governors: Annex to the Board's building, suggestion for a staff coullitittee to assist in developing ideas for, Governor Shepardson to report on procedure to be followed Bank merger and bank holding company applications, delays in processing by Board staff, proposed committee to consult with interested divisions re proposed staff study with respect to Defense planning, committee comprised of Messrs. Harris, Farrell, and Kelleher,appointed to explore Board relocation site problems arising from space needs at FRBank of Richmond couwittee to present recommendations to Board Organization and Building Plans, Committee on, former Board Budget Committee to study FRBank budgets reconstituted as, to meet once a year with each FRBank President, members, Governors Balderston and King with Governor Mitchell as Chairman, advice to FRBanks Matter previously discussed Organization, Compensation, and Building Plans (formerly Committee on Organization and Building Plans), proposal re sending letters to Chairmen re changes in FRBank officer salaries, by Governor Balderston in light of forthcoming meetings of FRBank Presidents with, in connection with 1963 budget http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/1 786 11/2 4224 3/9 860 7/17 2730 6/27 6/27 2393, 2400 2375 9/27 3690 1962 188 Pages Committees: (continued) Board of Governors: (continued) Organization, Compensation, and Building Plans: Suggestion by, re the sending of two separate letters one to the Reserve Bank Chairmen dealing with the salaries of Presidents and First Vice Presidents, the second dealing with the salaries of other officers, Board agreement with respect to FRBank of New York, meeting with Pres. Hayes to discuss officers'salaries at, in light of concern expressed by Mr. Hayes re revised procedures for administering and adjusting officers' salaries, reported by Governor Balderston Report by Gov. Mitchell re meeting with six FRBank Presidents re officers' salaries, view that leeway could be provided this year with respect to the 407 maximum increase with the expectation that in future years it would be observed, no indication of disagreement Recommendations re FRBank officers' salaries, following meetings with FRBank Presidents, that 407 limitation be increased to 457 for this year only, and that positions of General Auditor and Assistant General Auditor be omitted from calculations, approved by Board, letter to Chairmen and Presidents of all FRBanks except New York Situations at FRBanks of New York and Atlanta reported, letter to Chairman and President, FRBank of New York Report by Gov. Mitchell re meetings held with FRBank Presidents and, no dissatisfaction indicated with the general terms of the recent actions taken by the Board re the revised guidelines for administration of FRBanks officers' salaries http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (continued) 10/4 3797 10/11 3906 10/24 4045 10/31 4196,4213-14 10/31 4198,4215-16 11/2 4223 1962 189 Pages Committees: (continued) Board of Governors: (continued) Organization, Compensation, and Building Plans: Proposed revision of officers' salary ranges at FRBank of Boston to be discussed with President by members of Report by Governor Mitchell re discussions with Pres. Ellis Proposed building alterations to provide additional space for earmarked gold, subject of discussion with Mr. Hayes, President of the New York Bank Coluinittee of Five: SEE: Committees: Retail trade statistics program, Committee of Five: Consumers, Committee on, H.R. 9619, a bill to establish a Standing Committee of the House of Representatives to be known as, no comment with respect to, in the report to Congressman Dawson, Chairman of the Committee on Government Operations Corporate pension funds and other private retirement and welfare programs, one of three interagency committees established by the President of the U.S. to study various implications of the report of the Couunission on Money and Credit, Chairman of the Board named as a member, proposal that Mr. Noyes serve as Board's liaison on the three committees, satisfactory with Board Report by Mr. Noyes on status of, staff working group to be associated with, request received that member of Board's staff be designated to attend first meeting of that group http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (continued) 12/3 4600 12/7 4673 12/5 4625 2/5 409, 423 4/6 1243 5/2 1610-11 1962 190 Pages Committees: (continued) Corporate pension funds and other private retirement: Progress reported by Mr. Noyes, suggestion that Chm. Martin or Vice Chm. Balderston ask Secretary of Labor, informally, of his views on status of committee's work Credit programs, Federal, interagency committee to study one of three committees established by the President of the U.S. to study various implications of the report of the Commission on Money and Credit, Chm. of Board named as member, proposal that Mr. Noyes serve as Board's liaison on the three committees, satisfactory with Board Secretary Dillon to chair committee, Mr. Roosa, Under Secretary for Monetary Affairs, to arrange organizational meeting, Board representative to meet with Mr. Roosa Report by Mr. Noyes on organizational meeting indicated that staff work would be done largely by representatives of the Treasury and the Budget Bureau Report by Mr. Noyes on recent meetings, statement that he had been asked to serve as acting chairman in absence of Mr. Roosa, list of questions suggested by Budget Bureau for consideration by, to be sent to each Board member, question whether activities of the three committees would require Board to have additional temporary staff, and re intensity of Board's role in work of the respective committees Report by Mr. Noyes on recent meeting and status of study re Report by Mr. Noyes on status of work of, and re forthcoming meetings in connection with Draft report to be submitted to President of U.S., Board's views re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (continued) 9/21 3625 4/6 1243 4/6 1243 4/11 1349 5/2 1610-11 5/14 1818 9/21 3625, 3626 10/30 4154 1962 191 Pages Committees: (continued) Economic Development, Committee on: Commission on Money and Credit, Robert Solomon, Assistant to the Director, Division of Research and Statistics, to be made available to the Council of Economic Advisers on a nonreimbursable basis to serve as executive secretary to an interagency group appointed by the President to study recommendations of the Commission, dealing with Government regulations concerning reserves, portfolios, interest rates, 3/22 1026 and competition Three interagency committees established by the President of the U.S. to study financial institutions, Federal credit programs, and corporate pension funds and other private retirement and welfare 1243 4/6 programs, in connection with Economic Policy Committee,Organization for Economic Development: Meetings: SEE: Organization for Economic Cooperation & Development: Meetings: Federal Open Market: Foreign exchange transactions, discussions held with representatives of the Treasury and Messrs. Young and Cooms, authorized by, reported informally, questions re relationships of System operations, documents, being prepared as the result of the discussions, to be 393 2/2 distributed to members of the Board Foreign currency operations, discussion re proposed procedure outlined in memoranda by Mr. Hackley including draft of proposed amendment to Reg. N and a memorandum from Mr. Young submitting revised papers re proposed FOMC authorization re open market transactions in, discussion re selection of a Special Manager of the 458 2/8 System Open Market Account for http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 192 Pages Committees: (continued) Federal Open Market: (continued) Foreign currency operations: (continued) Question re making such operations subject to supervision by Board rather than by FOMC, memorandum from Mr. Hackley reviewed, agreed copy of memorandum be sent to Presidents of FRBanks Review of memorandum from Mr. Young and of other documents transmitted to FOMC, relationship between opening and maintaining foreign accounts and open market operations discussed, Mr. Young's memorandum to be made available at tomorrow's meeting of the Amendment to Reg. N providing for supervision by FOMC of certain actions of FRBanks with foreign banks, insofar as they relate to open market transactions conducted through accounts of FRBanks with foreign banks, approved, Governor Robertson dissenting Manner of reporting holdings of foreign currencies acquired by FRBanks pursuant to FOMC's authorization of February 13, 1962, advice to FRBanks Discussion of a System foreign currency transaction noted, with documentation re, placed in the files of Members: Selection of, interruption in rotation procedure in view of retirement of President Johns, FRBank of St. Louis, no objection by Board Minutes: Question re making minutes of 1960 available for public inspection, in light of possible release of Joint Economic Committee staff document, based on review of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/9 481 2/12 516 2/13 538, 543 2/16 602, 625 3/1 792 1/11 123 2/7 450 1962 193 Pages Committees: (continued) Federal Open Market: (continued) Minutes: (continued) Possible publication of, from approximately 1950 to some fairly current date, understood Chm. Martin to take matter up with, question re preparing commentary on the published minutes Operating policy statements, suggestion by Mr. Molony to cut from the galley proof of the text of the Annual Report extensive discussion re the termination of the three, noted that the publishing of an explanatory article in the FR Bulletin had been dropped Consensus that a brief statement re, would be adequate for inclusion in Board's 1961 Annual Report, Mr. Molony authorized to revise the proposed paragraph Policy record: Inclusion in Annual Report of 1961, status commented on Staff suggestion re combining with policy records of the Board and other material in order to present a single chronological record and enhance the effectiveness of the annual report Policy actions during 1961 approved for inclusion in 1961 Annual Report Rules on Organization and Information: Section 3(b), selection of the Special Manager of the System Open Market Account for foreign currency operations, discussion re conflict under Staff: Thomas, Woodlief, Economist of, request to be relieved of duties at the close of the Committee meeting on April 17, 1962, in light of plan for retirement from position of Adviser to the Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/8 852 2/14 554 2/15 574 2/7 444 2/14 555 2/15 572 2/8 461 4/16 1376 1962 194 Pages Committees: (continued) Federal Open Market Committee: (continued) System Account, special manager of, Mr. Young to confer with, re existing reservations with respect to "swap" proposal utilizing Societe Nationale de Credit a L'Industrie, in connection with plan by National Bank of Belgium re foreign currency operations under Regulation N Financial institutions, interagency committee to study, one of three committees established by the President of the U.S. to study various implications of the report of the Commission on Money and Credit, Chm. of Board named as member, brief summary presented by Mr. Noyes re precedings of initial meeting Report by Mr. Noyes on recent meetings, question whether activities of the three committees would require Board to have additional temporary staff, and re intensity of Board's role in work of the respective committees Status of study reported by Mr. Noyes Question re portfolio regulation of banks, request from Mr. Noyes for Board guidance re position to be taken at next meeting of Committee Report by Mr. Noyes on status of work of, deferred Board to consider report by Mr. Noyes after position papers have been distributed Consideration of question re provision of organization within the Federal Government for the supervision and examination of, Mr. Noyes instructed re comments at afternoon meeting Tentative recommendations by, re reserve requirements, system of reserve classification, access to FRdiscount facilities, and FRSystem membership, instruction to Mr. Noyes re Board position with respect to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/8 2097 4/6 1243 5/2 5/14 1610 1818 8/29 3316 9/21 3625 9/24 3655 10/3 3757 10/10 3868 1962 195 Pages Committees: (continued) House Appropriations Subcommittee: Consumer buying intentions survey conducted by Bureau of the Census, request by Bureau of the Budget for Board's interim financial support for the quarterly July 1962 survey re, in light of deferred Congressional action, approved subject to clearance with the Senate and No objection from Appropriations Subcommittees, letter to Bureau of the Budget authorizing payment House Banking and Currency: Audit of Board's accounts for 1961, by firm of public accountants, transmitted to Chairman Spence of the Bank Holding Company Act of 1956, possibility of amending, to remove exemption accorded companies registered under Investment Company Act of 1940, discussed by Senator Robertson with Chm. Martin, letter sent to Senator Robertson with copy to Congressman Spence, Chm. of Hearings on bills re the composition of FDIC Board of Directors, and the placing of authority for approval of branches of State member banks, Board questioned by National Association of Supervisors of State Banks re possible objection to, agreed unnecessary to reply H.R. 7796, a bill to amend section 24, FRAct, to allow national banks, under certain conditions, to make real estate loans up to a certain per cent of deposits, and to liberalize limitations on construction loans, statement to be presented by Chm. Martin before Subcommittee No. 1 of the Reply to Comptroller of the Currency commenting on testimony of Chm. Martin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/29 2418,2433-34 6/29 2421, 2435 2/21 688, 699 4/9 1283, 1299 2/19 629 7/18 2754 8/14 3101, 3119 1962 196 Pages Committees: (continued) House Banking and Currency: (continued) H.R. 8874, a bill to authorize certain banks to invest in "bank service corporations" as a means of obtaining data processing services, report to Chm. Spence approved, Governor Mitchell's views having been noted No objection to furnishing copies of report to ABA and Association of Registered Bank Holding Companies following clearance with Statement to be presented by Chairman Martin re, before Subcommittee No. 1 of the Substitute amendment adopted by Subcommittee No. 1, of the, report approved and sent to Congressman Spence Letter to Congressman Moorhead replying to his request for comments on a letter from Secretary of Banking Myers of Penn., with respect to, approved H.R. 10162, a bill to amend the Bretton Woods Agreements Act authorizing the United States to participate in loans to the International Monetary Fund, discussion re draft statement to be presented by Chm. Martin in connection with hearings by the revised draft to be prepared H.R. 10628, a bill to require that insured banks maintain three-fourths of their time and savings deposits in real estate loans, and at least one half of such deposits in residential loans, report sent to Congressman Spence H.R. 11654, a bill to amend sec. 14(b) of the FRAct, to extend for two years the authority of FRBanks to purchase United States obligations directly from the Treasury, favorable report to Congressman Spence, Chairman of the http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/26 715, 727 2/27 747 7/18 2754 7/25 2844, 2850 7/25 2844, 2851 2/27 748 7/23 2782, 2798 6/13 2147, 2158 1962 197 Pages Committees: (continued) House Banking and Currency: (continued) H.R. 12501, a bill to amend section 23A, of the FRAct, to faciliate banking relationships between member banks and their affiliates, consideration of draft of possible report deferred Report to Chm. Spence approved, including reference to importance of current study of Regulation K H.R. 12577, a bill to place authority over trust powers of national banks in the Comptroller of the Currency, rather than the Board, report to Chm. Spence, approved Mr. Solomon designated to testify on behalf of Board before Subcommittee No. 1, of the, draft of statement distributed H.R. 12825, a bill to amend sec. 5155, of the Revised Statutes, re retension of bank branches in cases of conversion, consolidation or merger, when the continuing bank is a national bank, Mr. Solomon designated to testify at hearings held by Subcommittee No. 1 of the, report to Chairman Spence approved H.R. 12899, a bill to amend section 5155, Revised Statutes, relating to bank branches which may be retained upon conversion, consolidation or merger, where continuing or acquiring bank would be a national bank, report to Chairman Spence of the approved S. 1005, a bill providing for the repeal of the present legal restrictions on funds available for construction of FRBranch Bank buildings, draft statement to be given by Vice Chairman Balderston before the, Subcommittee No. 1 of the, to be revised and presented in final form satisfactory to Coy. Balderston http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/8 3029 8/13 3073, 3094 8/13 3078, 3095 8/13 3079 8/13 3078, 3095 8/27 3194, 3216 5/7 1746 1962 198 Pages CGmmittees. (continued) House Banking and Currency: (continued) S. 1486, a bill to authorize the Comptroller of the Currency to regulate service charges by national banks on dormant accounts, report to Congressman Spence, Chairman of the, indicating no objection re a bill which would authorize the S. 1771, Board to permit foreign branches of national banks to exercise certain additional powers, statement to be presented by Chairman Martin before Subcommittee No. 1, of the, reviewed and discussed, to be revised in form satisfactory to Chairman Martin Testimony by Mr. Solomon, on behalf of the Board, before, with respect to two banking bills, comments by Mr. Solomon re House Government Operations: H.R. 9619, a bill to establish and prescribe the functions of a Department of Consumers, to require the disclosure of finance charges in extensions of credit, and to create a Committee on Consumers in the House of Representatives, report to Congressman Dawson, Chairman of the Special Government Information Subcommittee, monitoring of telephone calls, information re listening-in devices and telephone recording equipment, letter sent to Congressman Moss as requested, with copy and instruction re making verbatim records of conversations to be distributed to the Board's staff House Interstate and Foreign Commerce, Subcommittee: Stock market credit, regulation of, article in Wall Street journal, re, reply to inquiry from Congressman Mack, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/20 2767, 2774 7/18 2754 8/15 3127 2/5 409, 423 2/15 567, 585 9/19 3583, 3599 1962 199 Pages Committees: (continued) House Judiciary Committee: Bank merger applications of The Chase Manhattan Bank and Chemical Bank New York Trust Company, both of New York City, furnished to Congressman Celler, Chairman of the, by the applicant banks with confidential material deleted H.R. 9929, proposed revision of Administrative Procedure Act, report affirming, Board's views previously expressed on an identical bill, approved for transmittal to Congressman Celler, Chairman of the Interlocking directorates, possible elimination of several exceptions permitting, contained in Reg. L, which were made by Board pursuant to section 8, Clayton Act, letter replying to questions raised by Congressman Celler, Chairman of, approved House of Representatives, Standing Committee on consumers in the: H.R. 9619, a bill to establish, no comment with respect to, in the report to Congressman Dawson, Chairman of the Committee on Government Operations House Select Committee on Small Business: Chain banking survey, request by Congressman Patman, Chairman of, for a survey of member banks, re, staff to prepare a draft reply reflecting willingness, but spelling out forseen difficulties Necessary expenditure justified only if survey would be of significant value to the Small Business Committee, advice to Chm. Patman Reply from Congressman Patman indicating value to the, of requested survey for data from all member banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/4 40 2/16 600, 612 5/24 1930, 1945 2/5 409, 423 3/12 874 3/22 1020 4/11 1339 1962 200 Pages Committees: (continued) House Select Committee on Small Business: (continued) Chain banking survey: (continued) Inquiries from respondents as to whether survey reports would be kept confidential and whether the report is compulsory, understanding individual reports would be made available to, if requested, and that Committee had the subpoena power, consensus re Board's response to such 5/31 questions power subpoena to Further reference of Committee in discussion re inquiry re law under which banks are required to submit information, received by Board from 6/8 national bank of SayreBank National to First Reply ville, New Jersey, re inquiry as to law under which information is required and provision for protection against legal action with respect to the release of confidential information, in con nection with survey requested by Congressman Patman, Chairman of the, reference made to subpoena 6/13 power of the n informatio with for request Follow-up respect to survey re, sent to member banks and bank holding companies not responding to previous request, reply to Congressman Patman, Chairman of the, re 7/24 outcome of survey bank of holdreports Copies of certain ing companies and certain member banks submitted in connection with, sent to Congressman Patman pursu9/12 ant to his request in included not List of member banks the survey and a list of 18 member banks omitting data re loans on bank stock, transmitted to 10/4 Congressman Patman, Chairman of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1985 2090 2142, 2156 2817,2840-41 3439, 3442 3803, 3811 1962 201 Pages Committees: (continued) House Select Committee on Small Business: (continued) Chain banking: (continued) Agreed letter be prepared to Congressman Patman, Chairman of, re time and expense required thus far and anticipated, question re limiting Board activity to the 200 largest banks, and re difficulty in setting up definite commitment date for 10/10 3863 completion Statement or report on, expected to be made by Congressman Patman of the, or possible introduction of legislation based on material collected, 11/8 4305 noted Letter to Mr. Patman to be prepared by Board's staff noting tabulations had been transmitted and pointing out Board's reservations re apparent significance of data de12/10 4688 veloped from 12/12 4739, 4754 Letter to Mr. Patman approved Insurance Committee of the FRBanks: Reward proposed by FRBank of Boston for recovery of currency lost in holdup of U.S. mail truck in Plymouth, Mass., to be con9/17 3552 sidered by, noted Telephone conference call between FRBank Presidents and members of, in connection with proposed changes 9/21 3614-15 in terms of reward noted Report and recommended "Agreement of Federal Reserve Banks Covering Fire and Other Risks," approved by Presidents' Conference, following dis10/17 3941, 3966 cussion, approved by Board Interdepartment Radio Advisory Committee, Alternate Treasury Department Representative of, application for use of a Federal radio transmitting frequency by the FRBank of Dallas and Branches, authorization letter from Mr. Spitz of the, 12/17 4788, 4795 transmitted to the FRBank of Dallas http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 202 Pages Committees: (continued) Joint Committee on Defense Production: Defense mobilization activities of Board during past year, summary sent 9/13 to Chairman Robertson Joint Economic Committee: Economic report of the President, 1962, draft of testimony by Chm. Martin at hearings to be redrafted in 1/22 light of discussion & suggestions Federal Open Market Committee minutes for 1960, possibility of Committee staff document based on review 2/7 of, being released, noted in, growth report U.S.S.R., recent economic being prepared by, Mr. Gekker to prepare a paper on Soviet capital investment, for inclusion in committee report,advice to Con6/8 gressman Patman, Chairman of Subcommittee on Economic Statistics of the, hearings on measurement of productive capacity, Mr. Frank de Leeuw, of the Board's research 4/18 staff authorized to participate Economic Stabilization, Automation, and Energy Resources, Subcommittee of, statement to be presented by Chm. Martin before, on subject of credit conditions and inventory investment, agreed statement be revised in form satis7/12 factory to Chairman Martin Labor-Management Policy, President's Comutittee on, participation of Mr. Koch in Fiscal Policy Conference sponsored by, report by Mr. Koch and comments by Governor 11/16 Balderston nt Employme ity: Equal Opportun e on Committe t's Presiden Designation of Messrs. Kelleher and Kern, Director and Assistant Director of the Division of Administrative Services, as Contracts Compliance Officer and Deputy Contracts Compliance Officer to carry out the policies covered in Part III of 3/22 Executive Order 10925, advice to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3457, 3487 231 450 2085, 2102 1393 2682 4356 1016, 1029 1962 203 Pages Committees: (continued) President's Committee on Equal Employment Opportunity: (continued) Employment of selected minority groups, study being conducted by Civil Service Commission at the request of, certain information re such employment by Board approved for transmittal to Civil Service 7/27 2862 Commission Presidents' Conference: Accounting, Subcommittee on, Mr. Daniels 4/24 1469 to serve as associate of in revisions Recommendations by, for procedure for preparing and sub mitting FRBank budgets to Board, adopted by Presidents' Conference approved by Board, advice to FR 6/27 2373,2400-01 Banks Bank and Public Relations Committee: Board would be pleased to have Mr. Molony continue as an Associate Member of, advice to Mr. Francis 4/13 1366 Acting Chairman of Motion picture, FRSystem, plans for, reported by, question re presentation of monetary policy function raised by Governor Mitchell and suggestion re possible meeting 9/13 3458 with Agreed that Governor Mitchell would discuss script with Pres9/24 3654 ident Wayne, a member of Report by Governor Mitchell re minor changes in script, Gov. Mitchell to discuss with Bank 10/17 3945 and Public Relations Committee Cash, Leased Wire and Sundry Operations, Subcommittee, recommendations in report of, for acceptance of proposal from General Services Administration by which FRSystem would be afforded multiple group communication tariffs offered by American Telephone and Telegraph Co., approved by Presidents' Conference, agreement executed by 10/25 4064,4079-90 Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 204 Pages Committees: (continued) Presidents' Conference: (continued) Collections, Subcommittee on: Joint Report of Subcommittee of Counsel on Collections and, re amendment of uniform paragraph "Telegraphic advice" in noncash operating circulars of FRBanks, recommendation approved by Presidents' Conference, and approved by Board Mr. Farrell to serve as associate of Food stamp program, advice to Chairmen of, re Board's approval of memorandum from Messrs. Hackley and Farrell re visits to FRBanks to examine coupons received from local banks Joint report of Subcommittee of Counsel on Collections and, re handling of envelope drafts and headache checks, recommendations adopted by Presidents' Conference and concurred in by Board Counsel on Collections, Subcommittee of, Mr. Hackley to serve as associate of Counsel on the Commercial Code, Subcommittee of, Mr. Hackley to serve as associate of Electronic, Subcommittee on, John R. Farrell to serve as associate of Electronic Subcommittee: Currency, mechanization of sorting and counting operations of paper, by FRBanks, recommendation of, as approved by Presidents' Conference, re contract with Stanford Research Institute to appraise the economic and operational feasibility of, noted by Board without objection, with understanding re cost Emergency Operations, Committee on, Regulations 1, Operations of FRBanks, and 2, Use of Secured Notes to Transfer Credits, reviewed by, and approved by the Conference of Presidents, approved by Board, to be automatically effective in the event of an attack, transmitted to the Presidents of all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/20 4/24 948, 958 1469 10/18 3969, 4001 10/22 4032, 4038 4/24 1469 4/24 1469 4/24 1468 9/14 3504, 3545 1/15 153,164-78 1962 205 Pages Committees: (continued) Presidents' Conference: (continued) Fiscal Agency Operations, Subcommittee on, uniform System policy re charges for "JAPNU wires" concerning the telegraphic transfer of Government securities, recommended by the, and approved by the Presidents' 2/2 Conference, no objection by Board Methods and Automation, Subcommittee on, John N. Kiley, Jr., to serve as 4/24 associate of Personnel Subcommittee, recommendation that "student definition" clause not be incorporated in basic hospitalization plans on a System-wide basis or by an individual bank, rejected by Presidents' Conference, noted in consideration of request 3/8 from FRBank of Atlanta Research and Statistics, Committee on: Credit union report forms, State and Federal, proposed additional items for inclusion in, to obtain certain deposit and withdrawal data re shares, discussed with Chairman of, understood matter would not be referred to FRBank Presi3/14 dents for views subcom tion automa ures, Proced System and mittees of, proposed survey report form for use in survey of 2/21 bank automation, reviewed by quesstudy, to ee committ d Regulation K, propose tion whether committee should be of Board representatives only, or should include FRBank representatives, agreed Governor Mitchell supervise proposed study and 1/11 arrangements for committee ee Committ of m, Five: progra Retail trade statistics Recommendations by, for a new national departmental report of department store sales and initiation by the Bureaus of the Budget and Census for a new merchandise line series for all retail trade, approved by Presidents' Conference with an understanding re Federal Reserve with3/16 drawal from draft report discussed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 395, 400 1468 842 887 679, 697 119 927 1962 206 Pages Committees: (continued) Retail trade statistics program, Committee of Five: (continued) Further discussion, decision to redraft report 4/25 1478 for later consideration Consideration of draft letter to Mr. Bennett, President of the National Retail Merchants Association setting forth conclusions as recommended in the report by, approval re transmittal of copies of draft letter to Chm. of the Presidents' Conference and Presidents of all 11/27 4518, 4532 FRBanks for views Endorsed by Presidents, letter with 12/5 4630, 4665 report by, sent to Mr. Bennett Retirement Committee of the Retirement System: Meeting of Prof. McGill, the actuary, and representatives of, to be arranged by Gov. Mills, in connection with 6/18 2198 study to be made by Prof. McGill Revenue Bond Financing, Committee for Study of, a group interested in State and municipal bond underwriting, agree10/18 3982 ment re meeting of Board with permit to commerlegislation re Opposition cial banks to underwrite revenue 10/31 4175 bonds expressed by Procedure and Practice e: ive Subcommitte Senate Administrat procedures and of practices ive Administrat Board, changes made during 1961 and 1962 requested by Chairman Carroll in connection with study by, copy of Board's Rules of Organization and Procedure with letter of explanation sent to 10/30 4143, 4162 Senator Carroll e: Subcommitte ons, Senate Appropriati Consumer buying intentions survey conducted by Bureau of Census, request by Bureau of the Budget for Board's interim financial support for the quarterly July 1962 survey re, in light of deferred Congressional action, approved, subject to clear6/29 2418,2433-34 ance with the House and Bureau of to the letter No objection, 6/29 2421, 2435 Budget authorizing payment http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 207 Pages Committees: (continued) Senate Banking and Currency: Audit of Board's accounts for 1961, by firm of public accountants, report transmitted to Chairman Robertson Bank Holding Company Act of 1956, possible amendments re, letter to Senator Robertson, Chairman of bill to amend section 24, FRAct, a H.R. 7796, to liberalize lending limitations on real estate and construction loans by national banks, report sent to Senator Robertson, Chairman of Understanding re statement to be made by Mr. Solomon, on behalf of Board, at hearing to be held by H.R. 8874, a bill to authorize certain banks to invest in "bank service corporations", report sent to Chairman Robertson of the Understanding re statement to be made by Mr. Solomon, on behalf of Board, at hearings before H.R. 12577, a bill to place authority over trust powers of national banks in the Comptroller of the Currency, report to Chairman Robertson approved, statement to be made by Mr. Solomon, before the H.R. 12899, bill to amend section 5155, Revised Statutes, relating to bank branches which may be retained upon conversion, consolidation, or merger, report to Chairman Robertson, approved, statement to be made by Mr. Solomon at hearing before S. 1005, a bill to amend sections 3 and 10, of the FRAct relating to an increase in the statutory limitation on expenditures for FRBranch bank buildings, report sent to Chairman Robertson of the http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/21 688, 699 4/9 1283, 1299 8/8 3027, 3045 8/29 3315 8/17 3132, 3142 8/29 3315 8/29 3315, 3323 8/29 3315, 3324 8/17 3132, 3141 1962 208 Pages Committees: (continued) Senate Banking and Currency: (continued) S. 2528, a bill to authorize the establishment of Federal mutual savings banks, report to Senator Robertson, Chairman of the S. 2885, a bill to repeal certain legislation relating to the purchase of silver, to authorize the FRBanks to issue FRnotes of $1 denomination, and to terminate the special tax on the transfer of interests in silver bullion, report to Senator Robertson, Chairman of the, approved a bill to authorize the Secretary S. 3130, of Commerce to purchase industrial and commercial evidences of indebtedness to promote loans in redevelopment areas by lending institutions, report to Senator Robertson of the, approved S. 3203, bill to extend the Defense Production Act of 1950, as amended, report sent to Chairman Robertson, of the S. 3291, a bill to amend sec. 14(b), of the FRAct to extend for two years the authority of FRBanks to purchase United States obligations directly from the Treasury, favorable report to Chairman Robertson of the, approved Senate Small Business, Select Committee on: Concentration in banking, report prepared by Board staff on changes in banking structure reviewed, approved for transmittal to Senator Sparkman, Chairman of the State Officials on Suggested State Legislation: Negotiable Instruments Law, Board's recommendation re enactment of proposed uniform statute amending, to eliminate necessity of protests with respect to domestic drafts and checks, sent to Budget Bureau for submission to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/18 218, 226 2/27 746, 759 4/19 1425, 1434 4/26 1495, 1502 5/22 1900, 1920 1/3 18, 28 5/17 1850, 1861 1962 209 Pages Committees: (continued) System Research Advisory: Bank automation survey, proposed survey report form for use in conducting, reviewed by Banking Statistics, Framework for Collection of, report entitled, issued by, endorsed unanimously by Board Credit union report forms, State and Federal, approved by, and approved by Board Federal funds, series, revision of, proposed by, approved by Board, advice to FRBanks Time certificates of deposit, negotiable, proposed survey of those issued by large commercial banks, developed by Committee on Banking and Credit Policy, and endorsed by, approved and authorized by Board Timber resources, privately-owned, request from U.S. Forest Service for person to serve on, no objection to mentioning name of former President Earhart of FRBank of San Francisco Competitive banking: Banking structure and competition: SEE: Banking structure: Competition and Seminar on regulation of bank competition, copies of Board's report on changes in the banking structure prepared for Senate Select Committee on Small Business, to be furnished participants of Seminar to study, invitations to send representatives sent to FDIC, Comptroller of the Currency, and the Justice Department, list of discussants on panel indicated Program for, outlined in memorandum by Messrs Hackley, Noyes, and Solomon Ca mpania Fundidora de Fierro y Acero de Monterrey, S.A., a Mexican corporation, consent granted to Morgan Guaranty International Finance Corporation, New York, N.Y., to participate in the underwriting of additional common shares of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/21 10/18 679, 697 3978 3/14 887 8/28 3244, 3286 11/15 4336, 4354 9/24 3649 1/3 20 1/8 62, 79 3/1 786 6/1 2013, 2021 1962 210 Pages Comptroller of the Currency: Absorption of exchange charges: Question re arranging interagency meeting on, Mr. Saxon not prepared to enter into such a meeting, noted by Governor Robertson Views of, referred to by Governor Robertson in connection with proposed amendment to Regulation Q relating to, summary of meeting of representatives of Board, FDIC, and Position of Comptroller with respect to problem of, noted and discussed at joint meeting of Board and FAC Position in favor of par banking reiterated by, in discussions with Chairman Martin, noted at joint meeting of Board with FAC Bank holding companies: Applications involving State banks, understanding re advising, re receipt of Forms F.R. Y-1 and F.R. Y-2, letter re proposed revisions sent to Bank merger and bank holding company applications: New York City area banks, letters containing views of, transmitted to Board and New York State Superintendent of Banks Letter from, recommending against Board approval of four pending cases Bank Service corporations, attempt to coordinate procedures with, in light of anticipated enactment of H.R. 8874, a bill to authorize investments by certain banks, in, noted and discussed Bank supervisory matters, position of Comptroller re certain, as expressed at meeting with Board March 13, question re discussing with FAC, agreed items first be checked with Branch bank applications of State member banks, Board's position that such applications should be processed promptly, appropriate advice to be transmitted to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/7 446 3/14 896 4/4 1167 5/1 1600 6/25 2281 8/30 3329 1/25 293 2/7 443 9/28 3706 3/14 902 1/26 299 1962 211 Pages of the Currency: (continued) Branch bank deposit data: Proposal re adoption of report form to expand the collection of, sent to FDIC and, with request for comments Comptroller's reply, letter to Comptroller restating Board's position and commenting on his alternative proposal Decision of Comptroller not to participate in program to expand the collection of Board and FDIC decision to proceed with collection of data from all member banks and nonmember banks, letters to FR Banks and FDIC approved Authority of Board to require reports from member banks re, copy of telegram sent to FRBanks transmitted to, in light of letter from Comptroller to national banks re Governor Mitchell's reference to letter by, informing national banks that submission of reports was not mandatory, agreed to transmit to the Bureau of the Budget copies of the Comptroller's letter and our wire to the FRBanks indicating that the reports are mandatory, in light of section 11(a) of the Federal Reserve Act Inquiry from the President of the First National Bank of San Jose, Calif., re use of such reports, question of treatment of certain confidential unpublished information and re Board's authority to collect, edited copy of reply sent to California, concentration of banking in, question re arranging interagency meeting re, Comptroller of Currency Saxon not prepared to enter into such meeting, noted by Gov. Robertson CGm,troller ' http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/13 1363, 1372 5/17 1850, 1867 5/24 1930, 1949-51 6/25 2299, 2314 6/29 2422, 2436 7/25 2843, 2848 2/7 446 1962 212 Pages Comptroller of the Currency: (continued) Chain banking through indirect controls: Congressman Patman's reply indicating value to the House Small Business Committee of requested survey for data from all member banks re, letter to, re participation in survey Proposed survey of, letter to Comptroller in reply to letter from him, approved, with understanding that if no reply received, Board would proceed with survey Reference by Gov. Mitchell to letter sent to all national banks by the Comptroller of the Currency informing them that reports requested by the Board with respect to, could be submitted at their own discretion Condition reports: Supplement to: Information re holdings of certain securities and loans for purchasing or carrying securities, proposal to use at spring call, letter to Comptroller's position re proposed use of supplement by national banks noted Revised form for national banks: Elimination of certain banking data proposed by, draft letter to Comptroller to be prepared Further discussion, agreed that the staff prepare a revised draft reply to Form proposed by, discussed with FAC Board unable to obtain breakdown of loans, deposits, and other data now on reverse side of report from, agreed that Board will ask national banks to submit separate reports, letter to, with copies to Budget Bureau and FDIC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/11 1339, 1354 5/2 1613, 1658 6/29 2422 3/2 801, 813 3/21 980 4/27 1508 4/30 5/1 1536 1601 5/2 1611, 1656 1962 213 Pages Comptroller of the Currency: (continued) Currency function, question by Gov. Robertson re a suggested bill providing for the transfer of, from the Comptroller of the Currency to the Board, no such suggestion had been made Dormant accounts in the banking system: Survey re, by Board, FDIC and, requested by Congressman Patman, Governor Robertson to undertake preliminary discussions with FDIC and Meeting with Chm. Cocke and Mr. Saxon reported by Governor Robertson, Mr. Saxon's views re conducting survey and re use of form prepared by Governor Robertson reported Proposed form of questionnaire for survey transmitted to, by Gov. Robertson Reservations with respect to the requested study re, expressed by, letter to Congressman Patman indicating Board's position Meeting arranged with, for a general discussion S. 1486, a bill to authorize the, to regulate service charges by national banks on, report to Congressman Spence, Chairman of the Committee on Banking and Currency, indicating no objection Foreign banking corporations: Transfer of authority from the Board to the, re the chartering and regulation of, Board's views requested by Mr. Knight, General Counsel of the Treasury, Mr. Hackley authorized to indicate the Board's general leaning against such a transfer Further discussion, staff to draft a letter to Treasury opposing proposed bill with respect to Letter delivered to Secretary of Treasury Dillon http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/26 2335 1/31 367 2/7 445 2/19 631, 647 3/7 831, 840 3/12 876 7/20 2767, 2774 7/3 2533 7/11 2592 7/13 2702, 2719 1962 214 Pages Comptroller of the Currency: (continued) Foreign banking corporations: (continued) Investments in international factoring programs by Edge Act corporations, in relation to U.S. balance of payments problem and U.S. foreign trade policy, views of, noted in consideration of applications of Boston Overseas Financial Corporation Foreign branches: Transfer to the, authority for the establishment of, arrangement made for meeting with Comptroller to discuss Request by Mr. Knight, General Counsel of the Treasury, for Board's views re, Mr. Hackley authorized to indicate the Board's general leaning against such a transfer to the Letter to Treasury Secretary Dillon with copy to Grace period provision for receiving deposits and paying interest as provided by Regulation Q, advice to Deputy Comptroller of the Currency re question by Central National Bank of Okmulgee, Oklahoma H.R. 7796, bill to amend section 24, of the FRAct, to liberalize lending limitations on real estate and construction loans by national banks, reply to letter from, commenting on testimony of Chairman Martin before Subcommittee No. 1, House Banking and Currency Committee, approved Inter-Agency Bank Examination School, proposal to initiate a seminar type of school for experienced senior examiners recommended by Governor Robertson, views of FDIC and, noted Possible withdrawal of Office of Comptroller from further participation in, reported, Gov. Robertson authorized to write to, in order to ascertain accuracy of report http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/23 2742 3/12 877 7/3 2533 7/13 2702, 2719 7/25 2815, 2837 8/14 3101, 3119 3/16 923 9/13 3469 1962 215 Pages Comptroller of the Currency: (continued) Marine Midland Corporation, Buffalo, New York: Application to acquire stock of Security National Bank of Long Island, Huntington, N.Y., adverse recommendation received from, after expiration of 30-day period provided by law, question re procedure re holding hearing as required by Bank Holding Company Act of 1956 in light of circumstances, agreement re procedure Letter received from Comptroller with respect to, transmitted to Montana Shares, Incorporated, Great Falls, Montana, applications to acquire the stock of two Montana banks, telephone call from attorney in Office of, advising that the Comptroller would wish to submit views and requesting a copy of the application National banks: Applications to organize, recommendations from the Board with respect to, no longer requested by, letter to FRBanks approved Establishment of foreign branches, possible change in law transferring to the, authority for, arrangements made for meeting with Comptroller Examination of: Allocation of cost re, request by, to discuss with the Board a plan with respect to, Governor Robertson authorized to meet with Mr. Saxon and to bring the matter back to the Board for consideration Report on meeting with, re proposal for Federal Reserve and FDIC to pay part of the cost of, Gov. Robertson authorized to advise the Comptroller of the Board's willingness to meet and discuss further http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/18 2184 8/30 3327, 3337 7/18 2746 3/8 850, 855 3/12 877 2/19 631 2/27 749, 761 1962 216 Pages Comptroller of the Currency: (continued) National banks: (continued) Examination of: (continued) Further views received from, discussion re preparation for forthcoming meeting with the Comptroller re problems in the field of bank supervision as well as Recommendation by Governor Shepardson that the Board have comparative data on costs of examination of State and national banks in consideration of reply to Discussion re Board's position should Comptroller present draft legislation to Congress re Federal Reserve contribution to costs of Letter to, questioning whether payments for, would be appropriate under existing law, reference to a draft bill, previously transmitted to the Board from, to authorize the FRSystem to pay up to 257 of the expense of Status of request of, that Federal Reserve contribute to the cost of, noted at the joint meeting of FAC with the Board Schedule of charges for providing FRBanks with copies of reports of, and of District of Columbia banks, received from Comptroller, matter to be considered further Effective date of proposed schedule of charges deferred following conversation of Chm. Martin with, letter confirming, sent to, and letter to FRBanks requesting views Comments received by FRBanks re proposed schedule of charges for reports of,agreed that matter should be discussed at the forthcoming Presidents' Conference Possible procedure with respect to proposed charges for, discussed at joint meeting with Presidents Further discussion re Board's letter to, re proposed schedule of charges for Gov. Robertson to work with staff to revise draft http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/12 876 3/20 953 3/21 991 4/6 1242, 1264 5/1 1602 5/2 1615 5/9 1761,1769-70 6/11 2124 6/19 2211 6/21 2241 1962 217 Pages Comptroller of the Currency: (continued) National banks: (continued) Examination of: (continued) Letter to, requesting one examination report of all, for each calendar year, but no reports of trust departments or branches, FRBanks to pay applicable charges, understanding re loan of copies of examination reports between Washington Office of, and the Board of Governors No reply received with respect to Board's letter of June 27, 1962, re charges for reports of, noted that the Comptroller's letter to the FRBank Presidents informing them re the new rates was also dated June 27 Regional chief national bank examiners requested by, to make arrangements with the FRBanks for delivery of reports and billings, wire has been sent to Presidents of all FRBanks re arrangements with respect to Reports of, no longer being made available to the Board in Washington on a borrowed basis, matter reported and to be given further consideration, difficulty corrected, reports being made available by Office of Regulation I, Board of Governors, question re sending to, a draft of proposed revision of, relating to issuance and cancellation of shares of FRBank stock to conform to the style of the Code of Federal Regulations, agreed to await comments from FRBanks Regulations of Board and FDIC, interpretations affecting national banks, suggestion from, that arrangements be worked out whereby FDIC and Board might avoid rendering such interpretations until policy aspects are considered by the Comptroller, letter with respect to, reference to "savings bonds" program of the Citizens and Southern National Bank of Atlanta http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/27 2386,2397-98 6/29 2423 7/3 2539 9/24 3653-54 5/16 1841 3/5 820, 827 1962 218 Pages Comptroller of the Currency: (continued) Reports on competitive factors: Proposed consolidation of Security National Bank and Riverview State Bank, both of Kansas City, Kansas, inquiry from, re Board's intentions to submit supplementary report in light of letter from President of Colluttercial National Bank, Kansas City, Kansas Reply approved Submitted to other agencies by, position of Comptroller re release to applicants, noted in considering request from United California Bank for reports submitted to Board by FDIC and Justice Dept. re proposed merger with First National Bank of Vista, Calif., report from Comptroller to Board already made public by the Comptroller Procedures instituted by, to release to the public reports received by him from other Federal bank supervisory agencies and Justice Dept., Board's views re Royal State Bank, N.Y., N.Y., possible conversion to national bank, Comptroller said to be willing to approve, question from Pres. Crosse whether FRBank of New York could refuse to issue FRBank stock to the new national bank or to make an examination to determine whether the national charter was deserving of approval, in light of dissatisfaction of State banking authorities with operations of Salaries of examiners employed by FRBanks, FDIC, and, report of study re, transmitted to FRBank Presidents Saxon, James J., hearings on nomination to become Comptroller of the Currency, certain comments re burden of membership in FRSystem on smaller national banks made by http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/16 3/20 920 948, 961 4/2 1105 10/9 3851 11/19 4379 7/11 2612, 2667 2/7 446 1962 219 Pages Comptroller of the Currency: (continued) Time certificates of deposit: Proposed reply to inquiry from, re practice of a bank committing itself to pay fixed interest for terms running as long as 20 years, question under section 217.3(b), Regulation Q, Board to consider reply further following staff study re possible amendment to Regulation relating to Reply to, enclosing proposed amendment to Regulation Q, section 217.3(b), stating that member banks must reduce contracted interest rate to comply with action of Board reducing maximum permissible rates of interest, and must so advise the public Reply to Deputy, re question presented by First National Bank of Hillsboro Kansas, with respect to payment of six-months' interest on a twelve-month time certificate of deposit Trust powers of national banks: Transfer authority with respect to, from the Board to, including operation of common trust funds, favorable report to Bureau of the Budget re draft bill submitted by Treasury with respect to Request by Mr. Knight, General Counsel of the Treasury, for Board's views re, Mr. Hackley authorized to indicate no objection with respect to H.R. 12577, a bill to, report to Chairman Spence, House Banking and Currency Committee approved Report to Chairman Robertson, Senate Banking and Currency Committee re Report sent to Budget Bureau http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/14 1814 5/17 1852, 1869 7/20 2767, 2773 6/26 2334, 2369 7/3 2533 8/13 3078, 3095 8/29 9/19 3315, 3323 3583, 3603 1962 220 Pages Comptroller of the Currency: (continued) Trust powers of national banks: (continued) Transfer from Board to, authority re: (continued) Agreement re availability of Board's records and pending applications for fiduciary powers by national banks, to the Comptroller upon signing of H.R. 12577, letter to, inviting discussion on staff level 9/25 in connection with, approved Advice to FRBanks re pending applications, further discussion re transfer of records, Comptroller's representatives to meet with Board's staff, issuance of press statement 10/1 authorized by Board Regulation by, issued effective Sept. 28, 1962, in light of enactment of Public Law 87-722, published in the Federal Register 10/3 Agreement re transfer of Board's folders for each national bank currently exercising, and certain files maintained by the Legal Division, decision deferred re transferring material in Board's general files relating to both State and national banks, letter to the Comptroller approved 10/18 Concentration in banking: Study re, revised draft of report prepared by Board's staff re changes in banking structure for Senate Select Committee on Small Business, reviewed, following certain changes and Governor Mills' exception having been noted, approved for transmittal to Senator Sparkman 1/3 California, question re arranging interagency meeting to discuss, Comptroller of Currency Saxon not prepared to enter into such a meeting, noted by Governor Robertson 2/7 Decision to drop item from list of pending matters 6/5 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3662, 3667 3740, 3749 3757 3969, 4002 18, 28 446 2060 1962 221 Pages Concentration in banking: (continued) Maryland: Discussed in connection with consideration of application of Union Trust Company of Maryland, Baltimore, Md., to merge with Farmers and Merchants' Bank, Salisbury, Md. Concentrating of banking resources in a few large banks in, and its effect upon the Metropolitan Washington area, discussed Concentration of ownership in individual banks, staff review of information on, based on data collected in chain banking survey, no objection to proposal Condition reports: Banking data requirements in connection with, including call report procedures, memorandum by Gov. Mitchell re a positive program for reform of, agreed that Governor Mitchell would work with staff members particularly from the Divisions of Research and Statistics and Bank Operations re specific proposals for Board's consideration Further reference to, in memorandum from Mr. Noyes submitting report, "Framework for Collection of Banking Statistics" issued by System Research Advisory Committee, to Board for endorsement Branch banks, deposit data: Collection of, at the midyear call date, discussed in connection with summary of results of FREank survey re branch record keeping procedures, staff to prepare a recommendation that might be explored with the other bank supervisory agencies and the Bureau of the Budget http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/13 2137 7/2 2472 12/10 10/3 10/18 2/27 4688 3756 3980 737 1962 222 Pages Condition reports: (continued) Branch banks, deposit data: (continued) Report form to expand the collection of, sent to Comptroller of Currency and FDIC, for possible use in place of regular deposits-by4/13 counties form in June, 1962 Letter to Comptroller restating Board's position and commenting on alternative proposal re collection 5/17 of, approved, with copy to FDIC Expansion of collection of such data, to include reports of deposits by cities, from all member and nonmember banks, decision of Board and FDIC re, sample form and instructions sent to FRBanks and letter to FDIC approved, decision of Comptroller of Currency not to 5/24 participate in program noted Question whether such report by member banks is mandatory, in light of letter of Comptroller of Currency to national banks re, discussion re Board's authority under section 11(a), FRAct, telegram to FRBanks approved, with copy to Comptroller 6/25 of Currency and FDIC Call report date, possibility of announcing in advance for national, state member and nonmember banks, conversations with Deputy Comptroller of Currency and Chm. FDIC reported by Governor Balderston, discussion re legal question, Board not in favor of proposal, advice to Deputy Comptroller of Currency, suggestion re changing dates for reports of condition to introduce surprise element 12/7 Beverly Hills, California, misreFidelity Bank, porting in condition reports of March 26, and June 30, 1962, re loans and borrowings, question from FRBank of San Francisco re requiring reports to be republished, reply approved with au9/14 thorization re further misreporting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1363, 1372 1850, 1867 1930,1949-51 2299, 2314 4675 3504, 3542 1962 223 Pages Condition reports: (continued) Foreign banking corporations: Call as of December 31, 1961, advice to FRBanks of Boston, New York and Philadelphia Call as of June 30, 1962 Letter to FRBank of Chicago regarding a call for a report of condition from Continental International Finance Corporation Insured nonmember banks: Call as of December 30, 1961 Call as of March 26, 1962 Call as of June 30, 1962 Schedule J, proposed supplement for obtaining information re holdings of certain securities and re certain loan data, for use at forthcoming call by State member banks, letter to FDIC re, approved FDIC's position re proposed use by nonmember insured banks noted Morgan Guaranty Trust Company of New York, N.Y., letter to Department of Justice granting its request that representatives of the Antitrust Division be permitted to examine reports of condition of, in light of an investigation on possible violations of the antitrust laws National banks: Call as of December 30, 1961 Schedule J, proposed supplement for obtaining information re holdings of certain securities and re certain loan information, letter to Comptroller of Currency approved Comptroller's position re proposed use by national banks noted March 26, 1962 of as Call form proposed by Comptroller of Revised Currency, eliminating certain banking data, Board's view that data is of such value that it could be obtained from national banks on a separate report, draft letter to Comptroller to be prepared, Gov. Mills to advise FDIC of Board's views, and to inform Budget Bureau of proposal http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/2 6/29 10, 13-15 2431,2465-69 7/9 2563, 2569 1/3 3/28 7/3 16 1082 2513 3/2 801, 813 3/21 980 6/29 2426, 2451 1/3 16 3/2 801, 813 3/21 3/28 980 1082 4/27 1508-11 1962 224 Pages Condition reports: (continued) National banks: (continued) Revised form proposed: (continued) Revised draft reply to the Comptroller of the Currency to be prepared by the staff Proposal discussed with FAC at joint meeting, Board subsequently informed that the Comptroller had decided to retain form presently used Board's position that breakdown of loans, deposits and other data now on reverse side of report, necessary, and that under section 11(a), FRAct, Board would ask national banks to submit separate reports, letter to Comptroller of Currency re, approved with copies to Budget Bureau and FDIC Call as of June 30, 1962 State member banks: Call as of December 30, 1961, as selected by Chairman of Board of Governors, Comptroller of Currency and Chairman of FDIC Branch bank deposit data: Collection of proposed at the midyear call date, discussed in connection with summary of results of FRBank survey re branch record keeping procedures, staff to prepare a recommendation that might be explored with the other bank supervisory agencies and the Bureau of the Budget Report form to expand the collection of, sent to Comptroller of the Currency and FDIC, with attached form for possible use in place of regular deposits-by-counties form in June, 1962 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/30 1536 5/1 1601 5/2 7/3 1611, 1656 2513 1/3 16 2/27 737 4/13 1363, 1372 1962 225 Pages Condition reports: (continued) State member banks: (continued) Branch bank deposit data: (continued) Discussion re alternative procedures for collection of, expanded, letter to Comptroller restating Board's position and conunenting on his alternative proposal, with copy to FDIC Expansion of collection of such data, to include reports of deposits by cities, from all member banks, and nonmember banks decision of Board and FDIC re, sample form and instructions sent to FRBanks and letter to FDIC approved, decision of Comptroller of Currency not to participate in program noted Question whether submission of such information by member banks is mandatory, in light of letter of Comptroller of Currency to national banks, discussion re Board authority under section 11(a), FRAct, telegram to FR Banks approved, with copy to Comptroller of Currency and FDIC Forms for next call sent to all FRBanks for use by State member banks and their affiliates, advice that proposed Schedule J, supplement for use in obtaining certain additional information, being considered by Board, included in letter, also letters to Comptroller of the Currency, FDIC, and Budget Bureau submitting draft of Schedule J Schedule J not to be used at forthcoming call, advice to FRBanks, position of Comptroller of Currency and FDIC re, noted Call as of March 26, 1962 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/17 1850, 1867 5/24 1930, 1949-51 6/25 2299, 2314 9/2 801, 812-16 3/21 3/28 979, 1002 1082 1962 226 Pages Condition reports: (continued) State member banks: (continued) Forms for next call sent to all FRBanks for use by State member banks and their affiliates, discontinuance of form FR 105e-2 noted Call as of June 30, 1962 Forms for next call sent to all FRBanks for use by State member banks and their affiliates Call as of September 28, 1962 Forms for next call sent to all FRBanks for use by State member banks and their affiliates Milwaukee County, certain reports in, for years 1956 through 1961 requested by Dept. of Justice in connection with the proceeding against Bank Stock Corporation of Milwaukee, agreed to grant request, with Governor Mills dissenting, contact to be made with Mr. Conkling, Assistant Director of Division of Bank Operations Conferences: Chairmen: Audit function at FRBanks, resolution adopted by, that directors of each FRBank have Audit Review Committee study, discussion re retention by FRBanks of public accounting firms in connection with Directors of FRBank branches, functions of, and means for making such service more rewarding for directors and FRSystem discussed, subject appropriate for discussion at next meeting of, noted carried by banks, draft of letter Insurance to FRBanks reviewing comments made by the Presidents' Conference and the, re expenditures with respect to, staff requested to prepare new draft in light of Board's discussion, Governor Mills expressed concern re unwarranted invasion of the FRBanks authority to determine their own insurance program http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/7 7/3 2070, 2083 2513 8/17 10/1 3135 3742 11/21 4451 4/18 1388, 1419 7/23 2790 5/16 1844 2/14 549-50 1962 227 Pages Conferences: (continued) Chairmen: (continued) Insurance carried by banks: (continued) Revised draft of letter to FRBanks approved, no objection to discontinuance of certain insurance coverage or to arrangement for sharing losses Meeting to be held November 29-30, 1962, informal discussion re items on agenda European Statisticians, Working Group on Industrial Statistics, Clayton Gehman, Chief, Business Conditions Section, Div. of Research and Statistics authorized to attend meeting in Geneva, Switzerland, with understanding re expenses, request received from Budget Bureau that he serve as U.S. representative Examiners: Conference of Representatives of Bank Examination Departments of FRBanks, to be held on March 26-27, 1962, dinner approved Possibility of discussion re proposed program for analysis of banking structure and competition at forthcoming Meeting of Vice Presidents and other representatives of Bank Examination Departments of the FRBanks proposed after the Annual Convention of the National Association of Supervisors of State Banks in Bretton Woods, N.H. Fiscal Policy Conference sponsored by President's Committee on Labor Management Policy, report by Mr. Brill on participation in, and comments by Gov. Balderston re panel on which he participated http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/19 628, 644 11/28 4/20 1/18 4540 1437 0 217 3/1 791 7/30 2899 11/16 4356 1962 228 Pages Conferences: (continued) Foreign trade, recommendation in Governor Mitchell's memorandum that the Board consider a series of conferences with representatives of Government agencies in connection with the Board's study re Reg. K, and the role that Edge Act corporations might play in international trade in Latin America, travel by Growth and Inflation Mr. Sammons to Rio de Janeiro to attend, authorized, subject to concurrence by State Department to attend Mitchell Governor Presidents: Absorption of exchange charges, possible amendment to Regulation Q, views of FRBank representatives expressed at joint meeting of Board and Accounting manual changes relating to charges for Bank-owned furniture and equipment, functional expense distributions for retirement and the new formula for computing charges to reimbursable Fiscal Agency units, advice to Chairman of, with copies to all FRBank Presidents American Telephone and Telegraph Company, multiple group communication tariffs offered by, agreement with General Services Administration by which FRSystem would be afforded economies of, approved by Presidents' Conference, approved and executed by Board, advice to Chairman of Banking Statistics, Framework for Collection of, report entitled, issued by System Research Advisory Committee, approved in principle by, and endorsed unanimously by Board proposed revised procedures FRBanks, Budgets, re, memorandum by Mr. Farrell recommending that the Presidents' Conference be asked to comment on, letter to Chm. of, approved, copies to Presidents of all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/11 1349 12/7 4676 12/20 4872 3/27 1071 3/16 912, 937 10/26 4064,4079-80 10/18 3978 4/11 1341, 1356 1962 229 Pages Conferences: (continued) Presidents: (continued) Budgets, FRBanks: (continued) Adopted by, as recommended by Accounting Subcommittee, approved by Board, advice to FRBanks Currency: Mechanization of sorting and counting operations of paper, by FRBanks, recommendation of Subcommittee on Electronics, and approved by, that a contract be let to Stanford Research Institute to appraise economic and operational feasibility of, noted by Board without objection, with understanding re cost Shipments by registered mail and by armored car, draft of letter to Post Master General advising consensus of, prepared by Miscellaneous Operations Committee, discussed by Board, telegram to,re certain suggested changes Dormant accounts (abandoned property), State statutes relating to, study of applicability to FRBanks by Presidents' Conference requested in letter to Mr. Fulton, with copy to each FRBank President and the Secretary of Emergency plans: Regulations 1 and 2 relating to operations of FRBanks and use of secured notes to transfer credits, reviewed by the Committee on Emergency Operations and approved by the, approved by Board to be automatically effective in the event of an attack, transmitted to the Presidents of all FRBanks Envelope drafts: SEE: Conferences: Presidents: Headache checks: http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/27 2373,2400-01 9/14 3504, 3545 9/21 3612, 3643 5/24 1930, 1943 1/15 153,164-78 1962 230 Pages Conferences: (continued) Presidents: (continued) Fiscal agency operations, automation of, by FRBanks stated principles as a basis for negotiations with the Treasury department re, adopted in a policy statement by the, noted with no objection Food stamp program, amendment to agreement with Dept. of Agriculture re examination of stamps for genuineness, to audits by FRBanks covering certain activities, and to reimbursement to FRBanks for certain expenses in connection with, approved by, no objection by Board to execution amended agreement Headache checks: Study re envelope drafts requested by Board, letter to Chm. Fulton of the, with respect to, with copy to each FRBank President Handling and collection of, recommendations in Joint Report of Subcommittees on Collections and Counsel on Collections adopted by, and concurred in by Board Hospitalization plans of FRBanks, inclusion of "student definition" clause views re recommendations of Personnel Committee and Subcommittee re, discussed in consideration of request from FRBank of Atlanta Insurance carried by FRBanks: Draft of letter to FRBanks reviewing comments made by the Conference of Chairmen and, re expenditures with respect to, staff requested to prepare new draft in light of Board's discussion Revised draft of letter to FRBanks approved Proposed agreement of Federal Reserve Banks covering fire and other risks, recommended by Insurance Committee and accepted by, approved by Board, advice to Chairman of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/11 3886, 3912 2/28 765, 781 5/31 1980, 1994 10/22 4032, 4038 3/8 842 2/14 549 2/19 628, 644 10/17 3941, 3966 1962 231 Pages Conferences: (continued) Presidents: (continued) Loans on securities, methods and standards used by banks re, proposed program of interviewing bankers by FRBanks with respect to, no objection expressed at Meeting with Board: To discuss problem of absorption of exchange charges To discuss proposed charges by Comptroller of the Currency for copies of national and District of Columbia bank's reports of examination Motion picture, FRSystem: Expenditure by FRBanks for, approved by, no objection by Board, advice to Chairman Bryant, with copies to FRBanks Report of Bank and Public Relations Conunittee re, considered and certain suggestions approved by, question re presentation of monetary policy function raised by Governor Mitchell, agreed to so advise Chairman of, and suggest meeting of Committee with Gov. Mitchell National banks, examination of, charges by Comptroller of the Currency for providing FRBanks with copies of examination reports to the FRBanks, possible procedure with respect to, discussed at joint meeting with Presidents Noncash operating circulars and letters of FRBanks, amendment to uniform paragraph "Telegraphic advice" relating to service charges for telegrams re noncash items, as recommended in Joint Report of Subcommittee of Counsel on Collections, approved by, and approved by Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/5 4628 3/27 1071 6/19 2211 2/6 432, 439 9/13 3458 6/19 2211 3/20 948, 958 1962 232 Pages Conferences: (continued) Presidents: (continued) Postal money orders, amended agreement between FRBanks and Postmaster General re processing of, as approved by, Board interposes no objection to execution of agreement Retail trade statistics program: Committee of Five recouunendations for initiation by Federal Reserve of a new national departmental report of department store sales and initiation by the Bureaus of the Budget and Census for a new merchandise line series for all retail trade, approved by, draft report to President of the Nat'l Retail Merchants Association discussed, agreed to continue discussion later Further discussion, decision to redraft for later consideration Draft transmitted to the Chm. of the, and to the Presidents of all FR Banks for consideration at the meeting of the, further consideration by Board after receipt of views by Presidents Endorsed by Presidents, letter sent to Mr. Bennett Retirement system, questions with respect to, raised by Mr. Fulton, Chm., Presidents' Conference, meeting of Board with Mr. Fulton, at which time he was appraised of Board's reasons for deferring reply, and re Board's plans for a study by Prof. McGill Telegraphic transfer of Government securities uniform System policy re charges for "JAPNU wires" concerning the, recommended by the Subcommittee on Fiscal Agency Operations and approved by the, no objection by Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/29 4112, 4129 3/16 927-29 4/25 1478 11/27 4518, 4532 12/5 4630, 4665 6/18 2198 2/2 395, 400 1962 233 Pages Conferences: (continued) Presidents: (continued) Topics for discussion: Absorption of exchange charges, proposed meeting to discuss possible amendment to Regulation Q with respect to Bank supervision, possible draft legislation changing structure of, suggestion that should Board consider pursuing, matter should be discussed with Headache checks, including envelope drafts, problems re, to be discussed jointly with Presidents National banks, examination of, schedule of increased charges for providing copies of examination reports to the FRBanks, to be discussed at forthcoming Retail trade statistics program, draft letter to Mr. Bennett, President of the National Retail Merchants Association, setting forth conclusions as recommended in the report by the Committee of Five, to be considered at the meeting on December 3, 1962 Conflict of interest: Brenton Companies, Inc., Des Moines, Iowa, minority shareholders of, possibility of, with the Brenton family in connection with the acquisition of four Iowa banks, questioned by Governor Mitchell FRBanks: Margin accounts maintained by employee of FRBank of Richmond, situation reviewed by Mr. Smith, agreed letter to FRBanks calling attention to undesirability of speculative trading in securities be brought to Board for consideration http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/14 896 3/21 996 4/10 1318, 1333 6/11 2124 11/27 11/2 11/19 4518, 4532 4221 4378 1962 234 Pages Conflict of interest: (continued) FRBanks: (continued) Stock trading account, case of research employee operating a, for speculative purposes, following a discussion it was understood that a draft of letter to the FRBank Presidents containing a specific reference to trading in margin accounts would be prepared for consideration when all Board members were present Procedures of Board re guarding against, in the employment of consultants, definition of consultants with respect to the submission of proposed questionnaire agreed to hold for further consideration, with the understanding that the Division of Personnel would contact other agencies for their interpretations Memorandum from Div. of Personnel Administration reporting on findings of inquiry, memorandum to all consultants enclosing questionnaire re private employment and financial interests approved Reports to be submitted by consultants with the understanding that cases involving possible conflicts would be reviewed by the Board Congo, Republic of: Societe Generale de Banques au Congo, Brazzaville, Republic of the Congo, consent granted to Bankers International Corporation, New York, N.Y., to purchase shares of Consolidations: Bank merger applications: Provision for passing on within a 10-day period, for emergency cases, in favor of using in connection with the proposed merger of the Bank of Delevan, N.Y., into The Citizens Central Bank, Arcade, New York http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/22 1022 6/14 2164 6/25 2281, 2312 8/17 3134 12/21 1/4 4950, 4961 37 1962 235 Pages Consolidations: (continued) Bank merger applications: (continued) Provision: (continued) Papers to be forwarded to Federal bank supervisory agencies and the Dept. of Justice with notification that reports on competitive factors would be required within a 10-day period Available for public inspection in cases where public hearing or oral presentation is ordered, except such portions that the Board finds disclosure would not be in the public interest, amendment to Board's Rules of Procedure re, approved, Governor Mills dissenting New York City area banks reference to conversation with the New York State Superintendent of Banks re views received from the Comptroller of the Currency re bank holding company applications and Status of staff work re pending, reported by Messrs. Hackley and Solomon Memorandum from Messrs. Hackley, Noyes, and Solomon re proposed program for analysis of banking structure and competition, to aid in consideration of bank holding company applications and, staff to determine availability of Prof. Alhadeff or another qualified person, and members for an advisory committee, informing Board re developments Delays in processing by Board staff, proposed committee to consult with interested divisions re staff procedures and personnel situation, certain pending cases and schedules reviewed, agreed proposed study be deferred, Messrs. Sherman, Hackley and Solomon requested to prepare report on current procedures http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/5 52 1/12 138, 151 1/25 293 2/7 444 3/1 786 3/9 860-65 1962 236 Pages Consolidations: (continued) Bank merger applications: (continued) Question re iminediate announcement of Board's decisions re, with order and statement to follow, or re withholding announcement until order and statement prepared, raised in connection with certain major cases under consideration, consensus no announcement to be made until order and statement are issued Procedures in handling as previously adopted by Board, Gov. Mitchell's decision to cast his vote following expression of Board views in conformance with, in connection with consideration of merger applications of Chemical Bank New York Trust Company and Chase Manhattan Bank, both of New York City Stock exchange or purchase price of stocks in connection with, letters sent by banks concerned to their stockholders explaining proposed transactions, FRBanks requested to forward such letters to Board Processing of, possibility of legislation to require decisions on bank holding company applications and, to be announced within a specified period of time, possibly the "60-day rule" as followed by Comptroller of the Currency, noted by Chairman Martin Delays in processing of, suggestions for expediting discussed, understanding re availability to Board members of weekly list of pending applications prepared by Div. of Examinations, further understanding re primary responsibility residing in Gov. Shepardson for working with staff in connection with http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/3 1130 4/6 1261 6/5 2058, 2063 7/27 2861 9/26 3670 1962 237 Pages Consolidations: (continued) Bank merger applications: (continued) Suggestion re discussion with FRBank Presidents re possibility of obtaining additional staff assistance from the Reserve Banks Proposed procedure for expediting action on, with respect to memoranda submitted to Board by Division of Examinations supplementing memoranda received from FRBanks, following discussion, understood letter to FRBank Presidents re handling of applications be prepared, and that Division of Examinations consider further possibility of experimenting with method of presentation of applications release to public of copy of apre Question plication in case where no public hearing was held, understanding re, in light of availability of application through other channels Procedures for processing, letter to FRBanks re, use of examining, research and legal personnel suggested Reconsideration of: Citizens Commercial & Savings Bank, Flint, Mich., question re reconsideration of denied application to consolidate with Old Corruna State Bank, Corruna, Mich., denial of application reaffirmed, with Chairman Martin, Governors Robertson and Shepardson voting to reaffirm, Gov. Mills dissenting, and Governors Balderston, King, and Mitchell abstaining Dauphin Deposit Trust Company, Harrisburg, Pa., plan to request reconsideration of denial to merge with First National Bank of Mount Holly Springs, Pa., reply to attorney Martin P. Snyder re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/1 10/18 11/6 12/20 3742 3973 4265 4850,4886-87 1/10 84, 105 8/8 3027, 3046 1962 238 Pages Consolidations: (continued) Bank merger applications: (continued) Reconsideration of: (continued) Dauphin Deposit Trust Company: (continued) Request for reconsideration, reply to Martin P. Snyder, informed that vote for denial by five members with one dissent provides no support to a petition for reconsideration United California Bank, Los Angeles, Calif., renewed petition for reconsideration of application to merge with Southwest Bank, Inglewood, Calif., agreed arrangements to be made for a private oral presentation In light of oral presentation and report of FRBank of San Francisco re management of Inglewood bank, application approved with Gov. Mitchell dissenting Bank mergers: Acquisition of stock interest in competitors, through officers and directors, and in having interlocking directorates with competitors, causing a favorable position to bring about, practice warranting concern by Justice Dept. and bank regulatory authorities and deserving of continuing attention, situation discussed Bank Holding Company Act of 1956, sec. 3(d), request by Congressman Patman re applicability of, with respect to, of subsidiaries of Western Bancorporation, Los Angeles, California, reply approved intent to merge required to be Notice of published in a newspaper for 30 days, letter to FRBanks indicating member banks should be informed that publication should begin promptly after filing application with FRSystem http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/24 4042,4060-61 1/16 182 2/12 508 8/8 3034 4/16 1376, 1382 10/29 4112, 4132 1962 239 Pages Consolidations: (continued) Bank mergers: (continued) Orders on bank merger cases, proposal that such orders be so worded as to refer to the Bank Merger Act of 1960, rather than to section 18(c), of the Federal Deposit Insurance Act, as amended, noted without objection Seven-day waiting period prior to consummation of, request from Michigan State Superintendent for consummation on seventh day following order approving consolidation of the Peoples Bank and Trust Co., Grand Haven, Mich., with The Spring Lake State Bank, Spring Lake, Michigan, agreed that Board's rule could be construed as allowing consuuunation on the seventh day Premiums paid: Situation in connection with proposed merger of United California Bank, Los Angeles, Calif., and Southwest Bank, Inglewood, Calif., discussed Letters sent by banks concerned to their stockholders explaining proposals re, FRBanks requested to forward such letters to Board Smaller banks more profitable than larger banks, belief of Gov. Mitchell that a study of data on bank operating ratios would indicate Statement issued with order in connection with cases of a routine nature, format discussed with respect to statement re the merger of The Bank of Saddle Brook and Lodi, Saddle Brook, N.Y., into The Hackensack Trust Company, Hackensack, New Jersey Statements in public releases re decision on, comment by Gov. Mills that staff should guard against use of overstatements http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/8 2089 6/26 2332 2/12 511 6/5 2058, 2063 7/3 2516 1/17 204 4/24 1462 1962 240 Pages Consolidations: (continued) Branch banks: Resulting from acquisitions under section 18(c), Federal Deposit Insurance Act, question re necessity of Board approval of, and re capital requirements of resulting bank, understood reply to inquiry from Farmers and Merchants Bank of Long Beach, Calif., be sent as staff letter by Mr. Hackley to the FRBank of San Francisco Retained upon conversion, merger, or consolidation, where continuing or acquiring bank is a national bank, proposed amendment to section 5155, Revised Statutes relating to, report sent to Budget Bureau H.R. 12825, a bill to amend section 5155, Revised Statutes, relating to, report to Chairman Spence, House Banking and Currency Committee, approved, Mr. Solomon designated to testify before Subcommittee No. 1 re H.R. 12899, a bill to amend section 5155, Revised Statutes, relating to, report to Chm. Spence, House Banking and Currency Committee, approved Report to Chairman Robertson, Senate Banking and Currency Committee, approved, understanding re statement to be made by Mr. Solomon on behalf of Board, at a hearing before Senate Banking and Currency Committee, re Report on enrolled bill sent to the Budget Bureau New Jersey area which is populous tributary of New York City, views of Governor Mills re trend toward consolidation of smaller banks in this area, made in consideration of proposed consolidation of banks in Sayreville and South River, N.J. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/6 433 4/10 1313, 1331 8/13 3078, 3096 8/27 3194, 3216 8/29 3315 9/19 3583, 3602 4/27 1507 1962 241 Pages Consolidations: (continued) Reports on competitive factors: Content: Practice of not presenting a net judgment in evaluating a situation, questioned by Gov. Mitchell, agreed desirable to arrive at a judgment as to which of the conflicting factors deserved the greater weight View expressed by Gov. Mills that it might be judicious to minimize the "problem bank" factor, particularly when the absorbing bank was not substantially larger, due to the possible impression that the absorbing bank was being down graded by injection of weaker assets, referred to in connection with the report re merger of State Bank of Long Beach, N.Y. into Commercial Bank of North America, New York Suggestion that consideration of competitive factors should go further than mere number of banking units and should take into account the financial needs of the area under study Views of Governor Mills re the judging of the competitive situation of small banks in metropolitan areas Inclusion of reference to the existence of affiliate relationships of banks proposing to merge, in conclusion of reports, question re Need for factual information re experience of remaining small banks in couRnunities where large banks have entered through merger, in order to combat inconsistencies in reports, hope expressed that such information could be assembled http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/24 244 2/16 599 2/26 714 3/12 872 3/26 1066 4/18 1392 1962 242 Pages Consolidations: (continued) Reports on competitive factors: (continued) Content: (continued) Discussion re importance of consideration of possible competitive ability of the resulting consolidated bank in comparison with the two individual banks, need for data re the scale of operation at which a bank could carry on its business most effectively, which might be obtained from a study of data on bank operating ratios Views of Gov. Mills re importance of reports in light of the image they might create in the public eye of the Board, as a body adverse policy-wise to any desire of two banks to merge Statement referring to the concentration of banking resources in a few large banks in the State of North Carolina, advisability of over repetition of such a statement in the, questioned by Gov. Mills Divergent philosophy of Board re situations where small banks merge into a larger bank in a State such as South Carolina or North Carolina, and use of term "trend toward concentration" as applied to such situations, possibility of misconstruing by public of Board or System position questioned Certain restrictions with respect to the use of the words "adverse" competitive effects in the, suggested by Governor King Procedure: Request by Justice Department for receipt of Board's, at same time as received by deciding agencies, decision to comply with request http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/3 2515 8/13 3070 11/5 4237 11/19 4368 12/14 4780 4/25 1475, 1492 1962 243 Pages Consolidations: (continued) Reports on competitive factors: (continued) Procedure: (continued) Comptroller of Currency to release to the public reports received by him from other Federal bank supervisory agencies and Justice Dept., agreement by Board to make no change in practice of referring requests for reports to the originating agency Submitted to Board: By Comptroller of Currency, FDIC, and Justice Department, notification that reports would be required within a 10-day period in consideration of proposed merger of Bank of Delevan, N.Y., into Citizens Central Bank, Arcade, New York By Federal bank supervisory agencies and Dept. of Justice on application of United California Bank to merge Southwest Bank, Inglewood, Calif., into itself, request by United California Bank for copies granted pending check with agencies involved By FDIC and Justice Dept., re proposed merger of United California Bank and First National Bank of Vista, California, request from United California Bank for reports, request denied, Governors Robertson and Mitchell dissenting, circumstances under which Board would release such reports to applicants discussed Federal banking agencies, noted that By Congress was concerned that one bank supervisory agency not follow more lenient standards than another agency, discussed in connection with unfavorable reports by Comptroller of the Currency re the merger applications of Chemical Bank New York Trust Co., and Chase Manhattan Bank http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/9 3851 1/5 52 1/22 230 4/2 1104, 1124 4/6 1249 1962 244 Pages Consolidations: (continued) Reports on competitive factors: (continued) Submitted to Board: (continued) By Justice Dept., copy of report involving proposed merger of Deposit Guaranty Bank and Trust Company, Jackson, Mississippi, with Bank of Hazlehurst, Miss., (denied by Board), transmitted to attorney for Deposit Guaranty Bank and Trust Company By Justice Dept. re application of State Bank of Salem, Ind., to purchase the assets and assume liabilities of State Bank of Hardinsburg, Ind., unfavorable due to mistaken information, advice received that revised report would be submitted By Justice Dept., certain technical errors in report re proposed merger of Peoples Union Bank and Trust Company, McKeesport, Pa., with Bank of Glassport, Pa., and proposal for correcting errors, noted By other Federal bank supervisory agencies and Justice Department, agreement to continue practice of referring requests for reports to originating agencies, made following report of procedures instituted by Comptroller of Currency re release of reports received by him By Justice Dept., on proposed merger of Deposit Guaranty Bank & Trust Company, Jackson, Miss., with Ranking County Bank, Brandon, Miss., (denied by Board), copy requested by Deposit Guaranty, agreed to furnish, it having been ascertained Justice would have no objection http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/24 1929, 1941 7/11 2576 9/28 3710 10/9 3851 11/19 4380 1962 245 Pages Consolidations: (continued) Reports on competitive factors: (continued) (Individual reports under name of cities): Adams-Pittsfield, Massachusetts, report to Comptroller of the Currency on proposed consolidation of The First National Bank of Adams and First Agricultural National Bank of Berkshire County approved after suggested changes Afton-Norwich, N.Y., report to Comptroller of Currency on proposed consolidation of National Bank and Trust Company of Norwich, and First National Bank of Afton, approved unanimously Albany-Gloversville, New York, report to Comptroller of the Currency on proposed merger of Trust Company of Fulton County, and National Commercial Bank and Trust Co. of Albany, N.Y., approved Algona-Lu Verne, Iowa, report to FDIC on proposed absorption of Security State Bank, Algona, by The Security State Bank, Algona, and merger of the latter bank with Farmers State Bank, Lu Verne, approved Allegany-Olean, N.Y., report to Comptroller of Currency on proposed merger of First National Bank of Allegany into First National of Olean, N.Y., approved Allentown-Freehold, New Jersey, report to FDIC on proposed merger of The Farmers National Bank of Allentown, N.J., and The Central Jersey Bank and Trust Company, Freehold, New Jersey, approved Altoona-Bellwood, Penna., report to FDIC on proposed merger of Altoona Central Bank and Trust Company and The First National Bank of Bellwood, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/29 2427 7/12 2674 11/7 4276 4/3 1128 9/21 3611 11/14 5/4 4313 1722 1962 246 Pages Consolidations: (continued) Reports on competitive factors: (continued) Anchorage-Fairbanks, Alaska, report to FDIC on proposed merger of City National Bank of Anchorage and Alaska State Bank, Fairbanks, approved Anthony-Las Cruces, New Mexico, report to the Comptroller of the Currency on proposed consolidation of First National Bank of Dona Ana County, and The First National Bank of Anthony, approved Athens, Ohio, report to Comptroller of Currency on proposed consolidation of Bank of Athens National Banking Association with Athens National Bank, approved Atlanta-Savannah, Ga., report to Comptroller of Currency on proposed purchase of assets and assumption of liabilities of Citizens and Southern Bank of Atlanta, Ga., by Citizens and Southern National Bank, Savannah Ga., approved Avondale-West Chester, Pa., report to Comptroller of Currency on proposed consolidation of National Bank of Avondale and National Bank of Chester County and Trust Company, West Chester, approved Baltimore-Catonsville-Rockville, Maryland, report to Comptroller of the Currency on proposed merger of First National Bank of Baltimore, and Catonsville National Bank, and Farmers Banking and Trust Company of Montgomery County, approved Baltimore-Easton, Maryland, report to Comptroller of Currency on proposed purchase of assets and assumption of liabilities of Easton National Bank of Maryland by Maryland National Bank, Baltimore, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/26 11/14 1065 4315 10/5 3815 4/10 1424 3/20 950 6/15 2175 4/19 1423 1962 247 Pages Consolidations: (continued) Reports on competitive factors: (continued) Baltimore-Laurel, Maryland, report to FDIC on proposed merger of State Bank of Laurel into Equitable Trust Company, Baltimore, approved Baltimore-Rockville, Maryland, report to Comptroller of the Currency on proposed merger of The Montgomery County National Bank of Rockville, and the Maryland National Bank, approved Concentrating of banking resources in a few large banks in Maryland and its effect upon the Metropolitan Washington area, discussed Baltimore-Salisbury, Maryland, report to Comptroller of the Currency on proposed merger of The Salisbury National Bank and The First National Bank of Maryland, approved Beacon-Cold Spring, N.Y., report to Comptroller of Currency on proposed merger of National Bank of Cold Spring on Hudson with and into Fishkill National Bank of Beacon, approved Bellport-Valley Stream, N.Y., report to Comptroller of Currency on proposed merger of Bellport National Bank of Long Island, Valley Stream, New York, approved Bellwood-Altoona, Penna., report to FDIC on proposed merger of Altoona Central Bank and Trust Company and The First National Bank of Bellwood, approved Va., report to CompIsland-Lynchburg, Big troller of Currency on proposed merger of Bank of Bedford, Inc., Big Island, into Peoples National Bank & Trust Company of Lynchburg, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/25 2843 7/2 2471 7/2 2472 11/2 4220 4/26 1495 5/31 1981 5/4 1722 4/10 1313 1962 248 Pages Consolidations: (continued) Reports on competitive factors: (continued) Blacksburg-Roanoke, Virginia, report to Comptroller of the Currency on proposed merger of Farmers & Merchants National Bank of Blacksburg into First National Exchange Bank of Roanoke, approved Bolivar-Wellsville, New York: Report to Comptroller of the Currency on proposed consolidation of Citizens National Bank of Wellsville, and State Bank of Bolivar, approved Report to FDIC on proposed merger of The First National Bank of Bolivar, New York, and The First Trust Company of Allegany County, Wellsville, New York, approved setts, report to FDIC on Massachu Boston, proposed merger of Institution for Savings in Roxbury, Boston, Mass., and The Boston Five Cents Savings Bank, approved Boykins-Franklin-Capron, Virginia, report to FDIC re proposed merger of The Meherrin Valley Bank, and Bank of Capron, into Vaughan and Company, Bankers, approved phia, Pa., report to rt-Philadel Bridgepo FDIC on proposed merger of Liberty Real Estate Bank and Trust Company, Philadelphia, and Bridgeport National Bank, Bridgeport, approved Bridgeville-Pittsburgh, Pa., report to Comptroller of the Currency on proposed consolidation of Union National Bank of Pittsburgh, Pa., and Bridgeville National Bank, Bridgeville, Pa., approved w Brooklyn-Ne York, N. y., report to FDIC on proposed merger of Peoples National Bank of Brooklyn, N. Y., into Commercial Bank of North America, New York, N. Y., approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/19 4012 5/15 1827 7/24 2816 5/18 1874 2/2 395 3/9 858 1/12 135 4/23 1442 1962 249 Pages Consolidations: (continued) Reports on competitive factors: (continued) Brunswick-Frederick, Md., report to Comptroller of Currency on proposed merger of Peoples National Bank in Brunswick, Md., and Farmers and Mechanics -Citizens National Bank of Frederick, approved Burlington-Montpelier, Vt., report to FDIC on proposed merger of First National Bank of Montpelier, Vt., into Chittenden Trust Co., Burlington, Vt., approved Burlington-Vergennes-Montpelier, Vermont, report to FDIC on proposed purchase of assets and assumption of liabilities of Capital Savings Bank and Trust Company, Montpelier, by Chittenden Trust Company, Burlington, and proposed merger of National Bank of Vergennes, Vergennes, with Chittenden Trust Company, approved Burlington-Vergennes, Vermont, report to FDIC on proposed merger of National Bank of Vergennes, Vt., with Chittenden Trust Company, Burlington, Vt., approved Camden-Charleston, S.C., report to Comptroller of Currency on proposed merger of Citizens and Southern National Bank of South Carolina, Charleston, and Commercial National Bank, Camden, approved Campbellsburg-Salem, Ind., report to FDIC on the proposal of Farmers-Citizens State Bank, Salem, Ind., to acquire the assets of and assume liability to pay deposits made in State Bank of Campbellsburg, Ind., approved Canajoharie-Cherry Valley, N.Y., report to Comptroller of Currency on proposed consolidation of Central National Bank, Canajoharie, and Otsego County National Bank of Cherry Valley approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/21 4953 10/12 3921 3/14 886 5/10 1781 6/8 2086 4/19 1424 9/28 3705 1962 250 Pages Consolidations: (continued) Reports on competitive factors: (continued) Canal Winchester-Columbus, Ohio, report to the Comptroller of the Currency on proposed merger of The Peoples Bank of Canal Winchester and The Huntington National Bank of Columbus, approved Capron-Boykins-Franklin, Virginia, report to FDIC re proposed merger of The Meherrin Valley Bank, and Bank of Capron, into Vaughan and Company, Bankers, approved Carlisle-Harrisburg, Penna., report to the Comptroller of the Currency on proposed merger of The Harrisburg National Bank and Trust Company and Carlisle Deposit Bank and Trust Company, approved Carteret-Perth Amboy, New Jersey report to the Comptroller of the Currency re proposed merger of First National Bank in Carteret and The Perth Amboy National Bank, approved Catonsville-Rockville-Baltimore, Maryland, report to Comptroller of the Currency on proposed merger of First National Bank of Baltimore, and Catonsville National Bank, and Farmers' Banking and Trust Company of Montgomery County, approved Chambersburg-Dry Run, Pa., report to Comptroller of Currency on proposed merger of Valley National Bank of Chambersburg and Path Valley National Bank of Dry Run, approved Charleston-Camden, S.C., report to Comptroller of Currency on proposed merger of Citizens and Southern National Bank of South Carolina, Charleston, and Commercial Bank, Camden, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/14 4314 2/2 395 4/18 1391 7/3 2514 6/15 2175 4/24 1458 6/8 2086 1962 251 Pages Consolidations: (continued) Reports on competitive factors: (continued) Charlotte-Lexington, N.C., report to Comptroller of Currency on proposed merger of Commercial Bank of Lexington into First Union National Bank of North Carolina, Charlotte, approved unanimously Charlotte-North Wilkesboro, N.C., report to Comptroller of Currency on proposed merger of Bank of North Wilkesboro into North Carolina National Bank, Charlotte, approved Charlotte-Wilmington, North Carolina, report to Comptroller of Currency on proposed merger of The Bank of Wilmington, and North Carolina National Bank, approved with Governors Robertson and Mitchell preferring not to include the final sentence of the report Charlotte-Winston-Salem, N.C., report to Comptroller of Currency on proposed merger of City National Bank of Winston-Salem, into First Union National Bank of North Carolina, Charlotte, approved Charlottesville-Dillwyn, Va., report to Comptroller of Currency on proposed merger of Buckingham County Bank, Dillwyn, into Peoples National Bank of Charlottesville, approved Charlottesville -Shenandoah, Va., report to Comptroller of Currency on proposed merger of First National Bank of Shenandoah, into Peoples National Bank of Central Virginia, Charlottesville, Va., approved Cherry Valley-Canajoharie, N.Y., report to Comptroller of Currency on proposed consolidation of Central National Bank, Canajoharie, and Otsego County National Bank, Cherry Valley, approved without objection http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/6 4256 1/30 338 5/22 1902 8/13 3073 5/31 1981 8/22 3170 9/28 3705 1962 252 Pages Consolidations: (continued) Reports on competitive factors: (continued) Chicago, Illinois, report to Comptroller of the Currency on proposed merger of Droves Trust and Savings Bank, Chicago, into Droves National Bank of Chicago, approved Clairton-McKeesport, Pa., report to Comptroller of the Currency on proposed purchase of assets and assumption of liabilities of First National Bank of Clairton, Pa., by Western Pennsylvania National Bank, McKeesport, approved Clarksdale-Lula, Mississippi, report to FDIC on proposed merger of Bank of Lula, and Coahoma County Bank & Trust Company, approved Clover-Columbia, S.C., report to Comptroller of the Currency on proposed merger of First National Bank of Clover into First National Bank of South Carolina of Columbia, approved Coatesville-Jenkintown, Pa., report to FDIC on proposed merger of Industrial Valley Bank and Trust Company, Jenkintown, with National Bank of Coatesville, approved Cold Spring-Beacon, N.Y., report to Comptroller of the Currency on proposed merger of National Bank of Cold Spring on Hudson, with Fishkill National Bank of Beacon, New York, approved Columbia-Clover, S.C., report to Comptroller of the Currency on proposed merger of First National Bank of Clover, into First National Bank of South Carolina of Columbia, approved Columbus-Canal Winchester, Ohio, report to Comptroller of the Currency on proposed merger of The Peoples Bank of Canal Winchester and The Huntington National Bank of Columbus, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/24 10/19 3/7 11/19 1931 4011 830 4367 11/6 4257 4/26 1495 11/19 4367 11/14 4314 1962 253 Pages Consolidations: (continued) Reports on competitive factors: (continued) Columbus -Grove City, Ohio, report to Comptroller of the Currency on proposed merger of The First National Bank of Grove City, and The Huntington National Bank of Columbus, approved Conneaut Lake-Meadville, Pa., report to Comptroller of Currency on proposed merger of Merchants National Bank and Trust Company of Meadville, and First National Bank at Conneaut Lake, approved w, Ohio, report to Comptroller n-Warsa Coshocto of Currency on proposed purchase of assets and assumption of liabilities of Farmers and Merchants Bank Company, Warsaw, by Coshocton National Bank, Coshocton, approved a, report to FDIC on proposed Oklahom Cyril, acquisition of assets and assumption of liabilities of Bank of Cyril, by Cyril State Bank, approved nd, Oregon, report to Comp-Portla Dallas troller of Currency on proposed merger of Dallas City Bank, into First National Bank of Oregon, Portland, approved, with Gov. Mills abstaining a, Ohio, report to Comptroller Vandali Daytonof Currency on proposed merger of Vandalia State Bank, into Third National Bank and Trust Company of Dayton, approved Derry-Pittsburgh, Pa., report to FDIC on proposed merger of First National Bank at Derry, with Brookline Savings and Trust Company, Pittsburgh, Pa., approved Dillwyn-Charlottesville, Va., report to Comptroller of Currency on proposed merger of Buckingham County Bank, Dillwyn, into Peoples National Bank of Charlottesville, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/5 49 8/1 2914 7/13 2700 5/16 1840 1/16 181 10/19 4012 8/20 3154 5/31 1981 1962 254 Pages Consolidations: (continued) Reports on competitive factors: (continued) Dry-Run-Chambers burg, Pennsylvania, report to Comptroller of the Currency on proposed merger of Valley National Bank of Chambersburg and Path Valley National Bank of Dry Run, approved Easton-Baltimore, Maryland, report to Comptroller of the Currency on proposed purchase of assets and assumption of liabilities of Easton National Bank of Maryland by Maryland National Bank, Baltimore, approved Elizabeth-Hillside, N.J., report to Comptroller of Currency on proposed consolidation of National State Bank, Elizabeth, and Hillside National Bank, Hillside, approved Elizabeth-Rahway, N.J., report to Comptroller of the Currency on proposed merger of National State Bank, Elizabeth, and Rahway National Bank, approved Elizabethville-Millersburg, Pennsylvania, report to FDIC on proposed merger of Millersburg Trust Co., and Lykens Valley Bank, Elizabethville, approved Emutitsburg-Frederick, Maryland, report to Comptroller of the Currency on proposed merger of Farmers State Bank, Emmitsburg, into Farmers and Mechanics -Citizens National Bank of Frederick, Maryland, to be revised along lines suggested by Governor Mills Report approved Fairbanks-Anchorage, Alaska, report to FDIC on proposed merger of City National Bank of Anchorage with Alaska State Bank, Fairbanks, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/24 1458 4/19 1423 8/8 3028 8/8 3028 3/23 1037 8/20 8/22 3155 3170 3/26 1065 1962 255 Pages Consolidations: (continued) Reports on competitive factors: (continued) Flint Hill-Front Royal, Va., report to Comptroller of the Currency on proposed merger of First National Bank of Flint Hill, into Citizens National Bank of Front Royal, approved Fostoria-Tiffin, Ohio, report to Comptroller of the Currency on proposed merger of The City National Bank of Tiffin and The First National Bank of Fostoria, approved Franklin-Boykins-Capron, Virginia, report to FDIC re proposed merger of The Meherrin Valley Bank, and Bank of Capron, into Vaughan and Company, Bankers, approved Frederick, Maryland, report to FDIC on proposed merger of Fredericktown Trust Company with Fredericktown Savings Institution, approved Frederick-Brunswick, Maryland, report to the Comptroller of the Currency on proposed merger of The Peoples National Bank in Brunswick, and the Farmers and Mechanics-Citizens National Bank of Frederick, approved Frederick-Emmitsburg, Md., report to Comptroller of the Currency on proposed merger of Farmers State Bank, Enunitsburg, into Farmers and Mechanics -Citizens National Bank of Frederick, Md., to be revised along lines suggested by Governor Mills Report approved Freehold-Allentown, New Jersey, report to FDIC on proposed merger of The Farmers National Bank of Allentown, N.J., and The Central Jersey Bank and Trust Company, Freehold, New Jersey, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/30 4142 10/11 3887 2/2 395 5/9 1766 12/21 8/20 8/22 11/14 4953 3155 3170 4313 1962 256 Pages Consolidations: (continued) Reports on competitive factors: (continued) Freehold-Red Bank, New Jersey, report to Comptroller of the Currency on proposed consolidation of The First National Bank of Freehold and The Monmouth County National Bank, approved Fremont-Lindsey, Ohio, report to Comptroller of Currency on proposed consolidation of Liberty National Bank of Fremont and Lindsey Banking Company, approved Front Royal-Flint Hill, Va., report to Comptroller of Currency on proposed merger of First National Bank of Flint Hill, Va., into Citizens National Bank of Front Royal, Va., approved Gap -Lancaster, Pa., proposed merger of Gap National Bank into Fulton National Bank of Lancaster, approved Gettysburg-Littlestown, Pa., report to Comptroller of Currency on proposed merger of Littlestown State Bank and Trust Company, into First National Bank of Gettysburg, approved Glendora-Los Angeles, Calif., report to Comptroller of Currency on proposed merger of Glendora Commercial & Savings Bank into Citizens National Bank, Los Angeles, approved Gloversville-Albany, New York, report to Comptroller of the Currency on proposed merger of Trust Company of Fulton County, and National Commercial Bank and Trust Company of Albany, N.Y., approved Greenleaf, Kansas, report to Comptroller of Currency on proposed purchase of assets and assumption of liabilities of Greenleaf State Bank, by Citizens National Bank of Greenleaf, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/27 733 9/28 3706 10/30 4142 6/8 2086 9/17 3547 9/17 3548 11/7 4276 9/17 3548 1962 257 Pages Consolidations: (continued) Reports on competitive factors: (continued) Grove City-Columbus, Ohio, report to Comptroller of the Currency on proposed merger of The First National Bank of Grove City, and The Huntington National Bank of Columbus, approved Harrisburg-Carlisle, Penna., report to the Comptroller of the Currency on proposed merger of The Harrisburg National Bank and Trust Company and Carlisle Deposit Bank and Trust Company, approved Harrisonburg-Weyers Cave, Va., report to Comptroller of the Currency on proposed merger of AugustaRockingham Bank and Rockingham National Bank of Harrisonburg, approved Harrisburg-York, Pa., report to Comptroller of Currency on proposed merger of Citizens Trust Company of Harrisburg with National Bank & Trust Company of Central Pennsylvania, York, approved Hillsdale-Jonesville, Mich., report to Comptroller of Currency on proposed consolidation of Hillsdale County National Bank, and Grosvenor Savings Bank, Jonesville, approved Hillside-Elizabeth, N.J., report to Comptroller of Currency on proposed consolidation of National State Bank, Elizabeth, and Hillside National Bank, approved Humeston, Iowa, report to FDIC on proposed acquisition of assets and assumption of liabilities of Citizens State Bank by The Citizens State Bank, approved Huntington-New York, N.Y., report to Comptroller of Currency on proposed merger of Bank of Huntington, N.Y into Meadow Brook National Bank, New York, N.Y., understood staff would revise conclusion of report Following discussion re revised conclusion, report approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/5 49 4/18 1391 6/15 2175 7/18 2745 2/26 713 8/8 3028 6/29 2429 10/30 4142 10/31 4184 1962 258 Pages Consolidations: (continued) Reports on competitive factors: (continued) Hyattsville-Takoma Park, Maryland: Report to FDIC on proposed merger of Citizens Bank of Takoma Park into Suburban Trust Company, Hyattsville, approved Question re supplemental report to FDIC in light of information submitted by Suburban Trust re plans of Baltimore banks to expand into Washington, D. C. area with possible effect on competitive factors, view that supplemental report not necessary Letter to FDIC re additional information presented in connection with its reconsideration of proposed merger of Suburban Trust Company, Hyattsville and Citizens Bank of Takama Park, Md. Imperial-Pittsburgh, Pa., report to Comptroller of Currency on proposed merger of Union National Bank of Pittsburgh, Pa., and Imperial Bank, Imperial, Pa., approved Interlaken-Waterloo, N. Y., report to Comptroller of Currency on proposed consolidation of First National Bank of Waterloo, N. Y., and Wheeler National Bank, Interlaken, approved Jenkintown-Coatesville, Pa., report to FDIC on proposed merger of Industrial Valley Bank and Trust Company, Jenkintown, with National Bank of Coatesville, approved Jenkintown-Phoenixville, Pa., report to FDIC on proposed merger of Industrial Valley Bank and Trust Company, Jenkintown, with Phoenixville Trust Company, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/26 1495 6/5 2059 8/30 3325, 3333 6/7 2069 8/22 3171 11/6 4257 8/30 3326 1962 259 Pages Consolidations: (continued) Reports on competitive factors: (continued) Jenkintown-Royersford, Penna., report to FDIC on proposed merger of Industrial Valley Bank Trust Company and The National Bank of Royersford, approved Jersey City, New Jersey, report to Comptroller of the Currency on proposed merger of Bergen Trust Company of New Jersey and The First National Bank of Jersey City, approved Jonesville-Hillsdale, Mich., report to Comptroller of the Currency on proposed consolidation of Hillsdale County National Bank and Grosvenor Savings Bank, Jonesville, approved Kalamazoo-Plainwell, Michigan, report to the Comptroller of the Currency on a planned purchase of assets and assumption of liabilities of Plainwell Bank by The American National Bank and Trust Company of Kalamazoo, approved Kansas City, Kansas, supplemental report to the Comptroller of the Currency on proposed consolidation of Security National Bank of Kansas City and Riverview State Bank, discussed in light of further investigations re influence of Breidenthal family, agreed that a revised draft would be distributed for later consideration Reply to inquiry from Comptroller of the Currency, approved Kearns-Salt Lake City, Utah, report to Comptroller of the Currency on proposed merger of Bank of Kearns into Zions First National Bank, Salt Lake City, approved Kennard-Shirley, Indiana, report to FDIC on proposed merger of Kennard State Bank and The Citizens State Bank of Shirley, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/21 1881 3/22 1018 2/26 713 4/11 1336 3/16 920 3/20 948, 961 1/30 339 6/29 2428 1962 260 Pages Consolidations: (continued) Reports on competitive factors: (continued) Kings Park-Valley Stream, N.Y., report to Comptroller of the Currency on proposed merger of The National Bank of Kings Park and Valley National Bank of Long Island, approved Lancaster-Gap, Pa., proposed merger of Gap National Bank into Fulton National Bank of Lancaster, approved Lancaster-Lititz, Penna., report to Comptroller of the Currency on proposed merger of Lititz Springs National Bank of Lititz and Conestoga National Bank of Lancaster, approved Lancaster-Mount Joy, Pa., report to Comptroller of Currency on proposed merger of First National Bank and Trust Co. of Mount Joy, into Lancaster County National Bank, Lancaster, approved LaPorte-Union Mills, Indiana, report to FDIC on proposed merger of LaPorte Bank and Trust Company and Union State Bank, approved Las Cruces-Anthony, New Mexico, report to the Comptroller of the Currency on proposed consolidation of First National Bank of Dona Ana County, and The First National Bank of Anthony, approved Laurel-Baltimore, Md., report to FDIC on proposed merger of State Bank of Laurel into Equitable Trust Company, Baltimore, approved Leon, Iowa, report to FDIC on proposed acquisition of assets and assumption of liabilities of Decatur County State Bank, by The Decatur County State Bank, approved LeRaysville-Montrose, Pa., report to Comptroller of Currency on proposed merger of First National Bank of LeRaysville, Pa., into County National Bank of Montrose, Pa., approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/23 707 6/8 2086 8/2 2922 6/25 2275 11/27 4517 11/14 4315 7/25 2843 6/29 2429 12/13 4758 1962 261 Pages Consolidations: (continued) Reports on competitive factors: (continued) Lewiston-Portland, Maine, report to Comptroller of Currency on proposed consolidation of Canal National Bank, Portland, and American Trust Co., Lewiston, approved Lexington-Charlotte, N.C., report to Comptroller of Currency on proposed merger of Commercial Bank of Lexington into First Union National Bank of North Carolina, Charlotte, approved Lillington-Lumberton, N.C., report to Comptroller of Currency on proposed merger of Bank of Lillington into the Southern National Bank of Lumberton, approved Lincolnton-Smithfield, N.C., report to FDIC on proposed merger of Lincoln National Bank of Lincolnton, into First-Citizens Bank & Trust Company, Smithfield, approved Lindsey-Fremont, Ohio, report to Comptroller of Currency on proposed consolidation of Liberty National Bank of Fremont and Lindsey Banking Company, approved Lititz-Lancaster, Penna., report to Comptroller of the Currency on proposed merger of Lititz Springs National Bank of Lititz and Conestoga National Bank of Lancaster, approved Littlestown-Gettysburg, Pa., report to Comptroller of Currency on proposed merger of Littlestown State Bank and Trust Company into First National Bank of Gettysburg, approved Long Beach-New York, New York, report to FDIC on proposed merger of State Bank of Long Beach and Commercial Bank of North America, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/24 1931 11/6 4356 5/9 1766 7/13 2700 9/28 3706 8/2 2922 9/17 3547 2/16 599 1962 262 Pages Consolidations: (continued) Reports on competitive factors: (continued) Los Angeles-Glendora, Calif., report to Comptroller of Currency on proposed merger of Glendora Commercial & Savings Bank into Citizens National Bank, Los Angeles, approved Lula-Clarksdale, Mississippi, report to FDIC on proposed merger of Bank of Lula, and Coahoma County Bank & Trust Company, approved Lumberton-Lillington, N.C., report to Comptroller of Currency on proposed merger of Bank of Lillington into the Southern National Bank of Lumberton, approved unanimously Lu Verne-Algona, Iowa., report to FDIC on proposed absorption of Security State Bank, Algona, by The Security State Bank, Algona, and merger of the latter bank with Farmers State Bank, Lu Verne, approved Lynchburg-Big Island, Virginia, report to Comptroller of Currency on proposed merger of Bank of Bedford, Inc., Big Island, into Peoples National Bank & Trust Company of Lynchburg, approved Lynchburg-Richmond, Virginia, report to Comptroller of the Currency on proposed merger of The Peoples National Bank & Trust Company of Lynchburg, Virginia and First and Merchants National Bank of Richmond, Virginia, approved Madison-North Wilkesboro-Morganton-Walnut Cove, N.C., report to FDIC on proposed merger of State Bank of Burke, Morganton; State Planters Bank, Walnut Cove; and Bank of Madison, N.C., into Northwestern Bank, North Wilkesboro, approved Supplementary material reviewed, letter to FDIC indicating no change in opinion http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/17 3548 3/7 830 5/9 1766 4/3 1128 4/10 1313 12/14 4780 8/30 3326 11/5 4236 1962 263 Pages Consolidations: (continued) Reports on competitive factors: (continued) Manchester -Westminster, Md., report to FDIC on proposed merger of Manchester Bank; Carroll Trust Company, Manchester; and Carroll County National Bank, Westminster,approved Mansfield-North Attleboro, Mass., report to Comptroller of Currency on proposed consolidation of First National Bank of Mansfield, Mass., and Manufacturers National Bank of North Attleborough, North Attleboro, Mass., approved Manteo-Rocky Mount, N.C., report to Comptroller of Currency on proposed merger of Bank of Manteo into Planters National Bank and Trust Company of Rocky Mount, North Carolina, approved Pa., report to Comp-Clairton, McKeesport troller of Currency on proposed purchase of assets and assumption of liabilities of First National Bank of Clairton, Pa., by Western Pennsylvania National Bank, McKeesport, approved Meadville -Conneaut Lake, Pa., report to Comptroller of Currency on proposed merger of Merchants National Bank and Trust Company of Meadville, and First National Bank at Conneaut Lake, approved Meadville-Oil City, Penna., report to FDIC on proposed merger of Crawford County Trust Company and Oil City National Bank, approved Meyersdale-Uniontown, Pennsylvania, report to Comptroller of the Currency on proposed purchase of assets and assumption of liabilities of The Second National Bank of Meyersdale, by Gallatin National Bank, Uniontown, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/26 4104 5/9 1765 9/21 3612 10/19 4011 8/1 2914 3/12 873 7/2 2471 1962 264 Pages Consolidations: (continued) Reports on competitive factors: (continued) Michigan City, Ind., report to Comptroller of Currency on proposed consolidation of First National Bank of Michigan City, and Merchants National Bank, approved Middleburg-Richfield, Pa., report to Comptroller of Currency on proposed consolidation of First National Bank of Middleburg and Richfield Bank approved Middletown-Port Jervis, New York, report to Comptroller of the Currency on proposed merger of The National Bank and Trust Company of Port Jervis, and County National Bank, approved Middletown-York, Penna., report to Comptroller of the Currency on proposed merger of Farmers Trust Company of Middletown and National Bank & Trust Company of Central Pennsylvania, approved Mifflintown-Millerstown, Pa., report to Comptroller of'Currency on proposed consolidation of Juniata Valley National Bank of Mifflintown, and First National Bank of Millerstown, approved Millersburg-Elizabethville, Penna., report to FDIC on proposed merger of Millersburg Trust Co., and Lykens Valley Bank, Elizabethville, approved Millerstown-Mifflintown, Pa., report to Comptroller of Currency on proposed consolidation of Juniata Valley National Bank of Mifflintown, and First National Bank of Millerstown, approved Montpelier-Burlington-Vergennes, Vermont, report to FDIC on proposed purchase of assets and assumption of liabilities of Capital Savings Bank and Trust Company, Montpelier, by Chittenden Trust Company, Burlington, and proposed merger of National Bank of Vergennes, with Chittenden Trust Co.,approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/27 3196 4/20 1436 5/18 1875 10/4 3793 1/26 300 3/23 1037 1/26 300 3/14 886 1962 265 Pages Consolidations: (continued) Reports on competitive factors: (continued) Montpelier-Burlington, Vt., report to FDIC on proposed merger of First National Bank of Montpelier, Vt., into Chittenden Trust Company, Burlington, Vt., approved Montrose-LeRaysville, Pa., report to Comptroller of Currency on proposed merger of First National Bank of LeRaysville, into County National Bank of Montrose, approved Moorestown-Mount Holly, N.J., report to FDIC on proposed merger of Farmers' Trust Company, Mount Holly, with Burlington County Trust Company, Moorestown, approved Morganton-Walnut Cove-Madison-North Wilkesboro, N.C., report to FDIC on proposed merger of State Bank of Burke, Morganton; State Planters Bank, Walnut Cove; and Bank of Madison, N.C., into Northwestern Bank, North Wilkesboro, approved Supplementary material reviewed, letter to FDIC indicating no change in opinion Mount Holly -Moorestown, N.J., report to FDIC on proposed merger of Farmers' Trust Company, Mount Holly, with Burlington County Trust Company, Moorestown, approved Mount Jewett-Smethport, Pa., report to FDIC on proposed acquisition of assets and assumption of liabilities of Mount Jewett National Bank, by Hamlin Bank and Trust Company, Smethport, approved Mount Joy-Lancaster, Pa., report to Comptroller of Currency on proposed merger of First National Bank and Trust Co., of Mount Joy, into Lancaster County National Bank, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/12 3921 12/13 4758 7/27 2857 8/30 3326 11/5 4236 7/27 2857 8/27 3196 6/25 2275 1962 266 Pages Consolidations: (continued) Reports on competitive factors: (continued) New Castle-New Wilmington, Penna., report to Comptroller of the Currency on proposed purchase of assets and assumption of liabilities of The Depositors National Bank of New Wilmington, by First National Bank of Lawrence County at New Castle, approved New Haven, Connecticut, report to the Comptroller of the Currency on proposed merger of The American Bank and Trust Company and The Second National Bank of New Haven, approved New Wilmington-New Castle, Penna., report to Comptroller of the Currency on proposed purchase of assets and assumption of liabilities of The Depositors National Bank of New Wilmington, by First National of Lawrence County at New Castle, approved New York, N.Y., report to the Comptroller of the Currency on proposed merger of The Bensonhurst National Bank of Brooklyn in New York, and The Meadow Brook National Bank, approved New York-Brooklyn, N.Y., report to FDIC on proposed merger of Peoples National Bank of Brooklyn in New York, into Commercial Bank of North America, New York, approved , N.Y., report to CompYork-Huntington New troller of the Currency on proposed merger of Bank of Huntington, into Meadow Brook National Bank, New York, understood staff would revise conclusion of report Report approved New York-Long Beach, New York, report to FDIC on proposed merger of State Bank of Long Beach and Commercial Bank of North America, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/16 12/21 919 4952 3/16 919 3/12 871 4/23 1442 10/30 10/31 2/16 4142 4184 599 1962 267 Pages Consolidations: (continued) Reports on competitive factors: (continued) New York City-Port Richmond, N.Y., report to Comptroller of Currency on proposed merger of Richmond County National Bank of Port Richmond, Staten Island, N.Y., into First National City Bank, N.Y., approved Newport News-Richmond, Va., report to Comptroller of Currency on proposed merger of First National Bank of Newport News, into First and Merchants National Bank of Richmond, Virginia, approved North-Orangeburg, South Carolina, report to Comptroller of Currency on proposed consolidation of Liberty Bank of North, and Southern National Bank of Orangeburg, approved North Adams-Pittsfield, Mass., report to Comptroller of the Currency on proposed consolidation of North Adams National Bank and The Agricultural National Bank of Pittsfield, approved North Attleboro-Mansfield, Mass., report to Comptroller of Currency on proposed consolidation of First National Bank of Mansfield, and Manufacturers National Bank of North Attleborough, approved North Wilkesboro-Charlotte, N.C., report to Comptroller of Currency on proposed merger of Bank of North Wilkesboro, and North Carolina National Bank, Charlotte, approved North Wilkesboro-Morganton-Walnut CoveMadison, N.C., report to FDIC on proposed merger of State Bank of Burke, Morganton, State Planters Bank, Walnut Cove, and Bank of Madison, N.C., into Northwestern Bank, North Wilkesboro, approved Supplementary material reviewed, letter to FDIC indicating no change in opinion http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/13 3070 9/10 3407 5/2 1605 3/1 785 5/9 1765 1/30 338 8/30 3326 11/5 4236 1962 268 Pages Consolidations: (continued) Reports on competitive factors: (continued) Norwich-Afton, New York, report to Comptroller of the Currency on proposed consolidation of National Bank and Trust Company of Norwich, and First National Bank of Afton, approved Oil City-Meadville, Penna., report to FDIC on proposed merger of Crawford County Trust Company, and Oil City National Bank, approved Olean-Allegany, N.Y., report to Comptroller of Currency on proposed merger of First National Bank of Allegany into First National Bank of Olean, New York, approved Orangeburg-North, South Carolina, report to Comptroller of Currency on proposed consolidation of Liberty Bank of North, and Southern National Bank of Orangeburg, approved unanimously Orangeburg-Salley-Swansea, S.C., report to FDIC on proposed merger of Bank of Salley, and Swansea Depository, into Bank of Orangeburg, approved Orwigsburg-Pottsville, Penna., report to Comptroller of the Currency on proposed merger of The Pennsylvania National Bank and Trust Company of Pottsville and The First National Bank and Trust Company of Orwigsburg, approved Ovid -Waterloo, New York, report to Comptroller of the Currency on proposed merger of The First National Bank of Ovid, N.Y., and The First National Bank of Waterloo, New York, approved Pasco-Seattle, Washington, report to Comptroller of the Currency on proposed merger of Mid-Colombia Bank of Pasco and Peoples National Bank of Washington in Seattle, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/12 2674 3/12 873 9/21 3611 5/2 1605 8/17 3132 1/18 217 11/14 3/22 4313 1019 1962 269 Pages Consolidations: (continued) Reports on competitive factors: (continued) Perth Amboy-Carteret, New Jersey, report to the Comptroller of the Currency re proposed merger of First National Bank in Carteret and The Perth Amboy National Bank, approved Philadelphia-Bridgeport, Pa., report to FDIC on proposed merger of Liberty Real Estate Bank and Trust Company, Philadelphia, and Bridgeport National Bank, Bridgeport, approved Phoenix-Prescott, Arizona, report to FDIC on proposed merger of The Bank of Phoenix and The Pioneer Bank of Arizona, approved Phoenixville-Jenkintown, Pa., report to FDIC on proposed merger of Industrial Valley Bank and Trust Company, Jenkintown with Phoenixville Trust Company, approved Pittsburgh-Bridgeville, Pa., report to Comptroller of Currency on proposed consolidation of Union National Bank of Pittsburgh, and Bridgeville National Bank, approved Pittsburgh-Derry, Pa., report to FDIC on proposed merger of First National Bank at Derry, with Brookline Savings and Trust Company, Pittsburgh, approved Pittsburgh-Imperial, Pa., report to Comptroller of Currency on proposed merger of Union National Bank of Pittsburgh, and Imperial Bank, approved Pittsfield-Adams, Mass., report to Comptroller of the Currency on proposed consolidation of The First National Bank of Adams and First Agricultural National Bank of Berkshire County, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/3 2514 3/9 858 2/8 457 8/30 3326 1/12 135 8/20 3154 6/7 2069 6/29 2427 1962 270 Pages Consolidations: (continued) Reports on competitive factors: (continued) Pittsfield-North Adams, Mass., report to Comptroller of the Currency on proposed consolidation of North Adams National Bank and The Agricultural National Bank of Pittsfield, approved Plainswell-Kalamazoo, Mich., report to the Comptroller of Currency on a planned purchase of assets and assumption of liabilities of Plainwell Bank by The American National Bank and Trust Company of Kalamazoo, approved Platte-Presho-Wessington Springs-Sioux Falls, S.D., report to Comptroller of Currency on proposed merger of Farmers & Merchants Bank, Platte, Farmers & Merchants Bank, Presho, Farmers & Merchants Bank, Wessington Springs, into National Bank of South Dakota, Sioux Falls, approved Port Jervis-Middletown, New York, report to Comptroller of the Currency on proposed merger of The National Bank and Trust Company of Port Jervis, and County National Bank, approved Port Richmond-New York City, N.Y., report to Comptroller of Currency on proposed merger of Richmond County National Bank of Port Richmond, into First National City Bank, New York, approved, Gov. Mills dissenting Portland-Brunswick, Maine, report to Comptroller of the Currency on the proposed merger of The First National Bank of Brunswick and The First National Bank of Portland, approved Portland-Dallas, Oregon, report to Comptroller of Currency on proposed merger of Dallas City Bank into First National Bank of Oregon, Portland, approved, Gov. Mills abstaining from participation in discussion and action http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/1 785 4/11 1336 12/3 4598 5/18 1875 8/13 3070 1/24 243 1/16 181 1962 271 Pages Consolidations: (continued) Reports on competitive factors: (continued) Portland-Lewiston, Maine, report to Comptroller of Currency on proposed consolidation of Canal National Bank, Portland, and American Trust Co., Lewiston, approved Pottsville-Orwigsburg, Penna., report to Comptroller of the Currency on proposed merger of The Pennsylvania National Bank and Trust Company of Pottsville and The First National Bank and Trust Company of Orwigsburg, approved Prescott-Phoenix, Arizona, report to FDIC on proposed merger of The Bank of Phoenix and the Pioneer Bank of Arizona, approved Presho-Wessington Springs -Sioux FallsPlatte, South Dakota, report to Comptroller of Currency on proposed merger of Farmers & Merchants Bank, Presho, Farmers & Merchants Bank, Platte, Farmers and Merchants Bank, Wessington Springs, into National Bank of South Dakota, Sioux Falls, approved Princess Anne County -Virginia Beach, Va., report to FDIC on proposed merger of Bank of Princess Anne, into Bank of Virginia Beach, approved Rahway-Elizabeth, N.J., report to Comptroller of Currency on proposed merger of National State Bank, Elizabeth, and Rahway National Bank, approved Rapid City-Sturgis, South Dakota, report to Comptroller of Currency on proposed consolidation of American National Bank of Rapid City, and Bear Butte Valley Bank, Sturgis, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/24 1931 1/18 217 2/8 457 12/3 4598 10/30 4143 8/8 3028 5/2 1605 1962 272 Pages Consolidations: (continued) Reports on competitive factors: (continued) Rapid City, South Dakota, report to Comptroller of the Currency on proposed consolidation of The Western National Bank of Rapid City, and Rapid City Trust Company with American National Bank of Rapid City, approved Red Bank-Freehold, New Jersey, report to Comptroller of the Currency on proposed consolidation of The First National Bank of Freehold and The Monmouth County National Bank, approved Pa., report to Comp-Middleburg, Richfield troller of Currency on proposed consolidation of First National Bank of Middleburg and Richfield Bank, approved unanimously Richmond -Lynchburg, Virginia, report to Comptroller of the Currency on proposed merger of The Peoples National Bank & Trust Company of Lynchburg, and First Merchants National Bank of Richmond, approved News, Va., report to Comp-Newport Richmond troller of Currency re proposed merger of First National Bank of Newport News, Va., into First and Merchants National Bank of Richmond, approved Va., report to Comptroller -Staunton, Richmond of the Currency on proposed merger of Augusta National Bank of Staunton, into First and Merchants National Bank of Richmond, approved Roanoke, Virginia, report to Comptroller of the Currency on proposed merger of The Colonial-American National Bank of Roanoke and The First National Exchange Bank of Roanoke, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/20 2767 2/27 733 4/20 1436 12/14 4780 9/10 3407 8/1 2915 6/20 2215 1962 273 Pages Consolidations: (continued) Reports on competitive factors: (continued) Roanoke-Blacksburg, Va., report to Comptroller of the Currency on proposed merger of Farmers & Merchants National Bank of Blacksburg into First National Exchange Bank of Roanoke, approved Rocky Mount-Manteo, N.C., report to Comptroller of the Currency on proposed merger of Bank of Manteo into Planters National Bank and Trust Company of Rocky Mount, approved Rockville-Baltimore -Catonsville, Maryland, report to Comptroller of the Currency on proposed merger of First National Bank of Baltimore, Catonsville National Bank, and Farmers Banking and Trust Co. of Montgomery County, Rockville, approved Rockville -Baltimore, Maryland, report to Comptroller of the Currency on proposed merger of The Montgomery County National Bank of Rockville, and the Maryland National Bank, approved n, Penna., report to -Jenkintow Royersford FDIC on proposed merger of Industrial Valley Bank Trust Company and The National Bank of Royersford, approved Salem-Campbellsburg, Ind., report to FDIC on the proposal of FarmersCitizens State Bank, Salem, to acquire the assets and assume liabilities of State Bank of Campbellsburg, approved Salisbury-Baltimore, Maryland, report to Comptroller of the Currency on proposed merger of The Salisbury National Bank and The First National Bank of Maryland, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/19 4012 9/21 3612 6/15 2175 7/2 2471 5/21 1881 4/19 1424 11/2 4220 1962 274 Pages Consolidations: (continued) Reports on competitive factors: (continued) Salley-Orangeburg-Swansea, S.C., report to FDIC on proposed merger of Bank of Salley, and Swansea Depository, into Bank of Orangeburg, approved Utah, report to CompCity-Kearns, Lake Salt troller of Currency on proposed merger of Bank of Kearns into Zions First National Bank, Salt Lake City, approved Savannah-Atlanta, Ga., report to Comptroller of Currency on proposed purchase of assets and assumption of liabilities of Citizens and Southern Bank of Atlanta, by Citizens and Southern National Bank, Savannah, approved Sayreville-South River, N.J., report to Comptroller of Currency on proposed consolidation of First National Bank of Middlesex County, South River, and First National Bank of Sayreville, approved Schwenksville-Souderton, Penna., report to Comptroller of Currency re proposed merger of The National Bank and Trust Company of Schwenksville and Union National Bank and Trust Company of Souderton, approved Seattle-Pasco, Washington, report to Comptroller of Currency on proposed merger of Mid -Columbia Bank of Pasco and Peoples National Bank of Washington in Seattle,approved Shenandoah -Charlottesville, Va., report to Comptroller of Currency on proposed merger of First National Bank of Shenandoah, into Peoples National Bank of Central Virginia, Charlottesville, approved Shepherd-Winn, Mich., report to FDIC on proposed consolidation of Winn State Bank and Shepherd State Bank, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/17 3132 1/30 339 4/19 1424 4/27 1507 7/3 2516 3/22 1019 8/22 3170 6/21 2013 1962 275 Pages Consolidations: (continued) Reports on competitive factors: (continued) Shirley-Kennard, Indiana, report to FDIC on proposed merger of Kennard State Bank and The Citizens State Bank of Shirley, approved e-Presho-Wessington Springs, Falls-Platt Sioux South Dakota, report to Comptroller of the Currency on proposed merger of Farmers & Merchants Bank, Platte, Farmers & Merchants Bank, Presho, Farmers & Merchants Bank, Wessington Springs, into National Bank of South Dakota, Sioux Falls, approved Smethport-Mount Jewett, Pa., report to FDIC on proposed acquisition of assets and assumption of liabilities of Mount Jewett National Bank, by Hamlin Bank and Trust Company, Smethport, approved Smithfield-Lincolnton, N.C., report to FDIC on proposed merger of Lincoln National Bank of Lincolnton, into First-Citizens Bank & Trust Co., Smithfield, approved Souderton-Schwenksville, Pa., report to Comptroller of the Currency re proposed merger of The National Bank and Trust Co., Schwenksville and Union National Bank and Trust Co., of Souderton, approved South River -Sayreville, N.J., report to Comptroller of the Currency on proposed consolidation of First National Bank of Middlesex County, South River, and First National Bank of Sayreville, approved Staunton-Richmond, Va., report to Comptroller of the Currency on proposed merger of Augusta National Bank of Staunton, into First and Merchants National Bank of Richmond, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/29 2428 12/3 4598 8/27 3196 7/13 2700 7/3 2516 4/27 1507 8/1 2915 1962 276 Pages Consolidations: (continued) Reports on competitive factors: (continued) Sturgis-Rapid City, South Dakota, report to Comptroller of the Currency on proposed consolidation of American National Bank of Rapid City, and Bear Butte Valley Bank, Sturgis, approved Swansea-Orangeburg -Salley, S.C., report to FDIC on proposed merger of Bank of Salley, and Swansea Depository, into Bank of Orangeburg, approved Takoma Park-Hyattsville, Maryland, report to FDIC on proposed merger of Citizens Bank of Takoma Park into Suburban Trust Company, Hyattsville, approved Question re supplemental report to FDIC in light of information submitted by Suburban Trust re plans of Baltimore banks to expand into Washington, D.C., area with possible effect on competitive factors in connection with, view that supplemental report is not necessary Letter to FDIC re additional information presented in connection with its reconsideration of proposed merger, reference to conclusion in Board's earlier report Thompsonville-Windsor Locks, Conn., report to Comptroller of the Currency on proposed consolidation of First National Bank of Windsor Locks and First National Bank of Thompsonville, approved Tiffin-Fostoria, Ohio, report to Comptroller of the Currency on proposed merger of The City National Bank of Tiffin and The First National Bank of Fostoria, approved Union Mills-LaPorte, Indiana, report to FDIC on proposed merger of LaPorte Bank and Trust Company and Union State Bank, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/2 1605 8/17 3132 4/26 1495 6/5 2059 8/30 3325, 3333 6/29 2428 10/11 3887 11/27 4517 1962 277 Pages Consolidations: (continued) Reports on competitive factors: (continued) Uniontown-Meyersdale, Penna., report to Comptroller of the Currency on proposed purchase of assets and assumption of liabilities of The Second National Bank of Meyersdale, by Gallatin National Bank, Uniontown, approved Valley Stream-Bellport, N.Y., report to Comptroller of the Currency on proposed merger of Bellport National Bank into Valley National Bank of Long Island, Valley Stream, approved Valley Stream-Kings Park, N.Y., report to Comptroller of the Currency on proposed merger of The National Bank of Kings Park and Valley National Bank of Long Island, approved Vandalia-Dayton, Ohio, report to Comptroller of Currency on proposed merger of Vandalia State Bank, into Third National Bank and Trust Company of Dayton, approved Vergennes-Burlington-Montpelier, Vermont, report to FDIC on proposed purchase of assets and assumption of liabilities of Capital Savings Bank and Trust Company, Montpelier, by Chittenden Trust Company, Burlington, and proposed merger of National Bank of Vergennes, with Chittenden Trust Company, approved Application involving Capital Savings Bank and Trust Company, Montpelier withdrawn by Chittenden Trust Co. Vergennes-Burlington, Vermont, report to FDIC on proposed merger of National Bank of Vergennes, with Chittenden Trust Company, Burlington, approved Virginia Beach -Princess Anne County, Va., report to FDIC on proposed merger of Bank of Princess Anne, into Bank of Virginia Beach, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/2 2471 5/31 1981 2/23 707 10/19 4012 3/14 886 5/10 1781 5/10 1781 10/30 4143 1962 278 Pages Consolidations: (continued) Reports on competitive factors: (continued) Walnut Cove-Madison-North Wilkesboro-Morganton, N. C., report to FDIC on proposed merger of State Bank of Burke, Morganton, State Planters Bank, Walnut Cove, and Bank of Madison, into Northwestern Bank, North Wilkesboro, approved Supplementary material reviewed, letter to FDIC indicating no change in opinion Warsaw-Coshocton, Ohio, report to Comptroller of the Currency on proposed purchase of assets and assumption of liabilities of Farmers and Merchants Bank Company, Warsaw, by Coshocton National Bank, approved Waterloo-Interlaken, New York, report to Comptroller of the Currency on proposed consolidation of First National Bank of Waterloo, and Wheeler National Bank, Interlaken, approved Waterloo-Ovid, New York, report to Comptroller of the Currency on proposed merger of The First National Bank of Ovid, and The First National Bank of Waterloo, approved Wellsville-Bolivar, New York: Report to Comptroller of the Currency on proposed consolidation of Citizens National Bank of Wellsville, and State Bank of Bolivar, approved Report to FDIC on proposed merger of The First National Bank of Bolivar, and The First Trust Company of Allegany County, Wellsville, New York, approved Wessington Springs-Sioux Falls-Platte-Presho, South Dakota, report to Comptroller of the Currency on proposed merger of Farmers & Merchants Bank, Presho, Farmers & Merchants Bank, Platte, Farmers & Merchants Bank, Wessington Springs, into National Bank of South Dakota, Sioux Falls, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/30 3326 11/5 4236 7/13 2700 8/22 3171 11/14 4313 5/15 1827 7/24 2816 12/3 4598 1962 279 Pages Consolidations: (continued) Reports on competitive factors: (continued) West Chester-Avondale, Pa., report to Comptroller of the Currency on proposed consolidation of National Bank of Avondale and National Bank of Chester County and Trust Company, West Chester, approved Md., report to FDIC r-Manchester, Westminste on proposed merger of Manchester Bank, Carroll Trust Company, Manchester, and Carroll County National Bank, Westminster, approved Weyers Cave-Harrisonburg, Va., report to Comptroller of the Currency on proposed merger of AugustaRockingham Bank, Weyers Cave, and Rockingham National Bank of Harrisonburg, approved Wheeling, W. Va., report to Comptroller of the Currency on proposed merger of Security Trust Company into National Bank of West Virginia at Wheeling, approved Wilmington-Charlotte, North Carolina, report to the Comptroller of the Currency on proposed merger of The Bank of Wilmington, and North Carolina National Bank, Charlotte, approved Windsor Locks-Thompsonville, Conn., report to Comptroller of the Currency on proposed consolidation of First National Bank of Windsor Locks and First National Bank of Thompsonville, approved Winn-Shepherd, Michigan, report to FDIC on proposed consolidation of Winn State Bank and Shepherd State Bank, approved Winston -Salem-Charlotte, N.C., report to Comptroller of the Currency on proposed merger of City National Bank of Winston-Salem, into First Union National Bank of North Carolina, Charlotte, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/20 12/26 950 4104 6/15 2175 5/16 1838 5/22 1902 6/29 2428 6/21 2013 8/13 3073 1962 280 Pages Consolidations: (continued) Reports on competitive factors: (continued) York-Harrisburg, Pennsylvania, report to Comptroller of the Currency on proposed merger of Citizens Trust Company of Harrisburg into National Bank & Trust Company of Central Pennsylvania, York, approved York-Middletown, Pennsylvania, report to Comptroller of the Currency on proposed merger of Farmers Trust Company of Middletown, and National Bank & Trust Company of Central Pennsylvania, York, approved (Individual banks): Asbury Park and Ocean Grove Bank, Asbury Park, N.J., application to merge with The Central Jersey Bank and Trust Company, Freehold, N.J., with the second bank retaining its title, official staff and main office lovation, relinquishing only its charter, and to operate branches at the present ten offices of the Freehold bank, oral presentation arranged for May 25, 1962, order issued scheduled oral presentation re Comments unanimously denied Application of denial issued statement and Order Reconsideration of application requested by New Jersey State Commissioner of Banking and Insurance, agreed that application should not be reconsidered, letter to Commissioner Howell Bank of Alberta, Va., application of Farmers & Merchants Bank of Lawrenceville, Va., to merge with, approved unanimously Issuance of order and statement authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/18 2745 10/4 3793 5/7 5/24 6/18 6/29 1738, 1755 1931 2194 2431,2456-58 10/29 8/20 8/27 4117, 4133 3155 3197,3221-23 1962 281 Pages Consolidations: (continued) Bank of Delevan, N.Y., proposed merger into The Citizens Central Bank, Arcade, N.Y., view expressed that processing should be expedited under the 10-day provision of the bank merger legislation, due to substantial losses, as the result of a check kiting operation, incurred by, in light of additional information received from the FRBank of New York, matter discussed further on January 5, 1962 Information from the FRBank of N.Y., indicating that stockholder's meetings plus notice in local newspapers, prior to the merger, was required under New York State law, recommendation to be submitted for action by Jan. 19 or 20, 1962 Application approved, issuance of order and statement authorized Bank of Glassport, Pa., application by Peoples Union Bank and Trust Company, McKeesport, Pa., to merge with, approved Issuance of order and statement authorized Bank of Idaho, Boise, Idaho, application to merge with First National Bank of Bonners Ferry, Idaho, and to operate a branch incident to merger, approved Issuance of order and statement authorized, Mr. Sherman reported that Gov. King was agreeable to issuance Request by Congressman Patman re applicability of sec. 3(d) of the Bank Holding Company Act re, reply approved Bank of Orchard Park, N.Y., application of Liberty Bank and Trust Company, Buffalo, N.Y., to merge with, and to operate a branch at present location of, approved, Gov. Mitchell dissenting Issuance of order, majority statement, and dissenting statement of Gov. Mitchell, authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/4 39 1/5 52 1/24 245,282-84 9/28 10/5 3708 3815,3835-37 2/12 507 2/16 601,613-15 4/16 1376, 1382 2/15 570 2/28 764, 773 1962 282 Pages Consolidations: (continued) Bank of Saddle Brook and Lodi, Saddle Brook, N.J., application to merge into Hackensack, N.J., and to operate branches at present locations of, approved, statement re capital position of Hackensack Trust Company to be included in letter transmitting Board's order Question re including reference to capital position discussed, statement to be redrafted Issuance of order and statement authorized, format of statements for routine cases discussed in connection with preparation of statement re Bank of Wood County Company, Bowling Green, Ohio, application to consolidate with Perrysburg Banking Company, Perrys burg, Ohio, approved Issuance of order and statement authorized Broadalbin Bank, Broadalbin, N.Y., application of First Trust Company of Albany, N.Y., to merge with, and to operate a branch at present location of, approved order and statement authorized of Issuance and Trust Company, Freehold, Bank Jersey Central N.J., application of Asbury Park and Ocean Grove Bank, Asbury Park, N.J., to merge with, allowing the Freehold bank to retain its title, official staff, and main office location, relinquishing only its charter, and to operate branches at its present ten offices, agreed that both banks would be afforded an opportunity for a public oral presentation Oral presentation arranged for May 25, 1962, order issued Comments re scheduled oral presentation Application denied Order and statement of denial issued http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/11 115-17 1/12 144 1/17 203,209-11 6/4 6/8 2033 2087, 2106 3/14 3/20 888 951, 969 5/7 1738 5/7 5/24 6/18 6/29 1742, 1755 1931 2194 2431,2456-58 1962 283 Pages Consolidations: (continued) Central Trust Company, Rochester, N.Y., application to merge with Prattsburgh State Bank, Prattsburgh, N.Y., approved order and statement authorized, of Issuance including operation of branch at present location of Prattsburgh State Bank Chase Manhattan Bank, N.Y., application to merge with Hempstead Bank, Hempstead, N.Y., in connection with scheduled oral presentation, request that certain portions of application be kept confidential, no objection, application furnished by applicant bank to Congressman Celler with confidential material deleted Understood that letter from the Comptroller of the Currency recommending against approval, and letter from, replying to Comptroller's letter, to be made part of the public record, errata sheets for transcripts of oral presentation to be prepared and filed with official documents Delay in processing application by Board's staff, discussed, understood Mr. Sherman to prepare report of prospective schedule for completing action on certain other cases and Question re procedure to follow re announcement of Board's decision re, discussion and consensus with respect to question Application denied with Governors Mills and King dissenting Issuance of order and statement authorized, accompanied by dissenting statement by Governor Mills Request by Chairman of Hempstead Bank for informal and confidential hearing with members of Board, presumably re application, agreement re arrangement for meeting noted Meeting to be held this afternoon noted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/16 4358 11/23 4477,4483-85 1/4 39-40 2/7 443-44 3/9 860 4/3 1130 4/6 1244 4/30 1528,1574-86 5/9 5/11 1763 1808 1962 284 Pages Consolidations: (continued) Chemical Bank New York Trust Company, New York, N.Y., application to merge with Long Island Trust Co., Garden City, N.Y., request that certain portions of application be kept confidential in connection with scheduled oral presentation, no objection Application requested by Chairman Celler of the House Judiciary Committee, furnished by applicant bank with confidential material deleted Understood letter from Comptroller of the Currency recommending against approval, and letter from, replying to Comptroller's letter, to be made part of the public record, errata sheets for transcript of oral presentation of, to be prepared and filed with official documents Delay in processing application by Board's staff discussed, understood Mr. Sherman to prepare prospective schedule for completing action on certain other cases and Question re procedure to be followed re announcement of Board's decision re, discussion and consensus with respect to question Application denied with Governors Mills and King dissenting Issuance of order and statement re denial authorized with dissenting statement by Governor Mills Citizens Bank of Perry, N.Y., application to merge with The First National Bank of Perry, N.Y., under the charter of the former and title, The Bank of Perry, and to operate a branch for a one-year period at the location of, approved with Governors Robertson, and Mitchell dissenting Issuance of order, statement and dissenting statement of Governors Robertson and Mitchell authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/4 39 1/4 40 2/7 443-44 3/9 860 4/3 1130 4/6 1244 4/30 1527,1552-69 7/9 2558 7/23 2785, 2802 1962 285 Pages Consolidations: (continued) Citizens Central Bank, Arcade, N.Y., proposed merger of Bank of Delevan, N.Y., into, view expressed that processing should be expedited under the 10-day provision of the bank merger legislation, due to substantial losses by the Bank of Delevan as the result of a check kiting operation, in light of additional information received from the FRBank of New York, matter discussed further on Jan. 5, 1962 Information from the FRBank of N.Y., indicating that stockholder's meetings plus notice in local newspapers, prior to the merger, was required under New York State law, recommendation to be submitted for action by January 19 or 20, 1962 Application approved, issuance of order and statement authorized Citizens Coinmercial & Savings Bank, Flint, Mich., question re reconsideration of application to consolidate with Old Corruna State Bank, Corruna, Mich., position of Michigan State Commissioner of Banking discussed, denial of application reaffirmed, Chairman Martin, Governors Robertson and Shepardson voting to reaffirm, Governor Mills dissenting, and Governors Balderston, King, and Mitchell abstaining City Trust Company, Bridgeport, Conn., application to merge with West Side Bank, Bridgeport, Conn., and to operate a branch at the present office of the latter bank, approved, Governors Balderston and Robertson dissenting, Order and statement for approval issued, with dissenting statements of Governors Balderston and Robertson http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/4 37-39 1/5 52 1/24 245,282-84 1/10 84, 105 3/14 889 3/23 1040,1048-56 1962 286 Pages Consolidations: (continued) Columbus Junction State Bank, Columbus Junction, Iowa, application to purchase the assets and assume the liabilities of The Louisa County National Bank of Columbus Junction, Iowa, approved order and statement approved of Issuance Nashville, Tenn., applicaBank, Union Commerce tion for merger of Broadway National Bank of Nashville, Tenn., into, application approved Issuance of order and statement authorized Commonwealth Bank and Trust Company, Pittsburgh, Pa., granted extension of time within which to dispose of shares of stock of other banks acquired in merger with Butler Savings and Trust Company Connecticut Bank and Trust Company, Hartford, Conn., application to merge with Wallingford Bank and Trust Company, Wallingford, Conn., and to operate a branch at the location of the latter bank, approved Issuance of order and statement authorized County Trust Company, White Plains, N.Y., application to merge with Gramatan National Bank and Trust Company of Bronxville, N.Y., approved Order and statement of approval issued, with two offices of Gramatan National to be operated as branches of Dauphin Deposit Trust Company, Harrisburg, Pa., application to merge with the First National Bank of Mount Holly Springs, Pa., and to operate a branch at the location of the latter bank, denied with Gov. Mills dissenting, possibility of an oral presentation discussed, agreement against prior to announcing Board's decision http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/18 1/24 219 245,276-78 4/24 5/2 1462 1606, 1628 3/14 886, 904 8/8 8/17 3033 3133,3143-45 10/29 4113 11/7 4277,4287-89 7/3 2517-21 1962 287 Pages Consolidations: (continued) Dauphin Deposit Trust Company: (continued) Order, majority and dissenting statements reviewed, agreed majority statement be revised for further consideration Issuance of order denying, majority statement and dissenting statement of Governor Mills authorized Plan to request reconsideration of the denied application, reply to Martin P. Snyder, attorney for Request for reconsideration of Board's denial, counsel informed that vote for denial by five members with one dissent provides no support to a petition for reconsideration Davison State Bank, Davison, Mich., application of Genesee Merchants Bank & Trust Co., Flint, Mich., to consolidate with, approved, issuance of order and statement authorized, case processed under 10-day emergency provision of Bank Merger Act in light of irregularities at, noted Deposit Guaranty Bank and Trust Company, Jackson, Miss., application to merge with Bank of Hazlehurst, Miss., (denied by Board) report on competitive factors involved in, submitted to Board by Justice Dept., to be transmitted to W.S. Henley, Jackson, Miss., attorney for, subject to check with Justice Dept. Application to merge with Rankin County Bank, Brandon, Miss., (denied by Board) report on competitive factors involved in, submitted to Board by the Justice Department, requested by, in light of possibility of applying again for permission to effect the merger, agreed to furnish, it having been ascertained that Justice would not object http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/12 2675 7/13 2701, 2709 8/8 3027, 3046 10/24 4042,4060-61 11/19 4374,4422-24 5/24 11/19 1929, 1941 4380 1962 288 Pages Consolidations: (continued) Farmers and Merchants Bank of Lawrenceville, Va., application to merge with Bank of Alberta, Va., approved Issuance of order and statement, authorized Farmers and Merchants Bank of Long Beach, Calif., application to acquire assets and assume liabilities of Farmers and Merchants Bank of Southern Counties, Long Beach, Calif., and to establish branches at locations of offices of latter bank, approved Issuance of order and statement authorized Farmers and Merchants Bank, Salisbury, Maryland, application of Union Trust Company of Maryland, Baltimore, Md., to merge with, and to operate branches at the locations of the offices of, approved with Governor Robertson dissenting of order and statement, and dissentIssuance ing statement of Governor Robertson authorized Farmers and Merchants Bank of Southern Counties, Long Beach, Calif., application of Farmers and Merchants Bank of Long Beach, Calif., to acquire assets and assume liabilities of, and to establish branches at locations of offices of, approved Issuance of order and statement authorized First Trust Company of Albany, N.Y., application to merge with Broadalbin Bank, Broadalbin, N.Y., and to operate a branch at present location of latter bank, approved of order and statement authorized Issuance Trust and Gary Savings Bank, Gary, Indiana, application to merge with Lake County State Bank, East Gary, Ind., under charter of the former and title of Bank of Indiana, approved Issuance of order and statement authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/20 8/27 3155 3197,3221-23 3/21 3/28 987 1085, 1096 6/13 2137 6/25 2301, 2315 3/21 3/28 987 1085, 1096 3/14 3/20 888 951, 969 10/18 10/29 3976 4122,4134-36 1962 289 Pages Consolidations: (continued) Genesee Merchants Bank & Trust Company, Flint, Mich., application to consolidate with Davison State Bank, Davison, Mich., approved, discussion and understanding re revision of statement, issuance of order and statement authorized, case processed under 10-day emergency provision of Bank Merger Act in light of irregularities at Davison State Bank, as requested by Michigan State Banking Commissioner Gotham Bank, N.Y., N.Y., possible merger of Royal State Bank, New York, N.Y., and, said to be opposed by State banking authorities, but Comptroller of the Currency willing to approve conversion of latter bank into national bank and thereafter approve merger Hackensack Trust Company, Hackensack, N.J., application to merge Bank of Saddle Brook and Lodi, Saddle Brook, N.J., into, and to operate branches at present locations of two offices of the latter, approved, statement re capital position of Hackensack Trust Company to be included in letter transmitting Board's order Question of including reference to capital position discussed, statement to be redrafted Issuance of order and statement authorized, format of statements for routine cases discussed in connection with preparation of statement re Understanding with State Commissioner of Banking and Insurance that a recapitalization program will be developed following the merger with Bank of Saddle Brook & Lodi, Saddle Brook, N.J., Board requested to be advised re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/19 4374,4422-24 11/19 4379 1/11 115 1/12 144 1/17 203,209-11 2/16 611 1962 290 Pages Consolidations: (continued) Hadley Falls Trust Company, Holyoke, Mass., application of Springfield Safe Deposit and Trust Company, Springfield, Mass., to consolidate with, approved, capital position and portfolio of investments discussed Issuance of order and statement authorized, title will be changed to Safe Deposit Bank and Trust Company N.Y., application of Hempstead, Hempstead Bank, Chase Manhattan Bank, N.Y., to merge with, request that certain portions of application be kept confidential in connection with oral presentation, no objection Application requested by Chairman Celler of the House Judiciary CoLmuittee, furnished by applicant bank with confidential material deleted Letter from Comptroller of the Currency recommending against Board approval to be made part of the public record, errata sheets for transcript of oral presentation to the Board in connection with application to be prepared and filed with official documents Delay in processing by Board's staff discussed, understood Mr. Sherman to prepare report of prospective schedule for completing action on certain other cases and Question re procedure to be followed re announcement of Board's decision Following review of oral presentation and expression of Board views, application denied by majority vote with Governors Mills and King voting to approve Hillsboro Bank and Savings Company, Hillsboro, Ohio, application to purchase assets and assume liabilities of Citizens Bank and Savings Company, Leesburg, Ohio, and to operate a branch at present head office of latter bank, approved of order and statement authorized Issuance http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/30 340 2/2 396,401-03 1/4 39 1/4 40 2/7 443-44 3/9 860 4/3 1130 4/6 1244 6/8 6/18 2087 2184, 2203 1962 291 Pages Consolidations: (continued) Lawrence Savings and Trust Company, New Castle, Pa., application to acquire assets and assume liabilities of the First National Bank of Wampum, Pa., and incident thereto to operate a branch at the location of the latter bank, approved Issuance of order and statement of approval authorized with understanding that suggestions by Governors Mills and King would be taken into account Liberty Bank and Trust Company, Buffalo, N.Y.: Application to merge with Bank of Orchard Park, N.Y., and to operate a branch at present location of the latter bank, approved with Gov. Mitchell dissenting, Issuance of order, majority statement, and dissenting statement, authorized Application to merge with First National Bank of Batavia, N.Y., approved, Governor Robertson dissenting Issuance of order, statement, and dissenting statement authorized Long Island Trust Company, Garden City, N.Y., application of Chemical Bank New York Trust Company, New York, N.Y., to merge with, request that certain portions of application be kept confidential in connection with oral presentation, no objection Application requested by Chairman Celler of the House Judiciary Committee, furnished by applicant bank with confidential material deleted Letter from Comptroller of the Currency recommending against approval, and letter from Chemical Bank, N.Y., Trust Company replying to Comptroller's letter, to be made part of the public record, errata sheets for transcript of oral presentation to Board in connection with application to be prepared and filed with official documents http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/8 3034 8/22 3171,3180-82 2/15 570 2/28 764, 773 12/12 4744 12/20 4851,4888-96 1/4 39 1/4 40 2/7 443-44 1962 292 Pages Consolidations: (continued) Long Island Trust Company, Garden City, N.Y.: (continued) Delay in processing by Board's staff discussed, Mr. Sherman to prepare prospective schedule for completing action on certain other cases and 3/9 Question re procedure to be followed re announcement of Board's decision 4/3 Following review of oral presentation and expression of Board's views, application denied by majority vote with Governors Mills and King voting to approve 4/6 Old Corunna State Bank, Corunna, Mich., question re reconsideration of application of Citizens Commercial & Savings Bank, Flint, Mich., to consolidate with, denial of application reaffirmed, Chm. Martin, Governors Robertson and Shepardson voting to reaffirm, Gov. Mills dissenting, and Governors Balderston, King and Mitchell abstaining 1/10 Peoples Bank and Trust Company, Grand Haven, Mich., application to consolidate with The Spring Lake State Bank, Spring Lake, Michigan, and to establish a branch at the present location of the latter bank, approved with Governor Robertson dissenting 6/13 Issuance of order, statement, and dissenting statement, authorized 6/25 Request from Michigan State Superintendent for consuuunation of consolidation on seventh day after Board's order, agreed that Board's rule could be construed as allowing consununation on the seventh day 6/26 Peoples Savings and Trust Company, Hazleton, Pa., application to purchase assets and assume liabilities of the First National Bank in Freeland, Pa., and to operate a branch at the present location of the Freeland bank, approved 5/7 Issuance of order and statement authorized 5/10 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 860 1130 1244 84, 105 2134 2301, 2323 2332 1737 1783, 1798 1962 293 Pages Consolidations: (continued) Peoples Union Bank and Trust Company, McKeesport, Pa., application to merge with Bank of Glassport, Pa., approved Issuance of order and statement authorized Peru Trust Company, Peru, Indiana, application to merge with Farmers State Bank, Mexico, Ind., and request for permission to establish a branch at the present location of Farmers State Bank, approved Order and statement issued Prattsburgh State Bank, Prattsburgh, N.Y., application of Central Trust Company, Rochester, N.Y., to merge with, approved Issuance of order and statement authorized, including operation of branch at present location of Southern Bank and Trust Company, Richmond, Va., application to merge with Citizens Bank of Chesterfield, Bon Air, Va., approved Issuance of order and statement authorized Southwest Bank, Inglewood, Calif., renewed petition for reconsideration of application to merge into United California Bank, Los Angeles, Calif., agreed that arrangements be made for a private oral presentation, FRBank of San Francisco to obtain current information on situation Request for copies of reports on competitive factors submitted to the Board by Federal Supervisory agencies and Justice Department Private oral presentation heard by Board, stenographic report made with the understanding that a copy of the transcript would be placed in the Board's files Understood errata sheets for transcript of oral presentation, to be prepared and filed with official documents http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/28 10/5 3708 3815,3835-37 3/22 3/23 1021 1240,1058-60 11/16 4358 11/23 4477,4483-85 6/5 6/13 2056 2134,2150-52 1/16 182 1/22 230 1/25 294 2/7 444 1962 294 Pages Consolidations: (continued) Southwest Bank, Inglewood, California: (continued) In light of oral presentation and report of FRBank of San Francisco application approved, Governors Robertson and Mitchell dissenting Issuance of order and statement authorized, Mr. Sherman reported that Governor King was agreeable to issuance Spring Lake State Bank, Spring Lake, Michigan, application of Peoples Bank and Trust Company, Grand Haven, Mich., to consolidate with, and to establish a branch at the present location of, approved with Governor Robertson dissenting Issuance of order, statement, and dissenting statement authorized Request from Michigan State Superintendent for consulimmtion of consolidation on seventh day after Board's order, agreed that Board's rule could be construed as allowing consummation on the seventh day Springfield Safe Deposit and Trust Company, Springfield, Mass., application to consolidate with Hadley Falls Trust Company, Holyoke, Mass., approved Issuance of order and statement authorized, title will be changed to Safe Deposit Bank and Trust Company State Bank of Hardinsburg, Indiana, application of State Bank of Salem, Indiana to purchase assets and assume liabilities of, and to establish a branch at the present location of, approved, Dept. of Justice advised that their unfavorable report on competitive factors was based on mistaken information, advice received that a revised report would be submitted Issuance of order and statement authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/12 508 2/16 601,619-21 6/13 2134 6/25 2301, 2323 6/26 2332 1/30 340 2/2 401-03 7/11 7/13 2575 2703, 2722 1962 295 Pages Consolidations: (continued) State Bank of Salem, Indiana, application to purchase assets and assume liabilities of State Bank of Hardinsburg Ind., and to establish a branch at location of latter bank, approved State-Planters Bank of Commerce and Trusts, Richmond, Va., application to merge with Suburban Bank, Henrico, County, Va., and incident thereto to operate branches at locations of latter bank, approved Issuance of order and statement authorized, with the understanding that suggestions by Governors Mills and King re statement be taken into account Union and New Haven Trust Company, New Haven, Connecticut, application to merge with the Madison Trust Company, Madison, Conn., approved with the understanding that any shares of its own stock acquired upon consummation must be disposed of within 30 days from date of acquisition Issuance of order and statement authorized, letter re disposal of stock approved Union Trust Company of Maryland, Baltimore, Md.: Application to merge with Kingsville Bank, Kingsville, Md., and to operate branches at present offices of latter bank, approved Issuance of order and statement authorized Application to merge with Farmers and Merchants Bank, Salisbury, Md., and to operate branches at the locations of the offices of the latter bank, approved with Governor Robertson dissenting, trend in Maryland toward concentration of banking resources in a few large banks discussed Issuance of order, statement, and dissenting statement authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/11 2575 8/20 3157 8/22 3172,3186-88 10/3 3754 10/9 3850,3855-60 3/14 893 3/20 950, 962 6/13 2137 6/25 2301, 2315 1962 296 Pages Consolidations: (continued) Union Trust Company of Maryland, Baltimore, Md.: (continued) Application to merge with Liberty Bank, Easton, Md., approved, question re statement for Annual Report in light of adverse report on competitive factors by Justice Department 10/9 3847 Issuance of order and statement authorized 10/12 3919,3925-27 United California Bank, Los Angeles, Calif.: Application to merge Southwest Bank, Inglewood, Calif., into, petition for reconsideration re, agreed arrangements be made for a private oral presentation, FRBank of San Francisco to obtain current information on situation at Southwest Bank 1/16 182 Request for copies of reports on competitive factors submitted to Board by Federal supervisory agencies and Justice Department, granted pending check with the agencies involved 1/22 230 Private oral presentation heard by Board, stenographic report made with the understanding that a copy of the transcript would be placed in the Board's files 1/25 294 Understood errata sheets for transcript of oral presentation to be prepared and filed with official documents 2/7 444 In light of oral presentation and report to FRBank of San Francisco application approved, Governors Robertson and Mitchell dissenting 2/12 508 Issuance of order and statement authorized, Mr. Sherman reported that Governor King was agreeable to issuance 2/16 601,619-21 Application to merge with First National Bank of Vista, Calif., request by, for competitive factor reports submitted to Board by FDIC and Justice Department, denied, Governor Robertson and Mitchell dissenting 1104, 1124 4/2 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 297 Pages Consolidations: (continued) United California Bank: (continued) Application to merge: (continued) Agreed that an opportunity for a public oral presentation should be accorded to, arranged for May 25, 1962, order issued Comments re scheduled oral presentation and certain actions taken in accordance with usual procedures Oral presentation discussed, following expression of views, application denied, Chairman Martin and Gov. Shepardson voting to approve Issuance of order, statement, and dissenting statement of Chm. Martin and Gov. Shepardson, authorized Application to merge with Farmers and Merchants Bank of Blythe, Calif., and to operate a branch incident thereto, approved Issuance of order and statement authorized Walker Bank and Trust Company, Salt Lake City, Utah: Application to merge with the First National Bank of Price, Utah, request by Congressman Patman re applicability of sec. 3(d) of the Bank Holding Company Act, with respect to the application of, a subsidiary of Western Bancorporation, Los Angeles, California, reply approved Application approved, Gov. Robertson dissenting Issuance of order, statement, and dissenting statement, authorized, operation of a branch incident thereto, approved West Side Bank, Bridgeport, Conn., application of City Trust Company, Bridgeport, Conn., to merge with, and to operate a branch at present office of, approved, Governors Balderston and Robertson dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/7 1731, 1753 5/24 1931 6/11 2118 6/20 2217,2223-31 7/12 2675 7/20 2767,2775-77 4/16 1376, 1382 11/6 4260 11/21 3/14 4447,4462-71 889 1962 298 Pages Consolidations: (continued) West Side Bank, Bridgeport, Conn.: (continued) Order and statement for approval issued, with dissenting statement of Governors Balderston and Robertson Wilmington Trust Company, Wilmington, Delaware, application to purchase assets and assume liabilities of Townsend Trust Company, Townsend, Delaware, and to continue the latter bank as a branch of, and additional investments in bank premises, approved of order and statement authorized Issuance Windber Bank and Trust Company, Windber, Pa., (formerly Windber Trust Company) application to acquire assets and assume liabilities of Central City National Bank, Central City, Pa., and to operate a branch at office of latter bank, approved order and statement authorized of Issuance Construction: Developments in area of housing and, views of FAC re recent rise in housing starts, FHA and VA applications and appraisal requests, and construction of apartments in larger cities in spite of relatively high vacancy rates, expressed in joint meeting with Board markets and activity in, impressions estate Real re strength of, in light of revaluation of stock prices, topic for discussion with FAC Views with respect to, expressed at joint meeting with FAC Consumer buying intentions: Survey re, conducted by Bureau of the Census, request by Bureau of the Budget for Board's interim financial support for the quarterly July 1962 survey, in light of deferred Congressional action, approved subject to clearance with the House Appropriations Subcommittees, any resulting over -expenditure in the 1962 budget of Div. of Research and Statistics authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/23 1040,1048-56 6/11 6/21 2117 2240, 2250 6/8 6/21 2088 2241, 2255 5/1 1590 11/2 4220, 4232 11/20 6/29 4433 2418,2433-34 1962 299 Pages Consumer buying intentions: (continued) Survey: (continued) No objection from Appropriations Subcommittees, letter to Bureau of the Budget authorizing payment Consumer credit: Topic for discussion with FAC Views that demand for, will rise seasonally with modest increase in consumer and real estate loans, expressed at joint meeting with FAC Finance charges, H.R. 9619, a bill to require the disclosure of finance charges in the extension of credit, report to Congressman Dawson, Chairman of the Committee on Government Operations Board's views reiterated in reply to Budget Bureau and Council of Economic Advisers Consumer finances: Surveys of, program for 1963 including an estimated $240,000 for a consumer financial positions survey and an additional $25,000 for the remaining methodological survey, approved Nationwide survey re, provision for expected cost included in 1963 budget Consumers: Department of, H.R. 9619, a bill to establish and prescribe the functions of a, report to Congressman Dawson, Chairman of the Committee on Government Operations Interests of, possible Presidential message concerning, Board's views requested by Budget Bureau and Council of Economic Advisers, reply approved Draft of contemplated Presidential message received from Budget Bureau, with request for Board suggestions, agreed Budget Bureau be advised informally that the Board had no comments http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/29 2421, 2435 8/28 3232, 3258 9/18 3564 2/5 409, 423 2/9 500 11/7 4278-80 12/10 4691 2/5 409, 423 2/9 480, 500 3/5 821
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