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INDEX TO MINUTES
OF
BOARD OF GOVERNORS
OF TRE
FEDERAL RESERVE SYSTEM
1962
(PART 4)
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1962
879
Pages
Resignations:
Absher Bonnie L., Clerk-Stenographer, Division
of Personnel Administration,
resignation accepted
Allen, Carl E., President, FRBank of Chicago,
resignation effective Dec. 31,
1961 (SEE: FRBulletin, January
1962, page 37)
Allen, Philip T., Economist, Div. of Research and
Statistics, resignation accepted
Anderson, Edwin A., Economist, Div. of International Finance, resignation accepted
Anderson, Sandra K., Statistical Clerk, Division
of Research and Statistics, resignation accepted
Clerk-Typist, Division of ReJ.,
Trania
Aquino,
search and Statistics, resignation accepted
Bado, Coleman, Chauffeur, Div. of Administrative
Services, resignation accepted
Bangs, Robert B., Senior Economist, Division of
Research and Statistics, resignation accepted
Brockway, Loretta, Statistical Assistant, Division of Research and Statistics,
resignation accepted
Brown, Katharine E., Statistical Assistant, Division of Research and Statistics,
resignation accepted
Byrne, Barbara A., Minutes Clerk, Office of the
Secretary, resignation accepted
Cass, Joanne V., Secretary, Div. of International
Finance, resignation accepted
Cava, James J., Tabulating Equipment Operator,
Division of Administrative Services, resignation accepted
Comiez, Maynard S., Economist, Division of Research and Statistics, resignation accepted
Crockett, David, Economist, Division of Research
and Statistics, resignation accepted
Cunningham, Ellen C., Statistical Clerk, Division of Research and Statistics,
resignation accepted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/3
2966
2/15
576
1/5
53
6/13
2148
6/8
2100
10/26
4105
7/6
2547
9/12
3441
5/11
1809
3/21
996
9/19
3588
6/14
2168
3/5
824
8/13
3081
2/21
691
1962
880
Pages
Resignations: (continued)
Dahl, Frederick R., Economist, resignation accepted
DeLancey, Gail K., Stenographer, Legal Division,
resignation accepted
Dietrich, Elizabeth I., Statistical Clerk, Division of Bank Operations, resignation accepted
Doolittle, Milton B., Guard, Division of Administrative Services, resignation
accepted
Edwards, Daniel J., Economist in Division of
Research and Statistics, resignation accepted
R., Summer Research Assistant,
Franklin
Edwards,
Division of Research and Statistics, resignation accepted
Elrod, Warrick E., Jr., Economist, Division of
International Finance, resignation accepted
Clerk (Librarian), Division of
M.,
Edith
Fenton,
Personnel Administration, resignation accepted
Division of Research
Economist,
L.,
Gene
Finn,
and Statistics, resignation accepted
F.,
Guard, Division of AdministraCharles
Frost,
tive Services, resignation accepted
Fuerth, Stephen G., Attorney, Legal Division,
resignation accepted
Gard, Louise M., Mailing List Clerk and Flexowriter Operator, Division of
Administrative Services, resignation accepted
Gerstacker, Carl A., Director, Detroit Branch,
resignation effective October 1,
1962
Goodby, Priscilla S., Economist, Division of Research and Statistics, resignation accepted
Gray, Hurley Wayne, Assistant FRExaminer, Division of Examinations, resignation accepted
Grey, Kathleen M., Statistical Clerk, Division
of Research and Statistics,
resignation accepted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/27
756
5/11
1809
3/12
877
9/10
3409
11/2
4226
8/30
3329
1/5
53
8/27
3214
8/9
3063
12/12
4750
5/18
1876
8/13
3082
10/24
4045
5/14
1819
8/27
3214
12/14
4785
1962
881
Pages
Resignations: (continued)
Haney, Herbert E., Senior Programmer, Division
of Administrative Services,
resignation accepted
Hanovega, Charlotte Louise, Statistical Assistant, Division of Research and
Statistics, resignation accepted
Heacock, Helen, Statistical Clerk, Division of
Bank Operations, resignation
accepted
Hollingshead, Marjorie, Secretary, Division of
Research and Statistics, resignation accepted
Jackson, Mary C., Statistical Clerk, Division of
Research and Statistics, resignation accepted
Johns, Virginia, Secretary, Legal Division,
resignation accepted
Johnson, Sada Ann, Clerk-Stenographer, Division
of Personnel Administration,
resignation accepted
Kalachek, Edward, Economist, Division of Research
and Statistics, resignation accepted
Frederick
Marshall, Review Examiner,
Karsten,
Division of Examinations, resignation accepted
Katz, Arnold, Economist, Division of Research
and Statistics, resignation
accepted
Kohan, Joyce, Secretary, Division of Research
and Statistics, resignation accepted
Krauss, Nancy M., Statistical Clerk, Division of
Research and Statistics, resignation accepted
Lennon, Gail J., Draftsman, Division of Research
and Statistics, resignation accepted
Levell, Frances E., Cafeteria Helper, Division
of Administrative Services, resignation accepted
Locke, Esther P., Secretary, Division of Research
and Statistics, resignation accepted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/30
4157
5/4
1723
8/9
3063
6/18
2199
6/22
2271
11/14
4327
6/8
2101
2/19
633
4/30
1540
7/27
2863
4/13
1365
2/15
576
2/27
756
10/10
3/1
3876
792
1962
882
Pages
Resignations: (continued)
McVeigh, Mary Anne, Secretary, Division of International Finance, resignation
accepted
Monaco, Vita Rose, Statistical Clerk, Division
of Research and Statistics, resignation accepted
Morgan, Iola B., Training Technician, Division
of Examinations, resignation
accepted
George
R., Economist, Division of ReMorrison,
search and Statistics, resignation accepted
Moss, Milton, Economist, Division of Research
and Statistics, resignation accepted
O'Leary, Mary Ann, Secretary, Division of Research and Statistics, resignation accepted
Oldland, Linda Sue, Clerk-Stenographer, Division
of Personnel Administration,
resignation accepted
Olson, Katherine E., Records Clerk, Secretary's
Office, resignation accepted
Overton, Jerome C., Analyst, Division of Bank
Operations, resignation accepted
Owen, Shirley, Secretary, Division of Research
and Statistics, resignation accepted
Painter, Roger M., Guard, Division of Administrative Services, resignation
accepted
Passell, Barbara C., Secretary, Division of
International Finance, resignation accepted
Patz, Marcia G., Secretary, Division of International Finance, resignation accepted
Peterson, Maria Jo, Payroll Clerk, Office of the
Controller, resignation accepted
Phipps, L. Marie, Statistical Typist, Division of
Bank Operations, resignation accepted
Pierce, James L., Summer Research Assistant,
Division of Research and Statistics, resignation accepted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/17
3134
4/3
1156
5/31
1987
8/9
3063
9/19
3588
10/18
3997
8/20
3158
7/20
2768
8/22
3175
8/27
3214
6/8
2101
9/26
3670
5/9
1768
5/24
1933
2/9
492
8/30
3330
1962
883
Pages
Resignations: (continued)
Prince, Thessalonia B., Messenger, Division of
Administrative Services, resignation accepted
Quick, Diane, Secretary, Office of Secretary,
resignation accepted
L., Jr., Summer Research AssisWatkins
Ribble,
tant, Division of Research and
Statistics, resignation accepted
Rider, Sandra J., Stenographer, Division of Examinations, resignation accepted
Rogers, Edward D., Messenger, Division of Administrative Services, resignation accepted
Rowzie, Susan, Secretary, Division of Examinations,
resignation accepted
Ruckdeschel, Frederic B., Research Assistant, Division of International Finance,
resignation accepted
Schulz, James H., Summer Research Assistant, Division of Research and Statistics,
resignation accepted
Scully, Judith S., Secretary, Division of Bank
Operations, resignation accepted
Shissler, Marynoble, Clerk-Stenographer, Division of Bank Operations, resignation accepted
Smith, Carole J., Clerk-Typist, Division of Personnel Administration, resignation accepted
Stanford, Henry King, Director, Birmingham
Branch, resignation noted
Stelger, Gayle A., Statistical Clerk, Division
of Research and Statistics, resignation accepted
Taylor, Audrey A., Records Clerk, Secretary's
Office, resignation accepted
Thompson, Richard N., Review Examiner, Division
of Examinations, resignation accepted
Townsend, David, Economist, Division of Research
and Statistics, resignation accepted
Turner, Jane C., Minutes Clerk, Office of Secretary, resignation accepted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/12
4750
8/9
3063
9/12
3441
9/26
3670
6/13
2148
12/12
4750
8/27
3214
9/12
3441
9/24
3657
7/6
2547
8/27
3213
8/1
2916
12/14
4785
6/13
2148
9/19
3588
8/13
3081
11/7
4281
1962
884
Pages
Resignations: (continued)
Veret, Barton, Attorney, Legal Division, resignation accepted
Viksnins, George J., Economist, Division of
Research and Statistics, resignation accepted
Theodore
R., Economist, Division of
Wilson,
International Finance, resignation accepted
Senior
Economist, Division of ReRamsay,
Wood,
search and Statistics, resignation accepted
Yates, Eleanor W., Cafeteria Helper, Division of
Administrative Services, resignation accepted
Yowell, Polly Ann, Statistical Clerk, Division
of Research and Statistics, resignation accepted
Retail trade:
Statistics on:
Departmental sales figures for department
stores in Milwaukee, Wisconsin,
requested by Justice Department,
agreement that release of data
would risk disclosure of individual store sales in violation
of understanding with reporting
stores, request declined, advice
to FRBank of Chicago
Presidents' Conference approval of Committee of Five recommendations for
initiation by Federal Reserve of
a new national departmental sales
report and initiation by the
Bureaus of Budget and Census for
a new merchandise line series for
all retail trade, with an understanding re Federal Reserve withdrawal from, draft report to
President of the National Retail
Merchants Association discussed,
agreed to continue discussion
later
Further discussion, decision to redraft
for later consideration
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/18
1876
8/30
3329
1/12
147
3/16
933
11/23
4481
11/2
4226
1/8
66, 81
3/16
927
4/25
1478
1962
885
Pages
Retail trade: (continued)
Statistics on: (continued)
Presidents' Conference approval of Committee
of Five recommendations: (continued)
Consideration of draft of letter to Mr.
Bennett, President of National
Retail Merchants Association,
setting forth conclusions as recommended in report by Committee
of Five, re new departmental sales
report, approval re transmittal
of copies of draft letter to
Chairman of Presidents' Conference and Presidents of all Federal Reserve Banks for views,
further consideration by Board
after receipt of views
Possibility of System providing a local
departmental report discussed,
timing as to when copies of draft
letter should be sent to two trade
representatives on Committee of
Five to be decided by Mr. Sherman
Draft letter to Mr. Bennett, President
of National Retail Merchants
Association, setting forth Board
conclusions and recommendations
given in report by Committee of
Five endorsed by FRBank Presidents,transmittal of letter to
Mr. Bennett authorized
Retirement system:
Board plan:
Increase in retirement benefits for annuitants and future annuitants
under, to conform with provisions of Public Law 87-793
amending Civil Service Retirement Act, Board interposes no
objection, advice to Secretary,
Retirement System, and notice
sent to annuitants
Certain amount included in 1963 Board
budget to cover funding of
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/27
4518, 4532
11/27
4524-31
12/5
4630, 4665
11/26
4491,4511-14
12/10
4691
1962
886
Pages
Retirement system: (continued)
Contribution of Board to:
Reimbursement by Council of Economic Advisers in connection with loan
of services of Nancy H. Teeters,
Economist, Division of Research
and Statistics, understanding
with respect to
Development Bank in conerican
By Inter-Am
nection with loan of services of
Mr. Sammons for technical assistance mission to Ecuador, understanding with respect to
FRBanks:
Accounting manual changes re functional expense distributions for "Retirement and other benefits", actions
of the Presidents' Conference re,
approved by Board, advice to
Chairman of Presidents' Conference with copies to all FRBank
Presidents
question
re salary increase when
Officers,
due to retire within the year,
understanding re
Payments:
Flagg, Maurice P., deceased, appropriate
increase in annuity of the widow
of, to conform with increased
retirement benefits under Board
plan conforming with amendment
to Civil Service Retirement Act
questions with respect
Conference,
Presidents'
to, raised by Mr. Fulton, Chairman, Presidents' Conference,
meeting of Board with Mr. Fulton,
at which he was apprised of Board's
reasons for deferring reply, and
re Board's plans re study by
Professor McGill, noted
Retentions in service:
Brooks, Arthur C., Dr., Physician, FRBank
of St. Louis, retention in active
service for one additional year,
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/3
21
2/26
720, 732
3/16
912, 937
12/20
4864-72
11/26
4491, 4511
6/18
2198
4/18
1387, 1412
1962
887
Pages
Retirement system: (continued)
Retirements:
(Individual names):
Cameron, Donald J., General Auditor, FRBank
of New York, salary approved
until retirement
Cravens, C. A., Vice President, FRBank of
Kansas City, salary approved
until retirement
Crawford, Charles E., Assistant Cashier,
FRBank of Cleveland, salary
approved until retirement
Debus, P. A., Vice President, Omaha Branch,
salary approved until retirement
P.,
W.
Assistant Cashier, Omaha
Doran,
Branch, salary approved until
retirement
George
H., Cashier, FRBank of CleveEmde,
land, salary approved until
retirement
Fenner, Zell G., Assistant Vice President,
FRBank of Philadelphia, salary
approved until retirement
Fulton, Wilbur D., President, FRBank of
Cleveland, reference to retirement at the end of April 1963
Martin, I. H., Assistant Vice President,
FRBank of Atlanta, salary approved until retirement
McColloch, Lucy I., Secretary to Mr. Thomas,
Board Members' Offices, application noted
Millican, Thelma C., Statistical Clerk,
Division of Bank Operations,
application noted
Mills, Alvah R., Assistant General Auditor,
FRBank of Cleveland, salary approved until retirement
Myers, M. Monroe, Assistant Cashier, Buffalo
Branch, salary approved until retirement
Ohns tad, O. W., Assistant Vice President,
FRBank of Minneapolis, salary
approved until retirement
Puckett, Cecil, Vice President, Denver
Branch, salary approved until
retirement
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/20
4925
12/20
4943
12/20
4930
12/20
4943
12/20
4943
12/20
4930
12/20
4928
10/4
12/20
3801
4934
6/1
2019
5/9
1768
12/20
4930
12/20
4926
12/20
4941
12/20
4943
1962
888
Pages
Retirement system: (continued)
Retirements: (continued)
Rouse, Robert G., Vice President and Senior
Adviser, FRBank of New York, salary approved until retirement
Thomas, Woodlief, Adviser to the Board,
plans for retirement within the
next few months discussed, Board
conclusion that upon retirement,
Mr. Thomas' position as Adviser
to the Board would be discontinued
Application noted
Tiebout, Todd G., Vice President and General Counsel, FRBank of New
York, salary approved until
retirement
W., Supervisory Review ExamiFred
Troup,
ner, Division of Examinations,
application noted
Wendt, Karl P., Senior FRExaminer, application noted
Westergren, Ruth A., Supervisor of the Personnel Records Unit, Division of
Personnel Administration, application noted
Wilson, Davis H., Chief, Automatic Data
Processing and Telegraph Services,
application noted
Retirements, disability:
Brink, Willa L., Clerk, Division of International Finance, application noted
Reddick, Lettie, Charwoman, Division of Administrative Services, application noted
Swindlehurst, Alice, Statistical Assistant,
Division of Research and Statistics, granted extension of leave
without pay for certain period
until approval by Retirement
System of application for disability retirement
Approval for disability retirement
noted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/20
4/16
6/1
12/20
4924, 4925
1376
2019
4924, 4925
5/31
1987
4/10
1329
6/20
2222
12/12
4750
9/27
3693
1/24
256
8/27
3215
10/1
3743
1962
889
Pages
Retirement system: (continued)
Rules and Regulations:
Amendment to Section 1 re definition of "actuarial equivalent" and "equivalent actuarial value" proposed
by Board of Trustees, approved
by Board
Amendment to Section 8(5) re establishment
of changes in interest rate suggestions by Board re revision of
proposed
Approved by Board, advice to Mrs.
Splitt
Study of:
Professor Dan McGill of the University of
Pennsylvania, to review the,
contract authorized
Meeting of Professor McGill with the actuary
and representatives of the Retirement Committee to be arranged by
Governor Mills, Mr. Fulton, Chairman, Presidents' Conference apprised of Board's plans re study
at meeting with Board noted
Question re contemplated procedure in connection with study, and re possible meeting of Professor McGill
with Board and Mr. Buck, actuary
for the Retirement System, matter
to be considered further
Discussion re possible meetings of Professor
McGill with representatives of
Retirement System and with the
Board re, understanding re
present scope of study, letter
to Professor McGill approved
Reuss, Henry S., Congressman:
Milwaukee, Wisconsin, question re possibility of
establishing an FRBranch bank in,
raised by, with request for written
reply to his letter to Governor
Balderston, understood revised
draft of reply to be prepared
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/6
3359, 3373
9/6
3359, 3373
10/10
3863, 3877
6/11
2125
6/18
2198
8/6
2985
9/6
3361, 3374
5/17
1854
1962
890
Pages
Reuss, Henry S., Congressman: (continued)
Milwaukee, Wisconsin, question of establishing
an FRBranch bank in: (continued)
Further discussion, in light of survey by,
consensus not to ask the FRBank
of Chicago to make another survey, letter to Congressman Reuss
approved with Governor Mitchell
dissenting
Meeting with Board to discuss possible establishment of an FRBank branch
in, discussed
Possible change of meeting to a 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
Revised Statutes:
Amendments to sections 5144 and 5211, proposed,
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 Committee
Section 5136:
Bonds, municipal revenue, applicability to
certain transactions by banks,
reply to inquiry from Investment
Bankers Association of America,
approved, question re removal of
legal restrictions on dealings
and underwriting by member banks
in municipal revenue bonds, discussed
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, agreed to defer
consideration of report to Senate
Banking and Currency Committee
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/22
1908, 1922
6/1
2019
6/11
2122
4/9
1284, 1299
4/9
1270, 1291
8/28
3236
1962
891
Pages
Revised Statutes: (continued)
Section 5144:
Foreign banking corporations operation under
section 25(A), FRAct, question re
including ownership of, in determination of aggregate par value
of "bank" stocks controlled by a
holding company affiliate in
computing reserves required
under, reply to FRBank of San
Francisco re Western Bancorporation
Section 5144(c):
Net earnings, 1961, of Marine Midland Corporation, question re amount considered to constitute, for purposes of determining amount of
reserve of readily marketable
assets required pursuant to,
reply to FRBank of New York
approved
Section 5155:
Proposed amendment relating to bank branches
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, 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,
Mr. Solomon designated to testify
H.R. 12899, a 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
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/10
1779, 1790
4/3
1127, 1158
4/10
1313, 1331
8/13
3078, 3096
8/27
3194, 3216
1962
892
Pages
Revised Statutes: (continued)
Section 5155: (continued)
H.R. 12899: (continued)
Report to Chairman Robertson, Senate
Banking and Currency Committee,
approved, understanding re statement to be made by Mr. Solomon,
on behalf of the Board, at hearing before Senate Banking and
Currency Committee, re
Report on enrolled bill H.R. 12899
sent to Budget Bureau
Section 5240:
National banks, examination of, ruling that
expense shall be paid by the
national banks themselves through
assessments by the Comptroller
of the Currency, interpretation
and possible amendment discussed
in reply to Mr. Saxon with respect to proposed allocation of
costs of
Rewards:
FRBank of Boston, proposal to offer reward for
recovery of currency lost in
holdup of United States mail
truck in Plymouth, Massachusetts,
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 Couanittee noted
Ringer, William R.:
Hearing examiner, National Labor Relations Board,
designated to conduct hearing in
connection with request by Virginia
Couudonwealth Corporation, Richmond,
Virginia, for determination pursuant to section 4(c)(6) of the
Bank Holding Company Act re activities of Virginia Standard Corporation, and State-Wide Insurance
Corporation, Inc.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/29
3315, 3324
9/19
3583, 3602
4/6
1264
9/17
3551
9/21
3613-15
12/21
4954
1962
893
Pages
Robberies:
FRBank of Boston, proposal of, to offer reward
for recovery of currency holdup
of United States Mail truck in
Plymouth, Massachusetts, 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
Robertson, A. Willis, Senator:
Audit of Board's accounts for 1961, report by
firm of public accountants transmitted to
Bank Holding Company Act of 1956, possible amendment to remove exemption accorded
companies registered under Investment Company Act of 1940, discussed by, with Chairman Martin,
letter sent to, with copy to
Congressman Spence, reported by
Chairman Martin
Defense mobilization activities of Board, summary
of activities during past year,
including program for continuity
of FRSystem functions in event
of attack, bank preparedness,
and V-loan program, sent to
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 dissenting from
favorable report for reasons
previously expressed
to authorize certain banks to
bill
H.R. 8874, a
invest in "bank service corporations", report sent to
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/17
3551
9/21
3613-15
2/21
688, 699
4/9
1283
9/13
3457, 3487
8/8
3027, 3045
8/17
3132, 3142
1962
894
Pages
Robertson, A. Willis, Senator: (continued)
H.R. 12577, a bill to place authority over trust
powers of national banks in the
Comptroller of the Currency, report to Chairman Robertson, Senate 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,
report sent to
S. 1005, a bill to amend sections 3 and 10, Federal Reserve Act relating to an
increase in the statutory limitation on expenditures for FRBranch
bank buildings, report sent to
S. 2528, a bill to authorize the establishment
of Federal mutual savings banks,
report to, 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
S. 3130, a bill to authorize the Secretary of
Commerce to purchase industrial
and conwiercial evidences of indebtedness to promote industrial
and commercial loans in redevelopment areas, proposed report to,
agreed that staff would prepare
alternative draft letters for
further discussion
Further discussion, report to, approved
S. 3203, a bill to extend the Defense Production
Act of 1950, as amended, report
to
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/29
3315, 3323
8/29
3315, 3324
8/17
3132, 3141
1/18
218, 226
2/27
746, 759
4/18
4/19
1394
1425, 1434
4/26
1495, 1502
1962
895
Pages
Robertson, A. Willis, Senator: (continued)
S. 3291, a bill to amend section 14(b) of the
FRAct to extend for two years
the authority of FRBanks to
purchase U.S. obligations directly from the Treasury, favorable report to
Rooney, John J., Congressman:
Consumer buying intentions survey conducted by
Bureau of Census, request by
Bureau of the Budget for Board's
interim financial support for
quarterly July 1962 survey re,
approved, subject to clearance
with House and Senate Appropriations Subcommittees, advice to
No objection from Appropriations Subcommittees, letter to Bureau of the
Budget authorizing payment
Roth, Arthur T., remarks by, at oral presentation
before Board in connection with
application of Marine Midland
Corporation to acquire shares of
Security National Bank of Long
Island, Huntington, New York,
requested by counsel for Marine
Midland, agreement re
Royal Canadian Commission on Banking and Finance, appointment of Woodlief Thomas as
Consultant in the Board Members'
Offices for the period July 16-20,
1962 in order to appear at hearings of the, approved, with understanding re compensation,
transportation expenses, and per
diem
Rules of Organization and Procedure of Board of Governors:
SEE: Board of Governors:
Rules of Organization and Procedure:
Russia:
Report on recent economic growth in U.S.S.R.
being prepared by Joint Economic
Committee, Mr. Gekker to prepare
paper for inclusion in, advice
to Congressman Patman
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/22
1900, 1920
6/29
2418, 2434
6/29
2421, 2435
9/21
3615, 3645
6/27
2392
6/8
2085, 2102
1962
896
Pages
St. Timothy's School in Baltimore, Maryland, trustees
and senior class, use of staff
dining room for a luncheon for,
requested by Chairman Martin,
cost to be paid by Chairman
Martin, no objection
Salaries:
Birmingham Branch:
Employee salary structure, question re proposal to apply proposed increase
at head office to, matter to be
discussed with Chairman Tarver
and President Bryan
Buffalo Branch:
Employees, clerical and non-clerical, increase in structure approved,
increase in structure for physicians approved
FRBank of Atlanta:
Employees:
Revision in salary structure approved
Proposed revision of structure, views
re change at head office, question re proposed change applicable to branches, matter to be
discussed with Chairman Tarver
and President Bryan
Officers other than Presidents and First
Vice Presidents, guideline limiting the number of salary increases in any year to 40 per
cent of the officer staff, exclusive of promotions, concern
re, expressed by President Bryan,
agreed to await possible comments
from other FRBanks before considering justification for possible modification
Structural problems of, noted in discussions of new guidelines for
FRBanks with Committee on Organization, Compensation and Building Plans, Division of Personnel
Administration to be requested by
Committee to study problem
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/15
162
11/28
4538
11/21
4446, 4457
9/26
3669, 3673
11/28
4538
10/10
3866
10/31
4198-99
1962
897
Pages
Salaries: (continued)
FRBank of Boston:
Officers:
Proposed revision in ranges for, to be
discussed by Board's Collaittee
on Organization, Compensation,
and Building Plans with President of
Report by Governor Mitchell on discussions with President Ellis, letter approving proposed revision
sent to, with understanding re
question of minimum range for
Salary Group A
Revision approved, with understanding
and comments that the only increase incident to current promotions will be excepted from
limitation on merit adjustments
FRBank of Chicago:
Employees, increase in structure approved,
basis for establishing salary
ranges above grade 13 questioned
by Governor Mitchell, Division
of Personnel Administration to
prepare informational material
to be made available to each
Board member
Nonclerical:
Painters, payment of salaries at specified rates approved
Plumber and carpenters, payment of
salaries at specified rates
approved
Engineers and firemen, payment at
specified rates approved
Electricians, payment of salaries at
specified rates approved
Marble maintenance man, payment at
specified rate approved
Payment of salaries to incumbents in
positions of Janitor, Marble
Maintenance, Paper Baler, Matron,
Starter, Assistant Starter, Split
Shift Operators and Operators,
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/3
4600
12/7
4673, 4680
12/20
4864, 4922
2/19
628, 646
3/12
871, 882
5/28
1957
6/29
2425, 2445
7/17
2729, 2734
8/17
3132, 3138
10/5
3813, 3824
1962
898
Pages
Salaries: (continued)
FRBank of Chicago: (continued)
Officers:
Suggestion re adoption of salary range
for President, in connection
with appointment of Mr. Scanlon,
transmitted to Chairman Briggs
Revised ranges for officer salary
groups approved
Revision in ranges for, approved
FRBank of Cleveland:
Officers:
Proposal for adjustment in officer
salary structure requested by,
memorandum presented by Division
of Personnel Administration,
Cleveland to be asked to reconsider its proposal in light of
action by Board re increase in
maximum of Group A salary range
Revision in ranges for, approved
FRBank of Dallas:
Employees:
Revision in salary structure approved
Officers:
Revised salary structure approved
FRBank of Kansas City:
Officers:
Revision in ranges for, approved
FRBank of Minneapolis:
Officers:
Revision in ranges for, approved
FRBank of New York:
Employees:
Clerical and nonclerical, increase in
structure approved
Officers:
Maximum of Salary Group A not increased
for, as it was for other FRBanks,
concern expressed by President
Hayes with respect to, also concern re guideline limiting number
of salary increases in any year
to 40 per cent of the officer
staff, exclusive of promotions,
agreed to await possible comments
from other FRBanks before considering justification for possible
modification
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/8
68
5/24
12/3
1930, 1952
4600, 4610
9/12
12/3
3420, 3433
4600, 4608
9/26
3669, 3675
12/11
4714, 4723
12/3
4600, 4612
12/3
4600, 4611
11/21
4446, 4457
10/10
3866
1962
899
Pages
Salaries: (continued)
FRBank of New York: (continued)
Officers: (continued)
Concern expressed by President Hayes re
revised procedures for administering, and re proposed adjustments
in, reported by Governor Balderston,
matter to be considered by Board's
Committee on Organization, Compensation, and Building Plans at
meeting with Mr. Hayes
First Vice President, concern re salary
level expressed
Ranges for First Vice President and
Group A as provided in guidelines
for FRBanks questioned by President Hayes agreement by Board
re increase in range, letter to
Chairman and President
Revised salary structure approved
Approved, for calendar year 1963, with
understanding re proposed increases for four officers due to
retire within the year
Merit increases for two Vice Presidents
questioned, no objection interposed
Physicians, increase in structure approved
FRBank of Philadelphia:
Employees:
Payment to four part-time employees,
occupying positions of Medical
Director and Waitress, approved,
unnecessary to request approval
for part-time positions each time
salary structure is adjusted
Officers, revision in ranges for, approved
FRBank of Richmond:
Officers, revision in ranges for, approved
FRBank of St. Louis:
Officers, revised officer salary structure
approved
Francisco:
FRBank of San
Officers:
Consensus that it would be preferable
to place San Francisco in the
same category as Chicago with
respect to
Revised salary structure approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/11
3906
10/11
3906
10/31
12/11
4198,4215-16
4714, 4721
12/20
4924
12/20
11/21
4870
4446, 4457
1/2
12/3
5, 11
4600, 4607
12/3
4600, 4609
12/11
4714, 4722
7/11 2635
12/11 4714, 4724
1962
900
Pages
Salaries: (continued)
FRBanks:
Employees, basis for establishing salary
ranges, above grade 13 questioned
by Governor Mitchell, Division
of Personnel Administration to
prepare informational material
to be made available to each
Board member
Examiners, report of study re salaries of
bank examiners employed by Comptroller of the Currency, FDIC
and, report transmitted to FRBank
Presidents
Officers:
FRBank Presidents to meet once a year
with Board's Committee on Organization and Building Plans for
purpose of considering, advice
to FRBanks
Memorandum from Division of Personnel
Administration containing information re, with appendix containing summary of plan for administration of, reviewed and discussed, discussion re local administration of salaries by FRBanks
and re Board's position re
overall administration, consensus that San Francisco should be
in same category as Chicago,
matter to be considered further,
together with plan proposed by
Governor King re Presidents and
First Vice Presidents
Approval of each individual officer's
salary by Board, to be continued,
consensus that permissible maximum salary of Group A be increased
at FRBanks other than New York,
Chicago, and San Francisco, Division of Personnel Administration
to give consideration to development of guidelines for administration of matter to be discussed
further
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/19
628
7/11
2612, 2667
6/27
2393,2400-01
7/11
2616
9/12
3429-32
1962
901
Pages
Salaries: (continued)
FRBanks: (continued)
Officers: (continued)
Senior research officers, question re
maximum salaries for, discussed
Presidents
in charge of FRBranch
Vice
banks, question re maximum salaries for, discussed in consideration of proposed increase in
maximum of Group A and in light
of plan for salary range of
Presidents and First Vice Presidents
procedure
for administration of,
New
proposal by Governor Balderston
re sending letters to Chairmen
re, in light of forthcoming
meetings of Presidents with
Board's Committee on Organization, Compensation, and Building
Plans re 1963 budgets
Revisions in policy with newly established Group A maximums and
guidelines, agreed to advise
Presidents of FRBanks as suggested by Board's Committee on
Organization, Compensation and
Building Plans, Governor
Shepardson's reservations noted
Concern expressed by Presidents of
FRBanks of New York and Atlanta
with respect to, Board agreed to
await possible forthcoming comments from other FRBanks before
considering justification for
possible modification of new
procedure
Report by Governor Mitchell, Chairman
of Board's Committee on Organization, Compensation, and Building Plans, re meeting with six
FRBank Presidents re, view that
leeway could be provided this
year with respect to 40 per cent
maximum for increases with expectation that in future years
it would be observed, no indication of disagreement
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/12
3430
9/12
3430
9/27
3690
10/4
3796
10/10
3866
10/24
4045
1962
902
Pages
Salaries: (continued)
FRBanks: (continued)
Officers: (continued)
Guidelines for administration of, recommendation that 40 per cent
limitation be increased to 45
per cent this year only, and
that positions of General Auditors and Assistant General Auditors be omitted from calculations,
approved by Board, letters to
Chairmen and Presidents of Federal Reserve Banks except FRBank
of New York
Situations at FRBanks of New York
and Atlanta reported, letter to
Chairman and President of FRBank
of New York
Report by Governor Mitchell re meetings held with FRBank Presidents
and Board's Committee on Organization, Compensation and Building
Plans, no dissatisfaction indicated with the general terms of
recent actions taken by Board with
respect to
Approved, following discussion
Possibility of establishing single
limitation that would be applicable both to merit and promotion
increases, consensus that consideration of possible change in
guidelines be deferred
Presidents and First Vice Presidents:
Discussion re review of salary ranges
in connection with possible
higher range for Group A officers, consensus that San Francisco should be in same category
as Chicago, decision not to discuss with FRBanks until further
consideration by Board, including presentation of Governor
King's plan for ranges and administration of
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/31
4196,4213-14
10/31
4198,4215-16
11/2 4223
12/20 4864
12/20
7/11
4866
2616
1962
903
Pages
Salaries: (continued)
FRBanks: (continued)
Presidents and First Vice Presidents: (continued)
Establishment of ranges at nine FRBanks,
with a separate range at the Federal Reserve Bank of New York and
identical ranges at Chicago and
San Francisco, approved, Governor
9/12
Mills and Robertson dissenting
After further discussion agreed to
advise Chairmen of FRBanks as
suggested by Board's Committee
on Organization, Compensation,
and Building Plans, letter to
Reserve Bank Chairmen sent
October 5, 1962
10/4
Approved for year 1963
12/19
Jacksonville Branch:
Employee salary structure, question re proposal to apply proposed increase
at head office to, matter to be
discussed with Chairman Tarver
and President Bryan
11/28
Los Angeles Branch:
Officers assigned to, establishment of additional position carrying title
of Vice President and serving as
second officer, change being made
incident to retirement of Mr.
Volberg as Vice President and
5/22
Manager, salary approved
Nashville Branch:
Employee salary structure, question re proposal to apply proposed increase
at head office to, matter to be
discussed with Chairman Tarver
and President Bryan
11/28
New Orleans Branch:
Employee salary structure, question re proposal to apply proposed increase
at head office to, matter to be
discussed with Chairman Tarver
and President Bryan
11/28
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3418
3796,3801-07
4835
4538
1911, 1925
4538
4538
1962
904
Pages
Salaries: (continued)
Staff of Board of Governors:
Aggregate compensation, (basic pay plus
night-pay differential, overtime
pay, and compensation for holiday
work) increase in maximum rate
with no alteration to existing
rule that overtime is not paid
above Grade 9, approved
Classification program, administration of,
in comparison with other Government agencies and FRBanks, discussed in connection with recruitment problems of Board and
FRBanks
Employees:
No problem envisaged re application of
equivalent salary ranges and adjustments in light of passage of
Postal Service and Federal Employees Salary Act of 1962, comments by Governor Shepardson
Revision of salary schedule, in two
phases, to conform with Postal
Service and Federal Employees
Salary Act of 1962, approved
Adjustments in salaries of certain employees in accordance with new
salary schedule which became
effective October 14, 1962, approved
Provision for general pay increase
adopted by Board October 1962,
included in 1963 budget
Lithographic positions, new Printing
Grade Pay Schedule and change in
salary rates of present incumbents approved
Mechanical Force, revision in wage
schedule approved
increases
approved
Merit
Official staff:
Matter of adjustment of salaries of
officer staff not under classified service in light of passage
of Postal Service and Federal Employees Salary Act of 1962, concurrence in view that Board's officer staff continue outside the
classified service
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/2
2473
2/6
436
10/11
3904
10/12
3921, 3932
10/17
3946
12/10
4691
11/5
4243,4244-53
12/10 4696,4711-12
6/25 2304
10/11
3904
1962
905
Pages
Salaries: (continued)
Staff of Board of Governors: (continued)
Official staff: (continued)
Salary adjustments approved
Possibility of Congressional amendment to Executive Pay Act, but
no provision made in 1963 budget
for adjustments to, comments by
Governors Shepardson and Balderston
Secretarial positions approved at the following grades: Head of a Section,
at Grade FR-5; Assistant Division
Head at FR-6; Division Head at
FR-7; Advisers to the Board at
FR-8; Legislative Counsel at
FR-8; Assistants to the Board at
FR-8 and FR-7; Members of the
Board at FR-11; and Chairman of
the Board at FR-11 plus one step
in grade
Stenographers, minimum rate for hiring, establishment at Grades FR-3 and
FR-4, dependent upon test scores,
etc., approved
Typists, minimum rate for hiring, establishment at Grade FR-3, approved
Samoa:
Bank of American Samoa, Pago Pago, Tutuila:
Question re eligibility for membership in
FRSystem, matters of policy 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" reviewed in connection with deposit insurance with
FDIC
Savings and loan associations:
Interest rate developments at mutual savings
banks and, FRBanks requested to
furnish Board with any information with respect to, in connection with survey of interest rates
on time and savings deposits of
member banks
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/12
3922
12/10
4691-95
2/7
451
2/7
451
2/7
451
2/12
504
4/10
1314, 1332
1/12
150
1962
906
Pages
Savings and loan associations: (continued)
Real estate loans of:
Draft bill to amend Home Owners' Loan Act
and Federal Home Loan Bank Act
with respect to, report sent
to Budget Bureau
draft
bill to amend the Home Owners'
Revised
Loan Act of 1933 and the Federal
Home Loan Bank Act, permitting
broader authority for Federal
savings and loan associations
to engage in the financing of
multiple dwelling units, comments transmitted to Bureau of
the Budget
H.R. 13044, enrolled bill consisting of
amendments to the Home Owners'
Loan Act and the Federal Home
Loan Bank Act 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
Schneider, Charles W., Hearing Examiner, National
Labor Relations Board:
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, anticipated service
of, reported
Civil Service Commission to
by
Selected
conduct, designated by Board
as Hearing Examiner
Bank
Hearing under
Holding Company Act re application of Marine Corporation,
Milwaukee, Wisconsin, to acquire
stock of Beloit State Bank, Beloit,
Wisconsin, designation of
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/16
913, 944
7/11
2571, 2638
10/3
3752, 3766
4/13
1364
5/15
1828
7/18
2754
1962
907
Pages
School District of the Township of Nether Providence,
question re indirect payment of
interest under Regulation Q, with
respect to services performed by
the Provident Tradesmens Bank
and Trust Company, Philadelphia,
Pennsylvania, in connection with
the maintenance of a demand deposit for, advice to FRBank of
Philadelphia
Schools:
Inter-Agency Bank Examination School:
Memorandum by Governor Robertson recommending that the Board and FDIC share
with the States the expense of
State Examiners attending, and
that a seminar type school for
experienced senior examiners be
initiated, approved, including
approval of such budget overexpenditure for the year 1962 occasioned by, no objection to
Governor Robertson expressing
to FDIC his desire that the
school continue to be held in
the Federal Reserve building
Possible withdrawal of Office of the Comptroller of the Currency from
further participation in, reported, possible future sponsorship and participants in such
event discussed, Governor
Robertson authorized to write
to Comptroller to ascertain accuracy of report
Proposal by Governor Robertson re extending
financial assistance to students
from State banking departments
in light of withdrawal of Comptroller of the Currency from
participation in, matter of financial assistance dropped pending possible further action by
FDIC, State banking officials to
be notified of additional facilities
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/12
871, 878
3/16
922-26
9/13
3469
9/27
3681
1962
908
Pages
Schools: (continued)
International Banking Summer School to be held
in Moscow,July 1962, names of
Paul Gekker, Division of International Finance, and George
Garvey, Adviser, FRBank of New
York, submitted to ABA as Federal Reserve System candidates
to attend
Acceptance of nominations by School noted,
travel by Mr. Gekker to Moscow,
Leningrad, Sweden, Norway and
Denmark authorized
Seals:
Board of Governors:
Revision to conform to the design of the
FRBulletin seal as redrawn in
1961, approved as recommended
in Mr. Sherman's memorandum, no
provision made in 1962 budget
for expenditure
No change to be made in bronze seals imbedded in the floors outside
the Board Room and in the
Constitution Avenue lobby, also
approved
Revised seal placed in use today, noted
Secret Service:
Disappearance of certain Treasury certificates
from FRBank of San Francisco,
question re informing press re,
following receipt of views from
Treasury Department and, Chairman
Martin informed by Bank that no
release would be made at present
Securities:
Municipal securities:
Maturity breakdown of bank holdings of,
question whether such information could be obtained from
examination reports, staff considering revising summary sheet
to develop such information
Increase in holdings of, by banks contributing to decline in liquidity of
the banking system, views of FAC
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/12
523, 535
5/10
1782
3/22
1016
3/22
8/20
1017
3158, 3167
9/6
3366
3/2
804
9/18
3565
1962
909
Pages
Securities: (continued)
Negotiable, shipment of Federal Reserve currency
and, by direct air flights, proposal of Post Office Department
to extend to field officials authority to use direct commercial
air flights in connection with,
letter to FRBanks requesting comments approved
Letter to Post Office Department with respect to, approved
Obligations of State and local governments,
S. 3131, a bill to amend section 5136, Revised Statutes,
with respect to authority of
national banks to underwrite
and deal in, including revenue
bond underwriting, and certain
short-term obligations of public
housing agencies, following discussion, agreed to defer consideration of report to Senate Banking and Currency Committee
Time certificates of deposits, question as to
whether they would fall in the
category of, Governor Robertson's
views with respect to, request
for a high-priority study by the
Research, Examinations, and Legal
Divisions, agreed to request the
FRBanks to determine the extent
certificates of deposit were
being issued
Unlisted, proposed survey of bank loans in order
to determine volume of loans on,
reported by Mr. Noyes
Securities companies:
Morgan Guaranty International Finance Corporation,
New York, New York, question re
applicability of section 20 and
section 32 of the Banking Act of
1933 in connection with consent
granted to participation in the
underwriting of additional common shares of Compania Fundidora
de Fierro y Acero de Monterrey,
S.A., a Mexican corporation by,
Board's view that prohibitions
not applicable if the entire underwriting process takes place
outside the United States
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/3
1128, 1163
5/17
1850, 1862
8/28
3236
1/15
160
2/21
686
6/1
2022
1962
910
Pages
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, remarks by Chairman Martin re conversation with
Chairman of Securities and Exchange Commission re
Securities exchange administration:
Extension of credit by securities dealer, Rowles,
Winston & Co., to Tusco Corporation in connection with the retirement of some of Tusco's stock,
interpretation re possible violation of Regulation T sent to Securities and Exchange Commission, to
be published in FRBulletin and
Federal Register
Loans indirectly secured by stock, request for
review of previous ruling re "Key
Employee Stock Purchase Plan-1959"
of the American Electric Power
System, involving loans made by
Manufacturers Trust Co., pledged
by stock, and Irving Trust Co.,
backed by the guarantee of American Electric, determined that
loans by Irving Trust Co., not
subject to Reg. U, advice to
Simpson Thacher & Bartlett
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 The South Carolina National
Bank
Loans to be secured by previously owned shares of
AT&T Company stock for "living expenses" loans, to persons purchasing shares of AT&T stock under Employees Stock Plan, proposed by
Albuquerque National Plan, interpretation re status of such loans
under Reg. U sent to FRBank of
Kansas City with understanding it
would be published in Federal
Register
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/21
11/28
684
4536, 4548
4/11
1344, 1357
2/5
409, 425
5/31
1980, 1995
1962
911
Pages
Securities exchange administration: (continued)
Loans on unregistered securities, possibility of
amendment to Securities Exchange
Act of 1934 to permit regulation
of, by Board, comments and discussion re
Loans called as result of recent stock market
break, importance of Regulation
U in connection with enabling
banks to get over recent problems
re, views of FAC expressed at
joint meeting
Loans by member banks collateralized by stocks
and bonds, survey to develop information re volume and characteristics of loans subject to
Regulation U, authorized by
Board with Governor Mills dissenting, letter to Presidents
of all FRBanks indicating contact would be made with the
research departments re further
steps with respect to
Loans on securities, methods and standards used
by banks re, letters to Presidents of all FRBanks and separate letters to Presidents of
FRBanks of New York, Chicago,
and San Francisco, 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
Margin calls by banks:
Survey proposed 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
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/21
684
9/18
3555
5/7
1743, 1759
12/5
4627,4662-63
6/20
2218
1962
912
Pages
Securities exchange administration: (continued)
Margin calls by banks: (continued)
Survey proposed: (continued)
Agreed such survey be made, telegram
sent to FRBanks requesting them
to proceed on personal interview
basis, no formal record of margin
calls kept by banks noted and
discussed, question re requesting
banks to keep additional records
Results of informal survey of certain
nonregulated security loans, included in reply to inquiry from
Congressman Mack re regulation
of stock market credit
Margin regulations:
Administration and enforcement of credit
and, discussed in connection
with possible legislation to
bring loans on unregistered
securities under Board authority
Credit usage and recent developments in
securities markets, discussion
re relation to
Apparent confusion in recent press articles
re difference between maintenance
margins required by member firms
of stock exchanges and Board's
margin requirements, efforts
being made to correct misunderstanding, noted
Reduction from 70 per cent to 50 per cent
approved with Governors Mills
and Robertson dissenting, amendments to Supplements of Regulations T and U, press release
issued, FRBanks and branches informed, and notice published in
the Federal Register
Mutual fund shares, time allowed for payment for,
purchased in a special cash account, interpretation that such
transaction falls under section
220.4(c)(2) approved, with the
understanding that a copy would
be sent to the law firm raising
the question, to be published in
the Federal Register and Federal
Reserve Bulletin
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/18
2748, 2759
9/19
3583, 3599
2/21
685
5/28
1963
5/31
1984
7/9
2562,2564-67
10/25
4064, 4082
1962
913
Pages
Securities exchange administration: (continued)
Nonpurpose loans, allegations re negligence of
FRSystem involving use of, to
finance stock market speculation,
in violation of Regulation U, referred to by Nate White, Editor
of American Banker, 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
Special cash accounts, amendment to section 221.2
(f), (g), and (h), of Regulation
U, intended to prevent misuse of,
in connection with unregulated
stock market credit, involving
so-called "free riding" by speculators, approved, and published
in the Federal Register
Stock market credit, article in Wall Street
Journal re regulation of, reply
to inquiry from Congressman Mack
with respect to, and re desirability of listing national bank
stocks on securities exchanges,
approved
Stock options:
"Key Employee Stock Purchase Plan-1959" of
the American Electric Power
System, request for review of
previous ruling re, involving
loans made by Manufacturers
Trust Co., pledged by stock, and
Irving Trust Co., backed by guarantee of American Electric, determined that loans by Irving
Trust Co., not subject to Regulation U, advice to Simpson
Thacher & Bartlett
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/15
2172
6/20
2217, 2233
3/21
988, 1009
9/19
3583, 3599
4/11
1344, 1357
1962
914
Pages
Securities exchange administration: (continued)
Stock plan, employees of American Telephone and
Telegraph Company, status of
loans proposed by Albuquerque
National Bank to persons purchasing shares of stock under,
interpretation sent to FRBank
of Kansas City with the understanding that it would be published in the Federal Register
a brokerage house and a
between
Transactions
customer, request for Board
opinion whether aforesaid transactions were in compliance with
Regulation T, received from
Chicago law firm Hough, Young &
Coale, agreed not appropriate
for Board to render an opinion,
advice to FRBank of Chicago
Unregulated lenders:
Reports on F.R. 728 by, request from Securities and Exchange Commission
for access to, in connection
with a study of stock exchanges,
question re staff supplying information without specific Board
approval, request granted, advice to SEC, staff requested to
keep Board advised with respect
to, plans for survey of bank
loans in order to determine
volume of loans on unlisted securities reported by Mr. Noyes
letter
to President of New York
Proposed
Stock Exchange requesting assistance in developing list of,
agreed not to send letter,
Chairman Martin to confer informally with President of Exchange, and staff to seek assistance from Securities and Exchange
Commission, staff preparing to
supplement initial reports of,
with more detailed periodic reporting form
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/31
1980, 1995
3/9
859, 869
2/21
680, 698
3/8
844
1962
915
Pages
Securities exchange administration: (continued)
Unregulated stock market credit, amendment to
section 221.2(f), (g), and (h),
of Regulation U intended to plug
loopholes involving so-called
"free riding by speculators
through improper use of special
cash accounts, approved, and
published in the Federal Register
Withdrawal of proceeds of sale of stock in a
special cash account when the
stock has been sold out of account prior to payment for its
purchase, interpretation of
Regulation T, section 220.4(c)(8),
sent to National Association of
Securities Dealers
Securities and Exchange Commission:
Regulation T, possible violation of, in transaction involving extension of
credit by a securities dealer to
a corporation in connection with
the retirement of some of the
corporations' stock, interpretation sent to
markets:
Securities
Study in connection with, conducted by,
reference to Commissions possible interest in Board's survey
re loans by member banks on
stocks and bonds as collateral
with respect to
Interested in results of interviews re
methods and standards used by
banks with respect to loans on
securities, as requested by
Board in letters to all FRBank
Presidents and Presidents of
the New York, Chicago, and San
Francisco Reserve Banks
Unregulated lenders:
Reports on F.R. 728 by, request by S.E.C.
for access to, in connection
with a study of securities exchanges, question re staff
supplying information without
specific Board approval, following discussion, request granted,
advice to
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/21
988, 1009
3/21
979, 1006
11/28
4536, 4548
5/7
1744
12/5
4628, 4662
2/21
680, 698
1962
916
Pages
Securities and Exchange Couunission: (continued)
Unregulated lenders: (continued)
Staff to seek assistance from SEC in developing list of
Security program:
Security clearance:
Farrington, Pearl G., Statistical Assistant,
position declared sensitive, to
be cleared by means of a full
field investigation
Sawyer, Lee E., Clearing Assistant, Clearing Unit, Secretary's Office,
position declared sensitive, and
full field investigation to be
initiated
Economist, Division of InAlan,
Sokolski,
ternational Finance, appointment and salary approved, requirement for completion of a
full field investigation prior
to employment waived
Stenographic Section, Secretary's Office,
all positions in, declared sensitive, overexpenditure in 1962
budget of Division of Personnel
Administration authorized to
cover estimated cost of full
field investigations
Seminars:
Bank competition, regulation of:
Copies of Board's report on changes in the
banking structure prepared for
Senate Select Committee on Small
Business to be furnished participants of
study,
invitations to send repto
Seminar
resentatives sent to FDIC, Comptroller of the Currency and
Justice Department, list of discussants on panel indicated
Program as outlined in memorandum of Messrs.
Hackley, Noyes, and Solomon implementing by specific recommendations some of the suggestions made by the
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/8
844
2/27
756
4/20
1438
7/20
2769
4/13
1366
1/3
20
1/8
62, 79
3/1
786
1962
917
Pages
Silver:
Legislation:
Draft bill submitted by the Treasury Department to repeal certain legislation relating to the purchase of,
authorizing FRBanks to issue Federal Reserve notes of $1 denomination, and terminating the special tax on transfers of interests in silver bullion, Board
views to Bureau of the Budget re
S. 2885, a bill to repeal certain legislation relating to the purchase
of, to authorize the FRBanks to
issue FRnotes of $1 denomination,
and to terminate the special tax
on the transfer of interests in
silver bullion, report to Senator
Robertson, Chairman of the Committee on Banking and Currency,
approved, reference made to issuance of $2 FRnotes
Silver Purchase Acts of 1934, 1939, and 1946:
Legislation to repeal:
SEE: Silver:
Legislation:
Small Business Investment Act:
Section 302(b), interpretation of section 4(c)(4)
Bank Holding Company Act and, re
investments by bank holding companies in stock of small business
investment companies, superseding
1959 interpretation, approved
Interpretation applicable to limitation on
investments by bank holding company systems in bank service
corporations
Small business investment companies:
Investments by bank holding companies in stock
of, interpretation of section
4(c)(4), Bank Holding Company
Act and section 302(b), Small
Business Investment Act, superseding 1959 interpretation approved, to be published in
FRBulletin, Federal Register,
and sent to each registered
bank holding company
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/5
410, 428
2/27
746, 759
12/11
4714, 4727
12/21
4852, 4914
12/11
4714, 4727
1962
918
Pages
Small business investment companies: (continued)
Profit making through supplementary rewards to,
contrary to the spirit of the
Small Business Investment Act,
misgivings expressed by Governors
Mills and Robertson, comment by
Governor Mitchell
Small business investment corporations:
Directors, service of Class C Director of FRBank
as, question re Chairman Briggs,
FRBank of Chicago, agreed Chairman Martin advise Mr. Briggs
generally that the decision was
one for him to make
Societe Camerounaise de Banque, Yaounde, Republic of
Cameroun, Morgan Guaranty International Banking Corporation,
New York, New York, granted permission to purchase shares of
Societe Generale de Banques en Cote d'Ivoire, Abidjan,
Ivory Coast, Bankers International
Corporation granted permission to
purchase shares of
Societe Generale de Banques au Sengal, Dakar, Senegal,
Bankers International Corporation, New York, New York, granted
permission to purchase shares of
Societe Ivoirienne de Banque, Abidjan, Republic of
the Ivory Coast, consent granted
Morgan Guaranty International
Banking Corporation, New York,
New York, to purchase shares of
Societe Nationale d'Investissement, Brussels, Belgium,
consent granted to request of
Morgan Guaranty International
Finance Corporation to purchase
shares of, conditions stated
Sparkman, John J., Senator:
Banking structure, changes in, revised draft of
report prepared by Board's staff
for Senate Select Committee on
Small Business, reviewed following certain changes and Governor
Mills' exception having been
noted, approved for transmittal to
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/22
1900
2/7
447
8/27
3195, 3217
10/5
3813, 3822
10/5
3813, 3823
3/26
1065, 1070
7/6
2544, 2548
1/3
18, 28
1962
919
Pages
Special Libraries Association:
Luncheon for Federal Reserve librarians who would
be attending annual meetings of,
approved
Spence, Brent, Congressman:
Audit of Board's accounts for 1961, report by
firm of public accountants transmitted to
Bank Holding Company Act of 1956:
Amendments proposed by Board, draft bill
submitted to, with letter describing proposed changes and
reiterating recommendations in
1958 Report to Congress
H.R. 8874, a bill to authorize certain banks to
invest in "bank service corporations" as means of obtaining data
processing services, introduced
by, report sent to
Report on substitute amendment adopted by
Subcommittee No. 1, House Banking
and Currency Committee, approved
and sent to
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
to amend section 14(b) of the
bill
H.R. 11654, a
FRAct, to extend for two years
the authority of FRBanks to purchase United States obligations
directly from the Treasury, favorable report to, 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) or subsidiaries
of their affiliates, report sent
to
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/17
1860
2/21
688, 699
4/9
1284, 1299
2/26
715, 727
7/25
2844, 2850
7/23
2782, 2798
6/13
2147, 2158
8/13
3073, 3094
1962
920
Pages
Spence, Brent, Congressman: (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,
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
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
Staff of Board of Governors:
Blood Donor Program, certificate of recognition
from Red Cross in connection
with, to be received on behalf
of Board by John C. Brennan,
Chairman of Board's program
Budget positions unfilled, discussion re overbudgeting resulting from, and
re recruiting difficulties in
connection with
Employee-management cooperation policy:
Approved re statement delivered to all
members of the Board's staff in
light of an Executive Order
issued by the President, directing that certain policies should
govern officers and agencies of
the Executive Branch in dealings
with Federal employees and organizations representing them
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/13
3078, 3096
8/27
3194, 3216
7/20
2767, 2774
9/6
3377
2/6
434
6/26
2337, 2371
1962
921
Pages
Staff of Board of Governors: (continued)
Employee-management cooperation policy: (continued)
Letter to Secretary of Labor Goldberg stating
Board has no comments on draft of
proposed standards of conduct for
employee organizations and proposed code of fair labor practices
in connection with the Executive
Order issued by the President
and development program:
training
Employee
Academic leave for completion of work on
doctoral dissertations under,
understanding re policy with respect to, in connection with request by Helmut Wendel, Economist,
Division of Research and Statistics
Economic Statistics, advanced, confirming
arrangements with Professor
Edwin S. Mills to conduct a
course in, consisting of 20 to
30 sessions with a fee of $100
for each session
French, conversational, arrangements with
Claude Yves Meade to conduct a
course in, with compensation in
the amount of $450 for each of
two 16-week semesters, approved
Report from activities conducted under, summarized by Governor Shepardson
Introduction to Mathematical Economics, arrangements with Dr. Richard A.
Good to conduct two 18-week
semesters with compensation,
approved
Writing, Effective, arrangements confirmed
with Dr. Calvin D. Linton to
conduct a 20-hour course in,
with understanding re compensation
Employment policy:
Designation of Messrs. Kelleher and Kern,
Director and Assistant Director
of Administrative Services, as
Contracts Compliance Officer and
Deputy Contracts Compliance Officer to carry out policies covered
in Part III of Executive Order
10925, advice to President's Committee on Equal Employment Oppor
tunity
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/13
3082
6/21
2244
7/11
2636
7/11
2636, 2668
1/30
341
7/6
2547
8/9
3063
3/22
1016, 1029
1962
922
Pages
Staff of Board of Governors: (continued)
Employment policy: (continued)
Separate regulations relating to nondiscrimination in contracts would not be
issued but procurement activities
would be carried on in accordance
with Executive Order
Report containing information re employment
of selected minority groups by
the Board of Governors sent to
Civil Service Commission in connection with the study requested
by the President's Committee on
Equal Employment Opportunity
Federal Employees Compensation Act, ruling by
Department of Labor that Board
members, officers, and employees
are covered by, Board's employer's liability policy with private company cancelled in light
of ruling
Official staff, concurrency in view that members
of, continue outside the classified service, matter considered
in light of passage of Postal
Service and Federal Employees
Salary Act of 1962 and applicability to Board's staff
Outside business and teaching activities, as reported in memorandum from Division of Personnel Administration,
approved, with understanding re
honoraria and royalties
Overtime compensation, revision of Board's policy
re aggregate compensation (basic
pay plus night-pay differential,
overtime pay, and compensation
for holiday work), increasing the
maximum rate with no alteration
to existing rule that overtime is
not paid above Grade 9, approved
Personnel actions, Governor Shepardson authorized to approve on behalf of
the Board all personnel actions
relating to members of Board's
staff other than official staff
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/22
1016
7/27
2862
2/21
688, 700
10/11
3904
9/27
3689
7/2
2473
7/24
2827
1962
923
Pages
Staff of Board of Governors: (continued)
Procedures:
Bank merger and bank holding company applications, delays in processing by
Board's staff, proposed committee to consult with interested
divisions re staff procedures
and personnel situation, agreed
proposed study be deferred, Messrs.
Sherman, Hackley, and Solomon requested to prepare report re
of
personnel:
Recruitment
connection with unfilled budget
in
Problems
positions, and possible Systemwide program for recruitment and
placement of prospective employees of Board and FRBanks, salary
classification and administration
as compared with other Government
agencies discussed
Proposed program for analysis of banking
structure and competitive banking, discussion re need for
Employment of a qualified person in connection with program authorized
Report to be presented at a subsequent
meeting on efforts that were
being made to obtain personnel,
agreement re reallocation of two
members of Board's staff
Report by Mr. Holland re, Board to be
advised of further developments
Need for in Legal Division and Division of
Examinations, in light of delays
in processing bank merger and
bank holding company applications,
discussion re
Transfers from a FRBank or Branch to the
Board, reimbursement of expenses
incurred, involving moving of
household goods and possible
temporary storage, transportation for employee and immediate
family, and per diem allowance,
policy approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/9
860
2/6
436
3/1
786
3/9
791
5/7
1746
5/9
1767
3/9
865
4/2
1113
1962
924
Pages
Staff of Board of Governors: (continued)
Reports re travel, fees paid to consultants,
and a report on official luncheon
guests, submitted by, discussion
re value of, decision to continue
Salaries:
Classification program, administration of,
in comparison with other Government agencies and FRBanks, discussed in connection with recruitment problems of Board and
FRBanks
Employees:
No problem envisaged re application of
equivalent salary ranges and adjustments in light of passage of
Postal Service and Federal Employees Salary Act of 1962, comments by Governor Shepardson
Revision of salary schedule, in two
phases, to conform with Postal
Service and Federal Employees
Salary Act of 1962, and administrative and procedural recommendations of Division of Personnel Administration, approved
Salary adjustments of certain employees
reporting for duty on October 15,
1962, and one sometime in November
in accordance with new salary
schedule which became effective
October 14, 1962, approved
Provision for general pay increase
adopted by Board October 1962,
included in 1963 budget
of Board's policy re
revision
Holidays,
aggregate compensation (basic
pay plus night-pay differential,
overtime pay, and compensation
for holiday work), increasing
the maximum rate with no alteration to existing rule that overtime is not paid above Grade 9,
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/14
555
2/6
436
10/11
3904
10/12
3921, 3932
10/17
3946
12/10
4691
7/2
2473
1962
925
Pages
Staff of Board of Governors: (continued)
Salaries: (continued)
Lithographic positions, new Printing Grade
Pay Schedule and change in salary
rates of present incumbents approved
Mechanical Force, revised wage schedule
approved
Merit increases approved
Official staff, matter of adjustment of
salaries of officer staff not
under classified service in
light of passage of Postal Service and Federal Employees Salary Act of 1962, following discussion, concurrence in view that
Board's officer staff continue
outside the classified service
Salary adjustments approved
Possibility of Congressional amendment
of Executive Pay Act, but no provision made in 1963 budget for
adjustments to, because of tenuousness of matter, comment by
Governors Shepardson and Balderston
Secretarial positions assigned to the Head
of a Section, allocation at Grade
FR-5 level approved, with understanding re restriction re applicable experience, and substitution of high school graduation
Secretarial positions assigned to the levels
of the following officials with
grades approved, Assistant Division Head at FR-6; Division Head
at FR-7; Advisers to Board at
FR-8; Legislative Counsel at
FR-8; Assistants to Board at
FR-8 and FR-7; Members of Board
at FR-11; and Chairman of Board
at FR-11 plus one step in grade
Stenographers, minimum rate for hiring, establishment at Grades FR-3 and
FR-4, dependent upon test scores,
etc., approved
Typists, minimum rate for hiring, establishment at Grade FR-3, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/5
4243, 4253
12/10 4696,4711-12
6/25 2304
10/11
10/12
3904
3922
12/10
4691
2/7
451
2/7
451
2/7
451
2/7
451
1962
926
Pages
Staff of Board of Governors: (continued)
Sensitive positions, requirement for completion
of full-field investigation prior
to employment waived in connection with appointment of Alan
Sokolski, Economist, Division of
International Finance
service:
from
s
Separation
Frost, Frederick L., Messenger, Board Members'
Offices, placed on 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
Vacancies in budget positions, discussion re
over-budgeting resulting from,
and re recruiting difficulties
in connection with certain types
of professional positions
Workmen's compensation, claim filed by Board employee under District of Columbia
Workmen's Compensation Act, letter
denying that the Board or the employee were subject to the Act at
time of injury, sent to Department of Labor
(Individual Divisions of Board)
Board Members' Offices:
Adviser to the Board, position held by
Woodlief Thomas, Board conclusion
that upon retirement of Mr. Thomas,
position would be discontinued
Secretary to Mr. Thomas, Adviser to the
Board, recommendation that position be abolished 30 calendar
days after the retirement of Mr.
Thomas, approved
(Individual names):
Benton, Madeleine E., Secretary to Governor
Mills, salary increased
Caldwell, James E., Messenger, transfer
from the position of Messenger
in the Division of Administrative
Services, with an increase in
salary, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/20
2769
6/25
2303
2/6
434
1/10
100
4/16
1376
5/9
1768
6/15
2179
7/11
2635
1962
927
Pages
Staff of Board of Governors: (continued)
Board Members' Offices: (continued)
Cardon, Robert L., Legislative Counsel,
salary approved
Catherine, Secretary, salary
Mary
Davian,
increased
Fauver, Clarke L., Assistant to the Board,
salary approved
L., Messenger, placed on
Fredrick
Frost,
leave without pay basis for
period beginning 1:00 p.m. June
18, 1962, through July 31, 1962,
with separation from the Board
at end of that period
McColloch, Lucy I., Secretary to Mr. Thomas,
application for retirement noted
Messick, Athens J., Secretary to Governor
Mitchell, salary increased
Molony, Charles, Assistant to the Board:
To continue as an Associate Member of
Presidents' Conference Subcommittee on Bank and Public Relations,
advice to Mr. Francis, Acting
Chairman of Committee on Bank
and Public Relations
Salary approved
Mooney, Dorothy S., Secretary to Governor
Robertson, salary increased
Morris, Ruth Elizabeth, Secretary, salary
approved
Muehlhaus, Margaret N., Secretary to Chairman Martin, salary increased
Stewart, Robert I., Messenger, salary increased
Thomas, Woodlief, Adviser to the Board:
Nominated by Board for Distinguished
Federal Civilian Service Award
to be granted annually by the
President, advice to be sent to
Distinguished Civilian Service
Awards Board
Plans for retirement within the next
few months and request to be relieved of duties as Economist of
FOMC at close of April 17, 1962,
meeting, discussed, Board's conclusion that upon retirement, Mr.
Thomas' position as Adviser to
the Board would be discontinued
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/12
11/6
10/12
3922
4269
3922
6/25
2303
6/1
2019
3/12
877
4/13 1366
10/12 3922
6/15
2179
1/30
342
6/15
2179
10/11
3907
1/31
370
4/16
1376
1962
928
Pages
Staff of Board of Governors: (continued)
Board Members' Offices: (continued)
Thomas, Woodlief, Adviser to the Board: (continued)
Comments by President Murphy at meeting of FAC with Board re FAC's
respect for, and good wishes, in
5/1
light of his impending retirement
6/1
noted
ion
nt
applicat
Retireme
Appointment as Consultant in Board
Members' Offices for the period
July 16-20, 1962 in order to
appear at hearings of Royal
Canadian Commission on Banking
and Finance, approved, with understanding re compensation,
transportation expenses, and
6/27
per diem
Westman, Elsie M., Secretary to Governor
6/15
Shepardson, salary increased
Wolcott, Helen B., Secretary to Governor
6/15
Balderston,salary increased
Board:
the
to
Adviser
A.,
Ralph
Young,
Travel to Paris, January 13-18, 1962,
to attend meeting of Working
Party 3, Economic Cooperation
and Development, on an actual
expense basis including official
1/10
entertainment, authorized
Informal comments on recent trip to
Paris to attend a meeting of a
working party of Organization
for Economic Cooperation and
1/18
Development, given by
Report to Board by Mr. Coombs, Vice
President, FRBank of New York,
and, re discussion held with
representatives of Treasury re
2/2
foreign currency operations
Travel to Paris to attend meetings of
Working Party 3 and Economic
Policy Committee of Organization
for Economic Cooperation and
Development February 19-22, 1962,
authorized on actual expense
basis including official enter2/7
tainment
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1587
2019
2392
2179
2179
98
221
393
445
1962
929
Pages
Staff of Board of Governors: (continued)
Board Members' Offices: (continued)
Young, Ralph A., Adviser to the Board: (continued)
Travel to attend meeting of Bank for
International Settlements in
Basle, Switzerland, on actual
expense basis, including offi3/5
cial entertainment, authorized
Travel to Paris for period May 27-31,
1962, to attend meeting of Working Party 3 of Economic Policy
Committee of Organization for
Economic Cooperation and Development, with reimbursement on actual
expense basis including official
5/17
entertainment, authorized
Report by Mr. Young on meeting attended
6/1
in Paris on May 29 and 30, 1962
Report on attendance at June meeting
in Paris of Economic Policy Committee of Organization for Economic Cooperation and Development
and a July meeting of Working
Party 3; also re certain conversations in London with officials
of British Treasury and Bank of
7/25
England
Dinner with Mr. Young as host, at an
outside location in Washington,
for associates in operations of
Working Party 3, Economic Policy
Committee, Organization for Economic Cooperation and Development,
8/6
authorized
10/12
Salary approved
Travel to London, England, to confer
with the British Treasury and
Bank of England following a meeting in Paris of Working Party 3
of Organization for Economic
Cooperation and Development, authorized, with travel expenses
on an actual expense basis in12/5
cluding official entertainment
823
1859
2012
2846
2987
3922
4634
L
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1962
930
Pages
Staff of Board of Governors: (continued)
Consultants:
Appointments, proposal of Division of Personnel Administration that by
first of 1963 all consultants be
informed that their appointments
were being extended only through
the ensuing year, and that renewal, if necessary, would be on
a year-to-year basis
Recommendation that engagement of consultants
henceforth not extend beyond the
end of calendar year for which
they were appointed, approved
Conflict of interest in employment of:
Procedures of Board re guarding against,
definition of consultants with
respect to submission of proposed questionnaire discussed,
agreed to hold for further consideration, with understanding
Division of Personnel Administration 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
Reports submitted to Board by, procedure for handling, approved, with
understanding cases involving
possible conflicts be reviewed
by Board
Reports by staff re fees paid to, discussion re value of, decision to
continue
(Individual names):
Burr, Susan S., Consultant, appointment on
temporary contractual basis,
with certain compensation, effective to December 31, 1962,
with understanding re travel,
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/14
2165
6/25
2283
6/14
2164
6/25
2281, 2312
8/17
3134
2/14
555
9/19
3587
1962
931
Pages
Staff of Board of Governors: (continued)
Consultants: (continued)
Colean, Miles, Mr. Noyes authorized to explore possibility of engaging,
as consultant, for economic study
of field of real estate
Cowden, Dudley J., appointment on temporary
contractual basis (Division of
Research and Statistics), with
understanding re compensation,
transportation expenses, travel,
and per diem, approved
Fisher, Dr. Ernest, Mr. Noyes authorized
to explore possibility of engaging, as consultant, for economic
study of real estate field
Guthrie, Harold W., appointment as Consultant in Division of Research and
Statistics on temporary contractual basis on certain rate of
compensation, with understanding
re headquarters for purposes of
travel, approved
Dan,
Professor:
McGill,
Arrangements to contract for services
of, to review certain aspects of
Retirement System of FRBanks,
with provision for compensation
and understanding re transportation, approved
Present during Board meeting, requested to make further study re retirement system, arrangements
for meeting with actuary and
representatives of Retirement
Committee to be made by Governor
Mills
Question re contemplated procedure to
be followed by, and possible
meeting of Professor McGill with
Board and Mr. Buck, the actuary,
matter to be considered further
Discussion re possible meetings with
Retirement System and with Board,
understanding re present scope of
study, letter to, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/19
5/24
10/19
4010
1933
4010
6/8
2100
6/11
2125
6/18
2198
8/6
2985
9/6
3361, 3374
1962
932
Pages
Staff of Board of Governors: (continued)
Consultants: (continued)
Phillips, Almarin, Professor:
Appointment on a temporary contractual
basis with compensation at rate
of $50 per day with necessary
transportation and per diem during travel status, approved
Consultant, Division of Research and
Statistics, compensation increased
Schlesinger, James R., appointment as Consultant on temporary contractual
basis, with understanding re compensation and necessary transportation and per diem approved
Thomas, Woodlief, Consultant, appointment
for the period of July 16-20,
1962, in order to appear at hearings of the Royal Canadian Commission on Banking, approved,
with understanding re compensation, transportation expenses
and per diem
Viksnins, George J., appointment on temporary contractual basis in Division of Research and Statistics
for certain period with compensation, approved
Witherell, Eugene E., Consulting Architect,
results of inspection of head
office building, FRBank of Atlanta,
reported
Woodruff, Ralph S., Consultant in Division
of Research and Statistics, appointment on temporary contractual basis with compensation at
certain rate, approved
Division of Administrative Services:
Operator, Mimeograph in the Duplicating,
Mail, Messenger, and Supply Section, establishment of new position approved with employment of
one Operator (Mimeograph) at
Grade PG-6, subject to determination by Division of Personnel
Administration
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/11
2636
9/25
3664
10/19
6/27
10/12
4020
2392
3924
4/19
1427
4/13
1366
6/26
2367
1962
933
Pages
Staff of Board of Governors: (continued)
Division of Administrative Services: (continued)
Operator, Tabulating Equipment, establishment of new position approved,
with appointment of Charles W.
Wrenn, Present Operator, (temporary appointee) to fill the position under full employee status
(Individual names):
Anderson, Elsie E., Charwoman:
Leave without pay, for a period not to
exceed 30 days, beginning with
four hours on January 22, 1962,
approved
Salary increased
Bado, Coleman, Chauffeur:
Salary increased
Resignation accepted
Bain, Albert C., Senior Operator (Tabulating Equipment) salary increased
W., Operator (Mimeograph):
Quincy
Barnes,
Change in title from Mail Clerk, with
increase in salary approved
Salary increased
Becker, William F., Captain, Guard Force,
salary increased
D., Foreman-Operator (MimBenjamin
Berry,
eograph), salary increased
Bishop, Eugene Edward, Guard, salary increased
Blash, John, Carpenter-Operating Engineer,
salary increased
Brown, Charles P., Operator (Mimeograph):
Change in title from Messenger, with
increase in salary approved
Salary increased
Salary increased
Brown, Ruth Anna, Telegraph Operator, salary increased
Bryant, Thomas F., Cafeteria Laborer, appointment and salary approved
Buckley, Lola, Telephone Operator, salary
increased
Bundy, Herbert W., Operator (Duplicating
Devices) salary increased
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/26
2367
1/24
4/11
256
1351
1/22 232
10/26 4105
5/11
1809
7/18
11/5
2758
4244
6/15
2180
11/5
4244
11/6
4270
12/10
4712
1/12
7/13
11/5
147
2705
4244
4/11
1351
7/18
2757
4/11
1351
11/5
4244
1962
934
Pages
Staff of Board of Governors: (continued)
Division of Administrative Services: (continued)
Caldwell, James E., Messenger:
Transfer to position of Messenger in
Board Members' Offices with an
increase of salary approved
Salary increased
Cava, James J., Tabulating Equipment Operator, resignation accepted
Charuhas, Jane C., Utility Clerk:
Salary increased
Transfer to position of Training Technician, Division of Examinations,
with no change in salary, approved
Grounds Maintenance Worker:
Saul,
Clanton,
title from Gardener with inin
Change
crease in salary approved
Salary increased
Constable, Frank W., Foreman-Operator, salary increased
Cooley, Mary W., Cafeteria Helper, salary
increased (half-time basis)
Cornett, Warren S., Chauffeur, appointment
and salary approved
Craft, Robert H., Digital Computer Systems
Operator, salary increased
t R., Laborer:
Vincen
Creamer,
sed
increa
Salary
sed
increa
Salary
Chauffeur, salary
d
D.,
Willar
Creasey,
increased
Cross, Edward, Photographer (Offset):
Salary increased
Salary increased
Davis, Willa I., Clerk-Stenographer:
Salary increased
Utility Clerk, change in title from
Clerk-Stenographer with increase
in salary, approved
A., Messenger:
Frank
Dean,
Appointment and salary approved
Granted permission to work as a shoe
salesman (part-time)
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/11
7/11
2635
2636
6/14
2168
5/22
1913
7/27
2863
53
1/5
12/10 4712
11/5
4244
3/28
1086
12/19
4837
2/21
691
6/25
8/1
2305
2917
1/22
232
11/5
11/6
4244
4270
6/15
2180
8/1
2917
1/12
146
5/7
1749
1962
935
Pages
Staff of Board of Governors: (continued)
Division of Administrative Services: (continued)
Dixon, Carol Lee, Clerk-Typist, salary increased
Doolittle, Milton B., Guard:
Appointment and salary approved
Resignation accepted
Dortch, Aaron, Operator (Xerox-Mimeograph):
Change in title from Operator (Mimeograph), with increase in salary,
approved
Salary increased
Salary increased
Dulin, Vera L., Cafeteria Supervisor:
Salary increased
Salary increased
Dyson, Nelson S., Photographer (Offset),
salary increased
Edmonds, Henry, Window Washer:
Change in title from Cafeteria Laborer,
with increase in salary approved
Salary increased
Elting, Thresia, Cafeteria Helper, salary
increased
Evans, Myrtle M., Cafeteria Helper, salary
increased
Faber, Philip D., Bindery Helper and Operator (Mimeograph):
Change in title from Operator (XeroxMimeograph), with increase in
salary, approved
Salary increased
Fassino, Andrew, Foreman, Laborers, salary
increased
T., Supply Clerk, salary inJames
Fegan,
creased
Fitzhugh, Donald B., Data Processing Planner,
salary increased
Frost, Charles F., Guard:
Appointment and salary approved
Resignation accepted
Gannon, Patricia L., Secretary, transfer
to the position of Secretary in
the Division of Examinations,
with an increase in salary, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/29
3319
5/22
9/10
1912
3409
1/12
7/13
11/5
147
2705
4244
3/2
9/25
805
3644
11/5
4244
7/18 2758
12/10 4712
1/30
343
2/8
473
1/12
11/5
147
4244
1/30
343
4/11
1351
8/1
2917
6/13 2148
12/12 4750
12/19
4837
1962
936
Pages
Staff of Board of Governors: (continued)
Division of Administrative Services: (continued)
Gard, Louise M., Mailing List Clerk and
Flexowriter Operator:
Salary increased
Resignation accepted
Greene, Charles L., Messenger, salary increased
Griffith, Flora J., Chief Telephone Operator, granted permission to engage in telephone work for a
local store on Saturdays
Gums, Virginia F., Charwoman, appointment
and salary approved
Haney, Herbert E., Senior Programmer:
Salary increased
Resignation accepted
Hart, Bishop, Bindery Worker:
Salary increased
Salary increased
Salary increased
Healy, Jo Ann, Clerk-Stenographer, transfer from Division of Personnel
Administration with no increase
in salary approved
Heflin, Viola E., Charwoman, salary increased
Hiller, Louise L., Data Control Clerk, salary increased
Hirz, Lorraine T., Clerk-Stenographer, salary increased
S., Jr., Messenger, salary
John
Hollis,
increased
Holston, Alfred J., Clerk:
Salary increased
Salary increased
Hopkins, Glenn B., Painter, salary increased
Hornbeck, Frances L, Substitute Charwoman,
hourly wage rate increased
Jenkins, Margaret E., Cafeteria Helper, salary increased
Johnson, Claiborne, Operator (Offset Press),
salary increased
Jones, Everett, Laborer, death noted by
Governor Shepardson on behalf
of the Board
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/13
8/13
3081
3082
11/6
4270
5/13
1988
4/5
1226
1/30 343
10/30 4157
4/23 1450
10/25 4076
11/5 4244
8/9
3063
5/22
1913
3/14
903
5/22
1913
9/12
3441
9/24 3657
12/20 4873
12/10 4712
10/30
4157
8/1
2917
11/5
4244
7/6
2547
1962
937
Pages
Staff of Board of Governors: (continued)
Division of Administrative Services: (continued)
Jones, James T., Messenger:
Granted permission to engage in outside activity as a service station attendant on evenings and
week ends
Salary increased
Jones, Theodore L.:
Cafeteria Laborer, granted permission
to work part-time as a gasoline
station attendant
Messenger, salary increased
Jordan, James R., Operator (Duplicating
Devices):
Salary increased
Salary increased
Jordan, Walter, Jr., Cafeteria Laborer:
Granted permission to work part-time
as a restaurant porter
Salary increased
Joyner, Lee W., Cafeteria Laborer, appointment and salary approved
Kay, Barbara, Operator, Key Punch, salary
increased
Kelleher, Joseph E., Director:
Designated Contracts Compliance Officer to carry out the policies
covered in Part III of Executive
Order 10925, advice to President's
Committee on Equal Employment
Opportunity
Designated as Board's official with
whom General Services Administration may coordinate in connection
with development of a new Federal
Telecommunications System
Appointed member of committee (or someone designated by him) to explore
relocation site problems arising
from space needs for emergency
operations at the FRBank of Richmond
Salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/28
7/13
1086
2705
4/25
12/5
1484
4635
8/1
11/5
2917
4244
4/25
7/13
1485
2705
8/6
2987
4/19
1429
3/22
1016, 1029
4/27
1511
7/17 2730
10/12 3924
1962
938
Pages
Staff of Board of Governors: (continued)
Division of Administrative Services: (continued)
Kern, Harry E., Assistant Director:
Designated Deputy Contracts Compliance
Officer to carry out the policies
in Part III of Executive Order
10925, advice to President's
Committee on Equal Employment
Opportunity
Salary approved
Kinder, Marie E., Charwoman, salary increased
Kopfman, Thomas V., Assistant Supervisor,
salary increased
Levell, Frances E., Cafeteria Helper, appointment and salary rate approved
Resignation accepted
Lasko, Helen M., Cafeteria Helper, appointment and salary approved
Lindamood, Charles D., Principal Operating
Engineer, salary increased
Love, James E., Laborer, salary increased
Lowden, James H., Cafeteria Laborer, appointment and salary approved
Luna, Lloyd G., Guard, salary increased
MacVean, Grace R., Reservations Clerk, salary increased
Maddox, P. D., General Mechanic-Operating
Engineer:
Change in title from Guard with increase in salary approved
Salary increased
Salary increased
Marcey, Nina L., Salad Maker, salary increased
Mayhew, Morris, Gardener, salary increased
McDonald, William R., Building Maintenance
Clerk, salary increased
Meadows, Phyllis Gail, Mailing List Clerk
and Flexowriter Operator, transfer from position of Clerk-Typist,
Division of Personnel Administration, with no change in salary
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/22 1016, 1029
10/12 3924
11/6
4270
11/5
4244
2/21 691
10/10 3876
12/14
4785
12/10 4712
450
2/7
7/18
3/2
2757
805
9/12
3441
5/22 1912
11/21 4451
12/10 4712
5/11 1809
12/10 4712
6/21
2245
8/13
3082
1962
939
Pages
Staff of Board of Governors: (continued)
Division of Administrative Services: (continued)
Moffett, Bruce L., Operator (Offset Press)
salary increased
Moon, Donald W., Supervisor, Procurement
Section, salary increased
Myers, Arthur S., Electrician-Operating
Engineer, salary increased
Norris, Charles R., Head, Mail and Messenger Service Unit, salary increased
Painter, Roger M., Guard, resignation accepted
Poling, Carlton C., Chauffeur, salary increased
Portnoy, Albert A., Supervisor-Inspector:
Salary increased
Salary increased
Prince, Thessolonia, Messenger:
Appointment and salary approved
Resignation accepted
Rabbitt, Bruce L., Painter, salary increased
Reddick, Lettie, Charwoman:
Additional leave without pay approved
Application for disability retirement,
approval noted
Reeder, Ray M., Operator, Tabulating Equipment:
Reinstatement and salary following
military leave approved
Salary increased
Digital Computer Systems Operator
(Trainee), change in title from
Operator, Tabulating Equipment,
and increase in salary approved
Rogers, Edward D., Messenger, resignation
accepted
Rose, Abraham, Mail Clerk, change in title
from Messenger, with increase
in salary approved
Roush, Hiram, Guard, salary increased
Sanders, Mary E., General Assistant, salary increased
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/5
4244
4/19
1429
12/10
4712
5/22
1913
6/8
2101
1/22
232
6/25
8/1
2305
2917
8/30 3329
12/12 4750
12/10 4712
1/4
42
1/24
256
3042
8/8
10/11 3907
12/20
4873
6/13
2148
7/18
6/21
2758
2244
4/11
1351
1962
940
Pages
Staff of Board of Governors: (continued)
Division of Administrative Services: (continued)
Shipp, Arad B., General Mechanic-Operating
Engineer, death on January 7,
1962, noted
L., Sergeant, Guard Force,
Aubrey
Simmons,
salary increased
Smith, William R., Laborer, salary increased
Steger, Karl J., Steamfitter-Operating Engineer, salary increased
Stephens, Wilbert L., Laborer:
Salary increased
Salary increased
Surguy, J. Robert, Clerk (Composition),
salary increased
Taylor, Franklin, Supervisor, salary increased
Taylor, William N., Messenger, salary increased
Tedrow, Paul L., Operating Engineer:
Salary increased
Salary increased
Thomasson, Bernard A., Operator, Tabulating
Equipment, appointment and salary approved
Thompson, Abner, Multilith Operator:
Salary increased
Salary increased
Tobler, Herman L., Sergeant, Guard Force,
salary increased
Turner, James, Offset Press Operator
(Multilith):
Salary increased
Salary increased
VanHook, Sam M., Guard, salary increased
Venable, Geraldine M., Clerk-Cashier, salary increased
Weems, Hubert G., Guard, appointment and
salary approved
Willis, Frances E., Charwoman, salary increased
Wilson, Davis H., Chief, Automatic Data
Processing and Telegraph Services, application for retirement noted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/30
343
8/1
2/7
2917
450
12/10
4712
4/11
6/25
1351
2305
11/5
4244
11/5
4244
8/1
2917
3/14 903
12/10 4712
7/3
2541
4/19
11/5
1429
4244
8/1
2917
11/5 4244
11/21 4451
6/21 2245
3/2
805
10/3
3761
6/4
2036
12/12
4750
1962
941
Pages
Staff of Board of Governors: (continued)
Division of Administrative Services: (continued)
Wilson, Joan B., Printing Clerk, salary
increased
A., Assistant Supervisor,
Rebie
Windsor,
Motor Transport Unit, salary
increased
Wrenn, Charles W., Operator, Tabulating
Equipment:
Appointment with full employee status
to fill new position, subject
to normal review by the Division
of Personnel Administration, approved
Change in employment status from temporary to permanent, with no change
in annual salary, approved (pursuant to previous action taken
by Board)
Salary increased
Yates, Eleanor W., Cafeteria Helper, resignation accepted
W., Building Superintendent:
Herbert
Young,
increased
Salary
Salary increased
Division of Bank Operations:
Banking data requirements including call
report procedures, memorandum by
Governor Mitchell re program for
reform of, agreed that Governor
Mitchell would work with staff
members particularly from the
Divisions of Research and Statistics and, re specific proposals
for Board's consideration
Functional cost data of the FRBanks for
1961, suggestion by Governor
Mills for a discussion of these
data by, understood that such a
presentation would be arranged
review
operating efficiency of Fedto
Unit
eral Reserve Banks and report
its findings to the Board, suggestion by Governor Mitchell in
connection with proposed procedural changes made by Governor
Robertson for examination and
supervision of FRBanks
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/15
2180
1/30
343
6/26
2367
3042
8/8
10/11 3907
11/23
4481
2966
8/3
12/10 4712
10/3
3756
2/16
609
12/20
4859
1962
942
Pages
Staff of Board of Governors: (continued)
Division of Bank Operations: (continued)
(Individual names):
Baird, John B. P., Analyst:
Salary increased
Salary increased
Barlow, Mary Patricia, Statistical Assistant, salary increased
Beck, Myra Evans, Statistical Clerk:
Appointment and salary approved
Permission granted to engage in parttime work for the Washington
Calculating and Inventory Service
Bennett, Helen M., Secretary, appointment
and salary approved
Black, Helen K., Statistical Clerk, salary
increased
Bubb, Doris V., Statistical Assistant,
change in title from Statistical
Clerk with increase in salary,
approved
Clark, Susan, Statistical Clerk, appointment and salary approved
J., Chief Current Series
Raymond
Collier,
Section, salary increased
Condon, Daisy L., Secretary, salary increased
Conkling, Gerald M., Assistant Director,
salary approved
Cunningham, Ellen C., Statistical Clerk:
Salary increased
Resignation accepted
Daniels, M. B., Assistant Director:
To serve as associate of Presidents'
Conference Subcommittee on Accounting
Salary approved
Dietrich, Elizabeth L., Statistical Clerk,
resignation accepted
Durkan, Mary M., Technical Assistant:
Salary increased
Salary increased
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/14
8/3
903
2966
1/10
99
3/16
933
6/13
2147
7/27
2863
11/14
4327
8/17
3135
9/19
3587
9/24
3657
4/11
1350
10/12
2/8
2/21
3923
473
691
4/24 1469
10/12 3923
3/12
877
1/10
6/25
99
2304
1962
943
Pages
Staff of Board of Governors: (continued)
Division of Bank Operations: (continued)
Farrell, John R., Director:
Memorandum by, recommending that the
Presidents' Conference be asked
to comment on revised procedures
involving five specific proposals,
with an attached simplified budget report form, comments favorable re proposal with reservation
expressed concerning suggestion
for semi-annual budgets, letter
to Chairman of Presidents' Conference approved, copies to
Presidents of FRBanks
To serve as associate of Presidents'
Conference Subcommittee on
Electronics
To serve as associate of Presidents'
Conference Subcommittee on
Collections
Appointed member of committee (or
someone designated by him) to
explore relocation site problems
arising from space needs at Federal Reserve Bank of Richmond
due to space provided for Board's
emergency operations
Salary approved
Golodner, Judith M., Secretary, salary increased
Golodner, Seymour, Technical Assistant:
Salary increased
Salary increased
Griset, Margaret C., General Assistant,
salary increased with change in
title from Administrative Clerk
Heacock, Helen, Statistical Clerk:
Granted permission to engage in parttime work for the Washington
Calculating and Inventory Service
Resignation accepted
Innocenti, Janet B., Statistical Clerk,
appointment and salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/11
1341, 1356
4/24
1468
4/24
1469
7/17 2730
10/12 3923
3/2
805
6/25 2304
10/11 3907
11/14
4327
6/21
8/9
2245
3063
7/12
2686
1962
944
Pages
Staff of Board of Governors: (continued)
Division of Bank Operations: (continued)
Johnson, Mary Teresa, Clerk-Stenographer,
salary increased
Jordan, Rosemary V.:
Clerk-Typist, transfer from Division
of Research and Statistics with
no change in salary, approved
Statistical Clerk-Typist, salary increased with change in title
from Clerk-Typist
Kiley, John N., Jr., Assistant Director:
To serve as associate of the Presidents' Conference Subcommittee
on Methods and Automation
Salary approved
Langham, Lee W., Chief, Call Report Section:
Salary increased
Appointment approved as Assistant Director of the newly established
Division of Data Processing,
understood that appropriate budget and salary proposals would
be submitted to the Board for
consideration at a later date
Leonard, Patricia, Statistical Clerk, salary increased
Marconi, Judy, Secretary, transfer from
position of Stenographer, Division of Examinations, with increase in salary approved
Massey, E. Ralph, Chief, Reserve Bank Operations Section, salary increased
McIntosh, James A., Data Processing Analyst,
salary increased
Millican, Thelma C., Statistical Clerk, application for retirement noted
Murray, JoAnn L., Secretary:
Salary increased
Transfer to position of Secretary,
Division of Data Processing,
with increase in salary approved
Noory, George G., Analyst:
Salary increased
Transfer to the position of Assistant
Review Examiner in the Division
of Examinations with no change
in salary, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/4
2035
2/26
721
11/14
4327
4/24 1468
10/12 3923
9/24
10/11
7/13
10/18
3657
3903
2704
3997
9/24
3657
5/22
1913
5/9
1768
8/1
2917
11/16
4361
2/2
397
7/3
2541
1962
945
Pages
Staff of Board of Governors: (continued)
Division of Bank Operations: (continued)
Nowak, Evert F., Analyst, salary increased
Noyes, Edna Kiatta, Statistical Clerk:
Granted period of leave without pay
Granted further extension of leave
without pay, understanding that
the Board's physician would ascertain through a physical examination whether her physical
condition would permit her returning to active service
Overton, Jerome Charles, Analyst:
Appointment and salary approved
Resignation accepted
Phipps, L. Marie, Statistical Typist,
resignation accepted
Randour, Pearle E., Supervisor, ReserveMember Banks Statement Unit,
change in title from Statistical
Assistant with increase in salary, approved
Renucci, Marguerite L., Statistical Clerk:
Appointment and salary approved
To work on a part-time basis for the
Washington Calculating and Inventory Service, approved
Ring, P. D., Technical Assistant, salary
increased
Schuster, Jacqueline, Statistical Clerk,
salary increased
Scully, Judith S., Secretary:
Salary increased
Resignation accepted
Shissler, Marynoble, Clerk-Stenographer:
Transfer from Division of Personnel
Administration with no change in
salary, approved
Resignation accepted
Smith, John E., Technical Assistant, salary
increased
Veenstra, Theodore A., Jr., Technical
Assistant:
Salary increased
Salary increased
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/11
1809
10/9
3852
12/3
4601
7/6
8/22
2546
3175
2/9
492
1/17
208
12/14
4785
12/21
4955
6/4
2035
5/22
1913
6/4
9/24
2035
3657
3/2
7/6
805
2547
6/4
2035
1/30
4/2
343
1113
1962
946
Pages
Staff of Board of Governors: (continued)
Division of Bank Operations: (continued)
Veenstra, Theodore A., Jr., Technical Assistant: (continued)
Reallocation suggested by Mr. Noyes,
assigned to undertake experimental analyses of Banking
structure and competition in
connection with the Board's program
White, Edwin G., Technical Assistant, salary increased
Young, Thomas G., Analyst:
Transfer from the position of Assistant Federal Reserve Examiner in
the Division of Examinations with
no change in salary, approved
Salary increased
Division of Data Processing:
Establishment of, effective January 1, 1963,
unanimously approved with the appointment of Maurice H. Schwartz
as Director and Lee W. Langham
as Assistant Director, understood
that appropriate budget and salary proposals would be submitted
to the Board for consideration
at a later date
Langham, Lee W., Assistant Director:
Appointment approved, effective
January 1, 1963, understood
that appropriate budget and salary proposals would be submitted
to the Board for consideration
at a later date
Salary approved
Pepper, Darrell G., Chart Machine Operator,
position to be transferred from
the Division of Research and
Statistics, effective January 1,
1963
Schwartz, Maurice H., Director:
Appointment approved, effective
January 1, 1963, understood
that appropriate budget and salary proposals would be submitted
to the Board for consideration
at a later date
Salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/7
12/19
2/5
4/11
1746
4837
416
1350
10/11
3903
10/11
12/10
3903
4696
11/5
10/11
12/10
4243
3903
4695
1962
947
Pages
Staff of Board of Governors: (continued)
Division of Examinations:
Assistant Supervisor, Recording and Stenographic Section, position established with understanding re
abolishment of one Grade FR-4
position when vacancy occurs
Bank merger and bank holding company applications:
Delays in processing, discussion re
procedures and personnel situation in connection with, Messrs.
Solomon, Hackley and Sherman requested to prepare report on
current procedures
Understood Division to consider further possibility of experimenting with method of presentation
of, discussion re procedure for
expediting
Delegation of authority for handling certain types of items processed
in the, proposal submitted by
Governor Mitchell, legal aspects discussed, agreement to
defer for further consideration
after completion of study by the
Legal Division
Statistical Clerk or Statistical Assistant,
establishment of new position
approved
Training Technician, establishment of a
new position approved
(Individual names):
Achor, Robert R., Review Examiner, salary
increased
Benner, Henry, Assistant Director, salary
approved
Bowman, Cyril J., Assistant FRExaminer,
salary increased
Charuhas, Jane C., Training Technician:
Transfer from position of Utility
Clerk, Division of Administrative Services, with no change
in salary approved
Salary increased
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/4
3344
3/9
860-65
10/18
3973
12/5
4631
6/13
2148
4/23
1450
4/13
1365
10/12
3/28
3923
1086
7/27 2863
12/21 4955
1962
948
Pages
Staff of Board of Governors: (continued)
Division of Examinations: (continued)
Crutcher, Dorothy A., Secretary, transfer
from Secretary's Office, with
increase in salary approved
D'Ambrosio, Patricia Ann, Secretary, salary
increased
D., Assistant FRExaminer,
Francis
Dargo,
salary increased
Ditta, Karen Marie, Stenographer, salary
increased
Donovan, John P., Review Examiner, transfer from position of FRExaminer
with no change in salary, approved
Dougal, Wilson D., Senior FRExaminer, salary increased
Dougherty, Joseph, Assistant Federal Reserve Examiner, salary increased
Dunn, Joseph B., Assistant FRExaminer, salary increased
Egertson, Jack M., Review Examiner, appointment and salary approved, with
understanding re moving expenses
from Chicago, Illinois to Washington, D. C., transportation,
and per diem while in travel
status
Fraser, C. Hadley, Federal Reserve Examiner,
change in title from Assistant
Federal Reserve Examiner with
increase in salary approved
Friedman, Richard B., Assistant FRExaminer,
salary increased
Gannon, Patricia L., Secretary, transfer
from the position of Secretary
in the Division of Administrative
Services to, approved with an increase in salary
Garner, Ted Edward, Assistant FRExaminer,
salary increased
Goodman, Glenn M., Assistant Director, salary approved
Gordon, Linda Ann, Stenographer, transfer
from position of Clerk-Stenographer, Division of Personnel
Administration, with no change in
salary, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/8
2100
3/12
877
9/12
3441
6/11
2127
8/27
3213
1/22
232
12/19
4837
3/14
903
3/5
824
12/5
4635
6/25
2304
12/19
3/2
4837
805
10/12
3923
12/13
4766
1962
949
Pages
Staff of Board of Governors: (continued)
Division of Examinations: (continued)
Gray, Hurley Wayne, Assistant FRExaminer:
Salary increased
Resignation accepted
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, advice to Federal Reserve Bank of Minneapolis
Hagler, Herbert H., Review Examiner, salary
increased
Hammons, Att W., Jr., Assistant Federal
Reserve Examiner, salary increased
Harris, Alexander J., Jr., Assistant Review Examiner:
Salary increased
Salary increased
Harrison, John B., Examiner from the FRBank
of New York:
Arrangements approved for an assignment
of approximately two months to
the foreign banking section of,
salary and subsistence expenses
to be carried by the FRBank of
New York, transportation expenses
to and from New York each week to
be paid by the Board
To be designated as a Federal Reserve
Examiner
Healey, Edward W., Assistant FRExaminer,
salary increased
Hunter, Thomas L., Jr., Supervisory Review
Examiner, salary increased
Johnson, Travis J., Senior FRExaminer, salary increased and change in title
from FRExaminer
Jones, Carol Lee, Stenographer, transfer to
the position of Secretary in the
Office of the Secretary with an
increase in salary approved
Joyce, James K., Assistant FRExaminer, salary increased
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/31
8/27
1988
3214
1/10
98, 109
6/26
2366
12/5
4635
1/10
6/25
99
2304
6/13
2148, 2162
6/13
2162
3/28
1086
8/13
3081
1/22
232
2/14
558
6/21
2245
1962
950
Pages
Staff of Board of Governors: (continued)
Division of Examinations: (continued)
Karsten, Frederick Marshall, Review Examiner,
resignation accepted
C., Assistant Director, salBrenton
Leavitt,
ary approved
Lyster, Elmer W., Federal Reserve Examiner,
salary increased
Marconi, Judy, Stenographer:
Salary increased
Salary increased
Transfer to position of Secretary,
Division of Bank Operations with
increase in salary, approved
Masters, Robert C., Associate Director, salary approved
McClelland, Warren J., Assistant to the Director, salary increased
McClintock, John T., Review Examiner:
Granted permission to serve as thesis
counsellor for The Stonier Graduate School of Banking
Supervisory Review Examiner, salary
increased and change in title
from Review Examiner
McShane, M. Patricia, Training Assistant,
salary increased
Morgan, Iola B., Training Technician:
Change in position from Secretary with
no change in salary approved
Resignation accepted
Morris, Mary L., Stenographer, salary increased
Noory, George G., Assistant Review Examiner:
Transfer from position of Analyst in
Division of Bank Operations with
no change in salary, approved
Issuance of certificate of immediate
availability for active military
service, in event of partial or
full mobilization, approved
Orre, Douglas, Assistant FRExaminer, salary
increased
Poundstone, John M., Review Examiner, salary
increased
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/30
10/12
1540
3923
6/15
2180
6/21
6/25
2245
2304
10/18
3997
10/12
3923
8/29
3318
1/4
42
1/22
232
4/25
1484
4/25
5/31
1484
1987
6/26
2366
7/3
2541
7/27
2863
6/15
2180
4/13
1365
1962
951
Pages
Staff of Board of Governors: (continued)
Division of Examinations: (continued)
Powles, Peggy Jo, Special Assistant Federal
Reserve Examiner, extension of
assignment for one additional
year, beginning January 3, 1963
Rayman, Alice E., Assistant Supervisor, Recording and Stenographic Section,
transfer from position of Secretary, Office of the Secretary,
with increase in salary, approved
Rider, Sandra J., Stenographer:
Salary increased
Resignation accepted
Riley, Jerry B., FRExaminer, salary increased
Rowzie, Susan, Secretary:
Salary increased
Resignation accepted
Rumbarger, William E., Review Examiner:
Transfer from position of Federal Reserve Examiner with no change in
salary approved
Salary increased
Sanford, James K., Review Examiner:
Appointment and salary approved, with
understanding re moving expenses,
transportation from North Olmsted,
Ohio, and per diem
Adjustment in salary approved
Schaeffer, Lloyd M., Chief FRExaminer, salary approved
Slocombe, Carol Ann, Stenographer, salary
increased
Smith, James C., Assistant Director:
To consult with FRBank of San Francisco
re mysterious disappearance of
certain Treasury certificates of
indebtedness that were being held
in vault of FRBank of San Francisco
for account of a member bank
Salary approved
Smith, James R., Review Examiner, change in
title from Assistant Review Examiner with increase in salary
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/21
4451
9/4
3345
6/21
9/26
6/20
2245
3670
2222
1156
4/3
12/12 4750
10/24
11/21
4047
4451
9/25 3664
10/17 3946
10/12
6/21
3923
2245
8/15 3126
10/12 3923
5/11
1808
1962
952
Pages
Staff of Board of Governors: (continued)
Division of Examinations: (continued)
Solomon, Frederic, Director:
Has not participated in work on case
involving section 30 warning to
Adrian Harmon, Vice President of
Barton County State Bank, Lamar,
Missouri, statement re
Statement that he was not participating
in the current phase of staff
work on United Security Account
Plan of Citizens Bank and Trust
Company, Park Ridge, Illinois,
in light of possible disciplinary
procedures under Regulation Q
Requested to prepare with Messrs.
Sherman and Hackley a report on
current procedures in bank merger
and bank holding company applications
Granted permission to deliver lecture
on bank capital during August 1962
session of School of Banking at
University of Wisconsin, with understanding that lecture would be
delivered while on annual leave
and that he would accept $100 as
compensation from the school
Permission granted to attend Annual
Convention of the National Association of Supervisors of State
Banks in Bretton Woods, New
Hampshire, on September 17-20,
1962, travel expenses and registration fees allowed
Comments re testimony by, on behalf of
Board before Subcommittee of
House Banking and Currency Committee with respect to two banking bills
Designated to testify on H.R. 12577 and
H.R. 12825 on behalf of Board
before Subcommittee No. 1, House
Banking and Currency Committee,
draft of statement distributed
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/30
338
2/1
383
3/9
865
6/7
2070
7/30
2899
8/15
3127
8/13
3079
1962
953
Pages
Staff of Board of Governors: (continued)
Division of Examinations: (continued)
Solomon, Frederic, Director: (continued)
Understanding re statements to be presented by, on behalf of the Board,
at hearings before Senate Banking
and Currency Committee re H.R.
8874; H.R. 12577; H.R. 7796 and
H.R. 12899
Position paper on portfolio regulation
of banks prepared by, for presentation by Mr. Noyes, as Chairman
Martin's representative, at meeting of Committee on Financial
Institutions
Salary approved
Somlyo, Jeannette, Stenographer, salary
increased
Starr, Donald 0., Assistant Federal Reserve Examiner:
Salary increased
Change in official headquarters from
Washington, D. C., to El Paso,
Texas, approved
Stephenson, R. M., Special Assistant:
To travel to Salt Lake City, Utah, in
connection with Continental Bank
and Trust Company, Salt Lake City,
Utah, matter, and to be accompanied
by James Ahlf, Chief Examiner,
Federal Reserve Bank of San Francisco,authorization re
Memorandum re visit to Continental Bank
and Trust Company submitted to
Board
Sullivan, Carol Judith, Stenographer:
Transfer from position of Clerk-Stenographer, Division of Personnel
Administration with no change in
salary, approved
Salary increased
Transfer to position of Secretary in
the Division of International
Finance with an increase in salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/29
3315
8/29 3316
10/12 3923
4/13
1365
2/8
473
3/7
833
7/12
2685
8/6
2975
2/15
7/13
576
2704
10/1
3743
1962
954
Pages
Staff of Board of Governors: (continued)
Division of Examinations: (continued)
Thompson, Andrew N., Assistant Director,
salary approved
Thompson, Richard N., Review Examiner:
Salary increased
Resignation accepted
Thornton, Robert B., Assistant FRExaminer,
appointment and salary approved
Tompros, Ann C., Secretary, salary increased
Troup, Fred W., Supervisory Review Examiner,
application for retirement under
the Retirement System of the Federal Reserve Banks, noted
Tyndall, Linwood N., Assistant FRExaminer:
Salary increased
Official headquarters changed from
Washington, D. C. to Jacksonville, Florida, effective
immediately
Wendt, Karl P., Senior FRExaminer, application for retirement noted
Westmoreland, Robert N., Jr., Assistant
FRExaminer:
Salary increased
Change in official headquarters from
New Orleans, Louisiana, to
Washington, D. C., effective
immediately, approved
White, Walker, Jr., Review Examiner, salary increased
Young, Thomas G., Assistant FRExaminer,
transfer to position of Analyst,
Division of Bank Operations, with
no change in salary, approved
Zimmerman, Carl A., Assistant FRExaminer,
salary increased
Division of International Finance:
Clerk-Stenographer, establishment of a new
position of, approved
Economist in the Special Studies and Operations Section in connection with
System's activities in the field
of foreign exchange operations,
establishment of new position,
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/12
4/13
9/19
3923
1365
3588
10/24 4048
8/13 3081
5/31
1987
1/10
99
12/3
4601
4/10
1329
3/16
934
8/22
3175
8/29
3319
2/5
416
5/11
1809
10/10
2/27
3876
756
1962
955
Pages
Staff of Board of Governors: (continued)
Division of International Finance: (continued)
Research Assistant, Special Studies and
Operations Section, establishment
of temporary summer position of,
and appointment of T. Paul Schultz
with certain salary, approved
Research assistants, summer, two temporary
positions approved
Research Assistant, Europe and British
Commonwealth Section, establishment of position and appointment
thereto, authorized
Statistical Assistant determined to be a
sensitive position, with the
understanding that the incumbent
(Pearl G. Farrington) would be
cleared by means of a full field
investigation
(Individual names):
Anderson, Edwin A., Economist, resignation
accepted
Auerbach, Kay J., Economist, change in title
from Research Assistant and increase in salary, approved
Baker, Mary V. F., Senior Clerk, transfer
to position of Statistical Assistant, Division of Research and
Statistics, with no change in
salary, approved
Berger, Harriet D., Secretary, salary increased
Brewster, Margaret H., Clerk, appointment
and salary approved
Brink, Willa L., Clerk:
Salary increased
Disability retirement noted
Brinley, Rita D., Secretary, salary increased
Bulow, Kay M., Clerk-Typist, transfer from
position of Clerk-Typist in Division of Personnel Administration
to, with no change in salary,
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/13
1366
4/20
1437
5/15
1829
2/27
756
1/5
53
2/27
756
10/9
3852
5/18
1876
11/19
4381
5/11
9/27
1809
3693
11/2
4226
11/2
4226
1962
956
Pages
Staff of Board of Governors: (continued)
Division of International Finance: (continued)
Cass, Joanne V., Secretary:
Salary increased
Resignation accepted
Dahl, Frederick R., Economist, resignation
accepted
Darlington, Rosemary, Research Assistant,
appointment and salary approved
Doane, Florence S., Clerk, transfer from
position of Clerk (Librarian),
Division of Personnel Administration, with increase in salary,
approved
Elrod, Warrick E., Jr., Economist, resignation accepted
Emery, Robert F., Economist, salary increased
Farrington, Pearl G., Statistical Assistant,
position declared sensitive, to
be cleared by means of a full
field investigation
Fieser, Max E., Economist:
Appointment and salary approved
Permission granted to teach a course in
principles of economics and other
courses in economics at George
Washington University during
academic year 1962-63
Furth, J. Herbert, Adviser:
Salary approved
Presentation of a report for the information of the Board on United
States balance of payments
Garber, Margaret R., Economist, salary increased
Gekker, Paul, Economist:
Nominated by Board as candidate from
FRSystem to attend International
Banking Summer School to be held
in Moscow, July 1962, advice to
ABA
Accepted by School, travel to Moscow,
visit to Leningrad, and visit to
central banks in Sweden, Norway
and Denmark, authorized
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/1
9/19
2917
3588
2/27
756
5/15
1829
6/21
2244
1/5
8/29
53
3318
2/27
756
6/7
2071
7/9
2562
10/12
3923
11/6
4255
8/1
2917
2/12
523, 535
5/10
1782
1962
957
Pages
Staff of Board of Governors: (continued)
Division of International Finance: (continued)
Gekker, Paul, Economist: (continued)
To prepare a paper on "Soviet capital
investment: review of recent
performance" for inclusion in
report of Joint Economic Committee on recent economic growth in
U.S.S.R., advice to Congressman
Patman
Salary increased
Permission granted to conduct a seminar
in Soviet economics and to serve
as academic consultant at George
Washington University
Gemmill, Robert F., Economist, designated
alternate to Mr. Partee as Board's
representative to participate in
Export-Import Bank study, advice
to Budget Bureau
Goldstein, Henry N., Economist, transfer
from Division of Research and
Statistics with an increase in
salary, approved
Hersey, Arthur B., Adviser:
Authorized to attend meeting of central
bank economists held at Bank for
International Settlements, Basle,
Switzerland, March 10-12, 1962
Authorization to attend, as consultant
to members of U.S. delegation,
meeting of Working Party 3 of
Economic Policy Committee of the
OECD, July 17-18, 1962, also
authorized to visit central banks
in England, Germany and Netherlands
Salary approved
Irvine, Reed, Chief, Latin America, Asia
and Africa Section:
Authorized to participate in survey
mission to British Guiana as requested by Agency for International Development
Salary increased
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/8
6/25
10/24
2085, 2102
2304
4047
1/29
318, 334
3/7
833
2/2
397
6/11 2126
10/12 3923
2/9
6/25
480, 499
2304
1962
958
Pages
Staff of Board of Governors: (continued)
Division of International Finance: (continued)
Irvine, Reed, Chief, Latin America, Asia
and Africa Section: (continued)
Travel to accompany Governor Robertson
to visit central banks of certain
Latin American countries, authorized
Salary increased
Travel to accompany Governor Robertson
on Latin American trip authorized
on same per diem basis as would
be applicable in case of member
of Board
Junz, Helen B., Economist, appointment and
salary approved
Katz, Samuel I., Associate Adviser:
Attendance at meeting of Working Party
3 of OECD in Paris, April 16-17,
and visits to certain European
central banks, and possibly other
institutions, authorized
Travel to Switzerland to attend meeting of central bank officers at
Bank for International Settlements for discussion of Eurodollar market and to visit two
European central banks, authorized
Salary approved
Kaufman, Richard H., Economist, salary
increased
Klein, Thomas M., Economist:
Appointment and salary approved
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
Major, Pauline H., Statistical Assistant,
salary increased
Maroni, Yves, Economist:
Possible representative at Seventh
Operational Meeting of CEMLA, to
be held in Mexico City, Sept. 3-14
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/27
8/13
2859
3081
9/10
3408
11/2
4226
4/2
1111
9/19 3586
10/12 3923
6/25
2304
2/16
610
4/23
1450
10/3
3761
1/30
343
3/16
912, 936
1962
959
Pages
Staff of Board of Governors: (continued)
Division of International Finance: (continued)
Maroni, Yves, Economist: (continued)
Salary increased
Travel to Mexico City to represent
Board at Seventh Operational
Meeting of CEMLA and to visit
Guatemala, El Salvador, and
Honduras, authorized
Change in title from Economist to
Senior Economist and increase
in salary approved
McVeigh, Mary Anne, Secretary:
Salary increased with change of title
from Clerk-Stenographer
Resignation accepted
Mills, Rodney H., Jr., Economist, salary
approved
Nettles, James K., Economist, appointment
and salary approved, with understanding re moving expenses,
transportation, and per diem
while in travel status
O'Rourke, Roberta M., Secretary, transfer
from position of Secretary in
Division of Research and Statistics to, approved
Passall, Barbara C., Secretary:
Transfer from position of Clerk-Stenographer with increase in salary,
approved
Permission granted to engage in work
as a jewelry saleswoman for
Sarah Coventry, Inc., during
evenings and weekends
Resignation accepted
Patz, Marcia G., Secretary:
Salary increased
Resignation accepted
Reaves, Peggy H., Clerk:
Salary increased
Change in title from clerk and salary
increase approved
C., employment on a summerRobert
Repetto,
employment basis and salary
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/11
2126
6/25
2303
12/20
4873
7/6
8/17
2547
3134
4/19
1429
1/26
307
11/14
4326
5/31
1987
6/20
9/26
2222
3670
1/2
4/9
10
1768
8/13
3081
10/9
3852
3/28
1087
1962
960
Pages
Staff of Board of Governors: (continued)
Division of International Finance: (continued)
Reynolds, John E., Chief, Special Studies
and Operations Section:
Salary increased
Trip to Paris to attend meetings of
Working Party 2 of OECD, payment
of expenses on actual transportation expense basis and per diem,
authorized
Ruckdeschel, Frederic Brill, Research Assistant (temporary summer position):
Appointment and salary approved
Resignation accepted
Sammons, Robert L., Adviser:
To lecture on the FRSystem at the Tenth
Regular Training Program of CEMLA,
letter approved
Services to be made available in connection with technical assistance
mission to Ecuador as requested
by Inter-American Development
Bank, with understanding re salary, contributions to Retirement
System, group life and health
insurance and travel expenses
Travel to Mexico City to lecture at
CEM1A authorized
Salary approved
Travel to Rio de Janeiro, Brazil, to
attend Conference on Inflation
and Growth in Latin America,
authorized, subject to concurrence by State Department
Stopover to advise Central Bank of
Venezuela on certain statistical
problems, approved with understanding re expense
Schultz, T. Paul, Research Assistant, appointment on temporary summer
position basis and salary approved
Shafer, Dorothy Lee, Clerk-Stenographer,
transfer from Division of Personnel Administration with no
change in salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/11
10/19
1809
4019
4/20
8/27
1438
3214
2/21
678, 695
2/26
720, 732
6/21 2243
10/12 3923
12/7
4676
12/7
4676
4/13
1366
10/31
4204
1962
961
Pages
Staff of Board of Governors: (continued)
Division of International Finance: (continued)
Sokolski, Alan, Economist, appointment and
salary approved, requirement for
completion of a full field investigation prior to employment,
waived
Sullivan, Carol, Secretary, transfer from
the position of Stenographer in
the Division of Examinations with
an increase in salary approved
Swerling, Boris C., Senior Economist:
Appointment and salary approved
Continuation of affiliation with
Stanford University, Stanford,
California, until August 31, 1962,
the end of the current academic
year, approved
Granted permission to serve (without
compensation) as a member of the
Editorial Council of the Journal
of Farm Economics
Advance of sick leave approved
Taylor, Judy D., Secretary, transfer from
position of Stenographer, Legal
Division, with increase in salary,
approved
Vermeulen, Narita Ann, Clerk, appointment
and salary approved
Wilson, Jane S., Clerk, salary increased
Transfer to position of Payroll Clerk,
Office of the Controller, with
increase in salary, approved
Wilson, Theodore R., Economist, resignation
accepted
Wood, Ralph C., Associate Adviser:
Travel to Paris, January 13-18, 1962,
to attend meeting of Working
Party 3, Economic Policy Committee of the Organization for Economic Cooperation and Development, on an actual expense basis
including official entertainment,
authorized
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/20
2769
10/1
3743
3/5
824
6/20
2222
2917
8/1
10/25 4076
8/27
3214
10/24 4047
5/11 1809
5/24
1933
1/12
147
1/10
98
1962
962
Pages
Staff of Board of Governors: (continued)
Division of International Finance: (continued)
Wood, Ralph C., Associate Adviser: (continued)
February 19-22, 1962, travel to Paris
to attend meeting of Working Party
3 of the Economic Policy Committee
of the Organization for Economic
Cooperation and Development authorized, on actual expense basis
Authorized to accompany Governor Mitchell
and President Irons on trip to
Europe to attend annual meeting
of Bank for International Settlements and to visit a number of
European central banks
Salary approved
Travel to Paris for meetings of Economic Policy Committee, Organization for Economic Cooperation
and Development, and Working
Party 3, authorized
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 Institution
Young, Ralph A., Director:
Travel to Paris, January 13-18, 1962,
to attend meeting of Working
Party 3, Economic Policy Committee, Organization for Economic
Cooperation and Development, on
an actual expense basis including official entertainment, authorized
Informal comments on recent trip to
Paris to attend a meeting of a
working party of the Organization for Economic Cooperation
and Development, given by
Report to Board by Mr. Coombs, Vice
President, FRBank of New York,
and, re discussion held with
representatives of the Treasury
re foreign currency operations
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/7
445
1762
5/9
10/12 3923
10/31
4202
11/26
4505
1/10
98
1/18
221
2/2
393
1962
963
Pages
Staff of Board of Governors: (continued)
Division of International Finance: (continued)
Young, Ralph A., Director: (continued)
Travel to Paris to attend meetings of
Working Party 3 and Economic
Policy Committee of Organization
for Economic Cooperation and Development February 19-22, 1962,
authorized, on actual expense
basis including official entertainment
To attend meeting of Bank for International Settlements in Basle,
Switzerland, on actual expense
basis, including official entertainment, authorized
To Paris for period May 27-31, 1962 to
attend meeting of Working Party 3
of Economic Policy Committee of
Organization for Economic Cooperation and Development, with reimbursement on actual expense basis
including official entertainment,
authorized
Report by Mr. Young on meeting attended
in Paris on May 29 and 30, 1962
Report on attendance at June meeting
in Paris of Economic Policy Committee of Organization for Economic Cooperation and Development and a July meeting of Working Party 3 of the Organization;
also re certain conversations in
London with officials of the
British Treasury and Bank of
England
Dinner, with Mr. Young as host, at an
outside location in Washington,
for associates in operations of
Working Party 3, Economic Policy
Committee, Organization for Economic Cooperation and Development,
authorized
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/7
445
3/5
823
5/17
1859
6/1
2012
7/25
2846
8/6
2987
1962
964
Pages
Staff of Board of Governors: (continued)
Division of International Finance: (continued)
Young, Ralph A., Director: (continued)
Authorized to travel to London, England,
to confer with the British Treasury and the Bank of England following a meeting in Paris of the
Working Party 3 of the Organization for Economic Cooperation
and Development, travel expenses
on an actual expense basis including official entertainment
Division of Personnel Administration:
Requested by Governor Mitchell, to prepare
informational material re basis
for establishing salary ranges
above grade 13 for FRBank employees, to be made available
to each Board member
(Individual names):
Absher, Bonnie L., Clerk-Stenographer,
resignation accepted
Becton, Annie V., Substitute Maid:
Appointment and salary approved
Per diem wage rate increased
Blackman, Ruth M., Clerk (Librarian), appointment and salary approved
Brennan, John C., Personnel Assistant:
Salary increased
Certificate of recognition from Red
Cross in connection with Board's
Blood Donor Program, to be received by, on behalf of Board,
as Chairman of Board's program
Bulow, Katherine Mae, Clerk-Typist:
Appointment and salary approved
Transfer to the position of ClerkTypist in the Division of International Finance with no change
in salary approved
Chandler, Lois A., Personnel Clerk, appointment and salary approved
Clements, Sylvia Ileen, Secretary, salary
increased
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/5
4634
2/19
628
8/3
2966
1/30 342
10/30 4157
8/27
3214
2/8
473
9/7
3377
3/28
1086
11/2
4226
9/25
3663
8/13
3081
1962
965
Pages
Staff of Board of Governors: (continued)
Division of Personnel Administration: (continued)
Devlin, Jeanette E., Personnel Records
Technician, change in title from
Personnel Records Clerk, with increase in salary, approved
Doane, Florence S., Clerk (Librarian):
Salary increased
Transfer to Division of International
Finance, with increase in salary, approved
M., Clerk (Librarian):
Edith
Fenton,
Half-time position on a temporary
basis, appointment and salary
approved
Resignation accepted
Gander, Gena, Employee Relations Technician,
salary increased
Gordon, Linda Ann, Clerk-Stenographer:
Appointment and salary approved
Transfer to position of Stenographer,
Division of Examinations, with
no change in salary, approved
Healy, JoAnn, Clerk-Stenographer:
Appointment and salary approved
Transfer to Division of Administrative
Services with no increase in salary approved
Hicks, Norma Jean, Clerk-Stenographer:
Appointment and salary approved
Transfer to Division of Research and
Statistics with no change in
salary approved
Jarman, Janice L., Clerk-Stenographer,
transfer to the position of
Clerk-Stenographer in the Division of Research and Statistics,
from, approved with no change in
salary
Johnson, Edwin J., Director, salary approved
Johnson, Sada Ann, Clerk-Stenographer, resignation accepted
Karstetter, Carol M., Clerk-Stenographer:
Transfer from a stenographer-recruit
position in the same Division
with no change in salary, approved
Transfer to Office of the Secretary,
with no increase in salary, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/3
2966
2/8
473
6/21
2244
7/20
8/27
2768
3214
8/13
3081
5/31
1988
12/13
4766
5/31
1988
8/9
3063
6/25
2303
8/13
3081
42
1/4
10/12 3924
6/8
2101
3/7
833
9/4
3345
1962
966
Pages
Staff of Board of Governors: (continued)
Division of Personnel Administration: (continued)
Kraft, Barbara A., Clerk-Stenographer, appointment and salary approved
Meadows, Phyllis Gail, Clerk-Typist:
Appointment and salary approved
Transfer to position of Mailing List
Clerk and Flexowriter Operator,
Division of Administrative Services
Oldland, Linda Sue, Clerk-Stenographer:
Salary increased
Resignation accepted
Page, Ruth B., Substitute Maid:
Appointment and salary approved
Per diem wage rate increased
Perkins, Juliann, Maid:
Reemployment following maternity leave
and salary approved
Salary increased
Raybold, Ann W., Employment Technician,
change in title from Personnel
Clerk with increase in salary
approved
Rice, Sudelle, Employee Development Technician, change in title from
Training Technician, with increase in salary approved
Sampson, Robert G., Personnel Technician:
Appointment and salary approved
Salary increased
Saunders, Dorothy Lee, Secretary:
Appointment and salary approved
Transfer to the position of Secretary
in the Office of the Secretary
with no change in salary, approved
Shafer, Dorothy Lee, Clerk-Stenographer:
Appointment and salary approved
Transfer to Division of International
Finance with no change in salary
approved
Shissler, Marynoble, Clerk-Stenographer,
transfer to Division of Bank
Operations, with no change in
salary, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/22
3175
5/31
1988
8/13
3082
6/21
8/20
2245
3158
1/30 342
10/30 4157
3063
8/9
11/21 4451
5/11
1808
3/16
933
1/17
8/3
208
2966
5/18
1876
7/3
2541
5/9
1768
10/31
3/2
4204
805
1962
967
Pages
Staff of Board of Governors: (continued)
Division of Personnel Administration: (continued)
Smith, Carole Joyce, Clerk-Typist:
Appointment and salary approved
Resignation accepted
Sprecher, H. Franklin, Jr., Assistant Director, salary approved
Sullivan, Carol Judith, Clerk-Stenographer,
transfer to position of Stenographer, Division of Examinations
with no change in salary approved
Trefethen, Ann, Clerk-Typist:
Appointment and salary approved
Transfer to Division of Research and
Statistics, with no change in
salary, approved
Troy, Nancy Lee, Clerk-Stenographer, appointment and salary approved
Westergren, Ruth A., Supervisor of the Personnel Records Unit, application
for retirement noted
Wickline, M. Callie, Nurse, granted advance
of sick leave
Wolfe, Sandra Lee, Clerk-Typist:
Appointment and salary approved
Clerk-Stenographer, change in title
from Clerk-Typist, with increase
in salary approved
Wolverton, Margaret H., Personnel Assistant,
change in title from Personnel
Technician, with increase in
salary, approved
Wood, Charles W., Personnel Assistant:
Salary increased
Salary increased
Division of Research and Statistics:
Banking data requirements including call
report procedures, memorandum
by Governor Mitchell re program
for reform of, agreed that Gov.
Mitchell would work with staff
members particularly from the
Divisions of Bank Operations and,
re specific proposals for Board's
consideration
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/31
8/27
10/12
2/15
1988
3213
3924
576
5/31 1988
8/13
3082
5/15
1829
6/20
2222
9/21
3626
7/12
2686
9/4
3345
8/3
2966
6/25
7/13
2305
2704
10/3
3756
1962
968
Pages
Staff of Board of Governors: (continued)
Division of Research and Statistics: (continued)
Banking Markets Unit, proposal for augmenting staff of, to be presented to
Board shortly, noted in consideration of program for analysis
of banking structure and competition
Banking Section, relatively small budget
for, noted by Governor Mitchell
in consideration of 1963 budget,
in light of opinion more manpower
should be put in this section
Clerical position at FR-3 level, abolishment of, in connection with
establishment of Secretarial
position at FR-6 level
Research Assistant, summer position, establishment of two additional, approved, with the understanding
that no budgetary overexpenditure would result
Research Assistants, summer, five temporary
positions of, approved
Secretarial position at FR-6 level, additional position established, with
understanding re designation of
position for purposes of 1962
budget, and re abolishment of
position of Clerk at FR-3 level
Vacancies, discussed in connection with
procurement of personnel with
respect to proposed program for
analysis of banking structure
and competition
(Individual names):
Allen, Philip T., Economist, resignation
accepted
Altman, Stuart H., Economist:
Appointment and salary approved
Adjustment in salary approved
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
12/12
4743
12/10
4694
9/4
3344
4/18
1401
4/20
1437
9/4
3344
3/1
788, 790
2/15
576
9/10 3409
10/17 3946
10/25
4076
1962
969
Pages
Staff of Board of Governors: (continued)
Division of Research and Statistics: (continued)
Altmann, Murray, Economist, salary increased
Aquino, Trania J., Clerk-Typist, resignation
accepted
Anagnos, Ketty, Statistical Assistant, appointment and salary approved
Anderson, Sandra K., Statistical Clerk,
resignation accepted
Atkinson, Julian H., Economist (unclassified
position):
Appointment and salary approved
Permission granted to continue general
supervision of research, review
of manuscripts, theses, etc., at
Purdue University (with no compensation), and to complete two
contracts in egg futures entered
into prior to entering the Board's
employ
Axilrod, Stephen H., Economist:
Salary increased
Senior Economist, change in title from
Economist and increase in salary
approved
Baker, Mary V. F., Statistical Assistant,
transfer from position of Senior
Clerk, Division of International
Finance with no change in salary
approved
Bangs, Robert B., Senior Economist:
Salary increased
Resignation accepted
Bernard, Loree D., Statistical Clerk:
Appointment and salary approved
Permission granted to work part-time
as theater cashier
Bernard, Normand R. V., Economist, appointment and salary approved
Black, Katherine G., Statistical Assistant,
salary increased
Bosworth, Barbara Anne, Statistical Clerk,
appointment and salary approved
Bowlin, Cynthia B., Draftsman, transfer
from position of Draftsman-Trainee, and increase in salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/21
6/8
10/18
4450
2100
3996
6/13
2148
4/2
1112
6/29
2432
6/4
2035
9/4
3345
10/9
3852
2/8
7/6
473
2547
5/4
1723
5/18
1876
3/7
832
1/30
342
4/2
1113
5/28
1964, 1978
1962
970
Pages
Staff of Board of Governors: (continued)
Division of Research and Statistics: (continued)
Bretzfelder, Robert B., Economist, appointment and salary approved
Brill, Daniel H., Associate Adviser:
Salary approved
Adviser, appointment approved
Brockway, Loretta, Statistical Clerk:
Salary increased
Statistical Assistant, change in title
from Statistical Clerk, with increase in salary approved
Resignation accepted
Broida, Arthur L., Economist:
Salary increased
Chief, Consumer Credit and Finance
Section, change in title from
Economist, with increase in salary approved
Brown, Katharine E., Statistical Assistant,
resignation accepted
Bryson, Charles W., Economist, salary increased
Burr, Susan S., Consultant, appointed on
temporary contractual basis,
with certain compensation effective to December 31, 1962, with
understanding re travel, approved
Butler, Darlene J., Research Assistant, appointment and salary approved
Cagle, Caroline H., Economist, salary increased
Campbell, Margaret, Clerk-Stenographer:
Salary increased
Secretary, change in title from ClerkStenographer with increase in
salary approved
Cassedy, Rose C., Research Assistant (Data
Processing):
Salary increased
Salary increased
Chambers, Jeanne, Secretary, change in title
from Clerk-Stenographer to, with
increase in salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/26
10/12
10/19
721
3923
4020
6/21
2245
7/18
9/12
2758
3441
2/8
473
12/3
4602
5/11
1809
5/22
1913
9/19
3587
5/17
1860
2/8
473
6/21
2245
7/12
2686
6/25
7/13
2304
2704
2/14
558
1962
971
Pages
Staff of Board of Governors: (continued)
Division of Research and Statistics: (continued)
Clarke, Ruth H., Editorial Clerk:
Salary increased
Salary increased
Clary, Ann R., Librarian, salary increased
Comiez, Maynard S., Economist, resignation
accepted
Courtright, Suzanne, Statistical Clerk salary increased
Cowden, Dudley J., Consultant, appointment
on temporary contractual basis,
with understanding re compensation, transportation expenses
and per diem, approved
Crockett, David, Economist, resignation
accepted
Cullipher, Carolyn, Clerk-Stenographer:
Salary increased
Secretary, change in title from ClerkStenographer, with increase in
salary, approved
Czamanske, David Y., Summer Research Assistant, appointment and salary
approved
Davidson, Joyce Ann, Statistical Clerk, appointment and salary approved
Davis, Elsie Q., Statistical Assistant,
salary increased
de Leeuw, Frank, Economist:
Authorized to participate in hearings
held by the Subcommittee on Economic Statistics of the Joint
Economic Committee on Measurement
of Productive Capacity
Salary increased
Dembitz, Lewis N., Associate Adviser:
Granted permission to handle the investment of certain family funds
Salary approved
Dunn, Helen M., Statistical Assistant, appointment and salary approved
Edwards, Daniel J., Economist:
Resignation accepted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/11
9/28
8/29
1350
3728
3318
3/5
824
4/2
1113
5/24
1933
8/13
3081
6/21
2245
7/12
2686
5/7
1748
8/29
3318
5/11
1809
4/18
6/25
1393
2304
2917
8/1
10/12 3923
9/24
3656
11/2
4226
1962
972
Pages
Staff of Board of Governors: (continued)
Division of Research and Statistics: (continued)
Edwards, Franklin R., Summer Research Assistant:
Appointment and salary approved
Resignation accepted
Eiler, Gay, Statistical Clerk, appointment
and salary approved
Featherstone, Phyllis J., Statistical Clerk:
Salary increased
Salary increased
Finn, Gene L., Economist:
Salary increased
Resignation accepted
Fisher, Robert Moore, Senior Economist,
appointment and salary approved
Flechsig, Theodore G., Economist, salary
increased
Fortunato, Kathryn, Library Assistant, salary increased
Francis, Jill D., Chart Machine Operator:
Appointment and salary approved
Adjustment in salary approved
Granted permission to work as a sales
clerk at Garfinckel's evenings
and Saturdays
Frase, Eleanor Stockwell, Economist, salary
increased
Freedman, Bernard, Economist, salary increased
Fry, Edward R., Economist, salary increased
Gajewski, Peter, Economist, salary increased
Garabedian, Levon H., General Assistant, salary increased
Garfield, Frank R., Adviser, salary approved
Gehman, Clayton, Chief, Business Conditions
Section:
Authorized to attend meeting of Conference of European Statisticians
Working Group on Industrial Statistics, in Geneva, Switzerland,
with understanding re expenses
Request from Budget Bureau that he serve
as U.S. representative noted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/7
8/30
1748
3329
10/3
3761
2/8
3/16
473
933
6/25
8/9
2304
3063
12/14
4785
11/8
4307
9/12
3441
10/1 3743
10/17 3946
12/3
4601
3/14
903
6/25 2304
3/16 934
11/16 4361
9/4
3345
10/12 3923
4/20
1437
4/20
1437
1962
973
Pages
Staff of Board of Governors: (continued)
Division of Research and Statistics: (continued)
Gehman, Clayton, Chief, Business Conditions
Section: (continued)
Authorized to stop in London to confer
with officials of Bank of England
on his return trip
Salary increased
Goldstein, Henry N., Economist, transfer to
the Division of International Finance to the position of Economist with an increase in salary,
approved
Goodby, Priscilla S., Economist, resignation
accepted
Gray, Marjorie M., Digital Computer Programmer Trainee:
Salary increased
Digital Computer Programming Assistant,
change in title from Digital Computer Programmer Trainee, with
increase in salary approved
Gregory, Mary T., Statistical Clerk, salary
increased
Salary increased
Grey, Kathleen M., Statistical Clerk:
Appointment and salary approved
Resignation accepted
Grove, Myron A., Economist (Recruit),
granted official leave in order
to confer on his doctoral dissertation with his faculty adviser
at Northwestern University, with
understanding he would travel at
his own expense
Grunwell, Helen R., Chief Draftsman, salary
increased
Guthrie, Harold W., Consultant, appointment
on temporary contractual basis
at certain rate of compensation,
with understanding re headquarters
for purposes of travel, approved
Hanovega, Charlotte L., Statistical Assistant:
Salary increase incident to a transfer
to a different position with the
Division, approved
Resignation accepted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/9
8/13
1762
3081
3/7
833
5/14
1819
3/28
1086
4/13
1365
6/21
8/17
2245
3135
2546
7/6
12/14 4785
6/7
2070
1/30
342
6/8
2100
1/25
5/4
294
1723
1962
974
Pages
Staff of Board of Governors: (continued)
Division of Research and Statistics: (continued)
Harrington, Mary Jane, Economist, salary
increased
Hicks, Norma Jean, Clerk-Stenographer,
transfer from Division of Personnel Administration with no
change in salary approved
Hillard, Mary Hedda, Statistical Assistant,
salary increased
Hodge, Verna L., Librarian, salary increased
Holland, Robert C., Adviser, salary approved
Hollingshead, Marjorie J., Secretary:
Change in title from Clerk-Stenographer,
with increase in salary, approved
Resignation accepted
Appointment and salary approved
Howell, James M., Economist, appointment and
salary approved
Hull, David R., Jr., Economist:
Salary increased
Salary increased
Jackson, Mary C., Statistical Clerk, resignation accepted
Jarman, Janice L., Clerk-Stenographer, transfer from the position of ClerkStenographer in the Division of
Personnel Administration, to,
approved with no change in salary
Jessup, Joanne L., Statistical Clerk-Typist,
salary increased
Jordan, Rosemary V., Clerk-Typist, transfer
to Division of Bank Operations,
with no change in salary approved
Kalachek, Edward, Economist, resignation
accepted
Katz, Arnold, Economist, resignation accepted
Keen, Nancy, Secretary, granted period of
leave without pay
Salary increased
King, Jean C., Technical Editor:
Appointment and salary approved
Reinstatement following maternity leave
and salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/21
2245
8/13
3081
4/2
1113
450
2/7
10/12 3923
3/20
6/18
8/13
955
2199
3080
4/2
1112
4/11
9/28
1350
3728
6/22
2271
1/4
42
7/13
2704
2/26
721
2/19
633
7/27
2863
9/19 3587
10/11 3907
3/7
832
11/7
4281
1962
975
Pages
Staff of Board of Governors: (continued)
Division of Research and Statistics: (continued)
Koch, Albert R., Adviser:
Certain observations re UniversitiesNational Bureau Conference on
Monetary Economics held at
Carnegie Institute of Technology,
made by
Salary approved
Associate Director, appointment approved
Report on participation in Fiscal
Policy Conference sponsored by
President's Committee on LaborManagement Policy
Kohan, Joyce, Secretary, resignation accepted
Krauss, Nancy M., Statistical Clerk, resignation accepted
Krummack, Mary Janice, Economist, appointment and salary approved
Kuznets, Paul W., Economist, salary increased
Lennon, Gail J., Draftsman, resignation
accepted
Locke, Esther P., Secretary, resignation
accepted
Lockhart, Phyllis H., Draftsman-Illustrator,
salary increased
MacLean, Lucile R., Librarian, salary increased
Mahoney, Claudia Ann, Secretary, transfer
from the position of Minutes
Clerk in the Secretary's Office
with an increase in salary approved
Manookian, Edward A., Economist, salary increased
McCrae, Bessie M., Statistical Assistant,
salary increased
McGouldrick, Paul F., Economist, salary
increased
Salary increased
McVeigh, Mary Ann, Secretary, transfer from
the position of Stenographer in
the Legal Division to, with an
increase in salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/20 1435
10/12 3923
10/19
4020
11/16
4356
4/13
1365
2/15
576
10/26
4105
8/3
2966
2/27
756
3/1
792
10/11
3907
1/4
42
3/16
933
9/12
3441
1/30
342
3/2
4/2
805
1113
11/14
4327
1962
976
Pages
Staff of Board of Governors: (continued)
Division of Research and Statistics: (continued)
Millea, Gerald F., Chief, Administration
Section, salary increased
Monaco, Vita Rose, Statistical Clerk, resignation accepted
Morelle, Wilellyn, Economist, salary increased
Morris, Starr Preston, Clerk, appointment
and salary approved
Morrison, George R., Economist, resignation
accepted
Morse, M. Elva, Statistical Clerk:
Advance of sick leave approved
Statistical Assistant, leave without
pay granted from June 25, 1962,
through September 22, 1962
Death noted
Moss, Milton, Economist, resignation accepted
Mullin, Gail E., Economist:
Granted leave without pay in order to
accept a teaching assignment at
Indiana University
Salary increased
Mulville, Polly Ann, Statistical Clerk,
salary increased
Nelson, Elsie, Economist, advance of sick
leave approved
Noyes, Guy E., Director:
To serve as Board's liaison on three
interagency committees established by President of United
States to study financial institutions, Federal Credit programs, and corporate pension
funds and other private retirement and welfare programs, in
connection with report of Commission on Money and Credit
Report on meeting of committee to study
Federal credit programs, by
Report on recent meetings of three interagency committees, with reference to request that he serve
as acting chairman of committee
on Federal credit programs in
absence of Mr. Roosa
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/6
4269
4/3
1156
9/24
3657
4/2
1112
8/9
3063
3/21
996
7/6
7/18
2547
2758
9/19
3588
2/21
3/2
691
805
1/18
222
3/26
1067
4/6
1243
4/11
1349
5/2
1610
1962
977
Pages
Staff of Board of Governors: (continued)
Division of Research and Statistics: (continued)
Noyes, Guy E., Director: (continued)
Report on recent meetings re financial
institutions and Federal credit
programs
Request for Board guidance on position
paper re portfolio regulation of
banks prior to next meeting of
Committee on Financial Institutions, at which he has been
Chairman Martin's representative
Instructed re comments at afternoon
meeting of interagency committee
to study financial institutions
Salary approved
Nystrom, James S., Economist, salary increased
O'Leary, Mary Ann, Secretary:
Salary increased
Resignation accepted
O'Rourke, Roberta, Secretary:
Salary increased
Salary increased
Transfer to position of Secretary in
Division of International Finance,
approved
Orr, N. Lois, Statistical Clerk, salary increased
Owen, Shirley, Secretary:
Salary increased
Resignation accepted
Partee, J. Charles, Chief, Capital Markets
Section:
Designated Board's representative to
participate in the Export-Import
Bank study, advice to Budget
Bureau
Salary increased
Pepper, Darrell G., Chart Machine Operator,
appointment and salary approved,
position to be transferred to
Division of Data Processing, effective January 1, 1963
Peret, J. Cortland G., Economist, salary
increased
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/14
1818
8/29
3316
10/3 3757
10/12 3923
9/24
3657
6/15 2180
10/18 3997
6/15
6/25
11/14
2180
2304
4326
4/2
1113
6/15
8/27
2180
3214
1/29 318, 334
10/12 3924
11/5
4243
5/11
1809
1962
978
Pages
Staff of Board of Governors: (continued)
Division of Research and Statistics: (continued)
Peters, Ann M., Statistical Assistant,
granted advance of sick leave
Peterson, Milo, Economist, appointment and
salary approved, with understanding re reimbursement for moving
expenses, including transportation and per diem while in travel
status, as well as transportation
for his immediate family
Phillips, Almarin, Professor:
Appointed on a temporary contractual
basis with compensation at rate
of $50 per day with necessary
transportation and per diem during travel status, approved
Compensation increased
Pickering, Richard C., Economist:
Salary increased
Salary increased
Pierce, James L., Research Assistant (temporary summer position):
Appointment and salary approved
Resignation accepted
Prager, Stephana, Statistical Clerk, appointment and salary approved
Pratt, Eleanor Jean, Research Assistant,
salary increased
Projector, Dorothy S., Economist, salary
increased
Chart Machine Operator,
Winofred,
Racz,
salary increased
Reil, Katharyne P., Economist, salary increased
Ribble, Watkins L., Jr., Summer Research
Assistant:
Appointment and salary approved
Resignation accepted
Ridgway, Kathryn, Statistical Clerk, salary
increased
Roberson, Anne T., Secretary, salary increased
Roberts, Gail, Secretary, salary increased
incident to transfer to different
position within Division
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/19
3587
7/3
2541
7/11
9/25
2636
3664
1/30
5/24
342
1933
4/3
8/30
1156
3330
8/27
3214
9/4
3345
11/6
4269
9/28
3728
2/8
473
5/7
9/12
1748
3441
5/22
1913
3/14
903
3/1
792
1962
979
Pages
Staff of Board of Governors: (continued)
Division of Research and Statistics: (continued)
Robinson, Elizabeth, Statistical Clerk,
salary increased
Schieman, Betty B., Statistical Assistant,
salary increased
Schlesinger, James R., appointed as Consultant on temporary contractual
basis with understanding re
compensation and necessary travel
and per diem, approved
Schoonover, Janice, Clerk-Stenographer, salary increased
Schulz, James H., Summer Research Assistant:
Appointment and salary approved
Resignation accepted
Schwartz, Maurice H., Assistant to Director:
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 be charged for half-hour
per day
Appointment approved as Director of
newly established Division of
Data Processing, understood that
appropriate budget and salary
proposals would be submitted to
Board for consideration at later
date
Sette, Elizabeth B., Chief, Economic Editing, salary increased
Secretary, transfer from
Shirley,
Sherman,
Secretary's Office, with increase
in salary, approved
R., Statistical Clerk, apBarbara
Sills,
pointment and salary approved
Simonsen, Judith, Statistical Assistant,
appointment and salary approved
Skehan, Frances, Statistical Assistant:
Granted extension of leave without pay
Salary increased
Smith, Tynam, Senior Economist, reallocation
suggested by Mr. Noyes, assigned
to undertake experimental analyses
of banking structure and competition in connection with Board's
program
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/13
3081
10/25
4076
10/19
4020
6/15
2180
5/7
9/12
1748
3441
5/18
1876
10/11
3903
8/1
2917
9/4
3345
7/20
2768
7/3
2541
1/22
8/28
232
3248
5/7
1746
1962
980
Pages
Staff of Board of Governors: (continued)
Division of Research and Statistics: (continued)
Solomon, Robert, Assistant to Director:
To be made available to Council of
Economic Advisers on nonreimbursable basis to serve as executive secretary to interagency
group appointed by President to
study recommemdations of Commission on Money and Credit dealing
with Government regulations concerning reserves, portfolios,
interest rates, and competition
Associate Adviser, appointment and salary approved
Spellman, Lewis J., Economist, appointment
and salary approved
Staiger, David S., Economist, appointment
and salary approved
Stanley, Cheryl Ann, Statistical Clerk, appointment and salary approved
Stansbury, Daviette H., Research Assistant
(Data Processing):
Employment on a half-time basis continued, with understanding re
reviewing arrangement at end of
1962
Salary increased (half-time basis)
Steinberg, Robert M., Economist, salary increased
Stelger, Gayle A., Statistical Clerk:
Salary increased
Salary increased
Resignation accepted
Strader, Natalie C., Survey Statistician
(Economics):
Salary increased
Salary increased
Swindlehurst, Alice, Statistical Assistant:
Granted extension of leave without pay
until approval by Retirement
System of application for disability retirement
Approval for disability retirement
noted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/22
12/10
8/27
1026
4695
3213
12/19
4837
11/19
4381
2/9
2/27
492
756
4/2
1113
4/11 1350
4/26 1496
12/14 4785
6/25
9/24
2304
3657
8/27
3215
10/1
3743
1962
981
Pages
Staff of Board of Governors: (continued)
Division of Research and Statistics: (continued)
Swindler, Edwin J., Economist, salary increased
Swink, Dorothy E., Statistical Assistant,
change in title from Statistical
Clerk, with increase in salary,
approved
Taylor, Stephen P., Chief, Flow of Funds
and Savings Section:
Salary increased
Salary increased
Teeters, Nancy H., Economist:
Loan of services to Council of Economic
Advisers for one year on reimbursable basis and according to
certain stipulated terms, approved
Increase in salary, extension of loan
of services and change in reimbursement, advice to Chairman of
Council of Economic Advisers
Tella, Alfred J., Economist, appointment and
salary approved
Thompson, Orville K., Economist.
Salary increased
Salary increased
Thoresen, Erling Thorger, Economist, appointment and salary increased
Townsend, David, Economist, resignation
accepted
Trefethen, Ann, Clerk-Typist, transfer from
Division of Personnel Administration, with no change in salary,
approved
Viksnins, George J., Economist:
Appointment and salary approved
Resignation accepted
Appointment on temporary contractual
basis for certain period with
compensation approved
Walka, Ann R., Statistical Assistant, appointment and salary approved
Economist, granted leave
Helmut,
Wendel,
with pay for purpose of completing course work in residence
and preparing for oral examinations requisite to his candidacy
for a Ph.D., Economics, from
Columbia University
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/8
4307
4/13
1365
6/4
9/4
2035
3345
1/3
21, 30
12/7
4678
5/7
1748
6/15
6/25
2180
2304
8/29
3318
8/13
3081
8/13
3082
4/24
8/30
1468
3329
10/12
3924
2/16
610
6/21
2244
1962
982
Pages
Staff of Board of Governors: (continued)
Division of Research and Statistics: (continued)
Williams, Kenneth B., Adviser, salary approved
C.,
Technical Editor, Economics,
Wing, Mary
salary increased
Winter, Joan R., Statistical Assistant,
salary increased
Winters, Penny, Statistical Clerk, appointment and salary approved
Economist, appointment and
H.,
John
Wood,
salary approved
Wood, Ramsay, Senior Economist, resignation
accepted
Woodruff, Ralph S., Consultant, appointment
on temporary contractual basis
with compensation at certain
rate, approved
Yager, Charles A., Chief, Government Finance Section, salary increased
Yowell, Polly Ann, Statistical Clerk, resignation accepted
Zeller, Louis, Research Assistant (Data
Processing), salary increased
Division:
Legal
Assistant General Counsel, establishment
of additional position of, approved
Attorney, abolishment of presently vacant
position of, approved
Positions for summer employment of two law
students, establishment and compensation approved, budgetary
overexpenditure not involved
Reserve requirements of respective States,
revision of compilation of,
being made by Legal Division,
noted
Secretarial position:
Grade FR-6, establishment in connection with recent establishment
of an additional position of
Assistant General Counsel, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/12
6/25
3923
2304
10/11
3907
11/19
4381
3/20
955
3/16
933
4/13
1366
9/4
3345
11/2
4226
1/31
371
1/12
146
1/12
146
4/30
1540
2/7
447
1/4
42
1962
983
Pages
Staff of Board of Governors: (continued)
Legal Division: (continued)
Secretarial position: (continued)
Establishment of an additional, in
order that a secretary might be
appointed to work primarily for
new Assistant General Counsel,
approved
Senior Attorney position, vacant, abolishment of, approved
Stenographic position:
Vacant, abolishment of, approved
Vacant, abolishment of, approved
(Individual names):
Bakke, Karl E., Senior Attorney:
Appointment and salary approved
A member of the Civil Service Retirement System, usual physical requirements waived
Booth, Gertrude E., Secretary, transfer
from Secretary's Office with increase in salary, approved
Chase, G. Howland, Assistant General Counsel,
salary approved
DeLancey, Gail K., Stenographer, resignation
accepted
Doyle, Walter P., Attorney:
Appointment and salary approved
Adjustment in salary approved
Entriken, Samuel E., Attorney, salary increased
G., Attorney:
Stephen
Fuerth,
Salary increased
Resignation accepted
Hackley, Howard H., General Counsel:
Statement re nonparticipation in work
on case involving section 30
warning to Adrian Harmon, Vice
President, Barton County State
Bank, Lamar, Missouri
Statement that he was not participating
in current phase of staff work
on United Security Account Plan
of Citizens Bank and Trust Company, Park Ridge, Illinois, in
light of possible disciplinary
procedures under Regulation
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/12
146
1/4
42
1/4
1/12
42
146
5/9
1768
6/7
2071
1/10
100
10/12
5/11
3922
1809
10/3 3760
10/17 3946
4/19
1428
4/5
5/18
1226
1876
1/30
338
2/1
383
1962
984
Pages
Staff of Board of Governors: (continued)
Legal Division: (continued)
Hackley, Howard H., General Counsel: (continued)
Requested to prepare with Messrs.
Sherman and Solomon a report on
current procedures in bank merger
and bank holding company applica3/9
tions
nts'
Preside
To serve as associate of
Conference Subcommittees of (1)
Counsel on Collections and (2)
4/24
Counsel on the Commercial Code
&
Bank
Citizens
Approval of letter to
Trust Company, Park Ridge,
re operation of United Security
Account Plan, request that record show no participation in ac7/11
tion by Messrs. Shay and
10/12
Salary approved
Harrison, Eugene C., Legal Assistant, change
in title from Law Clerk with in6/8
crease in salary, approved
er),
Sylvest
Senior
Hart, Janet (Mrs. Harry
Attorney, appointment and salary
9/27
approved
salary
Clerk,
Hatch, Cora Lee, Legal File
4/13
increased
,
General
Counsel
nt
Hexter, David B., Assista
10/12
salary approved
insalary
y,
Attorne
Hill, Rufus S., Jr.,
8/1
creased
,
General
Counsel
nt
Assista
Hooff, Wilson L.,
10/12
salary approved
ion
resignat
ry,
Secreta
,
Johns, Virginia
11/14
accepted
pher:
Stenogra
E.,
Malone, Sandra
12/5
Appointment and salary approved
a
as
partwork
to
on
permissi
Granted
time sales clerk during the holi12/12
day season at Sears Roebuck & Co.
apher,
Stenogr
,
Therese
Masterson, Jaclene
5/17
appointment and salary approved
pher:
Stenogra
Anne,
McVeigh, Mary
10/18
Appointment and salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
865
1469
2577
3922
2100
3693
1365
3922
2917
3923
4327
4635
4750
1860
3996
1962
985
Pages
Staff of Board of Governors: (continued)
Legal Division: (continued)
McVeigh, Mary Anne, Stenographer: (continued)
Transfer to position of Secretary in
Division of Research and Statistics with increase in salary approved
Neitzey, Norma, Secretary:
Salary increased
Advance of sick leave approved
O'Connell, Thomas J., Assistant General
Counsel:
To serve as Board Counsel in hearing
re application of First Oklahoma
Bancorporation, Inc., Oklahoma
City, Oklahoma, for approval of
acquisition of shares of First
National Bank and Trust Company
of Oklahoma City, and Idabel National Bank, Idabel, Oklahoma
Report on status of case, understanding re procedure re certain motion, or motions, in case
To travel to San Francisco to confer
with witnesses who are to appear
at show cause hearing in matter
of Continental Bank and Trust
Company, Salt Lake City, Utah,
agreement re
Presentation to Board of procedural
proposal re applications of
First Virginia Corporation for
acquisition of stock of four
Virginia banks
Designated as Board's representative
in any further negotiations with
Mr. Sullivan re possible settlement of administrative proceeding
re Continental Bank and Trust
Company, Salt Lake City, Utah
Salary approved
Pierce, Christine, Assistant Legal File
Clerk, appointment and salary
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/14
4327
1/30 343
12/19 4837
4/13
1364
5/15
1828
7/12
2682
8/8
3035
8/29 3314
10/12 3923
11/2
4225
1962
986
Pages
Staff of Board of Governors: (continued)
Legal Division: (continued)
Potter, W. Sutton, Senior Attorney, salary
increased
Shay, Jerome W., Assistant General Counsel:
Salary increased
Approval of letter to Citizens Bank &
Trust Company, Park Ridge, Ill.,
re operation of United Security
Account Plan, request that record show no participation in
action by Messrs. Hackley and
Salary approved
Taylor, Judy D., Stenographer:
Salary increased
Transfer to position of Secretary,
Division of International Finance, with increase in salary,
approved
Ugast, Fred B., Assistant General Counsel:
Appointment and salary approved, subject to clearance by Division
of Personnel Administration,
application for appointment to
Board's staff subsequently withdrawn by, noted
Veret, Barton, Attorney:
Salary increased
Resignation accepted
Office of the Controller:
Barber, Jean A., Accounting Clerk, salary
increased
Bass, Sampson H., Assistant Controller,
salary increased
Connell, J. J., Controller, salary approved
Kakalec, John, Assistant to the Controller,
salary increased
Lamb, Adeline R., Budget and Planning Assistant, change in title from
Accounting Technician with increase in salary approved
O'Connor, Kathleen J., Disbursing Clerk, permission granted to sell Christmas
cards after business hours
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/26
2366
6/29
2431
7/11 2577
10/12 3923
6/15
2180
8/27
3214
1/12
146
4/19
5/18
1428
1876
11/21
4451
10/12
10/12
3924
3924
6/25
2305
4/2
1112
11/14
4327
1962
987
Pages
Staff of Board of Governors: (continued)
Office of the Controller: (continued)
Peterson, Maria Jo, Payroll Clerk, resignation accepted
Waller, L. Waite, Jr., Supervisory Accountant, salary increased
Salary increased
Wilson, Jane S., Payroll Clerk, transfer
from position of Clerk, Division of International Finance,
with increase in salary approved
Office of Defense Planning:
Grimwood, Gordon B., Chief, Liaison Office,
salary increased
Harris, Innis D., Coordinator:
Appointed member of committee to explore relocation site problems
arising from space needs at
FRBank of Richmond
Salary approved
Secretary's Office:
Clearing Assistant, Clearing Unit, position declared sensitive, full
field investigation to be
initiated for the incumbent,
Lee E. Sawyer
Stenographic Section, all positions in,
declared sensitive, over expenditure in 1962 budget of Division
of Personnel Administration authorized to cover estimated cost
of full field investigations
(Individual names):
Abbott, Betty Jane, Records Clerk:
Salary increased
Salary increased
Banks, Laura J., Records Clerk, salary
increased
Booth, Gertrude E., Secretary, transfer to
position of Secretary, Legal
Division, with increase in salary approved
Byrne, Barbara A., Minutes Clerk, resignation accepted
Carmichael, Elizabeth L., Assistant Secretary, salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/24
1933
6/21
9/4
2245
3345
5/24
1933
6/21
2245
7/17 2730
10/12 3924
4/20
1438
4/13
1366
5/22
6/25
1913
2304
11/21
4450
1/10
100
3/21
996
10/12
3922
1962
988
Pages
Staff of Board of Governors: (continued)
Secretary's Office: (continued)
Crutcher, Dorothy A., Secretary, transfer
to Division of Examinations,
with increase in salary, approved
Eschmeyer, Ruth W., Senior Records Clerk,
salary increased
Farrell, Jane H., Records Clerk, appointment and salary approved
Freeman, Allene H., Records Clerk, salary
increased
Halota, Enid J., Secretary, appointment
and salary approved
Jones, Carol Lee, Secretary, transfer from
the position of Stenographer in
the Division of Examinations to,
with increase in salary approved
Jones, M. Elizabeth, Technical Assistant,
salary increased
Karstetter, Carol M., Clerk-Stenographer:
Transfer from Division of Personnel Administration to, with no increase
in salary, approved
Change in title from Clerk-Stenographer
to Secretary, with increase in
salary approved
Kenyon, Kenneth A., Assistant Secretary,
salary approved
J., Records Clerk, appointment
Cleo
Kray,
and salary approved
Landry, Richard S., Assistant to the Secretary, salary increased
Mahoney, Claudia Ann, Minutes Clerk, transfer to the position of Secretary
in the Division of Research and
Statistics with an increase in
salary, approved
Mattras, John J., General Assistant, appointment and salary approved
McCaslin, Nancy H., Indexing and Reference
Assistant, salary increased
Olson, Katherine Ellis, Records Clerk, salary increased
Resignation accepted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/8
2100
6/4
2035
9/19
3587
6/15
2179
9/25
3663
2/14
558
6/25
2304
9/4
3345
11/21
4451
10/12
3922
10/24
4047
11/21
4450
3/16
933
3/7
832
6/15
2179
3/14
7/20
903
2768
1962
989
Pages
Staff of Board of Governors: (continued)
Secretary's Office: (continued)
Quick, Diane, Secretary:
Salary increased
Resignation accepted
Rayman, Alice E., Secretary, transfer to
position of Assistant Supervisor,
Recording and Stenographic Section, Division of Examinations,
with increase in salary, approved
Riccick, Helen Mable, Minutes Clerk, appointment and salary approved
Saunders, Dorothy Lee, Secretary, transfer
from the position of Secretary
in the Division of Personnel Administration with no change in
salary, approved
Sawyer, Lee E., Clearing Assistant, Clearing Unit:
Position declared sensitive, full field
investigation to be initiated
Salary increased
Scott, Joan L., Records Clerk, appointment
and salary approved
Scott, Mary L., Records Clerk, salary increased
Semia, Jeanne K., Technical Assistant, salary increased
Sherman, Merritt, Secretary of Board:
Requested to prepare with Messrs.
Hackley and Solomon a report on
current procedures in bank merger
and bank holding company applications
Requested to provide Board with prospective schedule re certain
pending bank merger and bank
holding company applications
Instructed to drop possible joint consideration of California banking
situation by the three Federal
bank supervisory agencies from
list of pending matters
Salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/30
8/9
342
3063
9/4
3345
5/17
1860
7/3
2541
4/20
4/27
1438
1511
10/3
3760
11/21
4450
6/25
2304
3/9
865
3/9
866
2060
6/5
10/12 3922
1962
990
Pages
Staff of Board of Governors: (continued)
Secretary's Office: (continued)
Sherman, Shirley R., Secretary:
Salary increased
Reemployment and salary following
maternity leave approved
Transfer to Division of Research and
Statistics, with increase in
salary approved
Stone, Ruth E., Secretary, salary increased
Sutyak, Ann, Secretary:
Appointment and salary approved
Adjustment in salary approved
Taylor, Audrey A., Records Clerk, resignation accepted
Thompson, Pearl S., Senior Records Clerk,
salary increased
Turner, Jane C., Minutes Clerk:
Appointment and salary approved
Resignation accepted
Wahle, Mary William, Records Clerk, salary
increased
Wilson, Mary Louise, Minutes Clerk, appointment and salary approved
Stanford Research Institute:
Recommendation of Electronics Subcommittee, as
approved by Presidents' Conference re contract with, to study
mechanization procedures, noted
by Board without objection, with
understanding re cost
State bank supervisors:
Bank holding company applications involving banks
in their states, agreement re
advising re receipt of
State banking departments:
Inter-Agency Bank Examination School:
Memorandum by Governor Robertson recommending that the Board and FDIC share
with the States the expense of
State Examiners, attending, and
that a seminar type school for
experienced senior examiners be
initiated, recommendations approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/11
1350
6/29
2431
9/4
3/28
3345
1086
9/28 3727
10/17 3946
6/13
2148
9/12
3441
6/13
11/7
2148
4281
5/22
1913
12/12
4750
9/14
3504, 3545
6/25
2281
3/16
922
1962
991
Pages
State banking departments: (continued)
Inter-Agency Bank Examination School: (continued)
Proposal by Governor Robertson re extending
financial assistance to students
from, in light of withdrawal of
Comptroller of Currency from
participation in, and resulting
availability of financial assistance dropped pending possible
further action by FDIC, State
banking officials to be notified of additional facilities
State banks:
Examinations, comparative data on cost of national bank examinations and,
recommendation of Governor
Shepardson that Board should
obtain such data in consideration of reply to Comptroller
of Currency re proposal re
allocation of costs of national
bank examinations, understood
data would be acquired
State laws:
Branch banking:
In light of request by Governor Mills it
was understood that the Legal
Division would prepare a memorandum re the Board's statutory
responsibilities with respect
to holding company cases indicating the possibility of an
intent to circumvent
Concluded that the Board be guided by the
Bank Holding Company Act of 1956,
and not influenced by State
branch banking regulations
Dormant accounts (abandoned property):
Protection and preservation of, request for
information from FRBanks re situation in respective districts
with respect to, included in
letter to FRBanks advising of
such legislation enacted in
Texas
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/27
3681
3/20
953
6/14
2167
7/9
2561
4/2
1103, 1122
1962
992
Pages
State laws: (continued)
Dormant accounts (abandoned property): (continued)
State statutes relating to, study of applicability to FRBanks by Presidents' Conference requested in
letter to Chairman Fulton, with
copy to each FRBank President
and Secretary of the Conference
State member banks:
Bond Department:
Established by Union County Trust Company,
Elizabeth, New Jersey, Board
permission not required due to
type of condition imposed at
time of membership resulting in
no change of standard maintained
by the bank, advice to FRBank of
New York
Branches:
Applications to establish, received by Federal Reserve Banks, Board's opinion such applications should be
processed promptly and transmitted to the Board, letter to
all FRBanks to be prepared, and
advice of Board's position to be
transmitted to the Comptroller
of the Currency and FDIC
Board's practice of not acting on applications until approved by appropriate State banking authorities
discussed, letter to FRBanks approved
House
by
Banking and Currency ComHearing
mittee 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
for
Procedure
presenting to Board proposed
by Division of Examinations whereby that Division would attach
brief memorandum to memorandum
submitted by an FRBank, agreement re
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/24
1930, 1943
8/6
2972, 2991
1/26
299
1/29
325, 335
2/19
629
5/9
1765
1962
993
Pages
State member banks: (continued)
Branches: (continued)
Approval will include approval of one sixmonth extension of time to establish, FRBanks authorized to so
advise applicants under specified
conditions, advice to FRBanks
Reference to above authorization
Wire to Presidents of all FRBanks indicating six-month extension
applies to all outstanding authorizations for which no extension has thus far been given
Condition reports:
SEE: Condition reports:
State member banks:
Earnings and dividends reports, certain reports
in Milwaukee County for years
1956-1961 requested by Department of Justice in connection
with the proceeding against
Bank Stock Corporation of Milwaukee, agreed to grant request,
with Governor Mills dissenting,
contact to be made with Mr.
Conkling, Assistant Director
of Division of Bank Operations
Foreign branches:
FRBank of New York requested to obtain certain information from State member banks having overseas branches
Income and dividend reports:
Elimination of midyear, in light of action
by Comptroller of the Currency
to eliminate midyear reports of
national banks, staff to explore
possibility of obtaining midyear
reports from a limited sample
survey of member banks on a simplified form containing items
used in the semiannual press
statement E.5, advice to Presidents of all FRBanks requesting
views
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/6
11/7
11/14
4255, 4274
4276
4312, 4332
4/18
1388, 1419
8/27
3195
4/18
1399, 1420
1962
994
Pages
State member banks: (continued)
Income and dividend reports: (continued)
Letter to Office of Statistical Standards,
Bureau of the Budget, requesting
views re, copies of letter to
Comptroller of the Currency,
FDIC and FRBank Presidents, matter to be reconsidered in spring
of 1963
Forms to be sent to all FRBanks for reports
for the Calendar year 1962
Suspensions from membership in the FRSystem,
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, Premont, Texas
Trust departments of, effect of termination of
Regulation F on examination of,
question raised by Governor Mills
(Individual banks):
American Bank and Trust Company, Racine, Wisconsin:
Application of First Wisconsin Bankshares
Corporation to acquire stock of,
agreed to defer action on application of First Wisconsin to acquire
stock of Merchants & Savings Bank,
Janesville, Wisconsin, pending
study of
Further expression of views, application denied
American Bank and Trust Company, Suffolk, Virginia,
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, six-month extension approved
American Security and Trust Company, Washington,
D. C., service of William A.
Spaugh as director of Fairfax
County National Bank, Falls
Church, Va., while serving as
Vice President of, locations
interpreted as "contiguous or adjacent thereto" and prohibited
under Section 8 of the Clayton
Act and Regulation L
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/20
11/21
2220, 2235
4451
1/5
50
10/5
3814
9/28
3712
12/19
4819
12/13
4757, 4769
4/30
1526, 1549
1962
995
Pages
State member banks: (continued)
American Trust Company of New York, New York,
determination that Jamcor, Inc.,
Hewlett Bay Park, New York, is
not a holding company affiliate
of, except for purposes of section 23a of the FRAct
Ann Arbor Bank, Ann Arbor, Michigan, establishment of a branch in the vicinity
of the intersection of Plymouth
Road and Juron Parkway, approved
Asbury Park and Ocean Grove Bank, Asbury Park,
New Jersey:
Application to merge with the Central Jersey
Bank and Trust Company, Freehold,
New Jersey, with the second bank
retaining its title, official
staff, and main office location,
relinquishing only its charter,
and to operate branches at the
present ten offices of the Freehold Bank, agreed that both banks
would be afforded an opportunity
for a public oral presentation
Oral presentation arranged for May 25, 1962,
order issued
Comments re scheduled oral presentation
Further discussion, application denied
Order and statement of denial issued
Reconsideration of application requested
by New Jersey State Commissioner
of Banking and Insurance, agreed
that application should not be
reconsidered, letter to Commissioner Howell
Ashville Bank, Ashville, Ohio, no objection to a
dividend declared in December
1961
Virginia:
Alberta,
Bank of
Application of Farmers and Merchants Bank
of Lawrenceville, Virginia, to
merge with, approved
Issuance of order and statement authorized
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/14
2163, 2170
7/2
2470, 2506
5/7
1738
5/7
5/24
6/18
6/29
1742, 1755
1931
2194
2431,2456-58
10/29
4117, 4133
5/21
1880, 1887
8/20
8/27
3155
3197,3221-23
1962
996
Pages
State member banks: (continued)
Bank of Belmont Shore, Long Beach, California
(now Coast Bank), request from
attorney for 1958 examination
report of, for use in litigation,
Board will not make report available, reply to FRBank of San
Francisco including recommended
procedure in event subpoena duces
tecum is served
Bank of Commerce, Charlotte, North Carolina, application for membership in Federal Reserve System approved
Bank of Commonwealth, Detroit, Michigan, permission granted to exercise fiduciary powers under applicable
provisions of condition of membership numbered 1
Bank of Cairo, Missouri, no objection to declaration of dividends paid in 1961
and in 1962, and declaration of
a dividend made in December 1962,
approved
Bank of Delevan, New York:
Proposed merger into the Citizens Central
Bank, Arcade, New York, view
expressed that processing should
be expedited under the 10-day
provision of the bank merger legislation, due to substantial
losses, as the result of a check
kiting operation incurred by
In light of additional information received
from the FRBank of New York,
matter discussed further on
January 5, 1962
Information from the FRBank of New York indicating that stockholder's meeting plus notice in local newspapers, prior to the merger, was
required under New York state
law, upon receipt of papers, reports on competitive factors to
be required within a 10-day period, recommendations to be submitted for action by January 19
or 20, 1962
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/20
10/30
7/24
12/10
948, 959
4142, 4159
2815, 2834
4686, 4704
1/4
37
1/4
39
1/5
52
1962
997
Pages
State member banks: (continued)
Bank of Delevan, New York: (continued)
Application approved, issuance of order and
statement authorized
Bank of Georgia, Atlanta, Georgia, subpoena
served on FRBank of Atlanta in
connection with prosecution of
robbery case, for production of
certain documents to prove membership of, in FRSystem, authorization re
Bank of Glassport, Pennsylvania:
Application by Peoples Union Bank and Trust
Co., McKeesport, Pennsylvania,
to merge with, approved
Issuance of order and statement authorized
Bank of Halifax, Virginia, investment in bank
premises approved
Bank of Huntington, New York:
Establishment of a branch on easterly side
of East Deer Park Road, south of
junction of Jericho Turnpike and
East Deer Park Road, Huntington,
New York, approved
Proposed merger into Meadow Brook National
Bank, New York, New York, report
to Comptroller of the Currency
on competitive factors, understood staff to revise conclusion
of report
Report approved
Bank of Idaho, Boise, Idaho:
Application to merge with First National
Bank of Bonners Ferry, Idaho,
and to operate a branch incident
to merger, approved
Issuance of order and statement authorized,
Mr. Sherman reported that Gov.
King was agreeable to issuance
Subsidiary of Western Bancorporation, Los
Angeles, California, request by
Congressman Patman re applicability of section 3(d) of the Bank
Holding Company Act re the approved application of, reply
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/24
245,282-84
9/24
3650
9/28
10/5
3708
3815,3835-37
12/13
8/1
10/30
10/31
4757, 4768
2914, 2919
4142
4184
2/12
507
2/16
601, 613-15
4/16
1376,1382
1962
998
Pages
State member banks: (continued)
Bank of Idaho, Boise, Idaho: (continued)
Investment in bank premises approved
Granted extension of time to establish a
branch at Post Falls, Idaho
Bank of Indiana, Gary, Indiana:
Order and statement issued approving application of Gary Trust and Savings Bank, Gary, Indiana, to
merge with Lake County State
Bank, East Gary, Indiana, under
title of, operation of two
branches at offices of Lake
County State Bank, approved
Bank of Lansing, Michigan, establishment of a
branch near the northwest
corner of South Logan Street
and Holmes Road, approved
Bank of Las Vegas, Nevada:
Granted extension of time to establish a
branch at the intersection of
Maryland Parkway and East San
Francisco Avenue, Clark County,
Nevada, approved
Establishment of a branch in the vicinity
of the intersection of West
Charleston Boulevard and Decatur
Road, approved
Bank of Memphis, Missouri, investment in bank
premises, approved
Bank of New Orleans and Trust Company, New
Orleans, Louisiana:
Establishment of a branch in the Medical
Plaza Building at Prytania and
Foucher Street, New Orleans, approved, with need for further
strengthening of capital structure stressed
Protest from Mr. Lawrence A. Merrigan, President of, re the formation of
the Whitney Holding Corporation,
New Orleans, Louisiana, comment
made that Board should act on
petition for reconsideration
promptly
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/2
1605,1626
5/10
1779, 1792
10/29
4122,4134-36
1/24
243, 273
3/21
979, 1000
5/21
1880, 1892
5/21
1879, 1883
1/11
112, 125
6/14
2167
1962
999
Pages
State member banks: (continued)
Bank of New York, New York, establishment of a
branch at 51 West 52nd Street,
Borough of Manhattan, New York,
approved
Bank of Orchard Park, New York:
Application of Liberty Bank and Trust Company, Buffalo, New York, to
merge with, and to operate a
branch at the present location
of, approved, Governor Mitchell
dissenting
Issuance of order, majority statement, and
dissenting statement authorized
Bank of Phoebus, Hampton, Virginia, establishment
of a branch in the Riverdale Plaza
Shopping Center on north side of
West Mercury Boulevard, Hampton,
Virginia, approved
Bank of Saddle Brook and Lodi, Saddle Brook,
New Jersey:
Application of Hackensack Trust Company,
Hackensack, New Jersey, to merge
with, and to operate branches at
present locations of two offices
of, approved
Issuance of order and statement authorized
Bank of Salem, Virginia:
Application of Virginia Commonwealth Corporation, Richmond, Virginia, to
become a bank holding company
by acquiring shares of four other
Virginia banks and, approved
Issuance of order and statement authorized
Bank of Slidell, Louisiana:
Establishment of a branch at corner of Broad
Street and Ponchartrain Boulevard,
Slidell, Louisiana, approved, with
understanding re operation in temporary quarters pending completion
of permanent branch
Continued operation of branch at 1903 Second
Street, Slidell, Louisiana, during time main banking office is
being remodeled, and also an investment for remodeling head office quarters, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/27
2856, 2872
2/15
570
2/28
764, 773
5/9
1764, 1776
1/11
1/17
115
203,209-11
10/11
10/25
3888
4065,4085-87
3/20
948, 960
5/31
1980, 1990
1962
1000
Pages
State member banks: (continued)
Bank of Slidell, Louisiana: (continued)
Additional investment in bank premises,
approved
Bank of Tuscumbia, Missouri, no objection to
declaration of dividends in
1961 and thus far in 1962, declaration of a dividend in Dec.
1962 approved
Bank of Vernal, Utah, investment in bank premises
approved
Bank of Virginia, Richmond, Virginia:
Establishment of a branch at intersection
of Brook Road, Azalea Avenue and
Norwood Avenue in Henrico County,
Virginia, approved
Application of Virginia Commonwealth Corporation, Richmond, Virginia, to
become a bank holding company by
acquisition of shares of four
other Virginia banks, and, approved
Issuance of order and statement authorized
Bank of Warwick, Newport News, Virginia:
Establishment of a branch on U.S. Route 17
near north junction of State
Route 621 and U.S. Route 17,
Grafton, Virginia, approved
Application of Virginia Commonwealth Corporation, Richmond, Virginia, to
become a bank holding company by
acquisition of shares of four
other Virginia banks and, approved
Issuance of order and statement authorized
Bank of Wood County Company, Bowling Green, Ohio:
Application to consolidate with 'Perrysburg
Banking Company, Perrysburg, Ohio,
approved
Issuance of order and statement authorized
Extension of time to establish a branch between East Court and East Wooster
Streets at the New York Central
Railway, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/1
12/20
3740, 3746
4850, 4884
2/26
713, 723
8/17
3131, 3136
10/11
3888
10/25
4065,4085-87
8/13
3069, 3090
10/11
3888
10/25
4065,4085-87
6/4
2033
6/8
2087, 2106
7/20
2766, 2772
1962
1001
Pages
State member banks: (continued)
Bankers Trust Company, New York, New York:
Establishment of a branch at 1180 Avenue
of the Americas, Manhattan, New
York, approved
Granted extension of time within which to
establish a branch at 2 Lafayette Street, Borough of Manhattan, New York, New York
Establishment of a branch at the northeast
corner of 31st Avenue and 77th
Street in Jackson Heights, Borough of Queens, New York, New
York, approved
Establishment of a branch at 1660 Second
Avenue in the Borough of Manhattan, New York, New York,
approved
Request on behalf of Internal Revenue Service for access to excerpts from
certain reports of examinations
of, reply indicating request
should come directly from Internal Revenue, reply approved
Granted extension of time within which to
establish a branch at 280-290
Park Avenue, Borough of Manhattan, New York, New York
Granted extension of time within which to
establish a branch at 2 Lafayette Street, Borough of Manhattan, New York, New York
Establishment of a branch at 845 Third
Avenue, Manhattan, New York,
New York, approved
Establishment of a branch at 605 Third
Avenue, Manhattan, New York,
New York, approved
Barton County State Bank, Lamar, Missouri,
draft of section 30 warning to
Adrian Harmon, Vice President
of, re apparent violations of
section 19, FRAct, sent to Federal Reserve Agent Scott, Federal Reserve Bank of Kansas City,
statement by Messrs. Hackley and
Solomon that they had not participated in work on the case thus
far
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/26
713, 722
4/5
1193, 1228
4/18
1387, 1413
6/14
2163, 2169
9/10
3405, 3415
9/21
3610, 3629
9/21
3610, 3630
10/5
3814, 3828
10/22
1/30
4032, 4035
337, 344
1962
1002
Pages
State member banks: (continued)
Bay City Bank and Trust Company, Bay City, Texas:
Six-month notice of withdrawal from membership in FRSystem waived
Continuance of deposit insurance after withdrawal from membership in the
FRSystem, advice to FDIC
Bear Butte Valley Bank, Sturgis, South Dakota,
proposed consolidation of American National Bank of Rapid City,
South Dakota, and, report to Comptroller of the Currency on competitive factors approved
Beloit Savings Bank, Beloit, Wisconsin:
Continuance of deposit insurance after withdrawal from membership in Federal
Reserve System, advice to FDIC
Six-month notice of withdrawal from membership in FRSystem waived
Application of Marine Corporation, Milwaukee,
Wisconsin, to acquire stock of,
adverse recommendation received
from Wisconsin Commissioner of
Banks, issuance of order for public hearing authorized, staff to
proceed with arrangements, Charles
W. Schneider to serve as Hearing
Examiner
Birmingham-Bloomfield Bank, Birmingham, Michigan,
granted permission under condition of membership numbered 1,
to act in a specific fiduciary
capacity
Blakely Bank and Trust Company, Ranson, West
Virginia, granted permission to
exercise fiduciary powers
Bloomfield State Bank, Bloomfield, Indiana, investment in bank premises, approved
Broadalbin Bank, Broadalbin, New York:
Application of First Trust Company of
Albany, New York, to merge with,
and to operate a branch at present location, approved
Issuance of order and statement authorized
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/24
242, 263
1/24
242, 264
5/2
1605
4/18
1386, 1405
4/27
1505, 1513
7/18
2752,2760-62
1/31
349, 374
11/26
5/31
4491, 4509
1980, 1991
3/14 888
3/20 951, 969
1962
1003
Pages
State member banks: (continued)
Brownfield State Bank & Trust Company, Brownfield,
Texas:
Six-month notice of withdrawal from membership in FRSystem waived
Continuance of deposit insurance after withdrawal from membership, advice
to FDIC
Carbon Emery Bank, Price, Utah:
Application of First Security Corporation,
Salt Lake City, Utah, to acquire
stock of, denied by unanimous vote,
Legal Division, to draft order and
statement for Board's consideration
Issuance of order and statement authorized
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 Bank of Montana, Great Falls, Montana:
Application of Montana Shares, Inc., Great
Falls, Montana, to acquire stock
of, approved, Governor Mitchell
dissenting
Issuance of order, statement, and dissenting
statement by Governor Mitchell,
authorized, with a letter to the
President of Montana Shares
Central Trust Company, Cincinnati, Ohio:
Establishment of a branch at 3300 Central
Parkway, approved, provided that
branch operations conducted at
3129 Spring Grove Avenue are discontinued simultaneously with the
establishment of the new branch
Establishment of a branch on Glenway Avenue,
600 feet west of Werk Road, Cincinnati, Ohio, approved
Extension of time to establish a branch in
the Eastern Hills Plaza Shopping
Center on Paxton Avenue, south
of Oakley Park and Athletic Playfield, Cincinnati, Ohio, approved
Establishment of a branch at southeast corner of Northland and Waycross
Road, Forest Park, Ohio, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/12
871, 883
3/21
979, 998
2/5
2/15
414
569,587-89
5/18
1874, 1878
9/13
3460
10/3
3753,3769-91
1/24
243, 272
5/31
1980, 1989
7/2
2470, 2505
8/29
3314, 3321
1962
1004
Pages
State member banks: (continued)
Central Trust Company, Rochester, New York:
Establishment of a branch at 2595 West Henrietta Road, Brighton, New York,
approved
Application to merge with Prattsburgh State
Bank, Prattsburgh, New York, approved
Issuance of order and statement authorized, including operation of
branch at present location of
Prattsburgh State Bank
Chase Manhattan Bank, New York, New York:
Application to merge with Hempstead Bank,
Hempstead, New York:
Scheduled oral presentation, request
that certain portions of application be kept confidential, no
objection
Understood letter from Comptroller of
the Currency recommending against
Board approval, to be made part
of the public record, reply to
Comptroller's letter included in
brief supplementing its oral presentation
Delay in processing by Board's staff,
discussed, understood Mr. Sherman
to prepare report of prospective
schedule for completing action
on certain other cases and
Question re procedure to follow on announcement of Board's decision
re, discussion and consensus with
respect to question
Application denied by majority vote
with Governors Mills and King
voting to approve
Issuance of order and statement authorized, accompanied by dissenting
statement by Governor Mills
Request by Chm. of Hempstead Bank for
informal and confidential hearing
re denied application, arrangements for meeting noted
Meeting to be held this afternoon noted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/2
1604, 1619
11/16
4358
11/23
4477,4483-85
1/4
39
2/7
443
3/9
860
4/3
1130
4/6
1244
4/30
1528,1574-86
5/9
5/11
1763
1808
1962
1005
Pages
State member banks: (continued)
Chase Manhattan Bank, New York, N. Y.: (continued)
Extension of time to establish a branch at
6510 Avenue U, Brooklyn, New York,
approved
Establishment of a branch at 9313 Third Avenue, Borough of Brooklyn, Kings
County, New York, approved
Permission granted for an increased investment in Chase Manhattan Overseas
Corporation, and investment by
latter in the stock of Banco
Hipotecario Lar Brasileiro, S.A.,
Rio de Janeiro, Brazil, subject
to stated conditions
Establishment of a branch at 655 Hunts Point
Avenue, Bronx, New York, approved
Increase in foreign time deposits since
change in the maximum permissible
rates of interest, noted by, question re Board statistics with respect to, understood that matter
would be looked into by staff
Question regarding the consistency of treatment between national and State
banks located in New York State
with respect to maximum interest
rates payable on savings deposits, raised by an officer of
Establishment of a branch in Santo Domingo,
Dominican Republic, at Isabel la
Catolica #65 corner of Mercedes
Street, authorized, comments by
Governor Mills re American banks
entering so-called "trouble spots"
for possible speculative reasons
Establishment of a branch at 201 East 79th
Street, Manhattan, New York, approved
Granted permission for (1) an increase in
its investment in Chase Manhattan
Overseas Corporation, and (2) investment by the latter in shares
of Banco Mercantil y Agricola,
Caracas, Venezuela
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/5
48, 54
1/24
243, 271
2/14
547, 559
2/15
566, 578
2/19
632
2/25
291
3/9
857, 867
3/21
979, 1003
5/2
1604, 1615
1962
1006
Pages
State member banks: (continued)
Chase Manhattan Bank, New York, New York: (continued)
Establishment of a branch in the Ducor
5/9
Palace Hotel, Liberia, approved
Permission granted for an increase in its
investment in Chase Manhattan
Overseas Corporation or Chase
Manhattan Overseas Banking Corporation (being organized to
acquire assets and assume liabilities of CMOC) for investment
by CMOC or GMOBC in Chase Manhattan Bank (South Africa) Ltd.,
preliminary permit to organize
GMOBC transmitted to Milbank,
6/11
Tweed, Hope, and Hadley
Granted extension of time to establish a
branch at 2035 Crompond Road,
Yorktown Heights, Yorktown, New
6/21
York
Loan made by, to Electronics Instrument
Company of America of New York
City, in connection with financing of oil property now owned by
Lowe Petroleum Corporation, request received from Internal
Revenue Service for information
from examiner's work papers, re
amount and name of endorser of
loan, letter to FRBank of New
York re, approved, Governors
6/22
Mills and King dissenting
Second
Establishment of a branch at 2065
Avenue, Borough of Manhattan,
8/2
New York, New York, approved
Welcher
Establishment of a branch at 28
Avenue, Peekskill Plaza Shopping
Center, Peekskill, New. York, ap8/3
proved
bearrangements
loan
in
Problems involved
tween Banco Lar, Brazilian corporation partially-owned by Chase
Manhattan Overseas Corporation,
and also involving Chase Manhattan Overseas Banking Corporation, noted in consideration of
report on H.R. 12501, dealing
8/13
with such problems
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1764, 1772
2117,2128-32
2240, 2246
2265, 2273
2922, 2925
2930, 2967
3075
1962
1007
Pages
State member banks: (continued)
Chase Manhattan Bank, New York, New York: (continued)
Granted extension of time within which to
establish a branch in City of
Port-of-Spain,Trinidad, The West
Indies
8/28
Granted extension of time within which to
establish a branch at 2 Knicker9/4
bocker Avenue, Brooklyn, New York
Granted extension of time within which to
establish a branch at 2840 Jerusalem Avenue, North Bellmore, New
9/4
York
Proposal to invest additional sum in the
capital of Chase Manhattan Overseas Banking Corporation noted
without objection in letter granting permission for Chase Manhattan
Overseas Banking Corporation to
increase its investment in Chase
Manhattan Bank (South Africa) Ltd.,
Johannesburg, Republic of South
9/19
Africa
Establishment of a branch at 220 West Jericho
Turnpike,Syosset, New York, ap9/21
proved
Establishment of a branch at Calle del Sol,
75, Santiago de los Caballeros,
Dominican Republic, approved,
11/21
six-month extension approved
Chemical Bank New York Trust Company, New York,
New York:
Application to merge with Long Island Trust
Company, Garden City, New York:
Request that certain portions of application be kept confidential in
connection with scheduled oral
1/4
presentation, no objection
Curthe
Letter from Comptkoller of
rency recoulmending against approval, and reply from, to be
made part of the public record,
understood errata sheets for
transcript of oral presentation
of, to be prepared and filed
2/7
with official documents
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3232, 3251
3342, 3347
3342, 3348
3582, 3589
3610, 3636
4446, 4452
39
443-44
1962
1008
Pages
State member banks: (continued)
Chemical Bank New York Trust Company, New York,
New York: (continued)
Application to merge with Long Island Trust
Co., Garden City, New York: (continued)
Delay in processing by Board's staff,
discussed, Mr. Sherman to prepare
schedule for completing action
3/9
on certain other cases and
Question re procedure to be followed
on announcement of Board's decision re, discussion and consensus
4/3
with respect to question
Application denied by majority vote
with Governors Mills and King
4/6
voting to approve
Issuance of order and statement re denial authorized with dissenting
4/30
statement by Governor Mills
Service of Henry U. Harris as director of,
and as partner of Harris, Upham
& Company, question re applicability of section 32 of Banking
Act of 1933, decision deferred
pending receipt of 1961 figures
on business of Harris, Upham,
1/10
advice to FRBank of New York
Decision that Harris, Upham & Co.,
not "primarily engaged" in business of the kinds described in
section 32, advice to FRBank of
5/7
New York
Granted extension of time within which to
establish a branch at 67 Broad
Street, New York, New York, with
understanding re operations at
1/16
branch located at 30 Broad St.
to
which
Granted extension of time within
establish a branch at 1900 Ralph
2/7
Avenue, Brooklyn, New York
30
at
branch
Operation of limited-purpose
Broad Street, New York, New York,
for certain period, approved,
with understanding re simultaneous opening of its branch at
2/12
67 Broad Street
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
860
1130
1244
1527,1552-69
90, 106
1757
179, 196
442, 452
503, 526
1962
1009
Pages
State member banks: (continued)
Chemical Bank New York Trust Company, New York,
New York: (continued)
Establishment of a temporary branch at 1220
Jerome Avenue, Bronx, New York,
in connection with removal of
portions of its branch operations from damaged quarters at
9 East 167th Street, action approving, ratified
Establishment of a branch at 410-420 Northern Boulevard, Great Neck, Town
of North Hempstead, New York,
approved
Consent granted Chemical International
Finance Ltd., New York, New
York, to purchase stock of a
French corporation ("Vendome")
organized for the purpose of
holding lease for quarters to
be occupied by the Paris representative of
Chemical State Savings Bank, Midland, Michigan,
permission to act as the paying
agent on bond issues, requested
by, Board interposes no objection
Chemung Canal Trust Company, Elmira, New York,
granted extension of time within
which to establish a branch at
602 South Main Street, Village
of Horseheads, New York
Cherokee State Bank, Cherokee, Iowa, investment
in bank premises approved
Chester-Schroon-Horicon Bank, Chestertown, New
York, establishment of a branch
on Main Street in Schroon Lake,
New York, to be utilized between
June 1 and September 30 only, approved
Chippewa Trust Company, St. Louis, Missouri, consent granted to retirement of
$100,000 outstanding preferred
stock, with understanding re increase in capital structure
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/3
1127, 1157
7/27
2856, 2870
8/8
3026, 3043
12/5
4619, 4637
6/21
2240, 2247
4/25
1472, 1487
2/12
503, 527
10/9
3846, 3854
1962
1010
Pages
State member banks: (continued)
Citizens Bank of Abilene, Kansas, establishment
of a branch at 502 North Cedar
Street, approved
Citizens Bank, Attica, New York, establishment
of a branch at 22 Main Street,
approved, six-month extension
approved
Citizens Bank of Montana, Havre, Montana:
Application of Montana Shares, Inc., Great
Falls, Montana, to acquire additional stock of, approved, Gov.
Mitchell dissenting
Issuance of order and statement authorized
Dissenting statement by Governor Mitchell
and a letter to the President of
Montana Shares
Citizens Bank of Owensville, Missouri, investment in bank premises approved
Citizens Bank of Pacific, Missouri, additional
investment in bank premises approved
Citizens Bank of Perry, New York:
Application to merge with The First National
Bank of Perry, New York, under
the charter of the former and
with the title of The Bank of
Perry, to operate a branch for
a one-year period at the location of, approved with Governors
Robertson and Mitchell dissenting
Issuance of order, statement, and dissenting
statement of Governors Robertson
and Mitchell authorized
Citizens Bank of Windsor, Missouri:
Six months' notice of withdrawal from membership in FRSystem waived
Continuance of deposit insurance after withdrawal from membership in FRSystem,
advice to FDIC
Citizens Bank & Trust Company, Campbellsville,
Kentucky, investment in bank
premises approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/24
11/26
2815, 2831
4491, 4508
9/13
10/3
3460
3753,3785-89
10/3
3778, 3790
6/7
2069, 2073
1/10
83, 102
7/9
2558
7/23
2785, 2802
9/19
3583, 3597
11/5
4236, 4249
2/8
455, 475
1962
1011
Pages
State member banks: (continued)
Citizens Bank and Trust Company, Park Ridge,
Illinois:
United Security Account Plan of:
FRBank of Chicago requested to furnish
details of actual operation of
the Plan in view of possible
illegality under section 217.1
(e)(3) of Regulation Q, question
re special or regular examination
of, to obtain information, statement by Messrs. Hackley and Solomon
that they were not participating
in current phase of staff work re
Memorandum by Mr. Farrell re problems
under Regulation Q raised by the
United Security Account Plan, ruling proposed for advance notice
of savings account withdrawals
in connection with computation
of interest, agreed proposal deserving of further consideration
Investigation completed by FRBank of
Chicago, to be analyzed and a
memorandum prepared for Board
consideration
Results of special examination to obtain information re operation of
reviewed, view that certain proposed transfers of funds from
savings accounts for payment of
checks would be violations of
section 19, FRAct, and Regulation Q, action on matter deferred
Question re possible violation of Regulation Q and section 19, FRAct,
which might warrant termination
of membership in FRSystem, and
question re making frequent examinations at bank's expense,
further consideration deferred
pending receipt of report of
examination of bank being conducted by FRBank of Chicago
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/1
381, 389
3/23
1034
3/23
1036
4/10
1316
4/23
1443
1962
1012
Pages
State member banks: (continued)
Citizens Bank and Trust Company, Park Ridge,
Illinois: (continued)
United Security Account Plan: (continued)
Review of special examination, letter
indicating that the Board expects
operation of plan to be discontinued, approved
Draft letter ordering termination of,
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
Further discussion, 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
Granted extension of time within which
to discontinue, with proviso that
depositors in Plan would be appropriately notified re withdrawal
of checks thereunder
Letter received from, re Board's proviso
re notifying depositors re termination of, discussion re possible
section 9 proceeding if Plan not
terminated, letter to FRBank of
Chicago and enclosed draft letter
to, approved
Draft letter dated and transmitted, advice from Mr. Hodges, FRBank of
Chicago
Letter advising that Board would apply
sanctions prescribed by law if
operations of the Plan are continued, approved, with the understanding that the Secretary would
call the Chairman of, suggesting
the possibility of his meeting
with the Board
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Federal Reserve Bank of St. Louis
5/3
1660, 1670
7/3
2531
7/9
2556
7/11
2577, 2639
7/24
2816, 2838
10/25
4064, 4081
11/23
4478,4488-89
11/23
4480
12/13
4759, 4777
1962
1013
Pages
State member banks: (continued)
Citizens Bank and Trust Company, Park Ridge,
Illinois: (continued)
United Security Account Plan: (continued)
Further discussion, Chairman MacArthur
to meet with available Board members December 21st, Secretary to
inform re final arrangements
Date of meeting noted
Chairman Martin and Governors Mills
and Robertson met with Chairman
MacArthur, memorandum of the
meeting placed in the Board's
files
Citizens Central Bank, Arcade, New York:
Proposed merger of Bank of Delevan, New
York, into:
View expressed that processing should
be expedited under the 10-day
provision of the bank merger
legislation, due to substantial
losses by the Bank of Delevan as
the result of a check kiting operation
In light of additional information received from the FRBank of New
York, matter discussed further
on January 5, 1962
Information from the FRBank of New
York, indicating that stockholder's meetings plus notice
in local newspapers, prior to
the merger, was required under
New York State law, upon receipt
of papers, reports on competitive factors to be required
within a 10-day period, recommendation to be submitted for
action by January 19 or 20, 1962
Application approved, issuance of order
and statement authorized
Citizens Commercial & Savings Bank, Flint, Mich.:
Application to consolidate with Old Corunna
State Bank, Corunna, Michigan,
questions re reconsideration of
denied application, position of
Michigan State Commissioner of
Banking discussed, denial of application, reaffirmed, Chm. Martin,
Goys. Robertson, and Shepardson
voting to reaffirm, Governor Mills
http://fraser.stlouisfed.org
dissenting, and Goys. Balderston,
Federal Reserve Bank of St. Louis
King, and Mitchell abstaining
12/14
12/20
4781
4872
12/21
4954
1/4
37
1/4
39
1/5
52
1/24
245,282-84
1/10
84, 105
1962
1014
Pages
State member banks: (continued)
Citizens Commercial & Savings Bank, Flint, Mich.: (continued)
Establishment of a branch at G-3055 West
10/24 4042, 4055
Person Road, approved
Citizens Commercial Trust and Savings Bank of
Pasadena, California:
Establishment of an in-town branch on the
south side of Colorado Boulevard
between Catalina and Wilson Ave4/18 1387, 1415
nues, approved
Change in location of branch from south side
of Colorado Boulevard between
Catalina and Wilson Avenues to
Southwest corner of Catalina St.
and Colorado Boulevard, Pasadena,
10/5 3814, 3827
California, approved
Citizens Fidelity Bank and Trust Company, Louisville, Kentucky:
Establishment of a branch in Mid-City Shopping
Center on Bardstown Road, Louis3/21 979, 1005
ville, Kentucky, approved
Establishment of a branch in the Lynnview
Shopping Center, Jefferson County,
Kentucky, approved, with the understanding that operation at the
existing office at 4243 Preston
Highway, Jefferson County, Ky.,
11/5 4236, 4247
be discontinued
Citizens State Bank of Clare, Michigan, granted
permission to exercise fiduciary
powers under applicable provisions
of condition of membership num11/2 4219, 4228
bered 1
Citizens State Bank, Hempstead, Texas:
Continuance of deposit insurance after withdrawal from membership in FRSystem,
12/3 4597, 4604
advice to FDIC
memberof
Six-months' notice of withdrawal
12/11 4714, 4718
ship from the FRSystem, waived
investof
Ind.,
Petersburg,
Citizens State Bank
6/29 2425, 2446
ment in bank premises approved
City Trust Company, Bridgeport, Connecticut:
Application to merge with West Side Bank,
Bridgeport, Conn., and to operate
a branch at present office of
latter bank, following discussion, approved, Governors Bal3/14 889
derston and Robertson dissenting
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1962
1015
Pages
State member banks: (continued)
City Trust Company, Bridgeport, Connecticut: (continued)
Application to merge with West Side Bank,
Bridgeport, Connecticut: (continued)
Order and statement for approval issued, with dissenting statement
of Governors Balderston and
3/23
Robertson
Ohio:
Cleveland Trust Company, Cleveland,
Establishment of a branch in Midtown
Shopping Center at northwest
corner of intersection of Broad
View and Snow Roads, Parma, Ohio,
3/5
approved
400
facility
drive-in
a
Establishment of
feet from branch quarters in
Midtown Shopping Center at
Broad View and Snow Roads, Parma,
4/24
Ohio, approved
for
location
on
Expiration Of option
proposed drive-in facility re4/24
ferred to
Brecksville
in
Establishment of a branch
Shopping Center on Chippewa
Road near intersection of
Brecksville Road, Brecksville,
4/26
Ohio, approved
within
which
time
Granted extension of
10/18
to establish
corsoutheast
at
branch
a
of
Establishment
ner of intersection of Wilson
Mills and Richmond Roads, Rich8/30
mond Heights, Ohio, approved
Granted extension of time within which to
establish a branch at 38 Main
10/17
Street, Chagrin Falls, Ohio
Establishment of a branch in Biddulph Plaza
Shopping Center at intersection
of Ridge and Biddulph Roads,
Brooklyn, Ohio, and a branch
drive-in facility at the same
approximate location, six-month
11/28
extension approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1040,1048-56
820, 826
1466, 1471
1467
1494, 1499
3968, 3998
3325, 3331
3939, 3949
4536, 4544
1962
1016
Pages
State member banks: (continued)
Coast Bank, Long Beach, California, (formerly
Bank of Belmont Shore), request
from attorney for 1958 examination report of former bank for
use in litigation, Board will
not make report available, reply to FRBank of San Francisco
including recommended procedure
in event subpoena duces tecum
is served
Colonial Bank and Trust Company, Waterbury,
Connecticut:
Establishment of a branch at intersection
of Thomaston Avenue and West
Main Street, Waterbury, Conn.,
and investment in bank premises
approved
Establishment of a branch in the Southbury
Shopping Center, Southbury,
Connecticut, approved
Establishment of a branch near the junction
of Main Street and Highland Avenue, Cheshire, Connecticut, and
additional investment in bank
premises approved
Columbus Junction State Bank, Columbus Junction,
Iowa, application to purchase
the assets and assume the liabilities of The Louisa County
National Bank of Columbus Junction, Iowa, approved
Issuance of order and statement authorized
Commerce Union Bank, Nashville, Tennessee, application for merger of Broadway
National Bank of Nashville, Tenn.
into, approved
Issuance of order and statement authorized
Commercial Bank of L'Anse, Michigan, Bosch Brewing Company and Bosch Development Company, Houghton, Michigan,
determined not to be a holding
company affiliate of, except for
purposes of section 23A
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/20
948, 959
1/29
316, 331
8/6
2971, 2989
10/24
4042, 4053
1/18
1/24
219
245, 276-78
4/24
5/2
1462
1606, 1628
10/31
4185, 4210
1962
1017
Pages
State member banks: (continued)
Commercial Savings Bank, Adrian, Michigan:
Consent granted to the retirement of preferred stock with the understanding that the capital structure
would be increased
Amendment to approved proposal for retirement of certain outstanding preferred stock and an increase in
capital structure, approved
Commercial and Savings Bank of Millersburg, Ohio,
additional investment in bank
premises approved
Commercial Security Bank, Ogden, Utah, establishment of a branch at 3700
Wall Avenue, South Ogden, Utah,
approved
Commercial Trust Savings Bank, Mitchell, South
Dakota, investment in bank premises approved
Commonwealth Bank and Trust Company, Pittsburgh,
Pennsylvania, granted extension
of time to dispose of shares of
stock of other banks acquired in
merger with Butler Savings and
Trust Company
Community Bank of Bergen County, New Jersey,
Rochelle Park, New Jersey, granted permission under applicable
provision of condition of membership numbered 1, to exercise fiduciary powers
Connecticut Bank and Trust Company, Hartford,
Connecticut:
Establishment of a branch at 1159-1159a and
1161-1163 New Britain Avenue in
the Elmwood section of West Hartford, approved
Application to merge with Wallingford Bank
and Trust Company, Wallingford,
Connecticut, and incident thereto
to operate a branch at location
of latter bank, approved
Issuance of order and statement authorized
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Federal Reserve Bank of St. Louis
2/5
409, 418
3/23
1037, 1044
8/14
3101, 3116
4/25
1473, 1488
4/5
1194, 1233
3/14
886, 904
10/4
3793, 3805
1/24
243, 270
8/8
3033
8/17
3133,3143-45
1962
1018
Pages
State member banks: (continued)
Continental Bank and Trust Company, Salt Lake
City, Utah:
Capital adequacy proceedings re:
Dismissal by District Court of Continental's complaint against
the Board in connection with,
affirmed by U.S. Court of Appeals for the District of
Columbia, reported by Mr.
O'Connell, possible future
Board procedure noted
Order continuing the date of the Show
Cause Hearing said hearing to
be private, approved, Governor
Robertson not participating,
David F. Doyle, Senior Hearing
Examiner, National Labor Relations Board, designated as Hearing Examiner
Services of Raymond E. Talbot, examining staff, FRBank of New York,
to be borrowed by Board's Legal
Division to assist in preparation of material in connection
with
Requests by counsel for, that Show
Cause Hearing be made open to
the public and that the place of
hearing be changed from Salt Lake
City Branch to some other building in Salt Lake City, reply to
both questions approved, order
making Show Cause Hearing open
to the public approved and issued
Memorandum from Mr. Hackley re certain
aspects of case originating from
the question raised by President
Sullivan of, with the President
of the FRBank of San Francisco,
matter to be considered when a
full Board is present
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/3
1659
5/28
1960, 1972
5/31
1988
6/8
2098,2111-13
6/8
2099
1962
1019
Pages
State member banks: (continued)
Continental Bank and Trust Company, Salt Lake
City, Utah: (continued)
proceedings re: (continued)
adequacy
Capital
Permission granted B. K. Grier, attorney for, to file a reply to
"Statement of Board Counsel in
Response to Demand for Particulars" and in reply to Board
Counsel's "Memorandum in Reply
to Respondent's Motion to Produce", advice to Mr. Grier
Request that forthcoming Show Cause
Hearing be held elsewhere than
the FRBranch building at Salt
Lake City, letter denying request approved
Discussion re possible meeting with Mr.
Sullivan, President of, in light
of telephone conversation with
Mr. Swan, President of the Federal Reserve Bank of San Francisco
"Motion to Dismiss and Demand for
Final Order" filed by counsel
for, noted by Mr. Hackley, arrangements for meeting with Mr.
Sullivan made
Discussion prior to meeting with Mr.
Sullivan, Governor Robertson's
decision not to attend meeting,
decision that Messrs. Hackley
and Leavitt should attend
Meeting with Mr. Sullivan,tabulation
showing certain information re,
distributed
Reference to Paramount Life Insurance Company of Texas
Permission granted for the filing of
comments on a "Memorandum in
Opposition to Respondent's Motion to Dismiss and Demand for
Final Order"
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/25
2302, 2331
6/26
2336, 2370
6/26
2357
6/27
2388
7/2
2475
7/2
2484, 2509
7/2
2500
7/6
2545, 2552
1962
1020
Pages
State member banks: (continued)
Continental Bank and Trust Company, Salt Lake
City, Utah: (continued)
Capital adequacy proceedings re: (continued)
Due to the lack of a quorum resulting
from the abstention of Governor
Robertson in all matters re the
litigation with, action ratified,
Governor Robertson not participating
Discussion re outcome of meeting with
Mr. Sullivan, President of, issuance of order continuing date of
Show Cause Hearing from July 23
to September 10, authorized,
Governor Robertson attending discussion but not participating
Plans of Mr. O'Connell, Board Counsel,
to travel to San Francisco to
confer with witnesses who are to
appear at Show Cause Hearing reviewed, agreement re
Mr. T. M. Stephenson, Special Assistant, Division of Examinations,
to travel to Salt Lake City,
Utah, and to be accompanied by
James Ahlf, Chief Examiner, Federal Reserve Bank of San Francisco, authorization with respect to
Letter to Board Counsel granting permission to file a reply to Respondent's Memorandum in support
of its Motion to Dismiss and Demand for Final Order
Issuance of orders and statement of
the Board on Respondent's (1)
Motion to Produce, (2) Demand
for Particulars, and (3) Motion
to Dismiss and Demand for Final
Order, authorized
Memorandum from Messrs. Stephenson and
Ahlf re visit to, submitted in
memorandum from the Secretary to
the Board
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/9
2554
7/11
2594, 2664
7/12
2682
7/12
2685
7/24
2816, 2839
8/6
2973, 2997
8/6
2975
1962
1021
Pages
State member banks: (continued)
Continental Bank and Trust Company, Salt Lake
City, Utah: (continued)
Capital adequacy proceedings re: (continued)
Meeting of Board with Board Counsel
(Messrs. Powell, O'Connell, and
Chase), matter of issuance of
orders and statement re, discussed
Understood that Mr. Kenyon would inform Mr. Sullivan re issuance of
Board's orders and statement that
President Swan was named by the
Board as the person with whom
Mr. Sullivan might get in touch,
and that Messrs. Ahlf and Stephenson would be available for technical advice
Review of memorandum from Mr. Swan re
Mr. Sullivan's proposal for settlement, requested following
meeting of Board in executive
session at which Mr. Swan discussed proposal, memorandum from
Division of Examinations re proposal distributed, letter to
Board Counsel requesting advice,
approved, further reference to
Paramount Life Insurance Company
of Texas
Meeting of Board with Board Counsel to
receive views on certain questions
re, agreement re proceeding with
Show Cause Hearing, letter to
Continental re stipulation of
record, approved, further reference to Paramount Life Insurance
Company of Texas
Mr. O'Connell designated to represent
Board in any further negotiations
with Mr. Sullivan re possible
settlement
Telephone report from Mr. O'Connell re
meeting with Mr. Sullivan, question re procedure re Show Cause
Hearing in light of developments,
understanding re notifying Messrs.
Powell and Chase of possibilities
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/8
3019
8/9
3054
8/27
3197, 3227
8/29
3290, 3320
8/29
3314
9/6
3363
1962
1022
Pages
State member banks: (continued)
Continental Bank and Trust Company, Salt Lake
City, Utah: (continued)
Capital adequacy proceedings re: (continued)
Letter to Board from Mr. Sullivan transmitted by telephone by Mr. O'Connell reviewed, evaluation of letter by Messrs. Powell and Solomon,
agreed to issue order continuing
date for Show Cause Hearing with
certain understanding, telephone
call to Mr. O'Connell in Salt
Lake City
Letter to Board from Mr. Sullivan,
memorandum from Board Counsel
Powell and Chase, and memorandum
from Division of Examinations reviewed, comments by Messrs. Powell, Solomon and O'Connell, agreed
matter be discussed further
Board tentatively accepted proposal that
had been tentatively submitted by
Mr. Sullivan re, Governor Mills
dissenting, and Governor Robertson not participating, reported
Formal acceptance of the previously submitted plan by Mr. Sullivan terminating the capital adequacy proceeding approved, with letters to
Messrs. Sullivan and Doyle, and
an understanding re the proposed
Board press release and order,
Governor Mills abstaining
Press release issued on October 29,
1962, order issued October 30,
1962
Press release issued
Order issued terminating administrative
proceeding re capital adequacy
Bank, Alto, Texas:
State
Continental
notice
of withdrawal from memmonths'
Six
bership in FRSystem waived
Continuance of deposit insurance after withdrawal from membership in FRSystem,
advice to FDIC
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/7
3378, 3402
9/14
3505
9/17
3552
10/11
3895,3916-17
10/11
10/29
3903
4126, 4140
10/30
4157, 4167
11/21
4446, 4455
12/10
4686, 4700
1962
1023
Pages
State member banks: (continued)
County Bank of Santa Cruz, California:
Granted extension of time within which to
establish a branch at intersection of Front and Cooper Streets,
Santa Cruz, California
Further extension granted
Establishment of a branch in East Cliff
Village Shopping Center between
14th and 17th Avenues at East
Cliff Drive near city of Santa
Cruz, approved, six-month extension approved
County Trust Company, White Plains, New York, application to merge with Gramatan
National Bank and Trust Company
of Bronxville, New York, approved
Order and statement of approval issued, two
offices of Gramatan National to
be operated as branches of County
Trust
Crawford County Trust Company, Meadville, Pa.:
Proposed withdrawal from FRSystem resulting
from proposed merger with Oil
City National Bank, Oil City,
Pa., under title of Northwest
Pennsylvania Bank and Trust Company, Oil City, Pennsylvania,
advice to FDIC re continuation
of deposit insurance
Proposed merger with Oil City National Bank,
Oil City, Pennsylvania, report to
FDIC on competitive factors approved
Six-month notice of withdrawal from membership in FRSystem waived
Dallas City Bank, Dallas, Oregon, proposed merger into First National Bank of
Oregon, Portland, Oregon, report
to Comptroller of the Currency
on competitive factors approved,
Governor Mills abstaining from
participation in discussion and
action on
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/21
9/10
979, 1001
3405, 3412
11/23
4476, 4482
10/29
4113
11/7
4277,4287-89
2/26
713, 724
3/12
873
4/18
1386, 1404
1/16
181
1962
1024
Pages
State member banks: (continued)
Dauphin Deposit Trust Company, Harrisburg, Pa.,
application to merge with The
First National Bank of Mount
Holly Springs, Pennsylvania,
and to operate a branch at the
location of the latter bank,
denied with Governor Mills dissenting, possibility of an oral
presentation discussed
Order, majority and dissenting statements
reviewed, agreed majority statement be revised for further consideration
Issuance of order, majority statement, and
dissenting statement of Governor
Mills, authorized
Plan to request reconsideration of the denial of the application, reply
to Martin P. Snyder, attorney
for
Further discussion, reply to Martin P.
Snyder, Counsel for, re request
for reconsideration of Board's
denial, indicated that vote for
denial by five members with one
dissent provides no support to
petition for reconsideration
Davison State Bank, Davison, Michigan, application of Genesee Merchants Bank
& Trust Company, Flint, Michigan,
to consolidate with, approved,
issuance of order and statement
authorized
Case processed under 10-day emergency provision of Bank Merger Act in
light of irregularities at, noted
Deposit Guaranty Bank & Trust Company, Jackson,
Mississippi:
Granted three-month extension of time within which to establish a branch
in the vicinity of intersection
of McDowell and McFadden Roads,
Jackson, Mississippi, understanding no further extension to be
considered unless definite steps
are taken to establish the branch
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/3
2517
7/12
2675
7/13
2701, 2709
8/8
3027, 3046
10/24
4042, 4060
11/19
4374,4422-24
11/19
4375
2/21
678, 692
1962
1025
Pages
State member banks: (continued)
Deposit Guaranty Bank & Trust Company, Jackson,
Mississippi: (continued)
Application to merge with Bank of Hazlehurst, Mississippi, (denied by
Board), report on competitive
factors submitted to Board by
Justice Department, requested by
W. S. Henley, Jackson, Miss.,
attorney for, approval given
subject to check with Justice
Department re release of report,
no objection by Justice noted
Establishment of a branch near intersection
of U.S. Highway 80 and Ellis Avenue, Jackson, Mississippi, approved, additional investment in
bank premises approved
Establishment of a branch at 4229 North
State Street, Jackson, Miss.,
approved, investment in bank
premises approved
Copy of report on competitive factors submitted to Board by Justice Dept.,
on proposed merger with Rankin
County Bank, Brandon, Miss.,
(denied by Board) requested by,
in light of possibility of applying again for permission to
effect the merger, agreed to
furnish, it having been ascertained Justice would not object
Depositors Trust Company, Augusta, Maine:
Establishment of a branch in the vicinity
of the intersection of Madison
Avenue and Beech Street, Skowhegan, Somerset County, Maine,
approved
Establishment of a branch in the Northwood
Park Shopping Center, Lewiston,
Maine, approved
Detroit Bank and Trust Company, Detroit, Mich.:
Establishment of two branches (1) to be
located on the south side of
Seven Mile Road between Hartwell
and Snowden Streets, Detroit; and
(2) to be located on the south
side of Eight Mile Road in the
vicinity of Evergreen Road,
Detroit, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/24
1929, 1941
7/13
2700, 2706
9/24
3650, 3658
11/19
4380
1/24
243, 268
2/5
409, 417
5/31
1980, 1992
1962
1026
Pages
State member banks: (continued)
Detroit Bank and Trust Company, Detroit, Mich.: (continued)
Establishment of a branch in the vicinity
of the intersection of Ten Mile
and Greenfield Roads, Royal Oak
Township, Oakland County, Mich.,
6/29 2426, 2453
approved
Devon-North Town State Bank, Chicago, Illinois:
Granted permission to act only as trustee
of land trusts and as an escrow
agent, reasons for not granting
full trust power indicated in
5/2
1604, 1623
letter to
Granted permission to exercise additional
10/5 3814, 3825
fiduciary power
Dover Trust Company, Dover, New Jersey, establishment of a branch at northwest corner of Howard Boulevard
and Edgemere Avenue, Mt. Arling9/25 3661, 3665
ton, New Jersey, approved
Dutchess Bank and Trust Company, Poughkeepsie,
New York, establishment of a
branch at 432 South Road in the
Hudson Plaza, Poughkeepsie, New
York, approved, six-month exten11/21 4446, 4453
sion approved
continuaEast Side State Bank, Wichita, Kansas,
tion of previously granted permission to carry same reserves
as maintained by banks outside
of central reserve cities upon
the banks conversion to a national bank, advice to FRBank
5/21 1880, 1889
of Kansas City
East Texas Bank and Trust Company, Longview,
Texas:
notice
of withdrawal from memberSix-month
4/18 1386, 1408
ship in FRSystem waived
after
insurance
of
deposit
Continuation
withdrawal from membership in
5/10 1779, 1788
the FRSystem, advice to FDIC
Egg Harbor Bank and Trust Company, Egg Harbor
City, New Jersey, establishment
of an in-town branch at northwest corner of Philadelphia Ave8/13 3069, 3089
nue and Arago Street, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1962
1027
Pages
State member banks: (continued)
Elyria Savings & Trust Company, Elyria, Ohio,
establishment of a branch on
south side of Cleveland-Elyria
Road, east of intersection of
Avon Lake Road, North Ridgeville,
Ohio, approved, provided branch
operations conducted at 7077 AvonBelden Road are discontinued simultaneously
Evanston Trust and Savings Bank, Evanston, Ill.,
J. Emil Anderson & Son, Inc.,
Chicago, Illinois, determined
not to be a holding company affiliate of, except for purposes
of section 23A of the FRAct
Ewing Bank and Trust Company, Ewing Township,
New Jersey:
Application for membership in FRSystem approved
Extension of time to accomplish membership
in FRSystem approved
Farmer's Bank of Polo, Missouri:
Six-month notice of withdrawal from membership in FRSystem waived
Continuance of deposit insurances after
withdrawal from membership in
FRSystem, advice to FDIC
Farmers Bank and Trust Company, Blytheville,
Arkansas, establishment of a
branch at 106 North Broadway
Street, approved
Farmers Bank and Trust Company, Knox, Indiana:
Permission granted under membership condition numbered 1 to sell insurance,
except life insurance
Declaration of a dividend payable March 31,
1962, approved
Declaration of dividends payable on June 30
and September 29, 1962, approved
Farmers and Merchants Bank, Hannibal, Missouri,
investment in bank premises approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/25
10/24
2275, 2306
4042, 4056
8/20
3151, 3160
10/3
3752, 3768
3/21
979, 997
4/2
1103, 1120
1/24
243, 275
2/14
548, 561
3/12
871, 881
6/7
2068, 2072
10/17
3939, 3950
1962
1028
Pages
State member banks: (continued)
Farmers and Merchants Bank of Lawrenceville,
Virginia:
Application to merge with Bank of Alberta,
Virginia, approved
Issuance of order and statement, subject to
deletion of certain paragraph in
statement, authorized
Office of Bank of Alberta to be operated as
a branch of
Establishment of a branch in Brodnax, Va.,
approved
Farmers and Merchants Bank of Long Beach, Calif.:
Inquiry re necessity of Board approval re
establishment of branches resulting from acquisitions under section 18(c), Federal Deposit Insurance Act, and re capital requirements of resulting bank,
understood reply be sent as staff
letter by Mr. Hackley to FRBank
of San Francisco
Application to acquire assets and assume
liabilities of Farmers and Merchants Bank of Southern Counties,
Long Beach, California, and to
establish branches at locations
of offices of the latter bank,
approved
Issuance of order and statement authorized
Granted extension of time within which to
establish a branch on south side
of Artesia Street between Obispo
and Indiana Avenues, Long Beach,
California
Farmers and Merchants Bank, Marianna, Arkansas,
continuance of deposit insurance
after withdrawal from membership
in the FRSystem, advice to FDIC
Farmers & Merchants Bank, Presho, South Dakota,
proposed merger of Farmers &
Merchants Bank, Platte, Farmers
and Merchants Bank, Wessington
Springs, and, into National Bank
of South Dakota, Sioux Falls, all
of South Dakota, report to Comptroller of Currency on competitive factors approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/20
3155
8/27
3197,3221-23
8/27
3221
11/2
4219, 4227
2/6
433
3/21
987
3/28
1085, 1096
9/19
3583, 3594
1/24
242, 262
12/3
4598
1962
1029
Pages
State member banks: (continued)
Farmers and Merchants Bank, Salisbury, Maryland,
application of Union Trust Company of Maryland, Baltimore, Md.,
to merge with, and to operate
branches at the locations of the
offices of, approved with Gov.
Robertson dissenting
Issuance of order, statement, and dissenting statement of Governor Robertson authorized
Farmers and Merchants Bank of Southern Counties,
Long Beach, California, application of Farmers and Merchants
Bank of Long Beach, California,
to acquire assets and assume
liabilities of, and to establish
branches at locations of offices
of, approved
Issuance of order and statement authorized
Farmers and Merchants Bank of Vandalia, Illinois,
additional investment in bank
premises approved
Farmers and Merchants State Bank of Bushnell,
Illinois:
Six-month notice of withdrawal from membership in FRSystem waived
Continuance of deposit insurance after withdrawal from membership in FRSystem,
advice to FDIC
Farmers and Merchants State Bank, Claflin, Kansas,
no objection to the declaration
of a dividend in 1960
Farmers and Merchants State Bank, Colby, Kansas,
permission granted under applicable provisions of condition of
membership numbered 1, to exercise additional fiduciary powers
Farmers and Merchants State Bank, Oldenburg,
Indiana, declaration of a dividend in December 1962, approved
Farmers and Merchants State Bank of Springfield,
Massachusetts, six-month notice
of withdrawal from membership in
FRSystem waived
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/13
2137
6/25
2301, 2315
3/21
3/28
987
1085, 1096
2/12
504, 532
4/30
1526, 1548
5/2
1604, 1622
3/2
798, 807
12/17
4788, 4794
12/17
4788, 4791
3/14
886, 905
1962
1030
Pages
State member banks: (continued)
Farmers and Merchants State Bank of Springfield,
Minnesota, continuance of deposit
insurance after withdrawal from
membership in the FRSystem, advice to FDIC
Farmers Savings and Trust Company, Mansfield,
Ohio, establishment of a branch
at the southeast corner of Park
Avenue West and Brookwood Way,
Mansfield, Ohio, approved, sixmonth extension approved
Farmers State Bank, Eustis, Nebraska:
Six-month notice of withdrawal from membership in FRSystem waived
Continuance of deposit insurance after withdrawal of membership in FRSystem,
advice to FDIC
Extension of time to withdraw from membership in the FRSystem, approved
Farmers State Bank of Yuma, Colorado, Fitzgerald
Insurance Agency, Inc., Yuma,
Colorado, determined not to be a
holding company affiliate of the,
except for purposes of section
23A of the FRAct
Farmers Trust Company of Middletown, Pennsylvania,
proposed merger into the National
Bank & Trust Company of Central
Pennsylvania, York, Pennsylvania,
report to Comptroller of the Currency on competitive factors approved
Farmers Trust Company, Mount Holly, New Jersey,
proposed merger into Burlington
County Trust Company, Moorestown,
New Jersey, report to FDIC on
competitive factors approved
Federation Bank and Trust Company, New York,
New York:
Establishment of a branch in vicinity of
intersection of Williamsbridge
Road and Morris Park Avenue,
Bronx County, New York, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/23
12/19
1037, 1045
4808, 4838
4/18
1386, 1407
4/26
1494, 1500
10/1
3740, 3747
10/24
4042, 4058
10/4
3793
7/27
2857
1/8
61, 69
1962
1031
Pages
State member banks: (continued)
Federation Bank and Trust Company, New York,
New York: (continued)
Establishment of a branch at 1871 Nostrand
Avenue, Brooklyn, New York, New
York, approved
Establishment of a branch on south side of
Strang Avenue and Baychester Avenue, Bronx, New York, approved,
with notation re capital of bank
Fidelity Bank, Beverly Hills, California, misreporting in condition reports of
March 26 and June 30, 1962 re
loans and borrowings, question
from FRBank of San Francisco re
requiring reports to be published,
reply approved with authorization
re further misreporting
Fidelity Bank and Trust Company, Houston, Texas,
additional investment in bank
premises approved
Fidelity Bank and Trust Company, Minneapolis,
Minnesota, Lenroc, Inc., Minneapolis, Minnesota, determined
not to be a holding company affiliate of, except for purposes
of section 23A
Fidelity-Philadelphia Trust Company, Philadelphia
Pennsylvania:
Additional investment in bank premises during 1962 approved
Establishment of a branch at 3606 West
Chester Pike, Newton Square,
Delaware County, Pennsylvania,
and investment in additional
bank premises, approved
Appointment of Barry J. Case as assistant
examiner, FRBank of Philadelphia,
approved not to participate in
examination of, as long as his
father is connected with the
bank in any capacity
Establishment of a branch in the Philadelphian (apartments), 2401 Pennsylvania Avenue, Philadelphia,
approved, with additional investment in bank premises approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/13
10/26
2134, 2149
4103, 4106
9/14
3504, 3542
6/21
2240, 2249
1/11
113, 131
4/26
1494, 1498
4/30
1526, 1541
5/21
1881, 1895
9/19
3582, 3592
1962
1032
Pages
State member banks: (continued)
Fidelity-Philadelphia Trust Company, Philadelphia,
Pennsylvania: (continued)
Establishment of a branch at 250 East Lancaster Avenue,Wynnewood,Lower
Merion Township, Pennsylvania,
and investment in bank premises
approved, six-month extension
approved
Fidelity Savings Bank, Ottumwa, Iowa, investment
in bank premises approved
Fidelity State Bank, Dodge City, Kansas, establishment of a branch at 312 Gunsmoke Street, Dodge City, Kansas,
approved
Fidelity Union Trust Company, Newark, New Jersey,
additional investment in bank
premises approved
Fifth Third Union Trust Company, Cincinnati,
Ohio, establishment of a branch
at southeast corner of GlendaleMilford Road and Saint Rita Lane,
Evendale, Ohio, approved
First American State Bank, Wausau, Wisconsin:
Application for membership in the FRSystem
approved
Authorization for issuance of general voting
permit to Central Wisconsin Bankshares, Inc., Wausau, Wisconsin,
covering stock in, issuance to
be made upon admission to membership in the FRSystem
First Bank of Colonia, New Jersey, application
for membership in FRSystem approved subject to 3rd condition
re capital stock requirement
First Bank and Trust Company, Cairo, Illinois:
Six month notice of withdrawal of membership
in FRSystem, waived
Continuance of deposit insurance after withdrawal from membership in FRSystem,
advice to FDIC
First Bank and Trust Company, Fords, New Jersey,
establishment of a branch at 1379
St. Georges Avenue, Avenel, Woodbridge Township, New Jersey, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/28
4536, 4543
10/18
3969, 3999
6/28
2405, 2414
9/21
3610, 3631
1/16
180, 197
3/16
913, 938
3/16
913, 940
2/19
628, 634
11/2
4220, 4229
11/2
4220, 4230
7/2
2470, 2504
1962
1033
Pages
State member banks: (continued)
First-Citizens Bank and Trust Company, Greencastle, Indiana, additional investment in bank premises approved
First-City Bank & Trust Company, Hopkinsville,
Kentucky:
Establishment of a branch on Canton Pike and
Blane Drive in Indian Hills,
Hopkinsville, Kentucky, approved
Establishment of a branch in an unincorporated area on U.S. Highway 41A,
opposite gate 4, Fort Campbell,
Kentucky, approved
Change in location of a branch at Fort
Campbell, Kentucky, approved
First Commercial Bank, Chicago, Illinois, granted permission to act in certain
fiduciary capacities
First Pennsylvania Banking and Trust Company,
Philadelphia, Pennsylvania:
Authorized to accept drafts or bills of exchange drawn for the purpose of
furnishing dollar exchange
Preliminary permit to organize First Pennsylvania Overseas Finance Corporation, transmitted to
Issuance of final permit to commence business
authorized
Granted extension of time within which to
establish a branch at northeast
corner of Ashland Avenue and
MacDade Boulevard, Glenolden,
Pennsylvania
Granted extension of time within which to
establish a branch at 255 East
County Line Road, Warminster,
Pennsylvania
Operation of a branch at 1518 Walnut St.,
Philadelphia, Pennsylvania, until January 1, 1965, approved
Extension of time within which to establish
a branch at southeast corner of
Grant Avenue and Roosevelt Blvd.,
Philadelphia, Pennsylvania, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/5
1194, 1231
5/10
1780, 1797
5/10
1780, 1797
9/27
3678, 3694
10/5
3814, 3826
1/31
349, 372
3/20
948, 956
4/2
1112
4/2
1103, 1116
8/14
3100, 3113
9/4
3342, 3349
9/13
3456, 3475
1962
1034
Pages
State member banks: (continued)
First State Bank, Booker, Texas:
Six-month notice of withdrawal from membership in the FRSystem waived
Continuance of deposit insurance after withdrawal from membership in the
FRSystem, advice to FDIC
First State Bank, Churdan, Iowa, investment in
bank premises, approved
First State Bank, Fremont, Nebraska:
Continuance of deposit insurance after withdrawal from membership in FRSystem,
advice to FDIC
Six-month notice of withdrawal from membership in FRSystem waived
First State Bank of Idabel, Oklahoma, renewal of
motion that the, and all protesting banks situated within Oklahoma
City be admitted as parties in
the hearing re application of
First Oklahoma Bancorporation,
Inc., Oklahoma City, Oklahoma,
to become a bank holding company,
reply denying motion for stated
reasons, approved
of Lynwood, California, estabBank
First State
lishment of a branch at the intersection of Alondra and Paramount Boulevards, Paramount,
California, approved, with understanding re increase of capital funds by sale of additional
common stock
Extension of time within which to establish
the branch, approved
First State Bank of Marlin, Texas:
Six-month notice of withdrawal from membership in FRSystem, waived
Continuance of deposit insurance after withdrawal from membership in FRSystem,
advice to FDIC
First State Bank of Odem, Texas:
Continuance of deposit insurance after withdrawal from membership in FRSystem,
advice to FDIC
Six-month notice of withdrawal from membership in FRSystem, waived
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/5
409, 420
5/2
1605, 1625
5/21
1879, 1882
10/29
4111, 4127
11/7
4275, 4282
6/4
2034, 2047
3/14
886, 907
9/6
3359, 3372
12/19
4808, 4840
12/19
4808, 4841
12/10
4686, 4701
12/11
4714, 4719
1962
1035
Pages
State member banks: (continued)
First State Bank, Odessa, Texas, investment in
bank premises approved with understanding re increase in capital accounts
First State Bank, Premont, Texas (operations suspended effective December 30, 1961):
Information received from the FRBank of
Dallas re the closing of, agreed
to publish suspensions from membership in the FRSystem in the
Board's press statement, K.3,
"Changes in State Bank Membership"
FRExaminer of FRBank of Dallas, subpoenaed
to testify in trial of criminal
charges involving disappearance
of funds of, agreed to interpose
no objection, advice to Mr. Rudy
First State Bank of Salina, Utah, appointment of
James W. Stacey as assistant examiner, FRBank of San Francisco,
approved, not to participate in
examination of, so long as his
father is an officer or director
of
First State Bank of Tonganoxie, six-month notice
of withdrawal from membership in
FRSystem, waived
First Trust Company of Albany, New York, application to merge with Broadalbin
Bank, Broadalbin, New York, and
to operate a branch at present
location of latter bank, approved
Issuance of order and statement authorized
First Trust & Deposit Company, Syracuse, New York,
application of Morgan New York
State Corporation, Albany, New
York, to become a bank holding
company by acquisition of stock
of Morgan Guaranty Trust Company
of New York, New York, five other
up-state New York banks, and, denied
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/13
3456, 3482
1/5
50
10/25
4065, 4098
12/11
4717, 4737
12/12
4739, 4752
3/14
3/20
888
951, 969
4/5
1194
1962
1036
Pages
State member banks: (continued)
First Trust & Deposit Company, Syracuse, New
York: (continued)
statement
Order and
denying application authorized for release tomorrow
Concurring statement of Governor Mitchell
released
First Trust and Savings Bank of Riverdale, Ill.:
Six-month notice of withdrawal from membership in FRSystem, waived
Continuance of deposit insurance after withdrawal from membership in Federal
Reserve System, advice to FDIC
Franklin County Trust Company, Greenfield, Mass.:
Establishment of a branch at 399 Federal
Street approved
Penalty for deficiences in reserves, waived
G. W. Jones Exchange Bank, Marcellus, Michigan:
SEE: State member banks:
Jones, O. W. Exchange Bank:
Gary Trust and Savings Bank, Gary, Indiana:
Lakeside Corporation, Gary, Indiana, determined not to be a holding company
affiliate of, except for purposes
of section 23A
Application to merge with Lake County State
Bank, East Gary, Indiana, under
charter of the former and title
of Bank of Indiana, application
approved
Issuance of order and statement authorized
Genesee Merchants Bank & Trust Company, Flint,
Michigan:
Establishment of a branch at G-5278 Corunna
Road, Flint, Michigan, approved
Application to consolidate with Davison
State Bank, Davison, Michigan,
approved, issuance of order and
statement authorized
Case processed under 10-day emergency
provision of Bank Merger Act in
light of irregularities at Davison
State Bank, request from Michigan
State Commissioner of Banking re
simultaneous issuance of statements, noted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/3
1663, 1671
5/3
1666, 1715
7/12
2671, 2695
7/13
2671, 2688
3/23 1037, 1042
12/17 4788, 4790
1/11
113, 129
10/18
3976
10/29
4122,4134-36
9/21
3611, 3640
11/19
4374, 4422
11/19
4375
1962
1037
Pages
State member banks: (continued)
Girard Trust Corn Exchange Bank, Philadelphia,
Pennsylvania, establishment of
a branch in Upper Darby Shopping
Center on north side of State
Road, near intersection of State
and Landsdowne Avenue, Upper
Darby, Pennsylvania, approved
Glenns Ferry Bank, Ltd., Glenns Ferry, Idaho,
establishment of a branch in
Kuna, Idaho, approved
Gotman Bank, New York, New York, possible merger
of Royal State Bank, New York,
New York, and, said to be opposed by State banking authorities, but Comptroller of the
Currency willing to approve conversion of latter bank into a
national bank and thereafter
approve the merger, question
from President Crosse whether
the FRBank of New York could refuse to issue FRBank stock to
the new bank or make an examination to determine if the national charter was deserving of
approval
Greenfield State Bank, Bakersfield, California,
establishment of a branch in the
vicinity of Wilson Road and South
H Street in Kern County, Calif.,
approved
Greene County Bank, Greensville, Tennessee, establishment of a branch at the
corner of Tusculum Boulevard and
Mason Street, approved
Grosvenor Savings Bank, Jonesville, Michigan,
proposed consolidation of Hillsdale County National Bank, Hillsdale, Michigan, and, report to
Comptroller of the Currency on
competitive factors approved
Guaranty Bank & Trust Company, Gatesville, Texas:
Six-month notice of withdrawal from membership in FRSystem, waived
Continuation of deposit insurance after withdrawal from membership in Federal
Reserve System, advice to FDIC
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/14
3101, 3119
7/12
2671, 2690
11/19
4379
8/20
3152, 3165
1/15
153, 163
2/26
713
11/21
12/3
4446, 4456
4597, 4603
1962
1038
Pages
State member banks: (continued)
Gulf Coast National Bank of Almeda, Texas, granted permission to carry same reserves as maintained by banks
located outside of central reserve and reserve cities
Hackensack Trust Company, Hackensack, New Jersey:
Application to merge bank of Saddle Brook
and Lodi, Saddle Brook, New Jersey,
into, and to operate branches at
present locations of two offices
of the latter, approved, statement
re capital position to be included
in letter transmitting Board's
order
Question of including reference to capital position discussed, statement to be redrafted
Issuance of order and statement authorized,agreement re letter with
respect to capital position,
format of statements for routine
cases discussed in connection
with preparation of statement re
Investment in additional bank premises
approved incident to the establishment of a branch in the vicinity of the intersection of Moonachie Avenue and Moonachie Road,
Borough of Moonachie, New Jersey
Hadley Falls Trust Company, Holyoke, Massachusetts,
application of Springfield Safe
Deposit and Trust Company, Springfield, Massachusetts, to consolidate with, discussion re capital
position and portfolio of investments
Issuance of order and statement authorized,
title to be changed to Safe Deposit Bank and Trust Company
Hagerstown Trust Company, Hagerstown, Maryland,
establishment of a branch on east
side of 900 block of South Potomac Street, Hagerstown, Maryland,
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/30
1526, 1547
1/11
115-17
1/12
144
1/17
203, 209-11
2/16
598, 611
1/30
340
2/2
396, 401-03
1/29
317, 333
1962
1039
Pages
State member banks: (continued)
Hawthorne Bank of Wheaton, Illinois, application
for membership in FRSystem
Hempstead Bank, Hempstead, New York:
Application of Chase Manhattan Bank, New
York, New York, to merge with,
request that certain portions
of applications be kept confidential in connection with oral
presentation, no objection, application requested by Chairman
Celler of the House Judiciary
Committee, furnished by applicant bank with confidential
material deleted
Understood letter from Comptroller of
the Currency recommending against
Board approval to be made part
of the public record, understood
errata sheets for transcript of
oral presentation to the Board
in connection with application
to be prepared and filed with
official documents
Delay in processing by Board's staff,
understood Mr. Sherman to prepare report of prospective
schedule for completing action
on certain other cases and
Question re procedure to be followed
re announcement of Board's decision re
Review of oral presentation re, and
expression of Board's views, application denied by majority vote
with Governors Mills and King
voting to approve
Informal and confidential hearing with
members of Board requested by
Chairman of, in connection with
denied application of Chase Manhattan Bank to merge with, agreement re, arrangements for meeting
noted
Meeting to be held this afternoon
noted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/27
2856, 2868
1/4
39
2/7
443-44
3/9
860
4/3
1130
4/6
1244
5/9
1763
5/11
1808
1962
1040
Pages
State member banks: (continued)
Hempstead Bank, Hempstead, New York, N. Y.: (continued)
Establishment of a branch in the Tru-Value
Shopping Center, Old Bethpage
Road, Old Bethpage, unincorporated area of Plainview, Town of
Oyster Bay, Nassau County, New
York, approved, need for strengthening the bank's capital structure
6/29
stressed
Establishment of a branch at Store No. 13,
Great By Shore Shopping Center,
Montauk Highway, Islip, New York,
10/19
approved
Highstown Trust Company, Highstown, New Jersey,
investment in bank premises approved, with understanding re
9/4
increase in capital
Hillsboro Bank and Savings Company, Hillsboro,
Ohio, application to purchase
assets and assume liabilities
of Citizens Bank and Savings
Company, Leesburg, Ohio, and to
establish a branch at present
head office of latter bank, ap6/8
proved
6/18
Issuance of order and statement authorized
Houston Bank & Trust Company, Houston, Texas,
granted permission to maintain
same reserves as are required to
be maintained by nonreserve city
12/11
banks
New
Califon,
Hunterdon County Trust Company,
Jersey:
Establishment of a branch in the vicinity
of the intersection of County
Routes 517 (Oldwick Road) and
523 (Lamington Road) in the
village of Oldwick, Tweksbury
Township, Hunterdon County, New
3/1
Jersey, approved
appremises
bank
Additional investment in
9/13
proved
North
Company,
ManIndiana Lawrence Bank & Trust
chester, Indiana, investment in
5/4
bank premises approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2426, 2452
4010, 4021
3342, 3350
2087
2184, 2203
4714, 4720
783, 794
3455, 3474
1721, 1726
1962
1041
Pages
State member banks: (continued)
Industrial State Bank of Kalamazoo, Michigan,
establishment of a branch at
3122 Oakland Drive, approved
International State Bank, Raton, New Mexico,
establishment of a branch in
Cimarron, New Mexico, approved
Irving Trust Company, New York, New York:
Request for review of previous ruling re
"Key Employee Stock Purchase
Plan-1959" of the American
Electric Power System, involving loans made by Manufacturers
Trust Company, pledged by stock
and Irving Trust Company, backed by the guarantee of American
Electric, determined not subject
to Regulation U, advice to Simpson Thacher & Bartlett
Production of reports of examination of,
ordered in suit of Trans World
Airlines, Inc., against Howard
R. Hughes and Hughes Tool Co.,
(in which Irving Trust Co. is
also a defendant), Board declines
to authorize such production, advice to counsel for, with request
that Board be advised if Special
Master or Court requires production
In light of request by Special Master,
Board authorizes with stated restrictions production of reports
of examination of
Production of confidential portions of
reports of examination of, authorized with noted restrictions,
as ordered by Special Master, advice to Winthrop, Stimson, Putman
and Roberts
Establishment of a temporary branch at 2
Broadway, New York, New York,
for purpose of conducting operations of certain departments
during construction of addition
to head office building, approved,
six-month extension approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/18
1387, 1414
8/20
3151, 3164
4/11
1344, 1357
5/15
1827, 1835
5/22
1900, 1918
6/1
2013, 2023
11/28
4536, 4542
1962
1042
Pages
State member banks: (continued)
Jones, G. W. Exchange Bank, Marcellus, Michigan,
letter to FRBank of Chicago, requesting a new examination before
determining the issuance of a
warning under section 30 of the
Banking Act of 1933 to Mrs. Donna
V. Schurtz, President of
Joy State Bank, Joy, Illinois, investment in bank
premises approved
Killbuck Savings Bank Company, Killbuck, Ohio,
establishment of a branch on
Main Street in Berlin, Ohio, approved
Kraft State Bank, Menomonie, Wisconsin:
Six-month notice of withdrawal from membership in FRSystem waived
Continuance of deposit insurance after withdrawal from membership in Federal
Reserve System, advice to FDIC
Lapeer Savings Bank, Lapeer, Michigan, granted
permission to exercise fiduciary
powers
Lawrence Savings and Trust Company, New Castle,
Pennsylvania, application to
acquire assets and assume liabilities of First National Bank
of Wampum, Pennsylvania, and
incident thereto to operate a
branch at location of latter
bank, approved
Issuance of order and statement of approval
authorized with understanding
that suggestions by Governors
Mills and King would be taken
into account
Levelland State Bank, Levelland, Texas:
Six-month notice of withdrawal from membership in FRSystem, waived
Continuance of deposit insurance after withdrawal from membership in FRSystem,
advice to FDIC
Liberty Bank and Trust Company, Buffalo, New York:
Application to merge with Bank of Orchard
Park, New York, and to operate a
branch at the present location
of the latter bank, approved,
Governor Mitchell dissenting
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/14
548, 563
9/10
3405, 3411
9/4
3343, 3351
8/14
3100, 3114
8/14
3101, 3115
3/26
1065, 1068
8/8
3034
8/22
3171,3880-82
3/12
871, 884
3/21
979, 999
2/15
570
1962
1043
Pages
State member banks: (continued)
Liberty Bank and Trust Company, Buffalo, N. Y.: (continued)
Application to merge with Bank of Orchard
Park, N. Y.: (continued)
Issuance of order, majority statement,
and dissenting statement of
Governor Mitchell, authorized
2/28 764, 773
Granted extension of time within which to
establish a branch on the west
side of Niagara Falls Boulevard,
corner of Treadwell Road, Tonawanda, New York, understood
branch will be opened in temporary quarters at 1228 Niagara
Falls Boulevard
4/26 1494, 1497
Granted extension of time within which to
establish a branch at 347-349
Central Avenue, Fredonia, Pomfret, New York
7/23 2782, 2795
Application to merge with First National
Bank of Batavia, New York, approved, Governor Robertson dissenting
12/12 4744
Issuance of order, majority statement,
and dissenting statement of
Governor Robertson authorized
12/20 4851,4888-96
Operation of a branch at present location of First National Bank of
Batavia incident to, approved
12/20 4888
Liberty County Bank, Chester, Montana, application of Montana Shares, Inc.,
Great Falls, Montana, to acquire
additional stock of, approved,
Governor Mitchell dissenting
9/13 3460
After suggested changes issuance of order,
statement, and dissenting statement, authorized, letter to the
President of Montana Shares
10/3 3753,3780-90
Liberty State Bank of Hillside, New Jersey, extension of time to accomplish
membership in the FRSystem and
amendment of condition numbered
3 re capital stock, approved
5/18 1874, 1877
Liberty Trust Company, Cumberland, Maryland, establishment of a branch in Searstown Plaza, LaVale, Md., approved
8/14 3101, 3118
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1962
1044
Pages
State member banks: (continued)
Lincoln Rochester Trust Company, Rochester, New
York:
Application of Morgan New York State Corporation, Albany, New York, to
become a bank holding company
by acquisition of stock of Morgan Guaranty Trust Company of
New York, New York, five other
up-state New York banks, and,
denied
Order and statement denying application authorized for release
tomorrow
Concurring statement of Governor
Mitchell, release noted
Question re continuing service of Raymond
E. Olson as director of Buffalo
Branch if he accepted directorship of, matter deferred pending
distribution of staff memorandum
re similar cases
Board's view with respect to
Granted extension of time within which to
establish a branch at 875 South
Avenue, Rochester, New York
Establishment of a branch at 851 Fairport
Road, Perinton, New York, approved
Lindsey Banking Company, Lindsey, Ohio, proposed consolidation of Liberty
National Bank of Fremont, Ohio,
and, report to Comptroller of
the Currency on competitive factors approved
Littlestown State Bank and Trust Company, Littlestown, Pennsylvania, proposed merger into First National Bank of
Gettysburg, Pennsylvania, report
to Comptroller of the Currency
on competitive factors approved
Long Island Trust Company, Garden City, N. Y.:
Application of Chemical Bank New York Trust
Company, New York, New York, to
merge with, request that certain
portions of application be kept
confidential in connection with
oral presentation, no objection
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/5
1194
5/3
1663, 1671
5/3
1666, 1715
5/14
5/16
1817
1841
5/24
1929, 1935
10/29
4112, 4131
9/28
3706
9/17
3547
1/4
39
1962
1045
Pages
State member banks: (continued)
Long Island Trust Company, Garden City, N. Y.: (continued)
Application of Chemical Bank New York Trust
Co., N. Y., N. Y., to merge with: (continued)
Application requested by Chairman Celler
of the House Judiciary Committee,
furnished by applicant bank with
40
1/4
confidential material deleted
Letter from Comptroller of the Currency recommending denial and
letter from Chemical Bank New
York Trust Company in reply to
Comptroller's letter, to be made
part of the public record, errata
sheets from transcript of oral
presentation to Board in connection with application to be prepared and filed with official
443-44
2/7
documents
Delay in processing by Board's staff,
understood Mr. Sherman to prepare prospective schedule for
completing action on certain
860
3/9
other cases and
Question re procedure to be followed
re announcement of Board's deci1130
4/3
sion re
Application denied by majority vote
with Governors Mills and King
voting to approve, Legal Division to draft order and state1244
4/6
ment for Board's consideration
Establishment of a branch at 970 Merrick
Road, Copiague (unincorporated
village), Town of Babylon, New
6/15 2175, 2181
York, approved
New
York,
,
Manufacturers Hanover Trust Company
(formerly Manufacturers Trust
Co.):
Preliminary permits to organize Manufacturers Hanover International Banking Corporation and Manufacturers
Hanover International Finance
479, 493-95
2/9
Corporation, transmitted to
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1962
1046
Pages
State member banks: (continued)
Manufacturers Hanover Trust Company, New York,
New York (formerly Manufacturers
Trust Company): (continued)
Extension of time to establish a branch at
5664 Riverdale Avenue, Riverdale,
Borough of the Bronx, New York,
New York, approved
Request for review of previous ruling re
"Key Employee Stock Purchase
Plan-1959" of the American
Electric Power System, involving loans made by, and
Irving Trust Company, backed
by the guarantee of American
Electric, determined that such
loans are not subject to Regulation U, advice to Simpson
Thacher & Bartlett
Granted extension of time within which to
establish a branch at 41-01
Kissena Boulevard, Flushing,
Borough of Queens, New York,
New York
Manufacturers and Traders Trust Company, Buffalo,
New York:
Application of Morgan New York State Corporation, Albany, New York, to become a bank holding company by
acquisition of stock of Morgan
Guaranty Trust Company of New
York, New York, five other upstate New York banks, and, denied
Order and statement denying application authorized for release
tomorrow
Concurring statement of Governor
Mitchell, release noted
Establishment of a branch in Boulevard
Mall Shopping Center at intersection of Niagara Falls Boulevard and Maple Road Extension,
Amherst, New York, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/23
707, 709
4/11
1344, 1347
7/23
2782, 2796
4/5
1194
5/3
1663, 1671
5/3
1666, 1715
5/17
1850, 1864
1962
1047
Pages
State member banks: (continued)
Marine Corporation, Milwaukee, Wisconsin, application to acquire stock of
Beloit State Bank, Beloit, Wis.,
denied with Governor King dissenting
Marine Midland Trust Company of Central New York,
Syracuse, New York:
Establishment of a branch in Hiawatha Plaza
Shopping Center at intersection
of Long Branch Road and New York
State Highway 57 in Clay, New
York, approved
Establishment of a branch at 700-730 Erie
Boulevard, East Syracuse, New
York, approved, concurrent with
discontinuation of branch operations at 321 Erie Boulevard, East
Marine Midland Trust Company of the Mohawk Valley,
Utica, New York, establishment
of a branch in Store No. 1, Campus Shopping Center, Champlin
Road, Whitestown, New York, approved
Marine Midland Trust Company of Rockland County,
Nyack, New York, establishment
of a branch at 142 Oak Tree Road,
Tappan Hamlet, Orangetown, New
York, approved
Marine Midland Trust Company of Southern New
York, Elmira, New York, establishment of a branch in Vestal Plaza
Shopping Center, 4700 Vestal Parkway East, in unincorporated portion of Town of Vestal, New York,
approved
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,does not acquire controlling interest of the
latter bank, question re applicability of paragraph (4), sec. 8,
Clayton Act, reply to inquiry
from FDIC approved, Gov. Mills'
reservations having been noted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/19
4822
1/29
316, 332
10/5
3814, 3830
2/7
443, 453
9/26
3669, 3672
7/27
2856, 2871
1/26
303, 313
1962
1048
Pages
State member banks: (continued)
Matawan Bank, Matawan, New Jersey, establishment
of a branch at southwest corner
of intersection of State Highway
79 and Harbor Road, Marlboro, New
Jersey, approved, with understanding re additional capital funds
McIlroy Bank, Fayetteville, Arkansas:
Investment in bank premises approved
Establishment of a branch at 1943 North
College Street, and an investment in bank premises, approved
Merchants Bank of New York, New York, establishment of a branch at 757 Third
Avenue, Borough of Manhattan,
New York, New York, approved,
with understanding re increase
in capital funds
Merchants and Farmers Bank, Smithfield, Virginia,
granted permission to retain its
ownership of formerly occupied
bank premises for a period of
six-months
Merchants and Farmers State Bank of Weatherford,
Texas, investment in bank premises approved, with understanding re increase in capital funds
Merchants Trust and Savings Bank, Kenner, La.,
indications that Guaranty Bank
and Trust Company, Lafayette,
Louisiana, and,might join
Lawrence A. Merrigan, President
of the Bank of New Orleans and
Trust Company, in seeking judicial review of the Board's decision re the formation of Whitney
Holding Corporation, New Orleans,
Louisiana, information noted,
with the comment that the Board
should act on the petition for
reconsideration promptly
Merrill Trust Company, Bangor, Maine, establishment of a branch in the business
district of Hampden, Maine, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/21
3611, 3639
7/6
2544, 2549
8/2
2922, 2926
9/21
3610, 3637
6/18
2183, 2200
9/13
3456, 3483
6/14
2167
11/5
4235, 4245
1962
1049
Pages
State member banks: (continued)
Middle Tennessee Bank, Columbia, Tennessee,
granted extension of time within
which to establish a branch in
Columbia Plaza Shopping Center
on West 7th Street, Columbia,
Tennessee
Further extension of time, approved
Miles City Bank, Miles City, Montana, establishment of a drive-in branch about
65 feet from the bank's main
office, approved
Monon Bank, Monon, Indiana, application for membership in FRSystem, approved
Morgan Guaranty Trust Company, New York, N. Y.:
Application of Morgan New York State Corporation to acquire stock of certain other New York State banks
and, letter from Comptroller of
the Currency recommending against
Board approval, and letter from
Morgan New York State Corporation
replying to Comptroller's letter,
to be made a part of the public
record
Application denied
Issuance of order, and statement authorized
Concurring statement by Gov. Mitchell
released May 8th
Letter to Department of Justice granting its
request that representatives of
the Antitrust Division be permitted to examine reports of
condition of, in light of an investigation on possible violations
of the antitrust laws, explanation
re Governor Mills' approval
Bank,
Roanoke, Virginia, penalty
Mountain Trust
for deficiency in reserves waived
Muscatine Bank and Trust Company, Muscatine,
Iowa, declaration of a dividend
in December 1962, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/16
9/10
1837, 1846
3405, 3413
11/5
4236, 4248
9/13
3456, 3479
2/7
4/5
443
1194
5/3
1663, 1671
5/3
1666, 1715
6/29
2426, 2451
4/25
1472, 1486
12/17
4788, 4793
1962
1050
Pages
State member banks: (continued)
Mutual Trust and Deposit Company, New Albany,
Indiana, extension of time to
establish a branch in the unincorporated community of Floyds
Knobs, Indiana, approved
New Jersey Bank and Trust Company, Clifton,
New Jersey:
Establishment of a branch on McBride Avenue
between Lackawanna Avenue and
Radcliffe Avenue, West Paterson,
New Jersey, approved, provided
branch operations now conducted
at 1005 McBride Avenue are discontinued
Granted extension of time to comply with
condition of membership No. 3,
re disposal of certain corporate
stock
Niles Bank Company, Niles, Ohio, establishment
of a branch in a shopping center
at the southwest corner of the
intersection of YoungstownWarren Road and Niles-Cortland
Road, Niles, Ohio, approved
Norfolk County Trust Company, Brookline, Mass.,
establishment of branches at (1)
60 McGrath Highway, Quincy, Mass.,
and (2) 525 Washington Street,
Weymouth, Massachusetts, approved
Old Corunna State Bank, Corunna, Michigan, question re reconsideration of application of Citizens Commercial &
Savings Bank, Flint, Michigan,
to consolidate with, denial of
application reaffirmed, Chairman
Martin, Governors Robertson and
Shepardson voting to reaffirm,
Governor Mills dissenting, and
Governors Balderston, King and
Mitchell abstaining
Old Kent Bank and Trust Company, Grand Rapids,
Michigan, extension of time within which to establish an in-town
branch at 807 Eastern Avenue, S.E.,
to replace its present branch at
758 Wealthy Street, S.E., approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/21
1880, 1891
5/16
1837, 1845
6/29
2425, 2441
5/21
1880, 1890
6/4
2032, 2037
1/10
84, 105
9/6
3359, 3371
1962
1051
Pages
State member banks: (continued)
Oregon Bank, Portland, Oregon, establishment of
a branch at northeast corner of
intersection of 10th Avenue West
and Lincoln Street, Eugene, Oregon,
approved, with understanding re
increase in capital and surplus
Osage Valley Bank, Warsaw, Missouri:
Continuance of deposit insurance after withdrawal from membership in Federal
Reserve System, advice to FDIC
Six-month notice of withdrawal from membership in FRSystem, waived
Oystermen's Bank and Trust Company, Sayville,
New York, establishment of a
branch on the north side of
Veterans Memorial Highway,
Bohemia, Islip, New York, approved
Pacific State Bank, Hawthorne, California:
Additional investment in bank premises
approved
Establishment of a branch at 136th Street,
between Ramona Street and Hawthorne Boulevard, Hawthorne,
California, approved
Parker Banking Company, Parker, Indiana, granted
permission to act as trustee under mortgage indenture for Monroe Central School Building
Corporation
Patchogue Bank, Patchogue, New York, establishment of a branch in the vicinity
of the intersection of Jericho
Turnpike and Patchogue-Port
Jefferson Highway, Brookhaven,
New York, approved
Peninsula Bank and Trust Company, Williamsburg,
Virginia, investment in bank
premises approved
Peoples Bank of Canal, Winchester, Ohio, proposed merger into The Huntington
National Bank of Columbus, Ohio,
report to Comptroller of the
Currency on competitive factors
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/9
1270, 1287
10/11
3886, 3909
10/11
3886, 3910
10/5
3814, 3829
2/12
504, 534
2/12
504, 534
4/2
1103, 1119
1/10
83, 103
5/2
1604, 1621
11/14
4314
1962
1052
Pages
State member banks: (continued)
Peoples Bank, Mount Jackson, 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 voting rights, agreed matter 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
Following extensive discussion, application disapproved, Governor Mills
dissenting
Procedural proposal relating to, presented by Mr. O'Connell
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 stock
Issuance of order and statement approving, authorized
Peoples Bank of Sarasota, Florida, application
for membership in FRSystem approved with condition re paidin and unimpaired capital stock
and other capital funds
Peoples Bank and Trust Company, Grand Haven,
Michigan, application to consolidate with The Spring Lake State
Bank, Spring Lake, Michigan, and
to establish a branch at the
present location of the latter
bank, approved with Governor
Robertson dissenting
Issuance of order, statement, and dissenting statement of Gov. Robertson
authorized
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 seventh day
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/27
2377
7/11
2578, 2641
8/3
2932
8/8
3035
9/21
3616
10/17
3939,3951-53
9/13
3456, 3476
6/13
2134
6/25
2301, 2323
6/26
2332
1962
1053
Pages
State member banks: (continued)
Peoples Savings Bank, Laurel, Iowa, declaration
of dividend in December 1962,
approved
Peoples Savings Bank, New Knoxville, Ohio:
Intention to withdraw from membership in
FRSystem noted, advice to
Continuance of deposit insurance after withdrawal from membership in Federal
Reserve System, advice to FDIC
People's Savings and Trust Company, Hazleton,
Pennsylvania, application for
permission to purchase assets
and assume liabilities of First
National Bank in Freeland, Pa.,
and to operate a branch at the
present location of the Freeland
bank, approved
Issuance of order and statement authorized
Peoples Trust City Bank, Reading, Pennsylvania,
additional investment in bank
premises approved
Peoples and Union Bank, Lewisburg, Tennessee:
Establishment of a branch at 422 East Commerce Street approved
Investment in bank premises approved
Peoples Union Bank and Trust Company, McKeesport
Pennsylvania, application to
merge with Bank of Glassport,
Pennsylvania, approved
Certain technical errors in report on competitive factors received from
the Justice Department, proposal
for correcting errors noted
Issuance of order and statement authorized
Peru Trust Company, Peru, Indiana:
Granted extension of time within which to
establish a branch at Bunker Hill
Air Force Base, Miami County,
Indiana
Application to merge with Farmers State
Bank, Mexico, Indiana, and request
for permission to establish a
branch at the present location
of Farmers State Bank, approved
Order and statement issued
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/10
7/12
10/11
4686, 4703
2671, 2694
3885, 3908
5/7
5/10
1737
1783, 1798
9/19
3583, 3596
1/18
3/22
216, 223
1016, 1028
9/28
3708
9/28
10/5
3710
3815,3835-37
1/26
297, 309
3/22
3/23
1021
1040,1058-60
1962
1054
Pages
State member banks: (continued)
Piedmont Trust Bank, Martinsville, Virginia,
establishment of a branch in
Collinsville, Va., approved
Planters Bank and Trust Company, Hopkinsville,
Kentucky, establishment of a
branch in the Skyline Shopping
Center on Fort Campbell Boulevard, Hopkinsville, Kentucky,
approved
Prairie State Bank, Augusta, Kansas:
No objection to declaration of a dividend
December 20, 1961
Declaration of a dividend in 1962 approved
Prattsburgh State Bank, Prattsburg, New York,
application of Central Trust
Company, Rochester, New York,
to merge with, approved
Issuance of order and statement authorized,
operation of a branch at the
present location approved
Princeton Bank and Trust Company, Princeton,
New Jersey, establishment of a
branch at 12-14 Nassau Street,
Princeton Borough, New Jersey,
approved
Provident Bank, Cincinnati, Ohio, establishment
of a branch at northwest corner
of Reading Road and Chaucer
Drive, Sycamore, Ohio, approved,
additional investment in bank
premises, approved
Provident Tradesmens Bank and Trust Company,
Philadelphia, Pennsylvania:
Establishment of a branch in the Garrett
Road Shopping Center, Upper
Darby Township, Delaware County,
Pennsylvania, approved
Question re indirect payment of interest
under Regulation Q with respect
to services performed by the,
for School District of the township of Nether Providence in
connection with maintenance of
a demand deposit, advice to
FRBank of Philadelphia
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/15
1827, 1831
5/4
1722, 1727
5/10 1779, 1787
12/10 4686, 4705
11/16
4358
11/23
4477,4483-85
7/3
2514, 2542
8/20
3151, 3162
2/2
395, 399
3/12
871, 878
1962
1055
Pages
State member banks: (continued)
Provident Tradesmens Bank and Trust Company,
Philadelphia, Pennsylvania: (continued)
Establishment of a branch on Righters Mill
Road, near Youngsford Road, Gladwyne, Lower Merion Township, Pa.,
approved
5/10
Change in location from Righters Mill
Road near Youngsford Road to
Merion Square Shopping Center on
Western corner of Righters Mill
Road and Youngsford Road, Lower
Merion Township, Pennsylvania,
approved
9/14
Establishment of a branch at 132 Butler
Avenue, Borough of Ambler,
Montgomery County, Pa., approved,
with the understanding that the
existing office at Butler Ave.,
and Main Street would be discontinued
10/1
Establishment of a branch in King of Prussia
Plaza, Upper Merion Township,
Montgomery County, Pennsylvania,
approved
11/5
Putnam County Bank, Hurricane, West Virginia,
additional investment in bank
premises approved
2/12
Rapid City Trust Company, Rapid City, South
Dakota, proposed consolidation
with Western National Bank of
Rapid City and American National
Bank of Rapid City, report to
Comptroller of the Currency re
competitive factors, approved
7/20
Raritan State Bank, Raritan, New Jersey, establishment of a branch on Route
206 between Hamilton Road and
Amen Road, Hillsborough Township, Somerset County, N. J.,
and an additional investment in
bank premises approved, with reference to the provision that the
bank's plan to increase its capital be consummated prior to the
establishment of the branch
10/24
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1780, 1796
3504, 3538
3740, 3745
4235, 4246
504, 529
2767
4054
1962
1056
Pages
State member banks: (continued)
Ravalli County Bank, Hamilton, Montana, investment in bank premises approved,
with the understanding that both
the capital stock and surplus of
the bank will be increased
Reading, Pennsylvania,
Company,
Trust
Reading
establishment of a branch at
2002 Penn Avenue, West Lawn,
Pennsylvania, approved
Rhode Island Hospital Trust Company, Providence,
Rhode Island:
Granted extension of time within which to
establish a branch in Warwick,
Rhode Island
Establishment of a branch in Rhode Island
Hospital at 593 Eddy Street,
Providence, Rhode Island, approved
Richland Trust Company, Mansfield, Ohio, establishment of a branch at northwest corner of Park Avenue West
and Trimble Road, Mansfield,
Ohio, approved, six-month extension approved
Richview State Bank, Richview, Illinois:
Six-month notice of withdrawal from membership in FRSystem, waived
Continuance of deposit insurance after withdrawal from membership in Federal
Reserve System, advice to FDIC
Riverside Trust Company, Hartford, Connecticut,
establishment of a branch in
Constitution Plaza at the corner
of State Street and American Row,
approved
Riverview State Bank, Kansas City, Kansas, proposed consolidation with Security
National Bank of Kansas City,
Kansas, supplemental report to
Comptroller of the Currency on
competitive factors discussed in
light of further investigations
and problem re influence of the
Breidenthal family, agreed that
a revised draft would be distributed for later consideration
Reply to inquiry from Comptroller of Currency re, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/21
1879, 1984
9/19
3582, 3591
4/5
1194, 1229
6/7
2069, 2076
12/5
4619, 4636
5/21
1880, 1888
5/24
1929, 1937
4/11
1335, 1352
3/16
920
3/20
948, 961
1962
1057
Pages
State member banks: (continued)
Robert Lee State Bank, Robert Lee, Texas:
Continuance of deposit insurance after withdrawal from membership in the
FRSystem, advice to FDIC
Six-month notice of withdrawal from membership in the FRSystem, waived
Russiaville State Bank, Russiaville, Indiana,
application for membership in
FRSystem approved, investment
in bank premises upon admission
to membership approved
St. Joseph Valley Bank, Elkhart, Indiana, extension of time to establish a
branch in the vicinity of the
intersection of Nappanee and
West Indiana Streets, approved
San Benito Bank & Trust Company, San Benito,
Texas:
Six-month notice of withdrawal from membership in FRSystem, waived
Continuance of deposit insurance after withdrawal from membership in Federal
Reserve System, advice to FDIC
Scott County State Bank, Scottsburg, Indiana,
additional investment in bank
premises approved
Seattle Trust and Savings Bank, Seattle, Washington, establishment of a branch
in Crossroads Shopping Center on
northeast corner of 156th Avenue
Northeast, and Northeast 8th St.,
approved
Security Bank, Lincoln Park, Michigan, protest
filed by, with regard to application of Wyandotte Savings Bank,
Wyandotte, Michigan, to establish
a branch at 21005 Goddard Road,
Taylor, Michigan, reviewed by
Mr. Leavitt
Trust Company of Bozeman, Montana,
&
Bank
Security
investment in bank premises approved, letter to FRBank of Minneapolis re indebtedness incurred
by Security Building, Inc., an
affiliate of, in connection with
erection of bank's building, and
re question of Board's approval
of the transaction
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/10
4686, 4702
12/19
4808, 4842
1/8
61, 70-71
6/29
2425, 2447
1/8
61, 73
2/5
409, 419
7/12
2671, 2693
7/12
2671, 2691
2/9
480
9/14
3504, 3540-41
1962
1058
Pages
State member banks: (continued)
Security Bank and Trust Company, Owatonna, Minn.,
establishment of a branch directly across the street from
the bank's main office, approved,
with investment in bank premises
approved
Security-Peoples Trust Company, Erie, Pa., additional investment in bank premises approved
Security State Bank, Algona, Iowa, six-month notice of withdrawal from membership in FRSystem waived
Security State Bank, Hartley, Iowa, granted permission to act in specific fiduciary capacity under applicable
provisions of condition of membership numbered 1
Security Trust Company, Lynn, Massachusetts,
investment in bank premises approved
Security Trust Company of Rochester, New York:
Establishment of a branch in the Empire
Plaza on Empire Boulevard between Helendale Road and Cliffordale Park, Irondequoit, New
York, approved
Extension of time to establish a branch at
293 East Main Street, approved
Security Trust Company, St. Louis, Missouri:
Six-month notice of withdrawal from membership in FRSystem, waived
Continuance of deposit insurance after withdrawal from membership in Federal
Reserve System, advice to FDIC
Inquiry from reporter for St. Louis Post
Dispatch as to whether bank had
withdrawn from membership in
FRSystem, understanding re procedure Mr. Molony should follow
in replying
Security Trust Company, Wheeling, West Virginia,
proposed merger into National
Bank of West Virginia at Wheeling, West Virginia, report to
Comptroller of the Currency on
competitive factors approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/19
3582, 3593
7/24
2815, 2829
4/18
1386, 1406
11/2
4220, 4231
10/24
1/10
11/14
4041, 4049
83, 103
4312, 4329
6/7
2069, 2074
6/14
2163, 2171
6/22
2270
5/16
1838
1962
1059
Pages
State member banks: (continued)
Sellersburg State Bank, Sellersburg, Indiana,
establishment of a branch in
Borden, Indiana, approved, with
provision re increase in capital
stock
Shenandoah County Bank & Trust Company, Woodstock, Virginia:
Application of First Virginia Corporation,
Arlington, Virginia, to acquire
stock of, question of policy involved re issue by First Virginia
of two classes of stock with unequal voting rights, agreed to
arrange a meeting with First
Virginia, and to request financial information, possibility of
amending or issuing an interpretation of Regulation Y to be explored
Application disapproved, Governor Mills
dissenting
Procedural proposal relating to, presented by Mr. O'Connell
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 stock
Issuance of order and statement approving, authorized
Southern Arizona Bank and Trust Company, Tucson,
Arizona:
Limited voting permit issued to Western
Bancorporation, Los Angeles, to
vote the stock of, subject to
stated conditions, advice to
FRBank of San Francisco
Issuance of general voting permit to Western
Bancorporation, Los Angeles,
California, to vote the stock of,
authorized
Extension of time to establish a branch at
intersection of Valencia Road
and South 12th Street, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/5
3814, 3832
7/11
2578, 2641
8/3
2932
8/8
3035
9/21
3616
10/17
3939,3951-53
1/4
37, 45
5/9
1764, 1777
8/2
2922, 3027
1962
1060
Pages
State member banks: (continued)
Southern Arizona Bank and Trust Company, Tucson,
Arizona: (continued)
Establishment of a branch in the Thomas
Mall Shopping Center at the intersection of Thomas Road and
44th Street, Phoenix, Arizona,
approved
Establishment of a branch in the new terminal building of Tucson Municipal Airport, approved
Advice to FRBank of Dallas re Board's
recent approval of one six-month
extension of time within which
branch may be established, if
requested by bank
Authorized to accept drafts or bills of exchange drawn by Banco de la Republica, Bogota, Colombia, subject to termination on 90-day
notice, for purpose of furnishing dollar exchange
Southern Bank and Trust Company, Richmond, Va.:
Application to merge with Citizens Bank of
Chesterfield, Bon Air, Virginia,
approved
Terms of merger relating to exchange
of stock of Citizens Bank at a
discount, situation to be checked
with FRBank of Richmond
Issuance of order and statement authorized
Establishment of a branch at the intersection of Broad Street Road and
Wistar Road in Henrico County,
Virginia, approved
Southwest Bank, Inglewood, California:
Renewed petition for reconsideration of application to merge into United
California Bank, Los Angeles,
California, agreed arrangements
be made for a private oral presentation, FRBank of San Francisco to obtain current information on situation at, alleged
deterioration of management of,
noted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/17
3132, 3139
11/7
4275, 4283
11/7
4275, 4283
11/16
4358, 4362
6/5
2056
6/5
2057
6/13
2134,2150-52
8/20
3151, 3163
1/16
182
1962
1061
Pages
State member banks: (continued)
Southwest Bank, Inglewood, California: (continued)
Application to merge: (continued)
Request for copies of reports on competitive factors submitted to
Board by Federal Supervisory
agencies
Private oral presentation heard by
Board, stenographic report made
with understanding that copy of
transcript would be placed in
Board's files
Understood errata sheets for transcript of oral presentation of,
to be prepared and filed with
official documents
Reconsideration following oral presentation and report of FRBank of
San Francisco, re management of,
application approved, Governors
Robertson and Mitchell dissenting
Issuance of order and statement authorized, Mr. Sherman reported that
Governor King was agreeable to
issuance
Spring Lake State Bank, Spring Lake, Michigan,
application of Peoples Bank and
Trust Company, Grand Haven,
Michigan, to consolidate with,
and to establish a branch at
present location of, approved
with Governor Robertson dissenting
Issuance of order, statement, and dissenting statement of Governor Robertson authorized
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
Springfield Safe Deposit and Trust Company, Springfield, Massachusetts, application
to consolidate with Hadley Falls
Trust Company, Holyoke, Mass.,
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/22
230
1/25
294
2/7
444
2/12
508
2/16
601, 619-21
6/13
2134
6/25
2301, 2323
6/26
2332
1/30
340
1962
1062
Pages
State member banks: (continued)
Springfield Safe Deposit and Trust Company,
Springfield, Massachusetts, application to merge: (continued)
Issuance of order and statement authorized,
title will be changed to Safe
Deposit Bank and Trust Company
Spur Security Bank, Spur, Texas:
Six-month notice of withdrawal from membership in FRSystem, waived
Continuance of deposit insurance after
withdrawal from membership in
FRSystem, advice to FDIC
State Bank of Albany, New York:
Establishment of an in-town branch at 25
New Scotland Avenue approved
Establishment of a branch at 265 Osborne
Road, Colonie, New York, approved
State Bank, Fort Dodge, Iowa, establishment of a
branch at the northwest corner of
the intersection of First Avenue
South and South Seventh Street,
Fort Dodge, Iowa, approved
State Bank of Hardinsburgh, Indiana, application
of State Bank of Salem, Indiana,
to purchase assets and assume
liabilities of, and to establish
a branch at the location of, approved
Department of Justice advised that their unfavorable report on competitive
factors was based on mistaken
information, advice received that
revised report would be submitted
Issuance of order and statement authorized
State Bank of Long Beach, New York, proposed
merger into Commercial Bank of
North America, New York, New York,
report to FDIC on competitive factors approved
State Bank of Northfield, Minnesota, investment
in bank premises approved
State Bank of Salem, Indiana, application to purchase assets and assume liabilities of State Bank of Hardinsburg, Indiana, and to establish a
branch at the location of the latter bank, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/2
396, 401-03
7/2
2470, 2507
7/2
2471, 2508
7/27
2856, 2873
9/21
3610, 3638
3/7
830, 837
7/11
2575
7/11
7/13
2576
2703, 2722
2/16
599
4/30
1526, 1546
7/11
2575
1962
1063
Pages
State member banks: (continued)
State Bank of Salem, Indiana, application to purchase assets and assume liabilities of State Bank of Hardinsburg, Indiana: (continued)
Department of Justice advised that their unfavorable report on competitive
factors was based on mistaken
information, advice received
that revised report would be
submitted
Issuance of order and statement authorized
State Bank of Springfield, Minnesota:
Six-month notice of withdrawal from membership in FRSystem waived
Continuance of deposit insurance after withdrawal from membership in Federal
Reserve System, advice to FDIC
State Bank and Trust Company, San Marcos, Texas:
Investment in bank premises approved, with
understanding re capital structure
Investment in bank premises approved, approval of May 15, 1962, for investment in bank premises rescinded
State-Planters Bank of Commerce and Trusts,
Richmond, Virginia:
Application to merge with Suburban Bank,
Henrico County, Virginia, and
incident thereto to operate
branches at present offices of
latter bank, approved
Issuance of order and statement authorized, with understanding re
suggestions by Governors Mills
and King re statement to be taken
into account
Establishment of a branch at the intersection of Charles City Road, Britties Lane and Williamsburg Rd.,
Henrico County, Virginia, approved
Establishment of a branch at the southeast
corner of Forest Hill Avenue and
48th Street, Richmond, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/11
7/13
2576
2703, 2722
4/2
1103, 1115
4/5
1194, 1232
5/15
1827, 1932
7/6
2545, 2550
8/20
3157
8/22
3172,3186-88
8/28
3232, 3250
10/5
3814, 3831
1962
1064
Pages
State member banks: (continued)
State-Planters Bank of Commerce and Trusts,
Richmond, Virginia: (continued)
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 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 voting on pending application
Application approved, Governor Robertson dissenting
After further discussion and suggested
changes by Governor Mitchell, issuance of order, majority statement, and dissenting statement
by Governor Robertson authorized
Sterling State Bank, Mt. Sterling, Ohio, declaration of a dividend in December
1962, approved
Sulphur Springs State Bank, Sulphur Springs,
Texas, additional investment in
bank premises approved
Sumitomo Bank of California, San Francisco,
California, subsidiary of The
Sumitomo Bank, Ltd., of Osaka,
Japan:
Request for authority to accept coumtercial
drafts or bills of exchange up
to 1007 of capital and surplus,
agreed to defer action until
staff checked further with Federal Reserve Bank of San Francisco
Increased acceptance powers granted under specified conditions
Sussex County Trust Company, Franklin, New Jersey,
establishment of a branch on the
eastern side of Route 515, at the
intersection of Route 515 and
State Highway 94, Vernon, New
Jersey, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/6
4266
11/14
4318
11/15
4338
12/5
4622,4646-58
12/21
4950, 4963
5/10
1779, 1795
11/5
4239
11/19
8/27
4371, 4420
3195, 3219
1962
1065
Pages
State member banks: (continued)
Texas Bank and Trust Company, Dallas, Texas, request for withdrawal of directive
requiring disposal of interest in
stock of First Bank and Trust Company of Richardson, Texas, such
stock acquired by Texas Fiduciary
Corporation, a subsidiary of, withdrawal approved in light of no
willful violation and expiration
of bank holding company status of,
advice to FRBank of Dallas
Traverse City State Bank, Traverse City, Michigan,
granted permission to exercise
fiduciary powers
Trust Company of Fulton County, Gloversville,
New York, proposed merger into
The National Couunercial Bank and
Trust Company of Albany, New York,
report to Comptroller of the Currency on competitive factors approved
Trust Company of Morris County, Morristown, New
Jersey, extension of time to
establish a branch near the intersection of Ridgedale Avenue
and Hanover Avenue, Morris Township, Morris County, New Jersey,
approved
Trust Company of New Jersey, Jersey City, N. J.:
Establishment of a branch at 2117-2127 Hudson Boulevard, Jersey City, New
Jersey, approved, with the understanding that branch operations
at 391 Jackson Avenue will be
discontinued
Investment in bank premises, approved
Union Bank, Los Angeles, California:
Extension of time within which to establish a branch near the intersection of First Avenue and A St.,
San Diego, California, approved
Granted extension of time within which to
establish a branch near the intersection of Colorado Blvd.,
and Lake Avenue, Pasadena, Calif.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/28
12/13
2406, 2416
4757, 4770
11/7
4276
10/4
3793, 3806
2/15 566, 579
11/14 4312, 4328
4/25
1473, 1490
5/10
1779, 1793
1962
1066
Pages
State member banks: (continued)
Union Bank, Los Angeles, California: (continued)
Granted extension of time within which to
establish a branch on the southwest corner of the intersection
of Wilshire Boulevard and Western
Avenue, Los Angeles, California
Establishment of a branch near the intersection of Ninth and Main Streets,
Los Angeles, California, approved,
increase in capital structure
noted
Services, functions, and departments expected to be housed in the new
service building, question whether
operations constitute a branch,
thus requiring Board approval,
Board interposes no objection
Union Bank and Trust Company, Grand Rapids, Mich.:
Establishment of a branch at 1530-28th St.,
S.E., approved
Granted extension of time within which to
establish an in-town branch at
1225 Leonard Street, N.E.
Union Bank and Trust Company, Kokoma, Indiana,
establishment of in-town branch
at 405 Southway Boulevard East,
approved
Union Commerce Bank, Cleveland, Ohio:
Establishment of a branch at 11710 Clifton
Boulevard, Lakewood, Ohio, approved
Investment in bank premises made by bank
and former wholly owned affiliate
Union Properties, Incorporated,
during period May 31, 1950, to
October 31, 1961, approved
Establishment of a branch at 6371 Granger
Road, Independence, Ohio, approved
Union County Trust Company, Elizabeth, New Jersey,
question re need for permission
to establish a Bond Department,
Board's consent not required due
to type of condition imposed at
time of membership resulting in
no change of standard maintained
by bank, advice to FRBank of New
York
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/17
1850, 1866
10/25
4064, 4077
10/30
4142, 4161
1/24
243, 274
8/27
3195, 3218
7/27
2857, 2874
3/21
979, 1004
5/10
1779, 1794
8/30
3325, 3332
8/6
2972, 2991
1962
1067
Pages
State member banks: (continued)
Union and New Haven Trust Company, New Haven,
Connecticut:
Application to merge with The Madison Trust
Company, Madison, Connecticut,
approved with understanding that
any shares of its own stock acquired upon consummation must be
disposed of within 30 days from
date of acquisition
Issuance of order and statement authorized, letter re disposal of
stock approved
Establishment of a branch in Colony Shopping
Center on North Colony Street,
Wallingford, Conn., approved
Union Trust Company of Ellsworth, Maine, establishment of a branch in the
shopping center at Outer High
Street, approved
Union Trust Company of Maryland, Baltimore, Md.:
Application to merge with Kingsville Bank,
Kingsville, Maryland, and to
operate branches at the present
offices of the latter bank, approved
Issuance of order and statement authorized
Application to merge with Farmers and Merchants' Bank, Salisbury, Md., and
to operate branches at locations
of offices of latter bank, approved with Governor Robertson
dissenting
Issuance of order, statement, and dissenting statement of Governor
Robertson authorized
Application to merge with Liberty Bank,
Easton, Maryland, approved,
question re statement for Annual
Report in light of adverse report on competitive factors received from Justice Department
Issuance of order and statement authorized
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/3
3754
10/9
3850,3855-60
10/29
4112, 4130
1/24
243, 269
3/14
893
3/20
950, 962
6/13
2137
6/25
2301, 2315
10/9
3847
10/12
3919, 3925-27
1962
1068
Pages
State member banks: (continued)
United California Bank, Los Angeles, California:
Renewed petition for reconsideration of application to merge Southwest
Bank, Inglewood, California,
into, agreed arrangements be
made for a private oral presentation, FRBank of San Francisco
to obtain current information
on situation at Southwest Bank
Request for copies of reports on competitive factors submitted to
Board by Federal supervisory
agencies and Justice Department,
granted pending check with agencies involved
Private oral presentation heard by
Board, stenographic report made
with understanding that copy of
transcript be placed in Board's
files
Understood errata sheets for transcript of
oral presentation of, to be prepared and filed with official
documents
Application approved, Governor Robertson and Governor Mitchell dissenting
Issuance of order and statement authorized, Mr. Sherman reported that
Governor King was agreeable to
issuance
Extension of time to establish a branch
near the intersection of Hacienda
Boulevard and Old Valley Boulevard, City of Industry, Los Angeles County, California, approved
Establishment of a branch on the grounds of
the National Orange Show in the
vicinity of South E Street and
Mill Street, adjacent to city of
San Bernardino, California, for
a certain period, approved, establishment and operation of
branch each succeeding year that
the National Orange Show is opened to the public, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/16
182
1/22
230
1/25
294
2/7
444
2/12
508
2/16
601, 619-21
2/5
409, 421
2/9
479, 497
1962
1069
Pages
State member banks: (continued)
United California Bank, Los Angeles, Calif.: (continued)
Extension of time to establish a branch near
the intersection of San Antonio
Drive and Long Beach Boulevard,
3/1
Long Beach, California, approved
Competitive factor reports submitted to
Board by FDIC and Justice Dept.,
re proposed merger with First
National Bank of Vista, Calif.,
requested by, request denied,
Governors Robertson and Mitchell
4/2
dissenting
First
National
Application to merge with The
Bank of Vista, California, and
operate branches at present two
offices of that bank, agreed that
an opportunity for public oral
presentation should be accorded
5/7
to
Oral presentation arranged for May 25,
5/7
1962, order issued
Comments re scheduled oral presentation
and re certain actions taken in
5/24
accordance with usual procedures
Application denied, Chairman Martin
and Governor Shepardson voting
6/11
to approve
Order and statement issued, accompanied
by dissenting statement of Chm.
6/20
Martin and Governor Shepardson
Establishment of a branch in the vicinity
of Mendociono Avenue between
Fourth Street and College Avenue,
Santa Rosa, California, approved
with Governor Robertson dissenting, requested review of banking
situation in Sonoma County by
4/18
Mr. Leavitt
Approval rescinded
6/29
Extension of time within which to establish
a branch in Costa Mesa, Calif.,
approved
4/23
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
783, 795
1104, 1124
1731
1737, 1753
1931
2118
2217,2223-32
1388, 1418
2426, 2454
1442, 1455
1962
1070
Pages
State member banks: (continued)
United California Bank, Los Angeles, Calif.: (continued)
Establishment of a temporary branch in
Howard-Canfield Building, Santa
Barbara, California, for that
period of time during which its
Santa Barbara office is being
remodeled, approved
5/24
Granted extension of time within which to
establish a branch at the northeast corner of Duncan and North
Main Streets, Walnut Creek,
5/28
California
Establishment of a branch at 6412 Skyway,
Paradise, California, approved
6/5
Extension of time to establish a branch at
1800 Van Ness Avenue, San Fran6/29
cisco, California, approved
Establishment of a branch in Coddingtown
Regional Shopping Center, Guerneville Highway and U.S. Highway
101, Sonoma County, California,
approved
6/29
Application to merge with Farmers and Merchants Bank of Blythe, California
and to operate a branch incident
7/12
thereto, approved
Issuance of order and statement approving, authorized
7/20
Granted extension of time within which to
establish a branch in West Los
Angeles Fashion Center at Olympic
Boulevard and Purdue Avenue, Los
7/13
Angeles, California
Granted extension of time within which to
establish a branch at 8220 De
Soto Avenue, Los Angeles, (Canoga
Park), California
7/23
Establishment of a branch in Larwin Plaza
Vallejo Shopping Center, Vallejo,
California, approved
8/29
extension
Granted
of time within which to
establish a branch in the downtown business district of Downey,
California
9/4
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1929, 1940
1958, 1969
2049, 2062
2426, 2450
2426, 2454
2675
2767,2775-77
2700, 2708
2782, 2797
3314, 3322
3343, 3353
1962
1071
Pages
State member banks: (continued)
United California Bank, Los Angeles, Calif.: (continued)
Unsatisfactory capital position of, noted
by Governor Robertson with suggestion re possible action re
future and pending branch bank
applications of
9/17
to
which
Granted extension of time within
establish a branch in the vicinity of Whittier Boulevard and
Santa Gertrudes Avenue, East
9/21
Whittier, California
Matter of capital adequacy of, discussed,
agreed a study of capital position should proceed immediately
in light of any future branch
9/24
bank applications
the
in
Application to establish a branch
vicinity of Westminster Avenue
and Los Alamitos Boulevard, Seal
9/24
Beach, California, approved
Application to establish a branch at the
intersection of Doolittle Drive
and Marina Boulevard, San Leandro,
9/24
California, approved
Establishment of a branch in the vicinity
of University Avenue and Cowper
Street, Palo Alto, California,
10/5
approved
Extension of time to establish a branch at
5th Street and Wilshire Boulevard, Santa Monica, California,
operations now conducted at 1401
Third Street to be discontinued
simultaneously with the establish12/19
ment of a new branch
United States Trust Company of New York, New
York, service of John T. Pratt,
Jr., as director of, and as
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 kinds
described in section 32, advice
5/7
to FRBank of New York
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3549
3611, 3634
3652
3652, 3659
3652, 3660
3814, 3833
4808, 4844
1757
1962
1072
Pages
State member banks: (continued)
Valley Bank and Trust Company, Springfield,
Massachusetts, establishment of
drive-in branch at 7-9 School
Street, Westfield, Massachusetts,
approved, six-month extension
approved
Vandalia State Bank, Vandalia, Ohio, proposed
merger into Third National Bank
and Trust Company of Dayton,
Ohio, report to Comptroller of
the Currency on competitive factors approved
Vienna Trust Company, Vienna, Virginia:
Investment in bank premises approved
Granted extension of time within which to
establish a branch at the intersection of Maple Avenue and Berry
Street, Vienna, Virginia
Additional investment in bank premises approved
Application of United Virginia Bankshares,
Incorporated, to acquire stock
of five other Virginia banks and,
agreed matter be considered further when all Board members were
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
Application approved, Governor Robertson dissenting
Issuance of order, majority statement,
and dissenting statement by Gov.
Robertson issued
Establishment of a branch at the corner of
Church Street and Dominion Road,
Vienna, in connection with a plan
to move the main office from this
location to the Maple Avenue
branch, approved, six-month extension approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/28
4535, 4541
10/19
4012
1/24
242, 260
2/12
503, 528
3/23
1037, 1043
11/6
4266
11/14
4318
11/15
4338
12/5
11/28
4622,4646-58
4536, 4545
1962
1073
Pages
State member banks: (continued)
Wachovia Bank and Trust Company, Winston-Salem,
North Carolina:
Establishment of a branch in the Friendly
Shopping Center at the intersection of Elizabeth Avenue, and
Green Valley Road, Greensboro,
North Carolina, approved, also
establishment of a branch on
the east side of Main Street
near Oakdale Road, Jamestown,
North Carolina, approved
Establishment of a branch at the corner of
Third and Main Streets, Bayboro,
North Carolina, approved, provided the branch operations at
the present branch office on
Main Street are discontinued
simultaneously
Establishment of a branch at 1065 Providence
Road, Charlotte, North Carolina,
approved, six-month extension
approved
Walker Bank and Trust Company, Salt Lake City,
Utah, (subsidiary of Western
Bancorporation, Los Angeles,
California):
Request by Congressman Patman re applicability of section 3(d) of the
Bank Holding Company Act, with
respect to proposed application
of, to merge with First National
Bank of Price, Utah, reply approved
Application to merge with First National
Bank of Price, Utah, approved,
Governor Robertson dissenting
Issuance of order and statement approving,
and operation of branch incident
thereto, with dissenting statement by Governor Robertson
Establishment of a branch in the vicinity
of 3500 South Street and 2800
West Street, Granger, Salt Lake
County, Utah, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/12
871, 880
3/14
886, 906
11/28
4536, 4546
4/16
1376, 1382
11/6
4260
11/21
4/25
4447,4462-71
1473, 1489
1962
1074
Pages
State member banks: (continued)
Walker Bank and Trust Company, Salt Lake City,
Utah, (subsidiary of Western
Bancorporation, Los Angeles,
California): (continued)
Establishment of a branch at the southeast
corner of the intersection of
Washington and 8th South Streets,
approved, with the understanding
that branch operations now conducted at 450 South Second West
Street, will be discontinued
simultaneously
Appointment of Feramorz Thomas Little as
assistant examiner, FRBank of
San Francisco, approved not to
participate in the examination
of, as long as his father is employed by the bank
Granted extension of time within which to
establish an in-town branch at
southeast corner of the intersection of Washington and Eighth
South Streets
Washington Trust Bank, Spokane, Washington, establishment of an in-town branch
on the west side of North Division Street between Longfellow
and Wellesley Streets, approved
Waterloo Savings Bank, Waterloo, Iowa, establishment of a branch at the
intersection of Park Avenue and
Cedar Street, Waterloo, Iowa,
approved
Wellesley Trust Company, Wellesley Hills, Mass.,
no objection to a dividend declared on January 15, 1962, and
declaration of a dividend on
July 15, 1962, approved
Wells Fargo Bank American Trust Company, San
Francisco, California:
Request for extension of time within which
to establish a branch in the
vicinity of Saratoga-Sunnyvale
Road and Stevens Creek Road,
Cupertino, Calif., granted on
the condition that definite arrangements for establishing a
branch must be made within 90
days
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/21
1880, 1893
5/31
1987, 2008
10/29
4112, 4128
4/5
1194, 1235
3/7
830, 836
3/7
830, 835
1/26
297, 312
1962
1075
Pages
State member banks: (continued)
Wells Fargo Bank American Trust Company, San
Francisco, California: (continued)
Extension of time to establish a branch in
downtown business section of
Eureka, Humboldt County, Calif.,
approved
(Change of title to Wells Fargo Bank effective January 1, 1962)
Wells Fargo Bank, San Francisco, California:
Granted extension of time within which to
establish a branch near the intersection of McHenry and Granger
Avenues, Modesto, California
Granted extension of time within which to
establish a branch at 1702
Tennessee Avenue, near southeast corner of Tennessee Avenue
and Tuolumne Street, Vallejo,
California
Further extension of time granted
Establishment of branches approved at the
following locations: 447 Sutter
Street, San Francisco; Milpitas;
Hayward; Manteca; and Pacifica,
all of California, situation re
branches approved but not yet
established, and status of pending applications reviewed by Mr.
Leavitt
Establishment of a branch in the downtown
business district of Los Altos,
California, approved
Granted extension of time within which to
establish a branch near the intersection of McHenry and Granger
Avenues, Modesto, California
Establishment of a branch near the intersection of California State Highway
#1 and Carmel Valley Road in
Carmel Valley, California, approved
Extension of time within which to establish, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/5
409, 422
2/21
678, 693
2/21
5/16
678, 694
1837, 1847
2/28
764, 767-69
3/2
799, 809
4/5
1194, 1234
4/9
1270, 1288
9/28
3704, 3729
1962
1076
Pages
State member banks: (continued)
Wells Fargo Bank, San Francisco, Calif.: (continued
Extension of time to establish a branch in
Sacramento Redevelopment Area
Shopping Center, Sacramento,
California, questioned, agreed
to hold for further consideration pending information from
FRBank of San Francisco re feasibility of establishment of
temporary banking quarters under
rules of Redevelopment Authority
Extension of time approved
Establishment of branches (1) in the vicinity of the southern side of Lake
Tahoe, El Dorado County, Calif.,
and (2) in the vicinity of Northgate Shopping Center, Terra Linda,
California, approved
Establishment of a branch in the vicinity
of Rosemont Plaza on Middle Jackson Road (known as Kiefer Road),
between Manlove and Mayhew Roads,
Sacramento County, Calif., approved
Extension of time to establish a branch near
the intersection of Camden Avenue
Hicks Road, and Kooser Road, San
Jose, California, approved
Further extension, approved
Establishment of a branch in the downtown
area of Novato, California, approved
Establishment of a branch in the downtown
business district of Davis,
California, approved
Granted extension of time within which to
establish a branch on U.S. Highway 101 in the vicinity of East
Laurel Drive and Alvin Drive,
Salinas, California
Granted extension of time within which to
establish a branch in the downtown business section of Redding,
California
Granted extension of time within which to
establish a branch at 447 Sutter
Street, San Francisco, California
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/1
6/5
2017
2060, 2064
6/7
2069, 2078
6/18
2184, 2201
7/6
2545, 2551
12/13 4758, 4774
7/30
2899, 2900
8/3
2930, 2968
8/6
2972, 2994
8/6
2972, 2995
8/8
3027, 3044
1962
1077
Pages
State member banks: (continued)
Wells Fargo Bank, San Francisco, California: (continued)
Granted extension of time within which to
establish a branch in vicinity
of downtown business district
of Milpitas, California
8/13
Granted extension of time within which to
establish a branch near the intersection of West Jackson St.
and Calaroga, Hayward, Calif.
8/13
Establishment of a branch at 1160 Forest
Avenue in area adjacent to
Pacific Grove, California, ap9/13
proved
Extension of time within which to establish
a branch near the intersection
of Winding Way and Manzanita
Avenue, Sacramento County, Calif.,
approved
9/14
Concern expressed by President of Security
State Bank, Pacific Grove, Calif.,
re establishment by, of a branch
nearby, and inquiring whether
Board's authorization could be
rescinded, Governor Balderston's
reply that the approval could not
9/28
be rescinded reported
Telegram authorizing the establishment and
operation of a branch each year
during Quarter Horse Show and
sale at Livestock Pavilion, San
Mateo County, California, ratified
10/19
Extension of time to establish a branch in
the vicinity of Highway 49 and
Fulweiler Avenue, Auburn, Calif.,
11/7
approved
Extension of time to establish a branch near
the intersection of Saratoga,
Prospect, and Campbell Avenues,
San Jose, Santa Clara County,
approved
11/7
Establishment of a branch in the Golden
Gate Produce Terminal (vicinity
of Airport Boulevard and Bayshore
Freeway), South San Francisco,
and a branch in the vicinity of
North Colusa Highway between
Onstott Road and Gray Avenue, in
Yuba City, Calif., approved, six12/5
month extension approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3069, 3087
3069, 3088
3456, 3484
3504, 3544
3705
4011, 4025
4276, 4285
4276, 4286
4619, 4639
1962
1078
Pages
State member banks: (continued)
West Side Bank, Bridgeport, Connecticut:
Application of City Trust Company, Bridgeport, Connecticut, to merge with,
and to operate a branch at the
present office of, approved,
Governors Balderston and Robertson dissenting
Issuance of order, statement, and dissenting statement by Governors Balderston and Robertson, authorized
West Texas State Bank, Snyder, Texas:
Six-month notice of withdrawal from membership in FRSystem, waived
Continuance of deposit insurance after withdrawal from membership in Federal
Reserve System, advice to FDIC
Whitehouse State Savings Bank, Whitehouse, Ohio:
Establishment of a branch in the village of
Holland, Ohio, approved, sixmonth extension approved
Wilmington Trust Company, Wilmington, Delaware:
Investment in bank premises approved
Application to purchase assets and assume
liabilities of Townsend Trust
Company, Townsend, Delaware,
continuing the latter bank as a
branch of, and additional investment in bank premises, approved
Issuance of order and statement authorized, additional investment in
bank premises approved
Investment in bank premises approved
Windber Bank and Trust Company, Windber, Pa.,
(formerly Windber Trust Company):
Application to acquire assets and assume
liabilities of Central City National Bank, Central City, Pa.,
and to operate a branch at the
office of the latter bank, approved, title changed to, effective May 18, 1962, noted
Issuance of order and statement authorized
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/14
889
3/23
1040,1048-56
4/18
1386, 1409
5/10
1779, 1789
12/21
4950, 4964
4/27
1505, 1512
6/11
2117
6/21
7/12
2240, 2250
2671, 2692
6/8
2088
6/21
2241, 2255
1962
1079
Pages
State member banks: (continued)
Winters State Bank, Winters, Texas, penalty for
deficiency waived
Wisconsin State Bank, Milwaukee, Wisconsin,
issuance of general voting permit to Marine Corporation, Milwaukee, Wisconsin, to vote stock
of, authorized
Wyandotte Savings Bank, Wyandotte, Michigan:
Application to establish a branch in Taylor
Township, consideration deferred
Establishment of a branch at 21005 Goddard
Road, Taylor, Michigan, approved,
protest filed by Security Bank,
Lincoln Park, Michigan, with regard to, reviewed by Mr. Leavitt
Yankton State Bank, Yankton, South Dakota, application for membership in Federal Reserve System approved,
question re time limit for accomplishing membership, particularly in case of newly-organized
bank
York Bank and Trust Company, York, Pennsylvania:
Six-month notice of withdrawal from membership in FRSystem waived, Gov.
Robertson dissenting
Continuance of deposit insurance after withdrawal from membership in Federal
Reserve System, advice to FDIC
State-Wide Insurance Corporation, Inc., and Virginia
Standard Corporation, request by
Virginia Commonwealth Corporation,
Richmond, Virginia, for determination pursuant to section 4(c)(6)
of Bank Holding Company Act re
activities of, Notice of Request
and Order for Hearing re, approved
States and political subdivisions:
Obligations of, proposed Schedule J, supplement
to State member bank condition
reports to obtain information re
bank holdings of, discussion and
understanding re proposal
Schedule J not to be used at forthcoming
call, advice to FRBanks
Position of Comptroller of Currency and
FDIC noted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/24
242, 261
1/3
18, 27
1/22
230
2/9
480, 498
9/4
3343, 3354
7/12
2671, 2696
8/13
3069, 3084
12/21
4953, 4965
3/2
801
3/21
979, 1002
3/21
980
1962
1080
Pages
Statistics:
Banking data, collection of:
Memorandum from Mr. Noyes submitting for
Board endorsement and commenting
upon report "Framework for Collection of Banking Statistics"
issued by System Research Advisory Coanittee, suggestion re
publishing article in FRBulletin
re rationale involved with sampling techniques, report endorsed
unanimously
Collection program requirements in connection with call report procedures,
memorandum by Governor Mitchell
re a positive program for reform
of, agreed that Governor Mitchell
would work with staff members
particularly from the Divisions
of Research and Statistics and
Bank Operations re specific proposals for Board's consideration
Banking and Monetary Statistics, 15 sections of
supplement to, recommendation re
price for, and complimentary distribution of, approved
Deposits, foreign time, increase noted by Chase
Manhattan Bank, New York, New
York, since change in maximum
permissible rates, question re
Board's statistics with respect
to, understood that the matter
would be looked into by the staff
Industrial, Mr. Gehman authorized to stop in
London to confer with officials
of Bank of England re use of, on
his return trip from the meeting
of Conference of European Statisticians Working Group on Industrial Statistics in Geneva,
Switzerland
Open market operations of FRSystem,possible publication of statistical data, including operations for account
of the Treasury, relating more
directly to dealer operations,
understood matter would be discussed by Mr. Thomas with Mr.
Roosa or Mr. Daane of the Treasury Department
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/18
3978
10/3
3756
1/8
68
2/19
632
5/9
1762
2/15
571
1962
1081
Pages
Statistics: (continued)
Productivity measurements, hearings held by Subcommittee on Economic Statistics
of Joint Economic Committee with
respect to, Mr. Frank de Leeuw,
of Board's research staff, authorized to participate
Punched cards containing banking data, requests
for reproduction of, Board's
staff authorized to comply with
such requests on reimbursable
basis
Retail trade statistics on departmental sales
figures:
Requested for department stores in Milwaukee, Wisconsin, 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
Presidents' Conference approval of Committee of Five recommendations for
initiation by Federal Reserve of
new national departmental report
of department store sales and
initiation by Bureaus of Budget
and Census for new merchandise
line series for all retail trade,
with understanding re Federal Reserve withdrawal from, draft report to President Bennett of National Retail Merchants Association discussed, agreed to continue discussion later
Further discussion, decision to redraft for later consideration
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
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/18
1393
8/14
3105
1/8
66, 81
3/16
927
4/25
1478
11/27
4518, 4532
1962
1082
Pages
Statistics: (continued)
Retail trade statistics on departmental sales
figures: (continued)
Committee of Five recommendations for initiation by Federal Reserve of new
national departmental report of
department store sales: (continued)
Timing as to when copies of draft letter should be sent to two trade
representatives on Committee of
Five, to be decided by Mr. Sherman
11/27
Draft letter endorsed by Presidents'
Conference, transmittal of let12/5
ter to Mr. Bennett authorized
Steel:
Wage settlement and subsequent increase in steel
prices, topic for discussion
4/13
with FAG
Views of FAC expressed in joint meeting with
Board, discussion re steel situation and possible effect on future
5/1
capital investment
Stock:
Bank, premiums paid for, confluent by Gov. Robertson re development of adequate
information by bank examiners in
connection with, as well as other
factors that might suggest a conflict of interest, to be used in
future cases re acquisition of,
11/2
by bank holding companies
banks
involved
by
in,
transactions
mergers,
Bank
relating to proposed stock exchange letters sent to shareholders explaining, FRBanks requested to forward such letters
to the Board
6/5
Commonwealth
Bank and Trust Company,
Bank shares,
Pittsburgh, Pennsylvania, granted extension of time to dispose
of certain, acquired in merger
with Butler Savings and Trust
Company
3/14
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4531
4630, 4665
1363, 1370
1588
4223
2058, 2063
886, 904
1962
1083
Pages
Stock: (continued)
Citizens Bank of Chesterfield, Bon Air, Virginia,
terms of proposed merger with
Southern Bank and Trust Company,
Richmond, Virginia, whereby stock
of, would be exchanged at a discount rather than a premium,
staff to check situation with
FRBank of Richmond
Edge Act Corporations:
General consent for acquisition of stock
under Regulation K granted
Bankers International Financing
Company, Inc., New York, N. Y.
General consent for acquisition of stock
under Regulation K granted First
Pennsylvania Overseas Finance
Corporation, Philadelphia, Pa.
General consents for specific, to make certain investments, proposal in
Regulation K memorandum of Gov.
Mitchell re abolishment of, and
incorporation thereof in revised
Regulation K, noted
Extension of termination date of outstanding general consents for acquisi
tion of stocks by, letters 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 Corp.
First Virginia Corporation, Arlington, Va.:
Carrying of two classes of stock, one with
only limited voting rights, question re Board's responsibility in
acting on applications where additional issuance of limited voting
stock is proposed, question re
holding oral presentation, matter
to be considered when full Board
present
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/5
2057
5/3
1660, 1667
5/9
1764, 1773
12/20
4861
12/20
4849,4875-80
6/27
2377
1962
1084
Pages
Stock: (continued)
First Virginia Corporation, Arlington, Va.: (continued)
Question re carrying of two classes of
stock: (continued)
Agreed to arrange a meeting with, and
request financial information,
possibility of amending or issuing an interpretation of Regulation Y, to be explored
7/11
Legal Division views re, in connection
with applications to acquire
four Virginia banks
8/3
Procedural proposal relating to, presented by Mr. O'Connell, understanding re proposal
8/8
Proposed amendment to articles of incorporation to provide for only
one class of stock, noted in
consideration of applications
to acquire stock of three Vir9/21
ginia banks
Loans on bank stock, staff analysis of data re,
based on information collected
in chain banking survey, no ob12/10
jection to proposal
Montana Shares, Incorporated, Great Falls, Mont.,
two classes of stock of, each
with certain rights and privileges, discussed in consideration
of applications to acquire stock
of three Montana banks
9/13
Multi-bank stock holdings and interlocking directorates, staff study of information on, based on data collected
in chain banking survey, no ob12/10
jection to proposal
National banks, question re listing on securities
exchanges, reply to inquiry from
Congressman Mack re, approved
9/19
Speculation in stock trading account by FRBank
employees:
Boston
research employee,underFRBank of
stood that draft of letter to
FRBank Presidents containing
specific reference to trading
in margin accounts be prepared
for consideration when full Board
3/22
is present
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2578, 2641
2932
3035
3616
4688
3460
4688
3583, 3599
1022
1962
1085
Pages
Stock: (continued)
Speculation in stock trading account by FRBank
employees: (continued)
FRBank of Richmond, maintenance of margin
accounts by an employee of, reviewed by Mr. Smith, agreed letter to FRBanks calling attention
to undesirability of speculative
trading in securities be brought
to Board for consideration
Stock, capital:
Acquisition of a bank's own capital stock, not
allowed to buy but can be legally
acquired by virtue of a merger,
discussed in connection with approval re application by Union
and New Haven Trust Company, New
Haven, Connecticut, to merge with
The Madison Trust Company, Madison, Connecticut, understanding
that stock must be disposed of
within 30 days from date of acquisition
Letter re disposal of stock
Bank mergers and consolidations, capital requirements of banks resulting
from, question whether minimum
requirements of Federal law as
stated in 12 U.S.C. 36, applicable
(Individual banks):
Bank of America National Trust and Savings Association, San Francisco, Calif.,
matter of capital adequacy raised
in consideration of proposal for
operation of overseas branches
of Bank of America, New York,
New York, and, understanding re
Bank of New Orleans and Trust Company, New Orleans
La., establishment of a branch in
the Medical Plaza Building at
Prytania and Foucher Streets, New
Orleans, approved, with need for
further strengthening of capital
structure stressed
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/19
4378
10/3
10/9
3754
3850, 3860
2/6
433
3/8
848-50
1/11
112, 125
1962
1086
Pages
Stock, capital: (continued)
Chippewa Trust Company, St. Louis, Missouri, consent granted to retirement of
$100,000 outstanding preferred
stock with understanding re increase in capital structure
Commercial Savings Bank, Adrian, Michigan:
Understood that capital structure would be
increased in connection with the
consent granted for the retirement of outstanding preferred
stock
Amendment to approved proposal for retirement of certain outstanding
preferred stock and an increase
in capital structure, approved
Continental Bank and Trust Company, Salt Lake
City, Utah:
Dismissal by District Court of Continental's
complaint against the Board in
connection with the capital adequacy proceeding involving, affirmed by U.S. Court of Appeals
for the District of Columbia, reported by Mr. O'Connell, possible
future Board procedure noted
Issuance of order terminating administrative proceeding re capital
adequacy, authorized
Devon-North Town State Bank, Chicago, Illinois,
suggestion that additional responsibilities of a general trust
business would require an increase in bank's capital structure to cover risks and liabilities incident to trust function
Federation Bank and Trust Company, New York, N.Y.,
establishment of a branch on south
side of Strang Avenue, 100 feet
west of intersection of Strang
Avenue and Baychester Avenue,
Bronx, New York, approved, with
notation re capital of bank
First Bank of Colonia, New Jersey, application
for membership in FRSystem approved subject to 3rd condition
re capital stock requirement
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/9
3846, 3854
2/5
409, 418
3/23
1037, 1044
5/3
1659
10/30
5/2
10/26
2/19
4157, 4167
1623
4103, 4106
628, 634
1962
1087
Pages
Stock, capital: (continued)
First State Bank of Lynwood, California, establishment of a branch in vicinity
of intersection of Alondra and
Paramount Boulevards, Paramount,
California, approved, with understanding re increase of capital
funds by sale of additional common stock
First State Bank of Odessa, Texas, investment in
bank premises approved with understanding re increase in capital stock
Hackensack Trust Company, Hackensack, N. J.:
Capital position discussed in consideration
of application to merge Bank of
Saddle Brook and Lodi, Saddle
Brook, New Jersey, into, statement with respect to, to be included in letter transmitting
order to, approving merger
Statement to be redrafted
Letter re-emphasizing need for strengthening of capital position agreed
upon
Understanding with State Commissioner of
Banking and Insurance that a recapitalization program will be
developed following the merger
with Bank of Saddle Brook & Lodi,
Saddle Brook, New Jersey, Board
requested to be advised re
Hadley Falls Trust Company, Holyoke, Massachusetts,
capital position discussed in consideration of application of Springfield Safe Deposit and Trust Company, Springfield, Massachusetts,
to consolidate with
Hempstead Bank, Hempstead, New York:
Need for strengthening the bank's capital
structure stressed in connection
with the establishment of a
branch in the Tru-Value Shopping
Center, Old Bethpage Road, Old
Bethpage, Town of Oyster Bay,
Nassau County, New York
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/14
886, 907
9/13
3456, 3482
1/11
1/12
115
144
1/17
207
2/16
611
1/30
340
6/29
2426, 2452
1962
1088
Pages
Stock, capital: (continued)
Hempstead Bank, Hempstead, New York: (continued)
Establishment of a branch at Store No. 13,
Great Bay Shore Shopping Center,
Montauk Highway, Islip, New York,
approved, with notation re need
for strengthening bank's capital
position
Hightstown Trust Company, Hightstown, New Jersey,
investment in bank premises approved with understanding re increase in capital
Liberty State Bank of Hillside, New Jersey, extension of time to accomplish
membership in the FRSystem and
amendment of condition numbered
3 re capital stock, approved
Matawan Bank, Matawan, New Jersey, establishment
of a branch at southwest corner
of intersection of State Highway
79 and Harbor Road; Marlboro,
New Jersey, approved, with understanding re additional capital funds
Merchants Bank of New York, New York, establishment of a branch at 757 Third
Avenue, Borough of Manhattan,
New York, New York, approved,
with understanding re increase
in capital funds
Merchants and Farmers State Bank of Weatherford,
Texas, investment in bank premises approved with understanding
re increase in capital funds
Montana Shares, Incorporated, Great Falls, Mont.,
new capital needed by, discussed
and made condition of approval
of applications to acquire stock
of three Montana banks
Condition of several subsidiary banks of,
noted in letter to
Morgan Guaranty International Finance Corporation, New York, New York, granted permission to amend its Articles of Association to allow an
increase in capital stock
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/19
4010, 4021
9/4
3342, 3350
5/18
1874, 1877
9/21
3611, 3639
9/21
3610, 3637
9/13
3456, 3483
9/13
3460
10/3
3753, 3790
9/27
3679, 3696
1962
1089
Pages
Stock, capital: (continued)
Oregon Bank, Portland, Oregon, establishment of
a branch at northeast corner of
intersection of 10th Avenue West
and Lincoln Street, Eugene, Oregon,
with understanding re increase in
capital and surplus
Peoples Bank of Sarasota, Florida, application
for membership in FRSystem approved with condition re paidin and unimpaired capital stock
and re other capital funds
(Title changed to American Bank of Sarasota,
Florida-see Records)
Raritan State Bank, Raritan, New Jersey, reference to a plan to increase, prior
to the establishment of a branch
on Route 206 Hillsborough Township, Somerset County, N. J.
Ravalli County Bank, Hamilton, Montana, investment in bank premises approved,
with the understanding that both
capital stock and surplus of the
bank will be increased
Sellersburg State Bank, Sellersburg, Indiana,
establishment of a branch in
Borden, Indiana, approved with
provision re increase in
State Bank and Trust Company, San Marcos, Texas,
investment in bank premises approved, with understanding re
capital structure
Union Bank, Los Angeles, California, plans to increase capital structure noted in
connection with approval of establishment of a branch in the vicinity of Ninth and Main Streets,
Los Angeles, California
Union and New Haven Trust Company, New Haven,
Connecticut:
Merger with Madison Trust Company, Madison,
Connecticut, approved with the
understanding that the stock acquired upon consummation must be
disposed of within 30 days from
date of acquisition
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/9
1270, 1287
9/13
3456, 3476
10/24
4054
5/21
1879, 1884
10/5
3814, 3832
5/15
1827, 1832
10/25
10/3
4064, 4077
3754
1962
1090
Pages
Stock, capital: (continued)
Union and New Haven Trust Company, New Haven,
Connecticut: (continued)
Order and statement approving merger issued,
letter re disposal of stock approved
United California Bank, Los Angeles, California:
Reference to need for strengthening capital
structure in view of continuing
expansion of volume of operations, noted in connection with
branch application, agreed to
make no mention of situation,
but to handle matter separately
as circumstances warrant
Unsatisfactory capital position of, noted
by Governor Robertson with suggestion re possible action re
future and pending branch bank
applications of
Matter of capital adequacy of, discussed,
agreed a study of capital adequacy should proceed immediately
in light of any future branch
bank applications
Failure of anticipated sale of First Western Bank and Trust Company, Los
Angeles, California, by Western
Bancorporation in relation to,
noted
Stock, FRBank:
Issuance and cancellation of, proposed revision
to Regulation I, dealing with,
to conform to style of Code of
Federal Regulations, sent to
FRBanks with request for comments
Suggestions from FRBanks reviewed, draft of
revised Regulation to be published in Federal Register for
comments
Revised Regulation I entitled "Issue and
Cancellation of Capital Stock of
Federal Reserve Banks" approved
for issuance, copy published in
Federal Register
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/9
3850,3855-60
6/5
2049
9/17
3549
9/24
3652
9/24
3653
5/16
1840, 1848
12/7
4672
12/20
4851, 4900
1962
1091
Pages
Stock, FRBank: (continued)
Refusal to issue, national bank converted from
a nonmember bank (Royal State
Bank, New York, New York) considered by State banking authorities to be in unsatisfactory condition, question from President
Crosse whether FRBank of New York
could consider the possibility of
Stock, preferred:
Chippewa Trust Company, St. Louis, No., consent
granted to retirement of $100,000
outstanding preferred stock, with
understanding re increase in capital structure
Commercial Savings Bank, Adrian, Michigan:
Consent granted to retirement of
Amendment to approved proposal for retirement of certain outstanding preferred stock and increase in
capital structure, approved
Stock exchanges:
Maintenance margins required by member firms of,
apparent confusion in recent press
articles re difference between
Board's margin requirements and,
efforts being made to correct
misunderstanding noted
National bank stocks, question re listing on, reply to inquiry from Congressman
Mack re, approved
New York Stock Exchange:
Margin Account Panel, survey conducted by:
SEE: Stock market:
Survey, "Margin Account Panel"
Unregulated lenders, proposed letter to
President of, requesting assistance in developing list of,
agreed not to send letter, Chm.
Martin to confer informally with
President of
Unregulated stock market credit, comments re
proposed amendment to Reg. U relating to special cash accounts in
connection with, reviewed, need for
new regulation governing presently
unregulated lenders as suggested
by, noted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/19
4379
10/9
3846, 3854
2/5
409, 418
3/23
1037, 1044
5/31
1984
9/19
3583, 3599
3/8
844
3/21
988
1962
1092
Pages
Stock market:
Decline in, importance of Regulation U as a factor in enabling banks to get over
recent stock market break, views
of FAC expressed at joint meeting
Survey, "Margin Account Panel", conducted by New
York Stock Exchange, possible discontinuance of, continuance recommended in Board's letter to Mr.
Funston, President of New York
Stock Exchange, further consideration by Board if necessary,
alternative arrangements including possibility of subsidizing
or conducting as FRSystem project,
referred to in Mr. Noyes' memorandum
Stock market credit:
Regulation of, article in Wall Street Journal re,
reply to inquiry from Congressman
Mack with respect to, approved
Stocks:
Loans on bonds and, as collateral, survey to develop information re volume and
characteristics of loans subject
to Regulation U, and of security
loans exempt from present Regulation, authorized by Board, Gov.
Mills dissenting, letter to Presidents of FRBanks indicating contact would be made with research
departments re further steps
Loans, purpose and nonpurpose, survey re, 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, expressed
Studies:
Abandoned property:
SEE: Studies:
Dormant accounts:
Audit function, internal, at FRBanks, resolution
adopted by Chairmen's Conference
that directors of each FRBank
have Audit Review Committee make
a study of, discussion re retention by FRBanks of public accounting firms in connection with, understanding re
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/18
3555
12/5
4628, 4664
9/19
3583, 3599
5/7
1743, 1759
6/20
2219
7/23
2790
1962
1093
Pages
Studies: (continued)
Bank operating ratios, data on, views expressed
by Governors Balderston and
Mitchell re need for, referred
to in connection with considerations of bank merger applications
Banking structure and competition:
Consideration of memorandum by Messrs.
Hackley, Noyes, and Solomon re
proposed program for analysis
of, to aid in consideration of
bank merger and bank holding
company applications, staff to
determine availability of Professor Alhadeff or another qualified person, and members for
advisory committee, agreement
that FRBanks should be informed,
possibility of discussion at
forthcoming Examiner's Conference
Memorandum by Mr. Noyes reporting on progress re organization of program of analysis of, agreed that
Tynam Smith, Senior Economist in
Consumer Credit and Finance Section of Division of Research and
Statistics, and Theodore Veenstra,
Technical Assistant in Division
of Bank Operations, be assigned
to program, report on efforts to
obtain staff leadership to be
presented later
Report by Mr. Holland re recruitment of personnel for Board to be advised
of further developments
Program for analysis of, letter to universities re Board's interest in
research in banking markets and
undertaking of negotiations for
four papers by academic scholars
on bank competition, markets, and
mergers, as proposed by staff,
approved by Board, proposal for
augmenting staff of Banking Markets Unit, Division of Research
and Statistics, to be presented
to Board shortly
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/3
2516
3/1
786
5/7
1746
5/9
1767
12/12
4743
1962
1094
Pages
Studies: (continued)
Chain banking through indirect controls:
Suggestion by Governor Mitchell that survey
of all member banks requested by
Congressman Patman with respect
to, be expanded to include nonmember banks, noted that a 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
Classification of cities for reserve purposes,
status of study questioned, indicated Chairman Martin was endeavoring to arrange meeting
with at least one member of
Senate who had expressed interest in, subject to be given
further consideration following
Chairman Martin's return
Common trust funds, memorandum by Mr. Masters
considering proposal by American
Bankers Association Trust Division, Committee on, to increase
dollar limitation that may be
invested on behalf of any one
trust in a common trust fund
maintained under provisions of
section 17(c)(5) of Regulation F,
agreed to defer decision until
after consideration of bona fide
fiduciary purpose test question
Concentration in banking, current study re, by
Senate Select Committee on Small
Business, revised draft of report on changes in banking structure prepared by Board's staff
in connection with, reviewed and
approved for transmittal to Senator Sparkman, Governor Mills'
exception having been noted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/11
1340
5/14
1813
4/30
1529
1/3
18, 28
1962
1095
Pages
Studies: (continued)
Concentration of ownership in individual banks,
staff review of information on,
based on data collected in chain
banking survey, no objection to
proposal
Credit programs, Federal interagency committee
to study, one of three committees established by the President of the United States to
study various implications of
the report by the Commission on
Money and Credit re, Chairman of
Board named as member, proposal
that Mr. Noyes serve as Board's
liaison on all three committees,
satisfactory with Board, Secretary Dillon to chair the committee, Mr. Roosa, Under Secretary
for Monetary Affairs to arrange
organizational meeting, Board
representative to meet with Mr.
Roosa
Report by Mr. Noyes on organizational meeting held in Office of Under Secretary of Treasury Roosa, indicated that staff work would be
done largely by representatives
of Treasury and Budget Bureau
Report by Mr. Noyes on recent meetings, and
that he had been asked to serve
as acting chairman in absence of
Mr. Roosa, list of questions suggested by Budget Bureau for consideration by, to be sent to each
Board member, question whether
activities of three committees
would require Board to have additional temporary staff, and re
intensity of Board's role in work
of respective committees
Report by Mr. Noyes on recent meeting and
status of study re
Report by Mr. Noyes on status of work of,
and re forthcoming meetings in
connection with
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/10
4688
4/6
1243
4/11
1349
5/2
1610-11
5/14
1818
9/21
3625-26
1962
1096
Pages
Studies: (continued)
Credit programs, Federal interagency committee
to study: (continued)
Draft report of, proposed to be submitted
to President of the United States,
presented to Board by Mr. Noyes
for comment, Board's views re
Delegation of authority by Board of Governors,
proposals presented by Governor
Mitchell, legal aspects discussed, agreement to defer for
further consideration after completion of study by Legal Division
Dormant accounts in banking system, joint survey
by Board, FDIC, and Comptroller
of the Currency requested by
Congressman Patman, including
data re service charges and undivided profits, Gov. Robertson
to undertake preliminary discussions with other agencies
Meeting with Comptroller of the Currency
Saxon and FDIC Chairman Cocke,
reported by Governor Robertson,
possibility of another meeting
with respect to, noted
Arrangements for another meeting, proposed
form of questionnaire with respect to, 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, agreed that an invitation
be extended to Comptroller of the
Currency to meet with Board re,
and to include a general discussion re bank supervisory matters
Meeting arranged
State statutes relating to, study of applicability to FRBanks by Presidents'
Conference requested in letter to
Chm. Fulton, with copy to each
FRBank President and Secretary of
the Presidents' Conference
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/30
4154
12/5
4631
1/31
367
2/7
445
2/19
631, 647
3/7
3/12
831, 840
876
5/24
1930, 1943
1962
1097
Pages
Studies: (continued)
Emergency plans, FRBank of New York, study re
possibility of using vault facilities at West Point for earmarked gold, review requested
by Governor Robertson discussed
in connection with proposed
building alterations by FRBank
of New York to provide additional space for earmarked gold
Employment of selected minority groups, study by
Civil Service Commission at the
request of the President's Committee on Equal Employment Opportunity, information re such
employment by Board transmitted
to Civil Service Commission
Envelope drafts, letter to Presidents' Conference requesting a study re, with
copies to FRBank Presidents, approved
Export-Import Bank of Washington, study by interested agencies re possibility of
increasing private capital participation in operations of,
particularly through repurchase
agreements, request from Budget
Bureau for Board's staff participation, Mr. Partee designated as Board's representative
and Mr. Gemmill as alternate,
advice to Budget Bureau
Financial institutions:
Interagency Committee to study report of
Colluaission on Money and Credit
re:
Chairman of Board of Governors named
as member of, one of three committees appointed by the President, summary by Mr. Noyes re
initial meeting of, Mr. Noyes
to serve as Board's liaison
with other two comdttees, background papers relating to subjects into which the committee
proposed to inquire, to be prepared by the Board's staff
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/18
4800
7/27
2862
5/31
1980, 1994
1/29
317, 334
4/6
1243
1962
1098
Pages
Studies: (continued)
Financial institutions: (continued)
Interagency Coimuittee to study report of
Commission on Money and Credit
re: (continued)
Report by Mr. Noyes on recent meetings,
question whether activities would
require Board to have additional
temporary staff, and re intensity
of Board's role in work of
Report by Mr. Noyes on recent meeting
and status of study
Report by Mr. Noyes on status of work
of, deferred
Report by Mr. Noyes on progress of
work on, understood Board would
consider further after position
papers had been distributed
Consideration of question re provision
of organization within Federal
Government for supervision and
examination of, Mr. Noyes instructed re comments at afternoon meeting of, Board to explore question re responsibility
for bank supervisory function to
ascertain Board's position
Further discussion re Board's position with respect to, to be considered again when more Board
members are present
Instruction to Mr. Noyes re Board's
position with respect to tentative recommendation by, re reserve requirements, system of
reserve classification, access
to FRdiscount facilities, and
FRSystem membership
Interagency comulittees appointed by President
of United States to study implications of report of Commission
on Money and Credit:
SEE: Studies:
Financial institutions:
Credit programs, Federal:
Pension funds, corporate:
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/2
1610
5/14
1818
9/21
3625
9/24
3655
10/3
3757
10/10
3871
10/10
3868
1962
1099
Pages
Studies: (continued)
Interlocking directorates and multi-bank stock
holdings (other than of nominees)
staff study of information on,
based on data collected in chain
banking survey, no objection to
proposal
Loans on bank stock, staff analysis of data re,
based on information collected
in chain banking survey, no objection to proposal
Mortgage credit situation in U.S., study by
Council of Economic Advisers
with respect to, request for
assistance from FRBanks, Mr.
Noyes authorized to communicate
with heads of research at Reserve Banks re
New Jersey, populous tributary of New York City,
banking services in area of, suggestion by Governor Mills re
study re, made in consideration
of report on competitive factors
involving South River and Sayreville, New Jersey
Pension funds, corporate:
Interagency Committee to study report of
Commission on Money and Credit:
Chairman of Board of Governors named
as member of one of three Committees appointed by the President, proposal that Mr. Noyes
serve as Board's liaison on the
three couunittees, satisfactory
to the Board
Report by Mr. Noyes on status of, staff
working group to be associated
with, request received that member of Board's staff be designated
to attend first meeting of, question whether activities of three
committees would require Board
to have additional temporary
staff
Progress reported by Mr. Noyes, suggestion that Chm. Martin or Vice
Chairman Balderston ask Secretary
of Labor, informally, of his views
on status of committee's work
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/10
4688
12/10
4688
7/11
2573
4/27
1507
4/6
1243
5/2
1610
9/21
3625
1962
1100
Pages
Studies: (continued)
Real estate, economic study in the field of,
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
Regulation K:
Staff memorandum re procedures and committee to study, question whether
committee should be composed of
Board representatives only, or
should include FRBank representatives, agreed Governor Mitchell
supervise proposed study and arrangements for committee
Comments requested by foreign banking and
financing corporations operating
under section 25 and 25(a) of
the FRAct, to be forwarded to
the Board through the FRBanks,
advice to Presidents of all
FRBanks inviting comments
Certain questions re Edge Act corporation
financing of imports to the
United States, raised by Comptroller of the Currency, to be
included in current review and
study of
Trend of American banks to enter foreign
areas that might be termed "trouble spots" for possible speculative reasons, comments by Gov.
Mills re
Question of appropriateness of investment
by Edge Act corporations in
stock of foreign industrial
concerns with shares listed on
the stock exchange in foreign
countries matter to be included
in
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/19
4010
1/11
119
1/18
217, 225
3/2
799
3/9
857
4/2
1104
1962
1101
Pages
Studies: (continued)
Regulation K: (continued)
Consideration of Governor Mitchell's memorandum stating issues in connection with, and requesting memoranda by the 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, re certain questionable transactions, agreed to
take no action in light of current study re
Problem re participation of foreign banking
corporations in international
factoring programs discussed,
Board's approach to problem discussed in light of pending review of current study
Further discussion, with hope expressed
that current study will shed
light on Board's approach to
problem
Possible bearing of, on proposed H.R.
12501, a bill to amend section
23A, FRAct to facilitate banking
relationships between member
banks and their foreign banking
corporation affiliates or subsidiaries thereof, noted in report to Congressman Spence, House
Banking and Currency Committee
Report by Governor Mitchell on progress of,
three memoranda distributed, understanding re scheduling by the
Secretary for discussions re the
memoranda
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/11
1347
4/27
1505
7/18
2744
7/23
2784
8/13
3076, 3094
9/24
3655
1962
1102
Pages
Studies: (continued)
Regulation K: (continued)
Suggestion by Governor Mills re comparative
summarization of effect on present provisions of, various proposals in memoranda re study
distributed to the Board, with
understanding by Mr. Goodman re
Publication of proposed regulation deferred pending review by Board
of memoranda
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 deferred
Regulation 0:
Question of definition of "operating management" and "executive officers"
for purposes of, memorandum of
Legal Division re, reviewed and
discussed
Suggested study and review in light of
statute and present day banking
practices
Regulation Q:
Savings deposits, possible amendments with
respect to, Legal Division to
continue to study, a summary
memorandum to be submitted for
Board's consideration in due
course
Reserve requirements of respective States, revision of compilation of, being
made by Legal Division, noted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/9
3846
12/12
4743
12/20
4860
1/16
185
1/29
324
5/22
1906
2/7
447
1962
1103
Pages
Studies: (continued)
Retirement system:
Professor Dan McGill of the University of
Pennsylvania, to review the, contract authorized
Professor McGill requested to make further
study re, meeting of Professor
McGill with actuary and representatives of the Retirement
Committee to be arranged by
Governor Mills, Mr. Fulton,
Chairman of the Presidents'Conference, apprised of Board's
plans re study at meeting with
the Board
Question re contemplated procedure to be
followed in connection with study,
and re possible meeting of Professor McGill with the Board and
Mr. Buck, matter to be considered further
Discussion re possible meetings of Professor
McGill with representatives of
the Retirement System and the
Board understanding re present
scope of study, letter to Professor McGill approved
Revenue bond financing, meeting of Board with
Committee for study of, group
interested in State and municipal bond underwriting, agreement re
Salaries of bank examiners employed by FRBanks,
Comptroller of the Currency and
FDIC, including officers of
FRBanks in charge of examinations, report re, transmitted
to FRBank Presidents
Markets,
Securities
Special Study by Securities
and Exchange Commission:
Reports by unregulated lenders on F.R. 728
requested by, in connection with
study re
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/11
2125
6/18
2198
8/6
2985
9/6
3361, 3374
10/18
3982
7/11
2612, 2667
2/21
680
1962
1104
Pages
Studies: (continued)
Securities Markets, Special Study by Securities
and Exchange Commission: (continued)
Interest in Board's survey re loans on
stocks and bonds as collateral,
with respect to
Further reference to
Stock market break, a study by the Securities
and Exchange Couludssion, agreed
to initiate a Federal Reserve
survey re margin calls by banks
to be made in connection with
Time certificates, negotiable, long-term:
Request for high-priority study re, by Research, Examinations, and Legal
Divisions, to request FRBanks to
determine the extent of issuance
Memorandum from Messrs. Dembitz, Benner,
and Chase reviewed, proposed reply to Comptroller of the Currency re propriety of, staff to
study possible amendment to Regulation Q
Subpoenas:
Chain banking, direct and indirect controls,
possibility that subpoenas might
be served on banks refusing to
reply re survey on
FRBank of Atlanta, subpoena served on, to prove
membership of Bank of Georgia,
Atlanta, Georgia, in FRSystem,
authorization re
FRExaminer, FRBank of Dallas, subpoenaed to testify and possibly to place memorandum in evidence at trial of
criminal charges involving disappearance of funds at First
State Bank, Premont, Texas,
agreed to interpose no objection, advice to Mr. Rudy
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/7
12/5
1744
4627, 4662
6/20
2218
1/15
155
5/14
1814
7/24
2817
9/24
3650
10/25
4065, 4098
1962
1105
Pages
Subpoenas: (continued)
Procedure reconunended by Board in event subpoena
is served on FRBank of San Francisco for the 1958 examination
report of Bank of Belmont Shore,
Long Beach, California, (now
Coast Bank), for use in litigation
In event FRBank of San Francisco is served
with subpoena for 1953 examination report of Panhandle State
Bank of Borger, Texas, (former
State member bank), for use in
pending litigation
Surveys:
Bank automation, recommendation re survey of commercial banks having certain
total deposits, to meet information needs of various groups within FRSystem, and proposed form,
reviewed by Chairmen of automation subcommittees of the Presidents' Conference Committee on
Systems and Procedures and by
System Research Advisory Committee, approved by Board, advice
to FRBanks
Branch bank data summary of results of FRBank
survey re branch record keeping
procedures by banks, discussion
re possible negotiations with
respect to collection of branch
deposit data, staff to prepare
a recommendation that might be
explored with other bank supervisory agencies and Bureau of
the Budget
deposit
data:
Branch bank
Proposal re adoption of report form to expand the collection of, sent to
Comptroller of the Currency and
FDIC, with attached form, for
possible use in place of regular
deposits-by-counties form in
June 1962
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/20
948, 959
4/2
1109, 1125
2/21
679, 697
2/27
734
4/13
1363, 1372
1962
1106
Pages
Surveys: (continued)
Branch bank deposit data: (continued)
Discussion re alternative procedures, letter to Comptroller restating
Board's position and commenting
on alternative proposal, approved
with copy to FDIC, understanding
re contemplated procedure to be
followed
Decision of Board and FDIC to expand collection of, to include reports of
deposits by cities, from all member and nonmember banks, sample
form and instructions sent to
FRBanks, letter to FDIC approved
Comptroller of the Currency not to
participate in program noted
Question whether such reports by member
banks are mandatory, in light of
letter of Comptroller of Currency
to national banks discussion re
Board authority under sec. 11(a),
FRAct, telegram to FRBanks approved, with copy to Comptroller
of Currency and FDIC
Governor Mitchell's reference to Comptroller of the Currency's letter informing national banks that submission of reports re, was at
their discretion, Secretary of
Board requested to transmit to
Bureau of the Budget copies of
letter and wire to FRBanks indicating reports are mandatory,
in light of section 11(a) of
the FRAct
Chain banking through indirect controls:
Request by Congressman Patman, Chairman of
House Select Committee on Small
Business, for a survey of member
banks re, staff to prepare a
draft reply reflecting willingness, but spelling out difficulties, view that Board should undertake survey if Comptroller of
Currency is unwilling to cooperate, question re reporting names
of individual shareholders to be
considered by staff
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/17
1850, 1867
5/24
1930,1949-51
5/24
1949, 1951
6/25
2299, 2314
6/29
2422, 2436
3/12
874
1962
1107
Pages
Surveys: (continued)
Chain banking through indirect controls: (continued)
Necessary expenditure justified only if survey would be of significant value
to Small Business Committee, advice to Chairman Patman, staff
indicated that survey could be
done without participation of
Comptroller, agreed to defer
sending letter to Comptroller
until receipt of answer from
Congressman Patman
3/22
Congressman Patman's reply indicating value
to House Small Business Committee of requested survey for data
from all member banks re, 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, draft of
schedule transmitted to Bureau
of the Budget requesting Budget
Bureau number
4/11
Letter to Comptroller of the Currency in
reply to letter from him, approved, with understanding that
if no reply is received, the
Board would proceed with the
survey, understanding re further
advice to Budget Bureau re proposed form to be used
5/2
Letter to FRBanks enclosing certain information re, letter to member banks
and bank holding companies enclosing forms and instructions
for use in obtaining information,
approved
5/28
Inquiries from respondents as to whether reports would be kept confidential
and whether the report is compulsory, understanding that individual reports would be made
available to the House Select
Committee on Small Business if
requested
5/31
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1020
1339, 1354
1613, 1658
1963,1975-77
1985
1962
1108
Pages
Surveys: (continued)
Chain banking through indirect controls: (continued)
Inquiry as to law under which information
is required to be submitted, and
protection provided a bank against
legal action by shareholder who
might resent release of confidential information, received from
First National Bank of Sayreville,
New Jersey, discussion re situation, understood revised draft
of reply to be prepared, reference to subpoena power of House
Select Committee on Small Business
6/8
Reply to First National Bank of Sayreville, New Jersey, copies of
reply to be sent to FRBanks
6/13
Conversation of Governor Balderston with
President of Manufacturers National Bank of Detroit re possibility of bank's declining to
respond to survey, reported by
Governor Balderston
6/8
Reference by Governor Mitchell to letter
sent to all national banks by
Comptroller of the Currency informing them that reports requested by Board with respect
to, could be submitted at their
own discretion
6/29
Follow-up request for information with respect to, sent to member banks
and bank holding companies not
responding to previous request,
reply to Congressman Patman re
outcome of, possibility that subpoenas might be served on banks
refusing to reply, noted that
Commissioner of Banks in Minnesota advised State member banks
not to supply requested information
7/24
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2089
2142, 2156
2092
2422
2817,2840-41
1962
1109
Pages
Surveys: (continued)
Chain banking through indirect controls: (continued)
Copies of certain reports of bank holding
companies and certain member
banks submitted in connection
with, sent to Congressman Patman
pursuant to his request
9/12
List of member banks not included in, and
a list of 18 member banks omitting data re loans on bank stock,
transmitted to Congressman Patman, Chairman of Select Committee on Small Business
10/4
Letter from Mr. Patman to member bank
listed as not having responded
and indicating information would
be subpoenaed, noted, matter of
responses made on confidential
basis referred to, explanatory
correspondence necessary
10/10
Specifications in connection with, question
raised by staff with request for
guidance re report on anticipated
progress, agreed letter be prepared to Mr. Patman re time and
expense involved thus far and
anticipated, re limiting Board
activity to 200 largest banks,
and re inability to set up definite commitment date for completion
10/10
Research plans of FRSystem for use of data
collected for, staff to review
material for leads and suggestions, possibly for study by
examining divisions of Board
and FRBanks
11/8
Further discussion re study and use of
material re, understood that
staff would develop plans for
analyzing survey findings
11/14
Request from Justice Department for access
to reports obtained from Valley
National Bank and Arizona Bank,
Phoenix, Arizona, in connection
with, majority of Board decided
11/16
to deny request
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3439, 3442
3803, 3811
3864
3863
4303
4315
4356
1962
1110
Pages
Surveys: (continued)
Chain banking through indirect controls: (continued)
Staff proposed program for internal use of
data collected for, relating to
(1) multiple bank stock holdings
in the name of nominees, (2) interlocking directorates and multibank stock holdings, (3) concentration of ownership of individual banks, and (4) data on loans
on bank stocks, no objection by
12/10 4687
Board to proposal
Draft of letter to Mr. Patman 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 Mr. Patman's staff for additional tabulations, to be re12/10 4688-90
viewed further if necessary
12/12 4739, 4754
Letter to Mr. Patman approved
Common trust funds, for 1962, proposed revisions
in Form F.R. 508 to be used in
connection with, submitted to
Budget Bureau for approval, with
understanding that similar letters be sent to Presidents of
9/19 3583, 3598
FRBanks
Consumer buying intentions, conducted by Bureau
of Census, request by Bureau of
the Budget for Board's interim
financial support for quarterly
July 1962 survey re, in light of
deferred Congressional action,
approved subject to clearance
with House and Senate Appropriations Subcommittees, any resulting over-expenditure in 1962
budget of Division of Research
6/29 2418,2433-34
and Statistics authorized
Appropriations
Subcomfrom
objection
No
mittees, letter to Bureau of
6/29 2421, 2435
the Budget authorizing payment
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1962
1111
Pages
Surveys: (continued)
Consumer finances:
Program for 1963 as described in memorandum
from Division of Research and
Statistics including estimated
$240,000 for consumer financial
positions survey and an additional $25,000 for remaining methodological survey, approved, no
plans for staff expansion with
respect to, except possible help
from outside consultants, per
Mr. Noyes, survey to concentrate
on upper income groups
Nationwide, provision for expected costs
included in 1963 budget
Dormant accounts in the banking system:
Joint survey by Board, FDIC and Comptroller
of the Currency requested by
Congressman Patman, Governor
Robertson to undertake preliminary discussions with other
agencies
Meeting with Comptroller of the Currency
Saxon and FDIC Chairman Cocke,
and use of form prepared by
Governor Robertson, reported by
Governor Robertson
Arrangements for another meeting and proposed form of questionnaire with
respect to, transmitted to Comptroller of the Currency for study
by Governor Robertson
Comptroller of the Currency continued to express reservations with respect
to, letter to Congressman Patman
indicating Board's position re,
invitation to the Comptroller of
the Currency to meet and discuss,
as well as other bank supervisory
problems
Meeting with Comptroller of the Currency
arranged
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/7
4278-80
12/10
4691
1/31
367
2/7
445
2/19
631, 647
3/7
831, 840
3/12
876
1962
1112
Pages
Surveys: (continued)
Dormant accounts in the banking system: (continued)
Survey being made of all insured banks as
requested by Secretary of the
Treasury through FDIC, matter
reported by Governor Robertson
FRBank of Chicago, discussion re possible survey
by, in connection with question
of establishing a FRBranch in
Milwaukee, consensus against,
in light of survey by Congressman Reuss
Income and dividends reports of State member
banks for June 30, 1962, decision not to collect, in light
of action by Comptroller of the
Currency to eliminate midyear
reports of national banks, staff
to explore possibility of obtaining midyear reports from a limited sample survey of member banks
on a simplified form containing
items used in semiannual press
statement E.5, advice to Presidents of all FRBanks requesting
views
Interest rates on time and savings deposits of
member banks having certain
total deposits, to be conducted
by FRBanks, approved, letter
sent to all FRBanks, suggestion
by Governor Mitchell that such
surveys should be made on a
routine basis at least four
times each year
Loans, bank, in order to determine volume of
loans on unlisted securities,
plans reported by Mr. Noyes
Loans on securities:
To develop information re volume and characteristics of loans subject to
Regulation U, and of security
loans exempt from present Regulation, authorized by Board with
Gov. Mills dissenting, letter to
Presidents of all FRBanks indicating contact would be made with
research departments re further
steps with respect to
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/3
1129
5/22
1908
4/18
1399, 1420
1/12
136, 150
2/21
686
5/7
1743, 1759
1962
1113
Pages
Surveys: (continued)
Loans on securities: (continued)
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 for use in connection
with proposals for extending
the scope of Regulations U and T
Margin Account Panel, survey conducted by New
York Stock Exchange, possible
discontinuance of, continuance
recommended in Board's letter to
Mr. Funston, President of New
York Stock Exchange, further
consideration by Board if necessary
Margin calls by banks:
Possible survey re, in connection with
study re stock market break
being made by Securities and
Exchange Commission, agreed to
proceed with survey at initiative of Federal Reserve
Agreed such survey to be made, telegram to
FRBanks requesting them to proceed on personal interview basis,
questionnaire, approved
On certain nonregulated security loans, results of informal survey included
in reply to inquiry from Congressman Mack re regulation of stock
market credit
negotiable, proposed survey
certificates,
Time
of those issued by large commercial banks, developed by Committee on Banking and Credit, endorsed by System Research Advisory Committee, and cleared by
Presidents' Conference Committee
on Research and Statistics, approved and authorized by Board,
advice to FRBanks, letter to Budget Bureau requesting approval of
survey form, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/5
4627,4662-63
12/5
4628, 4664
6/20
2218
7/18
2748, 2759
9/19
3583, 3599
11/15
4336, 4354
1962
1114
Pages
Switzerland:
Branch banks of American banks located in:
Question re accepting numbered accounts,
and re Swiss law prohibiting
any agency of United States
Government from examining books
and records of, discussed in
connection with application of
First National City Bank to
establish a branch in
Branch bank of First National City Bank,
New York, New York, located in
Geneva, question by Swiss National Bank re intentions of
Board and Comptroller of the
Currency with respect to examining requirement and submission of reports, as authorized
in section 25(6) of FRAct, in
connection with proposed establishment of
Letter to President Schwegler, Swiss
National Bank, approved, Gov.
Mitchell to advise President
Hayes of the FRBank of New York
Swiss National Bank probably would not
be inclined to permit opening of,
if agency of another government
retained right to examine branch,
conversation with Max Ikle reported by Governor Mitchell
System Open Market Account:
Audit of, at FRBank of New York, question re
adequacy of procedures re, following review by Haskins & Sells,
reply by Mr. Smith re time and
effort devoted to, as indicated
by Price Waterhouse & Co.
Taxes:
Gold, vault facilities for earmarked, possible
taxation upon foreign central
banks if gold not held in N. Y.,
discussed with respect to New
York building program
12/5
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/10
1312
10/4
3794
10/19
4011, 4022
12/20
4872
11/19
4377
4626
1962
1115
Pages
Taxes: (continued)
Gold, vault facilities for earmarked: (continued)
Further discussion
Income tax, question whether reimbursements for
costs incurred in transferring
"old" employees within the Federal Reserve System are subject
to income tax and withholding
requirements as wages, letter to
Internal Revenue Service requesting decision
Investment tax credit provisions proposal re possible effects of enactment topic
for discussion with FAC
Views of FAC with respect to, expressed at
joint meeting with Board
Reduction in, topic for discussion with FAC, in
light of present circumstances
View expressed re, in light of the projected
budget deficit, suggestion that
action involving the revamping
of the tax structure would have
productive results without incurring the same degree of risk
Reserve ceiling for bad debts, determined by a
bank's loan loss experience,
possible tax saving for Central
Jersey Bank and Trust Company,
Freehold, New Jersey, which
could be provided by acquiring
the charter of Asbury Park and
Ocean Grove Bank, Asbury Park,
New Jersey, noted as one possible reason for irregular procedure in connection with merger
application
Silver:
Legislation proposed to terminate the special
tax on transfers of interests in
silver bullion:
Draft bill to repeal certain legislation relating to the purchase of
silver, Board views to Bureau of
the Budget re
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/18
4803
11/6
4255, 4271
8/28
3232, 3258
9/18
3563
11/2
4220, 4232
11/20
4431
5/7
1739
2/5
410, 428
1962
1116
Pages
Taxes: (continued)
Silver: (continued)
S. 2885, a bill to repeal certain legislation relating to the purchase
of silver:
Report to Senator Robertson, Chairman
of the Committee on Banking and
Currency, approved
Tax receipts, processed by FRBanks as fiscal
agents for the Treasury Dept.,
inadequate coverage by Board's
examination program noted in report of study by Price Waterhouse & Co.
Telegraphic transfers of funds:
Government securities, uniform System policy re
charges for "JAPNU wires" re,
recommended by the Subcommittee
on Fiscal Agency Operations and
approved by the Presidents' Conference, no objection by Board,
understood that no charge would
be made to member banks but that
a charge would be made to the
Treasury on a leased wire cost
basis
Telephones:
Monitoring devices, information re listening-in
devices and telephone recording
equipment at Board, letter sent
to Congressman Moss as requested,
with copy and instruction re making verbatim records of conversations to be distributed to Board's
staff
Texas:
Dormant accounts, Texas statute providing for
protection and preservation of,
letter from FRBank of Dallas
raising question of compliance
with such State laws by FRBanks,
copy sent to FRBank of New York,
and to all other FRBanks
Timber resources:
Committee to be appointed to study privatelyowned, request from U.S. Forest
Service for suggestion of possible appointee, no objection
to suggesting President Earhart,
FRBank of San Francisco
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/27
746, 759
7/3
2528
2/2
395, 400
2/15
567, 585
4/2
1103, 1122
9/24
3649
1962
1117
Pages
Titles:
Bank of Indiana, Gary, Indiana, application of
Gary Trust and Savings Bank,
Gary, Indiana, to merge with
Lake County State Bank, East
Gary, Indiana, under charter of
Gary Trust and Savings Bank and
title of, approved
Bank of Perry, New York, continuing bank resulting from the merger of Citizens
Bank of Perry, New York, with the
First National Bank of Perry, New
York, approved with Governors
Robertson and Mitchell dissenting
Continental Bank International, New York, New
York, consent granted Continental
International Banking Corporation
to change its title to
First Bank of Boston International, New York,
New York, amendment to Articles
of Association of First Bank of
Boston (International) changing
name to, approved
Marshall and Ilsley Bank Stock Corporation, Milwaukee, Wisconsin, referred to
as (formerly under title of Bank
Stock Corporation)
Northwest Pennsylvania Bank and Trust Company,
Oil City, Pennsylvania, proposed
merger of Crawford County Trust
Company, Meadville, Pennsylvania,
with Oil City National Bank, Oil
City, Penna., under title of
Oklahoma National Bank & Trust Company of Chickasha, Oklahoma, application by
Oklahoma National Bank of Chickasha to change title to, noted
in connection with application
for fiduciary powers
Safe Deposit Bank and Trust Company, Springfield,
Mass., authorization re issuance
of order and statement approving
application of Springfield Safe
Deposit and Trust Company, Springfield, Mass., to consolidate with
Hadley Falls Trust Company, Holyoke, Mass., under title of
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/18
3976
7/9
2558
7/13
2670, 2687
4/5
1193, 1229
12/19
4809
2/26
713, 724
1/8
61, 72
2/2
401, 403
1962
1118
Pages
Titles: (continued)
Windber Bank and Trust Company, Windber, Pa.,
title changed from Windber Trust
Company, Windber, Pennsylvania,
effective May 18, 1962, noted
Trade:
Foreign:
Recommendation in Governor Mitchell's memorandum that Board consider a
series of conferences with representatives of Government agencies
financing, in connection with the
Board's study re Regulation K,
and the role Edge Act corporations might play in international
trade
Investments in international factoring programs by Edge Act corporations:
Discussion re relationship to U.S.
balance of payments problem and
U.S. foreign trade policy, in
connection with applications of
Boston Overseas Financial Corporation
Further discussion, reference to study
of Regulation K with hope expressed that it would shed light
on Board's approach to problem
Transcripts:
Errata sheets for transcripts of oral presentations to be prepared and filed
with official documents concerning the applications of Chase
Manhattan Bank, Chemical Bank
New York Trust Company, Whitney
Holding Corporation,and United
California Bank
Travel:
FRBank of New York:
Meeting of central bank economists, held
at the Bank of International
Settlements in Basle, Switzerland, March 10-12, 1962, attendance of an additional representative of the FRSystem to be
designated by, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/8
2088
4/11
1349
7/18
2742
7/23
2782
2/7
444
2/2
397
1962
1119
Pages
Travel: (continued)
FRBank of New York: (continued)
Foreign travel program, 1962, for personnel
of, noted without objection
Reimbursement of expenses incurred in connection with Board recruitment resulting in transfers from a
FRBank or Branch to the Board,
involving moving of household
goods and possible temporary
storage, transportation for
employee and immediate family,
and per diem allowance in lieu
of subsistence while in a travel
status, policy approved
Reports by staff for travel authorized by division heads and travel authorized
by the Board member having responsibility for internal affairs, discussion re value of,
decision to continue
Staff of Board:
Additional authority for Governor Shepardson to approve foreign travel
for the purpose of attending
meetings of Working Party 3 of
the Economic Policy Committee
of the Organization for Economic
Cooperation and Development
Governor Shepardson authorized to approve
on behalf of the Board, travel
requests, in accordance with the
provision of the official travel
regulations
Transfer of "old" employees within the FRSystem,
question whether reimbursements
for costs incurred in connection
with, are subject to income tax
and withholding requirements as
wages, letter to Internal Revenue
Service requesting decision
(Individual names):
Ahlf, James, Chief Examiner, FRBank of San Francisco, to accompany Mr. R. M.
Stephenson, Special Assistant,
Division of Examinations, to Salt
Lake City, Utah, in connection
with Continental Bank and Trust
Co., Salt Lake City, Utah, matter
authorization re
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/15
566, 577
4/2
1113
2/14
555
5/17
1859
7/24
2827
11/6
4255, 4271
7/12
2685
1962
1120
Pages
Travel: (continued)
Burr, Susan S., Consultant, appointment and compensation approved, with understanding re transportation and
per diem for time spent in travel
Cowden, Dudley J., appointment as Consultant,
(Division of Research and Statistics) on temporary contractual
basis with understanding re compensation, transportation expenses, and travel status per
diem, approved
Egertson, Jack M., Review Examiner, Division of
Examinations, appointment and
salary approved, with understanding re moving expenses, transportation, and per diem while in
travel status
Garvy, George, Adviser, FRBank of New York, nomination as candidate to attend
International Banking Summer
School to be held in Moscow, accepted by School
Gehman, Clayton, Chief, Business Conditions Section, Division of Research and
Statistics:
Authorized to attend a meeting in Geneva,
Switzerland, of the Conference
of European Statisticians Working Group on Industrial Statistics with understanding re expenses, request received from
Budget Bureau that he serve as
United States representative
noted
Authorized to stop in London to confer with
officials of Bank of England on
his return trip
Gekker, Paul, Economist, Division of International Finance, travel to Moscow,
Russia, to attend International
Banking Summer School, authorized,
with additional visits to Leningrad, Sweden, Norway, and Denmark
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/19
3587
5/24
1933
3/5
824
5/10
1782
4/20
1437
5/9
1762
5/10
1782
1962
1121
Pages
Travel: (continued)
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, advice to FRBank of
Minneapolis
Guthrie, Harold W., Consultant, Division of Research and Statistics, appointment on temporary contractual
basis at a certain rate of compensation, with an understanding
re headquarters for purposes of
travel, approved
Harrison, John B., Examiner, FRBank of New York,
arrangements approved for an
assignment of approximately two
months to the foreign banking
section of the Board's Division
of Examinations, salary and subsistence expenses to be carried
by the FRBank of New York, transportation expenses to and from
New York each week to be paid by
the Board, to be designated as a
Federal Reserve Examiner
Hersey, Arthur B., Adviser, Division of International Finance:
Authorized to attend the meeting of central
bank economists, held at the Bank
of International Settlements,
Basle, Switzerland, March 10-12,
1962
Authorization to attend, as a consultant to
members of the United States delegation, the meeting of Working
Party 3 of the Economic Policy
Committee of the Organization
for Economic Cooperation and Development, July 17-18, 1962, also
authorized to visit central banks
in England, Germany, and the
Netherlands
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/10
98, 109
6/8
2100
6/13
2148, 2162
2/2
397
6/11
2126
1962
1122
Pages
Travel: (continued)
Holmes, Alan R., Assistant Vice President, Federal Reserve Bank of New York:
To serve as personal assistant to the Under
Secretary of the 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, with further
understanding re travel and
other expenses
Irons, Watrous H., President, FRBank of Dallas,
Mr. Ralph C. Wood authorized to
accompany Governor Mitchell and,
to Europe to attend annual meeting of Bank for International
Settlements and to visit a number of European central banks
Irvine, Reed, Chief, Latin America, Asia, and
Africa Section, Division of
International Finance:
Participation in survey mission to British
Guiana as requested by Agency
for International Development,
authorized
Travel to accompany Governor Robertson to
visit central banks of certain
Latin American countries,authorized
Authorized on same per diem basis as
would be applicable in the case
of a member of the Board
Katz, Samuel I., Associate Adviser, Division of
International Finance:
Attendance at meeting of Working Party 3,
Organization for Economic Cooperation and Development, in Paris,
April 16-17, and visits to certain European central banks, and
possibly other institutions, authorized
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/16
180, 198
7/17
2729, 2732
5/9
1762
2/9
480, 499
7/27
2859
9/10
3408
4/2
1111
1962
1123
Pages
Travel: (continued)
Katz, Samuel I., Associate Adviser, Division of
International Finance: (continued)
Travel to Switzerland to attend meeting of
central bank officers at Bank
for International Settlements
for discussion of Eurodollar
market and to visit two European
central banks, authorized
MacDonald, John A., Assistant Cashier, FRBank of
Minneapolis, request by Banco de
la Republica, Bogota, Colombia,
for assistance with organizational
matters, letter re availability
of, and plans with respect to,
approved
Maroni, Yves, Economist, Division of International
Finance:
Possible representative at the Seventh Operational Meeting of the Center for
Latin American Monetary Studies,
to be held in Mexico City, Sept. 314, 1962
Travel to Mexico City to represent Board at
Seventh Operational Meeting of
the Center for Latin American
Monetary Studies and to visit
Guatemala, El Salvador, and
Honduras, authorized
McGill, Dan, Professor at the University of
Pennsylvania, contract to review
certain aspects of the Retirement
System of the FRBanks, authorized,
payment at the rate of $200 per
day plus necessary expenses including round trip transportation from Tennessee to Washington, D. C.
Mitchell, George W., Board of Governors:
Trip to Europe to attend annual meeting of
Bank for International Settlements and to visit a number of
European central banks, Mr. Ralph
C. Wood authorized to accompany
President Irons, FRBank of Dallas,
and
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/19
3586
6/20
2221, 2237
3/16
912, 936
6/25
2303
6/11
2125
5/9
1762
1962
1124
Pages
Travel: (continued)
Mitchell, George W., Board of Governors: (continued)
Intention to attend Conference on Inflation
and Growth to be held in Rio de
Janeiro, Brazil,in January 1963,
noted
12/20 4872
Nettles, James K., Economist, Division of International Finance, appointment
and salary approved, with understanding re moving expenses,
transportation, and per diem
while in travel status, with
reference to transportation for
his immediate family
1/26 307
O'Connell, Thomas J., Assistant General Counsel,
Legal Division, to travel to San
Francisco to confer with witnesses
who are to appear at Show Cause
Hearing in the matter of Continental Bank and Trust Company,
Salt Lake City, Utah, agreement
re
7/12 2682
Pascual, Armand A., FRBank of San Francisco,
attendance at Tenth Annual Training Program of Center for Latin
American Monetary Studies, approved
2/26 713, 725
Peterson, Milo, Economist, appointment and salary approved, with an understanding re reimbursement for moving
expenses, including transportation and per diem while in travel
status as well as transportation
for his immediate family
7/3
2541
Phillips, Almarin, Professor, appointment on a
temporary contractual basis with
compensation at the rate of $50
per day with necessary transportation and per diem during travel
status, approved
7/11 2636
Reynolds, John E., trip to Paris to attend meetings of Working Party 2, Economic
Policy Committee, Organization
for Economic Cooperation and Development, payment of transportation expenses on necessary expense
basis and per diem, authorized
10/19 4019
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1962
1125
Pages
Travel: (continued)
Robertson, J. L , Board of Governors, visits to
central banks of certain Latin
American countries, travel by
Reed J. Irvine to accompany,
authorized
Sammons, Robert L., Adviser, Division of International Finance:
To lecture on the FRSystem at the Tenth
Regular Training Program of the
Center for Latin American Monetary Studies, letter to CEMLA,
approved
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
Travel to Mexico City to lecture at Center
for Latin American Monetary
Studies,authorized
Travel to Rio de Janeiro, Brazil, to attend
Conference on Inflation and
Growth in Latin America authorized, subject to concurrence by
State Department, no objection
by State Department, stopover in
Venezuela to advise Central Bank
of Venezuela on certain statistical problems approved, with
understanding re expense
Sanford, James K., Review Examiner, Division of
Examinations, appointment and
salary approved with understanding re moving expenses and transportation from North Olmsted,
Ohio, and per diem while in travel status
Schlesinger, James R., Consultant, appointment
on temporary contractual basis,
with understanding re compensation and necessary transportation and per diem, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/27
2859
2/21
678, 695
2/26
720, 732
6/21
2243
12/7
4677
9/25
3664
10/19
4020
1962
1126
Pages
Travel: (continued)
Smith, James C., Assistant Director, Division of
Examinations, in San Francisco,to
consult with FRBank of San Francisco re mysterious disappearance
of certain Treasury certificates
of indebtedness that were being
held in the vault of FRBank of
San Francisco for the account of
a member bank
Solomon, Frederic, Director, Division of Examinations, and two other officials
of the Division, permission
granted to attend the Annual
Convention of the National Association of Supervisors of State
Banks in Bretton Woods, New
Hampshire, on September 17-20,
1962, travel expenses and registration fees allowed
Stephenson, R. M., Special Assistant, Division
of Examinations, to travel to
Salt Lake City, Utah, in connection with matter re Continental
Bank and Trust Company, Salt Lake
City, Utah, and to be accompanied
by James Ahlf, Chief Examiner,
FRBank of San Francisco, authorization re
Talbot, Raymond E., examining staff, FRBank of
New York, services to be borrowed to assist Legal Division
in preparation of material in
connection with proceeding involving Continental Bank and
Trust Company, Salt Lake City,
Utah, with understanding re
salary and travel expenses
Thomas, Woodlief, appointment as Consultant in
the Board Members' Offices for
the period July 16-20, 1962, in
order to appear at hearings of
the Royal Canadian Commission
on Banking and Finance, approved,
with understanding re compensation, transportation expenses,
and per diem
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/15
3126
7/30
2899
7/12
2685
5/31
1988
6/27
2392
1962
1127
Pages
Travel: (continued)
Wood, Ralph C., Associate Adviser, Division of
International Finance:
Travel to Paris to attend meeting of Working
Party 3, Economic Policy Committee, Organization for Economic
Cooperation and Development,
January 13-18, 1962, on an actual expense basis, authorized
Travel to Paris to attend meetings of Working Party 3 and Economic Policy
Committee of Organization for
Economic Cooperation and Development, February 19-22, 1962, authorized, on actual expense basis
Authorized to accompany Governor Mitchell
and President Irons, FRBank of
Dallas, to Europe to attend annual meeting of Bank for International Settlements and to
visit a number of European central banks
Travel to Paris for meetings of Economic
Policy Committee, Organization
for Economic Cooperation and
Development, and Working Party 3,
authorized
Young, Ralph A., Adviser to the Board and Director, Division of International
Finance:
Travel to Paris to attend meeting of Working
Party 3, Economic Policy Committee, Organization for Economic
Cooperation and Development, on
an actual expense basis including
official entertainment, authorized
Travel to Paris to attend meetings of Working Party 3 and Economic Policy
Committee of Organization for
Economic Cooperation and Development, February 19-22, 1962,
authorized, on actual expense
basis including official entertainment
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/10
98
2/7
445
5/9
1762
10/31
4202
1/10
98
2/7
445
1962
1128
Pages
Travel: (continued)
Young, Ralph A., Adviser to the Board and Director
Division of International Finance:
Travel to Basle, Switzerland, to attend
meeting of Bank for International
Settlements, on actual expense
basis, including official entertainment, authorized
Travel to Paris for period May 27-31, 1962,
to attend meeting of Working
Party 3 of Economic Policy Committee of Organization for Economic Cooperation and Development, with reimbursement on
actual expense basis including
official entertainment, authorized
Report on meeting attended in Paris on
May 29 and 30, 1962
Report on attendance at June and July meetings in Paris, and conversations
in London with officials of the
British Treasury and Bank of
England
Authorized to travel to London, England,
to confer with the British
Treasury and the Bank of England
following a meeting in Paris of
Working Party 3, travel expenses
on an actual expense basis including official entertainment
Treasury Department:
Authority of FRBanks to purchase Government
securities directly from:
Draft bill proposed by, to extend for two
years, report to Budget Bureau,
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 Committee on Banking and
Currency, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
(continued)
3/5
823
5/17
1859
6/1
2012
7/25
2846
12/5
4634
5/2
1605, 1627
6/13
2147, 2158
1962
1129
Pages
Treasury Department: (continued)
Authority of FRBanks to purchase Government
securities directly from: (continued)
S. 3291, a bill to amend section 14(b) of
the FRAct to extend:
Favorable report to Chairman Robertson
of the Senate Banking and Cur5/22
rency Committee approved
Report to Budget Bureau re enrolled
6/27
bill
Bulletin F of, probable effects on business capital re decision of recent changes
in, topic for discussion with FAC,
understood staff memorandum re
changes in, relating to depreciation allowances, to be distrib8/28
uted to the Board
expressed
in
to,
respect
with
FAC
of
Views
9/18
joint meeting
of
Dillon
Secretary
Coin shortages, letter to
the, suggesting 'possible emergency measures to ease the
11/14
current
certificates
Disappearance of certain Treasury
from FRBank of San Francisco,
question re informing press re,
following receipt of views from
Secret Service and, Chairman
Martin informed by Bank that no
9/6
release would be made at present
Dormant accounts consisting of public funds,
FDIC requested by, to transmit
to all insured banks a request
from Secretary of the Treasury
for a report on, reported by
4/3
Governor Robertson
Economists, meeting of, at, comments by Governor
12/3
Mitchell
Fiscal agency operations by FRBanks, automation
of, stated principles as a basis
for negotiations with the Treasury Department re, adopted in a
policy statement by the Presidents' Conference, noted with no
objection, result of FRBank of
Cleveland's request to process
Federal taxes on its computer,
10/11
increasing Treasury costs
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1900, 1920
2387, 2399
3232, 3258
3563
4236, 4335
3366
1129
4601
3886, 3912
1962
1130
Pages
Treasury Department: (continued)
Foreign banking corporations:
Transfer of authority from the Board to the
Comptroller of the Currency re
chartering and regulation of:
Mr. Hackley authorized to indicate the
Board's general leaning against
such a transfer to the
Further discussion, staff to draft a
letter to Treasury opposing proposed bill with respect to
Letter to Secretary Dillon re draft
bill proposing, approved and delivered personally by Chairman
Martin, copy sent to Comptroller
of the Currency
branches:
Foreign
Transfer of authority from the Board to the
Comptroller of the Currency with
respect to the establishment of:
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 Dillon approved
and delivered personally by
Chairman Martin, copy sent to
Comptroller of the Currency
Foreign currency operations:
Report by Messrs. Young and Coombs on discussions held with representatives of the, questions re relationships of System operations
with those of the Treasury's
Stabilization Fund, copies of
documents, being prepared as the
result of the discussions, to be
distributed to members of the
Board
Understanding and proposals for coordinated
program re, resulting from negotiations of Mr. Young and Mr.
Coombs with representatives of,
reported by Mr. Young
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/3
2533
7/11
2592
7/13
2702, 2719
7/3
2533
7/11
2592
7/13
2702, 2719
2/2
393
2/8
459
1962
1131
Pages
Treasury Department: (continued)
Foreign currency operations: (continued)
Confidential Treasury staff memorandum on
Treasury experience in foreign
exchange market transmitted to
Board by Mr. Knight, General
Counsel of, noted
Holmes, Alan R., Assistant Vice President, Federal Reserve Bank of New York,
to serve as personal assistant
to the Under Secretary of the
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 in connection
with
No objection to further extension of leave
of absence with pay in connection with
Open market operations of FRSystem:
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, for Treasury clearance
Schott, Francis H., Manager, Foreign Department,
FRBank of New York, no objection
re temporary assignment at the,
in the Office of the Under Secretary for Monetary Affairs
Silver, discussion re opinion of, in connection
with the issuance of $2 FRnotes
in connection with the draft
bill to repeal certain legislation relating to the purchase of
silver, submitted by
Telegraphic transfer of Government securities,
uniform System policy re charges
for "JAPNU wires" concerning,
recommended by the Subcommittee
on Fiscal Agency Operations and
approved by the Presidents' Conference, no objection by Board,
understood that no charge would
be made to member banks but that
a charge would be made to Treasury
on a leased wire cost basis
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/12
516
1/16
180, 198
7/17
2729, 2732
9/6
3359, 3369
2/15
571
9/21
3610, 3628
2/5
411
2/2
395, 400
1962
1132
Pages
Treasury Department: (continued)
Trust activities of national banks:
Draft bill submitted by, to transfer from
the Board to the Comptroller of
the Currency authority re, including operation of common
trust funds, favorable report
transmitted to the Bureau of
the Budget
Request by Mr. Knight, General Counsel
of the Treasury for Board's
views re, Mr. Hackley authorized
to indicate no objection with respect to
Trust departments:
State member banks, effect of termination of
Regulation F on examination of,
question raised by Gov. 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 the American Bankers
Association
Internal Revenue Service opinion re need for
clarifying legislation in connection with tax treatment relating
to, noted
American Bankers Association Trust Division,
Committee on, proposal 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(0(5)
of Regulation F, 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
Regulation F or relaxation of
provisions to allow wider use of,
Mr. Masters' recommendations re
amendments to Regulation F, to be
distributed and considered later
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/26
2334, 2369
7/3
2533
10/5
3814
1/11
113, 126
1/11
126, 127
4/30
1529
6/26
2339
1962
1133
Pages
Trust funds: (continued)
Common: (continued)
Study of Regulation F in connection with,
agreement not to refer to, in
letter to Comptroller of the
Currency re transfer of authority over trust activities of
national banks to the Comptroller
Survey for 1962, Form F.R. 508, proposed
revisions submitted to Budget
Bureau for approval, with understanding similar letters to be
sent to Presidents of FRBanks
Draft bill submitted by the Treasury to
transfer from the Board to the
Comptroller of the Currency
authority re trust activities
of national banks, including
operation of, favorable report
to the Bureau of the Budget
Report re, considered at same meeting
as scheduled preliminary discussion re operation of common trust
funds, coincidence noted, in case
bill is passed, opinion expressed
by 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
H.R. 12577, a bill to place authority over
trust powers of national banks
including operation of, in the
Comptroller of the Currency:
Report to Congressman 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 Senator 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
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/25
3662
9/19
3583, 3598
6/26
2334, 2369
6/26
2335
8/13
3078, 3095
8/29
3315, 3323
1962
1134
Pages
Trust funds: (continued)
Common: (continued)
H.R. 12577, a bill to place authority over
trust powers of national banks
including operation of, in the
Comptroller of Currency: (continued)
Report sent to Budget Bureau re en9/19
rolled bill
All banks operating, required to comply
with regulations issued by Comptroller of the Currency rather
than the Federal Reserve Board
in order to qualify for tax exemptions applicable to the operation of, in light of the
10/1
passage of Public Law 87-722
Truth in lending legislation:
SEE: Legislation:
Finance charges
3583, 3603
3749
!lull
Unemployment:
Improvement in:
Topic for discussion with FAC
Moderate improvement seen and anticipated
to continue, relationship to
balance of payments problem and
effects of European Common Market
on, discussed at joint meeting
of Board and FAC
Current or prospective indications of,
topic for discussion with FAC
Little indication of any significant prospective improvement in hard
core long-term unemployment seen
by FAC members, although moderately encouraging trend seen,
views expressed in joint meeting
with Board
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/1
384, 391
2/20
658
4/13
1363, 1370
5/1
1589
1962
1135
Pages
Uniform Gifts to Minors Act:
Funds held by banks as "custodian" under, question re propriety of participation in common trust funds under
Section 17(a), Regulation F, reply to Comptroller of the Currency and Trust Division of
American Bankers Association,
approved
Unions:
Contract negotiated by New York Local 3 of the
Electrical Workers Union establishing a work week of five 5hour days, staff requested to
prepare a descriptive paper re
United Overseas Financial Corporation, Geneva, Switzerland, consent granted to Bank
of America, New York, New York,
and Banca d'America e
Milan, Italy, to increase their
investments in
United Nations:
Time deposits of three subsidiaries of, U.N.
Special Fund; U.N. Technical
Assistance Administration, and
U.N. Temporary Economic Administration, question re applicability to exemption under Regulation Q of foreign time deposits
from interest rate limitations
"United Security Account Plan" of Citizens Bank and
Trust Company, Park Ridge, Ill.:
SEE: Deposits:
Savings:
United Security Account Plan
United States Code:
Title 12, section 61(c):
Statutory liability as used in, question
whether phrase includes the
liability attached to assessments for impairment of capital,
in connection with holding company affiliates, reply to inquiry
from John A. Moore, Denver, Colo.,
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/11
113, 126
1/22
232
4/3
1127, 1160
12/20
5/31
4853, 4920
1980, 1993
1962
1136
Pages
United States Code: (continued)
Title 13, section 131:
Proposal by the Department of Commerce to
amend, to provide for earlier
taking of the economic censuses,
favorable comments transmitted
to the Bureau of the Budget
Universities-National Bureau Conference on Monetary
Economics held at Carnegie Institute of Technology, certain
observations with respect to,
made by Mr. Koch
Unsafe and unsound practices:
Barton County State Bank, Lamar, Mo., draft of
section 30 warning to Adrian
Harmon, Vice President of, 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
Citizens Bank & Trust Company, Park Ridge, Ill.,
discussion re possible termination of membership in the Federal Reserve System in accordance
with section 9 of the FRAct, due
to operation of the United Security Account Plan, letter requesting discontinuance of Plan
approved with Governor Mitchell
dissenting
Request granted for extension of time for
discontinuance of United Security
Account Plan
G. W. Jones Exchange Bank, Marcellus, Michigan,
letter to FRBank of Chicago, requesting a new examination before
determining the issuance of a
warning under section 30 of the
Banking Act of 1933 to Mrs. Donna
V. Schurtz, President of, desirable time of issuance of warning
discussed
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/18
1387, 1416
4/20
1435
1/30
337, 344
7/11
2577, 2639
7/24
2816, 2838
2/14
548, 563
1962
1137
Pages
Vaults:
FRBank of New York, alterations to provide additional space for earmarked gold:
Agreed to explore proposal further and obtain views of FRBank of New York
before reaching a decision, possibility of taxation upon foreign
central banks if gold was held
under earmark in States other
than New York
Discussion with Mr. Hayes, President of
FRBank of New York re, suggestion by Governor Robertson that
the New York Bank review a previous emergency planning study
referring to the possibility of
using vault facilities at West
Point, indication by Mr. Hayes
that this would be done
Budget, 1963, first half, accepted with the
understanding that current expenses in the budget period
would not include cost of expanding
Vendome, a French corporation organized for the purpose of holding a lease for
quarters to be occupied by the
Paris representative of Chemical
Bank New York Trust Company, consent granted Chemical International
Finance, Ltd., New York, New York,
to purchase stock of
Vinbank Realty, Inc., organized for purpose of holding
the premises of Virgin Islands
National Bank, Charlotte Amalie,
St. Thomas, Virgin Islands, latter granted an extension of time
to purchase shares of
Violations:
Antitrust laws:
Morgan Guaranty Trust Company of New York,
N. Y., letter to Justice Dept.,
stating that representatives of
Antitrust Division be permitted to
examine condition reports of
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/5
4625
12/18
4800
12/19
4834, 4846
8/8
3026, 3043
8/6
2972, 2993
6/29
2426, 2451
1962
1138
Pages
Violations: (continued)
Bank Holding Company Act of 1956:
Section 6(a)(4), disclosed in reports of examination by FDIC of the Baden
Bank of St. Louis, and JeffersonGravois Bank of St. Louis, involving their participation in
loans originated by the Commercial and Industrial Bank, Memphis,
Tennessee, all three banks subsidiaries of General Bankshares
Corporation, St. Louis, Missouri,
letter to FRBank of St. Louis
setting forth a tightening of
standards, with copies to Federal Reserve Banks, Comptroller
of the Currency, and FDIC
Regulation F:
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
Regulation Q:
United Security Account Plan of Citizens
Bank and Trust Company, Park
Ridge, Illinois:
Possible violation of section 19, Federal Reserve Act, and, action on
matter deferred
Further discussion
Further reference to
Request granted for extension of time
to October 27, 1962, for discontinuance of
Draft letter ordering termination of,
or start of procedure to forfeit
FRSystem membership, agreed to
hold for consideration by a full
Board
Agreed to consider draft 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
12/17
4788, 4796
7/27
2856, 2866
4/10
4/23
5/3
1316
1443
1661
7/24
2816, 2838
7/3
2531
7/9
2556
1962
1139
Pages
Violations: (continued)
Regulation Q: (continued)
United Security Account Plan of Citizens
Bank and Trust Company, Park
Ridge, Illinois: (continued)
Letter approved, Governor Mitchell
dissenting, record to show that
Messrs. Hackley and Shay had not
participated
Regulation T:
Extension of credit by securities dealer to
a corporation in connection with
the retirement of some of the
corporation's stock, interpretation whether such a transaction
involves a violation of, sent
to Securities and Exchange Commission and to be published in
the Federal Register and Federal
Reserve Bulletin
Regulation U:
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,
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 the
understanding that the FRBanks
be advised of its contents
FRAct, section 19:
Draft of section 30 warning to Adrian Harmon,
Vice President, Barton County
State Bank, Lamar, Missouri, sent
to FRAgent Scott, FRBank of Kansas
City, re apparent violations of,
statement by Messrs. Hackley and
Solomon that they had not participated in work on the case thus
far
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/11
11/28
2577, 2639
4536, 4548
6/15
2172
6/20
2217, 2233
1/30
337, 344
1962
1140
Pages
Violations: (continued)
Section 21, Banking Act of 1933, issuance of
negotiable time certificates of
deposit, question re constituting
an issuance of securities in violation of, request for high-priority study by the Research, Examinations, and Legal Divisions,
agreed to request the FRBanks to
determine the extent certificates
of deposit were being issued in
their respective Reserve districts
Views of Governor Robertson with respect to
Section 30, Banking Act of 1933:
Barton County State Bank, Lamar, Missouri,
draft of section 30 warning to
Adrian Harmon, Vice President of,
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
Letter to FRBank of Chicago requesting a
new examination of the G. W.
Jones Exchange Bank, Marcellus,
Michigan, before determining the
issuance of a warning under, to
Mrs. Donna V. Schurtz, President
of the Bank, desirable time of
issuance of warning discussed
Virginia Standard Corporation, and State-Wide Insurance Corporation, Inc., request
by Virginia Commonwealth Corporation, Richmond, Virginia, for
determination pursuant to section 4(c)(6) of the Bank Holding
Company Act re activities of,
Notice of Request and Order for
Hearing,approved
Visits to Board:
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
1/15
1/15
155
160
1/30
337, 344
2/14
548, 563
12/21
4953, 4965
10/10
3875
1962
1141
Pages
Visits to Board: (continued)
Center for Latin American Monetary Studies,
trainees of, luncheon, translating facilities, and conducted
tour of Washington,approved
Coombs, Charles A., Vice President, FRBank of
New York, present at meeting with
Board to report informally with
Mr. Young re discussion held
with representatives of the
Treasury re foreign currency operations
Coombs, H. C., Governor of the Reserve Bank of
Australia:
Luncheon schedules for, noted, suggestion
re dinner at Board's Building
with available Board members
and appropriate staff, approved
Mr. McSharry and, Reserve Bank of Australia,
present at Board meeting during
economic review
Economic Development Institute of the International Bank for Reconstruction
and Development, visit to Board's
offices by participants in, including luncheon, approved
Economists who spoke at meeting at the Treasury
Department, agreement re extending
invitations to visit the Board
as suggested by Governor Mitchell,
list to be prepared for Mr. Noyes
by Governor Mitchell
President, FRBank of San
Vice
Einzig, R. S.,
Francisco, present at Board meeting during economic review
n, visit to Board's
Associatio
Florida Bankers
representatives of,
by
offices
s
discussion re further growth in
Florida and possible need for
additional banking facilities,
but concern about number of
charters being applied for, reported by Governor Mills
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/23
2794
2/2
393
10/9
3851
10/22
4031
11/23
4481
2/15
575
4/16
1375
1/29
329
1962
1142
Pages
Visits to Board: (continued)
Fulton, W. D., President, FRBank of Cleveland,
present at Board meeting in connection with retirement system
matter
Garvy, George, Adviser, FRBank of New York, present at Board meeting during economic review
Hayes, Alfred, President, FRBank of New York:
Eliot J. Swan, President of FRBank of San
Francisco, and, met with Board
to discuss questions with respect to Israel Discount Bank,
Ltd., Tel Aviv, Israel
Meeting with Board to discuss proposed
FRBank building alterations to
provide additional vault facilities for earmarked gold
Hemmings, H. E., First Vice President, FRBank
of San Francisco, present at
Board meeting during economic
review
Independent Bankers Association, agreement that
an invitation be extended to the
Government Fiscal Policy Committee of the, to visit the Board,
question re including plans for
luncheon, matter to be discussed
with Treasury Department
Insurance company investment officers in New
York-Hartford area, invitation
to luncheon, authorized
Kuhn, Mr., Economist, FRBank of Chicago, present
at Board meeting during economic
review
National Association of Supervisors of State
Banks, meeting of representatives
of Executive Committee and Advisory Council of, with Board,
understanding re arrangements
Revenue Bond Financing, Committee for study of,
representatives of, meeting with
Board to discuss possible legislation to permit underwriting by
commercial banks, opposition by
Committee expressed
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/18
2198
5/28
1956
7/31
2902
12/18
4800
3/26
1064
5/14
1811
3/8
851
12/3
4596
3/5
822
10/31
4175
1962
1143
Pages
Visits to Board: (continued)
Southern National Bank of Houston, Texas, representatives of, visited Board's
offices in connection with application for fiduciary powers
Swan, Eliot J., President, FRBank of San Francisco:
Present at Board meeting during economic
review
Present at Board meeting during economic
review
Alfred Hayes, President of FRBank of New
York, and, met with Board to
discuss questions with respect
to Israel Discount Bank, Ltd.,
Tel Aviv, Israel
Meeting of Board in executive session at
which Mr. Swan discussed proposal for settlement from Mr.
Sullivan, Continental Bank and
Trust Company, Salt Lake City,
Utah, noted
Visits to FRBanks:
Agriculture Department audit representatives to
examine food stamp coupons received from local banks, memorandum from Messrs. Hackley and
Farrell with respect to, approved,
advice to Chairman of Presidents'
Conference Subcommittee on Collections and Counsel on Collections
Board members, possible visit to FRBank of New
York, suggested by Chairman
Martin to study facilities available for dealing in foreign exchange
Voting permits:
Financial reporting procedure of the First Virginia Corporation, Arlington, Va.,
as reflected in a Preliminary
Prospectus filed with Securities
and Exchange Commission, contrary
to Board policy as indicated in
the Standard Voting Permit Agreement, agreed that representatives
of First Virginia Corporation and
Securities and Exchange Commission
be invited to meet with representatives of Legal and Examining Divi
sions prior to further considerahttp://fraser.stlouisfed.org
tion by the Board
Federal Reserve Bank of St. Louis
9/21
3623
3/26
1064
4/16
1375
7/31
2902
8/27
3199
10/18
3969, 4001
2/16
605
1/2
1
1962
1144
Pages
Voting permits: (continued)
Financial reporting procedure of the First Virginia Corporation, Arlington,
Virginia: (continued)
Letter sent to First Virginia Corporation
(Individual names):
Central Wisconsin Bankshares, Inc., Wausau,
Wisconsin, authorization for
issuance of general voting permit covering stock in First American State Bank, Wausau, Wisconsin,
issuance to be made upon admission
to membership in the FRSystem
Conunercial Associates, Inc., Pensacola, Florida,
issuance of general voting permit
to vote stock of Commercial National Bank of Pensacola, Fla.,
authorized
Financial General Corporation, New York, N. Y.:
Issuance of limited voting permits to vote
stock of Shenandoah Valley National Bank of Winchester, Va.,
and American National Bank of
Silver Spring, Maryland, authorized
Issuance of a general voting permit to vote
stock of American National Bank
of Silver Spring, Maryland, Shenandoah Valley National Bank of
Winchester, Virginia, and National Bank of Harrisonburg, Va.,
authorized
First Colorado Bankshares, Inc., Englewood, Colo.,
issuance of a general voting permit to vote the stock of The First
National Bank of Englewood, Colo.,
and Lakeside National Bank, Lakeside, Colorado, authorized
Investors Financial Corporation, New York, New
York, issuance of a general voting permit to vote the stock of
National Bank of Harrisonburg,
Virginia, authorized
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/1
379, 387
3/16
913, 940
12/12
4739, 4753
1/8
62, 76-77
8/28
3232, 3253
4/25
1474, 1491
8/28
3232, 3257
1962
1145
Pages
Voting permits: (continued)
Marine Corporation, Milwaukee, Wisconsin:
Issuance of a general voting permit to vote
stock of Wisconsin State Bank,
Milwaukee, Wisconsin, and National Manufacturers Bank of
Neenah, Wisconsin, authorized
Issuance of a general voting permit to vote
stock of Marine National Bank of
Waukesha, Wisconsin, authorized
Morris Plan Corporation, New York, New York:
Issuance of a limited voting permit to vote
stock of Shenandoah Valley National Bank of Winchester, Va.,
and American National Bank of
Silver Spring, Md., authorized
Issuance of a general voting permit to vote
stock of American National Bank
of Silver Spring, Maryland, Shenandoah Valley National Bank of
Winchester, Virginia, and National Bank of Harrisonburg, Va.,
authorized
North Virginia Shares, Inc., New York, N. Y.:
Issuance of a limited voting permit to vote
stock of Shenandoah Valley National Bank of Winchester, Va.,
authorized
Issuance of a general voting permit to vote
the stock of Shenandoah Valley
National Bank of Winchester, Va.,
authorized
Potomac Securities Corporation, Silver Spring,
Maryland:
Issuance of a limited voting permit to vote
the stock of American National
Bank of Silver Spring, Maryland,
authorized
Issuance of a general voting permit to vote
the stock of American National
Bank of Silver Spring, Maryland,
authorized
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/3
11/26
18, 27
4491, 4510
1/8
62, 76-77
8/28
3232, 3254
1/8
62, 76
8/28
3232, 3256
1/8
62, 78
8/28
3232, 3255
1962
1146
Pages
Voting permits: (continued)
Western Bancorporation, Los Angeles, California:
Issuance of a limited voting permit to vote
the stock of Southern Arizona
Bank and Trust Company, Tucson,
Arizona, subject to stated conditions, advice to FRBank of San
Francisco
Issuance of a general voting permit to vote
the stock of Southern Arizona
Bank and Trust Company, Tucson,
Arizona, authorized
Whitney Holding Corporation, New Orleans, La.:
Issuance of a limited voting permit to vote
the stock of Crescent City National Bank, New Orleans, La.,
and Whitney National Bank in
Jefferson Parish, Louisiana,
authorized
Application for voting permit to vote the
stock of Whitney National Bank
of New Orleans and Whitney National Bank in Jefferson Parish,
Louisiana, in view of the fact
that the latter bank has not
opened for business, determined
Whitney Holding Corporation not
a holding company affiliate except for purposes of section 23A
of the FRAct, voting permit not
needed
Watson, K. Brantley, possible re-employment by FRBank
of Richmond as Vice President and
Senior Adviser, while remaining
consultant to McCormick and Company, Baltimore, Maryland, question re such dual service, discussion, Board's views to be transmitted to President Wayne
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/4
37, 45
5/9
1764, 1777
5/2
1610, 1655
11/28
5/28
4547
1962
1962
1147
Pages
Wegematic Corporation, New York, New York:
Electronic computer, suit by Justice Department
on behalf of Board against:
Reply to Justice Department re financial
statements submitted in support
of proposal to settle the case
Reply to inquiry from Justice Department re
Board's recommendation re settlement offer of $25,000 received
from, letter to Justice Department, approved
White, Nate, Editor of the American Banker, New York,
New York, allegations re negligence of FRSystem involving use
of nonpurpose loans to finance
stock market speculation, in
violation of Regulation U, comments requested by, 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 the understanding that the FRBanks be advised
of its contents
Winthrop, Stimson, Putnam & Roberts, New York, New
York, counsel for Irving Trust
Company, New York, New York:
Reply to inquiry re production of examination reports of Irving in case of Trans
World Airlines, Inc., against
Howard R. Hughes and Hughes Tool
Co., in which Irving is also defendant, Board declines to authorize such production, advice to,
with request that Board be advised if Special Master or Court
requires production
In light of request by Special Master, Board
authorizes with stated restrictions, production of reports of
examination of Irving Trust Company
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/13
12/13
1366, 1374
4755, 4767
6/15
2172
6/20
2217, 2233
5/15
1827, 1835
5/22
1900, 1918
1962
1148
Pages
Winthrop, Stimson, Putnam & Roberts, New York, N. Y.,
counsel for Irving Trust Company,
New York, New York: (continued)
In reply to inquiry of: (continued)
Production of confidential portions of reports of examination of Irving
Trust Company, authorized with
noted restrictions, as ordered
by Special Master in suit, advice to, no objection by Irving
Trust Company, indicated by Mr.
O'Connell
Wire transfers of funds:
SEE: Telegraphic transfers of funds
Wisconsin, State of:
Banking structure, general features of, outlined
by Mr. Solomon prior to consideration of two applications of
First Wisconsin Bankshares Corporation and the one application
of The Marine Corporation, all
of Milwaukee, Wisconsin
Withdrawals from membership in FRSystem:
Reserve requirements of member banks, possible
effect on withdrawals in light
of differences between those required by State laws, problem
discussed in connection with intended withdrawal of York Bank
and Trust Company, York, Pa.,
suggestion by Governor Mitchell
that a report re the problem be
made to an appropriate Congressional Committee
Waiver of six months' notice of, possible denial
of request from member bank for,
discussed in connection with request of York Bank and Trust
Company, York, Pennsylvania
(Individual Names):
Bay City Bank and Trust Company, Bay City, Texas,
six months' notice of, waived
Continuance of deposit insurance after, advice to FDIC
Beloit Savings Bank, Beloit, Wisconsin, continuance of deposit insurance after,
advice to FDIC
Six months' notice of, waived
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/1
12/19
2013, 2023
4809
7/12
2671
7/12
2671
1/24
242, 263
1/24
242, 264
4/18
4/27
1386, 1405
1505, 1513
1962
1149
Pages
Withdrawals from membership in FRSystem: (continued)
Brownfield State Bank & Trust Co., Brownfield,
Texas, six months' notice of,
waived
Continuance of deposit insurance after, advice to FDIC
Citizens Bank of Windsor, Missouri, six months'
notice of, waived
Continuance of deposit insurance after, advice to FDIC
Citizens State Bank, Hempstead, Texas, continuance of deposit insurance after,
advice to FDIC
Six months' notice of, waived
Continental State Bank, Alto, Texas, six months'
notice of, waived
Continuance of deposit insurance after, advice to FDIC
Crawford County Trust Company, Meadville, Pa.,
proposed withdrawal from Federal
Reserve System resulting from
proposed merger with Oil City
National Bank, Oil City, Pa.,
under title of Northwest Pennsylvania Bank and Trust Company,
Oil City, Pennsylvania, advice
to FDIC re continuation of deposit insurance
Six months' notice of, waived
East Texas Bank and Trust Company, Longview,
Texas, six months' notice of,
waived
Continuance of deposit insurance after,
advice to FDIC
Farmer's Bank of Polo, Missouri, six months'
notice of, waived
Continuance of deposit insurance after,
advice to FDIC
Farmers and Merchants Bank, Marianna, Arkansas,
continuance of deposit insurance
after, advice to FDIC
Farmers and Merchants State Bank of Bushnell,
Illinois, six months' notice of,
waived
Continuance of deposit insurance after, advice to FDIC
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/12
871, 883
3/21
979, 998
9/19
3583, 3597
11/5
4236, 4249
12/3 4597, 4604
12/11 4714, 4718
11/21
4446, 4455
12/10
4686, 4700
2/26
4/18
713, 724
1386, 1404
4/18
1386, 1408
5/10
1779, 1788
3/21
979, 997
4/2
1103, 1120
1/24
242, 262
4/30
1526, 1548
5/2
1604, 1622
1962
1150
Pages
Withdrawals from membership in FRSystem: (continued)
Farmers and Merchants State Bank of Springfield,
Minnesota, six months' notice of,
waived
Continuance of deposit insurance after, advice to FDIC
Farmers State Bank, Eustis, Nebraska, six months'
notice of, waived
Continuance of deposit insurance after, advice to FDIC
Extension of time to withdraw from membership in the FRSystem,approved
First Bank and Trust Company, Cairo, Illinois,
six months' notice of, waived
Continuance of deposit insurance after, advice to FDIC
First State Bank, Booker, Texas, six months'
notice of, waived
Continuance of deposit insurance after, advice to FDIC
First State Bank, Fremont, Nebraska, continuance
of deposit insurance after, advice to FDIC
Six months' notice of, waived
First State Bank of Marlin, Texas, six months'
notice of, waived
Continuance of deposit insurance after, advice to FDIC
First State Bank of Odem, Texas, continuance of
deposit insurance after, advice
to FDIC
Six months' notice of, waived
First State Bank of Tonganoxie, Kansas, six
months' notice of, waived
First Trust and Savings Bank of Riverdale, Ill.,
six months' notice of, waived
Continuance of deposit insurance after, advice to FDIC
Guaranty Bank & Trust Company, Gatesville, Texas,
six months' notice of, waived
Continuation of deposit insurance after, advice to FDIC
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/14
886, 905
3/23
1037, 1045
4/18
1386, 1407
4/26
1494, 1500
10/1
3740, 3747
11/2
4220, 4229
11/2
4220, 4230
2/5
409, 420
5/2
1605, 1625
10/29 4111, 4127
11/7 4275, 4282
12/19
4808, 4840
12/19
4808, 4841
12/10
12/11
4686, 4701
4714, 4719
12/12
4739, 4752
7/12
2671, 2695
7/12
2671, 2688
11/21
12/3
4446, 4456
4597, 4603
1962
1151
Pages
Withdrawals from membership in FRSystem: (continued)
Kraft State Bank, Menomonie, Wisconsin, six
months' notice of, waived
Continuance of deposit insurance after, advice to FDIC, including reference
to certain alleged irregularities
in 1960 on the part of William
R. Kraft, then President of, and
presently on Board of Directors
of
Levelland State Bank, Levelland, Texas, six
months' notice of, waived
Continuance of deposit insurance after, advice to FDIC
Osage Valley Bank, Warsaw, Missouri, continuance
of deposit insurance after, advice to FDIC
Six months' notice of, waived
Peoples Savings Bank, New Knoxville, Ohio, intention to withdraw from membership
in FRSystem noted, advice to
Continuance of deposit insurance after, advice to FDIC, no corrective programs but bank has been encouraged
to sell common stock for cash to
provide needed capital funds
Richview State Bank, Richview, Illinois, six
months' notice of, waived
Continuance of deposit insurance after, advice to FDIC
Robert Lee State Bank, Robert Lee, Texas, continuance of deposit insurance
after, advice to FDIC
Six months' notice of, waived
San Benito Bank & Trust Company, San Benito,
Texas, six months' notice of,
waived
Continuance of deposit insurance after, advice to FDIC
Security State Bank, Algona, Iowa, six months'
notice of, waived
Security Trust Company, St. Louis, Missouri, six
months' notice of, waived
Continuance of deposit insurance after, advice to FDIC
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/14
3100, 3114
8/14
3101, 3115
3/12
871, 884
3/21
979, 999
10/11
10/11
7/12
10/11
3886, 3909
3886, 3910
2671, 2694
3885, 3908
5/21
1880, 1888
5/24
1929, 1937
12/10
12/19
4686, 4702
4808, 4842
1/8
61, 73
2/5
409, 419
4/18
1386, 1406
6/7
2069, 2074
6/14
2163, 2171
1962
1152
Pages
Withdrawals from membership in FRSystem: (continued)
Security Trust Company, St. Louis, Mo.: (continued)
Inquiry from reporter for St. Louis Post
Dispatch as to whether bank had
withdrawn from membership in
FRSystem, discussion, understanding re procedure Mr. Molony should
follow in replying
Spur Security Bank, Spur, Texas, six months'
notice of, waived
Continuance of deposit insurance after, advice to FDIC
State Bank of Springfield, Minnesota, six months'
notice of, waived
Continuance of deposit insurance after, advice to FDIC
West Texas State Bank, Snyder, Texas, six months'
notice of, waived
Continuance of deposit'insurance after, advice to FDIC
York Bank and Trust Company, York, Pennsylvania,
six months' notice of, waived,
Governor Robertson dissenting,
following discussion of reason
for withdrawal and re reserve
requirements of FRSystem compared with those provided by
Pennsylvania State law
Continuance of deposit insurance after, advice to FDIC
Workmen's compensation:
Claim filed by Board employee under District of
Columbia Workmen's Compensation
Act, letter denying that Board
or employee were subject to the
Act at the time of injury, sent
to Department of Labor
6/22
2270
7/2
2470, 2507
7/2
2471, 2508
4/2
1103, 1115
4/5
1194, 1232
4/18
1386, 1409
5/10 1779, 1789
7/12
2671, 2696
8/13
3069, 3084
1/10
100
4/9
1270, 1286
llyll
York & Sawyer, architectural firm, employment by Federal Reserve Bank of New York to
make formal survey and proposal
concerning modernization of elevator facilities in main building, no objection
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
@FedFRASER