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INDEX TO MINUTES OF BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1962 (PART 3) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 598 Pages Insurance: Credit unions, Federally chartered, recommendation re insuring shareholdings of, as contained in contemplated Presidential message on consumer protection, noted Employer's liability insurance, Board's policy with Liberty Mutual Insurance Company cancelled in light of ruling of Department of Labor that Board members, officers, and employees are covered by Federal Employees' Compensation Act Farmers Bank and Trust Company, Knox, Indiana, permission granted under membership condition numbered 1 to sell insurance, except life insurance FRBank of Atlanta: Hospitalization plan, inclusion of "student definition" clause in, approved by Board, advice to, with copy to all FRBanks FRBank of Kansas City: Blue Cross-Blue Shield hospitalization insurance, adoption of uniform basic program for Bank and its three branches, with absorption by Bank of 2/3 of premium costs approved FRBanks, expenditures re, draft of letter to FRBanks reviewing comments made by the Presidents' Conference and the Conference of Chairmen, staff requested to prepare new draft in light of Board's discussion, Governor Mills expressed concern re unwarranted invasion of the FRBanks authority to determine their own insurance program Revised draft of letter to FRBanks approved, no objection to discontinuance of certain insurance coverage or to arrangement for sharing losses http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/5 822 2/21 688, 700 2/14 548, 561 3/8 841, 853 9/21 3610, 3635 2/14 549 2/19 628, 644 1962 599 Pages Insurance: (continued) FRBanks, expenditures re: (continued) Inclusion of "student definition" clause in hospitalization plans of FRBanks, Presidents' Conference views re, and Board's position, discussed in consideration of request from FRBank of Atlanta with respect to 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 banks, but beneficial, advice to Chairman, Presidents' Conference Fidelity bonds, suggestions re continuing and redoubling efforts to convince banks of need for $1 million excess fidelity bonds, letter to FRBanks enclosing possible letter to be sent to State member banks that have not obtained, approved Loss Sharing Agreement, offering of rewards contemplated in, noted in connection with proposal of FRBank of Boston to offer reward in connection with holdup of U.S. mail truck in Plymouth, Mass., noted Suggestion by Governor Mills that Presidents' Conference might consider possible change in basis of loss distribution under, to conform with that used under proposed Agreement of Federal Reserve Banks Covering Fire and Other Risks Insurance companies: Directors of FRBanks, eligibility to serve as Class B, if officer of, question whether such business constitutes "commerce" and if it is too closely related to lending and finance business, relationship to policy re appointment of Class C directors noted, agreement re reply to FRBank of San Francisco http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/8 10/17 842 3941, 3966 2/28 764, 770 9/17 3551 10/17 11/8 3941, 3966 4295 1962 600 Pages Insurance companies: (continued) Directors of FRBanks: (continued) 1925 ruling precluding such service to be reaffirmed in letter to FRBanks at some time after end of year Luncheon invitation to investment officers of, in New York-Hartford area, authorized Inter-American Development Bank: Fiscal Agency Agreement with FRBank of New York, authorized in connection with proposed 20-year bond issue Sammons, Robert L., Adviser, Division of International Finance, services to be made available in connection with technical assistance mission to Ecuador as requested by, with understanding re salary, contributions to Retirement System, group life, and health insurance and travel expenses Interest rates: Mortgages, collection of information by FDIC with respect to, no objection to inclusion in statements indicating Board's support of the proposal, advice to FDIC discussion by Board and rates, interest Prime FAC re possible effect on economy of lowering of, reference to effect of interest rates on pressure for foreign loans Interlocking directorates: "Contiguous or adjacent": Washington, D. C., and Falls Church, Va., service of William A. Spaugh, Vice President of American Security and Trust Company, Washington, D. C., and director of Fairfax County National Bank, Falls Church, Va., prohibited under section 8 of the Clayton Act and Regulation L http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/8 4301 3/8 851 12/7 4672, 4679 2/26 720, 732 1/18 220, 227 9/18 3572 4/30 1526, 1549 1962 601 Pages Interlocking directorates: (continued) Exceptions permitting several interlocking directorates in certain circumstances contained in Regulation L, which were made by Board pursuant to section 8, Clayton Act, question re possible elimination of, raised by Congressman Celler, Chairman House Judiciary Committee, reply approved, views and comments of FRBanks re, included in reply First National Bank in St. Louis, Mo., inquiry re interlocking directorates of the St. Louis Union Trust Company, St. Louis, Mo., and, Board's conclusion re exception in section 8(6) of the Clayton Act advice to FRBank of St. Louis Marshall and Ilsley Bank, Milwaukee, Wisconsin, service of officers and directors of Silver Spring Bank, Milwaukee, Wisconsin, and, in event Bank Stock Corporation, which now owns controlling stock of the former, does not acquire controlling interest of the latter, question re applicability of paragraph (4), section 8, Clayton Act, reply to inquiry from FDIC approved, Gov. Mills' reservations having been noted Multi-bank stock holdings and, staff study of information on, based on data collected in chain banking survey, no objection to proposal St. Louis Union Trust Company, St. Louis, Mo., inquiry re interlocking directorates of First National Bank in St. Louis, Mo., and, Board's conclusion that exception in section 8(6), Clayton Act applicable, and that the common directors may continue to serve both institutions, advice to FRBank of St. Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/24 1930, 1945 7/17 2730, 2737 1/26 303, 313 12/10 7/17 4688 2730, 2737 1962 602 Pages Interlocking directorates: (continued) Silver Spring Bank, Milwaukee, Wisconsin, service of officers and directors of Marshall and Ilsley Bank, Milwaukee, Wisconsin, and, in event Bank Stock Corporation, which now owns controlling stock of the latter, does not acquire controlling interest of the former, question re applicability of paragraph (4), section 8, Clayton Act, reply to inquiry from FDIC approved, Gov. Mills' reservations having been noted Internal Revenue Code of 1954: Amendment to repeal section 601 of the, proposed, to supplement or conform with certain proposed amendments to Bank Holding Company Act of 1956 contained in draft bill submitted by Board to Senate and House Banking and Currency Committees Section 584(a): Trust funds, common, tax treatment under, need for clarifying legislation re, in connection with question re participation of funds held by banks as "custodian" under Uniform Gifts to Minors Act, views of Commissioner of Internal Revenue Internal Revenue Service: Examination, reports of Bankers Trust Company, New York, New York, excerpts from certain, requested by Bankers Trust Company on behalf of IRS, reply indicating request should come directly from, approved Panhandle State Bank of Borger, Texas, (former State member bank), pending tax suit between Bureau of Internal Revenue and bank, request from IRS agent to study entire examination report for 1953 of, for use in case, following discussion, request denied, Governor Mitchell dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/26 303, 313 4/9 1284, 1299 1/11 126, 127 9/10 3405, 3415 4/2 1109, 1125 1962 603 Pages Internal Revenue Service: (continued) Retirement system, reference to resolutions by Board of Trustees re securing favorable determination from, that Trust continues to qualify in certain respects under Internal Revenue Code Tax and withholding requirements on income, question whether reimbursements for costs incurred in transferring "old" employees within the Federal Reserve System are subject to, letter requesting decision sent to Trust funds, common, tax treatment under section 584(a), Internal Revenue Code, need for clarifying legislation in connection with question re participation of funds held by banks as "custodian" under Uniform Gifts to Minors Act, views of Commission of Internal Revenue International Bank for Reconstruction and Development: Currency exhibit, international, use of marked specimen of each denomination of FRnote, to be provided by Bureau of Printing and Engraving, for inclusion in, no objection by Board, Mr. Farrell to advise Mr. Howell, Treasury Department Fiscal Agency Agreement with FRBank of New York, amendment authorizing Bank to act as fiscal agent, approved in connection with bond issue of Amendment to include proposed issue of Two Year Bonds of 1962, approved bankers attending annual central Luncheons for meetings of International Monetary Fund, International Finance Corporation and, understood that appropriate arrangements would be made for such luncheons on Sept. 18 and 19 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/6 3361, 3373 11/6 4255, 4271 1/11 126, 127 5/10 1783 2/5 409, 427 9/13 3456, 3485 6/27 2391 1962 604 Pages International Bank for Reconstruction and Development: (continued) Meeting of International Monetary Fund and, forthcoming annual meeting, question re extension of invitations to FRBank Presidents raised by Gov. 2915 8/1 Mitchell, discussion Dinner for delegates of Working Party 3, Economic Policy Committee of Economic Cooperation and Develop2986, 2987 8/6 ment attending, authorized Visit to Board's offices by participants in Economic Development Institute of the, including luncheon, ap11/23 4481 proved International Business Machine Corporation, recommendation that purchase option agreement with, for rental of IBM Model 1410 computer system not include four type 729 magnetic tape units, approved, decrease 1/16 195 in cost of agreement noted International Factors A.G., a Swiss holding company in process of organization that would hold stock in factoring companies in various European countries, request of Boston Overseas Financial Corporation for permission to purchase stock of, staff to request supplemental 7/18 2742 statement 7/23 2782, 2800 Request approved, Governor Mitchell dissenting International Factors, N.V., a factoring corporation to be organized in The Netherlands, consent granted to Boston Overseas Financial Corporation, Boston, Mass., to purchase stock 798, 806 3/2 of International Factors Limited, London, England, request of Boston Overseas Financial Corporation, Boston, Mass., for permission to exercise conversion privileges to acquire stock in connection with purchase of convertible debentures of, staff to request supplemental 7/18 2742 statement 7/23 2782, 2800 Request approved, Governor Mitchell dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 605 Pages International Finance Corporation: Luncheons for central bankers attending annual meeting of International Monetary Fund, International Bank for Reconstruction and Development and, understood that appropriate arrangements would be made for such luncheons on September 18 and 19 International Monetary Fund: Loans to: Draft bill to amend the Bretton Woods Agreements Act authorizing the United States to participate in loans to, approved by National Advisory Council whose membership includes the Chairman of the Board, Board's views requested by Bureau of the Budget, discussion re possible problems involved re Board's comments on legislative proposals recommended by NAC Legislation favored, advice to Bureau of the Budget H.R. 10162, a bill to amend the Bretton Woods Agreements Act authorizing the United States to participate in loans to the, discussion re draft statement to be presented by Chairman Martin in connection with hearings by the House Banking and Currency Committee understood that revised draft would be prepared satisfactory to the Chairman Enrolled bill to amend the Bretton Woods Agreements Act to authorize the United States to participate in, to strengthen the international monetary system, report sent to Budget Bureau Luncheons for central bankers attending annual meetings of International Bank for Reconstruction and Development, International Finance Corporation, and, understood that appropriate arrangements would be made for such luncheons on September 18 and 19 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/27 2391 1/24 247 1/25 295 2/27 748 6/18 2184, 2202 6/27 2391 1962 606 Pages International Monetary Fund: (continued) Meetings and consultations with member countries, report by Mr. Young Meeting of International Bank for Reconstruction and Development and, forthcoming annual, question re extension of invitations to FRBank Presidents raised by Governor Mitchell, discussion Dinner for delegates of Working Party 3, Economics Policy Committee of Organization for Economic Cooperation and Development attending, authorized Inventories: Statement of Chairman Martin on credit conditions and inventory investments to be presented before Subcommittee on Economic Stabilization, Automation, and Energy Resources of the Joint Economic Committee, reviewed, agreed statement be revised in form satisfactory to Chairman Martin Investment Advisers Act of 1940: Amendment to section 202(a), proposed conforming with or supplementing certain proposed amendments to the Bank Holding Company Act of 1956 contained in draft bill submitted by Board to Senate and House Banking and Currency Committees Investment Bank Limited, Athens, Greece, consent granted to Bank of America, New York, New York, to the acquisition of shares of, with stated conditions Investment Bankers Association of America: Bonds, municipal revenue, inquiry whether certain transactions of banks in, are permissible under Paragraph 7, Section 5136, Revised Statutes, reply to, approved companies: Investment Open-end, review of previous interpretations of sec. 32 of Banking Act of 1933, with respect to, as requested by Charles H. Schimpff, Chairman, Investment Company Institute, Los Angeles, Calif., previous interpretation confirmed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/5 823 8/1 2915 8/6 2986, 2987 7/12 2682 4/9 1284, 1299 10/1 3740, 3744 4/9 1270, 1291 11/21 4446, 4460 1962 607 Pages Investment Company Act of 1940: Amendment to repeal section 3(c)(4), proposed, to supplement or conform 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 Companies registered under, possible elimination of exemption accorded under, in Bank Holding Company Act of 1956, possibility discussed by Senator Robertson and Chairman Martin Proposed amendment relating to, included in draft bill to amend the Bank Holding Company Act submitted by Board to Senator Robertson and Congressman Spence Investment Company of Nigeria Limited, Lagos, Nigeria, consent granted to Chemical International Finance,Ltd., New York, New York, to purchase and hold shares of Investments: Bank holding company systems, investment in stock of small business investment companies, interpretation superseding 1959 interpretation approved, to be published in Federal Register and FRBulletin, copies sent to each registered bank holding company Bank service corporations: H.R. 8874, bill to authorize certain banks to invest in, as means of obtaining data processing services, following discussion and approval of certain recommended changes in provisions of bill, report to Congressman Spence approved, Governor Mitchell's views having been noted to furnishing copies of objections No report to American Bankers Association and Association of Registered Bank Holding Companies http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/9 1284, 1299 4/9 1283 4/9 1284, 1299 10/24 4042, 4050 12/11 4714, 4727 2/26 715, 727 2/27 747 1962 608 Pages Investments: (continued) Bank service corporations: (continued) H.R. 8874: (continued) Statement to be presented by Chairman Martin before House Banking and Currency Committee, Subcoimnittee No. 1, reviewed and discussed, and to be revised in form suitable to Chairman Martin Report on substitute amendment adopted by Subcommittee No. 1, House Banking and Currency Committee, approved and sent to Congressman Spence Letter to Congressman Moorhead replying to his request for comments on letter from Secretary of Banking Myers of Pennsylvania, with respect to, approved Report to Chairman Robertson, Senate Banking and Currency Committee, approved Understanding re statement to be made by Mr. Solomon, on behalf of Board, at hearing before Senate Banking and Currency Committee, re Letter to FRBanks transmitting proposed statement to be issued to State member banks upon enactment into law and draft of proposed press release, approved Press statement approved for issuance if H.R. 8874 is enacted, could be converted into a joint release with FDIC if desired Enrolled bill to authorize investments in, by certain banks, report sent to Budget Bureau Signed into law on October 23, 1962, (Public Law 87-856), press release issued Private capital expenditures, inventory accumulation, profit motive, employment and unemployment in connection with, discussed in joint meeting with FAC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/18 2754 7/25 2844, 2850 7/25 2844, 2851 8/17 3132, 3142 8/29 3315 9/28 3706,3730-32 10/3 3752 10/10 3863, 3878 10/24 4047, 4062 9/18 3556 1962 609 Pages Invitations: Economists who spoke at meeting at Treasury Department, agreement re extending invitations to visit the Board as suggested by Governor Mitchell, list for Mr. Noyes to be prepared by Governor Mitchell Examiners' Conference dinner, list of persons to be invited to, approved 2/15 575 2/13 542 11j11 Jewel Tea Company: Coin shortage in the Chicago District, proposal by, to prepare supplies of scrip to be used as a substitute for Further reference to situation Not necessary to use scrip reported by Governor Mitchell Johnson, Joseph V., Tecumseh, Nebraska, request for continuance of the date for public hearing on application of Trans-Nebraska Co., Lincoln, Nebraska, for prior approval of action to become a bank holding company, request denied, advice to Judd & Detweiler, Inc.: The Federal Reserve System--Purposes and Functions, order for reprinting 50,000 copies of Fourth Edition of, to be placed with, approved Klein & Saks: Aufdenkamp, Jo Ann, Librarian, FRBank of Chicago, leave of absence without pay to accept assignment with, as library consultant to National Planning Council, Government of Liberia, Board interposes no objection http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/2 4223 11/14 4326, 4335 12/20 4872 9/4 3343, 3356 6/4 2035 11/8 4295, 4308 1962 610 Pages IILII Labor contract negotiated by New York Local 3 of the Electrical Workers Union, establishing a work week of five 5hour days, staff requested to prepare descriptive paper re Lagomarcino, Paul D., Jr., attorney, Okla. City, Okla., telegram containing renewal of motion that certain protesting banks he represents be admitted as parties in hearing re application of First Oklahoma Bancorporation,Inc., Okla. City, Okla., to become a bank holding company, reply denying motion for certain reasons,approved Leased wire system: Rental charges for, annual savings estimated in, in light of agreement with General Services Administration re multiple group communication tariffs offered by AT&T, noted Leaves of absence: Academic leave for completion of work on doctoral dissertations, understanding re policy, under Employee Training and Development Program Christmas: December 24, 1962, to be considered holiday for purposes of compensation and leave, in line with Executive Order No. 11064 Maternity leave: King, Jean C., Technical Editor, Division of Research and Statistics, reinstatement and salary following maternity leave approved Perkins, Juliann, Maid, Division of Personnel Administration, reemployment following, and salary approved Shirley R., Secretary, Office of the Sherman, Secretary, reemployment and salary following maternity leave approved to incorporate an extension amendment Regulations, of the period for the transfer and recrediting of sick leave in cases of breaks in service, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/22 232 6/4 2034, 2047 10/25 4079 6/21 2244 12/3 4602 11/7 4281 8/9 3063 6/29 2431 4/2 1112 1962 611 Pages Leaves of absence: (continued) Sick leave, amendment in regulations to incorporate an extension of the period for the transfer and recrediting of sick leave in cases of breaks in service, approved (Individual names): Anderson, Elsie E., Charwoman, Division of Administrative Services, leave without pay, for a period not to exceed 30 days, beginning with four hours on January 22, 1962, approved 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 Frost, Frederick L., Messenger, Board Members' Offices, placed on a leave without pay basis for period beginning 1:00 p.m., June 18, 1962, through July 31, 1962, with separation from Board at end of that period Grove, Myron A., Recruit Economist, Division of Research and Statistics, granted official leave in order to confer on his doctoral dissertation with his faculty adviser at Northwestern University, with understanding that he would travel at his own expense Holmes, Alan R., Assistant Vice President, FRBank of New York, granted leave of absence with pay to serve as personal assistant to the Under Secretary of the Treasury for Monetary Affairs for approximately six months, no objection No objection to extension of leave of absence with pay No objection to further extension of leave of absence with pay Keen, Nancy, Secretary, Division of Research and Statistics, granted period of leave without pay http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/2 1112 1/24 256 11/8 4295, 4308 6/25 2303 6/7 2070 1/16 180, 198 7/17 2729, 2732 9/6 3359, 3369 9/19 3587 1962 612 Pages Leaves of absence: (continued) King, Jean C., Technical Editor, Division of Research and Statistics, reinstatement and salary following maternity leave approved Morse, M. Elva, Statistical Clerk, Division of Research and Statistics, advance of sick leave approved Statistical Assistant, Division of Research and Statistics, leave without pay granted from June 25, 1962, through September 22, 1962 Mullin, Gail E., Economist, Division of Research and Statistics, granted leave without pay for certain period in order to accept a teaching assignment at Indiana University Neitzey, Norma L., Secretary, advance of sick leave approved Nelson, Elsie, Economist, Division of Research and Statistics, advance of sick leave approved Noyes, Edna Kiatta, Statistical Clerk, Division of Bank Operations, granted period of leave without pay Granted further extension of leave without pay with understanding Board's physician would ascertain through a physical examination whether her physical condition would permit her returning to active service O'Kane, John A., Vice President and General Counsel, of the FRBank of San Francisco, temporary appointment as Superintendent of Banks for the State of California, with leave of absence without pay for a period of three months, no objection by Board, advice to Federal Reserve Bank of San Francisco No objection to additional leave without pay for Mr. O'Kane to continue to act in above capacity http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/7 4281 3/21 996 7/6 2547 2/21 691 12/19 4837 3/26 1067 10/9 3852 12/3 4601 5/7 1747, 1760 8/6 2972, 2996 1962 613 Pages Leaves of absence: (continued) Perkins, Juliann, Maid, Division of Personnel Administration, reemployment following maternity leave and salary approved Peters, Ann M., Statistical Assistant, Division of Research and Statistics, advance of sick leave approved Reddick, Lettie, Charwoman, Division of Administrative Services, granted additional leave without pay Reeder, Ray M., Operator, Tabulating Equipment, Division of Administrative Services, reinstatement and salary following military leave approved Schott, Francis H., Manager, Foreign Department, FRBank of New York, no objection to arrangements for service in Office of Under Secretary of Treasury for Monetary Affairs for specified period, including leave of absence with pay Schwartz, Maurice H., Assistant to the Director, Division of Research and Statistics, permission granted to teach a course in data processing for management at George Washington University during the 1962 summer session, with the understanding that annual leave would be charged for a half-hour per day Sherman, Shirley R., Secretary, Office of the Secretary, reemployment and salary following maternity leave approved Skehan, Frances, Statistical Assistant, Division of Research and Statistics, granted extension of leave without pay Solomon, Frederic, Director, Division of Examinations, granted permission to deliver a lecture on bank capital during the August 1962 session of School of Banking at University of Wisconsin with the understanding that the lecture would be delivered while on annual leave and that he would accept $100 as compensation from the school http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/9 3063 9/19 3587 1/4 42 8/8 3042 9/21 3610, 3628 5/18 1876 6/29 2431 1/22 232 6/7 2070 1962 614 Pages Leaves of absence: (continued) Swerling, Boris C., Senior Economist, Division of International Finance, advance of sick leave approved Swindelhurst, Alice, Statistical Assistant, Division of Research and Statistics, granted extension of leave without pay until approval by the Retirement System of application re disability retirement Division of Research Economist, Wendel, Helmut, and Statistics, granted leave with pay for purpose of completing course work in residence and preparing for oral examinations requisite to his candidacy for a Ph.D. in Economics, from Columbia University Wickline, M. Callie, Nurse, Division of Personnel Administration, granted advance of sick leave Wood, Ralph C., Associate Adviser, Division of International Finance, granted period of leave with pay to accept appointment, without stipend, as a Federal Executive Fellow at the Center for Advanced Studies of the Brookings Institute Legislation: Absorption of exchange charges, reference to possibility of passage of legislation to make the laws applicable to the FDIC and the Board consistent with respect to Administrative Procedure Act: H.R. 9926, proposed revision of, report affirming Board's views previously expressed on an identical bill, approved for transmittal to Congressman Celler, Chairman of the House Committee on the Judiciary http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/25 4076 8/27 3215 6/21 2244 9/21 3626 11/26 4505 3/14 897 2/16 600, 612 1962 615 Pages Legislation: (continued) Area Redevelopment Act, referred to in connection with review of S. 3130, a bill authorizing the Secretary of Commerce to purchase evidences of indebtedness from lending institutions in redevelopment areas Authority of FRBanks to purchase Government securities direct from the 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 for two years the, favorable report to Congressman Spence, Chairman of the Comdttee on Banking and Currency, approved S. 3291, enrolled bill to amend section 14(b), FRAct, to extend for two years, report sent to Budget Bureau Bank Holding Company Act of 1956: Amendment re one-bank cases: Legislative proposal by Legal Division, with proposed amendment to section 3(a)(1) discussed, certain loopholes noted by Mr. Solomon, proposal to be redrafted 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 Amendment to remove exemption to companies registered under Investment Company Act of 1940: possibility discussed by Senator Robertson with Chairman Martin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/18 1396 5/2 1605, 1627 5/22 1900, 1920 6/13 2147, 2158 6/27 2387, 2399 1/8 62 1/10 83 4/9 1283 1962 616 Pages Legislation: (continued) Bank Holding Company Act of 1956: (continued) Amendments proposed by Board, draft bill containing, submitted to Chairmen of Senate and House Banking and Currency Committees, with letter describing proposed changes and reiterating recommendations in 1958 Report to Congress re Bank merger and bank holding company applications, processing of, possibility of legislation to require decisions on, to be announced within a specified period of time, possibly the "60-day rule" as followed by Comptroller of the Currency, noted by Chairman Martin Bank Service Corporation Act: H.R. 8874, a bill cited as, to authorize certain banks to invest in bank service corporations as means of obtaining data processing services, report to Congressman Spence approved, Governor Mitchell's views noted No objection to furnishing copies of report to American Bankers Association and Association of Registered Bank Holding Companies Statement to be presented by Chairman Martin before Subcommittee No. 1, House Banking and Currency Committee, reviewed and discussed, and to be revised in form suitable to Chairman Martin Substitute amendment adopted by Subcommittee No. 1, House Banking and Currency Committee, report approved and sent to Congressman Spence Letter to Congressman Moorhead replying to his request for comments on letter from Secretary of Banking Myers of Pennsylvania, with respect to, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/9 1284, 1299 7/27 2861 2/26 715, 727 2/27 747 7/18 2754 7/25 2844, 2850 7/25 2844, 2851 1962 617 Pages Legislation: (continued) Bank Service Corporation Act: (continued) H.R. 8874: (continued) Report to Chairman Robertson, Senate Banking and Currency Couunittee, approved Understanding re statement to be made by Mr. Solomon, on behalf of Board, at hearing before Senate Banking and Currency Committee re Draft of press statement proposed to be issued by Board upon enactment of sent to FRBanks Press statement approved for issuance if H.R. 8874 should be enacted, noted that it could be converted into a joint release with FDIC if desired Enrolled bill to authorize certain banks to invest in, report sent to Budget Bureau Signed into law on October 23, 1962, (Public Law 87-856), press release issued Bank supervisory matters, possible legislation placing work in hands of one agency, and bank merger and holding company matters in administra tive tribunal, discussion, staff to circulate previous draft legislation to Board for consideration Suggestion re obtaining views of FAC and FRBank Presidents Banking Act of 1933: Amendment to section 2, proposed, supplementing or conforming to certain proposed amendments to 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 8/17 3132, 3142 8/29 3315 9/28 3706, 3730 10/3 3752 10/10 3863, 3878 10/24 4047, 4062 3/21 993 3/21 996 4/9 1284, 1299 1962 618 Pages Legislation: (continued) Branch banks: Applications of State member banks for establishment of, hearing by House Banking and Currency Comdttee on bill re the placing of authority for approval of, Board questioned by National Association of Supervisors of State Banks re possible objection to hearing re, agreed unnecessary to reply Retained upon conversion, consolidation, or merger, when continuing or acquiring bank would be a national bank, proposed amendment to section 5155, Revised Statutes relating to, report sent to Budget Bureau H.R. 12825, a bill to amend section 5155, Revised Statutes, relating to conversion or merger where acquiring bank would be a national bank, report to Chairman Spence, House Banking and Currency Committee, approved Mr. Solomon designated to testify on behalf of the Board before Subcommittee No. 1, House Banking and Currency Committee, draft of statement distributed H.R. 12899, a bill to amend section 5155, Revised Statutes, re, retained upon conversion, consolidation or merger, where acquiring or continuing bank would be a national bank, report sent to Chairman Spence of the House Banking and Currency Committee Report to Chairman 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 sent to Budget Bureau http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/19 629 4/10 1313, 1331 8/13 3078, 3096 8/13 3079 8/27 3194, 3216 8/29 9/19 3315, 3324 3583, 3602 1962 619 Pages Legislation: (continued) Branch banks: (continued) S. 1005, a bill providing for the repeal of the present legal restrictions on funds available for construction of FRBranch Bank buildings, draft statement to be given by Vice Chairman Balderston before Subcommittee No. 1 of the House Committee on Banking and Currency, to be revised and presented in final form satisfactory to Gov. Balderston Report sent to Chairman Robertson, Senate Banking and Currency Committee Report to Budget Bureau on enrolled bill, S. 1005, approved Foreign, of national banks: Possible change in law transferring to the Comptroller of the Currency authority for the establishment of, arrangement made for meeting with Comptroller including discussion re Request by Mr. Knight, General Counsel of the Treasury, for Board's views re proposed legislation re transfer of authority from the Board to the Comptroller of the Currency with respect to, Mr. Hackley authorized to indicate the Board's general leaning against such a transfer Further discussion, staff to draft a letter to Treasury opposing proposed bill with respect to Letter to Secretary of Treasury Dillon approved and delivered personally by Chairman Martin, copy sent to Comptroller of the Currency S. 1771, bill which would authorize Board to permit, to exercise certain additional powers, statement to be presented by Chairman Martin before Subcommittee No. 1, House Banking and Currency Committee, reviewed and discussed, and to be revised in form satisfactory to Chairman Martin Enrolled bill to improve the useful ness of, report sent to Budget http://fraser.stlouisfed.org Bureau Federal Reserve Bank of St. Louis 5/7 1746 8/17 3132, 3141 8/22 3174, 3191 3/12 877 7/3 2533 7/11 2592 7/13 2702, 2719 7/18 2754 8/9 3052, 3064 1962 620 Pages Legislation: (continued) Branch banks: (continued) Foreign, of national banks: (continued) Public Law 87-588, an act to improve the usefulness of, recently enacted, suggestions re proposed regulations to reflect such enactment, requested by certain national banks, with copies to FRBanks Bretton Woods Agreements Act, draft bill to amend, authorizing the United States to participate in loans to the International Monetary Fund, approved by National Advisory Council, Board's views requested by Bureau of the Budget, discussion re possible problems involved re Board's comments on legislative proposals recommended by NAC Agreed that Division of International Finance would furnish the Board with a copy of the special report prepared by NAC re, in light of Governor Mitchell's comments Legislation favored, advice to Bureau of the Budget H.R. 10162, a bill to amend, draft statement to be presented by Chairman Martin in connection with hearings by the House Banking and Currency Committee re, reference in testimony to System program of foreign currency operations discussed, understood that revised draft would be prepared satisfactory to the Chairman Enrolled bill to amend, to authorize the United States to participate in loans to the International Monetary Fund to strengthen the international monetary system, report sent to Budget Bureau http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/27 3195, 3220 1/24 247 1/24 250 1/25 295 2/27 748 6/18 2184, 2202 1962 621 Pages Legislation: (continued) Civil Service Retirement Act, Public Law 87-793 amending, to provide increased benefits under, no objection to increase in benefits to annuitants under Board's plan to conform with, with understanding re implementation of proposal pending further Congressional action Consumers, Committee on, H.R. 9619, a bill to establish a Standing Committee of the House of Representatives to be known as, report to Congressman Dawson, Chairman of the Committee on Government Operations, with no comments Consumers, Department of: H.R. 9619, Title I, of a bill to establish and prescribe the functions of, report to Congressman Dawson, Chairman of the Committee on Government Operations Currency function, question by Governor Robertson re possible notice of a suggested bill providing for the transfer from the Comptroller of the Currency to the Board of the, no such suggestion had been made Defense Production Act of 1950: Draft bill to amend further, report to Bureau of the Budget S. 3203, a bill to extend, report to Chairman Robertson, Senate Banking and Currency Committee Discount eligibility requirements, recommendations of Subcommittee on Legislation, in light of report of System Committee on Eligible Paper, approved by Presidents' Conference, including suggestion that Board submit proposed legislation to Congress and distribute draft legislation to Farm Credit Administration, ABA and Association of Reserve City Bankers, and re introduction by Board of legislation to Congress, agreed matter to be considered further Matter considered and discussed further http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/26 4491,4511-14 2/5 409, 423 2/5 409, 423 6/26 2335 2/14 548, 562 4/26 1495, 1502 9/27 9/28 3691 3725 1962 622 Pages Legislation: (continued) Dormant accounts: Bill passed by Senate relating to, now to be brought up in the House noted in connection with request from Congressman Patman for joint survey of dormant accounts by the three Federal supervisory agencies S. 1486, a bill to authorize the Comptroller of the Currency to regulate service charges by national banks on, report to Congressman Spence, Chairman of the Committee on Banking and Currency, indicating no objection to Economic census, 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 Federal Deposit Insurance Act: Amendment, proposed, to section 18 supplementing or 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 Federal Deposit Insurance Corporation, Board of Directors of, hearing by House Banking and Currency Committee on bill re composition of, Federal Reserve Board questioned re possible objection to hearing re, agreed unnecessary to reply Federal Home Loan Bank Act: Draft bill to amend Home Owners' Loan Act and, submitted by Federal Home Loan Bank Board, understood letter report to Budget Bureau be redrafted Unfavorable report transmitted to Bureau of the Budget http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/31 368 7/20 2767, 2774 4/18 1387, 1416 4/9 1284, 1299 2/19 629 3/9 860 3/16 913, 944 1962 623 Pages Legislation: (continued) Federal Home Loan Bank Act: (continued) Draft bill to amend Home Owners' Loan Act of 1933, permitting broader authority for Federal savings and loan associations to engage in the financing of multiple dwelling units, comments re, transmitted to Bureau of the Budget H.R. 13044, enrolled bill consisting of amendments to the Home Owners Loan Act, and the, 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 FRAct: Amendments, proposed, to sections 4, 9 and 23A supplementing or 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 10, S. 1005, a bill to amend, and 3 Sections relating to an increase in the statutory limitation on expenditures for FRBranch bank buildings, report sent to Chairman Robertson, Senate Banking and Currency Committee Report on enrolled bill S. 1005, sent to Budget Bureau Section 11(k), transfer to Comptroller of the Currency, 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/11 2571, 2638 10/3 3752, 3766 4/9 1284, 1299 8/17 3132, 3141 8/22 3174, 3191 9/25 3662, 3668 1962 624 Pages Legislation: (continued) FRAct: (continued) Section 11(k): (continued) Repeal of, upon passage of Public Law 87-722, advice to FRBanks re, issuance of press statement authorized Section 14(b), proposed bill to amend, to extend for two years authority of FRBanks to purchase Government securities direct from Treasury, report to Budget Bureau approved S. 3291, a bill to amend, favorable report to Chairman Robertson of the Senate Banking and Currency Committee approved Report sent to Bureau of the Budget H.R. 11654, a bill to amend, favorable report to Congressman Spence, Chairman of the Committee on Banking and Currency, approved Section 19, amended by Public Law 87-827 (H.R. 12080) to remove limitations on rates of interest paid on official foreign time deposits for 3-year period, Board's Regulation Q amended in conformity with Status of Bank for International Settlements under amendment Section 22(g), suggestion re possible amendment relating to limit on borrowings by an executive officer from his own bank, made in consideration of question re definition of "executive officer" Section 23A, H.R. 12501, bill to amend, ascertained that information from Budget Bureau that hearings would be held tomorrow was not accurate, consideration of draft of possible report deferred banking relationships befacilitate To tween member banks and their affiliates (foreign banking corporations) or subsidiaries of their affiliates, report to Chm. Spence, House Banking and Currency Committee approved, following reference to current study of Regulation K, and to certain problems involving Chase Manhattan Bank http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/1 3740, 3749 5/2 1605, 1627 5/22 6/27 1900, 1920 2387, 2399 6/13 2147, 2158 10/10 3865 10/25 4067 1/16 185 8/8 3029 8/13 3073, 3094 1962 625 Pages Legislation: (continued) FRAct: (continued) Section 24, H.R. 7796, 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 Chairman Martin before Subcommittee No. 1, House Banking and Currency, reviewed to be revised in form satisfactory to Chairman Martin Report sent to Senator Robertson, Senate Banking and Currency Committee, Governor Mills to be recorded as dissenting from favorable report for reasons previously expressed Letter to Comptroller of the Currency replying to his comments on Chairman Martin's testimony Understanding re statement of Mr. Solomon to be made on behalf of Board before Senate Banking and Currency Committee at hearing re Report on enrolled bill H.R. 7796 sent to Budget Bureau Sections 25 and 25(a), draft bill repealing, and forming a new Foreign Banking Operations Act, 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 letter to 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/18 2754 8/8 3027, 3045 8/14 3101, 3119 8/29 3315 9/19 3584, 3604 7/11 2592 7/13 2702, 2719 1962 626 Pages Legislation: (continued) FRnotes: Issuance by FRBanks of $1 denomination, draft bill to authorize, submitted by Treasury, to repeal certain legislation relating to silver purchase, Board views to Budget Bureau, reference to issuance of $2 FRnotes S. 2885, bill to authorize, and relating to repeal of certain legislation re purchase of silver, report to Senator Robertson approved, reference to issuance of $2 FRnotes Finance charges, H.R. 9619, Title II, of bill to require disclosure of finance charges in extension of credit, report to Congressman Dawson, Chairman of Committee on Government Operations Proposed legislation to require adequate disclosure of "true interest rate" on consumer loans, Board's views reiterated in reply to Budget Bureau and Council of Economic Advisers request for views re possible Presidential message re consumer interests transfer of authorcorporations, banking Foreign ity from Board to Comptroller of the Currency re chartering and regulation of, and approval of investments by national and State member banks in certain domestically chartered, Board's views requested by Mr. Knight, General Counsel of Treasury, Mr. Hackley authorized to indicate Board's general leaning against such transfer http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/5 410, 428 2/27 746, 759 2/5 409, 423 2/9 500 7/3 2533 1962 627 Pages Legislation: (continued) Foreign banking corporations: (continued) Draft bill repealing present sections of 25 and 25(a) of FRAct, forming new Foreign Banking Operations Act, transferring to Comptroller of the Currency Board's authority re foreign branches of national banks, investments by national banks in stock of, and chartering and regulation of, staff instructed to draft letter to Secretary of Treasury strongly opposing Letter to Treasury Secretary Dillon approved and delivered personally by Chairman Martin, copy sent to Comptroller of the Currency, reference to relationship between monetary policy and subject of draft bill Foreign Banking Operations Act, draft of proposed bill repealing sections 25 and 25(a) of FRAct and forming 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 to draft letter to Secretary of Treasury strongly opposing Letter to Treasury Secretary Dillon approved and delivered personally by Chm. Martin, copy sent to Comptroller of the Currency Foreign currency operations of FRSystem, question re specific legislative authority with respect to, reference to difficulty in seeking at present time Foreign time deposits, 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/11 2592 7/13 2702, 2719 7/11 2592 7/13 2702, 2719 2/8 465 10/5 3815, 3834 1962 628 Pages Legislation: (continued) Foreign time deposits, H.R. 12080: (continued) Approved by President as Public Law 87-827, amending section 19, FRAct, Board's Regulation Q amended in conformity with 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 FRAct to extend for two years, favorable report to Chairman Robertson of Senate Banking and Currency Committee approved Report to Budget Bureau H.R. 11654, a bill to amend section 14(b) of FRAct, to extend for two years, favorable report to Congressman Spence, Chairman of House Banking and Currency Committee approved Holding company affiliates, legislative proposal by Legal Division relating to onebank cases, with proposed amendment to section 3(a)(1) Bank Holding Company Act of 1956, proposal to be redrafted in light of certain loopholes, noted by Mr. Solomon Revised draft accepted for use in connection with legislative proposals Board might submit to this session of Congress Act, draft bill to amend Federal Loan Owners' Home Home Loan Bank Act and, submitted by Federal Home Loan Bank Board, understood that report to Budget Bureau would be redrafted Unfavorable report transmitted to Budget Bureau Revised draft bill to amend, permitting broader authority for Federal savings and loan associations to engage in financing of multiple dwelling units, comments re, transmitted to Bureau of Budget http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/10 3866 5/2 1605, 1627 5/22 6/27 1900, 1920 2387, 2399 6/13 2147, 2158 1/8 62 1/10 83 3/9 860 3/16 913, 944 7/11 2571, 2638 1962 629 Pages Legislation: (continued) Home Owners' Loan Act: (continued) H.R. 13044, enrolled bill consisting of amendments to Federal Home Loan Bank Act and, liberalizing authority of Federal savings and loan associations to lend on multi-unit residential properties, report to Bureau of the Budget indicating no objection H.R. 7796, a bill to amend section 24, FRAct, to allow national banks, under certain conditions, to make real estate loans up to a certain per cent of deposits, and to liberalize limitations on construction loans, statement to be presented by Chairman Martin before Subcommittee No. 1, House Banking and Currency Committee, to be revised to form satisfactory to Chairman Martin Report to Senator Robertson, Senate Banking and Currency Committee, Governor Mills asked to be recorded as dissenting from favorable report for reasons previously expressed Reply to letter from Comptroller of the Currency commenting on testimony of Chairman Martin before Subcommittee No. 1, House 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 sent to Budget Bureau H.R. 8874, a bill to authorize certain banks to invest in "bank service corporations" as a means of obtaining data processing services, which would be cited as the Bank Service Corporation Act, report to Congressman Spence approved, Gov. Mitchell's views having been noted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/3 3752, 3766 7/18 2754 8/8 3027, 3045 8/14 3101, 3119 8/29 9/19 3315 3584, 3604 2/26 715, 727 1962 630 Pages Legislation: (continued) H.R. 8874: (continued) No objection to furnishing copies of report to ABA and Association of Registered Bank Holding Companies Statement to be presented by Chairman Martin before Subcommittee No. 1, House Banking and Currency Conmittee, to be revised in form suitable to Chairman Martin Report approved and sent to Congressman Spence Letter to Congressman Moorhead replying to his request for comments on letter from Secretary of Banking Myers of Pennsylvania, with respect to, approved Report sent to Chairman Robertson, Senate Banking and Currency Committee Understanding re statement to be made by Mr. Solomon on behalf of Board at hearing before Senate Banking and Currency Committee Letter to FRBanks transmitting proposed statement to be issued to State member banks upon enactment into law and draft of proposed press release approved Press statement approved for issuance upon enactment could be converted into joint release with FDIC if desired Report sent to Budget Bureau Signed into law on October 23, 1962 (Public Law 87-856), press release issued H.R. 9619, a bill to establish and prescribe the functions of a Department of Consumers, to require disclosure of finance charges in extensions of credit, and to create a Committee on Consumers in the House of Representatives, report to Congressman Dawson, Chairman Government Operations Committee http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/27 747 7/18 2754 7/25 2844, 2850 7/25 2844, 2851 8/17 3132, 3142 8/29 3315 9/28 3706,3730-32 10/3 3752 10/10 3863, 3878 10/24 2/5 4047, 4062 409, 423 1962 631 Pages Legislation: (continued) H.R. 9926, a proposed revision of Administrative Procedure Act, report affirming Board's views previously expressed on an identical bill, approved for transmittal to Congressman Celler, Chairman of House Judiciary Committee to amend Bretton Woods Agreebill a 10162, H.R. ments Act to authorize U.S. to participate in loans to International Monetary Fund, draft statement to be presented by Chairman Martin in connection with hearings by House Banking and Currency Committee, understood that revised draft would be prepared satisfactory to the Chairman Report sent to Budget Bureau H.R. 10628, a bill to require that insured banks maintain three-fourths of their time and savings deposits in real estate loans, and at least half of such deposits in residential loans, report sent to Congressman Spence H.R. 11654, a bill to amend section 14(b) of the FRAct, to extend for two years authority of FRBanks to purchase U.S. obligations directly from the Treasury, favorable report to Congressman Spence, Chairman of House Banking and Currency Committee, approved bill to permit domestic enrolled an 12080, H.R. banks to pay interest on time deposits of foreign governments at rates differing from those applicable to domestic depositors, report sent to Budget Bureau Approved by President as Public Law 87-827, amending section 19, FRAct, Board's Regulation Q amended in conformity with http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/16 600, 612 2/27 6/18 748 2184, 2202 7/23 2782, 2798 6/13 2147, 2158 10/5 3815, 3834 10/10 3866 1962 632 Pages Legislation: (continued) H.R. 12501, a bill to amend section 23A of the FRAct, ascertained that information from the Budget Bureau that hearings would be held by House Banking and Currency Committee tomorrow was not accurate, consideration of draft report deferred To facilitate banking relationships between member banks and their affiliates (foreign banking corporations) or subsidiaries of their affiliates, report to Chairman Spence, House Banking and Currency Committee, approved H.R. 12577, a bill to place authority over trust powers of national banks with 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 the Board before Subcommittee No. 1, House Banking and Currency Committee Report to Chairman Robertson, Senate Banking and Currency Committee, approved, understanding re statement by Mr. Solomon, on behalf of Board, to be made at hearing before Senate Banking and Currency Committee Report sent to the Budget Bureau Agreement re handling such transfer upon signing of law, letter to Comptroller inviting discussions on staff level with respect to, approved President becoming Public Law Signed by 87-722, advice to FRBanks re, issuance of press statement authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/8 3029 8/13 3073, 3094 8/13 3078, 3095 8/13 3079 8/29 9/19 3315, 3323 3583, 3603 9/25 3662, 3667 10/1 3740, 3749 1962 633 Pages Legislation: (continued) H.R. 12825, a bill to amend section 5155, Revised Statutes, relating to bank branches which may be retained upon conversion, consolidation, or merger, where the continuing or acquiring bank would be a national bank, report to Chairman Spence, House Banking and Currency Committee, approved, Mr. Solomon designated to testify re, draft of statement distributed H.R. 12899, a bill to amend section 5155, Revised Statutes relating to bank branches which may be retained upon conversion, consolidation or merger, where continuing or acquiring bank would be a national bank, report to Chairman Spence, House Banking and Currency Committee, approved Report to Chairman Robertson, Senate Banking and Currency Committee approved, understanding re statement to be made by Mr. Solomon at hearing re Report sent to Budget Bureau H.R. 13044, an enrolled bill consisting of amendments to Home Owners Loan Act and Federal Home Loan Bank Act liberalizing authority of Federal savings and loan associations to lend on multi-unit 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 proposed by Department of Agriculture permitting that Department to obtain funds without relying entirely on Treasury borrowing, report to Bureau of Budget Report sent to Budget Bureau, comments by Governor Mills re revisions made in earlier draft bill http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/13 3078, 3096 8/27 3194, 3216 8/29 9/19 3315, 3324 3583, 3602 10/3 3752, 3766 3/23 1038, 1046 4/3 1128, 1165 1962 634 Pages Legislation: (continued) Internal Revenue Code of 1954, amendment to repeal section 601, proposed, to supplement or conform with certain proposed amendments to Bank Holding Company Act of 1956 contained in draft bill submitted by Board to Senate and House Banking and Currency Committees Investment Advisers Act of 1940, amendment to section 202(a), proposed, conforming with or supplementing certain proposed amendments to Bank Holding Company Act of 1956 contained in draft bill submitted by Board to Senate and House Banking and Currency Committees Investment Company Act of 1940, amendment to repeal section 3(c)(4), proposed, to supplement or conform with proposed amendment to Bank Holding Company Act of 1956 contained in draft bill submitted by Board to Senate and House Banking and Currency Committees Loans of insured commercial banks, H.R. 10628, a bill to require that insured banks maintain three-fourths of their time and savings deposits in real estate loans, and at least half of such deposits in residential loans, report sent to Congressman Spence Loans or extensions of credit by member banks to their affiliates (foreign banking corporations) or subsidiaries thereof, H.R. 12501, bill to amend section 23A, FRAct, to facilitate, report to Chairman Spence, House Banking and Currency Committee, approved Review of situation involving Chase Manhattan Bank and certain of its affiliates and subsidiaries S. 2528, a bill to authobanks, Mutual savings rize establishment of Federal mutual savings banks, report to Senator Robertson, Chm. of Senate Banking and Currency Committee suimuarizing certain questions formerly raised in connection http://fraser.stlouisfed.org with similar bill, views preFederal Reserve Bank of St. Louis viously expressed applicable to 4/9 1284, 1299 4/9 1284, 1299 4/9 1284, 1299 7/23 2782, 2798 8/13 3073, 3094 8/13 3075 1/18 218, 226 1962 635 Pages Legislation: (continued) National banks, examination of, discussion re Board's position should Comptroller of the Currency present draft legislation to Congress re Federal Reserve contribution to costs of Proposal re allocation of costs of, reply to Comptroller of the Currency, question re permissibility under existing law discussed, and advisability and problems in connection with possible enactment of legislation authorizing Board to make payments with respect to Draft bill to authorize FRSystem to pay to Comptroller of the Currency up to 257 of expense of, transmitted to Board by, referred to in Board's reply to Mr. Saxon Comptroller of the Currency continuing to consider requesting legislation re contribution of Federal Reserve to cost of, noted in joint meeting of FAC with Board Negotiable Instruments Law, proposed uniform statute amending, to eliminate necessity of protests with respect to domestic drafts and checks, Board's recommendation re enactment by States submitted to Budget Bureau for submission to Committee of State Officials Nonpar banking, need for remedial legislation with respect to, view expressed at joint meeting of Board with Presidents' Conference to discuss problem of absorption of exchange charges Postal Service and Federal Employees Salary Act of 1962, adjustment of general salary schedule of Federal employees, in two phases, resulting from passage of, noted Board's salary schedule revised in light of, and administrative and procedural recommendations approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/21 991 4/6 1242, 1264 4/6 1268 5/1 1602 5/17 1850, 1861 3/27 1075 10/11 3904 10/12 3921 1962 636 Pages Legislation: (continued) Public housing agencies, certain short-term obligations of, S. 3131, a bill to amend section 5136, Revised Statutes with respect to authority of national banks to underwrite and deal in securities issued by State and local governments, including, agreed to defer consideration of report to Senate Banking and Currency Committee Public Law 87-588, an act to improve usefulness of foreign branches of national banks, proposed regulations to reflect recent enactment of, letters to certain national banks requesting suggestions re, approved, with copies to all FRBanks Federal Reserve Bank of New York requested to obtain certain information from State member banks having overseas branches Public Law 87-722, transferring authority to regulate exercise of trust powers of national banks from Board to Comptroller of the Currency, advice to FRBanks re passage of, issuance of press statement authorized Public Law 87-793, amending Civil Service Retirement Act to provide increased benefits, no objection by Board to increase in benefits to annuitants under Board's plan to conform with Public Law 87-827, approved by President (H.R. 12080), amending section 19, FRAct to remove limitations on rates of interest paid on official foreign time deposits for 3-year period Status of Bank for International Settlements under amendment http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/28 3236 8/27 3195, 3220 8/27 3195 10/1 3740, 3749 11/26 4491,4511-14 10/10 3865 10/25 4067 1962 637 Pages Legislation: (continued) Public Law 87-856, the Bank Service Corporation Act, authorizing certain banks to invest in bank service corporations (H.R. 8874) signed into law on October 23, 1962, press release issued Real estate loans by national banks, H.R. 7796, a bill to amend section 24, FRAct, to allow national banks under certain conditions, to make real estate loans up to a certain per cent of deposits, and to liberalize limitations on construction loans, statement to be presented by Chairman Martin before Subcommittee No. 1, House Banking and Currency Committee to be revised in form satisfactory to Chairman Martin Report sent to Senator Robertson, Senate Banking and Currency Committee, Governor Mills to be recorded as dissenting from favorable report for reasons previously expressed Letter to Comptroller of the Currency replying to his comments on Chairman Martin's testimony Understanding re statement to be made by Mr. Solomon, on behalf of Board, at hearing before Senate Banking and Currency Committee, re Report sent to Budget Bureau Real estate and residential loans, H.R. 10628, a bill to require that insured banks maintain three -fourths of their time and savings deposits in former, and at least half of such deposits in latter, report sent to Congressman Spence http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/24 4047, 4062 7/18 2754 8/8 3027, 3045 8/14 3101, 3119 8/29 9/19 3315 3584, 3604 7/23 2782, 2798 1962 638 Pages Legislation: (continued) Redevelopment areas, S. 3130, a bill to authorize Secretary of Commerce to purchase industrial and commercial evidences of indebtedness to promote industrial and commercial loans in, by lending institutions in order to help such areas plan and finance their economic redevelopment, proposed report to Senator Robertson, Chairman of Senate Banking and Currency Committee discussed, agreed that staff would prepare alternative draft letters for further consideration Further discussion, report to Senator Robertson approved Reserve requirements of member banks as possible effect on withdrawals of banks from membership in FRSystem, suggestion by Governor Mitchell that report be made to appropriate Congressional Committee re number of recent withdrawals in connection with Revenue bond underwriting by banks, S. 3131, a bill to amend section 5136, Revised Statutes, with respect to authority of national banks to underwrite and deal in securities issued by State and local governments, including, agreed to defer consideration of report to Senate Banking and Currency Committee Underwriting and dealing in, by commercial banks, views of FAC re proposed legislation to permit, expressed at joint meeting Possible legislation to permit, opposition expressed by representatives of Committee for Study of Revenue Bond Financing at meeting with Board, discussion http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/18 1394 4/19 1425, 1434 7/12 2674 8/28 3236 9/18 3579 10/31 4175 1962 639 Pages Legislation: (continued) Revenue bond underwriting by banks: (continued) Underwriting and dealing in: (continued) Recommendations of Comptroller of the Currency's Advisory Committee on Banking re, probable consideration by President's Committee on Financial Institutions, and position of Investment Bankers Association of America, noted Revised Statutes: Amendments, proposed, to sections 5144 and 5211, supplementing or conforming with certain proposed amendments to Bank Holding Company Act of 1956 contained in draft bill submitted by Board to Senate and House Banking and Currency Committees Section 5136, S. 3131, a bill to amend, with respect to authority of national banks to underwrite and deal in securities issued by State and local governments, including revenue bond underwriting and certain short-term obligations of public housing agencies, agreed to defer consideration of report to Senate Banking and Currency Committee Section 5155, proposed amendment relating to bank branches which may be retained upon conversion, or consolidation, or merger, where continuing or acquiring bank would be a national bank, proposed by Treasury Department, report sent to Budget Bureau H.R. 12825, bill to amend, relating to branch banks which may be retained upon conversion, consolidation or merger where continuing or acquiring bank would be a national bank, report to Chairman Spence, House Banking and Currency Committee, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/31 4176 4/9 1284, 1299 8/28 3236 4/10 1313, 1331 8/13 3078, 3096 1962 640 Pages Legislation: (continued) Revised Statutes: (continued) H.R. 12825: (continued) Mr. Solomon designated to testify on behalf of Board before Subcommittee No. 1, House Banking and Currency Committee, draft of statement distributed H.R. 12899, bill to amend, relating to branch banks which may be retained upon conversion, consolidation or merger where continuing or acquiring bank would be a national bank, report sent to Chairman Spence, House Banking and Currency Committee Report to Chairman 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 Report on enrolled bill H.R. 12899 sent to Budget Bureau Securities Exchange Act of 1934: Credit regulation, Board's authority under, possibility of amendment to include regulation of loans on unregistered securities, comments and discussion re S. 1005, a bill providing for the repeal of the present legal restrictions on funds available for construction of FRBranch Bank buildings, draft statement to be given by Vice Chairman Balderston before Subcommittee No. 1 of the House Committee on Banking and Currency, to be revised and presented in final form satisfactory to Gov. Balderston Report sent to Chairman Robertson, Senate Banking and Currency Committee Report to Budget Bureau on enrolled bill, S. 1005, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/13 3079 8/27 3194, 3216 8/29 3315, 3324 8/29 3315 9/19 3583, 3602 2/21 684 5/7 1746 8/17 3132, 3141 8/22 3174, 3191 1962 641 Pages Legislation: (continued) S. 1486, a bill to authorize the Comptroller of the Currency to regulate service charges by national banks on dormant accounts, report to Congressman Spence, Chairman of the Committee on Banking and Currency, indicating no objection re S. 1771, a bill which would authorize the Board to permit foreign branches of national banks to exercise certain additional powers, statement to be presented by Chairman Martin before Subcommittee No. 1, House Banking and Currency Committee, to be revised in form satisfactory to Chairman Martin Enrolled bill to improve the usefulness of national bank branches in foreign countries, report sent to Budget Bureau S. 2528, a bill to authorize the establishment of a Federal mutual savings bank, report to Senator Robertson, Chairman of the Senate Banking and Currency Committee, summarizing certain questions formerly raised in connection with a similar bill, views previously expressed applicable to S. 2885, a bill to repeal certain legislation relating to the purchase of silver, to authorize FRBanks to terminate special tax on transfer of interests in silver bullion, report to Senator Robertson, Chairman of Senate Committee on Banking and Currency approved, reference made to issuance of $2 FRnotes 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, proposed report to Chairman Robertson, of the Senate Banking and Currency Committee discussed, staff to redraft letter for further consideration http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/20 2767, 2774 7/18 2754 8/9 3052, 3064 1/18 218, 226 2/27 746, 759 4/18 1394 1962 642 Pages Legislation: (continued) S. 3130: (continued) Further discussion, report to Senator Robertson approved S. 3131, a bill to amend section 5136, Revised Statutes, with respect to authority of national banks to underwrite and deal in securities issued by State and local governments, including revenue bond underwriting and certain shortterm obligations of public housing agencies, agreed to defer consideration of report to Senate Banking and Currency Committee S. 3203, a bill to extend the Defense Production Act of 1950, as amended, report sent to Chairman Robertson, Senate Banking and Currency Committee S. 3291, a bill to amend section 14(b) of the FRAct to extend for two years authority of FRBanks to purchase U.S. obligations directly from the Treasury, favorable report to Chairman Robertson of the Senate Banking and Currency Committee approved Enrolled bill to amend section 14(b), Federal Reserve Act, to extend for two years authority of FRBanks to purchase U.S. obligations directly from Treasury, report sent to Budget Bureau Silver: Draft bill to repeal certain legislation relating to purchase of, authorizing FRBanks to issue FRnotes of $1 denomination, and terminating the special tax on transfers of interests in silver bullion, Board views to Bureau of the Budget re, reference to issuance of $2 FRnotes http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/19 1425, 1434 8/28 3236 4/26 1495, 1502 5/22 1900, 1920 6/27 2387, 2399 2/5 410, 428 1962 643 Pages Legislation: (continued) Silver: (continued) S. 2885, a bill to repeal certain legislation relating to purchase of silver, to authorize FRBanks to issue FRnotes of $1 denomination, and to terminate special tax on transfer of interests in silver bullion, report to Senator Robertson, Chairman of Senate Banking and Currency Committee approved, reference made to issuance of $2 FRnotes State: Uniform Commercial Code, discussion re, in consideration of H.R. 8874, proposed bill to authorize certain banks to invest in "bank service corporations" and possible Presidents' Conference action with respect to Laws: Dormant accounts, protection and preservation of, Texas statute providing for, letter from FRBank of Dallas raising question of compliance with such State laws by FRBanks, copy sent to FRBank of New York, with copy to all FRBanks, with request for information re situation in respective districts Negotiable Instruments Law, proposed uniform statute amending, to eliminate necessity of protests with respect to domestic drafts and checks, Board's recommendation re enactment by States submitted to Budget Bureau for submission to Coumdttee of State officials Taxes, investment tax credit provisions, proposed, possible effects envisaged from enactment of, topic for discussion with FAC Views of FAC with respect to, expressed at joint meeting with Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/27 746, 759 2/26 717 4/2 1103, 1122 5/17 1850, 1861 8/28 3232, 3258 9/18 3563 1962 644 Pages Legislation: (continued) Trust activities of national banks, draft bill submitted by Treasury to transfer from Board to Comptroller of the Currency authority re, including operation of common trust funds, favorable report to Bureau of the Budget Report considered at same meeting as scheduled preliminary discussion re operation of common trust funds, coincidence noted, in case bill is passed, opinion of Governor Mills that Board should withhold action on questions re common trust funds to allow decisions to be made by Comptroller of the Currency Draft bill to transfer from the Board to Comptroller of the Currency authority re, request by Mr. Knight, General Counsel of Treasury, for Board's views re, Mr. Hackley authorized to indicate no objection with respect to H.R. 12577, a bill to place authority over, in Comptroller of the Currency, rather than Board, report to Chairman Spence, House Banking and Currency Committee, approved, Mr. Solomon designed to testify on behalf of Board before Subcommittee No. 1, House Banking and Currency Committee re Report to Chairman Robertson, Senate Banking and Currency Committee, approved, understanding re statement by Mr. Solomon, on behalf of Board, to be made at hearing before Senate Banking and Currency Committee Enrolled bill to place authority over, in the Comptroller of the Currency, report sent to Budget Bureau http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/26 2334, 2369 6/26 2335 7/3 2533 8/13 3078, 3095 8/29 3315, 3323 9/19 3583, 3603 1962 645 Pages Legislation: (continued) Trust activities of national banks: (continued) H.R. 12577: (continued) Enrolled bill to place authority over, in the Comptroller of the Currency, agreement re handling of such transfer upon signing of law, letter to Comptroller inviting discussions on staff level with respect to, approved A bill transferring authority to regulate the exercise of, from Board to Comptroller of the Currency, signed by President becoming Public Law No. 87-722, section 11(k) of FRAct repealed, advice to FRBanks re, issuance of press statement authorized tax treatment of, under common, Trust funds, section 584(a), Internal Revenue Code, need for clarifying legislation re, in connection with question re participation of funds held by banks as "custodian" under Uniform Gifts to Minors Act, views of Commissioner of Internal Revenue Truth in lending bill: SEE: Legislation: Finance charges United States Code, section 131 of title 13, proposal by Department of Commerce to amend, to provide for earlier taking of economic censuses, favorable comments transmitted to Bureau of Budget Liberia: Library consultant to National Planning Council of the Government of, leave of absence for Jo Ann Aufdenkamp, Librarian, FRBank of Chicago, to accept assignment with Klein & Saks as, Board interposes no objection http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/25 3662, 3667 10/1 3740, 3749 1/11 126, 127 4/18 1387, 1416 11/8 4295, 4308 1962 646 Pages Liberty Mutual Insurance Company, Board's Employer's Liability and Voluntary Compensation policy carried with, cancelled in light of ruling of Department of Labor that Board members, officers, and employees are covered by Federal Employees' Compensation Act Linton, Calvin D., Dr., arrangements to conduct a 20hour course in effective writing confirmed, with understanding re compensation, in connection with Board's Employee Training and Development Program Liquidity: Bank: Topic for discussion with FAC Declined this year with an increase in holdings of municipal securities and mortgages, and with lengthening of maturities, views of FAC expressed in joint meeting Topic for discussion with FAC Believed to be adequate but concern expressed re declining trend, views expressed at joint meeting with FAC Lists: Unregulated lenders, proposed letter to President of New York Stock Exchange requesting assistance in developing list of, agreed not to send letter, Chairman Martin to confer informally with President of the Exchange, and staff to seek assistance from Securities and Exchange Commission re Loan of employees: Grobel, R. K., Chief Examiner, FRBank of Minneapolis, to be assigned to Board's offices for approximately four months, arrangements re salary, travel expenses and per diem approved, letter to FRBank of Minneapolis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/21 688, 700 8/9 3063 8/28 3232, 3258 9/18 11/2 3565 4220, 4232 11/20 4435 3/8 844 1/10 98, 109 1962 647 Pages Loan of employees: (continued) Harrison, John B., Examiner, FRBank of New York, arrangements approved for an assignment of approximately two months to the foreign banking section of Board's Division of Examinations, salary and subsistence 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 FRExaminer Holmes, Alan R., Assistant Vice President, Federal Reserve Bank of New York, to serve as personal assistant to 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 No objection to extension of leave of absence with pay No objection to further extension of leave of absence with pay 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 Sammons, Robert L., Adviser, Division of International Finance, 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 expenses http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/13 6/13 2148, 2162 2162 1/16 180, 198 7/17 2729, 2732 9/6 3359, 3369 6/20 2221, 2237 2/26 720, 732 1962 648 Pages Loan of employees: (continued) Schott, Francis H., Manager, Foreign Department, FRBank of New York, 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 Assistant to Director, Division Robert, Solomon, of Research and Statistics, to be made available to Council of Economic Advisers on nonreimbursable basis to serve as executive secretary to an interagency group appointed by the President to study the recommendation of Commission on Money and Credit dealing with Government regulations concerning reserves, portfolios, interest rates, and competition Talbot, Raymond E., examining staff, FRBank of New York, services to be borrowed to assist Legal Division in preparation of material in connection with proceedings involving Continental Bank and Trust Company, Salt Lake City, Utah, with understanding re salary and travel expenses Teeters, Nancy H., Economist, Division of Research and Statistics, loan of services to Council of Economic Advisers for one year on a reimbursable basis, approved Extension of loan of services of, change in reimbursement and increase in salary, approved, advice to Chairman, Council of Economic Advisers Loans: Advances under section 13 of FRAct: Farmers Home Administration, promissory notes evidencing loans by member banks to farmers which are insured by, considered eligible as collateral security for, advice to Administrator of Farmers Home Administration http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/21 3610, 3628 3/22 1026 5/31 1988 1/3 21, 30 12/7 4678 5/14 1812, 1822 1962 649 Pages Loans: (continued) Bank: Demand for commercial and industrial, topic for discussion with FAC Moderate rise for commercial and industrial loans anticipated, views of FAC reported in joint meeting with Board, discussion re Demand for, including real estate and consumer topic for discussion with FAC 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 for, prospects for next several months, including demand for real estate and consumer loans, topic for discussion with FAC seasonally with modest inrise Will crease in consumer and real estate loans anticipated, views of FAC expressed at joint meeting Demand for, including real estate and consumer, topic for discussion with FAC Views with respect to, expressed at joint meeting with FAC Survey re bank loans on stocks and bonds as collateral in order to determine volume of loans on unlisted securities, plans reported by Mr. Noyes Authorized by Board with Governor Mills dissenting, letter to Presidents of all FRBanks indicating contact would be made with research departments re further steps with respect to Agreed to proceed with survey re margin calls by banks, hope to complete as quickly as possible to avoid confusion with forthcoming broader survey re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/1 384, 391 2/20 659 4/13 1363, 1370 5/1 1591 8/28 3232, 3258 9/18 3564 11/2 4220, 4232 11/20 4434 2/21 686 5/7 1743, 1759 6/20 2219 1962 650 Pages Loans: (continued) Bank: (continued) Survey re methods and standards used by banks re loans on securities, letters to Presidents of all FRBanks and separate letters to Presidents of New York, Chicago and San Francisco Reserve Banks requesting interviews with certain selected banks to supplement data obtained in survey of Bank Loans Collateralized by Stocks and Bonds, information desired by Securities and Exchange Commission and by Board for use in connection with proposals for extending the scope of Regulations U and T Bank stock: Staff analysis re loans made on, based on data collected in chain banking survey, no objection to proposal, comment by Governor Mitchell that staff could proceed promptly Executive officer status of nonofficer bank personnel with lending authority, question re applicability to certain department managers, of Regulation 0, and section 22(g), FRAct, reply to inquiry from Crocker-Angle National Bank, San Francisco, California, approved, Governors Mills, Robertson and King dissenting Applicability to Vice Chairman of the Board of Directors, Austin National Bank, Austin, Texas, of definition of executive officer under Regulation 0, when in absence of Chairman of Board, the Vice Chairman serves as member of Loan and Discount Committee and is authorized to execute documents on behalf of bank, discussion, agreed to defer action on question http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/5 12/10 4627,4662-63 4688 1/16 185, 199 1/29 319 1962 651 Pages Loans: (continued) Executive officers: (continued) Applicability to Vice Chairman of the Board of Directors: (continued) Suggestion re review of Regulation 0 in light of present day banking practices Information in examination report of Austin National Bank relating to indebtedness of the Vice Chairman to bank, reported by Governor Robertson, copy of resolution adopted by bank in regard to Chairman of its Board, to be obtained Under provisions of Regulation 0, agreed unanimously that Vice Chairman of Austin National Bank should be regarded as an executive officer, advice to FRBank of Dallas, issuance of an S letter informing all FRBanks, to be published in the FRBulletin Gold: Request to FRBank of New York for a six months loan on gold by Banco de la Republica de Colombia, discussed 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 Procedures to be reviewed, suggestion that Board have discussion 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/29 324 1/31 369 2/27 738, 757 2/23 703 8/14 3110, 3112 8/15 3125 1962 652 Pages Loans: (continued) H.R. 12501, a bill to facilitate loans and extension of credit by member banks to their affiliates (foreign banking corporations) and subsidiaries of their affiliates by amendment to section 23A, FRAct, report to Chairman Spence approved Industrial and commercial: S. 3130, a bill to authorize the Secretary of Commerce to purchase industrial and commercial evidences of indebtedness to promote, in redevelopment areas by lending institutions in order to help such areas plan and finance their economic redevelopment, proposed report to Senator Robertson, Chm. of the Senate Banking and Currency Committee discussed, agreed that staff would prepare alternative draft letters for further consideration Report to Senator Robertson approved Real estate and construction loans by national banks: H.R. 7796, a bill to amend section 24, FRAct, to liberalize limitations on, statement to be presented by Chairman Martin before Subcommittee No. 1, House Banking and Currency Committee, reviewed and discussed, to be revised in form satisfactory to Chairman Martin Report sent to Senator Robertson, Senate Banking and Currency Committee, Governor Mills to be recorded as dissenting from favorable report for reasons previously expressed Reply to letter from Comptroller of the Currency commenting on testimony of Chairman Martin before Subcommittee No. 1, House Banking and Currency Committee http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/13 3073, 3094 4/18 4/19 1394 1425, 1434 7/18 2754 8/8 3027, 3045 8/14 3101, 3119 1962 653 Pages Loans: (continued) Real estate and construction loans by national banks: (continued) H.R. 7796: (continued) Understanding re statement to be made by Mr. Solomon, on behalf of Board, before Senate Banking and Currency Committee at hearing re Report on enrolled bill H.R. 7796 sent to Budget Bureau H.R. 10628, a bill to require that insured banks maintain three-fourths of their time and savings deposits in real estate loans and at least half of such deposits in residential loans, report sent to Congressman Spence Rural housing loans: Revised draft bill to amend the Housing Act of 1949, Title V, to provide for insuring, proposed by Department of Agriculture, report sent to Budget Bureau Securities, loans for purpose of purchasing or carrying, Schedule J, proposed supplement to State member bank condition reports, letter to FRBanks indicating proposal under consideration, letters to Comptroller of the Currency, FDIC, and Budget Bureau approved Schedule J not to be used at forthcoming call, advice to FRBanks, position of Comptroller of the Currency and FDIC noted V-loans: Draft bill to amend the Defense Production Act of 1950 authorizing extension of program for an additional two years, report sent to Budget Bureau S. 3203, a bill to extend the Defense Production 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 8/29 3315 9/19 3584, 3604 7/23 2782, 2798 4/3 1128, 1165 3/2 801,812-16 3/21 979, 1002 2/14 548, 562 4/26 1495, 1502 1962 654 Pages Loans: (continued) (Individual banks): Banco de Guatemala, application to FRBank of New York for loan on gold approved 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. Sammons authorized to inform the FRBank of New York that the Board would be prepared to approve loan on gold by FRBank of New months Six York approved, extension for three months of existing loan approved three-month loan on gold up to of Granting $10 million by FRBank of New York, approved, with understanding re repayment and renewal of loan, and re repayment of outstanding loan of n re loan, including refersituatio of Review ence to discussions of Colombian Ambassador with FRBank of New York, re negotiations with International Monetary Fund, and re State Department position on Bank of Indonesia, application to FRBank of New York for 90-day loan on gold, approved Renewal of outstanding loan on gold approved, advice to FRBank of New York Bank for International Settlements, extension of gold loan arrangement with FRBank of New York, approved 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 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/12 3920, 3931 2/23 703 2/26 713, 726 8/14 3105, 3121 8/14 3106 1/5 49, 57 4/13 1363, 1369 10/1 3740, 3748 1/22 229, 235 4/24 1457, 1470 8/15 3125 1962 655 Pages Loans: (continued) National Bank of Haiti: (continued) Loan on gold approved, advice to FRBank of New York Location of banks: American Bank and Trust Company, Suffolk, Va., establishment of a branch at location of its present principal office at intersection of Main and Washington Streets, Suffolk, upon removal of such office to a new location Citizens Commercial Trust and Savings Bank of Pasadena, California, change in location of branch from south side of Colorado Boulevard between Catalina and Wilson Avenues to Southwest corner or Catalina Street and Colorado Boulevard, Pasadena, California, approved & Trust Company, Hopkinsville, Bank First-City Kentucky, change in location of a branch at Fort Campbell, Kentucky, approved ns Bank and Trust Company, Tradesme nt Provide Philadelphia, Pennsylvania, change in location of branch from Righters Mill Road near Youngsford Road to Merion Square Shopping Center on western corner of Righters Mill Road and Youngsford Road--both in Gladwyne, Lower Merion, Township, Pennsylvania, approved Locations, foreign banking corporations: 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, New York, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/22 12/13 3169, 3176 4757, 4769 10/5 3814, 3827 9/27 3678, 3694 9/14 3504, 3538 4/19 1422, 1430 1962 656 Pages Locations, foreign banking corporations: (continued) Chemical International Finance, Ltd., New York, New York, amendment to Articles of Association to change location of home office from 165 Broadway to 20 Pine Street, New York, New York, approved Gallatin Company, Inc., New York, New York, consent granted to change location of principal office from 70 Broadway, New York, New York, to 350 Park Avenue, New York, New York London, David, Hearing Examiner, National Labor Relations Board, selected by Civil Service Commission to serve as Hearing Examiner in hearing re application of Trans-Nebraska Co., Lincoln, Nebraska, to become a bank holding company Louisiana, State of: Bank holding company operations in, opinion of Louisiana State Attorney General re, in relation to branch bank laws of the State, submitted to Board by Louisiana State Bank Commissioner in connection with Whitney Holding Corporation matter Louisiana State Bank Commissioner: Whitney Holding Corporation, New Orleans, La., request for "rehearing" on application approved by Board permitting Whitney to become a bank holding company, received from Louisiana State Bank Commissioner Jeansonne, following discussion, request denied, advice to Lowe Petroleum Corporation, a Texas corporation, loan made by Chase Manhattan Bank, New York, New York, to Electronics Instrument Corporation in connection with financing of oil property now owned by, request received from Internal Revenue Service re information from examiner's work papers in connection with, letter to FRBank of New York re, approved, Governors Mills and King dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/19 1422, 1431 9/14 3503, 3537 8/27 3213 6/25 2280 6/25 2280, 2311 6/22 2265, 2273 1962 657 Pages Luncheons: American Bankers Association, luncheon in the staff dining room authorized for officers of the National and State Bank Divisions of the, to be followed by a conference in the Board Room Center for Latin American Monetary Studies, luncheon for trainees of, approved Comptroller of the Currency, representatives of, luncheon meeting with members of Board's staff to discuss matters incident to transfer of trust power function from Board to the Coombs, H. C., Governor of the Reserve Bank of Australia, luncheon scheduled for, noted Economic Development Institute of the International Bank for Reconstruction and Development, visit to Board's offices by participants in, including luncheon, approved Independent Bankers Association, Government Fiscal Policy Committee of the, question re including plans for luncheon in connection with invitation to visit Board's offices, matter to be discussed with Treasury Department Insurance companies in New York-Hartford area, invitation to investment officers of, for luncheon, authorized International Monetary Fund, International Bank for Reconstruction and Development and the International Finance Corporation, luncheons for central bankers attending annual meetings of, understood that appropriate arrangements would be made for such luncheons on Sept. 18 and 19 Librarians, Federal Reserve, luncheon for those attending annual meetings of the Special Libraries Association, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/10 3875 7/23 2794 10/1 3740, 3749 10/9 3851 11/23 4481 5/14 1811 3/8 851 6/27 2391 5/17 1860 1962 658 Pages Luncheons: (continued) New York State Superintendent of Banks, to meet with Board for lunch to discuss question re maximum rates of interest payable on savings deposits of New York State national banks, State commercial banks, and mutual savings banks Invitation accepted, to be accompanied by Counsel for the New York State Banking Department Reports by staff re official luncheon guests, discussion re value of, decision to continue St. Timothy's School in Baltimore, Maryland, trustees and senior class, use of staff dining room requested by Chairman Martin, cost to be paid by Chairman Martin, no objection 1/24 251 1/25 290 2/14 555 1/15 162 9/19 3583, 3599 6/27 2402 9/19 3583, 3599 Ilm Mack, Peter F., Jr., Congressman: Stock market credit, regulation of article in Wall Street Journal re, reply to inquiry with respect to, and re desirability of listing national bank stocks on securities exchanges, approved, agreement re certain changes in letter Manuals: Accounting Manual: FRBanks, to be revised to reflect changes in FRBank budgetary procedures as adopted by Presidents' Conference and approved by Board Margin: Regulation of, in connection with stock market credit, reply to inquiry from Congressman Mack with respect to, approved, agreement re certain changes in letter http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 659 Pages Margin accounts: FRBank employees maintaining, for speculative purposes, letter to FRBanks containing specific reference to situation, to be prepared for consideration when full Board is present Draft of letter to FRBanks calling attention to undesirability of speculative trading in securities by, to be brought to the Board for consideration Survey, "Margin Account Panel", conducted by the New York Stock Exchange, possible discontinuance of, continuance recommended in Board's letter to Mr. Funston, President of the New York Stock Exchange, further consideration by Board if necessary Alternative arrangements including possibility of subsidizing or conducting as a FRSystem project, referred to in Mr. Noyes' memorandum Margin calls by banks: Survey re, possibility of making in connection with a study re the stock market break being made by the Securities and Exchange Commission, agreed to proceed with the survey at the initiative of the Federal Reserve Calls during latter part of May 1962, made by certain large banks in each FRDistrict, agreed such survey be made, telegram requesting FRBanks to proceed on personal interview basis and containing questionnaire sent to all Federal Reserve Banks No adequate record of margin calls kept by banks noted and discussed, question re requesting banks to keep additional records http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/22 11/19 1025 4379 12/5 4628, 4664 12/5 4629 6/20 2218 7/18 2748, 2759 7/18 2749 1962 660 Pages Margin calls by banks: (continued) Survey: (continued) On certain nonregulated security loans, results of informal survey included in reply to inquiry from Congressman Mack re regulation of stock market credit Margin requirements: Credit usage and recent developments in the securities markets, discussion re regulation to margin requirements Maintenance margins required by member firms of the stock exchanges, apparent confusion in recent press articles re difference between Board's margin requirements and, efforts being made to correct misunderstanding noted Reduction of, amendments to Supplements of Regulations T and U approved with Governors Mills and Robertson dissenting Maryland, State of: Concentration of banking resources in a few large banks, discussed in connection with consideration of application of Union Trust Company of Maryland, Baltimore, Maryland, to merge with Farmers and Merchants' Bank, Salisbury, Maryland Discussion re concentrating of banking resources in a few large banks in, and its effect upon the Metropolitan Washington area Situation in area referred to in proposed merger of Suburban Trust Company, Hyattsville, Maryland, and Citizens Bank of Takoma Park, Maryland, reference also to entry of large Baltimore banks into the area of copies of "Rereproduction McCalmont, David B., distribution of Gold Reserves Among Federal Reserve Banks" by, approved with the understanding that copies would be placed in Reserve Bank Libraries and a small number furnished the author http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/19 3583, 3599 5/28 1963 5/31 1984 7/9 2562-67 6/13 2137 7/2 2472 8/30 3325, 3333 7/9 2554 1962 661 Pages Meade, Claude Yves, Dr., to conduct a course in conversational French with compensation in the amount of $450 for each of two 16-week semesters, approved Medio Credito Regionale Lombardia, Milan, Italy, consent granted retroactively to Banca d'America e d'Italia to purchase stock of, advice to Bank of America Meetings: Absorption of exchange charges: Question re arranging interagency meeting on, Comptroller of the Currency Saxon not prepared to enter such a meeting, noted by Governor Robertson Views of representatives of FDIC and Comptroller of the Currency re, at meeting with Board representatives March 5, summary referred to and discussed Proposed meetings of Board with directors of FDIC, Presidents of FRBanks, and FAC to discuss possible amendment to Regulation Q involving, agreement with respect to Memorandum re background of situation sent to Presidents of FRBanks preparatory to proposed meeting to discuss, with copy to FAC, letter sent to Mr. Prochnow re proposed meeting with FAC to discuss, with copy to each member of FAC Meeting of Board with Presidents' Conference to discuss Possible amendment to Regulation Q with respect to, meeting of Board with FAC to discuss American Bankers Association, luncheon in the staff dining room authorized for officers of the National and State Bank Divisions of the, to be followed by a conference in the Board Room http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/11 11/26 2636, 2668 4491, 4507 2/7 446 3/14 896 3/14 896 3/21 989,1011-13 3/27 1071 4/4 1166 10/10 3875 1962 662 Pages Meetings: (continued) Association of Reserve City Bankers, discussions re absorption of exchange situation at meeting of, reported in joint meeting of FAC and Board Bank holding company cases, meeting with Assistant Attorney General of the Justice Department re time limitation in submitting reports re Settlements: International for Bank 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 Federal Reserve System to be designated by the FRBank of New York, approved to attend travel on actual Young A. Ralph expense basis, including official entertainment, authorized Chairman Martin to attend May meeting of, to obtain more information re possible formal arrangement for FRSystem membership of board of directors of Annual meeting, Mr. Wood authorized to accompany Governor Mitchell and President Irons of FRBank of Dallas to attend Bank supervision, invitation to be extended to Comptroller of the Currency to meet with the Board for a general discussion re matters with respect to Further discussion with respect to meeting re Position of Comptroller of the Currency re, as expressed at meeting with Board March 13, question re discussing with FAC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/1 11/14 1600 4321-23 2/2 397 3/5 823 4/9 1279 5/9 1762 3/7 832 3/12 876 3/14 902 1962 663 Pages Meetings: (continued) Branch banks, FRSystem: Establishment in Milwaukee, Wisconsin, Congressman Reuss, accompanied by certain Milwaukee associates, to meet with Board to discuss possible Forthcoming meeting with Congressman Reuss discussed, possible change to form of public hearing and admission of a reporter from the Milwaukee Journal questioned, agreed to hold meeting as originally contemplated, no objection to attendance by reporter, stenographic transcript of the meeting to be prepared Budgets, FRBanks, meetings of FRBank Presidents with Board's Budget Collunittee for overall budget review discontinued, yearly meetings of each President with Board's Committee on Organization and Building Plans to be held for consideration of officer salaries and building plans, advice to FRBanks Matter previously discussed California, concentration of banking in, question re arranging interagency meeting on, Comptroller of the Currency Saxon not prepared to enter into such a meeting, noted by Governor Robertson Possible conference of the three Federal bank supervisory agencies to study, agreed plans with respect to, were dormant, Board's Secretary instructed to drop item from list of pending matters Conference of European Statisticians Working Group on Industrial Statistics, Clayton Gehman authorized to attend meeting in Geneva, Switzerland, with understanding re expenses, request received from Budget Bureau that he serve as U.S. representative noted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/1 2019 6/11 2122 6/27 6/27 2393,2400-01 2375 2/7 446 6/5 2060 4/20 1437 1962 664 Pages Meetings: (continued) Conference of European Statisticians Working Group on Industrial Statistics: (continued) Mr. Gehman authorized to stop in London to confer with officials of Bank 1762 5/9 of England on his return trip Continental Bank and Trust Company, Salt Lake City, Utah, discussion re possible meeting with Mr. Sullivan, President of, in light of telephone conversation with Mr. Swan, President of the FRBank of San 6/26 2357 Francisco Further discussion re possible meeting with Mr. Sullivan, Mr. Swan to be advised by Mr. Hackley along lines 6/27 2388 of discussion Arrangements for meeting with Mr. 6/27 2391 Sullivan made Discussion prior to the meeting with Mr. Sullivan, President of, Governor Robertson's decision not to attend meeting, decision that Mr. Hackley and Mr. Leavitt should 2475 7/2 attend Meeting with Mr. Sullivan, tabulation showing certain information re, dis2484, 2509 7/2 tributed Meeting of Board in executive session at which President Swan, FRBank of San Francisco presented proposal for settlement from Mr. Sullivan, 8/27 3199 noted Credit programs, Federal, 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, Mr. Roosa, Under Secretary for Monetary Affairs to arrange organizational meeting for, Board representative to meet with Mr. 1244 4/6 Roosa http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 665 Pages Meetings: (continued) Credit programs, Federal: (continued) Report by Mr. Noyes on organizational meeting held in Office of the Under Secretary of the Treasury Roosa, by the interagency group appointed by the President, indicated that staff work would be done largely by representatives of the Treasury and the Budget Bureau Report by Mr. Noyes on recent meetings of the three interagency committees, including Report by Mr. Noyes on status of study re Interagency committee to study, forthcoming meetings in connection with, reported by Mr. Noyes Currency shipments, meeting of Governor Mitchell, President Swan and Postmaster General in connection with, noted Directors of FRBanks and branches, meeting to be held March 15, 1962, agreed Gov. Shepardson and Mills to work with Mr. Fauver and other members of staff in developing Directors' Day Program 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 Meeting of, review of 1962 Directors' Day program by Mr. Fauver, with recommendations for modifications, understanding re including several of the suggestions in preparation of 1963 program Agreement re tentative date for annual meeting with understanding re dinner Agreement re change of date for Dormant accounts in the banking system, proposed joint survey, meeting with Comptroller of the Currency Saxon and FDIC Chairman Cocke views re conducting survey, and use of form prepared by Governor Robertson, reported by Governor Robertson http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/11 1349 5/2 5/14 1610 1818 9/21 3625-26 9/21 3612 2/7 445 2/19 629 3/14 902 6/25 2298 10/22 10/31 2/7 4033 4203 445 1962 666 Pages Meetings: (continued) Dormant accounts in the banking system: (continued) Arrangements for another meeting, proposed form of questionnaire with respect to, transmitted to Comptroller of the Currency for study by Governor Robertson Meeting for February 23, cancelled at the request of the Comptroller of the Currency, letter to Congressman Patman indicating Board's position re Economists, meeting at Treasury Department attended by Governor Mitchell, agreement re inviting some speakers to visit the Board, Governor Mitchell to prepare list for Mr. Noyes Comments by Governor Mitchell Eurodollar: Meeting of experts for discussion re, invitation received from Bank for International Settlements for FRSystem participation in, agreement re representation from Board's staff and FRBank of New York, understanding that Mr. Young would endeavor to locate an appropriate person from another FRBank, BIS to be advised Meeting of central bank officers at Bank for International Settlements in Switzerland to discuss, travel by Mr. Katz to attend, authorized European Coal and Steel Collauunity, meeting of Board's staff with Mr. Richard Simmons of New York law firm of Cravath, Swaine & Moore to discuss question of applicability of exemption of foreign time deposits from interest rate limitations, to time deposits of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/19 631, 647 3/7 831, 840 2/15 12/3 575 4601 7/27 2862 9/19 3586 12/20 4853 1962 667 Pages Meetings: (continued) Financial institutions, interagency committee to study, one of three committees established by the President of the U.S. to study various implications of report of Commission on Money and Credit, brief summary presented by Mr. Noyes re initial organizational meeting of Report by Mr. Noyes on recent meetings of the three interagency committees, including Report by Mr. Noyes on recent meeting and status of study re comments at afterinstructed Noyes Mr. noon meeting of, Board to explore the question re responsibility for bank supervisory function to ascertain Board's position Further discussion re Board's position at interagency meeting to study, to be considered again when more Board members are present Instruction to Mr. Noyes re Board position re reserve requirements, system of reserve classification, access to FRdiscount facilities, and FRSystem membership First Virginia Corporation, Arlington, Virginia, change in financial reporting procedure as reflected by a Preliminary Prospectus filed with the Securities and Exchange Commission, agreed that representatives of, and Securities and Exchange Commission be invited to meet with representatives of Legal and Examinations Divisions prior to further consideration by the Board Meeting with representatives of, re indicated change in financial reporting procedure by, discussions summarized by Mr. Solomon, subsequent meeting of representatives of Securities and Exchange Commission and Board staff members reported http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/6 1243 5/2 1610 5/14 1818 10/3 3757 10/10 3871 10/10 3868 1/2 1 2/1 379, 380 1962 668 Pages Meetings: (continued) First Virginia Corporation, Arlington, Virginia: (continued) Applications to acquire stock of Farmers & Merchants National Bank, Winchester, Virginia, Southern Bank of Norfolk, Virginia, Peoples Bank of Mount Jackson, Virginia, and Shenandoah County Bank & Trust Co., Woodstock, Va., agreed to arrange a meeting with representatives of, to discuss 7/11 2578, 2641 situation, along lines suggested representaof Report of informal meeting tives of, with Governor Shepardson and members of Legal Division and 2934 8/3 Division of Examinations York, New of at FRBank Gold value facilities meeting of President Hayes with Board to discuss proposed building alterations to provide addi12/18 4800 tional, for earmarked gold Deand Reconstruction International Bank for velopment, International Monetary Fund, and the International Finance Corporation, luncheons for central bankers attending annual meetings of, understood that appropriate arrangements would be made for such luncheons 6/27 2391 on September 18 and 19 823 3/5 Report by Mr. Young re Question re extension of invitations to FRBank Presidents raised by 2915 8/1 Governor Mitchell Dinner for delegates of Working Party 3, Economic Policy Committee of Organization for Economic Cooperation and Development at2986, 2987 8/6 tending meeting of, authorized Motion picture, FRSystem, suggestion re meeting of representatives of Bank and Public Relations Committee with Governor Mitchell in light of 9/13 3458 certain questions http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 669 Pages Meetings: (continued) Motion picture, FRSystem: (continued) Report by Governor Mitchell re plans for meeting re Agreement re discussions to be had by Gov. Mitchell with members of Committee and Subcommittee on Bank and Public Relations National Association of Supervisors of State Banks, meeting with Board of Executive Committee and Advisory Council of, understanding re arrangements for 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, proposed meeting of Vice Presidents and other representatives of Bank Examination Departments of FRBanks National banks: Establishment of foreign branches, possible change in law transferring to the Comptroller of the Currency authority for, arrangement made for meeting with Comptroller including discussion re Examination and supervision of, allocation of cost re, request by Comptroller of the Currency Saxon to discuss with Board a plan with respect to, Governor Robertson authorized to meet with Mr. Saxon and to bring the matter back to Board for consideration Report on meeting with Comptroller of the Currency re, Governor Robertson authorized to advise Comptroller of the Currency re Board's willingness to meet and discuss further Discussion re preparation for forthcoming meeting with Comptroller re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/17 3550 9/24 3654 3/5 822 7/30 2899 3/12 877 2/19 631 2/27 749, 761 3/12 876 1962 670 Pages Meetings: (continued) Organization for Economic Cooperation and Development: SEE: Organization for Economic Cooperation and Development: Meetings: Pension funds, corporate, and other private retirement and welfare programs, interagency committee to study, report by Mr. Noyes that staff working group was to be associated with, and that request received that member of Board's staff be designated to attend 5/2 first meeting of that group reNo meeting of Committee for some time 9/21 ported by Mr. Noyes Retirement system, meeting of Professor McGill, the actuary, and representatives of the Retirement Committee, arrangements to be made by Governor 6/18 Mills Question re possible meeting of Professor McGill with Board and Mr. Buck, the actuary of Retirement System, 8/6 matter to be considered further Discussion re possible meeting of Professor McGill with representatives of Retirement System, and with Board, 9/6 in connection with study re of, Study for Revenue Bond Financing, Committee group interested in State and municipal bond underwriting, agreement re meeting of Board 10/18 with perto n legislatio proposed Opposition to mit commercial banks to underwrite revenue bonds expressed by representatives of, at meeting 10/31 with Board Mitchell, by report Governor Salaries, FRBanks, Chairman of Board's Committee on Organization, Compensation, and Building Plans, re meeting with 10/24 six FRBank Presidents re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1610 3625 2198 2985 3361, 3374 3982 4175 4045 1962 671 Pages Meetings: (continued) Salaries, FRBanks: (continued) Report by Governor Mitchell re Report by Governor Mitchell re, no dissatisfaction indicated with general terms of recent actions taken by Board with respect to Savings deposits in New York State national banks, maximum rates of interest payable on, in light of State Regulations, section 24 of FRAct, and Regulation Q, agreed to invite Oren Root, New York State Superintendent of Banks to meet with Board to discuss Invitation accepted, to be accompanied by Counsel for New York State Banking Department Special Libraries Association, annual meeting in Washington, D. C., luncheon for, Federal Reserve librarians attending, approved United Security Account Plan of Citizens Bank & Trust Company, Park Ridge, Illinois, meeting between representatives of bank, FRBank of Chicago, and Staff of Board re, resume submitted by Legal Division Possibility of John MacArthur, Chairman of the bank, meeting with Board, in light of bank's failure to discontinue plan, discussion Further discussion, Mr. MacArthur to meet with available Board members December 21, Secretary to inform re final arrangements 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, Chairman of the Board of the Citizens Bank & Trust Co., for discussion of the, memorandum of the meeting placed in the Board's files http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/31 4196 11/2 4223 1/24 255 1/25 290 5/17 1860 2/1 382 12/13 4760 12/14 4781 12/20 4872 12/21 4954 1962 672 Pages Member banks: Chain banking through indirect controls: SEE: Chain banking: Classification for purposes of electing Class A and B directors, change for Eighth District approved Investments in "bank service corporations" by, H.R. 8874, a bill to authorize, as a means of obtaining data processing services, report to Congressman Spence approved, Governor Mitchell's views noted Presidents' Conference views re similar proposal Revenue bonds, municipal, legal restrictions on dealing or underwriting by member banks in, discussed in connection with reply to inquiry from Investment Bankers Association of America re certain bank transactions in Service and collection charges of, question re applicability of sections 13 and 16 of the FRAct re the charge 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, advice to Mr. Hufsmith, Chairman of the First National Bank, Palestine, Texas contributions: Membership dues and FRBanks: Payment of dues in the Kansas City Club by FRBank of Kansas City on behalf of nonresident directors discontinued, reported by Governor Balderston, no objection to proposed reply Report on matter of contingency fund by President Clay http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/10 3405, 3414 2/26 715, 727 2/26 717 4/9 1270, 1291 10/3 3752, 3764 1/3 20, 29 1/3 20 1962 673 Pages Membership dues and contributions: (continued) FRBanks: (continued) 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 agree 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 Membership in FRSystem: Banks outside the United States: Puerto Rican banks: Question re stationing resident Federal Reserve Examiner in Puerto Rico, raised by FRBank of New York in light of possible membership of, staff to prepare additional information re status of certain Puerto Rican banks Seven local insured banks, acceptability for System membership discussed in light of the results of a review of the examination reports, further discussion re question of stationing a resident FRExaminer in Puerto Rico, agreed unanimously that it would be undesirable, advice to FRBank of New York Samoa: Question re eligibility for membership of Bank of American Samoa, Pago Pago, Tutuila, American Samoa, policy re, discussed, question re FDIC insurance, understood Division of Examinations to discuss matter with Department of the Interior http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/14 556 6/8 2086, 2104 12/19 4833 3/28 1083 4/11 1336, 1353 2/12 504 1962 674 Pages Membership in FRSystem: (continued) Banks outside the United States: (continued) Samoa: (continued) Discussion with representatives of Interior Department reported, letter to FRBank of San Francisco approved Branch of foreign bank located in the United States: Question re eligibility for membership, discussion and reference to section 9, FRAct, views re to situation reference Further reference Further Conditions: First Bank of Colonia, New Jersey, application approved subject to Condition No. 3 re capital stock requirement Liberty State Bank of Hillside, New Jersey, extension of time to accomplish membership and amendment of Condition No. 3 re capital stock, approved New Jersey Bank and Trust Company, Clifton, New Jersey, granted further extension of time to comply with Condition No. 3, re disposal of certain corporate stock Peoples Bank of Sarasota, Florida, application approved with Condition No. 3 re paid-in and unimpaired capital stock and other capital funds (Title changed to American Bank of Sarasota, Florida, see Records) burden of membership on smaller banks, National banks, comments by Mr. Saxon at hearings on nomination to become Comptroller of the Currency Suspensions from, agreed to publish in the Board's K.3 press statement, "Changes in State Bank Membership", considered in connection with information received from the FRBank of Dallas re the closing of First State Bank, Fremont, Texas http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/10 1314, 1332 7/12 7/31 9/27 2676 2902 3684, 3701 2/19 628, 634 5/18 1874, 1877 6/29 2425, 2441 9/13 3456, 3476 2/7 447 1/5 50 1962 675 Pages Membership in FRSystem: (continued) Termination of: Citizens Bank and Trust Company, Park Ridge, Illinois, question re possible violation of Regulation Q and section 19, FRAct, involving operation of United Security Account Plan which might warrant membership proceeding, matter to be considered further pending receipt of report of examination being conducted by FRBank of Chicago Further reference to question of possible membership proceedings Draft letter ordering termination of United Security Account Plan, or start of procedure to forfeit FRSystem membership, in light of violation of Regulation Q, 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 Letter approved, Governor Mitchell dissenting, record to show that Messrs. Hackley and Shay had not participated Request granted for extension of time to October 27, 1962, for discontinuance of United Security Account Plan of, in violation of Regulation Q, resulting in possible forfeiture of Time limit for accomplishing, following approval of application, question re 45day limit, particularly in case of newly-organized bank Voluntary membership for State-chartered banks, continuation of, tentative recommendation by Financial Institutions Committee, instruction to Mr. Noyes re position to be taken at meeting with the Committee http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/23 1443 5/3 1661 7/3 2531 7/9 2556 7/11 2577, 2639 7/24 2816, 2838 9/4 3343 10/10 3868 1962 676 Pages Membership in FRSystem: (continued) (Individual banks): Banco Credito y Ahorro Ponceno, Puerto Rico, examination report revealed the bank in the poorest condition of the seven local insured banks whose acceptability for System membership was discussed in connection with the question re the possible stationing of a resident FRExaminer in Puerto Rico, agreed unanimously that it would be undesirable, advice to FRBank of New York Banco de Ponce, Puerto Rico, examination report reveals condition quite satisfactory, acceptability for System membership of seven local insured banks discussed in connection with the question re the possible stationing of a resident FRExaminer in Puerto Rico, agreed unanimously that it would be undesirable, advice to FRBank of New York Banco Popular de Puerto Rico, examination report revealed the bank in the next to the poorest condition of the seven local insured banks whose acceptability for System membership was discussed in connection with the question re the possible stationing of a resident FRExaminer in Puerto Rico, agreed unanimously that it would be undesirable, advice to FRBank of New York Bank of American Samoa, Pago Pago, Tutila, American Samoa, question re eligibility for, matters of policy discussed, question re FDIC insurance, understood Division of Examinations to discuss matter with Department of Interior Questions re inquiry re eligibility for, reviewed, discussion with representative of Department of Interior reported, letter to FRBank of San Francisco approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/11 1337 4/11 1337 4/11 1337 2/12 504 4/10 1314, 1332 1962 677 Pages Membership in FRSystem: (continued) Bank of Commerce, Charlotte, N. C., application for membership in FRSystem approved Bank of Georgia, Atlanta, Georgia, subpoena served on FRBank of Atlanta, in connection with robbery case, for production of certain documents to prove membership in FRSystem, authorization re Central Jersey Bank and Trust Company, Freehold, New Jersey, advised by FRBank of New York that bank had expressed a desire to obtain, by acquiring the charter of the Asbury Park and Ocean Grove Bank, Asbury Park, New Jersey, referred to in discussion of application of Asbury Park and Ocean Grove Bank to merge with Citizens Bank and Trust Company, Park Ridge, Illinois, question re possible violation of Regulation Q and section 19, FRAct, involving operation of United Security Account Plan which might warrant membership proceeding, matter to be considered further pending receipt of report of examination being conducted by FRBank of Chicago Further reference to question of possible membership proceedings Draft letter ordering termination of United Security Account Plan, or start of procedure to forfeit FRSystem membership, in light of violation of Regulation 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/30 4142, 4159 9/24 3650 5/7 1739 4/23 1443 5/3 1661 7/3 2531 7/9 2556 1962 678 Pages Membership in FRSystem: (continued) Citizens Bank and Trust Company, Park Ridge, Illinois: (continued) Draft letter ordering termination of United Security Account Plan: (continued) Letter approved, Governor Mitchell dissenting, record to show that Messrs Hackley and Shay had not partici pated Request granted for extension of time to October 27, 1962, for discontinuance of United Security Account Plan of, in violation of Regulation Q, resulting in possible forfeiture of Continental Bank and Trust Company, Salt Lake City, Utah, motion of, as respondent in administrative proceeding before the Board, that the Board issue an order requiring respondent to forfeit all rights and privileges of membership in FRSystem, denied Ewing Bank and Trust Company, Ewing Township, New Jersey, application approved Extension of time to accomplish membership approved First American State Bank, Wausau, Wisconsin, application approved First Bank of Colonia, New Jersey, application approved subject to 3rd condition re capital stock requirement Hawthorne Bank of Wheaton, Illinois, application approved Israel Discount Bank Limited, Tel Aviv, Israel, question re eligibility of New York City branch of, for membership, discussion and reference to section 9, FRAct, views re Further reference to situation Further reference Liberty State Bank of Hillside, New Jersey, extension of time to accomplish membership and amendment of condition No. 3 re capital stock, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/11 2577, 2639 7/24 2816, 2838 8/6 2973, 2997 8/20 3151, 3160 10/3 3752, 3768 3/16 913, 938 2/19 628, 634 7/27 2856, 2868 7/12 7/31 9/27 2676 2902 3684, 3701 5/18 1874, 1877 1962 679 Pages Membership in FRSystem: (continued) Monon Bank, Monon, Indiana, application approved New Jersey Bank and Trust Company, Clifton, New Jersey, granted further extension of time to comply with Condition No. 3, re disposal of certain corporate stock Peoples Bank of Sarasota, Florida, application approved with Condition No. 3 re paid-in and unimpaired capital stock and re other capital funds (Title changed to American Bank of Sarasota, Florida, see Records) Russiaville State Bank, Russiaville, Indiana, application approved Yankton State Bank, Yankton, South Dakota, application for membership in FRSystem approved, question re time limit for accomplishing membership, particularly in case of newly-organized bank Merrigan, Edward L., Washington, D. C., attorney, petition for reconsideration of Board's order approving application of Whitney Holding Corporation to become a bank holding company filed by, on behalf of three banks in Louisiana, following discussion, petition denied, advice to Understanding re furnishing letters containing recommendations from Comptrollers of the Currency Gidney and Saxon Michigan State Coimnissioner of Banking: Citizens Commercial & Savings Bank, Flint, Michigan, question re position of, re proposed consolidation with Old Corruna State Bank, Corruna, Michigan, discussed in connection with reconsideration of Board's decision denying application http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/13 3456, 3479 6/29 2425, 2441 9/13 3456, 3476 1/8 61, 70 9/4 3343, 3354 6/25 2275, 2308 6/25 2279 1/10 84 1962 680 Pages Michigan State Superintendent of Banks: Bank mergers, seven-day waiting period provided in Board's order re consummation of approved consolidation of the Peoples Bank and Trust Company, Grand Haven, Michigan, with The Spring Lake State Bank, Spring Lake, Michigan, request from, for consummation on seventh day, agreed that Board's rule could be construed as allowing consummation on the seventh day Military service: Noory, George G., Assistant Review Examiner, Division of Examinations, and an officer in the U. S. Air Force, issuance of a certificate of immediate availability for active military service of, in event of partial or full mobilization, approved, with certain understanding Reeder, Ray M., Operator, Tabulating Equipment, Division of Administrative Services, reinstatement and salary following military leave approved Mills, Edwin S., Professor, confirming arrangements to conduct a course in Advanced Economic Statistics, consisting of 20 to 30 sessions with a fee of $100 for each session Milwaukee, Wisconsin: Departmental sales figures, in dollars, for department stores in, requested by Justice Department, agreement that release of data would risk disclosure of individual store sales in violation of understanding with reporting stores, request declined, advice to FRBank of Chicago Minnesota State Commissioner of Banking: Chain banking, direct and indirect controls, survey requesting information re, State member banks advised by, not to supply the requested information in light of opinion from State Attorney General http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/26 2332 7/27 2863 8/8 3042 7/11 2636 1/8 66, 81 7/24 2818 1962 681 Pages Minutes: Federal Open Market Committee, 1960, question re making minutes available for public inspection in light of possible release of Joint Economic Committee staff document based on review of Possible publication of minutes from approximately 1950 to some fairly current date, understood Chairman Martin to take matter up with, question re preparing commentary on the published minutes Mitsubishi Chemical Industries, Ltd., Tokyo, Japan, consent granted Philadelphia International Investment Corporation, Philadelphia, Pennsylvania, to purchase additional stock of Monetary policy: Foreign banking and financial operations, reference to relationship between, made in connection with draft bill proposing transfer of Board's authority in sections 25 and 25(a), FRAct, to Comptroller of the Currency re, question raised by FRSystem Function of Governor Mitchell re presentation of, in proposed motion picture of FRSystem, suggestion re meeting of Governor Mitchell with Bank and Public Relations Committee System policy, current impact of: Topic for discussion with FAC Considered appropriate and as having desirable impact on business activity, views of FAC expressed in joint meeting with Board Topic for discussion with FAC Desirable impact on business activity, FAC inclined to place relatively more weight on international considerations in view of serious implications of balance-of-payments deficit, importance of sound fiscal policy, views of FAC expressed in joint meeting with Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/7 450 3/8 852 4/2 1104, 1123 7/13 2704 9/13 3458 2/1 384, 391 2/20 4/13 671 1363, 1370 5/1 1593 1962 682 Pages Monetary policy: (continued) System policy, current impact of: (continued) Topic for discussion with FAC Has had generally favorable impact on the economy, position re placing more weight on domestic rather than international considerations, views of FAC expressed at joint meeting Discussion by Board and FAC re possible effect on economy of easier monetary policy, re lower or higher prime interest rates and re availability of money, reference to pressure for foreign loans 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 Monroe, Malcolm L., New Orleans, Louisiana, attorney for Whitney Holding Corporation, reply to request that certain parts of the Whitney application to become a bank holding company be treated as confidential and omitted from the appeal record in connection with the suit filed in the United States Circuit Court of Appeals Monroney, A. S. Mike, Senator: First Oklahoma Bancorporation, Inc., Oklahoma City, Oklahoma, application to become a bank holding company through acquisition of stock of First National Bank and Trust Company of Oklahoma City, and Idabel National Bank, Idabel, Oklahoma, request by Senator Monroney that decision be withheld until after meeting of State Legislature in January 1963, understood that Chairman Martin would explain why the Board was not in a position to comply http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/28 3232, 3258 9/18 3570 9/18 11/2 3572 4220, 4232 11/20 7/25 11/14 4439 2845, 2852 4324 1962 683 Pages Moore, John A., Denver, Colorado, of Holland & Hart, question whether phrase statutory liability as used in section 61 (c), Title 12, U. S. Code includes the liability attached to assessments for impairment of capital, in connection with holding company affiliates, reply to inquiry from, approved Moorhead, William S., Congressman: H.R. 8874, a bill to authorize member banks to invest in bank service corporations,reply to request from, for comments on letter from Secretary of Banking Myers of Pennsylvania, with respect to a substitute amendment to, adopted by the Subcommittee No. 1 of the House Banking and Currency Conuuittee Morgan & Cie., S.A., a general investment banking firm to be located in Paris, permission granted Morgan Guaranty International Finance Corporation, New York, New York, to purchase shares of Mortgage Credit: Study by the Council of Economic Advisers with respect to the mortgage credit situation in the United States, request for assistance from the FRBanks, Mr. Noyes authorized to communicate with the heads of research at the Reserve Banks Mortgages: Industrial, covering property in redevelopment 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, proposed report to Senator Robertson, Chairman of the Senate Banking and Currency Committee discussed, agreed that staff would prepare alternative draft letters for further consideration http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/31 1980, 1993 7/25 2844, 2851 9/27 3679, 3696 7/11 2573 4/18 1394 1962 684 Pages Mortgages: (continued) Industrial: (continued) Further discussion, report to Senator Robertson approved 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 Moss, John E., Congressman: Telephone calls, monitoring of, information re listening-in devices and telephone recording equipment at the Board, reply to Motion pictures: FRSystem, purposes, structure and operations of: 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 Bank and Public Relations Committee re, question re presentation of monetary policy function raised by Governor Mitchell, agreed to so advise Chairman of Conference and suggest meeting of Committee with Governor Mitchell No objection to proceeding with photographic work with understanding re possible script changes, advice to Chairman Fulton approved, following report by Governor Mitchell re discussion and planned meeting Memorandum from Governor Mitchell indicating script reviewed with Miss Burr, Consultant, agreement re discussions 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 re script and filming as outlined by Gov. Mitchell http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/19 1425, 1434 1/18 220, 227 2/15 567, 585 2/6 432, 439 9/13 3458 9/17 3550, 3553 9/24 3654 9/27 3689 1962 685 Pages Motion pictures: (continued) FRSystem, purposes, structure and operations of: (continued) Report by Governor Mitchell re status of script, agreement re further pro10/17 3945 cedure to be followed by Board Multer, Abraham J., Congressman: H.R. 10628, a bill to require that insured banks maintain three-fourths of their time and savings deposits in real estate loans, and at least half of such deposits in residential loans, sponsored by, said to have under consideration certain modification of proposal, 7/23 2782 noted by Mr. Cardon H.R. 12501, a bill to amend section 23A, FRAct, to facilitate banking relationships between member banks and their affiliates (foreign banking corporations) and subsidiaries of their affiliates, introduced by, reference to Chase Manhattan Bank and lending problems in8/13 3073, 3094 volving its affiliates Mutual investment funds: Directors, FRBranch banks, question re eligibility to serve as director of the Seattle Branch with principal occupation as an officer of an industrial concern, no 11/8 4302 objection Mutual savings banks: Federal, S. 2528, a bill to authorize the establishment of report to Senator Robertson, Chairman of the Senate Banking and Currency Committee, summarizing certain questions formerly raised in connection with a similar bill, views previously expressed ap1/18 218, 226 plicable to and loan savings Interest rate developments at associations and, FRBanks requested to furnish Board with any information with respect to, in connection with survey of interest rates on time and sav1/12 150 ings deposits of member banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 686 Pages Mutual savings banks: (continued) Savings deposits in New York State: Maximum rates of interest payable on, discussed in light of question re interest rates on savings deposits of national banks in light of State Regulations, section 24 of FRAct and Regulation Q, 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 Consideration deferred Agreed to invite Oren Root, New York State Superintendent of Banks to meet with Board to discuss State Superintendent of banks, York New 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 Agreement that FRBank of New York not circularize member banks re Board's position Mysterious disappearance: FRBank of Richmond, disappearance from vault of, Treasury certificate of indebtedness which was held as collateral to tax and loan account of a nonmember bank, discovered in course of current examination of, report ed by Mr. Solomon, General Auditors being contacted by Mr. Solomon entries, SEE: FRBank of Richmond: further For Disappearance http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/10 1/22 93, 107 230 1/24 251 1/25 290 1/31 350, 377 2/1 384 8/27 3212 1962 687 Pages Mysterious disappearance: (continued) FRBank of San Francisco, disappearance from vault of, certain Treasury certificates of indebtedness that were being held for the account of a member bank, situation reported to Board, Mr. Smith in San Francisco for consultation re, noted entries, SEE: FRBank of San further For Francisco: Disappearance 8/15 3126 1/24 247 1/24 250 1/25 295 8/28 3248 3/21 979, 1006 “Nu National Advisory Council: Bretton Woods Agreements Act, amendment proposed, authorizing the United States to participate in loans to the International Monetary Fund, approved by, Board's views requested by Bureau of the Budget, discussion re possible problems involved re Board's comments on legislative proposals recommended by, due to status of Chairman of Board of Governors as ex officio member of In light of Governor Mitchell's comments, agreed that the Division of International Finance would furnish the Board with a copy of the special report prepared by Legislation favored, advice to Bureau of the Budget National Archives: 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 National Association of Securities Dealers: Regulation T: Interpretation of section 220.4(c)(8) with respect to withdrawal of proceeds of sale of stock in a special cash account when the stock has been sold out of the account prior to payment for its purchase, sent to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 688 Pages 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, proposed meeting of Vice Presidents and other representatives of Bank Examination Departments of Federal Reserve Banks Hearings held by House Banking and Currency Committee on bills re the composition of FDIC Board of Directors and the placing of authority for approval of branches of State member banks, Board questioned by, re possible objection to, agreed unnecessary to reply Meeting with Board of Executive Committee and Advisory Council of, understanding re arrangements for National banks: Branch bank applications: California, practices with respect to filing in, referred to by Governor Balderston Draft bill to amend section 5155, Revised Statutes relating to, which may be retained upon conversion, consolidation, or merger, where continuing or acquiring bank would be a national bank, proposed by Treasury Department, report sent to Budget Bureau H.R. 12825, a bill to amend section 5155, Revised Statutes, relating to, report to Chairman Spence, House Banking and Currency Committee, approved, Mr. Solomon designated to testify on behalf of the Board before Subcommittee No. 1, draft of statement distributed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/30 2899 2/19 629 3/5 822 1/26 299 4/10 1313, 1331 8/13 3078, 3096 1962 689 Pages National banks: (continued) Branch bank applications: (continued) H.R. 12899, a bill to amend section 5155, Revised Statutes, relating to, report to Chairman Spence, House Banking and Currency Committee, approved Report to Chairman Robertson, Senate Banking and Currency Committee, approved, understanding re statement to be made by Mr. Solomon, on behalf of Board, at hearing before Senate Banking and Currency Committee, re Report on enrolled bill H.R. 12899, sent to Budget Bureau Condition reports: SEE: Condition reports: National banks Conversion of nonmember bank into, question whether FRBank of New York could refuse to issue FRBank stock to new national bank or conduct examination to determine whether the national charter was deserving of approval, raised by President Crosse, in light of indication from State banking authorities of dissatisfaction with operations of existing bank Dormant accounts, S. 1486, a bill to authorize the Comptroller of the Currency to regulate service charges by national banks on, report to Congressman Spence, Chairman of the Committee on Banking and Currency, indicating no objection re Examination of: Allocation of cost re: 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/27 3194, 3216 8/29 3315, 3324 9/19 3583, 3602 11/19 4379 7/20 2667, 2774 2/19 631 1962 690 Pages National banks: (continued) Examination of: (continued) Allocation of cost re: (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 Governor Robertson justifying reimbursement for cost and transmittal of copies rather than cost of making the examination, Governor Robertson authorized to advise the Comptroller and indicate willingness of the Board 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 re Recommendation of Governor Shepardson that the Board prepare comparative data on costs of examinations of State and national banks in consideration of reply to the Comptroller of the Currency re, understanding with respect to Discussion re Board's position should Comptroller present draft legislation to Congress re Federal Reserve contribution to costs of Comments by Chairman Martin re problem, expressed at joint meeting with FAC Reply to Comptroller of the Currency, question re permissibility under existing law discussed, and advisability and problems in connection with the possible enactment of legislation authorizing the Board to make payments with respect to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/27 749, 761 3/12 876 3/20 953 3/21 991 4/4 1186 4/6 1242, 1264 1962 691 Pages National banks: (continued) Examination of: (continued) Allocation of cost re: (continued) Status of Comptroller's request that the Federal Reserve contribute to, and the possibility of requesting legislation re, noted in joint meeting of FAC with Board Schedule of charges for providing FRBanks 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 telephone conversation by Chairman Martin with the Comptroller of the Currency, letter to Comptroller confirming, letter to Federal Reserve Banks requesting views Requested comments received by FRBanks with respect to, discussed, agreed that matter should be discussed further with the Reserve Bank Presidents at the forthcoming Presidents' Conference Possible procedure discussed at joint meeting with the 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 Proposed letter to Comptroller stating Board's views discussed, Governor 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/1 1602 5/2 1615 5/9 1761,1769-70 6/11 2124 6/19 2211-13 6/21 2241-42 1962 692 Pages National banks: (continued) Examination of: (continued) Allocation of cost re: (continued) 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 re,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 of the Currency to make arrangements with the FRBanks for delivery of reports and billings, wire sent to Presidents of all FRBanks re arrangements with respect to Reports no longer being made available to Board in Washington on borrowed basis, reported, matter to be given further consideration, difficulty corrected, reports being made available by Office of Comptroller of Currency, noted Regional chief national bank examiners requested by the Comptroller of the Currency to make arrangements with the FRBanks for delivery of national banks examination reports and billings, wire sent to Presidents of all FRBanks re arrangements with respect to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/27 2386,2397-98 6/29 2423 7/3 2539 9/24 3653-54 7/3 2539 1962 693 Pages National banks: (continued) Foreign branches: Establishment of: Possible change in law transferring to the Comptroller of the Currency authority for, arrangement made for meeting with Comptroller including discussion re Request by Mr. Knight, General Counsel of the Treasury, for Board's views re proposed legislation re the transfer of authority from the Board to the Comptroller of the Currency with respect to, Mr. Hackley authorized to indicate the Board's general leaning against such a transfer Further discussion, staff to draft a letter to Treasury opposing proposed bill with respect to Letter to Secretary of Treasury Dillon approved and delivered personally by Chairman Martin, copy delivered to Comptroller of the Currency S. 1771, a bill which would authorize the Board to permit, to exercise certain additional powers, statement to be presented by Chairman Martin before Subcommittee No. 1, House Banking and Currency Committee, reviewed and discussed, and to be revised in form satisfactory to Chairman Martin Report on enrolled bill sent to Bureau of the Budget Public Law 87-588, an act to improve the usefulness of, proposed regulations to reflect recent enactment of, letter to certain national banks requesting suggestions approved, with copies to all Federal Reserve Banks Board reluctant to state that it would not exercise the authority provided by section 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, New York, in http://fraser.stlouisfed.org Geneva, Switzerland Federal Reserve Bank of St. Louis 3/12 877 7/3 2533 7/11 2592 7/13 2702, 2719 7/18 2754 8/9 3052, 3064 8/27 3195, 3220 10/4 3794 1962 694 Pages National banks: (continued) Foreign branches: (continued) Board reluctant to state that it would not exercise authority provided by section 25(6): (continued) Letter to President Schwegler, Swiss National Bank, approved, Governor Mitchell to advise President Hayes Swiss National Bank probably would not be inclined to permit opening of Geneva Branch of First National City Bank, New York, New York, if any agency of another government retained the right to examine the branch, conversation with Max Ikle reported by Governor Mitchell Proposed regulation to effectuate Public Law 87-588, permitting exercise of additional powers by, following review of suggestions received, and expressions of views, publication for comments deferred, at Governor Mitchell's request, pending review by Board of Regulation K memorandum Publication of proposed regulation deferred pending further consideration of Regulation K study Income and dividends: 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 Letter to Statistical Standards of the Bureau of the Budget approved, requesting views re, submitting Board's decision to discontinue comparable reports from State member banks, and willingness to participate in an integrated program for collection of such data, matter to be reconsidered in spring of 1963, copies of letter to Comphttp://fraser.stlouisfed.org troller of Currency, FDIC, and Federal Reserve Bank of St. Louis FRBank Presidents 10/19 4011, 4022 12/20 4872 12/12 4739 12/20 4863 4/18 1399, 1420 6/20 2220, 2235 1962 695 Pages National banks: (continued) Investments in certain domestically chartered foreign banking corporations by, proposed legislation re the transfer of authority from the Board to the Comptroller of the Currency with respect to, Board's views requested by Mr. Knight, General Counsel of the Treasury, Mr. Hackley authorized to indicate the Board's general leaning against such a transfer Further discussion, staff to draft a letter to Treasury opposing proposed bill Letter to Treasury Secretary Dillon approved and delivered personally by Chm. Martin, copy sent to Comptroller Real estate and construction loans, H.R. 7796, a bill to amend section 24, FRAct, to allow national banks 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 Chairman Martin before Subcommittee No. 1, House Banking and Currency Committee Report sent to Senator Robertson, Senate Banking and Currency Committee, with Governor Mills dissenting Reply to letter from Comptroller of the Currency commenting on testimony of Chairman Martin before Subcommittee No. 1,House Banking and Currency Committee Statement to be made by Mr. Solomon, on behalf of Board, before Senate Banking and Currency Committee at hearing re Report on enrolled bill H.R. 7796 sent to Budget Bureau http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/3 2533 7/11 2592 7/13 2702, 2719 7/18 2754 8/8 3027, 3045 8/14 3101, 3119 8/29 3315 9/19 3584, 3604 1962 696 Pages National banks: (continued) Regulations of Board and FDIC, interpretations affecting national banks, suggestion from Office of Comptroller of the Currency that arrangements be worked out whereby FDIC and Board might avoid rendering such interpretations until policy aspects are considered by the Comptroller, reply sent to Comptroller of the Currency Securities issued by state and local governments, S. 3131, a bill to amend section 5136, Revised Statutes, with respect to authority of, to underwrite and deal in, including short-term public housing agency obligations, and underwriting of revenue bonds, agreed to defer consideration of report to Senate Banking and Currency Committee Stocks of, question re listing on securities exchanges, reply to inquiry from Congressman Mack re, approved Trust powers of: Draft bill submitted by Treasury to transfer from the Board to the Comptroller of the Currency authority re, including operation of common trust funds, favorable report to Bureau of the Budget Report considered at same meeting as scheduled preliminary discussion re operation of common trust funds, coincidence noted, in case bill is passed, opinion of Governor Mills that Board should withhold action on questions re common trust funds to allow decisions to be made by the Comptroller of the Currency 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 3/5 820, 827 8/28 3236 9/19 3583, 3599 6/26 2334, 2369 6/26 2335 7/3 2533 1962 697 Pages National banks: (continued) Trust powers of: (continued) H.R. 12577, a bill to place authority over, in the Comptroller of the Currency, rather than Board, report to Chairman Spence, House Banking and Currency Committee, approved, Mr. Solomon designated to testify on behalf of the Board before Subcommittee No. 1, House Banking and Currency Committee Report to Chairman Robertson, Senate Banking and Currency Committee, approved Report sent to Budget Bureau re enrolled bill H.R. 12577 Handling of transfer of Board's records and pending applications to Comptroller of the Currency upon signing of H.R. 12577, an enrolled bill to place authority over, in the Comptroller, letter to Comptroller inviting discussions on staff level approved Enrolled bill signed by the President, section 11(k) of the FRAct repealed, regulation similar to Regulation F promulgated by the Comptroller, advice to FRBanks re, further discussion re transfer of records, Comptroller's representatives to meet with Board's staff 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, effective the same date and being 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 8/29 3315, 3323 9/19 3583, 3603 9/25 3662, 3667 10/1 10/1 3740-41 3742, 3749 10/3 3757, 3792 1962 698 Pages National banks: (continued) Trust powers of: (continued) Transfer of Board's records, 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 (Individual banks): Agricultural National Bank of Pittsfield, Mass., proposed consolidation with the North Adams National Bank, North Adams, Mass., report to Comptroller of the Currency on competitive factors approved Albuquerque National Bank, Albuquerque, New Mexico, proposed loans to persons purchasing shares of American Telephone and Telegraph Company stock under Employees' Stock Plan, interpretation re status under Regulation U, sent to FRBank of Kansas City Applications to convert: St. Lucie County Bank, Fort Pierce, Florida, favorable recommendation to Comptroller of the Currency Applications to organize: Recommendations from Board to Comptroller of the Currency re, no longer requested by Comptroller of the Currency, letter to FRBanks advising no further reports necessary and cancelling outstanding instructions re Arlington, Massachusetts, unfavorable recommendation to the Comptroller of the Currency with Governors Robertson and Mitchell dissenting for reasons stated in the discussion http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/18 3969, 4002 3/1 785 5/31 1980, 1995 1/22 229, 238 3/8 850, 855 2/8 455, 477 1962 699 Pages National banks: (continued) Applications to organize: (continued) Bothell, Washington, favorable recommendation to the Comptroller of the Currency Coral Gables, Florida, favorable recommendation to Comptroller of the Currency following check with FRBank of Atlanta for any additional views or comments Eleventh District, especially in Texas, suggestions by FRBank of Dallas re recommending unfavorably to Comptroller of the Currency on several occasions where Board later made favorable recommendations, situation to be discussed by Mr. Solomon with Mr. Pondrom at Examiners' Conference Evansdale, Iowa, favorable recominendation to Comptroller of the Currency Flushing, Queens County, New York, unfavorable recommendation to the Comptroller of the Currency Gamerco, New Mexico, unfavorable recommendation to the Comptroller of the Currency Irving, Texas, favorable recommendation to Comptroller of the Currency Madisonville, Tennessee, unfavorable recommendation to Comptroller of the Currency Orlando, Florida, approval recommended to Comptroller of the Currency San Antonio, Texas, application by Clifford L. Hagy and associates, following discussion re banking situation in San Antonio, unfavorable recommendation to Comptroller of the Currency approved, Governor Mitchell dissenting Sealy, Texas, Board inclined to recommend favorably to Comptroller of the Currency, decided to inform Federal Reserve Bank of Dallas and request further comments on the matter http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/19 628, 638 1/3 17, 25 1/26 301 2/15 566, 582 1/24 241, 257 2/8 455, 476 3/2 798, 808 1/3 17, 26 2/19 628, 637 1/11 113, 133 1/26 300 1962 700 Pages National banks: (continued) Applications to organize: (continued) Sealy, Texas: (continued) Views of FRBank of Dallas reported by Mr. Solomon, following discussion, unfavorable recommendation of Comptroller of the Currency approved, Governor Robertson dissenting Washington, D. C., approval recommended to Comptroller of the Currency Watseka, Illinois, favorable recommendation to Comptroller of the Currency Wheaton, Maryland, favorable recommendation to Comptroller of the Currency American National Bank of Fort Lauderdale, Fla., granted permission to exercise fiduciary powers American National Bank of Rapid City, South Dakota: Proposed consolidation of Bear Butte Valley Bank, Sturgis, South Dakota, and report to Comptroller of the Currency on competitive factors approved Granted permission to exercise fiduciary powers Proposed consolidation with Western National Bank of Rapid City and Rapid City Trust Company, report to Comptroller of the Currency re competitive factors, approved American National Bank of Silver Spring, Md., issuance of limited voting permits to Financial General Corporation, New York, New York, Morris Plan Corporation, New York, New York, and Potomac Securities Corporation, Silver Spring, Maryland, to vote stock of, authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/29 327, 336 2/19 628, 636 2/15 566, 581 2/15 566, 580 4/13 1363, 1367 5/2 1605 5/10 1778, 1786 7/20 2767 1/8 62, 77-78 1962 701 Pages National banks: (continued) American National Bank of Silver Spring, Md.: (continued) Issuance of general voting permits to Financial General Corporation, New York, Morris Plan Corporation, New York, New York, and Potomac Securities Corporation, Silver Spring, Maryland, to vote 8/28 3232,3253-55 stock of, authorized of American National Bank and Trust Company Kalamazoo, Michigan, planned purchase of assets and assumption of liabilities of Plainwell Bank, Plainwell, Michigan, by, report to Comptroller of the Currency 4/11 1336 on competitive factors approved proposed Athens National Bank, Athens, Ohio, consolidation with Bank of Athens National Banking Association, Athens, Ohio, report to Comptroller of the Currency on competi10/5 3815 tive factors approved proAugusta National Bank of Staunton, Virginia, posed merger into First and Merchants National Bank of Richmond, Virginia, report to Comptroller of the Currency on competitive 2915 8/1 factors approved unanimously question Austin National Bank, Austin, Texas, re executive officer status of Vice Chairman of the Board of Directors of, under Regulation 0, in light of service as a member of Loan and Discount Committee authorized to execute documents on behalf of the Bank, agreed to defer action on ques1/29 319 tion of, report ion Suggestion that the examinat 1/29 325 be reviewed g relatin report Information in examination to indebtedness of the Vice Chairman to the bank, reported by Governor Robertson, understood copy of resolution adopted by the Bank in regard to the Chairman of 1/31 369 its Board, to be obtained http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 702 Pages National banks: (continued) Austin National Bank, Austin, Texas: (continued) Board agreed unanimously to regard the Vice Chairman as an executive officer for the purposes of Regulation 0 advice to FRBank of Dallas, issuance of an S-letter informing all FRBanks, to be published in the FRBulletin Bank of America National Trust and Savings Association, San Francisco, California, information re branches approved for, during past year or two, interest expressed by Governor King, staff to assemble such information Operations of overseas branches of Bank of America, New York, New York, and three alternatives presented by, noted, no objection by Board to consolidation of branches under, advice to Matter of capital adequacy discussed Preliminary permit authorizing organization of Bamerical International Financial Corporation, New York, New York, transmitted to Establishment of a branch in the City of Amsterdam, The Netherlands, approved Suggestions re proposed regulations to reflect enactment of legislation to improve the usefulness of national bank branches in foreign countries requested from, and from certain other national banks Establishment of branches, authorized, at locations of present branches of its wholly-owned subsidiary Bank of America, New York, New York, in France, Germany, Guatemala, Colony of Hong Kong, Lebanon, Federation of Malaya, and Colony of Singapore http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/27 738, 757 2/28 764 3/8 3/8 847, 854 848-50 5/7 1730,1750-51 6/7 2069, 2077 8/27 3195, 3220 12/20 4849, 4881 1962 703 Pages National banks: (continued) Bank of Athens National Banking Association, Athens, Ohio, proposed consolidation with Athens National Bank, Athens, Ohio, report to Comptroller of the Currency on competitive factors approved Barnett National Bank of Jacksonville, Florida, application of First Bancorporation of Florida, Inc., Orlando, Florida, for approval to become a bank holding company by acquisition of stock of certain banks in Florida and, application denied, Governors Mills and Shepardson dissenting Agreed that no oral presentation be held Issuance of order, majority statement, dissenting statements of Governors Mills and Shepardson authorized Bassett National Bank of El Paso, Texas, granted permission to carry same reserves as maintained by banks outside of central reserve and reserve cities Bellport National Bank, Bellport, New York, proposed merger into Valley National Bank of Long Island, Valley Stream, New York, report to Comptroller of the Currency on competitive factors approved Bensonhurst National Bank of Brooklyn in New York, New York, proposed merger into The Meadow Brook National Bank, New York, New York, report to Comptroller of the Currency on competitive factors approved Views of Governor Mills re the competitive situation of small banks in metropolitan areas Bridgeport National Bank, Bridgeport, Pa., proposed merger of Liberty Real Estate Bank and Trust Company, Philadelphia, Pennsylvania, and report to FDIC on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/5 3815 6/25 6/25 2283 2295-97 7/27 2860, 2877 4/18 1387, 1410 5/31 1981 3/12 871 3/12 872 3/9 858 1962 704 Pages National banks: (continued) Bridgeville National Bank, Bridgeville, Pa., proposed consolidation of Union National Bank of Pittsburgh, Pa., and report to Comptroller of the Currency on competitive factors, approved Broadway National Bank of Nashville, Tennessee, proposed merger into Coullnerce Union Bank, Nashville, Tennessee, application approved Issuance of order and statement authorized Canal National Bank, Portland, Maine, proposed consolidation with American Trust Co., Lewiston, Maine, report to Comptroller of the Currency on competitive factors approved Carroll County National Bank, Westminster, Md., proposed merger of Manchester Bank, Manchester, Md.; Carroll Trust Company, Manchester, Md. and,report to FDIC on competitive factors approved Catonsville National Bank, Catonsville, Md., proposed merger of Farmers Banking and Trust Company of Montgomery County, Rockville, Md., and,into First National Bank of Baltimore, Md., report to Comptroller of the Currency on competitive factors, approved Central City National Bank, Central City, Pa., application of Windber Bank and Trust Company, Windber, Pa., (formerly Windber Trust Company) to acquire assets and assume liabilities of, and to operate a branch at office of, approved Issuance of order and statement authorized 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 Reg. 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 1/12 135 4/24 5/2 1462 1606, 1628 5/24 1931 10/26 4104 6/15 2175 6/8 6/21 2088 2241, 2255 7/27 2856, 2866 1962 705 Pages National banks: (continued) Central National Bank, Canajoharie, New York: (continued) Proposed consolidation of Otsego County National Bank of Cherry Valley, New York, and, report to Comptroller of the Currency on competitive 9/28 factors approved Missouri, Central National Bank of Carthage, supplemental application to exercise fiduciary powers, permis1/24 sion granted referIllinois, Central National Bank, Chicago, ence to request for permission to carry reduced reserves, position of directors of FRBank of Chicago discussed, suggestion by Governor King that matter be resubmitted to FRBank of Chicago for recom3/8 mendation same carry to Application for permission reserves as maintained by banks outside of central reserve and 5/14 reserve city denied of Directors Question re procedure of FRBank of Chicago submitting recommendation re request for permission to carry reduced reserves, raised by Governor Mitchell, dis5/14 cussion reOklahoma, Okmulgee, of Bank Central National ply to Deputy Comptroller of the Currency indicating that grace periods as provided in Reg. Q, not superseded by amendment to the Supplement establishing maximum interest rates on time and savings deposits, in connection 7/24 with question by Texas, Angelo, of Bank San Central National granted permission to exercise 1/22 fiduciary powers Des Company, Central National Bank and Trust Moines, Iowa, penalty for de12/19 ficiency in reserves waived http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3705 242, 259 851 1812, 1820 1812 2815, 2837 229, 239 4808, 4839 1962 706 Pages National banks: (continued) Citizens National Bank of Chillicothe, Missouri, permission granted to exercise fiduciary powers Citizens National Bank of Front Royal, Virginia, granted permission to exercise fiduciary powers Proposed merger of First National Bank of Flint Hill, Virginia, report to Comptroller of the Currency on competitive factors approved Citizens National Bank of Greenleaf, Kansas, proposed purchase of assets and assumption of liabilities of Greenleaf State Bank, Greenleaf, Kansas, by, report to Comptroller of the Currency on competitive factors approved Citizens National Bank of Lake Geneva, Wisconsin, granted permission to exercise fiduciary powers Citizens National Bank, Los Angeles, California, proposed merger of Glendora Commercial and Savings Bank, Glendora, California, into, report to Comptroller of the Currency on competitive factors approved Citizens National Bank of Wellsville, New York, proposed consolidation of State Bank of Bolivar, New York, and, report to Comptroller of the Currency on competitive factors approved Penalty for deficiency in reserves waived Citizens and Southern National Bank, Atlanta, Georgia, negotiable time certificates issued in the form of "bank savings bonds" by, questions re compliance with the provisions of Regulation Q, possible violation of section 21 of the Banking Act of 1933, request for a high-priority study by 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 7/24 2815, 2835 4/2 1103, 1117 10/30 4142 9/17 3548 8/28 3232, 3249 9/17 3548 5/15 8/20 1827 3151, 3159 1/15 155 1962 707 Pages National banks: (continued) Citizens and Southern National Bank of Atlanta, Ga.: (continued) 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 820, 827 3/5 Comptroller Citizens and Southern National Bank, Savannah, Georgia, proposed purchase of assets and assumption of liabilities of Citizens and Southern Bank of Atlanta, Georgia, by, report to the Comptroller of the Currency on competitive factors 4/19 1424 approved Citizens and Southern National Bank of South Carolina, Charleston, South Carolina, proposed merger of Commercial National Bank, Camden, South Carolina, and, report to Comptroller of the Currency on 2086 6/8 competitive factors approved City National Bank of Anchorage, Alaska, proposed merger with and into Alaska State Bank, Fairbanks, Alaska, report to FDIC on competitive factors 3/26 1065 approved City National Bank of Fairmont, West Virginia, granted permission to exercise 1/31 349, 373 fiduciary powers City National Bank of Tiffin, Ohio, proposed merger into The First National Bank of Fostoria, Ohio, report to Comptroller of the Currency 10/11 3887 on competitive factors approved City National Bank of Winston-Salem, North Carolina, proposed merger into First Union National Bank of North Carolina, Charlotte, North Carolina, report to Comptroller of the Currency on competitive factors ap8/13 3073 proved unanimously http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 708 Pages National banks: (continued) Colfax National Bank, Denver, Colorado, granted permission to maintain the same reserves against deposits as are required to be maintained by nonreserve city banks Colonial-American National Bank of Roanoke, Va., proposed merger into The First National Exchange Bank of Roanoke, Virginia, report to Comptroller of the Currency on competitive factors, approved with changes suggested by Governor Robertson, reservations re such changes expressed by Governor Shepardson Commercial National Bank of Berwyn, Illinois, Conlon-Moore Corporation, Chicago, Illinois, not deemed 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 Camden, South Carolina, proposed merger of Citizens and Southern National Bank of South Carolina, Charleston, South Carolina and, report to Comptroller of the Currency on competitive factors approved unanimously Commercial National Bank of Kansas City, Kansas, letter from President of, re proposed consolidation of Security National Bank of Kansas City and Riverview State Bank, both of Kansas City, Kansas, inquiry from Comptroller of the Currency re possible supplemental report on competitive factors from Board, in light of, discussion Reply to Comptroller of the Currency approved Commercial National Bank of Pensacola, Florida, application of Commercial Associates, Inc., Pensacola, Fla., to acquire stock of Bank of Gulf Breeze and, approved Issuance of order and statement authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/15 3124, 3128 6/20 2215 10/3 3752, 3762 6/8 2086 3/16 920 3/20 948, 961 8/9 8/28 3053 3233,3260-62 1962 709 Pages National banks: (continued) Commercial National Bank of Pensacola, Fla.: (continued) Issuance of general voting permit to Commercial Associates, Inc., to 12/12 vote stock of, authorized Community National Bank and Trust Company of Knoxville, Iowa, Community Holding Company, Knoxville, Iowa, determined not to be a holding company affiliate of, except for 11/14 purposes of section 23A Conestoga National Bank of Lancaster, Pennsylvania, proposed merger of Litiz Springs National Bank of Litiz, Pa., into, report to Comptroller of the Currency on competitive factors, ap8/2 proved Continental Illinois National Bank and Trust Company of Chicago, Illinois, paid a $2 million capital subscription to the stock of Continental International Banking Corporation, bulk of funds invested in U. S. Treasury 7/17 bills noted Also paid a $2 million capital subscription to the stock of Continental International Finance Corporation, noted that the bulk of these funds were invested in short-term U. S. 7/17 Treasury securities Suggestions re proposed regulations to reflect enactment of legislation to improve the usefulness of national bank branches in foreign countries requested from, and from certain 8/27 other national banks Coshocton National Bank, Coshocton, Ohio, proposed purchase of assets and assumption of liabilities of Farmers and Merchants Bank Company, Warsaw, Ohio, report to Comptroller of the Currency on competitive factors 7/13 approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4739, 4753 4312, 4333 2922 2729, 2735 2729, 2736 3195, 3220 2700 1962 710 Pages National banks: (continued) County National Bank, Middletown, New York, proposed merger of National Bank and Trust Company of Port Jervis, New York, into, report to Comptroller of the Currency on competitive factors approved County National Bank of Mineola, New York, granted permission to exercise limited fiduciary powers County National Bank of Montrose, Pennsylvania, proposed merger of First National Bank of LeRaysville, Pennsylvania, into, report to Comptroller of the Currency on competitive factors approved unanimously Crescent City National Bank of New Orleans, La., proposed new bank, into which present Whitney National Bank of New Orleans would be consolidated under charter of former and title of latter, application of Whitney Holding Corporation to become a bank holding company by organization of, and certain other banks approved, Governor Robertson dissenting Issuance of order, majority statement, concurring statement of Governor Mitchell, and dissenting statement of Governor Robertson authorized Issuance of limited voting permit to Whitney Holding Corporation, New Orleans, La., to vote stock of, authorized Crocker-Anglo National Bank, San Francisco, Calif., inquiry re executive officer status under Regulation 0 of certain non-officer personnel having lending authority, following review of memorandum from Legal Division, reply approved, Governors Mills, Robertson, and King dissenting Denton County National Bank of Denton, Texas, granted permission to exercise fiduciary powers http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/18 1875 4/18 1387, 1417 12/13 4758 4/3 1131 5/2 1607, 1634 5/2 1610, 1655 1/16 185, 199 8/17 3132, 3140 1962 711 Pages National banks: (continued) Depositors National Bank of New Wilmington, Pa., proposed purchase of assets and assumption of liabilities by First National Bank of Lawrence County at New Castle, Pa., report to Comptroller of the Currency on competitive factors approved District of Columbia National Bank, Washington, D. C., granted permission to maintain same reserves as are required to be maintained by nonreserve city banks Drovers National Bank of Chicago, Illinois, proposed merger of Drovers Trust and Savings Bank, Chicago, Illinois, into, report to Comptroller of the Currency on competitive factors approved Granted permission to exercise fiduciary powers Easton National Bank of Maryland, Easton, Md., proposed purchase of assets and assumption of liabilities of, by Maryland National Bank, Baltimore, Maryland, report to Comptroller of the Currency on competitive factors approved unanimously Exchange National Bank, Chicago, Illinois, reference to request for permission to carry reduced reserves, position of directors of FRBank of Chicago discussed, suggestion by Governor King that matter be resubmitted to FRBank of Chicago for recommendation Application for permission to carry same reserves as maintained by banks outside of central reserve and reserve city denied Question re procedure of Directors of FRBank of Chicago submitting recommendation re request for permission to carry reduced reserves, raised by Governor Mitchell http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/16 919 9/27 3679, 3695 5/24 1931 6/26 2368 4/19 1423 3/8 851 5/14 1812, 1821 5/14 1812 1962 712 Pages National banks: (continued) Exchange National Bank of Tampa, Florida, application of First Bancorporation of Florida, Inc., Orlando, Florida, for approval to become a bank holding company by acquisition of stock of, and certain other Florida banks, proposal to include retention of affiliate relationship with one small affiliated bank, application denied, Governors Mills and Shepardson dissenting Agreed that no oral presentation be held Issuance of order, majority statement, dissenting statements of Governors Shepardson and Mills authorized Fairfax County National Bank, Falls Church, Va., service of William A. Spaugh, Vice President of American Security and Trust Company, Washington, D. C.,as director of, locations interpreted as "contiguous or adjacent thereto" and prohibited under section 8 of the Clayton Act and Regulation L Farmers and Mechanics-Citizens National Bank of Frederick, Maryland, proposed merger of Farmers State Bank, Emmitsburg, Maryland, into, report to Comptroller of the Currency on competitive factors to be revised along lines suggested by Governor Mills relating to control of banking situation by, and relation to Pennsylvania banks Report approved unanimously Proposed merger of Peoples National Bank in Brunswick, Md., into, report to Comptroller of the Currency on competitive factors approved Farmers & Merchants National Bank of Blacksburg, Virginia, proposed merger into First National Exchange Bank of Roanoke, Va., report to Comptroller of the Currency on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/25 6/25 2283 2295-97 7/27 2860, 2877 4/30 1526, 1549 8/20 8/22 3155 3170 12/21 4953 10/19 4012 1962 713 Pages National banks: (continued) Farmers & Merchants National Bank of Winchester, Virginia, application of First Virginia Corporation, Arlington, Va., to acquire stock of, question re holding oral presentation in light of questions re two classes of stock of First Virginia one having limited voting rights, agreed matter to be considered when full Board is present Agreed to arrange a meeting with representatives of First Virginia, and to request financial information, possibility of amending or issuing an interpretation of Regulation Y to be explored Application of First Virginia Corporation, Arlington, Virginia, to acquire stock of, application disapproved, Governor Mills dissenting Presentation of procedural proposal by Mr. O'Connell relating to, understood Legal Division would prepare an order and statement reflecting denial of application, Governor Mills' vote having been noted Issuance of order,majority statement, and dissenting statement of Governor Mills authorized Farmers National Bank of Allentown, New Jersey, proposed merger into The Central Jersey Bank and Trust Company, Freehold, New Jersey, report to FDIC on competitive factors approved First Agricultural National Bank of Berkshire County, Pittsfield, Mass., proposed consolidation of The First National Bank of Adams, Massachusetts, with, report to Comptroller of the Currency on competitive factors approved after suggested changes http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/27 2377 7/11 2578, 2641 8/3 2932 8/8 3035 8/28 3233,3265-85 11/14 6/29 4313 2427 1962 714 Pages National banks: (continued) First-City National Bank of Binghamton, New York: Application of Morgan New York State Corporation, Albany, New York, to become a bank holding company by acquisition of stock of State bank or trust company into which above bank would be converted, of stock of Morgan Guaranty Trust Company of New York, New York, and of five other upstate New York banks, denied Order and statement denying application authorized for release tomorrow Concurring statement of Governor Mitchell released First and Citizens National Bank of Alexandria, Virginia: Application of United Virginia Bankshares, Incorporated, to acquire stock of five other Virginia banks and, agreed matter be considered further when all Board members are present Discussion re unfavorable report by Department of Justice indicating involvement in section 7 of Clayton Act, understood that the report would be considered before voting on the pending application Application of United Virginia Bankshares, Incorporated, to acquire stock of, approved, Governor Robertson dissenting Issuance of order, majority statement, and dissenting statement by Governor Robertson, authorized First and Merchants National Bank of Richmond, Virginia: Proposed merger of Augusta National Bank of Staunton, Virginia, into, report to Comptroller of the Currency on competitive factors approved Proposed merger of First National Bank of Newport News, Virginia, into, report to Comptroller of the Currency on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/5 1194 5/3 1663, 1671 5/3 1666, 1715 11/6 4266 11/14 4318 11/15 4338 12/5 4622,4646-58 8/1 2915 9/10 3407 1962 715 Pages National banks: (continued) First and Merchants National Bank of Richmond, Va.: Proposed merger of Peoples National Bank and Trust Company of Lynchburg, Va., into, report to Comptroller of the Currency on competitive factors approved First National Bank of Adams, Massachusetts, proposed consolidation of the First Agricultural National Bank of Berkshire County, Pittsfield, Mass., with, report to Comptroller of the Currency on competitive factors approved after suggested changes First National Bank of Afton, New York, proposed consolidation of National Bank and Trust Company of Norwich, New York, and, report to Comptroller of the Currency on competitive factors approved First National Bank of Allegany, New York, proposed merger into First National Bank of Olean, New York, report to Comptroller of the Currency on competitive factors approved First National Bank of Anthony, New Mexico, proposed consolidation with the First National Bank of Dona Ana County, Las Cruces, report to Comptroller of the Currency on competitive factors approved First National Bank of Arvada, Colorado, granted permission to exercise limited fiduciary powers First National Bank of Baltimore, Maryland, proposed merger of Catonsville National Bank, Catonsville, Md., and Farmers Banking and Trust Company of Montgomery County, Rockville, Maryland, into, report to Comptroller of the Currency on competitive factors, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (continued) 12/14 4780 6/29 2427 7/12 2674 9/21 3611 11/14 4315 5/21 1880, 1886 6/15 2175 1962 716 Pages National banks: (continued) First National Bank of Bar Harbor, Maine, supplemental application for fiduciary powers, approved First National Bank of Batavia, New York: Application of Liberty Bank and Trust Company, Buffalo, New York, to merge with, approved, Governor Robertson dissenting Issuance of order, majority statement and dissenting statement of Governor Robertson, authorized Operation of branch at present location of, incident to merger approved First National Bank of Bellwood, Pennsylvania, proposed merger with Altoona Central Bank and Trust Company, Altoona, Pennsylvania, report to FDIC on competitive factors approved First National Bank of Bolivar, New York, proposed merger into The First Trust Company of Allegany County, Wellsville, New York, report to FDIC on competitive factors approved First National Bank of Bonners Ferry, Idaho: Application of Bank of Idaho, Boise, Idaho, to merge with, and to operate a branch incident to merger, approved Issuance of order and statement authorized, Mr. Sherman reported that Governor King was agreeable to issuance Request by Congressman Patman re applicability of section 3(d), Bank Holding Company Act, with respect to approved application of Bank of Idaho, Boise, Idaho, a subsidiary of Western Bancorporation, Los Angeles, California, to merge with, reply approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/29 2424, 2438 12/12 4744 12/20 4851,4888-96 12/20 4888 5/4 1722 7/24 2816 2/12 507 2/16 601,613-15 4/16 1376, 1382 1962 717 Pages National banks: (continued) First National Bank of Boston, Massachusetts, suggestions re proposed regulations to reflect enactment of legislation to improve the usefulness of national bank branches in foreign countries requested from, and from certain other national banks First National Bank of Brunswick, Maine, proposed merger with First National Bank of Portland, Maine, report to Comptroller of the Currency on competitive factors approved First National Bank of Burr Oak, Michigan, appointment of Gary R. Hickory as assistant examiner, FRBank of Chicago, approved not to participate in examination of, so long as his father is officer or director of First National Bank in Carteret, New Jersey, proposed merger into The Perth Amboy National Bank, Perth Amboy, New Jersey, report to Comptroller of the Currency on competitive factors approved of Chicago, Illinois: Bank First National to organize First Chicago permit Preliminary International Banking Corporation, New York, New York, transmitted to Final permit to commence business issued on June 13, 1962 Preliminary permit to organize First Chicago International Finance Corporation, Chicago, Illinois, transmitted to, possibility of profit making through supplementary rewards in connection with investment of First Chicago International Finance Corporation, misgivings expressed by Governors Mills and Robertson, comment by Governor Mitchell Final permit to commence business issued on June 14, 1962 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/27 3195, 3220 1/24 243 12/7 4677, 4684 7/3 2514 5/22 1900,1914-15 6/14 2168 5/22 1900,1916-17 6/14 2168 1962 718 Pages National banks: (continued) First National Bank of Clairton, Pennsylvania, proposed purchase of assets and assumption of liabilities of, by Western Pennsylvania National Bank, McKeesport, Pennsylvania, report to Comptroller of the Currency on competitive factors approved First National Bank of Clover, South Carolina, proposed merger into First National Bank of South Carolina of Columbia, South Carolina, report to Comptroller of the Currency on competitive factors approved First National Bank at Conneaut Lake, Pa., proposed merger of Merchants National Bank and Trust Company of Meadville, Pennsylvania, and, report to Comptroller of the Currency on competitive factors approved First National Bank in De Kalb, Illinois, granted permission to exercise fiduciary powers First National Bank of Denver, Colorado, shares of the Farmers State Bank of Yuma, Colorado, pledged as collateral by the Fitzgerald Insurance Agency, Inc., Yuma, Colorado, for an indebtedness to, noted by Governor Mills in connection with a section 301 determination First National Bank at Derry, Pennsylvania, proposed merger with Brookline Savings and Trust Company, Pittsburgh, Pennsylvania, report to FDIC on competitive factors approved unanimously First National Bank of Dona Ana County, Las Cruces, New Mexico, proposed consolidation with The First National Bank of Anthony, New Mexico, report to Comptroller of the Currency on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/19 4011 11/19 4367 8/1 2914 9/25 3661, 3667 10/24 8/20 11/14 4043 3154 4315 1962 719 Pages National banks: (continued) First National Bank of Dunedin, Florida, appointment of Richard W. Beagles as assistant examiner, FRBank of Atlanta, approved not to participate in examination of, so long as his father is an officer of First National Bank of Englewood, Colorado: Granted permission to exercise fiduciary powers Issuance of general voting permit to First Colorado Bankshares, Inc., Englewood, Colorado, to vote the stock of Lakeside National Bank, Lakeside, Colorado, and, authorized First National Bank of Eau Gallie, Florida, granted permission to exercise fiduciary powers First National Bank of Flint Hill, Virginia, proposed merger into Citizens National Bank of Front Royal, Va., report to Comptroller of the Currency on competitive factors approved unanimously First National Bank of Fostoria, Ohio, proposed merger of City National Bank of Tiffin, Ohio, into, report to Comptroller of the Currency on competitive factors approved First National Bank of Freehold, New Jersey: Proposed consolidation with The Monmouth County National Bank, Red Bank, New Jersey, report to Comptroller of the Currency on competitive factors approved Application by People's Savings and Trust Company, Hazleton, Pennsylvania, to purchase assets and assume the liabilities of the, and to operate a branch at the present location of, approved Issuance of order and statement authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/6 3368, 3375 3/26 1065, 1069 4/25 1474, 1491 7/13 2700, 2707 10/30 4142 10/11 3887 2/27 733 5/7 1737 5/10 1783, 1798 1962 720 Pages National banks: (continued) First National Bank of Gettysburg, Pennsylvania, proposed merger of Littlestown State Bank and Trust Company, Littlestown, Pennsylvania, into, report to Comptroller of the Currency on competitive factors approved First National Bank of Glenwood Springs, Colorado, First McKinley Corporation, Glenwood Springs, Colorado, determined not to be a holding company affiliate of,except for the purposes of section 23A First National Bank of Grove City, Ohio, proposed merger into The Huntington National Bank of Columbus, Ohio, report to Comptroller of the Currency on competitive factors approved First National Bank of Hereford, Texas, granted permission to exercise fiduciary powers First National Bank of Hillsboro, Kansas, reply to Deputy Comptroller of the Currency re question presented by, with respect to payment of six-months' interest on a twelvemonth time certificate of deposit First National Bank of Hope, Arkansas, granted permission to exercise fiduciary powers First National Bank of Jersey City, New Jersey, proposed merger of Bergen Trust Company of New Jersey,into, report to Comptroller of the Currency on competitive factors approved First National Bank of Joliet, Illinois, ConlonMoore Corporation, Chicago, Ill., not deemed to be a holding company affiliate of, except for the purposes of section 23A http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/17 3547 1/4 37, 43 1/5 49 4/26 1495, 1501 7/20 2767, 2773 5/17 1850, 1865 3/22 1018 10/3 3752, 3762 1962 721 Pages National banks: (continued) First National Bank of La Porte, Texas: Stay of Board's order directing divestment by C. B. Investment Corporation, Houston, Texas, of bank shares of, approved, advice to FRBank of Dallas Petition of C. B. Investment Corporation for reconsideration of Board's conclusion re divestment of certain shares of, (now La Porte State Bank) letter to FRBank of Dallas re Board's position and views approved First National Bank of Lansing, Illinois, penalties for deficiencies in reserves waived First National Bank of Lawrence County at New Castle, Pennsylvania, proposed purchase of assets and assumption of liabilities of The Depositors National Bank of New Wilmington, Pennsylvania, by, report to Comptroller of the Currency on competitive factors approved First National Bank of LeRaysville, Pennsylvania, proposed merger into County National Bank of Montrose, Pa., report to Comptroller of the Currency on competitive factors approved First National Bank of Mansfield, Massachusetts, proposed consolidation of Manufacturers National Bank of North Attleborough, North Attleboro, Massachusetts, report on competitive factors approved for transmittal to the Comptroller of the Currency First National Bank of Maryland, Baltimore, Md., proposed merger of The Salisbury National Bank, Salisbury, Md., into, report to Comptroller of the Currency on competitive factors, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/18 217, 224 5/31 1981, 2001 9/13 3456, 3478 3/16 919 12/13 4758 5/9 1765 11/2 4220 1962 722 Pages National banks: (continued) First National Bank of Melbourne, Florida, granted permission to exercise fiduciary powers First National Bank of Miami, Florida: Authorized to accept drafts or bills of exchange drawn for purpose of furnishing dollar exchange as required by usages of trade in certain designated countries, dependencies, or insular possessions of the U. S. Application of First Bancorporation of Florida, Inc., Orlando, Florida, for approval to become a bank holding company by acquisition of stock of certain Florida banks and, application denied, Governors Mills and Shepardson dissenting Agreed that no oral presentation be held Issuance of order, majority statement, dissenting statements of Governors Mills and Shepardson authorized First National Bank of Michigan City, Indiana, proposed consolidation of Merchants National Bank of Michigan City, Indiana, and, report to Comptroller of the Currency on competitive factors approved First National Bank of Middleburg, Pennsylvania, proposed consolidation of Richfield Bank, Richfield, Pennsylvania, and, report to Comptroller of the Currency on competitive factors approved First National Bank of Middlesex County, South River, New Jersey, proposed consolidation of First National Bank of Sayreville, New Jersey, and, report to Comptroller of the Currency on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/12 504, 530 6/22 2265, 2272 6/25 2283 6/25 2295-97 7/27 2860, 2877 8/27 3196 4/20 1436 4/27 1507 1962 723 Pages National banks: (continued) First National Bank of Millerstown, Pennsylvania, proposed consolidation of Juniata Valley National Bank of Mifflintown, Pennsylvania, and, report to Comptroller of the Currency on competitive factors approved First National Bank of Mondovi, Wisconsin, granted permission to exercise fiduciary powers First National Bank of Montpelier, Vermont, proposed merger into Chittenden Trust Company, Burlington, Vermont, report to FDIC on competitive factors approved First National Bank of Mount Holly Springs, Pa.: Application of Dauphin Deposit Trust Company, Harrisburg, Pennsylvania, to merge with, operating a branch at the present location of, denied with Governor Mills dissenting, possibility of an oral presentation discussed, agreement against, prior to announcing Board's decision Order, majority, and dissenting statements reviewed, agreed majority statement be revised for further consideration Issuance of order, majority statement, and dissenting statement of Gov. Mills authorized Plan to request reconsideration of denial of application to merge with, reply to Martin P. Snyder, Counsel for Dauphin Deposit, with respect to Counsel informed that vote for denial by five members with one dissent provides no support to a petition for reconsideration First National Bank of Newark, Ohio, granted permission to exercise fiduciary powers http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/26 300 7/25 2843, 2847 10/12 3921 7/3 2517-21 7/12 2675 7/13 2701, 2709 8/8 3027, 3046 10/24 8/13 4042,4060-61 3068, 3083 1962 724 Pages National banks: (continued) First National Bank of Newport News, Virginia, proposed merger into First and Merchants National Bank of Richmond, Virginia, report to Comptroller of the Currency on competitive factors approved First National Bank in Newton, Illinois, granted permission to exercise fiduciary powers First National Bank of Normal, Illinois, granted permission to exercise fiduciary powers First National Bank of Olean, New York, proposed merger of First National Bank of Allegany, New York, into, report to Comptroller of the Currency on competitive factors approved First National Bank of Oneida, Tennessee, granted permission to exercise a specific fiduciary power First National Bank of Oregon, Portland, Oregon: Proposed merger of Dallas City Bank, Dallas, Oregon, into, report to Comptroller of the Currency on competitive factors approved, Governor Mills abstaining from participation in discussion and action on Authorized to accept drafts or bills of exchange drawn by Banco de la Republica, Bogota, Colombia, for purpose of furnishing dollar exchange, relationship of transactions with Western Bancorporation and Western Bancorporation International Bank, reviewed First National Bank of Orlando, Florida: Application of First Bancorporation of Florida, Inc., Orlando, Florida, for approval to become a bank holding company by acquisition of stock of certain banks in Florida and, application denied, Governors Mills and Shepardson dissenting, proposal to include retention of affiliate relationships with three small banks presently affiliated with http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/10 3407 5/21 1879, 1885 4/30 1526, 1543 9/21 3611 9/4 3343, 3352 1/16 181 11/16 6/25 4358, 4364 2283 1962 725 Pages National banks: (continued) First National Bank of Orlando, Florida: (continued) Agreed that no oral presentation be held Issuance of order, majority statement, dissenting statements of Governors Mills and Shepardson authorized First National Bank of Ovid, New York, proposed merger into the First National Bank of Waterloo, New York, report to Comptroller of the Currency on competitive factors approved First National Bank, Palestine, Texas, question re applicability of sections 13 and 16 of the FRAct re the charge 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, advice to Mr. Hufsmith, Chairman of First National Bank of Perry, New York: Application by Citizens Bank of Perry, New York, to merge with, under the charter of the latter and with the title of The Bank of Perry, and to operate a branch for a one-year period at the location of the Citizens Bank, approved with Governors Robertson and Mitchell dissenting Issuance of order, statement,and dissenting statement of Governors Robertson and Mitchell authorized First National Bank of Perry, Iowa: Application of Brenton Companies, Inc., Des Moines, Iowa, to acquire shares of three other Iowa banks and, approved with reservations by Governor Mitchell noted Issuance of order and statement authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/25 2295-97 7/27 2860, 2877 11/14 4313 10/2 3752, 3764 7/9 2558 7/23 2785, 2802 11/2 4221 11/19 4371,4415-17 1962 726 Pages National banks: (continued) First National Bank of Port Arthur, Texas: Stay of Board's order directing divestment by C. B. Investment Corporation, Houston, Texas, of bank shares of, approved, advice to FRBank of Dallas Application by C. B. Investment Corporation, Houston, Texas, for acquisition of stock of, through exercise of preemptive stock purchase rights approved Order and statement approved Petition of C. B. Investment Corporation for reconsideration of Board's conclusion re divestment of certain shares of, letter to FRBank of Dallas re Board's position and views, approved Request for opinion received from, whether it would be permissible to continue to pay interest at rates set forth in a 3-year contract as a city depository if at a later date interest rates were lowered by the Board First National Bank of Portland, Maine, proposed merger of First National Bank of Brunswick, Maine, with, report to Comptroller of the Currency on competitive factors approved First National Bank of Post, Texas, granted permission to exercise fiduciary powers First National Bank of Price, Utah: Request by Congressman Patman re applicability of section 3(d) of the Bank Holding Company Act, with respect to the proposed application of Walker Bank and Trust Company, Salt Lake City, Utah, a subsidiary of Western Bancorporation, Los Angeles, California, to merge with, reply approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/18 217, 224 2/14 2/19 551 628,639-41 5/31 1981, 2001 11/26 4495 1/24 243 6/1 2013, 2020 4/16 1376, 1382 1962 727 Pages National banks: (continued) First National Bank of Price, Utah: (continued) Application of Walker Bank and Trust Company, Salt Lake City, Utah, to merge with, application approved, Governor Robertson dissenting Issuance of order, statement, and dissenting statement by Governor Robertson authorized, operation of a branch incident thereto, approved First National Bank of Rochester, Indiana, First Bank and Trust Company of South Bend, Indiana, determined not to be a holding company affiliate of, except for the purposes of section 23A First National Bank in St. Louis, Missouri, question re interlocking directorates of the St. Louis Union Trust Company, St. Louis, Missouri, and, Board's conclusion that the exception in section 8(6), of the Clayton Act, is applicable, and that the common directors may continue to serve both institutions, advice to FRBank of St. Louis First National Bank of San Jose, California, inquiry from Joseph Rogers, President of, re use of branch bank deposit data, question re confidentiality of certain unpublished information and re Board's authority to collect reports, reply approved First National Bank of Sayreville, New Jersey: Proposed consolidation of First National Bank of Middlesex County, South River, New Jersey, and, report to Comptroller of the Currency on competitive factors approved Inquiry as to law under which information is required to be submitted in connection with chain banking survey, and the protection provided a bank against legal action by shareholder who might resent release of confidential information, understood revised draft of reply to be prepared http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/6 11/21 4260 4447,4462-71 4/30 1526, 1544 7/17 2730, 2737 7/25 2843, 2848 4/27 1507 6/8 2089 1962 728 Pages National banks: (continued) First National Bank of Sayreville, New Jersey: (continued) Inquiry as to information re: (continued) Reply approved, copy to Presidents of 6/13 all FRBanks proVirginia, First National Bank of Shenandoah, posed merger into Peoples National Bank of Central Virginia, Charlottesville, Virginia, report to Comptroller of the Currency on competitive 8/22 factors, approved of Columbia, First National Bank of South Carolina South Carolina, proposed merger of First National Bank of Clover, South Carolina, into, report to Comptroller of the Currency on 11/19 competitive factors approved First National Bank of South Miami, Florida, application to exercise fiduciary powers made on behalf of, by First Bank & Trust Co. of South Miami, Florida, bank which is to be converted into, approved, effective upon consummation of 7/27 proposed conversion First National Bank of Springfield, Ohio, granted permission to exercise fiduciary 5/2 powers First National Bank of Stevens Point, Wisconsin, granted permission to exercise 4/23 fiduciary powers First National Bank of Sullivan, Illinois, granted permission to exercise fiduciary 8/13 powers First National Bank of Thompsonville, Connecticut, proposed consolidation with the First National Bank of Windsor Locks, Connecticut, report to Comptroller of the Currency on 6/29 competitive factors approved First National Bank of Vista, California: Proposed merger of United California Bank, Los Angeles, California, and, request from latter bank for competitive factor reports submitted to Board by FDIC and Justice Dept., re, following discussion, request denied, Governors Robertson and 4/2 Mitchell dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2142, 2156 3170 4367 2856, 2865 1604, 1620 1442, 1454 3069, 3086 2428 1104, 1124 1962 729 Pages National banks: (continued) First National Bank of Vista, California: (continued) Application of United California Bank, Los Angeles, California, to merge with, and to operate branches at the present two offices of, agreed that an opportunity for a public oral presentation should be accorded to United California Bank, arranged for May 25, 1962, order 5/7 issued Comments re scheduled oral presentation and re certain actions taken in 5/24 accordance with usual procedures Oral presentation discussed, following expression of views, application denied, Chairman Martin and Gov. 6/11 Shepardson voting to approve Order and statement re Board's denial issued, accompanied by dissenting statement of Chairman Martin and 6/20 Governor Shepardson a: Pennsylvani Wampum, in First National Bank Application of Lawrence Savings and Trust Company, New Castle, Pa., to acquire assets and assume liabilities of, and incident thereto to operate a branch at the location 8/8 of, approved Issuance of order and statement autho8/22 rized First National Bank of Waterloo, New York: Granted permission to exercise fiduciary 7/24 powers National Wheeler of on consolidati Proposed Bank, Interlaken, New York, and, report to Comptroller of the Currency on competitive factors ap8/22 proved of Bank National First Proposed merger of Ovid, New York, into, report to Comptroller of the Currency on 11/14 competitive factors approved First National Bank of Waukesha, Wisconsin, granted permission to exercise 9/19 additional fiduciary powers http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1731, 1753 1931 2118 2217,2223-31 3034 3171,3180-82 2815, 2832 3171 4313 3583, 3595 1962 730 Pages National banks: (continued) First National Bank of Windsor Locks, Connecticut, proposed consolidation with the First National Bank of Thompsonville, Connecticut, report to Comptroller of the Currency on competitive factors approved First National Bank of Wynnewood, Oklahoma, Brookwood, Inc., Tishomingo, Oklahoma, determined not to be holding company affiliate of, except for purposes of section 23A First National Bank and Trust Company of Mount Joy, Pennsylvania, proposed merger into Lancaster County National Bank, Lancaster, Pa., report to Comptroller of the Currency on competitive factors approved First National Bank and Trust Company of Oklahoma City, Oklahoma: Application of First Oklahoma Bancorporation to become a bank holding company by acquisition of shares of Idabel National Bank, Idabel, Oklahoma, and, agreed to hold a public hearing, Governor Mills dissenting Proposed arrangements for hearing reported Order denying motion to extend date for hearing and motion for special permission to appeal adverse ruling of the trial examiner, approved Application approved, Governors Robertson and King dissenting Issuance of order, majority statement, and dissenting statements of Governors Robertson and King authorized First National Bank and Trust Company of Orwigsburg, Pennsylvania, proposed merger with the Pennsylvania National Bank and Trust Company of Pottsville, Pennsylvania, report to Comptroller of the Currency on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/29 12/21 2428 4950, 4958 6/25 2275 4/9 1271, 1293 4/13 1364 6/1 2014, 2027 10/31 4185 11/28 4537,4559-94 1/18 217 1962 731 Pages National banks: (continued) First National City Bank of New York, New York: Establishment of a branch: In the Guarani Hotel, Asuncion, Paraguay, approved In City of Madras, Madras State, India, approved In the City of Brussels, Belgium, approved In the City of Milan, Italy, approved In Santo Domingo, Dominican Republic, at corner of Calle Hostos and Calle El Conde, approved, comments by Gov. Mills re American banks entering so-called "trouble spots" for possible speculative reasons In Geneva, Switzerland, approved, discussion concerning question re acceptance of numbered accounts and re Swiss banking law prohibiting any agency of U. S. Government from examining books and records of branches of American banks in Switzerland Question by Swiss National Bank re 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, Mr. Hayes, FRBank of New York, to discuss with President of Swiss National Bank, in connection with his forthcoming trip to Switzerland Letter to President Schwegler, Swiss National Bank, approved, Governor Mitchell to advise President Hayes Swiss National Bank probably would not permit opening of a branch, if any agency of another government retained the right to examine the branch, conversation with Max Ikle reported by Governor Mitchell http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/12 135, 148 1/12 135, 149 1/22 1/22 229, 236 229, 237 3/9 857, 868 4/10 1311, 1330 10/4 3794 10/19 4011, 4022 12/20 4872 1962 732 Pages National banks: (continued) First National City Bank of New York, New York: (continued) Establishment of a branch: (continued) 1764, 5/9 In the City of Quito, Ecuador approved de Rio Castelo District of In the Janeiro, Estado da Guanabra, Brazil, extension of time to establish, approved 7/20 2766, 8/6 2972, In Delhi, India, approved Extension of time within which branch in the Hato Rey area of San Juan, Puerto Rico,may occupy temporary quarters during construction of a new build4/19 1423, ing,approved countries to Power of local banks in foreign issue guarantees for government bids, while American banks are forced to deny this assistance, reference by Governor Robertson to statement made by Alexander D. Calhoun of the, in testimony before the House Banking and Currency Committee, in discussion re provisions relating to guarantees in the proposed regulation to effectuate Public Law 87-588, permitting exercise of additional powers by foreign branches of na12/12 4741 tional banks Proposed merger of Richmond County National Bank of Port Richmond, Staten Island, New York, into, report to Comptroller of the Currency on competitive factors approved, 8/13 3070 Governor Mills dissenting to reregulations Suggestions re proposed flect enactment of legislation to improve the usefulness of national bank branches in foreign countries requested from, and 8/27 3195, from certain other national banks First National Exchange Bank of Roanoke, Virginia: Proposed merger of Colonial-American National Bank of Roanoke, Virginia, into, report to Comptroller of the Currency on competitive factors, ap6/20 2215 proved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1771 2771 2992 1432 3220 1962 733 Pages National banks: (continued) First National Exchange Bank of Roanoke, Va.: (continued) Proposed merger of Farmers & Merchants National Bank of Blacksburg, Va., into, report to Comptroller of the Currency on competitive fac10/19 tors First National Trust and Savings Bank of Lynchburg, Virginia: Application of United Virginia Bankshares, Incorporated, to acquire stock of five other Virginia banks and, agreed matter to be considered further when all Board members 11/6 were present Discussion re unfavorable report by Department of Justice indicating involvement in section 7 of the Clayton Act, understood that the report would be considered before 11/14 voting on the pending application Application approved, Governor Robertson 11/15 dissenting Issuance of order, majority statement, and dissenting statement by Governor 12/5 Robertson, issued First Union National Bank of North Carolina, Charlotte, North Carolina: Proposed merger of City National Bank of Winston-Salem, North Carolina, into, report to Comptroller of the Currency on competitive fac8/13 tors approved Proposed merger of Commercial Bank of Lexington, North Carolina, into, report to Comptroller of the Currency on 11/6 competitive factors approved First Wisconsin National Bank of Milwaukee, Wis., granted permission to exercise 6/21 fiduciary powers Fishkill National Bank of Beacon, New York, proposed merger of National Bank of Cold Spring on Hudson, Cold Spring, New York, with, report to Comptroller of the Currency on competitive 4/26 factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4012 4266 4318 4338 4622,4646-58 3073 4256 2240, 2248 1495 1962 734 Pages National banks: (continued) Franklin National Bank of Minneapolis, Minnesota, granted permission to maintain the same reserves against deposits as are required to be maintained by nonreserve city banks Fredericksburg National Bank, Fredericksburg, Texas, granted permission to exercise fiduciary powers Fulton County National Bank of McConnellsburg, Pennsylvania, granted permission to exercise fiduciary powers Fulton National Bank of Lancaster, Pennsylvania, proposed merger of Gap National Bank, Gap, Pennsylvania, into, report to Comptroller of the Currency on competitive factors approved Gallatin National Bank, Uniontown, Pennsylvania, proposed purchase of assets and assumption of liabilities of The Second National Bank of Meyersdale, Pennsylvania, by, report to Comptroller of the Currency on competitive factors, approved Gap National Bank, Gap, Pennsylvania, proposed merger into Fulton National Bank of Lancaster, Pennsylvania, report to Comptroller of the Currency on competitive factors approved Gramatan National Bank and Trust Company of Bronxville, New York: Application of County Trust Company to merge with, approved Order and statement of approval issued, two offices of Gramatan National to be operated as branches of County Trust Guaranty National Bank and Trust of Corpus Christi, Texas, application for permission to exercise fiduciary powers made by Guaranty Trust Company, Corpus Christi, Texas, on behalf of, the national bank into which it is to be converted, granted, effective upon consummation of conversion http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/13 3069, 3091 5/28 1957, 1968 1/24 242, 258 6/8 2086 7/2 2471 6/8 2086 10/29 4113 11/7 4277,4287-89 6/28 2406, 2415 1962 735 Pages National banks: (continued) Harrisburg National Bank and Trust Company, Harrisburg, Pennsylvania, proposed merger with Carlisle Deposit Bank and Trust Company, Carlisle, Pennsylvania, report to Comptroller of the Currency on competitive factors approved Hillsdale County National Bank, Hillsdale, Mich., proposed consolidation of Grosvenor Savings Bank, Jonesville, Michigan, and, report to Comptroller of the Currency on competitive factors approved Hillside National Bank, Hillside, New Jersey, proposed consolidation of National State Bank, Elizabeth, New Jersey, and, report to Comptroller of the Currency on competitive factors approved Huntington National Bank of Columbus, Ohio: Proposed merger of First National Bank of Grove City, Ohio, into, report to Comptroller of the Currency on competitive factors approved Proposed merger of Peoples Bank of Canal Winchester, Ohio, into, report to Comptroller of the Currency on competitive factors approved Idabel National Bank, Idabel, Oklahoma: Application of First Oklahoma Bancorporation to become a bank holding company by acquisition of shares of First National Bank and Trust Company of Oklahoma City, Oklahoma, and, agreed to hold a public hearing, Governor Mills dissenting Proposed arrangements for hearing re Order denying motion to extend date for hearing and motion for special permission to appeal adverse ruling of trial examiner, approved Application approved, Governors Robertson and King dissenting Issuance of order, majority statement, and dissenting statements of Governors Robertson and King, authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/18 1391 2/26 713 8/8 3028 1/5 49 11/14 4314 4/9 4/13 1271, 1293 1364 6/1 2014, 2027 10/31 4185 11/28 4537,4559-94 1962 736 Pages National banks: (continued) Jacksonville National Bank, Jacksonville, Fla., St. Joe Paper Company, Jacksonville, Florida, determined not to be a holding company affiliate of, except for purposes of section 23A Juniata Valley National Bank of Mifflintown, Pennsylvania, proposed consolidation of First National Bank of Millerstown, Pennsylvania, and, report to Comptroller of the Currency on competitive factors approved Lakeside National Bank, Lakeside, Colorado, issuance of a general voting permit to First Colorado Bankshares, Inc., Englewood, Colo., to vote the stock of First National Bank of Englewood, Colo., and, authorized Lancaster County National Bank, Lancaster, Pa., proposed merger of First National Bank and Trust Company of Mount Joy, Pennsylvania, into, report to Comptroller of the Currency on competitive factors approved Lawndale National Bank of Chicago, Illinois, Capital Dairy Co., and "A"Standard Small Loan Corporation, both of Chicago, Illinois, determined not to be holding company affiliates of, except for purposes of section 23A Lebanon-Citizens National Bank, Lebanon, Ohio, granted permission to exercise fiduciary powers Liberty National Bank of Fremont, Ohio, proposed consolidation of Lindsey Banking Company, Lindsey, Ohio, and, report to Comptroller of the Currency on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/31 4185, 4208 1/26 300 4/25 1474, 1491 6/25 2275 12/21 4950, 4956 9/25 3661, 3666 9/28 3706 1962 737 Pages National banks: (continued) Lincoln National Bank of Lincolnton, N. C., proposed merger into First-Citizens Bank and Trust Company, Smithfield, North Carolina, report to FDIC on competitive factors approved Lititz Springs National Bank of Lititz, Pa., proposed merger into Conestoga National Bank of Lancaster, Pa., report to Comptroller of the Currency on competitive factors, approved Louisa County National Bank of Columbus Junction, Iowa: Application of Columbus Junction State Bank, Columbus Junction, Iowa, to purchase the assets and assume the liabilities of, approved unanimously, drafts of order and statement to be prepared for Board consideration Issuance of order and statement approved Manufacturers National Bank of North Attleborough, North Attleboro, Massachusetts, proposed consolidation of First National Bank of Mansfield, Mass., and, report to Comptroller of the Currency on competitive factors approved Marine National Bank of Waukesha, Wisconsin: Proposed new bank in process of organization, application of Marine Corporation, Milwaukee, Wis., for prior approval of acquisition of stock of, approved Issuance of order and statement authorized Issuance of general voting permit to Marine Corporation, Milwaukee, Wisconsin, to vote stock of, authorized Maryland National Bank, Baltimore, Maryland: Proposed purchase of assets and assumption of liabilities of Easton National Bank of Maryland, Easton, Md., by, report to Comptroller of the Currency on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/13 2700 8/2 2922 1/18 1/24 219 245,276-78 5/9 1765 8/22 3174 9/12 3440,3448-50 11/26 4/19 4491, 4510 1423 1962 738 Pages National banks: (continued) Maryland National Bank, Baltimore, Maryland: (continued) Proposed merger of The Montgomery County National Bank of Rockville, Md., into, report to Comptroller of the Currency on competitive factors approved, concentrating of banking resources in a few large banks in Maryland and its effect upon Metropolitan Washington area, 7/2 discussed Meadow Brook National Bank, New York, New York: Proposed merger of Bensonhurst National Bank of Brooklyn in New York, New York, into, report to Comptroller of the Currency on competitive fac3/12 tors approved Proposed merger of Bank of Huntington, New York, into, report to Comptroller of the Currency on competitive 10/30 factors conclusion, revised re discussion Following 10/31 report approved Florida, Beach, Miami of Bank Mercantile National Atico Financial Corporation, Miami, Florida, deemed not to be a holding company affiliate of, except for purposes of section 9/12 23A Indiana, City, Michigan of Bank National Merchants proposed consolidation of First National Bank of Michigan City, Indiana, and, report to Comptroller of the Currency on competitive 8/27 factors approved unanimously of Company Trust and Bank National Merchants Meadville, Pennsylvania, proposed merger of First National Bank at Conneaut Lake, Pennsylvania, and, report to Comptroller of the Currency on competitive factors ap8/1 proved Miami Kansas, Miami County National Bank, Paola, Agency, Inc., determined not to be a holding company affiliate of, 12/10 except for purposes of section 23A http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2471-72 871 4142 4184 3440, 3444 3196 2914 4686, 4706 1962 739 Pages National banks: (continued) Miami National Bank, Miami, Florida, determination that Hi-Vi, Inc., Miami, Florida, is not a holding company affiliate of, except for purposes of section 23A Mohawk National Bank, Schenectady, New York, proposed form of time certificate of deposit for use by, submitted to Board for opinion, reply approved Monmouth County National Bank, Red Bank, New Jersey, proposed consolidation with The First National Bank of Freehold, New Jersey, report to Comptroller of the Currency on competitive factors approved Montgomery County National Bank of Rockville, Md.: Proposed merger into Maryland National Bank, Baltimore, Maryland, report to Comptroller of the Currency on competitive factors approved after agreement on changes in conclusion of report Montgomery National Bank, Montgomery, West, Va., penalty for deficiency in reserves waived Mount Jewett National Bank, Mount Jewett, Pa., proposed acquisition of assets and assumption of liabilities of, by Hamlin Bank and Trust Company, Smethport, Pa., report to FDIC on competitive factors approved unanimously Mount Vernon National Bank and Trust Company of Fairfax County, Annandale, Va., granted permission to exercise fiduciary powers National Bank of Albany, Georgia, granted permission to exercise fiduciary powers National Bank of Avondale, Pennsylvania, proposed consolidation with National Bank of Chester County and Trust Company, West Chester, Pa., report to Comptroller of the Currency on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/9 1270, 1289 5/15 1826, 1830 2/27 733 7/2 2471 9/10 3405, 3410 8/27 3196 6/8 2086, 2103 7/24 2815, 2833 3/20 950 1962 740 Pages National banks: (continued) National Bank of Belgium, opening and maintenance of account of FRBank of New York with Societe Nationale de Credit a l'Industrie, Brussels, Belgium, approved in light of willingness of, to guarantee the Federal Reserve balances with Societe Nationale de Credit a l'Industrie, due to reciprocal swap arrangement between the FRSystem and, advice to Presidents of all Federal Reserve Banks National Bank of Chester County and Trust Company, West Chester, Pennsylvania, proposed consolidation with National Bank of Avondale, Pa., report to Comptroller of the Currency on competitive factors approved National Bank of Coatesville, Pennsylvania, proposed merger with Industrial Valley Bank and Trust Company, Jenkintown, Pennsylvania, report to FDIC on competitive factors approved National Bank of Cold Spring on Hudson, Cold Spring, New York, proposed merger with Fishkill National Bank of Beacon, New York, report to Comptroller of the Currency on competitive factors approved National Bank of Commerce of Columbus, Miss., granted permission to exercise fiduciary powers National Bank of Dover, Ohio, granted permission to exercise fiduciary powers National Bank of Fairbury, Illinois, penalty for deficiency in reserves waived National Bank of Harrisonburg, Virginia, issuance of general voting permits to Financial General Corporation, New York, N. Y., Morris Plan Corporation, New York, N. Y., and Investors Financial Corporation, New York, N. Y., to vote stock of, authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/15 2176, 2182 3/20 950 11/6 4257 4/26 1495 9/13 3456, 3481 2/8 454, 474 4/2 1103, 1118 8/28 3232, 3253-57 1962 741 Pages National banks: (continued) National Bank of Kings Park, New York, proposed merger into Valley National Bank of Long Island, Valley Stream, New York, report to Comptroller of the Currency on competitive factors approved National Bank of Ryersford, Pennsylvania, proposed merger with Industrial Valley Bank and Trust Company, Jenkintown, Pa., report to FDIC on competitive factors approved National Bank of Sarasota, Florida, granted permission to exercise fiduciary powers National Bank of South Dakota, Sioux Falls, South Dakota, proposed merger of Farmers and Merchants Bank, Platte, Farmers and Merchants Bank, Presho, and Farmer's and Merchant's Bank, Wessington Springs, all of South Dakota, into, report to Comptroller of Currency on competitive factors approved National Bank of Washington, Tacoma, Washington: Authorized to accept drafts or bills of exchange drawn by Banco de la Republica, Bogota, Colombia, for purpose of furnishing dollar exchange Relationship of transaction to Western Bancorporation and Western Bancorporation International Bank, and provisions of section 6(a)(4), Bank Holding Company Act and also Regulation K reviewed National Bank & Trust Company of Central, Pa., York, Pennsylvania, proposed merger of Farmers Trust Company of Middletown, Pa., into, report to Comptroller of Currency on competitive factors approved of Vergennes, Vermont: National Bank Proposed purchase of assets and assumption of liabilities of Capital Savings Bank and Trust Company, Montpelier, Vermont, by Chittenden Trust Company, Burlington, Vermont, and proposed merger of, with Chittenden Trust Company, report to FDIC on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/23 707 5/21 1881 2/12 504, 531 12/3 4598 11/16 4358, 4363 11/16 4359 10/4 3793 3/14 886 1962 742 Pages National banks: (continued) National Bank of Vergennes, Vermont: (continued) Proposed merger with Chittenden Trust Company, Burlington, Vermont, report to FDIC on competitive factors approved Proposed application involving Capital Savings Bank and Trust Company, Montpelier, Vermont, withdrawn by Chittenden Trust Company noted National Bank of Waupun, Wisconsin, penalty for deficiency in reserves waived National Bank of West Virginia at Wheeling, West Virginia, proposed merger of Security Trust Company, Wheeling, West Virginia, into, report to Comptroller of the Currency on competitive factors approved National Bank and Trust Company of Central Pennsylvania, York, Pa., proposed merger of Citizens Trust Company of Harrisburg, Pa., with, report to Comptroller of the Currency on competitive factors approved National Bank and Trust Company of Norwich, New York, proposed consolidation of First National Bank of Afton, New York, and, report to Comptroller of the Currency on competitive factors approved National Bank and Trust Company of Port Jervis, New York, proposed merger into County National Bank, Middletown, New York, report to Comptroller of the Currency on competitive factors approved National Bank and Trust Company of Schwenksville, Pennsylvania, proposed merger into Union National Bank and Trust Company of Souderton, report to Comptroller of the Currency on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/10 1781 5/10 1781 1/26 297, 308 5/16 1838 7/18 2745 7/12 2674 5/18 1875 7/3 2516 1962 743 Pages National banks: (continued) National City Bank of Waco, Texas, NCB Company of Waco, Texas, determined not to be a holding company affiliate of, except for purposes of section 23A National Commercial Bank and Trust Company of Albany, New York: Application of Morgan New York State Corporation, Albany, New York, to become a bank holding company by acquisition of stock of State bank or trust company into which above bank would be converted, of stock of Morgan Guaranty Trust Company of New York, New York, and of five other up-State New York banks, denied Order and statement denying application authorized for release tomorrow Concurring statement of Gov. Mitchell released, noted Proposed merger of the Trust Company of Fulton County, Gloversville, New York, into, report to Comptroller of the Currency on competitive factors approved National Manufacturers Bank of Neenah, Wisconsin, issuance of a general voting permit to Marine Corporation, Milwaukee, Wisconsin, to vote stock of, authorized National State Bank, Elizabeth, New Jersey: Proposed consolidation of Hillside National Bank, Hillside, New Jersey, and, report to Comptroller of the Currency on competitive factors approved Proposed merger of Rahway National Bank, Rahway, New Jersey, and, report to Comptroller of the Currency on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/12 3440, 3446 4/5 1194 5/3 1663, 1671 5/3 1666, 1715 11/7 4276 1/3 18, 27 8/8 3028 8/8 3028 1962 744 Pages National banks: (continued) North Adams National Bank, North Adams, Mass., proposed consolidation with The Agricultural National Bank of Pittsfield, Massachusetts, report to Comptroller of the Currency on competitive factors approved North Carolina National Bank, Charlotte, N. C.: Proposed merger of Bank of North Wilkesboro, North Carolina, into, report to Comptroller of the Currency on competitive factors approved Proposed merger of The Bank of Wilmington, North Carolina, into, report to Comptroller of the Currency on competitive factors approved with Governors Robertson and Mitchell preferring not to include final sentence of report North Hill National Bank of San Antonio, Texas, granted permission to carry same reserves as maintained by banks outside of central reserve and reserve cities, effective as of date it opens for business Oil City National Bank, Oil City, Pennsylvania: Proposed merger with Crawford County Trust Company, Meadville, Pa., under title Northwest Pennsylvania Bank and Trust Company, Oil City, Pennsylvania, advice to FDIC re continuation of deposit insurance for Crawford County Trust Company Proposed merger with Crawford County Trust Company, Meadville, Pennsylvania, report to FDIC on competitive factors approved Oklahoma National Bank of Chickasha, Oklahoma, granted permission to exercise fiduciary powers, application to change title to Oklahoma National Bank and Trust Company of Chickasha made to Comptroller of the Currency noted,with understanding re forwarding of formal certificate re fiduciary powers http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/1 785 1/30 338 5/22 1902 6/7 2069, 2075 2/26 713, 724 3/12 873 1/8 61, 72 1962 745 Pages National banks: (continued) Oneida National Bank and Trust Company of Central New York, Utica, New York: Application of Morgan New York State Corporation, Albany, New York, to become a bank holding company by acquisition of stock of State bank or trust company into which above bank would be converted, of stock of Morgan Guaranty Trust Company of New York, New York, and of five other up-State New York banks, denied Order and statement denying application authorized for release tomorrow Concurring statement of Governor Mitchell released, noted Otsego County National Bank of Cherry Valley, New York, proposed consolidation of Central National Bank, Canajoharie, New York, and, report to Comptroller of the Currency on competitive factors approved Pacific National Bank, San Francisco, California, penalty for deficiency in reserves waived Parklane National Bank of Wichita, Kansas, granted permission to maintain same reserves against deposits as are required to be maintained by nonreserve city banks Path Valley National Bank of Dry Run, Pennsylvania, report to Comptroller of the Currency on competitive factors re proposed merger of Valley National Bank of Chambersburg, Pennsylvania, and, approved Bank and Trust Company of National Pennsylvania Pottsville, Pennsylvania, proposed merger with First National Bank and Trust Company of Orwigsburg, report to Comptroller of the Currency on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/5 1194 5/3 1663, 1671 5/3 1666, 1715 9/28 3705 10/18 3969, 4000 8/13 3069, 3093 4/24 1458 1/18 217 1962 746 Pages National banks: (continued) Peoples National Bank of Brooklyn in New York, Brooklyn, New York, proposed merger into Commercial Bank of North America, New York, New York, report to FDIC on competitive factors approved Peoples National Bank in Brunswick, Maryland, proposed merger into Farmers and Mechanics-Citizens National Bank of Frederick, Maryland, report to Comptroller of the Currency on competitive factors approved Peoples National Bank of Central Virginia, Charlottesville, Virginia, proposed merger of First National Bank of Shenandoah, Virginia, into, report to Comptroller of the Currency on competitive factors approved Peoples National Bank of Charlottesville, Va., proposed merger of Buckingham County Bank, Dillwyn, Virginia, into, report to Comptroller of the Currency on competitive factors approved 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 fiduciary powers Peoples National Bank of Miami Shores, Florida, granted permission to exercise fiduciary powers Peoples National Bank of Washington in Seattle, Washington, proposed merger of Mid-Columbia Bank of Pasco, Washington, with and into, report to Comptroller of the Currency on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/23 12/21 1442 4953 8/22 3170 5/31 1981 7/24 2815, 2836 7/27 2855, 2864 4/13 1363, 1368 3/22 1019 1962 747 Pages National banks: (continued) Peoples National Bank and Trust Company of Lynchburg, Virginia: Proposed merger of Bank of Bedford, Inc., Big Island, Virginia, into, report to Comptroller of the Currency on competitive factors approved Proposed merger into First and Merchants National Bank of Richmond, Va., report to Comptroller of the Currency on competitive factors approved Perth Amboy National Bank, Perth Amboy, New Jersey, proposed merger of First National Bank in Carteret, New Jersey, into, report to Comptroller of the Currency on competitive factors approved Planters National Bank and Trust Company of Rocky Mount, North Carolina, proposed merger of Bank of Manteo,into, report to Comptroller of the Currency on competitive factors approved Poweshiek County National Bank of Grinnell, Iowa: Application of Brenton Companies, Inc., Des Moines, Iowa, to acquire shares of three other Iowa banks and, approved,with reservations by Governor Mitchell noted order and statement authorized of Issuance Rahway, New Jersey, proBank, National Rahway posed merger of National State Bank, Elizabeth, New Jersey, and, report to Comptroller of the Currency on competitive factors approved Red River National Bank of Grand Forks, North Dakota, granted permission to exercise fiduciary powers Republic National Bank of Pueblo, Colorado, granted permission to maintain same reserves against deposits as are required to be maintained by nonreserve city banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/10 12/14 1313 4780 7/3 2514 9/21 3612 11/2 4221 11/19 4371,4415-17 8/8 3028 6/29 2425, 2448 12/13 4758, 4773 1962 748 Pages National banks: (continued) Richmond County National Bank of Port Richmond, Staten Island, New York, proposed merger into First National City Bank, New York, N. Y., report to Comptroller of the Currency on competitive factors approved, Gov. Mills dissenting Riverside National Bank of Houston, Texas, granted permission to carry same reserves as maintained by banks outside reserve cities Rockingham National Bank of Harrisonburg, Va., proposed merger of Augusta-Rockingham Bank, Weyers Cave, Va., into, report to Comptroller of the Currency on competitive factors approved Salisbury National Bank, Salisbury, Maryland, proposed merger into The First National Bank of Maryland, Baltimore, Md., report to Comptroller of Currency on competitive factors approved Scottsbluff National Bank, Scottsbluff, Nebraska, granted permission to exercise fiduciary powers Second National Bank of Meyersdale, Pennsylvania, proposed purchase of assets and assumption of liabilities by the Gallatin National Bank, Uniontown, Pa., report to Comptroller of the Currency on competitive factors, approved Second National Bank of New Haven, Connecticut, proposed merger with The American Bank and Trust Company, New Haven, Connecticut, report to Comptroller of Currency on competitive factors approved Second National Bank of Saginaw, Michigan, appointment of John D. Lippert as assistant examiner, FRBank of Chicago, approved, not to participate in examination of, as long as his father is an officer of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/13 12/19 3070 4808, 4843 6/15 2175 11/2 4220 1/10 83, 101 7/2 2471 12/21 2/6 4952 438, 440 1962 749 Pages National banks: (continued) Security First National Bank, Los Angeles, Calif., information re branches approved for, during past year or two, interest expressed by Governor King, staff to assemble such information Security National Bank of Kansas City, Kansas: Proposed consolidation of Riverview State Bank, Kansas City, Kansas, and, supplemental report to the Comptroller of the Currency on competitive factors discussed in light of further investigations and problem re influence of Breidenthal family, agreed that a revised draft would be distributed for later consideration Reply to inquiry from Comptroller of the Currency re, approved Security National Bank of Long Island, Huntington, New York: Application by Marine Midland Corporation, Buffalo, New York, to acquire stock of: Submission of Exhibit E(3) concerning character of management with request for confidential treatment in connection with Board action, including a possible public hearing on proposed, advice to Phillips, Mahoney, Lytle, Yorkey & Letchworth Procedural question in light of statutory requirement to hold hearing since adverse recommendation of Comptroller of the Currency not received by Board until expiration of 30-day period required by law, following discussion, agreement re procedure re possible oral presentation Order for public oral presentation issued, suitable date noted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/28 764 3/16 920 3/20 948, 961 4/16 1376, 1380 6/18 2184 7/23 2787, 2810 1962 750 Pages National banks: (continued) Security National Bank of Long Island, Huntington, New York: (continued) Application by Marine Midland Corporation to acquire stock of: (continued) Letter to Marine Midland re oral presentation with letters received from Comptroller of the Currency and Justice Department, approved Application denied, Governor Mitchell voting "no" and Governor Mills abstaining Issuance of order, statement, and dissenting statement of Governor Mitchell, authorized Security National Bank of Monterey County, Pacific Grove, California, penalty for deficiency in reserves waived Shenandoah Valley National Bank of Winchester, Va.: Issuance of limited voting permits to Financial General Corporation, Morris Plan Corporation, and North Virginia Shares, Inc., all of New York, N. Y., to vote stock of, authorized Issuance of general voting permits to Financial General Corporation, New York, N. Y., Morris Plan Corporation, New York, and North Virginia Shares, Inc., New York, N. Y., to vote stock of, authorized Sioux National Bank of Harrison, Nebraska, application of Trans-Nebraska Co., Lincoln, Nebraska, for prior approval of formation of a bank holding company through acquisition of stock of two other Nebraska banks and, agreed formal public hearing be held, order issued South Carolina National Bank, Charleston, South Carolina, loans secured by savings and loan shares should be regarded as loans "secured by stock", interpretation under Regulation U, reply to FRBank of Richmond with respect to request from http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/30 3327, 3337 10/30 4144 11/19 4369,4382-4412 11/7 4276 1/8 62, 76 8/28 3232,3253-56 8/8 3029, 3047 2/5 409, 425 1962 751 Pages National banks: (continued) South Side National Bank, St. Louis, Missouri, service of R. G. Mills, registered securities dealers, as director of, applicability of section 32, of the Banking Act of 1933, and Regulation R, letter to FRBank of St. Louis approved 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 imminent transfer of regulatory authority over trust powers to Comptroller of the Currency noted, application approved Southern National Bank of Lumberton, North Carolina, proposed merger with Bank of Lillington, N. C., report to Comptroller of the Currency on competitive factors approved Southern National Bank of Orangeburg, South Carolina, proposed consolidation of Liberty Bank of North, South Carolina, report to Comptroller of the Currency on competitive factors approved Steel City National Bank of Chicago, Illinois, granted permission to exercise fiduciary powers Strafford National Bank of Dover, New Hampshire, granted permission to exercise additional fiduciary power Summit National Bank of St. Paul, Minnesota, granted permission to maintain same reserves against deposits as are required to be maintained by nonreserve city banks Third National Bank and Trust Company of Dayton, Ohio, proposed merger of Vandalia State Bank, Vandalia, Ohio, into, report to Comptroller of Currency on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/13 4758, 4771 9/21 3621, 3646 5/9 1766 5/2 1605 8/13 3069, 3085 2/12 503, 525 8/13 3069, 3092 10/19 4012 1962 752 Pages National banks: (continued) Umpqua National Bank, Reedsport, Oregon, penalty for deficiencies in reserves waived Union National Bank of Pittsburgh, Pennsylvania: Proposed consolidation of Bridgeville National Bank, Bridgeville, Pa., and, following certain change, report to Comptroller of the Currency on competitive factors approved Proposed merger of Imperial Bank, Imperial, Pennsylvania, and, report to Comptroller of the Currency on competitive factors approved Union National Bank and Trust Company of Souderton, Pennsylvania, proposed merger of the National Bank and Trust Company of Schwenksville, Pa., into, report to Comptroller of the Currency on competitive factors approved Valley National Bank of Chambersburg, Pa., proposed merger of Path Valley National Bank of Dry Run, Pa., and, report to Comptroller of the Currency on competitive factors approved Valley National Bank of Long Island, Valley Stream, New York: Proposed merger of National Bank of Kings Park, New York, into, report to Comptroller of the Currency on competitive factors approved Proposed merger of Bellport National Bank, Bellport, New York, into, report to Comptroller of the Currency on competitive factors approved Valley National Bank of Arizona, Phoenix, Arizona., report responding to chain banking survey requested by Justice Department, request denied Virgin Islands National Bank, Charlotte Amalia, St. Thomas, Virgin Islands: Granted extension of time in order to purchase shares of a corporation (Vinbank Realty, Inc.) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/18 3969, 4000 1/12 135 6/7 2069 7/3 2516 4/24 1458 2/23 707 5/31 1981 11/16 8/6 4356 2972, 2993 1962 753 Pages National banks: (continued) Virgin Islands National Bank, Charlotte Amalie, St. Thomas, Virgin Islands: (continued) Suggestions requested from, re proposed regulations to reflect enactment of legislation to improve the usefulness of national bank 8/27 branches in foreign countries Washington County National Bank of Abingdon, Virginia, supplemental applica6/29 tion for fiduciary powers approved Western National Bank of Rapid City, South Dakota, proposed consolidation with Rapid City Trust Company and American National Bank of Rapid City, report to Comptroller of the Currency re competitive factors, 7/20 approved Western Pennsylvania National Bank, McKeesport, Pennsylvania, proposed purchase of assets and assumption of liabilities of First National Bank of Clairton, Pennsylvania, by, report to Comptroller of the Currency on competitive factors 10/19 approved proYork, New , Interlaken Bank, Wheeler National posed consolidation of First National Bank of Waterloo, New York, and, report to Comptroller of the Currency on competitive 8/22 factors approved La.: Parish, Jefferson in Bank National Whitney Application by Whitney Holding Corporation to become a bank holding company by organizing another new bank and, approved, Governor Robertson 4/3 dissenting Issuance of order, majority statement, concurring statement by Governor Mitchell and dissenting statement 5/2 by Governor Robertson, authorized in Louisiana banks three by brought Suit in U. S. District Court for District of Columbia to enjoin Comptroller of Currency from issuing certificate authorizing establishment of new branch bank facilities 6/25 in the name of, noted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3195, 3220 2425, 2444 2767 4011 3171 1131 1607, 1634 2276 1962 754 Pages National banks: (continued) Whitney National Bank in Jefferson Parish, La.: (continued) Application by Whitney Holding Corporation to become a bank holding company by organizing the: (continued) Issuance of order, extending time for opening of, from November 3, 1962 10/19 4013, 4026 to November 4, 1963, approved Reference to fact that Whitney National Bank in Jefferson Parish, a majority of whose stock is owned by holding company, has not collunenced 11/28 4547 business Issuance of limited voting permit to Whitney Holding Corporation, New Orleans, Louisiana, to vote the stock of, 1610, 1655 5/2 authorized Whitney National Bank of New Orleans, Louisiana: Application of the Whitney Holding Corporation, New Orleans, Louisiana, to become a bank holding company involving, letter to Mr. Saxon, Comptroller of the Currency reviewing the history of the application and requesting comments on views expressed at the oral 1/31 349, 375 presentation with respect to City Crescent with ation Proposed consolid National Bank of New Orleans, Louisiana, proposed new bank under the charter of the latter and title of the former, application by Whitney Holding Corporation to become a bank holding company involving, approved, 1131 4/3 Governor Robertson dissenting t, statemen majority order, of Issuance concurring statement of Governor Mitchell, and dissenting statement of Governor Robertson ap1607, 1634 5/2 proved not ed determin Whitney Holding Corporation to be a holding company affiliate of, except for purposes of sec11/28 4536, 4547 tion 23A http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 755 Pages National banks: (continued) Wilshire National Bank of Los Angeles, California, granted permission to carry same reserves as maintained by banks outside of central reserve and reserve cities Zions First National Bank, Salt Lake City, Utah, proposed merger of Bank of Kearns, Utah, into, report to Comptroller of the Currency on competitive factors approved National Bureau of Economic Research, Inc., New York, New York: 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 re resulting overexpenditure in 1962 budget of Division of Research and Statistics National Labor Relations Board: Hearing examiners: Doyle, David F., Sr., Hearing Examiner, designated Hearing Examiner in Continental Bank and Trust Company, Salt Lake City, Utah, Show Cause Hearing ordered by Board London, David, selected by Civil Service Commission to serve as Hearing Examiner in hearing re application of Trans-Nebraska Co., Lincoln, Nebraska, to become a bank holding company Schneider, Charles W., anticipated service as Hearing Examiner in hearing re application of First Oklahoma Bancorporation, Inc., Oklahoma City, Oklahoma, for approval of acquisition of shares of First National Bank and Trust Company of Oklahoma City, Oklahoma, and Idabel National Bank, Idabel, Oklahoma, reported Selected by Civil Service Commission to conduct formal hearing, and designated by Board to serve as Hearing Examiner http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/21 2013, 2025 1/30 339 11/15 4352 5/28 1962 8/27 3213 4/13 1364 5/15 1828 1962 756 Pages National Retail Merchants Association: Retail trade statistics program, recommendations by Committee of Five for initiation by Federal Reserve of new national departmental report of department store sales and initiation by Bureaus of the Budget and Census for new merchandise line series for all retail trade, approved by Presidents' Conference, with understanding re Federal Reserve withdrawal from, draft report to President of the, discussed, agreed to continue discussion later Further discussion, decision to redraft for later consideration Consideration of draft letter to Mr. Bennett, President of the, setting forth conclusions as recommended in report by Committee of Five, approval re transmittal of copies of draft letter to Chairman of Presidents' Conference and Presidents of all FRBanks for views, further consideration by Board after receipt of views by Presidents Program endorsed by Presidents, letter sent to Mr. Bennett Nebraska State Director of Banking: Trans-Nebraska Co., Lincoln, Nebraska, application for prior approval of formation of bank holding company through acquisition of stock of Martell State Bank, Martell, Nebraska, Sioux National Bank of Harrison, Nebraska, and Crawford State Bank, Crawford, Nebraska, position of Director of Banking as expressed in visit to Governor Robertson, noted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/16 927 4/25 1478 11/27 4518, 4532 12/5 4630, 4665 8/8 3030 1962 757 Pages Negotiable Instruments Law, enactment by States of proposed uniform statute amending, to eliminate necessity of protests with respect to domestic drafts and checks, recommendation by Board sent to Budget Bureau for submission to Committee of State Officials New Jersey: Banking services from the area of New Jersey which is a populous tributary of New York City, suggestion by Governor Mills for study re, made in consideration of report on competitive factors involving South River and Sayreville, New Jersey New Jersey State Commissioner of Banking and Insurance, Asbury Park and Ocean Grove Bank, Asbury Park, New Jersey, application to merge with Central Jersey Bank and Trust Company, Freehold, New Jersey, which was denied by Board, request for reconsideration received from Commissioner, agreed that application should not be reconsidered, letter to Commissioner Howell New World Development Corporation Limited, a proposed Bahamian subsidiary, Philadelphia International Investment Corporation granted consent to purchase stock of Extension of termination date of outstanding general consent to purchase and hold stock in generally designated types of corporations, to June 30, 1963, approved York State Superintendent of Banks: Bank merger and bank holding company applications involving banks in New York City area, reference to views of Comptroller of Currency transmitted to Board re certain pending, view expressed by Superintendent, that State banking authorities should act in light of State statutes and Federal authorities in light of Federal statutes http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/17 1850, 1861 4/27 1507 10/29 5/2 12/20 1/25 4117, 4133 1604, 1617 4849, 4880 293 1962 758 Pages New York Superintendent of Banks: (continued) Interest rates payable on savings deposits of national banks in New York State, question raised in light of provisions in New York State Regulations and Board's Regulation Q and section 24 of the FRAct, Board's views to be made known to, before publication of Board's position Consideration deferred Agreed to invite Oren Root, New York State Superintendent of Banks to meet with the Board to discuss Invitation accepted, to be accompanied by Counsel for the New York State Banking Department, agreement re possibility of change in Board's position Board's former position reaffirmed, Governors Balderston and Mills dissenting, advice to, with copy to FRBank of New York Request from, that Board's position not be publicized, agreed FRBank of New York be advised not to send operating circulars to member banks Plans by Superintendent Oren Root to permit changes in maximum, by chartered State banks, agreement that Board should not comment with respect to plans, also considering permitting savings banks to pay interest at rate of 4 per cent for periods shorter than now permitted by State law New York Stock Exchange: Margin Account Panel, survey conducted by, possible discontinuance of, continuance recommended in Board's letter of Mr. Funston, President of, further consideration by Board if necessary Alternative arrangements including possibility of subsidizing or conducting as a FRSystem project, referred to in Mr. Noyes' memorandum http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/10 1/22 93 230 1/24 251 1/25 290 1/31 350, 377 2/1 384 4/23 1448 12/5 4628, 4664 12/5 4629 1962 759 Pages New York Stock Exchange: (continued) Unregulated lenders, proposed letter to President of, requesting assistance in developing list of, agreed not to send letter, Chairman Martin to confer informally with President of Unregulated stock market credit, comments re proposed amendment to Regulation U relating to special cash accounts in connection with, reviewed Nonmember banks: Chain banking through indirect controls, suggestion by Governor Mitchell that survey of all member banks, requested by Congressman Patman re, be expanded to include nonmember banks, noted that comprehensive study would be time consuming with possible delay of results of requested survey, agreed to limit to member banks with possible later consideration of expansion Clearing account with FRBanks, question re eligibility of foreign commercial bank or its branch under section 13, FRAct, to open and maintain, Board's views sent to FRBank of New York Condition reports: SEE: Condition reports: Nonmember banks Investments by insured, in "bank service corporations," recommendation by FDIC to include authorization for, in H.R. 8874, a bill to authorize member banks to invest in such corporations, Board's views re recommendation Alaska State Bank, Fairbanks, Alaska, proposed merger of City National Bank of Anchorage, Alaska, with, report to FDIC on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/8 844 3/21 988 4/11 1340 9/27 3684, 3701 2/26 716, 729 3/26 1065 1962 760 Pages Nonmember banks: (continued) Altoona Central Bank and Trust Company, Altoona Pennsylvania, proposed merger with First National Bank of Bellwood, Pennsylvania, report to FDIC on competitive factors approved American Bank and Trust Company, New Haven, Connecticut, proposed merger with The Second National Bank of New Haven, Connecticut, report to Comptroller of the Currency on competitive factors approved American Trust Co., Lewiston, Maine, proposed consolidation of Canal National Bank, Portland, Maine, and, report to Comptroller of the Currency on competitive factors approved Appleton, Wisconsin, appliBank, State Appleton cation of Valley Bancorporation, Appleton, Wisconsin, to become bank holding company by acquiring stock of Bank of Black Creek, Wisconsin, Northern State Bank, Appleton, Wisconsin (a proposed new bank), and, approved Arizona Bank, Phoenix, Arizona, report responding to chain banking survey requested by Justice Department, no report obtained by Board Augusta-Rockingham Bank, Weyers Cave, Virginia, proposed merger into Rockingham National Bank of Harrisonburg, Virginia, report to Comptroller of the Currency on competitive factors approved Baden Bank of St. Louis, Missouri, possible violations of section 6(a)(4) of Bank Holding Company Act, disclosed in reports of examination by FDIC of Jefferson-Gravois Bank of St. Louis, and, involving their participation in loans originated by the Commercial and Industrial Bank, Memphis, Tenn., all three banks subsidiaries of General Bancshares Corp., St. Louis, Mo., setting forth a tightening of standards, copies to FRBanks, http://fraser.stlouisfed.org Comptroller of Currency,and FDIC Federal Reserve Bank of St. Louis 5/4 12/21 5/24 1722 4952 1391 12/19 4828 11/16 4356 6/15 12/17 2175 4788, 4796 1962 761 Pages Nonmember banks: (continued) Banco Credito y Ahorro Ponceno, Puerto Rico, examination report revealed the bank in poorest condition of the seven local insured banks whose acceptability for System membership was discussed in connection with question re possible stationing of resident FRExaminer in Puerto Rico, agreed that it would be undesirable, advice to FRBank of New York Banco de Ponce, Puerto Rico, examination report reveals condition quite satisfactory, acceptability for System membership of seven local insured banks discussed in connection with question re possible stationing of resident FRExaminer in Puerto Rico, agreed unanimously that it would be undesirable, advice to FRBank of New York Banco Popular de Puerto Rico, examination report revealed bank in next to poorest condition of the seven local insured banks whose acceptability for System membership was discussed in connection with question re possible stationing of resident FRExaminer in Puerto Rico, agreed unanimously that it would be undesirable, advice to FRBank of New York Bank of American Samoa, Pago Pago, Tutuila, American Samoa: Question re eligibility for membership in FRSystem, matters of policy re, discussed, question re FDIC insurance, understood Division of Examinations to discuss matter with Department of Interior Discussion with representatives of Interior Department reported, letter to FRBank of San Francisco approved, qualifications as a "State bank" for purposes of deposit insurance under Federal Deposit Insurance Act, noted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/11 1337 4/11 1337 4/11 1337 2/12 504 4/10 1314, 1332 1962 762 Pages Nonmember banks: (continued) Bank of Bedford, Inc., Big Island, Virginia, proposed merger into Peoples National Bank & Trust Company of Lynchburg, Virginia, report to Comptroller of the Currency on competitive factors approved Bank of Black Creek, Wisconsin, application of Valley Bancorporation, Appleton, Wisconsin, to become bank holding company by acquiring stock of Appleton State Bank, Appleton, Wisconsin (a proposed new bank), and, approved Bank of Capron, Virginia, and Meherrin Valley Bank, Boykins, Virginia, proposed merger into Vaughan and Company, Bankers, Franklin, Virginia, report to FDIC re competitive factors approved Bank of Commerce, Milwaukee, Wisconsin, acquisition by Bank Stock Corporation of Milwaukee, Wisconsin, of stock of, pending anti-trust suit brought by Justice Department in connection with, discussed in consideration of application of Bank Stock Corporation to acquire stock of Silver Spring Bank Bank of Cyril, Oklahoma, proposed acquisition of assets and assumption of liabilities of, by Cyril State Bank, Cyril, Oklahoma, report to FDIC on competitive factors approved Bank of Gulf Breeze, Florida: Application of Commercial Associates, Inc., Pensacola, Florida, to acquire stock of Commercial National Bank of Pensacola and, approved Issuance of order and statement approving, authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/10 12/19 1313 4828 2/2 395 3/21 983 5/16 1840 8/9 3053 8/28 3233,3260-62 1962 763 Pages Nonmember banks: (continued) Bank of Hazlehurst, Mississippi, application of Deposit Guaranty Bank and Trust Company, Jackson, Mississippi, to merge with, denied, report on competitive factors involved in, submitted to Board by Justice Department, transmitted to W. S. Henley, Jackson, Mississippi, attorney for latter bank, following check with Justice Department re release Bank of Henrico, Sandston, Virginia, application of Virginia Commonwealth Corporation, Richmond, Virginia, to become a bank holding company by acquisition of shares of four other Virginia banks and, approved, recommendations all favorable except Department of Justice Issuance of order and statement authorized Bank of Kearns, Utah, proposed merger into Zion First National Bank, Salt Lake City, Utah, report to Comptroller of the Currency on competitive factors approved Bank of Lillington, North Carolina, proposed merger into Southern National Bank of Lumberton, North Carolina, report to Comptroller of the Currency on competitive factors approved Bank of Lula, Mississippi, proposed merger into Coahoma County Bank & Trust Co., Clarksdale, Mississippi, report to FDIC on competitive factors approved Bank of Madison, North Carolina: Proposed merger of State Bank of Burke, Morganton, North Carolina, State Planters Bank, Walnut Cove, N.C., and, into Northwestern Bank, North Wilkesboro, N. C., report to FDIC on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/24 10/11 10/25 1929,1930-41 3888 4065,4085-87 1/30 339 5/9 1766 3/7 830 8/30 3326 1962 764 Pages Nonmember banks: (continued) Bank of Madison, North Carolina: (continued) Proposed merger: (continued) Supplementary material reviewed, letter to FDIC indicating no change in opinion, approved, advisability of referring to concentration of banking resources in reports covering banks in North Carolina questioned by Governor Mills Bank of Manteo, North Carolina, proposed merger into Planters National Bank and Trust Company of Rocky Mount, North Carolina, report to Comptroller of the Currency on competitive factors approved Bank of North Wilkesboro, North Carolina, proposed merger into North Carolina National Bank, Charlotte, N. C., report to Comptroller of the Currency on competitive factors approved Bank of Occoquan, Virginia: Application of Virginia Commonwealth Corporation, Richmond, Virginia, to become a bank holding company by acquisition of shares of four other Virginia banks and, approved, recommendations all favorable except Department of Justice Issuance of order and statement approving, authorized Bank of Orangeburg, South Carolina, proposed merger of Bank of Salley, South Carolina, and Swansea Depository, Swansea, South Carolina, into, report to FDIC on competitive factors approved Bank of Phoenix, Arizona, proposed merger with the Pioneer Bank of Arizona, Prescott, Arizona, report on competitive factors approved, with views of Governor Mitchell noted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/5 4236 9/21 3612 1/30 338 10/11 3888 10/25 4065,4085-87 8/17 3132 2/8 457 1962 765 Pages Nonmember banks: (continued) Bank of Princess Anne, Princess Anne County, Virginia, proposed merger into Bank of Virginia Beach, Virginia, report to FDIC on competitive factors approved Bank of Salley, South Carolina, proposed merger of Swansea Depository, Swansea, South Carolina, and, into Bank of Orangeburg, South Carolina, report to FDIC on competitive factors approved Bank of Virginia Beach, Virginia, proposed merger of Bank of Princess Anne, Princess Anne County, Virginia, into, report to FDIC on competitive factors approved Bank of Wilmington, North Carolina, proposed merger into the North Carolina National Bank, Charlotte, North Carolina, report to Comptroller of the Currency on competitive factors approved with Governors Robertson and Mitchell preferring not to include the final sentence of report Bergen Trust Company of New Jersey, Jersey City, New Jersey, proposed merger into First National Bank of Jersey City, New Jersey, report to Comptroller of the Currency on competitive factors approved Boston Five Cents Savings Bank, Boston, Mass., proposed merger with Institution for Savings in Roxbury, Boston, Massachusetts, report to FDIC on competitive factors approved Brenton State Bank, Dallas Center, Iowa: Application of Brenton Companies, Inc., Des Moines, Iowa, to acquire shares of three other Iowa banks and, approved with reservations by Governor Mitchell, noted Issuance of order and statement approving, authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/30 8/17 10/30 4143 3132 4143 5/22 1902 3/22 1018 5/18 1874 11/2 4221 11/19 4371,4415-17 1962 766 Pages Nonmember banks: (continued) Brookline Savings and Trust Company, Pittsburgh, Pennsylvania, proposed merger of First National Bank at Derry, Pa., report to FDIC on competitive factors approved Buckingham County Bank, Dillwyn, Virginia, proposed merger into Peoples National Bank of Charlottesville, Virginia, report to Comptroller of the Currency on competitive factors approved Burlington County Trust Company, Morrestown, New Jersey, proposed merger of Farmers' Trust Company, Mount Holly, New Jersey, with, report to FDIC on competitive factors approved Campbell County Bank, Rustburg, Virginia, appointment of Robert B. Upshaw as assistant examiner, FRBank of Richmond, approved, not to participate in examination of, so long as he owns stock thereof, or is related to an officer of Capital Savings Bank and Trust Company, Montpelier, Vermont: Proposed purchase of assets and assumption of liabilities of, by Chittenden Trust Company, Burlington, Vermont, and proposed merger of National Bank of Vergennes, Vermont, with Chittenden Trust Company, report to FDIC on competitive factors approved Proposed application of Chittenden Trust Company involving, withdrawn Carlisle Deposit Bank and Trust Company, Carlisle, Pa., proposed merger with Harrisburg National Bank and Trust Company, Harrisburg, Pennsylvania, report to Comptroller of the Currency on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/20 3154 5/31 1981 7/27 2857 2/12 524, 537 3/14 886 5/10 1781 4/18 1391 1962 767 Pages Nonmember banks: (continued) Carroll Trust Company, Manchester, Maryland, proposed merger of Manchester Bank, Manchester, Maryland, Carroll County National Bank, Westminster, Maryland, and, report to FDIC on competitive factors approved Central Jersey Bank and Trust Company, Freehold, New Jersey: Application of Asbury Park and Ocean Grove Bank, Asbury Park, New Jersey, to merge with, allowing the Freehold bank to retain its title, official staff and main office location, relinquishing only its charter, and to operate branches at its present ten offices, agreed that both banks would be afforded an opportunity for a public oral presentation Desire to obtain membership in FRSystem and a tax saving through an increased bad debts reserve ceiling determined by a bank's loan loss experience, both of which could be provided in acquiring the charter of the Asbury Park and Ocean Grove Bank, noted as reasons for irregular procedure followed in application by Asbury Park and Ocean Grove Bank to merge with Oral presentation arranged for May 25, 1962, order issued Comments re scheduled oral presentation Application denied Issuance of order and statement of denial authorized Reconsideration of, requested by New Jersey State Commissioner of Banking and Insurance, agreed that application should not be reconsidered, letter to Commissioner Howell http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/26 4104 5/7 1738 5/7 1739 5/7 5/24 6/18 1742, 1755 1931 2194 6/29 2431,2456-58 10/29 4117, 4133 1962 768 Pages Nonmember banks: (continued) Central Jersey Bank and Trust Company, Freehold, New Jersey: (continued) Proposed merger of The Farmers National Bank of Allentown, New Jersey, into, report to FDIC on competitive factors approved Chittenden Trust Company, Burlington, Vermont: Proposed purchase of assets and assumption of liabilities of Capital Savings Bank and Trust Company, Montpelier, Vermont, by, and proposed merger of National Bank of Vergennes, Vermont, with, report on competitive factors to FDIC approved Report to FDIC on competitive factors re proposed merger of National Bank of Vergennes with, approved Application involving Capital Savings Bank and Trust Company, withdrawn by Proposed merger of First National Bank of Montpelier, Vermont, into, report to FDIC on competitive factors approved Citizens Bank of Chesterfield, Bon Air, Virginia: Application of Southern Bank and Trust Company, Richmond, Virginia, to merge with, a bank not yet opened for business, merger with, approved, terms of merger relating to exchange of stock of, at a discount, situation to be checked with Federal Reserve Bank of Richmond Issuance of order and statement authorized Citizens Bank and Savings Company, Leesburg, Ohio: Application of Hillsboro Bank and Savings Company, Hillsboro, Ohio, to purchase assets and assume liabilities of, and to operate a branch at present head office of, approved Issuance of order and statement authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/14 4313 3/14 886 5/10 1781 5/10 1781 10/12 3921 6/5 2056-57 6/13 2134,2150-52 6/8 2087 6/18 2184, 2203 1962 769 Pages Nonmember banks: (continued) Citizens Bank of Takoma Park, Maryland: Report to FDIC on competitive factors re proposed merger into Suburban Trust Company, Hyattsville, Maryland, approved Question re supplemental report in light of information submitted by Suburban Trust re plans by Baltimore banks to expand into Washington, D.C.,area, with possible effect on competitive factors, view that supplemental report was not necessary Letter to FDIC re additional information presented in connection with reconsideration of proposed merger, reference to conclusions in Board's earlier report Bank, Newport News, Marine Jefferson Citizens Virginia: Application of United Virginia Bankshares, Incorporated, to acquire stock of five other Virginia banks and, agreed matter to be considered further when all Board members present Discussion re unfavorable report by Department of Justice indicating involvement in section 7 of the Clayton Act, understood that the report would be considered before voting on pending application Application approved, Governor Robertson dissenting Issuance of order, majority statement, and dissenting statement by Governor Robertson, authorized Citizens and Southern Bank of Atlanta, Georgia, proposed purchase of assets and assumption of liabilities of, by Citizens and Southern National Bank, Savannah, Georgia, report to Comptroller of the Currency on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/26 1495 6/5 2059 8/30 3325, 3333 11/6 4266 11/14 11/15 4318 4338 12/5 4622,4646-58 4/19 1424 1962 770 Pages Nonmember banks: (continued) Citizens State Bank, Humeston, Iowa, proposed acquisition of assets and assumption of liabilities by The Citizens State Bank, Humeston, Iowa, report to FDIC on competitive factors approved Citizens State Bank, Oklahoma City, Oklahoma, granted permission to carry same reserves as maintained by banks outside of reserve cities, effective as of date bank is admitted to membership under a national bank charter Citizens State Bank of Shirley, Indiana, proposed merger of Kennard State Bank, Kennard, Indiana, with, report to FDIC on competitive factors approved Citizens Trust Company of Harrisburg, Penna., proposed merger with National Bank & Trust Company of Central Pennsylvania, York, Pennsylvania, report to Comptroller of the Currency on competitive factors approved Coahoma County Bank & Trust Co., Clarksdale, Mississippi, proposed merger of Bank of Lula, Mississippi, report to FDIC on competitive factors approved Commercial Bank of Lexington, North Carolina, proposed merger into First Union National Bank of North Carolina, Charlotte, North Carolina, report to Comptroller of the Currency on competitive factors approved Couunercial Bank of North America, New York, N.Y.: Proposed merger of State Bank of Long Beach, into, report to FDIC on competitive factors approved Proposed merger of Peoples National Bank of Brooklyn in New York, Brooklyn, New York, into, report to FDIC on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/29 2429 12/5 4638 6/29 2428 7/18 2745 3/7 830 11/6 4256 2/16 599 4/23 1442 1962 771 Pages Nonmember banks: (continued) Commercial Bank of St. Louis County, Olivette, Missouri: Application of General Bancshares Corporation, St. Louis, Missouri, to acquire shares of Lindberg Bank, Hazelwood, Missouri, and, agreed to defer action pending preparation by Division of Examinations of memorandum re financial and banking aspects of the Corporation Application approved, Governors Robertson, Shepardson, and Mitchell voting to deny Issuance of order, majority statement, and dissenting statement of Governors Robertson and Mitchell authorized Commercial and Industrial Bank, Memphis, Tenn., possible violations of sec. 6(a)(4) of Bank Holding Company Act, disclosed in reports of examination by FDIC of Baden Bank of St. Louis and Jefferson-Gravois Bank of St. Louis, involving their participation in loans originated by, all three banks subsidiaries of General Bancshares Corporation, St. Louis, Missouri, letter to Federal Reserve Bank of St. Louis setting forth tightening of standards, copies to FRBanks, Comptroller of the Currency, and FDIC Crawford State Bank, Crawford, Nebraska, application of Trans-Nebraska Co., Lincoln, Nebraska, for prior approval of formation of bank holding company through acquisition of stock of two other Nebraska banks and, agreed formal public hearing be held, order issued http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/27 740 4/10 1320 4/27 1508, 1514 12/17 8/8 4788, 4796 3029, 3047 1962 772 Pages Nonmember banks: (continued) Cyril State Bank, Cyril, Oklahoma, proposed acquisition of assets and assumption of liabilities of Bank of Cyril, Oklahoma, by, report to FDIC on competitive factors approved Decatur County State Bank, Leon, Iowa, proposed acquisition of assets and assumption of liabilities by The Decatur County State Bank, Leon, Iowa, report to FDIC on competitive factors approved Drovers Trust and Savings Bank, Chicago, Illinois, proposed merger into Drovers National Bank of Chicago, Illinois, report to Comptroller of the Currency on competitive factors approved unanimously Equitable Trust Company, Baltimore, Maryland, proposed merger of State Bank of Laurel, Maryland, into,report to FDIC on competitive factors approved unanimously Farmers Banking and Trust Company of Montgomery County, Rockville, Maryland, proposed merger of Catonsville National Bank, Catonsville, Md., and, into First National Bank of Baltimore, Maryland, report to Comptroller of the Currency on competitive factors approved Farmers-Citizens State Bank, Salem, Indiana, proposal to acquire assets and assume liabilities of State Bank of Campbellsburg, Indiana, report to FDIC on competitive factors approved Farmers and Merchants Bank of Blythe, California: Application of United California Bank, Los Angeles, California, to merge with, and to operate a branch incident thereto, approved Issuance of order and statement authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/16 1840 6/29 2429 5/24 1931 7/25 2843 6/15 2175 4/19 1424 7/12 2675 7/20 2767,2775-77 1962 773 Pages Nonmember banks: (continued) Farmers and Merchants Bank of Monticello, Indiana, Nichols Investment Corporation, Terre Haute, Indiana, determined not to be a holding company affiliate of, except for purposes of section 23A, Governor Robertson dissenting Farmers & Merchants Bank, Platte, South Dakota, proposed merger of Farmers & Merchants Bank, Presho; Farmer's and Merchant's Bank, Wessington Springs, and, into National Bank of South Dakota, Sioux Falls, South Dakota, report to Comptroller of the Currency on competitive factors approved Farmer's and Merchant's Bank, Wessington Springs, South Dakota, proposed merger of Farmers & Merchants Bank, Platte; Farmers & Merchants Bank, Presho, and, into National Bank of South Dakota, Sioux Falls, South Dakota, report to Comptroller of the Currency on competitive factors approved Farmers and Merchants Bank Company, Warsaw, Ohio, proposed purchase of assets and assumption of liabilities of, by Coshocton National Bank, Coshocton, Ohio, report to Comptroller of the Currency on competitive factors approved Farmers State Bank, Emmitsburg, Maryland: Proposed merger into Farmers and MechanicsCitizens National Bank of Frederick, Maryland, report to Comptroller of the Currency on competitive factors to be revised along lines, suggested by Governor Mills, relating to control of banking situation by, and relation to Pennsylvania banks Report approved unanimously http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/26 4103, 4107 12/3 4598 12/3 4598 7/13 2700 8/20 8/22 3155 3170 1962 774 Pages Nonmember banks: (continued) Farmers State Bank, Lu Verne, Iowa, proposed merger with The Security State Bank, Algona, Iowa, (after absorption of latter bank of Security State Bank, Algona, Iowa), report to FDIC on competitive factors, approved unanimously Farmers State Bank, Mexico, Indiana: Application to merge with Peru Trust Company, Peru, Indiana, and request for permission to establish a branch at present location of, approved Issuance of order and statement authorized First Bank and Trust Company of Richardson, Texas, request by Texas Bank and Trust Company, Dallas, Texas, for withdrawal of directive requiring disposal of interest in stock of, acquired by its subsidiary, Texas Fiduciary Corporation, approved in light of no willful violation and expiration of bank holding company status, advice to FRBank of Dallas First Bank & Trust Company of South Miami, Florida, application to exercise fiduciary powers made by, on behalf of First National Bank of South Miami, Fla., national bank into which it is to be converted, approved, effective upon consummation of proposed conversion First-Citizens Bank & Trust Company, Smithfield, North Carolina, proposed merger of Lincoln National Bank of Lincolnton, North Carolina, into, report to FDIC on competitive factors approved First Trust Company of Allegany County, Wellsville, New York, proposed merger of First National Bank of Bolivar, New York, into, report to FDIC on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/3 1128 3/22 1021 3/23 1040,1058-60 6/28 2406, 2416 7/27 2856, 2865 7/13 2700 7/24 2816 1962 775 Pages Nonmember banks: (continued) First Western Bank and Trust Company, Los Angeles, California: Sale by Western Bancorporation, Los Angeles, California, to Columbia Bancorporation of approximately 93 per cent of all shares of common stock of, no approval or other action of Board necessary with respect to Failure of anticipated sale as it reflects on capital adequacy of United California Bank, noted Sale of stock of, by Western Bancorporation to Greatamerica Corporation, Board approval not required for specific transaction, advice to Covington & Burling Certain variation in terms of sale does not alter Board's conclusion,no approval or action of Board required, advice to Covington & Burling Fredericktown Savings Institution, Frederick, Maryland, proposed merger with Fredericktown Trust Company, Frederick, Maryland, report to FDIC on competitive factors approved unanimously following change suggested by Governor Robertson Fredericktown Trust Company, Frederick, Maryland, proposed merger of Fredericktown Savings Institution with, report to FDIC on competitive factors approved unanimously following change suggested by Governor Robertson Glendora Commercial & Savings Bank, Glendora, California, proposed merger into Citizens National Bank, Los Angeles California, report to Comptroller of the Currency on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/7 830, 838 9/24 3653 12/3 4597, 4605 12/13 4758, 4775 5/9 1766 5/9 1766 9/17 3548 1962 776 Pages Nonmember banks: (continued) Grant County Bank, Petersburg, West Virginia, Richard C. Huffman, Assistant Examiner, FRBank of Richmond, appointment approved not to participate in examination of, so long as his mother is an employee of that bank Greenleaf State Bank, Greenleaf, Kansas, proposed purchase of assets and assumption of liabilities of, by Citizens National Bank of Greenleaf, Kansas, report to Comptroller of the Currency on competitive factors approved Guaranty Bank and Trust Company, Lafayette, Louisiana, indications that Merchants Trust and Savings Bank, Kenner, Louisiana, and, might join Mr. Lawrence A. Merrigan, President of Bank of New Orleans and Trust Company, in seeking judicial review of Board's decision re formation of Whitney Holding Corporation, New Orleans, Louisiana, information noted, with comment that Board should act on petition for reconsideration promptly Guaranty Trust Company, Corpus Christi, Texas, application for permission to exercise fiduciary powers made by, on behalf of Guaranty National Bank and Trust of Corpus Christi, Texas, national bank into which it is to be converted, granted, effective upon consummation of conversion Hamlin Bank and Trust Company, Smethport, Pa., proposed acquisition of assets and assumption of liabilities of Mount Jewett National Bank, Mount Jewett, Pennsylvania, report to FDIC on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/10 3876, 3884 9/17 3548 6/14 2167 6/28 2406, 2415 8/27 3196 1962 777 Pages Nonmember banks: (continued) Hawthorne Bank of Wheaton, Illinois, application for membership in FRSystem approved Imperial Bank, Imperial, Pennsylvania, proposed merger of Union National Bank of Pittsburgh, Pennsylvania, and, report to Comptroller of the Currency on competitive factors approved Industrial Valley Bank and Trust Company, Jenkintown, Pennsylvania: Proposed merger with National Bank of Ryersford, Pennsylvania, report to FDIC on competitive factors approved Proposed merger with Phoenixville Trust Company, Phoenixville, Pennsylvania, report to FDIC on competitive factors approved Proposed merger with National Bank of Coatsville, Pennsylvania, report to FDIC on competitive factors approved Institution for Savings in Roxbury, Boston, Mass., proposed merger with The Boston Five Cents Savings Bank, also of Boston, report to FDIC on competitive factors approved Jefferson-Gravois Bank of St. Louis, Missouri, possible violations of sec. 6(a)(4) of Bank Holding Company Act, disclosed in reports of examination by FDIC of Baden Bank of St. Louis and, involving their participation in loans originated by Cominercial and Industrial Bank, Memphis, Tenn., all three banks subsidiaries of General Bancshares Corporation, St. Louis, Missouri, letter to FRBank of St. Louis setting forth a tightening of standards, copies to FRBanks, Comptroller of the Currency, and FDIC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/27 2856, 2868 6/7 2069 5/21 1881 8/30 3326 11/6 4257 5/18 1874 12/17 4788, 4796 1962 778 Pages Nonmember banks: (continued) Jefferson State Bank, Jefferson, Iowa: Application of Brenton Companies, Inc., Des Moines, Iowa, to acquire shares of three other Iowa banks and, approved with reservations by Governor Mitchell noted Issuance of order and statement authorized Kennard State Bank, Kennard, Indiana, proposed merger with The Citizens State Bank of Shirley, Indiana, report to FDIC on competitive factors, approved Kingsville Bank, Kingsville, Maryland: Application of Union Trust Company of Md., Baltimore Maryland, to merge with, and to operate branches at present offices of, approved Issuance of order and statement authorized Lake County State Bank, East Gary, Indiana: Application of Gary Trust and Savings Bank, Gary, Indiana, to merge with, under charter of latter and title of Bank of Indiana, approved Issuance of order and statement authorized La Porte State Bank, La Porte, Texas, (formerly First National Bank of La Porte), petition of C. B. Investment Corporation for reconsideration of Board's conclusion re divestment of certain shares of, letter to FRBank of Dallas re Board's position and views, approved LaPorte Bank and Trust Company, LaPorte, Indiana, proposed merger with Union State Bank, Union Mills, Indiana, report to FDIC on competitive factors approved Liberty Bank, Easton, Maryland: Application of Union Trust Company of Md., Baltimore, Maryland, to merge with, question re statement for Annual Report in light of adverse report on competitive factors received from Justice Department http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/2 11/19 4221 4371,4415-17 6/29 2428 3/14 893 3/20 950, 962 10/18 3976 10/29 4122,4134-36 5/31 11/27 10/9 1981, 2001 4517 3847 1962 779 Pages Nonmember banks: (continued) Liberty Bank, Easton, Maryland: (continued) Application of Union Trust to merge with: (continued) Issuance of order and statement autho10/12 rized Liberty Bank of North, South Carolina, proposed consolidation of Southern National Bank of Orangeburg, South Carolina, and, report to Comptroller of the Currency on competitive 5/2 factors approved Company, and Trust Liberty Real Estate Bank Philadelphia, Pennsylvania, proposed merger of Bridgeport National Bank, Bridgeport, Pa., and, report to FDIC on competitive fac3/9 tors approved Lindberg Bank, Hazelwood, Missouri: Application of General Bancshares Corporation, St. Louis, Missouri, to acquire shares of the Commercial Bank of St. Louis County, Olivette, Missouri, and the, agreed to defer action pending preparation by Division of Examinations of a memorandum re financial and banking 2/27 aspects of the Corporation Application of General Bancshares Corporation, St. Louis, Missouri, for prior approval of acquisition of stock of, approved, Governors Robertson, Shepardson, and Mitchell 4/10 voting to deny Issuance of order, majority statement, and dissenting statement of Governors Robertson and Mitchell 4/27 authorized Lykens Valley Bank, Elizabethville, Pennsylvania, proposed merger with Millersburg Trust Company, Millersburg, Pa., report to FDIC on competitive fac3/23 tors appooved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3919,3925-27 1605 858 740 1320 1508, 1514 1037 1962 780 Pages Nonmember banks: (continued) Madison Trust Company, Madison, Connecticut: Application by Union and New Haven Trust Company, New Haven, Connecticut, to merge with, approved,with the understanding that any shares of Union and New Haven Trust Company stock acquired by Union upon consummation must be disposed of within 30 days from date of acquisition Issuance of order and statement authorized, letter re disposal of stock approved Manchester Bank, Manchester, Maryland, proposed merger of Carroll Trust Company, Manchester, Maryland; Carroll County National Bank, Westminster, Maryland, and, report to FDIC on competitive factors approved Martell State Bank, Martell, Nebraska, application of Trans-Nebraska Company, Lincoln, Nebraska, for prior approval of formation of a bank holding company through acquisition of stock of two other Nebraska banks and, agreed formal public hearing be held, order issued Meherrin Valley Bank, Boykins, Virginia, and Bank of Capron, Virginia, proposed merger into Vaughan and Company, Bankers, Franklin, Va., report to FDIC re competitive factors approved Merchants and Farmers Bank of Franklin, Virginia: Application of United Virginia Bankshares, Incorporated, to acquire stock of five other Virginia banks and, agreed matter be considered further when all Board members present Discussion re unfavorable report by Department of Justice indicating involvement in section 7 of Clayton Act, understood that report would be considered before voting on pending application http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/3 3754 10/9 3850,3855-60 10/26 4104 8/8 3029, 3047 2/2 395 11/6 4266 11/14 4318 1962 781 Pages Nonmember banks: (continued) Merchants and Farmers Bank of Franklin, Va.: (continued) Application of United Virginia Bankshares, Inc., to acquire stock of: (continued) Application approved, Governor Robertson dissenting 11/15 Issuance of order, majority statement, and dissenting statement by Governor Robertson authorized 12/5 Merchants & Savings Bank, Janesville, Wisconsin: Application of First Wisconsin Bankshares Corporation, Milwaukee, Wisconsin, to acquire stock of, procedural question in light of statutory requirement to hold hearing since adverse recouunendation 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 the Board, order issued 6/18 Comtents by Mr. O'Connell re arrangements for oral presentation tomorrow 8/6 Agreed to defer decision pending study of case in relation to certain other pending applications in 9/28 Wisconsin Application denied by unanimous vote 12/19 Mid-Columbia Bank of Pasco, Washington, proposed merger with the Peoples National Bank of Washington in Seattle, Washington, report to Comptroller of the Currency on competitive 3/22 factors approved Millersburg Trust Company, Millersburg, Penna., proposed merger with Lykens Valley Bank, Elizabethville, Pennsylvania, report to FDIC on 3/23 competitive factors approved Northern State Bank, Appleton, Wisconsin, application of Valley Bancorporation, Appleton, Wisconsin, to become a bank holding company by acquiring stock of Appleton State Bank, Appleton, Wisconsin, Bank of Black 12/19 Creek, Wisconsin, and, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4338 4622,4646-58 2190,2194,2209 2972 3712 4816 1019 1037 4828 1962 782 Pages Nonmember banks: (continued) Northwestern Bank, North Wilkesboro, N. C.: Proposed merger of State Bank of Burke, Morganton, North Carolina, State Planters Bank, Walnut Cove, North Carolina, and Bank of Madison, North Carolina, into, report to FDIC on competitive factors approved Supplementary material reviewed, letter to FDIC indicating no change in opinion,approved, advisability of referring to concentration of banking resources in reports covering banks in North Carolina questioned by Governor Mills 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, Governor Mitchell dissenting, advice to FRBank of San Francisco, including recommended procedure in event subpoena duces tecum is served Perrysburg Banking Company, Perrysburg, Ohio: Application of Bank of Wood County Company, Bowling Green, Ohio, to consolidate with, approved Issuance of order and statement authorized Phoenixville Trust Company, Phoenixville, Pa., proposed merger of Industrial Valley Bank and Trust Company, Jenkintown, Pennsylvania, with, report to FDIC on competitive factors approved Pioneer Bank of Arizona, Prescott, Arizona, proposed merger with the Bank of Phoenix, Arizona, report on competitive factors approved with views of Governor Mitchell noted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/30 3326 11/5 4236 4/2 1109, 1125 6/4 2033 6/8 2087, 2106 8/30 3326 2/8 457 1962 783 Pages Nonmember banks: (continued) Plainwell Bank, Plainwell, Michigan, planned purchase of assets and assumption of liabilities of, by The American National Bank and Trust Company of Kalamazoo, Michigan, report to Comptroller of the Currency on competitive factors approved Randolph Savings Bank, Randolph, Massachusetts, appointment of Richard Dow Marden, Assistant Examiner, FRBank of Boston, approved,not to participate in examination of, so long as his father is an officer of Rankin County Bank, Brandon, Mississippi, copy of report on competitive factors submitted to Board by Justice Department on proposed merger of Deposit Guaranty Bank & Trust Company with, requested by latter bank, agreed to furnish, Justice Department indicating no objection Richfield Bank, Richfield, Pennsylvania, proposed consolidation of First National Bank of Middleburg, Pennsylvania, and, report to Comptroller of the Currency on competitive factors approved and Trust Company, Richmond, Va., Richmond Bank order extending time for acquisition of stock of, by First Virginia Corporation, Arlington, Virginia, approved and issued Royal State Bank, New York, New York, possible conversion to national bank, Comptroller of the Currency said to be willing to approve, question from President Crosse whether FRBank of New York could refuse to issue FRBank stock to new national bank or make examination to determine whether national charter was deserving of approval, in light of unsatisfactory operations of existing bank as indicated by State banking authorities, proposed conversion contemplated to effect merger with Gotham Bank under jurisdiction of Comphttp://fraser.stlouisfed.org troller Federal Reserve Bank of St. Louis 4/11 1336 10/10 3876, 3883 11/19 4380 4/20 1436 3/2 799, 810 11/19 4379 1962 784 Pages Nonmember banks: (continued) St. Louis Union Trust Company, St. Louis, Missouri question re interlocking directorates of First National Bank in St. Louis, Missouri, and, Board's conclusion that the exception in section 8(6), of the Clayton Act, was applicable, and that the common directors may continue to serve both institutions, advice to FRBank of St. Louis St. Lucie County Bank, Fort Pierce, Florida, application to convert into a national bank, favorable recommendation to Comptroller of the Currency State Bank, Algona, Iowa, proposed abSecurity sorption of, by The Security State Bank, Algona, Iowa, and merger of the latter bank with Farmers State Bank, Lu Verne, Iowa, report to FDIC on competitive factors approved Security State Bank, Madison, Wisconsin: Application of Marine Corporation, Milwaukee, Wisconsin, for prior approval of acquisition of shares of, action deferred pending availability of certain information as requested by Governor Mitchell Application approved Issuance of order and statement approving, authorized Security State Bank, Pacific Grove, California, telephone call from William A. Burkett, President, expressing concern re establishment by Wells Fargo Bank of a branch about a mile from, and inquiring whether Board's authorization could be rescinded, Governor Balderston's reply that approval could not be rescinded reported Shepherd State Bank, Shepherd, Michigan, proposed consolidation with Winn State Bank, Winn, Michigan, report to FDIC on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/17 2730, 2737 1/22 229, 238 4/3 1128 5/17 5/22 1856 1906 6/4 2032, 2038 9/28 3705 6/1 2013 1962 785 Pages Nonmember banks: (continued) Silver Spring Bank, Milwaukee, Wisconsin: Service of officers and directors of Marshall and Ilsley Bank, Milwaukee, Wisconsin, and, in event Bank Stock Corporation, which now owns controlling stock of the latter, does not acquire controlling interest of the former, question re applicability of paragraph (4), section 8, Clayton Act, reply to inquiry from FDIC approved, Governor Mills' reservations having been noted 1/26 Application of Bank Stock Corporation of Milwaukee, Wisconsin, for prior approval of acquisition of stock of, approved, Governor Robertson dissenting 3/21 Issuance of order and statement authorized 3/28 Southern Bank of Norfolk, Virginia: Application of First Virginia Corporation, Arlington, Virginia, to acquire stock of, question re holding oral presentation in light of questions re two classes of stock of First Virginia, one having limited voting rights, agreed matter be considered when full Board present 6/27 Agreed to arrange a meeting with representatives of First Virginia, and to request financial information, possibility of amending or issuing an interpretation of Regulation Y to be explored 7/11 Application disapproved, Governor Mills 8/3 dissenting Procedural proposal relating to, presented by Mr. O'Connell, understanding re proposal 8/8 Application approved, rescinding Board's previous action of disapproval, subject to action by First Virginia to amend articles of incorporation to provide for only one class of 9/21 stock http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 303, 313 981 1085, 1088 2377 2578, 2641 2932 3035 3616 1962 786 Pages Nonmember banks: (continued) Southern Bank of Norfolk, Virginia: (continued) Application of First Virginia Corporation, Arlington, Virginia, to acquire stock of: (continued) Issuance of order and statement approving, authorized State Bank of Bolivar, New York, proposed consolidation of Citizens National Bank of Wellsville, New York, and, report to Comptroller of the Currency on competitive factors approved State Bank of Burke, Morganton, North Carolina: Proposed merger of State Planters Bank, Walnut Cove, North Carolina, Bank of Madison, North Carolina, and, into Northwestern Bank, North Wilkesboro, North Carolina, report to FDIC on competitive factors approved Supplementary material reviewed, letter approved to FDIC indicating no change in opinion, advisability of referring to concentration of banking resources in reports covering banks in North Carolina questioned by Governor Mills State Bank of Campbellsburg, Indiana, proposal of Farmers-Citizens State Bank, Salem, Indiana, to acquire assets and assume liabilities of, report to FDIC on competitive factors approved State Bank of Laurel, Maryland, proposed merger into Equitable Trust Company, Baltimore, Maryland, report to FDIC on competitive factors approved State Planters Bank, Walnut Cove, North Carolina: Proposed merger of State Bank of Burke, Morganton, North Carolina, Bank of Madison, North Carolina, and, into Northwestern Bank, North Wilkesboro, North Carolina, report to FDIC on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/17 3939,3951-53 5/15 1827 8/30 3326 11/5 4236 4/19 1424 7/25 2843 8/30 3326 1962 787 Pages Nonmember banks: (continued) State Planters Bank, Walnut Cove, N. C.: (continued) Proposed merger: (continued) Supplementary material reviewed, letter to FDIC approved, indicating no change in opinion, advisability of referring to concentration of banking resources in reports covering banks in North Carolina questioned by Governor Mills Suburban Bank, Henrico County, Virginia: Application of State-Planters Bank of Commerce and Trusts, Richmond, Va., to merge with, and incident thereto to operate branches at present offices of, approved Issuance of order and statement authorized, with understanding that suggestions by Governors Mills and King re statement to be taken into account Suburban Trust Company, Hyattsville, Maryland: Proposed merger of Citizens Bank of Takoma Park, Maryland, into, report to FDIC on competitive factors approved Question re supplemental report to FDIC in light of information submitted by, re plans by Baltimore banks to expand into Washington, D. C., area with possible effect on competitive factors in connection with, view that supplemental report was not necessary Letter to FDIC re additional information presented in connection with its reconsideration of proposed merger, reference to conclusions in Board's earlier report Swansea Depository, Swansea, South Carolina, proposed merger of Bank of Salley, South Carolina, and, into Bank of Orangeburg, South Carolina, report to FDIC on competitive factors approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/5 4236 8/20 3157 8/22 3172,3186-88 4/26 1495 6/5 2059 8/30 3325, 3333 8/17 3132 1962 788 Pages Nonmember banks: (continued) Townsend Trust Company, Townsend, Delaware: Application by Wilmington Trust Company, Wilmington, Delaware, to purchase assets and assume liabilities of, continuing the former bank as a branch and investing in additional bank premises, approved Issuance of order and statement authorized Union State Bank, Union Mills, Indiana, proposed merger with LaPorte Bank and Trust Company, LaPorte, Indiana, report to FDIC on competitive factors approved Vaughan and Company, Bankers, Franklin, Va., proposed merger of Meherrin Valley Bank, Boykins, Virginia, and Bank of Capron, Virginia, into, report to FDIC re competitive factors approved Wallingford Bank and Trust Company, Wallingford, Connecticut: Application of Connecticut Bank and Trust Company, Hartford, Connecticut, for consent to merge with, and incident thereto to operate a branch at the location of, approved Issuance of order and statement authorized Winn State Bank, Winn, Michigan, proposed consolidation with Shepherd State Bank, Shepherd, Michigan, report to FDIC on competitive factors approved North Carolina, State of: Concentration of banking resources in a few large banks: Trend in, discussed in connection with report to Comptroller of the Currency on competitive factors re proposed merger of The Bank of Wilmington, North Carolina and the North Carolina National Bank, Charlotte, North Carolina http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/11 2117 6/21 2240, 2250 11/27 4517 2/2 395 8/8 3033 8/17 3133,3143-45 6/1 2013 5/22 1903 1962 789 Pages North Carolina, State of: (continued) Concentration of banking resources: (continued) Advisability of over repetition of such a statement in the reports of competitive factors involving bank mergers questioned by Governor Mills Notes: Emergency plans, Regulation No. 2, Use of Secured Notes to Transfer Credits, approved with Regulation No. 1, relating to Operations of FRBanks, to be automatically effective in the event of an attack, transmitted to the Presidents of all FRBanks Open market operations: FRSystem transactions, including operations for the account of Treasury Department, possible publication of statistical data re, relating more directly to dealer operations, understood matter would be discussed by Mr. Thomas with Mr. Roosa or Mr. Daane of the Treasury Department Foreign currency operations of FRSystem: Memorandum from Mr. Hackley re, with reference to purchases and sales of cable transfers falling within jurisdiction of FOMC as provided by section 14A, FRAct, memorandum from Mr. Young re proposed FOMC authorizations and guidelines with respect to, discussed Question whether such operations would be considered open market operations, and question whether Board or FOMC would be responsible for such operations, discussed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/5 4237 1/15 153,173,178 2/15 571 2/8 458 2/9 481 1962 790 Pages Open market operations: (continued) Foreign currency operations of FRSystem: (continued) Question of relation between opening and maintaining foreign accounts and transactions in cable transfers and foreign bills of exchange discussed in further consideration of question of supervision of operations by Board or by FOMC, possible role of FRBank of New York and other FRBanks discussed, memorandum of Mr. Young to be made available at tomorrow's meeting of FOMC 2/12 Amendment to Regulation N providing for supervision of FOMC re certain actions of FRBanks with foreign banks, insofar as they relate to open market transactions conducted through accounts of FRBanks with foreign banks, approved, Governor Robertson dissenting 2/13 Orders: Bank merger cases: Coumlent by Governor Mills that staff should guard against use of overstatements in public releases 4/24 Proposal that such orders be so worded as to refer to the Bank Merger Act of 1960 rather than section 18(c) of the Federal Deposit Insurance Act, noted without objection 6/8 Seven-day waiting period provided in Board's order re consummation of approved consolidation of Peoples Bank and Trust Company, Grand Haven, Mich., with The Spring Lake State Bank, Spring Lake, Michigan, request from Michigan State Superintendent for consummation on seventh day, agreed that Board's rule could be construed as allowing 6/26 consummation on the seventh day http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 516 538, 543 1462 2089 2332 1962 791 Pages Orders: (continued) Statements accompanying, format for routine bank merger cases, discussed with respect to statement re merger of The Bank of Saddle Brook and Lodi, Saddle Brook, New Jersey, with and into The Hackensack Trust Company, Hackensack, New Jersey (Individual banks): Asbury Park and Ocean Grove Bank, Asbury Park, New Jersey: Public proceeding before the Board in the matter of application of, for prior approval to merge with The Central Jersey Bank and Trust Company, Freehold, New Jersey, issuance of order authorized Issuance of order and statement of denial authorized Bank Stock Corporation of Milwaukee, Wisconsin, approving application to acquire stock of Silver Spring Bank, Milwaukee, Wisconsin Bank of Wood County Company, Bowling Green, Ohio, approving application to consolidate with Perrysburg Banking Company, Perrysburg, Ohio Brenton Companies, Incorporated, Des Moines, Iowa, approving application to acquire stock of Poweshiek County National Bank of Grinnell, Iowa; First National Bank of Perry, Iowa; Brenton State Bank, Dallas Center, Iowa; and Jefferson State Bank, Jefferson, Iowa C. B. Investment Corporation, Houston, Texas, approving the acquisition of additional shares of stock of The First National Bank of Port Arthur, Texas Central Trust Company, Rochester, New York, approving application to merge with Prattsburgh State Bank, Prattsburgh, New York http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/17 204 5/7 1742, 1755 6/29 2431,2456-58 3/28 1085, 1088 6/8 2087, 2106 11/19 2/19 11/23 4371, 4415 628,639-41 4477, 4483 1962 792 Pages Orders: (continued) Chase Manhattan Bank, New York, New York, denying application for prior approval of merger with Hempstead Bank, Hempstead, Long Island, New York Chemical Bank New York Trust Company, New York, New York, denying application for prior approval of merger with Long Island Trust Company, Garden City, New York Citizens Bank of Perry, New York, approving application to merge with First National Bank of Perry, New York City Trust Company, Bridgeport, Connecticut, approving application to merge with West Side Bank, Bridgeport, Conn., draft order, statement, and dissenting statement distributed, issuance understood in absence of any question, no question raised, order, statement, and dissenting statement of Governors Balderston and Robertson issued Commerce Union Bank, Nashville, Tennessee, approving application to merge with Broadway National Bank, Nashville, Tennessee Commercial Associates, Incorporated, Pensacola, Florida, approving application to become a bank holding company through acquisition of stock of Commercial National Bank of Pensacola, Florida, and Bank of Gulf Breeze, Florida Connecticut Bank and Trust Company, Hartford, Connecticut, approving application to merge with Wallingford Bank and Trust Company, Wallingford, Connecticut, and to operate a branch at location of latter bank incident thereto Continental Bank and Trust Company, Salt Lake City, Utah: Continuing the date of Show Cause Hearing, approved, Governor Robertson not participating http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/30 1528, 1574 4/30 1527, 1552 7/23 2785, 2802 3/23 1040,1048-56 5/2 1606, 1628 8/28 3233, 3260 8/17 3133, 3143 5/28 1960, 1972 1962 793 Pages Orders: (continued) Continental Bank and Trust Company, Salt Lake City, Utah: (continued) Making show cause hearing open to public Orders of Board of Governors on Respondent's (I) Motion to Produce, (II) Demand for Particulars, and (III) Motion to Dismiss and Demand for Final Order Continuing date for show cause hearing to October 15, 1962 Proposed order terminating the capital adequacy proceeding approved, Gov. Mills abstaining, to be issued after the Hearing Examiner had certified record of show cause hearing, issued on October 30, 1962 Terminating administrative proceeding re capital adequacy County Trust Company, White Plains, New York, approving application to merge with Gramatan National Bank and Trust Company of Bronxville, New York Dauphin Deposit Trust Company, Harrisburg, Penn., denying application to merge with First National Bank of Mount Holly Springs, Pennsylvania, and to operate a branch at location of latter bank Farmers and Merchants Bank of Lawrenceville, Va., approving application to merge with Bank of Alberta, Virginia, and to operate the office of latter bank as a branch of Farmers and Merchants Bank of Long Beach, Calif., approving application to acquire assets and assume liabilities of Farmers and Merchants Bank of Southern Counties, Long Beach, California http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/8 2098, 2113 8/6 2973, 2997 9/7 3378, 3402 10/11 3903 10/30 4157, 4167 11/7 4277, 4287 7/13 2701, 2709 8/27 3197, 3221 3/28 1085, 1096 1962 794 Pages Orders: (continued) First Bancorporation of Florida, Incorporated, Orlando, Florida, denying application for approval to become a bank holding company through acquisition of stock of Barnett National Bank of Jacksonville, First National Bank of Miami, First National Bank of Orlando, and Exchange National Bank of Tampa, all in Florida, date of issuance noted First Oklahoma Bancorporation, Oklahoma City, Oklahoma: Application to become a bank holding company by acquiring shares of The First National Bank and Trust Company of Oklahoma City and The Idabel National Bank: Notice of Order for Hearing issued Order denying motion to extend date for hearing and motion for special permission to appeal adverse ruling of the trial examiner, approved Regarding oral argument and composition of the record re application to become a bank holding company Issuance of order denying motions by protesting banks Denying motion to reopen record to permit cross examination on matters received in evidence in the matter of the application to become a bank holding company Issuance of order approving, authorized First Security Corporation, Salt Lake City, Utah, denying application to acquire stock of Carbon Emery Bank, Price, Utah of Albany, New York, approvCompany Trust First ing application to merge with Broadalbin Bank, Broadalbin, New York http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/27 2860, 2877 4/9 1274, 1293 6/1 2014, 2027 10/5 3816, 3840 10/11 3886, 3913 11/28 11/28 4537, 4551 4537, 4559 2/15 569, 587 3/20 951, 969 1962 795 Pages Orders: (continued) First Virginia Corporation, Arlington, Virginia: Extending time for acquisition of stock of Richmond Bank and Trust Company, Richmond, Virginia Denying application to acquire stock of Farmers and Merchants National Bank of Winchester, Virginia Approving applications to acquire stock of Southern Bank of Norfolk, Va., Peoples' Bank, Mount Jackson, Virginia, and Shenandoah County Bank and Trust Company, Woodstock, Virginia First Wisconsin Bankshares Corporation, Milwaukee, Wisconsin, application to acquire stock of Merchants & Savings Bank, Janesville, Wisconsin, issuance of order re public proceeding before the Board, authorized Gary Trust and Savings Bank, Gary, Indiana, approving application to merge with Lake County State Bank, East Gary, Indiana, under title of Bank of Indiana General Bancshares Corporation, St. Louis, Mo., approving application for prior approval of acquisition of shares of Commercial Bank of St. Louis County, Olivette, Missouri, and Lindbergh Bank, Hazelwood, Mo. Genesee Merchants Bank & Trust Company, Flint, Michigan, approving application to consolidate with Davison State Bank, Davison, Michigan Hackensack Trust Company, Hackensack, New Jersey, approving application to merge The Bank of Saddle Brook and Lodi, Saddle Brook, New Jersey, into and Hillsboro Bank Savings Company, Hillsboro, Ohio, approving application to acquire the assets and assume liabilities of Citizens Bank and Savings Company of Leesburg, Ohio http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/2 799, 810 8/28 3233, 3265 10/17 6/18 10/29 4/27 11/19 3939, 3951 2194, 2209 4122, 4134 1508, 1514 4374, 4422 1/17 203, 209-11 6/18 2184, 2203 1962 796 Pages Orders: (continued) Lawrence Savings and Trust Company, New Castle, Pennsylvania, approving application to acquire assets and assume liabilities in First National Bank of Wampum, Pennsylvania, and incident thereto to operate a branch at location of latter bank Liberty Bank and Trust Company, Buffalo, New York: Approving application to merge with Bank of Orchard Park, New York Approving application to merge with First National Bank of Batavia, New York Marine Corporation, Milwaukee, Wisconsin: Approving application for prior approval of acquisition of shares of Security State Bank, Madison, Wisconsin For public hearing on application for prior approval of acquisition of stock of Beloit State Bank, Beloit, Wisconsin Approving application to acquire shares of Marine National Bank of Waukesha, Wisconsin Marine Midland Corporation, Buffalo, New York: For public oral presentation re application to acquire stock of Security National Bank of Long Island, Huntington, New York Denying application to acquire stock of Security National Bank of Long Island, Huntington, New York Montana Shares, Incorporated, Great Falls, Montana, approving acquisition of stock of Central Bank of Montana, Great Falls, Montana, Citizens Bank of Montana, Havre, Montana, and Liberty County Bank, Chester, Montana Morgan New York State Corporation, Albany, N. Y., denying application for permission to become a bank holding company authorized for release tomorrow http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/22 3171, 3180 2/28 764, 773 12/20 4851, 4888 6/4 2032, 2038 7/18 2752, 2762 9/12 3440, 3448 7/23 2787, 2810 11/19 4369, 4382 10/3 3754,3769-89 5/3 1663, 1671 1962 797 Pages Orders: (continued) Peoples Bank and Trust Company, Grand Haven, Michigan: Approving application to consolidate with Spring Lake State Bank, Spring Lake, Michigan Request from Michigan State Superintendent for consummation of consolidation on seventh day after Board's order, agreed that Board's rule could be construed as allowing consummation on the seventh day People's Savings and Trust Company, Hazleton, Pennsylvania, approving application to acquire assets and assume liabilities of First National Bank in Freeland, Pa. Peoples Union Bank and Trust Company, McKeesport, Pennsylvania, approving application to merge with Bank of Glassport, Pennsylvania Peru Trust Company, Peru, Indiana: Application to merge with Farmers State Bank, Mexico, Indiana, draft order and statement approving, issuance understood in absence of any question, no question raised, order and statement issued Southern Bank and Trust Company, Richmond, Va., approving merger of, with Citizens Bank of Chesterfield, Bon Air, Virginia, with the establishment of a branch at head office site of the latter bank Springfield Safe Deposit and Trust Company, Springfield, Massachusetts, approving application to consolidate with Hadley Falls Trust Company, Holyoke, Massachusetts State Bank of Salem, Indiana, approving application to acquire assets and assume liabilities of State Bank of Hardinsburg, Indiana, and to establish a branch at the location of the latter bank incident to the merger http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/25 2301, 2323 6/26 2332 5/10 1783, 1798 10/5 3816, 3835 3/23 1040,1058-60 6/13 2134,2150-52 2/2 396, 401-03 7/13 2703, 2722 1962 798 Pages Orders: (continued) State-Planters Bank of Commerce and Trusts, Richmond, Virginia, approving application to merge with Suburban Bank, Henrico County, Va., and incident thereto to operate branches at present offices of the latter bank Trans-Nebraska Company, Lincoln, Nebraska, for formal public hearing on application for prior approval of formation of a bank holding company through acquisition of stock of Martell State Bank, Martell, Nebraska, Sioux National Bank of Harrison, Nebraska, and Crawford State Bank, Crawford, Nebraska Union and New Haven Trust Company, New Haven, Connecticut, approving application to merge with Madison Trust Company, Madison, Connecticut Union Trust Company of Maryland, Baltimore, Md.: Approving application to merge with Kingsville Bank, Kingsville, Md. Approving merger with Farmers and Merchants' Bank, Salisbury, Maryland Approving merger with Liberty Bank, Easton, Maryland United California Bank, Los Angeles, California: Application to merge with The First National Bank of Vista, California: Order for public proceeding before Board re, issuance authorized Issuance of order and statement re Board's denial of, accompanied by dissenting statement of Chairman Martin and Governor Shepardson Application to merge with Farmers and Merchants Bank of Blythe, California: Issuance of order and statement approving, and approval to operate a branch incident to the merger United Virginia Bankshares, Incorporated, Richmond, Virginia, approving application to become a bank holding company by acquisition of stock of six Virginia banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/22 3172, 3186 8/8 3029, 3047 10/9 3850, 3855 3/20 950, 962 6/25 2301, 2315 10/12 3919, 3925 5/7 1737, 1753 6/20 2217,2223-31 7/20 2767,2775-77 12/5 4624,4646-58 1962 799 Pages Orders: (continued) Virginia Commonwealth Corporation, Richmond, Virginia: Approving application to acquire shares of Bank of Virginia, Richmond; Bank of Henrico, Sandston; Bank of Salem, Salem; Bank of Occoquan, Occoquan; and Bank of Warwick, Newport News, all of Virginia Notice of Request and Order for Hearing approved, in connection with request for determination pursuant to sec. 4(c)(6) of the Bank Holding Company Act re activities of Virginia Standard Corporation, and StateWide Insurance Corporation, Inc., nonbanking subsidiaries of Walker Bank and Trust Company, Salt Lake City, Utah, approving application to merge with First National Bank of Price, Utah Whitney Holding Corporation, New Orleans, La.: Approving application for permission to become a bank holding company Extending time for opening of Whitney National Bank in Jefferson Parish, Louisiana, from November 3, 1962 to November 4, 1963, in connection with Wilmington Trust Company, Wilmington, Delaware, approving application to acquire assets and assume liabilities of Townsend Trust Company, Townsend, Delaware Windber Bank and Trust Company, Windber, Pa., (formerly Windber Trust Company), approving application to acquire assets and assume liabilities of Central City National Bank, Central City, Pennsylvania Organization for Economic Cooperation and Development: Meetings of Economic Policy Committee, Working Party 2: October 23-30, 1962, Paris, France, Mr. Reynolds authorized to attend http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/25 4065, 4085 12/21 4954, 4965 11/21 4447, 4462 5/2 10/19 1607, 1634 4013, 4026 6/21 2240, 2250 6/21 2241, 2255 10/19 4019 1962 800 Pages Organization for Economic Cooperation and Development: (continued) Meetings of Economic Policy Committee Working Party 3: January 13-18, 1962, Paris, France, Messrs Young and Wood authorized to 1/10 98 attend Informal comments by Ralph A. Young, Adviser to the Board and Director of the Division of International Finance on recent trip to Paris 1/18 221 to attend February 19-22, 1962, Paris, France, travel by Messrs. Young and Wood to at2/7 445 tend, authorized April 16-17, 1962, Paris,France, attendance by Samuel I. Katz, Associate Director, Division of International 1111 4/2 Finance, authorized Additional authority for Governor Shepardson to approve foreign travel by Board 5/17 1859 staff members to attend attendance France, Paris, 1962, 27-31, May 5/17 1859 by Ralph A. Young, authorized attended meeting on Report by Mr. Young 2012 6/1 in Paris on May 29 and 30, 1962 attendance July 17-18, 1962, Paris, France, by Arthur Hersey, Adviser, Division of International Finance, as a consultant to members of the 6/11 2126 U.S. delegation, authorized 7/25 2846 Report by Mr. Young re Dinner for delegates of: To be held in Board's Building prior to meetings of International Monetary Fund and International Bank for Reconstruction and Develop2986 8/6 ment To be held at an outside location in Washington with Mr. Young as 2987 8/6 host November 3-9, 1962, Paris, France, attendance by Mr Ralph C. Wood autho10/31 4202 rized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 801 Pages Organization for Economic Cooperation and Development: (continued) Meetings of Economic Policy Committee, Working Party 3: (continued) December 12-13, 1962, Paris, France, Mr. Ralph A. Young to attend, authorized to travel on to London, England, to confer with officials of British Treasury and Bank of England, travel expenses on an actual expense basis including 12/5 4634 official entertainment suga containing by, States Report on the United gestion re the Federal budget, reply to inquiry from Senator Proxmire, over signature of Mr. 1/12 145 Young, no objection Outside business and teaching activities: Consultants, memorandum enclosing questionnaire re private employment and financial interests of, approved to be sent to all Board's consul6/25 2281, 2312 tants Officer of FRBank, service as director of Corporation, question re making exception to Board's general policy re outside business interest of FRBank officers and employees, in connection with question raised by FRBank of Kansas City, 4/24 1463 Board's views re Staff of Board, activities as reported in memorandum from Division of Personnel Administration approved with understanding re honoraria and roy9/27 3689 alties Stock trading account, case of research employee in FRBank of Boston operating a, for speculative purposes, draft of letter to FRBank Presidents containing specific reference to trading in margin accounts would be prepared for consideration when 3/22 1022 all Board members were present http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 802 Pages Outside business and teaching activities: (continued) (Individual names): Atkinson, J. H., Economist, Division of Research and Statistics, permission granted to continue general supervision of research, review of manuscripts and theses, at Purdue University (with no compensation), and to complete two contracts in egg futures entered into prior to entering the Board's employ Beck, Myra E., Statistical Clerk, Division of Bank Operations, permission granted to engage in part-time work for Washington Calculating and Inventory Service Bernard, Loree D., Statistical Clerk, Division of Research and Statistics, permission granted to work part-time as theatre cashier Dean, Frank A., Sr., Messenger, Division of Administrative Services, granted permission to work part-time as a shoe salesman Dembitz, Lewis N., Associate Adviser, Division of Research and Statistics, granted permission to handle investment of certain family funds Fieser, Max E., Economist, permission granted to teach a course in the principles of economics at George Washington University during the academic year 1962-63 Francis, Jill D , Chart Machine Operator, Division of Research and Statistics, granted permission to work as a sales clerk at Garfinckel's evenings and Saturdays Gekker, Paul, Economist, Division of International Finance, permission granted to conduct a seminar in Soviet economics and to serve as an academic consultant at George Washington University http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/29 2432 6/13 2147 5/18 1876 5/7 1749 8/1 2917 7/9 2562 12/3 4601 10/24 4047 1962 803 Pages Outside business and teaching activities: (continued) Griffith, Flora J., Chief Telephone Operator, Division of Administrative Services, granted permission to engage in telephone work for a local store on Saturdays Heacock, Helen, Statistical Clerk, Division of Bank Operations, granted permission to engage in part-time work for Washington Calculating and Inventory Service James T., Messenger, Division of AdminisJones, trative Services, granted permission to engage in outside business activity as a service station attendant on evenings and weekends Jones, Theodore L., Cafeteria Laborer, Division of Administrative Services, granted permission to work part-time as a gasoline station attendant Jordan, Walter, Jr., Cafeteria Laborer, Division of Administrative Services, granted permission to work parttime as a restaurant porter Klein, Thomas M., Economist, Division of International Finance: Granted permission to teach a course in money and banking during the summer session at Georgetown University Permission granted to teach a course in national income theory at George Washington University Malone, Sandra B., Stenographer, Legal Division, granted permission to work parttime as a sales clerk during the holiday season at Sears Roebuck & Company McClintock, John T., Review Examiner, Division of Examinations, granted permission to serve as thesis counselor for The Stonier Graduate School of Banking http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/31 1988 6/21 2245 3/28 1086 4/25 1484 4/25 1485 4/23 1450 10/3 3761 12/12 1/4 4750 42 1962 804 Pages Outside business and teaching activities: (continued) Mullin, Gail E., Economist, Division of Research and Statistics, granted leave without pay for a certain period in order to accept a teaching assignment at Indiana University O'Connor, Kathleen J., Disbursing Clerk, Office of the Controller, permission granted to sell Christmas cards after business hours Passell, Barbara Carole, Secretary, Division of International Finance, permission granted to sell jewelry for Sarah Coventry, Incorporated, during evenings and week ends Renucci, Marguerite L., Statistical Clerk, Division of Bank Operations, to work on part-time basis for Washington Calculating and Inventory Service, approved Schwartz, Maurice H., Assistant to the Director, Division of Research and Statistics, permission granted to teach a course in data processing for management at George Washington University during the 1962 summer session, with understanding that annual leave would be charged for a half-hour per day Solomon, Frederic, Director, Division of Examinations, granted permission to deliver a lecture on bank capital during the August 1962 session of School of Banking at University of Wisconsin, with the understanding that the lecture would be delivered while on annual leave and that he would accept $100 as compensation from the school Swerling, Boris C., Senior Economist, Division of International Finance: Continuation of affiliation with Stanford University, Stanford, Calif., until August 31, 1962, approved Granted permission to serve (without compensation) as a member of the Editorial Council of the Journal of Farm Economics http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/21 11/14 6/20 12/21 691 4327 2222 4955 5/18 1876 6/7 2070 6/20 2222 8/1 2917 1962 805 Pages ItptI Paper eligible for discount: System Committee on Eligible Paper: Recommendations of Subcommittee on Legislation made in light of report submitted by, approved by Presidents' Conference, including proposed legislative revision of law, agreed matter be considered by Board at an early date Matter considered and discussed further Patman, Wright, Congressman: Bank mergers involving holding company banks, request by, re applicability under section 3(d) of Bank Holding Company Act, in connection with merger applications of subsidiaries of Western Bancorporation, Los Angeles, California, involving approved merger of Bank of Idaho, Boise, Idaho, with The National Bank of Bonners Ferry, Idaho, and possible merger of Walker Bank and Trust Company, Salt Lake City, Utah, with the First National Bank of Price, Utah, reply approved Chain banking survey: Requested by, Chairman of the House Select Committee on Small Business, staff to prepare a draft reply reflecting willingness, but spelling out foreseen difficulties Necessary expenditure justified only if survey would be of significant value to Small Business Committee, advice to Staff indicated that the survey could be done without participation of the Comptroller, agreed to defer sending letter to Comptroller until receipt of answer from http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/27 9/28 3691 3725 4/16 1376, 1382 3/12 874 3/22 1020 3/22 1021 1962 806 Pages Patman, Wright, Congressman: (continued) Chain banking survey: (continued) Reply from, indicating value to House Small Business Committee of requested survey for data from all member banks, broader study including nonmember banks suggested by Governor Mitchell, agreed to limit to member banks with possible later consideration of expansion, letter to Comptroller of the Currency re participation, approved Follow-up request for information with respect to, sent to member banks and bank holding companies not responding to previous request, reply to, Chairman of House Select Committee on Small Business, re outcome of Copies of reports from bank holding companies and certain member banks sent to, as requested with indication list of member banks failing to respond List of member banks not included in survey of, and a list of 18 member banks omitting data re loans on bank stock, transmitted to, Chairman of Select Committee on Small Business Agreed letter be prepared to, re time and expense required thus far and anticipated, re limiting Board activity to the 200 largest banks, and re difficulty in setting up definite commitment date for completion of survey Letter from, to member bank listed as not having responded, indicating information would be subpoenaed, noted, matter of responses on confidential basis referred to, explanatory correspondence necessary http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/11 1339, 1354 7/24 2817,2840-41 9/12 3439, 3442 10/4 3803, 3811 10/10 3863 10/10 3864 1962 807 Pages Patman, Wright, Congressman: (continued) Chain banking survey: (continued) Statement or report on, expected to be made by, or possible introduction of legislation based on material collected, noted Draft of letter to, noting tabulations had been transmitted and pointing out Board's reservations re apparent significance of data developed from, to be submitted to Board, possibility of request by staff of, for additional tabulations, to be reviewed further if necessary Letter approved For all entries on the study requested by: SEE: Chain banking: Dormant accounts in banking system: Joint survey by Board, FDIC and Comptroller of the Currency requested by, including data re service charges and undivided profits, understanding with respect to Further discussion re, understood Mr. Saxon to discuss matter with Arrangements for another meeting with Comptroller of the Currency Saxon and FDIC Chairman Cocke, proposed form of questionnaire submitted by, transmitted to Comptroller of the Currency for study Comptroller of the Currency continued to express reservations with respect to, letter to Congressman Patman indicating Board's position re U.S.S.R., report on recent economic growth in, being prepared by Joint Economic Committee, Mr. Gekker to prepare a paper on "Soviet capital investment review of recent performance" for inclusion in, advice to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/8 12/10 12/12 4305 4688-90 4739,4754 1/31 367 2/7 445 2/19 631 3/7 831, 840 6/8 2085, 2102 1962 808 Pages Pension funds: Corporate, and other private retirement and welfare programs: Interagency committee to study, established by President of U.S., along with two other committees to study various implications of report of Couunission on Money and Credit, Chairman of Board named as member, Mr. Noyes to serve as Board's liaison Noyes on status of, staff workby Mr. Report ing group to be associated with the study, 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 respective committees Progress reported by Mr. Noyes, suggestion that Chairman Martin or Vice Chairman Balderston ask Secretary of Labor, informally, of his views on status of committee's work Peruano-Suiza de Fomento e Inversiones Sociedad Anonima, Lima, Peru: Consent granted to Morgan Guaranty International Finance Corporation, New York, New York, for purchase of shares of Phillips, Mahoney, Lytle, Yorkey, & Letchworth: 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 PhYsical examinations: Altman, Stuart H., Economist, Division of Research and Statistics, modification of employment status to provide for temporary employment (18 months) notwithstanding his failure to pass physical examination, understood question of continued employment to be considered at end of that period http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/6 1243 5/2 1610-11 9/21 3625 3/22 1016, 1027 4/16 1376, 1380 10/25 4076 1962 809 Pages Physical examinations: (continued) Bakke, Karl E., Senior Attorney, Legal Division, a member of Civil Service Retirement System, usual physical requirements waived Noyes, Edna Kiatta, Statistical Clerk, Division of Bank Operations, understanding Board's physician would ascertain through a physical examination whether her physical condition would permit her returning to active service Policy record, Board of Governors: Annual report, 1961: Record of policy actions for inclusion in, status commented on Record of policy actions approved for inclusion in, discussion re inclusion of qualifying statements Governor King's opinion that separate statements should be limited to members who actually dissented Statements of opinion by Board members, question as to whether qualifying statements as well as dissenting statements should be included in staff suggestion re combining the policy records of Board and FOMC with other material in order to present a single chronological record and enhance effectiveness of Regulation D: Amendment to Supplement to reduce reserve requirements of member banks approved Revision of, and Supplement, providing changes reflecting termination of central reserve city classification, incorporating Board's position re interpretation relating to computation periods and to counting vault cash as reserves, and incorporating the considered criteria in granting permission for individual banks to carry reduced reserves, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/7 2071 12/3 4601 2/7 444 2/14 552-53 2/14 552-55 10/18 7/11 3983,4004-06 2585, 2644 1962 810 Pages Policy record, Board of Governors: (continued) Regulation F: Termination of, effective as of September 28, 1962, in light of passage of Public Law 87-722 transferring from Board to Comptroller of the Currency authority to regulate exercise of trust powers of national banks, advice to Presidents of all Federal Reserve Banks Regulation I: Revision entitled "Issue and Cancellation of Capital Stock of Federal Reserve Banks" approved for issuance Regulation J: Amendment to section 210.2(a), to specify that nonmember clearing accounts are available to "nonmember banks and trust companies" rather than "nonmember State banks and trust companies", notice to be published in Federal Register and FRBulletin, letter sent to all FRBanks, no press release to be issued Regulation N: Amendment to section 214 (inserting 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, approved, Governor Robertson dissenting Regulation Q: Foreign time deposits, amendment to section 217.3(a) removing limitations on rates of interest paid on, approved Regulations T and U: Amendments to Supplements of, reducing margin requirements, approved with Governors Mills and Robertson dissenting Regulation U: Amendment to section 221.2(f), (g), and (h), approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/3 12/20 3757, 3792 4851, 4900 9/27 3684, 3698 2/13 538, 543 10/10 3865 7/9 2562,2564-67 3/21 988, 1009 1962 811 Pages Policy record, Board of Governors: (continued) Reserve cities, classification of, amendment to 1947 rule relating to Policy record, Federal Open Market Committee: Annual report, 1961: Record of policy actions for inclusion in, status commented on Staff suggestion re combining policy records of Board and FOMC with other material in order to present a single chronological record and enhance effectiveness of Record of policy actions approved for inclusion in, following discussion re length of dissenting statements compared with majority statements, and certain changes in statements of Governors Robertson and Mills having been noted Post Office Department: Postal money orders, reimbursement to FRBanks for handling: SEE: Postal money orders: Robbery: Holdup of U.S. mail truck in Plymouth, Mass., proposal by FRBank of Boston to offer reward for recovery of currency lost in connection with, Board interposes no objection Proposed changes in terms of reward as suggested by Post Office Department, Board interposes no objection, results of telephone conference call between FRBank Presidents and members of Insurance Committee noted Shipment by air flights of currency and negotiable securities valued at $250,000 or more, proposal by, to extend to field officers authority with respect to, letter to FRBanks requesting comments, approved, proposal does not apply at this time to shipments of FRnotes from Washington, D. C. Letter to, with respect to, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/11 2589, 2655 2/7 444 2/14 555 2/15 572 9/17 3551 9/21 3613-15 4/3 5/17 1128, 1163 1850, 1862 1962 812 Pages Post Office Department: (continued) Shipments of currency by registered mail and by armored car, draft of letter to Postmaster General advising consensus of Presidents' Conference re, prepared by Miscellaneous Operations Committee, telegram to President Swan re certain suggested changes, approved Postal money orders: Processing of, amended agreement between FRBanks and Postmaster General, with respect to, Board interposes no objection to execution of agreement Postal Service and Federal Employees Salary Act of 1962: Adjustment of general salary schedule of Federal employees, in two phases, as a result of passage of, noted Revision of Board's salary schedule in light of, and administrative and procedural recommendations approved President of the United States: Commission on Money and Credit: Recommendations of, dealing with Government regulations re reserves, portfolios, interest rates, and competition, Robert Solomon, Assistant to the Director, Division of Research and Statistics, to be made available to Council of Economic Advisers to serve with an interagency group appointed by the, to study Three interagency committees established to study implications of, re financial institutions, Federal credit programs, corporate pension funds, and private retirement and welfare programs, Chairman Martin named as member, report by Mr. Noyes re initial meeting of committee on financial institutions, proposal that he also serve as Board liaison with other two committees, satisfactory to Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/21 3612, 3643 10/29 4112, 4129 10/11 3904 10/12 3921 3/22 1026 4/6 1243 1962 813 Pages President of the United States: (continued) Conflict of interest: Memorandum directing all Government departments and agencies to take administrative steps to oversee the activities of advisers and consultants in order to guard against, question re definition of consultants in connection with submission of proposed questionnaire, agreed to hold for further consideration, with understanding that Division of Personnel would contact other agencies for their in Memorandum to be sent to all consultants enclosing questionnaire, approved Consumer interests: Possible message from, concerning, Board's views requested by Budget Bureau and Council of Economic Advisers, reply approved Draft of contemplated Presidential message received from Budget Bureau with request for Board suggestions, section re proposed insuring of shareholdings of Federally chartered credit unions noted, agreed Budget Bureau be advised informally that Board had no comments Distinguished Federal Civilian Service Award, to be granted annually by, as established by Executive Order 10717, Mr. Woodlief Thomas nominated by Board for, advice to be transmitted to Distinguished Civilian Service Awards Board Economic Report, 1962: Draft of testimony by Chairman Martin at Joint Economic Committee hearings re, to be revised in light of discussion and suggestions http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/14 2164 6/25 2281, 2312 2/9 480, 500 3/5 821 1/31 370 1/22 231 1962 814 Pages President of the United States: (continued) Employee-management cooperation policy, statement approved and delivered to all members of Board's staff in light of Executive Order issued by the, directing that certain policies should govern officers and agencies of the Executive Branch in dealings with Federal employees and organizations representing them Equal Employment Opportunity, President's Committee on, report containing information re employment of selected minority groups by Board sent to Civil Service Commission in connection with study being conducted at request of Presidential Reorganization Plan: Bank supervisory matters, suggestion by Mr. Sherman re possible action under, as alternative to possible legislation with respect to Press statements: Bank Service Corporation Act: Draft of press statement proposed to be issued by Board upon enactment of H.R. 8874, a bill to authorize investments by certain banks in bank service corporations, sent to FRBanks Press statement approved for issuance if H.R. 8874 should be enacted, noted that it could be converted into a joint release with FDIC if desired Public Law 87-856, authorizing certain banks to invest in bank service corporations (H.R. 8874) signed into law on October 23, 1962, press release issued Continental Bank and Trust Company, Salt Lake City, Utah: Question re Board's approving press release proposed to be issued by, re termination of capital adequacy proceeding, views of Mr. O'Connell re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/26 2337, 2371 7/27 2862 3/21 995 9/28 3706, 3730 10/3 3752 10/24 4047, 4062 10/11 3898 1962 815 Pages Press statements: (continued) Continental Bank and Trust Company, Salt Lake City, Utah: (continued) Termination of capital adequacy proceeding approved, Governor Mills abstaining, understanding that issuance of press release would follow the show cause hearing Press release issued Morgan New York State Corporation, Albany, New York, question re form of press release covering order and statement denying application to become bank holding company, agreement re Regulation Q: Amendment to section 217.3(a), removing limitations on rates of interest paid on official foreign time deposits for three-year period, approved, press release issued, said issuance to be coordinated with action by FDIC Regulations T and U: Amendments to Supplements with respect to reduction in margin requirements, approved with Governors Mills and Robertson dissenting, issuance of press release Reserve requirements, reduction for member banks approved, statement released to press Trust powers of national banks, Public Law 87722, transferring authority to regulate, from Board to Comptroller of the Currency, authorization re issuance of Price Waterhouse & Co.: Audit of Board's accounts for 1962, advice re selection by Board of firm of Haskins & Sells to conduct, sent to FRBank of New York conducted by Examination of Board's examining staff, review made by, comments re audit of System Open Market Account made by, reported by Mr. Smith http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/11 10/29 5/3 10/10 7/9 10/18 3903 4126, 4140 1666 3866, 3879 2562, 2564 3983, 4006 10/1 3742, 3749 4/9 1282, 1298 11/19 4377 1962 816 Pages Price Waterhouse & Co.: (continued) Examinations of FRBanks: Annual review of procedures followed by field examining staff, recommendation that Price Waterhouse be retained for 1962, and for consultation in connection with transition to recommended procedures, advice to Review of procedures and techniques re, letter to Review of check collection function requested in connection with Report re study of techniques and procedures with respect to, conducted by Recommendations re, discussed in connection with question of retention of public accounting firms by directors of FRBanks to review internal audit function at Federal Reserve Banks Printing: Dissertations, reproduction of copies of "Redistribution of Gold Reserves Among FRBanks", by David B. McCalmont, and "History of the Weekly Combined Statement of the Twelve FRBanks" by Richard J. Bannon, approved with understanding that copies would be placed in Reserve Bank libraries and a small number furnished each author Federal Reserve System--Purposes and Functions, reprinting of 50,000 copies of Fourth Edition of, order to be placed with Judd and Detweiler, Inc., approved, with overexpenditure in printing and binding budget of Division of Administrative Services, authorized Increase in costs for binding and, principally for printing of supplement to "Banking and Monetary Statistics" and revision of "FRSystem: Purposes and Functions," provision included in 1963 budget http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/9 1279, 1296 6/1 2019, 2030 6/1 2031 7/3 2525 7/23 2790 7/9 2554 6/4 2035 12/10 4692 1962 817 Pages Profit and loss account: FRBanks, 1962: Proposed year-end entries, noted without objection, respective FRBanks to be advised Proxmire, William, Senator: Organization for Economic Cooperation and Development report on U.S. containing the suggestion that an increasing Federal budget, might be needed reply to inquiry from, over signature of Mr. Young, no objection Public housing agencies: Obligations of, certain short-term, S. 3131, a bill to amend section 5136, Revised Statutes, with respect to authority of national banks to underwrite and deal in securities issued by State and local governments, including, agreed to defer consideration of report to Senate Banking and Currency Committee Public service: O'Kane, John A., Vice President and General Counsel, FRBank of San Francisco, temporary appointment as Acting California State Superintendent of Banks, with leave of absence without pay for period of three months, no objection by Board, advice to FRBank of San Francisco objection to additional leave without No pay for Mr. O'Kane to continue to act in above capacity Schott, Francis H., Manager, Foreign Department, FRBank of New York, no objection to arrangements for service in Office of Under Secretary of Treasury for Monetary Affairs for specified period, including leave of absence with pay http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/20 4850 1/12 145 8/28 3236 5/7 1747, 1760 8/6 2972, 2996 9/21 3610, 3628 1962 818 Pages Publications: American Banker, New York, New York, Nate White, Editor of, allegations re negligence of FRSystem involving use of nonpurpose loans to finance stock market speculation, in violation of Regulation U, referred to by, requesting comments with respect to, staff to prepare reply for Board consideration, FRBank Presidents requested not to reply pending determination of appropriate System reply Reply to Nate White approved with understanding that FRBanks be advised of its contents Bank merger applicants: Notice of intent to merge required to be published in newspaper for 30 days, letter to FRBanks indicating member banks should be informed that publication should begin promptly after filing application with FRSystem Banking and Monetary Statistics: Fifteen sections of supplement to, recommendation re price and complimentary distribution of, approved Provision in 1963 budget for increased printing and binding costs in connection with Charges for Board publications, question raised by Governor Balderston in consideration of 1963 Board budget Display of System publications in reception room adjoining the Oval, preparation approved 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/15 2172 6/20 2217, 2233 10/29 1/8 4112, 4132 68 12/10 4692 12/10 4695 6/25 2298 8/14 3103, 3120 1962 819 Pages Publications: (continued) Federal funds series, possible release to public of certain figures re, noted, and possible publication of study re, prepared by employee of FRBank of Chicago FRSystem: Purposes and Functions: Reprinting of 50,000 copies of Fourth Edition of, order to be placed with Judd & Detweiler, Inc., approved, with overexpenditure in printing and binding budget of Division of Administrative Services, authorized Provision in 1963 budget for increased printing and binding costs in connection with G.7, statement showing 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 the FRBulletin, proposed by Division of Research and Statistics, agreed that the staff would develop a memorandum re, and that Governor Balderston would confer with the staff in connection with K.3, "Changes in State Bank Membership" agreed to publish suspensions from membership in FRSystem in Board's press statement, considered in connection with information received from FRBank of Dallas re closing of First State Bank, Fremont, Texas 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/28 3245, 3286 6/4 2035 12/10 4692 1/16 180 1/5 50 7/9 2554 1962 820 Pages Publications: (continued) St. Louis Post Dispatch, inquiry from reporter for, as to whether Security Trust Company, St. Louis, Missouri, had withdrawn from membership in the FRSystem, understanding re procedure Mr. Molony should follow in replying San Juan Star, articles in May 1962 issue re comments of Vice President Crosse, FRBank of New York re FDIC attitude toward chartering new banks in Puerto Rico, copy of letter from Chairman Cocke, FDIC, to Secretary of Treasury, Puerto Rico, sent to President Hayes Puerto Rico: Federal Deposit Insurance Corporation attitude re chartering of banks in, copy of letter from Chairman Cocke, FDIC, to Secretary of Treasury, Puerto Rico, commenting on certain statements of Vice President Crosse, FRBank of New York, as set forth in article in San Juan Star, sent to President Hayes FRExaminer: Question re stationing resident in, raised by FRBank of New York, in light of possible membership in Federal Reserve System of Puerto Rican banks, staff to prepare information re status of certain Puerto Rican banks Acceptability for System membership of seven local insured banks discussed in light of results of review of examination reports, agreed unanimously that it would be undesirable for the System to maintain a resident examiner, advice to FRBank of New York http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/22 2270 6/7 2069, 2079 6/7 2069, 2079 3/28 1083 4/11 1336, 1353 1962 821 Pages TIQII Questionnaires: Bank automation survey, proposed questionnaire form for use in conducting, information copy sent to FRBanks requesting advice re number of forms needed Branch bank data, discussion re, in connection with summary of results of FRBank survey re branch record keeping procedures, 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 Chain banking through indirect controls: Request by Congressman Patman, Chairman of the House Select Committee on Small Business, for a survey of member banks re, draft questionnaire which might be used to obtain the basic information transmitted to Congressman Patman Draft of schedule to obtain information re, transmitted to Bureau of the Budget requesting Budget Bureau number Understanding re further advice to Budget Bureau re form to be used in connection with survey Question re handling of survey forms submitted with proviso that they be held in conference by the Federal Reserve, returning of forms suggested since assurance of confidential treatment could not be given Understanding that obligation existed to return forms with confidential proviso, no different view indicated by Board Data collected on, to be reviewed by Board's staff for leads and suggestions for research plans by FRSystem, possibility for study by examining divi sions of Board and FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/21 679, 697 2/27 734 3/22 1030 4/11 1341 5/2 1614 5/31 1986 6/13 2146 11/8 4303 1962 822 Pages Questionnaires: (continued) Conflict of interest: Procedures in employing consultants in order to guard against, definition of consultants with respect to the submission of proposed questionnaire, discussed, agreed to hold for further consideration, with the understanding that the Division of Personnel would contact other agencies for their interpretations Following review of memorandum from Division of Personnel Administration reporting on findings of inquiry, memorandum to all consultants containing questionnaire re private employment and financial interests approved Dormant accounts: Proposed form of questionnaire to be sent to all banks under the supervision of the Federal supervisory agencies transmitted to the Comptroller of the Currency, by Governor Robertson, for study in connection with consideration of survey requested by Congressman Patman Comptroller of the Currency indicated reservations re survey, unfavorable to proposed form transmitted by Governor Robertson Margin calls by banks: Survey re, questionnaire for use by FRBanks in connection with, sent to all FRBanks Radio transmitting frequency (Federal): FRBank of Dallas, application for use by Bank and Branches between armored cars and guard headquarters, letter from Mr. Spitz, Alternate Treasury Department Representative of Interdepartment Radio Advisory Committee, authorizing, transmitted to, use of frequency at relocation center inhttp://fraser.stlouisfed.org cluded in authorization Federal Reserve Bank of St. Louis 6/14 2164 6/25 2281, 2312 2/19 631, 647 3/7 831 7/18 2748, 2759 12/17 4788, 4795 1962 823 Pages Rates: FRBank of Atlanta: Schedules approved: FRBank of Boston: Schedules approved: http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/4 1/12 1/24 1/31 2/12 2/21 2/28 3/12 3/20 3/28 4/3 4/18 4/23 5/2 5/11 5/28 6/1 6/8 6/21 6/29 7/13 7/25 8/8 8/15 8/27 9/4 9/14 9/28 10/12 10/17 10/26 11/2 11/14 11/21 11/27 12/5 12/14 33 135 241 348 503 677 763 870 947 1082 1126 1385 1441 1603 1807 1957 2012 2085 2239 2424 2700 2842 3026 3124 3194 3342 3503 3704 3919 3938 4102 4219 4311 4445 4517 4619 4779 1/10 1/24 2/7 2/21 82 241 442 677 1962 824 Pages Rates: (continued) FRBank of Boston: (continued) Schedules approved: (continued) FRBank of Chicago: Schedules approved: http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/7 3/20 4/3 4/18 5/2 5/16 5/31 6/13 6/26 7/11 7/24 8/8 8/22 9/6 9/19 10/3 10/17 10/30 11/14 11/27 12/11 829 947 1126 1385 1603 1826 1979 2133 2334 2571 2814 3026 3168 3358 3582 3751 3938 4141 4311 4517 4713 1/5 48 1/22 228 2/2 394 2/16 598 3/2 798 3/16 912 4/2 1102 4/13 1363 4/27 1505 5/11 1807 5/28 1957 6/8 2085 6/22 2265 2544 7/6 7/20 2766 2930 8/3 8/17 3131 9/4 3342 9/14 3503 9/28 3704 1962 825 Pages Rates: (continued) FRBank of Chicago: (continued) Schedules approved: (continued) FRBank of Cleveland: Schedules approved: (Reestablished 8/23/62 See Tel. 10/15/62 from Cleveland 332.003(4)) FRBank of Dallas: Schedules approved: http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/12 3919 10/26 4102 11/14 4311 11/23 4476 12/7 4671 12/21 4949 1/12 135 1/26 296 2/9 479 2/23 706 857 3/9 3/23 1037 1242 4/6 4/13 1363 4/27 1505 5/11 1807 5/28 1957 6/8 2085 6/15 2175 6/29 2424 7/13 2700 7/27 2855 8/13 3068 9/7 9/14 9/28 10/12 10/26 11/14 11/23 12/7 12/14 3377 3503 3704 3919 4102 4311 4476 4671 4779 1/12 1/26 2/9 2/23 3/9 3/23 135 297 479 706 857 1037 1962 826 Pages Rates: (continued) FRBank of Dallas: (continued) Schedules approved: (continued) FRBank of Kansas City: Schedules approved: http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/6 4/13 4/27 5/11 5/28 6/8 6/15 6/29 7/13 7/27 8/23 8/27 9/7 9/14 9/28 10/12 10/26 11/14 11/26 12/7 12/14 1242 1363 1505 1807 1957 2085 2175 2424 2700 2855 3068 3194 3377 3503 3704 3919 4102 4311 4490 4671 4779 1/2 1/12 1/26 2/9 2/23 3/1 3/9 3/23 4/6 4/13 4/27 5/11 5/28 6/8 6/13 6/22 7/6 7/17 7/27 8/13 8/27 9/7 9/14 9/28 1 135 297 479 706 782 857 1037 1242 1363 1505 1807 1957 2085 2133 2265 2544 2728 2855 3068 3194 3377 3503 3704 1962 827 Pages Rates: (continued) FRBank of Kansas City: (continued) Schedules approved: (continued) FRBank of Minneapolis: Schedules approved: FRBank of New York: Schedules approved: http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/12 3919 10/19 4010 11/2 4219 11/14 4311 11/23 4476 12/7 4671 12/20 4849 1/12 1/26 2/9 2/23 3/9 3/23 4/2 4/13 4/27 5/11 5/28 6/1 6/15 6/29 7/13 7/27 8/9 8/17 9/4 9/14 9/28 10/9 10/19 11/2 11/14 11/23 12/3 12/14 135 296 479 706 857 1037 1102 1363 1505 1807 1957 2012 2175 2424 2700 2855 3052 3131 3342 3503 3704 3845 4010 4219 4311 4476 4597 4779 48 1/5 1/12 135 1/22 228 1/26 296 394 2/2 479 2/9 2/16 598 1962 828 Pages Rates: (continued) FRBank of New York: (continued) Schedules approved: (continued) FRBank of Philadelphia: Schedules approved: http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/2 3/7 3/16 3/23 4/6 4/13 4/20 4/27 5/4 5/11 5/18 5/28 6/8 6/15 6/22 6/29 7/6 7/13 7/20 7/27 8/3 8/13 8/17 8/27 9/7 9/14 9/21 9/28 10/5 10/12 10/19 10/26 11/2 11/14 11/16 12/3 12/7 12/14 12/21 798 870 912 1037 1242 1363 1436 1505 1721 1807 1874 1957 2085 2175 2265 2424 2544 2700 2766 2855 2930 3068 3131 3194 3377 3503 3609 3704 3813 3919 4010 4102 4219 4311 4357 4597 4671 4779 4949 48 1/5 1/22 228 394 2/2 598 2/16 1962 829 Pages (continued) FRBank of Philadelphia: (continued) Schedules approved: (continued) Rates: 3/2 3/16 3/23 4/6 4/20 5/4 5/18 5/28 6/8 6/22 7/6 7/20 8/3 8/17 8/27 9/7 9/21 10/5 10/19 11/2 11/16 11/26 12/7 12/21 FRBank of Richmond: Schedules approved: http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 798 912 1037 1242 1436 1721 1874 1957 2085 2265 2544 2766 2930 3131 3194 3377 3609 3813 4010 4219 4357 4490 4671 4949 1/12 135 1/26 296 2/9 479 2/23 706 857 3/9 3/23 1037 1242 4/6 4/13 1363 4/27 1505 5/11 1807 5/28 1957 2085 6/8 6/15 2175 6/29 2424 7/13 2700 7/27 2855 1962 830 Pages Rates: (continued) FRBank of Richmond: (continued) Schedules approved: (continued) FRBank of St. Louis: Schedules approved: FRBank of San Francisco: Schedules approved: http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/13 8/27 9/3 9/14 9/28 10/12 10/26 11/14 11/23 12/7 12/14 3068 3194 3377 3503 3704 3919 4102 4311 4476 4671 4779 1/12 1/26 2/9 2/21 2/28 3/9 3/23 4/6 4/13 4/27 5/11 5/28 6/7 6/15 6/29 7/13 7/27 8/13 8/27 9/7 9/14 9/28 10/12 10/26 11/14 11/23 12/7 12/14 135 296 479 677 763 857 1037 1242 1363 1505 1807 1957 2068 2175 2424 2700 2855 3068 3194 3377 3503 3704 3919 4102 4311 4476 4671 4779 48 1/5 1/22 228 1962 831 Pages Rates: (continued) FRBank of San Francisco: Schedules approved: (continued) (continued) Readily marketable assets: 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 section 5144(c), Revised Statutes, reply to FRBank of New York approved Western Bancorporation, Los Angeles, California, question re including ownership of organization operating under section 25(A), FRAct, in the determination of aggregate par value of "bank" stocks controlled in computing reserves required under section 5144, Revised Statutes, reply to FRBank of San Francisco http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/2 2/16 3/2 3/16 4/2 4/6 4/20 5/4 5/18 6/1 6/8 6/22 7/6 7/20 8/3 8/17 9/4 9/7 9/21 10/5 10/19 11/2 11/16 12/3 12/7 12/21 394 598 798 912 1102 1242 1436 1721 1874 2012 2085 2265 2544 2766 2930 3131 3342 3377 3609 3813 4010 4219 4357 4597 4671 4949 4/3 1127, 1158 5/10 1779, 1790 1962 832 Pages Real estate: Markets: Strength of, topic for discussion with FAC Views with respect to, expressed at joint meeting with FAC Study, economic, of the real estate field other than single-family dwellings, Mr. Noyes authorized to explore possibility of engaging as consultants Dr. Ernest Fisher and Mr. Miles Colean in connection with Real estate credit: Demand for consumer loans and, topic for discussion with FAC Modest increase during next several months anticipated, views of FAC expressed at joint meeting with Board H.R. 7796, a bill to amend section 24, FRAct, to liberalize lending limitations for national banks: Statement to be presented by Chairman Martin before Subcommittee No. I, House Banking and Currency Committee, reviewed and discussed, to be revised in form satisfactory to Chairman Martin Report sent to Senator Robertson, Senate Banking and Currency Committee, Governor Mills to be recorded as dissenting from favorable report for reasons previously expressed Reply to letter from Comptroller of the Currency commenting on testimony of Chairman Martin before Subcommittee No. 1, House Banking and Currency Committee re Understanding re statement to be made by Mr. Solomon, on behalf of Board, before Senate Banking and Currency Committee at hearing re Report on enrolled bill sent to Budget Bureau http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/2 4220, 4232 11/20 4433 10/19 4010 8/28 3232, 3258 9/18 3564 7/18 2754 8/8 3027, 3045 8/14 3101, 3119 8/29 3315 9/19 3584, 3604 1962 833 Pages Real estate credit: (continued) Insured commercial banks, H.R. 10628, a bill to require that such banks maintain three-fourths of their time and savings deposits in real estate loans, and at least half of such deposits in residential loans, report sent to Congressman Spence Records, Board of Governors: Fiduciary powers of national banks: Transfer of authority to Comptroller of the Currency: Transfer of Board's files and records and pending applications in connection with, letter to Comptroller with respect to, approved Further discussion Board's view that it would be desirable to have a written request from the Comptroller to which the Board could give consideration with respect to 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: Miscellaneous records, authority to be sought from National Archives for disposal on continuing basis after a five-year retention period Red Cross: Blood Donor Program: Certificate of recognition to be received on behalf of Board by John C. Brennan http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/23 2782, 2798 9/25 10/1 3661, 3667 3741 10/1 3741 10/18 3969, 4002 8/28 3248 9/7 3377 1962 834 Pages Regulations, Board of Governors: A: Eligible paper as backing for FRnotes, wider range through possible relaxation of, discussed by Governor Mills in views expressed re draft bill to repeal certain legislation relating to the purchase of silver D: Amendment to Supplement to reduce reserve requirements of member banks, approved, press statement issued, appropriate advice sent to Federal Reserve Banks, Federal Register, and to foreign central banks of leading countries Reserves, revision of regulation and supplement indicating the termination of central reserve city classification, incorporating Board's position re interpretation relating to computation periods and to counting vault cash as reserves, and incorporating the considered criteria in granting permission for individual banks to carry reduced reserves approved unanimously Action deferred on proposed section 204.4 re standards for classification of reserve cities, copies of revision transmitted to Presidents of all FRBanks 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, in connection with, reply approved Section 17(a), participation of funds held by banks as "custodian" under the Uniform Gifts to Minors Act in common trust funds under, question re propriety of, reply to Comptroller of Currency and Trust Division of American Bankers Association http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/5 10/18 413 3983, 4004-06 7/11 2585, 2644 7/11 2588, 2663 7/27 2856, 2866 1/11 113, 126 1962 835 Pages Regulations, Board of Governors: (continued) F: (continued) Section 17(c)(5), common trust funds, proposal by the American Bankers Association Trust Division to increase the dollar limitation that may be invested on behalf of any one trust in a common trust fund maintained under the provisions of, agreed to defer decision re, until after consideration of the bona fide fiduciary purpose test question Termination of, question re effect on examinations of trust departments of State member banks raised by Governor Mills Trust funds, common: Participation of funds held by banks as "custodian" under the Uniform Gifts to Minors Act in, question re propriety of, reply to Comptroller of the Currency and Trust Division of American Bankers Association Proposal by the American Bankers Association Trust Division, to increase the dollar limitation that may be invested on behalf of any one trust in a common trust fund maintained under the provisions of section 17(c)(5) of, agreed to defer decision until after consideration of the bona fide fiduciary purpose test question Question re strengthening of bona fide fiduciary purpose provisions of, or relaxation of the provisions to allow wider use of common trust funds, discussed in light of Mr. Masters' memorandum submitting recommendations and suggested amendments to, understanding that Mr. Masters' statement would be distributed for further study and later consideration http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/30 1529 10/5 3814 1/11 113, 126-27 4/30 1529 6/26 2339 1962 836 Pages Regulations, Board of Governors: (continued) F: (continued) Trust funds, common: (continued) Proposals re increasing the dollar limitation, previously submitted by Mr. Masters, also discussed Study of, question re indicating proposals re, in letter to Comptroller of the Currency re transfer of authority over trust activities of national banks to the Comptroller, agreement not to refer to study of Trust powers of national banks: New regulation issued by Comptroller of the Currency replacing, 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 trust powers of national banks Termination of, effective as of Sept. 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, advice to Presidents of all FRBanks FRBranch banks, directors, discussion re question of possible change in, particularly in connection with directors accepting directorships of commercial banks Foreign branches of national banks: Proposed regulations to reflect the recent enactment of Public Law 87-588, an act to improve the usefulness of, suggestions requested from certain national banks, with copies sent to all FRBanks Publication for comments deferred at Governor Mitchell's request, pending review by Board of Regulation K memorandum http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/26 2345 9/25 3662 10/1 3740, 3749 10/3 3757, 3792 5/16 1843 8/27 3195, 3220 12/12 4739 1962 837 Pages Regulations, Board of Governors: (continued) Foreign branches of national banks: (continued) Proposed regulations: (continued) Publication of proposed regulation deferred further pending consideration of Regulation K study G: Noncash items, proposed amendment re definition of, notice re, for publication in Federal Register, approved, letter to FRBanks re handling of envelope drafts in light of FRBank stock: Proposed revision dealing with issuance and cancellation of shares of, to conform to style of 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 entitled "Issue and Cancellation of Capital Stock of Federal Reserve Banks" approved for issuance, copy published in Federal Register Interpretations affecting national banks, suggestion from Office of Comptroller of the Currency that arrangements be worked out whereby FDIC and Board might avoid rendering interpretations until policy aspects are considered by the Comptroller, letter to Comptroller of the Currency with respect to, approved J: Clearing accounts, amendment to section 210.2(a) to specify that nonmember clearing accounts are available to nonmember banks and trust companies rather than nonmember State banks and trust companies, notice to be published in Federal Register and FRBulletin, letter sent to all FRBanks, no press rehttp://fraser.stlouisfed.org lease to be issued Federal Reserve Bank of St. Louis 12/20 4863 10/22 4032,4036-38 5/16 1840, 1848 12/7 4672 12/20 4851, 4900 3/5 820, 827 9/27 3684,3698-3700 1962 838 Pages Regulations, Board of Governors: (continued) K: General consent: Granted Bankers International Financing Company, Incorporated, New York, New York, for acquisition of stock Granted First Pennsylvania Overseas Finance Corporation, Philadelphia, Pennsylvania, for acquisition of stock Acquisition of stocks by Edge Act Corporations, extension of termination date of outstanding, to Bankers International Financing Co., Inc.; Chase International Investment Corporation; Chemical International Finance, Ltd.; Morgan Guaranty International Finance Corporation; First Pennsylvania Overseas Finance Corporation; and Philadelphia International Investment Corporation, letters approved Section 211.10(a), certain provisions of, in connection with stock investments of Chase Manhattan Overseas Banking Corporation, a corporation being organized to acquire assets and assume liabilities of Chase Manhattan Overseas Corporation, suspended Study of: Staff memorandum re procedures and committee, question whether committee should be composed of Board representatives only, or should include FRBank representation, agreed Governor Mitchell supervise proposed study and arrangements for committee Comments requested by foreign banking and financing corporations to be forwarded to Board through the FRBanks, advice to Presidents of all FRBanks inviting comments http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/3 1660, 1667 5/9 1764, 1773 12/20 4849,4875-80 6/11 2129 1/11 119 1/18 217, 225 1962 839 Pages Regulations, Board of Governors: (continued) K: (continued) Study of: (continued) Certain questions re Edge Act corporation financing of imports to U.S., purposes of Edge Act, and U.S. balance of payments problem, raised by Comptroller of the Currency, to be included in current study of Trend of American banks to enter foreign areas that might be termed "trouble spots" for possible speculative reasons, view that matter was pertinent to current study Question re appropriateness of investment by Edge Act corporation in stock of foreign industrial concerns with shares listed on a stock exchange in a foreign country, matter to be included in study Consideration of memorandum by Governor Mitchell stating issues in connection with, and recommending a review prior to consideration of technical deficiencies in, requesting memoranda by Divisions of Examinations and International Finance, and consideration of a series of conferences with representatives of Government agencies financing foreign trade, agreed to proceed as suggested Question raised in examination of Chemical International Finance, Ltd., and International Banking Corporation, both of New York, New York, re certain questionable transactions, agreed to take no action in light of current study Problem re participation of foreign banking corporations in international factoring programs discussed in light of pending study Further discussion, with hope expressed that current study will shed light on Board's approach to problem http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/2 799 3/9 857 4/2 1104 4/11 1347 4/27 1505 7/18 2744 7/23 2784 1962 840 Pages Regulations, Board of Governors: (continued) K: (continued) Study of: (continued) Possible bearing on proposed H.R. 12501, a bill to amend section 23A, Federal Reserve Act, to facilitate banking relationships between member banks and their foreign banking corporation affiliates or subsidiaries thereof, noted in report to Chairman Spence, House Banking and Currency Committee Report by Governor Mitchell on progress of, three memorandum distributed, understanding re scheduling by Secretary of discussions of memoranda Suggestion by Governor Mills re comparative summarization of effect on present provisions of, various proposals in memoranda re study addressed to Board, understanding by Mr. Goodman re Publication of proposed regulation re foreign branches of national banks deferred pending review by Board of summary of Regulation K memorandum Memorandum of Governor Mitchell summarizing basic issues, with proposals re requirement for approval of investments, general consents, restrictions against equity holdings, merging separate identities of banking and financing corporations, Edge corporations in New York City, and branches of U.S. banks, agreed present language of Regulation K be shown alongside revised draft Publication of proposed regulation re foreign branches deferred L: Interlocking directorates, possible elimination of several exceptions contained in sections 212.3(a), 212.3 (b) and 212.3(d) permitting such relationships, in certain circumstances, letter to Congressman Celler, Chm. House Judiciary Com mittee, replying to questions re, http://fraser.stlouisfed.org approved, views and comments of Federal Reserve Bank of St. Louis FRBanks included in reply 8/13 3076, 3094 9/24 3655 10/9 3846 12/12 4743 12/20 4860 12/20 4863 5/24 1930, 1945 1962 841 Pages Regulations, Board of Governors: (continued) Leaves of absence, amendment to incorporate an extension of a period for transfer and recrediting of sick leave in cases of breaks in service, approved N: Foreign currency operations of FRSystem: Proposed draft amendment of,submitted with memoranda by Mr. Hackley re Further reference to Regulation N in light of proposed alternative approach to foreign currency operations Further discussion re proposed FRSystem foreign currency operations Amendment to regulate opening and maintenance of FRBanks of accounts 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 with certain foreign banks by FRBank of New York, and opening and maintenance of accounts payable in foreign currencies with certain foreign banks, approved, 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 Opening and maintenance of account of FRBank of New York with the Bank for International Settlements, designation under, approved, advice to Presidents of all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/2 1112 2/8 458 2/9 483 2/12 516 2/13 538, 543-46 2/13 540, 546 6/1 2016, 2029 1962 842 Pages Regulations, Board of Governors: (continued) N: (continued) Foreign currency operations: (continued) Societe Nationale de Credit a l' Industrie, Brussels, Belgium, as foreign bank under, question re designation of, 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 re history, resources and activities of, re attitude of National Bank of Belgium, and re question of setting precedent in designating institutions technically not banks as foreign banks, in light of reservations of Board, matter to be discussed by Mr. Young with Special Manager of System Open Market Account Approved in light of willingness of National Bank of Belgium to guarantee FRbalances with, due to reciprocal swap arrangement between National Bank of Belgium and Federal Reserve System, advice to Presidents of all FRBanks Opening and maintenance of account of FRBank of New York with the Austrian National Bank, Vienna, Austria, designation under, approved, advice to Presidents of all FRBanks 0: Executive officer status: Nonofficer personnel having lending authority, inquiry from Crocker Anglo National Bank, San Francisco, California, re applicability to, reply approved, Governors Mills, Robertson, and King dissenting, suggestion re possible amendment to clarify definition of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/5 2050 6/8 2092 6/15 2176, 2182 10/3 3752, 3767 1/16 185 1962 843 Pages Regulations, Board of Governors: (continued) 0: (continued) Executive officer status: (continued) Vice Chairman of Board of Directors of Austin National Bank, Austin, Texas: Serves as member of Loan and Discount Committee and is authorized to execute documents on behalf of bank in absence of Chairman of Board, discussion, agreed to defer action on question re Information in examination report of Austin National Bank relating to indebtedness of, reported by Governor Robertson Agreed that, would have, advice to FRBank of Dallas with issuance of an S-letter informing all FRBanks, to be published in the FRBulletin Review and study of, in light of statute and present day banking practices suggested, views of Gov. Mills indicating that the present Board could reverse interpretations made by earlier Board if it saw good reason for doing so Section 214.6, amendment changing designation of section 214.5 to section 214.6 and inserting immediately prior thereto a new section 214.5 relating to accounts of FRBanks with foreign banks, approved, Governor Robertson dissenting, advice to FRBanks 1/29 319 1/31 369 2/27 738, 757 1/29 323 2/13 538, 543-46 3/14 896-97 Q: Absorption of exchange charges: Memorandum from Governor Robertson recommending amendment of, to the effect that such absorption would not be payment of interest on deposits, in line with interpretation of FDIC regulations and views of Comptroller of Currency as expressed in joint meeting, agreement on procedure to be followed, and proposed meetings with FDIC directors, FRBank Presidents, and FAC members, reference to possibility of passage of legislation re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 844 Pages Regulations, Board of Governors: (continued) Q: (continued) Absorption of exchange charges: (continued) Possible amendment relating to, memorandum re background of situation sent to Presidents of FRBanks preparatory to proposed meeting to discuss, with copy to FAC members Possible amendment to the effect that such absorption would not be considered payment of interest on deposits, views expressed at joint meeting of Board and Presidents' Conference, matter of effect on nonpar banking referred to, views of Governor Mills and comments by Chairman Martin Amendment re: To provide higher maximum permissible rates of interest on time and savings deposits, qualifying statements by Governors Mills and Robertson and dissenting statement, by Governor King included in Board's policy record in Annual Report Removing limitations on rates of interest paid on official foreign time deposits for 3-year period, approved, effective upon enactment into law of H.R. 12080 amending section 19, FRAct which was approved by the President as Public Law 87-827, press release issued (coordinated with action of FDIC),notice published in Federal Register Foreign time deposits: Amendment to section 217.3(a) removing the limitations on rates of interest paid on official, approved, effective upon enactment into law of H.R. 12080 amending section 19, FRAct which was approved by the President as Public Law 87-827, press release issued (coordinated with action of FDIC), notice published in Federal Register http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/21 898,1011-13 3/27 1071 2/14 552 10/10 3865,3879-80 10/10 3865,3879-80 1962 845 Pages Regulations, Board of Governors: (continued) Q: (continued) Foreign time deposits: (continued) 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 Treasury Dept., and FDIC before publication After revisions, at the suggestion of the Treasury, interpretation approved with understanding that suggested requirement for disclosure through the instrument itself, be cleared with FDIC, published in Federal Register after concurrence with FDIC Exemption from interest rate limitations, question re applicability to time deposits of European Coal and Steel Community of the European Investment Bank and of three U.N. subsidiary organizations, views of FRBank of New York, Treasury, and FDIC noted, interpretation that deposits of European Investment Bank do not qualify for exemption, approved Grace period provision for receiving deposits and paying interest as provided by Section 217.3(d) of, 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 of interest: payment Indirect Services performed by the Provident Tradesmens Bank and Trust Co., Philadelphia, Pa., for School District of Township of Nether Providence in connection with maintenance of a demand deposit, Board interpretation under, advice to FRBank of Philadelphia http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/6 4258 11/21 4448,4450-72 12/20 4853, 4920 7/24 2815, 2837 3/12 871, 878 1962 846 Pages Regulations, Board of Governors: (continued) Q: (continued) Indirect payment of interest: (continued) Question whether the offering of free services by member banks to demand depositors constitutes, under, reply to inquiry from FRBank of New York Premiums or credit, conditioned on length of time newly opened savings deposit must remain with bank, question whether offer by member bank would constitute, agreed to adhere to 1961 position that a time limit on a non-recurring premium of nominal value would not be regarded as, letter to FRBank of Chicago, FDIC position re question noted Savings accounts: Army and Air Force Exchange Service not eligible to maintain a savings account with a member bank, advice to FRBank of New York Board's position reaffirmed that such accounts are not eligible for classification as savings deposits Savings deposits: Amendments proposed: Legal Division to continue to study, a summary memorandum to be submitted for the Board's consideration Memoranda by Mr. Hackley with respect to possible amendments re, involving the daily interest problem, periodic withdrawals from, and representation of savings deposits by certificates with fixed maturities, agreed that memorandum be transmitted to FRBanks and other Federal bank supervisory agencies for comment http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/12 10/19 3440, 3443 4015, 4028 1/8 61, 74 8/17 3131, 3137 5/22 1906 7/24 2819 1962 847 Pages Regulations, Board of Governors: (continued) Q: (continued) Savings deposits: (continued) Amendments proposed: (continued) Memorandum transmitted under date of August 29, 1962, requesting comments by September 28 New York State national banks: Question re maximum rates of interest payable on, during first 12 months, raised in light of State Regulations, section 24 of FRAct,and provisions of, understanding re informing New York State Superintendent of Banks of Board's views, consultation with Mr. Treiber before publication of Board's position, letter to FRBank of New York Consideration deferred Agreed to invite Oren Root, New York State Superintendent of Banks to meet with Board to discuss New York State Superintendent of banks, accompanied by Counsel for New York State Banking Dept., 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 Question presented by District of Columbia Bankers Association re quarterly compounding of interest on, at rate of 4 per cent per annum, Board's views as provided in Supplement to, transmitted to General Counsel, FRBank of Richmond http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/24 2827 1/10 1/22 93, 107 230 1/24 251 1/25 290 1/31 350, 377 2/1 384 3/16 912, 935 1962 848 Pages Regulations, Board of Governors: (continued) Q: (continued) Savings deposits: (continued) Transfer of funds that have been on deposit for one year as a time certificate to, question whether such savings deposit may bear a maximum rate of interest of 4 per cent from the date of transfer, reply to FRBank of Chicago approved United Security Account Plan of Citizens Bank and Trust Company, Park Ridge, Illinois: Request by FRBank of Chicago to furnish details of actual operation of Plan in view of possible illegality under amendment to section 217.1(e)(3), question re special or regular examination of 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 View that certain proposed transfers of funds from, to pay checks would be in violation of section 19 of the FRAct and, action on matter deferred Question re possible termination of membership in FRSystem, and possibility of making frequent examinations at bank's expense in light of possible violation, further consideration deferred Letter advising that the Board expects operation of the plan to be discontinued, with appropriate notice to customers in light of prohibitions of sec. 217.1(e)(3), approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/3 1127, 1162 2/1 381, 389 2/1 383 3/23 1034 4/10 1316 4/23 1443 5/3 1660, 1670 1962 849 Pages Regulations, Board of Governors: (continued) 4: (continued) Savings deposits: (continued) United Security Account Plan of Citizens Bank and Trust Company, Park Ridge, Illinois: (continued) Draft letter ordering termination of Plan, or start of procedure to forfeit FRSystem membership, discussed, agreed to hold for consideration by a full Board Agreed to consider letter further after checking with FRBank of Chicago re revisions suggested by Governor Mitchell Letter approved, Governor Mitchell dissenting, record to show that Messrs. Hackley and Shay had not participated Request granted for extension of time to October 27, for discontinuance of Plan Extension of time within which to discontinue, granted, with proviso that depositors in Plan would be appropriately notified re withdrawal of checks thereunder Letter received from bank re Board's proviso re notifying depositors re termination of Plan, discussion re possible section 9 proceeding if Plan is not terminated, letter to FRBank of Chicago enclosing draft letter to Citizens Bank, approved Letter advising that Board would apply sanctions prescribed by law for failure to comply with provisions of FRAct and,if operations of plan are continued, approved Further discussion, Chairman MacArthur to meet with available Board members December 21st http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/3 2531 7/9 2556 7/11 2577, 2639 7/24 2816, 2838 10/25 4064, 4081 11/23 4478,4488-89 12/13 4759, 4777 12/14 4781 1962 850 Pages Regulations, Board of Governors: (continued) Q: (continued) Savings deposits: (continued) United Security Account Plan of Citizens Bank & Trust Company, Park Ridge, Illinois: (continued) Date of meeting of Chairman Martin and Governors Mills and Robertson, with Chairman MacArthur, noted Chairman Martin and Governors Mills and Robertson met with Chairman MacArthur, memorandum of meeting placed in Board's files Section 217.1(e)(3): SEE: Regulations, Board of Governors: Q: Savings deposits: United Security Acct. Plan: Section 217.3(a): SEE: Regulations, Board of Governors: Q: 12/20 4872 12/21 4954 1/4 33-37 Foreign time deposits: Section 217.3(b): SEE: Regulations, Board of Governors: Q: Time certificates: Long term: Section 217.3(d): SEE: Regulations, Board of Governors: Q: Grace period provision: tes: certifica Time Conversion of a six-month certificate into a twelve-month certificate bearing interest at the new maximum of 4 per cent, request by FRBranch of Detroit for interpretation under, 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 851 Pages Regulations, Board of Governors: (continued) Q: (continued) Time certificates: (continued) Conversion of: (continued) Agreed to take position in accord with FDIC, advice to FRBranch of Detroit with copies to each Federal Reserve Bank, to be published in Federal Register First National Bank of Hillsboro, Kansas, reply to Deputy Comptroller of the Currency re question presented by, with respect to payment of six-months interest on a twelve-month time certificate of deposit, as interpreted under Long term: Fixed rate of interest with respect to, questioned Memorandum from Messrs. Dembitz, Benner, and Chase on study re, reviewed, proposed reply to Comptroller of the Currency re propriety of such certificates under section 217.3(b), discussed, possibility of amendment to Regulation Q applicable to longterm certificates, staff to study matter with view to further consideration Proposed amendment to section 217.3(b), to make clear that member banks must reduce contracted interest rate on, to comply with Board action re reduction of maximum permissible rate of interest, enclosed with reply to Comptroller of the Currency raising questions re, proposed amendment sent to FDIC and FRBanks for comment Consideration of proposed amendment re, deferred pending receipt of comments http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/5 50, 58 7/20 2767, 2773 1/15 157 5/14 1814 5/17 1852, 1869 7/24 2819 1962 852 Pages Regulations, Board of Governors: (continued) Q: (continued) Time certificates: (continued) Long term: (continued) Agreed to publish proposed amendment in Federal Register for comments, following consultation with FDIC, question whether the proposed amendment would prevent time certificates from being negotiable, raised by FRBank of New York "Savings bonds": Question re compliance with, possibility of violation of section 21 of the Banking Act of 1933, and issuance under name of, discussed, 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 Issued by Citizens and Southern National Bank of Atlanta in 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 with maturities up to deposits Time possibility of raising months, six interest rate limitation on, suggested by Governor Mitchell with request for full consideration of subject at future date Time and Savings deposits, amendment to Supplement establishing maximum interest rates on, not to supersede grace period provision for receiving deposits and paying interest, 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 11/26 4493-98 1/15 155 3/5 820, 827 12/20 7/24 4854-55 2815, 2837 1962 853 Pages Regulations, Board of Governors: (continued) R: Amendment exempting director, officer, or employee of a member bank who is a special or limited partner in a firm primarily engaged in the business described in section 32 of the Banking Act of 1933, not favored, advice to Presidents of all FRBanks Registered securities dealer, R. G. Mills, service as director of South Side National Bank, St. Louis, Missouri, applicability of section 32, Banking Act of 1933, and, letter to FRBank of St. Louis S: Bank Service Arrangements, proposed regulation entitled, implementing provisions of section 5, Bank Service Corporation Act, to be published in the Federal Register for comments, FDIC considering publishing similar regulation, noted T: Amendment to Supplement, reduction in margin requirements from 70 per cent to 50 per cent approved with Governors Mills and Robertson dissenting, press release issued, FRBanks and branches informed, and notice published in Federal Register credit by securities dealer, of Extension Rowles, Winston & Company, to Tusco Corporation, in connection with retirement of some of Tusco's stock, interpretation re possible violation of, sent to Securities and Exchange Commission and to be published in the Federal Register and the Federal Reserve Bulletin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/2 2922, 2928 12/13 4758, 4771 11/26 4492 7/9 11/28 2562,2564-67 4536, 4548 1962 854 Pages Regulations, Board of Governors: (continued) T: (continued) Loans on securities, methods and standards used by banks with respect to, letters to FRBanks requesting interviews re, resulting information on banks' experience in lending on unlisted securities could be useful if Congress were to authorize Board to permit such credits by brokers under Mutual fund shares, time allowed for payment of, purchased in special cash account, interpretation indicating that such a transaction falls under section 220.4(c)(2) understanding that a copy would be sent to the law firm raising the question, and would be published in the Federal Register and Federal Reserve Bulletin Section 220.4(c)(2), interpretation under, re time allowed for payment for mutual fund shares purchased in a special cash account Section 220.4(c)(8), interpretation under, with respect to withdrawal of proceeds of sale of stock in a special account when the stock has been sold out of the account prior to payment for its purchase, sent to National Association of Securities Dealers Section 220.4(f)(8), interpretation under, re extension of credit by a securities dealer to a corporation in connection with retirement of some of the corporation's stock, sent to Securities Exchange Commission and to be published in the Federal Register and the FRBulletin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/5 4627 10/25 4064, 4082 10/25 4064,4082 3/21 11/28 979, 1006 4536, 4548 1962 855 Pages Regulations, Board of Governors: (continued) T: (continued) Transactions between a brokerage house and a customer, request for Board opinion from law firm of Hough, Young & Coale, Chicago, Illinois, whether aforesaid transactions were in compliance with, agreed it would not be appropriate for Board to render an opinion since litigation was involved, advice to FRBank of Chicago Withdrawal of proceeds of sale of stock in a special cash account when the stock has been sold out of the account prior to payment for its purchase, interpretation of section 220.4(c)(8) sent to National Association of Securities Dealers U: Amendment to section 221.2(f), (g), and (h) intended to plug loopholes through which certain unregulated credit flows, involving so-called "free riding" by speculators through improper use of special cash accounts, approved and published in Federal Register Amendment to Supplement, reduction in margin requirements from 70 per cent to 50 per cent approved with Governors Mills and Robertson dissenting, press release issued, FRBanks and branches informed, and notice published in Federal Register Loans secured by savings and loan shares should be regarded as loans "secured by stock," interpretation under, reply to FRBank of Richmond with respect to request from The South Carolina National Bank http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/9 859, 869 3/21 979, 1005 3/21 988, 1009 7/9 2562,2564-67 2/5 409, 425 1962 856 Pages Regulations, Board of Governors: (continued) U: (continued) Loans indirectly secured by stock, section 221.3(f), review of previous ruling with respect to "Key Employee Stock Purchase Plan-1959" of American Electric Power System, involving loans made by Manufacturers Trust Company, pledged by stock, and Irving Trust Company, backed by guarantee of American Electric, determined that loans by Irving Trust Co., not subject to, advice to Simpson, Thacher & Bartlett Loans by member banks on stocks and bonds as collateral, survey to develop information re volume and characteristics of loans subject to, and of security loans exempt from, important in determining Systems position re proposals to extend scope of, authorized by Board with Governor Mills dissenting, letter to Presidents of all Federal Reserve Banks indicating contact would be made with research departments re further steps with respect to Loans to be secured by previously owned shares of American Telephone and Telegraph Company stock for "living expenses" loans, to persons purchasing shares of AT&T stock under Employees' Stock Plan, proposed by Albuquerque National Bank, interpretation re status of such loans under, sent to FRBank of Kansas City, with understanding it would be published in the Federal Register Loans called as result of recent stock market break, importance of Regulation U in enabling banks to get over recent problems re, noted at joint meeting with FAC and Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/11 1344, 1357 5/7 1743, 1759 5/31 1980, 1995 9/18 3555 1962 857 Pages Regulations, Board of Governors: (continued) U: (continued) Loans on securities, methods and standards used by banks with respect to, letters to FRBanks requesting interviews re, results to help in evaluating possible compliance problems for smaller banks if Congress should authorize extension of Regulation U to unlisted securities Nonpurpose loans, allegations re negligence of FRSystem involving use of nonpurpose loans to finance stock market speculation, in violation of, referred to by Nate White, Editor of the American Banker, staff to prepare reply for Board consideration, FRBank Presidents requested not to reply pending determination of appropriate System reply Reply to Nate White approved with understanding that FRBank Presidents be advised of its contents Section 221.3(f) review of previous ruling with respect to "Key Employee Stock Purchase Plan-1959" of American Electric Power System, involving loans made by Manufacturers Trust Company, pledged by stock, and Irving Trust Company, backed by guarantee of American Electric, determined that loans by Irving Trust Co., not subject to, advice to Simpson Thacher & Bartlett Section 221.2(f), (g), and (h), amendment intended to plug loopholes through which certain unregulated credit flows, involving so-called "free riding" by speculators through improper use of special cash accounts, approved and published in Federal Register http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/5 4627 6/15 2172 6/20 2217, 2233 4/11 1344, 1357 3/21 988, 1009 1962 858 Pages Regulations, Board of Governors: (continued) U: (continued) Section 221.2(f), (g), and (h): (continued) Comutents re proposal received from New York Stock Exchange and certain other interested parties reviewed Section 221.3(1), loans secured by savings and loan shares should be regarded as loans "secured by stock", interpretation under, reply to FRBank of Richmond with respect to request from The South Carolina National Bank Unregulated lenders: Reports of, review of background of reports, and of present status of proposed revised reporting form and program Staff preparing to supplement initial reports of, with more detailed periodic reporting form List of, proposed letter to President of New York Stock Exchange requesting assistance in developing, agreed not to send letter, Chairman Martin to confer informally with President of Exchange, staff to seek assistance from SEC Unregulated stock market credit: Amendment to section 221.2(f), (g), and (h) intended to plug loopholes involving so-called "free riding" by speculators through improper use of special cash accounts, approved and published in Federal Register, comments from New York Stock Exchange, and conuaents from certain other interested parties reviewed V: Defense Production Act of 1950: Draft bill to amend further, report to Bureau of the Budget Bill to extend, report sent to Chairman Robertson, Senate Banking and Currency Committee http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/21 988 2/5 409, 425 2/21 681 3/8 844 3/8 844 3/21 988, 1009 2/14 548, 562 4/26 1495, 1502 1962 859 Pages Regulations, Board of Governors: (continued) Y: Interpretation re applicability of Bank Service Corporation Act and Bank Holding Company Act of 1956 in certain situations, approved, to be published in Federal Register and FRBulletin Stock distribution and ownership plan of First Virginia Corporation, Arlington, Virginia, involving issuance of two classes of stock with unequal voting rights, understanding that steps would be taken to explore possibility of amending or issuing an interpretation of, covering matter re Regulations, Comptroller of the Currency: Trust powers of national banks, new regulation issued by the Comptroller of the Currency replacing the Board's Regulation F, in light of passage of Public Law 87-722, transferring from the Board to the Comptroller authority to regulate Regulations, Federal Deposit Insurance Corporation: Bank Service Arrangements, regulation implementing provisions of section 5, Bank Service Corporation Act applicable to nonmember banks, FDIC considering publishing regulation entitled, similar to Board's proposed Regulation S Interpretations affecting national banks, suggestion from Office of the Comptroller of the Currency that arrangements be worked out whereby FDIC and Board might avoid rendering interpretations until policy aspects are considered by the Comptroller, letter to Comptroller of the Currency with respect to, approved, reference to "savings bonds" program of the Citizens and Southern National Bank of Atlanta http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/20 4852, 4914 7/11 2585 10/1 3740, 3749 11/26 3/5 4492 820, 827 1962 860 Pages Regulations, Federal Deposit Insurance Corporation: (continued) Time certificates of deposit, long-term, to consult with FDIC re publishing proposed amendment to, re contracted interest rates payable on, similar to that proposed by Board to amend 11/26 Regulation Q Regulations, Retirement System: Amendment to section 1 re definition of "actuarial equivalent" and "equivalent actuarial value" proposed by Board of 9/6 Trustees, and approved by Board Amendment to section 8(5) of rules and regulations, as recommended by the Board of Trustees, approved by Board, ad vice to Mrs. Splitt, fixing of the regular interest rate at its pres10/10 ent figure approved by Board Regulations, State Branch Banking: Legal Division to prepare a memorandum re the Board's statutory responsibilities with respect to holding com6/14 pany cases in light of Concluded that the Board be guided by the Bank Holding Company Act of 1956, and not influenced by State branch 7/9 banking regulations Relations with dealers in securities: Harris, Henry U., service as director of Chemical Bank New York Trust Company, New York, New York, and as partner of Harris, Upham & Co., question re applicability of section 32 of Banking Act of 1933, decision deferred pending receipt of 1961 figures on business of Harris, Upham, advice to FRBank of New 1/10 York Considered not primarily engaged in business of the kinds described in section 5/7 32, advice to FRBank of New York Investment Company Institute, Los Angeles, Calif., request by Charles H. Schimpff, Chairman of, for review of previous interpretation of section 32 of the Banking Act of 1933, with respect to open-end investment companies, previous inter11/21 pretation confirmed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4502 3359, 3373 3863, 3877 2167 2561 90, 106 1742, 1757 4446, 4460 1962 861 Pages Relations with dealers in securities: (continued) Mills, R. G., registered dealer in securities, service as director of South Side National Bank, St. Louis, Missouri, applicability of section 32, Banking Act of 1933, and Regulation R, letter to FRBank of St. Louis approved Open-end investment companies, review of previous interpretation of section 32 of the Banking Act of 1933, with respect to, as requested by Charles H. Schimpff, Chairman of the Investment Company Institute, Los Angeles, California, previous interpretation confirmed Pratt, John T., Jr., service as director of United States Trust Company of New York, New York, and as a limited partner of Harris, Upham & Co., New York, New York, question re applicability of section 32 of the Banking Act of 1933, with respect to, decision that Harris, Upham & Co., not "primarily engaged" in business of the kinds described in section 32, advice to FRBank of New York Section 32 and section 20 of the Banking Act of 1933, question re applicability of, in connection with consent granted to Morgan Guaranty International Finance Corporation's participation in the underwriting of additional common shares of Compania Fundidora de Fierro y Acero de Monterrey, S.A., Board's view that prohibitions not applicable if the entire underwriting process takes place outside the United States Section 32 of the Banking Act of 1933 applicable to a director, officer, or employee of a member bank who is a special or limited partner in a firm primarily engaged in the business described in, exception not to be made, advice to Presidents of all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/13 4758, 4771 11/21 4446, 4460 5/7 1757 6/1 2022 8/2 2922, 2928 1962 862 Pages Removal of officers and directors: Harmon, Adrian, Vice President, Barton County State Bank, Lamar, Missouri, draft of section 30 warning to, re apparent violations of section 19, FRAct, sent to FRAgent Scott, FRBank of Kansas City, statement by Messrs. Hackley and Solomon that they had not participated in work on the case thus far Schurtz, Donna V., Mrs., President of the G. W. Jones Exchange Bank, Marcellus, Michigan, letter to the FRBank of Chicago requesting a new examination of the Bank before determining the issuance of a warning under section 30 of the Banking Act of 1933 to, desirable time of issuance of warning discussed Reports: Bank and Public Relations Conunittee, report on motion picture of FRSystem considered and certain suggestions approved by Presidents' Conference, discussion by Board Banking Statistics, Framework for Collection of, report entitled, issued by System Research Advisory Committee, endorsed unanimously by Board Banking structure, changes in, revised draft of report prepared by Board's staff for Senate Select Committee on Small Business, approved for transmittal to Senator Sparkman, copies of report to be furnished participants in seminar on competition in banking 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/30 337, 344 2/14 548, 563 9/13 3458 10/18 3978 1/3 18, 28 4/11 1341, 1356 1962 863 Pages Reports: (continued) Budgets: (continued) FRBank reporting forms. (continued) Hope that changes could be made effective for 1963 budgets, since changes in the functional expense accounting system will require some revision in the FRBank budget experience reports, proposal to eliminate, adopted by Presidents' Conference, approved by Board, telegram and letter to FRBanks Building space needs for Board and its staff, report on present and projected, to be presented to Board in near future, reported by Governor Shepardson Cash, Leased Wire, and Sundry Operations Subcommittee, recommendation in report of, re acceptance of proposal from GSA by which FRSystem would be afforded economies of multiple group communication tariffs offered by AT&T, approved by Presidents' Conference, agreement approved and executed by Board Collections Subcommittee and Counsel on Collections Subcommittee, Joint Report: Recommendation re amendment of uniform paragraph "telegraphic advice" in noncash operating circulars and letters to FRBanks, approved by Presidents' Conference, and by Board Position re handling of headache checks as noncash items, and re handling of charges, noted in connection with certain questions re matter of envelope drafts and headache checks Recommendation re handling and collection of envelope drafts adopted by Presidents' Conference and concurred in by Board, letter to FRBanks approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/22 1356 6/27 2373,2400-01 3/20 954 10/25 4064,4079-80 3/20 948, 958 4/10 1318 10/22 4032, 4038 1962 864 Pages Reports: (continued) Commission on Money and Credit, three interagency committees established in President's Economic Report to Congress, to study implications in report of, relating to financial institutions, Federal credit programs, corporate pension funds, and other private retirement and welfare programs, Board's participation discussed Conflict of interest reports submitted by consultants to Board, procedure for handling, approved, with understanding that cases involving possible conflicts be reviewed by the Board Consultants, fees paid to, staff report re, discussion re value of, decision to continue Credit, Federal Programs: Draft report of Interagency Committee studying, proposed to be submitted to President of U.S., presented to Board by Mr. Noyes for comments, Board's views re Credit unions, Federal and State, proposed additional items in reports of, to obtain information re deposits and withdrawals approved by Board Economic Report of the President, 1962, draft of testimony by Chairman Martin at Joint Economic Committee hearings re, to be revised in light of discussion and suggestions Emergency plans, summary of Board's 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 Chairman Robertson, Joint Committee on Defense Production http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/6 1243 8/17 3134 2/14 555-56 10/30 4154 3/14 887 1/22 231 9/13 3457, 3487 1962 865 Pages Reports: (continued) Insurance Committee of the FRBanks, report and recommended Agreement of Federal Reserve Banks Covering Fire and Other Risks, accepted by Presidents' Conference, approved by Board Luncheons, staff reports re official luncheon guests, discussion re value of, decision to continue System Committee on Eligible Paper, report submitted, recommendations of Subcomalittee on Legislation in light of, approved by Presidents' Conference, agreed matter be discussed by Board at early date Matter discussed further Travel, authorized by division heads and by the Board member having responsibility for internal affairs, discussion re value of reports with respect to, decision to continue 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, request granted, reporting program reviewed Development of list of, in connection with proposed supplement to initial response of, with more detailed periodic reporting U.S.S.R., recent economic growth in: Report being prepared by Joint Economic Committee re, Mr. Gekker to prepare paper on "Soviet capital investment: review of recent performance" for inclusion in, advice to Congressman Patman Reports on bills: Authority for FRBanks to purchase Government securities direct from the Treasury, bill proposed by Treasury to extend for two years, report to Budget Bureau approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/17 3941, 3966 2/14 555-56 9/27 9/28 3691 3725 2/14 555-56 2/21 680, 698 3/8 844 6/8 2085, 2102 5/2 1605, 1627 1962 866 Pages Reports on bills: (continued) Bretton Woods Agreements Act, draft bill to amend, authorizing the United States to participate in loans to International Monetary Fund to strengthen the international monetary system, favored by Board, advice to Bureau of the Budget Act of 1950, draft bill to Production Defense amend further, report to Bureau of the Budget Economic censuses, proposal by Department of Commerce to amend the U.S. Code, section 131 of title 13, to provide for earlier taking of the, report to Bureau of the Budget with favorable comments Foreign banking corporations, draft bill to repeal sections 25 and 25(a), Federal Reserve Act, creating a new Foreign Banking Operations Act, transferring to Comptroller of the Currency the Board's authority re foreign branches of national banks, investments by national and State member banks in stock of, and chartering and regulation of, letter to Treasury Secretary Dillon approved, delivered personally by Chairman Martin, copy sent to Comptroller of the Currency Home Owners' Loan Act and Federal Home Loan Bank Act, draft bill to amend, submitted by Federal Home Loan Bank Board, unfavorable report transmitted to Bureau of the Budget Revised draft bill to amend, permitting broader authority to Federal savings and loan associations to engage in financing of multiple dwelling units, comments re, transmitted to Bureau of the Budget http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/25 295 2/14 548, 562 4/18 1387, 1416 7/13 2702, 2719 3/16 913, 944 7/11 2571, 2638 1962 867 Pages Reports on bills: (continued) H.R. 7796: A bill to amend section 24, FRAct, to liberalize lending limitations on real estate and construction loans by national banks, report sent to Senator Robertson, Senate Banking and Currency Committee, Governor Mills to be recorded as dissenting from favorable report for reasons previously expressed Enrolled bill to amend certain lending limitations on real estate and construction loans applicable to national banks, report sent to Budget Bureau H.R. 8874: A bill to authorize certain banks to invest in bank service corporations, as means of obtaining data processing services, report sent to Congressman Spence, Governor Mitchell's views having been noted No objection to furnishing copies of report to American Bankers Association and Association of Registered Bank Holding Companies to authorize investment in bill Enrolled bank service corporations by certain banks, report sent to Budget Bureau H.R. 9619, a bill to establish and prescribe the functions of a Department of Consumers, to require the disclosure of finance charges in extensions of credit, and to create a Committee on Consumers in the House of Representatives, report to Congressman Dawson, Chairman of Committee on Government Operations H.R. 9929, proposed revision of Administrative Procedure Act, report affirming Board's views previously expressed on an identical bill, approved for transmittal to Congressman Celler, Chairman of House Committee on the Judiciary http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/8 3027, 3045 9/19 3584, 3604 2/26 715, 727 2/27 747 10/10 3863, 3878 2/5 409, 423 2/16 600, 612 1962 868 Pages Reports on bills: (continued) H.R. 10162, an enrolled bill to amend the Bretton Woods Agreements Act to authorize the United States to participate in loans to the International Monetary Fund to strengthen the International monetary system, report sent to Budget Bureau H.R. 10628, a bill to require that insured banks maintain three-fourths of their time and savings deposits in real estate loans, and at least half of such deposits in residential loans, report sent to Congressman Spence H.R. 11654, a bill to amend section 14(b) of the FRAct, to extend for two years the authority of FRBanks to purchase United States obligations directly from the Treasury, favorable report to Congressman Spence, Chairman of the Committee on Banking and Currency, approved H.R. 12501, a bill to amend section 23A, FRAct, to facilitate banking relationships between member banks and their affiliates (foreign banking corporations) and subsidiaries of their affiliates, report sent to Chairman Spence, House Banking and Currency Committee H.R. 12577: A bill to place authority over trust powers of national banks in the Comptroller of the Currency, rather than Board, report to Chairman Spence, House Banking and Currency Committee, approved, Mr. Solomon designated to testify on behalf of the Board before Subcommittee No. 1, House Banking and Currency Committee Robertson, Senate Banking Chairman to Report and Currency Committee, approved Enrolled bill to place authority over trust powers of national banks in Comptroller of the Currency, report sent to Budget Bureau http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/18 2184, 2202 7/23 2782, 2798 6/13 2147, 2158 8/13 3073, 3094 8/13 3078, 3095 8/29 3315, 3323 9/19 3583, 3603 1962 869 Pages Reports on bills: (continued) H.R. 12825, a bill to amend section 5155, Revised Statutes, relating to bank branches which may be retained upon conversion, consolidation, or merger, where continuing or acquiring bank would be a national bank, report to Chairman Spence, House Banking and Currency Committee, approved H.R. 12899: A bill to amend section 5155, Revised Statutes, relating to bank branches which may be retained upon conversion, consolidation or merger, where continuing or acquiring bank would be a national bank, report to Chairman Spence, House Banking and Currency Committee, approved Report to Chairman Robertson, Senate Banking and Currency Committee, approved Enrolled bill to amend section 5155, Revised Statutes relating to bank branches which may be retained upon conversion or consolidation or merger, report sent to Budget Bureau H.R. 13044, an enrolled bill consisting of amendments to the Home Owners Loan Act and the Federal Home Loan Bank Act liberalizing the authority of Federal savings and loan associations to lend on Multi-unit 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/13 3078, 3096 8/27 3194, 3216 8/29 3315, 3324 9/19 3583, 3602 10/3 3752, 3766 3/23 1038, 1046 1962 870 Pages Reports on bills: (continued) Housing Act of 1949: (continued) Revised draft bill to amend Title V, to provide for insuring rural housing loans, proposed by Department of Agriculture, report sent to Budget Bureau Revised Statutes, section 5155, proposed amendment to, relating to bank branches which may be retained upon conversion, consolidation, or merger, report sent to Budget Bureau S. 1005: A bill to amend sections 3 and 10, FRAct, relating to an increase in statutory limitation on expenditures for FRBranch bank buildings, report sent to Chairman Robertson, Senate Banking and Currency Committee Enrolled bill, report to Budget Bureau approved S. 1486, a bill to authorize the Comptroller of the Currency to regulate service charges by National banks on dormant accounts, report to Congressman Spence, Chairman of Committee on Banking and Currency, indicating no objection S. 1771, an enrolled bill to improve the usefulness of national bank branches in foreign countries, report sent to Budget Bureau S. 2528, a bill to authorize the establishment of Federal mutual savings banks, report to Senator Robertson, Chairman of the Senate Banking and Currency Committee, summarizing certain questions formerly raised in connection with a similar bill, views previously expressed applicable to S. 2885, a bill to repeal certain legislation relating to purchase of silver, to authorize FRBanks to issue FRnotes of $1 denomination, and to terminate the special tax on transfer of interests in silver bullion, report to Senator Robertson, Chm. of Senate Committee on Banking and Currency, approved, reference http://fraser.stlouisfed.org made to issuance of $2 FRnotes Federal Reserve Bank of St. Louis 4/3 1128, 1165 4/10 1313, 1331 8/17 3132, 3141 8/22 3174, 3191 7/20 2767, 2774 8/9 3052, 3064 1/18 218, 226 2/27 746, 759 1962 871 Pages Reports on bills: (continued) S. 3130: A bill to authorize the Secretary of Commerce to purchase industrial and commercial evidences of indebtedness to promote industrial and conunercial 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, agreed that staff would prepare alternative draft letters for further consideration Further discussion, report to Senator Robertson approved S 3203, a bill to extend the Defense Production Act of 1950, as amended, report sent to Chairman Robertson, Senate Banking and Currency Committee S. 3291, a bill to amend section 14(b) of the FRAct to extend for two years the authority of FRBanks to purchase United States obligations directly from the Treasury, favorable report to Chairman Robertson of the Senate Banking and Currency Committee, approved Silver, draft bill submitted by the Treasury Department to repeal certain legislation relating to purchase of, authorizing FRBanks to issue FRnotes of $1 denomination, and terminating the special tax on transfers of interest in silver bullion, Board views to Budget Bureau Trust activities of national banks: Draft bill submitted by Treasury to transfer from Board to Comptroller of the Currency authority re, including operation of common trust funds, favorable report to Budget Bureau http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/18 1394 4/19 1425, 1434 4/26 1495, 1502 5/22 1900, 1920 2/5 410, 428 6/26 2334, 2369 1962 872 Pages Reports on bills: (continued) Trust activities of national banks: (continued) Request by Mr. Knight, General Counsel of Treasury, for Board's views re, Mr. Hackley authorized to indicate no objection with respect to Reserve and central reserve cities: Classification of cities for reserve purposes: Status of Board's study re, questioned, indicated that Chairman Martin was endeavoring to arrange a meeting with at least one member of the Senate who had expressed an interest in, subject to be given further consideration following Chairman Martin's return Tentative recommendation by the Committee on Financial Institutions that the present geographical system of, be replaced by a system of graduated reserve requirements applicable to all commercial banks, with specific requirements within prescribed ranges to be determined by the FRBoard Central reserve city classification, revision of Regulation D and Supplement providing changes reflecting the termination of, approved, effective July 28, 1962 Reserve cities: Classification of: Rule, 1947, for recommendation approved for amendment re, providing discontinuance of the reserve city status to cities so classified solely through the continuance of the 1957 designation Standards for classification of, as published for comment in the Federal Register in March 1961, Board concurred with suggestion by Chairman Martin that action be deferred re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/3 2533 5/14 1813 10/10 3868 7/11 2585, 2644 7/11 2589, 2655 7/11 2586, 2663 1962 873 Pages Reserve cities: (continued) Triennial reviews under 1947 standards with respect to classification of reserve cities, suspension continued, advice to Presidents of all FRBanks Kansas City, Kansas, termination of designation as reserve city Pueblo, Colorado, continuation of designation as reserve city Topeka, Kansas, termination of designation as reserve city Wichita, Kansas, termination of designation as reserve city Reserves: Classification of cities for reserve purposes: Status of Board's study re, questioned, indicated that Chairman was endeavoring to arrange meeting with at least one member of the Senate who had expressed interest in, subject to be given further consideration Tentative recommendation by the Committee on Financial Institutions that the present geographical system of, be replaced by a system of graduated reserve requirements applicable to all commercial banks, with specific requirements within prescribed ranges to be determined by the FRBoard Computation periods, revision of Regulation D and Supplement incorporating Board's position re interpretation relating to, approved, effective July 28, 1962 Criteria for granting to member banks in reserve cities permission to carry reduced reserves, consideration of, incorporated in approved revision of Regulation D Procedures re recommendations from FRBanks re requests for permission to carry reduced reserves, question re submission of recommendations from Directors and Officers of FRBanks, raised by Governor Mitchell http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/11 2663 8/30 3327,3334-35 8/22 3169, 3177 8/22 3169,3177-78 8/22 3169,3177-78 5/14 1813 10/10 3868 7/11 2585, 2644 7/11 2585, 2644 5/14 1812 1962 874 Pages Reserves: (continued) Regulation D: Revision of, indicating the termination of central reserve city classification, incorporating Board's position re interpretation relating to computation periods, counting vault cash as reserves, and incorporating the considered criteria in granting permission for individual banks to carry reduced reserves approved unanimously Action deferred on proposed section 204.4 re standards for classification of reserve cities Copies of revision transmitted to Presidents of all FRBanks Requirements of respective States, revision of compilation being made by Legal Division, noted Requirements of member banks as possible cause of withdrawals from membership in FRSystem in light of differences in those required by State laws, problem discussed in connection with intended withdrawal of York Bank and Trust Company, York, Pennsylvania, suggestion by Governor Mitchell that report re problem be made to appropriate Congressional Committee Requirements: Tentative recommendation by the Committee on Financial Institutions, that all commercial banks be required to maintain reserves in an amount specified by the Federal Reserve and in the form of balances at FRBanks and/or vault cash, instruction to Mr. Noyes re position to be taken at meeting with Committee http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/11 2585, 2644 7/11 2588, 2663 7/11 2663 2/7 447 7/12 2671-74 10/10 3868 1962 875 Pages Reserves: (continued) Requirements: (continued) Reduction for member banks approved, press statement issued, appropriate information sent to FRBanks, Federal Register, and foreign central banks of leading countries Vault cash, revision of Regulation D and Supplement incorporating Board's position re interpretation relating to counting vault cash as reserves approved, effective July 28, 1962 (Individual banks): Bassett National Bank of El Paso, Texas, granted permission to carry same reserves as maintained by banks outside of central reserve and reserve cities Casa Linda National Bank of Dallas, Texas, granted permission to carry same reserves as maintained by banks outside of central reserve and reserve cities Central National Bank, Chicago, Illinois: Reference to request for permission to carry reduced reserves, position of directors of FRBank of Chicago discussed, suggestion by Governor King that matter be resubmitted to FRBank of Chicago for recommendation Application for permission to carry same reserves as maintained by banks outside of central reserve and reserve cities denied Question re procedure of Directors of Federal Reserve Bank of Chicago submitting recommendation re request for permission to carry reduced reserves, raised by Governor Mitchell Central National Bank and Trust Company, Des Moines, Iowa, penalty for deficiency waived http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/18 3983,4004-06 7/11 2585, 2644 4/18 1387, 1410 5/18 1874, 1878 3/8 851 5/14 1812, 1820 5/14 1812 12/19 4808, 4839 1962 876 Pages Reserves: (continued) Citizens National Bank of Wellsville, New York, penalty for deficiency in reserves waived Citizens State Bank, Oklahoma City, Oklahoma, granted permission to carry same reserves as maintained by banks outside of reserve cities, effective as of the date bank is admitted to membership under a national bank charter Denver, Colorado, granted Bank, Colfax National permission to maintain the same reserves against deposits as are required to be maintained by nonreserve city banks District of Columbia National Bank, Washington, D. C., granted permission to maintain same reserves as are required to be maintained by nonreserve city banks 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 bank's conversion to a national bank, advice to FRBank of Kansas City Exchange National Bank, Chicago, Illinois: Reference to request for permission to carry reduced reserves, position of directors of FRBank of Chicago discussed, suggestion by Governor King that matter be resubmitted to FRBank of Chicago for recommendation Application for permission to carry same reserves as maintained by banks outside of central reserve and reserve cities denied, question re procedure of Directors of FRBank of Chicago submitting recommendation re request for permission to carry reduced reserves, raised by Governor Mitchell http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/20 3151, 3159 12/5 4619, 4638 8/15 3124, 3128 9/27 3679, 3695 5/21 1880, 1889 3/8 851 5/14 1812, 1821 1962 877 Pages Reserves: (continued) First National Bank of Lansing, Illinois, penalties for deficiencies in reserves waived Franklin County Trust Company, Greenfield, Mass., penalty for deficiencies waived Bank of Minneapolis, Minnesota, National Franklin granted permission to maintain the same reserves against deposits as are required to be maintained by nonreserve city banks Bank of Almeda, Texas, grantNational Coast Gulf ed permission to carry same reserves as maintained by banks located outside of central reserve and reserve cities Houston Bank & Trust Company, Houston, Texas, granted permission to maintain same reserves as are required to be maintained by nonreserve city banks 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 section 5144(c), Revised Statutes, reply to FRBank of New York approved Montgomery National Bank, Montgomery, West Va., penalty for deficiency in, waived Mountain Trust Bank, Roanoke, Virginia, penalty for deficiency waived National Bank of Fairbury, Illinois, penalty for deficiency in, waived National Bank of Waupun, Wisconsin, penalty for deficiency waived North Hill National Bank of San Antonio, Texas, granted permission to carry same reserves as maintained by banks outside of central reserve and reserve cities, effective as of date it opens for business Pacific National Bank, San Francisco, California, penalty for deficiency in, waived http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/13 12/17 3456, 3478 4788, 4790 8/13 3069, 3091 4/30 1526, 1547 12/11 4714, 4720 4/3 1127, 1158 9/10 3405, 3410 4/25 1472, 1486 4/2 1103, 1118 1/26 297, 308 6/7 2069, 2075 10/18 3969, 4000 1962 878 Pages Reserves: (continued) Parkland National Bank of Wichita, Kansas, granted permission to maintain same reserves against deposits as are required to be maintained by nonreserve city banks Republic National Bank of Pueblo, Colorado, granted permission to maintain same reserves against deposits as are required to be maintained by nonreserve city banks Riverside National Bank of Houston, Texas, granted permission to carry same reserves as maintained by banks outside reserve cities Security National Bank of Monterey County, Pacific Grove, California, penalty for deficiency waived Summit National Bank of St. Paul, Minnesota, granted permission to maintain same reserves against deposits as are required to be maintained by nonreserve city banks Umpqua National Bank, Reedsport, Oregon, penalty for deficiencies in, waived Western Bancorporation, Los Angeles, California, question re including ownership of organization operating under section 25(A), Federal Reserve Act, in the determination of aggregate par value of "bank" stocks controlled in computing reserves required under section 5144, Revised Statutes, reply to Federal Reserve Bank of San Francisco approved Wilshire National Bank of Los Angeles, California, granted permission to carry same reserves as maintained by banks outside of central reserve and reserve cities Winters State Bank, Winters, Texas, penalty for deficiency waived http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/13 3069, 3093 12/13 4758, 4773 12/19 4808, 4843 11/7 4276 8/13 3069, 3092 10/18 3969, 4000 5/10 1779, 1790 6/1 2013, 2025 1/24 242, 261
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