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INDEX TO MINUTES
OF
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
1962
(PART 2)
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1962
300
Pages
Contracts.
Annex or addition to Board's building, Governor
Shepardson authorized to work
out an agreement with Harbeson
Hough Livingston and Larson,
Philadelphia, Pa., for development of new plans for
Concurrence in Gov. Shepardson's understanding re authorization to negotiate
a new contract with the architects
Governor Shepardson authorized to proceed
with final details of the contract,
upon completion the Secretary
authorized to execute it on behalf of the Board
Fallout shelter facilities in Board's garage
area, negotiated contract with
George A. Fuller Company for
installation of, authorized
Secretary authorized to execute contract
on behalf of the Board
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 and Telegraph Company, advice sent to
Presidents of all FRBanks
National Bureau of Economic Research, Inc., New
York, N.Y., contract to furnish
Board with results of various
research projects at cost of
$7,500 executed by Governor
Shepardson with understanding
re future contracts, and resulting overexpenditure in 1962
budget of the Div. of Research
and Statistics
Retirement System of the FRBanks, review of,
authorization for services of
Professor Dan McGill of the
University of Pennsylvania to
review certain aspects of
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/12
3435
9/27
3692
11/2
4224
9/12
3433
9/28
3727
10/25
4064,4079-80
11/15
4352
6/11
2125
1962
301
Pages
Contributions:
Contingency fund of FRBank of Kansas City, report on status of, by President
Clay
Plan of closing out, memorandum from Division of Examinations with respect to
Kansas City Downtown Committee, decision by FR
Bank of Kansas City to discontinue contribution to, in light
of Board's letters re membership
dues and contributions, Board
did not disagree with decision
Conversions:
Branch banks which may be retained upon merger,
consolidation, or conversion,
where continuing or acquiring
bank would be a national bank,
amendment to section 5155, Revised Statutes relating to, proposed by Treasury Dept. report
sent to Budget Bureau
H.R. 12825, bill to amend section 5155,
Revised Statutes, relating to,
report to Chm. Spence, of the
House Banking and Currency Committee, approved, Mr. Solomon
designated to testify on behalf
of the Board before Subcommittee
No. 1, draft of statement distributed
H.R. 12899, bill to amend section 5155, Revised Statutes, relating to, 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 Committee, re
Report of enrolled bill H.R. 12899
sent to Budget Bureau
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/3
20
6/8
2086, 2104
2/14
556
4/10
1313, 1331
8/13
3078, 3096
8/27
3194, 3216
8/29
3315, 3324
9/19
3583, 3602
1962
302
Pages
Conversions: (continued)
East Side State Bank, Wichita, Kansas, previously granted permission to
carry same reserves as maintained by banks outside of central reserve cities,will continue
upon the banks conversion to a
national bank, advice to FRBank
of Kansas City
First Bank & Trust Co., of South Miami, Florida,
application to exercise fiduciary powers made by, on behalf
of First National Bank of South
Miami, Florida, national bank
into which it is to be converted,
approved, effective upon consummation of proposed conversion
Company,
Corpus Christi, Texas,
Trust
Guaranty
application for permission to
exercise fiduciary powers made
by, on behalf of Guaranty National Bank and Trust, Corpus
Christi, Texas, national bank
into which it is to be converted, granted, effective upon
consuwination of conversion
Bank,
New York, N.Y., possible conState
Royal
version to national bank, Comptroller of the Currency willing
to approve, question from President Crosse whether FRBank of
New York could refuse to issue
FRBank stock in light of unsatisfactory operations of existing bank
St. Lucie County Bank, Fort Pierce, Fla., application to convert into a national
bank, favorable recommendation to
Comptroller of the Currency
Cooperation Financiere Internationale pour le Development de l'Afrique, a French corporation in formation, Morgan
Guaranty International Finance
Corporation granted permission
to purchase shares of
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/21
1880, 1889
7/27
2856, 2865
6/28
2406, 2415
11/19
4379
1/22
229, 238
5/10
1808, 1810
1962
303
Pages
Corporation Financiera de Colombiana de Desarrollo
Industrial, Bogota, Colombia,
application of Manufacturers
Hanover International Finance
Corp., New York, N.Y., to purchase shares of, action deferred
Following receipt of additional information,
letter granting consent for Manufacturers Hanover International
Banking Corporation rather than
Manufacturers Hanover International Finance Corporation to
purchase shares of, approved
Council of Economic Advisers:
Solomon, Robert, Assistant to the Director, Division of Research and Statistics,
to be made available on a nonreimbursable basis to
Study re mortgage credit situation in the United
States by, request for assistance
from the FRBanks, Mr. Noyes authorized to collauunicate with the
heads of research at the Reserve
Banks with respect to
Teeters, Nancy H., Economist, Division of Research and Statistics, loan of
services to, for one year on a
reimbursable basis, approved
Extension of loan of services of, change in
reimbursement, and increase in
salary, approved, advice to Chm.
of
Council of State Governments:
Negotiable Instruments Law, Board's recommendation re enactment of proposed
uniform statute by States amending, to eliminate necessity of
protests to domestic drafts and
checks sent to Budget Bureau for
submission to Committee of State
Officials and Suggested State
Legislation of the
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/23
4476
12/5
4621, 4644
3/22
1026
7/11
2573
1/3
21, 30
12/7
4678
5/17
1850, 1861
1962
304
Pages
Counsel, special:
Powell, Bowling R., Jr., Special Council to the
Board in the matter of Continental
Bank and Trust Company, Salt Lake
City, Utah, present at Board meeting
Present at Board meeting
Court cases:
Bank of Georgia, Atlanta, Ga., subpoena served
on FRBank of Atlanta, in connection with prosecution of robbery
case, for production of certain
documents to prove membership in
FRSystem, authorization re
Bank Stock Corporation of Milwaukee, Wisconsin,
pending antitrust suit brought
by Justice Dept. against, in
connection with its acquisition
of Bank of Commerce, discussed
in connection with consideration
of application to acquire stock
of Silver Spring Bank, Milwaukee,
Wisconsin
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 Gov.
Mills dissenting
Continental Bank and Trust Company, Salt Lake
City, Utah, dismissal by District
Court of Continental's complaint
against the Board in connection
with the capital adequacy proceeding involving, affirmed by
U.S. Court of Appeals for the
District of Columbia, reported
by Mr. O'Connell
First State Bank, Premont, Texas, examiner at
FRBank of Dallas subpoenaed to
testify and if possible to place
memorandum in evidence at trial
of criminal charges involving
disappearance of funds of, agreement to interpose no objection
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/8
8/29
3019
3289
9/24
3650
3/21
983
4/18
1388, 1419
5/3
1659
10/25
4065, 4098
1962
305
Pages
Court cases: (continued)
Nicholson V. Wade, request by, for 1958 report
of examination of Bank of Belmont
Shore, Long Beach, Calif., for
use in pending case, reply to
FRBank of San Francisco
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
Panhandle State Bank of Borger, Texas, (former
State member bank), pending suit
between Bureau of Internal Revenue
and, request from bank's attorney
for parts of 1953 examination report, and request from Internal
Revenue Service agent to study
entire report, both requests denied, Gov. Mitchell dissenting
Regulation T matter appearing in litigation, request from Chicago law firm for
opinion whether certain transactions between a brokerage house
and a customer were in compliance
with Regulation T, agreed not
appropriate for Board to render
an opinion, advice to FRBank of
Chicago with request for information re litigation
Trans World Airlines, Inc., v. Howard R. Hughes
and Hughes Tool Co., in which
Irving Trust Company, New York,
N.Y., is defendant, production
of examination reports, ordered
in case, Board declines with
request to be advised if Special
Master or Court requires production
In light of request by Special Master, Board
authorizes with stated restrictions production of reports of
examination of Irving Trust Co.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/20
948, 959
6/25
2297
4/2
1109, 1125
3/9
859, 869
5/15
1827, 1835
5/22
1900, 1918
1962
306
Pages
Court cases: (continued)
Trans World Airlines, Inc., v. Hughes, et al: (continued)
Production of confidential portions of reports of examination of Irving
Trust Company, New York, N.Y.,
also ordered by Special Master
in suit of, advice to Winthrop,
Stimson, Putman and Roberts, no
objection by Irving Trust Co.,
6/1
indicated by Mr. O'Connell
suit
N.Y.,
Wegematic Corporation, New York,
brought by Justice against, on
behalf of Board, in connection
with contract re electronic computer, reply to Justice re financial statements submitted in support of proposal to settle the
4/13
case
Board's
re
Justice
inquiry
from
to
Reply
recommendation re settlement
12/13
offer of $25,000
La.,
Orleans,
New
Corporation,
Holding
Whitney
petition for reconsideration of
the application of, to become a
bank holding company submitted
on behalf of three banks in La.,
6/25
petition denied
Request from attorney for, that certain
parts of Whitney's application
be treated as confidential and
omitted from appeal record, reply approved, indicated that request should be directed to De7/25
partment of Justice
Inquiry from Justice Dept. re Board's position in connection with proposal
of attorney for, re treatment of
certain exhibits in the case of,
8/3
reply approved
banks
Pending law suits brought by certain
in Louisiana to prevent the opening of Whitney National Bank in
Jefferson Parish, La., by, referred to in discussion of request for extension of time within which to open the Jefferson
10/9
Parish bank
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2013, 2023
1366, 1374
4755, 4767
2275,2308-11
2845, 2852
2930, 2969
4013
1962
307
Pages
Covington & Burling, Washington, D.C., letter regarding sale by Western Bancorporation of stock of First Western
Bank and Trust Company, Los
Angeles, California, to Greatamerica Corporation sent to
Certain variation in terms of sale does not alter Board's conclusion,no approval or action of Board required, advice to Covington &
Burling
Credit:
Consumer credit:
SEE: Consumer credit:
Emergency plans, Regulation No. 2, Use of Secured
Notes to Transfer Credits, approved with Regulation No. 1,
relating to Operations of FR
Banks, to be automatically effective in the event of an attack, transmitted to the Presidents of all FRBanks
Federal programs, interagency committee to study,
established by the President of
the U.S., along with two other
committees to study various implications of the report of the
Commission on Money and Credit,
Chm. of Board named as member,
Mr. Noyes to serve as Board's
liaison, Secretary Dillon to
chair collunittee re, Mr. Roosa,
Under Secretary for Monetary
Affairs to arrange organizational
meeting for, Board representative
to meet with Mr. Roosa
Report by Mr. Noyes on organizational meeting held in Office of the Under
Secretary of the Treasury Roosa,
by the President, indicated that
staff work would be done largely
by representatives of the Treasury
and the Budget Bureau
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Federal Reserve Bank of St. Louis
12/3
12/13
4597, 4605
4758, 4775
1/15
153, 173-78
4/6
1243
4/11
1349
1962
308
Pages
Credit: (continued)
Federal programs: (continued)
Mr. Noyes reported that he had been asked
to serve as acting chairman in
the absence of Mr. Roosa, list
of questions suggested by Budget
Bureau for consideration, to be
sent to each Board member
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 of, proposed to be submitted
to President of U.S., presented
to Board by Mr. Noyes for comment, Board's views re
Securities markets, review of usage and recent
developments in, and discussion
re its relation to margin requirements
Statement of Chm. Martin on inventory investment and credit conditions to
be presented before Subcommittee
on Economic Stabilization, Automation, and Energy Resources of
the Joint Economic Coullaittee reviewed, agreed statement be revised in form satisfactory to
Chairman Martin
System policy, impact of current, topic of discussion with FAC
Indicated appropriate and as having desirable impact on business activity,
views of FAC expressed in joint
meeting with Board
Question re relative weight to be placed on
domestic or on international considerations, topic for discussion
with FAC
inclined
to place relatively more weight
FAC
on international considerations
in view of seriousness of balanceof-payments deficit, views expressed in joint meeting with
Board and FAC
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Federal Reserve Bank of St. Louis
5/2
1610
5/14
1818
9/21
3625-26
10/30
4154
5/28
1963
7/12
2682
2/1
384, 391
2/20
671
4/13
1363, 1370
5/1
1593
1962
309
Pages
Credit: (continued)
System policy: (continued)
Impact of current, and relative weight to
be placed on domestic or international consideration, topic for
discussion with FAC
re
favorable impact on the economy,
Agreement
position favoring placement of
more weight on domestic rather
than international considerations, views of FAC expressed
at joint meeting
Topic for discussion with FAC
Considered favorable and belief that the
present degree of ease continues
to be appropriate, views expressed
at joint meeting with FAC
Credit Malakoff Societe Anonyme (CREDIMA), Paris,
France, consent granted to Chemical International Finance, Ltd.,
New York, N.Y., to purchase shares
of
Credit unions:
Federally chartered, recommendation re insuring
shareholdings of, as contained in
proposed Presidential message on
consumer protection, noted
Shares, deposits and withdrawals of, during month,
and those outstanding at end of
month, proposed additional items
for inclusion in reports of Federal and State, to obtain data
re
Cuban situation:
Emergency planning program of FRSystem, report
by Mr. Harris re, in light of
situation
Progress report by Mr. Harris on developments re FRSystem defense planning in light of
Report by Mr. Harris on developments, suggestion re possibility of simulated exercise under conditions
that would prevail under DEFCON
2, agreed that the possibility
of a desk exercise would be considered
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/28
3232, 3258
9/18
11/2
3570
4220, 4232
11/20
4439
3/1
783, 793
3/5
822
3/14
887
10/25
4063
10/26
4102
10/29
4112
1962
310
Pages
Cuban situation: (continued)
Foreign exchange and gold markets, report by Mr.
Young on developments following
the
Currency:
Armored car service, letter to Postmaster General
re shipments of currency by registered mail and by
Comptroller of the Currency, question by Governor
Robertson re possible notice of
a suggested bill providing for
the transfer from the, to the
Board of the currency function,
no such suggestion had been made
Emergency storage at cash agent banks:
Plan of FRBank of Richmond to store currency with its 23 Cash Agent
Banks approved, authorized to
incur reasonable expenses incident to, budgetary provision
made for anticipated expenditures
Decision of FRBank of Richmond to increase
its number of cash agent banks
from 23 to 24 noted without objection
Proposed storage of, in The First National
Bank of Chillicothe, Ohio, a
cash agent bank, by the FRBank
of Cleveland, approved
Proposal of FRBank of Boston re currency
storage at three cash agent
banks, approved, including
general authorization to make
further arrangements with other
cash agent banks, with certain
understanding
Exhibit by International Bank for Reconstruction
and Development of currency of
member countries, use of marked
specimen of each denomination
of FRNote, to be provided by
Bureau of Engraving and Printing, for inclusion in, no objection by Board, Mr. Farrell
to advise Mr. Howell, Treasury
Department
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/25
4064
9/21
3612, 3643
6/26
2335
1/5
48, 55
7/12
2671, 2689
9/6
3359, 3370
11/16
5/10
4360, 4365
1783
1962
311
Pages
Currency: (continued)
Foreign, FRSystem operations in:
SEE: Foreign currency operations:
FRSystem operations
Mechanization of sorting and counting operations
of paper, by FRBanks, recommendation of Electronics Subcommittee,
as approved by Presidents' Conference, re contract with Stanford
Research Institute to study, noted
by Board without objection, with
understanding re cost
Shipment:
Proposal of Post Office Department to extend
to field officials authority to
use direct commercial air flights
for dispatching Federal Reserve
shipments of negotiable securities and, valued at $25,000 or
more, letter to FRBanks requesting comments
Letter to Post Office Department with
respect to, approved
Preferred use of registered mail and armored
car for draft of letter to Postmaster General advising consensus
of Presidents' Conference prepared
by Miscellaneous Operations Committee, discussed by Board, telegram to President Swan re certain
suggested changes approved, meeting of Governor Mitchell and
President Swan with Postmaster
General noted
9/14
3504, 3545
4/3
1128, 1163
5/17
1850, 1862
9/21
3612, 3643
2/5
409, 423
IIDtt
Dawson, William L., Congressman:
H.R. 9619, a bill to establish and prescribe the
functions of a Department of
Consumers, to require the disclosure of finance charges in
extension of credit, and to create a Committee on Consumers in
the House of Representatives, report to
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1962
312
Pages
Deaths:
Jones, Everett, Laborer, Division of Administrative Services, death noted by
Governor Shepardson on behalf of
the Board
Morse, M. Elva, Statistical Assistant, Division
of Research and Statistics, noted
Reff, F J., Assistant Manager, Seattle Branch,
death noted
Shipp, Arad B., General Mechanic-Operating Engineer, Division of Administrative
Services, on January 7, 1962,
noted
Slay, James M., Vice President, FRBank of Richmond, noted
Defalcations:
Bank losses, 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
S. 3203, bill to extend, authorizing extension
of V-loan program under Board's
Regulation V for two years, report sent to Chairman Robertson,
Senate Banking and Currency Committee
Act
of 1950:
Defense Production
government
guaranteed under Board's
V -loans,
Regulation V, draft bill to
amend the, authorizing extension of program for an additional two years, report sent
to Budget Bureau
bill
to extend the Defense Proa
3203,
S.
duction Act of 1950 authorizing
extension of program for two
years, report sent to Chairman
Robertson, Senate Banking and
Currency Committee
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/6
2547
7/18
2758
8/28
3232, 3252
1/30
343
5/28
1962
2/28
764, 770
4/26
1495, 1502
2/14
548, 562
4/26
1496, 1502
1962
313
Pages
Definitions:
Bank Holding Company Act, discussion re one-bank
definition in connection with
consideration of draft of proposed amendment to section 3(a)
(1) of
Revised draft of proposed amendment accepted
for use in connection with legislative proposals Board might submit to this session of Congress
Consultants, question as to whether economists
attending a seminar, and being
paid a fee, would be considered
as, in connection with proposed
questionnaire devised for use in
guarding against conflict of
interests in the employment of,
agreed to hold for further consideration, with the understanding that the Division of Personnel
would contact other agencies for
their interpretations
Memorandum from Division of Personnel Administration reporting findings of
inquiry re, reviewed
Executive officers of member banks, possible
amendment to Regulation 0 to
clarify, discussion
Noncash items, proposed amendment re definition
of, notice for publication in
Federal Register approved
Department of Agriculture:
Food stamp program:
Amendment to Agreement with, re examination
of stamps for genuineness, to
audits by FRBanks covering certain activities, and to reimbursement to FRBanks for certain
expenses, approved by Presidents'
Conference, no objection by Board
to execution of amended agreement
Visits to FRBanks by audit representatives
of, to examine coupons received
from local banks, memorandum from
Messrs. Hackley and Farrell with
respect to, advice to Chairman
of Presidents' Conference Subcommittees on Collections and Counsel
on Collections
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/8
62
1/10
83
6/14
2164
6/25
2282
1/16
185
10/22
2/28
10/18
4032, 4036
765, 781
3969, 4001
1962
314
Pages
Department of Agriculture: (continued)
Housing Act of 1949, draft bill to amend title V
of, providing an alternate method
of financing rural housing loans
and for other purposes, proposed
by, permitting that Department to
obtain funds without relying entirely on Treasury borrowing, report to Bureau of the Budget
Revised draft bill to amend Title V to provide for insuring rural housing
loans, proposed by, report sent
to Budget Bureau, coimaents by
Governor Mills re revisions made
in earlier draft bill
Department of Commerce:
S. 3130, a bill to authorize the Secretary of, to
purchase industrial and commercial evidences of indebtedness
to promote loans in redevelopment
areas, proposed report to Chairman Robertson, of the Senate
Banking and Currency Committee
discussed, agreed that staff
would redraft for further consideration
Further discussion, report to Senator
Robertson approved
United States Code, section 131 of title 13, proposal by, to amend, providing
for an earlier taking of the
economic census,favorable comments transmitted to the Bureau
of the Budget
Consumers:
Department of
SEE: Consumers, Department of:
Department of Interior:
Bank of American Samoa, Pago Pago, Tutuila,
American Samoa, question re
eligibility for membership in
FRSystem, understood Division
of Examinations to discuss matter of supervision of, with
Interior Department
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/23
1038, 1046
4/3
1128, 1165
4/18
1394
4/19
1425, 1434
4/18
1387, 1416
2/12
504
1962
315
Pages
Department of Interior: (continued)
Bank of American Samoa, Pago Pago, American Samoa,
discussion with representatives
of the Interior Department re,
reported in connection with review of questions re eligibility
for membership in the FRSystem
Department of Justice:
Bank competition, seminar arranged by Board to
study, invitation to send representative, sent to the
Bank holding company application forms F.R. y-1
and F.R. Y-2, letter re proposed
revisions sent to
Bank holding company applications for acquisition
of stock, question of complying
with a time limit in submission
of reports by, to be discussed
with the Assistant Attorney General in connection with the unfavorable report re the acquisition of stock of six Virginia
banks by the United Virginia
Bankshares, Incorporated, Richmond, Virginia
Further discussion re adverse report and
implications
Bank mergers:
Procedures with respect to sending Board's
reports on competitive factors
re, request by, for receipt at
the same time as deciding agencies, decision to comply with
request
Bank Stock Corporation of Milwaukee, Wisconsin:
Pending litigation re, request by Justice
Department for condition reports
and earnings and dividends reports for years 1956 through
1961 of certain State member
banks in Milwaukee County for
use with respect to, letter
agreeing to make reports available approved, with Gov. Mills
dissenting
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/10
1314
1/8
62, 79
8/30
3329
11/14
4321, 4323
11/15
4341
4/25
1475, 1492
4/18
1388, 1419
1962
316
Pages
Department of Justice: (continued)
Chain banking survey, request from, for access
to reports of Valley National
Bank and Arizona Bank obtained
by Board in connection with,
majority of Board decided to
deny request
Department store sales figures for department
stores in Milwaukee, Wisconsin,
requested by, agreement that
release of departmental sales
figures in dollars would risk
disclosure of individual store
sales in violation of understanding with reporting stores, request declined, advice to FRBank
of Chicago
Electronic computer, suit brought by Justice on
behalf of Board against Wegematic
Corporation in connection with
contract re, reply to Justice re
financial statements submitted
in support of proposal to settle
the case
Reply to inquiry from, re Board's recommendation re offer in settlement
of $25,000 received from Wegematic,
letter approved
Marine Midland Corporation, Buffalo, New York,
application to acquire stock of
Security National Bank of Long
Island, Huntington, N.Y., letter
received from Justice with respect to, copy transmitted to
Trust
Company of New York, N.Y.,
Guaranty
Morgan
letter to, 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, approved
Reports on competitive factors, procedures re
sending Board's reports on bank
mergers to, request by, for receipt at same time as deciding
agencies, decision to comply with
request
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/16
4356
1/8
66, 81
4/13
1366, 1374
12/13
4755, 4767
8/30
3327, 3337
6/29
2426, 2451
4/25
1475, 1492
1962
317
Pages
Department of Justice: (continued)
Whitney Holding Corporation, New Orleans, La.,
suit filed by certain parties in
U.S. Circuit Court of Appeals for
New Orleans District to vacate
Board's decision re application
to become a bank holding company,
request from attorney for, that
certain parts of application be
treated as confidential and omitted from appeal record, Board
obliged to place complete record
in hands of Justice Department,
advice to Whitney's attorney that
request should be directed to
Justice Department
Inquiry from Justice re Board's position in
connection with proposal of attorney for Whitney re treatment of
certain exhibits in the case of,
reply approved
Department of Labor:
Employee -management cooperation in the Federal
service, letter to Secretary
Goldberg stating Board has no
comments on draft at proposed
standards of conduct for employee
organizations and proposed code
of fair labor practices in connection with program for
Federal Employees' Compensation Act, ruling that
Board members, officers and employees are covered by, advice
received from Bureau of Employees'
Compensation
Pension funds, corporate, and other private retirement and welfare programs,
interagency committee to study,
suggestion Secretary of Labor be
asked informally by Chairman
Martin or Vice Chairman Balderston
his views on progress of committee
Workmen's compensation, claim filed by Board employee under District of Columbia
Workmen's Compensation Act, letter
denying Board and the employee
were subject to the Act at time
of injury, sent to Bureau of Employees' Compensation of the
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/25
2845, 2852
8/3
2930, 2969
8/13
3082
2/21
688
9/21
3625, 3626
1/10
100
1962
318
Pages
Department of State:
Latin America, Conference on Inflation and Growth,
Mr. Sammons authorized to attend,
subject to concurrence by State
Department desirability of participation from U.S. point of
view, no objection by
Loan on gold requested by Banco de la Republica,
Bogota, Colombia, from FRBank of
New York, consultation with Latin
American Desk at, with respect to,
noted
Department store sales figures:
Department stores in Milwaukee, Wisconsin, request for departmental sales
figures in dollars, from Dept.
of Justice, agreement that release of data would risk disclosure of individual store sales
in violation of understanding
with reporting stores, request
must be declined, advice to FR
Bank of Chicago
Deposits:
Absorption of exchange charges:
Question re arranging interagency meeting
on, Comptroller of the Currency
Saxon not prepared to enter into
such a meeting, noted by Governor
Robertson
Memorandum from Governor Robertson recommending amendment to Regulation Q
to the effect that absorption
would not be payment of interest
on deposits, in line with interpretation of FDIC regulations
and views of Comptroller of the
Currency as expressed in joint
meeting, agreement re procedure
to be followed re proposed meetings with FDIC, FRBank Presidents,
and FAC
background of situation sent
re
Memorandum
to Presidents of FRBanks preparatory to proposed meeting to discuss, with copy to FAC
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7
4676-77
8/14
3109
1/8
66, 81
2/7
446
3/14
896
3/21
989,1011-13
1962
319
Pages
Deposits: (continued)
Absorption of exchange charges: (continued)
Views of FRBank representatives expressed
at joint meeting of Board with
Presidents' Conference, views
of Governor Mills and comments
by Chairman Martin
Possible amendment of Regulation Q with respect to, differences in opinion
among Federal bank supervisory
agencies, 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 noted by Chm.
Martin at joint meeting with FAC,
position of Comptroller of the
Currency reported, and discussion
re possibility of banks engaging
in more effective policing of
Board's current policy
Biennial collection of deposits by counties used
in compiling "Distribution of
Bank Deposits by Counties and
Standard Metropolitan Areas,"
duplicate punched cards covering data as of June 1960 and
June 1962, requested by Business
Equipment Manufacturers Association, request approved on reimbursable basis
Branch banks deposit data, summary of results of
FRBank survey re branch record
keeping procedures and outcome
of questionnaire with respect to,
discussion re possible negotiations with respect to the collection of, 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
3/27
1071
4/4
1166
4/30
1539
5/1
1599
8/14
3103, 3120
2/27
734
1962
320
Pages
Deposits: (continued)
Branch banks deposit data: (continued)
Proposal re adoption of an expanded collection program, sent to Comptroller
of the Currency and FDIC, with
an attached form, for possible
use in place of regular depositsby-counties form
Discussion re alternative procedures, letter
to Comptroller restating Board's
position and commenting on alternative proposal, approved, with
copy to FDIC
Decision of Board and FDIC to expand the
collection of, to include reports
of deposits by cities, from all
member banks, sample form and instructions sent to FRBanks, and
letter to FDIC approved, decision
of Comptroller of the Currency not
to participate in program noted
Question whether such report by member banks
is mandatory, in light of letter
of Comptroller of the Currency to
national banks re, discussion re
Board authority under section 11
(a), FRAct, telegram to FRBanks
approved, with copy to Comptroller
of the Currency and FDIC
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 Bureau
of the Budget copies of letter
and wire to FRBanks indicating
reports are mandatory, in light
of section 11(a) of the FRAct
Inquiry from the President of the 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 FR
Banks, Budget Bureau, and Comptroller of the Currency
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
1962
321
Pages
Deposits: (continued)
Branch banks deposit data: (continued)
Duplicate punched cards covering data as of
June 1960 and June 1962 requested
by Business Equipment Manufacturers
Association, request approved, on
reimbursable basis
Computation of interest:
Savings deposits:
Question presented by the District of
Columbia Bankers Association re
the quarterly compounding of
interest on, at the rate of 4
per cent per annum, Board's views
as provided in the Supplement to
Regulation Q transmitted to General
Counsel, FRBank of Richmond
Memorandum by Mr. Farrell discussing
problems under Regulation Q raised
by United Security Account Plan
of the Citizens Bank and Trust
Company, Park Ridge, Illinois,
ruling proposed for advance notice of savings account withdrawals
in connection with, agreed proposal deserving of further consideration, suggestion re subject
for discussion at FAC meeting
Question whether a savings deposit may
bear a maximum rate of interest
of 47 from the date of the transfer to such deposit of funds that
have been on deposit for one year
as a time certificate, reply to
FRBank of Chicago approved
Letter to Presidents of all FRBanks
requesting continuance of observation re development of
practices and possible abuses
with respect to, Legal Division
to continue to study possible
amendments to Regulation Q and
a summary memorandum to be submitted for the Board's consideration in due course
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/14
3103, 3120
3/16
912, 935
3/23
1034
4/3
1127, 1162
5/22
1905, 1921
1962
322
Pages
Deposits: (continued)
Computation of interest: (continued)
Savings deposits: (continued)
Daily basis computation considered in
Mr. Hackley's memorandum re possible amendments to Regulation Q,
agreed that memorandum, after
being edited and augmented as
suggested, be transmitted to the
FRBanks and other Federal bank
supervisory agencies for comment,
possible amendment excluding deposits above a specified amount
from the definition of savings
deposits discussed as possible
remedy to problem of
Time certificates being converted from 6month to 12-month certificates,
request by FRBranch of Detroit
for interpretation under Reg. Q
with respect to, liberal position
described in memo from Legal
Division discussed, agreed if
FDIC concurred, proposed reply
would be sent, otherwise Board
would consider further, reconsidered in light of information
from FDIC
Agreed to take position in accord with
FDIC, advice to FRBranch of
Detroit with copies to each
FRBank, to be published in the
Federal Register
Dormant accounts:
Joint survey by Board, FDIC, and Comptroller
of the Currency requested by
Congressman Patman, including
data re service charges and undivided profits, Governor
Robertson to undertake preliminary discussions with other
two bank supervisory agencies
Meeting with Comptroller of the Currency
Saxon and FDIC Chairman Cocke,
with respect to, reported by Gov.
Robertson
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/24
2819-21
1/4
33-37
1/5
50, 58
1/31
367
2/7
445
1962
323
Pages
Deposits: (continued)
Dormant accounts: (continued)
Joint survey by Board, FDIC, and Comptroller:
Arrangements for another meeting, proposed form of questionnaire with
respect to, transmitted to Comptroller of the Currency by Gov.
Robertson
Comptroller of the Currency continued
to express reservations with respect to, letter to Congressman
Patman indicating Board's position re, agreed that an invitation be extended to Comptroller
of the Currency to meet with
Board for a general discussion
re bank supervisory matters
Meeting arranged
Texas statute providing for protection and
preservation of, letter from
FRBank of Dallas raising question of compliance by FRBanks,
with State laws,copy sent to
FRBank of New York, and to all
other FRBanks, with request for
information re situation in
respective districts
FDIC requested by Treasury Department to
transmit to all insured banks a
request from Secretary of the
Treasury for a report on, reported by Governor Robertson
State statutes relating to, study of applicability to FRBanks by Presidents' Conference requested in
letter to Chairman Fulton, with
a copy to each FRBank President
and Secretary of the Conference
S. 1486, a bill to authorize the Comptroller
of the Currency to regulate service charges by national banks on
report to Congressman Spence, Chm
of the Committee on Banking and
Currency, indicating no objection
re
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
(continued)
2/19
631, 647
3/7
3/12
832
876
4/2
1103, 1122
4/3
1129
5/24
1930, 1943
7/20
2767, 2774
1962
324
Pages
Deposits: (continued)
Foreign time:
Increase in, since change in the maximum
permissible rates of interest,
noted by Chase Manhattan Bank,
New York, N.Y., question re
Board's statistics with respect
to, understood that matter would
be looked into by the staff
H.R. 12080, 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
Budget Bureau
Amendment to Regulation Q removing limitations for a three-year period
on rates of interest paid on,
approved, effective upon enactment into law of H.R. 12080,
amending section 19, FRAct,
H.R. 12080, approved by President as Public Law 87-827, press
release issued (coordinated with
action of FDIC), notice published
in Federal Register
Amendment to section 19, FRAct removing
limitations on rates of interest
paid on question re status of
Bank for International Settlements under the amendment, agreed
that BIS was included, Governor
King's position noted, and Gov.
Robertson abstaining
Question whether the higher interest rate
permitted to be paid on, can be
paid to an individual or nonqualified organization who purchases a time certificate from
the foreign institution, Board's
interpretation approved, but to
be discussed with Treasury Dept.
and FDIC before publication
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/19
632
10/5
3815, 3834
10/10
3865,3879-80
10/25
4067
11/6
4258
1962
325
Pages
Deposits: (continued)
Foreign time: (continued)
Question re higher interest rate on: (continued)
Interpretation approved with revisions
suggested by the Treasury and understanding that suggested requirement for disclosure through the
instrument itself, be cleared with
11/21 4448
FDIC
Published in Federal Register after con11/21 4450, 4472
currence with FDIC
Exemption from interest rate limitations,
question re applicability to time
deposits of European Coal and
Steel Conununity; of the European
Investment Bank and 3 U.N. subsidiary organizations, views of
FRBank of New York, Treasury and
FDIC noted, discussion, interpretation that deposits of European Investment Bank do not qualify for
12/20 4853, 4920
exemption approved
Status of Coal and Steel Community deferred pending discussion by
12/20 4854
Richard Simmons and Board's staff
Indirect payment of interest:
Services performed by the Provident Tradesmens
Bank and Trust Company, Philadelphia,
Pennsylvania, for School District
of the Township of Nether Providence
in connection with the maintenance
of a demand deposit, Board interpretation of Regulation Q with re3/12 871, 878
spect to
services
free
of
Question whether the offering
by member banks to demand depositors
constitutes, reply to inquiry from
9/12 3440, 3443
FRBank of New York
of
length
conditioned
on
Premium or credit,
time newly opened savings deposit
must remain with the bank, question whether offer by member bank
would constitute, letter to FRBank
of Chicago, FDIC position re ques10/19 4015, 4028
tion noted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1962
326
Pages
Deposits: (continued)
Maximum rates of interest payable on time and savings:
Reaction of banks to recent increase in, and
certain questions re changes developing from, topic for discus2/1
sion with FAC
Increase in foreign time deposits noted by
Chase Manhattan Bank, New York,
N. Y., since change in, question
re Board statistics with respect
to, understood that matter would
be looked into by staff, group of
bankers at meeting with Secretary
of the Treasury indicated hope
that action might be taken to increase maximum rates applicable
to time deposits of shorter matu2/19
rities, comment by Chm. Martin
Reactions of banks to recent increase in,
views of FAC reported in joint
meeting with Board, discussion
re problems and possible solutions incident to, copies of replies to questionnaire of Mr.
Hays to certain banks re, distributed to Board members fol2/20
lowing meeting
Recent developments resulting from increase
in, including effects of high
interest rates, topics for dis4/13
cussion with FAC
Various actions and problems of commercial
banks and other developments resulting from, increase in views
of FAC expressed at joint meet5/1
ing with Board
New York State banks:
Maximum rate of interest payable on savings
deposits in national banks during
first 12 months, question raised
in light of provisions of State
Regulations, section 24, FRAct,
and Regulation Q, understanding
that New York State Superintendent of Banks would be informed
re Board's views before publication of Board's position, letter
1/10
to FRBank of New York
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
384, 391
632
660-66
1363, 1370
1592
93, 107
1962
327
Pages
Deposits: (continued)
New York State banks: (continued)
Maximum rate of interest payable: (continued)
Consideration deferred
Agreed to invite Mr. Root, New York
State Superintendent of Banks to
meet with Board to discuss
Mr. Root, accompanied by Counsel for
New York State Banking Department
to meet with Board, agreement re
possibility of change in Board's
position
Board's former position reaffirmed,
Governors Balderston and Mills
dissenting, advice to New York
State Superintendent of Banks,
with copy to FRBank of New York
Board's position re, agreement that
FRBank of New York not circularize to member banks, in light of
request from New York State Superintendent of Banks
Public funds, dormant accounts consisting of,
FDIC requested by Treasury Dept.
to transmit to all insured banks
a request from Secretary of the
Treasury for a report on, reported by Governor Robertson
Savings:
Certificates with fixed maturities considered in Mr. Hackley's memorandum
re possible amendments to Reg. Q,
agreed that memorandum, after
being edited and augmented as
suggested, be transmitted to the
FRBanks and other Federal bank
supervisory agencies for comment
Grace periods as provided in Regulation Q,
not superseded by amendment to
the Supplement establishing maximum interest rates on time and
saving deposits, advice to Deputy
Comptroller of the Currency re
question by Central National Bank
of Okmulgee, Oklahoma
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/22
230
1/24
251
1/25
290
1/31
350, 377
2/1
384
4/3
1129
7/24
2819
7/24
2815, 2837
1962
328
Pages
Deposits: (continued)
Savings: (continued)
Indirect payment of interest on, question
whether premium or credit, conditioned on length of time newly
opened account must remain with
the bank, offered by member bank,
would constitute payment of interest, 1961 position adhered to, that
a time limit on a non-recurring
premium of nominal value would
not constitute, letter to FRBank
of Chicago, FDIC position re question noted
Computation of interest:
Views reported in joint meeting of
Federal Advisory Council re inequality of interest rate differentials
Quarterly compounding at the rate of
4 per cent per annum, question
presented by the District of
Columbia Bankers Association,
Board's views as provided in the
Supplement to Regulation Q transmitted to General Counsel, FRBank
of Richmond
Requested reports submitted by FRBanks
re computation on a daily basis
letter to Presidents of all FRBanks
requesting continuance of observation re possible abuses with respect to, Legal Division to continue to study possible amendments
to Regulation Q and a summary memorandum to be submitted for the
Board's consideration in due course
Possible amendment to Reg. Q re computation on a daily basis, amendments
proposed to be submitted to staffs
of Comptroller of the Currency and
FDIC, and to Presidents of all FR
Banks for comment
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/19
4015, 4028
2/21
658
3/16
912, 935
5/22
1905, 1921
6/14
1990, 2000
1962
329
Pages
Deposits: (continued)
Savings: (continued)
Computation of interest: (continued)
Possible amendment to Regulation Q: (continued)
In Mr. Hackley's memorandum re,
agreed that memorandum, after
being edited and augmented as
suggested, be transmitted to
the FRBanks and other Federal
bank supervisory agencies for
comment, memorandum transmitted
under date of August 20, 1962
requesting comment by Sept. 28,
7/24
1962
Interest rates paid by member banks on,
staff memorandum containing data
11/20
with respect to, reviewed
New York State national banks, question re
maximum rates of interest payable on, during first 12 months
in light of State Regulations,
section 24 of FRAct and Reg. Q,
comparisons with State commercial
banks and mutual savings banks
understanding re informing New
York 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, question
re applying "retroactive" inter1/10
pretation
1/22
deferred
Consideration
Agreed to invite Oren Root, New York
State Superintendent of Banks
1/24
to meet with the Board to discuss
Banks,
of
Superintendent
York
State
New
accompanied by Counsel for the
New York State Banking Depart1/25
ment agreed to meet with Board
Board's position reaffirmed, Governors
Balderston and Mills dissenting,
advice to New York Superintendent
of Banks, with copy to the FRBank
of New York, statement by Governor
Balderston, agreement that it would
be inadvisable to give the matter
1/31
more publicity than necessary
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2819-27
3898
93, 107
230
251
290
350, 377
1962
330
Pages
Deposits: (continued)
Savings: (continued)
New York State national banks: (continued)
Agreement that FRBank of New York not
circularize to member banks Board's
position re, in light of request
from New York State Superintendent
of Banks
Transfer of funds that have been on deposit
for one year as a time certificate to, question whether such
savings deposits may bear a maximum rate of interest of 47 from
the date of the transfer, reply
to FRBank of Chicago approved
United Security Account Plan:
FRBank of Chicago requested to furnish
details of plan of Citizens Bank
and Trust Company, Park Ridge,
Illinois, in view of possible
violation of Reg. Q, question re
special or regular examination
of the bank to obtain information, statement by Messrs. Hackley
and Solomon that they were not
participating in current phase of
staff work re
Memorandum by Mr. Farrell re problems
under Regulation Q raised by,
agreed proposal deserving of
further consideration, suggestion re subject for discussion
at FAC meeting, investigation
by FRBank of Chicago completed,
to be analyzed and a memorandum
prepared for Board consideration
Results of special examination of bank
to obtain information re, reviewed, view certain proposed
transfers of funds from savings
accounts for payment of checks
would be violations of sec. 19,
FRAct, and Regulation Q, action
on matter deferred, Governor
Mitchell's views re
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/1
384
4/3
1127, 1162
2/1
381, 389
3/23
1034-36
4/10
1316-17
1962
331
Pages
Deposits: (continued)
Savings: (continued)
United Security Account Plan: (continued)
Further consideration deferred pending
receipt of report of examination
of bank being conducted by FRBank
of Chicago
Letter advising bank that Board expects
discontinuance of operation of
plan, with appropriate notice to
be sent to customers of the plan,
in light of violations of Reg. Q,
section 217.1(e)(3), approved
Draft letter ordering termination of
Plan, or start of procedure to
forfeit FRSystem membership, in
light of violation of Reg. Q,
discussed, agreed to hold for
consideration by a full Board
Agreed to consider letter further after
checking with the FRBank of Chicago
re revisions suggested by Governor
Mitchell
Further discussion, letter approved,
Governor Mitchell dissenting, record to show that Messrs. Shay and
Hackley had not participated
Request granted for extension of time
to October 27, 1962, for discontinuance of
Extension of time within which to discontinue granted, with proviso
that depositors in Plan would be
appropriately notified re withdrawal of checks thereunder
Letter from bank indicating concern re
Board's proviso re notifying depositors of termination of, discussion re possible section 9 proceeding if Plan is not terminated,
letter to FRBank of Chicago and
enclosed draft letter to Citizens
Bank and Trust Company approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/23
1443
5/3
1660, 1670
7/3
2531
7/9
2556
7/11
2577, 2639
7/24
2816, 2838
10/25
4064, 4081
11/23
4478,4488-89
1962
332
Pages
Deposits: (continued)
Savings: (continued)
United Security Account Plan: (continued)
Letter advising that Board would apply
sanctions prescribed by law for
failure to comply with provisions
of FRAct and regulations thereunder, if operations of Plan are
continued, approved, with the
understanding that the Chairman
of Citizens Bank would be asked
to meet with the Board
Further discussion, Chairman MacArthur
to meet with available Board members December 21st
Date of meeting of Chairman Martin and
Governors Mills and Robertson
with Mr. MacArthur, noted
Chairman Martin and Governors Mills and
Robertson met with Mr. MacArthur,
memorandum of the meeting placed
in the Board's files
Savings accounts:
Army and Air Force Exchange Service, question re eligibility to maintain
a savings account with a member
bank, advice to FRBank of New
York that such funds deposited
by, are not eligible
Board's position reaffirmed that such
accounts are not eligible for
classification as a savings deposit
Organizations permitted to maintain, reasons
and views discussed
"Savings bonds":
Issuance of negotiable time certificates
under the name of, questions re
compliance with the provisions
of Reg. Q, possible violation
of section 21 of the Banking Act
of 1933, discussed, request for
a high-priority study by the Research, Examinations, and Legal
Divisions, agreed to request the
FRBanks to determine the extent
certificates of deposit were being
issued in the respective Reserve
districts
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/13
4759, 4777
12/14
4781
12/20
4872
12/21
4954
1/8
61, 74
8/17
3131, 3137
7/24
2825
1/15
155
1962
333
Pages
Deposits: (continued)
"Savings bonds": (continued)
Issuance by the Citizens and Southern National Bank of Atlanta in the
form of bank, question re compliance with Regulation Q, referred to in a letter to the
Comptroller of the Currency
answering Deputy Comptroller
Taylor's memorandum suggesting
that FDIC and Board avoid rendering interpretations until
policy aspects are considered
by Comptroller
Time:
Interest rates being paid on, comments made
by certain bankers at meeting
reported by Mr. Thomas
Group of bankers at meeting with Secretary
of the Treasury indicated hope
that action might be taken to
increase maximum rates applicable to time deposits of shorter
maturities, comment by Chairman
Martin
Maturities up to six months, possibility of
raising interest rate limitation
on, suggested by Gov. Mitchell
with request for full consideration of subject at future date
Time certificates:
Conversion of 6-month bearing interest at
the new maximum 4%, request by
FRBranch of Detroit for interpretation under Regulation Q
with respect to, liberal position described in memorandum
from Legal Division discussed,
agreed if FDIC concurred, proposed reply would be sent, otherwise Board would consider further
Reconsidered in light of information
from FDIC
Agreed to take position in accord with
FDIC, advice to FRBranch of Detroit with copies to each FRBank,
to be published in the Federal
Register
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/5
820, 827
2/1
386
2/19
632
12/20
4854, 4855
1/4
33
1/4
37
1/5
50, 58
1962
334
Pages
Deposits: (continued)
Time certificates: (continued)
First National Bank of Hillsboro, Kansas,
question presented by, re payment of six-months' interest on
a twelve-month time certificate
of deposit, as interpreted under
Regulation Q, reply to Deputy
Comptroller of the Currency
Foreign institutions, interest rate higher
than that permitted for domestic
deposits, question whether higher
interest can be paid to an individual or nonqualified organization who purchased the certificates from the foreign institution, Board's interpretation approved but to be discussed with
the Treasury Dept. and FDIC before
publication
Interpretation approved with revisions
by Treasury, published in Federal
Register after concurrence with
FDIC
Long-term with fixed rate of interest:
Question as to possible evasion of maximum rates of interest provisions
of Reg. Q by such guaranteed interest rates, matter included in
study of certificates of deposit
Memorandum from Messrs. Dembitz, Benner,
and Chase on study re, proposed
reply to Comptroller of the Currency re questions as to propriety
of, under section 217.3(b), Reg. Q,
discussed, possibility of amendment
to Reg. Q applicable to, staff to
study matter with view to further
consideration
Reply to inquiry from Comptroller of the
Currency re, approved, enclosing
proposed amendment to Reg. Q,
section 217.3(b), to make clear
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, in connection with, proposed amendment sent to FDIC and
FRBanks for comments
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/20
2767, 2773
11/6
4258
11/21
4448, 4472
1/15
157
5/14
1814
5/17
1852, 1869
1962
335
Pages
Deposits: (continued)
Time certificates: (continued)
Long term with fixed rate of interest: (continued)
Consideration deferred pending receipt
7/24
of comments
First National Bank of Port Arthur,
Texas, request for opinion from,
whether it would be permissible
to continue to pay interest at
rates set forth in a 3-year contract if at later date interest
11/26
rates were lowered by Board
Proposed amendment to Regulation Q with
respect to contracted interest
rates payable on, agreed to publish in Federal Register for comments, following consultation
with FDIC, question whether proposed amendment would prevent
time certificates from being
negotiable, raised by FRBank of
11/26
New York
Mohawk National Bank, Schenectady, New York,
proposed form for use by, submitted to Board for opinion, re5/15
ply approved
Possible effects of provisions allowing withdrawal upon a certain
number of days' or months' written
notice, commented on, and reference to statement that maximum
rate of interest is subject to
5/15
adjustment by Board
Negotiable:
Issuance under the name of "savings
bonds", discussed, question re
compliance with Reg. Q, and section 21, of the Banking Act of
1933, request for high-priority
study by Research, Examinations,
and Legal Divisions, agreed to
request FRBanks to determine extent certificates were being
issued in respective FRDistricts,
reference to plans by Citizens and
Southern National Bank, Atlanta,
Ga., and Franklin National Bank,
1/15
Mineola, New York
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2819
4495
4493-98
1826, 1830
1830
155
1962
336
Pages
Deposits: (continued)
Time certificates: (continued)
Negotiable: (continued)
Comments made by certain bankers at
meeting re interest rates being
paid on, reported by Mr. Thomas
Citizens and Southern National Bank of
Atlanta, certificates issued by,
in the form of "bank savings
bonds", question re compliance
with Regulation Q, referred to
in letter to Comptroller of the
Currency answering Deputy Comptroller Taylor's memorandum suggesting that FDIC and Board avoid
rendering interpretations until
policy aspects are considered by
Comptroller
Recent developments of significance in
connection with, in relation to
increased maximum rates of interest
payable on time and savings deposits, topic for discussion with
FAC
Increased use by commercial customers
and more active market for, views
of FAC expressed in joint meeting
with Board
Proposed survey re issuance of, by large
commercial banks, developed by
Committee on Banking and Credit
Policy, endorsed by System Research Advisory Committee, and
cleared by Presidents' Conference
Committee on Research and Statistics
approved and authorized by Board,
advice to FRBanks, letter to Budget
Bureau requesting approval of survey form
Couunents and views of Governor Mitchell
re effects of negotiable certificates on the banking system
Time and savings:
Survey of interest rates on, of member banks
having certain total deposits, to
be conducted by FRBanks, approved,
letter sent to all FRBanks
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/1
386
3/5
820, 827
4/13
1363, 1370
5/1
1592
11/15
4336, 4354
11/26
4499
1/12
136, 150
1962
337
Pages
Deposits: (continued)
Time and savings: (continued)
Recent increase in maximum rates of interest
payable on, reaction of banks to,
and certain questions re changes
developing from, topic for discussion with FAC
Views of FAC reported in joint meeting
with Board, discussion re problems
and possible solutions incident
to, in the various Districts, copies of replies to questionnaire
of Mr. Hays to certain banks re,
distributed to Board members following meeting
New York State, plans by Superintendent of
Banks for New York to permit
changes in maximum rate of interest payable on, by chartered
State banks, agreement that Board
should not comment with respect
to plans
Increased maximum permissible rates of interest payable on, recent developments resulting from, including effects of high interest
rates, topic for discussion with
FAC
Views of FAC expressed in joint meeting
with Board re
H.R. 10628, a bill to require that insured
banks maintain three-fourths of,
in real estate loans, and at least
half of such deposits in residential loans, report sent to Congressman Spence
Maximum permissible rates of interest payable on, as amended in Supplement
to Regulation Q, not to supersede
grace period provision for receiving deposits and paying interest,
advice to Deputy Comptroller of
the Currency re question by General
National Bank of Okmulgee, Oklahoma
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/1
384, 391
2/20
660, 666
4/23
1448
4/13
1363, 1370
5/1
1592
7/23
2782, 2798
7/24
2815, 2837
1962
338
Pages
Deposits: (continued)
Time and savings: (continued)
Recent and prospective trends of, and effects from standpoint of bank
portfolio management, topic for
discussion with FAG
Views of FAG expressed at joint meeting
Depressed areas:
S. 3130, a bill to authorize the Secretary of
Commerce to purchase industrial
and commercial evidences of indebtedness to promote industrial
and commercial loans in redevelopment areas by lending institutions
in order to help such areas plan
and finance their economic redevelopment, proposed report to
Senator Robertson, Chairman of
the Senate Banking and Currency
Committee discussed, draft letter
to be prepared
Report to Senator Robertson approved
Destruction of records:
State member banks, miscellaneous Board records
pertaining to, authority to be
sought from National Archives
for disposal on continuing basis
after a five-year retention period
Development Underwriting Ltd., Sydney, Australia, consent granted to Chemical International Finance, Ltd., New York,
N.Y., to purchase and hold shares
of
Difference accounts, FRBanks:
SEE: Accounts, FRBanks:
Difference (over and short)
Dinners:
Coombs, H.C., Governor of the Reserve Bank of
Australia, suggestion re dinner
at Board's Building with available Board members and appropriate
staff approved
Directors Day:
Program and dinner discussed, with certain
understanding
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/28
9/18
3232, 3258
3570
4/18
4/19
1394
1425, 1434
8/28
3248
10/24
4042, 4050
10/9
3851
3/14
902
1962
339
Pages
Dinners: (continued)
Directors Day: (continued)
Understanding re dinner in connection with
Agreement re change of date for Directors
Day with understanding re date
of dinner
Examiners' Conference:
To be held on March 26-27, 1962, dinner
approved
List of persons to be invited to attend a
dinner in connection with, approved
Organization for Economic Cooperation and Development:
Dinner for delegates of Working Party 3 of
the Economic Policy Committee of,
attending meetings of International Monetary Fund and International Bank for Reconstruction
and Development in Washington,
authorized to be held in Board's
Building, with understanding re
invitees from U.S. Government
and foreign central banks
Dinner, with Mr. Young as host, at an outside location in Washington, for
associates in operations of Working Party 3 authorized
Directors:
Federal Deposit Insurance Corporation:
Hearing by House Banking and Currency Committee on bill re composition of
Board of, Board questioned by
National Association of Supervisors of State Banks re possible
objection to, agreed unnecessary
to reply
FRBank of Atlanta:
Chalkley, Henry G., Jr., Deputy Chairman,
appointment for 1963
Cheatham, J. M., Class C, reappointment for
three-year term approved
Tarver, Jack, Chairman and FRAgent, designation for 1963
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/22 4033
10/31
4203
1/18
217
2/13
542
8/6
2986
8/6
2987
2/19
629
10/19
4019
10/19
4017
10/19
4018
1962
340
Pages
Directors: (continued)
FRBank of Boston:
Canham, Erwin D., Deputy Chairman, appointment for 1963
Chairman and FRAgent, designation for
1963
Keeney, Barnaby C., Class C, appointment for
three-year term to be tendered if
willing to accept, unable to accept appointment
Norton, Wilbur H., Class C, appointment for
three-year term to be made if willing to accept, advice of appointment
Webster, William, Deputy Chairman, appointment for 1963 approved
Wessell, Nils Y., Class C, reappointment for
three-year term approved, designation as Chairman and FRAgent for
1963
Unable to accept reappointment as Class
C director reported by Chm. Martin
FRBank of Chicago:
Briggs, Robert P., Class C, question re service as director of small business
investment corporation, agreed Chm.
Martin advise Mr. Briggs that the
decision was one for him to make
Chairman and FRAgent, designation for
1963
Hilton, James H., Class C, reappointment for
three-year term approved, appointment as Deputy Chairman for 1963
FRBank of Cleveland:
Deputy Chairman, appointment to be discussed
by Chm. Martin with Chm. Hall
Hall, Joseph B., Class C, question re eligibility for reappointment due to
age and discontinuing to occupy
present position as President of
the Kroger Company of Cincinnati,
consensus that Board should proceed on the assumption that he
would be eligible
Chairman and FRAgent, designation for
1963
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/19
4019
10/22
4033
10/30
4156
10/31
4202-03
10/22
4033
10/19
4017-18
10/22
4032
2/7
447
10/19
4019
10/19
4017-19
11/19
4380
4/25
10/19
1483
4018
1962
341
Pages
Directors: (continued)
FRBank of Cleveland: (continued)
Johnston, Logan T., Class C, appointment
for three-year term to be made
if willing to accept, acceptance
ascertained, appointment telegram
sent
Deputy Chairman, appointment for 1963
Thompson, Joseph H., Deputy Chairman, discussion with Chairman Hall re
appointment of a successor to,
upon completion of his 6 years
of service
FRBank of Dallas:
Anderson, Robert 0., Class C, reappointment
for three-year term approved,
designation as Chairman and
FRAgent for 1963
Davis, Morgan J., Deputy Chairman, appointment for 1963
Fleming, Lamar, Jr., Deputy Chairman, appointment for 1963
FRBank of Kansas City:
McGee, Dean A., Class C, appointment for
three-year term to be made if
willing to accept, acceptance
ascertained, appointment telegram sent
Proposed disposal of bank stock by
formation of a holding company
and transfer of the stock thereto, question whether transaction
meets not only technical compliance with the law, but is consistent with spirit of the law,
consensus re informing Mr. McGee
re Board's views
A., Chairman and FRAgent,
Homer
Scott,
designation for 1963
Simons, Dolph, Deputy Chairman, appointment for 1963
Minneapolis:
FRBank of
Bean, Atherton, Class C, reappointment for
three-year term approved
Deputy Chairman, appointJudson,
Bemis,
ment for 1963
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/7
12/5
4280, 4281
4633
4/25
1483
10/19
12/5
10/19
11/7
4017, 4019
4633
4019
4281
11/15
4350
10/19
4019
11/19
4380
10/19
4017
10/19
4019
1962
342
Pages
Directors: (continued)
FRBank of New York:
Reed, Philip D., Class C, reappointment for
three-year term approved, designation as Chairman and FRAgent for
1963
Wise, James DeCamp, Deputy Chairman, appointment for 1963
FRBank of Philadelphia:
Bevan, David C., Class C, reappointment for
three-year term approved, appointed
Deputy Chairman for 1963
Hoadley, Walter E., Chairman and FRAgent,
designation for 1963
FRBank of Richmond:
Elkins, Wilson H., Class C, appointment for
three-year term to be tendered
if willing to accept, advice of
appointment
Grier, William H., Deputy Chairman, appointment for 1963
Hyde, Edwin, Deputy Chairman, appointment
for 1963, Chairman and FRAgent,
designation for 1963
FRBank of St. Louis:
Classification for purposes of electing
Class A and B directors, changes
approved
Longwell, J.H., Deputy Chairman, appointment
for 1963
Reference to
Shepley, Ethan A.H., Class C, appointment
for 3-year term and designation
as Chairman and FRAgent, to be
made if willing to accept, advice
of appointment
FRBank of San Francisco:
Deputy Chairman, matter of appointing, Chm.
Martin authorized to consider
with Chairman Whitman
Fredericks, John D., Class C, currently
serving as, appointment as Deputy
Chairman for 1962
Deputy Chairman, appointment as, accepted, plan for announcement re,
indicated
Appointment for 1963
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/19
4017-18
10/19
4019
10/19
4017, 4019
10/19
4018
10/30
4157
12/5
10/19
9/10
4633
4019, 4379
3405, 3414
10/19 4019
12/5 4633
11/26
4505
2/21
691
3/23
1041
3/26 1066
10/19 4019
1962
343
Pages
Directors: (continued)
FRBank of San Francisco: (continued)
Hirschler, Frederic S., possible appointment as Class C, if J.D. McCall
unable to accept, understanding
re procedure to be followed
Willing to accept for unexpired portion of three-year term
Appointment accepted for unexpired portion of three-year term, plan for
announcement re, indicated
Kerr, Clark, Class C, appointment for unexpired term ending December 31,
1964, to be made if willing to
accept
Report from Mr. Fauver that answer re
acceptance of appointment to be
given shortly
Unable to accept appointment as Class C
McCall, J.D., Class C, appointment to be
made if willing to accept, Chm.
Martin to explore matter with
Chairman Whitman
Merrill, Fred C., nominated for election
as Class B, question re eligibility in light of position as
President, Fireman's Fund Insurance Co., and Board's previous
ruling re such service, agreed to
interpose no objection, with understanding re issuance of reaffirmation of 1925 ruling precluding such service
Whitman, F.B., Class C, reappointment for
three-year term approved
Designation as Chairman and FRAgent
for 1963
FRBanks:
Bank stock owned by Class C appointee, question whether proposal to dispose
of stock by formation of a holding company and transfer of the
stock thereto, meets not only
technical compliance with the
law, but is consistent with
spirit of the law, discussion,
consensus re informing individual
of Board's views
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/21
690
3/23
1041
3/26
1067
1/16
193
2/14
2/21
557
690
2/21
690
11/8
4295
10/19
4017
10/19
4019
11/15
4350
1962
344
Pages
Directors: (continued)
FRBanks: (continued)
Chairmen and Deputy Chairmen, designations
and appointments for 1962
Class A and B:
Eligibility requirements for, member
banks to be apprised of affiliations that would preclude individuals from serving as, in
circular letter announcing the
elections of
Class B:
Insurance company (fire) officer, eligibility to serve as, question
whether such business constitutes
"commerce" and if it is too
closely related to lending and
finance business, raised in connection with nomination of Mr.
Merrill for election as director
FRBank of San Francisco, agreed
to raise no objection
1925 ruling precluding such service
to be reaffirmed in letter to FR
Banks at some time after end of
this year
Class C:
Appointments for terms beginning Jan. 1,
1963
Desirability of considering persons who
had served as FRBranch bank directors suggested by Governor King
Service as director of a small business
investment corporation, question
re Chairman Briggs, FRBank of
Chicago, discussion, agreed Chm.
Martin advise Mr. Briggs generally
that the decision was one for him
to make
Eligibility for, question re eligibility
of Joseph B. Hall, Chairman FR
Bank of Cleveland for reappointment due to age or ceasing to
occupy present position as President of the Kroger Company of
Cincinnati, consensus that Board
should proceed on the assumption
that he would be eligible
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/19
4018-19
11/8
4301
11/8
4295
11/8
4301
10/19
4017
11/19
4380
2/7
447
4/25
1483
1962
345
Pages
Directors: (continued)
FRBanks: (continued)
Class C: (continued)
Salary administration, greater responsibilities for, in connection with
officers' salaries at FRBanks
raised in discussion re proposed
plan for salaries of Presidents
and First Vice Presidents
Governor Mills' view that plan would
delegate more authority to directors than was contemplated by law
Small business investment corporation,
service of Class C Director as
director of, following discussion,
agreement re
FRBanks and branches:
Appointments, reference to those ineligible
for reappointment, suggested procedure for obtaining information
for persons who might be considered as replacements
For terms beginning January 1, 1963,
agreement re timing of release of
press statement re
Meetings:
Agreed Governor Shepardson and Governor
Mills would work with Mr. Fauver
and other members of the staff
in developing Directors' Day Program for March 15, 1962
Agreed that the proposed program would
be acceptable as a basis for making final arrangements
Discussion re arrangements for program
and dinner, with certain understanding
Review of 1962 Directors' Day Program
by Mr. Fauver, with recommendations for modifications, understanding re including several of
the suggestions in preparation of
plans for 1963 program
Newly appointed directors, agreement re
tentative meeting date with understanding re dinner
Agreement re change of date for
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/12
3425
9/12
3428
2/7
447
10/22
4033
12/7
4674
2/7
445
2/19
629
3/14
902
6/25
2298
10/22
10/31
4033
4203
1962
346
Pages
Directors: (continued)
FRBranch banks:
Appointments for terms beginning January 1,
1963
Class C directors, persons who had
served as, desirability of considering, suggested by Gov. King
Commercial bank directors, question re continuing service of Raymond E.
Olson as director of Buffalo
Branch until end of present year,
if he accepted directorship of
Lincoln Rochester Trust Company,
Rochester, New York, matter deferred pending distribution of
staff memorandum re similar cases
Memorandum reviewed, Board would have
no objection to his continuing as
director for remainder of 1962
should he accept directorship of
commercial bank, FRBank of New
York to be advised, discussion
re changing regulation and means
for making service more rewarding
for directors and the FRSystem,
appropriate subject for meeting
of Chairmen's Conference
t fund, eligibility for apinvestmen
Mutual
pointment as director, Seattle
Branch, of individual who is a
director of a, but whose principal occupation is officer of
industrial concern, no objection
Regulations, Board of Governors, discussion
re question of possible change
in, particularly in connection
with directors accepting directorships of commercial banks
System affairs, discussion re more active
participation in, by
(Individual branches):
Baltimore:
Corrin, E. Wayne, appointment for threeyear term if willing to accept,
willing to accept, appointment
telegram sent
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/19
4018
11/19
4380
5/14
1817
5/16
1841-44
11/8
4302
5/16
1843
4/25
1483
12/5
4633, 4634
1962
347
Pages
Directors: (continued)
FRBranch banks: (continued)
Birmingham:
Vacancy caused by resignation of Henry
King Stanford discussed, understood Governor King would review
situation
Marks, C. Caldwell, appointment for unexpired portion of term ending
December 31, 1964, to be made if
willing to accept, advice of appointment
Stanford, Henry King, resignation
noted
Warner, Jack W., reappointment for
three-year term approved
Buffalo:
Commercial bank directorships, suggestion by Governor Mitchell that
since three cases involving question re, had arisen since 1949 at
Buffalo, matter would be discussed
with FRBank of New York and Buffalo
Branch
Forman, Maurice R., appointment for
three-year term if willing to
accept, willing to accept, appointment telegram sent
Olson, Raymond E., question re continuing as director of, until end
of year, if he accepted directorship of Lincoln Rochester Trust
Company, matter deferred pending
distribution of staff memorandum
re similar cases
Memorandum reviewed, Board would have
no objection to his continuing as
director for remainder of 1962
should he accept directorship of
commercial banks, FRBank of New
York to be advised
Charlotte:
Cowan, J. C., Jr., reappointment for
three-year term approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/1
2916
8/9
3062
8/1
2916
10/19
4018
5/16
1843
12/5
4633, 4634
5/14
1817
5/16
1841
10/19
4018
1962
348
Pages
Directors: (continued)
FRBranch banks: (continued)
Cincinnati:
Whitaker, Howard E., reappointed for
three-year term approved
Denver:
Burghart, R.A., reappointment for twoyear term approved
Detroit:
Gerstacker, Carl A., resignation effective October 1, 1962
Heavenrich, Max P., Jr., appointment
for unexpired portion of term
ending December 31, 1963, to be
made if willing to accept, advice
of appointment
Peppiatt, Guy S., appointment for threeyear term if willing to accept,
willing to accept, appointment
telegram sent
Weil, Louis A., Jr., appointment for
unexpired portion of the term
ending December 31, 1963, if
willing to accept
El Paso:
Corbett, Roger B., reappointment for
three-year term approved
Helena:
Newburn, Harry K., reappointment for
two-year term approved
Houston:
Campbell, Donald B., appointment for
three-year term if willing to
accept, willing to accept, appointment telegram sent
Jacksonville:
Yates, Claude J., reappointment for
three-year term approved
Little Rock:
Stabler, Carey V., appointment for
three-year term if willing to
accept, willing to accept, appointment telegram sent
Los Angeles:
Halgren, S. Alfred, reappointment for
two-year term approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/19
4018
10/19
4018
10/24
4045
10/31
4203
12/5
4633, 4634
10/24
4045
10/19
4018
10/19
4018
12/5
10/19
12/5
10/19
4633-34
4018
4633, 4634
4018
1962
349
Pages
Directors: (continued)
FRBranch banks: (continued)
Louisville:
Harrison, William H., reappointment for
three-year term approved
Unable to accept reappointment, alternative possibilities considered
Martin, Boyce F., appointment for threeyear term to be made in event of
unavailability of Mr. Milner,
neither available for appointment
Milner, B. Hudson, appointment for threeyear term to be made if willing
to accept, unable to accept appointment
Memphis:
Self, William King, reappointment for
three-year term approved
Nashville:
Holt, Andrew D., appointment for threeyear term approved
New Orleans:
Emmerich, J.0., reappointment for threeyear term approved
Oklahoma City:
Barby, Otto C., reappointment for twoyear term approved
Omaha:
Hardin, Clifford Morris, reappointment
for two-year term approved
Pittsburgh:
Byrom, F.L., reappointment for threeyear term approved
Portland:
Reter, Raymond R., reappointment for
two-year term approved
Salt Lake City:
Rowland, Thomas B., reappointment for
two-year term approved
San Antonio:
Stockton, John R., reappointment for
three-year term approved
Seattle:
O'Brien, Robert, appointment for the
two-year term to be made if willing
to accept, acceptance ascertained,
appointment telegram sent
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/19
4018
12/20
4863
12/20
4863, 4864
12/20
4863, 4864
10/19
4018
10/19
4018
10/19
4018
10/19
4018
10/19
4018
10/19
4018
10/19
4018
10/19
4018
10/19
4018
11/7
4281
1962
350
Pages
Directors: (continued)
FRBranch banks: (continued)
Seattle: (continued)
O'Brien, Robert: (continued)
Eligibility to accept appointment as,
while serving as director of a
mutual investment fund, but whose
principal occupation is officer
of industrial concern, no objection to service
Discount Bank Investment Corporation Ltd., Tel Aviv,
Israel, applications of First
Pennsylvania Overseas Finance
Corporation, Philadelphia International Investment Corporation,
and Continental International
Finance Corporation to purchase
stock of, letters to applicants
advising Board reluctant to grant
consent, approved
Letters granting consent re, upon condition that
Discount Bank Investment Corp.
Ltd., dispose of its holdings of
stock of Mercantile Bank of Israel
Ltd., within a specified time,
approved
Discount window:
Use of:
FRBank of Kansas City examination report
review indicated, by six country
banks, action unnecessary due to
improvement over previous year,
understood that Governor Mitchell
would discuss administration of
the discount function with President Clay
Tentative recommendation by the Committee
on Financial Institutions that
all commercial banks be given
access to, on the same basis as
member banks, instruction to Mr.
Noyes re position to be taken at
meeting with the Committee
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/8
10/31
4302
4181,4205-07
12/5
4620,4641-43
1/2
9
10/10
3868
1962
351
Pages
Discounts for and advances to member banks:
Eligibility for:
Mortgages for discounting, question referred
to at joint meeting of Board and
FAC
Recommendations of Subcommittee on Legislation re paper eligible for, in
light of report of System Committee on Eligible Paper, approved
by Presidents' Conference, distribution of draft legislation to
Farm Credit Administration, ABA,
and Association of Reserve City
Bankers, agreed matter be considered by Board at early date
Matter considered further
D issertations:
Reproduction of copies of "Redistribution of Gold
Reserves Among Federal Reserve
Banks", by David B. McCalmont,
and "History of the Weekly Combined Statement of the Twelve
Federal Reserve Banks" by Richard
J. Bannon, approved with the understanding that copies would be
placed in Reserve Bank libraries
and a small number furnished each
author
D istinguished Federal Civilian Service:
Award to be granted by President, as established
by Executive Order 10717, Woodlief
Thomas nominated by Board for,
advice to be transmitted to Distinguished Civilian Service Awards
Board
District of Columbia Workmen's Compensation Act:
Claim filed by Board employee under, letter to
Dept. of Labor denying Board or
employee were subject to, at
time of injury
Dividends:
Ashville Bank, Ashville, Ohio, no objection to a
dividend declared in Dec. 1961
, no objection to declaraMissouri
Cairo,
Bank of
tion of dividends paid in 1961
and in 1962, and declaration of
a dividend made in Dec. 1962,
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/20
658, 664
9/27
9/28
3691
3725
7/9
2554
1/31
370
1/10
100
5/21
1880, 1887
12/10
4686, 4704
1962
352
Pages
Dividends: (continued)
Bank of Tuscumbia, Missouri, no objection to
declaration of dividends in 1961
and thus far in 1962, declaration
of a dividend in December 1962,
approved
Farmers Bank and Trust Company, Knox, Indiana,
declaration of a dividend payable March 31, 1962, approved
Declaration of dividends payable on June 30
and Sept. 29, 1962, approved
Farmers and Merchants State Bank, Claflin, Kansas,
no objection to declaration of a
dividend in 1960
Farmers and Merchants State Bank, Oldenburg,
Indiana, declaration of a dividend in December 1962, approved
Muscatine Bank and Trust Company, Muscatine,
Iowa, declaration of a dividend
in December 1962, approved
Peoples Savings Bank, Laurel, Iowa, declaration
of a dividend in December 1962,
approved
Prairie State Bank, Augusta, Kansas, no objection
to declaration of dividend Dec.
20, 1961
Declaration of a dividend in 1962 approved
Sterling State Bank, Mt. Sterling, Ohio, declaration of a dividend in December
1962, approved
Wellesley Trust Company, Wellesley Hills, Mass.,
no objection to a dividend declared on January 15, 1962, and
declaration of a dividend on
July 15, 1962, approved
Dollar exchange:
First National Bank of Miami, Florida, authorized
to accept drafts or bills of exchange drawn for purpose of furnishing, as required by usages
of trade in certain designated
countries, dependencies, or insular possessions of the U.S.
First Pennsylvania Banking and Trust Company,
Philadelphia, Pa., authorized to
accept drafts or bills of exchange
drawn for the purpose of furnishing dollar exchange
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/20
4850, 4884
3/12
871, 881
6/7
2068, 2072
3/2
798, 807
12/17
4788, 4791
12/17
4788, 4793
12/10
4686, 4703
5/10 1779, 1787
12/10 4686, 4705
12/21
4950, 4963
3/7
830, 835
6/22
2265, 2272
1/31
349, 372
1962
353
Pages
Doyle, David F :
Hearing examiner, National Labor Relations Board,
designed Hearing Examiner in
Continental Bank and Trust Co.,
Salt Lake City, Utah, Show Cause
Hearing ordered by the Board
Durant, Wenthworth T., attorney for Panhandle State
Bank of Borger, Texas, (former
State member bank) request for
page of 1953 examination report
of bank for use in pending tax
suit between bank and Bureau of
Internal Revenue, request denied,
Governor Mitchell dissenting
5/28
1962
4/2
1109, 1125
9/24
3649
4/18
1388, 1419
ffEllt
Earhart, Cecil, former President, FRBank of San Francisco, no objection to recommending appointment of, to committee
to study privately -owned timber
resources, pursuant to request
from U.S. Forest Service
Earnings and dividends reports:
State member banks, certain reports in Milwaukee
County, 1956 through 1961, requested by Dept. of Justice in
connection with the proceeding
against Bank Stock Corporation
of Milwaukee, agreed to furnish,
with Governor Mills dissenting
Earnings and expenses:
FRBanks:
Reports submitted to boards of directors of,
form indicating no breakdown as
to source, questioned by Governor
King, understood that Governor
King would discuss matter with
Mr. Farrell re desirability of
more detailed monthly income
statements
Profit and loss accounts 1962, no objection to year-end entries, respective FRBanks to be advised
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/14
4323
12/20
4850
1962
354
Pages
Economic conditions:
Review of economic developments and outlook,
topic for discussion with FAC
Viewed with optimism as discussed at the
joint meeting with FAC
Economic Development Institute of the International
Bank for Reconstruction and Development, visit to Board's offices by participants in, including luncheon, approved
Economic developments:
Annual report, discussion re effectiveness of
review of, published yearly in
the Board's
Economic projections:
Presentation of alternative patterns of economic
developments for remainder of
1962, copies of text and accompanying charts and tables placed
in Board's files
Economic Report of the President:
Joint Economic Committee hearings re, draft of
testimony by Chairman Martin to
be revised in light of discussion and suggestions
Economic situation:
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
Electrical Workers Union, New York Local 3:
Labor contract, negotiated by, establishing a
work week of five 5-hour days,
staff request to prepare a
descriptive paper re
E lectronics Instrument Company of America, New York, N.Y.:
Loan made by Chase Manhattan Bank, New York,
N.Y., to, in connection with the
financing of oil property now
owned by Lowe Petroleum Corporation, request received from Internal Revenue Service re information from examiner's work papers
in connection with, letter to FR
Bank of New York re, approved,
Governors King and Mills dissent
ing
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/2
4220, 4232
11/20
4428
11/23
4481
2/14
555
4/27
1504
1/22
231
4/18
1387, 1416
1/22
232
6/22
2265, 2273
1962
355
Pages
Emergency plans:
Board, 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 Chin. Robertson,
Joint Committee on Defense Production
Cash agent banks:
Plan of FRBank of Richmond to store currency with its 23 Cash Agent
Banks approved, authorized to
incur reasonable expenses incident to, budgetary provision
made for anticipated expenditures
during 1962
Decision of FRBank of Richmond to increase
its number of, from 23 to 24,
noted without objection
Preattack storage of currency in First
National Bank of Chillicothe,
Ohio, by FRBank of Cleveland,
proposal approved
Proposal of FRBank of Boston re currency
shortage at three, approved, including general authorization to
make further arrangements with
other cash agent banks, with
certain understanding
Cuban situation:
Report by Mr. Harris on FRSystem emergency
planning program in light of
Progress report by Mr. Harris on developments re FRSystem defense planning in light of
Suggestion in report by Mr. Harris, re possibility of simulated exercise
under conditions that would prevail under DEFCON 2, agreed possibility of desk exercise would
be considered
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/13
3457, 3487
1/5
48, 55
7/12
2671, 2689
9/6
3359, 3370
11/16
4360, 4365
10/25
4063
10/26
4102
10/29
4112
1962
356
Pages
Emergency plans: (continued)
Fallout shelters:
Federal Government, execution of a fallout
shelter license to, by the FRBank
of San Francisco, permitting the
use of certain areas in the Bank's
service building for fallout shelter purposes, no objection by
Board
Board of Governors:
Shelter in Board's garage, negotiated
contract with George A. Fuller
Company for installation of, in
accordance with plans submitted
by White and Mariani, authorized,
Gov. Mitchell's reservations having been noted
Contract with George A. Fuller Company prepared, Secretary authorized to execute on Board's behalf
FRBank of Dallas:
Federal radio transmitting frequency, use
of, authorization includes use
at relocation center in Denton,
Texas, in order to communicate
with armored cars between that
point and Dallas
FRBank of New York:
Vault facilities for earmarked gold, suggestion by Governor Robertson that
the New York Bank review, a previous emergency planning study
referring to the possibility of
using vault facilities at West
Point, discussed in connection
with proposed building alterations by FRBank of New York to
provide
FRBank of Richmond:
Fallout shelter, no objection to acceptance
of bid and expenditure on project,
including architects' and engineers' fees
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/29
2426, 2449
9/12
3433
9/28
3727
12/17
4795
12/18
4800
5/24
1929, 1936
1962
357
Pages
Emergency plans: (continued)
FRBank of San Francisco:
Fallout shelters, execution of a fallout
shelter license to the Federal
Government permitting the use of
certain areas in the Bank's service building for fallout shelter
purposes, no objection by Board
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
Relocation site of Board's operations, Committee
comprised of Messrs. Harris,
Farrell, and Kelleher to explore
problems arising from space needs
at FRBank of Richmond in light of
space provided for Board's emergency operations, committee to
present recommendations to Board
Ente Finanziario Interbancario, Rome, Italy, consent
granted retroactively for Banca
d'America e d'Italia to purchase
stock of, advice to Bank of America
Equipment:
Board of Governors:
Chart-making machine, electronic, proposed
purchase of, provided for in
1963 budget
Computer, electronic, IBM model 1410, recommendation that purchase option
agreement with IBM not include
four type 729 magnetic tape units,
approved, decreased cost noted
Outside use of, request from the Business Equipment Manufacturers Association for a duplicate deck of
punched cards covering data in
the Board's publication entitled
"Distribution of Bank Deposits by
Counties and Standard Metropolitan
Areas", agreed cards could be furnished on a reimbursable basis,
staff was authorized to comply
with other such requests on a reimbursable basis
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/29
2426, 2449
1/15
153, 164-78
7/17
2730
11/26
4491, 4507
12/10
4692
1/16
195
8/14
3103, 3120
1962
358
Pages
Equipment: (continued)
Board of Governors: (continued)
Computer, electronic, IBM model 1410: (continued)
Processing of data from reports of condition and earnings and dividend
reports, for FDIC and Comptroller
of the Currency, inquiry from Chm.
Cocke, FDIC, whether Board would
continue such service, reply by
Governor Shepardson to inquiry,
3/20
reported
Suit brought by Justice Dept., on behalf of Board against Wegematic
Corporation in connection with
contract, (with Alwac Corporation) reply to Justice re financial statements submitted in support of proposal to settle the
4/13
case
the
Letter to Justice Dept. indicating
Board's desire to close the matter
and stating that the Board would
agree with any settlement that
the Justice Dept. believed to be
12/13
appropriate
information
Telephone monitoring devices,
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
2/15
to Board's staff
:
Typewriters
Electric, purchase of, amendment of
Board's standards relating to,
approved, suggestion re timing
of purchases and re development
4/24
of replacement plan
Manual, development of replacement plan
for, suggested in connection with
proposed purchase of electric
4/24
typewriters
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
953
1366, 1374
4755, 4767
567, 585
1458
1460
1962
359
Pages
Eurodollar:
Meetings.
Experts to discuss, invitation received
from Bank for International
Settlements for FRSystem participation in, agreement re
representation from Board's
staff and FRBank of New York,
Mr. Young to locate an appropriate person from another FR
Bank, BIS to be advised
Central bank officers to meet in Switzerland at Bank for International
Settlements to discuss Eurodollar
market, Mr. Katz authorized to
attend
European Coal and Steel Community:
Time deposits of, question re qualifying under
P.L. 87-827 for exemption from
interest rate limitations, matter
deferred pending discussion by
Board's staff with Mr. Richard
Simmons, of New York law firm of
Cravath, Swaine 6: Moore
Examinations:
Bank examining function and auditing function at
FRBanks, inquiries by Governor
Balderston re staff increase and
upgrading in, understanding that
this strengthening was desired
by Board
Bank holding companies, suggestion by Governor
Mitchell to ascertain and describe function of, in connection with the examinations of
Bank service corporations:
Supervision of, by Federal bank supervisory
agencies, questioned in light of
H.R. 8874, a bill to authorize
investments by member banks in
Services performed for banks by, to be subject to the same regulation and
examination as if they were performed by the bank itself, proposed Regulation S implementing
provisions of Sec. 5, of the Bank
Service Corporation Act, to be
published in the Federal Register
for comment
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/27
2862
9/19
3586
12/20
4853
12/19
4834
5/22
1907
2/26
716
11/26
4492
1962
360
Pages
Examinations: (continued)
Examiner's work papers, information from, requested by Internal Revenue
Service, decision to release
letter to FRBank of New York
re, approved, Governors Mills
and King dissenting
FRBanks:
Biographical data on persons newly appointed
to FRAgent's function, omission
from Chief Examiner's confidential memorandum on management submitted in supplement to report of,
authorized
Expenditures, since release of examination
reports to House Banking and
Currency Committee, absence of
criticism of FRBank expenditures
noted
Procedures:
Annual review of procedures followed
by field examining staff in connection with bank, recommendation
that Price Waterhouse & Co. be
retained for 1962, and for consultation in connection with
transition to recommend procedures, approved, advice to Price
Waterhouse
Review of techniques and, used by the
Board's Division of Examinations
in examining FRBanks, to be made
by Price Waterhouse & Co., letter
approved
Report re study of techniques and procedures by Price Waterhouse & Co.,
during an examination of the FRBank
of Atlanta, discussion stressed
need to put recommended procedures
into effect as promptly as possible,
miscellaneous criticisms to be included in reports, in light of recommendations
Recommendations by Price Waterhouse &
Co., discussed in connection with
question of retention of public
accounting firms by directors of
FRBanks to review internal audit
function at FRBanks
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/22
2265, 2273
8/15
3124
7/3
2528
4/9
1279, 1296
6/1
2019, 2030
7/3
2525-27
7/23
2790
1962
361
Pages
Examinations: (continued)
FRBanks: (continued)
Procedures: (continued)
Certain changes in procedure proposed
by Governor Robertson, Governor
Mitchell's views re impact from
expense standpoint if adopted,
noted in consideration of 1963
Board budget
Changes proposed by Governor Robertson
re reduction in field examining
staff, designing of audit control
and review programs, and use of
internal audits supplemented by
surprise visits, interested divisions to submit memoranda of
views, views of Haskins & Sells
to be requested, in preparation
for further consideration by
Board, legal authority of Board
to abbreviate examinations questioned by Governor Mills
Foreign banking corporations, examination of,
FRBank of Chicago authorized to
follow the same plan as FRBanks
of New York, Boston, and Philadelphia, with FRBank examiners
acting for Board examiners in
the examination of Continental
International Finance Corporation, Chicago, Illinois
Foreign branches of national banks:
Board reluctant to state that it would not
exercise the authority provided
by sec. 25(6) of the 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, New York, N.Y.,
in Geneva, Switzerland
Letter to President Schwegler, Swiss
National Bank, approved, Gov.
Mitchell to advise Pres. Hayes
Conversation with Max Ikle re attitude
of Swiss National Bank, reported
by Governor Mitchell
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/10
4694
12/20
4857-59
11/21
4446, 4454
10/4
3794
10/19
4011, 4022
12/20
4872
1962
362
Pages
Examinations: (continued)
National banks:
Allocation of cost:
Request by Comptroller of the Currency
Saxon 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 Comptroller of
the Currency re proposal for
Federal Reserve and FDIC to pay
part of the cost of, agreement
with recommendation by Governor
Robertson justifying reimbursement for cost and transmittal of
copies of, rather than cost of
making the examination, Governor
Robertson authorized to advise
the Comptroller and indicate
willingness to meet and discuss
further
Further views received from the Comptroller of the Currency, discussion re preparation for forthcoming meeting with the Comptroller re problems in the field
of bank supervision including
further discussion
Recommendation of Governor Shepardson
that Board have comparative data
on costs of examinations of State
and national banks in consideration of reply to Comptroller of
the Currency re, understanding
with respect to acquiring such
data
Discussion re Board's position should
Comptroller present draft legislation to Congress re Federal
Reserve contributions to costs of
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/19
631
2/27
749, 761
3/12
876
3/20
953
3/21
991
1962
363
Pages
Examinations: (continued)
National banks: (continued)
Allocation of cost: (continued)
Couunents by Chairman Martin re problem, expressed at joint meeting
of Board with FAC
Reply to Comptroller of the Currency
Draft bill to authorize the FRSystem
to pay to the Comptroller of the
Currency up to 257 of the expense
of, transmitted to Board by the
Comptroller referred to in Board's
reply to Mr. Saxon
Status of Comptroller's request that
Federal Reserve contribute to,
Comptroller continuing to consider possibility of requesting
legislation re, noted in joint
meeting with FAC and Board
Schedule of charges for providing FR
Banks with copies of reports of,
and of District of Columbia banks,
received from Comptroller of the
Currency, matter to be considered
further
Effective date of proposed schedule of
charges deferred following conversation by Chairman Martin with
Comptroller, letter to Comptroller
confirming, letter to FRBanks requesting views
Requested comments by FRBanks received,
agreed that matter should be discussed with the Reserve Bank Presidents at the forthcoming Presidents' Conference
Possible procedure discussed at joint
meeting with Presidents, in case
charges are accepted, suggestion
re consideration for inclusion
in Board's Annual Report to the
Congress for possible attention
by appropriate Congressional committees
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/4
4/6
1186
1242, 1264
4/6
1268
5/1
1602
5/2
1615
5/9
1761,1769-70
6/11
2124
6/19
2211-13
1962
364
Pages
Examinations: (continued)
National banks: (continued)
Allocation of cost: (continued)
Charges announced by Comptroller of the
Currency for providing FRBanks
with copies of, proposed letter
to Comptroller stating Board's
views discussed, Gov. Robertson
to work with staff to revise
draft letter for further Board
consideration, with understanding
re review of letter by FRBank
Presidents, consensus re reference in letter to inclusion of
subject in Board's Annual Report
for 1962
Letter to Comptroller of the Currency
requesting one examination report
of all national banks 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 Comptroller
and Board of Governors
No reply received with respect to
Board's letter of June 27, 1962,
to the Comptroller of the Currency, 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 the Comptroller to
make arrangements with the FRBanks
for delivery of reports and billings, wire sent to Presidents of
all FRBanks re arrangements with
respect to
Reports no longer being made available
to Board in Washington on a borrowed basis reported, matter to
be given further consideration
Difficulty corrected, reports being
made available by Office of Comptroller of the Currency, noted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/21
2241-42
6/27
2386,2397-98
6/29
2423
7/3
2539
9/24
3653
9/24
3654
1962
365
Pages
Examinations: (continued)
Nonmember bank proposed to be converted to national bank (Royal State Bank,
N.Y., N.Y.) considered by State
banking authorities to be in
unsatisfactory condition, question whether FRBank of New York
could examine, to determine
whether banks' national charter
was deserving of approval
State member banks:
Municipal securities, tax exempt, maturity
breakdown of bank holdings of,
question whether such information could be obtained from reports of examination staff considering revising suulthary sheet
to develop such information
Supervision of, possibility of placing in hands
of bank chartering authorities,
or possible legislation placing
matter in hands of one Federal
agency, discussion in light of
work load of Board in connection with, staff to circulate
previous draft legislation for
Board consideration
for bank examiners from the
program
Training
three Federal bank supervisory
agencies on examination problems
related to the increasing use of
electronic equipment by banks,
reported by Gov. Robertson
Trust departments of State member banks, effect
of termination of Reg. F on, question raised by Governor Mills
(Individual banks):
Austin National Bank, Austin, Texas, review of
report of, in connection with
questions under Reg. 0 relating
to executive officer status of
Vice Chairman of the Board of
Directors of, suggested by Gov.
Robertson
Information relating to indebtedness of the
Vice Chairman to the bank as shown
in, reported by Gov. Robertson
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/19
4379
3/2
804
3/21
993
1/30
342
10/5
3814
1/29
325
1/31
369
1962
366
Pages
Examinations: (continued)
Bank of America, New York, N.Y., question re
condition of Banca d'America e
d'Italia, Milan, Italy, and reference to possible comments in
current year's examination of
Bank of Belmont Shore, Long Beach, California,
(now Coast Bank), request from
attorney for 1958 report for
use in litigation, Board will
not make report available, reply to FRBank of San Francisco
including recommended procedure
in event subpoena duces tecum
is served
Bankers Trust Company, New York, N.Y., request
on behalf of Internal Revenue
Service for access to excerpts
from certain reports of, reply
indicating request should come
directly from IRS, approved, comments by Gov. Mills re maintaining confidentiality of examination reports
Chase International Investment Corporation, New
York, N.Y., Board not informed
promptly in writing as required
by Condition 1 of the General
Consent re stock purchases by
Arcturus Investment & Development Ltd., noted in reviewing
examination report of
Chemical International Ltd., New York, N.Y., had
become a borrower, indicated by
Gov. Mills with the suggestion
that close scrutiny be given during examination, reference made
during consideration of purchase
of stock shares of Credit Malakoff
Societe Anonyme, Paris, France by
Questions re certain transactions raised in
examination of, discussion re possible letter relating to, decision
to take no action in light of current study of Regulation K
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/9
3846
3/20
948, 959
9/10
3405, 3415
4/16
1379
3/1
783
4/27
1505
1962
367
Pages
Examinations: (continued)
Citizens Bank and Trust Company, Park Ridge,
Ill., question re conducting
special or regular examination
of, to obtain information re
operation of United Security
Account Plan of, in light of
possible violation of Regulation Q, letter to FRBank of
Chicago
Results of special examination of, reviewed,
action on matter deferred, Gov.
Mitchell's views re
Question re advising bank of possibility
of frequent examinations, at
bank's expense, in light of
questionable operations involving United Security Account
Plan, consideration deferred
pending receipt of report of
examination being conducted by
FRBank of Chicago
Review of special examination re United
Security Account Plan, letter
advising bank that Board expects
operation of plan to be discontinued, with appropriate notice
to customers, approved
Continental Bank and Trust Company, Salt Lake
City, Utah, motion of, as respondent in administrative proceeding before the Board, for
production of confidential sections of certain examination
reports of, denied
Continental International Finance Corporation,
Chicago, Ill., authorization re
examination of, by examiners of
FRBank of Chicago acting as examiners for Board of Governors
FRBank of Atlanta:
Report reviewed, operations of Fiscal Agency
Department to be followed carefully in light of certain defects
noted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/1
381, 389
4/10
1316-17
4/23
1443
5/3
1660, 1670
8/6
2973, 2997
11/21
4/23
4446, 4454
1449
1962
368
Pages
Examinations:
(continued)
FRBank of Atlanta: (continued)
Report of, no reference to imperfections in
the safekeeping procedures at the,
noted and questioned by Governor
Shepardson
FRBank of Boston:
Report reviewed, attention called to the
case of a research employee operating a stock trading account
for speculative purposes, 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
Report reviewed
FRBank of Chicago, report reviewed
FRBank of Cleveland, report reviewed
FRBank of Kansas City, report reviewed, cases
of protracted borrowing and
general philosophy of discount
window administration noted,
action unnecessary due to improvement, understood that Gov.
Mitchell would discuss administration of the discount function
with President Clay
FRBank of Minneapolis, report reviewed
FRBank of New York:
Report reviewed examination of earmarked
gold held in custody for foreign
central banks, proposed revised
procedure involving test checking, no objection
Report reviewed, agreed no action warranted
by Board, discussion re Legal
Department and re audit procedures of System Open Market
Account and possible comments
by Haskins & Sells, review of
comments by Price Waterhouse
& Co.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/3
2529
3/22
8/2
7/18
6/11
1022
2923
2757
2124
1/2
6/11
9
2124
1/3
22
11/19
4376-77
1962
369
Pages
Examinations: (continued)
FRBank of Philadelphia, report reviewed, retention of outside public accounting
firm for purpose of reviewing the
audit function at, plan discarded
by, noted
FRBank of Richmond:
Report reviewed, no matters requiring action
by Board
Mysterious disappearance of Treasury certificate of indebtedness from vault
of, held as collateral to tax and
loan account of a nonmember bank,
discovered in course of current,
reported by Mr. Solomon
Report reviewed, agreed no action warranted
by Board, discussion re disappearance of certificate of indebtedness from vault of, and re
situation where employee maintains margin accounts
FRBank of St. Louis, report reviewed
First National City Bank, New York, N.Y., proposed branch in Geneva,Switzerland, question by Swiss National
Bank re intention of Board and
Comptroller of the Currency with
respect to
Letter to President Schwegler, Swiss National
Bank, approved, Governor Mitchell
to advise President Hayes
Swiss National Bank not inclined to permit
opening of branch of, if any
agency of another government retained right to examine the branch,
conversation with Max Ikle reported
by Governor Mitchell
Jones Exchange Bank, Marcellus, Michigan,
letter to FRBank of Chicago, requesting a new examination before
determining the issuance of a
warning under section 30 of the
Banking Act of 1933 to Mrs. Donna
V. Schurtz, President of
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/13
3470-71
2/19
630
8/27
3212
11/19 4376-78
4/23 1450
10/4
3794
10/19
4011, 4022
12/20
4872
2/14
548, 563
1962
370
Pages
Examinations: (continued)
International Banking Corporation, New York,
N.Y., questions raised in examination of, re certain transactions, decided to take no action
in light of current study of
Regulation K
Irving Trust Company, New York, N.Y., production
of reports of examination of,
ordered in suit of Trans World
Airlines, Inc., against Howard R.
Hughes and Hughes Tool Co., (in
which Irving Trust Co. is also
defendant), Board declines to
authorize such production, advice to counsel for, with request
that Board be advised if Special
Master or Court required production
request by Special Master,Board
of
In light
authorizes with stated restrictions re production of reports
of examination of
Production of confidential portions of reports of, authorized with noted
restrictions, ordered by Special
Master
Panhandle State Bank of Borger, Texas, (former
State member bank), request from
attorney for a page of the 1953
examination report, and request
from Internal Revenue Service
agent to study entire report,
for use in pending tax suit both
requests denied, Gov. Mitchell
dissenting
Southern National Bank of Houston, Texas, statement re need for recent examination of, in light of reported
changes revealed in application
for full trust powers, decision
to forgo examination and approve
application
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/27
1505
5/15
1827, 1835
5/22
1900, 1918
6/1
2013, 2023
4/2
1109, 1125
9/21
3621
1962
371
Pages
Examiners:
Board of Governors:
Donovan, John P., transfer from position of
FRExaminer to Review Examiner
with no change in salary approved
Egertson, Jack M., Review Examiner, Division of Examinations, appointment and salary approved, with
understanding re moving expenses
from Chicago, Illinois, to Washington, D. C., and transportation and per diem while in travel
status
FRBank of Chicago, examiners conducting examinations of Edge Act Corporations to be furnished appropriate
credentials as FRExaminers, with
understanding re FRBank examiners
assisting in examinations
Gray, Hurley Wayne, Assistant FRExaminer,
resignation accepted
Harrison, John B., Examiner, FRBank of New
York, to be designated as FRExaminer in connection with arrangements approved for his assignment of approximately two
months in the foreign banking
section of the Board's Division
of Examinations
Noory, George G., Assistant Review Examiner,
Division of Examinations, transfer from position of analyst in
Division of Bank Operations with
no change in salary approved
K., Review Examiner, DiviJames
,
Sanford
sion of Examinations, appointment and salary approved with
understanding re moving expenses
and transportation from North
Olmsted, Ohio, and per diem
O., Assistant FRExaminer,
Donald
Starr,
Division of Examinations, change
in official headquarters from
Washington, D. C., to El Paso,
Texas, approved
B., Assistant FRExaminer,
Robert
Thornton,
Division of Examinations, appointment and salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/27
3213
3/5
824
11/21
4446, 4454
8/27
3214
6/13
2148, 2162
7/3
2541
9/25
3664
3/7
833
10/24
4048
1962
372
Pages
Examiners: (continued)
Board of Governors: (continued)
Tyndall, Linwood N., Assistant FRExaminer,
Division of Examinations, headquarters changed from Washington,
D. C., to Jacksonville, Fla.,
effective immediately
Westmoreland, Robert N., Jr., Assistant
FRExaminer, change in official
headquarters from New Orleans,
La., to Washington, D. C., effective immediately, approved
Conference of Representatives of Bank Examination Departments of FRBanks, to
be held on March 26-27, 1962,
dinner approved
List of persons to be invited to attend a
dinner in connection with, approved
Discussion re proposed program for analysis
of banking structure and competition at forthcoming
Federal bank supervisory agencies, experimental
program of training for, re examination problems relating to
the increasing use of electronic
equipment by banks, reported by
Governor Robertson
Meeting of Vice Presidents and other representatives of Bank Examination Departments of FRBanks proposed after
Annual Convention of National
Association of Supervisors of
State Banks in Bretton Woods,
New Hampshire
FRBanks:
Appointment of examiners, assistant examiners
and special or special assistant
examiners, Governor Shepardson
authorized to approve on behalf
of the Board
Bank stock, premiums paid for, comment by
Governor Robertson re development of adequate information
by, as well as other factors
that might suggest a conflict
of interest, to be used in future
cases re acquisition of bank stock
by bank holding companies
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/3
4601
8/22
3175
1/18
217
2/13
542
3/1
791
1/30
342
7/30
2899
7/24
2827
11/2
4223
1962
373
Pages
Examiners: (continued)
FRBanks: (continued)
Family relationships:
Beagles, Richard W., appointment as
assistant examiner, FRBank of
Atlanta, approved not to participate in examination of
national bank so long as his
father served as an officer
Case, Barry J., assistant examiner,
FRBank of Philadelphia, appointment approved not to participate
in examination of Fidelity-Philadelphia Trust Company, as long
as his father served in any capacity in the bank
Hickory, Gary R., appointment as asst.
examiner, FRBank of Chicago, approved not to participate in examination of First National Bank
of Burr Oak, Mich., so long as
his father served as an officer
or director
Huffman, Richard C., appointment as
assistant examiner, FRBank of
Richmond, approved not to participate in examination of Grant
County Bank, Petersburg, West
Virginia, so long as his mother
is employed by that bank
Lippert, John D., appointment as asst.
examiner, FRBank of Chicago, approved, not to participate in
examination of Second National
Bank of Saginaw, Mich., as long
as his father is an officer
Little, Feramorz Thomas, asst. examiner, FRBank of San Francisco,
appointment approved not to participate in examination of Walker
Bank & Trust Company, Salt Lake
City, Utah, as long as his father
is employed by that bank
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/6
3368, 3375
5/21
1881, 1895
12/7
4677, 4684
10/10
3876, 3884
2/6
438, 440
5/31
1987, 2008
1962
374
Pages
Examiners: (continued)
FRBanks: (continued)
Family relationships: (continued)
Marden, Richard Dow, appointment as
assistant examiner, FRBank of
Boston, approved, not to participate in examination of Randolph
Savings Bank, Randolph, Mass.,
as long as his father is an officer of that bank
Stacey, James W., appointment as assistant examiner, FRBank of San
Francisco, approved not to participate in examination of First
State Bank of Salina, Utah, as
long as his father is an officer
or director
Upshaw, Robert B., assistant examiner,
FRBank of Richmond, appointment
approved not to participate in
examination of a nonmember bank
as long as he is related to an
officer of that institution
Instructions to:
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 refunding, advice to be sent to
FRBank Examination Depts., discussed during money market review
Puerto Rico, question re stationing a resident System examiner in, raised
by FRBank of New York, in light
of possible membership in FR
System of Puerto Rican banks,
staff to prepare additional information re status of certain
Puerto Rican banks
Acceptability for System membership
of the seven local insured banks
discussed in light of results of
review of examination reports,
agreed unanimously that it would
be undesirable for System to maintain resident examiner in, advice
to FRBank of New York
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/10
3876, 3883
12/11
4717, 4737
2/12
524, 537
2/16
597
3/28
1083
4/11
1336, 1353
1962
375
Pages
Examiners: (continued)
Instructions to: (continued)
Salaries, report of study re salaries of
bank examiners employed by Comptroller of the Currency, FDIC,
and, report transmitted to FR
Bank Presidents
National banks:
Trust powers of national banks, pending applications re, to be transferred
to appropriate regional Chief National Bank Examiner, as advised
by Comptroller in light of passage of Public Law 87-722, transferring from Board to Comptroller
of the Currency authority to regulate the exercise of, advice to
FRBanks
Executive officers:
Loans to:
SEE: Loans:
Executive officers
Expenses:
Board of Governors:
Audits, 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
Center for Latin American Monetary Studies,
visit to Board including luncheon,
translating facilities, conducted
tour of Washington and certain
minor expenditures, approved
Payment in connection with "cooperating
membership" for FRSystem in, letter to Dr. Marquez approved
through indirect controls, rebanking
Chain
quest by Congressman Patman, Chm.
of the House Select Committee on
Small Business, for a survey of
member banks re, due to size,
project would have to be mechanized, which would necessitate
a contract with an outside service bureau at an estimated cost
around $18,000, expenditure justified only if survey would be of
significant value to Small Busi
ness Committee, advice to Chairhttp://fraser.stlouisfed.org
man Patman
Federal Reserve Bank of St. Louis
7/11
2612, 2667
10/1
3741
4/9
1282, 1297
7/23
2794
10/22
3/22
4032, 4040
1030
1962
376
Pages
Expenses: (continued)
Board of Governors: (continued)
Chain banking: (continued)
Broader study including nonmember banks
suggested by Gov. Mitchell,agreed
to limit to member banks with possible later consideration of expansion, letter to Comptroller of the
Currency re participation approved,
draft of schedule to obtain information transmitted to Bureau of
Budget requesting Budget Bureau
number
Consumer buying intentions, survey re, conducted by Bureau of the Census,
Board's interim financial support
for the quarterly July 1962 survey requested by Bureau of the
Budget, in light of deferred Congressional action, approved, subject to clearance with House &
Senate Appropriations Subcomdttees
any resulting over -expenditure in
1962 budget of Division of Research
and Statistics authorized
Consumer finances surveys, program for 1963,
as described in memorandum from
Div. of Research and Statistics,
including estimated $240,000 for
consumer financial positions survey and an additional $25,000 for
remaining methodological survey,
approved, no plans for staff expansion with respect to, except
possible help from outside consultants, per Mr. Noyes
Employee Training and Development Program:
Economic statistics, advanced, confirming arrangements with Professor
Edwin S. Mills to conduct course
in, consisting of 20 to 30 sessions with a fee of $100 for each
session
French, conversational, arrangements
with Dr. Claude Yves Meade to
conduct a course in, with compensation in amount of $450 for each
of two 16-week semesters,approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/11
1339, 1354-55
6/29
2418,2433-34
11/7
4278-80
7/11
2636
7/11
2636, 2668
1962
377
Pages
Expenses: (continued)
Board of Governors: (continued)
Employee Training and Development Program: (continued)
Mathematical Economics, Introduction
to, arrangements with Dr. Richard
A. Good to conduct a course in,
with compensation in amount of
$1,250 for each of two 18-week
2547
7/6
semesters, approved
Writing, effective, arrangements confirmed with Dr. Calvin D. Linton
to conduct course in, with under3063
8/9
standing re compensation
Examinations of FRBanks, review of procedures
and techniques used by Board's
Division of Examinations in examining FRBanks to be made by
Price Waterhouse & Co., letter
approved, assumed that total cost
of review and advisory services
would be within range of cost of
2019,2030-31
6/1
previous reviews
National banks, examination of, proposal of
Comptroller of the Currency re
allocation of costs of, discussion re Board's statutory authority to control its own money in
light of proposed contributions
3/21 991
of Board to costs of
Examiners' Conference to be held on March 261/18 217
27, 1962, dinner approved
The Federal Reserve System--Purposes and
Functions, order for reprinting
50,000 copies of Fourth Edition
of, to be placed with Judd &
6/4
2035
Detweiler, Inc., approved
Industrial production --1957-59 Base, recommendation re cost of printing revision in special pamphlet, approved, with understanding re
over -expenditure in Board's bud8/20 3152
get
Inter-Agency Bank Examination School, memorandum by Gov. Robertson recommending that Board and FDIC share
with the States the expense of
State Examiners attending, and
that seminar type school for experienced senior examiners be
initiated, approved, including
approval of budget overexpendihttp://fraser.stlouisfed.org
3/16 922
ture with respect to
Federal Reserve Bank of St. Louis
1962
378
Pages
Expenses: (continued)
Board of Governors: (continued)
Quarters, arrangements for lease of space
in new FDIC building for fiveyear period at rate of $5.25
per square foot approved
Reproduction of copies of dissertations,
"Redistribution of Gold Reserves
Among Federal Reserve Banks", by
David B. McCalmont, and "History
of the Weekly Combined Statement
of the Twelve Federal Reserve
Banks" by Richard J. Bannon, approved, with the understanding
that copies would be placed in
Reserve Bank libraries and a
small number furnished each
author
Research projects of National Bureau 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
1962 budget of Division of Research and Statistics
Seals, revision of Board's seal to conform
to design of FRBulletin seal as
redrawn in 1961, estimated cost
about $500, no provision made in
1962 budget for expenditure, approved as recommended in Mr.
Sherman's memorandum
FRBank of Richmond, currency storage, authorized
to incur reasonable expenses incident to approved plan to store
currency at its 23 Cash Agent
Banks
FRBanks:
Functional cost data of FRBanks for 1961,
suggestion by Governor Mills for
discussion of these data by Div.
of Bank Operations, understood
that such presentation would be
arranged
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/15
2178
7/9
2554
11/15
4352
3/22
1018
1/5
48, 55
2/16
609
1962
379
Pages
Expenses: (continued)
FRBanks: (continued)
Function expense distributions for "Retirement and other benefits", actions
of Presidents' Conference concerning changes in the Accounting Manual re, approved by Board,
advice to Chairman of Presidents'
Conference with copies to all FR
Bank Presidents
Insurance carried by, draft of letter to FR
Banks reviewing comments made by
Presidents' Conference and Conference of Chairmen, staff requested
to prepare new draft in light of
Board's discussion
Governor Mills expressed concern re
unwarranted invasion of FRBanks
authority to determine their
own insurance program
Revised draft of letter to FRBanks
approved, no objection to discontinuance of certain insurance
coverage or to arrangement for
sharing losses
Motion picture on purposes, structure and
operations of FRSystem, expenditure by FRBanks for, approved by
Presidents' Conference, no objection by Board
National bank examination reports, schedule
of charges for providing FRBanks
with copies of, received from
Comptroller of the Currency, matter to be considered further
Effective date of proposed schedule
of charges deferred following
conversation of Chm. Martin with
Comptroller of the Currency, letter to Comptroller confirming
Export-Import Bank of Washington:
Bankers' acceptances, question from officer of,
re cooperation of banks in connection with holding acceptances
fully guaranteed by, reported by
Governor Robertson
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/16
912, 937
2/14
549
2/14
550
2/19
628, 644
2/6
432, 439
5/2
1615
5/9
1761, 1769
1/29
318
1962
380
Pages
Export-Import Bank of Washington: (continued)
Private capital participation in operations of,
study by re possibility of increasing, through repurchase
agreements, invitation from
Budget Bureau for participation
of Board's staff, authorization
and understanding re, Governor
Robertson to be kept informed of
developments
Designation of Messrs. Partee and Gemmill,
Board's representative and alternate, advice to Budget Bureau
1/29
317
1/29
318, 334
8/6
2971, 2990
3/22
1016, 1029
3/22
1016
7/27
2862
riFol
Pabrica Espanola Magnetos S.A., Madrid, Spain, consent granted for Bankers International Financing Company, Inc.,
New York, New York, to purchase
shares of
Pair employment practices:
Board of Governors:
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, advice to President's Committee on Equal Employment Opportunity
Separate regulations relating to, not issued,
procurement activities carried
on in accordance with the Executive Order
Report re employment of minority groups
sent to Civil Service Commission
in connection with study conducted at the request of the
President's Committee on Equal
Employment Opportunity
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1962
381
Pages
Farm
Credit Administration:
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
Farmers Home Administration:
Loans of member banks to farmers insured by,
promissory notes evidencing,
considered eligible as collateral
security for advances under section 13, FRAct, interpretation
sent to Administrator of, and to
the FRBanks to be published in
the FRBulletin
Rural housing loans made by private lenders in
certain situations, draft bill
to amend Housing Act of 1949,
Title V, to authorize insurance
of such loans by, report sent to
Budget Bureau
Federal Advisory Council:
Absorption of exchange charges:
Possible amendment to Regulation Q with respect to, problems reviewed and
discussed, including enforcement
problems, differences in opinion
among Federal bank supervisory
agencies, and nonpar banking,
views of FAC members expressed
at joint meeting with Board
No decision reached by Board noted by Chm.
Martin at joint meeting, position of Comptroller of the Currency reported, and discussion
re possibility of banks engaging
in more effective policing of
Board's current policy
Automobile market, demand for automobiles will
continue relatively good with
firm used car prices, views of
FAC expressed in joint meeting
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/27
9/28
3691
3725
5/14
1812, 1822
4/3
1128, 1165
4/4
1166
5/1
1599
9/18
3560
1962
382
Pages
Federal Advisory Council: (continued)
Balance of payments:
Deficit in U.S., increasing public concern
by informed public re, and certain suggestions re possible elimination of deficit, discussed at
joint meeting of Board and FAC
Little reaction by the general public re
latest developments in, concern
indicated by informed persons re
views expressed at the joint meeting with FAC
Bank Loans:
Moderate rise in demand for commercial and
industrial loans anticipated,
views of FAC reported in joint
meeting with Board
Demand during next several months will expand moderately with expected
rise in business activity, and
demand for real estate loans
likely to rise in view of upward
trend in construction, views of
FAC expressed in joint meeting
with Board
Demand during next several months will rise
seasonally with modest increase
in consumer and real estate loans
anticipated, views of FAC expressed
at joint meeting
Demand for, including real estate and consumer, views expressed at joint
meeting with
Bank supervisory matters, general problems re,
including time devoted to such
matters by Board in relation to
that devoted to monetary policy,
problems inherent in dual banking system, and problems of cost
of national bank examinations,
views of Chairman Martin re, expressed at joint meeting with
Business investment, probable effects of recent
Treasury Bulletin F changes and
of enactment of proposed investment tax credit on, views of
FAC re
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/20
11/20
668
4439
2/20
659
5/1
1591
9/18
3564
11/20
4434
4/4
1185
9/18
3563
1962
383
Pages
Federal Advisory Council: (continued)
Business situation:
Views re general outlook with respect to,
expressed at joint meeting with
Condition reports for use by national banks, revised form proposed by Comptroller of the Currency eliminating
certain banking data, proposal
discussed with FAC at joint meeting
Construction activity and real estate markets,
impressions re strength of, in
light of revaluation of stock
prices, views with respect to,
expressed at joint meeting with
FAC
Deposits:
Time certificates of, increased use by commercial customers and more active
market for, views of FAC expressed
in joint meeting with Board
Time and savings:
Recent increase in maximum rates of
interest payable on, reaction
of banks to, views reported
in joint meetings with Board
Volume increasing, believed that it
will continue to grow, but at
decreasing rate, effect on bank
portfolios noted, views of FAC
expressed at joint meeting
Economic developments and outlook viewed with
optimism as discussed at the
joint meeting with
Executive Committee:
Members, election of Messrs. Enders, Hobbs,
and Zwiener, and to serve as ex
officio, Messrs. Murphy and Hays
Foreign currency operations of FRSystem, review
of recently authorized program
of, by Chairman Martin at joint
meeting with FAC, speech made by
Pres. Hayes, FRBank of New York
re, and testimony by Chm. Martin
at hearings on President's Economic
Report, referred to
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/20
5/1
9/18
11/20
651
1588
3555
4430
5/1
1601
11/20
4433
5/1
1592
2/20
5/1
660
1592
9/18
3570
11/20
4428
2/20
650
2/20
673
1962
384
Pages
Federal Advisory Council: (continued)
Housing and construction area, developments in,
views re recent rise in housing
starts, in FHA and VA applications, and appraisal requests,
construction of apartments in
larger cities going on in face
of relatively high vacancy rates,
views expressed in joint meeting
with Board
Housing market, extent to which multi-family
housing starts appear to be
solidly based, availability of
funds for full financing influencing a high proportion of
such projects, views of FAC at
joint meeting
Interest rates, prime, discussion by Board and,
re possible effects on economy
of lowering, reference to effect
of interest rates on pressure for
foreign loans
Liquidity of the banking system:
Declined this year with increase in holdings
of municipal securities, and
mortgages, and lengthening of
maturities, views of FAC expressed
in joint meeting
Believed to be adequate but concern expressed
re the declining trend, views expressed at the joint meeting with
Meeting with Board
Meeting with Board to discuss absorption of exchange charges
Meeting with Board
Meeting with Board
Meeting with Board
Meetings:
April 30-May 1, 1962, next to be held
Special meeting with Board to consider
possible amendment to Regulation Q to the effect that absorption of exchange charges
would not represent payment of
interest on deposits, agreement
re
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/1
1590
9/18
3560
9/18
3572
9/18
3565
11/20 4435
2/20 650
1166
4/4
5/1
1587
9/18 3554
11/20 4428
2/20
650
3/14
896
1962
385
Pages
Federal Advisory Council: (continued)
Meetings: (continued)
Special meeting with Board: (continued)
Question of discussing with, position
of Comptroller of the Currency
on certain bank supervisory
matters, agreed items first be
cleared with Comptroller
Letter to Mr. Prochnow re, approved,
discussion re date of meeting
and re possibility of considering it as regular meeting
September 17-18, 1962, next to be held
November 19-20, 1962, next to be held
February 18-19, 1963, next to be held
Members:
Alternates:
deBretteville, Charles, present at
meeting as representative of
12th District in the absence
of Mr. McAllister
Glover, Milton H., present at meeting
as representative of First District in the absence of Mr.
Enders
Rutledge, Henry T., present at meeting as representative of Ninth
District in the absence of Mr.
Moorhead
Breidenthal, M. L., attended first meeting as newly appointed member
Hays, Reuben B., elected Vice President
Maestre, Sidney, attended first meeting
as newly appointed member
McAllister, Elliott, attended first meeting
as newly appointed member
McRae, J. Finley, attended first meeting as
newly appointed member
Moorhead, John A., attended first meeting
as newly appointed member
Murphy, George A., elected President
Zwiener, Kenneth V., attended first meeting
as newly appointed member
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/14
902
3/21 991
1602
5/1
3580
9/18
11/20 4444
9/18
3554
4/4
1166
5/1
1587
2/20
2/20
651
650
2/20
651
2/20
651
2/20
651
2/20
2/20
651
650
2/20
651
1962
386
Pages
Federal Advisory Council: (continued)
Monetary and credit policy:
Appropriate and having desirable impact on
business activity, views expressed
in joint meeting with, reference
to balance of payments problem in
relation to
More weight placed on international considerations in view of seriousness
of balance of payments deficit,
importance of sound fiscal policy,
views of FAC expressed in joint
meeting with Board
Generally favorable impact on the economy,
discussion re lower or higher
prime interest rates and availability of money in connection
with, reference to pressure for
foreign loans discussed
Belief that the present degree of ease continues to be appropriate, views
expressed at the joint meeting
with FAC
for discounting at FRBanks
eligibility
Mortgages,
question referred to at joint
meeting of Board and FAC
allocation of costs of:
examinations,
bank
National
Comments by Chairman Martin re problem, expressed at joint meeting of Board
with FAC
Status of Comptroller's request that the
Federal Reserve contribute to,
noted in joint meeting with
Board
Real estate markets, impressions re strength of,
in light of revaluation of stock
prices, views expressed at joint
meeting with
Revenue bonds, underwriting and dealing in, by
commercial banks, views of FAC
re proposed legislation to permit, expressed in joint meeting
Staff:
Korsvik, William J., elected Assistant
Secretary
Prochnow, Herbert V., elected Secretary
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/20
671
5/1
1593
9/18
3570-73
11/20
4439
2/20
658, 664
4/4
1186
5/1
1602
11/20
4433
9/18
3579
2/20
2/20
650
650
1962
387
Pages
Federal Advisory Council: (continued)
Taxes, contrasting points of view expressed re a
tax reduction in light of the
projected budget deficit, suggestion that action involving the
revamping of the tax structure
would have productive results
without incurring the same degree
of risk
Thomas, Woodlief, Adviser to the Board, comments
by President Murphy re FAC's respect for, and good wishes for
his future, in light of his impending retirement
Topics for discussion:
Absorption of exchange charges:
Agreement re special meeting with Board
to consider possible amendment to
Regulation Q re understanding re
material to be furnished members
of
Letter to Mr. Prochnow re, with copy
to each FAC member, approved, and
memorandum re background of situation sent to FAC
Consensus that Board's position should
not be expressed, consideration
to be given to views of Council
members
Automobile and housing markets, appraisal
of current strength of, high
proportion of multi-family housing starts
Balance of payments:
Deficit in U.S., public concern about
Appraisal of public reaction to
Loans, bank:
Demand for commercial and industrial
Demand for, including real estate and
consumer
Demand during next several months, including real estate and consumer
loans
Demand for, including real estate and
consumer
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/20
4431
5/1
1587
3/14
896
3/21
989, 1011-13
4/30
1539
8/28
3232, 3258
2/1
11/2
384, 391
4220, 4232
2/1
384, 391
4/13
1363, 1370
8/28
3232, 3258
11/2
4220, 4232
1962
388
Pages
Federal Advisory Council: (continued)
Topics for discussion: (continued)
Bank supervisory matters, views of the
Comptroller of the Currency re
certain, question re discussing
absorption of exchange charges
with the Comptroller
Bank supervision, possible draft legislation changing structure of
Business situation:
General outlook for next six months
Effect of the steel wage settlement
and subsequent increase in steel
prices
Performance of the economy thus far
this year
Effect of period of international
tension
Construction activity and real estate
markets, impressions re strength
of in light of revaluation of
stock prices
Deposits:
Computation of interest on savings
deposits, Mr. Farrell's memorandum proposing advance notice
of savings account withdrawals
to cope with problems under
Regulation Q raised by United
Security Account Plan of Citizens
Bank and Trust Company, suggested
as subject of discussion at some
forthcoming meeting of
Deposits, time and savings:
Recent increase in maximum rates of
interest payable on, reaction
of banks to, and certain questions re changes developing from
Negotiable time certificates, recent
developments of significance in
connection with, in relation to
increased maximum rates of interest
payable on time and savings
Recent and prospective trends of, and
effects from standpoint of bank
portfolio management
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/14
902
3/21
996
2/1
384, 391
4/13
1363, 1370
8/28
3232, 3258
11/2
4220, 4232
11/2
4220, 4232
3/23
1036
2/1
384, 391
4/13
1363, 1370
8/28
3232, 3258
1962
389
Pages
Federal Advisory Council: (continued)
Economic developments, domestic, observation and
outlook re
Housing and construction area, developments in
Liquidity of the banking system
Adequacy and trend of
List sent to Mr. Prochnow
List sent to Mr. Prochnow
List sent to Mr. Prochnow
List sent to Mr. Prochnow
Monetary and credit policy:
Impact of current
Question re relative weight to be
placed on domestic considerations or on international considerations
Current conditions of
Taxes:
Probable effect on business capital
decisions of recent changes in
Treasury Bulletin F, and possible effects from enactment of
proposed investment credit provisions
Question re advisability of reduction
Unemployment situation to be considered
Current or prospective improvement in
Unemployment situation:
Moderate improvement seen and anticipated
to continue, relationship to
balance of payments problem and
effects of European Common Market
on, discussed at joint meeting
with Board
Little indication of any significant prospective improvement in, although
moderately encouraging trend seen,
views expressed in joint meeting
with Board
Pederal Deposit Insurance Act:
Section 18, amendment proposed, conforming with
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
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/2 4220, 4232
4/13 1363, 1370
8/28 3232, 3258
11/2 4220, 4232
2/1
384, 391
4/13 1363, 1370
8/28 3232, 3258
11/2 4220, 4232
2/1
384, 391
4/13
8/28
11/2
1363, 1370
3232, 3258
4220, 4232
8/28
11/2
2/1
4/13
3232, 3258
4220, 4232
384, 391
1363, 1370
2/20
658
5/1
1589
4/9
1284, 1299
1962
390
Pages
Federal Deposit Insurance Act: (continued)
Section 18(c):
Branch banks, operation of, resulting from
acquisitions under, question re
necessity of Board approval and
capital requirements of resulting
bank, reply to inquiry from Farmers
and Merchants Bank of Long Beach,
Calif., to be sent as staff letter
by Mr. Hackley to FRBank of San
Francisco
Orders on bank merger cases, proposal that
such orders be so worded as to
refer to Bank Merger Act of 1960,
rather than to, noted without objection
Federal Deposit Insurance Corporation:
Absorption of exchange charges, question re arranging interagency meeting on,
noted by Governor Robertson
Views of representatives of, that such
absorption does not represent
payment of interest on deposits
under Federal Deposit Insurance
Act, noted by Governor Robertson
in connection with proposed amendment to Regulation Q re, summary
of meeting of representatives of
Board, Comptroller of the Currency,
and, referred to, agreement re
forthcoming meeting with directors
of, to discuss
Position of FDIC with respect to problems
re, noted and discussed at joint
meeting of Board and FAC
Bank of American Samoa, Pago Pago, Tutuila, American Samoa, views of FDIC re application for deposit insurance,
noted in consideration of question re eligibility for membership in FRSystem
Questions re qualifications as "State bank"
for purposes of deposit insurance
under Federal Deposit Insurance
Act noted in discussion re eligibility for membership in FRSystem
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/6
433
6/8
2089
2/7
446
3/14
896-902
4/4
1167
2/12
504
4/10
1315
1962
391
Pages
Federal Deposit Insurance Corporation: (continued)
Bank competition, seminar arranged by Board to
study, invitation sent to representative of
Bank service corporations, investments in, by
State nonmember insured banks,
recouunendation by, to include
authorization for, in H.R. 8874,
a bill to authorize member banks
to invest in such corporations,
Board's views re recommendation
Draft statement proposed by Board to be
issued to State member banks
upon enactment of H.R. 8874,
made available to, noted
Press statement approved for issuance if
H.R. 8874 is enacted, could be
converted into a joint release
with FDIC if desired
Regulation implementing provisions of
sec. 5, Bank Service Corporation
Act applicable to nonmember banks,
FDIC considering publishing regulation similar to Board's proposed Regulation S
Branch bank deposit data, proposal re adoption
of report form to expand the
collection of, sent to FDIC
and Comptroller of the Currency,
requesting comments re possible
use in place of regular depositsby-counties form
Copy of letter replying to Comptroller restating position of Board and
commenting on his alternative
proposal, sent to, understanding
re contemplated procedure to be
followed
Decision of Board and, to expand the collection of, to include reports of
deposits by cities from all member
and nonmember banks, draft of proposed letter to all FRBanks and
draft report form enclosed in
letter to, decision of Comptroller
of the Currency not to participate
in program, noted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/8
62, 79
2/26
716, 729
9/28
3706
10/3
3752
11/26
4492
4/13
1363, 1370
5/17
1850, 1867
5/24
1930,1949-51
1962
392
Pages
Federal Deposit Insurance Corporation: (continued)
Branch bank deposit data: (continued)
Authority of Board to require report from
member banks re, copy of telegram
sent to FRBanks transmitted to
Inquiry from President, First National Bank
of San Jose, Calif., re use of
such reports, question re treatment of certain confidential unpublished information and Board's
authority to collect, edited copy
of reply sent to
Branch banks, applications of State member banks,
Board's position that such applications should be processed
promptly, appropriate advice to
be transmitted to
Building, proposed 5 year lease for as much space
in new FDIC building to meet
Board's needs, Governor Shepardson
requested to proceed with negotiations with
Arrangements for lease of space by the Board
of Governors in the new FDIC
building for a five year period
Negotiations concluded for lease of space in
new, reported by Gov. Shepardson,
provisions of lease outlined,
lease executed by, forwarded to
Board for execution
Lease executed on behalf of Board by
Asst. Secretary noted
Board costs for rental and furnishing of
space in, included in 1963 budget
Condition reports:
SEE: Condition reports:
Continuance of deposit insurance after withdrawal
from membership in the FRSystem:
Bay City Bank and Trust Company, Bay City,
Texas
Beloit Savings Bank, Beloit, Wisconsin
Brownfield State Bank & Trust Co., Brownfield, Texas
Citizens Bank of Windsor, Mo.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/25
2299, 2314
7/25
2843, 2848
1/26
299
4/24
1467
6/15
2178
8/28
3246
8/28
3248
12/10
4691
1/24
4/18
242, 264
1386, 1405
3/21
11/5
979, 998
4236, 4249
1962
393
Pages
Federal Deposit Insurance Corporation: (continued)
Continuance of deposit insurance after withdrawal
from membership in the FRSystem: (continued)
12/3 4597, 4604
Citizens State Bank, Hempstead, Texas
12/10 4686, 4700
Continental State Bank, Alto, Texas
2/26 713, 724
Crawford County Trust Co., Meadville, Pa.
East Texas Bank & Trust Company, Longview,
5/10 1779, 1788
Texas
1003, 1120
4/2
Farmer's Bank of Polo, Missouri
Farmers and Merchants Bank, Marianna,
1/24 242, 262
Arkansas
Farmers and Merchants State Bank of
1604, 1622
5/2
Bushnell, Ill.
of
SpringFarmers and Merchants State Bank
3/23 1037, 1045
field, Minn.
Nebraska
1494, 1500
4/26
Farmers State Bank, Eustis,
4230
Ill.
4220,
Cairo,
11/2
First Bank and Trust Company,
1605,
1625
5/2
Texas
Booker,
Bank,
First State
4127
Nebraska
4111,
10/29
First State Bank, Fremont,
4841
4808,
12/19
Texas
First State Bank of Marlin,
12/10 4686, 4701
First State Bank of Odem, Texas
Riverdale,
of
Bank
and
Trust
Savings
First
7/12 2671, 2688
Illinois
Gatesville,
Company,
Guaranty Bank & Trust
12/3 4597, 4603
Texas
Wisconsin
3101, 3115
8/14
Menomonie,
Kraft State Bank,
Texas
Levelland,
999
979,
3/21
Levelland State Bank,
3886,
10/11
3909
Mo.
Osage Valley Bank, Warsaw,
Ohio
Knoxville,
10/11
3885,3908
New
Bank,
Peoples Savings
5/24 1929, 1937
Richview State Bank, Richview, Ill.
Texas
Lee,
12/10 4686, 4702
Robert
State
Bank,
Lee
Robert
San Benito Bank & Trust Company, San Benito,
409, 419
2/5
Texas
6/14 2163, 2171
Security Trust Company, St. Louis, Mo.
1/26 303, 313
Silver Spring Bank, Milwaukee, Wisconsin
2471, 2508
7/2
Spur Security Bank, Spur, Texas
1194, 1232
4/5
State Bank of Springfield, Minn.
8/30 3325, 3333
Suburban Trust Company, Hyattsville, Md.
5/10 1779, 1789
West Texas State Bank, Snyder, Texas
8/13 3069, 3984
York Bank and Trust Company, York, Pa.
Data re condition, earnings, and dividend reports,
processing on Board's computer,
for FDIC and Comptroller of the
Currency, inquiry from Chm. Cocke
whether Board would continue such
service, reply by Gov. Shepardson
3/20 953
reported
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1962
394
Pages
Federal Deposit Insurance Corporation: (continued)
Directors of:
Hearing by House Banking and Currency Committee on bill re composition of,
Board questioned by National Association of Supervisors of State
Banks re possible objection to,
agreed unnecessary to reply
Dormant accounts in the banking system:
Joint survey by Board, Comptroller of the
Currency and, requested by Congressman Patman, including data
service charges and undivided
profits, Gov. Robertson to undertake preliminary discussions with
Comptroller of the Currency and
Meeting with Comptroller of the Currency Saxon and FDIC Chm. Cocke,
reported by Governor Robertson
Arrangements for another meeting, proposed form of questionnaire with
respect to, transmitted to Comptroller of the Currency for study,
with a copy to Chm. Cocke
Meeting of supervisory agencies for
February 23, cancelled at the request of the Comptroller of the
Currency, letter to Congressman
Patman indicating Board's position re
Consisting of public funds, FDIC requested
by Treasury Dept. to transmit to
all insured banks a request from
Secretary of Treasury for a report on, reported by Governor
Robertson
Foreign time deposits, question whether higher
interest rate permitted to be
paid on, can be paid to an individual or nonqualified organization who purchased a time certificate from the foreign institution,
Board's interpretation approved,
but to be discussed with
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/19
629
1/31
367
2/7
445
2/19
631, 647
3/7
831, 840
4/3
1129
11/6
4258
1962
395
Pages
Federal Deposit Insurance Corporation: (continued)
Foreign time deposits: (continued)
After revisions, interpretation approved
with understanding suggested
requirement for disclosure
through the instrument itself,
be cleared with, published in
Federal Register after concurrence with FDIC
Inter-Agency Bank Examination School, memorandum
by Gov. Robertson recommending
that the Board and FDIC share
with the States the expense of
State examiners attending, and
that a seminar type school for
experienced senior examiners be
initiated, approved, including
approval of such budget overexpenditure for the year 1962, no
objection to Gov. Robertson expressing to FDIC his desire that
the school continue to be held
in the Federal Reserve building
Position of FDIC re extending financial assistance to students from State
banking departments in light of
withdrawal of Comptroller of the
Currency from participation in
training program, understanding
re possible further action
Mortgage interest rates, collection of information on, no objection to inclusion in statements indicating
Board's support of the proposal,
advice to
National banks, examination and supervision of,
allocation of cost re, request
by Comptroller of the Currency
Saxon to discuss with the Board
a plan with respect to, plan
discussed with FDIC, Governor
Robertson authorized to meet
with Mr. Saxon and to bring the
matter back to the Board for
consideration
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/21
4450, 4472
3/16
922-26
9/27
3682
1/18
220, 227
2/19
631
1962
396
Pages
Federal Deposit Insurance Corporation: (continued)
National banks: (continued)
Report on meeting with Comptroller of the
Currency re proposal for Federal
Reserve and FDIC to pay part of
the cost of, agreement with recommendation by Gov. Robertson
with respect to Board's position
re such costs
Puerto Rico, attitude of FDIC re chartering banks
in, letter from Chm. Cocke to
Secretary of Treasury, Puerto
Rico, commenting on certain statements of Vice President Crosse,
FRBank of New York, re, as set
forth in article in San Juan Star,
sent to President Hayes
Report on competitive factors submitted to Board
by, re proposed merger of United
California Bank, Los Angeles,
California, with First National
Bank of Vista, California, request from United California
Bank for report denied, Governors
Robertson and Mitchell dissenting
Salaries of examiners employed by FRBanks, Comptroller of the Currency, and FDIC
report of study re, transmitted
to FRBank Presidents
Time certificates, conversion of 6-month into
12-month bearing interest at the
new maximum 47, request by FR
Branch of Detroit for interpretation under Reg. Q with respect
to, liberal position described in
memorandum from Legal Division
discussed, agreed if FDIC concurred, proposed reply would be
sent, otherwise Board would consider further, reconsidered in
light of information from FDIC
Agreed to take position in accord with FDIC,
advice to FRBranch of Detroit
with copies to each FRBank, to
be published in the Federal
Register
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/27
749, 761
6/7
2069, 2079
4/2
1104, 1124
7/11
2612, 2667
1/4
33-37
1/5
50, 58
1962
397
Pages
Federal Deposit Insurance Corporation: (continued)
Time certificates: (continued)
Proposed amendment to Regulation Q stating
that member banks must reduce
contracted interest rate on long
term, to comply with Board's action re reduction of maximum
rates of interest, and must so
advise the public, sent to FDIC
for comment
Consultation to be had with, to determine
if FDIC wished to publish proposed amendment to its regulations re contracted interests
rates payable on, similar to
that proposed by Board in amendment to Regulation Q
Federal Employees' Compensation Act:
Board members, officers and employees covered
by, ruling by Department of
Labor with respect to, Board's
employer's liability policy with
private company cancelled in
light of ruling
Federal Funds:
Study of statistics re, prepared by employee of
FRBank of Chicago, possible publication of edited and revised
version suggested
Federal funds series:
Revision of, proposed by System Research Advisory
Committee, and cleared at Presidents' Conference approved by
Board, letter to FRBanks indicating
release of confidential form,
L. 6.2, and possible public release of certain figures at a
later date
Federal Government:
Fallout shelters, execution of a fallout shelter
license to the, by the FRBank of
San Francisco, permitting the use
of certain areas in the Bank's
service building for fallout
shelter purposes, no objection
by Board
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/17
11/26
1854
4502
2/21
688, 700
8/28
3245
8/28
3244, 3286
6/29
2426, 2449
1962
398
Pages
Federal Home Loan Bank Act:
Draft bill to amend Home Owners' Loan Act and,
submitted by Federal Home Loan
Bank, report to Budget Bureau to
be redrafted
Unfavorable report transmitted to Bureau of
the Budget
Revised draft bill permitting broader authority for Federal savings and loan
associations to engage in the
financing of multiple dwelling
units, comments re, transmitted
to the Bureau of the Budget
H.R. 13044, enrolled bill consisting of amendments to the Home Owners Loan
Act, and liberalizing the authority of the Federal savings and
loan associations to lend on
multi-unit residential properties,
report to Bureau of the Budget
indicating no objection
Federal Register:
Bank holding company application Forms F.R. Y-1
and F.R. Y-2, recommendation
that proposed revision of, be
tentatively adopted and that
notice to be published in the,
for comments
Pursuant to action taken on July 23, 1962,
the notice was transmitted to
Bank for International Settlements, interpretation re status of, for purposes
of coverage under amendment to
sec. 19 of the FRAct which removed limitations on rates of
interest paid on foreign official
time deposits, to be published in
Bank Service Corporation Act and Bank Holding
Company Act of 1956, interpretation re applicability of the, in
certain situations, approved, to
be published in
Regulation D, amendment to Supplement of, to reduce reserve requirements of
member banks, approved, appropriate information to be sent to
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/9
860
3/16
913, 944
7/11
2571, 2638
10/3
3752, 3766
7/23
2786
8/30
3329
10/25
4075
12/20
4852, 4914
10/18
3996
1962
399
Pages
Federal Register: (continued)
Regulation G, proposed amendment re definition
of noncash items, notice re, for
publication in, approved
draft of, dealing with
revised
I,
Regulation
issuance of cancellation of
FRBank stock to be published
in the, for comments
Approval of, copy published in the
Regulation J, amendment to section 210.2(a) to
be published in
to section 214 (insertamendment
N,
Regulation
ing new section 214.5) relating
to accounts of FRBanks with
foreign banks, and authorizing
FOMC to supervise and direct
relations with foreign banks
insofar as they relate to open
market transactions conducted
through accounts with such
banks, to be published in
Regulation Q:
Amendment to sec. 217.3(a), removing limitations on rates of interest
paid on official foreign time
deposits for three-year period,
approved, notice published in
Interpretation of, clarifying exemptions of
interest ceilings on foreign time
deposits, after revisions by the
Treasury Department and suggested
changes concurred in by FDIC, approved for publication in
Time certificates:
Conversion of 6-month into 12-month,
bearing interest at the new
maximum 4%, request by FRBranch
of Detroit for interpretation
under, agreed to take position
in accord with FDIC, to be published in
Of deposit, long-term:
Proposed amendment with respect to
contracted interest rates payable on long term, agreed to
publish in, for comments, following consultation with FDIC
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/22
4032, 4036
12/7 4672
12/20 4851, 2900
9/27
3688
2/13
540, 543
10/10
3866, 3880
11/21
4450, 4472
1/5
11/26
51
4502
1962
400
Pages
Federal Register: (continued)
Regulation S:
Bank Service Arrangements, proposed regulation entitled, implementing provisions of sec. 5, Bank Service
Corporation Act, that such services be subject to same regulation and examination by Board as
if they were performed by the
bank itself, to be published for
comments in, FDIC considering
publishing similar regulation
noted
Regulation T:
Interpretation re time allowed for payment
for mutual fund shares purchased
in a special cash account, to be
published in
Interpretation as to whether transaction
involving extension of credit by
a securities dealer to a corporation in connection with the retirement of some of the corporation's stock would be considered
in violation of, to be published
in
Regulations T and U:
Amendments to Supplements of, with respect
to reduction in margin requirements, approved with Governors
Mills and Robertson dissenting,
to be published in
Regulation U:
Amendment to section 221.2(0(g) and (h)
approved and published in
Interpretation re status of certain loans
proposed by Albuquerque National
Bank to persons purchasing shares
of stock under Employees' Stock
Plan of American Telephone and
Telegraph Company, to be published
in
Reserve cities:
Termination of designation of Topeka and
Wichita, Kansas, as reserve cities,
notice to be published in
Termination of designation of Kansas City,
Kansas, as amendment to 1947 Rule
for Classification of Reserve
Cities, published in
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/26
4492
10/25
4064, 4082
11/28
4536, 4548
7/9
2562,2565-68
3/21
989, 1009
5/31
1980, 1995
8/22
3177
8/30
3327, 3335
1962
401
Pages
Federal Register: (continued)
Rules of Procedure of the Board of Governors,
amendment that bank merger and
bank holding company applications
be made available for public inspection in cases where a public
hearing or public oral presentation is ordered, except such portions that Board finds disclosure
would not be in the public interest, published in
Small business investment companies, investments
by bank holding companies in,
interpretation of section 4(c)(4),
Bank Holding Company Act and sec.
302(b), Small Business Investment
Act approved, to be published in
Time deposits of European Investment Bank, interpretation indicating that exemption of foreign time deposits
from interest rate limitations
does not apply to, approved, to
be published in
Trust powers of national banks, regulation of
Comptroller of the Currency re,
issued effective Sept. 28, 1962,
in light of enactment of Public
Law 87-722, transferring authority from Board to Comptroller re,
published in
Virginia Commonwealth Corporation, Richmond, Va.,
request for determination pursuant
to section 4(c)(6) of the Bank
Holding Company Act re activities
of Virginia Standard Corp., and
State-Wide Insurance Corp., Inc.,
both nonbanking subsidiaries of,
"Notice of Request and Order for
Hearing" approved, to be published
in the
1/12
143, 151
12/11
4714, 4727
12/20
4853, 4920
1/3
12/21
3757
4954, 4965
PitAct:
Amendments to sections 4, 9 and 23A, proposed, supplementing or conforming with proposed amendments to Bank Holding
Company Act of 1956 contained in
draft bill submitted to Senate and
House Banking and Currency Committees by the Board
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/9
1284, 1299
1962
402
Pages
FRAct: (continued)
Sections 3 and 10:
S. 1005, a bill to amend, relating to an
increase in statutory limitation
on expenditures for FRBranch
bank buildings, report sent to
Senator Robertson, Senate Banking and Currency Committee
Section 9:
Branch banks resulting from mergers and
consolidations, question whether
Board approval required for continued operation of, under, understood reply to inquiry from Farmers
and Merchants Bank of Long Beach,
California, be sent to FRBank of
San Francisco as staff letter by
Mr. Hackley
Branch of foreign bank located in U.S., question re eligibility for membership
in FRSystem under, discussion and
views
Further reference to situation
Further reference
Section 10, applicability to possible membership
on board of directors of Bank
for International Settlements of
member of FRBoard of Governors,
discussed
Section 11, authority for Board to require certain data and reports from national banks contained in, noted
in discussion of proposal of
Comptroller of the Currency re
revision of condition report for
use by national banks which would
eliminate certain banking data
which Board regards valuable
Further discussion
Letter to Comptroller stating Board's views
in light of, approved, with copies
to FDIC and Budget Bureau
Section 11(a), authority of Board under, to require branch bank deposit data
from member banks, discussion,
telegram to FRBanks with respect
to, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/17
3132, 3141
2/6
433
7/12
7/31
9/27
2676
2902
3684, 3701
4/9
1276
4/27
4/30
1510
1536
5/2
1611, 1656
6/25
2299, 2314
1962
403
Pages
FRAct: (continued)
Section 11(a): (continued)
With respect to submission of reports by
member banks re branch bank
deposit data, Secretary of
Board requested to transmit to
Budget Bureau copies of letter
and wire to FRBanks indicating
reports are mandatory under
Section 11(k), transfer to Comptroller of the
Currency from the Board authority presently exercised under,
over trust powers of national
banks, as provided in enrolled
bill H.R. 12577, letter to Comptroller re procedure for handling
Board's files and records in connection with transfer, approved
Repeal of, upon passage of Public Law No.
87-722 transferring authority to
regulate trust powers of national
banks, advice to FRBanks, and
issuance of press statement authorized
Section 12(A), purchase and sale of cable transfers constituting open market
transactions falling within the
jurisdiction of the FOMC as provided by, referred to by Mr.
Hackley in connection with consideration of proposed program
of System foreign currency operations
Further discussion re, in light of questions
whether foreign currency operations should be subject to supervision of Board or of FOMC
Matter discussed further
Section 13, branch of foreign bank located in
New York City, question re eligibility to maintain nonmember
clearing account with FRBank of
New York under, discussion in
light of inquiry from Israel
Discount Bank Limited, Tel Aviv,
Israel, matter to be discussed
with Presidents of FRBanks of
New York and San Francisco
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/29
2422, 2436
9/25
3662, 3668
10/1
3740, 3749
2/8
463
2/9
2/12
481
516
7/12
2676
1962
404
Pages
FRAct: (continued)
Section 13: (continued)
Discussion with Messrs. Hayes and Swan, Mr.
Shay to contact Counsel for FR
Bank of New York for further
consideration
Board's view that section 13 would not preclude FRBank of New York from
opening and maintaining a nonmember clearing account for
Israel Discount Bank, Ltd.
Letter from FRBank of New York containing
doubts of Counsel re legal
authority for opening account,
matter to be considered further
Board's opinion reaffirmed, Chm. Martin to
discuss with President Hayes
Farmers Home Administration, promissory
notes evidencing loans by member
banks to farmers which are insured by, considered eligible
as collateral security for advances under, advice to
Service and collection charges, question re
applicability of section 16,
paragraph 14, and, in connection
with charges that a bank may make
against its depositor 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, not
applicable, advice to Mr. Hufsmith,
Chairman of First National Bank,
Palestine, Texas
Section 14(b):
Bill proposed by Treasury to amend, to extend for two years authority of
FRBanks to purchase Government
securities direct from Treasury,
report to Budget Bureau approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/31
2902
9/27
3684, 3701
10/25
4075
10/29
4123
5/14
1812, 1822
10/3
3752, 3764
5/2
1605, 1627
1962
405
Pages
FRAct: (continued)
Section 14(b): (continued)
Bill proposed by Treasury to amend: (continued)
H.R. 11654, a bill to amend, favorable
report to Chm. Spence, of the
House Banking and Currency Committee approved
S. 3291, a bill to amend, favorable
report to Chairman Robertson of
the Senate Banking and Currency
Committee, approved
Report sent to Budget Bureau re enrolled bill
Section 14(e):
Not to be used as a basis for maintaining
accounts by FRBanks for foreign
commercial banks or their branches
Section 14(0, requiring Board to exercise special
supervision over all relationships and transactions entered
into with foreign banks, referred
to in memoranda by Mr. Hackley in
connection with consideration of
proposed program of System foreign
currency operations
Further discussion
Further discussion
Amendment of Reg. N authorizing FOMC to
supervise and direct certain
actions of FRBanks with foreign
banks insofar as they relate to
open market transactions conducted through accounts with such
banks, approved by Board in exercise of its responsibilities
under, Governor Robertson dissenting
Section 16, paragraph 14, service and collection charges
SEE: FRAct:
Section 13:
Service and collection charges
Section 19:
Amended by Public Law 87-287 (H.R. 12080) to
remove limitations on rates of
interest paid on official foreign
time deposits for 3-year period
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/13
2147, 2158
5/22
1900, 1920
6/27
2387, 2399
9/27
3684
2/8
2/9
2/12
459, 460
481
516
2/13
538, 543
10/10
3865
1962
406
Pages
FRAct: (continued)
Section 19: (continued)
Amended by Public Law 87-287 (H.R. 12080): (continued)
Status of Bank for International Settle10/25 4067
ments under amendment
Request for interpretation under, with
respect to the payment of a higher
rate of interest than is permitted
by Regulation Q, Board's interpretation approved but to be discussed
with Treasury and FDIC before pub11/6 4258
lication
by
revisions
TreaApproved including
sury, published in Federal Register
11/21 4448, 4472
after concurrence with FDIC
Adrian
Harmon,
to
Draft of section 30 warning
Vice President, Barton County State
Bank, Lamar, Mo., re apparent violations of, sent to FRAgent Scott,
1/30 337, 344
of Kansas City FRBank
Citizens
Bank
of
Plan
United Security Account
and Trust Company, possible violation of
SEE: Deposits:
Savings:
United Security Account Plan of
Citizens Bank and Trust Co.
Section 21:
Provision under, that expense of examinations
of national banks be assessed by
Comptroller of the Currency upon
national banks, provision reaffirmed in Board's attitude toward
proposal for Federal Reserve and
FDIC to pay part of cost of exam2/27 752
ination of national banks
Section 22(g), loans to executive officers of
member banks, discussion re
interpretation under, with respect to a limit on borrowing
by an executive officer from
his own bank,suggestion re pos1/16 185
sible amendment
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1962
407
Pages
PRAct: (continued)
Section 23A:
H.R. 12501, a bill to amend, ascertained
that information from Budget
Bureau that hearings would be
held tomorrow by House Banking
and Currency Committee was not
accurate, consideration of draft
of possible report deferred
Report to Chairman Spence, House Banking and Currency Committee approved
Section 24:
H.R. 7796, a bill to amend, 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 Subcouunittee No. 1 of House Banking and
Currency Committee
Report to Chairman Robertson of the
Senate Banking and Currency
Committee
Report to Bureau of the Budget on the
enrolled bill
Section 25:
Proposed regulation to effectuate amendment
to (by PL 87-588) to permit foreign branches of national banks
to exercise additional powers,
publication for comments deferred
Publication of proposed regulation deferred
pending further consideration of
Regulation K study
Sections 25 and 25(a):
Overseas operations of member banks, determinations as to most effective
ways for conducting overseas
operations under provisions of,
matters to be decided by member
bank itself, advice to Bank of
America National Trust and Savings Association
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/8
3029
8/13
3073, 3094
7/18
2754
8/8
3027, 3045
9/19
3584, 3604
12/12
4739
12/20
4863
3/8
847, 854
1962
408
Pages
PRAct: (continued)
Sections 25 and 25(a): (continued)
Draft bill repealing, and forming a new
Foreign Banking Operations Act,
transferring to the Comptroller
of the Currency authority re
foreign branches of national
banks, investments by national
banks in stock of foreign banking corporations and the chartering and regulation of foreign
banking corporations, staff instructed to draft a letter to
the Secretary of the Treasury
strongly opposing
Letter to Secretary of Treasury Dillon approved and delivered personally
by Chairman Martin, copy sent
to Comptroller of the Currency
PRAgents:
Biographical data on persons newly appointed to
FRAgent's function, omission
from Chief Examiner's confidential memorandum on management
submitted in supplement to report of examination of each
FRBank, authorized
Anderson, Robert O., FRBank of Dallas, designation for 1963
Bean, Atherton, FRBank of Minneapolis, designation for 1963
Briggs, Robert P., FRBank of Chicago, designation for 1963
Canham, Erwin D., FRBank of Boston, designation
for 1963
Hall, Joseph B., FRBank of Cleveland, designation
for 1963
Hoadley, Walter E., FRBank of Philadelphia, designation for 1963
Hyde, Edwin, FRBank of Richmond, designation for
1963
Reed, Philip D., FRBank of New York,designation
for 1963
Scott, Homer A., FRBank of Kansas City, designation for 1963
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/11
2592
7/13
2702, 2719
8/15
3124
10/19
4019
10/19
4019
10/19
4019
10/22
4033
10/19
4018
10/19
4018
11/19
4379
10/19
4018
10/19
4019
1962
409
Pages
FRAgents: (continued)
Shepley, Ethan A. H., FRBank of St. Louis, designation for 1963
Tarver, Jack, FRBank of Atlanta, designation for
1963
Wessell, Nils Y., FRBank of Boston, designation
for 1963
Unable to accept reappointment as Class C
director noted
Whitman, F. B., FRBank of San Francisco, designation for 1963
PRAgents, Assistant:
Brown, Newton, Alternate Assistant FRAgent, FRBank
of Atlanta, appointment to succeed
W. B. Morgan approved
Buell, Harris C., Alternate Assistant FRAgent,
FRBank of Chicago, appointment
approved
Clapp, Robert V., Alternate Assistant FRAgent,
FRBank of Boston, appointment
approved
Cotter, Edward F., Alternate Assistant FRAgent,
FRBank of Boston, appointment
approved
Hochstatter, Robert J., Alternate Assistant FR
Agent, FRBank of Chicago, appointment approved
Kelley, James D., FRBank of Cleveland, appointment to succeed Mr. Clifford G.
Miller, approved
Miller, Clifford G., FRBank of Cleveland, appointment to succeed Mr. D. C. Robinson,
approved
Morgan, W. B., Alternate Assistant FRAgent, FR
Bank of Atlanta, appointment to
succeed Mr. D. E. Plaster, approved
Thorn, Walter A., Alternate Assistant FRAgent,
FRBank of Cleveland, appointment
to succeed Edison F. Peck, approved
Virta, George, Alternate Assistant FRAgent, FR
Bank of San Francisco, appointment
as additional approved
Wheatley, Austin, Alternate Assistant FRAgent,
FRBank of Chicago, appointment
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/26
4505
10/19
4018
10/19
4018
10/22
4032
10/19
4019
9/21
3610, 3632
5/28
1957, 1966
8/2
2921, 2924
8/2
2921, 2924
5/28
1957, 1966
12/17
4788, 4791
3/16
913, 943
4/18
1387, 1411
7/27
2856, 2867
4/2
1103, 1121
5/28
1957, 1966
1962
410
Pages
FRAgent's Representatives:
Bedel, Walter L., Pittsburgh Branch, appointment
approved
Cook, Robert W., Detroit Branch, appointment to
succeed Otis R. Radford, approved
Mayfield, Dean E., Little Rock Branch, appointment to succeed Howard J. Jensen,
approved
Houston Branch, appointment to
F.,
Moss, Linwood
succeed C. E. Purifoy, approved
Schafer, Robert P., Cincinnati Branch, appointment approved
Self, W. N., Birmingham Branch, appointment to
succeed George W. Mason, approved
Sing, Robert E., Charlotte Branch, appointment
to succeed Winfred W. Keller,
approved
Szevery, Adolph R., Los Angeles Branch, appointment to succeed L. H. Steffer
approved
FRBank of Atlanta:
Banking quarters:
Head office building, discovery of structural weakness in old section
of, to which alterations and
addition are being made, advice
from President Bryan re problem
and anticipated action to be
taken, including removal of
roof slab, Mr. Bryan to be informed by Board's views
Employment of Batson -Cook Company at
certain fee in connection with
work already performed re alterations, demolition of old building,construction of new addition,
and certain other services,
authorized, further planning on
new building addition on basis
of Plan No, 2 authorized
No objection to proceeding with West
addition to, on basis of plans
outlined and architects' drawing submitted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/24
242, 265
4/23
1442, 1453
1/24
242, 267
6/27
2373, 2396
1/24
242, 265
10/11
9/21
11/14
3886, 3911
3610, 3633
4312, 4331
4/19
1427
5/28
1958, 1971
9/14
3504, 3539
1962
411
Pages
PRBank of Atlanta: (continued)
Equipment:
Electronic computer, IBM 1401, proposal to
purchase noted by Board without
objection
Examinations:
Report reviewed, operations of Fiscal Agency
Department to be followed carefully in view of certain defects
noted
Report of, no reference to imperfections in
the safekeeping procedures at
the, noted and questioned by
Governor Shepardson
Fiscal Agency Department, operations of, to be
followed carefully by Divisions
of Examinations and Bank Operations in view of certain defects
noted in review of examination
report
Hospitalization plan, inclusion of "student definition" clause in, approved by
Board, advice to, with copy to
all FRBanks
Salaries:
Employees, revision in salary structure
approved
Proposed revision of structure, views
re change at head office, question re proposed change applicable to branches, matter to be
discussed with Chm. Tarver and
President Bryan
Officers other than Presidents and First
Vice Presidents:
Guidelines limiting the number of
salary increases in any year to
407 of the officer staff, concern expressed by President
Bryan, agreed to await possible
comments from other FRBanks
before considering justification for possible modification
Problems noted in discussions of new
guidelines by FRBank representatives and Committee on Organization, Compensation and Building
Plans, Division of Personnel
Administration to be requested
by Committee to study problem
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/29
2430, 2455
4/23
1449
7/3
2529
4/23
1449
3/8
841, 853
9/26
3669, 3673
11/28
4538
10/10
3866
10/31
4198-99
1962
412
Pages
FRBank of Atlanta: (continued)
Staff:
Examiners, special assistant:
Designation of one individual approved
Designation of four individuals approved
Designation of three approved
(Individual names):
Adams, DeWitt, General Auditor, Salary approved
Beagles, Richard W., appointment as assistant examiner approved not to
participate in examination of
a national bank so long as his
father is an officer thereof
Bennett, Darrell Merlin, appointment as
assistant examiner approved, not
to participate in examination of
a nonmember bank to which he is
indebted
Branan, N. Carson, Assistant Cashier, salary
approved
Approval of salary, previously approved,
included in overall approval of
officers' salaries at Atlanta
Brandt, Harry, Assistant Vice President,
salary approved
Breck, Fred L., Assistant Cashier, salary
approved
Brown, Dowdell, Jr., Assistant Vice President, salary approved
Brown, Newton, Alternate Assistant FRAgent,
appointment to succeed W. B. Morgan
approved
Bryan, Malcolm, President, salary approved
Denmark, J. E., Vice President, salary approved
Dill, Richard A., appointment as examiner
approved
Forbes, James B., Assistant General Auditor,
salary approved
Ford, C. Mason, Assistant Vice President,
salary approved
Harris, J. T., Assistant Vice President,
salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1666, 1719
5/3
10/26 4105, 4109
11/5 4243, 4251
12/20
4934
9/6
3368, 3375
1/3
24, 31
12/13
4758, 4776
12/20
4933, 4934
12/20
4934
12/20
4934
12/20
4934
9/21 3610, 3632
12/19 4836
12/20
3/1
4934
792, 796
12/20
4934
12/20
4934
12/20
4934
1962
413
Pages
FRBank of Atlanta: (continued)
Staff: (continued)
Hibbert, George, Assistant Counsel, salary
approved
Hingst, Eric B., Assistant Cashier, salary
approved
Approval of salary, previously approved,
included in over-all approval of
officers' salaries at Atlanta
Howard, Beyrl E., Assistant Vice President,
salary approved
D., appointment as assistant
George
Loomis,
examiner approved
Martin, F. H., Assistant Vice President,
salary approved
Martin, I. H., Assistant Vice President,
salary approved until retirement
McCorvey, J. E., Vice President and Cashier,
salary approved
Millsaps, Fred R., Assistant Cashier, salary
approved
Salary approval included in over-all
letter approving officers' salaries
at Atlanta
Morgan, W. B. Alternate Assistant FRAgent,
appointment to succeed Mr. D. E.
Plaster, approved
Nelson, John W., appointment as assistant
examiner approved
T., First Vice President
Harold
Patterson,
salary approved
Raisty, Lloyd B., Vice President, salary
approved
Rawlings, Brown R., Vice President, salary
approved
Sheffer, George W., Chief Examiner, salary
approved
Stephenson, R. M., Assistant Vice President,
salary approved
Taylor, Charles T., Vice President and
Director of Research, salary approved
Vallette, Edgar M., Assistant Vice President, salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/20
4934
12/13
4758, 4776
12/20
4933, 4934
12/20
4934
4/23
1450, 1456
12/20
4934
12/20
4934
12/20
4934
12/13
4758, 4776
12/20
4933, 4934
4/18
1387, 1411
5/31
1987, 2010
12/19
4836
12/20
4934
12/20
4934
12/20
4934
12/20
4934
12/20
4934
12/20
4934
1962
414
Pages
FRBank of Atlanta: (continued)
Staff: (continued)
Wapensky, Basil A., Assistant Cashier,
salary approved
Wells, Jeffrey, Assistant Cashier, salary
approved
Willingham, Robert Shealy, Jr., appointment
as assistant examiner approved
FRBank of Boston:
Emergency plans:
Currency storage at three cash agent banks,
proposal approved including general authorization to make further
arrangements with other cash agent
banks, with certain understanding
Equipment:
Electronic computer, IBM 1620, contract for
lease entered into by, reported
to Board for information, discussion re question of Bank installing a second computer for particular use of its research staff,
consensus no reply necessary
Electronic check processing equipment, NCR
310, no objection to proposed
rental of
Examinations:
Attention called to the case of a research
employee operating a stock trading account for speculative purposes, 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
Report of examination reviewed, reference
to above discussion, agreed no
matters requiring action
Report reviewed
Robbery:
Holdup of United States Mail truck in
Plymouth, Mass., proposal to
offer reward for recovery of currency and/or coin lost in connection with, Board interposes no
objection
Proposed changes in terms of reward, as
suggested by Post Office Dept.,
Board interposes no objection
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/20
4934
12/20
4934
1/24
11/16
256, 288
4360, 4365
5/17
1857
5/24
1929, 1938
3/22
1022
3/22
8/2
1025
2933
9/17
3551
9/21
3613
1962
415
Pages
FRBank of Boston: (continued)
Salaries:
Officers, proposed revision in ranges for,
to be discussed by Board's Committee on Organization, Compensation, and Building Plans with
President
Report by Governor Mitchell on discussions with President Ellis, letter
approving proposed revision sent
to, with understanding re question
of minimum range for Salary Group
A
Officers, approved, with understanding and
comments that only increase
incident to current promotions
will be excepted from limitation on merit adjustments
Staff:
Examiners:
Special Assistant, designation of
C. Richard Peterson approved
(Individual names):
Anderson, Paul S., Financial Economist,
salary approved
Angney, D. Harry, Vice President, salary
approved
Aubrey, Lee J., Assistant Vice President,
salary approved
Approval of salary included in over-all
letter approving officers' salaries
at Boston
Berge, Ansgar R., Vice President, salary approved
Booney, Weston L., Assistant Cashier, salary
approved
Brady, Charles H., Assistant Cashier, salary
approved
Clapp, Robert V., Alternate Assistant FRAgent,
appointment approved
Cotter, Edward F., Alternate Assistant FRAgent
appointment approved
Crane, Edward E., appointment as Assistant
Examiner approved not to participate in examination of a national
bank to which he is indebted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/3
4600
12/7
4673, 4680
12/20
9/19
4864, 4922
3588, 3606
12/20
4923
12/20
4923
12/3
4600, 4613
12/20
4922-23
12/20
4923
12/20
4923
12/20
4923
8/2
2921, 2924
8/2
2921, 2924
3/2
804, 817
1962
416
Pages
FRBank of Boston: (continued)
Staff: (continued)
Dickson, Wallace, Assistant Vice President,
salary approved
Eisenmenger, Robert W., Acting Director of
Research and Industrial Economist,
salary approved
Ellis, George H., President, salary approved
Farrell, Walter Orrin, appointment as examiner approved
Hoyle, Luther M., Jr., Vice President, salary
approved
Approval of salary included in over-all
letter approving officers' salaries
at Boston
Jones, Robert William, appointment as asst.
examiner approved not to participate in examination of a State
member bank, a national bank and
a nonmember bank so long as his
indebtedness thereto remains unliquidated
Keating, Ripley M., Assistant Cashier, salary
approved
Lacks, Stanley B., General Auditor, salary
approved
Latham, E. 0., First Vice President, salary
approved
Lowe, John E., Cashier, salary approved
Marden, Richard Dow, appointment as asst.
examiner approved not to participate in examination of Randolph
Savings Bank, Randolph, Mass.,
so long as his father is an officer of that bank
McGrath, Frank Guthrie, appointment as asst.
examiner approved
Morris, Norman, Assistant Examiner, appointment approved not to participate
in examination of a nonmember bank
to which he is indebted
Nye, Loring C., Assistant Vice President,
salary approved
O'Connor, John J., appointment as assistant
examiner approved not to participate in examination of a national
bank to which he is indebted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/20
4923
12/20
12/19
4923
4836
6/13
2148, 2161
12/3
4600, 4613
12/20
4922-23
11/26
4506, 4516
12/20
4923
12/20
4923
12/19
12/20
4836
4923
10/10
3876, 3883
11/21
4450, 4474
10/10
3876, 3883
12/20
4923
3/2
804, 817
1962
417
Pages
FRBank of Boston: (continued)
Staff: (continued)
Pisacreta, John David, appointment as Asst.
Examiner approved
Radford, Richard H., Assistant Cashier,
salary approved
Schlaikjer, Oscar A., Vice President and
General Counsel, salary approved
Stone, Laurence H., Secretary and Assistant
General Counsel, salary approved
Tangney, Eugene M., Assistant Cashier,
salary approved
Salary approved with understanding and
comment that increase should be
considered merit adjustment rather
than adjustment incident to promotion, in light of limitation
Thayer, Jarvis M., Jr., Assistant Vice President, salary approved
Salary approved, with comment and understanding that increase should
be considered merit adjustment
rather than adjustment incident
to promotion, in light of limitation
Turner, Charles E., Vice President, salary
approved
Walker, Richard A., Assistant Vice President,
salary approved
Watts, G. Gordon, Vice President, salary
approved
Salary approved
Willis, Parker B., Economic Adviser, salary
approved
Zehner, Louis A., Assistant Vice President,
salary approved
Stock trading account, case of research employee
operating a, for speculative purposes, understood that a draft of
letter to FRBank Presidents containing a specific reference to
trading in margin accounts would
be prepared for consideration
when all Board members were present
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/23
2793, 2812
12/20
4923
12/20
4923
12/20
4923
6/1
12/21
6/1
2013, 2026
4864,4922-23
2013, 2026
12/20
4864,4922-23
12/20
4923
12/20
4923
2013, 2026
6/1
12/20 4923
12/20
4923
12/20
4923
3/22
1022
1962
418
Pages
FRBank of Chicago:
Audit function, outside public accounting firm
retained by, to study internal,
noted
Equipment:
Electronic check processing, Burroughs B270, no objection to rental
under purchase option
Second complement of Burroughs B-270,
no objection to rental under
purchase option
Examinations:
Report reviewed
Salaries:
Employees, increase in structure approved,
basis for establishing salary
ranges above grade 13 questioned
by Gov. Mitchell, Division of
Personnel to prepare informational material to be made available to each Board member
Nonclerical:
Painters, payment of salaries at specified rates approved
Plumber and carpenters, payment of
salaries at specified rates approved
Engineers and firemen, payment at specified rates approved
Electricians, payment of salaries at
specified rates approved
Marble maintenance man, payment at
specified rate, approved
Payment of salaries to incumbents in
positions of Janitor, Marble
Maintenance, Paper Baler, Matron,
Starter, Assistant Starter, Split
Shift Operators and Operators,
approved
Officers, suggestion re adoption of salary
range for President, in connection with appointment of Mr.
Scanlon, transmitted to Chairman
Briggs
Revised ranges for officer salary
groups approved
Revision in ranges for, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/13
3471
1/5
48, 56
10/25
4064, 4078
7/18
2757
2/19
628, 646
3/12
871, 882
5/28
1957
6/29
2425, 2445
7/17
2729, 2734
8/17
3132, 3138
10/5
3813, 3824
1/8
68
5/24
12/3
1930, 1952
4600, 4610
1962
419
Pages
PRBank of Chicago: (continued)
Staff:
Examiners:
Conducting examinations of Edge Act
Corporations to be furnished
appropriate credentials as
FRExaminers to assist the Board
of Governors in examinations
Examiners, special assistant:
Designation of 41 persons to participate in examinations of State
member banks only, approved
Designation of two individuals approved
(Individual names):
Allen, Carl E., President, resignation
effective December 31, 1961
(SEE: FRBulletin, January 1962, page 37)
Aufdenkamp, Jo Ann, Librarian, leave of
absence without pay to accept
assignment with Klein & Saks as
library consultant to National
Planning Council, Government of
Liberia, Board interposes no
objection
Baughman, E. T., Vice President, salary
approved
Bernahl, Gaylord, appointment as examiner
approved not to participate in
examination of nonmember bank
to which he is indebted
Bierbauer, C. E., Assistant Vice President,
salary approved
J., appointment as examiner
Franklin
Black,
approved, not to participate in
examination of certain nonmember
bank until indebtedness has been
liquidated
Bowman, Robert B., appointment as assistant
examiner, approved
Buell, Harris C., Assistant Chief Examiner,
salary approved
Alternate Assistant FRAgent, appointment approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/21 4446, 4454
1/4
42, 46
6/8
2100, 2115
11/8
4295, 4308
12/20
5/14
4937
1819, 1824
12/20
4937
12/14
4785, 4786
11/8
4306, 4310
4/26
1495, 1503
5/28
1957, 1966
1962
420
Pages
FRBank of Chicago: (continued)
Staff: (continued)
Buell, Harris C.: (continued)
Assistant Chief Examiner, salary approved
J., Assistant Cashier, salary
J.
Capouch,
approved
Cloos, George W., Senior Economist, salary
approved
Approval of salary included in over-all
letter approving officers' salaries at Chicago
Corr, Laurence E., Examiner, appointment
approved
Davis, L. A., Assistant Cashier, salary
approved
Dawson, L. W., Assistant Cashier, salary
approved
Demoney, N. Edwin, Jr., appointment as examiner approved, not to participate in examination of a certain
nonmember bank until indebtedness
has been liquidated
Dons, F. A., Assistant General Auditor,
salary approved
Doyle, Daniel M., Assistant Cashier, salary
approved
Salary approved
Dreyer, Franklin D., Examiner, appointment
approved
Edler, F. C., Assistant Cashier, salary
approved
Enders, J. J., General Auditor, salary
approved
Fults, E. 0., Assistant Vice President,
salary approved
Gohr, L. A., Assistant Cashier, salary
approved
Growninger, David D., appointment as asst.
examiner approved
Gustayson, A. M., Vice President, salary
approved
Hansen, V. A., Assistant Cashier, salary
approved
Heath, E. A., Assistant Vice President and
Assistant Secretary, salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/20
4937
12/20
4937
12/11
4715, 4725
12/20
4936-37
5/24
1933, 1955
12/20
4937
12/20
4937
12/14
4785-86
12/20
4937
7/30 2899, 2901
12/20 4937
5/24
1933, 1955
12/20
4937
12/20
4937
12/20
4937
12/20
4937
1/3
24, 32
12/20
4937
12/20
4937
12/20
4937
1962
421
Pages
FRBank of Chicago: (continued)
Staff: (continued)
Helmer, Hugh J., First Vice President:
Appointment for unexpired portion of
a five-year term, and payment of
salary approved
Salary approved
Hickory, Gary R., appointment as assistant
examiner approved, not to participate in the examination of a
State member bank of which he
owns shares, and of a national
bank, of which his father is
President, as long as these two
situations exist
Hines, Gerald F., appointment as examiner
approved, not to participate in
examination of a nonmember bank
to which he is indebted
Hochs tatter, Robert J., Alternate Assistant
FRAgent, appointment approved
Hodge, P. C., Vice President, General Counsel and Secretary, salary approved
Hume, W. 0., Assistant Cashier, salary approved
Jones, L. H., Vice President and Cashier,
salary approved
Kroll, E. K., Assistant Cashier, salary
approved
Kuhn, Mr., Economist, present at Board meeting during economic review
Laibly, C. T., Vice President, salary approved
Larson, Ward J., Assistant Counsel and
Assistant Secretary:
Salary approved
Salary approved
Ledwidge, Jeremiah P., appointment as examiner approved
Lippert, John D., appointment as assistant
examiner approved, not to participate in the examination of
Second National Bank of Saginaw,
Mich., to which he is indebted,
and as long as his father serves
as an officer
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1155
4/3
12/19 4836
12/7
4677, 4684
5/14
1819, 1825
5/28
1957, 1966
12/20
4937
12/20
4937
12/20
4937
12/20
4937
12/3
12/20
4596
4937
2061, 2065
6/5
12/20 4937
12/14
2/6
4785-86
438, 440
1962
422
Pages
FRBank of Chicago: (continued)
Staff: (continued)
Loving, Byron J., Examiner, appointment approved
Moffatt, Richard A., Vice President, salary
approved
Salary approved
Morrison, James R., Chief Examiner, salary
approved
Salary approved
Murphy, John E., appointment as assistant
examiner approved
Newman, H. J., Vice President, salary approved
011ech, Walter E., Examiner, appointment
approved
Pappas, Chris J., appointment as Examiner
approved,not to participate in
examination of a nonmember bank
to which he is indebted
Piskos, James A., appointment as assistant
examiner approved, not to participate in the examination of an
indicated national bank until
indebtedness has been liquidated
Ross, Leland M., appointment as Vice President in charge of Bank Examinations
Department approved, salary approved
Salary approved
Ruddy, William E., appointment as assistant
examiner approved, not to participate in examination of a State
member bank to which he is indebted and of which he owns four
shares of stock, so long as both
these situations exist
Saphir, John M., appointment as assistant
examiner approved
J., President, appointment
Charles
Scanlon,
for the unexpired portion of fiveyear term and salary approved,
adopted salary scale for Presidents to be transmitted to Chm.
Briggs
Salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/24
1933, 1955
7/30 2899, 2901
12/20 4937
4/26 1495, 1503
12/20 4937
1/16
12/20
195, 201
4937
9/21
3627, 3647
9/21
3627, 3647
6/13
2147, 2160
4/26 1495, 1503
12/20 4937
7/17
12/11
2731, 2739
4717, 4735
67-68
1/8
12/19 4836
1962
423
Pages
FRBank of Chicago: (continued)
Staff: (continued)
Scheid, Karl A., Assistant Cashier, salary
approved
Salary approved
Seltz, Richard J., appointment as assistant
examiner approved, not to participate in examination of a State
member bank to which he is indebted
Schultz, H. S., Vice President, salary
approved
Smyth, B L., Assistant Vice President,
salary approved
Sorg, R. E., Assistant Vice President,
salary approved
Srp, J. J., Assistant Vice President, salary approved
Stiles, Lynn A., Senior Economist, salary
approved
Approval of salary included in letter
approving officers' salaries at
Chicago
Tomson, 0. Jay, Examiner, appointment approved, not to participate in
examination of a nonmember bank
to which he is indebted
Tracy, Patrick J., appointment as assistant
examiner approved
Trinklein, John P., appointment as assistant examiner approved, not to
participate in the examination
of one nonmember bank and one
national bank
Tucker, G. T., Assistant Vice President,
salary approved
Wallace, Robert R., appointment as examiner
approved
Weiskopf, Carl W., Assistant Chief Examiner:
Salary approved
Salary approved
Wheatley, Austin, Alternate Assistant Federal Reserve Agent, appointment
approved
Wright, C. G., Assistant Vice President,
salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/30 2899, 2901
12/20 4937
2/6
438, 441
12/20
4937
12/20
4937
12/20
4937
12/20
4937
12/11
4714, 4725
12/20
4936, 4937
5/24
11/19
4/11
1933, 1955
4381, 4427
1350, 1361
12/20
4937
12/14
4785-86
4/26 1495, 1503
12/20 4937
5/28
12/20
1957, 1966
4937
1962
424
Pages
FRBank of Cleveland:
Emergency plans:
Currency storage, preattack, at First National Bank of Chillicothe, Ohio,
proposal approved
Equipment:
Electronic check processing, no objection
to rental under purchase option,
National Cash Register equipment
at head office, and Burroughs B-270
equipment at Cincinnati and Pittsburgh branches
Examinations, report reviewed
Fiscal agency operations, letter to Chairman of
the Presidents' Conference interposing no objection to certain
principles contained in a policy
statement re the automation of,
as a result of the request from
the FRBank of Cleveland to process
Federal taxes on its computer
Salaries:
Officers, proposal for adjustment in officer
salary structure requested by,
memorandum re, presented by Division of Personnel Administration
Cleveland to be asked to reconsider its
proposal in light of action by
Board re increase in maximum of
Group A salary range
Revision in ranges for, approved
Staff:
Examiners, special assistant:
Designation of 13 persons approved,
deletions made as requested
Designation of Richard Joseph Cinnane
approved
Designation of various officers and
employees approved
Designation of 10 individuals approved
Designation of two persons approved
with authorizations heretofore
given re these employees canceled
Designation of five individuals approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/6
3359, 3370
7/17
6/11
2729, 2733
2124
10/11
3886, 3912
9/12
3420
9/12
12/3
3433
4600, 4608
2/5
416, 430
3/14
902, 908
3/14
11/8
902, 908
4306, 4309
12/5
12/7
4634, 4669
4677,4682-83
1962
425
Pages
FRBank of Cleveland: (continued)
Staff: (continued)
(Individual names):
Alexander, David Preston, Assistant Examiner, appointment approved
Anthou, George Emmanuel, appointment as
assistant examiner approved
Benjamin, Donald G., Assistant Cashier:
Salary approved
Salary approved
Birkle, Robert Edward, appointment as assistant examiner approved
Booth, George, Assistant Counsel:
Salary approved for the period July 1
through December 31, 1962
Salary approved
Breidenbach, Paul, Counsel, salary approved
for the period July 1 through
December 31, 1962
Salary approved
Clouse, Roger R., Vice President and Secretary, salary approved
Crawford, Charles E., Assistant Cashier,
salary approved
Cutler, Addison T., Special Economist,
salary increase noted without
objection and approved
Danforth, Charles Russell, appointment as
assistant examiner approved
B., Assistant Vice PresiPhillip
Didham,
dent, salary approved
DuVernay, Jay Brian, appointment as assistant examiner approved, not to
participate in examination of a
nonmember bank to which he is
indebted
Emde, George H., Cashier, salary approved
until retirement
Erste, Anne J., Assistant Cashier, salary
approved
Farber, Robert H., Jr., appointment as assistant examiner approved, not
to participate in examination of
two national banks until indebtedness has been liquidated
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/16
933, 946
5/31
1987, 2004
2/21 678, 696
12/20 4930
5/31
1987, 2005
6/29 2425, 2442
12/20 4930
6/29 2425, 2442
12/20 4930
12/20
4930
12/20
4930
12/20
4871, 4930
8/14
12/20
5/31
3112, 3122
4930
1987, 2009
12/20
4930
12/20
4930
6/29
2431, 2464
1962
426
Pages
FRBank of Cleveland: (continued)
Staff: (continued)
Fields, Gary Neil, appointment as assistant
examiner approved
Fink, Edward A., Vice President, salary
approved
Fricek, Elmer F., Assistant Vice President,
salary approved
Fulton, Wilbur D., President, questions
raised by, re retirement system
with request for Board's views,
meeting with Board noted, at
which he was apprised of Board's
reasons for deferring reply, and
re Board's plans re study by
Professor McGill
Salary approved
Reference to retirement at the end of
April 1963
Salary approved
Ginnane, R. Joseph, Assistant Cashier, salary
approved
Hancox, George R., appointment as assistant
examiner approved, not to participate in the examination of a National Bank to which he is indebted
Hendricks, William, Assistant Cashier, revised salary proposal incident
to appointment of, noted without
objection and approved
Hickman, W. Braddock, Senior Vice President,
discussion re appropriate salary
adjustment for, agreed to discuss
with Chairman Hall and to suggest
that action be deferred
Salary approved
Hoover, Robert G., Assistant Vice President,
salary approved
Salary approved
Hoy, John J., Assistant Vice President,
salary approved
Approval of salary included in over-all
letter approving officers' salaries
at Cleveland
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/31
1987, 2006
12/20
4930
12/20
4930
6/18
6/27
2198
2394, 2403
10/4 3801
12/19 4836
12/20
5/10
12/20
4930
1784, 1804
4871, 4930
10/4 3801
12/20 4930
2/21 678, 696
12/20 4930
12/3
12/20
4600, 4614
4929, 4930
1962
427
Pages
FRBank of Cleveland: (continued)
Staff: (continued)
Hunting, Harry W., Assistant Vice President,
salary approved
Kelly, Fred S., Assistant Vice President,
salary approved
Revised salary proposal incident to
promotion from Assistant Vice
President noted without objection and approved
Kelly, James D., Assistant FRAgent, appointment to succeed Mr. Clifford G.
Miller, approved
Mann, Maurice, Senior Monetary Economist,
salary approved for the period
of July 1 through December 31,
1962
Salary approved
Miller, Clifford G., Assistant FRAgent, appointment to succeed Mr. D. C.
Robinson, approved
Salary approved
Approval of salary included in overall letter approving officers'
salaries at
Miller, Elfer B., General Auditor, salary
approved
Mills, Alvah R., Assistant General Auditor,
salary approved until retirement
Morrison, Martin, Vice President, salary
approved
Nolan, James Brown, appointment as assistant
examiner approved
Ormiston, T. E., Assistant Cashier, salary
approved for the period July 1
through December 31, 1962
Salary approved
Quast, George T., Chief Examiner, salary
approved
Selby, Lester M., Assistant Secretary, revised salary proposal incident
to appointment of, noted without
objection and approved
Stetzelberger, Paul C., Vice President,
salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/20
2/21
4930
678, 696
12/20
4871, 4930
12/17
4788, 4791
6/29 2425, 2442
12/20 4930
3/16
12/3
913, 943
4600, 4614
12/20
4929, 4930
12/20
4930
12/20
4930
12/20
4930
4/5
1226, 1237
6/29 2425, 2442
12/20 4930
12/20
4930
12/20
4871, 4930
12/20
4930
1962
428
Pages
PRBank of Cleveland: (continued)
Staff: (continued)
Thompson, Donald S., First Vice President,
salary approved
Thorn, Walter A., Alternate Assistant FR
Agent, appointed to succeed
Edison F. Peck, approved
Worth, Andrew J., appointment as examiner
approved
PRBank of Dallas:
Budget, 1963, first half of, expression of unfavorable opinion with respect
to the adoption of semi-annual
budgets for Reserve Banks, included in, advice to
Radio transmitting frequency, Federal, application for use by Bank and Branches
between armored cars and guard
headquarters, letter from Mr.
Spitz, Alternate Treasury Dept.
Representative of Interdepartment Radio Advisory Committee,
authorizing, transmitted to
Use of frequency at relocation center included in authorization
Salaries:
Employees, revision in salary structure approved
salary structure approved
revised
Officers,
Staff:
Examiners, special assistant:
Designation of fifteen individuals approved
Designation of Charles W. Bailey, approved
Designation of Phillip A. Lane, approved
Designation of two individuals approved
(Individual names):
Allen, James T., appointment as assistant
examiner approved
Berg, E. H., Assistant Cashier, salary approved
Boykin, Robert H., Assistant Counsel and
Assistant Secretary, salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/19
4836
7/27
2856, 2867
12/7
4677, 4681
12/19
4831, 4847
12/17
4788, 4795
12/17
4795
9/26 3669, 3675
12/11 4714, 4723
8/1
2916, 2920
8/13 3080, 3099
3346, 3357
9/4
10/30 4158, 4172
9/19
3587, 3605
12/20
4945
12/20
4945
1962
429
Pages
PRBank of Dallas: (continued)
Staff: (continued)
Carrithers, Howard, Vice President, salary
approved
Caughlin, James F., appointment as examiner
approved
Cauthen, James L., Vice President, salary
approved
Coldwell, Philip E., Vice President and
Economic Adviser, salary approved
First Vice President, appointment for
unexpired portion of five-year
term that began March 1, 1961,
and salary approved
First Vice President, salary approved
Cowan, Leon W., Assistant Vice President,
salary approved
Salary approved
Dodd, Harold P., appointment as examiner approved not to participate in examination of a certain nonmember
bank until indebtedness has been
liquidated
Gill, Howard Don, appointment as examiner
approved
Green, Ralph T., Vice President, salary approved
Salary approved
Hardin, T. A., Vice President, salary approved
Irons, Watrous H., President, trip to Europe
to attend annual meeting of Bank
for International Settlements
and to visit a number of European
central banks, Mr. Ralph C. Wood
authorized to accompany Governor
Mitchell and
Salary approved
Land, A. H., General Auditor, salary approved
Murff, G. R., Vice President and Secretary,
salary approved
Parker, James A., Vice President, salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/20
1436, 1439
7/23
2794, 2813
12/20
5/24
4945
1930, 1953
9/13 3472, 3501
12/19 4836
7/27 2858
12/20 4945
5/22
1912, 1927
7/23
2794, 2813
5/24 1930, 1953
12/20 4945
12/20
4945
1762
5/9
12/19 4836
12/20 4945
12/20
4945
12/20
4945
1962
430
Pages
PRBank of Dallas: (continued)
Staff: (continued)
Plant, T. W., Vice President and Cashier,
salary approved
Pollock, Melvin W., appointment as asst.
examiner approved not to participate in examination of a national bank to which he is indebted
Pritchett, W. M., Vice President, salary
approved
Reddick, William C., Jr., FRExaminer, subpoena issued to testify and possibly to place memorandum in
evidence at trial of criminal
charges involving disappearance
of funds of First State Bank,
Premont, Texas, agreed to interpose no objection, advice to
Mr. Rudy
Reed, Frederic W., Assistant Cashier, salary
approved
Salary approved
Rowe, J. Z., Director of Research, salary
approved following discussion
and review of situation by Gov.
Shepardson with President Irons
Salary approved
Rudy, George F., General Counsel, salary
approved
Russell, James 0., Chief Examiner, salary
approved
Short, John E., appointment as assistant
examiner approved
Shuford, Harry A., First Vice President,
appointment as President of FR
Bank of St. Louis approved
Simpson, Jerry A., appointment as assistant
examiner approved
Sullivan, Thomas R., appointment as officer
in charge of Examination Dept.
with title of Vice President,
and salary approved
Salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/20
4945
12/11
4717, 4736
12/20
4945
10/25
4065, 4098
4/20 1436, 1439
12/20 4945
7/27 2858, 2876
12/20 4945
12/20
4945
12/20
4945
8/13
3080, 3097
9/13
3471, 3500
8/13
3080, 3098
5/24 1930, 1953
12/20 4945
1962
431
Pages
PRBank of Dallas: (continued)
Staff: (continued)
Thaxton, E. A., Jr., Assistant Cashier,
salary approved
Vorlop, Edward W., Jr., Assistant Cashier,
salary approved
Salary approved
Williamson, James F., appointment as asst.
examiner approved
Subpoena issued to examiner of, to testify and
possibly to place memorandum in
evidence at trial of criminal
charges involving disappearance
of funds of First State Bank,
Premont, Texas, following discussion and review by Legal
Division, agreed to interpose
no objection advice to Mr. Rudy
PRBank of Kansas City:
Audit function, internal, review of, by public
accounting firm, reference to
situation
Banking quarters, head office building, acquisition of two lots adjacent to
Bank-owned property at rear of,
for possible future expansion,
no objection
Contingency fund for small charitable and similar contributions, report by
President Clay on progress in
settling matter, no objection
to proposed reply
Plan for closing memorandum from Division
of Examinations with respect
to, approved
Discount window, use of, by member banks, cases
of protracted borrowing and
general philosophy of administration with respect to, noted in
review of report of examination
of, action unnecessary due to
improvement, understood that
Governor Mitchell would discuss
administration of the discount
function with President Clay
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/20
4945
4/20 1436, 1439
12/20 4945
8/13
10/25
7/23
12/20
3080, 3097
4065, 4098
2791
4850, 4885
1/3
20, 29
6/8
2086, 2104
1/2
1962
432
Pages
FRBank of Kansas City: (continued)
Equipment, electronic check processing equipment
consisting of an IBM data processing system, supported by National
Cash Register encoding equipment,
no objection to the rental, under
purchase option
Examinations, report reviewed, cases of protracted
borrowing and general philosophy
of discount window administration
noted, action unnecessary due to
improvement, understood that Gov.
Mitchell would discuss administration of discount function with
President Clay
Hospitalization, Blue Cross-Blue Shield hospitalization insurance, adoption of
uniform basic program for Bank
and its three branches approved
Membership dues and contributions, payment of
dues in Kansas City Club on behalf of non-resident directors
of bank discontinued, reported
by Governor Balderston, no objection to proposed reply
Report on matter of contingency fund by
President Clay
Decision not to contribute to Kansas City
Downtown Committee, in light of
Board's letters re membership
dues and contributions, Board
did not disagree with decision
Plan for closing out contingency fund, memorandum from Division of Examinations reviewing, approved
Salaries, officers, revision in ranges for, approved
Staff:
Examiners, special assistant:
Designation of sixty four individuals
approved
(Individual names):
Andrews, Stanley J., Assistant Cashier,
salary approved
Salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/19
1423, 1433
1/2
9
9/21
3610, 3635
1/3
20, 29
1/3
20
2/14
556
6/8
2086, 2104
12/3
4600, 4612
6/21
2244, 2263
1/30 338, 347
12/20 4943
1962
433
Pages
FRBank of Kansas City: (continued)
Staff: (continued)
Billington, Wilbur T., Senior Economist,
salary approved
Blair, John N., Assistant Cashier, salary
approved
Salary approved
Boysen, John T., Vice President, salary
approved
Salary approved
Brauninger, T. F., Assistant Cashier, salary
approved
Salary approved
Cawthorne, D. R., Senior Economist, salary
approved
Clay, George H., President, salary approved
Craig, J. C., Assistant Vice President,
salary approved
Salary approved
Cravens, C. A., Vice President, salary approved until retirement
Doll, Ray J., Senior Economist, salary approved
Evans, J. R., Vice President, salary approved
Fairley, W. F., General Auditor, salary
approved
Griswold, Carl F., Assistant Cashier, salary
approved
Koppang, Henry O., First Vice President,
salary approved
H., Vice President, salary apF.
Larson,
proved
Leedy, William H., General Counsel and
Secretary, anticipated service
as assistant to Board Counsel
in hearing re application of
First Oklahoma Bancorporation,
Inc., Oklahoma City, Oklahoma,
for approval of acquisition of
shares of First National Bank
and Trust Co. of Oklahoma City
and Idabel National Bank, Idabel,
Oklahoma, reported
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/20
4943
1/30 338, 347
12/20 4943
1/30 338, 347
12/20 4941
1/30 338, 347
12/20 4943
12/20
12/19
4943
4836
1/30 338, 347
12/20 4943
12/20
4943
12/20
4943
12/20
4943
12/20
4943
12/20
4943
12/19
4836
12/20
4943
4/13
1364
1962
434
Pages
FRBank of Kansas City: (continued)
Staff: (continued)
Leedy, William H.: (continued)
Question re service for remainder of
year as director of corporation
for which he was legal adviser
before coming to the FRBank,
question re making exception to
Board's general policy re outside business interests,Governor
Robertson to discuss matter with
President Clay
Salary approved
Martin, Wayne W., Assistant Cashier, salary
approved
Mills, L. F., Vice President, salary approved
Mothersead, Marvin L., Director of Personnel,
salary approved
Salary approved
Royer, George D., Jr., Chief Examiner, salary
approved
Snider, John W., Cashier, salary approved
Salary approved
Thomas, R. E., Assistant Vice President,
salary approved
Salary approved
Tow, Clarence W., Vice President, salary approved
Vice President, salary approved
T.,
White, J.
PRBank of Minneapolis:
Equipment:
Electronic check processing system, rental
of Burroughs B-270, Board interposes no objection
Examinations, report reviewed
Salaries:
Officers, revision in ranges for, approved
Staff:
Beeth, E. O., Assistant Cashier, salary approved
Bergquist, C. E., Assistant Cashier, salary
approved
Bjork, Christopher, Assistant General Auditor, salary approved
Approval of salary included in overall letter approving officers'
salaries at Minneapolis
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/24 1463
12/20 4943
12/20
12/20
4943
4943
1/30 338, 347
12/20 4943
12/20 4943
1/30 338, 347
12/20 4943
1/30 338, 347
12/20 4943
12/20
12/20
4943
4943
11/21 4446, 4459
6/11 2124
12/3
4600, 4611
12/20
4941
12/20
4941
12/11
4714, 4726
12/20
4940-41
1962
435
Pages
FRBank of Minneapolis: (continued)
Staff: (continued)
Bronner, W. C., Assistant Cashier, salary
approved
Cramer, F. J., Assistant Vice President,
salary approved
Deming, Frederick L., President, salary
approved
Dreitzler, Ralph J., Assistant General
Auditor, salary approved
Approval of salary included in overall letter approving officers'
salaries at Minneapolis
Fischer, William V., appointment as asst.
examiner approved
Fossum, K. K., Vice President, salary approved
Gillete, J. J., Assistant Vice President,
salary approved
Grobel, R. K., Chief Examiner, to be assigned to Board's offices for
approximately four months, arrangements re salary, travel
expenses, and per diem approved,
advice to FRBank of Minneapolis
Salary approved
Groth, C. W., Vice President and Cashier,
salary approved
Holmgren, M. B., Vice President, salary
approved
Johnson, A. W., Vice President, salary approved
Knous, H. L., Assistant Cashier, salary approved
Litterer, 0. F., Assistant Vice President,
salary approved
Lysen, M. E., Assistant Vice President, salary approved
MacDonald, John A., Assistant Cashier, request by Banco de la Republica,
Bogota, Colombia, for assistance
with organizational matters,
letter re availability of, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/20
4941
12/20
4941
12/19
4836
12/11
4714, 4726
12/20
4940, 4941
3/14
12/20
903, 909
4941
12/20 4941
1/10 98, 109
12/20 4941
12/20
4941
12/20
4941
12/20
4941
12/20
4941
12/20
4941
12/20
4941
6/20
2221, 2237
1962
436
Pages
FRBank of Minneapolis: (continued)
Staff: (continued)
MacDonald, J. A., Assistant Cashier, salary
approved
McConnell, H. G., Vice President and Secretary, salary approved
McNulty, A. J., General Auditor, salary approved
Mills, A. W., First Vice President, salary
approved
Newgaard, Wendell M., appointment as asst.
examiner approved
O'Brien, W. A., Assistant Cashier, salary
approved
Ohnstad, O. W., Assistant Vice President,
salary approved until retirement
Olin, J. P., Assistant Vice President, salary
approved
Palmer, Donald W., appointment as examiner
approved,not to participate in
examination of a nonmember bank
to which he is indebted
Parsons, F. L., Vice President, salary approved
Sather, M. O., Assistant Cashier, salary
approved
Strothman, M. H., Jr., Vice President and
General Counsel, salary approved
Vogel, Joseph R., appointment as examiner
approved
FRBank of New York:
Audit function, internal, retention of public
accounting firm of Haskins &
Sells to make review of, noted
Plan adopted by, noted
Inquiry re comments by Haskins & Sells
following review of, reply by
Mr. Smith
Bank for International Settlements, present arrangement whereby officers of
FRBank of New York attend meetings of, and statutory language
describing the FRBank as central
bank of the U.S., discussed in
connection with possible formal
membership of FRSystem on board
of directors of
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/20
4941
12/20
4941
12/20
4941
12/19
4836
9/19
3588, 3607
12/20
4941
12/20
4941
12/20
4941
6/5
12/20
2061, 2066
4941
12/20 4941
12/20 4941
6/5
2061, 2067
7/23
9/13
2791
3471
11/19
4/9
4377
1275
1962
437
Pages
FRBank of New York: (continued)
Banking quarters:
Elevator facilities, employment of architectural firm of York & Sawyer to
make a formal survey and 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 FRBank
of New York before reaching a decision, possibility of taxation
upon foreign central banks if gold
was held under earmark in States
other than New York
Discussion with Mr. Hayes, President of
FRBank of New York re, suggestion
by Governor Robertson that the
New York Bank review a previous
emergency planning study referring
to the possibility of using vault
facilities at West Point, indication by Mr. Hayes that this would
be done
Proposed building alterations to provide
additional space for earmarked
gold, budget, 1963, first half,
accepted with the understanding
that current expenses in the budget period would not include cost
of expanding
Budget, 1963, first half, increase in payments
toward expenses of the Bergen
County and Nassau County check
clearing bureaus, questioned by
Governor Mills
Accepted with the understanding that current
expenses in the budget period
would not include cost of expanding gold vault, advice to
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/9
1270, 1286
12/5
4625-26
12/18
4800
12/19
4834, 4846
12/19
4832
12/19
4834, 4846
1962
438
Pages
FRBank of New York: (continued)
Circulars:
Interest payable on savings deposits by
banks in New York State, question whether FRBank of New
York should circularize to member banks Board's position re
Request from New York State Superintendent of Banks that Board's
position not be publicized, request from staff for Board guidance, agreed circulars should
not be sent to member banks
Clearing account, nonmember:
Branch of foreign bank located in New York
City, question re eligibility to
maintain, under section 13, FRAct,
discussion in light of inquiry
from Israel Discount Bank Limited,
Tel Aviv, Israel, matter to be
discussed with Presidents of
FRBanks of New York and San Francisco, advice to Israel Discount
Bank Ltd.
Discussion with Messrs. Hayes and Swan,
Mr. Shay to contact Counsel for
FRBank of New York for further
consideration
Board's view that section 13, FRAct,
would not preclude the FRBank of
New York from opening or maintaining a nonmember clearing account for a foreign commercial
bank, advice to, indicating decision re Israel Discount Bank,
Ltd., is within discretion of
the FRBank
Letter from FRBank of New York containing counsel's doubts re legal
authority with respect to, matter
to be considered further
Board's opinion reaffirmed that such an
account can be opened at the discretion of the FRBank, Chm. Martin
to discuss matter with President
Hayes
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/31
367
2/1
384
7/12
2676, 2697
7/31
2902
9/27
3684, 3701
10/25
4075
10/29
4123
1962
439
Pages
FRBank of New York: (continued)
Clearing and collection:
Bergen County and Nassau County Check Clearing
Bureaus:
SEE: Clearing and collection:
Bergen County Clearing Bureau
Nassau County Clearing Bureau
Equipment:
Electronic computer, Ferranti-Packard,
noted without objection the proposed rental, under purchase option, of a second
1401
general
IBM
purpose, no objection to
purchase of
IBM 1410, that Bank had been renting, no
objection to purchase of
Examinations:
Report reviewed, examination of earmarked
gold held in custody for foreign
central banks, proposed revised
procedure involving test checking, no objection
Report reviewed, agreed no action warranted
by Board, discussed re Legal Department and audit procedures of
System Open Market Account, and
possible comments by Haskins &
Sells, review of comments by
Price Waterhouse & Co.
Fiscal agency agreement:
Inter-American Development Bank, execution
of, in connection with proposed
issue of 20-year bonds authorized
International Bank for Reconstruction and
Development, amendment of, authorizing Bank to act as fiscal agent,
approved in connection with bond
issue
Amendment to include proposed issue of
Two Year Bonds of 1962, approved
Foreign accounts:
Branch of foreign bank located in New York
City, question re eligibility to
open, under section 14(e), FRAct,
agreed matter be discussed with
Presidents of FRBanks of New York
and San Francisco
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/16
913, 941
4/23
1442, 1451
12/20
1/3
11/19
4849, 4874
22
4376-77
12/7
4672, 4679
2/5
409, 427
9/13
3456, 3485
7/12
2676, 2697
1962
440
Pages
FRBank of New York: (continued)
Foreign accounts: (continued)
Branch of foreign bank located in New York City: (continued)
Discussion with Messrs. Hayes and Swan,
Mr. Shay to contact Counsel for
FRBank of New York for further
consideration
7/31 2902
Section 13(e) should not be used as
basis for opening and maintaining
9/27 3684
Inquiry re Board consent re opening of account and re approval of action
of the FRBank directors with respect to, no objection to telegram
to FRBank of New York
2/16 606
(Individual banks):
Austrian National Bank, Vienna, Austria,
opening and maintenance of account of FRBank of New York with,
approved, payable in foreign currency
10/3 3752, 3767
Banca d'Italia, opening and maintenance of
account of FRBank of New York with,
approved, payable in foreign currency
2/13 540, 546
Banco de Espana (Bank of Spain) opening approved
1/29 316, 330
Bank of Canada, continued maintenance of
account of FRBank of New York
with, approved
2/13 540, 546
Bank of England, continued maintenance of
account of FRBank of New York
with, approved
2/13 540, 546
Bank of France, continued maintenance of
account of FRBank of New York
with, approved
2/13 540, 546
Bank for International Settlements, opening
and maintenance of account of FR
Bank of New York with, payable in
foreign currency, approved
6/1
2016, 2029
Further reference to
6/5
2050
Banque Centrale de Syrie, opening approved
9/10 3405, 3416
Banque Nationale Suisse, opening and maintenance of account of FRBank of
New York with, payable in foreign
currency, approved
2/13 540, 546
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1962
441
Pages
FRBank of New York: (continued)
Foreign accounts: (continued)
de Nederlandsche Bank, opening and maintenance of account of FRBank of
New York with, approved payable
in foreign currency
Deutsche Bundesbank, opening and maintenance
of account of FRBank of New York
with, approved payable in foreign
currency
Israel Discount Bank Limited, Tel Aviv,
Israel, question re eligibility
of New York City branch of, to
open, under section 14(e), discussion, agreed matter be discussed with Presidents of FRBanks
of New York and San Francisco,
advice to Mr. Schwartz
Discussion with Messrs. Hayes and Swan,
Mr. Shay to contact Counsel for
FRBank of New York for further
consideration
Section 14(e) should not be used as
basis for opening and maintaining
National Bank of Belgium, opening and maintenance of account of FRBank of
New York with, payable in foreign
currency, approved
Societe Nationale de Credit a l'Industrie,
Brussels, Belgium, question re
designation as foreign bank under
Regulation N for purpose of effectuating proposed reciprocal
swap arrangement between National
Bank of Belgium and FRSystem involving deposit of System francs
in Societe Nationale, staff to
explore matter further
Further discussion re designation as
foreign bank, memorandum from Mr.
Young reviewed, in light of
reservations of Board, matter
to be discussed by Mr. Young with
Special Manager of System Open
Market Account
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/13
540, 546
2/13
540, 546
7/12
2676, 2697
7/31
2902
9/27
3684
2/13
540, 546
6/5
2050
6/8
2092
1962
442
Pages
FRBank of New York: (continued)
Foreign accounts: (continued)
Societe Nationale de Credit a l'Industrie,
Brussels, Belgium: (continued)
Opening and maintenance of account of
FRBank of New York with, approved
in light of willingness of National
Bank of Belgium to guarantee the
Federal Reserve balances with, due
to reciprocal swap arrangement
between National Bank of Belgium
and FRSystem, advice to Presidents
of all FRBanks
Foreign travel program for personnel of Bank for
1962, noted without objection
Gold, earmarked, held in custody for foreign
central banks, proposed revised
procedure for examination of,
involving test checking, no objection
Legal Department, question whether indication of
tendency towards repressing independent judgments of members
of, raised following review of
examination of, comments by Mr.
Hackley
Loans:
Banco de Guatemala, application to FRBank
of New York for loan on gold
approved
Banco de la Republica, Bogata, Colombia,
granting of three-month loan on
gold up to $10 million by FRBank
of New York, approved, review of
situation re outstanding loan,
including reference to discussions of Colombian Ambassador
with FRBank of New York negotiations with International Monetary
Fund, and position of State Dept.
Banco de la Republica de Colombia, request
to, for a six months loan on gold,
discussion in light of Board policy
under which loans on gold would not
be made for more than three months
unless justified by exceptional
circumstances, Mr. Sammons authorized to inform FRBank of New York
that Board would be prepared to
approve
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/15
2176, 2182
2/15
566, 577
1/3
22
11/19
4377
10/12
3920, 3931
8/14
3105, 3121
2/23
703
1962
443
Pages
FRBank of New York: (continued)
Loans: (continued)
Banco de la Republica de Colombia: (continued)
Six months loan on gold by FRBank of
New York approved, extension for
three months of existing loan approved
Bank of Indonesia, application for a ninety
day loan on gold, approved
Renewal of outstanding loan on gold approved
Bank for International Settlements, extension of gold loan arrangement approved
Central Bank of the Philippines, loan on gold
approved
Three-month extension of gold loan approved
National Bank of Haiti, request for loan on
gold by, matter reported to Board
to determine whether there were
any preliminary questions
Loan on gold approved, advice to FRBank
of New York
Research function, plans for senior management
questioned, agreed inquiry be
made by Governor Balderston of
President Hayes, with respect to
Salaries:
Employees, clerical and non-clerical, increase in structure approved
Officers other than Presidents and First
Vice Presidents:
Maximum of Salary Group A not increased
for, as it was for the other FR
Banks, concern expressed by President Hayes with respect to, also
concern re the guideline limiting
the number of salary increases in
any year to 407 of the officer
staff, agreed to await possible
conunents from other FRBanks before
considering justification for possible modification
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/26
713, 726
1/5
49, 57
4/13
1363, 1369
10/1
3740, 3748
1/22
229, 235
4/24
1457, 1470
8/15
3125
8/22
3169, 3176
1/3
22
11/21
4446, 4457
10/10
3866
1962
444
Pages
FRBank of New York: (continued)
Salaries: (continued)
Officers other than Presidents and First
Vice Presidents: (continued)
Concern expressed by President Hayes
re revised procedures for administering and adjusting, reported
by Governor Balderston, matter
to be considered by Board's Committee on Organization, Compensation, and Building Plans at meeting with Mr. Hayes
Officers:
First Vice President, concern re salary
level expressed
Ranges for First Vice President and
Group A as provided in guidelines
for FRBanks questioned by President Hayes re New York, agreement
with Board re increase in range,
letter to Chairman and President
Revised salary structure approved
Discussion and understanding re proposed
increases for four officers due
to retire within the year, Board
does not look with favor, question
re substantial increase for a
Vice President above that indicated
in guidelines, understanding re
Physicians, increase in structure approved
Staff:
Consultants, arrangements made with Lester V.
Chandler to serve as consultant
re program and operations of Research and Statistics function
and to general monetary matters,
noted
Examiner, question of stationing resident
FRExaminer in Puerto Rico, raised
by, in light of possible membership in FRSystem of Puerto Rican
banks, Division of Examinations
to prepare additional information
re status of certain Puerto Rican
banks
Further discussion, agreed it would be
undesirable to station resident
FRExaminer in Puerto Rico, advice
to
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/11
3906
10/11
3906
10/31
12/11
4198,4215-16
4714, 4721
12/20
11/21
4864, 4872
4446, 4457
10/17
3939, 3948
3/28
1083
4/11
1336, 1353
1962
445
Pages
PRBank of New York: (continued)
Staff: (continued)
(Individual names):
Alexander, Bruce G., appointment as asst.
examiner approved
Almassy, Anthony R., appointment as asst.
examiner approved
Bellotti, Louis M., appointment as asst.
examiner approved,not to participate in examination of a
State member bank and a nonmember bank to which he is
indebted
Bennetts, Leonard I., Assistant General
Auditor, salary approved
Salary approved
Bergel, Carl W., appointment as assistant
examiner approved,not to participate in examination of a nonmember bank to which he is indebted
Martin
W., change in assignment
Bergin,
noted
Manager, salary approved
Bevacqua, Alfred A., Jr., appointment as
assistant examiner approved
Bilby, Harold A., Vice President, reassignment noted
Salary approved
Bird, Rodney T., appointment as assistant
examiner approved,not to participate in examination of a nonmember bank to which he is indebted
Birdsall, William B., appointment as asst.
examiner approved
Bjelke, Edward W., appointment as assistant
examiner approved
Blanchette, Ernest E., Manager, salary approved
Salary approved
Blonsky, Lawrence E., appointment as asst.
examiner approved
Bosak, Barry F., appointment as assistant
examiner approved
Braun, William H., Jr., Assistant Counsel,
salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/21
2243, 2260
8/17
3135, 3149
8/8
3042, 3050
10/10
12/20
8/8
3866, 3882
4925
3042, 3050
10/10
12/20
3882
4925
1/10
99, 111
1/22 240
12/20 4925
6/4
2035, 2048
6/21
2243, 2260
4/11
1350, 1360
10/10
12/20
3866, 3882
4925
6/21
2243, 2260
7/25
2846, 2853
12/20
4925
1962
446
Pages
PRBank of New York: (continued)
Staff: (continued)
Cameron, Donald J., General Auditor, salary
approved until retirement
Question re increase in salary when
due to retire within the year,
understanding re
Candito, Nicholas A., appointment as asst.
examiner approved,not to participate in examination of a State
member bank to which he is indebted
Casazza, John M., appointment as examiner
approved
Chandler, Lester V., Consultant, arrangements made with, to serve as consultant re program and operations
of Research and Statistics function and re general monetary
matters, noted
Chang, Victor, appointment as assistant
examiner approved
Assistant Examiner, not to participate
in the examination of a State
member bank until indebtedness
has been liquidated
Clark, James J., appointment as examiner
approved
Clark, Joseph A., appointment as examiner
approved,not to participate in
examination of a certain nonmember bank until indebtedness
has been liquidated
Clarke, John J., Assistant General Counsel,
salary approved
Coombs, Charles A., Vice President, present
at meeting with Board to report
informally with Mr. Young re discussion held with representatives
of Treasury re foreign currency
operations
Salary approved
No objection to substantial increase
above that indicated in guidelines
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/20
4925
12/20
4864, 4924
2/21
691, 701
6/27
2394, 2404
10/17
3939, 3948
2/9
491, 501
2/23
708
6/27
2394, 2404
6/27
2394, 2404
12/20
4925
393
2/2
12/20 4925
12/20
4870
1962
447
Pages
PRBank of New York: (continued)
Staff: (continued)
Cooper, Robert L., Manager, salary approved
Crosse, Howard, Vice President, salary approved
Crowley, Robert J., Assistant Counsel, salary approved
Davis, Felix T., Assistant Vice President,
salary approved
Davis, N. P., Assistant Vice President,
reassignment noted
Salary approved
Ege, Karl L., Manager, salary approved
Salary approved
Fousek, Peter, Manager, salary approved
Salary approved
French, Martin, Manager, salary approved
Gallucci, Eugene A., appointment as asst.
examiner approved,not to participate in examination of a nonmember bank until indebtedness
has been liquidated
Garvy, George, Adviser, nominated by Board
as candidate from FRSystem to
attend International Banking
Summer School to be held in
Moscow July, 1962, advice to
American Bankers Association
Accepted by school, noted
Present at Board meeting during
economic review
Salary approved
Salary approved
Goggins, John J., appointment as assistant
examiner approved not to participate in examination of a State
member bank to which he is indebted
Graveman, Harry K., appointment as examiner
approved, not to participate in
examination of certain nonmember
bank until indebtedness has been
liquidated
Gritzek, John, reappointment as assistant
examiner approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/20
4925
12/20
4925
12/20
4925
12/20
4925
1/22 240
12/20 4925
10/10 3866, 3882
12/20 4925
10/18 3982, 4003
12/20 4925
12/20 4925
3/22
1026, 1032
2/12
5/10
523, 535
1782
5/28 1956
10/10 3866, 3882
12/20 4925
2/21
691, 701
6/27
2394, 2404
9/26
3677
1962
448
Pages
FRBank of New York: (continued)
Staff: (continued)
Gronquist, C. Robert, appointment as asst.
examiner approved, not to participate in examination of certain
national bank
Guy, Edward G., Assistant General Counsel,
salary approved
Hannigan, Edmond P., Assistant Examiner appointment approved not to participate in examination of a national
bank to which he is indebted
Harris, Marcus A., Vice President, salary
approved
Harrison, John B., Examiner, arrangements
approved for an assignment of
approximately two months to the
foreign banking section of Board
Division of Examinations, salary
and expenses to be carried by
FRBank of New York, transportation expenses to and from New
York each week to be paid by
Board, to be designated as a
Federal Reserve Examiner
Hayes, Alfred, President to discuss with
President of Swiss National Bank,
problem re examining requirement
and submission of reports in connection with proposed Geneva,
Switzerland branch of First National City Bank, New York, New
York
Letter to President Schwegler, Swiss
National Bank, approved, Governor
Mitchell to advise Mr. Hayes
Salary approved
Heffernan, Thomas R., Examiner, appointment
approved, not to participate in
examination of certain nonmember
bank until indebtedness has been
liquidated
Holmes, Alan R., Assistant Vice President,
to serve as personal assistant to
the Under Secretary of Treasury
for Monetary Affairs, for approximately six months, with understanding re leave of absence with pay,
travel, and other expenses, no objection
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/27
4531, 4534
12/20
4925
8/8
12/20
3042, 3050
4925
6/13
2148, 2162
10/4
3794
10/19
12/19
4011, 4022
4836
6/27
2394, 2404
1/16
180, 198
1962
449
Pages
FRBank of New York: (continued)
Staff: (continued)
Holmes, Alan R.: (continued)
Salary approved
Extension of leave of absence with pay
to serve as personal assistant
to Under Secretary of the Treasury for Monetary Affairs, with
understanding re travel and other
expenses, no objection
No objection to further extension
of leave of absence with pay
Holmes, Alan R., Vice President, salary approved
Salary approved
Jensen, John P., Assistant Vice President,
salary approved
Kabashinski, Vyto J., appointment as asst.
examiner approved
Kimball, Herbert H., Vice President, reassignment noted
Salary approved
Klopstock, Fred H., Manager, salary approved
Kranik, Eugene C., Examiner, appointment approved,not to participate in examination of a nonmember bank
until indebtedness has been liquidated
Lang, Peter P., Adviser, salary approved
Lewis, Harold W., Manager, salary approved
Lindsay, Robert, Senior Economist, salary
approved
Salary approved
Link, Robert G., Assistant Vice President,
salary approved
Loff, Roger A., Assistant Examiner, appointment approved,not to participate
in examination of a nonmember bank
to which he is indebted
MacInnes, Angus A., Jr., Assistant Vice President, salary approved
Marple, William E., Manager, salary approved
Marsh, Spencer S., Jr., Assistant Vice President,salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/22
229, 240
7/17
2729, 2732
9/6
3359, 3369
10/10
12/20
3866, 3882
4925
12/20
4925
2/21
691, 702
1/22 240
12/20 4925
12/20 4925
6/27 2394, 2404
12/20 4925
12/20 4925
1/22 229, 240
12/20 4925
12/20
8/17
4925
3135, 3149
12/20
12/20
4925
4925
12/20
4925
1962
450
Pages
FRBank of New York: (continued)
Staff: (continued)
Matera, Pasquale A., Assistant Examiner,
appointment approved, not to
participate in examination of
State member bank to which he
is indebted
E., Assistant Examiner,
James
McDonough,
appointment approved
McWhinney, Madeline H., Manager, salary
approved
Meek, Paul, Manager, designation as an Asst.
Secretary in addition to current
title of Manager, noted
Salary approved
Morgan, Gary R., Assistant Examiner, appointment approved
Mulligan, Michael M., Examiner, reappointment approved, not to participate in examination of The First
National Bank of Wilkes-Barre,
Pennsylvania, because of indebtedness
Nicolai, Julius A., Assistant Examiner,
appointment approved
Niles, Donald C., Manager, salary approved
Noa, Arthur H., Manager, salary approved
Ozog, Edward J., Assistant Examiner, appointment approved
Partorelle, H. John, Assistant Examiner,
appointment approved
Piderit, Fred W., Jr., Assistant Vice President, salary approved
Pierce, John F., Chief Examiner, salary approved
Post, Everett B., Manager, salary approved
Pricher, Charles R., Manager, salary approved
Quackenbush, Lawrence E., Assistant Vice
President, reassignment noted
Salary approved
Randall, Michael, Assistant Examiner, appointment approved
Ringen, John F., Manager, salary approved
Roche, Thomas J., Senior Foreign Exchange
Officer, salary approved
Salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/28
1086, 1101
8/8
3042, 3050
12/20
4925
1/22 240
12/20 4926
4/25
1484, 1493
2/14
558
1/26 307, 315
12/20 4926
12/20 4926
2/9
491, 501
7/27
2863, 2897
12/20
4925
12/20
12/20
4926
4926
12/20
4926
1/22 240
12/20 4925
6/21 2243, 2260
12/20 4926
5/22 1926
12/20 4925
1962
451
Pages
FRBank of New York: (continued)
Staff: (continued)
Rothman, Edwin S., Manager, salary approved
Salary approved
Rouse, Robert G., Vice President and Senior
Adviser, salary approved
Salary approved until retirement
Question re increase in salary when
due to retire within the year,
understanding re
Rozell, Walter H., Jr., Vice President,
salary approved
Rushmore, Walter S., Manager, salary approved
Schembri, Lawrence E., Examiner, appointment approved, not to participate
in examination of a nonmember
bank until indebtedness has been
liquidated
W., Manager, salary approved
Frank
Schiff,
H., Manager, Foreign DepartFrancis
Schott,
ment, arrangements for service
in Office of Under Secretary of
Treasury for Monetary Affairs
for specified period, including
leave of absence with pay and
understanding re expenses, Board
interposes no objection
Salary approved
Schultz, William M., Manager, salary approved
Sloane, Thomas C., Assistant Counsel, salary approved
Small, Kenneth E., Manager, salary approved
Smedley, Frederick L., Assistant Vice President, salary approved
Smith, George C., Manager, salary approved
Sommer, Robert, Assistant Examiner, appointment approved
Spaulding, William S., Jr., appointment as
Assistant Examiner approved, not
to participate in examination of
two banks to which he is indebted
Stafford, N. Dennis, Jr., appointment as
Assistant Examiner approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/22 1926
12/20 4926
5/22 1926
12/20 4924
12/20
4864
12/20
4925
12/20
4926
6/27 2394, 2404
12/20 4926
9/21 3610, 3628
12/20 4926
12/20
4926
12/20
12/20
4926
4926
12/20
12/20
4925
4926
7/27
2863, 2897
8/17
3135, 3149
9/14
3536, 3546
1962
452
Pages
PRBank of New York: (continued)
Staff: (continued)
Stahl, James I., Examiner, appointment
approved, not to participate
in examination of a nonmember
bank until indebtedness has
been liquidated
Stanford, Horace L., Vice President,
salary approved
Stanton, Aloysius J., Manager, salary
approved
Steeneck, Eleanor B., Assistant Examiner,
appointment approved
Sternlight, Peter D., Manager, salary
approved
Salary approved
Stone, Robert W., Assistant Vice President,
salary approved
Salary approved
Salary approved
Straub, Warren C., Assistant Examiner,
appointment approved not to
participate in examination of
nonmember banks
Sweeney, John J., Assistant Examiner, appointment approved not to participate in examination of a member
bank to which he is indebted
Talbot, Raymond E., Examiner, appointment
approved not to participate in
examination of indicated nonmember bank until indebtedness
has been liquidated
Services to be borrowed to assist
Board's Legal Division in
preparation of material in
connection with proceeding involving Continental Bank and
Trust Company, Salt Lake City,
Utah, with understanding re
salary and travel expenses
Thoman, Robert C., change in assignment
noted
Salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/27
2394, 2404
12/20
4925
12/20
4926
3/28
1086, 1101
1/22 229, 240
12/20 4926
1/22 229, 240
5/22 1926
12/20 4925
4/11
1350, 1360
8/17
3135, 3149
5/21
1881, 1894
5/31
1988
10/10
12/20
3882
4926
1962
453
Pages
PRBank of New York: (continued)
Staff: (continued)
Tiebout, Todd G., Vice President and General
Counsel, salary approved until
retirement
Question re increase in salary when due
to retire within the year, understanding re
Timlen, Thomas M., Jr., Secretary and Asst.
Counsel, salary approved
Treiber, William F., First Vice President,
salary approved
Trued, Merlyn N., Assistant Vice President,
salary approved
Salary approved
Waage, Thomas 0., Assistant Vice President,
reassignment noted
Salary approved
Woods, Jay W., Examiner, appointment approved,
not to participate in examination
of a nonmember bank until indebtedness has been liquidated
Young, Robert, Jr., Assistant Counsel, salary
approved
PRBank of Philadelphia:
Audit function, internal, possible retention of
public accounting firm by Board
of Directors of, to review, discussion and understanding Governor
Balderston would contact representatives of FRBank of Philadelphia
re
Plan discarded by, noted
Budget, 1962:
Salaries, employees, across-the-board salary
adjustment of 3% not fully provided for in 1962 budget noted,
questions raised by Gov. Mitchell
Equipment:
Electronic computers, check and data processing equipment, proposed expenditure 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
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/20
4924, 4925
12/20
4864
12/20
4926
12/19
4836
1/22 229, 240
12/20 4925
1/22 240
12/20 4925
6/27
12/20
2394, 2404
4926
7/23
9/13
2790
3471
1/2
5, 11
10/24
4044
1962
454
Pages
FRBank of Philadelphia: (continued)
Equipment: (continued)
Electronic computers, check and data processing equipment: (continued)
Following review of meeting with representatives of, where question of
operating equipment on secondshift basis was discussed, telegram indicating Board interposes
no objection approved
Examinations, report reviewed, retention of outside public accounting firm for
purpose of reviewing the audit
function at, plan discarded by,
noted
Salaries:
Employees, Medical Director, Waitress, payment to four part-time employees,
approved, unnecessary to request
approval for part-time positions
each time salary structure is adjusted
Officers, revision in ranges for, approved
Staff:
Examiners, special assistant:
Designation of nine individuals approved
(Individual names):
Aff, Edward A., Assistant Vice President,
salary approved
Alderfer, Evan B., Economic Adviser, salary
approved
Anderson, Clay J., Economic Adviser, salary
approved
Barrie, Hugh, Vice President, salary approved
Salary approved
Besse, Jack P., Assistant Cashier, salary
approved
Boop, Gordon C., Examiner, reappointment
approved
Bopp, Karl R., President, salary approved
Bunting, John R., Vice President, salary
approved
Salary approved
Campbell, Joseph R., Vice President, salary
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/31
4194, 4212
9/13
3470
1/2
12/3
5, 11
4600, 4607
3/20
954, 977
12/20
4928
12/20
4928
12/20
12/20
12/20
4928
3611, 3641
4928
12/20
4928
4/20 1438, 1440
12/19 4836
9/21 3611, 3641
12/20 4928
12/20
4928
1962
455
Pages
FRBank of Philadelphia: (continued)
Staff: (continued)
Case, Barry J., Assistant Examiner, appointment approved, not to participate
in examination of Fidelity-Philadelphia Trust Company, as long as
his father is connected with the
bank in any capacity
Case, Joseph M., Chief Examining Officer,
salary approved
Dash, Norman G., Vice President, salary
approved
Dobie, Robert A., Examiner, appointment
approved
Eastburn, David P., Vice President, salary
approved
Fenner, Zell G., Assistant Vice President,
salary approved until retirement
Goodwin, Murdoch K., Vice President, General Counsel and Assistant
Secretary, salary approved
Haas, Ralph E., Assistant Vice President,
salary approved
Salary approved
Haffner, Herman B., General Auditor, salary
approved
Hilkert, Robert N., First Vice President,
salary approved
James, Jack H., Examining Officer, salary
approved
James, William A., Personnel Officer, salary approved
Lamond, John P., Assistant Examiner, appointment approved, not to
participate in examination of
State member bank in Second
District to which he is indebted
Lavin, George J., Assistant Vice President
and Assistant Secretary, salary
approved
Markford, Leonard, Examining Officer, salary approved
McAneny, Donald J., Examiner, appointment
approved
Metz, G. William, Examining Officer, salary
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/21
1881, 1895
12/20
4928
12/20
4928
12/11
4717, 4732
12/20
4928
12/20
4928
12/20
4928
9/21 3611, 3641
12/20 4928
12/20
4928
12/19
4836
12/20
4928
12/20
4928
5/3
1666, 1718
12/20
4928
12/20
4928
12/11
4717, 4733
12/20
4928
1962
456
Pages
PRBank of Philadelphia: (continued)
Staff: (continued)
Moll, Warren R., Assistant Cashier, salary
approved
Murdoch, Lawrence C., Jr., Business Economist, salary approved
Salary approved
Murray, Fred A., Director of Plant, salary
approved
Nelson, Henry J., Assistant Vice President,
salary approved
Roeder, Harry W., Vice President, salary
approved
Salary approved
Siekielski, George S., Jr., Assistant Examiner, appointment approved
Sudders, Russell P., Assistant Vice President, salary approved
Salary approved
Vergari, James V., Vice President and Cashier, salary approved
Walsh, William F., Examiner, appointment
approved
Wilgus, Richard G., Vice President and Secretary, salary approved
PRBank of Richmond:
Banking quarters:
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 a committee of Board's
staff explore various aspects of
relocation center problem
Disappearance from vault of Treasury certificate of indebtedness which was
held as collateral to tax and
loan account of nonmember bank,
discovered in course of current
examination of, reported by Mr.
Solomon, General Auditors being
contacted by Mr. Solomon
Procedure followed by Board's examiners
and by Secret Service to determine
presumptive cause for, reviewed
by Mr. Smith
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/20
4928
9/21 3611, 3641
12/20 4928
12/20
4928
12/20
4928
9/21 3611, 3641
12/20 4928
6/13
2147, 2159
9/21 3611, 3641
12/20 4928
12/20
4928
12/11
4717, 4734
12/20
4928
5/24
1929, 1936
7/17
2730
8/27
3212
11/19
4378
1962
457
Pages
FRBank of Richmond: (continued)
Emergency plans:
Currency storage, plan to store with twentythree cash agent banks approved,
authorized to incur reasonable
expenses incident to, budgetary
provision made for anticipated
expenditures during 1962
Decision to increase number of cash
agent banks to twenty-four noted
without objection
Equipment:
Electronic check processing, Burroughs B-270
high-speed, no objection to acquisition of, on rental basis under
purchase option
Electronic computer, IBM 1401, decision to
purchase rather than rent, noted
without objection
Examinations:
Report reviewed, no matters requiring action
by Board
Report reviewed, agreed no action warranted
by Board, discussion re disappearance of certificate of indebtedness from vault of, and re situation of employee maintaining margin accounts
Margin accounts maintained by employee of, with
two brokerage firms reviewed by
Mr. Smith, agreed letter to
FRBanks calling attention to undesirability of speculative trading in securities be brought to
Board for consideration
Salaries:
Officers, revision in ranges for, approved
Staff:
Examiners, special assistant:
Designation of two individuals approved
Designation of three individuals approved
Designation of one individual approved
Designation of one individual approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/5
48, 55
7/12
2671, 2689
7/24
2815, 2830
5/4
1722, 1728
2/19
630
11/19
4376-78
11/19
4378
12/3
4600, 4609
4/5
1227, 1240
5/10
5/21
5/28
1785, 1805
1881, 1896
1964, 1978
1962
458
Pages
FRBank of Richmond: (continued)
Staff: (continued)
Examiners, special assistant: (continued)
Designation of one individual approved
Designation of ten individuals approved
Designation of twenty-two individuals
approved
Designation of five individuals approved
Designation of seven individuals approved
Designation of one individual approved
Designation of one individual approved
Designation of six, approved
Designation of one individual approved
Designation of one individual approved
Designation of one individual approved
(Individual names):
Allin, J. Lander, Jr., Assistant Cashier,
salary approved for the period
July 1 through December 31, 1962
Salary approved
Angel, Daniel R., Assistant Examiner, appointment approved not to participate in examination of national bank to which he is indebted
Bagwell, Fred L., Assistant Examiner, appointment approved, not to participate in examination of national bank to which he is indebted
Beavers, C. B., Assistant Cashier, salary
approved
Black, Robert P., Vice President, salary
approved
Salary approved
Boote, Howard S., Jr., appointment as
Assistant Examiner approved,
not to participate in examination of a national bank and a
state member bank to which he
is indebted
Bostian, Lloyd Woodson, Jr., Assistant
Examiner, appointment approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/31
5/31
1987, 2003
1986, 2002
6/21
6/21
7/2
7/12
7/17
8/22
8/27
9/21
10/1
2244,
2244,
2502,
2686,
2731,
3175,
3213,
3627,
3743,
2262
2261
2510
2698
2738
3192
3229
3648
3750
6/29 2425, 2443
12/20 4932
8/28
3248, 3288
10/9
3852, 3861
12/20
4932
5/28 1958, 1970
12/20 4932
8/8
3042, 3051
8/9
3062, 3066
1962
459
Pages
FRBank of Richmond: (continued)
Staff: (continued)
Davis, Wyatt F., Assistant Examiner, appointment approved
Deitrick, J. G., Assistant Vice President,
salary approved
Dickerson, J. G., Jr., Vice President,
salary approved
Durrill, David C., Assistant Examiner, appointment approved
Farmer, W. S., General Counsel, salary approved
Fishburne, S. P., Assistant Vice President,
salary approved
Ford, H. E., Assistant Vice President, salary approved
Friend, J. E., Assistant Cashier, salary
approved
Godwin, W. Norwood, Assistant Examiner,
appointment approved, not to
participate in examination of
a nonmember bank to which he
is indebted
B., III, Assistant Vice PresW.
Harrison,
ident, salary approved
Heflin, Aubrey N., First Vice President,
salary approved
Henkle, Robert Louis, Assistant Examiner,
reappointment approved
C., Chief Examiner, salary
J.
Horigan,
approved
Huffman, Richard C., Assistant Examiner,
appointment approved, not to
participate in examination of
a nonmember bank to which he
is indebted and so long as his
mother is employed by that bank
Inge, Vernon E., Assistant Examiner, appointment approved
Jennings, Percy W., Examiner, appointment
approved
Martin, U. S., Vice President, salary approved
Miller, R. L., Assistant Cashier, salary
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/5
1227, 1238
12/20
4932
12/20
4932
8/15
3127, 3129
12/20
4932
12/20
4932
12/20
4932
12/20
4932
8/15
3127, 3129
12/20
4932
12/19
4836
10/18
3996, 4008
12/20
4932
10/10
3876, 3884
4/5
1227, 1239
4/5
1226, 1236
12/20
4932
12/20
4932
1962
460
Pages
FRBank of Richmond: (continued)
Staff: (continued)
Myers, Arthur V., Jr., Assistant Cashier:
Salary approved
Salary approved
Nosker, J. L., Vice President, salary approved
Nowlan, J. M , Vice President and Cashier,
salary approved
Parthemos, James, Assistant Vice President:
Salary approved for the period July 1
through December 31, 1962
Salary approved
Perry, Donald E., Assistant Examiner, appointment approved
Pregeant, V. E , III, Assistant Vice President and Secretary, salary approved
Ratchford, Benjamin U., Vice President and
Senior Adviser, salary approved
Salary approved
Ross, Leonard A., Jr., Examiner, appointment approved
Sanders, Raymond E., Jr., Vice President:
Salary approved for the period July 1
through December 31, 1962
Salary approved
Schad, R. P., Assistant General Auditor,
salary approved
Slay, James M., Vice President, death noted
Snead, G. H., General Auditor, salary approved
Taylor, Claude R., Assistant Examiner, appointment approved
Tucker, Aubrey V., Examiner, appointment
approved
Upshaw, Robert B., Assistant Examiner, appointment approved, not to participate in examination of a
national bank to which he is indebted or of a nonmember bank as
long as he owns stock or is related to an officer of that
institution
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/26 297, 310
12/20 4932
12/20
4932
12/20
4932
6/29 2425, 2443
12/20 4932
8/9
12/20
3062, 3065
4932
5/28 1958, 1970
12/20 4932
4/5
1226, 1236
6/29 2425, 2443
12/20 4932
12/20 4932
5/28 1962
12/20
4932
5/24
1933
4/5
1226, 1236
2/12
524, 537
1962
461
Pages
FRBank of Richmond: (continued)
Staff: (continued)
Viener, Michael J., Assistant Examiner, appointment approved
Viverette, J. F., Assistant Vice President,
salary approved
Wakeham, Wythe B., Assistant Cashier, salary
approved
Watson, K. Brantley, question re possible
re-employment as Vice President
and Senior Adviser, while remaining consultant to McCormick and
Company, Baltimore, Maryland,
discussion, Board's views to be
transmitted to President Wayne
Wayne, Edward A., President, salary approved
Woodside, H. Rush, Jr., Assistant Examiner,
appointment approved
FRBank of St. Louis:
Borrowings from FRBanks, release of data in statements L.5.3 and L.5.4, as requested
for use in doctoral dissertation
on member bank borrowing, no objection by Board
Examinations, report reviewed
FRNotes, no objection to furnishing information
on date and place of issue of
certain,as requested by Messrs.
House, Holmes, Butler and Jewell,
of Little Rock, Arkansas, advice
to
Salaries:
Officers, revised salary structure approved
Staff:
Officer changes, before appointment of new
President, questioned by Governor
Mitchell, noted by Governor
Robertson that designations were
in line with plan of succession
(Individual names):
Abbott, William J., Adviser, salary approved
Ant, Carl T., Assistant Vice President,
salary approved
Bennett, Marvin L., Vice President, salary
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/31
1987, 2007
12/20
4932
12/20
4932
5/28 1962
12/19 4836
8/14
3112, 3122
2/12
4/23
504, 533
1450
6/28
2405
12/11
4/30
4714, 4722
1527
12/20
4939
12/20
4939
12/20
4939
1962
462
Pages
FRBank of St. Louis: (continued)
Staff: (continued)
Billen, Earl R., Assistant Vice President,
salary approved
Bowsher, Norman N., Assistant Vice President,
salary approved
Brooks, Dr. Arthur C., Physician, retention
in active service for one additional year, beyond normal service
retirement date, approved
Cain, Floyd A., Assistant Examiner, appointment approved, not to participate
in examination of two national
banks to which he is indebted
Chapin, Earl H., Assistant Chief Examiner,
salary approved
Dennison, George W., Assistant Vice President, salary approved
Dunne, Gerald T., General Counsel and Asst.
Secretary, salary approved
Approval of salary in over-all letter
approving officers' salaries at
St. Louis
Francis, Darryl R., First Vice President,
salary approved
Geiger, James M., Assistant Vice President,
salary approved
Gilmore, Woodrow W., Planning Officer, salary approved
Hirshman, Goerge W., General Auditor, salary
approved
Hofer, John J., Assistant Vice President,
salary approved
Isbell, Wilbur H., Chief Examiner, salary
approved
Salary approved
Johns, Willis L., Assistant Vice President,
salary approved
Jones, Homer, Vice President, salary approved
0., Assistant Vice President,
Richard
Kaley,
salary approved
Koptis, Stephen, Assistant Vice President,
salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/20
4939
12/20
4939
4/18
1387, 1412
7/17
2731, 2740
12/20
4939
12/20
4939
12/3
4600, 4616
12/20
4938, 4939
12/19
4836
12/20
4939
12/20
4939
12/20
4939
12/20
4939
4/30 1526, 1551
12/20 4939
12/20
4939
12/20
4939
12/20
4939
12/20
4939
1962
463
Pages
FRBank of St. Louis: (continued)
Staff: (continued)
Lewis, Dale M., Vice President, salary approved
Martin, James H., Assistant Examiner, appointment approved, with notation re sale of stock of Mercantile Trust Company, St. Louis,
Missouri, and that his wife,
employed as a teller in that
bank, will sever her connection
therewith
Russell, G. Garland, Jr., Assistant Counsel,
salary approved
Saltzman, Paul, Assistant Vice President,
salary approved
Shuford, Harry A., President, appointment
for unexpired portion of fiveyear term that began March 1,
1961, and salary approved
Salary approved
Walker, William E., Assistant Vice President, salary approved
Weigel, Howard H., Vice President and Secretary, salary approved
Welman, Joseph C., Jr., Assistant Chief
Examiner, salary approved, understanding that he will not be
involved in any examination or
administrative decision involving Bank of Kennett, Missouri,
as long as he is a stockholder
Salary approved
Wotawa, Joseph C., Vice President, salary
approved
Wyrick, Orville 0., Vice President in charge
of Bank Examinations Department,
appointment and salary approved
Salary approved
PRBank of San Francisco:
Banking quarters, sale of portion of parking lot
to City and County of San Francisco in connection with widening
of Clay Street, no objection
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/20
4939
10/26
4105, 4110
12/3
12/20
4600, 4616
4939
9/13 3471, 3500
12/19 4836
12/20
4939
12/20
4939
4/30 1526, 1551
12/20 4939
12/20
4939
4/30 1526, 1551
12/20 4939
6/25
2275, 2307
1962
464
Pages
FRBank of San Francisco: (continued)
Banking quarters, fallout shelters, execution of
a fallout shelter license to
Federal Government permitting
use of certain areas in Bank's
service building for fallout
shelter purposes, no objection
by Board
Clearing account, nonmember, Canadian Imperial
Bank of Comwerce, nonmember
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 New York
City branch of Israel Discount
Bank
Further discussion
Disappearance of certain Treasury certificates
of indebtedness that were being
held in the vault of, for the
account of a member bank, situation reported to Board, noted
that Mr. Smith had gone to San
Francisco for consultation re
Question re informing press re, following
receipt of views from Treasury
Department and Secret Service,
Chairman Martin informed by,
that no public release would
be made at present
Electronic check processing equipment:
Plans to continue lease, under purchase
option, certain National Data
Processing high-speed equipment
noted without objection
noted without objection
B-270,
Burroughs
the proposed rental, under purchase option, of
Salaries:
Officers:
Consensus that it would be preferable
to place San Francisco in the
same category as Chicago with
respect to
Revised salary structure approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/29
2426, 2449
7/12
7/31
2677
2902
8/15
3126
9/6
3366
2/15
566, 584
3/16
913, 942
7/11 2635
12/11 4714, 4724
1962
465
Pages
PRBank of San Francisco: (continued)
Staff:
Examiners, special assistant:
Designation of fourteen individuals,
approved
Designation of twelve individuals,
approved
Officers, temporary assignment of certain,
to Seattle Branch because of
vacancy in official staff following death of Mr. Reff, noted
(Individual names):
Abbott, E. L., Assistant Examiner, indebtedness to national bank through
acquisition by that bank of his
note to original nonbank lender,
noted, not permitted to participate in examination of said bank
until indebtedness has been liquidated
Ahlf, James, Chief Examiner, to accompany
Mr. R. M. Stephenson, Special
Assistant, Division of Examinations, to Salt Lake City, Utah,
in connection with Continental
Bank and Trust Company, Salt
Lake City, Utah, matter, authorization re
Memorandum re visit to Continental
Bank and Trust Co. submitted to
Board
Salary approved
Barbonchielli, J. L., Vice President, salary approved
Salary approved
Barrett, T. W., Assistant Cashier, salary
approved
Bernstein, E. E., Assistant Cashier, salary
approved
Salary approved
Buckley, Charles L., Assistant Examiner,
appointment approved, not to
participate in examination of
a national bank to which he is
indebted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/16
195, 202
7/2
2503, 2511
8/28
3232, 3252
7/2
2503, 2512
7/12
2685
2975
8/6
12/20 4947
9/21 3611, 3642
12/20 4947
12/20
4947
9/21 3611, 3642
12/20 4947
3/20
954, 976
1962
466
Pages
FRBank of San Francisco: (continued)
Staff: (continued)
Byers, Jack A., Examiner, appointment approved
Cavan, Paul W., Vice President, salary
approved
Salary approved
Cooper, W. L., Assistant General Counsel,
salary approved
DeBries, W. G., Assistant Cashier, salary
approved
Einzig, R. S., Vice President,present at
Board meeting during economic
review
Eschler, Stephen L., Assistant Examiner,
appointment approved
Galvin, E. H., salary approved
Goodfellow, Allen F., Examiner, appointment approved, not to participate in examination of a nonmember bank until indebtedness
has been liquidated
Hall, Wayne C., Assistant Examiner, appointment approved, not to participate in examination of a
national bank to which he is
indebted
Hartlin, G. D., General Auditor, salary
approved
Hemmings, H. E., First Vice President, pres
ent at Board meeting during economic review
Salary approved
Hook, W. W., Assistant Examiner, appointment approved, not to participate in examination of two national banks until indebtedness
has been liquidated
Lenz, Francis B., Assistant Examiner, appointment approved
z Thomas, Assistant ExamiFeramor
Little,
ner, appointment approved, not
to participate in examination of
Walker Bank & Trust Co., Salt
Lake City, Utah, as long as his
father is employed by that bank
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/28
4540, 4595
5/22 1925
12/20 4947
12/20
4947
12/20
4947
4/16
10/30
12/20
1375
4158, 4173
4947
5/21
1881, 1897
3/2
804, 818
12/20
4947
3/26 1064
12/19 4836
7/11
10/17
5/31
2636, 2669
3947, 3967
1987, 2008
1962
467
Pages
PRBank of San Francisco: (continued)
Staff: (continued)
Livingston, E. E., Assistant Cashier, salary approved
Salary approved
Lord, Gilbert Alan, Assistant Examiner,
appointment approved
Lynn, G. W., Assistant Vice President,
salary approved
Maguire, Hugh J., Examiner, appointment
approved
Martens, E. J., Cashier, salary approved
Salary approved
Martin, Paul J., Assistant Examiner, appointment approved
Maurer, R., Jr., Assistant Vice President,
salary approved
McKendry, R. E., Assistant General Auditor,
salary approved
Merritt, A. B., Vice President, salary approved
Mitchell, Sumner C., Jr., Assistant Examiner appointment approved, not
to participate in examination
of a stated national bank until
indebtedness has been liquidated
O'Kane, John A., Vice President and General
Counsel, temporary appointment
as Superintendent of Banks for
State of California, with leave
of absence without pay for a
period of three months, no objection by Board, advice to
FRBank of San Francisco
to additional leave withobjection
No
out pay for, to continue in above
capacity
A., Accountant and Alternate
Armand
Pascual,
Assistant FRAgent, attendance at
Tenth Annual Training Program for
the Center for Latin American Monetary Studies approved
Retallick, A. G., Assistant Cashier, temporary assignment to Seattle Branch
because of vacancy in official
staff following Mr. Reff's death
noted
Salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/21 3611, 3642
12/20 4947
3/14
12/20
903, 910
4947
5/21 1881, 1898
9/21 3611, 3642
12/20 4947
10/19
4020, 4030
12/20
4947
12/20
4947
12/20
4947
11/5
4243, 4252
5/7
1747, 1760
8/6
2972, 2996
2/26
713, 725
8/28 3232, 3252
12/20 4947
1962
468
Pages
MBank of San Francisco: (continued)
Staff: (continued)
Rockwell, Thomas Everest, Assistant Examiner, appointment approved, not
to participate in examination of
a stated nonmember bank until indebtedness has been liquidated
Scott, W. F., Assistant General Counsel,
salary approved
Salary approved
Speer, William Thomas, Jr., Assistant Examiner, appointment approved, not
to participate in examination
of a national bank to which he is
indebted
Stacey, James W., Assistant Examiner, appointment approved, not to participate in examination of First
State Bank of Salina so long as
his father is an officer or director thereof
Swan, Eliot J., President, present at Board
meeting during economic review
Present at Board meeting during economic review
Named by Board as person with whom Mr.
Sullivan might get in touch in
connection with Continental Bank
and Trust Co., Salt Lake City,
Utah, matter
Memorandum re proposal for settlement
from Mr. Sullivan, Continental
Bank and Trust Co., Salt Lake
City, Utah, presented to Board by
Salary approved
Varoz, Ross, Assistant Examiner, appointment approved
Virta, George, Alternate Assistant FRAgent,
appointment approved
Voss, Robert Charles, Jr., Assistant Examiner, appointment approved
Watkins, Roy J., Assistant Examiner, appointment approved, not to participate in examination of nonmember banks and national bank
to which he is indebted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/18
1401, 1421
9/21 3611, 3642
12/20 4947
8/9
12/11
3062, 3067
4717, 4737
3/26
1064
4/16
1375
8/9
3054
8/27 3197
12/19 4836
8/27
3213, 3230
4/2
1103, 1121
12/3
4601, 4617
5/10
1785, 1806
1962
469
Pages
PRBank of San Francisco: (continued)
Staff: (continued)
Wells, E. A., Assistant Cashier, salary
approved
Whitworth, C. H., Administrative Assistant,
salary approved
Williams, J. B., Assistant Cashier, temporary assignment to Seattle Branch
because of a vacancy in official
staff following Mr. Refi t s death,
noted
Salary approved
PRBanks:
Accounting procedures:
Formula for computing charges to reimbursable fiscal agency units, for
use of floor space in Bank-owned
buildings, furniture and equipment, and functional expense
distributions for retirement
and other benefits, actions of
Presidents' Conference concerning changes in Accounting Manual
re, approved by Board, advice
to Chairman of Presidents' Conference with copies to all Federal Reserve Bank Presidents
Accounts, (over and short), Mr. Smith to review,
to make sure no trend suggesting
laxity at any FRBank could be
detected
Articles of Association of, request from Comptroller of the Currency to Federal Reserve Banks for copies
of, telegram to FRBanks from
Board with respect to, approved,
no reference to Articles of Association contained in FRAct,
noted
Assessments:
Expenses of Board for second half of 1962
First half of 1963
Audit function, internal, retention of public
accounting firms by FRBanks to
study, in connection with resolution adopted by Chairmans'
Conference, understanding re
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/20
4947
12/20
4947
8/28 3232, 3252
12/20 4947
3/16
11/19
3/20
912, 937
4377
951, 975
6/22 2269
12/19 4809
7/23
2790
1962
470
Pages
FRBanks: (continued)
Audit function, internal: (continued)
Recommendations of Price Waterhouse and
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 by 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 that this
strengthening was desired by
Board
Authority to purchase Government securities
direct from Treasury:
Bill proposed by Treasury to extend for
two years, report to Budget
Bureau approved
S. 3291, a bill to amend sec. 14(b) of
FRAct to extend, favorable report to Chairman Robertson of
Senate Banking and Currency
Committee approved
H.R. 11654, a bill to amend section 14(b)
of FRAct to extend for two years
the, favorable report to Congressman Spence, Chairman of Committee on Banking and Currency,
approved
S. 3291, enrolled bill to amend section 14
(b) of FRAct, to extend for two
years, report sent to Budget
Bureau
Bank merger applications, proposed procedure for
expediting action on, understood
letter be prepared to all FRBank
Presidents with respect to, and
re possible bolstering of staff
resources connected with
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/23
2790
9/13
3471
12/19
4834
5/2
1605, 1627
5/22
1900, 1920
6/13
2147, 2158
6/27
2387, 2399
10/18
3976
1962
471
Pages
FRBanks: (continued)
Banking quarters, 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
Banking structure and competition, proposed program for analysis of, discussion
re possibility of Reserve Banks
undertaking projects relating to
the program, general agreement
that Presidents should be kept
informed
Branch bank applications of State member banks,
sample of effective branch presentation for use by, to be sent
to FRBanks in light of proposed
procedure for presenting applications to Board
Budgets, 1961, experience reports reviewed, agreed
reports would not be distributed
to FRBanks since this would be
the last of such reports
Earnings and expenses:
Reports submitted to boards of directors of,
form indicating no breakdown as
to source questioned by Governor
King, understood that Governor
King would discuss matter with
Mr. Farrell re desirability of
more detailed monthly income
statements
1962, profit and loss accounts, no objection to year-end entries, respective FRBanks to be advised
Emergency plans:
Regulations Numbers 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
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/27
2393, 2400
3/1
791
5/9
1765
7/23
2789
11/14
4323
12/20
4850
1/15
153, 164-78
1962
472
Pages
FRBanks: (continued)
Employees:
Recruitment and placement of prospective
employees of Board and FRBanks,
suggestion re program on more
coordinated basis
Equipment:
Electronic,check processing and computers:
No objection to rental under purchase
Option, Burroughs B-270 at the
FRBank of Chicago and IBM 1401
at the Detroit Branch
Plans of FRBank of San Francisco to
continue lease, under purchase
option, certain National Data
Processing high-speed equipment,
noted without objection
Burroughs B-270, noted without objection the proposed rental, under
purchase option, by the FRBank
of San Francisco, of
Computer, Ferranti-Packard, noted without objection the proposed rental
of, under purchase option, by the
FRBank of New York, of a second
IBM data processing system, supported
by National Cash Register encoding equipment, no objection to
rental, under purchase option,
by FRBank of Kansas City
general purpose, no objection
1401
IBM
to purchase of, by FRBank of New
York
Noted without objection decision of
FRBank of Richmond to purchase
rather than rent
IBM 1620, contract for lease of, entered
into by FRBank of Boston, for use
of Research Department, reported
to Board for information, discussion re question of Bank installing
a second computer for particular
use of its research staff, consensus no reply necessary
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/6
437
1/5
48, 56
2/15
566, 584
3/16
913, 942
3/16
913, 941
4/19
1423, 1433
4/23
1442, 1451
5/4
1722, 1728
5/17
1857
1962
473
Pages
FRBanks: (continued)
Equipment: (continued)
Electronic, check processing and computers: (continued)
NCR 310, no objection to rental of,
5/24 1929, 1938
proposed by FRBank of Boston
IBM 1401, proposal of FRBank of Atlanta
to purchase, noted by Board without objection
6/29 2430, 2455
No objection to rental by FRBank of
Cleveland, with purchase option,
of National Cash Register equipment at head office, and Burroughs B-270 equipment at Cin7/17 2729, 2733
cinnati and Pittsburgh branches
no
high-speed,
objecBurroughs B-270
tion to the acquisition of, on
a rental basis under purchase
7/24 2815, 2830
option
FRBank
of
by
Philexpenditure
Proposed
adelphia 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
10/24 4044
consideration
with
rental,
purchase
to
objection
No
option, by FRBank of Chicago, of
second complement of Burroughs
10/25 4064, 4078
B-270
Rental of Burroughs B-270 by the FRBank
of Minneapolis, Board interposes
11/21 4446, 4459
no objection
Proposed expenditure by FRBank of Philadelphia, following discussion
re meeting with representatives
of FRBank where question of operating equipment on second -shift
basis was discussed, telegram
indicating Board interposes no
10/31 4194, 4212
objection, approved
Installation of, failure to reduce number of employees in check collection function, noted by Governor
12/19 4831
Mills, explanation by Mr. Farrell
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1962
474
Pages
FRBanks: (continued)
Equipment: (continued)
Electronic, check processing and computers: (continued)
Purchase by FRBank of New York of IBM
1410 that Bank had been renting,
12/20 4849, 4874
no objection by Board
Examination departments:
Sullivan, Thomas R., appointment as officer
in charge of Examination Department with Title of Vice President,
5/24 1930, 1953
and salary approved
Examination function and auditing function, increase in FRBank staff and upgrading in, inquiries by Gov.
Balderston re, understood that
this strengthening was desired
by Board, raised in consideration of FRBank budgets for first
12/19 4834
half of 1963
Examinations:
Biographical data on persons newly appointed
to FRAgent's function, omission
from Chief Examiner's confidential memorandum on management
submitted in supplement to re8/15 3124
port of, authorized
of
release
examination
Expenditures, since
reports to House Banking and Currency Committee, absence of crit2528
7/3
icism of FRBank expenditures noted
Procedures:
Recommendation that Price Waterhouse
& Co. be retained for 1962, and
for consultation in connection
with transition to approved
recommended procedures, advice
1279, 1296
4/9
to Price Waterhouse
Techniques used by Board's Division
of Examinations in examining
FRBanks, review by Price Water2019, 2030
6/1
house & Co., letter approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1962
475
Pages
FRBanks: (continued)
Examinations: (continued)
Procedures: (continued)
Report re study conducted by Price
Waterhouse & Co., during an
examination of the FRBank of
Atlanta, discussion stressed
need to put recommended procedures into effect as promptly
as possible
Techniques recommended by Price Waterhouse & Co., discussed in connection with question of retention
of public accounting firms by
directors of FRBanks to review
internal audit function at Federal Reserve Banks
Certain changes in procedure proposed
by Governor Robertson, Governor
Mitchell's views re impact from
expense standpoint if adopted,
noted in consideration of 1963
Board budget
Changes proposed by Governor Robertson
re reduction in field examining
staff, designing of audit control and review programs, and
use of internal audits, supplemented by surprise visits; interested divisions to submit memoranda of views, and views of
Haskins & Sells to be requested,
in preparation for further consideration by Board
Legal authority of Board to abbreviate
examinations questioned by Gov.
Mills
Fiscal agency operations:
Accounting procedures, new formula for computing charges to reimbursable
fiscal agency units, for use of
floor space in Bank-owned buildings, actions of the Presidents'
Conference concerning changes in
the Accounting Manual, approved
by Board, advice to Chairman of
Presidents' Conference with copies to all FRBank Presidents
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/3
2525
7/23
2790
12/10
4694
12/20
4857
12/20
4859
3/16
912, 937
1962
476
Pages
FRBanks: (continued)
Fiscal agency operations: (continued)
Automation of, stated principles as a basis
for negotiations with the Treasury
Department re, adopted in a policy
statement by the Presidents' Conference, noted with no objection,
result of FRBank of Cleveland's
request to process Federal taxes
on its computer, increasing Treasury costs
Food stamp program, amendment to Agreement
with Department of Agriculture
re, approved by Presidents' Conference, no objection by Board
to execution of amended agreement
Visits to FRBanks by audit representatives of Agriculture Department
to examine coupons received from
local banks, memorandum from
Messrs. Hackley and Farrell with
respect to, approved, advice to
Chairmen of Presidents' Conference Subcommittees on Collections
and Counsel on Collections
Postal money orders, processing of, amended
agreement between FRBanks and
Postmaster General, with respect
to, as approved by Presidents'
Conference, made necessary by
pre-punch program initiated by
Post Office Department, Board
interposes no objection to execution of agreement
Tax receipts, processed by FRBanks as fiscal
agents for the Treasury Department,
inadequate coverage by Board's
examination program noted in report of study by Price Waterhouse
& Co.
Foreign accounts with foreign banks, amendment
to Regulation N re opening and
maintenance of, and authorizing
FOMC to supervise and direct relations with foreign banks insofar as they relate to open market transactions conducted thru
accounts with such banks, approved,
Gov. Robertson dissenting
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/11
2/28
3886, 3912
765, 781
10/18
3969, 4001
10/29
4112, 4129
7/3
2528
2/13
538, 543
1962
477
Pages
FRBanks: (continued)
Foreign currency holdings of, matter of reporting, consideration deferred
Reporting on Form F.R. 34, question of time
lag in publishing such information in FRBulletin and in weekly
press statements issued by Board
and, letter to FRBanks approved
Functional cost data of the FRBanks for 1961,
suggestion by Governor Mills
for a discussion of these data
by the Division of Bank Operations, understood that such a
presentation would be arranged
Furniture and equipment:
Accounting procedures, usage charges for
Bank-owned actions of the Presidents' Conference concerning
changes in the Accounting Manual
re, approved by Board, advice to
Chairman of Presidents' Conference with copies to all FRBank
Presidents
Hospitalization plans, inclusion of "student
definition" clause in, Presidents' Conference views re, and
Board's position, discussed in
consideration of request from
FRBank of Atlanta with respect
to
Insurance:
Draft of letter to FRBanks reviewing comments made by the Presidents'
Conference and the Conference
of Chairmen, 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 Federal Reserve Banks authority to
determine their own insurance
program
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/13
541
2/16
602, 625
2/16
609
3/16
912, 937
3/8
842
2/14
549
1962
478
Pages
FRBanks: (continued)
Insurance: (continued)
Revised draft of letter to FRBanks approved,
no objection to discontinuance
of certain insurance coverage or
to arrangement for sharing losses
Fire and other risks, proposed agreement between two or more banks, recommended by Insurance Committee and
accepted by Presidents' Conference
approved by Board, with indication
consummation not dependent upon
participation by all FRBanks, advice to Chairman of Presidents'
Conference
Membership dues and contributions:
Payment of dues in Kansas City Club by Federal Reserve Bank of Kansas City
on behalf of nonresident directors
discontinued, reported by Governor
Balderston, no objection to proposed reply
Decision by FRBank of Kansas City not to
contribute to Kansas City Downtown Committee, in light of
Board's letters re membership
dues and contributions, Board
did not disagree with decision
Proposed plan of FRBank of Kansas City for
closing out contingency fund,
memorandum from Division of Examinations reviewing, approved
No provision in the new budget procedure
for information on expenditures
re, staff opinion that such expenditures were well stabilized
at a nonobjectionable level
Officers and employees:
Outside business interests of, question re
making exception to Board's general policy re, in connection
with question raised by FRBank
of Kansas City re service of an
officer as director of a corporation, Board's views
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/19
10/17
628, 644
3941, 3966
1/3
20, 29
2/14
556
6/8
2086, 2104
12/19
4/24
4833
1463
1962
479
Pages
FRBanks: (continued)
Officers and employees: (continued)
Service as consultant or employee of an outside firm while serving as, question raised by FRBank of Richmond
re possible re-employment of K.
Brantley Watson as Vice President
and Senior Adviser while remaining consultant to McCormick and
Company, Baltimore, Maryland,
Board's views to be transmitted
to President Wayne
Operating efficiency of, unit in Division of
Bank Operations to review and
report its findings to Board
suggested by Governor Mitchell
in connection with proposed use
of internal and administrative
audits at FRBanks in connection
with examination and supervision
of
Presidents, question re extending invitations to
attend forthcoming annual meeting
of International Bank for Reconstruction and Development and
International Monetary Fund to,
raised by Governor Mitchell
Procedures:
Bank holding company and bank merger applications, procedures for processing, expediting, submission
of memoranda to Board, use of
reasonably standardized format,
maintenance of high standards of
accuracy, and presentation of
factors both pro and con, letter
to FRBanks
applications, FRBanks requested
merger
Bank
to forward to Board letters sent
by banks to their stockholders
explaining the basis of proposed
stock exchange or purchase price
transactions in connection with
proposed mergers
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/28
12/20
8/1
12/20
6/5
1962
4859
2915
4850, 4886
2058, 2063
1962
480
Pages
FRBanks: (continued)
Procedures: (continued)
Branch bank applications of State member
banks received by, Board's opinion such applications should be
processed promptly and transmitted to Board, letter to all
FRBanks to be prepared
Letter to FRBanks approved
Board approval of, will include approval of one 6 months' extension of time to establish, Federal Reserve Banks authorized to
so advise applicants under specified conditions, 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
Research Departments:
Rowe, J. Z., Director of Research, FRBank
of Dallas, salary approved following discussion and review of
situation by Governor Shepardson
with President Irons
Responsibilities of:
Governor Mills expressed concern re unwarranted invasion of the FRBanks
authority to determine their
own insurance program
Question as to how much the Board should
interfere with management decisions of the Reserve Banks in
fixing salaries, referred to by
Governor Mitchell
Internal audit function at FRBanks, possible retention by FRBank directors of public accounting
firms to review internal audit
function
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/26
1/29
299
325, 335
11/6
4255, 4273
11/14
4312, 4332
7/27
2858, 2876
2/14
550
7/11
2620
7/23
2792
1962
481
Pages
FRBanks: (continued)
Responsibilities of: (continued)
Officer salary administration on the local
level, and Board's position re
overall administration, discussed
in connection with consideration
of possible increase in range of
Group A
Director responsibilities in connection with
officer salary administration discussed in connection with proposed
plan for salaries of Presidents
and First Vice Presidents, Governor
Mills' view that plan would delegate more authority to directors
than was contemplated by law
Salaries:
SEE: Salaries:
FRBanks
Staff, suggestion re discussion with FRBank Presidents re possibility of obtaining additional staff assistance
from the Reserve Banks for expediting the processing of bank
merger and bank holding company
applications, referred to Gov.
Shepardson and Mr. Solomon for
consideration re possible preliminary discussion with Presidents attending tomorrows FOMC
meeting
Stock, issuance and cancellation of, proposed
revision to Regulation I dealing
with, to conform to style of the
Code of Federal Regulations, sent
to FRBanks with request for comments, question re sending copy
of draft revision to Comptroller
of the Currency, agreed to await
receipt of comments from FRBanks
Suggestions from FRBanks reviewed, draft of
revised Regulation to be published
in Federal Register for comments
Revised Regulation I entitled "Issue and
Cancellation of Capital Stock of
Federal Reserve Banks" approved
for issuance, copy published in
Federal Register
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/11
2616
9/12
3425
10/1
3742
5/16
1840, 1848
12/7
4672
12/20 4851, 4900
1962
482
Pages
FRBanks: (continued)
Stock trading account, case of research employee
of the FRBank of Boston operating
a, for speculative purposes, understood that a draft letter to
the FRBank Presidents containing
a specific reference to trading
in margin accounts should be prepared for consideration when all
Board members were present
PRBanks and Branches:
Staff, recruitment of, reimbursement of expenses
incurred in transfers from a Federal Reserve Bank or Branch to
the Board, involving moving of
household goods and possible
temporary storage, transportation for employee and immediate
family, and per diem allowance
in lieu of subsistence while in
a travel status, policy approved
PRBulletin:
Advances under section 13 of FRAct, interpretation indicating that promissory
notes evidencing loans by member
banks to farmers which are insured by Farmers Home Administration are considered eligible for,
to be published in
Bank for International Settlements, interpretation re status of, for purposes
of coverage under amendment to
sec. 19, FRAct, which removed
limitations on rates of interest
paid on official foreign time
deposits, to be published in
Bank Service Corporation Act and Bank Holding
Company Act of 1956, interpretation re applicability of, in
certain situations, approved, to
be published in
Banking statistics, collection of, suggestion re
publishing in, article re rationale involved in sampling techniques
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/22
1022
4/2
1113
5/14
1812, 1822
10/25
4075
12/20
4852, 4914
10/18
3980
1962
483
Pages
FRBulletin: (continued)
Consolidated condition statement for banks and
the monetary system and assets
and liabilities of all banks in
the United States, proposed revision of tables published in,
staff to develop memorandum re,
and Governor Balderston to confer with staff in connection with
Federal Open Market Committee, termination of
three operating policy statements by, noted that the original idea of publishing an explanatory article in, had been
dropped
Industrial production index, revision from 1957
base to 1957-59 base, article
describing revision to be published in
Regulation J, amendment to section 210.2(a) specifying that nonmember clearing
accounts are available to "nonmember banks and trust companies"
rather than to "nonmember State
banks and trust companies" to be
published in
Regulation 0, Board agreed unanimously to regard
Vice Chairman of the Austin National Bank, Austin, Texas, as
an executive officer under provisions of,S-letter informing all
FRBanks, to be published in the
Regulation T:
Interpretation under, re time allowed for
payment for mutual fund shares
purchased in a special cash
account, to be published in
Interpretation under, as to whether a transaction involving an extension of
credit by a securities dealer to
a corporation in connection with
the retirement of some of the corporation's stock would be considered in violation of, to be published in
Reserve cities, termination of designation of
Topeka and Wichita, Kansas, as
reserve cities, notice to be
published in
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/16 180
2/14
555
8/20
3152
9/27
3684,3698
2/27
740
10/25
4064, 4082
11/28
4536, 4548
8/22
3177
1962
484
Pages
FRBulletin: (continued)
Small business investment companies, investments
by bank holding companies in,
interpretation of sec. 4(c)(4),
Bank Holding Company Act and
sec. 302(b), Small Business Investment Act approved, to be
published in
Time deposits of European Investment Bank, interpretation that exemption of foreign time deposits from interest
rate limitations does not apply
to, approved, to be published in
FRnotes:
Date and place of issue of certain, no objection
for FRBank of St. Louis to furnish
information re, to Messrs. House,
Holmes, Butler and Jewell, Little
Rock, Arkansas
Exhibit by International Bank for Reconstruction
and Development of currency of
member countries, use of marked
speciemen of each denomination
of, to be provided by Bureau of
Engraving and Printing for inclusion in, no objection by
Board,Mr. Farrell to advise Mr.
Howell, Treasury Department
Issuance by FRBanks of one dollar denomination
authorized in draft bill, submitted by the Treasury, to repeal certain legislation relating to the purchase of silver,
Board views to Bureau of the
Budget re
S. 2885, a bill relating to the repeal of
certain legislation re the purchase of silver, report to Senator Robertson, Chairman of the
Committee on Banking and Currency,
approved, reference made to the
issuance of two dollar FRnotes
Printing order for fiscal year ending June 30,
1963, placed with Bureau of Engraving and Printing
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/11
4714, 4727
12/20
4853, 4920
6/28
2405
5/10
1783
2/5
410, 428
2/27
746, 759
6/28
2405, 2410
1962
485
Pages
FRnotes: (continued)
Shipment by direct air flight, proposal of Post
Office Department to extend to
field officials authority to use
direct commercial air flights for
dispatching Federal Reserve shipments of negotiable securities
and, letter to FRBanks requesting
comments
Letter to Post Office Department with respect to, approved
FRSystem:
Librarians who would be attending annual meetings of the Special Libraries
Association, luncheon for, approved
Motion picture:
Expenditure by FRBanks for, approved by
Presidents' Conference, no objection by Board, advice to Chairman
Bryant, Presidents' Conference,
with copies to FRBanks
Report of Presidents' Conference Committee
on Bank and Public Relations re,
agreement re advising Chairman
of Conference and suggesting
meeting of Governor Mitchell with
the Committee
No objection to proceeding with photographic
work with understanding re possible script changes, advice to
Chairman Fulton approved following report by Governor Mitchell
Memorandum from Governor Mitchell indicating
script reviewed with Miss Burr,
consultant, agreement re discussions to be held with President
Wayne, member of Committee on
Bank and Public Relations and
with Mr. Bunting, Chairman of
Subcommittee on Bank and Public
Relations
Meeting with Messrs. Wayne and Bunting reported by Governor Mitchell,
agreement re procedure with respect to script and filming as
outlined by Governor Mitchell
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/3
1128, 1163
5/17
1850, 1862
5/17
1860
2/6
432, 439
9/13
3458
9/17
3550, 3553
9/24
3654
9/27
3689
1962
486
Pages
FRSystem: (continued)
Motion picture: (continued)
Report by Governor Mitchell re status of
script, agreement re further
procedure to be followed by
Board
Publications:
SEE: Publications:
Recruitment and placement of prospective employees
of Board and FRBanks, suggestion
re program on more coordinated
basis
Transfer of employees within the System, question whether reimbursements made
for costs incurred in connection
with, are subject to income tax
and withholding requirements as
wages, letter to Internal Revenue
System requesting decision
Federal savings and loan associations:
,
SEE: Savings and loan associations:
r ederal Telecommunications System:
Development of new system, advice to General
Services Administration that Mr.
Kelleher is Board official with
whom GSA may coordinate in connection with
10/17
3945
2/6
437
11/6
4255, 4271
4/27
1511
2/14
555
7/11
2636
7/11
2636, 2668
7/6
2547
Pees:
Consultants, staff reports re fees paid to, discussion re value of, decision to
continue
Employee Training and Development Program:
Economic Statistics, advanced, confirming
arrangements with Professor
Edwin S. Mills to conduct a
course in, consisting of twenty
to thirty sessions with a fee
of $100 for each session
French, conversational, arrangements with
Dr. Claude Yves Meade to conduct
a course in, with compensation
in the amount of $450 for each
of two semesters, approved
Introduction to Mathematical Economics,
arrangements with Dr. Richard
A. Good to conduct a course in,
with compensation in the amount
of $1,250 for each of two semesters, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1962
487
Pages
Fees:
(continued)
National Association of Supervisors of State
Banks, annual convention,
Bretton Woods, New Hampshire,
on September 17-20, 1962, permission granted to Frederic
Solomon and two other officials
of the Division of Examinations
to attend, travel expenses and
registration fees allowed
Fiduciary activities:
Nominees, multiple bank stock holdings in the
name of, preparation by staff
of memorandum on, based on data
collected in chain banking survey, no objection to proposal
Fiduciary powers:
Exercise of such powers in any other State or
Commonwealth other than the one
in which the bank is located,
reply to inquiry from national
bank in New York with respect
to execution of fiduciary appointments in Commonwealth of
Mass., approved
Guardian of an infant's property, acceptance
of appointment as, by a national
bank while one of its directors
acts as guardian of the infant's
person, question re any violation of Regulation F in connection with, reply approved
National banks:
Draft bill submitted by the Treasury to
transfer from the Board to the
Comptroller of the Currency
authority re, including operation of common trust funds,
favorable report to the Bureau
of the Budget
Request by Mr. Knight, General Counsel
of the Treasury, for Board's
views re, Mr. Hackley authorized
to indicate no objection with
respect to
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/30
12/10
2899
4688
7/27
2856, 2866
7/27
2856, 2866
6/26
2334, 2369
7/3
2533
1962
488
Pages
Fiduciary powers: (continued)
National banks: (continued)
H.R. 12577, bill to place authority over
trust powers of national banks
in the Comptroller of the Currency, rather than the Board,
report to Chairman Spence, House
Banking and Currency Committee,
approved
Mr. Solomon designated to testify on
behalf of Board before Subcommittee No. 1, House Banking and
Currency Committee
Report to Chairman Robertson, Senate
Banking and Currency Committee,
approved
Enrolled bill to place authority over
trust powers of national banks
in the Comptroller of the Currency, report sent to Budget
Bureau
Agreement re availability and transfer of Board's records and pending applications to Comptroller
of the Currency upon signing of
letter to Comptroller inviting
discussion on staff level approved
Transferring from the Board to the Comptroller of the Currency authority to regulate the exercise of,
section I1(k) of the FRAct repealed, regulation similar to
Regulation F promulgated by the
Comptroller, advice to FRBanks
Issuance of press statement authorized
Termination of Regulation F effective as of
September 28, 1962, 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, published in the Federal
Register, advice to Presidents of
all FRBanks
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/13
3078, 3095
8/13
3079
8/29
3315, 3323
9/19
3583, 3603
9/25
3662, 3667
10/1
10/1
3740
3742, 3749
10/3
3757, 3792
1962
489
Pages
Fiduciary powers: (continued)
National banks: (continued)
Board's records re, agreement that folders
for each national bank currently
exercising fiduciary powers, and
certain files maintained by Legal
Division, be transferred to Comptroller of the 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
State member banks, effect of termination of Reg.
F on, examination of trust departments of, question raised by Gov.
Mills
(Individual banks):
American National Bank of Fort Lauderdale, Fla.,
granted permission to exercise
American National Bank of Rapid City, South
Dakota, granted permission to
exercise
Bank of the Commonwealth, Detroit, Michigan,
granted permission to exercise,
under condition of membership
numbered one
Birmingham-Bloomfield Bank, Birmingham, Michigan, granted permission to
exercise under condition of
membership numbered one
Blakely Bank and Trust Company, Ranson, West
Virginia, granted permission
to exercise
Central National Bank of San Angelo, Texas,
granted permission to exercise
Central National Bank, Canajoharie, New York,
inquiry as to whether bank is
permitted to execute fiduciary
appointments in the Commonwealth
of Mass., and whether it would
be violating any portion of
Regulation F by accepting appointment as guardian of an infant's property while one of its
directors acts as guardian of
the infant's person, reply approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/18
3969, 4002
10/5
3814
4/13
1363, 1367
5/10
1778, 1786
7/24
2815, 2834
1/31
349, 374
11/26
4491, 4509
1/22
229, 239
7/27
2856, 2866
1962
490
Pages
Fiduciary powers: (continued)
Central National Bank of Carthage, Missouri,
supplemental application to exercise, permission granted
Citizens National Bank of Chillicothe, Missouri,
permission granted to exercise
Citizens National Bank of Front Royal, Virginia,
permission granted to exercise
Citizens National Bank of Lake Geneva, Wisconsin,
granted permission to exercise
Citizens State Bank of Clare, Michigan, granted
permission under provisions of
condition of membership numbered
one, to exercise
Citizens National Bank of Fairmont, West Virginia,
granted permission to exercise
Community Bank of Bergen County, New Jersey,
Rochelle Park, New Jersey,granted
permission to exercise under condition of membership numbered one
County National Bank of Mineola, New York,granted
permission to exercise limited
Denton County National Bank of Denton, Texas,
granted permission to exercise
Devon-North Town State Bank, Chicago, Illinois,
granted permission to act only
as trustee of land trusts and
escrow agent, reasons for not
granting full trust powers, contained in letter to
Granted permission to exercise additional
Drovers National Bank of Chicago, Illinois,
granted permission to exercise
Farmers and Merchants State Bank, Colby, Kansas,
permission granted under provisions of condition of membership numbered one, to exercise
additional
First Commercial Bank, Chicago, Illinois, granted
permission to exercise
First National Bank of Arvada, Colorado, granted
permission to exercise limited
First National Bank of Bar Harbor, Maine, supplemental application for, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/24
242, 259
7/24
2815, 2835
4/2
1103, 1117
8/28
3232, 3249
11/2
4219, 4228
1/31
349, 373
10/4
3793, 3805
4/18
1387, 1417
8/17
3132, 3140
5/2
10/5
1604, 1623
3814, 3825
6/26
2334, 2368
12/17
4788, 4794
10/5
3814, 3826
5/21
1880, 1886
6/29
2424, 2438
1962
491
Pages
Fiduciary powers: (continued)
First National Bank in DeKalb, Illinois, granted
permission to exercise
First National Bank of Eau Gallie, Florida,
granted permission to exercise
First National Bank of Englewood, Colorado,
granted permission to exercise
First National Bank of Hereford, Texas, granted
permission to exercise
First National Bank of Hope, Arkansas, granted
permission to exercise
First National Bank of Melbourne, Florida,
granted permission to exercise
First National Bank of Mondovi, Wisconsin,
granted permission to exercise
First National Bank of Newark, Ohio, granted permission to exercise
First National Bank in Newton, Illinois, granted
permission to exercise
First National Bank of Normal, Illinois, granted
permission to exercise
First National Bank of Oneida, Tennessee, granted
permission to exercise a specific
First National Bank of Post, Texas, granted permission to exercise
First National Bank of South Miami, Florida,
letter to First Bank & Trust Co.,
of South Miami approving the application for, made by that bank
on behalf of, effective upon
consummation of the proposed conversion
First National Bank of Springfield, Ohio, granted
permission to exercise
First National Bank of Stevens Point, Wisconsin,
granted permission to exercise
First National Bank of Sullivan, Illinois, granted
permission to exercise
First National Bank of Waterloo, New York, granted
permission to exercise
First National Bank of Waukesha, Wisconsin, granted
permission to exercise
First Wisconsin National Bank of Milwaukee, Wis.,
granted permission to exercise
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/25
3661, 3667
7/13
2700, 2707
3/26
1065, 1069
4/26
1495, 1501
5/17
1850, 1865
2/12
504, 530
7/25
2843, 2847
8/13
3068, 3083
5/21
1879, 1885
4/30
1526, 1543
9/4
3343, 3352
6/1
2013, 2020
7/27
2756, 2865
5/2
1604, 1620
4/23
1442, 1454
8/13
3069, 3086
7/24
2815, 2832
9/19
3583, 3595
6/21
2240, 2248
1962
492
Pages
Fiduciary powers: (continued)
Fredericksburg National Bank, Fredericksburg,
Texas, granted permission to
exercise
Fulton County National Bank of McConnellsburg,
Pennsylvania, granted permission
to exercise
Guaranty National Bank and Trust of Corpus
Christi, Texas, application to
exercise, submitted by Guaranty
Trust Company, Corpus Christi,
Texas, approved effective upon
conversion into
Lapeer Savings Bank, Lapeer, Michigan, granted
permission to exercise
Lebanon-Citizens National Bank, Lebanon, Ohio,
granted permission to exercise
Mount Vernon National Bank and Trust Company of
Fairfax County, Annandale, Va.,
granted permission to exercise
National Bank of Albany, Georgia, granted permission to exercise
National Bank of Commerce of Columbus, Miss.,
granted permission to exercise
National Bank of Dover, Ohio, granted permission
to exercise
National Bank of Sarasota, Florida, granted permission to exercise
Oklahoma National Bank of Chickasha, Oklahoma,
granted permission to exercise
Parker Banking Company, Parker, Indiana, granted
permission to act as trustee
under mortgage indenture for
Monroe Central School Building
Corporation
Peoples National Bank of Gloucester, Virginia,
application to exercise fiduciary powers denied
Peoples National Bank of Laconia, New Hampshire,
granted permission to exercise
certain supplemental
Peoples National Bank of Miami Shores, Florida,
granted permission to exercise
Red River National Bank of Grand Forks, North
Dakota, granted permission to
exercise
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/28
1957, 1968
1/24
242, 258
6/28
2406, 2415
3/26
1065, 1068
9/25
3661, 3666
6/8
2086, 2103
7/24
2815, 2833
9/13
3456, 3481
2/8
454, 474
2/12
504, 531
1/8
61, 72
4/2
1103, 1119
7/24
2815, 2836
7/27
2855, 2864
4/13
1363, 1368
6/29
2425, 2448
1962
493
Pages
Fiduciary powers: (continued)
Security State Bank, Hartley, Iowa, granted permission to act in a specific
fiduciary capacity under provisions of condition of membership numbered one
Steel City National Bank of Chicago, Illinois,
granted permission to exercise
Strafford National Bank of Dover, New Hampshire,
granted permission to exercise
additional
Scottsbluff National Bank, Scottsbluff, Nebr.,
granted permission to exercise
Southern National Bank of Houston, Texas, application for full trust powers
discussed, question of lack of
recent examination report in
light of reported changes in,
matter of iniudnent transfer of
regulatory authority over trust
powers to Comptroller of the
Currency noted, application approved
Traverse City State Bank, Traverse City, Mich.,
granted permission to exercise
Washington County National Bank of Abingdon,
Virginia, supplemental application for, approved
Finance
charges:
Consumer credit, H.R. 9619, Title II, 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
p in
ancial General Corporation, exempt from the requirements of the Bank Holding
Company Act in light of registration under Investment Company Act
of 1940, possible amendment repealing exemption, letter to
Senator Robertson, Chairman of
the Committee on banking and currency
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/2
4220, 4231
8/13
3069, 3085
2/12
503, 525
1/10
83, 101
9/21
3621, 3646
12/13
4757, 4770
6/29
2425, 2444
2/5
409, 423
2/9
500
4/9
1283, 1300
1962
494
Pages
Financial institutions:
Interagency committee to study:
Established by the President of the U.S.,
along with two other comudttees
to study various implications of
the report of the Commission on
Money and Credit, Chairman of
Board named as member, brief summary presented by Mr. Noyes re
proceedings of initial organizational meeting of, proposal that
he also serve as Board's liaison
of other two committees, satisfactory with Board
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
Report by Mr. Noyes and status of study
Request from Mr. Noyes (as Chin. Martin's
representative at meetings of)
for guidance re position paper
on portfolio regulation of banks,
referring to assets that banks
or other financial institutions
may hold, prior to next meeting
of Committee
Report by Mr. Noyes re progress of, deferred
Report by Mr. Noyes re on progress of work
of, understood Board would consider further after position
papers had 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 of, Board to explore the question re responsibility for the bank supervisory
function to ascertain Board's
position
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/6
1243
5/2
5/14
1610
1818
8/29
9/21
3316
3625
9/24
3655
10/3
3757
1962
495
Pages
Financial institutions: (continued)
Interagency colmuittee to study: (continued)
Consideration of question: (continued)
Further discussion re Board's position
with respect to, to be considered
again when more Board members are
present
Instruction to Mr. Noyes re Board position with respect to tentative
recommendation by, re reserve
requirements, system of reserve
classification, access to FRdiscount facilities, and FRSystem
membership
Portfolio regulation of banks, referring to
assets banks and other financial
institutions may hold, position
paper on, request from Mr. Noyes,
as Chairman Martin's representative at Committee on Financial
Institutions meetings, for Board
guidance re, prior to next meeting
Financiera de la Pequena Empresa, S. A., San Salvador,
El Salvador, possibility of being
regarded as a banking institution,
questioned by Governor Robertson
in connection with the request by
Chase International Investment
Corporation, New York, New York,
for permission to purchase shares
of, decision to postpone action
until Division of Examinations
has obtained additional information
Further reference to situation
Consent granted, provided deposits or drafts or
bills of exchange are not accepted
by
Pi
rst Acceptance and Investment Corp., Manila, Philippines, consent granted, under
stated conditions, to Chemical
International Finance, Ltd., New
York, N. Y., to the purchase of
shares of
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/10
3871
10/10
3868
8/29
3316
11/21
11/23
4447
4477
11/26
4502, 4515
6/29
2424, 2439
1962
496
Pages
Fiscal agency operations:
Accounting procedures, new formula for computing
charges to reimbursable Fiscal
Agency units, 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 FRBank Presidents
Automation of, by FRBanks, stated principles as
a basis for negotiations with
the Treasury Department re,
adopted in policy statement by
Presidents' Conference, noted
with no objection
FRBank of Atlanta, operations of Fiscal Agency
Department of, to be followed
carefully by Divisions of Examinations and Bank Operations
in view of certain defects noted
in review of examination report
of
FRBank of Cleveland:
Request to process Federal taxes on its
computer by, thus increasing
Treasury costs, resulting in
stated principles as a basis
for negotiation with Treasury
Department adopted in a policy
statement by the Presidents'
Conference and noted with no
objection by the Board
FRBank of New York:
Inter-American Development Bank, execution
of agreement with, in connection
with proposed issue of 20-year
bonds authorized
International Bank for Reconstruction and
Development, amendment to Fiscal
Agency Agreement with, authorizing Bank to act as fiscal agent
approved in connection with bond
issue
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/16
10/11
4/23
10/11
912, 937
3886, 3912
1449
3886, 3912
12/7
4672, 4679
2/5
409, 427
1962
497
Pages
Fiscal agency operations: (continued)
FRBank of New York: (continued)
Agreement with International Bank for Reconstruction and Development,
amendment to include proposed
issue of Two Year Bonds of 1962,
approved
Food stamp program:
Amendment to Agreement with Department 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
Presidents' Conference, no objection by Board to execution of
amended agreement
Visits to FRBanks by audit representatives
of Agriculture Department to
examine coupons received from
local banks, memorandum from
Messrs. Hackley and Farrell with
respect to, approved, advice to
Chairmen of Presidents' Conference Subcommittees on Collections
and Counsel on Collections
Postal money orders:
Processing of, amended agreement between
FRBanks and Postmaster General,
with respect to, as approved by
Presidents' Conference, made
necessary by pre-punch program
initiated by Post Office Dept.,
Board interposes no objection
to execution of agreement
Tax receipts, processed by FRBanks as fiscal
agents for Treasury Department,
inadequate coverage by Board's
examination program noted in
report of study by Price Waterhouse & Co., re techniques and
procedures with respect to examinations of FRBanks, conducted
during examination of the Federal Reserve Bank of Atlanta
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/13
3456, 3485
2/28
765, 781
10/18
3969, 4001
10/29
4112, 4129
7/3
2528
1962
498
Pages
Fiscal agency operations: (continued)
Telegraphic transfer of Government securities,
uniform System policy re charges
for "JAPNU wires" concerning the
telegraphic transfer of Government securities, recommended by
the Subcommittee on Fiscal Agency
Operations and approved by Presidents' Conference, no objection
by Board
Fisher, Dr. Ernest, Professor of Economics, Columbia
University, Mr. Noyes authorized
to explore possibility of engaging, as consultant for economic
study in the real estate field
Florida:
Banking situation in, discussions with representatives of Florida Banking Association in Board's offices relating to certain problems, reported
by Governor Mills
Florida Bankers Association:
Visit to Board's offices by representatives of,
discussions re further growth in
Florida, need for additional banking facilities, but concern about
number of charters being applied
for, reported by Governor Mills
stamp program:
FRBanks:
Amendment to agreement with Department of
Agriculture re examination of
stamps for genuineness and to
audits by FRBanks, reimbursement to FRBanks for certain expenses in connection with, approved by Presidents' Conference,
no objection by Board to execution of amended agreement
Visits to, by audit representatives of Agriculture Dept., to examine coupons
received from local banks, memorandum from Messrs. Hackley and
Farrell with respect to, advice
to Chairmen of Presidents' Conference Subcommittees on Collections and Counsel on Collections
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/2
10/19
395, 400
4010
1/29
329
1/29
329
2/28
765, 781
10/18
3969, 4001
1962
499
Pages
Foreign accounts:
Banque Centrale de Syrie, opening by FRBank of
New York, approved
Banco de Espana, (Bank of Spain), opening by
FRBank of New York, approved
Branch of foreign bank located in New York City,
question re eligibility to open
account with FRBank of New York
under section 14(e) of the FRAct,
agreed matter be discussed with
Presidents of FRBanks of New
York and San Francisco
Discussion with Messrs. Hayes and Swan, Mr.
Shay to contact Counsel for Federal Reserve Bank of New York,
for further consideration
Section 14(e) should not be used as basis
for opening and maintaining
FRBank of New York:
Maintenance of accounts with certain foreign banks by, and opening and
maintenance of accounts with
certain foreign banks approved
pursuant to section 214.5, Regulation N, as amended, advice to
FRBanks, banks involved: Bank
of Canada, Bank of England, Bank
of France, National Bank of Belgium, Deutsche Bundesbank, Banca
de'Italia, de Nederlandsche Bank,
and Banque Nationale Suisse
Opening and/or maintenance of foreign currency accounts with foreign banks
by, inquiry from, re Board consent and re question of Board
approval of certain actions of
Bank's directors, no objection
to sending telegram to
Maintenance of account with Bank for International Settlements, designation
under Regulation N, approved, advice to Presidents of all FRBanks
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/10
3405, 3416
1/29
316, 330
7/12
2676, 2697
7/31
2902
9/27
3684
2/13
540, 546
2/16
606
6/1
2016, 2029
1962
500
Pages
Foreign accounts: (continued)
FRBank of New York: (continued)
Societe Nationale de Credit a l'Industrie
Brussels, Belgium, question re
designation of, as foreign bank
under Regulation N for purpose
of effectuating proposed reciprocal swap arrangement between
National Bank of Belgium and
FRSystem involving deposit of
System francs in Societe Nationale, staff to explore matter
further
Further discussion, memorandum from
Mr. Young reviewed, in light of
reservations of Board, matter to
be discussed by Mr. Young with
Special Manager of System Open
Market Account
Designation under Regulation N, approved in light of willingness
of National Bank of Belgium to
guarantee the Federal Reserve
balances with, due to reciprocal
swap arrangement between National
Bank of Belgium and FRSystem, advice to Presidents of all Federal
Reserve Banks
Maintenance of account with Austrian National Bank, Vienna, Austria,
designation under Regulation N,
approved, advice to Presidents
of all FRBanks
FRBanks with foreign banks:
Authority for opening of, within jurisdiction of Board under section 14(e),
FRAct, matter discussed in consideration of proposed foreign
currency operations of FRSystem
Further discussion and review in light
of question whether such operations should be subject to supervision by Board or by FOMC, role
of FRBank of New York and participation of other FRBanks discussed
Matter discussed further
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/5
2050
6/8
2092
6/15
2176, 2182
10/3
3752, 3767
2/8
458
2/9
2/12
481
516
1962
501
Pages
Foreign accounts: (continued)
FRBanks with foreign banks: (continued)
Amendment of Regulation N re opening and
maintenance of, and authorizing
FOMC to supervise and direct relations with foreign banks insofar as they relate to open market
transactions conducted through
accounts with such banks, approved,
Governor Robertson dissenting
Israel Discount Bank Limited, Tel Aviv, Israel,
question re eligibility of New
York City branch of, to open account with FRBank of New York
under section 14(e), discussion,
agreed matter be discussed with
Presidents of FRBanks of New York
and San Francisco, advice to Mr.
Schwartz
Discussion with Messrs. Hayes and Swan, Mr.
Shay to contact Counsel for Federal Reserve Bank of New York for
further consideration
Section 14(e) should not be used as basis
for opening and maintaining
P°reign banking corporations:
Affiliates or subsidiaries of affiliates of member banks, H.R. 12501, bill to
amend section 23A, FRAct, to
facilitate loans or extensions
of credit by member banks to,
report to Chairman Spence, House
Banking and Currency Committee,
approved
Condition reports:
Call as of December 31, 1961, advice to Federal Reserve Banks of Boston, New
York, and Philadelphia
Call as of June 30, 1962
Letter to FRBank of Chicago regarding call
for a report of condition from
Continental International Finance
Corporation
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/13
538, 543
7/12
2676, 2697
7/31
2902
9/27
3684
8/13
3073, 3094
1/2
6/29
10, 13-15
2431,2465-69
7/9
2563, 2569
1962
502
Pages
Foreign banking corporations: (continued)
Debentures, conversion into stock, question re
time limitation with respect to,
raised by Mr. Hexter in connection with the purchase of convertible debentures of International Factors Ltd., London,
England, by Boston Overseas
Financial Corporation
Edge Act corporations:
Investments resulting in financing imports
into the U.S. discussed in connection with consideration of
stock purchase of Chemical International Finance and letter
from Comptroller of the Currency
re proposed investment of Boston
Overseas Financial Corporation
Views of Comptroller of the Currency
re, discussed in consideration
of proposed investment by Boston
Overseas Financial Corporation,
agreed that study of questions
be included in current review
of Regulation K
Investments in stock of foreign industrial
concerns, with shares listed on
a stock exchange in foreign
country, question re appropriateness of, matter to be included in current review of
Regulation K
Possibility of profit making through supplementary rewards in connection with investments of First
Chicago International Finance
Corporation, Chicago, Illinois,
misgivings expressed by Governor
Mills and Robertson, comment by
Governor Mitchell
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
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/18
2744
3/1
783
3/2
799
4/2
1104
5/22
1900
7/18
2742
1962
503
Pages
Foreign banking corporations: (continued)
Edge Act corporations: (continued)
Investments in international factoring programs:
Further discussion, reference to study
of Regulation K with hope expressed
that it would shed light on Board's
approach to problem
Investment by Edge Act corporation in substantially all stock of foreign
investment banking corporation,
question re American bank doing
business in a foreign city having
an investment company subsidiary
operating in the same city, and
re divorcement of commercial and
investment banking, discussion
Investments in foreign company which in turn
owns stock in a commercial bank,
question re appropriateness of,
under Regulation K, Board reluctant to grant consent to
Stock of foreign corporation listed on national securities exchange also
noted as questionable
Question by Governor Robertson as to whether
shares of a banking institution
were eligible for purchase by,
discussed in connection with request of Chase International Investment Corporation to purchase
shares of Financiera de la Pequena
Empresa, S. A., San Salvador, decision to postpone action until
Division of Examinations has obtained additional information
Action on similar request from Manufacturers Hanover International
Finance Corporation deferred
pending staff investigation
Eligibility of shares of institution conducting banking operations for
purchase by, agreed where institution does not accept deposits,
or drafts or bills of exchange,
investment permitted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
(continued)
7/23
2782
9/27
3679
10/31
4181,4205-07
10/31
4183
11/21
4447
11/23
4476
11/26
4502
1962
504
Pages
Foreign banking corporations: (continued)
Edge Act corporations: (continued)
Financing corporations and banking corporations, need for two kinds,
referred to by Governor Robertson
in case where consent was granted
to Manufacturers Hanover International Banking Corporation,
New York, New York, to purchase
shares of Corporacion Financiera
de Colombiana de Desarrollo Industrial, Bogota, Colombia
Governor Mitchell indicated that he
hoped to distribute a memorandum
on major issues involved in Regulation K study to assist in
determining policy questions in
this area
Financing corporations' investments in foreign company which in turn owns
stock in commercial bank, consent granted with condition that
foreign company dispose of its
holdings of stock in a commercial bank
Proposals in Governor Mitchell's memorandum
re, reviewed
Examination of, FRBank of Chicago authorized
to follow same plan as FRBanks
of New York, Boston and Philadelphia, with FRBank examiners
acting for Board examiners in
examination of Continental International Finance Corporation,
Chicago, Illinois
General consent for acquisition of stock
by, extension of termination
date for Bankers International
Financing Co., Inc.; Chase International Investment Corp.; Chemical International Finance Ltd.;
Morgan Guaranty International
Finance Corp.; First Pennsylvania
Overseas Finance Corp.; and Philadelphia International Investment
Corporation, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/5
4621, 4644
12/5
4622
12/5
4620,4641-43
12/20
4861
11/21
4446, 4454
12/20
4849,4875-80
1962
505
Pages
Foreign banking corporations: (continued)
Foreign financing and banking corporations, proposal in Regulation K memo of
Governor Mitchell to merge separate identities of, noted
Regulation K:
SEE: Regulations, Board of Governors:
K:
Transfer of authority from Board to Comptroller
of the Currency re chartering
and regulation of, and approval
of investments by national and
State member banks in, proposed
legislation with respect to,
views requested by Mr. Knight,
General Counsel of Treasury, Mr.
Hackley authorized to indicate
Board's general leaning against
such a transfer
Further discussion, staff to draft letter
to Treasury opposing proposed
bill with respect to
Letter to Treasury Secretary Dillon re
draft bill proposing, approved,
and delivered personally by
Chairman Martin copy sent to
Comptroller of the Currency
(Individual names):
Bamerical International Financial Corporation,
New York, New York, preliminary
permit authorizing organization
transmitted to Bank of America
National Trust and Savings Association, San Francisco, Calif.
Final permit to commence business issued
Bank of America, New York, New York:
Consent granted for Banca d'America e d'
Italia, Milan, Italy, to increase its investment in Bancaper Finanziamenti a Medio Termine,
Milan, Italy
Operation of overseas branches of Bank of
America NT&SA, San Francisco,
California, and, three possible
alternatives noted, advice to
Bank of America NT&SA that Board
will interpose no objection to
consolidation of all branches
under latter
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/20
4861
7/3
2533
7/11
2592
7/13
2702, 2719
5/7
7/20
1730,1750-51
2768
2/23
707, 710
3/8
847, 854
1962
506
Pages
Foreign banking corporations: (continued)
Bank of America, New York, New York: (continued)
Permission granted Banca d'America e d'
Italia, Milan, Italy, and, to
increase their investments in
United Overseas Financial Corp.,
Geneva, Switzerland, advice to
Extension of time to establish an additional
branch in City of Singapore, Colony of Singapore, in vicinity of
Carpenter Street, approved
Consent granted for Banca d'America e d'
Italia, Milan, Italy, to establish an agency at former location of its branch at Corso
Italia 98, Catania, Italy
Consent granted to acquisition of shares
of Investment Bank Ltd., Athens,
Greece, with stated conditions
Consent granted to establishment by Banca
d'America e d'Italia of branches
and agencies in specified Italian
cities
Consent granted retroactively for Banca d'
America e d'Italia to purchase
shares of Ente Finanziario Interbancario, Rome, and of Medic)
Credit() Regionale Lombardia,
Milan
Establishment of branches by Bank of America NT&SA, authorized, at locations of present branches of, in
France, Germany, Guatemala, Colony of Hong Kong, Lebanon, Federation of Malaya, and Colony of
Singapore
Bankers International Corporation, New York, N.Y.:
Consent granted to purchase shares of Societe
Generale de Banques en Cote d'
Ivoire, Abidjan, Ivory Coast, and
of Societe Generale de Banques au
Senegal, Dakar, Senegal
Consent granted to purchase shares of Societe
Generale de Banques au Cameroun,
Yaounde, Cameroun, and Societe
Generale de Banques au Congo,
Brazzaville, Republic of Congo
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/3
1127, 1160
4/23
1442, 1452
5124
1929, 1934
10/1
3740, 3744
10/9
3845, 3853
11/26
4491, 4507
12/20
4849, 4881
10/5
12/21
3813,3822-23
4950,4960-61
1962
507
Pages
Foreign banking corporations: (continued)
Bankers International Financing Company, Inc.,
New York, New York:
Consent granted to purchase of stock of La
Anglo Argentina S. A. Compania
de Seguros, Buenos Aires, Argentina
General consent granted for acquisition of
stock of generally designated
types of corporations, subject
to certain restrictions
Consent granted, with stated conditions,
to purchase shares of Fabrica
Espanola Magnetos S.A., Madrid,
Spain
Extension of termination date of outstanding general consent to purchase
and hold stock in generally
designated types of corporations,
to June 30, 1963, approved
Consent granted to purchase shares of Corporacion Financiera Nacional,
Medellin, Colombia
Boston Overseas Financial Corporation, Boston,
Massachusetts:
Proposed investment in stock of Netherlands
company, involving financing imports into U.S., letter from
Comptroller of the Currency re,
discussed in connection with
consideration of stock purchase
of Chemical International Finance,
Ltd.
Consent granted to purchase stock of International Factors, New York, a
factoring corporation to be organized in the Netherlands
for
permission to purchase stock
Request
of International Factors A. G.,
a Swiss holding company in process of organization that would
hold stock in factoring companies
in various European countries
staff to request supplemental statement of views of, on relationship
of international factoring program
to U.S. foreign trade policy
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/5
820, 825
5/3
1660, 1667
8/6
2971, 2990
12/20
4849, 4875
12/21
4950, 4962
3/1
784
3/2
798, 806
7/18
2742
1962
508
Pages
Foreign banking corporations: (continued)
Boston Overseas Financial Corporation: (continued)
Request for permission to exercise conversion privileges to acquire stock
in connection with purchase of
convertible debentures of International Factors Ltd., London,
England, discussion re deviation
from prescribing time limit for
conversion of debentures, consensus re question
Requests re International Factors Ltd.,
London, England, and request
re International Factors, A.G.,
Swiss holding company in process of organization, approved,
Governor Mitchell dissenting
Chase International Investment Corporation, New
York, New York:
Consent granted to exercise warrants for common stock of PASA, Petroquimica
Argentina, Sociedad Anonima Industrial, Commercial, Financiera y
de Mandatos, Buenos Aires, Argentina
Consent granted retroactively to purchase of
stock shares of Arcturus Investment & Development Ltd., Montreal,
Canada, and extension of time
within which certain other investments in Arcturus Investment
& Development Ltd., may be made
Noted in reviewing report of examination that the Board was not informed of stock purchases by
Arcturus Investment & Development, Ltd., as required
Question by Governor Robertson as to whether
Financiera de la Pequena Empresa,
S. A., San Salvador, El Salvador,
could be regarded as a banking
institution, thus questioning the
eligibility of its shares for purchase by, decision to postpone action until Division of Examinations
has obtained additional information
Further reference to situation
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/18
2742-44
7/23
2782, 2800
1/22
229, 233
4/16
1376, 1378
4/16
1379
11/21
11/23
4447
4477
1962
509
Pages
Foreign banking corporations: (continued)
Chase International Investment Corporation: (continued)
Consent granted to purchase stock of Financiera de la Pequena Empresa,
S.A., San Salvador, El Salvador,
provided Financiera does not
accept or pay deposits, or accept drafts or bills of exchange
11/26
Extension of termination date of outstanding general consent to purchase
and hold stock in generally designated types of corporations, to
June 30, 1963, approved, extension includes Arcturus Investment
& Development, Ltd., Montreal,
Canada
12/20
Chase Manhattan Overseas Banking Corporation,
New York, New York:
Permission granted to Chase Manhattan Bank
to increase its investment in,
(being organized to acquire
assets and assume liabilities
of Chase Manhattan Overseas
Corporation), previous authorizations involving CMOC, extended to, with certain provisions of section 211.10(a) of
Regulation K suspended in connection with stock investments
of, preliminary permit to organize transmitted to Milbank,
Tweed, Hope and Hadley
6/11
Final permit to commence business issued
6/22
Problems involving loan arrangements relating to Banco Lar, Brazilian
banking corp. partially-owned
by Chase Manhattan Overseas
Corp. noted in consideration
of H.R. 12501, bill dealing with
such problems
8/13
Permission granted to increase its investment in Chase Manhattan Bank
(South Africa) Ltd., Johannesburg, Republic of South Africa,
advice to Chase Manhattan Bank
9/19
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4502, 4515
4849, 4876
2117,2128-32
2270
3075
3582, 3589
1962
510
Pages
Foreign banking corporations: (continued)
Chase Manhattan Overseas Corporation, New York,
New York:
Permission granted to Chase Manhattan Bank,
for an increased investment in,
also permission granted for an
investment in stock of Banco
Hipotecario Lar Brasileiro, S.A.,
Rio de Janeiro, Brazil, by, subject to stated conditions
Permission granted to Chase Manhattan Bank
for an additional increase in its
investment in, and for investment by, in shares of Banco
Mercantil y Agricola, Caracas,
Venezuela
Letter to, granting extension of time within which Chase Manhattan (South
Africa) Ltd., may establish a
branch at Norwich House, Smith
Street, Durban, Republic of
South Africa
Permission granted to Chase Manhattan Bank
to increase its investment in,
or in Chase Manhattan Overseas
Banking Corporation (being organized to acquire assets and assume liabilities of CMOC) and
for investment by, or CMOBC in
Chase Manhattan Bank (South
Africa) Ltd., previous authorizations involving CMOC extended
to CMOBC
Problems involving loan arrangements between Banco Lar, Brazilian banking corporation partially owned
by, and also involving Chase
Manhattan Overseas Banking Corp.,
noted in consideration of H.R.
12501, a bill dealing with such
problems
Chemical International Banking Corporation, New
York, New York:
Amendment of Articles of Association to
change location of home office
from 165 Broadway to 20 Pine
Street,New York City, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/14
547, 559
5/2
1604, 1615
5/10
1779, 1791
6/11
2117, 2128
8/13
3075
4/19
1422, 1430
1962
511
Pages
Foreign banking corporations: (continued)
Chemical International Banking Corporation, New
York, New York: (continued)
Letter re investment in Bank of Liberia,
Inc., Monrovia, Liberia, approved
Consent granted for Bank of Liberia, Inc.,
Monrovia, Liberia, to establish
a mobile banking unit in Liberia
Chemical International Finance, Ltd., New York,
New York:
Consent granted to purchase shares of Credit
Malakoff Societe Anonyme (CREDIMA),
Paris, France
Amendment of Articles of Association to
change location of home office
from 165 Broadway to 20 Pine St.,
New York, New York, approved
Questions raised in examination re certain
transactions of, decided to take
no action in light of current
study of Regulation K
Consent granted to purchase shares of First
Acceptance and Investment Corp.,
Manila, Philippines
Consent granted to purchase stock of French
corp. ("Vendome") organized for
purpose of holding lease for
quarters to be occupied by Paris
representative of Chemical Bank
New York Trust Company
Transfer of certain assets to Chemical Overseas Finance Corp., Paget, Bermuda,
a subsidiary of, and transfer of
some assets of Chemical Overseas
Finance Corp. to, noted without
objection, consent granted to purchase and holding of shares in
certain foreign companies by
Extension of termination date of outstanding general consent to purchase
and hold stock in generally designated types of corporations,
to June 30, 1963, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/15
1827, 1833
6/27
2372, 2395
3/1
783, 793
4/19
1422, 1431
4/27
1505
6/29
2424, 2439
8/8
3026, 3043
10/24
4042, 4050
12/20
4849, 4877
1962
512
Pages
Foreign banking corporations: (continued)
Continental Bank International, New York, New
York:
Consent granted Continental International
Banking Corp. to change its name
to, and to increase its capital,
and amendments to Articles of
Association approved
Permission granted to purchase and hold
stock of Banco Shaw Sociedad
Anonima Argentina, Buenos Aires,
Argentina, under stated conditions
Continental International Banking Corporation,
New York, New York:
Name changed to Continental Bank International,capital increased and
amendments to Articles of Association, approved
Continental International Finance Corporation,
Chicago, Illinois:
Application to purchase shares of Discount
Bank Investment Corporation,
Ltd., Tel Aviv, Israel, Board
reluctant to grant consent
Consent granted upon condition that
Discount Bank Investment Corp.
Ltd., dispose of its holdings
of stock of Mercantile Bank of
Israel Ltd., within a specified
time
Authorization re examination of, by examiners of FRBank of Chicago acting
as examiners for Board of Governors
First Bank of Boston (International), New York,
New York:
Amendment to Articles of Association changing name to First Bank of Boston
International, approved
First Chicago International Banking Corporation,
New York, New York:
Preliminary permit to organize, transmitted
to The First National Bank of
Chicago, Illinois
Final permit to commence business issued on
June 13, 1962
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/13
2670, 2687
2/2
395, 398
7/12
2670, 2687
10/31
12/5
11/21
4181, 4207
4620, 4643
4446, 4454
4/5
1193, 1229
5/22
1900,1914-15
6/14
2168
1962
513
Pages
Foreign banking corporations: (continued)
First Chicago International Finance Corporation,
Chicago, Illinois:
Preliminary permit to organize, transmitted
to The First National Bank of
Chicago
Final permit to commence business issued on
June 14, 1962
First Pennsylvania Overseas Finance Corporation,
Philadelphia, Pennsylvania:
Preliminary permit to organize, transmitted
to First Pennsylvania Banking
and Trust Co., Philadelphia,
Pennsylvania
Final permit issued
Noted without objection certain investments
in U.S. Government obligations
made by
Granted general consent for acquisition of
stock in generally designated
types of corporations, subject
to certain restrictions
Application to purchase shares of Discount
Bank Investment Corp Ltd., Tel
Aviv, Israel, Board reluctant
to grant consent
Consent granted upon condition that
Discount Bank Investment Corp.,
Ltd., dispose of its holdings of
stock of Mercantile Bank of Israel
Ltd., within a specified time
First Pennsylvania Overseas Finance Corporation,
Philadelphia, Pennsylvania:
Extension of termination date of outstanding general consent to purchase
and hold stock in generally designated types of corporations,
to June 30, 1963, approved
Gallatin Company, Inc., New York, New York:
Consent granted to change location of
Principal Office from 70 Broadway, to 350 Park Avenue, New
York City
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/22
1900,1916-17
6/14
2168
3/20
4/2
948, 956
1112
5/4
1721, 1725
5/9
1764, 1773
10/31
12/5
12/20
9/14
4181, 4205
4620, 4642
4849, 4879
3503, 3537
1962
514
Pages
Foreign banking corporations: (continued)
International Banking Corporation, New York, New
York:
Consent granted to The Bank of Monrovia,
Liberia, to establish a branch at
Buchanan, Grand Bassa County,
Republic of Liberia, advice to
Questions raised in examination of, re certain transactions, discussion re
possible letter relating to, decided to take no action in light
of current study of Regulation K
Consent granted to purchase additional capital stock of The First National
City Bank of New York (South
Africa) Ltd., Johannesburg, Union
of South Africa
Consent granted to purchase stock of a French
holding company, subject to certain conditions
Consent granted to an advance to First National City Bank of New York
(South Africa) Ltd. in an amount
sufficient to cover its estimated
capital impairment as of Dec. 31,
1962, and retroactively, to similar advances made in December
1960 and December 1961, advice to
Irving International Banking Corporation:
Preliminary permit to organize, transmitted
to Irving Trust Co., New York,
New York
Final permit issued
Irving International Financing Corporation:
Preliminary permit to organize transmitted
to Irving Trust Company, New
York City
Final permit issued
Manufacturers Hanover International Banking
Corporation:
Preliminary permit to organize, transmitted
to Manufacturers Hanover Trust
Company, New York, New York
Final permit to commence business issued
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/7
829, 834
4/27
1505
6/29
2425, 2440
12/10
4686, 4697
12/12
4739, 4751
5/31
6/21
1980, 1997
2243
5/31
6/21
1980, 1999
2242
2/9
3/9
479, 493
866
1962
515
Pages
Foreign banking corporations: (continued)
Manufacturers Hanover International Banking
Corporation: (continued)
Noted without objection, purchase of
bankers acceptances from
funds paid by Manufacturers
Hanover Trust Co. for capital stock of
Manufacturers Hanover International Finance
Corporation:
Preliminary permit to organize, transmitted to Manufacturers Hanover
Trust Co., New York, New York
Final permit to commence business issued
Noted without objection, purchase of
bankers acceptances from funds
paid by Manufacturers Hanover
Trust Co. for capital stock of
Application for permission to purchase
shares of Corporation Financiera
de Colombiana de Desarrollo Industrial, Bogota, Colombia, action deferred pending study of
question of Edge Act financing
corporations purchasing shares
in institutions conducting banking operations
Additional information requesting
shares to be purchased by Manufacturers Hanover International
Banking Corporation, or letter
granting consent for shares to
be held by banking corporation,
approved
Morgan Guaranty International Banking Corporation, New York, New York:
Consent granted to purchase shares of
Societe Ivoirienne de Banque,
Abidjan, Republic of Ivory Coast
Consent granted to purchase shares of China
Development Corp., Taipei, Taiwan,
China
Consent granted to purchase shares of Union
Gabonaise de Banque, Libreville,
Republic of Gabon, a banking
corporation in formation
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/18
1386, 1402
2/9
3/9
479, 495
866
4/18
1386, 1403
11/23
4476
12/5
4621, 4644
3/26
1065, 1070
4/6
1242, 1263
5/4
1721, 1724
1962
516
Pages
Foreign banking corporations: (continued)
Morgan Guaranty International Banking Corporation, New York, New York: (continued)
Consent granted to purchase shares of Banque
d'Escompte et de Credit a l' Industrie en Tunisie, conditions
7/11
stated
Consent granted to purchase additional
shares of Trust Corporation of
Bahamas Ltd., Nassau, N.P., Bahama Islands, with stated con7/20
ditions
Consent granted to purchase shares of
Societe Camerounaise de Banque,
8/27
Yaounde, Republic of Cameroun
Morgan Guaranty International Finance Corporation, New York, New York:
Consent granted for the purchase of shares
of Peruano-Suiza de Fomento e
Inversiones Sociedad Anonima,
3/22
Lima, Peru
Consent granted to purchase shares of Cooperation Financiere Internationale pour le Developpement de
l'Afrique, a French corporation
5/10
in formation
Consent granted to participate in underwriting of additional common
stock of Compania Fundidora de
Fierro y Acero de Monterrey,
6/1
S.A., a Mexican corporation
of
shares
Consent granted to purchase
Societe Nationale d'Investissement, Brussels, Belgium, con7/6
ditions stated
of
shares
purchase
Consent granted to
Morgan & Cie., S.A., a general
investment banking firm to be
located in Paris, following decision not to require Morgan &
Cie to change its name and to
operate in offices separate from
Paris Branch of Morgan Guaranty
9/27
Trust Company
Consent granted to amend Articles of Association to allow an increase in
9/27
capital stock
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2571, 2637
2766, 2770
3195, 3217
1016, 1027
1808, 1810
2013, 2021
2544, 2548
3679, 3696
3679, 3696
1962
517
Pages
Foreign banking corporations: (continued)
Morgan Guaranty International Finance Corporation,
New York, New York: (continued)
Extension of termination date of outstanding general consent to purchase
and hold stock in generally designated types of corporations,
to June 30, 1963, approved
Philadelphia International Investment Corporation,
Philadelphia, Pennsylvania:
Consent granted to purchase additional stock
of Mitsubishi Chemical Industries,
Ltd., Tokyo, Japan
Question re appropriateness of investment
in stock of foreign industrial
concern with shares listed on a
stock exchange in foreign country,
by an Edge Act corporation
Consent granted to purchase stock of a proposed Bahamian subsidiary "New
World Development Corp. Ltd."
Application to purchase shares of Discount
Bank Investment Corp. Ltd., Tel
Aviv, Israel, Board reluctant to
grant consent
Letter granting consent re, upon condition that Discount Bank Investment Corp. Ltd., dispose of its
holdings of stock of Mercantile
Bank of Israel Ltd., within a
specified time, approved
Extension of termination date of outstanding general consent (amended to
include wholly-owned subsidiary
New World Development Corporation Ltd.) to purchase and hold
stock in generally designated
types of corporations, to June
30, 1963, approved
Western Bancorporation International Bank, New
York, New York:
Final permit to coinulence business transmitted to
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/20
4849, 4878
4/2
1104, 1123
4/2
1104
5/2
1604, 1617
10/31
12/5
12/20
1/3
4181, 4206
4620, 4641
4849, 4880
24
1962
518
Pages
Foreign Banking Operations Act:
Proposed draft bill repealing sections 25 and
25(a) of FRAct and forming a
new, transferring to Comptroller
of the Currency authority re
foreign branches of national
banks, investments by national
banks in stock of foreign banking corporations and chartering
and regulation of foreign banking corporations, staff instructed
to draft a letter to Secretary
of the Treasury strongly opposing
Letter to Treasury Secretary Dillon approved
and delivered personally by Chairman Martin, copy sent to Comptroller of the Currency
Foreign banks:
Branches in the United States:
Question re eligibility of, admission to
membership in FRSystem to carry
a nonmember clearing account with
the FRBank of New York, and to
establish an account with the
FRBank of New York under section 14(e), FRAct, matter to be
discussed with Presidents of
FRBanks of New York and San
Francisco, in connection with
question raised by Israel Discount Bank re its New York City
branch
Discussion with Messrs. Hayes and Swan,
Mr. Shay to contact Counsel for
FRBank of New York for further
consideration
Board's view that section 13, FRAct, would
not preclude an FRBank from opening and maintaining a nonmember
clearing account for, advice to
FRBank of New York indicating
decision re Israel Discount Bank,
Ltd., New York City branch is within discretion of an FRBank
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/11
2592
7/13
2702, 2719
7/12
2676
7/31
2902
9/27
3684, 3701
1962
519
Pages
Foreign banks: (continued)
Branches in the United States: (continued)
Letter from FRBank of New York containing
counsels doubts re legal authority with respect to, matter to
be considered further
Board's position reaffirmed that nonmember
clearing accounts can be opened
at discretion of FRBank,discussion re doubts of counsel at
FRBank of New York re legal authority to open such accounts
European central banks, Mr. Katz authorized to
visit two, in connection with
his trip to Switzerland
Foreign central banks, appropriate information
re Board's action reducing reserve requirements of member
banks to be sent to, in leading
countries
Latin American central banks, Governor Robertson
accompanied by Reed J. Irvine to
visit certain
Nonmember clearing accounts with FRBanks:
Question whether foreign couunercial bank
or its branch could be considered
a nonmember bank for purpose of
opening and maintaining, under
section 13, FRAct, Board's views
sent to FRBank of New York
Letter from FRBank of New York containing
counsel's doubts re legal authority with respect to, matter to
be considered further
Board's opinion reaffirmed that such accounts can be opened at discretion of FRBank
banks):
(Individual
Austrian National Bank, Vienna, Austria:
Opening and maintenance of foreign currency
account of FRBank of New York
with, approved, advice to Presidents of all FRBanks
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/25
4075
10/29
4123
9/19
10/18
3586
3983
7/27
2859
9/27
3684, 3701
10/25
4075
10/29
4123
10/3
3752, 3767
1962
520
Pages
Foreign banks: (continued)
Banca d'America e d'Italia, Milan Italy:
Consent granted to Bank of America, New
York, New York, for, to increase
its investment in the capital
stock of Banca per Finanziamenti
a Medio Termine, Milan, Italy
Consent granted to increase its investment
in United Overseas Financial
Corporation, Geneva, Switzerland,
advice to Bank of America, New
York, New York
Consent granted to establish an agency at
the former location of its branch
at Corso Italia 98, Catania,
Italy, advice to Bank of America
Consent granted Bank of America to the
establishment by, of Branches in
Salerno, Taranto and Arenzano;
and agencies in Milan, Rome,
and Turin and Bologna
Consent granted retroactively to purchase
stock of Ente Finanziario Interbancario, Rome, and of Medio
Credito Regionale Lombardia,
Milan, advice to Bank of America
Opening and maintenance of account of FRBank
of New York with, approved, payable in foreign currency
Inquiry from FRBank of New York re
Board consent re opening account,
and re approval of action of
Bank's directors with respect
to, no objection to telegram to
FRBank of New York
Banca per Finanziamenti a Medio Termine, Milan,
Italy, consent granted to Bank
of America, New York, New York,
for Banca d'America e d'Italia,
Milan, Italy; to increase its
investment in
Banco de Espana, opening of account by FRBank
of New York, approved
Banco de Guatemala, application to FRBank of New
York for loan on gold approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/23
707, 710
4/3
1127, 1160
5/24
1929, 1934
10/9
3845, 3853
11/26
4491, 4507
2/13
540, 546
2/16
606
2/23
707, 710
1/29
316, 330
10/12
3920, 3931
1962
521
Pages
Foreign banks: (continued)
Banco Mercantil y Agricola, Caracas, Venezuela,
consent granted Chase Manhattan
Overseas Corporation, New York,
New York, to invest in shares of
Banco de la Republica de Colombia:
Request to FRBank of New York for a six
months loan on gold, discussion
in light of Board policy under
which loans on gold would not
be made for more than three
months unless justified by exceptional circumstances, Mr.
Samions authorized to inform
the FRBank of New York that the
Board would be prepared to approve, indication that a request
for a three-month renewal on
present gold loan would be made
Six months loan by FRBank of New York approved, and extension for three
months of existing loan approved
Banco de la Republica, Bogota, Colombia:
Request for assistance with organizational
matters, letter re availability
of John A. MacDonald, Assistant
Cashier of FRBank of Minneapolis,
for assignment, approved
Three-month loan on gold up to $10 million
by FRBank of New York, approved,
with understanding re repayment
and renewal of loan, and re payment of outstanding loan
Southern Arizona Bank and Trust Company,
National Bank of Washington, and
First National Bank of Oregon authorized to accept drafts or bills
of exchange drawn by, for purpose
of furnishing dollar exchange
Banco Hipotecario Lar Brasileiro, S. A., Rio de
Janeiro, Brazil, permission
granted to Chase Manhattan Bank,
New York, New York, for Chase
Manhattan Overseas Corporation,
New York, N. Y., to invest in
the stock of
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/2
1604, 1615
2/23
703
2/26
713, 726
6/20
2221, 2237
8/14
3105, 3121
11/16
2/14
4358,4362-64
547, 559
1962
522
Pages
Foreign banks: (continued)
Banco Shaw Sociedad Anonima Argentian, Buenos
Aires, Argentina, permission
granted to Continental International Banking Corporation, New
York, New York, to purchase and
hold stock of
Bank of Canada, continued maintenance of account
of FRBank of New York with, approved
Bank of England:
Continued maintenance of account of FRBank
of New York with, approved
Visit by Mr. Katz to, in connection with
trip to Organization for Economic Cooperation and Development meeting in Paris, authorized
Mr. Gehman authorized to confer with officials of, on his return trip
from the Conference of Europena
Statisticians Working Group on
Industrial Statistics in Geneva
Switzerland
Arthur Hersey, Adviser, Division of International Finance authorized to
visit
Report by Mr. Young re certain conversations in London with officials
of the British Treasury and
Mr. Young, Adviser to Board and Director
of Division of International
Finance authorized to travel to
London, England, to confer with
officials of the British Treasury and the, travel expenses
on an actual expense basis including official entertainment
Bank of France:
Continued maintenance of account of FRBank
of New York with, approved
Visit by Mr. Katz to, in connection with
trip to Organization for Economic Cooperation and Development meeting in Paris, authorized
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/2
395, 398
2/13
540, 546
2/13
540, 546
4/2
1111
5/9
1762
6/11
2126
7/25
2846
12/5
4634
2/13
540, 546
4/2
1111
1962
523
Pages
Foreign banks: (continued)
Bank of Indonesia:
Application to FRBank of New York for 90day loan on gold, approved
Renewal of outstanding loan on gold approved, advice to FRBank of New
York
Bank for International Settlements, appropriate
to designate as a foreign bank
with which an account of the
FRBank of New York might be
opened and maintained with
Bank of Liberia, Inc., Monrovia, Liberia:
Letter to Chemical International Banking
Corporation re its investment
in, approved
Consent granted to establish a mobile banking unit in Liberia, advice to
Chemical International Banking
Corporation, New York, New York
Bank of Monrovia, Liberia, consent granted to
the establishment of a branch at
Buchanan, Grand Bassa County,
Republic of Liberia, advice to
International Banking Corporation, New York, New York
Banque Centrale de Syrie, opening of account by
FRBank of New York, approved
Banque d'Escompte et de Credit a l'Industrie en
Tunisie, consent granted to
Morgan Guaranty International
Banking Corporation, New York,
New York, to purchase shares of
Banque Nationale Suisse:
Opening and maintenance of account of Federal Reserve Bank of New York
with, approved, payable in foreign
currency
Inquiry from FRBank of New York re Board
consent re opening account, and
re approval of action of Bank's
directors with respect to, no
objection to telegram to FRBank
of New York
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/5
49, 57
4/13
1363, 1369
6/1
2017
5/15
1827, 1833
6/27
2372, 2395
3/7
829, 834
9/10
3405, 3416
7/11
2571, 2637
2/13
540, 546
2/16
606
1962
524
Pages
Foreign banks: (continued)
Canadian Imperial Bank of Commerce:
Nonmember clearing accounts for Portland
and Seattle branches of, carried
by FRBank of San Francisco, situation discussed in consideration
of question re establishment of
such an account by the FRBank of
New York for New York City Branch
of Israel Discount Bank
Further discussion
Central Bank of the Philippines:
Loan on gold by FRBank of New York approved
Three-month extension of loan on gold approved, advice to FRBank of New
York
Central banks of England, Germany and the Netherlands, authorization for Arthur
Hersey, Adviser, Division of
International Finance to visit,
in connection with his trip to
Paris to attend, the meeting of
Working Party 3 of the Economic
Policy Committee of the Organization for Economic Cooperation
and Development
Central Bank of Venezuela, stopover by Mr. Sauunons
for purpose of advising, on certain statistical problems related
to work of Department of National
Accounts, approved, with understanding re expense
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, New York, New York
Permission granted to Chase Manhattan Bank,
New York, New York, for Chase
Manhattan Overseas Corporation
to invest in shares of
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/12
7/31
2677
2902
1/22
229, 235
4/24
1457, 1470
6/11
2126
12/7
4676
5/10
1779, 1791
6/11
2117, 2128
1962
525
Pages
Foreign banks: (continued)
Chase Manhattan Bank (South Africa) Limited,
Johannesburg, South Africa: (continued)
Permission granted Chase Manhattan Overseas
Banking Corporation to increase
its investment in, advice to Chase
9/19
Manhattan Bank, New York, New York
Deutsche Bundesbank, opening and maintenance of
account of FRBank of New York
2/13
with, approved
Inquiry from FRBank of New York re Board
consent re opening of account,
and re approval of action of
Bank's directors with respect
to, no objection to telegram to
2/16
FRBank of New York
de Nederlandsche Bank, opening and maintenance
of account of FRBank of New York
with, approved payable in foreign
2/13
currency
Inquiry from FRBank of New York re Board
consent re opening of account,
and re approval of action of
Bank's directors with respect
to, no objection to telegram to
2/16
FRBank of New York
European Investment Bank, time deposits of, exemption of foreign time deposits
from interest rate limitations
determined not to be applicable
to, interpretation to be published in Federal Register and
12/20
FRBulletin
(South
York
First National City Bank of New
Africa) Ltd., Johannesburg,
Union of South Africa:
granted
to International Banking
Consent
Corporation, New York, New York,
to purchase additional capital
6/29
stock of
CorBanking
International
granted
Consent
poration to make stated advances
12/12
to
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3582, 3589
540, 546
606
540, 546
606
4853, 4920
2425, 2440
4739, 4751
1962
526
Pages
Foreign banks: (continued)
German Federal Bank, visit by Mr. Katz to, in
connection with trip to Organization for Economic Cooperation
and Development meeting in Paris,
authorized
Israel Discount Bank, Ltd., Tel Aviv, Israel:
Question whether New York City branch of,
is eligible for admission to
membership in FRSystem to carry
a nonmember clearing account
with FRBank of New York and to
establish an account with the
FRBank of New York under section 14(e), FRAct, matter to be
discussed with Presidents of
FRBanks of New York and San
Francisco, advice to Mr. Schwartz,
Vice President of
Discussion with Messrs. Hayes and Swan, Mr.
Shay to contact Counsel for Federal Reserve Bank of New York
for further consideration
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
Board's position reaffirmed, that nonmember
clearing accounts can be opened
at the discretion of the FRBank,
Chairman Martin to discuss matter
with President Hayes
Mercantile Bank of Israel Ltd., divestment of
stock by Discount Bank Investment Corporation, Ltd., Tel Aviv,
Israel in, as condition upon
granting consent to Philadelphia
International Investment Corp.,
First Pennsylvania Overseas Finance Corp., both of Philadelphia,
and Continental International Finance Corporation, Chicago, Ill.,
to purchase shares of Discount
Bank Investment Corp., letters to
http://fraser.stlouisfed.org
corporations approved
Federal Reserve Bank of St. Louis
4/2
1111
7/12
2676, 2697
7/31
2902
9/27
3684, 3701
10/25
4075
10/29
4123
12/5
4620,4641-43
1962
527
Pages
Foreign banks: (continued)
National Bank of Belgium:
Opening and maintenance of account of FRBank
of New York with, approved payable in foreign currency
Proposed reciprocal swap arrangement between
FRSystem and, proposal re placing
System franc holdings in interestbearing time deposit with Societe
Nationale de Credit a l'Industrie,
rather than Bank for International
Settlements, question re designation of Societe Nationale as foreign bank under Regulation N, and
re certain policy matters, staff
to explore matter further
Further discussion, understood Mr.
Young to discuss matter with
Special Manager of System Open
Market Account
National Bank of Haiti:
Request for loan on gold received by FRBank
of New York from, matter reported
to Board to determine whether
there were any preliminary questions
Loan on gold approved, advice to FRBank of
New York
Reserve Bank of Australia:
Governor Coombs of, to visit Board's offices,
luncheon scheduled, and suggestion re dinner at Board's building with available Board members
and appropriate staff, approved
Governor Coombs and Mr. McSharry of, present
at Board meeting during economic
review
Societe Nationale de Credit a l'industrie, Brussels, Belgium:
Question re designation as foreign bank under
Regulation N for purpose of effectuating proposed reciprocal swap
arrangement between National Bank
of Belgium and FRSystem involving
deposit of System francs in, staff
to explore matter further
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/13
540, 546
6/5
2050
6/8
2092
8/15
3125
8/20
3176
10/9
3851
10/22
6/5
4031
2050
1962
528
Pages
Foreign banks: (continued)
Societe Nationale de Credit a l'Industrie, Brussels, Belgium: (continued)
Further discussion re question of designation
as a foreign bank, memorandum
from Mr. Young re history, resources and activities of, and
re attitude of National Bank of
Belgium re, in light of reservations of Board, matter to be discussed by Mr. Young with Special
Manager of System Open Market
Account
Opening and maintenance of account of Federal Reserve Bank of New York
with, approved in light of willingness of National Bank of
Belgium to guarantee the Federal
Reserve balances with, due to
reciprocal swap arrangement between National Bank of Belgium
and FRSystem, advice to Presidents of all FRBanks
Sumitomo Bank Ltd., of Osaka, Japan:
Request by the Sumitomo Bank of California,
San Francisco, California, subsidiary of, 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 the FRBank of San Francisco
Review of additional information, increased
acceptance powers granted Sumitomo
Bank of California, under specified conditions
Swiss National Bank:
Intention of Board and Comptroller of the
Currency with respect to the
examining requirement and submission of reports, as authorized in section 25(6) of the
FRAct, in connection with the
proposed establishment of a
branch in Geneva, Switzerland
by the First National City Bank,
New York, New York, questioned
by
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/8
2092
6/15
2176, 2182
11/5
4239
11/19
10/4
4371, 4420
3794
1962
529
Pages
Foreign banks: (continued)
Swiss National Bank: (continued)
Letter to President Schwegler of, approved,
Governor Mitchell to advise President Hayes
Inclined not to permit the opening of proposed Geneva branch of First
National City Bank, New York,
New York, if any agency of
another government retained
right to examine the branch,
conversation with Max Ikle reported by Governor Mitchell
Union Gabonaise de Banque, Libreville, Republic
of Gabon, permission granted to
Morgan Guaranty International
Banking Corporation, New York,
New York, to purchase shares of
Foreign currency operations:
FRSystem operations:
Report by Messrs. Young and Coombs on discussions with representatives of
Treasury. Department, questions
re relationships of System operations with those of Treasury's
Stabilization Fund, copies of
documents being prepared as a
result of discussions with the
Treasury, to be distributed to
members of the Board
Discussion re proposed procedure outlined
in memoranda by Mr. Hackley including draft of proposed amendment to Regulation N, and memorandum from Mr. Young submitting
revised papers re proposed FOMC
authorization re open market
transactions in foreign currencies
including authorization dealing
with administrative procedures,
agreed to continue discussion of
procedures and consider proposed
guidelines for
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/19
4011, 4022
12/20
4872
5/4
1721, 1724
2/2
393
2/8
458
1962
530
Pages
Foreign currency operations: (continued)
FRSystem operations: (continued)
Question re making such operations subject
to supervision by Board rather
than by FOMC, memorandum from
Mr. Hackley re, understood matter
to be considered further, discussion re possible selection of
FRBank of New York officer entitled "Manager of System Foreign Currency Account"
Memorandum from Mr. Young re, relationship between Board and
directors of FRBanks discussed,
Mr. Young's memorandum to be
made available at tomorrow's
meeting of FOMC
Amendment to Regulation N to regulate
opening and maintenance of
accounts of FRBanks with foreign banks, and to provide
that certain actions of FRBanks
with foreign banks shall be
authorized and directed by FOMC
to extent necessary to execute
conduct of open market operations through such foreign accounts, approved, Governor
Robertson dissenting, advice
to FRBanks
Maintenance of existing accounts and opening and maintenance of new
accounts with certain foreign
banks by the FRBank of New York
approved, pursuant to section
214.5, Regulation N, as amended,
advice to FRBanks, banks involved:
Bank of Canada, Bank of England,
Bank of France, National Bank of
Belgium, Deutsche Bundesbank,
Banca d'Italia, de Nederlandsche
Bank, and Banque Nationale Suisse
Reporting of foreign currency holdings of
FRBanks on Form FR 34, question
of time lag in publishing such
information in the FRBulletin
and weekly press statements
issued by Board and FRBanks,
letter to FRBanks approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/9
481
2/12
516
2/13
538, 543
2/13
540,546
2/16
602, 625
1962
531
Pages
Foreign currency operations: (continued)
FRSystem operations: (continued)
Opening and maintaining foreign currency
accounts, inquiry from FRBank
of New York re Board consent
and re question of Board approval of certain actions of
Bank's directors, no objection
to sending telegram to FRBank
of New York
Applicability of "Statement of Procedure
with Respect to Foreign Relationships of FRBanks" to such
operations, clarifying telegram
to all FRBanks approved
Review of recently authorized program of,
by Chairman Martin at joint
meeting with FAC, speech by
President Hayes of FRBank of
New York and testimony by
Chairman Martin at hearings
on President's Economic Report
referred to
Discussion of System foreign currency transactions noted, with documentation
placed in files of Federal Open
Market Committee
Designation of Bank for International Settlements as foreign bank under Regulation N, and opening and maintenance by FRBank of New York of
account with, approved, advice
to Presidents of all FRBanks
Proposed reciprocal swap arrangement between
National Bank of Belgium and Federal Reserve System,proposal re
placing System franc holdings in
interest-bearing time deposit
with Societe Nationale de Credit
a l'Industrie, rather than Bank
for International Settlements,
question re designation of Societe
Nationale as foreign bank under
Regulation N, and re certain
policy matters, staff to explore
matter further
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/16
606
2/16
609, 626
2/20
673
3/1
792
6/1
2016, 2029
6/5
2050
1962
532
Pages
Foreign currency operations: (continued)
FRSystem operations: (continued)
Proposed reciprocal swap arrangement: (continued)
Question raised as to whether such
arrangements might be made without interest being paid by either
6/5
side, staff to explore matter
understood
matter
Further discussion,
of designation of Societe Nationale to be discussed by Mr.
Young with Special Manager of
System Open Market Account, in
6/8
light of Board's reservation
of
opening
N,
Regulation
Designation under
and maintenance of account of
FRBank of New York with Societe
Nationale de Credit a l'Industrie,
Brussels, Belgium, approved, ad6/15
vice to Presidents of all FRBanks
Designation of Austrian National Bank,
Vienna, Austria, as foreign
bank under Regulation N, and
opening and maintenance by Federal Reserve Bank of New York
of account with, approved, advice
10/3
to Presidents of all FRBanks
Foreign exchange:
Dealers in, question of commissions and earnings
of, along with element of risk,
suggestion by Chairman Martin
2/16
that matter be studied
Report by Mr. Young on developments in gold
markets and, following Cuban
10/25
crisis
Foreign exchange market:
FRSystem dealings in, suggestion re Board members visiting FRBank of New York
and New York commercial banks to
study facilities available in
2/16
connection with
Foreign governments:
Time deposits of:
H.R. 12080, enrolled bill to permit domestic banks to pay interest on time
deposits of foreign governments
at rates differing from those
applicable to domestic depositors,
10/5
report sent to Budget Bureau
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2055
2092
2176, 2182
3752, 3767
605
4064
605
3815, 3834
1962
533
Pages
Foreign governments: (continued)
Time deposits of: (continued)
H.R. 12080: (continued)
Approved by President as Public Law
87-827, amending section 19,
FRAct, Board's Regulation Q
amended in conformity with
Foreign missions:
British Guiana, survey mission to, participation by Reed Irvine, as requested
by Agency for International Development, authorized
Ecuador, services of Mr. Sammons to be made
available in connection with
technical assistance mission to,
as requested by Inter-American
Development Bank, with understanding re salary contributions
to Retirement System, group life
and health insurance, and travel
expenses
Foreign relationships of FRSystem:
Australia, visit to Board by Governor Coombs,
Reserve Bank of Australia,
scheduled luncheon noted, suggestion re dinner at Board's
Building with available Board
members and appropriate staff,
approved
Bank for International Settlements:
Meeting of central bank economists to be
held in Basle, Switzerland,
March 10-12, 1962, attendance
by Mr. Hersey, Adviser, Division of International Finance
authorized, attendance of an
additional representative of the
FRSystem to be designated by the
FRBank of New York
Possibility of formal arrangement for Federal Reserve System membership
on board of directors of, question re member of Board of
Governors serving as director,
Chairman Martin to attend May
meeting to obtain more information for Board consideration
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/10
3866
2/9
480, 499
2/26
720, 732
10/9
3851
2/2
397
4/9
1274
1962
534
Pages
Foreign relationships of FRSystem: (continued)
Eurodollar, meeting of experts to discuss,
sponsored by Bank for Interna
tional Settlements, agreement
and understanding re FRSystem
participation in
FRBank of New York, foreign travel program for
personnel of Bank for 1962 noted
without objection
International Banking Summer School to be held
in Moscow,July 1962, names of
Paul Gekker, Division of International Finance and George
Garvy, FRBank of New York, submitted to American Bankers Association as FRSystem candidates
to attend
Acceptance by School noted, travel by Mr.
Gekker to Russia, Sweden, Norway
and Denmark authorized
(Individual names):
Aufdenkamp, Jo Ann, Librarian, FRBank of Chicago,
leave of absence without pay to
accept assignment with Klein &
Saks as library consultant to
National Planning Council,
Government of Liberia, Board
interposes no objection
Garvy, George, Adviser, FRBank of New York,
nomination as candidate to
attend International Banking
Summer School to be held in
Moscow, accepted by School
Gehman, Clayton, Chief, Business Conditions Section, Division of Research and
Statistics, authorized to attend
meeting of Conference of European
Statisticians Working Group on
Industrial Statistics, in Geneva,
Switzerland, with understanding
re expenses, request received from
Budget Bureau that he serve as
U. S. representative noted
Authorized to stop in London to confer with
officials of Bank of England on
his return trip
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/27
2862
2/15
566, 577
2/12
525, 535
5/10
1782
11/8
4295, 4308
5/10
1782
4/20
1437
5/9
1762
1962
535
Pages
Foreign relationships of FRSystem: (continued)
Gekker, Paul, Economist, Division of International
Finance, travel to Moscow to attend
International Banking Summer School,
visit to Leningrad, and visits to
central banks of Sweden, Norway,
and Denmark authorized
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 of Center
for Latin American Monetary Studies
Hersey, Arthur, Adviser, Division of International
Finance, authorization to attend
the meeting of Working Party 3 of
the Economic Policy Committee of
the Organization for Economic
Cooperation and Development,
July 17-18, 1962, also authorized to visit central banks in
England, Germany and the Netherlands
Irons, Watrous H., President, FRBank of Dallas,
Mr. Ralph C. Wood authorized to
accompany Governor Mitchell and,
to Europe to attend annual meeting of Bank for International
Settlements and to visit a number
of European central banks
Irvine, Reed, Chief, Latin America, Asia, and
Africa Section, Division of International Finance, participation in survey mission to British
Guiana as requested by Agency for
International Development, authorized
Travel to accompany Governor Robertson to
visit central banks of certain
Latin American countries authorized
Authorized on same per diem basis as would
be applicable in the case of a
member of the Board
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/10
1782
4/16
1377
6/11
2126
5/9
1762
2/9
480, 499
7/27
2859
9/10
3408
1962
536
Pages
Foreign relationships of FRSystem: (continued)
Katz, Samuel I., Associate Adviser, Division of
International Finance, attendance
at meeting of Working Party 3,
Organization for Economic Cooperation and Development in Paris,
April 16-17, and visits to certain
European central banks, and possible visits to other institutions, authorized
Travel to Switzerland to attend meeting of
central bank officers at Bank
for International Settlements
for discussion of Euro-dollar
market and to visit two European
central banks, authorized
MacDonald, John A., Assistant Cashier, FRBank of
Minneapolis, request by Banco de
la Republica, Bogota, Colombia,
for assistance with organizational matters, letter re availability of, and plans with respect to, approved
Naroni, Yves, Economist, Division of International Finance, possible representative at Seventh Operational
Meeting of the Center for Latin
American Monetary Studies, to be
held in Mexico City, Sept. 3-14,
1962
Travel to Mexico City to represent Board at
Seventh Operational Meeting of
the Center for Latin American
Monetary Studies and to visit
Guatemala, El Salvador, and
Honduras, authorized
Mitchell, George W., trip to Europe to attend
annual meeting of Bank for International Settlements and to visit
number of European central banks,
Mr. Ralph C. Wood authorized to
accompany President Irons and
Intention to attend Conference on Inflation
and Growth to be held in Rio de
Janiero, Brazil, in January 1963
noted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/2
1111
9/19
3586
6/20
2221, 2237
3/16
912, 936
6/25
2303
5/9
1762
12/20
4872
1962
537
Pages
Foreign relationships of FRSystem: (continued)
Pascual, Armand A., FRBank of San Francisco,
attendance at Tenth Annual Training Program of the Center for
Latin American Monetary Studies
approved
Reynolds, John E., trip to Paris to attend meetings of Working Party 2, Economic
Policy Committee, Organization
for Economic Cooperation and
Development, payment of expenses
on actual necessary transportation expense basis and per diem,
authorized
Robertson, J. L , to visit central banks of certain Latin American countries,
travel by Reed J. Irvine to accompany, authorized
Sammons, Robert L., Adviser, Division of International Finance, to lecture on
the FRSystem at the Tenth Regular
Training Program of the Center
for Latin American Monetary
Studies
Request by Inter-American Development Bank
for services of, to be made
available for technical assistance mission to Ecuador, approved, with understanding re
salary, contributions to Retirement System, group life
and health insurance and travel
Travel to Mexico City to lecture at Center
for Latin American Monetary
Studies authorized
Rio de Janerio, Brazil, to attend Conference on Inflation and Growth in
Latin America authorized, subject to concurrence by State
Department
Thomas, Woodlief, appointment as Consultant in
the Board Members' Offices for
the period July 16-20, 1962, in
order to appear at hearings of
The Royal Canadian Commission
on Banking and Finance, approved,
with understanding re compensation, transportation expenses
and per diem
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/26
10/19
713, 725
4019
7/27
2859
2/21
678, 695
2/26
720, 732
6/21
2243
12/7
4676
6/27
2392
1962
538
Pages
Foreign relationships of FRSystem: (continued)
Wood, Ralph C., Associate Adviser, Division of
International Finance, travel
to Paris to attend meeting of
Working Party 3, Economic Policy Committee, Organization for
Economic Cooperation and Development, January 13-18, 1962, on
an actual expense basis, authorized
Additional meeting on February 19-22, 1962,
travel authorized on actual expense basis
Authorized to accompany Governor Mitchell
and President Irons on trip to
Europe to attend annual meeting
of Bank for International Settlements and to visit a number of
European central banks
Travel to Paris for meetings of Economic
Policy Committee, Organization
for Economic Cooperation and
Development, and Working Party
3, authorized
Young, Ralph A., Adviser to the Board and Director, Division of International Finance, travel to Paris
to attend meeting of Working
Party 3, Economic Policy Committee, Organization for Economic Cooperation and Development, January 13-18, 1962, on
an actual expense basis including official entertainment,
authorized
Additional meeting on February 19-22, 1962,
travel authorized on actual expense basis including official
entertainment
To Basle, Switzerland, to attend meeting of
Bank for International Settlements, on actual expense basis,
including official entertainment,
authorized
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/10
98
2/7
445
5/9
1762
10/31
4202
1/10
98
2/7
445
3/5
823
1962
539
Pages
Foreign relationships of FRSystem: (continued)
Young, Ralph A.: (continued)
To Paris for period May 27-31, 1962, to
attend meeting of Working
Party 3 of Economic Policy Committee of Organization for Economic Cooperation and Development, with reimbursement on
actual expense basis including
official entertainment, authorized
Report on attendance at June meeting in
Paris of Economic Policy Committee of Organization for
Economic Cooperation and Development and a July meeting
of Working Party 3 of the Organization; also re certain conversations in London with officials of the British Treasury
and Bank of England
Authorized to travel to London, England on
December 14, 1962 to confer with
the British Treasury and the
Bank of England following a meeting in Paris of the Working Party
3 of the Organization for Economic
Cooperation and Development,
travel expenses on an actual expense basis including official
entertainment
Forest Service, United States:
Timber resources, privately-owned, request for
suggestion of person to be named
to committee to study, received
from, no objection to mentioning
former President Earhart, Federal
Reserve Bank of San Francisco
Forms:
"Assets and Liabilities of All Banks in the United
States and a Consolidated Condition Statement for Banks and the
Monetary System," G.7, revision
of, and of related tables published in the FRBulletin, proposed
by Division of Research and Statistics, agreed staff develop memorandum, re and that Gov. Balderston
confer with staff in connection
with
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/17
1859
7/25
2846
12/5
4634
9/24
3649
1/16
180
1962
540
Pages
Forms: (continued)
Bank automation survey, proposed questionnaire
form for use in conducting, information copies sent to FRBanks
with request for advice of number
of forms needed
Borrowings from FRBanks, Forms L.5.3. and L.5.4.,
release of 1961 data in statements, as requested for use in
doctoral dissertation on borrowings of member banks, no objection by Board, advice to FRBank
of St. Louis
Branch bank deposit data:
Proposed form to expand the collection of,
sent to Comptroller of the Currency and FDIC with request for
couwonts, for possible use in
June, 1962 in place of the regular deposits-by-counties form
Sample form for use in collection of, including reports of deposits by
cities, of all member banks,
pursuant to decision by Board
and FDIC, sent to FRBanks
Budgets, FRBank reporting forms:
Simplified form attached to memorandum by
Mr. Farrell recommending that
the Presidents' Conference be
asked to comment on revised procedure, letter to Chairman of
the Presidents' Conference approved with copies to Presidents
of FRBanks
Adopted by Presidents' Conference, approved by Board, telegram and
letter to FRBanks
Chain banking through indirect controls:
Draft of schedule to obtain information
re, requested by Congressman
Patman, Chairman of House Select
Committee on Small Business,
transmitted to Budget Bureau
with request for Budget Bureau
number
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/21
679, 697
2/12
504, 533
4/13
1363, 1372
5/24
1930, 1949
4/11
1341, 1356
6/27
2373, 2400-01
4/11
1339, 1355
1962
541
Pages
Forms: (continued)
Chain banking through indirect controls: (continued)
Understanding re further advice to Budget
Bureau re proposed form to be
used in connection with survey
5/2
1614
Form for use in survey re, sent to member
banks and bank holding companies,
with copies to FRBanks
5/28 1963,1975-77
Condition reports:
Revised form for use by national banks
eliminating certain banking
data, proposed by Comptroller
of the Currency, Board's view
that data is of such value it
could be obtained from national
banks on separate report, if
necessary, draft letter to
Comptroller to be prepared
4/27 1508
Governor Mills to advise FDIC of
Board's views, and to inform
Budget Bureau of proposal
4/27 1511
Further discussion, agreed that the
staff prepare, for further
consideration, a revised draft
reply to the Comptroller of the
Currency
4/30 1536
Proposal discussed with FAC at joint
meeting, Board subsequently informed Comptroller had decided
to retain form presently used
5/1
1601
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 re, approved, with
copies to Budget Bureau and
FDIC
5/2
1611, 1656
Forms for next call sent to all FRBanks
for use by State member banks
and their affiliates, Form
F.R. 105e-2, discontinuance noted
2070, 2083
6/7
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1962
542
Pages
Forms: (continued)
Condition reports: (continued)
Forms for next call sent to all FRBanks for
use by State member banks and
their affiliates
Forms for next call sent to all FRBanks
Credit union report forms:
Proposed additional items to be included
in, to obtain information re
deposit and withdrawals of shares
during month, and outstanding
shares at end of month, approved
by Board
Endorsed by Budget Bureau, approved by System
Research Advisory Committee, and
discussed with Chairman of Presidents' Conference Research and
Statistics Committee
E.5, staff to explore possibility of obtaining
midyear income and dividends reports from a limited sample survey of member banks on a simplified form containing items used
in the semiannual press statement (E.5), letter to Presidents
of all FRBanks requesting views
F.R. 34, holdings of foreign currencies of Federal Reserve Banks to be reported on, letter re manner of
reporting sent to FRBanks
F.R. 105, Schedule J, proposed supplement for
use in obtaining information re
holdings of securities of States
and political subdivisions, and
re loans for purchasing or carrying securities, letter to Federal
Reserve Banks indicating proposal
under consideration, letters to
Comptroller of the Currency and
FDIC, and letter to Budget Bureau
submitting draft, approved
Not to be used at forthcoming call, advice
to FRBanks, position of Comptroller of the Currency and FDIC
noted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/17 3135
11/21 4451
3/14
887
3/14
887
4/18
1420
2/16
602, 625
3/2
801, 812-16
3/21
979, 1002
1962
543
Pages
Forms: (continued)
F.R. 105e, 105e-1, 105-3-2, copies sent to all
Federal Reserve Banks for use
by State member banks and their
affiliates at next call
F.R. 105e-2, discontinued, advice to Federal
Reserve Banks
F.R. 220, 220a, copies sent to all Federal Reserve Banks for use by State
member banks and their affiliates at next call
F.R. 508, to be used in survey of common trust
funds for 1962, proposed revisions in, submitted to Budget
Bureau for approval, with understanding similar letter to be
sent to Presidents of Federal
Reserve Banks
F.R. 716, Federal funds series report form, revised form sent to Federal Reserve Banks with indication re
submission to Budget Bureau
F.R. 728:
Unregulated lenders' reports, request for
access to by Securities and Exchange Commission, question re
staff supplying information
without specific Board approval,
request granted
Status of proposed revised form and
reporting program reviewed
Development of list of unregulated
lenders in connection with proposed supplement to initial response with more detailed periodic reporting, understanding
with respect to
F.R. Y-1, and F.R. Y-2, application forms under
Bank Holding Company Act of 1956,
proposed revision tentatively
adopted by Board, notice to be
published in Federal Register
for comments
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/2
801, 812
6/7
2083
3/2
801, 812
9/19
3583, 3598
8/28
3244, 3286
2/21
680, 698
2/21
683
3/8
844
7/23
2786
1962
544
Pages
Forms: (continued)
F.R. Y-1, and F.R. Y-2: (continued)
Proposed drafts sent to Presidents of Federal Reserve Banks for comments,
with letters to Comptroller of
the Currency, Department of
Justice, Association of Registered Bank Holding Companies,
notice to be transmitted to
Federal Register
G.7., "Assets and Liabilities of All Banks in
the United States and a Consolidated Condition Statement for
Banks and the Monetary System,"
revision of, and of related
tables published in FRBulletin,
proposed by Division of Research
and Statistics, agreed staff develop memorandum re, and that
Governor Balderston confer with
staff in connection with
Income and dividends reports:
Staff to explore possibility of obtaining
midyear reports from a limited
sample survey of member banks
on a simplified form containing
items used in the semiannual
press statement (E.5), letter to
Presidents of all FRBanks requesting views
Forms to be sent to all FRBanks for reports
for the calendar year 1962
K.3, "Changes in State Bank Membership", agreed
to publish suspensions from membership in the FRSystem in the
Board's press statement, considered in connection with information received from the
FRBank of Dallas re the closing
of First State Bank, Premont,
Texas
L.5.3. and L 5.4., statements "Borrowings from
FRBanks", release of 1961 data
in, by FRBank of St. Louis as
requested for use in doctoral
dissertations on member bank
borrowings, no objection by
Board
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/30
3329, 3339
1/16
180
4/18
1400, 1420
11/21
4451
1/5
50
2/12
504, 533
1962
545
Pages
Forms: (continued)
Time certificate of deposit, proposed form for
use by Mohawk National Bank,
Schenectady, New York, reply
approved
Unregulated lenders:
Reports on F.R. 728 requested by Securities and Exchange Commission,
staff to supply information
without specific Board approval
Development of list for supplement with
more detailed reporting re
Fuller Company, George A., contractors:
Contract for installation of fallout shelter
facilities in Board's garage,
authorized
Secretary authorized to execute on behalf
of Board
Gas Natural Colombiana, S.A., Barranquilla, Colombia,
consent granted to Chemical International Finance, Ltd., New
York, N. Y., to purchase and
hold shares of
General Services Administration:
Agreement with, under which FRSystem would be
afforded economies of multiple
group communication tariffs
offered by American Telephone
and Telegraph Company approved,
advice to Chairman of Presidents'
Conference
Federal Telecommunications System, Mr. Kelleher
designated as Board's official
with whom GSA can coordinate in
connection with development of
a new, advice to
Typewriters, electric, eligibility standards re
purchase of, discussed in consideration of proposal re purchase of electric typewriters
by Board
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/15
1826, 1830
2/21
680, 698
3/8
844
9/12
3433
9/28
3727
10/24
4042, 4050
10/25
4064, 4077
4/27
1511
4/24
1458
1962
546
Pages
Cold:
Earmarked, held in custody by FRBank of New York
for foreign central banks, proposed revised procedure for examination of, involving test checking, no objection
Loans on, request to FRBank of New York for a
six months loan on gold by Banco
de la Republica de Colombia, discussion in light of Board policy
under which loans would not be
made for more than three months
unless justified by exceptional
circumstances, Mr. Sammons authorized to inform the FRBank of New
York that the Board would be prepared to approve
FRSystem procedures to be reviewed, suggestion that Board discuss with
President Hayes, FRBank of New
York, with respect to
Understanding reached with staff of FRBank
of New York re advising Board of
prospective loans prior to presentation to the Board of Directors
reported by Mr. Young
Reserves against FRnotes, proposed legislation
to authorize issuance of FRnotes
to replace supply of silver certificates, Board favors gradual
replacement to moderate any effect on the statutory minimum
gold certificate reserve, report
to Bureau of the Budget
Vault facilities for earmarked:
Proposed building alterations by FRBank of
New York to provide, in view of
existing questions, agreed to
explore further and obtain views
of FRBank of New York before
reaching a decision, possibility
of taxation upon foreign central
banks if gold was held under earmark in States other than New York
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/3
22
2/23
703
8/14
3110, 3112
8/15
3125
2/5
411, 428
12/5
4625
1962
547
Pages
(continued)
Vault facilities for earmarked: (continued)
Discussion with Mr. Hayes, President of
FRBank of New York re, suggestion by Governor Robertson that
the New York Bank review a previous emergency planning study
referring to the possibility of
using vault facilities at West
Point
First half of 1963 budget accepted with the
understanding that current expenses in the budget period
would not include cost of expanding
Gold markets:
Report by Mr. Young on developments in foreign
exchange and, following the
Cuban crisis
Good, Richard A.,Dr., to conduct two 18-week semesters in a course entitled "Introduction to Mathematical
Economics", with understanding
re compensation, in connection
with Board's Employee Training
and Development Program
Government securities:
Authority of FRBanks to purchase direct from
Treasury:
Bill proposed by Treasury to extend for
two years, report to Budget
Bureau approved
S. 3291, a bill to amend section 14(b) of
the FRAct to extend, favorable
report to Chairman Robertson of
the Senate Banking and Currency
Committee approved
H.R. 11654, a bill to amend section 14(b)
of the FRAct to extend, favorable report to Congressman
Spence, Chairman of the Committee on Banking and Currency,
approved
S. 3291, enrolled bill to amend sec. 14(b),
FRAct, to extend for two years,
report sent to Budget Bureau
Gold:
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/18
4800
12/19
4834, 4846
10/25
4064
7/6
2547
5/2
1605, 1627
5/22
1900, 1920
6/13
2147, 2158
6/27
2387, 2399
1962
548
Pages
Government securities: (continued)
Disappearance of Treasury certificates of indebtedness:
FRBank of San Francisco, held in vault of,
for the account of a member bank,
disappearance reported to Board,
noted that Mr. Smith had gone to
8/15
San Francisco for consultation re
Question re informing press re, after
receipt of views from the Treasury Department and Secret Service, Chairman Martin was informed by the Bank that no public
9/6
release would be made at present
FRBank of Richmond, being held in vault of,
for collateral to tax and loan
account of a nonmember bank,
disappearance discovered in
course of current examination
of FRBank of Richmond, reported
by Mr. Solomon, General Auditors
8/27
being contacted
Procedures followed by Board's examiners and by Secret Service to
determine presumptive cause for,
11/19
reviewed by Mr. Smith
Open market operations of FRSystem, possible
publication of statistical data,
including operations for the
account of the Treasury, relating more directly to dealer
operations, understood matter
would be discussed by Mr. Thomas
with Mr. Roosa or Mr. Daane, Trea2/15
sury Department
Open market transactions of FRSystem, Annual Report Table No. 5 re, recommendation re expansion to include
monthly data for outright transactions in Government securities
for certain maturity groupings,
2/15
approved
Refunding, advance by Treasury, 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 Depts.
discussed during money market
2/16
review
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3126
3366
3212
4378
571
571
597
1962
549
Pages
Government securities: (continued)
Telegraphic transfer of, uniform System policy re
charges for "JAPNU wires" recommended by the Subcommittee on
Fiscal Agency Operations and approved by the Presidents' Conference, no objection by Board
Understood that no charge would be made to
member banks but that a charge
would be made to the Treasury
on a leased wire cost basis
Greatamerica Corporation:
Stock of First Western Bank and Trust Company,
Los Angeles, California, proposed sale by Western Bancorporation to, specific transaction
does not require Board approval,
advice to Covington and Burling
Certain variation in terms of sale does not
alter Board's conclusion no approval or action of Board required, advice to Covington &
Burling
Grier, Barron K., attorney, Washington, D. C., granted
permission in the matter of Continential Bank and Trust Company,
Salt Lake City, Utah, to file a
reply to "Statement of Board
Counsel in Response to Demand for
Particulars" and in reply to Board
Counsel's "Memorandum in Reply to
Respondent's Motion to Produce",
advice to
Guthmann, Harry, Professor of Finance, Northwestern
University, letter received from,
re certain material in proxy
statement distributed by General
Bancshares Corporation in connection with proposed acquisition
of Commercial Bank of St. Louis
County and Lindbergh Bank, relating to certain transactions of
officers and directors and re
price set for shares of the two
banks, discussion
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/2
395, 400
2/2
400
12/3
4597, 4605
12/13
4758, 4775
6/25
2302, 2331
4/10
1322
1962
550
Pages
Harbeson Hough Livingston & Larson, Philadelphia,
Pennsylvania (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
Conference with, reported by Governor Shepardson
Mr. Harbeson authorized to proceed with review of plans for
possible annex to Board's building, with understanding re total
cost of review
Agreement to be cleared with Board before execution
Concurrence in Governor Shepardson's understanding re authorization to negotiate
a new contract with architects
Governor Shepardson authorized to proceed with
final details of contract, upon
completion the Secretary authorized to execute it on behalf of
the Board
Hart, Janet, formerly of Board's staff, presently
residing in Mexico City, designated as an ad hoc representative
of Board to attend this year's
sessions of Center for Latin
American Monetary Studies
Haskins & Sells:
Audit of Board's accounts for 1962, selection
of, to conduct, advice to
Audit function, internal, at FRBank of New York,
noted that review of, was to be
made by
Review made by, question re adequacy of procedures in auditing System Open
Market Account, reply by Mr.
Smith
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/24
1468
5/24
1931
9/12
3435
9/27
3692
11/2
4224
4/16
1377
4/9
1282, 1297
7/23
2791
11/19
4377
1962
551
Pages
Haskins & Sells: (continued)
Examination and supervision of FRBanks, procedural changes in, to be submitted to, for views in preparation for further consideration
by the Board, as suggested by
Governor Robertson
Headquarters:
Starr, Donald O., Assistant FRExaminer, change
in official headquarters from
Washington, D. C., to El Paso,
Texas, approved
Tyndall, Linwood N., Assistant FRExaminer, official headquarters changed from
Washington, D. C., to Jacksonville, Florida, effective immediately
Westmoreland, Robert N., Jr., Assistant FRExaminer, change in official headquarters from New Orleans, La.,
to Washington, D. C., effective
immediately
Hearings:
Bank holding company cases:
Marine Midland Corporation, Buffalo, New
York:
Question re statutory requirement of
Bank Holding Company Act of 1956
to hold hearing on, in light of
receipt by Board of adverse recommendation from Comptroller of
the Currency after expiration of
30-day period provided by law
Wisconsin Bankshares Corporation, Milwaukee,
Wisconsin:
Question re statutory requirement of
Bank Holding Company Act of 1956
to hold hearing on, in light of
receipt by Board of adverse recohunendation from Wisconsin Commissioner of Banks after expiration of 30-day period provided
by law
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/20
4857
3/7
833
12/3
4601
8/22
3175
6/18
2184
6/18
2190
1962
552
Pages
Hearings: (continued)
Bank merger and bank holding company applications
to be made available for public
inspection in cases where public
oral presentations, or public
hearings are ordered, except
such portions where disclosure
would not be in the public interest, amendment to Board's Rules
of Procedure re, approved, Gov.
Mills dissenting
Continental Bank and Trust Company, Salt Lake
City, Utah:
Show Cause Hearing:
Order continuing date of, said hearing
to be private, approved, Governor
Robertson not participating,
David F. Doyle, Sr., Hearing
Examiner, National Labor Relations Board, designated Hearing
Examiner
Proceeding before the Board, services
of Raymond E. Talbot, examining
staff, FRBank of New York, to be
borrowed by Board's Legal Division to assist in preparation
of material in connection with
Requests by counsel for, that Show
Cause Hearing be made open to
public and that the place of
hearing be changed from Salt
Lake City Branch to some other
building in Salt Lake City, reply to both questions approved
Order making Show Cause Hearing open
to public approved and issued
Request that forthcoming Show Cause
Hearing be held elsewhere than
FRBranch building at Salt Lake
City, letter denying request
approved
Proceeding before Board, "Motion to
Dismiss and Demand for Final
Order" filed by counsel for,
noted by Mr. Hackley
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/12
138, 151
5/28
1960, 1972
5/31
1988
6/8
2098, 2111
6/8
2098, 2113
6/26
2336, 2370
6/27
2388
1962
553
Pages
Hearings: (continued)
Continental Bank and Trust Company, Salt Lake
City, Utah: (continued)
Show Cause Hearing: (continued)
Permission granted for filing of comments on a "Memorandum in Opposition to Respondent's Motion to
Dismiss and Demand for Final
Order"
Due to lack of quorum resulting from
abstention of Governor Robertson
in all matters re litigation
with, action ratified, Governor
Robertson not participating
Order continuing date of, from July 23
to September 10, 1962, issuance
approved, Governor Robertson
attending discussion but not
participating
Proceeding before the Board, plans of
Mr. O'Connell, Board Counsel, to
travel to San Francisco to confer
with witnesses who are to appear
at, reviewed, agreement re
Respondent's motion to dismiss, denied
by order of Board
Procedure re, discussed, receipt of
Continental's Acceptance of
Stipulation noted
Agreement re proceeding with respect
to, letter to Continental re
stipulation of record approved
Question re procedures re, in light of
developments as reported by Mr.
O'Connell from Salt Lake City,
understanding re notifying
Messrs. Powell and Chase of possibilities
Order continuing date for, issued following discussion and telephone
conversation with Mr. O'Connell
in Salt Lake City
Scheduled to commence October 29, 1962,
instructions to Mr. Doyle, Hearing Examiner, with respect to,
in light of formal acceptance of
previously submitted plan by Mr.
Sullivan terminating capital adequacy proceeding
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/6
2545, 2552
7/9
2554
7/11
2594, 2664
7/12
2682
8/6
2973, 2997
8/27
3199
8/29
3290, 3320
9/6
3363
9/7
3378, 3402
10/11
3895, 3917
1962
554
Pages
Hearings: (continued)
Continental Bank and Trust Company: (continued)
Show Cause Hearing: (continued)
Press release issued re termination of
proceeding
First Oklahoma Bancorporation, Oklahoma City,
Oklahoma, application for formation of bank holding company,
pros and cons discussed re possibility of holding oral presentation or public hearing with respect to, agreed matter to be
considered further at another
meeting
Agreed to hold public hearing, Governor
Mills dissenting, staff to make
necessary arrangements, notice
of Order for Hearing issued
Application for approval of acquisition
of shares of First National Bank
and Trust Company of Oklahoma
City, Oklahoma, and Idabel National Bank, Idabel, Oklahoma,
arrangements re hearing reported,
anticipated that C. W. Schneider
would serve as Hearing Examiner,
Mr. O'Connell as Board Counsel,
assisted by Mr. Leedy, General
Counsel and Secretary, FRBank
of Kansas City
Charles W. Schneider selected by Civil
Service Coumdssion to conduct
formal hearing, and designated
by Board as Hearing Examiner,
report by Mr. O'Connell re certain motion filed in case, understood Mr. O'Connell to proceed
in his discretion
Order denying motion to extend date for
hearing and motion for special
permission to appeal adverse
ruling of 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
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/29
4126, 4140
3/16
914
4/9
1271, 1293
4/13
1364
5/15
1828
6/1
2014, 2027
6/4
2034, 2047
1962
555
Pages
Hearings: (continued)
First Oklahoma Bancorporation: (continued)
Order for public oral argument issued
Order denying motion re postponement of
oral argument, reopening of
hearing record or remanding
proceeding and record to hearing examiner
First Wisconsin Bankshares Corporation, Milwaukee, Wisconsin, application
to acquire stock of Merchants
& Savings Bank, Janesville,
Wisconsin, procedural question
in light of statutory requirements 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 presentation
before Board
Hearing Examiners:
Doyle, David F., Senior Hearing Examiner,
National Labor Relations Board,
designated Hearing Examiner in
Continental Bank and Trust Co.,
Salt Lake City, Utah, Show Cause
Hearing ordered by Board
London, David, Hearing Examiner, National
Labor Relations Board, selected
by Civil Service Commission to
serve as Hearing Examiner in
hearing re application of TransNebraska Co., Lincoln, Nebraska,
to become bank holding company
Ringer, William R., of National Labor Relations Board, designated to conduct hearing in connection with
request by Virginia Commonwealth
Corporation, Richmond, Virginia,
for determination pursuant to
section 4(c)(6) of Bank Holding
Company Act re activities of
Virginia Standard Corporation,
and State-Wide Insurance Corporation, Inc.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/5
10/11
3816, 3840
3886, 3913
6/18
2190
5/28
1962
8/27
3213
12/21
4954
1962
556
Pages
Hearings: (continued)
Hearing Examiners: (continued)
Schneider, Charles W., Hearing Examiner,
National Labor Relations Board,
anticipated service as Hearing
Examiner in hearing re application of First Oklahoma Bancorporation, Inc., Oklahoma City, Okla.,
for approval and acquisition of
shares of First National Bank
and Trust Company of Oklahoma
City, and Idabel National Bank,
Idabel, Okla., reported
Selected by Civil Service Commission
to conduct formal hearing, and
designated by Board to serve as
Hearing Examiner
Selected by Civil Service Commission
to serve in connection with
public hearing re application
of Marine Corporation, Milwaukee,
Wisconsin, to acquire stock of
Beloit State Bank, Beloit, Wis.
House Banking and Currency Committee:
Question re hearings by, on bills re composition of, Board of Directors
of FDIC and 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, bill to amend section 24, FRAct,
to liberalize lending limitations
on real estate and construction
loans by national banks, reply
to letter from Comptroller of the
Currency commenting on Chairman
Martin's testimony before the
H.R. 10162, a bill to amend Bretton Woods
Agreements Act authorizing U. S.
to participate in loans to International Monetary Fund, discussion re draft statement to be
presented by Chairman Martin in
connection with hearings by, understood that revised draft would
be prepared satisfactory to the
Chairman
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/13
1364
5/15
1828
7/18
2754
2/19
629
8/14
3101, 3119
2/27
748
1962
557
Pages
Hearings: (continued)
House Banking and Currency Committee: (continued)
H.R. 12501, a bill to amend section 23A,
FRAct, information from the
Budget Bureau that hearing would
be held tomorrow re, incorrect
H.R. 12577, bill to place authority over
trust powers of national banks
in Comptroller of the Currency,
rather than Board, Mr. Solomon
designated to represent Board
in testifying before, draft of
statement distributed
H.R. 12825, 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, Mr.
Solomon designated to testify
on behalf of Board at hearings
before, draft of statement distributed
S. 1005, a bill providing for repeal of
present legal restrictions on
funds available for construction
of FRBranch Bank buildings,
draft statement to be given by
Vice Chairman Balderston before
the, to be revised and presented
in final form satisfactory to
Governor Balderston
Statement to be presented by Chairman Martin
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 Chm. Martin
Testimony of Mr. Solomon on behalf of Board
before Subcommittee of, with respect to two banking bills, comments by Mr. Solomon re
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/8
3029
8/13
3079
8/13
3079
5/7
1746
7/18
2754
8/15
3127
1962
558
Pages
Hearings: (continued)
Joint Economic Committee:
Hearings on Economic Report of President,
1962, draft of testimony by
Chairman Martin to be revised
in light of discussion and suggestions
Subcommittee on Economic Statistics, of the,
hearings on measurement of productive capacity, Mr. Frank de
Leeuw, of Board's research staff
authorized to participate
Subcommittee on Economic Stabilization,
Automation, and Energy Resources
of the statement to be presented
by Chairman Martin before, on
subject of credit conditions and
inventory investment, reviewed,
agreed statement be revised in
form satisfactory to Chairman
Martin
Marine Corporation, Milwaukee, Wisconsin, application to acquire stock of
Beloit State Bank, Beloit,
Wisconsin, 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
Marine Midland Corporation, Buffalo, New York,
application to acquire stock of
Security National Bank of Long
Island, Huntington, New York,
procedural question in light of
statutory requirement to hold
hearing since adverse recommendation of Comptroller of the
Currency not received by Board
until after expiration of 30-day
period provided by law, agreement
re procedure re possible oral
presentation, Governor Robertson's
reservations having been noted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/22
231
4/18
1393
7/12
2682
7/18
2752,2760-62
7/18
2754
6/18
2184
1962
559
Pages
Hearings: (continued)
Milwaukee, Wisconsin, possible establishment of
branch of FRBank of Chicago at,
question re holding "public hearing" in connection with, agreed
to hold meeting in Board Room on
certain basis
Oral presentations in connection with bank merger
applications of Chase Manhattan
Bank, and Chemical Bank New York
Trust Company, both of New York
City no objection to granting
right to appear and make statements to those requesting such
privilege after expiration date
of time stipulated, names of
persons granted permission to
appear at, not to be published
but to be furnished in response
to legitimate inquiries, also in
case of Whitney Holding Corp.,
New Orleans, La.
Following discussion, amendment to Board's
Rules of Procedure re, approved,
Governor Mills dissenting
Transcripts, errata sheets for transcripts
of oral presentations to be prepared and filed with official
documents concerning applications of Chase Manhattan Bank,
Chemical Bank New York Trust
Company, Whitney Holding Corporation and United California
Bank
(Individual banks):
Asbury Park and Ocean Grove Bank, Asbury
Park, New Jersey, application to
merge with The Central Jersey
Bank and Trust Company, Freehold, New Jersey, with second
bank retaining its title, official staff, and main office
location, relinquishing only
its charter, and to operate
branches at present ten offices
of the Freehold bank, agreed
that both banks would be afforded
an opportunity for
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/11
2123
1/4
40
1/12
138, 151
2/7
444
5/7
1738
1962
560
Pages
Hearings: (continued)
Oral presentations: (continued)
Asbury Park and Ocean Grove Bank, Asbury
Park, N. J.: (continued)
Oral presentation arranged for May 25,
1962, order issued
Comments re scheduled oral presentation
Chase Manhattan Bank, New York, New York,
application to merge with Hempstead Bank, New York, request
that certain portions of application be kept confidential
in connection with, no objection
Reply from, to Comptroller of the Currency's letter to Board recommending against approval of application, included in brief
supplementing oral presentation,
understood errata sheets for
transcript of oral presentation
to be prepared and filed with
official documents
Review of, application denied with
Governors Mills and King dissenting
Chemical Bank New York Trust Company, New
York, New York:
Application to merge with Long Island
Trust Co., Garden City, New York,
request that certain portions of
application be kept confidential
in connection with, no objection
Application requested by Chairman Celler
of House Judiciary Committee, furnished by applicant bank with confidential material deleted, no
objection to granting right to
appear and make statements to
those requesting
Understood errata sheets for transcript
of oral presentation of, to be
prepared and filed with official
documents
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/7
1742, 1755
5/24
1931
1/4
39
2/7
443-44
4/6
1244
1/4
39
1/4
40
2/7
444
1962
561
Pages
Hearings: (continued)
Oral presentations: (continued)
Chemical Bank New York Trust Company: (continued)
After review of, application denied
with Governors Mills and King
dissenting
4/6
Dauphin Deposit Trust Company, Harrisburg,
Pennsylvania:
Application to merge with First National Bank of Mount Holly
Springs, Pa., possibility of
oral presentation discussed,
agreement against, prior to
announcement of Board's decision to deny
7/3
Reply to Martin P. Snyder, Counsel
for, re request for reconsideration of Board's denial of the
bank's application to merge with
The First National Bank of Mount
Holly Springs, Pa., and on opportunity to present the matter
orally before the Board, indicating that vote for denial by
five members with one dissent
provides no support to a peti10/24
tion for reconsideration
First Bancorporation of Florida, Inc.,
Orlando, Florida, application to
become a bank holding company by
acquisition of stock of certain
Florida banks, agreed that no
oral presentation would be held
6/25
First Oklahoma Bancorporation, Oklahoma
City, Oklahoma, application for
the formation of a bank holding
company, pros and cons discussed
re the possibility of holding an
oral presentation or a public
hearing with respect to, agreed
matter to be considered further
at another meeting
3/16
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1244
2521
4042, 4060
2295-97
914
1962
562
Pages
Hearings: (continued)
Oral presentations: (continued)
First Virginia Corporation, Arlington, Va.,
applications to acquire stock of
Farmers and Merchants National
Bank of Winchester, Va., Southern
Bank of Norfolk, Va., and Peoples
Bank, Mount Jackson, Va., question re holding oral presentation in light of questions re
two classes of common stock of,
agreed matter to be considered
when a full Board was present
Agreed to arrange meeting
First Wisconsin Bankshares Corporation,
Milwaukee, Wisconsin, application to acquire stock of Merchants & Savings Bank, Janesville, Wisconsin, agreed to
order an oral presentation
before the Board, order issued
Comments by Mr. O'Connell re arrangements for oral presentation
tomorrow
Marine Midland Corporation, Buffalo, New
York:
Application to acquire stock of
Security National Bank of Long
Island, Huntington, New York,
agreement re procedure to be
followed in connection with
possible oral presentation, in
light of unfavorable recommendation received from Comptroller
of the Currency after expiration of 30-day period provided
by law
Order for public oral presentation
issued, suitable date noted
Letter advising names of parties
granted permission to appear
at, and re private presentation
to Board of certain information
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/27
7/11
2377
2578, 2641
6/18
2190, 2209
8/6
2972
6/18
2184
7/23
2787, 2810
8/30
3327, 3337
1962
563
Pages
Hearings: (continued)
Oral presentations: (continued)
Marine Midland Corporation: (continued)
Request for permission to appear at
oral presentation denied, views
in writing will be given consideration, advice to Sidney
Friedman, New York, New York
Telegram to Sidney Friedman reaffirming Board's denial of request
to appear at oral presentation
Request from counsel for access to
certain testimony presented at
oral presentation before Board,
reply approved
United California Bank, Los Angeles,
California:
Application to merge Southwest Bank,
Inglewood, California, into,
arrangements for private oral
presentation made
Proceeding heard re, stenographic
report made with the understanding that a copy of the transcript
would be placed in the Board's
files
Errata sheets for transcript to be
prepared and filed
Application to merge with The First
National Bank of Vista, California, agreed that an opportunity for a public oral presentation should be accorded,
arranged for May 25, 1962, order
issued
Comments re scheduled oral presentation and re certain actions taken
in accordance with usual procedures
Oral presentation discussed, application denied, Chairman Martin and
Governor Shepardson voting to
approve
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/10
3406, 3417
9/13
3456, 3486
9/21
3615, 3645
1/16
182
1/25
294
2/7
444
5/7
1731, 1753
5/24
1931
6/11
2118
1962
564
Pages
Hearings: (continued)
Oral presentations: (continued)
Whitney Holding Corporation, New Orleans,
Louisiana:
Application to become a bank holding
company, names of persons granted
permission to appear at, not to
be published but to be furnished
in response to legitimate inquiries
Oral presentation held, stenographic
record of proceeding made, copy
of transcript placed in Board's
files
Request for comments by Mr. Saxon,
Comptroller of the Currency, on
views expressed at the public
oral presentation
Errata sheets for transcript of oral
presentation to be prepared and
filed with official documents
Productive capacity, measurement of, held by
Subcommittee on Economic Statistics of the Joint Economic Committee, Mr. Frank de Leeuw, of
the Board's research staff authorized to participate
Royal Canadian Commission on Banking and Finance,
appointment of Woodlief Thomas
as Consultant in the Board
Members' Offices for period
July 16-20, 1962 in order to appear at hearings of the, approved
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
Senate Banking and Currency Committee:
H.R. 7796, bill to amend section 24, FRAct,
to liberalize lending limitations
on real estate and construction
loans by national banks, understanding re statement to be made
by Mr. Solomon, on behalf of
Board at
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/4
41
1/17
207
1/31
349, 375
2/7
444
4/18
1393
6/27
2392
2/7
446
8/29
3315
1962
565
Pages
Hearings: (continued)
Senate Banking and Currency Committee: (continued)
H.R. 8874, a bill to authorize certain banks
to invest in bank service corporations, understanding re statement
to be made by Mr. Solomon, on
behalf of Board, at
H.R. 12577, a bill to place authority over
trust powers of national bank in
Comptroller of the Currency, understanding re statement to be
made by Mr. Solomon, on behalf
of Board, at
H.R. 12899, a bill to amend section 5155,
Revised Statutes, relating to
bank branches which may be retained upon conversion, consolidation, or merger, understanding re statement to be made by
Mr. Solomon, on behalf of Board,
at
Trans-Nebraska Co., Lincoln, Nebraska:
Application for prior approval of formation
of a bank holding company through
acquisition of stock of Martell
State Bank, Martell, Nebraska,
Sioux National Bank, Harrison,
Nebraska, and Crawford State
Bank, Crawford, Nebraska, agreed
formal public hearing be held,
Legal Division to make arrangements, order issued
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, Techumseh, Nebraska
Virginia Commonwealth Corporation, Richmond, Va.,
request for determination pursuant
to sec. 4(c)(6) of Bank Holding
Company Act re activities of
Virginia Standard Corp., and
State-Wide Insurance Corp., Inc.,
nonbanking subsidiaries of,
Notice of Request and Order for
Hearing approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/29
3315
8/29
3315, 3323
8/29
3315
8/8
3029, 3047
8/27
3213
9/4
3343, 3356
12/21
4953, 4965
1962
566
Pages
Hearings: (continued)
Virginia Commonwealth Corporation: (continued)
Mr. Ringer of the National Labor Relations
Board designated as Hearing Examiner
Holding company affiliates:
Chain banking through indirect controls, survey
requested by Congressman Patman,
Chairman, 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, distributed
to Board
Letter transmitting forms for use in obtaining information, and instructions,
sent to each holding company affiliate holding a general voting
permit
Financial reporting procedure of First Virginia
Corporation indicated change in,
agreed that representatives of
First Virginia Corporation and
SEC be invited to meet with
representatives of Legal and
Examining Divisions prior to
further consideration by Board
Board's views re change in, advice to
First Virginia Corporation
One bank cases:
Legislative proposal by Legal Division,
with proposed draft amendment
to section 3(a)(1), Bank Holding Company Act of 1956, relating to, discussed, certain loopholes noted by Mr. Solomon, proposal to be redrafted
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
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/21
4953, 4965
4/11
1339
5/28
1963, 1977
1/2
1
2/1
379, 387
1/8
62
1/10
83
1962
567
Pages
Holding company affiliates: (continued)
One bank cases: (continued)
Proposed amendments relating to, contained
in draft bill to amend the Bank
Holding Company Act of 1956,
submitted by Board to Senate
and House Banking and Currency
Coumdttees
Situation where two brothers control two
banks through different companies and thus combine small
loan activities with banking
operations, doubt expressed by
Governor Robertson that such a
situation would appropriately
fall under Board's rule re,
basis for determinations under
section 301 indicated by Mr.
Thompson
Readily marketable assets, reserves of, required under section 5144(c),
Revised Statutes:
Question re amount considered to constitute
1961 net earnings of Marine Midland Corporation, Buffalo, New
York, for purposes of determining
amount of, reply to FRBank of
New York approved
Question re including ownership of organization operating under sec. 25(A),
FRAct, in the determination of
aggregate par value of "bank"
stock controlled by a holding
company affiliate in the computing of, reply to FRBank of San
Francisco re Western Bancorporation
Statutory liability, as used in section 61(c),
Title 12, U.S. Code, question
whether the liability attached
to assessments for impairment
of capital is included in, reply to inquiry from John A.
Moore, Denver, Colorado, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/9
10/26
1284, 1299
4103,4104
4/3
1127, 1158
5/10
1779, 1790
5/31
1980, 1993
1962
568
Pages
Holding company affiliates: (continued)
(Individual names):
"A"-Standard Small Loan Corp., and Capitol Dairy
Co., both of Chicago, Illinois,
determined not to be holding
company affiliates of The Lawndale National Bank of Chicago,
Illinois, except for purposes
of section 23A
Comments by Governor Mills re apparent use
of banks as agencies for activities unrelated to the banking
business resulting in near practices of subterfuge
Intension of, to acquire stock of Capitol
Bank of Chicago, a new nonmember
in process of organization, would
not be cause for rescinding determinations
Anderson, J. Emil, & Son, Inc., Chicago, Illinois,
determined not to be holding company affiliate of Evanston Trust
and Savings Bank, Evanston, Ill.,
except for purposes of sec. 23A
of the FRAct
Vote unanimous but certain reservations expressed, ownership of bank shares
by officers of the applicant corporation noted and view expressed
by Governor Shepardson
Atico Financial Corporation, Miami, Florida, determined not to be a holding
company affiliate of Mercantile
National Bank of Miami Beach,
Florida, except for purposes
of section 23A
Bosch Brewing Co., Houghton, Michigan, determined not to be a holding company affiliate of Commercial
Bank of L'Anse, Michigan, except for purposes of sec. 23A
Brookwood, Inc., Tishomingo, Oklahoma, determined not to be holding co.
affiliate of First National
Bank of Wynnewood, Oklahoma,
except for purposes of sec. 23A
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/21
4950, 4956
12/21
4950
12/21
4952
10/24
4042, 4056
10/24
4043
9/12
3440, 3444
10/31
4185, 4210
12/21
4950, 4958
1962
569
Pages
Holding company affiliates: (continued)
Capitol Dairy Co., Chicago, Illinois:
SEE: Holding Company Affiliates:
"A" Standard Small Loan Corp.
Central Wisconsin Bankshares, Inc., Wausau,
Wisconsin, authorization for
issuance of general voting permit covering stock in First
American State Bank, Wausau,
Wisconsin, issuance to be made
upon banks admission to membership in the FRSystem
Commercial Associates, Inc., Pensacola, Fla.,
issuance of general voting permit to vote the stock of Commercial National Bank of Pensacola, Florida, authorized
Community Holding Company, Knoxville, Iowa, determined not to be a holding
company affiliate of the Community National Bank and Trust
Co. of Knoxville, Iowa, except
for purposes of section 23A
Conlon-Moore Corporation, Chicago, Illinois,
determined not to be a holding
company affiliate except for
the purposes of section 23A,
in connection with the holding
of stock of Commercial National
Bank of Berwyn, Illinois, and
First National Bank of Joliet,
Illinois
Financial General Corporation, New York, New
York:
Issuance of limited voting permits to vote
stock of Shenandoah Valley National Bank of Winchester, Va.,
and American National Bank of
Silver Spring, Md., authorized
Exempt from the requirements of the Bank
Holding Company Act in light of
registration under Investment
Company Act of 1940, possible
amendment repealing exemption,
letter to Senator Robertson,
Chairman of the Committee on
Banking and Currency
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/16
913, 940
12/12
4739, 4753
11/14
4312, 4333
10/3
3752, 3762
1/8
62, 76-77
4/9
1283, 1300
1962
570
Pages
Holding company affiliates: (continued)
Financial General Corporation, N. Y., N. Y.: (continued)
Issuance of general voting permit to vote
stock of American National Bank
of Silver Spring, Md., Shenandoah
Valley National Bank of Winchester,
Va., and National Bank of Harrisonburg, Virginia, authorized
8/28 3232, 3253
First Bank and Trust Co. of South Bend, Indiana,
determined not to be a holding
company affiliate of The First
National Bank of Rochester,
Indiana except for the purposes
of section 23A
4/30 1526, 1544
First Colorado Bankshares, Inc., Englewood,
Colorado, issuance of a general
voting permit to vote the stock
of The First National Bank of
Englewood, Colorado, and Lakeside National Bank, Lakeside,
Colorado, authorized
4/25 1474, 1491
First McKinley Corporation, Glenwood Springs,
Colorado, determined not to be
a holding company affiliate
except for the purposes of
section 23A in connection with
the ownership of stock of First
National Bank of Glenwood Springs,
37, 43
Colorado
1/4
First Virginia Corporation, Arlington, Va.:
Change in financial reporting procedure as
reflected by a preliminary prospectus filed with the Securities and Exchange Commission,
agreed that representatives of,
and the Securities and Exchange
Commission be invited to meet
with representatives of the
Legal and Examinations Divisions
prior to further consideration by
1/2
1
the Board
Indicated change in financial reporting
procedure, review of meeting
with representatives of, and of
meeting with representatives of
Securities and Exchange Commission, Board's views re such
2/1
379, 387
change sent to
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1962
571
Pages
Holding company affiliates: (continued)
Fitzgerald Insurance Agency, Inc., Yuma, Colo.,
determined not to be a holding
company affiliate of the Farmers
State Bank of Yuma, Colo., except for purposes of sec. 23A of
the FRAct
Florida, determined not to
Miami,
Hi-Vi, Inc.,
be a holding company affiliate
of Miami National Bank, Miami,
Florida, except for purposes of
section 23A
Investors Financial Corporation, New York, New
York, issuance of general voting
permit to vote stock of National
Bank of Harrisonburg, Va., authorized
Jamcor, Inc., Hewlett Bay Park, New York, determined not to be a holding company
affiliate of American Trust Co.
of New York, New York, except for
purposes of section 23A of the
FRAct
Lakeside Corporation, Gary, Indiana, determined
not to be a holding company affiliate of Gary Trust and Savings Bank, Gary, Indiana, except
for purposes of section 23A
Lenroc, Inc., Minneapolis, Minnesota, determined
not to be a holding company affiliate of Fidelity Bank and
Trust Co., Minneapolis, Minn.,
except for purposes of sec. 23A
Marine Midland Corporation, Buffalo, New York,
question of amount considered
to constitute 1961 net earnings
for purposes of determining
amount of reserve of readily
marketable assets required pursuant to sec. 5144(c), Revised
Statutes, reply to FRBank of New
York approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/24
4042, 4058
4/9
1270, 1289
8/28
3232, 3257
6/14
2163, 2170
1/11
113, 129
1/11
113, 131
4/3
1127, 1158
1962
572
Pages
Holding company affiliates: (continued)
Marine Corporation, Milwaukee, Wisconsin:
Issuance of a general voting permit to vote
the stock of Wisconsin State
Bank, Milwaukee, Wisconsin, and
National Manufacturers Bank of
Neenah, Wisconsin, authorized
Issuance of general voting permit to vote
stock of Marine National Bank
of Waukesha, Wisconsin, authorized
Miami Agency, Inc., Shawnee Mission, Kansas, determined not to be a holding
company affiliate of Miami County
National Bank, Paola, Kansas, except for purposes of section 23A
Morris Plan Corporation, New York, New York:
Issuance of limited voting permits to vote
stock of Shenandoah Valley National Bank of Winchester, Va.,
and American National Bank of
Silver Spring, Maryland, authorized
Issuance of general voting permit to vote
stock of American National Bank
of Silver Spring, Maryland,
Shenandoah Valley National Bank
of Winchester, Va., and National
Bank of Harrisonburg, Va., authorized
NCB Company of Waco, Texas, determined not to be
a holding company affiliate of
National City Bank of Waco, Texas
except for purposes of sec. 23A
Nichols Investment Corporation, Terre Haute,
Indiana, determined not to be
a holding company affiliate of
Farmers and Merchants Bank of
Monticello, Indiana, except for
purposes of section 23A, Governor
Robertson dissenting, discussion
re control, by two brothers, who
in turn control certain other
companies which combine small
loan activities with banking
operations
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/3
18, 27
11/26
4491, 4510
12/10
4686, 4706
1/8
62, 76-77
8/28
3232, 3254
9/12
3440, 3446
10/26
4103, 4107
1962
573
Pages
Holding company affiliates: (continued)
North Virginia Shares, Inc., New York, New York:
Issuance of limited voting permit to vote
shares of Shenandoah Valley National Bank of Winchester, Va.,
authorized
Issuance of general voting permit to vote
stock of Shenandoah Valley National Bank of Winchester, Va.,
authorized
Potomac Securities Corporation, Silver Spring,
Maryland:
Issuance of limited voting permit to vote
stock of American National Bank
of Silver Spring, Maryland, authorized
Issuance of general voting permit to vote
stock of American National Bank
of Silver Spring, Md., authorized
St. Joe Paper Company, Jacksonville, Florida, determined not to be a holding company affiliate of Jacksonville
National Bank, Jacksonville, Fla.,
except for purposes of sec. 23A
Western Bancorporation, Los Angeles:
Limited voting permit issued to vote the
stock of Southern Arizona Bank
and Trust Company, Tucson, Arizona, subject to stated conditions, advice to FRBank of San
Francisco
Issuance of general voting permit to vote
stock of Southern Arizona Bank
and Trust Company, Tucson, Arizona, authorized
Question by, re including ownership of an
organization operating under
section 25(A), FRAct, in the
determination of aggregate par
value of "bank" stocks controlled by a holding company affiliate in computing reserves required under section 5144, Revised Statutes, reply to FRBank
of San Francisco, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/8
62, 76
8/28
3232, 3256
1/8
62, 78
8/28
3232, 3255
10/31
4185, 4208
1/4
37, 45
5/9
1764, 1777
5/10
1779, 1790
1962
574
Pages
Holding company affiliates: (continued)
Whitney Holding Corporation, New Orleans, La.:
Issuance of limited voting permit to vote
stock of Crescent City National
Bank, New Orleans, La., and
Whitney National Bank in Jefferson Parish, La., authorized
Determined not to be a holding company affiliate of Whitney National Bank
of New Orleans except for purposes
of section 23A, and voting permit
not needed
Holidays:
December 24, 1962, to be considered a holiday for
purposes of compensation and leave,
in line with Executive Order No.
11064
Holland, Spessard L., Senator:
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,
approved subject to clearance
with the House and Senate Appropriations Subcommittees, advice
to Chairman of the Subcommittee
on Department of Commerce and
certain Related Agencies of the
Committee on Appropriations
No objection from Appropriations Subcommittees letter to Bureau of the
Budget authorizing payment
Home Loan Bank Board:
Mortgage interest rates, collection of information on, to be combined with information collected by FDIC, no
objection to inclusion in statements by FDIC indicating Board's
support of the proposal
Home Owners' Loan Act:
Legislation:
Draft bill to amend Federal Home Loan Bank
Act and, submitted by Federal
Home Loan Bank Board, following
discussion, understood letter report to Budget Bureau be redrafted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/2
11/28
1610, 1655
4536, 4547
12/3
4602
6/29
2418, 2433
6/29
2421, 2435
1/18
220, 227
3/9
860
1962
575
Pages
Home Owners' Loan Act: (continued)
Legislation: (continued)
Draft bill: (continued)
Unfavorable report transmitted to
Bureau of the Budget
Revised draft bill to amend Federal Home
Loan Bank Act and, permitting
broader authority for Federal
savings and loan associations
to engage in the financing of
multiples dwelling units, comments re, transmitted to Bureau
of the Budget
H.R. 13044, enrolled bill consisting of
amendments to the Federal Home
Loan Bank Act, and the, liberalizing the authority of the
Federal savings and loan association to lend on multi-unit
residential properties, report
to Bureau of the Budget indicating no objection
Hospitalization:
FRBank of Atlanta, inclusion of "student definition" clause in basic hospitalization plan of, approved by
Board, advice to, with copy to
all FRBanks
"Student definition" clause, inclusion in FRBank
hospitalization plans, views of
Presidents' Conference re, and
Board's position, discussed in
consideration of request from
FRBank of Atlanta
House, Holmes Butler & Jewell, Little Rock, Arkansas,
no objection for FRBank of St.
Louis to furnish information re
date and place of issue of certain FRnotes, to
Housing:
Developments in area of construction and:
Topic for discussion with FAC
Views of FAC re recent rise in housing
starts, FHA and VA applications,
and appraisal requests, expressed
in joint meeting with Board
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/16
913, 944
7/11
2571, 2638
10/3
3752, 3766
3/8
841, 853
3/8
842
6/28
2405
4/13
1363, 1370
5/1
1590
1962
576
Pages
Housing: (continued)
Legislation:
Home Owners' Loan Act and Federal Home Loan
Bank Act, draft bill to amend,
submitted by Federal Home Loan
Bank Board, following discussion,
understood report to Budget Bureau
be redrafted
Unfavorable report transmitted to Bureau
of the Budget
H.R. 13044, enrolled bill consisting of
amendments to the Home Owners
Act and the Federal Home Loan
Bank liberalizing the authority
of the Federal savings and loan
associations to lend on multiunit residential properties, report to Bureau of the Budget
indicating no objection
Housing Act of 1949, draft bill to amend
Title V of, providing an alternate method of financing rural
housing loans and for other purposes, proposed by Department of
Agriculture permitting that Department to obtain funds without
relying entirely on Treasury borrowing, report to Bureau of the
Budget
Revised draft bill to amend Title V to provide for insuring rural housing
loans, proposed by Department of
Agriculture, report sent to Budget
Bureau
Market:
Appraisal of current strength of, and high
proportion of multi-family housing starts, topic for discussion
with FAC
Extent to which multi-family housing starts
appear to be solidly based or
mainly speculative varieties,
funds are available for full
financing of multi-family units,
views re, expressed at joint
meeting with FAC
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/9
860
3/16
913, 944
10/3
3752, 3766
3/23
1038, 1046
4/3
1128, 1165
8/28
3232, 3258
9/18
3560
1962
577
Pages
Housing Act of 1949:
Title V:
Draft bill to amend, providing an alternate
method of financing rural housing
loans and for other purposes, proposed by Department of Agriculture
permitting that Department to obtain funds without relying entirely
on Treasury borrowing, report to
Bureau of the Budget
Title V:
Revised draft bill to amend, to provide for
insuring rural housing loans, proposed by Department of Agriculture,
report sent to Budget Bureau
3/23
1038, 1046
4/3
1128, 1165
3/1
3/2
784
799
fir
Imports:
Edge Act corporations financing imports into the
United States, question re appropriateness, 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
Further discussion
Impresora Mexicana, S.A. de C.V., Mexico, D.F., consent granted to Chemical International Finance, Ltd., New York,
N. Y., to purchase and hold shares
of
Income and dividends reports:
National banks, decision by Comptroller of the
Currency to eliminate midyear reports of, decision not to collect
the June 30, 1962 income and dividends reports from State member
banks, staff to explore possibility
of obtaining midyear reports from
a limited sample of member banks
on a simplified form, advice to
Presidents of all FRBanks requesting views
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/24
4/18
4042, 4050
1399, 1420
1962
578
Pages
Income and dividends reports: (continued)
National banks: (continued)
Letter to Office of Statistical Standards,
Bureau of the Budget, requesting
views re, submitting decision to
discontinue comparable reports
from State member banks, and
willingness to participate in an
integrated program for collection
of such data, copies of letter to
Comptroller of the Currency, FDIC,
and FRBank Presidents, matter to
be reconsidered in spring of 1963
State member banks:
Elimination of midyear, in light of action
by Comptroller of the Currency to
eliminate midyear reports of national banks, staff to explore
possibility of obtaining midyear
reports from a limited sample
survey of member banks on a simplified form containing items
used in the semiannual press
statement E.5, advice to Presidents of all FRBanks requesting
views
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 Comptroller of the
Currency, FDIC, and FRBank Presidents, matter to be reconsidered
in spring of 1963
Forms to be sent to all FRBanks for reports
for the calendar year 1962
Indebtedness and outside business activities:
FRBank of Boston:
Stock trading account operated by research
employee of, for speculative purposes, understood draft letter
to FRBank Presidents containing
specific reference to trading
in margin accounts be prepared
for consideration with full Board
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/20
2220, 2235
4/18
1399, 1420
6/20
2220, 2235
11/21
3/22
4451
1022
1962
579
Pages
Indebtedness and outside business activities: (continued)
FRBank of Richmond:
Margin accounts maintained by employee of,
with two brokerage firms, situation reviewed by Mr. Smith, agreed
that draft letter to FRBanks calling attention to undesirability
of speculative trading in securities be brought to Board for consideration
11/19 4378
FRBank employees:
Margin accounts maintained by, for speculative purposes, letter to FRBanks
containing specific reference to
situation to be prepared for consideration when full Board present
3/22 1025
Draft of letter to FRBanks calling attention to undesirability of speculative trading in securities by,
to be circulated to Board for consideration
11/19 4379
Officer of FRBank, service as director of corporation, question re making exception to Board's general policy
re outside business interests of
FRBank officers and employees,
in connection with question
raised by FRBank of Kansas City,
Board's views re
4/24 1463
(Individual names):
Abbott, E. L., Assistant Examiner, FRBank of San
Francisco, indebtedness to a national bank through the acquisition by that bank of his note to
the original nonbank lender,
noted, not permitted to participate in the examination of said
bank until indebtedness has been
liquidated
7/2
2503, 2512
Angel, Daniel R., Assistant Examiner, FRBank of
Richmond, appointment approved,
not to participate in examination of a national bank to which
he is indebted
8/28 3248, 3288
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1962
580
Pages
Indebtedness and outside business activities: (continued)
Bagwell, Fred L., Assistant Examiner, FRBank of
Richmond, appointment approved,
not to participate in examination
of a national bank to which he is
indebted
10/9
Bellotti, Louis M., Assistant Examiner, FRBank
of New York, appointment approved,
not to participate in examination
of a State member bank and a nonmember bank to which he is indebted
8/8
Bennett, Darrell Merlin, Assistant Examiner,
FRBank of Atlanta, appointment
approved, not to participate in
examination of a nonmember bank
to which he is indebted
1/3
Bergel, Carl W., Assistant Examiner, FRBank of
New York, appointment approved,
not to participate in examination of a nonmember bank to which
he is indebted
8/8
Bernahl, Gaylord, Examiner, FRBank of Chicago,
appointment approved, not to participate in examination of a nonmember bank to which he is indebted
5/14
Bird, Rodney T., Assistant Examiner, FRBank of
New York, appointment approved,
not to participate in examination of a nonmember bank to
which he is indebted
6/4
Black, Franklin J., Examiner, FRBank of Chicago,
appointment approved, not to participate in examination of a certain nonmember bank until indebtedness has been liquidated
12/14
Boote, Howard S , Jr., Assistant Examiner, FRBank
of Richmond, appointment approved,
not to participate in examination
of a national bank and a State
member bank to which he is indebted
8/8
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3852, 3861
3042, 3050
24, 31
3042, 3050
1819, 1824
2035, 2048
4785, 4786
3042, 3051
1962
581
Pages
Indebtedness and outside business activities: (continued)
Buckley, Charles L., Assistant Examiner, FRBank
of San Francisco, appointment
approved, not to participate in
examination of a national bank
to which he is indebted
Cain, Floyd A., Assistant Examiner, FRBank of
St. Louis, appointment approved,
not to participate in examination
of two national banks to which he
is indebted
Candito, Nicholas A., Assistant Examiner, FRBank
of New York, appointment approved,
not to participate in examination
of a State member bank to which
he is indebted
Chang, Victor, Assistant Examiner, FRBank of New
York, appointment approved, not
to participate in the examination
of a State member bank until indebtedness has been liquidated
Clark, Joseph A., Examiner, FRBank of New York,
appointment approved, not to participate in examination of a certain nonmember bank until indebtedness has been liquidated
Crane, Edward E., Assistant Examiner, FRBank of
Boston, appointment approved,
not to participate in examination of a national bank to which
he is indebted
Demoney, N. Edwin, Jr., Examiner, FRBank of
Chicago, appointment approved,
not to participate in examination
of a certain nonmember bank until
indebtedness has been liquidated
Dodd, Harold P., Examiner, FRBank of Dallas, appointment approved, not to participate in examination of a certain nonmember bank until indebtedness has been liquidated
DuVernay, Jay Brian, Assistant Examiner, FRBank
of Cleveland, appointment approved,
not to participate in examination
of a nonmember bank to which he
is indebted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/20
954, 976
7/17
2731, 2740
2/21
691, 701
2/23
708
6/27
2394, 2404
3/2
804, 817
12/14
4785, 4786
5/22
1912, 1927
5/31
1987, 2009
1962
582
Pages
Indebtedness and outside business activities: (continued)
Farber, Robert H., Jr., Assistant Examiner, FRBank
of Cleveland, appointment approved,
not to participate in examination
of two national banks until indebtedness has been liquidated
Gallucci, Eugene A., Assistant Examiner, FRBank
of New York, appointment approved,
not to participate in the examination of a nonmember bank until
indebtedness has been liquidated
Godwin, W. Norwood, Assistant Examiner, FRBank
of Richmond, appointment approved,
not to participate in examination
of a nonmember bank to which he
is indebted
Goggins, John J., Assistant Examiner, FRBank of
New York, appointment approved,
not to participate in examination
of a State member bank to which
he is indebted
Goodfellow, Allen F., Examiner, FRBank of San
Francisco, appointment approved,
not to participate in the examination of a given nonmember bank
until indebtedness has been liquidated
Graveman, Harry K., Examiner, FRBank of New York,
appointment approved, not to participate in examination of a certain nonmember bank until indebtedness has been liquidated
Gronquist, C. Robert, Assistant Examiner, FRBank
of New York, appointment approved,
not to participate in the examination of a certain national bank
Hall, Wayne C., Assistant Examiner, FRBank of
San Francisco, appointment approved, not to participate in
examination of a national bank
to which he is indebted
Hancox, George R., Assistant Examiner, FRBank
of Cleveland, appointment approved, not to participate in
examination of a national bank
to which he is indebted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/29
2431, 2464
3/22
1026, 1032
8/15
3127, 3129
2/21
691, 701
5/21
1881, 1897
6/27
2394, 2404
11/27
4531, 4534
3/2
804, 818
5/10
1784, 1804
1962
583
Pages
Indebtedness and outside business activities: (continued)
Hannigan, Edmond P., Assistant Examiner, FRBank
of New York, appointment approved,
not to participate in examination
of a national bank to which he is
indebted
8/8
Heffernan, Thomas R., Examiner for the FRBank of
New York, appointment approved,
not to participate in examination of a nonmember bank until
indebtedness has been liquidated
6/27
Hickory, Gary R., Assistant Examiner, FRBank of
Chicago, appointment approved,
not to participate in examination of a State member bank so
long as he owns stock in that
12/7
bank
Hines, Gerald F., Examiner, FRBank of Chicago,
appointment approved, not to
participate in examination of a
nonmember bank to which he is
indebted
5/14
Hook, W. W., Assistant Examiner, FRBank of San
Francisco, appointment approved,
not to participate in the examination of two national banks
until indebtedness has been liquidated
7/11
Huffman, Richard C., Assistant Examiner, FRBank
of Richmond, appointment approved,
not to participate in examination
of a nonmember bank to which he
10/10
is indebted
Jones, Robert William, Assistant Examiner, FRBank
of Boston, appointment approved,
not to participate in examination of a State member bank, a
national bank and a nonmember
bank so long as his indebtedness
11/26
thereto remains unliquidated
Kranik, Eugene C., Examiner, FRBank of New York,
appointment approved, not to
participate in examination of a
nonmember bank until indebted6/27
ness has been liquidated
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3042, 3050
2394, 2404
4677, 4684
1819, 1825
2636, 2669
3876, 3884
4506, 4516
•
2394, 2404
1962
584
Pages
Indebtedness and outside business activities: (continued)
Lamond, John P., Assistant Examiner, FRBank of
Philadelphia, appointment approved,
not to participate in examination
of a State member bank to which
he is indebted
5/3
Leedy, William H., General Counsel and Secretary,
FRBank of Kansas City, service
as director of a corporation for
remainder of year, question re
making exception to Board's general policy re outside business
interests of FRBank officers and
employees, Governor Robertson to
discuss matter with President
Clay
4/24
Lippert, John D., Assistant Examiner, FRBank of
Chicago, appointment approved,
not to participate in examination of a national bank to which
he is indebted
2/6
Loff, Roger A., Assistant Examiner, FRBank of
New York, appointment approved,
not to participate in examination of a nonmember bank to
which he is indebted
8/17
Matera, Pasquale A., Assistant Examiner, FRBank
of New York, appointment approved,
not to participate in examination of a State member bank to
which he is indebted
3/28
Mitchell, Sumner C., Jr., Assistant Examiner,
FRBank of San Francisco, appointment approved, not to participate
in the examination of a stated
national bank until indebtedness
has been liquidated
11/5
Morris, Norman, Assistant Examiner, FRBank of
Boston, appointment approved,
not to participate in examination of a nonmember bank to which
he is indebted
10/10
FRBank
of
Examiner,
New
Mulligan, Michael M.,
York, reappointment approved, not
to participate in the examination
of First National Bank of WilkesBarre, Pa., because of indebted2/14
ness
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1666, 1718
1463
438, 440
3135, 3149
1086, 1101
4243, 4252
3876, 3883
558
1962
585
Pages
Indebtedness and outside business activities: (continued)
O'Connor, John J., Assistant Examiner, FRBank
of Boston, appointment approved,
not to participate in examination of a national bank to which
he is indebted
3/2
Palmer, Donald W., Examiner, FRBank of Minneapolis,
appointment approved, not to participate in examination of a nonmember bank to which he is indebted
6/5
Pappas, Chris J., Examiner, FRBank of Chicago,
appointment approved, not to participate in examination of a nonmember bank to which he is indebted
9/21
Piskos, James A., Assistant Examiner, FRBank of
Chicago, appointment approved,
not to participate in the examination of an indicated national
bank until indebtedness has been
liquidated
6/13
Pollock, Melvin W., Assistant Examiner, FRBank
of Dallas, appointment approved,
not to participate in examination of a national bank to which
he is indebted
12/11
Rockwell, Thomas Everest, Assistant Examiner,
FRBank of San Francisco, appointment approved, not to participate
in the examination of a stated
nonmember bank until indebtedness
has been liquidated
4/18
Ruddy, William E., Assistant Examiner, FRBank
of Chicago, appointment approved,
not to participate in examination of a State member bank so
long as he is indebted to that
bank or owns stock therein
7/17
Schembri, Lawrence E., Examiner, FRBank of New
York, appointment approved, not
to participate in examination
of a nonmember bank until indebtedness has been liquidated
6/27
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
804, 817
2061, 2066
3627, 3647
2147, 2160
4717, 4736
1501, 1421
2731, 2739
2394, 2404
1962
586
Pages
Indebtedness and outside business activities: (continued)
Saltz, Richard J., Assistant Examiner, FRBank
of Chicago, appointment approved,
not to participate in examination of a State member bank to
which he is indebted
2/6
Spaulding, William S., Jr., Assistant Examiner,
FRBank of New York, appointment
approved, not to participate in
examination of two banks in which
he is indebted
8/17
Speer, William Thomas, Jr., Assistant Examiner,
FRBank of San Francisco, appointment approved, not to participate
in examination of a national bank
to which he is indebted
8/9
Stahl, James J., Examiner for the FRBank of New
York, appointment approved, not
to participate in examination of
a nonmember bank until indebtedness has been liquidated
6/27
Straub, Warren C., Assistant Examiner, FRBank of
New York, appointment approved,
not to participate in examination
of a nonmember bank
4/11
Sweeney, John J., Assistant Examiner, FRBank of
New York, appointment approved,
not to participate in examination of a member bank to which
he is indebted
8/17
Talbot, Raymond E., Examiner, FRBank of New
York, appointment approved, not
to participate in examination
of indicated nonmember bank
until indebtedness has been liq5/21
uidated
FRBank
of
Chicago,
apExaminer,
Jay,
Tomson, 0.
pointment approved,not to participate in examination of a
nonmember bank to which he is
5/24
indebted
Examiner,
FRBank
Trinklein, John P., Assistant
of Chicago, appointment approved,
not to participate in the examination of one nonmember bank and
4/11
one national bank
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
438, 441
3149, 3135
3062, 3067
2394, 2404
1350, 1360
3135, 3149
1881, 1894
1933, 1955
1350, 1361
1962
587
Pages
Indebtedness and outside business activities: (continued)
Upshaw, Robert B., Assistant Examiner, FRBank
of Richmond, appointment approved,
not to participate in examination
of a national bank to which he
is indebted or of a nonmember
bank as long as he owns stock
thereof
2/12
Watkins, Roy J., Assistant Examiner, FRBank of
San Francisco, appointment approved, not to participate in
examination of a nonmember bank
and a national bank to which he
is indebted
5/10
Watson, K. Brantley, possible re-employment by
FRBank of Richmond as Vice President and Senior Adviser, while
remaining consultant to McCormick
and Company, Baltimore, Md.,
question re such dual service,
Board's views to be transmitted
to President Wayne
5/28
Welman, Joseph C., Jr., Assistant Chief Examiner,
FRBank of St. Louis, appointment
approved, understanding not to
be involved in any examination
or administrative decision involving the Bank of Kennett, No.,
as long as ownership of stock is
held
4/30
Woods, Jay W., Examiner, FRBank of New York,
appointment approved, not to participate in examination of a nonmember bank until indebtedness
has been liquidated
6/27
Independent Bankers Association:
Visit to Board by Government Fiscal Policy Committee of the, agreement re extending invitation, question re
including plans for luncheon,
matter to be discussed with
Treasury Department
5/14
Index of industrial production:
Revision from 1957 base to 1957-59 base, recommendations re printing of pamphlet
with respect to, cost and distribution, overexpenditure in Board's
budget in connection with, approved
8/20
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
524, 537
1785, 1806
1962
1551
2394, 2404
1811
3152
1962
588
Pages
Index of industrial production: (continued)
Revision: (continued)
Article describing the revision to be published in FRBulletin
Industrial production chart book:
Charge for, to be eliminated effective with release of certain new data
Information:
Articles of Association of FRBanks, copies requested by Comptroller of the
Currency, telegram to FRBanks
from Board with respect to,
approved
Bank Holding Company Act, applications under,
request for confidential treatment of Exhibit E(3) concerning
character of management with respect to proposed application of
Marine Midland Corporation,
Buffalo, New York, to acquire
stock of Security National Bank
of Long Island, Huntington, New
York, advice to Phillips, Mahoney,
Lytle, Yorkey & Letchworth
Bank merger applications:
Request by counsel for The Chase Manhattan
Bank and Chemical Bank New York
Trust Company, that certain portions of, be kept confidential
in connection with scheduled
oral presentations, no objection,
applications furnished to Chairman Celler of the House Judiciary
Committee by applicant banks with
confidential material deleted,
names of persons granted permission to appear at oral presentations not to be published but to
be furnished in response to legitimate inquiries, also in the case
of Whitney Holding Corporation,
New Orleans, Louisiana
Public inspection of bank holding company
applications and, where a public
hearing or public oral presentation is ordered, except such portions that Board finds disclosure
would not be in public interest,
following discussion, amendment to
Board's Rules of Procedure re, ap
proved, Gov. Mills dissenting
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/20
3152
8/20
3153
3/20
951, 975
4/16
1376, 1380
1/4
39
1/12
138, 151
1962
589
Pages
Information: (continued)
Bank merger applications: (continued)
Announcement of Board's decisions re, question re immediate announcement,
with order and statement to follow, or withholding announcement
until order and statement can be
prepared, raised in connection
with four major cases under consideration, consensus no announcement to be made until order and
statement are issued
Question re release to public of copy of
application in case where no public hearing was held, understanding re, in light of availability
of application through other
channels
Banking structure, changes in, revised draft of
report prepared by Board's staff
for Senate Select Committee on
Small Business, reviewed, following certain changes and Governor
Mills' exception having been
noted, approved for transmittal
to Senator Sparkman
Copies of report to be furnished participants in seminar on competition
in banking
Borrowings from FRBanks, release of 1961 data in
statements L.5.3 and L.5.4 by
FRBank of St. Louis, as requested
for use in doctoral dissertation
on member bank borrowings, no
objection by Board
Branch banks:
Collection and possible publication of data
with respect to, 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
4/3
1130
11/6
4265
1/3
18, 28
1/3
20
2/12
504, 533
2/27
734
1962
590
Pages
Information: (continued)
Branch banks: (continued)
Deposit data, inquiry re confidentiality of
certain unpublished information
in reports of, received from
President, First National Bank
of San Jose, California, question re use of reports and Board's
authority to collect, reply approved, with edited copies to be
sent to FRBanks, Budget Bureau,
and Comptroller of the Currency
Chain banking survey:
Inquiries received from respondents as to
whether reports in connection
with, would be kept confidential,
understand reports would be made
available to the House Select
Committee on Small Business if
requested, consensus re Board's
response to such questions
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, New Jersey, discussion including reference to
subpoena power of Small Business
Committee, understood revised
draft of reply to be prepared
Reply to First National Bank of Sayreville, New Jersey approved,
copies of reply to be sent to
the FRBanks, understanding that
questionnaires submitted with
confidential proviso, be returned
Request for information with respect to
survey re, sent to member banks
and bank holding companies not
responding to previous request,
reply to Congressman Patman re
outcome of
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/25
2843, 2848
5/31
1985
6/8
2089
6/13
2142, 2156
7/24
2817,2840-41
1962
591
Pages
Information: (continued)
Chain banking survey: (continued)
Reports from bank holding companies and
member banks submitted in connection with, sent to Congressman
Patman pursuant to his request
Access to reports obtained by Board from
Valley National Bank and Arizona
Bank, Phoenix, Arizona, in connection with, requested by
Justice Department, majority of
Board decided to deny request
Chase Manhattan Bank, New York, New York, loan
made to Electronics Instrument
Company of America in connection with financing of oil property now owned by Lowe Petroleum
Corporation, request from Internal
Revenue Service for information
from examiner's work papers re
amount and name of endorser of
loan, release of information,
FRBank approved, Governors Mills
and King dissenting
Condition reports:
Milwaukee County, State member bank in, request by Department of Justice
for use of earnings and dividends
and, for years 1956 through 1961
for certain, in pending case involving Bank Stock Corporation
of Milwaukee, letter agreeing to
make reports available approved,
with Governor Mills dissenting
Morgan Guaranty Trust Company of New York,
New York, letter to Department
of Justice granting its request
that representatives of the Antitrust Division be permitted to
examine, in light of an investigation on possible violations
of the antitrust laws, explanation re Governor Mills' approval
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/12
11/16
3439, 3442
4356
6/22
2265, 2273
4/18
1388, 1419
6/29
2426, 2451
1962
592
Pages
Information: (continued)
Condition reports: (continued)
Departmental sales figures, in dollars,
for department stores in
Milwaukee, Wisconsin, requested
by Justice Department, agreement
that release of data would risk
disclosure of individual store
sales in violation of understanding with reporting stores, request must be declined, advice
to FRBank of Chicago
Disappearance of certain Treasury certificates
from FRBank of San Francisco,
question re informing press re,
following receipt of views from
Treasury Dept. and Secret Service, Chairman Martin advised by
Bank that no release would be
made at present
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 Business Equipment Manufacturers Association, request
approved, on reimbursable basis,
with certain understanding
Earnings and dividends reports and condition
reports for years 1956 through
1961 of certain State member
banks in Milwaukee County, requested by Department of Justice
for use in pending case involving
Bank Stock Corporation of Milwaukee
letter agreeing to make reports
available approved, with Governor
Mills dissenting
Examination reports:
Bank of Belmont Shore, Long Beach, Calif.,
(now Coast Bank), request from
attorney for 1958 report for
use in litigation, Board will
not make report available, reply
to FRBank of San Francisco including recommended procedure in
event subpoena duces tecum is
served
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/8
66, 81
9/6
3366
8/14
3103, 3120
4/18
1388, 1419
3/20
948, 959
1962
593
Pages
Information: (continued)
Examination reports: (continued)
Bankers Trust Company, New York, New York,
request on behalf of Internal
Revenue Service for access to
excerpts from certain reports
of, reply indicating request
should come directly from Internal Revenue
Continental Bank and Trust Company, Salt
Lake City, Utah, motion of, as
respondent in administrative
proceeding before the Board,
for production of confidential
sections of certain examination
reports of, denied
Irving Trust Company, New York, New York,
production of reports of examination of, ordered in suit of
Trans World Airlines, Inc.,
against Howard R. Hughes and
Hughes Tool Co., (in which
Irving Trust is also defendant),
Board declines to authorize such
production, advice to counsel
for, with request that Board be
advised if Special Master or
Court requires production
In light of request by Special Master,
Board authorized with stated
restrictions the production of
reports of examination of
Confidential portions of, authorized
with noted restrictions, ordered
by Special Master in suit of
Trans World Airlines, Inc., v.
Hughes, et al, advice to Winthrop
Stimson, Putman and Roberts
Panhandle State Bank of Borger, Texas,
(Former State member bank), request from attorney for page of
1953 report, and request from
Internal Revenue Service agent
to study entire report, for use
in pending tax suit, both requests
denied, Governor Mitchell dissenting
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/10
3405, 3415
8/6
2973, 2997
5/15
1827, 1835
5/22
1900, 1918
6/1
2013, 2023
4/2
1109, 1125
1962
594
Pages
Information: (continued)
Examiner's work papers, information from, re
amount and name of endorser of
loan made by Chase Manhattan
Bank, New York, New York, to
Electronics Instrument Company
of America in connection with
financing of oil property now
owned by Lowe Petroleum Corporation, requested by Internal
Revenue Service, release of
information approved, Governors
Mills and King dissenting
Federal Open Market Committee minutes:
Question re making 1961 minutes available
for public inspection in light
of possible release of Joint
Economic Committee staff document based on review of
Possible publication of, from 1950 to some
fairly current date, understood
Chairman Martin to take matter
up with the FOMC, question re
preparing commentary on the published minutes
FRnotes, no objection for FRBank of St. Louis
to furnish information re date
and place of issue of certain,
to House, Holmes, Butler and
Jewell, Little Rock, Arkansas
Foreign currency holdings of FRBanks, question
re making such information publicly available in FRBulletin
and in weekly press statements
issued by Board and FRBanks
understanding with respect to
Marine Midland Corporation, Buffalo, New York,
application re acquisition of
shares of Security National
Bank of Long Island, Huntington,
New York, understanding re procedure re request from attorney
for, for access to all correspondence addressed to Board with respect to application
Letter advising approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/22
2265, 2273
2/7
450
3/8
852
6/28
2405
2/16
602
9/13
9/21
3457
3615-3645
1962
595
Pages
Information: (continued)
Mortgage interest rates, collection of information by FDIC with respect to,
no objection to inclusion in
statements indicating Board's
support of the proposal, advice
to FDIC
Reports on competitive factors:
Access to public reports submitted to Board
by other bank supervisory agencies
and Department of Justice, on proposed mergers, discussion re circumstances under which Board would
release
Agreement to continue practice of referring
requests for reports received by
Board from Federal supervisory
agencies and Justice Department,
to originating agencies, agreement following report of procedures instituted by Comptroller
of the Currency
Request by Justice Department for receipt
of Board's, at same time as received by deciding agencies,
decision to comply with request
Deposit Guaranty Bank and Trust Company,
Jackson, Mississippi:
Report on proposed merger with Bank
of Hazlehurst, Mississippi, submitted to Board by Justice Dept.,
transmitted upon request to
W. S. Henley, Jackson, Miss.,
attorney for
Report received by Board from Justice
Department on proposed merger
with Rankin County Bank, Brandon,
Mississippi, requested by, in
light of possible reapplication
for permission to effect merger,
agreed to furnish, it having
been ascertained Justice would
not object
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/18
220, 227
4/2
1104
10/9
3851
4/25
1475, 1492
5/24
1929, 1941
11/19
4380
1962
596
Pages
Information: (continued)
Reports on competitive factors: (continued)
United California Bank, Los Angeles, Calif.:
Application to merge Southwest Bank,
Inglewood, California, into,
request from, for copies of reports submitted to Board by other
Federal supervisory agencies and
Department of Justice, granted,
pending check with agencies involved
Proposed merger with First National
Bank of Vista, California, request from, for reports submitted to Board by FDIC and
Justice Department re, denied,
Governors Robertson and Mitchell
dissenting
Requests for reproduction of punched cards containing banking data, not of a
confidential nature, staff authorized to comply with such requests
on reimbursable basis, with certain understandings
Rules of Organization and Procedure re disclosure
of unpublished information, copy
of Board's, with letter of explanation indicating changes in administrative practices and procedures
made during 1961 and 1962, sent
to Senator Carroll as requested
Security Trust Company, St. Louis, Missouri, inquiry from reporter for St. Louis
Post Dispatch as to whether bank
had withdrawn from membership in
FRSystem, understanding re procedure Mr. Molony should follow
in replying
Shareholders of banks, reporting of individual
names, staff to consider from a
legal standpoint question re, in
connection with request by Congressman Patman Chairman of the
House Select Committee on Small
Business, for a survey of member
banks re chain banking through
indirect controls
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/22
230
4/2
1104, 1124
8/14
3105
10/30
4143, 4162
6/22
2270
3/12
875
1962
597
Pages
Information: (continued)
Unregulated lenders reports on F.R. 728, request
for access to, by Securities and
Exchange Commission, question re
staff supplying information without specific Board approval in
light of Rules of Procedure, request granted, advice to SEC
Walker Bank and Trust Company, Salt Lake City,
Utah, copy of application to
merge with First National Bank
of Price, Utah, requested by
John D. Rice, stockholder of,
question re release of application in case where no public
hearing was held, understanding
re reply
Whitney Holding Corporation, New Orleans, La.,
letter containing recommtendation
of Comptroller of the Currency
Gidney re application to become
a bank holding company, made
available to attorney for three
banks petitioning for reconsideration of Board's order approving application, understanding
not to furnish letter from Mr.
Saxon
Suit filed in U.S. Circuit Court of Appeals for New Orleans District
to vacate Board's decision re
application to become a bank
holding company, request from
attorney that certain parts of
application be treated as confidential and omitted from appeal record, Board obliged to
place complete record in hands
of Justice Department, advice
to attorney
Suit filed in U.S. Circuit Court of Appeals
for New Orleans District, inquiry
from Justice Department re Board's
position in connection with proposal of attorney for, re treatment of certain exhibits in the
case of, reply approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/21
680, 698
11/6
4265
6/25
2279
7/25
2845, 2852
8/3
2930, 2969
@FedFRASER