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INDEX TO MINUTES OF BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1963 (PART 1) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis INDEX 1963 "A" 1 Pages Abandoned property, State statutes relating to SEE: Deposits: Dormant accounts State laws: Dormant accounts Academic economists: Meeting of SEE: Meetings Economists, academic Acceptance financing: Western Bancorporation International Bank, New York, N.Y., acting as agent for affiliated banks in cases involving, considered permissible under section 211.6(c) of Reg. K., reply to Western Bancor4/19 poration, Los Angeles, California 6(a) section of violation Question re possible of the Bank Holding Company Act of 1956, need for complete details concerning specific transactions for 4/19 ruling Acceptances: Bankers, revision of reporting by weekly reporting member banks and by banks in the series of commercial and industrial loans by industry, recommendations by System Research Advisory Committee and its Subcommittees approved, advice to Presidents of FRBanks with 8/8 copies of revised form F.R. 416a conin Request from Secretary of Commerce Hodges nection with report of Committee 5, Financing Exports, of the White House Conference on Export Expansion, requesting Board's views and comments on extension of time applicable to, from 180 to 365 days, staff to review draft letter in light of discussion, reply approved in form most 12/16 appropriate following staff review http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1262, 1295 1295 2597, 2635 4380, 4396 1963 2 Pages Acceptances: (continued) Regulation K, redraft of proposed revision of, no substantive changes from published draft with respect to Reference to need for definite limitations re Consensus favored treatment of, as found in the latest draft of, which favored the principle of keeping Regulation M and K as much alike as possible Regulation M, powers of foreign branches of national banks relating to, national banks indicated that provisions were too restrictive as published in draft of proposed revision of Governor Mills indicated concern re liberality of Further discussion Reference to need for definite limitations re Further discussion Southern Arizona Bank and Trust Company, Tucson, Arizona, authorized to accept drafts or bills of exchange as required by usages of trade in certain designated countries, dependencies or insular possessions of the U.S., for purpose of furnishing dollar exchange of capital and surplus: 1007 Acceptances up to Bank and Trust Company, Tucson, Arizona Southern Arizona, authorization to accept commercial drafts or bills of exchange up to 1007 of capital and surplus Act of March 3, 1901: Section 689 of, legislation to amend, and Home Owners Loan Act of 1933, and sec. 401 of Internal Revenue Code of 1954, submitted by Federal Home Loan Bank Board, permitting savings and loan associations to act as trustees with respect to qualified stock bonus, pension and profitsharing plans, report to Bureau of the Budget, approved Administrative Conference of the United States: SEE: Conferences: Administrative Conference of the United States http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/26 7/3 2094 2190 8/22 2865 6/26 2106 6/26 6/26 7/3 8/1 2106 2110 2190 2529 4/24 1315, 1329 8/1 2527, 2542 9/19 3242, 3257 9311. 1963 3 Pages Administrative Court, United States: Legislation to provide for SEE: United States Administrative Court Administrative Procedure Act: S. 1663, a bill to amend, draft report to Senate Judiciary Committee discussed including questions re opposition to judicial review in the area of credit regulation and monetary policy and disclosure of individual voting records of multi-member agencies, agreed that revised draft would be considered after all members of the Board had offered their 10/28 3688 comments inBoard Governor Mills questioned view that dicate to Senator Eastland that committee action be deferred re Administrative Procedure Act until question re proposed Administrative Conference of the United States 10/28 3688 had been resolved Senate of Chairman and, Letter to Sen.Eastl Judiciary Committee, reporting on, approved, Board favors a bill to amend, but lists those points which it feels would hamper its work, suggests that action be deferred until decision is made re establishment of a permanent Administrative Con11/1 3734, 3744 ference Report sent to Chairman Eastland on, Board authorized the sending of copies of report to such agencies as re12/4 4206 quested access to them quesbut of, Board favorable to stated purposes tions provisions re disclosure of certain confidential information, and disclosure of vote of Board members in all proceedings, report sent to Chm. Eastland, Senate 2175, 2180 7/2 Judiciary Committee 1963, year fiscal for Administrative proceedings of Board reporting forms showing statistical data re, sent upon request to Senator Edward V. Long, Chairman of Subcommittee on Administrative Practice and Procedure of Senate 12/2 4160, 4183 Judiciary Committee http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 4 Pages Advances by FRBanks to member banks: Legislation recommended to broaden the kinds of security on which credit can be advanced by the FRBanks, Board would be glad to have views by FAC re Belief that commercial bankers would strongly favor enactment Regulation A: Revision proposed in light of recommended legislative changes that would amend the FRAct to authorize, as a substitute for the restrictive requirements relating to the "eligibility" of paper for discount or as security for advances by the FRBanks, letters to Chairmen of the Senate and House Banking and Currency Committees approved letter to FRBank Presidents on visits to Chairmen of reported Mr. Cardon the Banking and Currency Committees, press release issued Mr. Holland of Board's staff, disReport by cussing revision of, increased pressure on discount officers, and desirability of achieving uniform lending procedures, agreement with recommendation that discount officer meeting next year deal with means of judging and restraining continuous borrowing Understood Governor Robertson's suggestion for educational program for discount officers of FRBanks would be set up SEE ALSO: Discounts and advances to member banks: Affiliates: First State Corporation, not yet organized, will be wholly owned by First State Bank of Oxford, Alabama, is to acquire land presently held by bank and will construct new building thereon to be leased to bank, also, understood that First State Bank of Oxford's investment in, will not exceed $50,000 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/4 3047 9/17 3209 8/8 2617, 2641-54 8/23 2906, 2913 11/27 4121 11/27 4122 9/23 3268, 3287 1963 5 Pages Affiliates: (continued) Raleigh County Bank Investment Corporation, subsidiary of Raleigh County Bank, Beckley, West Virginia, additional investment in bank premises for major repairs to bank building in Richland Building Corporation, wholly owned subsidiary of Richland Trust Company, Mansfield, Ohio, increased the mortgage against its real estate resulting in indirect investment in bank premises by Richland Trust Company in excess of its capital stock, approval not given, but no corrective action taken Agency for International Development: Dembitz, Lewis N., Associate Adviser, Division of Research and Statistics, request from, for reimbursable detail of, to accompany mission to Brazil and to make certain recommendations, approved Agencies, foreign: Banca d' America e d'Italia, Milan, Italy, extension of time granted to Bank of America, New York, New York, for opening of a Rome-Due Pini district agency by Agency for International Development: Kaufman, Richard, Economist, Div. of International Finance, temporary detail to, to assist in study in Viet-Nam, approved, with understanding re travel and per diem expenditures and re salary Agriculture, Department of: Commodity Exchange Act, legislation proposed by, to amend, in order to regulate margin requirements on sugar futures to protect consumer and producer from such extreme price fluctuations that occurred early in 1963, Board advised Budget Bureau by letter per request for opinion re, Board indicated some form of regulation may be desirable http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/18 3212, 3234 8/19 2796, 2815 7/10 2242 9/4 3019, 3041 3/27 1033, 1039 8/27 2919, 2940 1963 6 Pages Agriculture, Department of: (continued) Consolidated Farmers Home Administration Act of 1961, draft bill to amend, proposed by, adequate consideration of the principles for Federal credit activities, advocated in the report of the Committee on Federal Credit Programs to the President, questioned in report to the Bureau of the Budget re Food stamp program for needy householders, draft bill proposed by, to authorize, report sent to Budget Bureau Air conditioning: Cincinnati Branch, additional expenditure authorized for third floor Seattle Branch, Board interposes no objection to proceeding with program for Allstate Enterprises, Inc., Skokie, Ill.: inquiry from, re status of industrial banks under Bank Holding Company Act of 1956, suggestion interpretation be sent to American Bankers Association: Coin shortages, draft letter from, asking for views, re, letter to be sent to all ABA members, understood Board had no objection to general content of letter urging commercial banks to accelerate return flow of coin to FRBanks to make maximum use of available supply, question of coin return by nonmember banks to be subject of forthcoming Conference of Presidents' Condition and earnings reports, request for unpublished historical information for use in a doctoral thesis by Mr. Albert Cox Jr., Secretary, Research Committee, ABA, to be made available with the usual understanding that no figures for individual banks will be disclosed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/2 1110, 1127 2/4 426, 436 3/19 939, 957 3/28 1048, 1060 1/15 123 7/23 2381 8/8 2597, 2637 1963 7 Pages American Bankers Association: (continued) Convention to be held in Washington, D. C. favorable reaction to the arrangement of a suitable exhibit in the FRBuilding for those attending, understood that the staff would proceed with plans, use of building facilities subject to approval 5/1 by Governor Shepardson might exhibit an Noted that some features of be retained for the benefit of visitors to the FRBuilding on a 5/1 continuing basis proposed Washington, held in be Convention to program approved unanimously, payment of out of pocket expenses authorized, along with such overtime compensation as might be 8/27 involved 8/27 1963 6-9, October from Date 9/30 Mr. Fauver reported on arrangements signed appreciation of message that Agreed by Board members be sent to Board's staff for their work in connection 10/10 with legislation proposed of paper, eligibility Discount re, recommendation of the Presidents Conference Committee on Legislation re requesting comments of, prior to submitting proposed legislation to Congress noted, opinion expressed by Governor Robertson that it would be undesirable to ask views before sub7/24 mitting proposed legislation Copy of letter to the Senate and House Banking and Currency Committees re, to be 8/8 sent to comLuncheon authorized for officers and executive mittee members of National and State Bank Divisions of, to be held Dec. 16, 1963, in Board Building, understood luncheon would be followed by conference with available Board members 10/23 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1419 1420 2931 2931 3298 3520 2416 2618 3615 1963 8 Pages American Bankers Association: (continued) Reserve Settlement Periods of Member Banks, establishment by the, of a Project Committee on, to study a proposal for lengthening and staggering the, memorandum from Mr. Noyes recommending that the Board provide daily statistics on major factors affecting reserves over a span of six months, approved Understood that Board offers no objection to publication of daily figures furnished to American Statistical Association: Data Sources and Electronic Computers Committee, request of Mr. Schwartz to serve as a member of, approved Anniversaries: FRSystem, observance of 50th: Views requested by the Committee on Bank and Public Relations of the Conference of Presidents re proposal that the Post Office be requested to issue a commemorative stamp, question re date to be observed, agreed to endorse the idea and that further consideration would be given to other appropriate steps with respect to Discussion re types of suitable activities with respect to, suggestion re reference to in holiday greeting card or letter to heads of central banks Designation of Mr. Charles Molony, Assistant to the Board, to work on the preparation of an over-all System history in connection with, understood that a draft communication be prepared inviting the FRBanks to supply information to assist Mr. Molony in the System project Letter to FRBanks requesting appropriate material and information for use by Mr. Molony http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/9 10/25 1511, 1521 3674 2/26 685 2/27 700 2/27 701 3/1 738 3/18 914, 933 1963 9 Pages Anniversaries: (continued) FRSystem, observance of 50th: (continued) Format for holiday greeting card to convey greetings from the Board of Governors and recognize the 50th anniversary of the signing of the FRAct displayed, Board authorized the obtaining of supply of cards for appropriate distribution along with the payment of necessary costs Allowances for publications re, noted in review of FRBank budgets for first half of 1964, suggestion that additional information on contemplated expenses, re, be obtained for Board's information Annual reports: Board of Governors: Policy record of FOMC, time lag appropriate before making public FOMC actions, discussed in light of question re earlier time for submission of Board's annual report to Congress Submission to Congress, suggestion by Chairman Martin re earlier, discussion re time required to prepare report Possibility of submitting in two sections raised Time lag appropriate before making public FOMC actions discussed Board of Governors, 1962: Bank Holding Company Act of 1956, amendments previously recommended re, discussion as to form of statement for, in light of legislative changes suggested in Congressman Patman's report on chain banking, understood that staff would prepare revised statement re Statement approved unanimously for inclusion in http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/20 4076 12/18 4418 2/4 431 2/4 430 2/4 430 2/4 431 1/9 69 1/22 208 1963 10 Pages Annual reports: (continued) Board of Governors, 1962: (continued) Chain banking, legislative changes suggested by the Patman report with respect to, staff to study, including question whether reference should be made in the annual report, Board to consider further Not to be included in Policy actions of Federal Open Market Committee approved for inclusion in Policy record, record of policy actions approved for inclusion in Text dealing with economic and financial developments and monetary policy, preliminary draft of, suggestions by Governor Balderston re possible revision in the order of presentation, general discussion re purposes of, understood that the staff would give further consideration to the textual presentation in light of views expressed Transmitted to Speaker of the House of Representatives, with copy to President of the Senate and to others in accordance with customary procedures, agreement re Board of Governors, 1963: Format for Proposed 50th Annual Report displayed, understood matter had been discussed with Chairman Martin, expressions favorable, understood that 1964 budget would be prepared on such basis Policy actions of Federal Open Market Committee: Entries for January 8 and 29 and February 12, 1963 approved for inclusion in, subject to agreed changes, understood that the staff was authorized to follow the procedure outlined by Mr. Young in submitting policy record entries to the Board for final approval during the remainder of the year http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/9 1/22 72 208 2/11 531 2/13 539 1/28 286 3/6 802 11/20 5/20 4076 1647 1963 11 Pages Annual reports: (continued) Board of Governors, 1963: (continued) Policy actions of Federal Open Market Committee: (continued) Revised drafts of entries for meetings on March 5 and 26, 1963, approved unanimously for inclusion in Entries covering Committee meetings for period April-August 1963, proposed for inclusion in Board's 1963 Annual Report, in absence of quorum, agreed entries should be held for later consideration, criticism of Gov. Mills re coverage of economic and financial situation discussed Arcturus Investment & Development, Ltd., Montreal, Canada SEE: Canada: Arcturus Investment & Development, Ltd., Montreal,Canada Argentina: Roberts, S.A. de Finanzas, Buenos Aires, Argentina, consent granted for Morgan Guaranty International Finance Corporation, New York, N.Y., to purchase additional shares of Arizona: Competitive banking situation: Study (1956) re, certain data re Valley National Bank of Arizona requested by Justice Dept. for use in civil antitrust suit also involving Arizona Bank and Arizona Bancorporation, FRBank of San Francisco requested to check for data in files re, letter to Justice re status of situation Question re having Justice subpoena material Letters to Valley National Bank of Arizona, Phoenix, Arizona, Justice Department, FRBank of San Francisco, re a request from Justice Dept. for access to certain unpublished information relative to United States v. Valley National Bank of Arizona et al http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/29 12/12 1795 4345 3/11 840, 859 5/14 1564,1572-74 5/14 1566 9/11 3091, 3101-07 1963 12 Pages Arizona Bancorporation: Information re Arizona Bank, Valley National Bank of Arizona, and, requested by Justice Dept. for use in civil antitrust action, letter to FRBank of San Francisco to ascertain if certain data is in file; letter to Justice re status of situation Question re having Justice subpoena material Noted in connection with court case U.S. V. Valley National Bank, el al, Board letter to Assistant Attorney General Orrick stating Arizona Bancorporation is not and has not been (except for brief period) a bank holding company subject to Board's jurisdiction, nor has it sought or held voting permit as holding company affiliate Armored car service: Shipment of new FRnotes: Discussion re proposal of Brink's Incorporated with respect to, as opposed to Post Office facilities, understood that the Treasury and Post Office Departments would be contacted prior to further consideration by Board Reservations re the Brink's proposal expressed by Governors Mills and Robertson Status of proposal of Brink's Inc., reviewed, further reference to possible combination of transportation by air and truck, report by Chairman Martin re conversation with Treasury Secretary Dillon, agreed Post Office Dept. might be contacted following receipt of Treasury views Arthur Andersen & Co.: Examination and supervision of FRBanks: Procedures, proposal by Gov. Robertson being reviewed by, comments expected in near future http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/14 5/14 1564,1572-74 1566 9/11 3091, 3101 1/9 64 1/9 67 3/6 799 2/13 538 1963 13 Pages Arthur Andersen & Co.: (continued) Examination and supervision of FRBanks: (continued) Changes proposed by Governor Robertson, letter commenting on, distributed and referred to during discussion of Further reference to views of, during discussion by Board Articles: Axilrod, Stephen H., Senior Economist, Division of Research and Statistics, permission granted to co-author an article "Appraisal of Monetary Policy," which will appear in a book published as part of Columbia University American Assembly series Publication of: FRBank officers and employees, letter and attachment to Presidents of all FRBanks stating policy and restrictions re writing and other outside business activities and indebtedness of FRBank officers and employees Staff articles, annual survey of Board's staff re, understanding that any individual reporting writing activity would be advised of policy regarding honoraria and royalties, Governor Shepardson reviewed information presented and found nothing to question Assessments: FRBanks, for expenses of Board for second half of 1963 Increase in, noted as factor in increase in FRBank budgeted expenses in this budget period (last half 1963) Associated Hospital Service of Philadelphia: Eligibility to maintain a savings deposit with a national bank, opinion of Comptroller of Currency indicated in letter to a national bank, staff to draft letter to Comptroller stating Board's view http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/20 964 3/25 1017 10/4 3437 9/27 3365,3389-91 10/3 3425 6/25 2053 6/25 2056 3/18 912 1963 14 Pages Associated Hospital Service of Philadelphia: (continued) Reply to Comptroller's letter interpreting Regula4/30 tion Q with respect to Copy of letter to be sent to Congressman Multer 4/30 and to FRBanks Letter considered further in light of certain 4/30 pertinent sections of FRAct, noted Board's previously published interpretation of Regulation Q with respect to the eligibility of, to maintain a savings account, restated in reply 5/6 to Comptroller of the Currency Association of American Railroads: Noncash items, amendment to Reg. Q re definition of, advice re effective date of amendment sent to, in light of comments 1/7 received from Association of Reserve City Bankers: Discount eligibility of paper, proposed legislation re, request for comments prior to submitting proposed legislation to Congress recommended by Presidents Conference Committee on Legislation, not favored by Gov7/24 ernor Robertson BankCopy of letter to the Senate and House ing and Currency Committees re, 8/8 to be sent to Auditing departments: FRBanks: Salary proposals for members of the audit staff of the FRBank of Dallas, method of handling discussed, agreed that letter to FRBanks clarifying Board's 3/27 views should be drafted Question re fixing salaries for auditing staffs, according to standards differing from uniform classification standards applicable to FRBank employees 5/3 in other functions Procedure for processing personnel actions affecting audit staffs of, letter to Chairmen of FRBanks and copies 11/4 to Presidents of FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1395 1398 1399 1507 34, 54 2416 2618 1035 1447 3754, 3775-78 1963 15 Pages Auditing departments: (continued) FRBanks: (continued) Governor Balderston suggested possibility of expressing appreciation to Reserve Bank Chairmen for work accomplished by boards of directors in reviewing auditing function at FRBanks Auditors, FRBanks: Associate General, establishment of officer position of, at FRBank of Atlanta, approved Conference of General Auditors to be held May 1-3, 1963, letter to Chairmen, Presidents, and General Auditors of FRBanks Arrangements for dinner on May 1, 1963, approved Audits: Board of Governors: 1962, by Haskins & Sells, accepted by Board, copies transmitted to Senator Robertson and Congressman Patman, Chairmen of Senate and House Banking and Currency Committees respectively 1963, by Haskins & Sells, public accounting firm to conduct FRBanks: Procedure, Board's examining staff extended techniques used re, to include reviews of audits at FRBanks as conducted on occasions other than time of Board examination, audit at FRBank of St. Louis noted particularly by Governor Mills Federal supervisory agencies: Authority to require independent audits at their discretion, question raised by Governor Robertson in connection with anticipated hearings before House Subcommittee on Legal and Monetary Affairs, in response to Chm. Fascell's letter, paper prepared by Board staff on bank supervision and examination in relation to prevention, detection, and prosecution of crimes against State member banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/13 3929 6/25 2062 1/14 98, 110 1/21 201 2/13 538, 548-49 12/30 4581, 4583 10/16 3567 9/16 3163, 3174 1963 16 Pages Australia: Australian United Corporation Ltd., Melbourne, Australia, consent granted for Morgan Guaranty International Finance Corporation to acquire shares of, in exchange for its present holding of shares of Anglo-Australian Corporation Pty. Ltd. Awards: Career Education Award, administered by the National Institute of Public Affairs, nomination of James A. McIntosh, Technical Assistant, Div. of Bank Operations, approved with the understanding that if accepted he would be absent from his work for one academic year on a fullpay status James A. McIntosh, recipient of, to spend academic year at Stanford Univ., Palo Alto, Calif., granted leave with pay, travel expenses for himself and family, reimbursement of expenses at conclusion of period or during period at Stanford Federal Woman's Award, Board's recouunendation of Alvern H. Sutherland, Chief Librarian, Division of Research and Statistics, transmitted to Chairman of the Board of Trustees, c/o Civil Service Commission for the fourth annual, Public Service Award, proposed nominaRockefeller tion of Ralph Young, adviser to the Board and Director of the Div. of International Finance, noted that material supporting the nomination has been prepared for transmittal http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/31 380, 396 3/22 992 8/22 2874 11/15 4/17 4007 1248 1963 17 Pages BT New York Corporation, wholly-owned subsidiary of Bankers Trust Company of New York, proposed purchase of First National Bank of Farmingdale, N.Y., possible violation of sec. 9, FRAct, and sec. 5136, Revised Statutes, advice to Comptroller of Currency and Bankers Trust Company Counsel for Bankers Trust Company to discuss matter with Board's staff this afternoon noted Additional jurisdictional question raised as to whether Board or Comptroller of Currency should interpret provisions On national banking laws as they apply to State member banks, matter under study, Legal Div. preparing memorandum Letter to Comptroller of Currency re situation Draft of proposed letter to Bankers Trust Company transmitted to Comptroller of Currency for comment Question re applicability of Bank Merger Act to transaction, letter sent to Bankers Trust Co. Bach, G. L., Professor, agreed to serve as chairman and organizer for Board's seminar with academic economists, payment of expenses, such as travel, telephone, and secretarial expenses, for which provision had not been made in Board's budget, authorized Gov. Mitchell reported on discussions that he and certain staff members had with Professor Bach re proposed meeting with Board and group of academic economists, understood provision for expense to be made in budget of Div. of Research and Statistics http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/6 782, 807-08 3/6 784 3/18 3/18 896 896, 927 4/19 1269, 1307 4/30 1399, 1411 10/10 3520 11/13 3931 1963 18 Pages Bahamas: First National City Trust Company (Bahamas) Limited, request of International Banking Corporation, New York, N.Y., for approval re acquisition of stock of First National Nominees Ltd., and Providence Associates Ltd., both of Nassau, Bahamas, no objection interposed First National Nominees Ltd., Nassau, Bahamas, request of International Banking Corporation, New York, N.Y., for approval re the acquisition by First National City Trust Company (Bahamas) Limited, of stock of Providence Associates Ltd., Nassau, Bahamas, and, no objection interposed Associates Ltd., Nassau, Bahamas, request Providence of International Banking Corporation, New York, N.Y., for approval re the acquisition by First National City Trust Company (Bahamas) Limited, of stock of First National Nominees Ltd., Nassau, Bahamas, and, no objection interposed Balance of Payments: Meeting of experts re, in Paris, attendance by Arthur B. Hersey, Adviser, Div. of International Finance, authorized United States: Division of International Finance to consider proposed revision of Regulation K from point of view of effect on, in light of suggestion by Governor Robertson Suggestion by Gov. Robertson that the staff study and submit views re the effect of investments by Edge and agreement corporations on, in light of the proposed revision of Regulation K, general agreement with suggestion Interest in obtaining such information reiterated http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/15 571, 580 2/15 571, 580 2/15 571, 580 3/7 822 1/17 159 1/31 380 2/5 441 1963 19 Pages Balance of payments: (continued) United States: (continued) Question re tendency toward heightened concern on the part of the business and financial community with respect to, topic for discussion with FAC Increase in concern noted, views re implications of the problem and possible measures to cope with it expressed at joint meeting with FAC Effects of proposed revision of Reg. K relating to operations of foreign banking and financing corporations, on, comments by Messrs. Furth and Goodman Meeting of economists at Treasury Dept., reported by Governor Mitchell Statistics on, special committee to review, services of Mr. Reynolds to be made available to Budget Bureau to serve as director for one year, arrangement approved on basis of reimbursable detail Letter to Budget Bureau re terms of reimbursable detail Observations re current attitudes in the business and financial community toward developments in, topic for discussion with FAC Concern noted by FAC among informed persons in the business and financial community re deficit in, with belief that more determined and positive corrective steps must be taken to eliminate the deficit, views of FAC expressed in joint meeting presented to Board by Mr. Furth, Adviser, Report Division of International Finance, on current figures re proposed revision of Reg. M on, disEffect of cussed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/5 440, 456 2/19 638 2/18 612 4/3 1137 4/12 1211, 1215 5/16 1620, 1629 4/30 1391, 1406 5/21 1675 7/25 2445 8/1 2531 1963 20 Pages nn 0 n' Balance of payments: (continued) United States: (continued) Applications by International Banking Corporation, New York, N.Y., to purchase shares of Mercantile Bank of Canada and Mercantile Trust Company, both of Montreal, Canada; and First National City Bank, New York, N.Y., to purchase additional stock of International Banking Corporation, approved with Governor Robertson dissenting, indicated by Mr. Furth that transactions would add to 8/29 problems re Current attitudes in the business and financial community toward developments in, and appraisal of actions and proposals designed to deal with the problem, topic for discussion with 9/4 FAC Belief that businessmen show heightened concern re, solution involves fiscal policy, overseas defense expenditures, and foreign aid outlays, all out of the scope of the responsibility of monetary authorities, however, further tightening of monetary policy might be desirable, views expressed at joint 9/17 meeting with FAC Improvement in position in topic for discussion 10/29 with FAC FAC believes that monetary policy has contributed to recent improvement and to somewhat more favorable short11/19 term outlook on Bank debit series: Revision, authorized, as proposed by System research 11/1 Committee, all FRBanks advised Bank financing: Business needs in connection with, topic for dis10/29 cussion with FAC Most members of FAC believe commercial and industrial loans will continue to show a more than seasonal rise following custom11/19 ary decline after first of year http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2958 3019, 3046 3201 3698, 3705 4064 3730, 3740 3698, 3704 4048 1963 21 Pages Bank for International Settlements: Loans on gold, extension of arrangement to make loans on gold, telegram to FRBank of New York, understood usual participation offered to other FRBanks Meeting of, Samuel I. Katz, Associate Adviser, Division of International Finance, authorized to attend to discuss matters pertaining to Euro-dollar market, other participants will include Fred Klopstock of FRBank of New York and David Eastburn of FRBank of Philadelphia Banking holding companies: Arizona Bancorporation, no longer a bank holding company SEE: Arizona Bancorporation Atlantic National Bank of Jacksonville, and Atlantic Trust Company, both of Jacksonville, Florida, application to become bank holding companies by acquiring shares of common stock of Daytona Atlantic Bank, Daytona Beach, Florida, a proposed new bank, approved, Issuance of order and statement approving, authorized Bancorporation of Montana, Great Falls, Mont., formerly entitled "Montana Shares, Incorporated" Baystate Corporation, Boston, Mass., ownership of stock of Norfolk County Trust Co., Brookline, Mass, noted in connection with bank's application to consolidate with Wellesley Trust Co., reference also to nature of relationship between First National Bank of Boston and Additional information re relationship between First National Bank of Boston presented following vote on application, Governor Mitchell's vote changed to dissenting vote in light of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1014 3435, 3438 9/19 3245, 3261 12/4 4204 12/19 4456, 4470-72 1/25 269 4/9 1176 4/12 1200 1963 22 Pages Bank holding companies: (continued) Baystate Corporation: (continued) Letter to Mr. Harrison F. Houghton, Senior Economist, House Committee on Banking and Currency, furnishing unpublished information re shares of, held directly or indirectly by The First National Bank of Boston, Massachusetts, in a fiduciary capacity Question whether Insurance Agent Auto Finance Plan, Inc., and Insurance Agent Auto Finance Trust were affiliates of Harvard Trust Company, Cambridge, Mass., a subsidiary of Bremer, Otto, Company, St. Paul, Minnesota, order for hearing on request for determination under sec. 4(c)(6), Bank Holding Company Act, issued Charles W. Schneider designated Hearing Examiner in connection with Mandatory hearing to be held in Minneapolis in the matter of, being continued to a later date by Hearing Examiner Schneider Issuance of Order recommending approval authorized Brenton Companies, Inc., Des Moines, Iowa, application to acquire shares of First National Bank of Davenport, Iowa, a proposed new bank, approved Issuance of Order and statement authorized Denver U.S. Bancorporation, Inc., Denver, Colo.: Request by The Central Bank and Trust Company, Denver, Colorado, that a public hearing be held on the application to become a bank holding company, submitted by, or if that request be denied, that the bank be permitted to file a written objection, although the 30-day period has expired http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/6 1477, 1501 9/27 3358, 3383 4/29 1376, 1384 4/29 1376 5/6 1483 9/11 3098, 3124 2/27 3/27 699 1034, 1040 1/31 380, 402 1963 23 Pages Bank holding companies: (continued) Denver U. S. Bancorporation, Inc.: (continued) Application to become a bank holding company by acquisition of stock of Denver United States National Bank; Arapahoe County Bank, Littleton; and Bank of Aurora, Colo., order for formal public hearing issued, proposal that Mr. O'Connell serve as Board counsel, understood Legal Division to make necessary arrangements David London, Hearing Examiner, to serve Motion granted for extension of time within which to file a reply brief in application of, to become a bank holding company Protesting banks requested that they be allowed to present oral argument before Board, understood request would be considered by Board next week Reply from, that oral argument was unnecessary Further discussion, application approved with Governor Robertson dissenting Issuance of order,majority statement, concurring statement by Governor Mitchell and dissenting statement by Governor Robertson authorized First Bank Stock Corporation, Minneapolis, Minn.: Litigation initiated by the State of South Dakota challenging the merger of three small State banks into The National Bank of South Dakota, a subsidiary of, letter stating Board's general position re the scope and applicability of sections 3(d) and 3(a)(3) of the Bank Holding Company Act of 1956, approved for transmittal to First Colorado Bankshares, Inc., Englewood, Colo.: Application to acquire shares of the proposed Security National Bank, Denver, Colorado, request by the Colorado State Banking Board to be heard at a public hearing re, advice to the State Bank Commissioner http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/6 3/6 785, 809 790 8/16 2727, 2757 9/4 3029, 3033 9/11 3093 10/9 3481 11/6 3824, 3840-75 4/30 1394, 1409 2/5 440, 455 1963 24 Pages Bank holding companies: (continued) First Colorado Bankshares, Inc.: (continued) Application: (continued) Order for formal public hearing issued; proposal that Mr. O'Connell serve as Board Counsel, understood Legal Division would make necessary arrangements David London, Hearing Examiner, to serve Protesting Banks' Reply Brief received as part of the record in the matter of (filed one day beyond time permitted) Understood request by protesting banks for oral argument would be considered by Board next week Issuance of order granting request for oral argument authorized Views expressed application approved unanimously Advice received re certain changes in original program for financing, Board holds that changes do not materially affect the ultimate issues and will proceed without further receipt of views or comment, proposed changes to be included in statement to be issued, letter to counsel David Butler, Esq., of Holland and Hart Order, statement, and concurring statements of Governors Robertson and Mitchell, approving application authorized First Oklahoma Bancorporation, Inc., Oklahoma City, Okla.: Appeal by protesting bank of Board's order approving application to become a bank holding company,a dismissed termination of proceeding reported by Mr. Hackley http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/6 3/6 785, 812 790 7/2 2178, 2183 9/4 3030, 3033 9/11 3092, 3122 10/9 3488, 3489 10/25 3674, 3686 11/14 3950,3980-4002 3/29 1074 1963 25 Pages Bank holding companies: (continued) First Oklahoma Bancorporation, Inc.: (continued) Issuance of general voting permit covering stock in First National Bank and Trust Company of Oklahoma City, Okla., authorized, general voting permit re stock of Idabel National Bank, Idabel, Okla., withheld pending improvement in condition of bank, Board would consider limited voting permit when needed, if requested 8/23 First Wisconsin Bankshares Corp., Milwaukee, Wisconsin: Denial of applications to acquire shares of Merchants & Savings Bank, Janesville, Wis., and American Bank and Trust Company, Racine, Wis., discussion re proposed orders and statements reflecting Board's denial, draft statements to be reviewed by staff 1/24 Issuance of orders and statements denying applications authorized 1/30 Petitions for reconsideration of, and requests to present additional evidence and interrogate witnesses denied, orders issued 5/22 Marine Corporation, Milwaukee, Wis.: Denial of application to acquire shares of Beloit State Bank, Beloit, Wis., discussion re proposed order and statement reflecting Board's denial, draft statement to be reviewed by staff 1/24 Issuance of order and statement denying application authorized 1/30 Petition for reconsideration of, and request to present views orally before the Board, denied, order issued 5/22 Order granting extension of time for Marine National Bank of Waukesha, Wis., to open for business as a subsidiary of, approved 3/8 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2907, 2915 239 292, 307-341 1694, 1709-11 239 292, 342-366 1694, 1713 834, 836 1963 26 Pages Bank holding companies: (continued) Montana Shares, Incorporated, Great Falls, Montana, now entitled "Bancorporation of Montana" Northwest Bancorporation, Minneapolis, Minnesota, preliminary permit to organize the Northwest International Bank, New York, N.Y., transmitted to Trans-Nebraska Co., Lincoln, Nebr.: Application to acquire shares of three banks, (Martel State Bank, Sioux National Bank of Harrison, and Crawford State Bank) request from Counsel for, for three-day extension of time for filing exceptions to Report and Recommended Decision of the Hearing Examiner, request approved Unanimous denial of Issuance of order and statement authorized Legal Div. memorandum re possible guidelines for handling similar situations, presented Valley Bancorporation, Appleton, Wis., application to become a bank holding company through acquisition of stock of Appleton State Bank, Appleton; Bank of Black Creek, Black Creek; and Northern State Bank, Appleton, Wis., issuance of order and statement approving, authorized Virginia Commonwealth Corporation, Richmond, Va.: Violation of section 6(a)(2) of the Bank Holding Company Act by The Bank of Virginia, upon acceptance of stock of, in exchange for stock in The Bank of Henrico, then being held as collateral for loans in question, advice to FRBank of Richmond Proposal by, in which money could be raised to strengthen capital position of Bank of Virginia criticized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/25 269 1/9 64, 75-76 1/23 4/9 233, 235 1168 5/3 1444, 1457-60 1/24 239, 253-55 5/6 1477, 1499 5/20 1644 1963 27 Pages Bank holding companies: (continued) Virginia Commonwealth Corporation: (continued) Division of Examinations to make an analysis of the capital requirements of all banks in the Virginia Commonwealth group and to ascertain the ability of the holding company to provide needed capital Request for determination under sec. 4(c)(6), Bank Holding Company Act of 1956, with respect to Virginia Standard Corporation and State-Wide Insurance Agency, Inc., granted, order and statement issued Application to acquire shares of Peoples National Bank of Pulaski, Va., approved unanimously and Washington Trust and Savings Bank, Bristol, Va., approved, Governor Robertson dissenting, linked to capital needs of Bank of Virginia, a subsidiary of, letter of admonition to be prepared for Virginia Commonwealth to straighten out capital position of Bank of Virginia Issuance of orders and statements authorized, with letter to, Governor Mitchell's reservations having been noted Order extending period of time in connection with, authorized Issuance of general voting permit to, covering its stock in Bank of Warwick, Newport News; Bank of Virginia, Richmond; and Bank of Salem, Va., authorized Question re need for collateral application under section 3(a)(2), of The Bank Holding Company Act of 1956, in connection with the merger of The Bank of Occoquan, a subsidiary of, and The Bank of Nokesville, an independent bank, understood that Legal Division would study matter further and present an additional memorandum for Board consideration, FDIC to be advised http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/20 1647 6/28 2135,2147-50 7/26 2455 8/16 2729,2767-90 10/8 3461, 3466 8/27 2919, 2938 11/8 3891 1963 28 Pages Bank holding companies: (continued) Virginia Commonwealth Corporation: (continued) Expansion of,noted in approval of application of Bank of Virginia to merge with Hallwood National Bank Question re need for collateral application under section 3(a)(2), of Bank Holding Company Act of 1956, in connection with merger of Bank of Occoquan, subsidiary of, with Bank of Nokesville, Va., an independent bank, concluded that prior approval of transaction by Board not required, advice to R. Colston Christian, Esq. Western Bancorporation, Los Angeles, Calif.: Application of Bank of Idaho, a subsidiary of, to merge with another Idaho bank approved, possible extension of banking resources of, noted Question re applicability to rulings under sec. 211.6(3) of Regulation K, and sec. 6(a) of the Bank Holding Company Act, in connection with Western Bancorporation International Bank, a subsidiary of, acting as agent for affiliated banks in cases involving acceptance financing, and possible ownership of an Edge Act corporation by a banking subsidiary of a bank holding company, advice to, Participation in proposed plan of United California Bank for increasing capital by sale of common stock and capital debentures discussed Whitney Holding Corporation, New Orleans, La.: Litigation re approved application to become a bank holding company, question whether appeal should be taken from District Court decision in suit brought by New Orleans bank against Comptroller of Currency, reply to inquiry from Justice Dept. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/27 4113 11/27 4116, 4132 4/9 1180 4/19 1262, 1295 7/10 2219, 2250 1/7 32, 47 1963 29 Pages Bank holding companies: (continued) Whitney Holding Corporation: (continued) Litigation re: (continued) Delay being sought by petitioners based on certain exhibits being deposited with the Court under seal by Justice Dept., Mr. O'Connell authorized to advise Justice,Board's position re proposed statement re exhibits Request for comment from Department of Justice re Court of Appeals' decision, no need for seeking a rehearing or certiorari from Board's point of view, suggestion that views of Comptroller of the Currency be solicited Further extension of time for compliance with Board's order requested by, Board advisec that request should be addressed to Court Letter to Justice Department advising that Board's recommendation re question of petition for certiorari in case of Saxon v. Bank of New Orleans and Trust Company remained unchanged Bank Holding Company Act of 1956: Amendments previously recommended re, understood that staff would prepare revised statement, and study legislative proposals re chain banking, providing for Board's further consideration re Statement approved unanimously for inclusion in the Board's 1962 Annual Report Applications under: On-the-spot-study suggested, belief by Governor Mitchell that the Board was not getting adequate delineation of market areas in connection with merger applications and http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/27 1036 8/22 2852, 2881 10/21 3590, 3598 11/6 3823, 3832 1/9 69 1/22 208 1/31 387 1963 30 Pages Bank Holding Company Act of 1956: (continued) Applications under: (continued) Procedure re reversal of vote by a Board member prior to issuance of order announcing Board's decision Reconsideration of, petitioned by First Wisconsin Bankshares Corporation, Milwaukee, Wis., Marine Corporation, Milwaukee, Wis., denied, orders issued Time for filing written objection to, permission granted Central Bank and Trust Company, Denver, Colo., to file objection to application of Denver U.S. Bancorporation, even though 30-day period for filing had expired Bankshares owned or controlled directly or indirectly by Financial General Corporation and other registered bank holding companies, when shares so held are less than 257 of total shares, information to be made available to House Banking and Currency Committee as requested Collateral application under section 3(a)(2) question re necessity in connection with the merger of The Bank of Occoquan, a subsidiary of Virginia Commonwealth Corp., and the Bank of Nokesville, an independent bank, Legal Division to study matter further and present an additional memorandum for Board consideration, FDIC to be advised Discussion re possible amendment of Bank Holding Company Act covering such matters Concluded that prior approval by Board re transaction not required,advice to R. Colston Christian, Esq. Exemptions of companies registered under the Investment Company Act of 1940, amendment to eliminate, approved for inclusion in statement for Board's 1962 annual report http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/12 1200 5/22 1694,1709-13 1/31 380, 402 4/12 1199 11/8 3891 11/8 3893 11/27 1/22 4116,4132 208 1963 31 Pages Bank Holding Company Act of 1956: (continued) Expenses incurred annually by the FRSystem with respect to examination and supervision of State member banks and bank holding companies, request by FDIC to assist in projecting a hypothetical sum of noninsurance expenses of the proposed Federal Banking Commission, whose establishment is the subject of H.R. 6/24 5874 Form F. R. Y-1, and Y-2, consideration of further changes to be held over until Governor Mitchell has had an opportunity to discuss certain 9/12 questions with Board's staff Holding company affiliates, repeal or modification of provisions of the Banking Act of 1933 with respect to, approved for, inclusion in statement for Board's 1962 annual re1/22 port Industrial banks, Board position that they should not be considered banks for purposes of the Act unless they accept deposits to be repaid on demand, inquires received from Beneficial Finance Co.; Allstate Enterprises, Inc.; and Midwestern Financial Corp., staff to redraft 1/15 interpretation 1/16 . Interpretation approved Litigation, current status of pending, with respect to certain bank holding companies and bank merger cases, report to Board by Mr. O'Connell, Assistant 8/13 General Counsel One bank cases, proposed amendment relating to, approved for inclusion in statement for Board's 1962 annual re1/22 port Pending applications on certain bank holding company cases, at the request of Governor Robertson, Messrs. Leavitt and Solomon reported that factors attributable to delays in processing of, found to be inherent in respective applications rather than to manpower difficulties in Div. of 10/23 Examinations http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2042, 2047 3133 208 123 133, 137 2705 208 3608 1963 32 Pages Bank Holding Company Act of 1956: (continued) Public interest factor, question whether interests of investors and potential stockholders involved in proposed bank holding company transactions fall within Board's consideration of Regulation Y, proposed amendments to sections 222.4, 222.5, and 222.7 purpose of which is to allow number of copies of applications that must be filed in seeking Board's approval of certain transactions to be controlled by requirements as set forth in the form of the application itself Section 3(a)(2), question re necessity for collateral application under, in connection with the merger of the Bank of Occoquan, a subsidiary of Virginia Commonwealth Corporation and the Bank of Nokesville, Legal Division to study matter and present a memorandum for Board consideration, FDIC to be advised Concluded that prior approval by Board re transaction not required, advice to R. Colston Christian, Esq. Sections 3(a)(3) and 3(d), applicability of, stated in letter to First Bank Stock Corporation, Minneapolis, Minn., in light of litigation initiated by the State of South Dakota challenging the merger of three small State banks into The National Bank of South Dakota, Sioux Falls, S. D. Section 4(c)(1),question whether Insurance Agent Auto Finance Plan, Inc., and Insurance Agent Auto Finance Trust were affiliates of Harvard Trust Company, Cambridge, Mass., a subsidiary of Baystate Corporation, prohibitions under, not applicable because Plan and Trust were not subsidiaries of Baystate http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/9 1168-1176 9/12 3135, 3148 11/8 3891 11/27 4116, 4132 4/30 1394, 1409 9/27 3358, 3383 1963 33 Pages Bank Holding Company Act of 1956: (continued) Section 4(c)(6): Order for hearing for determination under, in the matter of The Otto Bremer Company, St. Paul, Minn., issued Mandatory hearing to be held in Minneapolis in the matter of The Otto Bremer Company, being continued to a later date by Hearing Examiner Schneider Request for determination, by Virginia Commonwealth Corporation, Richmond, Va., with respect to Virginia Standard Corporation and StateWide Insurance Agency, Inc., granted, order and statement issued Application of Otto Bremer Company, St. Paul, Minn., for a determination under, with respect to proposed acquisition of shares in six corporations to be formed to carry on an insurance agency business in connection with the applicant's six subsidiary banks Amendments to Regulation Y to clarify and expand the regulation with respect to Board's procedures re applications under Section 6: Proposed amendment or repeal of, which prohibits intrasystem investments and extensions of credit by banks in holding company systems, approved for inclusion in statement for Board's 1962 annual report Need for repeal or amendment of, emphasized by Board in reports to Congress Interpretation of, pertinent to Board's position re federal funds market Letter to all FRBanks approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/29 1376, 1384 5/6 1483 6/28 2135,2147-50 9/11 3098, 3124 9/12 3135, 3148 1/22 208 4/19 1296 8/27 9/9 2927 3076 1963 34 Pages Bank Holding Company Act of 1956: (continued) Section 6(a): Question whether a banking subsidiary of a bank holding company may own an Edge Act corporation, not permissible under, advice to Western Bancorporation, Los Angeles, Calif. Reply to inquiry from Western Bancorporation, Los Angeles, Calif., re its subsidiary, Western Bancorporation International Bank, acting as agent for affiliated banks in cases involving acceptance financing, need for complete details concerning specific transactions for ruling Section 6(a)(2): Violation of, by Bank of Virginia, Richmond, Va., in accepting stock of Virginia Commonwealth Corporation in exchange for stock in The Bank of Henrico, advice to FRBank of Richmond State branch banking statutes, Board's understanding that the decision of the Court of Appeals re litigation in connection with the Whitney Holding Corporation matter, in no way implied that the Board was obliged to apply, in the course of considering applications under State laws applicable to bank holding companies, previous position that Board must administer provisions of Federal statutes and that States must administer, noted in connection with Nebraska law making it unlawful for any action to be taken that would result in formation of a bank holding company Further discussion, Legal Division memorandum re possible guidelines presented http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/19 1262, 1296 4/19 1262, 1295 5/6 1477, 1499 8/22 2855 4/9 1172 5/3 1445 1963 35 Pages Bank for International Settlements: Banking Department, Messrs. Macdonald and Knap present at Board meeting during economic review Meetings: Central bank economists to be held Mar. 9-11, 1963, attendance by Mr. Noyes, Director of Division of Research and Statistics, approved with understanding that another senior staff member would serve as alternate, System representation would include Alan Holmes, Vice President, FRBank of New York, or George Garvy, Economic Advisor of the Bank as alternate Annual, held in Basle, Switzerland in June, Mr. Holland, Adviser, Division of Research and Statistics, to accompany Governor Robertson including visits to several European central banks, authorization of specific travel expenses subject to Governor Shepardson's approval Presidents Ellis and Swan of the FRBanks of Boston and San Francisco planning to attend, also visiting several European central banks President Irons of FRBank of Dallas to attend October monthly meeting, trip noted without objection Bank management: Survey of insured commercial banks re compensation and succession of, request by Chairman Patman of the House Banking and Currency Committee re suggestions on form and content of a draft questionnaire re, and the possible willingness of the Board to handle its collection and tabulation, questionnaire transmitted to FRBanks, understood that further consideration would follow receipt of comments from FRBanks SEE: Surveys: Management succession and compensation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/27 1765 1/31 393 3/7 821 3/7 822 8/30 2988 7/8 2207 1963 36 Pages Bank Merger Act: Uninsured nonmember banks, applicability of Federal statutes re, with respect to bank merger applications such as the proposed merger of The Union Bank and Trust Company of New London into The Connecticut Bank and Trust Company, memorandum to be prepared by Legal Division, for Board's information Bank Service Corporation Act: Section 5: Bank services offered to correspondent banks including use of computer and other tabulating equipment in service building, question whether such services would constitute "banking services" and thus require assurances re regulation and examination under, reply approved Bank services: Performed by a national bank or a nonmember insured bank for a State member bank, subject to assurances re regulation and, examination by the Board, interpretation under, to be published in the Federal Register and the FRBulletin Assurances re regulation and examination of, performed by bank service corporations under, question re sufficiency of, in connection with data processing services performed by Central Data Processing, Inc., for Bank of the Mainland, La Marque, Texas, advice to FRBank of Dallas Position of FDIC and Comptroller noted Performed by bank service corporations, Reg. S approved implementing Union Bank, Los Angeles, California, interpretation of, re, question whether building now under construction would constitute a branch advice to FRBank of San Francisco http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/24 2042 1/14 98, 113 2/5 444, 458 3/20 3/20 960, 975 976 3/28 1050,1062-66 10/2 3410, 3419 1963 37 Pages Bank service corporations: Assurance re regulation and examination of services performed by, under sec. 5, Bank Service Corporation Act, question re sufficiency of, in connection with data processing services performed by Central Data Processing, Inc., for Bank of the Mainland, La Marque, Texas, agreement that assurances do not comply, advice to FRBank of Dallas Position of FDIC and Comptroller of Currency noted Branch banks, question whether providing certain services for correspondent banks in member bank's service building might cause service building to be a branch of the correspondent bank building now under construcwhether Question tion by Union Bank, Los Angeles, California, would constitute a branch under Bank Service Corporation Act of 1962, letter to FRBank of San Francisco advising that Union Bank's new building will house among other things Bank's electronic equipment, and would not constitute a branch member banks in, reference State by Investments to procedure for reporting on condition reports Services offered to correspondent banks including use of computer and other tabulating equipment in service building, and involving receipt of banking-bymail deposits, question whether such services constitute "bank services" under Bank Service Corporation Act, reply to Union Bank, Los Angeles, Calif., approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/20 960, 975 3/20 976 1/14 114 10/2 3410, 3419 3/4 767 1/14 98, 113 1963 38 Pages Bank service corporations: (continued) Services: (continued) Performed by a national bank or a nonmember insured bank for a State member bank, subject to regulation and examination by the Board, interpretation under sec. 5 of the Bank Service Corporation Act approved with the understanding that it would be published in the Federal Register and the FRBulletin Performed by a State member bank for a national bank or a nonmember insured bank, subject to appropriate agency's examination and reporting requirements, included in published interpretation Performed by Bank service corporations Regulation S approved, implementing sec. 5 Bank Service Corporation Act relating to regulation and examination in connection with Tabulating services for Stock Transfer Department question whether such services would constitute "bank services" within the definition in Bank Services Corporation Act thus requiring assurances re regulation and supervision under sec. 5, reply to Union Bank, Los Angeles, Calif., approved Bank supervision: Expenses incurred annually by the FRSystem with respect to examination and supervision of State member banks and bank holding companies, requested by FDIC to assist in projecting a hypothetical sum of noninsurance expenses of the proposed Federal Banking Commission whose establishment is the subject of H. R. 5874 System responsibilities re, incorporated as a topic in the program for Directors Day, Mar. 20-21, 1963 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/5 444, 458 2/5 444, 459 3/28 1050,1062,1066 1/14 98, 113 6/24 2042, 2047 3/11 856 1963 39 Pages Bank supervisory agencies: (Federal) Crimes against banks and savings and loan associations, inquiry from Congressman Fascell, Chm. of the House Legal and Monetary Affairs Subcommittee, re preventive measures being taken by, Board's reply approved Governor Robertson to testify re Mr. Frederic Solomon, Director, Division of Examinations to accompany Governor Robertson at forthcoming hearings re crimes Bank supervisory matters: Legislation re regulatory and, as suggested in report of Committee on Financial Institutions, including extension of reserve requirements to savings and loan assns. and mutual savings banks; strengthening of supervisory authority over liquidity positions; standby authority over rates paid on savings and time accounts; and broadening of safeguards against conflicts of interest, Mr. Solomon designated to attend interagency meeting to prepare draft legislation Further discussion Letter to Bureau of the Budget Bankers Multiple Line Insurance Company: Accident insurance for Board employees, designation of, as the insuring company for the Board's accident insurance program, as recommended by Marsh and McLennan, Inc., approved Banking: 5/1 1419, 1427 9/16 3163, 3174 4/26 5/15 5/16 1347 1578 1599, 1627 5/20 1655 Correspondent: proposed survey re SEE: Surveys Correspondent banking ll'anking Act of 1935: 301 determinations SEE: Holding company affiliates Ba nking data: Collection of statistics on reverse side of condition reports, certain alternative reporting programs discussed in light of possibility of Comptroller of Currency proceeding with revision of national bank call report forms, agreed work should continue on formula tion of alternative reporting program 2/13 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 542 1963 40 Pages Banking data: (continued) Collection of statistics: (continued) Report by Governor Mitchell re opposition to obtaining data by means of a sampling process, as indicated at the latest meeting of the System Research Advisory Committee Staff working with representatives of Comptroller of Currency and FDIC to formulate a uniform report of condition for the December call, meeting scheduled for week of September 23rd, Mr. Conkling requested suggestions from Board and staff Possibility for uniformity in year end reports remote as revealed at meeting with representatives of Comptroller of Currency, FDIC, and National Association of Supervisors of State Banks, Mr. Conkling's memorandum sent to Comptroller of the Currency ies, data furnished to Departcount Deposits-byment of Justice, request for verification, explanation, and permission to discuss in Judicial proceedings, letter to Justice Department approved Form F.R. 209, summary of report of examination of State member and national banks, program to revise and expand, providing supplementary banking data authorized, instructions re preparation of, transmitted to Presidents of all FRBanks Discussion re curtailed data on national bank form and possible procedure with respect to, agreed not to contact Comptroller of Currency until results of revised F.R. 209 program became available FDIC endeavoring to develop similar program for insured nonmember banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/7 724 9/12 3136 10/23 3608, 3637 10/30 3713, 3720 2/15 574, 601 2/15 574 2/15 576 1963 41 Pages Banking laws: Paper by Gov. Mills re evolution of, particularly in regard to loans and investments, proposal to send such to Chm. Patman of the House Banking and Currency Committee reflecting 9/23 3282 his personal views, no objection Banking quarters: Branch office construction programs by Wells Fargo Bank, San Francisco, Calif., direct and indirect investment in bank premises to provide for, 7/31 2511, 2521 approved Trust a delphi -Phila Possibility that Fidelity Company, Philadelphia, Penna., might request same type of per7/31 2511 mission noted use joint the for ty Emergency relocation facili of Board and FRBank of Richmond to include an emergency currency vault and provisions for leased wire switching center, report of joint study by representatives of Board and FRBank of Richmond re, agreed to advise Bank of Board's 12/4 4207, 4233 concurrence in proposal Fallout shelters: FRBank of Chicago, no objection to shelter at head office and Detroit Branch, 9/18 3212, 3238 expenditures authorized FRBank of Dallas, plans approved, Gov. Mitchell dissenting with feeling cost unjustified and no reason for using two basement level, one for express 8/12 2681, 2697 purpose of sleeping PRBanks: Building projects, Governor Mitchell suggested during discussion of reports of examination of FRBanks that insufficient attention was being 10/16 3573 given in the planning for Construction estimates submitted by, comment by Gov. Balderston re need for careful calculations so that there would not ordinarily be an 3/28 1048 upward revision http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 42 Pages Banking quarters: (continued) FRBanks: (continued) Leasing of space by FRBank of Chicago to Walter E. Heller and Company, Inc., Board interposes no 11/14 3948, 3966 objection Apprehension expressed on basis of 11/14 3948 precedent FRBanks and Branches: Cost computations indicating net cost per square foot of usable space, suggestion by Governor Mitchell in discussing cost of New Orleans branch building, that in future cases it would be desirable to have two cost computations, cost of usable space and rental rates for such space, with maintenance 5/22 1680 requirements considered (Individual banks): American Trust & Savings Bank, Dubuque, Iowa, investment in bank premises for purpose of remodeling and expand9/26 3341, 3348 ing banking facilities, approved inional Bank of Christiansburg, Virginia, addit 5/22 1679, 1702 vestment in bank premises approved in tment Bank of Gassaway, West Virginia, inves 5/22 1679, 1701 bank premises approved ional addit nia, Virgi Bank of Smithfield, Smithfield, investment in bank premises for purpose of constructing drive-in 8/16 2726, 2747 facilities, approved adBloomfield State Bank, Bloomfield, Indiana, ses premi bank in tment inves ditional 5/22 1679, 1703 approved inBrownsburg State Bank, Brownsburg, Indiana, ses premi ng banki in ent vestm 11/8 3890, 3899 approved in bank Buffalo Bank, Buffalo, W. Va., investment 4/24 1315, 1323 ed approv ses premi Expenditure to be made in connection with bank's relocation of its head office from Buffalo to Eleanor, 4/24 1323 W. Va., noted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 43 Pages Banking quarters: (continued) (Individual banks): (continued) Central State Bank, Connersville, Indiana, investment in banking premises, approved Understood that affiliate building corporation is to be organized to own and operate the new bank premises Chesaning State Bank, Chesaning, Michigan, investment in bank premises approved Cincinnati Branch: Air conditioning, additional expenditure authorized for third floor Construction of new building in redevelopment area, possibility of, article in Cincinnati Enquirer commenting on, concern expressed by Mr. Taft, report by Mr. Farrell on situation, Board to be kept informed of further developments that Gov. Mills and Mr. Farrell tood Unders would discuss the proposed, with President Fulton of the Cleveland Bank, in light of question re available specifications for Reserve Bank security courts as requested by Emery-Knutson, Inc., in conjunction with the redevelopment project of downtown Cincinnati Report by Gov. Mills and Mr. Farrell on conversations with Pres. Fulton re, plans still in exploratory stage noted, developments to be communicated to Board Board to study preliminary drawings for, undecided whether it would be worthwhile to leave present building or whether to go ahead with new building, letter to FRBank of Cleveland states that authorization to make preliminary drawings for, does not constitute advance approval for a Cincinnati Branch Citizens Bank & Trust Company, Campbellsville, Kentucky, investment in bank premises approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/28 3687, 3694 10/28 3694 3/22 986, 996 3/19 939, 957 1/14 102 3/19 939 3/28 1048 9/3 3003, 3016 5/3 1443, 1453 1963 44 Pages Banking quarters: (continued) (Individual banks): (continued) nport, Davenport Bank and Trust Company, Dave nt stme Iowa, additional inve oved in bank premises appr Detroit Branch: Fallout shelters at FRBank of Chicago and Detroit, no objection to, expenditures authorized al Dupo State Savings Bank, Dupo, Ill., addition ises prem investment in bank approved Ind., Farmers Loan and Trust Company, Tipton, , ises prem bank investment in of ose purp approved, for acquiring property for use as a parking lot, the amount to include the indebtedness of its affiliate which now owns the lot e to FRBank of Atlanta, sculptured bronze eagl mn colu ral cent on ted be moun n take g bein s step of, t in fron d note n utio exec and gn for desi ificaBoard notes detailed plans and spec mates esti cost sed revi tions and tion addi ding buil west for the of, revised estimate includes particular sum for work in East Building not included in preliminary estimate ago: FRBank of Chic Detroit Fallout shelter at head office and exto, Branch, no objection penditures authorized no objecLeasing of space, Board interposes er and Hell E. tion to, to Walter Company, Inc. Apprehension expressed on basis of precedent of head Plumbing renovations in old section n ctio obje no , office building for, , bids for to advertising and expenditure of estimated cost of the renovation authorized FRBank of Cleveland: and Renovation of food serving facilities rity secu to ons with alterati court entrance and authorization re expenditures, no objection interposed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/24 1315, 1326 9/18 3212, 3238 2/7 478, 493 2/28 717, 727 4/8 1156 8/21 2832, 2844 9/18 3212, 3238 11/14 3948, 3966 11/14 3948 5/27 1766, 1776 11/4 3752, 3770 1963 45 Pages Banking quarters: (continued) (Individual banks): (continued) FRBank of Dallas: Fallout shelter, circulation by Division of Bank Operations re shelter in Bank's second and third basements to accommodate building's population of approximately 500 people, cost to be higher than that of any other FRBank shelter, letter to FRBank of Dallas approved, Governor Mitchell dissenting FRBank of New York: Electrical system in main Bank building increases in scope and cost of, noted without objection zation of 16 passenger moderni ors, Elevat elevators and replacement of 6 service elevators in main Bank building, no objection interposed Office space for Administration group charged with studying possibilities for encouraging foreign investments in United States, Vice President Coombs to act as liaison between Reserve Bank and group Vault, gold facilities, letter from FRBank of New York re proposed alterations to, question by Governor Mitchell re possible use of facilities available at U.S. Assay Office in New York City at least for gold owned by International Monetary Fund, meeting with President Hayes to be arranged Meeting of Messrs. Hayes, Coombs and Harris with Board re, discussion re possible alternatives to proposed alterations, particularly storage of gold in other quarters especially gold of International Monetary Fund, FRBank of New York in favor of expanding present facilities in FRBank of New York rather than alternatives http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/12 2681, 2697 3/7 820, 826 3/7 820, 827 9/19 3249 6/10 1864 6/18 1964 1963 46 Pages Banking quarters: (continued) (Individual banks): (continued) FRBank of New York: (continued) Vault, gold facilities: (continued) Noted vault in U. S. Assay office in New York City not adequate as facility for gold, agreed Messrs. Farrell, Solomon and Harris visit New York and silver facilities at West Point, N. Y., to study possible alternatives to enlarging vault at FRBank of Richmond, property across the street from Head Office Building and adjacent to Bank's parking lot, no objection to acquisition of Allocation of cost of, and rate of depreciation on buildings thereon, Board approval of method of Fidelity-Philadelphia Trust Company, Philadelphia, Penna., additional investment in bank premises approved Investment in bank premises approved Additional investment in bank premises approved Additional investment in bank premises approved Additional investment in bank premises approved incident to the relocation of a branch Governor Balderston suggested possible use of type of permission to invest in bank premises approved for Wells Fargo Bank, San Francisco, Calif., matter to be discussed informally with FRBank of Philadelphia Additional investment in bank premises incident to establishment of a branch in 4 Penn Center Plaza Bldg., S. W. corner of 16th Street and Pennsylvania Blvd., Philadelphia, Pa., approved First State Bank, Buffalo, South Dakota, investment in bank premises noted, since expenditure has already been made prior approval contemplated by statute cannot be given, however, if request had been made, approval would have been granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/10 2241 1/15 122, 128 4/1 1077, 1083 3/11 4/26 5/13 5/13 840, 865 1343, 1354 1537, 1553 1537, 1554 7/16 2288, 2313 7/31 2511 8/2 2557, 2568 12/2 4160, 4177 1963 47 Pages Banking quarters: (continued) (Individual banks): (continued) First State Bank of Oxford, Alabama, investment in bank premises approved, understood First State Corporation, not yet organized, will be wholly owned by bank and that it will acquire land presently held by bank and will construct new building thereon to be leased to, also understood bank's investment in First State Corporation will not 9/23 exceed $50,000 ent investm s, First State Bank of Red Bud, Illinoi 4/19 in bank premises approved Texas, Bryan, , First State Bank and Trust Company investment in bank premises by, to purchase building site, construct new banking quarters, and purchase land for parking lot, approved, with provision that capital funds be increased and proceeds from sale of present quarters be added to capital 12/18 funds Y., N. First Trust & Deposit Company, Syracuse, additional investment in bank premises 3/28 approved n, , Michiga Fremont Fremont Banking and Trust Company, investment in banking premises ap10/29 proved Board notes s, Gary-Wheaton Bank, Wheaton, Illinoi recent expenditures for investment in bank premises, section 24A of FRAct requires State member bank to obtain approval for investment in, on basis of information supplied, Board would have granted 8/29 such approval, no objection made ent investm n, Michiga Gaylord State Bank, Gaylord, 8/2 in new premises, approved in ent investm Heights State Bank, Houston, Texas, bank premises made without Board's approval noted, no objection to the expenditures made, consideration re augmenting capital account 4/19 urged http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3268, 3287 1261, 1286 4411, 4434 1047, 1056 3698, 3702 2952, 2968 2557, 2565 1262, 1290 1963 48 Pages Banking quarters: (continued) (Individual banks): (continued) Hermann Bank, Hermann, Missouri, additional investment in bank premises approved Branch: ille Jacksonv Expansion, possible need for, discussed in connection with the review of the examination report of the FRBank of Altanta Lafayette Trust Company, Easton, Pennsylvania, investment in bank premises by, to purchase land and to construct quarters for new branch to be located on north side of William Penn Highway between Beech and Arlington Streets, Palmer Township, Northampton County, Penna., approved Little Rock Branch: Building agreement with Schwarz & Van Hofen, architects, amendment providing construction of a new building rather than an addition noted, employment of House, Holmes, Butler & Jewell, law firm to assist in acquisition of a new building site, also noted Construction of new building, Board interposes no objection for proceeding with development of preliminary plans and specifications on, acquisition of building site approved earlier Manteno State Bank, Manteno, Ill., no objection by Board to recent expenditure on bank premises Merchants and Farmers Bank, Portsmouth,Va., investment in bank premises, approved, representing an investment in its affiliate; a loan to the affiliate and an amount for purpose of constructing branch quarters Merchants and Farmers Bank, Smithfield, Va., letter interposing no objection to the retention of ownership of formerly occupied bank premises for a period expiring June 18, 1963, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/18 170, 178 2/27 705 8/21 2832, 2840 2/15 571, 582 9/3 3007, 3017 4/9 1168, 1184 2/28 717, 726 1/22 206, 218 1963 49 Pages Banking quarters: (continued) (Individual banks): (continued) Merchants and Planters Bank, Camden, Ark., investment in bank premises approved New Orleans Branch: Construction of new building, advertising for bids for, authorized Indicated by Gov. Mitchell that in future cases it would be desirable to have two cost computations, costs in terms of usable space and rental rates for such space, with maintenance requirements considered Expenditure of approximately $4,610,000 for program, which figure includes a 5 per cent allowance for contingencies, approved Pacific State Bank, Hawthorne, California, investment in bank premises approved Peninsula Bank and Trust Company, Williamsburg, Virginia, investment in bank premises by, for purpose of constructing an addition to its branch building at 120 Monticello Ave., Williamsburg, Va., approved Peoples State Bank, Artesia, New Mexico, investment in bank premises approved Peoples State Bank of Maplewood, Maplewood, Missouri, investment in bank premises, approved Provident Bank, Cincinnati, Ohio, investment in bank premises approved Raleigh County Bank, Beckley, West Virginia, investment in bank premises approved, attention called to fact that Board's permission was not obtained prior to consummating certain previous transactions with bank's subsidiary building corporation Raleigh County Bank Investment Corporation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/20 1991, 2012 5/22 1680, 1708 5/22 1681 9/18 3212, 3237 6/26 2073, 2115 12/2 4160, 4176 7/12 2274, 2284 1/22 206, 219 2/8 509, 512 9/18 3212, 3234 1963 50 Pages Banking quarters: (continued) (Individual banks): (continued) Richland Trust Company, Mansfield, Ohio, not granted permission to carry investment in bank premises in an amount in excess of bank's capital stock, in 1962 bank's wholly owned subsidiary, Richland Building Corporation increased mortgage against its real estate which amounted in bank's investment in bank premises being in excess of capital stock of, not considered sound banking practice no corrective action by Board in view of satisfactory condition of bank Ridgefield Park Trust Company, Ridgefield Park, New Jersey, investment in bank premises approved Rising Sun State Bank, Rising Sun, Ind., investment in bank premises approved Seattle Branch: Air conditioning program for building, Board interposes no objection to proceeding with Board interposes no objection to proposed terms of agreement for engineering services re Seattle Trust and Savings Bank, Seattle, Washington, investment in bank premises approved Plans to provide additional capital funds during the latter part of 1963, noted Shelby County State Bank, Shelbyville, Illinois, investment in banking premises for the purpose of purchasing a site and erecting new banking quarters, approved State Bank of Lebanon, Missouri, additional investment in bank premises for purpose of acquiring and improving land for additional parking facilities, approved State Bank of St. Charles, Illinois, investment in bank premises approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/19 2796, 2815 8/8 2597, 2627 4/26 1343, 1353 3/28 1048, 1060 7/18 2338, 2347 6/7 1840, 1853 6/7 1853 12/16 4375, 4388 8/6 2573, 2581 6/12 1898, 1911 1963 51 Pages Banking quarters: (continued) (Individual banks): (continued) State Bank of Somerset County, Raritan, N. J., additional investment in bank premises incident to the establishment of a branch on Route 206 between Hamilton Road and Amwell Road, Hillsborough Township, Somerset County, New Jersey, 440, 451 2/5 approved , Michigan Rapids, Grand Company, Trust and Bank Union investment in bank premises approved for purpose of acquiring site and constructing new main office quarters 9/23 3268, 3288 Wells Fargo Bank, San Francisco, California, investment direct and indirect in bank premises, approved, amount represents an investment by, and indebtedness by affiliate ATC Building Company, approval given with provision of using money for bank premises or beginning construction of new 7/31 2511, 2521 branch offices Governor Balderston asked whether FidelityPhiladelphia Trust Co., Philadelphia, Penna., could not obtain same type of permission to invest in bank 7/31 2511 premises Wilmington Trust Company, Wilmington, Delaware, application to purchase certain assets and assume deposit liabilities of Camden (Delaware) branch of Baltimore Trust Company, Selbyville, Del., and incident thereto, to make an additional investment in bank premises, following discussion, application approved, Gov. 7/10 2224 Robertson dissenting included Paragraph involving bank premises in letter transmitting order and 7/23 2376 statements http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 52 Pages Banking quarters: (continued) (Individual banks): (continued) Wilmington Trust Company, Wilmington, Delaware, investment in bank premises and the establishment of a branch bank in the vicinity of West Market Street and The Square, Georgetown, Delaware, approved t Investmen in bank premises incident to relocation of a branch at 436 Loocherman Street, Dover, Del., to purchase property to be used as quarters for new branch approved Winnetka Trust and Savings Bank, Winnetka, Ill., investment in bank premises approved Wisconsin Marine Bank, Milwaukee, Wisconsin, additional investment in banking premises approved B ankruptcy Act: Trustees in bankruptcy, amendment authorizing, to deposit funds in interest-bearing savings deposits, question re eligibility of such trustees to maintain savings accounts, and effect of amendment on Board's authority to define savings deposit Beauty shop: Cormany, Grace, termination of agreement to operate beauty shop in Board's building, noted Quinones, Dominga Maria, terms and conditions relating to operation of, in Board's building, sent to Be neficial Finance Company, Wilmington, Delaware, inquiry from, re status of industrial banks under Bank Holding Company Act of 1956, suggested interpretation be sent to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/24 3640, 3656 12/18 4411, 4431 3/7 820, 828 11/8 3890, 3900 6/20 2002 2/18 618 2/18 618 1/15 123 1963 53 Pages Board of Governors: Administrative affairs, internal, Gov. Shepardson vested with direction of, including authorization to approve travel requests, personnel actions relating to Board employees, other than official staff, appointments of examiners, assistant examiners and special or special assistant examiners of FRBanks Audits: SEE: Audits: Board of Governors: Beauty shop: Cormany, Grace, termination of agreement to operate, in Board's building, noted Quinones, Dominga Maria, terms and conditions relating to operation of, in Board's building, sent to Building: Addition or annex on C Street: Governor Shepardson to negotiate with National Park Service with view to extending garage facilities of, under portion of land owned by the Park Service, architectural firm to consider providing access to garage from more than one street Architect to be instructed to abandon any plan for use of land north of Board's present property line and that architect proceed with feasibility studies of lateral underground extensions to curb lines on 20th and 21st Streets and possible use of one or more aboveground floors for needed garage space Architects' fee relating to planning of, included in 1964 budget American Bankers Association convention to be held in Washington, D. C., favorable reaction to the arrangement of a suitable exhibit in staff to proceed with plans subject to approval by Governor Shepardson http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/23 2385 2/18 618 2/18 618 3/25 1017 8/21 2838 12/9 4252 5/1 1419 1963 54 Pages Board of Governors: (continued) Building: (continued) Exhibits, noted that some features of an exhibit planned for those attending the American Bankers Association convention to be held in Washington, D. C., might be retained for the benefit of visitors to the FRBuilding on a continuing 1420 5/1 basis offices, members Board to entrance Oval at question re position being filled by a woman, preference expressed for continuance of present services, but no objection to whatever arrangements might be worked out by Gov1423 5/1 ernor Shepardson Parking facilities, survey re Federal employee parking made by General Services Administration, request from Budget Bureau for comments re Board participation in, consensus that Board not participate, in light of FRAct providing Board control of its building and space, letter to Budget Bureau ap1/31 392, 408 proved with negotiate to Shepardson Governor National Park Service with view to extending garage facilities of C Street annex under portion of land owned by the Park Service, architectural firm to consider providing access to garage from 3/25 1017 more than one street Roof, repair work on main roof and 3 roof decks authorized, with over-expenditure in budget of Division of Administrative Services ap4/24 1320 proved Space requirements: Additional rental space in new FDIC building, Gov. Shepardson authorized 3,000 additional 6/19 1976 square feet http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 55 Pages Board of Governors: (continued) Building: (continued) Space requirements: (continued) Governor Shepardson reported that negotiations had resulted in an agreement to amend the original lease to cover additional space, agreement authorized Provisions made in budget for 1964 for rental of space in FDIC building Christmas greeting card, staff authorized to arrange for, to be sent to heads of foreign central banks, FRBank directors, and other appropriate parties, design of card to recognize 50th anniversary of signing of FRAct Format displayed, Board authorized appropriate distribution along with payment of necessary costs of FRSystem affairs by Board tiality Confiden employees SEE: Staff of Board of Governors Confidentiality of FRSystem affairs Conflict of interest and ethical affairs of Board's employees of Governors Board of SEE: Staff Conflict of interest and ethical affairs Division of Administrative Services: Mail and Messenger Service Unit, abolishment of position of Head, and establishment of independent units for Mail Service and Messenger Force approved Mail Service Unit, additional Mail Clerk to be employed in connection with reorganization of Mail Service and Messenger Force units Establishment of independent unit approved; position of Head, Mail and Messenger Service Unit abolished, Wesley B. Collins, Senior Mail Clerk, to continue in charge of Mail Service http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/8 2624 12/9 4252, 4276 11/5 3812 11/20 4076 5/29 1796 5/29 1796 5/29 1796 1963 56 Pages Board of Governors: (continued) Division of Administrative Services: (continued) Messenger Force Unit, establishment of independent unit approved, title of E. C. Langley changed to Head Messenger; title of Frank A. Dean, Jr., changed to Assistant Head Messenger building, cost of repair work Board's of Roof on main roof and 3 roof decks authorized, with overexpenditure in 1963 budget of, approved 5/29 1796 4/24 1320 Division of Bank Operations: Examination of FRBanks: Distinction between responsibility of Div. of Examinations and, in connection with, matter discussed by Mr. Farrell in discussion re changes in procedures proposed by 3/20 Gov. Robertson aExamin Relationships between Divisions of tions and Personnel Administration and, with respect to, agreed Governor Shepardson discuss with staff 3/25 members Division of Data Processing: Key Punch Operator, establishment of a new position of, for which no provision has been made in 1963 budget, approved Tabulating Machine Operator, establishment of a new position of, at Grade FR-4 level, approved Division of Examinations: Examination of FRBanks: Distinction between responsibility of Division of Bank Operations and, in connection with, matter discussed by Mr. Farrell in discussion re changes in procedures proposed by Gay. Robertson http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 971 1017-1030 3/18 915 8/6 2580 3/20 971 1963 57 Pages Board of Governors: (continued) Division of Examinations: (continued) Examination of FRBanks: (continued) Memorandum showing deployment of Board's field examining staff at the opening of an examination and the utilization of manpower, comments made by staff members formerly associated with the field examining function Relationships between Divisions of Bank Operations and Personnel Administration and, with respect to, following discussion, agreed Gov. Shepardson discuss with staff members Recommendations for the annual review of a FRBank examination to be made by Haskins & Sells and the securing of a specialist Increase in staff: Suggested by Governor Robertson in light of the revision of Reg. K, general agreement Division of International Finance: Asia, Africa, and Latin America Section, position of Economist, establishment authorized Europe and British Commonwealth Section, position of Economist (Grade FR-12) establishment approved Boris C. Swerling transferred to new position from Special Studies and Operations Section which was abolished Special Studies and Operations Section: Research Assistant, new position established, appointment of Holly Humphrey, salary approved Economist, new position established http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/22 990 3/25 1017-1030 5/1 1421 8/22 2873 4/12 1212 3/12 880 10/23 3/22 4/12 3617 992 1212 1963 58 Pages Board of Governors: (continued) Division of International Finance: (continued) Special Studies and Operations Section: (continued) Boris C. Swerling, Senior Economist, transferred to position of Senior Economist in new position established in Europe and Commonwealth 10/23 Section ion: Administrat Division of Personnel Examination of FRBanks, relationships between Divisions of Examinations and Bank Operations and, with respect to, agreed Governor Shepardson 3/25 discuss with staff members Salaries, FRBanks, employees, minimum hourly wage rate to become effective 9/1/63, Division authorized to advise inquiring FRBanks that there would be no objection to their submitting 4/29 revisions Salaries, FRBanks, employee structures, techniques used by FRBanks in determining, suggestion that Division study, to help resolve inconsistencies between possible furtherance of wage-cost spiral and problem of recruiting com4/29 petent staffs Division of Research and Statistics: Banking Markets Unit, memorandum from Mr. Noyes recommending the establishment of three additional economist positions approved with the understanding that such positions would be transferred from existing vacan4/19 cies within the Division Economists, possibility of creating a pool of, from which to fill specialized vacancies following a period of time for gaining experience, suggested in light of problems re filling vacancies for professional 2/28 positions http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3617 1017 1377 1378 1266 719 1963 59 Pages Board of Governors: (continued) Emergency plans, report on defense mobilization activities during the year ending June 30, 1963, including program for continuity of FRSystem functions in event of attack, bank preparedness, and V-loan program, sent to Chm. Patman, Joint Committee on Defense Production Employee training and development program: SEE: Staff of Board of Governors: Employee training and development program: Employment practices, Board's regulations and procedures relating to nondiscrimination amended to conform with amended Rules and Regulations of the President's Committee on Equal Employment Opportunity, copies distributed to all members of Board's staff Equipment: SEE: Equipment: Board of Governors Financial operations of, request from the Bureau of the Budget for data re, to be included in the 1965 Federal Budget for informational purposes only, reply approved Supplementary letter to Bureau of the Budget Hours of work, report by General Services Administration recommending further staggering of, question re need for increase in lunch period to 45 minutes, Board willing to comply with other Government agencies, advice to Bureau of the Budget 9/11 3092,3108-19 3/6 803, 817 12/16 12/16 7/8 Insurance: Accident insurance for Board employees, recommendation re program on voluntary, payroll deduction, employeepay-all basis, approved with designation of Marsh & McLennan, 4/26 Inc., as insurance broker Line Multiple of Bankers ion Designat Insurance Company as the insuring company for the Board's accident insurance program, as recommended by Marsh and McLennan, Inc., approved 5/20 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4382, 4398 4384, 4400 2205, 2216 1344, 1362 1655 1963 60 Pages Board of Governors: (continued) National Banking Laws and Comptroller's Regulations, Board's right to interpret as they apply to State member banks question under consideration Question discussed further, to be left for separate correspondence with Comptroller Agreed to send letter to Comptroller indicating Board's position, and referring to different interpretations by Board and Comptroller re eligibility of Associated Hospital Service to maintain a savings deposit, with copy of letter to be sent to Congressman Multer and to FRBanks Further discussion indicating provisions of section 2 of the FRAct and Reg. D have a bearing on the Board's right to interpret its own regulations and enforce them in case of a national bank, letter to Comptroller of the Currency approved Members: Chairman, attendance at interagency meetings and committees, comments by Chm. Martin re position he should take in capacity of Chairman of Board of Governors, in light of possible divided opinions within Board, comments by Board members Managerial duties, direction vested with Governor Shepardson, including authorization to approve travel request, personnel actions relating to Board employees, other than official staff, appointments of examiners and special assistant examiners of FRBanks Oath of office, administration of, resolution designating the Chairman of the Board or any other Board member as an officer with authority to administer the oath of office to any new member of the Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/18 898 4/19 1273 4/30 1395 5/6 1481, 1506 3/6 801 7/23 2385 11/18 4026 1963 61 Pages Board of Governors: (continued) Members: (continued) Votes, reversal by Board member following action on application and prior to issuance of order announcing Board's decision, question re procedure and legal position of Public disclosure of individual votes on all proceedings, S, 1666, bill to amend Administrative Procedure Act to require, Board opposed report sent to Chm. Eastland, Senate Judiciary Committee Balderston, C. Canby: Suggestion that FRBanks might appraise member banks as to the character of their business in connection with the establishment of criteria for granting to member banks in reserve cities permission to carry reduced reserves Draft statement to be presented before the House Banking and Currency Committee on April 25, 1963 by, re H. R. 5130, a bill to increase the insurance limit from $10,000 to $25,000 on bank deposits and savings and loan shares,understood that a revised draft would be prepared Revised draft considered appropriate Invited by Cong. Reuss of House Banking and Currency Committee to comment on subject of economic growth as related to the supply of money, comments made by Gov. Balderston in connection with Board members appearing before Committee re recent changes in discount rates and advances at FRBanks, memorandum distributed by Designated to serve with Gov. Mitchell on the Committee on Organization, Compensation, and Building Plans, understood that a third member would be designated later Governor Shepardson designated to serve with http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/12 1200 7/2 2175, 2180 2/4 423 4/17 4/19 1246 1274 7/25 2442 8/8 2625 8/27 2932 1963 62 Pages Board of Governors: (continued) Members: (continued) Balderston, C. Canby: (continued) Statement of approval by, re merger of Fidelity-Philadelphia Trust Company, Philadelphia, Pennsylvania, with Liberty Real Estate Bank and Trust 12/5 Company, also of Philadelphia n, Governor Shepardso by g statement Dissentin concurrence with by, in connection with the disapproval of the application of Lorain County Savings & Trust Company, Elyria, Ohio, to merge with 12/23 Central Bank Company, Lorain, Ohio Jr.: McC., William Martin, Statement to be made before the Joint Economic Committee on Friday, February 1, 1963, understood that draft would be reviewed by the staff and presented in final form 1/30 satisfactory to Comments re position to be taken by, while serving on interagency Committee on Financial Institutions and other interagency groups, in light of possible division of opinion with3/6 in the Board House before presented be to Statement Banking and Currency Committee re H. R. 4413, a bill to repeal the silver purchase laws and provide for replacement of silver certificates by FRnotes, understood that the statement would be put in final form sat3/11 isfactory to To testify with three other members of the Board, all on a personal basis, at hearings before the Subcommittee on Bank Supervision and Insurance, re bills to establish a Federal Banking Commission and a Federal Deposit and Savings Insurance Board, later decision to restrict testimony to the bill to establish a Federal 4/30 Banking Commission http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4238 4498, 4522 294 801 841 1405 1963 63 Pages Board of Governors: (continued) Members: (continued) Martin, Wm. McC.,Jr.: (continued) Understanding re testimony by, before House Armed Services Committee, Subcommittee No. 3, re H. R. 3516, a bill relating to fallout shelters To testify before Senate Banking and Currency Committee re S. 1642, bill to amend Securities Exchange Act and Securities Act of 1933, agreed that Board's report should be consistent with testimony Testimony to amplify views expressed in letter Report by, on meeting with other Government officials and reference to actions of seven Reserve Banks in increasing the discount rates from 3 per cent to 3-1/2 per cent Bills, H. R. 5845, 7878, 8247, 8230, and 8245, discussed in connection with testimony to be given by, before the House Banking and Currency Committee, to be discussed further at tomorrow's meeting Testimony to be presented Sept. 24, 1963 by Tenor of testimony questioned by Gov. Mills, Board's position described by Views expressed re possible increase in margin requirements and possible elimination of substitution rule Draft of report re loans on forest tracts, prepared by staff, with cooperation of FRBanks and 100 commercial banks for, in connection with a study report to be given before the House Banking and Currency Committee Mills, A. L., Jr.: Views against submission of record of policy actions of FOMC to Joint Economic Committee in advance of submission of Board's Annual Report to Congress http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/4 1814 6/17 1933 6/19 1976 7/16 2306 9/18 3214 9/19 3242 9/23 3281 11/4 3767 12/12 2/4 4344 429-32 1963 64 Pages Board of Governors: (continued) Members: (continued) Mills, A. L., Jr.: (continued) Statement of opinion re hearings in connection with bank holding company applications, referring to applications of Denver U. S. Bancorporation, Inc., Denver, Colo., and First Colorado Bankshares, Inc., Englewood, Colorado Wishes to hold himself apart from report of Committee on Financial Institutions To discuss with President Fulton of the Cleveland Bank the proposed Cincinnati Branch building program Views re streamlining Board's examination procedures of FRBanks, as proposed by Governor Robertson, in light of Board's responsibilities To testify with three other members of the Board, all on a personal basis, at hearings before the Subcommittee on Bank Supervision and Insurance, re bills to establish a Federal Banking Commission and a Federal Deposit and Savings Insurance Board, later decision to restrict testimony to the bill to establish a Federal Banking Commission Statement opposing draft deposit insurance bill Comments re need for corrective legislation in the field of security credit, particularly re unregulated lenders and unlisted stocks Memoranda by, with respect to proposed legislative changes re discount eligibility requirements and proposed revision of Reg. A, comments re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/6 788 3/11 852 3/19 939 3/25 1024-1030 4/30 1405 5/15 1582 7/10 2239 7/24 2408 1963 65 Pages Board of Governors: (continued) Members: (continued) Mills, A. L., Jr.: (continued) Explanation by Gov. Mills re his dissenting vote with respect to the adoption of the revision to Regulation K Stated that he would like to be recorded as opposing enactment of the bill to amend Sec. 5136 of the Revised Statutes authorizing member banks to underwrite and deal in revenue bonds to a limited extent Board had no objection to Gov. Mills sending paper to Chm. Patman of House Banking and Currency Committee reflecting his thinking re evolution of banking laws, particularly in regard to loans and investments Dissenting statement of, re Board's approval of application of Wachovia Bank and Trust Company, WinstonSalem, North Carolina, to merge with The Bank of Randolph, Asheboro, North Carolina Expressed disagreement with memorandum prepared by Division of Examinations outlining procedures followed in reviewing Reserve Bank expenses, primarily on non-routine type, it was understood that a revised memorandum would be prepared and made available to members of the Board Dissenting statement of Gov. Robertson and, in connection with the order approving the merger of Bank of Virginia, Richmond, Virginia, with Hallwood National Bank, Hallwood, Virginia Dissatisfaction indicated by, re current budgetary procedures, discussion re budgets of FRBanks for first half of 1964, statement read by, stating that he favors return to previous procedure re budgetary details of FRBanks and thus will abstain from participating in Board decision re budget procedures of FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/22 2870 9/4 3026 9/23 3282 11/14 3950, 3978 11/18 4021 12/4 12/18 4204, 4230 4419 1963 66 Pages Board of Governors: (continued) Members: (continued) Mills, A. L., Jr.: (continued) Acting Chairman, signed document officially fixing date of call for December 20, 1963 W.: George Mitchell, Suggestion that the problem re exemption by P. L. 87-827 from interest rate limitations prescribed by the Board, could be alleviated by increasing the maximum permissible rate of interest on short-term time certificates under Reg. Q Dissenting statement re approval of application of Union Trust Company of Maryland, Baltimore, Md., to merge with Peoples Loan, Savings and Deposit Bank, Cambridge, Md. Views re FRSystem participation in field of department store reporting Adequacy of available data re chain banking activities questioned by, such activities not covered in recent survey on chain banking, to consult with appropriate members of the Board's staff and consider further as to what type of study might seem appropriate Decision to reverse vote on application of Norfolk County Trust Co., Brookline, Mass., to consolidate with Wellesley Trust Co., Wellesley, Mass., in light of additional information presented after vote by Board but prior to issuance of order announcing decision May attend as an observer the Seventh Meeting of Central Bank Technicians of the American Continent, held at Rio de Janeiro, Brazil Concurrence with dissenting statement by Governor Robertson re approval of application by Norfolk County Trust Company, Brookline, Mass., to consolidate with Wellesley Trust Company, Wellesley, Mass. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/19 4464 1/18 173 3/1 734, 753 3/6 792 3/22 989 4/12 1200 4/19 1294 4/19 1305 1963 67 Pages Board of Governors: (continued) Members: (continued) Mitchell, George W.: (continued) Concern re possible furtherance of wage-cost spiral by principles followed by FRBanks in determining salary structures To testify with three other members of the Board, all on a personal basis, at hearings before the Subcommittee on Bank Supervision and Insurance, re bills to establish a Federal Banking Commission and a Federal Deposit and Savings Insurance Board, decided later to restrict the testimony to the bill to establish a Federal Banking Commission To prepare for Board's consideration memorandum re comments received on published proposed revision of Reg. K Report re meeting of economists at Treasury Dept, suggestion re arranging a conference with outside economists at the Board sometime in the fall Designated to serve as Chairman with Governor Balderston on the Committee on Organization, Compensation, and Building Plans, understood that a third member would be designated later Governor Shepardson designated to serve with May attend seventh meeting of Technicians of Central Banks of the American Continent, in October, in Rio de Janeiro, Brazil, authorized to discuss format of meetings with Mr. Javier Marquez, Director of Center for Latin American Monetary Studies who would be in Washington soon http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/29 1378 4/30 1405 5/23 1722 5/29 1795 8/8 2625 8/27 2932 9/19 3245 1963 68 Pages Board of Governors: (continued) Members: (continued) Mitchell, George W.: (continued) Concurring statement re approval of application of Denver U. S. Bancorporation, Denver, Colorado, to become a bank holding company Concurring statement re approval of application of First Colorado Bankshares, Inc., to acquire voting shares of Security National Bank, Denver, Colorado Dissenting statement re approval of application of Fidelity-Philadelphia Trust Company, Philadelphia, Penna., to merge with Liberty Real Estate Bank and Trust Company, also of Philadelphia Robertson, J. L.: To discuss with Chm. Cocke, FDIC, possible amendment to regulations to require banks to modify contracted interest rates payble on long-term time certificates should such rate be reduced Memorandum suggested possible steps for improving usefulness of FRBulletin statement re approval of apnting Disse plication of Peoples Trust Company of Bergen County, Hackensack, N.J., to merge with The First National Bank of Wyckoff, N.J. Dissenting statement re approval of application of Union Trust Company of Maryland, Baltimore, Md., to merge with Peoples Loan, Savings and Deposit Bank, Cambridge, Md. To attend the annual meeting of the Bank for International Settlements in Basle, Switzerland, and also to visit several European central banks Dissenting statement of, in which Gov. Mitchell concurred, re approval of application of Norfolk County Trust Company, Brookline, Mass., to consolidate with Wellesley Trust Company, Wellesley, Mass. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/6 3869 11/14 3952, 4001 12/12 4372 1/7 35 1/21 196 2/15 573, 599 3/1 734, 751 3/7 821 4/19 1305 1963 69 Pages 80ard of Governors: (continued) Members: (continued) Robertson, J. L.: (continued) To testify with three other members of the Board, all on a personal basis, at hearings before the Subcommittee on Bank Supervision and Insurance, re bills to establish a Federal Banking Commission and a Federal Deposit and Savings Insurance Board, decided later to restrict the testimony to the bill to establish a Federal Banking Commission Dissenting statement re approval of application of Chemical Bank New York Trust Company, N.Y., to assume liabilities and acquire assets of Bank of Rockville Centre Trust Company, Rockville Centre, N.Y. Dissenting statement re approved application of Sussex County Trust Company, Franklin, N. J., to merge with Farmers National Bank of Sussex, N. J., under title of Bank of Sussex County Prepared statement re proposed increase in maximum rates of interest payable on time certificates, and proposed amendment to Reg. Q to place a limit on the amount of negotiable time certificates a bank can issue Dissenting vote re increase in discount rates at FRBanks to 3-1/2 per cent Statement of views re action re Dissenting statement re approved application of Wilmington Trust Company, Wilmington, Delaware, to acquire assets and assume liabilities of Camden (Del.) branch of Baltimore Trust Company, Selbyville, Del. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/30 1405 5/27 1791 5/29 1794, 1809 7/16 2301 7/16 7/16 2307 2309 7/23 2376, 2398 1963 70 Pages Board of Governors: (continued) Members: (continued) Robertson, J. L.: (continued) Dissenting statement re approved application of Bankers Trust Company, New York, N.Y., to acquire the assets and assume liabilities of First National Bank of Farmingdale, N.Y. Dissenting statement re approved application of Fifth Third Union Trust Company, Cincinnati, Ohio, to purchase assets and assume liabilities of Citizens Bank of St. Bernard, Ohio Suggestion to augment the staff of the Division of Examinations that was concerned with problems of international banking and financing, in light of the revision of Reg. K Board at anticipated hearrepresent To ings before House Subcommittee on Legal and Monetary Affairs, re bank supervision and examination in relation to prevention, detection, and prosecution of crimes against State member banks To represent Board at hearing on subject of window dressing by commercial banks Publication of Gov. Robertson's statement on window dressing at hearing in FRBulletin Dissenting statement re approved application of West Branch Bank and Trust Company, to merge with Bank of Newberry, both of Williamsport, Penna., under title of Northern Central Bank and Trust Company, Williamsport, Penna. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/26 2469, 2488 8/6 2591 8/22 2873 9/16 3164 9/26 3343 10/7 3445 10/23 3636 1963 71 Pages Board of Governors: (continued) Members: (continued) Robertson, J. L.: (continued) Dissenting statement re approval of the application of Denver U.S. Bancorporation, Inc. Denver, Colorado, to become a bank holding company Dissenting statement re approved application of Wachovia Bank and Trust Company, Winston-Salem, North Carolina, to merge with The Bank of Randolph, Asheboro, North Carolina Concurring statement re approved application of First Colorado Bankshares, to acquire voting shares of Security National Bank, Denver, Colorado Statement on window dressing of commercial banks by, in October FRBulletin, page 1380 Dissenting statement of Governor Mills and, re approved merger of Bank of Virginia, Richmond, Virginia, with Hallwood National Bank, Hallwood, Virginia Dissenting statement re approved application of Fidelity-Philadelphia Trust Company, Philadelphia, Penna., to merge with Liberty Real Estate Bank and Trust Company, also of Philadelphia Acting Chairman, asked to advise FDIC that if another document fixing the call for December 20, 1963, was sent to be signed, he would sign it, but would indicate he disagreed with the date selected Indicated that as Acting Chairman, he had entered his dissent on a document selecting December 20, 1963, as the date for Call Reports for the end of the year http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/6 3873 11/14 3950, 3978 11/14 3952, 4001 11/26 4107 12/4 4204, 4230 12/12 4365 12/19 4465 12/24 4530 1963 72 Pages Board of Governors: (continued) Members: (continued) Shepardson, Charles N.: Authorized to approve representation expenses in connection with Ralph C. Young's attendance at meetings of Working Party 3, Economic Policy Committee of Organization for Economic Cooperation and Development with National Park negotiate To Service re extending garage facilities of C Street annex under portion of land owned by the Park Service, and to have architectural firm consider providing access to garage from more than one street To discuss relationships of Divisions of Examinations, Bank Operations and Personnel Administration with respect to examinations of FRBanks Authorized to negotiate with FDIC for additional rental space in FDIC building of approximately 3,000 square feet Reported by, that negotiations had resulted in an agreement to amend the original lease to cover additional space Vested with direction of Board's internal affairs of a managerial nature, including authorization to approve travel requests, personnel actions relating to Board employees, other than official staff, appointments of examiners, assistant examiners and special or special assistant examiners of FRBanks Designated as member of Board's committee on Organization, Compensation, and Building Plans with Governors Balderston and Mitchell http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/15 577 3/25 1017 3/25 1030 6/19 1976 8/8 2624 7/23 2385 8/27 2932 1963 73 Pages Board of Governors: (continued) Members: (continued) Shepardson, Charles N.: (continued) Plan suggested by, re creation of additional grades at upper end of salary structure for employees at FRBanks, such as economists, to be presented in memorandum form to Board Division of Personnel and, to undertake a study re problems of FRBanks in getting and keeping economists Travel requests to Alaska and Hawaii to be handled by, in same manner as domestic travel requests Dissenting statement of Gov. Shepardson in which Gov. Balderston concurred, re denial of application of Lorain County Savings & Trust Company, Elyria, Ohio, to merge with Central Bank Company, Lorain, Ohio Office of Defense Planning: Contractual Professional Services Account, overexpenditure in, to cover cost of unanticipated volume of security clearances for FRBank personnel approved Personnel actions, Governor Shepardson authorized to approve on behalf of the Board all personnel actions relating to members of the Board's staff other than official staff Procedures: Administrative for 1963, reporting forms showing statistical data re, sent to Senator Long, Chairman of the Administrative Practice and Procedure Subcommittee of the Senate Judiciary Committee Announcement of Board actions, staff to review various types of actions taken by Board to determine question of extending the area of public announcement re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/19 3247 9/23 3268, 3291 10/9 3495 12/23 4498, 4522 6/17 1936 7/23 2385 12/2 4160, 4183 7/2 2178 1963 74 Pages Board of Governors: (continued) Procedures: (continued) Announcement of Board actions: (continued) Agreed to expand weekly K. 2 release to include notice of receipt and release of action on applications for establishment of branches, establishment and investment in Edge Act and agreement corporations, permission to carry reduced reserves, and membership in FRSystem, Governor Mills' reservations noted Letter to FRBanks re procedure Board had decided to follow concerning K. 2 release Bank merger and bank holding company applications: Suggestion re conducting on-the-spot study of market areas involved in, general agreement that possibility be borne in mind for future use Such study to be conducted in connection with an application for a bank merger in New York State Reversal of vote by Board member on, following action and prior to issuance of order announcing Board's action, question re procedure and legal position of Agreed not to proceed with on-the -spot survey of market area involved in merger application in New York State in light of certain developments Report sent to Congressman Fascell, Chm. of the House Legal and Monetary Affairs Subcommittee re established practices .and procedures in processing Branch bank applications, announcement of Board's action on, at time of approval, agreed to obtain views of FRBanks before adopting procedures re Question whether receipt of branch application should also be announced http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/22 2862 9/27 3374, 3394 1/31 387 2/4 433 4/12 1200 4/12 1207 5/1 1419,1432-33 7/2 2177 7/2 2178 1963 75 Pages Board of Governors: (continued) Procedures: (continued) Regulations of Board, issuance of new or amended, agreement that views of FRBanks should be obtained before notice of proposed rule making is published in Federal Register for comment in light of President's program of, Review re management and administration of departments and agencies of Government Quarters, additional rental space in new FDIC building, Gov. Shepardson authorized to negotiate for approximately 3,000 additional square feet Relocation facility for the joint emergency use of Board and FRBank of Richmond to include an emergency currency vault and provisions for leased wire switching center, report of joint study by representatives of Board and Bank re, agreed to advise Bank of Board's concurrence in proposal so that Bank could move ahead with development of plans and construction of facility Bonds: "Constant purchasing power" bonds, S. 1331, bill to authorize Treasury to issue, which would contain adjustments in maturity and redemption values to compensate for increases in cost of living, to assist individuals to obtain protected retirement benefits, unfavorable report to Budget Bureau International Bank for Reconstruction and Development, amendment to fiscal agency agreement between FRBank of New York and, to cover a proposed issue of latter's two-year bonds of 1963, ratified by unanimous vote, letter to FRBank of New York http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/28 12/18 1052 4427, 4452 6/19 1976 12/4 4207, 4233 5/29 1794, 1800 9/16 3167, 3176 1963 76 Pages Bonds: (continued) Municipal securities, repurchase arrangements in transactions between Morgan Guaranty Trust Company of New York and dealers in, classification as loans or investments in securities in connection with reports of condition and examination questioned, advice to FRBank of New York Opinion of Comptroller of the Currency indicated Revenue bonds: Underwriting and dealing in,by national and State member banks, proposed revision of Comptroller of Currency's Securities Investment Regulation which would in effect permit, Board opposes this provision letter to Comptroller Meeting with proponents of commercial bank financing of, headed by Hardin Hawes, officer of Harris Trust and Savings Bank, Chicago, Ill., understanding re Letter to Comptroller of the Currency by Harris Trust and Savings Bank of Chicago, discussed prior to afternoon meeting Messrs. Hawes, Perkins, Leach and Pfeffer,representatives of Harris Trust and Savings Bank, Chicago, Continental Illinois National Bank, Chicago, Morgan Guaranty Trust Co., N.Y., and First National City Bank, N.Y., met with Board to present views in favor of S. 828, a bill to grant national and State member banks limited authority to underwrite revenue bonds http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/2 1114, 1133 4/2 1118 7/19 2357, 2364 7/19 2361 7/24 2406 7/24 2421 1963 77 Pages Bonds: (continued) Revenue bonds: (continued) Draft bill to enlarge investment powers of Federal savings and loan associations, permitting investment without limit in obligations of all agencies of the United States as well as obligations of States and local governmental entities as defined by the Federal Home Loan Bank Board, with the possibility of including, no position to be taken on the "revenue bond" question in report to the Bureau of the Budget Question by Morgan Guaranty Trust Company, N.Y., N.Y., re underwriting authority of member banks, with particular reference to State of Washington bonds, in light of ruling by Comptroller of the Currency, Board stated that such bonds were not "general obligations" under Section 5136 of Revised Statutes and thus not eligible for underwriting by State member banks, advice to FRBanks, interpretation, to be published in Federal Register and FRBulletin H. R. 5845, a bill to amend Sec. 5136 of Revised Statutes, to permit underwriting and dealing in, by commercial banks, position to be taken at forthcoming hearings re, to be discussed at next Board meeting Agreed that if Board took an adverse position,that it would recommend that the present law be clarified in relationship to the Comptroller's interpretation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/8 2609 9/4 3028 9/18 3214 9/18 3226 1963 78 Pages Bonds: (continued) Revenue bonds: (continued) H. R. 5845, a bill to amend section 5136 of Revised Statutes to permit underwriting and dealing by commercial banks in, majority of Board opposed Governor Mills expressed his views and raised question re tenor of testimony to be given tomorrow with respect to,Chm. Martin described his position which had been agreed to earlier S. 828, a bill to grant national and State member banks limited authority to underwrite, letter to Senator Robertson, Chm. of Senate Banking and Currency Coumittee, stating Board does not favor enactment of, believes, however, that legislation clarifying meaning of term "general obligation" as used in Section 5136 of Revised Statutes is urgently needed Savings bonds, or bank savings bonds, issuance of time certificates under the name of, and advertising at a rate of return in excess of the present maximum rate of 4 per cent due to compounding on a quarterly basis, advice to FR Bank of Philadelphia with respect to Board's ruling under Reg. Q Matter referred to Comptroller of the Currency when inquiry was made by a national bank, in view of possible confusion by the public between time deposits designated as savings bonds and U.S. Savings Bonds, no action taken by the Treasury Dept. Question by Beloit State Bank, Beloit, Wis., as to whether the word "bonds" could be used in describing certificates evidencing a savings deposit, reference to Board's previous statement that nothing in Sec. 19 of the FRAct or Reg. Q prohibits the use of the word bond http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/19 3243 9/23 3281 9/19 3243, 3259 1/30 289, 305 1/30 290 6/11 1893 Pages Bonds: (continued) Survey of loans with stocks and bonds as collateral, report re, transmitted to Securities and Exchange Commission Book-entry procedure: SEE: Government securities: Book-entry procedure for handling Borrowings, member banks from FRBanks: Discount window: Frequent use by one reserve city bank and five country banks in the Tenth District noted in connection with the review of the examination report of the FRBank of Kansas City Governor Mitchell expressed opinion that reports of examination did not provide adequate coverage on administration of, borrowings of certain Seventh District member banks indicated abuse of discount privilege, it was his thought that discussion with President Scanlon would be profitable Forms F. R. 527 and 527a, revised with instructions for reporting of, superseding Jan. 25, 1960, instructions, advice to Presidents of all FRBanks and Vice Presidents in charge of branches Preliminary figures of reserve balances, required reserves, borrowings and float, daily telegraphic report to FRBank of New York re, letter to Presidents of all FRBanks updating previous instructions and providing for reporting on vault cash and required reserves for Saturdays and holidays http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/1 735, 754 7/31 2517 10/16 3572 1/11 90, 92 3/11 841, 869 1963 80 Pages Branch banks, domestic: Applications to establish: Division of Examinations to continue to urge expeditious processing by the FRBanks of, in light of question by State Bank Commissioner re delay in action on application 2/15 572 held by the FRBank of Philadelphia action Board's of Question re announcement on, at time of approval, agreed to obtain views of FRBanks before 2177 7/2 adopting procedure Banking Senate on, Letter to Chm. Roberts and Currency Couunittee in reply to request for procedures re approving statistical data re, for 10th Congressional District of 7/10 2219, Virginia, included of ons extensi include Board approval will less than six months, FRBanks authorized, in their discretion, to so advise State member banks, further extensions should not result in total extensions aggregating more than the six-month extension approved by Board in 2558, 8/2 first instance, advice to FRBanks and to, respect Board's general policy with extension of time to establish branches, discussed in transmittal letter to FRBank of Atlanta re approval of application by CitizensFarmers and Merchants Bank, Brewton, Ala., to establish branch in East 8/12 2681, Brewton, Ala. 2 K. in d include be to of, Notice of receipt release, understood that a like procedure would be instituted for announcement of actions re Gov8/22 2857 ernor Mills reservations noted 9/27 3374, re FRBanks to Advice http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2245 2572 2695 3394 1963 81 Pages Branch banks, domestic: (continued) Bank services: Question whether providing, for correspondent banks in member bank's service building might cause service building to be a branch of the corre1/14 114 spondent bank construcQuestion whether building now under tion by Union Bank, Los Angeles, California, would constitute a branch under Bank Service Corporation Act of 1962, for which Board's approval would be required, letter to FRBank of San Francisco advising that Union Bank's new building will house among other things Bank's electronic equipment, and would not constitute 10/2 3410, 3419 a branch for Balderston California, request by Governor a report on whether the "stockpiling" of branch sites by large banks in California was increasing or decreasing, understood that Div. of Examinations would 2598 8/8 develop such information 3, Sept. dated Memo from Div. of Examinations distributed to Board, showing status of pending and approved branch applications filed by large member banks in California, Governor Robertson felt situation 3019 9/4 should be watched closely to of, State Tendency of large banks in the file applications for branches long before the establishment of the physical facilities, noted, view of Governor Mills that Board might wish to take a more decisive 10/15 3548 stand re Pre-empting of branch sites by large banks in State of, questioned by Gov. Balderston, staff to arrange for discussion with State Superintendent of Banks to exchange views and 11/14 3948 strengthen liaison http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 82 Pages Branch banks, domestic: (continued) Construction programs by Wells Fargo Bank, San Francisco, Calif., direct and indirect investment in bank premises to provide for, approved Possibility that Fidelity-Philadelphia Trust Company, Philadelphia, Penna., might request same type of permission noted De novo branches, establishment of, as alternative to bank mergers, reference to, in connection with report on competitive factors, and to Board's earlier reference to, in consideration of merger applications Operation of, outside State in which main office is located, or within State except as authorized by State law or with approval of Board, situation re Mercantile Trust Co. and operation of offices of Mercantile Mortgage Co. by Mississippi Valley Co., subsidiary of the member bank, considered to be illegal Disagreement with Board's legal conclusions re, review of operations to be accelerated by Mercantile Trust Co., and further advice to be sent before end of month Letter to Mercantile Trust Company, St. Louis, Mo., requesting information re steps taken to correct its operations re violations of Sec. 9, FRAct and Sec. 5155, Revised Statutes Priority filing of applications to establish, questioned by Governor Balderston, in connection with the applications of New Jersey Trust Company, Asbury Park, N.J., and First Merchants National Bank, Asbury Park, N.J., to establish a branch in the Borough of Oceanport, Monmouth County, N.J. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/31 2511, 2521 7/31 2511 2/20 648 6/20 1996, 2022 7/1 2168 7/26 2455, 2479 10/24 3645 1963 83 Pages Branch banks, domestic: (continued) Utah, State of, noted that it appeared under State Law that no branch could be established in the city of Ogden, unless the bank seeking to establish took over an existing bank, Board confined its action to authority under Federal law in approving the establishment of a branch bank of Commercial Security Bank, Ogden, Utah l banks): (Individua Ann Arbor Bank, Ann Arbor, Michigan, operation of a branch at the office of The Dexter Savings Bank, Dexter,Michigan, incident to the merger of the two banks, approved and Trust Company, Annapolis, Banking Annapolis Maryland, establishment of a branch at western corner of Ritchie Highway and McKinsey Road, Anne Arundel County, Md., approved, six-month extension approved Asbury Park and Ocean Grove Bank, Asbury Park, New Jersey, operation of a branch at New Jersey Trust Company of Long Branch, New Jersey, incident to merger of the two banks, approved Baltimore Trust Company, Selbyville, Delaware, application of Wilmington Trust Company, Wilmington, Del., to purchase certain assets and assume deposit liabilities of Camden (Delaware) branch of, application approved, Governor Robertson dissenting Issuance of order, majority statement, and dissenting statement of Governor Robertson, authorized Bank of Carthage, Carthage, Missouri, establishment of a branch at 200 West Third Street, Carthage, Mo., approved, six-month extension approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/24 3641, 3660 2/5 461 8/2 2558, 2569 8/16 2759 7/10 2224 7/23 2376,2388-98 9/4 3019, 3038 1963 84 Pages Branch banks, domestic: (continued) Bank of the Commonwealth, Detroit, Michigan, establishment of a branch at 2580 Woodward Avenue, Bloomfield Township, Oakland County, Michigan, approved, six-month extension approved Bank of Dearborn, Michigan, establishment of a branch at 12701 West Warren Ave. in connection with the removal of the head office from that address to a location in the vicinity of the intersection of Michigan Avenue and Outer Drive, approved with understanding re increase in capital structure, six-month extension approved Bank of Georgia, Atlanta, Ga., establishment of a branch in Doctors Bldg., 494 Peachtree St., N.E., Atlanta, Ga., approved, six-month extension approved Bank of Hartsville, S.C., establishment of a branch at northeast corner of West Carolina Ave., and Cedar Lane, Hartsville, S.C., approved, six-month extension approved Bank of Idaho, Boise, Idaho: Operation of a branch at office of Panhandle State Bank, Coeur d'Alene, Idaho, incident to merger of the two banks, approved Establishment of a branch in downtown business district of Lewiston, Idaho, approved, six-month extension approved Establishment of a branch in the downtown business district of Moscow, Idaho, approved, extension of time approved Establishment of a branch in the downtown business district of Nampa, Idaho, approved, with notation that bank's capital position needs strengthening Extension of time approved per prescribed procedure http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/1 1424, 1440 2/15 572, 589 4/24 1315, 1331 6/20 1991, 2009 4/15 1230 7/3 2186, 2200 7/12 2274, 2282 7/23 2375, 2387 7/23 2387 1963 85 Pages Branch banks, domestic: (continued) Bank of Indiana, Gary, Indiana, establishment of a branch at 2020 Broadway approved, six-month extension approved Bank of Jamestown, Jamestown, New York: Operation of a branch at office of Clymer State Bank, Clymer, N.Y., incident to merger of the two banks, approved Establishment of a branch at 184 Fluvanna Avenue, approved, six-month extension approved Bank of Las Vegas, Nevada: Establishment of a branch in downtown business district, Henderson, Nevada, approved, six-month extension approved Establishment of a branch in the vicinity of the intersection of East Fremont Street and East Charleston Blvd., approved, six-month extension approved Establishment of a branch in the vicinity of the intersection of Riviera Road and Las Vegas Boulevard in an unincorporated section of Clark County, Nevada, approved, six-month extension approved Bank of Nutley, N.J., establishment of a branch at intersection of Kingsland St. and Darling Ave., Nutley, N.J., approved, six-month extension approved Bank of South Haven, South Haven, Michigan, establishment of a branch bank incident to the merger of Peoples State Bank of Bloomingdale, Bloomingdale, Michigan, into, under the title of Citizens Trust and Savings Bank, South Haven, Michigan, approved Bank of Sussex County, Franklin, N.J.: Operation of a branch at location of Farmers National Bank of Sussex, N.J., incident to merger with Sussex County Trust Company, Franklin, N.J., under title of, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/4 4, 16 1/14 100, 115 4/15 1218, 1229 1/18 170, 182 5/6 1477, 1497 5/6 1477, 1496 5/15 1577, 1590 10/15 5/29 3554 1794, 1802 1963 86 Pages ranch banks, domestic: (continued) Bank of Sussex County, Franklin, New Jersey: (continued) Establishment of a branch in the vicinity of the intersection of Alternate Route 517 and Lake Iliff Road, Andover Township, Sussex County, New Jersey, approved, six-month extension approved 10/24 Bank of Virginia, Richmond, Va.: Single office of the Farmers Bank of Dinwiddie to be operated as a branch incident to that banks merger with 5/24 Operation of 3 offices of the Bank of Henrico, Sandston, Va., and an additional office approved but not yet open for business, approved, incident to merger of the two banks 6/17 Establishment of a branch at the office of Hallwood National Bank, Hallwood, Virginia, incident to the merger of Bank of Virginia with Hallwood National Bank, order and statement and dissenting statement issued 12/4 Bankers Trust Company, New York, N.Y., granted extension of time within which to establish a branch at 2 Lafayette Street, Manhattan, N.Y. 3/18 Establishment of a branch at 99 John St., Borough of Manhattan, N.Y., N.Y., approved, six-month extension approved 3/20 Establishment of a branch in the Bruckner Plaza Shopping Center, southeast corner of Bruckner Boulevard and White Plains Road, Borough of the Bronx, New York, N.Y., approved, six-month extension ap6/21 proved Operation of a branch at office of First National Bank of Farmingdale, N.Y., incident to merger of the two banks, approved 7/26 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3640, 3657 1757 1933, 1944 4204, 4222 895, 917 960, 979 2027, 2033 2480 1963 87 Pages Branch banks, domestic: (continued) Bankers Trust Company, New York, N.Y.: (continued) Establishment of a branch at 299-301-303 Sunrise Highway, Incorporated,Village of Rockville Centre, Nassau County, New York, approved, six-month extension approved Opinion of Legal Div. that suit filed by Franklin National Bank, Mineola, N.Y., against, did not block Board's action on branch application of Establishment of a branch at northeast corner of Victory Boulevard and Manor Road, Castleton Corners, Borough of Richmond, N.Y., N.Y., approved, six-month extension approved Birmingham-Bloomfield Bank, Birmingham, Mich., establishment of an-in-town branch at 1040 East Maple Road, approved, six-month extension approved Bloomsburg Bank-Columbia Trust Company, Bloomsburg, Pennsylvania, establishment of a branch in Maust Brothers Shopping Center located in 1000 block of South Market Street, Bloomsburg, Penna., approved, six-month extension approved Boonton, New Jersey, estabCompany, Boonton Trust lishment of a branch on Powerville Road, immediately adjacent to rear of present banking office, Boonton Township, N.J., approved, understood that branch at Hawkins Place, Town of Boonton, will be discontinued simultaneously with establishment of branch on Powerville Road, sixmonth extension approved Brand Banking Company, Lawrenceville, Georgia, establishment of a branch on Crogan Street about four blocks east of the main banking office, approved, six-month extension approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/19 2796, 2812 8/19 2796 9/27 3356, 3377 10/10 3504, 3522 8/27 2919, 2936 8/16 2726, 2754 10/24 3640, 3658 1963 88 Pages Branch banks, domestic: (continued) Byron Center State Bank, Byron Center, Michigan, establishment of a branch bank at 3208 24th Avenue, S. W., in the village of Jamestown, Jamestown Township, Ottawa County, Michigan approved Cambria Bank, Cambria, Virginia, establishment of a branch in vicinity of intersection of State Highway 114 and U.S. Highway 460, about 1.8 miles from town of Cambria, approved, with provision that capital stock is increased prior to establishment of branch, six-month extension approved Camden Trust Company, Camden, N.J., establishment of a drive-in facility in Parkade Bldg. at Roosevelt Plaza near Federal St. in Camden, N.J., approved, six-month extension approved Carbon Emery Bank, Price, Utah, establishment of a branch in Castle Dale, Utah, approved, six-month extension approved Central Trust Company, Cincinnati, Ohio: Extension of time to establish a branch at 3300 Central Parkway, approved Extension of time to establish a branch at southeast corner of Northland and Waycross Roads, Village of Forest Park, Ohio, approved Extension of time to establish a branch at 3300 Central Parkway, Cincinnati, Ohio, approved Extension of time to establish a branch on Glenway Avenue, 600 feet west of Werk Road, Cincinnati, Ohio, approved Central Trust Company, Rochester, N.Y., establishment of a branch in the terminal building of the Rochester Monroe County Airport, 1200 Brooks Avenue, City of Rochester, Monroe County, N.Y., approved, six-month extension approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/15 3546, 3550 11/26 4095, 4100 3/20 960, 978 1/4 4, 18 1/31 380, 401 9/18 3212, 3232 10/25 3670, 4585 12/10 4315, 4320 5/20 1643, 1656 1963 89 Pages Branch banks, domestic: (continued) Chase Manhattan Bank, New York, New York: Establishment of a branch at 75 West Merrick Road, Freeport, New York, approved, six-month extension, approved Establishment of a branch at 3938 Richmond Avenue, Eltingville, Staten Island, New York, approved, sixmonth extension, approved Extension of time to establish a branch at 2840 Jerusalem Avenue, unincorporated area of North Bellmore, Nassau County, N.Y., approved Establishment of a branch in Taconic Plaza Shopping Center, New Castle, New York, approved, six-month extension, approved Establishment of a branch at 74-25 Grand Avenue, Maspeth, Queens, New York, for limited purpose of conducting operations of a coin processing center including the receipt of deposits and the payment of withdrawals, primarily in coin, approved, six-month extension, approved Establishment of a branch at 208 Amsterdam Avenue, Borough of Manhattan, New York, New York, approved, sixmonth extension, approved Establishment of a branch at 486 Neptune Avenue, Brooklyn, New York, approved, six-month extension, approved Establishment of a branch at 3479-81 Merrick Road,Unincorporated Village of Seaford, Town of Hempstead,Nassau County, New York, approved, sixmonth extension, approved Establishment of a branch bank at 305 Wolf Lane, Pelham, New York, approved, six-month extension, approved Establishment of a branch bank at 3126 Avenue U, Brooklyn, New York, approved, six-month extension, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/7 478, 496 3/20 960, 977 3/22 986, 994 4/24 1315, 1330 6/20 1990, 2006 7/24 2403, 2429 7/26 2454, 2473 8/12 2680, 2688 10/25 3669, 3680 11/15 4005, 4008 1963 90 Pages Branch banks, domestic: (continued) Chase Manhattan Bank, New York, New York: (continued) Establishment of a branch at 1501 Avenue M, Borough of Brooklyn, Kings County, N.Y., approved, six-month extension 11/29 approved N.Y. N.Y., Company, Trust York New Bank Chemical Establishment of a branch on north side of Fulton Avenue, Hempstead, N.Y., approved, six-month extension 1/14 approved Establishment of a branch in Rochdale Village Shopping Center, southeast corner of New York and Baisley Boulevards, Jamaica, Queens County, New York, approved, six-month extension ap3/22 proved Establishment of three branches at present location of Bank of Rockville Centre Trust Co., Rockville Centre, N.Y., incident to the merger of the two 5/27 banks, approved 72nd East 360 at branch a of Establishment Street, Borough of Manhattan, New York, N.Y., approved, six6/21 month extension approved St. 99th 57-02 at branch a of nt Establishme Corona, Queens County, New York, and a temporary branch at 59-05 Junction Blvd., Corona, Queens County, New York, temporary branch to be closed simultaneously with the opening of the permanent branch, six-month extension ap6/24 proved Extension of time to establish a branch at 277 Park Avenue, Brough of Manhat7/24 tan, approved Establishment of a branch at 124 East Park Avenue, Long Beach, Nassau County, New York, approved, six-month 8/9 extension approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4140, 4152 98, 111 986, 999 1773, 1782 2027, 2032 2041, 2045 2402, 2426 2657, 2667 1963 91 Pages Branch banks, domestic: (continued) Chemical Bank New York Trust Company: (continued) Establishment of a branch bank in the Arcadian Shopping Center, South Highland Avenue, Village of Ossining, New York, approved, six-month exten10/2 sion approved New Chestertown, Chester-Schroon-Horicon Bank, York, operation by, on a yearround basis of its seasonal branch at Schroon Lake, Essex County, New 9/23 York, approved Citizens Bank & Trust Company, Campbellsville, Kentucky, establishment of a branch in the downtown section of Campbellsville, and an investment in bank premises, approved, understanding that capital stock be increased, six-month extension 5/3 approved Citizens Commercial & Savings Bank, Flint, Michigan establishment of a branch at G-3023 Miller Road, Flint Township, Genessee County, Michigan approved, six6/7 month extension approved Citizens Commercial Trust and Savings Bank of Pasadena, California, extension of time within which to establish a branch at 1010 East Colorado Boulevard, Pasadena, 9/27 California, approved Brewton, Alabama, Citizens-Farmers and Merchants Bank, establishment of a branch in East 8/12 Brewton, Alabama, approved Company, Louisville, Citizens Fidelity Bank and Trust Kentucky, establishment of a branch in the community of Fern Creek, Jefferson County, Kentucky, approved, 2/15 six-month extension approved Plaza Chenoweth Establishment of a branch in Shopping Center on Brownsboro Road near Chenoweth Lane in Louisville, Ky., approved, six-month extension 8/22 approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3669, 3679 3268, 3286 1443, 1453 1840, 1852 3356, 3381 2681, 2694-95 572, 588 2848, 2877 1963 92 Pages Branch banks, domestic: (continued) Citizens State Bank of El Dorado, El Dorado, Kansas, establishment of a branch, in-town, at 519-521 North Main Street, El Dorado, Kansas, approved, six-month extension approved Citizens State Bank, Puyallup, Wash., establishment of a branch in vicinity of Airport and Canyon Rds., in unincorporated area of Pierce County, Washington, approved, six-month extension approved Citizens Trust and Savings Bank, South Haven, Michigan, establishment of a branch bank incident to the merger of Peoples State Bank of Bloomingdale, Michigan, into Bank of South Haven, South Haven, Michigan, under title of, approved City Bank and Trust Company, Jackson, Michigan, establishment of a branch in the vicinity of the intersection of Brown Street, Morrell Street, and Spring Arbor Road, Summit Township, Jackson County, Michigan, approved, six-month extension approved City Trust Company, Bridgeport, Conn.: Establishment of a branch in vicinity of intersection of Connecticut Ave., Stratford Ave., and Florence St., Bridgeport, Conn., approved, sixmonth extension approved Establishment of a branch in a building to be constructed immediately to the west of and adjoining head office building, approved, six-month extension approved Operation of branches by, at 2366 Main Street and 3226 Main Street, Stratford, Conn., provided proposed merger of City Trust Company, Stratford, Conn. is approved and consummated http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/29 6/17 3697, 3701 1928, 1939 10/15 3554 10/29 3697, 3700 1/17 141, 160 4/9 1168, 1188 11/29 4140, 4154 1963 93 Pages Branch banks, domestic: (continued) Clark State Bank, Clark, New Jersey, establishment of a branch at northeast corner of intersection of Westfield Avenue and Lincoln Blvd., Clark, Union County, N.J., approved, six-month extension 8/19 approved Clearfield Trust Company, Clearfield, Penna., establishment of a branch at Clearfield County Fairgrounds, Clearfield, Penna., to be operated during period July 28 thru Aug. 3, 1963, approved, and establishment and operation of a new branch at this location each succeeding year during the time of the Clearfield 5/13 County Fair approved Cleveland Trust Company, Cleveland, Ohio: Establishment of a branch (drive-in and walkup facility) at 27327 Wolf Road, Bay Village, Ohio, approved, 1/17 six-month extension approved northeast the at branch a of Establishment corner of St. Clair Avenue and East Ninth Street, approved, six3/11 month extension approved Plaza River in branch Establishment of a Shopping Center between Spencer Road and River Oaks Drive north of Center Ridge Road in Rocky River, Ohio, approved, six-month 9/27 extension approved Discussion re branch in Cuyahoga County, which Cleveland Trust operates under 9/27 grandfather clause at branch a establish to of time Extension 34 North Main Street, Chagrin Falls, 11/8 Ohio, approved establishment California, Beach, Coast Bank, Long of a branch at the southwest corner of Garden Grove Boulevard and Huntington Beach Blvd., Garden Grove, Calif., approved, branch operations now conducted at 9836 Garden Grove Blvd., Garden Grove, to be discontinued, six-month 3/11 extension approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2796, 2813 1537, 1555 141, 161 840, 864 3356, 3378 3356 3890, 3902 840, 867 1963 94 Pages tranch banks, domestic: (continued) Commercial and Savings Bank of St. Clair, Michigan, operation of a branch at the sole office of The Citizens State Bank of Emmitt, Michigan, incident to its consolidation with, approved Commercial Security Bank, Ogden, Utah, establishment of branch on Harrison Blvd., in vicinity of 36th St., Ogden, provided that the branch operations now conducted at 458 25th St., Ogden, are discontinued simultaneously with the establishment of the new branch, approved, six-month extension approved Noted that it appeared under Utah state law that no new branch could be established in the city of Ogden, unless the bank seeking to establish took over an existing bank, Board confined its actions to authority under Federal law Connecticut Bank and Trust Company, Hartford, Conn., operation of a branch at 61 State Street, New London, Conn., approved, provided proposed merger with The Union Bank and Trust Company of New London, Conn., is approved and consummated Discussion re application of Federal statutes including the Bank Merger Act to bank mergers involving nonmember uninsured banks, memorandum to be prepared by Legal Division for Board's information Continental Bank and Trust Company, Salt Lake City, Utah: Establishment of a branch in the vicinity of 5th East and South Temple Streets, approved, six-month extension approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/27 709 10/24 3640, 3660 10/24 4541, 4560 6/24 2041, 2046 6/24 2042 3/11 840, 866 1963 95 Pages Branch banks, domestic: (continued) Continental Bank and Trust Company: (continued) Establishment of a branch in vicinity of 21st South Street and 21st or 23rd East Streets, Salt Lake City, Utah, approved, six-month extension approved Cortland Savings and Banking Company, Cortland, Ohio, establishment of a branch in the vicinity of the intersection of Old State Route 82 and Valley View Road in an unincorporated area of Brookfield Township, Trumbull County, Ohio, approved, six-month extension approved County Bank of Santa Cruz, Calif.: Granted extension of time within which to establish a branch in vicinity of intersection of Front and Cooper Streets, Santa Cruz, Calif. Establishment of a branch in vicinity of intersection of Front and Cooper Streets, Santa Cruz, Calif., approved, Board trusts steps will be taken towards establishment of branch as soon as possible County Trust Company, Tenafly, N. J.: Granted extension of time within which to establish a branch at 2 West Clinton Ave., Tenafly, N. J. Establishment of a branch in vicinity of intersection of Terrace Street and Haworth Ave., Haworth, N.J., approved, six-month extension approved Extension of time to establish a branch at 2 West Clinton Avenue, Tenafly, New Jersey, authorized County Trust Company, White Plains, N.Y.: Establishment of a branch at 371-377 Mamaroneck Avenue, White Plains, N.Y., approved, six-month extension approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/9 2657, 2670 1/4 3, 15 3/4 758, 766 8/27 2919, 2939 6/20 1991, 2011 7/16 2288, 2312 12/27 1/24 4556, 4563 238, 251 1963 96 Pages Branch banks, domestic: (continued) County Trust Company: (continued) Establishment of a branch at 509 Gramatan Avenue, Mount Vernon, Westchester County, N.Y., provided branch operations conducted at Board and Locust Streets, Mount Vernon, Westchester County, N.Y., are discontinued simultaneously with establishment of new branch, approved, six-month extension approved Establishment of a branch bank in the Terminal Building of the Westchester County Airport, Town of Rye, New York, approved, six-month extension approved Operation of a branch of First National Bank of Brewsters, Brewster, N.Y., incident to merger of the two banks, approved Cudahy Marine Bank, Cudahy, Wisconsin, establishment of a branch in the vicinity of the intersection of Layton and Packard Streets, approved, six-month extension approved Dauphin Deposit Trust Company, Harrisburg, Penna., establishment of a branch at Second and Maclay Streets, approved provided branch operation at 543-545 Maclay Street is discontinued simultaneously with establishment of the new branch, six-month extension approved Depositors Trust Company, Augusta, Maine, establishment of a branch on Main Street near junction of Routes 2, 8, and 139, Norridgewock, MainP,approved, six-month extension approved Detroit Bank and Trust Company, Detroit, Michigan: Establishment of a branch at 27367 Schoolcraft Road, Redford Township, Wayne County, Michigan, approved, six-month extension approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/22 2847,2876 10/24 3640, 3654 12/18 4442 4/17 1245, 1255 5/22 1679, 1706 8/16 2726, 2752 1/4 4, 17 1963 97 Pages Branch banks, domestic: (continued) Detroit Bank and Trust Company: (continued) Establishment of a branch in the vicinity of the intersection of Van Dyke Road and Sixteen Mile Road, Sterling Township, Macomb County, Michigan, approved, six-month extension approved Establishment of a branch at 46 State Street, Detroit, Mich., concurrently with relocation of its main office facilities to 201-211 West Fort Street, approved, six-month extension approved Establishment of a branch in Unit 1659, Building, in Northland Center, Southfield, Oakland County, Michigan, approved, six-month extension approved Egg Harbor Bank and Trust Company, Egg Harbor City, New Jersey, establishment of a branch at northeast corner of White Horse Pike (U.S. Route 30) and Mays Landing-Port Republic Road,Pomona, Galloway Township, Atlantic County, N. J., approved, six-month extension approved Elyria Savings & Trust Company, Elyria, Ohio: Operation of present offices of Grafton Savings and Banking Company, Grafton, Ohio, as branches of, incident to consolidation of the two banks, approved Extension of time to establish a branch on Cleveland-Elyria Road, North Ridgeville, approved providing that branch operations at 7077 Avon-Belden Road, North Ridgeville, are discontinued simultaneously Luckey, Ohio, establishment of of Exchange Bank a branch in the Village of Walbridge, Ohio, approved, sixmonth extension approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/15 572, 586 8/13 2701, 2709 9/6 3057, 3063 11/1 3730, 3742 3/12 879, 885 7/11 2254, 2264 1/4 3, 14 1963 98 Pages Branch banks, domestic: (continued) Exchange Savings Bank, Mount Pleasant, Mich., establishment of an in-town branch at southeast corner of intersection of South Mission Avenue and Preston Road approved, six-month extension approved Fair Lawn-Radburn Trust Company, Fair Lawn, New Jersey, establishment of a branch at 21-17 Saddle River Road, Fair Lawn, N. J., approved, six-month extension approved Fall River Trust Company, Fall River, Mass., establishment of a branch at 435 Wilbur Avenue, Swansea, Mass., approved, six-month extension approved Farmers and Merchants Bank of Central California, Lodi, Calif., establishment of a branch in downtown business district of Elk Grove, Calif., approved, six-month extension approved Farmers and Merchants Bank, Forest, Miss., establishment of a branch (drive-in facility) approved, six-month extension approved Farmers & Merchants Bank of Sebewaing Mich., Sebewaing, Michigan, establishment of a branch at 7253 Main Street, Owendale, Michigan, approved, six-month extension approved Farmers & Merchants State Bank, Logansport, Indiana, establishment of a branch at 611-621 West Market Street, Logansport, Indiana, approved, six-month extension approved Farmers and Merchants Trust Company of Chambersburg, Penna., establishment of a branch at 1805 Lincoln Way East, Guilford Township, Chambersburg, Penna., approved, six-month extension approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/18 170, 181 8/16 2726, 2753 5/22 1679, 1705 5/13 1537, 1557 4/26 1344, 1359 4/17 1245, 1253 9/3 2998, 3011 12/18 4411, 4429 1963 99 Pages Branch banks, domestic: (continued) Fidelity Bank, Beverly Hills, California, establishment of a branch on Venice Boulevard between Wasatch and Centinela Boulevards, Los Angeles, Calif., approved, six-month extension approved Fidelity-Philadelphia Trust Company, Philadelphia, Pennsylvania: Establishment of a branch at 2831 West Girard Avenue, approved, six-month extension approved Establishment of a branch at 1055 East Lancaster Avenue, Rosemont, Radnor Township, Penna., and additional investment in bank premises approved, sixmonth extension approved Establishment of a branch at 38-44 East Street Rd., Feasterville, Lower Southampton Township, Penna., and additional investment in bank premises approved, six-month extension approved Relocation of a branch from Lafayette Bldg., at northeast corner of Fifth and Chestnut Streets to Rohm and Haas Bldg. at northwest corner of Sixth and Ranstead Streets, Philadelphia, approved, provided operations in existing office in Lafayette Bldg. are discontinued simultaneously with opening of other office Establishment of a branch in 4 Penn Center Plaza Bldg., S. W. corner of 16th Street and Pennsylvania Blvd., Philadelphia, Penna., with additional investment in bank premises approved, six-month extension approved Fidelity State Bank, Topeka, Kansas, establishment of a branch at 901 Topeka Boulevard, approved, six-month extension approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/6 1477, 1498 3/11 840, 865 5/13 1537, 1553 5/13 1537, 1554 7/16 2288, 2313 8/2 2557, 2568 4/17 1245, 1256 1963 100 Pages Branch banks, domestic: (continued) Fifth Third Union Trust Company, Cincinnati, Ohio: Establishment of a branch in the Kenwood Plaza Shopping Center located at the intersection of Kenwood and Montgomery Roads in an unincorporated area known as Kenwood, Hamilton County, Ohio, approved, six-month extension approved Operation of a branch at office of Citizens Bank of St. Bernard, St. Bernard, Ohio, incident to merger of the two banks, approved First Bank and Trust Company of South Bend, Ind., establishment of an in-town branch in vicinity of intersection of Portage Ave., and King St., South Bend, Ind., approved, six-month extension approved First Michigan Bank and Trust Company, Zeeland, Michigan, establishment of a branch in vicinity of intersection of Woodbridge and Clover Streets, Federal District, Holland Township, Ottawa County, Mich., approved, it is noted that the branch will be temporarily at 431 Woodbridge Street, until quarters at permanent site are ready, six-month extension approved First Pennsylvania Banking and Trust Company, Philadelphia, Penna.: Establishment of a branch at 3020-3022 Market St., Philadelphia, Penna., approved, six-month extension approved Establishment of a branch in a shopping center on the south side of Oregon Avenue between Third and Fifth Streets, Philadelphia, approved, six-month extension approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/6 1477, 1493 8/6 2583 5/15 1577, 1591 9/30 3397, 3403 1/18 170, 179 3/22 986, 1000 1963 101 Pages Branch banks, domestic: (continued) First Pennsylvania Banking and Trust Company: (continued) Extension of time to establish a branch at the southeast corner of Grant Avenue and Roosevelt Boulevard, 2597, 2628 8/8 approved of side Establishment of a branch on south Sumneytown Pike, about one-tenth of a mile east of Broad Street, Upper Gwyneed Township, Montgomery County, Pa., approved, six-month 8/27 2919, 2937 extension approved ment establish First State Bank, Canisteo, N.Y., of a branch at the present location of the Greenwood Branch (Greenwood, N.Y.) of Security Trust Company of Rochester, N.Y., approved, incident to the purchase of assets and assumption of liabil2/8 524 ities of the Greenwood Branch by estabForest Hill State Bank, Forest Hill, Md., lishment of a branch on State Route 165 near junction with State Route 23 in Jarrettsville, Md., approved, six-month exten6/20 1991, 2008 sion approved Genesee Merchants Bank & Trust Co., Flint, Mich., establishment of a branch at southwest corner of intersection of Dort Highway and Dort Highway Extension and South Saginaw Rd., Grant Blanc, Mich., approved, 6/17 1928, 1938 six-month extension approved hia, Pa: Philadelp Girard Trust Corn Exchange Bank, Establishment of a branch at Red Lion and Verree Roads, approved, six3/22 986, 1001 month extension approved East Lancaster 771 Establishment of a branch at Ave., Villanova, Radnor Township, Pa., approved, six-month extension 5/13 1537, 1552 approved German8616-18 Establishment of a branch at town Avenue, Philadelphia, Pa., approved, six-month extension 3018, 3037 9/4 approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 102 Pages Branch banks, domestic: (continued) Grant County State Bank, Bayard, New Mexico, establishment of a branch in vicinity of intersection of 12th and Grant Streets, Silver City, N.M., approved, with understanding re increase in capital stock, six-month extension approved Hackensack Trust Company, Hackensack, N.J.: Operation of a branch at the office of the Bank of Bogota, N.J., incident to its merger with Establishment of a branch in Harrington Park, Bergen County, N.J., approved, with need to strengthen capital position stressed, Governor Robertson dissenting, six-month extension approved Cambridge, Mass., establishCompany, Trust Harvard ment of a branch at Main and Portland Streets (575 Technology Square), Cambridge, Mass., approved, sixmonth extension approved Company, East Windsor Township, Trust Hightstown N.J., establishment of a branch at 114 Main St., Hightstown, approved, concurrent with removal of head office to location occupied by the abandoned branch Holstein, Iowa, establishment Bank, State Holstein of a branch at Cushing, Iowa, approved, six-month extension approved Industrial State Bank of Kalamazoo, Michigan: Establishment of a branch at 136-148 Front Street, Mattawan, Mich., approved, six-month extension approved Establishment of a branch on West Michigan Ave., between Woodlawn and Marion Streets, Kalamazoo, Mich., approved, Governor Mitchell dissenting, branch banking developments in Kalamazoo, discussed, sixmonth extension approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/17 1929, 1940 1/30 367 7/29 2492, 2507 5/13 1537, 1549 6/19 1972, 1978 7/3 2186, 2199 1/18 170, 180 3/29 1070, 1076 1963 103 Pages Branch banks, domestic: (continued) Industrial State Bank of Kalamazoo, Michigan: (continued) Establishment of an in-town branch on Sprinkle Road between Kilgore Road and Interstate Highway 94, approved, six5/3 month extension approved Governor Mitchell abstained from voting until he had reviewed the record, the Secretary was later advised 5/3 re his dissent Establishment of an in-town branch at 1216 South Burdick Street, Kalamazoo, Michigan, approved, six-month 10/25 extension approved Establishment of a branch at 5024 North Riverview Drive, Cooper Township, Kalamazoo County, Mich., approved, six-month extension 12/18 approved Intercounty Trust Company, Monticello, New York, operation of a branch incident to the merger of Sullivan County Trust Company, Monticello, N.Y., with The National Bank and Trust Company of Port Jervis, N.Y., 3/22 under the title of, approved Isabella County State Bank, Mount Pleasant, Mich., establishment of a branch at 202 South College Street, approved with the understanding that a proposed capital stock program would be consummated, six-month 8/1 extension approved Jasper County Savings Bank, Newton, Iowa, establishment of a branch in Newton Shopping Center at southwest corner of intersection of First Avenue East and East 17th Street, approved, six-month extension 2/7 approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1444, 1454 1444 3670, 3683 4411, 4432 1009 2526, 2539 478, 497 1963 104 Pages Branch banks, domestic: (continued) Lafayette Trust Company, Easton, Pennsylvania, establishment of a branch on north side of William Penn Highway between Beech and Arlington Streets, Palmer Township, Northampton County, Pa., approved, sixmonth extension approved Lock Haven Trust Company, Lock Haven, Pa., operation of a branch at office of Mill Hall State Bank, Mill Hall, Pa., incident to the merger of the two banks, approved Long Island Trust Company, Garden City, N.Y.: Establishment of a branch on west side of Broad Hollow Rd., Babylon Township, N.Y., approved, six-month extension approved Establishment of a branch at the southeast corner of Jericho Turnpike and Woodland Gate, Town of Oyster Bay, Nassau County, N.Y., approved, six-month extension approved Establishment of a branch at 57-65 Hilton Avenue, Garden City, N.Y., for purpose of conducting activities of its instalment loan department, approved, six-month extension approved Lorain County Savings & Trust Company, Elyria, Ohio, application re operation of seven offices of Central Bank Company, Lorain, Ohio, incident to merger with, issuance of order and statement denying merger authorized Company, Louisville, Kentucky: Trust Louisville Establishment of a branch at 4020 Taylorsville Road, approved, six-month extension approved Establishment of a branch at 3501 Taylor Boulevard, approved, six-month extension approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/21 2832, 2841 1/17 141, 162 1/24 238, 252 6/7 1840, 1850 8/2 2557, 2567 12/23 4513 2/8 509, 514 2/8 509, 515 1963 105 Pages Branch banks, domestic: (continued) Manufacturers Hanover Trust Company, New York, N.Y.: Establishment of a branch at 799 Broadway, Borough of Manhattan, New York, approved, six-month extension ap1/22 proved to which within of time extension Granted establish a branch at 41-01 Kissena Boulevard, Flushing, New 1/24 York, New York Extension of time granted to establish a branch at 5664 Riverdale Ave., Riverdale, Borough of the Bronx, 2/5 New York, New York Extension of time to establish a branch at 41-01 Kissena Blvd., Flushing, Borough of Queens, New York, New 4/19 York, approved Third Ave., 510 at branch a of Establishment Borough of Manhattan, approved, 7/26 six-month extension approved Buffalo, Company, N.Y.: Trust Traders Manufacturers and Operation of a temporary branch at 762 Main Street approved until such time as full operations at 715 Main Street 6/7 may be resumed Establishment of a branch at 2067-2071 Union Road, Town of West Seneca, Erie County, N.Y., approved, six-month 9/30 extension approved Marine Midland Trust Company of New York, N.Y.: Establishment of a branch at 555 Madison Ave., Borough of Manhattan, New York, N.Y., approved, six-month exten1/4 sion approved Establishment of a branch at 777 Third Ave., Borough of Manhattan, New York, N.Y., approved, six-month exten9/24 sion approved Marine Trust Company of Western New York, Buffalo, New York: Establishment and operation of a branch at 3/1 238 Main Street, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 206, 222 237, 244 440, 450 1261, 1279 2454, 2474 1840, 1851 3397, 3401 3, 13 3298, 3307 732, 742 1963 106 Pages Branch banks, domestic: (continued) Marine Trust Company of Western New York, Buffalo, New York: (continued) Establishment of a limited facility branch at the southeast corner of Main and Court Streets, Batavia, New York, approved, six-month extension approved of a branch approximately 100 ent Establishm feet north of junction of Orchard Park Road and Union Road, Town of Orchard Park, Erie County, New York, approved, six-month extension approved Mercantile Trust Company, St. Louis, Mo.: Operation of offices of Mercantile Mortgage Co., both without and within Missouri, where real estate loans are made, by Mississippi Valley Co., subsidiary of, considered to be branch operations and in violation of sec. 9, FRAct, and sec. 5155, Revised Statutes Disagreement with Board's legal conclusions re, review of operations to be accelerated by Mercantile Trust Co., and further advice to be sent before end of month Letter to, requesting Board be informed soon re steps taken to correct violations of section 5155, Revised Statutes, relating to branch banks Merchants & Farmers Bank, Columbus, Miss., establishment of a branch at 116 13th St. North, Columbus, approved, six-month extension approved Middle Tennessee Bank, Columbia, Tennessee, further extension of time to establish a branch in the Columbia Plaza Shopping Center on West 7th Street, denied http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/25 3670, 3681 11/29 4140, 4151 6/20 1996, 2022 7/1 2168 7/26 2455, 2479 4/12 1199, 1214 1/4 3, 9 1963 107 Pages Branch banks, domestic: (continued) Mutual Trust and Deposit Company, New Albany, Indiana, establishment of a "TV branch" across a public alley at the rear of the head office approved, sixmonth extension approved Nassau Trust Company, Glen Cove, New York, establishment of a branch at 198A Glen Cove Avenue, N.Y., approved, sixmonth extension approved Nevada Bank of Commerce, Reno, Nevada, establishment of a branch in Las Vegas, Nevada, approved, six-month extension approved New Jersey Trust Company, Asbury Park, N.J., application to establish a branch in the Borough of Oceanport, Monmouth County, N.J., question re priority in date of filing in connection with application filed by First Merchants National Bank, Asbury Park, N.J., understood that action would be deferred pending receipt of additional information Discussion re question of priority and merits of the two applications, validity re principle of priority filing questioned and disfavor with State legislation preventing more than one bank from going into a community expressed, application approved, six-month extension approved Newark Trust Company, Newark, Ohio, establishment of a branch in vicinity of intersection of State Routes 16 and 310 in Lima Township, Licking County, Ohio, approved, with understanding bank's capital stock will be increased sufficiently to permit establishment of branch under State law, six-month extension approved Norfolk County Trust Company, Brookline, Mass.: Establishment of a branch at 2 South Main Street, Bellingham, Mass., approved, six-month extension approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/14 11/7 3947, 3957 3877, 3880 12/18 4411, 4430 10/21 3587 10/24 3542, 3664 9/30 3397, 3402 1/22 206, 221 1963 108 Pages Branch banks, domestic: (continued) Norfolk County Trust Company, Brookline,Mass.: (continued) Operation of the two offices of Wellesley Trust Company, Wellesley, Mass., as branches of, approved as an incident to the consolidation of 4/19 the two banks Mattituck, N.Y., Company, Trust North Fork Bank and operation on a year-round basis of the seasonal branch on south side of Route 25, east of intersection of Washington Ave., River5/13 head, N.Y., approved Jersey, New Ridgewood, Company, North Jersey Trust establishment of a branch at 15 West Ridgewood Avenue, Ridgewood, N.J., approved, six-month exten8/29 sion approved Georgia, Commerce, Company, Northeastern Banking establishment of a branch (drivein facility) at 17 Little Street, Commerce, Ga., approved, six-month 8/21 extension approved WilliamsCompany, Northern Central Bank and Trust port, Pa., operation of a branch at the office of Bank of Newberry, incident to merger of West Branch Bank and Trust Company and Bank of 10/23 Newberry, with title of, approved Wisconsin, Falls, Chippewa Northwestern State Bank, retention and operation of the present branches at Cornell Station, Cornell,Wisconsin, and a drive-in facility located one block east of the main office, approved, in connection with the approved applica1/9 tion for membership in the FRSystem Old Kent Bank and Trust Company, Grand Rapids, Mich.: Establishment of an in-town branch on Lake Michigan Drive, in vicinity of intersection with Covell and Bridge Streets Grand Rapids, Mich., approved, six5/13 month extension approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1297 1537, 1551 2951, 2967 2832, 2842 3629 77 1537, 1556 1963 109 Pages Branch banks, domestic: (continued) Old Kent Bank and Trust Company, Grand Rapids, Michigan: (continued) Operation of two branch offices of Community State Bank as, incident to the consolidation of the two banks, issuance of order and statement authorized Oregon Bank, Portland, Oregon, establishment of a branch bank in the vicinity of intersection of Grape Street and West Main Street, Medford, Oregon, approved, six-month extension approved Pascagoula-Moss Point Bank, Moss Point, Miss., establishment of a branch on Highway 90 in the eastern corporate limits of Pascagoula, approved with understanding re reappraisal of capital stock, six-month extension approved Patchogue Bank, Patchogue, New York, establishment of a branch at 2945 Sunrise Highway, Islip Terrace, Town of Islip, Suffolk County, New York, approved, six-month extension approved Peoples Bank of Glen Rock, Pennsylvania, operation of a branch at the office of the Codorus National Bank in Jefferson, Codorus, Pa., incident to the merger of the national bank with, approved Peoples Bank and Trust Company, Cedar Rapids, Iowa, establishment of a branch (Parking Lot Office) in May's City Shopping Center at southwest corner of Hwy. 149 West, Cedar Rapids, Iowa, approved, six-month extension approved Peoples Bank and Trust Company, Grand Haven, Michigan, establishment of an in-town branch at 1000-1013 Robbins Rd., Grand Haven, Michigan, approved, six-month extension approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/24 4534 10/24 3640, 3661 5/22 1679, 1707 6/21 2028, 2034 2/8 518 3/20 960, 981 5/15 1577, 1592 1963 110 Pages Branch banks, domestic: (continued) Peoples Bank & Trust Company, Montgomery, Alabama, establishment of a branch in Forest Hills Shopping Center on the Atlanta Highway, within city limits of Montgomery, approved, six-month extension approved Peoples Trust Company of Bergen County, Hackensack, New Jersey: Operation of a branch at the office of The First National Bank of Wyckoff, N.J., incident to that bank's merger with, approved Establishment of a branch in vicinity of intersection of Broadway and Livingston Streets, Norwood, Bergen County, N.J., approved, six-month extension approved Operation of three offices of Palisades Trust Company, Englewood, N.J., incident to merger of the two banks, approved Peoples Trust & Savings Bank, Green Bay, Wisconsin, establishment of an in-town branch in the vicinity of the intersection of Washington and Walnut Streets approved, sixmonth extension approved Planters Bank and Trust Company, Hopkinsville, Kentucky, establishment of a branch within the military reservation of Fort Campbell, Kentucky, approved, six-month extension approved Princeton Bank and Trust Company, Princeton Township, New Jersey, establishment of a branch at southeast corner of intersection of U.S. Route 206 and Mt. Rose-Rocky Hill Road, Princeton Township, N.J., approved, six-month extension approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/19 2796, 2816 2/15 591 9/27 3356, 3382 10/23 3620 4/17 1245, 1254 5/17 1632, 1637 11/29 4140, 4153 1963 111 Pages Branch banks, domestic: (continued) Provident Bank, Cincinnati, Ohio, establishment of a branch at Vine and Seventh Streets, Cincinnati, Ohio, coincident with the relocation of the main office from that location to Vine and Fourth Streets, approved Provident Tradesmens Bank and Trust Company, Philadelphia, Pennsylvania: Extension of time to establish a branch in the Garrett Road Shopping Center, Upper Darby Township, Delaware County, Pa., approved Establishment of a branch at intersection of Marshall Street and Carwithan Street, Philadelphia, Pa., approved, six-month extension approved Rhode Island Hospital Trust Company, Provident, R.I.: Establishment of a branch at 60 Newport Ave., East Provident, R.I., approved, sixmonth extension approved Establishment of a branch at intersection of Mendon and Albion Rds., Cumberland, R.I., approved, six-month extension approved Establishment of a branch in new shopping center on West Main Rd., Middletown, R.I., approved, six-month extension approved Establishment of a branch on North Main Street in the Lippitt Hill section of Providence, Rhode Island, approved, six-month extension approved Riverside Trust Company, Hartford, Connecticut: Establishment of a branch at 90 Pearl St., Hartford, simultaneously with the closing of its trust department branch at 111 Pearl St., Hartford, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/27 4557, 4565 7/12 2274, 2281 8/19 2796, 2814 4/26 1343, 1355 4/26 1343, 1356 6/20 1991, 2007 7/11 2253, 2263 6/28 2134, 2139 1963 112 Pages Branch banks, domestic: (continued) Riverside Trust Company, Hartford, Conn.: (continued) Permission granted to operate its Trust Branch at 111 Pearl Street for one month after its branch at 8/12 90 Pearl Street has been opened Seattle Trust and Savings Bank, Seattle Washington, establishment of a branch at 175th Street and Aurora Ave., Seattle, Washington, approved, 9/18 six-month extension approved Security Bank, Lincoln Park, Michigan, establishment of a branch at the intersection of Dix Road and Old Goddard Road, approved, six-month exten2/15 sion approved Security Bank and Trust Company, Danville, Virginia, establishment of a branch at Wooding Avenue and West Main Street, approved, six-month extension ap2/15 proved Security Savings Bank, Marshalltown, Iowa: Operation of a branch at office of Peoples Savings Bank, Laurel, Iowa, incident to the merger of the two 11/6 banks, approved Establishment of a branch at Green Mountain, Iowa, approved, providing proposed purchase of assets and assumption of liabilities of Producers Savings Bank, Green Mountain, Iowa, by, is 12/20 approved and consummated N.Y.: Security Trust Company of Rochester, Application of First State Bank, Canisteo, New York to purchase the assets and assume liability to pay deposits in the Greenwood 1/31 Branch of, approved Issuance of order and statement approv2/8 ing authorized branch at Extension of time to establish a 293 East Main Street, Rochester, 10/31 New York, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2680, 2687 3212, 3236 572, 587 571, 584 3823 4488, 4493 391 510, 524-26 3722, 3725 1963 113 Pages Branch banks, domestic: (continued) Southern Arizona Bank and Trust Company, Tucson, Arizona: Establishment of a branch in a shopping center at the intersection of 24th Street and Camelback Road, Phoenix, Arizona, approved, 732, 743 3/1 six-month extension approved intersecEstablishment of a branch at the tion of East Broadway and Sarnoff Drive, east of the city limits of Tucson, approved, six-month 6/21 2028, 2035 extension approved Va., Southern Bank and Trust Company, Richmond, establishment of a branch at 34023404 Hermitage Road, Richmond, Va., approved, six-month extension ap7/18 2338, 2346 proved of State Bank of Albany, New York, establishment an in-town branch at 1245 Washington Avenue approved, six-month 7/25 2435, 2447 extension approved State Street Bank and Trust Company, Boston, Massachusetts, establishment of a branch bank at 111 Franklin Street, Boston, Massachusetts, concurrently with the relocation of its main office, approved, 10/24 3640, 3653 six-month extension approved Sumitomo Bank of California, San Francisco, Calif.: Establishment of a branch at 1270 West Redondo Beach Boulevard, Gardena, Calif., approved, six-month extension ap2/20 647, 657 proved and Franklin 20th Establishment of a branch at Streets, Oakland, California, approved, six-month extension approved 4/19 1262, 1292 Summit Trust Company, Summit, New Jersey, establishment of a branch at 37 Beechwood Road, Summit, New Jersey approved, 2597, 2630 8/8 six-month extension approved Sylvania Savings Bank Company, Sylvania, Ohio, establishment of a branch at 5756 Central Avenue in an unincorporated area of Sylvania Township, Lucas County, Ohio, approved, six-month extension ap10/25 3670, 3682 proved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 114 Pages Branch banks, domestic: (continued) Tompkins County Trust Company, Ithaca, New York, establishment of a branch in Triphammer Shopping Center, Lansing, N.Y., approved, sixmonth extension approved Trade Bank and Trust Company, New York, New York, establishment of a branch bank at 50 Bayard Street, Borough of Manhattan, New York, N.Y., approved, six-month extension approved Georgia, Atlanta, Georgia: of Company Trust Establishment of a branch in the Life Insurance Company of Georgia building at North Avenue and West Peachtree Street, approved, six-month extension approved Establishment of a branch at Chattahooche Avenue and Ellsworth Industrial Drive, N.W., Atlanta, Ga., approved, six-month extension approved Establishment of a branch in proposed Hartford Insurance Company Building on Edgewood Avenue between Ivy and Courtland Streets, Atlanta, Ga., approved, sixmonth extension approved Trust Company of Morris County, Morristown, New Jersey, extension of time to establish a branch at the intersection of Ridgedale and Hanover Avenues, Morris Township, Morris County, N.J., approved Trust Company of New Jersey, Jersey city, N.J., granted extension of time within which to establish a branch at 2117-2127 Hudson Blvd., Jersey City, N.J. Twin Valley Bank, West Alexandria, Ohio, establishment of a branch bank in Gratis, Ohio, approved, sixmonth extension approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/2 10/24 2557, 2566 3640, 3655 2/15 571, 585 8/16 2727, 2756 8/21 2832, 2843 3/22 986, 995 8/2 2557, 2563 10/7 3443, 3454 1963 115 Pages branch banks, domestic: (continued) Union Bank, Los Angeles, California: Establishment of a branch at 12160 Victory Blvd., North Hollywood, Calif., approved, six-month extension approved Establishment of a branch at northeast corner of Ventura and Sepulveda Boulevards, Los Angeles, Calif., approved, six-month extension approved Question whether building now under construction by, would constitute a branch, letter to FRBank of San Francisco advising that Bank's new building would not constitute a branch Union Bank and Trust Company, Grand Rapids, Michigan, establishment of a branch at 0-7452 Main Street, at Jenison, Michigan, approved, six-month extension approved Union Conunerce Bank, Cleveland, Ohio: Extension of time within which a branch at 11710 Clifton Boulevard, Lakewood, Ohio, may be established, approved Establishment of a branch at the intersection of East Ninth Street and St. Clair Avenue, Cleveland, Ohio, approved, six-month extension approved Union and New Haven Trust Company, New Haven, Connecticut, establishment of a branch in Old Saybrook Shopping Center at intersection of Route 1 and Elm Street, Old Saybrook, Conn., approved, six-month extension approved Union Trust Company of Ellsworth, Maine, extension of time to establish a branch at Outer High Street, Ellsworth, Maine, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/4 4, 19 8/2 2558, 2570 10/2 3410, 3419 3/22 986, 1003 9/26 3341, 3347 11/15 4006, 4010 8/9 2657, 2668 1/31 380, 400 1963 116 Pages Branch banks, domestic: (continued) Union Trust Company of Maryland, Baltimore, Md.: Operation of a branch incident to the merger of Peoples Loan, Savings and Deposit Bank, Cambridge, Md., with, 3/1 approved Establishment of a branch at the southwest corner of U.S. Route 40 and Rolling Road, Baltimore County, Maryland, approved, six-month exten3/22 sion approved Establishment of a branch at Belcamp, Maryland, approved, six-month extension ap7/11 proved Operation of the three offices of The Farmers National Bank of Annapolis, Maryland, by, denied, incident to the 11/8 denied merger Establishment of a branch in the Frankford Plaza Shopping Center, Baltimore, Maryland, approved, six-month 12/27 extension approved United California Bank, Los Angeles, Calif.: Establishment of a branch at Huntington Beach, California, approved, 2/13 six-month extension approved Calif., Banos, Establishment of a branch at Los approved, six-month extension ap2/26 proved Calif., Indio, at Establishment of a branch approved, six-month extension ap3/20 proved Street State on branch Establishment of a between La Cumbre Road and San Roque Road west of the City of Santa Barbara, California, approved, 3/22 six-month extension approved ion intersect the at a branch of Establishment of Fourth Street and Heffernan Avenue, Calexico, California, approved, six-month extension ap3/22 proved Center Mission at Establishment of a branch Rd., and U.S. Hwy. 80, San Diego, Calif., approved, six-month exten4/1 sion approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 744 986, 1002 2254, 2265 3907 4557, 4566 535, 545 683, 691 960, 980 987, 1004 987, 1005 1078, 1085 1963 117 Pages Branch banks, domestic: (continued) United California Bank, Los Angeles, Calif.: (continued) Establishment of a branch at Anaheim, Calif., approved provided branch operations now conducted at 203 East Lincoln Ave., Anaheim, are discontinued, six-month extension 6/20 approved Beach, Establishment of a branch at Redondo Calif., approved, six-month exten7/26 sion approved of the Establishment of a branch in vicinity area bounded by Harrison, Third, Brannan, and Fifth Streets, San Francisco, Calif., approved, six8/2 month extension approved Wilshire 6380 at Establishment of a branch Boulevard, Los Angeles, approved, 8/8 six-month extension approved temporary in Board approves establishing quarters a branch at southwest corner of Second Street and Heber Avenue, Calexico, Calif., until permanent quarters are occupied at intersection of Fourth Street 8/23 and Heffernan Avenue, Calexico to which within Granted extension of time establish a branch in City of 9/3 Downey, Los Angeles County, Calif. intersecthe at branch a of ent Establishm tion of Pacific Coast Highway and Crown Valley Parkway, Laguna Niguel, Orange County, Calif., approved, six-month extension 9/4 approved Establishment of a branch at Laguna Hills Retirement Community, an unincorporated area in Orange County, Calif., approved, understood branch would be opened in temporary quarters and that such operations would be discontinued when permanent quarters became available, six-month extension 9/4 approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1991, 2010 2454, 2476 2558, 2571 2597, 2631 2907, 2914 2998, 3012 3019, 3039 3019, 3040 1963 118 Pages Branch banks, domestic: (continued) United California Bank, Los Angeles, Calif.: (continued) Establishment of a temporary branch at 1227 Fourth Avenue, San Diego, Calif., approved, six-month extension 3058, 3069 9/6 approved Establishment of a branch bank between 6820 and 6860 Skyway, Paradise, Butte County, California, approved, provided that the branch operations now conducted at 6412 Skyway, be discontinued, six10/8 3461, 3465 month extension approved Establishment of a branch bank on Murchison Drive in the vicinity of its intersection with El Camino Real in either Millbrae or Burlingame, approved, six-month extension ap10/24 3640, 3659 proved Establishment of a branch at the intersection of Market and Polk Streets, San Francisco, California, approved, six-month extension ap10/25 3670, 3684 proved Establishment of a branch at the intersection of Rancho Bernado Boulevard and Pomerado Road in the community of Rancho Bernado, San Diego, Calif., approved, six11/4 3752, 3772 month extension approved Establishment of a branch at Pittsburg, California, approved, six11/14 3947, 3960 month extension approved Question by Governor Balderston re pre-empting of branch sites by large California banks, staff to arrange for discussion with State Superintendent of Banks to ex11/14 3948 change views Establishment of a branch at Leisure World Senior Citizens Development, Walnut Creek, California, approved, six-month extension 11/14 3947, 3959 approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 119 Pages Branch banks, domestic: (continued) United California Bank, Los Angeles, Calif.: (continued) Establishment of a branch at the intersection of Brookhurst Street and Chapman Avenue, Garden Grove, Orange County, California, approved, six-month extension ap11/29 proved ShopCity Palm in branch a of Establishment ping Center, Palm City, an unincorporated community in Riverside County, California, approved, six12/12 month extension approved d, Ohio: Clevelan Bank, Union Commerce Establishment of a branch at Detroit and Dover Center Roads, Westlake, Ohio, approved, six-month exten9/19 sion approved Euclid at branches two of hment Establis Avenue and East 276th Street, Euclid, Ohio, approved, understood that one of the two branches is to be a drive-in facility located on a parking area adjacent to other branch, but separated by property over which the bank has no control, 9/19 six-month extension approved Jersey, New h, Elizabet Company, Trust County Union establishment of a branch at the southeast corner of Rahway Ave. and South Street, Elizabeth, N.J., approved, six-month extension 7/26 approved City, Mason Company, Trust & Bank Home United Iowa, establishment of an intown branch (Parking Lot Office) at 1329 North Federal Street, approved, six-month extension 7/24 approved estabDakota, North Forks, Grand of Valley Bank lishment of a branch in the North Side Industrial and Shopping Area, Grand Forks, North Dakota, approved, six-month extension ap1/30 proved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4156 4343, 4347 3242, 3254 4142, 3255 2454, 2475 2403, 2430 289, 303 1963 120 Pages Branch banks, domestic: (continued) Valley Bank and Trust Company, Springfield, Mass.: Establishment of a branch at 1237 Sumner Ave., Springfield, Mass., approved, six-month extension approved Establishment of a branch in a proposed shopping center at southwest corner of Allen and Cooley Streets, Springfield, Mass., approved, with two year period to establish branch, six-month extension approved Establishment of a branch on East Street, opposite Soule Road, Ludlow, Massachusetts, approved, sixmonth extension approved Wachovia Bank and Trust Company, Winston-Salem, North Carolina: Establishment of a branch on U.S. Hwy. 401, south of city limits of Raleigh, N.C., approved, six-month extension approved Establishment of a branch at 176 SharonAmity Rd., South, Charlotte, N.C., approved, six-month extension approved Establishment of a branch on Corporation Parkway near the intersection of Buchanan Street in WinstonSalem, approved, six-month extension approved Establishment of a branch on U.S. Highway 70 at the intersection of Lynnstone Court in Asheville, North Carolina, approved, six-month extension approved Establishment of a branch at the intersection of Robin Hood and Peace Haven Roads in Winston-Salem, N.C., approved, six-month extension approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/13 1537, 1550 8/9 2657, 2666 11/15 4005, 4009 4/26 1343, 1357 4/26 1343, 1358 5/6 1477, 1495 5/6 1477, 1494 8/9 2657, 2669 1963 121 Pages Branch banks, domestic: (continued) Wachovia Bank and Trust Company, Winston-Salem, North Carolina: (continued) Establishment of a branch at 3665 East Independence Blvd., Charlotte, N.C., approved, six-month extension 8/16 approved Operation of a branch at the office of The Bank of Randolph, Asheboro, North Carolina, incident to the merger 11/14 of the two banks, approved Walker Bank & Trust Company, Salt Lake City, Utah, granted extension of time within which to establish a branch at southeast corner of intersection of Washington and Eighth South Streets, Salt Lake City, provided branch operations now conducted at 450 South Second West St., 4/29 Salt Lake City, are discontinued Warren Bank, Warren, Michigan: Application to establish an in-town branch, approval recommended by FRBank of Chicago and Michigan State Banking Department, Division of Examinations recommended denial due to inadequate capital and unsatisfactory asset condition, understood that the staff would contact State Banking Commissioner Shay re circumstances leading to his approval, Board to 2/15 consider later with conversation Results of telephone Commissioner Shay reported by Division of Examinations, agreed before final Board action, that arrangements be made for representatives of applicant bank to meet with representatives of 2/17 Division of Examinations outof light Application approved in come of meeting and attitude toward capital position, six-month exten2/21 sion approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2726, 2755 3969 1376, 1382 442 482 666, 681 1963 122 Pages Branch banks, domestic: (continued) Washington State Bank, Washington, Iowa, establishment of an in-town branch (Parking Lot Office) at southwest corner of Intersection of South Avenue B and West Washington Street, approved, six-month extension approved Wells Fargo Bank, San Francisco, Calif.: Extension of time to establish a branch at 20th and Franklin Streets, Oakland, Calif., approved, with the understanding that branch operations now conducted at 22nd and Webster Streets, Oakland, be discontinued Establishment of a branch at the Arden Fair Shopping Center, at intersection of Arden Way and Freeway #40, in Sacramento County, Calif., approved, six-month extension approved Establishment of a branch in downtown section of Oakdale, Calif., approved, sixmonth extension approved Establishment of a branch in downtown business district of Quincy, Calif., approved, six-month extension approved Establishment of a branch in Westmoor Shopping Center at the intersection of Fremont and Mary Avenues, Sunnyvale, Calif., approved, six-month extension approved Establishment of a branch at the intersection of Power Inn Road and Fruitridge Road, Sacramento, California, approved, six-month extension approved Establishment of a branch in Williams, Calif., approved,six-month extension approved Establishment of a branch at West Capital Ave. and Michigan Boulevard, West Sacramento, Calif., six-month extension approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/14 98, 112 1/4 4, 20 2/7 478, 498 2/7 478, 499 2/20 647, 658 2/20 647, 659 2/21 665, 676 2/21 665, 677 2/26 683, 692 1963 123 Pages Branch banks, domestic: (continued) Wells Fargo Bank, San Francisco, Calif.: (continued) Extension of time to establish a branch at West Jackson Street and Calaroga Avenue, Hayward, California, approved Establishment of a branch in city of Grass Valley, Calif., approved, sixmonth extension approved Establishment of a branch at the intersection of Warm Springs Blvd. and Mission Blvd., Fremont, Calif., approved, six-month extension approved Establishment of a branch at the intersection of Calaroga Ave. and Chanslor Blvd., Hayward, Calif., approved, with approval of branch at West Jackson St. and Calaroga Ave., Hayward, Calif., rescinded, sixmonth extension approved Extension of time to establish a branch at St. Helena, Napa County, Calif., approved Establishment of a branch on Thornton Ave., between Cedar Boulevard and Cherry Street, Newark, California, approved, six-month extension approved Investment in bank premises, approved, with provision of using money for bank premises or beginning construction of new branch offices Establishment of a branch in the downtown business district of Lafayette, an unincorporated community in Contra Costa County, Calif., approved, six-month extension approved Granted extension of time within which to establish a branch at East Laurel Drive and Alvin Drive, Salinas, Calif. Operation of six offices of State Center Bank, Fresno, Calif., by, incident to merger of two banks, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/11 840, 863 3/20 960, 982 4/26 1355, 1360 5/15 1577, 1593 6/12 1899, 1912 6/12 1899, 1913 7/31 2511, 2521 8/8 2597, 2632 8/16 2726, 2751 8/19 2817 1963 124 Pages Branch banks, domestic: (continued) Wells Fargo Bank, San Francisco, Calif.: (continued) Extension of time to establish a branch at the intersection of Winding Way and Mansanita Avenue, in an unincorporated area of Sacramento County, California, approved Establishment of a branch at Crescent City, California, approved, six-month extension approved Establishment of a branch at the intersection of Willow Pass Road, Taylor and Pacheco Boulevards, Concord, California, approved, denied the establishment of this branch in proposed temporary quarters at Pacheco Boulevard and Doris Drive, Pleasant Hill, Calif., six-month extension approved Establishment of a branch in downtown business district of Turlock, Calif., approved, six-month extension approved Establishment of a branch in downtown business district of Alturas, Modoc County, California, approved, six-month extension approved Establishment of a branch at the intersection of Camden and Hillsdale Avenues, San Jose, California, approved, six-month extension approved Granted extension of time to establish a branch at the Rosemont Plaza on Middle Jackson Road (now known as Kiefer Road), between Manlove and Mayhew Roads, Sacramento, California Establishment of a branch in Sacramento Redevelopment Area Shopping Center, Sacramento, California, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/19 3242, 3256 10/9 3470, 3497 10/15 3547, 4453 11/14 3947, 3958 11/26 4095, 4102 11/26 4095, 4101 12/10 4316, 4321 12/12 4343, 4348 1963 125 Pages Branch banks, domestic: (continued) Wells Fargo Bank, San Francisco, Calif.: (continued) Establishment of a branch bank at San Pablo Avenue, El Cerrito, California, approved, six-month extension approved Establishment of a branch at the intersection of Edwards and Cleveland Avenues, Santa Rosa, California, and in temporary quarters at Steele Lane and Range Avenue, an unincorporated area in Sonoma County, California, temporary quarters will be discontinued simultaneously with the opening of the permanent quarters, approved, six-month extension approved Establishment of a branch in the downtown business section of Anderson, Calif., approved, six-month extension approved Establishment of a branch in the downtown business section of Corning, Tehama County, California, approved, six-month extension approved Granted extension of time within which to establish a branch at southwest corner of 20th and Franklin Street, Oakland, California West Branch Bank and Trust Company, Williamsport, Pennsylvania, operation of a branch at office of Bank of Newberry, incident to merger of the two banks, approved, title of merged banks to be Northern Central Bank and Trust Company Wilmington Trust Company, Wilmington, Delaware: Establishment of a branch at the intersection of routes 13, 113, and Court and Loockerman Streets in Dover, Kent County, Delaware,approved, six-month extension approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/27 4557, 4571 12/27 4557, 4572 12/27 4557, 4569 12/27 4557, 4570 12/27 4557, 4573 12/23 3629 2/15 572, 590 1963 126 Pages Branch banks, domestic: (continued) Wilmington Trust Company: (continued) Establishment of a branch at the Camden (Del.) branch office of Baltimore Trust Company, Selbyville, Del., approved, incident to acquisition of assets of Camden (Del.) branch of Baltimore Trust Company Establishment of a branch in the vicinity of West Market Street and The Square, Georgetown, Delaware, and an investment in bank premises approved, six-month extension approved Establishment of a branch at 436 Loockerman Street, Dover, Delaware, provision that branch operations are confined to granting and servicing consumer credit loans and that operations be discontinued within one year, investment in property for new branch by, approved Worthen Bank & Trust Company, Little Rock, Arkansas: Establishment of a branch (teller's window) on the northeast corner of Capital Avenue (West Fifth Street) and Ringo Street, Little Rock, approved, sixmonth extension approved Ypsilanti Savings Bank, Ypsilanti, Michigan, establishment of a branch at southwest corner of intersection of Washtenaw Avenue and Hewitt Road, Ypsilanti Township, Washtenaw County, Mich., approved, six-month extension approved 13ra nch banks, FRSystem: Equipment: SEE: Equipment Vice Presidents in charge of, problem of making appointments, suggestion that problem be discussed with Conference of Presidents of FRBanks Vice Presidents, need for appointment of qualified men so that branch banks could be more effective in promoting System policies and operations, stated by Governor Shepardson and followed by discussion at joint meeting with Presidents' Conference http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/23 2388 10/24 3640, 3656 12/18 4411, 4431 5/9 1510, 1517 9/27 3356, 3380 11/13 12/3 3929 4193 1963 127 Pages Branch banks, FRSystem: (continued) (Individual branches): Baltimore: Salaries: Increase in clerical salary structure for Grade 1 employees approved Employees, proposed revision of salary structure at head office, Charlotte, and Baltimore Branches, matter deferred, pending further information Further discussion, salary structure approved Staff: Armstrong, B. F., Assistant Cashier, salary approved Hagner, D. F., Vice President, salary approved Jones, E. Riggs, Jr., Assistant Cashier, salary approved Appointment approved as FRAgent's Representative for sole purpose of custody of FRnotes stored at cash agent banks Stewart, A. A., Jr., Cashier, salary approved Wienert, Adolph C., Assistant Cashier, salary approved Appointment approved as FRAgent's Representative for sole purpose of custody of FRnotes stored at cash agent banks Birmingham: Salaries, employee salary structure, approved increases for Grades 12 thru 16 at Head Office not applicable to Branches since same positions do not exist, Board requests further review of proposed Branch revisions Staff: Rainey, E. C., Vice President, salary approved Salary approved Stewart, Martin, Assistant Cashier, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/12 2274, 2280 11/1 3735 11/13 3916, 3938 12/9 4287 12/9 4287 12/9 4287 12/16 4380, 4395 12/9 4287 12/9 4287 12/16 4380, 4395 1/30 295, 377 2/26 12/9 684, 695 4289 12/9 4289 1963 128 Pages Branch banks, FRSystem: (continued) Birmingham: (continued) Staff: (continued) Thomas, William, Assistant Cashier, salary approved Waller, William A., Jr., Assistant Vice President and Cashier, salary approved Salary approved Buffalo: Equipment, rental of IBM 1401 check processing equipment and an IBM 1420 system when it becomes available as a replacement, with understanding re purchase option clause, Board interposes no objection Salaries, increase in clerical salary structure for Grade 1 employees approved Staff: Doll, George J., Assistant Vice President and Cashier, salary approved for period September 1 through December 31, 1963 Salary approved Greene, Gerald H., Assistant Cashier, salary approved Keane, John T., Assistant Cashier, salary approved Smith, Insley B., Vice President, salary approved Charlotte: Salaries: Increase in clerical salary structure for Grade 1 employees approved Employees, proposed revision of salary structures at head office, Baltimore, and Charlotte Branches, matter deferred, pending further information Further discussion, salary structure approved Staff: Keller, W. M., Assistant Cashier, salary approved Krueger, F. C., Jr., Assistant Cashier, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4289 2/26 12/9 684, 695 4289 2/7 478, 491 7/12 2274, 2279 9/3 12/9 2998, 3013 4281 12/9 4281 12/9 4281 12/9 4281 7/12 2274, 2280 11/1 3735 11/13 3716, 3938 12/9 4287 12/9 4287 1963 129 Pages 4arich banks, FRSystem: (continued) Charlotte: (continued) Staff: (continued) Krueger, F. C., Jr.: (continued) Appointment approved as FRAgent's Representative for sole purpose of custody of FRnotes stored at cash agent banks Ligon, Stanhope A., Cashier, salary approved Appointment approved as FRAgent's Representative for sole purpose of custody of FRnotes stored at cash agent banks MacDonald, E. F., Vice President, salary approved Mondy, E. C., Assistant Cashier, salary approved Cincinnati: Banking quarters: Possible construction of new building in redevelopment area, article in Cincinnati Enquirer commenting on, concern expressed by Mr. Taft, report by Mr. Farrell on situation, Board to be kept informed of further developments Additional expenditure authorized for third floor air conditioning, understood that Governor Mills and Mr. Farrell would discuss the proposed new building program with President Fulton of the Cleveland Bank in light of question re available specifications for Reserve Bank security courts as requested by Emery-Knutson, Inc., in conjunction with the redevelopment project of downtown Cincinnati Report by Governor Mills and Mr. Fauver on conversations with President Fulton,plans still in exploratory stage noted, developments to be communicated to Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/16 12/9 12/16 4380, 4395 4287 4380, 4395 12/9 4287 12/9 4287 1/14 102 3/19 939, 957 3/28 1048 1963 130 Pages Branch banks, FRSystem: (continued) Cincinnati: (continued) Banking quarters: (continued) Board to study preliminary drawings, letter to FRBank of Cleveland stating that authorization to make preliminary drawings does not constitute advance approval for a Cincinnati Branch Governor Mills commented that his reading of examination report indicated Board's examiners gave good standing to present building and its adaptability for expansion Salaries, employees, revision in minimum of Grade 1 approved Staff: Biermann, John, Jr., Assistant Cashier, salary approved until date of retirement Geers, Phil J., Cashier, salary approved until date of retirement Hurst, George W., Assistant Cashier, salary approved Kiel, Fred 0., Vice President, salary approved MacDonald, Walter H., Assistant Cashier, salary approved Denver: Salaries: Employees, agreed to approve proposal of FRBank of Kansas City for increases in Grades 1 thru 11, but to defer action on proposed revised ranges in Grades 12 thru 16 of head -officeDenver structure pending completion of study by Governor Shepardson Memorandum from Division of Personnel Administration and report on result of study made by Governor Shepardson and Personnel Division discussed, agreed to approve, if requested, adjustments in Grades 12 thru 16 of head-office -Denver Branch salary structure, along with a special maximum for Grade 16 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/3 3003, 3016 10/16 3570 10/21 3586 12/9 4284-85 12/9 4284-85 12/9 4285 12/9 4285 12/9 4285 10/9 3489, 3501 11/13 3919, 3940 1963 131 Pages Branch banks, FRSystem: (continued) Denver: (continued) Salaries: (continued) Increase in Grades 12-16 approved Staff: Vice President of the FRBank of Kansas City who would be in charge of the Denver Branch, discussion re proposal for appointment of, no action taken until matter can be discussed with Chairman Scott, Deputy Chairman Simons, and President Clay Further discussion with salary and appointment of John W. Snider as Vice President, approved Krebs, H. F., Assistant Cashier, salary approved Snider, John W., Vice President in charge of Denver Branch, appointment and salary approved, promoted from Cashier at FRBank of Kansas City Salary approved Stempel, H. L., Cashier, salary approved Zahourek, J. R., Assistant Cashier, salary approved Detroit: Fallout shelters at Detroit and FRBank of Chicago no objection to, expenditures authorized Salaries, employees, increase in structure approved Staff: Bloomfield, R. W., Assistant Vice President, salary approved Carey, P. F., Assistant Cashier, salary approved Lamphere, G. W., Assistant General Counsel, salary approved Purol, L. J., Assistant Cashier, salary approved Rickel, W. G., Assistant Cashier, salary approved Swaney, R. A., Vice President, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/18 4411, 4439 11/20 4076 12/4 4206, 4232 12/9 4298 12/4 12/9 12/9 4206, 4232 4298 4298 12/9 4298 9/18 3212, 3238 8/13 2701, 2710 12/9 4292 12/9 4292 12/9 4292 12/9 4292 12/9 4292 12/9 4292 1963 132 Pages Branch banks, FRSystem: (continued) El Paso: Staff: Arnold, T. C., Cashier, salary approved Bohne, Roy E., Vice President, salary approved Coleman, Forrest E., Assistant Cashier, salary approved FRBank of Atlanta: Establishment of proposed Miami Branch, question re exploring the need for, discussed in connection with the review of the examination report of the FRBank of Atlanta FRBank of Chicago: Establishment of a FRBank branch in Indianapolis, Indiana, reply to Indianapolis Clearing House Association re Helena: Salaries: Employees, revised salary structure approved Staff: Heath, J. L., Assistant Cashier, salary approved Lindstrom, Betty Jean, FRAgent's Representative to succeed William J. Bell, appointment approved, mention made of the low rank of personnel being presented for approval in this instance Simkins, Robert J., FRAgent's Representative, to succeed Leland W. Powell, appointment approved, mention made of the low rank of personnel being presented for approval in this instance VanNice, C. A., Vice President, salary approved Worcester, R. W., Assistant Cashier, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4300 12/9 4300 12/9 4300 2/27 705 6/26 2073, 2116 4/8 1156, 1162 12/9 4296 11/14 3948, 3967 11/14 3948, 3967 12/9 4296 12/9 4296 1963 133 Pages Branch banks, FRSystem: (continued) Houston: Staff: Cook, J. L., Vice President, salary approved Hartung, W. C., Assistant Cashier, salary approved Story, Rasco R., Assistant Cashier, salary approved Troy, B. J., Cashier, salary approved Indianapolis, Indiana, reply to Indianapolis Clearing House Association re possible establishment of a branch of the FRBank of Chicago in Jacksonville: Banking quarters, discussion re possible need of expansion, discussed in connection with the review of the examination report of the FRBank of Atlanta Salaries, employee salary structure, approved increases for Grades 12 thru 16 at Head Office not applicable to Branches since same positions do not exist, Board request further review of proposed Branch revisions Staff: Brown, Dowdell, Jr., Assistant Vice President, salary approved Clark, T. C., Assistant Vice President, salary approved Crow, Vestus, Cashier, salary approved Hargett, Billy, Assistant Cashier, salary approved Lanford, T. A., Vice President, salary approved Little Rock: Banking quarters: Building agreement with Schwarz & Van Hofen, architects, providing for construction of a new building rather than an addition noted, employment of House, Holmes, Butler & Jewell, law firm to assist in acquisition of a new building site, also noted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4300 12/9 4300 12/9 12/9 4300 4300 6/26 2073, 2116 2/27 705 1/30 295, 377 12/9 4289 12/9 4289 12/9 4289 12/9 4289 12/9 4289 2/15 571-582 1963 134 Pages Branch banks, FRSystem: (continued) Little Rock: (continued) Banking quarters: (continued) Construction of new building, Board interposes no objection for proceeding with development of preliminary plans and specifications on, acquisition of building site approved earlier Salaries, employee structure, revision approved, noted that revision takes into account the minimum hourly wage rate, effective as of 9/1/63 Staff: Breen, John F., Cashier, salary approved Burton, Fred, Vice President and Manager, salary approved Jensen, Howard j., Assistant Cashier, salary approved Ward, John K., Assistant Cashier, salary approved Los Angeles: Coin sorting operations, wire to all FRBanks re, practice among coin sorters and coin custodians, in screening out silver dollars for sale at premium values in numismatic circles, suggestion to take preventive measures in view of discovery at Staff: Carter, W. E., Assistant Manager, salary approved Davenport, D. M., Vice President, salary approved James, M. A., Assistant Manager, salary approved Kelly, G. R., Assistant Manager, salary approved Parker, G. D., Assistant Manager, salary approved Robinson, J. R., Assistant Manager, salary approved Watkins, C. H., Vice President and Manager, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/3 3007, 3017 4/29 1376, 1389 12/9 4294 12/9 4294 12/9 4294 12/9 4294 10/7 3449, 3460 12/9 4302 12/9 4302 12/9 4302 12/9 4302 12/9 4302 12/9 4302 12/9 4302 1963 135 Pages Branch banks, FRSystem: (continued) Louisville: Salaries, employee structure, revision approved, noted that revision takes into account the minimum hourly wage rate, effective as of 9/1/63 Staff: Henry, Donald L., Vice President and Manager, salary approved Menges, John W., Cashier, salary approved Nelson, Louis A., Assistant Cashier, salary approved Woertz, Clarence J., Assistant Cashier, salary approved Memphis: Salaries, employee structure, revision approved, noted that revision takes into account the minimum hourly wage rate, effective as of 9/1/63 Staff: Black, Paul I., Jr., Assistant Cashier, salary approved DeVos, E. Francis, Vice President and Manager, salary approved Garbarini, Joseph P., Sr., Assistant Cashier, salary approved Monaghan, Benjamin B., Cashier, salary approved Miami: Establishment of, question re exploring the need for, discussed in connection with the review of the examination report of the FRBank of Atlanta Nashville: Salaries, employee salary structure, approved increases for Grades 12 thru 16 at Head Office not applicable to Branches since same positions do not exist, Board request further review of proposed Branch revisions http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/29 1376, 1389 12/9 4294 12/9 4294 12/9 4294 12/9 4294 4/29 1376, 1389 12/9 4294 12/9 4294 12/9 4294 12/9 4294 2/27 705 1/30 295, 377 1963 136 Pages Branch banks, FRSystem: (continued) Nashville: (continued) Staff: Magee, Stuart H., Assistant Cashier, salary approved Moody, R. E., Jr., Vice President, salary approved Sewell, W. H., Assistant Vice President, salary approved Starr, L. W., Cashier, salary approved New Orleans: Banking quarters: Construction of new building, advertising for bids for, authorized, views of Governor Mitchell expressed Contracts for construction of new building approved, expenditure of approximately $4,610,000 authorized Salaries, employee salary structure, approved increases for Grades 12 thru 16 at Head Office not applicable to Branches since same positions do not exist, Board requests further review of proposed Branch revisions Staff: Chapman, L. Y., Assistant Vice President, salary approved Junca, R. M., Assistant Cashier, salary approved Shaw, Morgan L., Vice President, salary approved Smith, Edward E., FRAgent's Representative, appointment to succeed Mr. James A. Charbonnet approved Walter, Theodore, Assistant Vice President salary approved Oklahoma City: Employees, agreed to approve proposal of FRBank of Kansas City for increases in Grades 1 thru 16 of Staff: Alexander, F. W., Cashier, salary approved Evans, William G., FRAgent's Representative, appointment to succeed Lee G. Cox, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4290 12/9 4290 12/9 4290 12/9 4290 5/22 1680, 1708 9/18 3212, 3237 1/30 295, 377 12/9 4290 12/9 4290 12/9 4290 7/24 2402, 2427 12/9 4290 10/9 3489, 3501 12/9 4298 4/8 1156, 1161 1963 137 Pages Branch banks, FRSystem: (continued) Oklahoma City: (continued) Staff: (continued) Farley, E. P., Assistant Cashier, salary approved Milburn, W. J., Jr., Assistant Cashier, salary approved Pritz, H. W., Vice President, salary approved Omaha: Salaries, employees, agreed to approve proposal of FRBank of Kansas City for increases in Grades 1 thru 16 of Staff: Martincik, Frank J., FRAgent's Representative, appointment to succeed Carl C. Tollander, approved Pleiss, Walter L., Cashier, salary approved Salary approved Rankin, George C., Vice President: Salary approved Salary approved Spencer, Dan S., Assistant Cashier: Salary approved Salary approved Tollander, Carl C., Assistant Cashier: Salary approved Salary approved Pittsburgh: Employees, revision in minimum of Grade 1 approved Staff: Aufderheide, J. Robert, Assistant Cashier: Salary approved Salary approved Dorn, Paul H., Assistant Cashier, salary approved Harrell, Clyde, Vice President, salary approved Houpt, Charles E., Assistant Cashier, salary approved Paulat, Gustav, FRAgent's Representative appointment approved to succeed Mr. G. Donald Laughlin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4298 12/9 4298 12/9 4298 10/9 3489, 3501 6/20 1991, 2014 5/27 12/9 1766, 1779 4298 5/27 12/9 1766, 1779 4298 5/27 12/9 1766, 1779 4298 5/27 12/9 1766, 1779 4298 10/21 3586 7/24 12/9 2418, 2431 4285 12/9 4285 12/9 4285 12/9 4285 12/9 4246, 4265 1963 138 Pages Branch banks, FRSystem: (continued) Pittsburgh: (continued) Staff: (continued) Schmidt, John A., Cashier, salary approved to date of retirement Steinbrink, Roy J., Assistant Cashier, salary approved Portland: Salaries, employees, increases in structure approved Staff: Brown, W. M., Assistant Vice President, salary approved Grimm, F. K., Assistant Manager, salary approved Skinner, F. R., Assistant Manager, salary approved Salt Lake City: Salaries, employees, increase in structure approved Staff: Dunn, R. C., Assistant Manager, salary approved Holman, A. G., Assistant Manager, salary approved Price, A. L., Vice President and Manager, salary approved Simmons, T. M., Assistant Vice President, salary approved San Antonio: Staff: Moore, Carl H., Vice President, salary approved Mundt, A. E., Cashier, salary approved Russell, Alvin E., Assistant Cashier, salary approved Schmid, Frederick J., Assistant Cashier, salary approved Seattle: Banking quarters, program for air conditioning of building, Board interposes no objection to proceeding with Board interposes no objection to proposed terms of agreement for engineering services re air conditioning http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4284-85 12/9 4285 7/8 2205, 2214 12/9 4302 12/9 4302 12/9 4302 7/8 2205, 2214 12/9 4302 12/9 4302 12/9 4302 12/9 4302 12/9 12/9 4300 4300 12/9 4300 12/9 4300 3/28 1048, 1060 7/18 2338, 2347 1963 139 Pages Branch banks, FRSystem: (continued) Seattle: (continued) Equipment, electronic check-processing (Univac BP I), no objection to the rental, under lease-purchase agreement, of two complements of Staff: Barglebaugh, E. R., Vice President and Manager, salary approved Glascock, R. P., Assistant Manager, salary approved Laiti, A. C., Assistant Manager, salary approved Sandstrom, W. R., Assistant Vice President, salary approved Branch banks, foreign: Acceptances, powers of foreign branches of national banks relating to, national banks indicated that provisions were too restrictive as published in the draft of proposed revision of Regulation M Applications to establish and announcement of Board's action in K. 2, Board agreed to institute expansion of K. 2, Governor Mills' reservations noted Letter of advice to FRBanks re procedure Board had decided to follow concerning K. 2 release, which will include announcements of receipt of, and actions on Court cases involving, question re trying under laws of the U.S. or laws of a foreign country, raised by Congressman Schadelberg on behalf of Angus 0. Matheney, President of Panama Plumbing and Supply, Inc., Balboa, Canal Zone, in light of suit brought by First National City Bank of New York, Panama City Branch, reply approved Establishment of: Question re need for prior Board approval, involving national banks, raised by Governor Mills in consideration of proposed Regulation M http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/21 665, 675 12/9 4302 12/9 4302 12/9 4302 12/9 4302 6/26 2106 8/22 2857 9/27 3374, 3394 2/18 604, 619 1/17 157 1963 140 Pages Branch banks, foreign: (continued) Establishment of: (continued) Provisions with respect to, approved for inclusion in proposed new Regulation M H.R. 5800, a bill to amend section 25 of the FRAct to transfer to the Comptroller of the Currency authority to approve the establishment of foreign branches of national banks and to issue regulations concerning their powers, unfavorable report approved for transmittal to Congressman Patman, Chairman of the House Banking and Currency Committee By foreign banking subsidiaries controlled by foreign banking corporation, request for waiver of requirement for prior consent of Board, advice to Chase Manhattan Overseas Banking Corporation, staff authorized to advise all Edge and agreement corporations Federal Deposit Insurance Corporation, Chase Manhattan submitted an application to, for approval to acquire business of existing branches of Nationale Handelbank, N. V., Amsterdam, Netherlands, in Bangkok, Thailand, Singapore, and Hong Kong, consent of FDIC required under section 18(c) of FDIC Act, case of insured bank assuming liabilities of an uninsured bank of, by foreign branches of issuance s, Guarantie national banks, question re specific authority, for inclusion in proposed Regulation M s Provision with respect to, approved for inclusion in proposed new Regulation M n Indicatio that Board would be willing to accept something along the lines of the draft submitted on behalf of the national banks in combination with the paragraph in the staff redraft with the addition of an aggregate limitation on the amount of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/21 191 6/12 1899, 1922 11/20 4070, 4091 11/1 3731 1/17 157 1/21 195 6/26 2106-2110 1963 141 Pages Branch banks, foreign: (continued) Guaranties: (continued) Further discussion Further discussion Investment in securities in country in which foreign branch of national bank is located, question re provision for inclusion in proposed Regulation M National banks indicated that provisions were too restrictive as published in draft of proposed revision of Regulation M Further discussion Loans to officers of foreign branches of national banks for housing needs, suggestion re inclusion of provision re, in proposed Regulation M Paragraph referring to, deleted from proposed new Regulation M Agreed there should be a provision in the revised Regulation M granting an extension of credit up to $20,000 National banks: Draft of Regulation M considered with proposed revision of Regulation K, suggestions that specific powers be indicated and regulation tightened matters of establishment of branches, issuance of guaranties, underwriting, selling and distributing securities, loans on gold, and the permitting of loans to officers for housing needs, discussed, staff to prepare another draft Draft approved for publication in Federal Register Revision of Regulation M, to carry out purposes of P. L. 87-588 favored by FAC, comments at joint meeting Agreement re meeting with representatives of four national banks having overseas branches for presentation of their views, date of meeting noted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/3 8/1 2189 2529 1/17 158 6/26 8/1 2103 2530 1/17 158 1/21 195-96 6/26 2106 1/17 150, 156-59 1/21 190 2/19 645 3/28 1051 1963 142 Pages branch banks, foreign: (continued) National banks: (continued) Memorandum from Messrs. Shay, Goodman, Furth, and Doyle submitting a redraft reflecting revisions relating to guarantees, acceptances, and investments in securities in light of objections raised by, views expressed, inconsistencies between Regulations K and M to be worked out by staff, agreed that clean drafts of both regulations be prepared and transmitted to the supervised institutions, FRBanks, and other parties for comment Board's statutory authority with respect to the regulation of, none of the Board members present in favor of transferring such authority to the Comptroller of the Currency, question by Chairman Martin during discussion re revision of Regulation M Agreed that the redrafts of Regulations K and M reflecting today's discussions be sent to the affected supervised institutions, the FRBanks, and others for comments, no press release to be issued but copies to be made available upon request Consideration of comments from affected supervised institutions, FRBanks, and Government agencies, revised Regulation M adopted along with the conforming amendment to Regulation H with Governor Mills dissenting, copies to the Federal Register and issuance of a press release authorized Letter to Comptroller of the Currency, discussing fact that revision of Regulation M made it unnecessary for national banks to obtain Board approval before establishing foreign branches and investing in Edge Act corporations Notices of intent to establish additional, as prescribed by revised Regulation M, question re publication of, Mr. Goodman's views expressed re handling discussed for Procedure http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/26 2102 6/26 2105 7/3 2187 8/1 2529,2543-51 8/29 2952, 2970 8/22 2859 10/23 3604 1963 143 Pages Branch banks, foreign: (continued) (Individual banks): Banco Hipotecario Lar Brasileiro, S.A., Rio de Janeiro, Brazil, consent granted to proposed changes in location of branches, advice to Chase Manhattan Overseas Banking Corporation Bank of America National Trust and Savings Association, San Francisco, California, establishment of a branch in Madrid, Spain, approved, six-month extension approved Establishment of a branch in Bombay, India, authorized, six-month extension approved Intent to establish an additional branch in Hong Kong noted Establishment of a branch in City of Panama, Republic of Panama, approved, sixmonth extension approved Bank of Monrovia, Monrovia, Liberia, consent granted for establishment of a branch in Nimba, Liberia, by, advice to International Banking Corporation, N.Y., N.Y., six-month extension approved Letter to International Banking Corporation, New York, N.Y., acknowledging receipt of advice that Bank of Monrovia intended to establish an office in Ducor Intercontinental Hotel in Monrovia Chase Manhattan Bank, New York, New York, permission granted to establish four branches located at: New Road 1153-5, Bangkok, Thailand; No. 1 Cecil Street, Singapore, Federation of Malaysia; and 15 Queen's Road Central, Hong Kong, Colony of Hong Kong, six-month extension approved Question re required approval by FDIC in connection with acquisition of branches of Nationale Handelbank, N.V., Amsterdam, Netherlands, does not apply here http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/26 1344, 1361 5/6 1476, 1492 5/9 1510, 1518 10/23 3604, 3619 11/26 4095, 4106 4/12 1199, 1213 11/13 3932 11/1 3730, 3743 11/1 3731 1963 144 Pages branch banks, foreign: (continued) Chase Manhattan Bank, N.Y., N.Y.: (continued) Board acknowledges receipt of notice of intent to establish an additional branch in San Juan, Puerto Rico al Banking Corporation, Seattle, Internation Commerce Washington, authorized to establish a branch in Hong Kong, Colony of Hong Kong, upon receipt of final permit to commence business, advice to National Bank of Commerce of Seattle, Washington Continental Illinois National Bank and Trust Company of Chicago, Illinois, establishment of a branch in the West End District of London, England, authorized, sixmonth extension approved Establishment of two branches in Japan to be located at Tokyo Building, 3 Marunoushi 2-chrome, Chiyoda-ku, Tokyo, and 11 Bingomachi 3-chrome, Higashi-ku, Osaka, Japan, approved, six-month extension approved First National City Bank of New York, Panama City Branch, question re certification of checks drawn on account in overdraft, raised by Congressman Schadeberg on behalf of Angus O. Matheney, in light of court case under U.S. laws or laws of a foreign country, reply approved Information sent to Comptroller of Currency in light of possible violation of sec. 5208, Revised Statutes First National City Bank, New York, N.Y., granted extension of time within which to establish a branch in Geneva, Switzerland Establishment of a branch in Amsterdam, The Netherlands, authorized Establishment of a branch in Hotel Tequendama, Bogota, Colombia, approved, sixmonth extension approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4028 11/18 717, 728 2/28 5/9 1512, 1524 12/12 4343, 4349 2/18 604, 619 2/18 606, 622 2/28 717, 723 3/22 986, 998 4/3 1135, 1140 1963 145 Pages Branch banks, foreign: (continued) First National City Bank, New York, N.Y.: (continued) Establishment of a branch in City of San Salvador, El Salvador, Central America, approved, six-month 4/9 extension approved F., D. Mexico, in a branch Establishment of Mexico, located in the Vallejo district, approved, six-month 7/25 extension approved in branch additional an of Establishment Buenos Aires, Argentina, located 8/9 in the Liniers section, noted Taiwan, Taipei, in branch a of ent Establishm approved, six-month extension 9/23 approved Dubai, of city in a branch of ent Establishm Trucial State of Dubai, approved, 9/23 six-month extension approved of notice intent of receipt es Board acknowledg to establish three branch banks: (1) Chowringhee area of Calcutta, India; (2) in the vicinity of Pasaje Olaya, Lima, Peru; (3) 11/15 Concepcion, Chile in branch a establish to Notice of intent Causeway Bay area of Hong Kong, 11/26 Colony of Hong Kong, acknowledged in branch a establish to granted Permission Athens, Greece, six-month exten12/2 sion approved Ilte akfast, buffet: Directors Day, March 20-21, 1963, program discussed including occasions for the visiting directors to meet members of the Board, following favorable comments it was understood that a buffet breakfast at the Sheraton Carlton Hotel would be included as 3/11 one of the occasions 4etton Woods Agreement Act: International Bank for Reconstruction and Development, draft bill to amend, to increase capital stock of, report 4/29 sent to Budget Bureau http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1168, 1187 2435, 2448 2657, 2665 3267, 3284 3268, 3285 4006 4098 4159, 4175 855 3175, 3181 1963 146 Pages Brink's Air Courier Service: Shipment of FRnotes via, proposal of FRBank of Atlanta re sending FRnotes from Jacksonville Branch to FRBank of New York, and pick-up of new FRnotes in Washington for delivery in Atlanta on return trip, disapproved in light of continuing study of proposal of Brink's Inc. Brink's Incorporated: Shipment of new FRnotes: Discussion re proposal of, as opposed to Post Office facilities, understood that the Treasury and Post Office Departments would be contacted prior to further consideration by Board, reservations re proposal expressed by Governors Mills and Robertson from, reviewed, further proposal Status of reference to possible combination of air and truck transportation, report by Chairman Martin re conversations with Secretary of Treasury Dillon, agreed Post Office Dept. might be contacted after Treasury views were received Proposal involving combination air-truck transportation, Board would not object to advice to be sent to Presidents' Conference Committee on Miscellaneous Operations, subject to check by Governor Mitchell with Postmaster General, position of Treasury Dept. reported by Chairman Martin Offer to transport new currency from Washington to the various FRBanks and branches made by, no objection by Treasury and Post Office Departments, Board would not object in principle to the use of private carriers, advice to Eliot J. Swan, Chairman of the Committee on Miscellaneous Operations George B., Actuary of the Retirement System, authorized to make actuarial computations suggested by Professor McGill http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/18 902, 928 1/9 64 3/6 799 4/12 5/9 2/27 1209 1510, 1519 702 1963 147 Pages Buck, George B., Actuary of the Retirement System: (continued) Letter re cost projections on mortality and interest assumptions from, with Dr. McGill's memorandum of comments and report to the Board, to be sent to Mr. Irons, Chairman of the Presidents Conference, Mr. Harris, Chairman of the Retirement Committee, and Mr. Deming, Chairman of the Board of Trustees of the Retirement System 6/27 Meeting with Professor Dan M. McGill, consultant, and to be arranged with Board for September 24, 1963, understood that if Governor Mitchell were unable to attend, he would consider submitting questions that could 8/21 be answered on his behalf with and, Discussion re meeting of Dr. McGill Board involving adoption by the Retirement System of new mortality tables, and interest rate assumptions, and transfer to Board plan of three employees on technical basis of "erroneous enrollment" in Civil Service Retirement 9/25 System liu dget and Accounting Act of 1921: H.R. 867, H.R. 1920, H.R. 886, H.R. 889, H.R. 2413, and H.R. 3289, bills to amend, to provide for retirement of the public debt, by setting aside specified percentages of budget expenditures for that purpose, report sent to 2/14 Congressman Dawson 8t1dget: Capital: H.R. 1711, a bill to amend the Employment Act of 1946 which would establish policies with respect to productive capital investments of the Government, re2/26 port sent to Congressman Dawson http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2121, 2126-28 2836 3319, 3321 552, 563 683, 694 1963 148 Pages Budget: (continued) Federal: Financial operations of the Board of Governors, request from the Bureau of the Budget for data re, to be included in the 1965 Federal Budget for informational 12/16 4382, 4398 purposes only, reply approved Supplementary letter transmitting schedules for 1962, 1963, and 1964, on calendar year basis, and summary statement of basic legislation under which the Board operates, sent to Bureau of the Budget in answer to their request 12/16 4384, 4400 H.R. 113, bill which specifies that the budget submitted by the President to Congress include an item for not less than $2,000,000,000 to be applied toward reducing the national debt, report 2/14 552, 563 sent to Congressman Dawson Budgets: Board of Governors, 1962: Expenditures in excess of, not previously authorized, approved Performance report reviewed, overexpenditures reflected in, approved, deviations commented on Board of Governors, 1963: Board Members' Offices: Expenditure authorized to complete technical work on Spanish sound track of FRSystem motion picture, "Money on the Move--The Federal Reserve Today", understanding copy would be presented to Center for Latin American Monetary Studies after its showing at Seventh Meeting of Technicians of Central Banks of American Continent, to be held in Rio de Janeiro, Brazil Additional expenditure for travel, telephone, and secretarial expenses for Professor G. L. Bach, chairman and organizer for Board's seminar with academic economists, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/28 718 2/28 718 10/7 3450 10/10 3520 1963 149 Pages Budgets: (continued) Board of Governors, 1963: (continued) Charts and color film transparencies with Spanish language lettering to be used in chart show by staff members attending Seventh Meeting of Technicians of Central Banks of American Continent to be held in Rio de Janeiro, Brazil, unbudgeted expenditure approved Division of Administrative Services: Overexpenditure in 1963 budget to cover cost of repair work on main roof and three roof decks of Board's building approved Printing of loose-leaf compilation of "Textual Changes in the FRAct and Related Laws," and mimeographed supplement from Legal Division in 1956, overexpenditure approved Division of Data Processing: Establishment of a new position of Key Punch Operator, for which no provision was made in 1963 budget of, approved Overexpenditure resulting from underestimating 1963 paper and magnetic tape requirements, approved Division of Research and Statistics: Establishment of three additional economist positions in the Banking Markets Unit in place of the three existing vacancies now provided for in the budget, approved arrangement not to preclude recruitment to fill former budget positions Additional expenditures for proposed meeting of academic economists with Board, provision to be made in Expenditures in excess of, approved as requested by certain divisions and offices of Board, in addition to previous approval of certain other overexpenditures, memorandum from Office of the Controller re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/4 3436 4/24 1320 11/5 3813 3/18 915 10/24 4/19 3639,3650-51 1266 11/13 3931 12/18 4427 1963 150 Pages Budgets: (continued) Board of Governors, 1963: (continued) Office of Defense Planning, overexpenditure of $10,500 in Contractual Professional Services Account to cover cost of unanticipated volume of security clearances for FRBank personnel, approved Retirement system: Overexpenditure in the budget for 1963 (up to $4,500), authorized, covering cost of actuarial computations, suggested by Professor McGill and to be made by Mr. Buck, Actuary of the Extension of contract with Professor Dan McGill, covering the period January thru June 1963, overexpenditure authorized Secretary's Office, overexpenditure for appointment of Professor E. R. Wicker, of Indiana University, Bloomington, Ind., on a temporary contractual basis with compensation at $50 a day and transportation expenses and per diem in accordance with the Board's travel regulations, approved Board of Governors, 1964: Annual report for 1963, 50th anniversary, proposed format for, displayed, understood that 1964 budget would be prepared on basis that proposed format would be used Division of Research and Statistics, banking market study contracted with Economic Research Institute of Drew University, provisions for cost of contract to be made in 1964 budget of Personnel Officers Conference, System, provision to be made in 1964 budget for holding conference (1964) in Washington Yearly budget approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/17 1936 2/27 704 2/27 704 6/12 1909 11/20 4076 10/31 3724 2/4 12/9 434 4251,4274-76 1963 151 Pages Budgets: (continued) Board of Governors, 1964: (continued) Yearly budget approved: (continued) Academic economists, provision for meetings with Board provided for in Annex across C Street, architects' fee relating to planning of, referred to as contributing to overall increase in Computer rental, provision for, approved Consumer finances, an increase in the Contractual Professional Services account of, authorized in light of the increase in cost of the proposed consumer finances surveys in 1964 Consumer finances, consumer credit, and banking markets surveys referred to as contributing to the overall increase of the Printing costs provided for in budget for 1964, approved Retirement System, increase in contributions to the, as a result of a higher salary base plus an increase in the rate of contributions, a contributing factor to the overall budget increase Salaries, employees' general pay increase adopted by Board, effective January 5, 1964, provision for, included in Salaries, official staff, provision for salary increases approved Space requirements, rental of space in FDIC building contributing factor in overall increase in Total budget increase approved, in an amount corresponding to the total of the salary increases involved FRBank of Boston, 1963, first half of, copy transmitted to Congressman Patman, Chairman of the House Committee on Banking and Currency http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4252, 4274 12/9 4252 12/9 4252, 4276 12/9 4250 12/9 4252 12/9 4252, 4276 12/9 4251 12/9 4251, 4274 12/9 4253, 4274 12/9 4252 12/9 4262 6/11 1875, 1889 1963 152 Pages Budgets: (continued) FRBank of Dallas, 1963, last half, view of Bank's Budget Committee and other directors, that preparation of six-month budget is as time consuming as annual, and was less valuable, suggestion that subject be discussed by Board member with President Irons rather than by letter FRBank of New York, 1963, first half of, copy transmitted to Congressman Patman, Chairman of the House Committee on Banking and Currency FRBanks: 1963, last half: Accepted as submitted, following review of current budget increases, discussion re value of the six-month budget compared with the annual budget, and agreement not to make mandatory the use of "current rate of expenditures" as basis of comparison in budget presentations, letter to FRBank of Boston similar in form to those sent to all FR Banks Assessment for expenses of Board, increase in, noted as factor in increase in FRBank budgeted expenses in this budget period Currency and coin shipments to and from member banks, increase in postal or armored car rates on, noted as factor in increase in budgeted expenses in this budget period Motion picture of Federal Reserve, cost of, noted as factor in increase in budgeted expenses in this budget period Postal money orders, completion in April 1963 of conversion to prepunched, reducing personnel and equipment costs, noted as factor in change in budget period http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/25 2056-59 6/11 1875, 1889 6/25 2054, 2067 6/25 2056 6/25 2055 6/25 2055 6/25 2056 1963 153 Pages R udgets: (continued) FRBanks: (continued) 1964, first half: Agreement with suggestion that budgets be held over for further review, Governor Mills stated that because of his dissatisfaction with current budgetary procedures he would abstain from participating in Board decision, his statement was read which favored return to previous procedure re Anniversary, 50th, allowances for publications re, noted, suggestion that additional information on contemplated expenses re, be obtained for Board's information Equipment, comments re continued transition to high-speed check equipment, with little decrease in personnel at the present time Expenses not directly controlled by Bank, including assessment for Board expenses, cost of Federal Reserve currency, and taxes on real estate, brought out in Board discussion of FRnotes, noncontrollable expenses accounted for by increases in cost of FR currency - primiarily for printing and shipping of $1 FRnotes, mentioned in discussion of budgets of FRBanks for first half of 1964 Procedures, statement by Governor Mills indicating his dissatisfaction with current budgetary procedures, favors returning to procedures that had been in effect previously Taxes on real estate, approximately half of increase in gross expenses was in noncontrollable expense category, including http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/18 4417 12/18 4418 12/18 4417 12/18 4417 12/18 4417 12/18 4419 12/18 4417 1963 154 Pages Budgets: (continued) FRBanks: (continued) Procedures: Possible revision in, whereby six-month budget estimates could be compared with current rate of expenditures rather than with same period of previous year, at the FRBank's option, letter to FRBanks indicating ways of determining current rate of expenditures Information re, and budgetary figures of the FRBanks of Boston and New York for the first half of 1963, with copies of Board's letters accepting these budgets, transmitted to Congressman Patman, Chairman of the House Committee on Banking and Currency, per his request Agreed not to make mandatory the use of "current rate of expenditures" as basis of comparison of budget presentations Expenses not directly controlled by the Banks, letter to Presidents of all FRBanks requesting that the following expenses be subtotaled separately in submitting the first half of the 1964 budgets to the Board: Assessment for Board expenses Cost of Federal Reserve currency Depreciation Taxes on real estate Inter-Bank expenses 84ilding and loan associations: Deposits held for 12 months or more in, and then transferred to a member bank thru the purchase of assets and assumption of liabilities of, request for ruling under Reg. Q, as to continued payment of the maximum 4% interest rate, agreed that letter would be redrafted for further consideration Letter to FRBank of Boston indicating no objection http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/7 480, 503 6/11 1875, 1889 6/25 2055-59 9/19 3242, 3253 1/30 291 1/31 381, 404 1963 155 Pages Bureau of the Budget: Administrative Conference of the United States: Report to the President of the United States with respect to Federal administrative procedures by, requested comments transmitted to Draft bill to establish a permanent, report agreeing in principle with the objective of the bill, and commenting on two objectionable features transmitted to Bank supervisory and regulatory matters, suggestions in report of Committee on Financial Institutions re interagency meeting to prepare draft legislation re, Mr. Solomon designated to attend meeting' Bretton Woods Agreement, draft bill to amend, to increase capital stock of International Bank for Reconstruction and Development, report sent to Centennial of the Dual Banking System, Executive proclamation entitled, proposed by Treasury Department reference to National Currency Act of 1863, comments by Mr. Hexter re certain misleading language, reply to, indicating no comment by Board Second draft reviewed, Mr. Hackley authorized to state Board's views Commodity Exchange Act, proposed amendment of, to regulate margin requirements on sugar futures to protect consumer and producer from price fluctuations, Board indicated in reply that some form of regulation might be desirable C ondition reports: Call as of fall--1963, Board's letter to, stating that it has decided to use the same form as of June 29, 1963, and indicating a desire to continue to cooperate with Comptroller of the Currency and FDIC in adopting uniform reports of condition and income and dividends for all commercial banks in December--1963 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/15 5/6 1219,1238-39 1478, 1503 4/26 1347 4/29 1375, 1381 2/13 539, 550 2/20 650 8/27 2919, 2942 8/27 2924, 2944 1963 156 Pages Bureau of the Budget: (continued) Condition reports: (continued) Memorandum from Division of Bank Operations reporting on results of recent interagency negotiations re call reports, Board's decision to collect simplified balance sheet reconciliation statement from all national banks, to combine with national bank condition report, form letter to Comptroller of the Currency, and letter to, requesting clearance of reconciliation statement Consolidated Farmers Home Administration Act of 1961, draft bill proposed by the Dept. of Agriculture, to amend, report to Deposit insurance bill, draft bill to increase insurance for banks and savings and loan associations to $15,000, to require reserves against time and savings deposits of nonmember banks and savings and loan associations to give nonmember banks access to Federal Reserve discounts and advances, to extend supervisory authority over liquidity positions, to place authority to fix interest rates on a standby basis, and to strengthen provisions to prevent conflict of interest staff to draft report to, statement by Governor Mills Report sent to, Governor Mills dissenting Revised draft submitted to Board by, omitting certain former provisions, Budget Bureau to be informed that Board will be unable to express views by indicated deadline Report to, approved, Governor Mills dissenting Revised draft, now containing seven proposed changes, request for Board's views received from Treasury Department staff member, agreed . Board would not reply formally http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/27 4/2 4122, 4133-34 1110, 1127 5/15 5/16 1578 1599, 1627 5/23 1728 5/27 1768, 1780 6/4 1815 1963 157 Pages bureau of the Budget: (continued) Deposit insurance bill: (continued) Formal report on second revised draft sent to, Governor Mills dissenting FRAct: Section 23A, draft bill to amend, to exempt extensions of credit by a member bank to any subsidiary of the bank's Edge Act or agreement corporation, from limitations of, agreed to accomplish objective by suggesting a proposed amendment to section 25 of the FRAct, report sent to Section 24, draft bill to amend, to liberalize the conditions of loans by national banks on forest tracts,'report to, approved Financial operations of the Board of Governors, request from, for data re, to be included in the 1965 Federal Budget for informational purposes only, reply approved Supplementary letter transmitting schedules for 1962, 1963, and 1964, on calendar year basis and summary statement of basic legislation under which the Board operates sent to Bureau of Budget in answer to request Food stamp program for needy householders, draft bill to authorize, report sent to Home Owners Loan Act of 1933: Draft bill to amend, to permit Federal savings and loan associations, and certain other members of Federal Home Loan Bank System, to act as trustees for trusts, report to, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/10 1860, 1874 5/13 1538, 1559 6/12 1899, 1916 12/16 4382, 4398 12/16 4384, 4400 2/4 426, 436 3/6 776, 805 1963 158 Pages Bureau of the Budget: (continued) Home Owners Loan Act of 1933: (continued) Section 5, draft bill to amend proposed by Federal Home Loan Bank Board to broaden investment authority of federal savings and loan associations to include obligations of all U.S., State, and local government entities, letter transmitting views to, approved Report to, approved Hours of duty for Federal employees, General Services Administration report recommending further staggering of, question re need for increase in lunch period to 45 minutes, Board willing to comply with other Government agencies, advice to H.R. 5389, enrolled bill to repeal certain legislation relating to the purchase of silver, and for other purposes, report sent to Income and dividend reports of State member banks, no response to Board's advice to, re discontinuance of unilateral collection at midyear 1962, noted Indians: Draft bill to amend the law establishing an Indian revolving loan fund, proposed by Dept. of Interior, report sent to Loans to Indians and Indian organizations, draft bill proposed by the Dept. of the Interior to provide for guaranty and insurance of, letter to, indicating no comments Interagency Committee on Automatic Data Processing, nomination of M.H. Schwartz, Director of the Division of Data Processing, as the Board's representative on, letter advising approved I nter -American Development Bank, Treasury draft bill to provide for increased participation by the U.S. in the, and for other purposes, Board interposed no objection in report to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/9 2661, 2677 9/19 3242, 3257 7/8 2205, 2216 5/27 1766, 1778 6/10 1871 2/26 683, 693 10/4 3435, 3440 1/16 134 5/9 1511, 1520 1963 159 Pages Bureau of the Budget: (continued) International Development Association Act, Treasury draft bill to amend, to increase resources of IDA, memorandum from Ralph A. Young, Adviser to Board and Director, Division of International Finance, recommending that the Budget Bureau be advised by telephone that the Board would have no objection to the Treasury draft bill to amend Mint, Bureau of, proposed bill by the Treasury, to authorize the construction and equipping of buildings required in connection with operations of the, favorable consideration urged in report to, in light of shortage of coins Parking, Federal employees, survey made by General Services Administration, request for comment on report recommending request for legislation re consensus that Board not participate in program in light of FRAct, providing Board control of its building and space, letter to, approved Real estate loans by national banks up to 80% of the appraised value and for a term up to 30 years, Treasury draft bill to amend section 24 of theFRAct, to permit, unfavorable report to, approved unanimously, views of Governors Mitchell and Mills stated Revised Statutes, section 5200, draft bill to amend, to increase the limit on the maximum liability of a single borrower to a national bank, unfavorable report sent to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/16 2/8 3161, 3172 509, 517 1/31 392, 408 5/17 1633, 1639 7/10 2219, 2249 1963 160 Pages Bureau of the Budget: (continued) Reynolds, John E., Chief, Special Studies and Operations Section, Division of International Finance, services to be made available to, for about one year, to serve balance of payments statistics of the U.S., arrangement approved on basis of reimbursable detail, advice to Letter re terms of reimbursable detail sent to of FRBank officers, including PresiSalaries dents, tabulation of certain categories of salaries sent to Mr. Lehman of, for use in preparing supplemental information for Randall Commission Securities, over-the-counter and bank stocks: Request from SEC and, for Board's assistance in drafting legislation to extend the Securities Exchange Act to cover Proposal to extend sections 13, 14, and 16, of the Securities Exchange Act, involving financial reporting, proxy regulation, and controls on insider trading, to cover, applicable to banks with 300 or more stockholders, consensus that responsibility for administration should rest with the SEC, views to be reported to the Budget Bureau, Messrs. Hexter and Dembitz to attend a meeting of technically qualified representatives of interested agencies, arranged by the Bureau of the Budget to discuss Draft of proposed sec. 12(g) extending reporting requirements and certain other provisions of the Securities Exchange Act, to, letter to Bureau of the Budget approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/12 1211, 1215 5/16 1620, 1629 3/28 1053, 1067 4/26 1344 4/30 1402 5/9 1512, 1525 1963 161 Pages Burea u of the Budget: (continued) S. 774, Quality Stabilization Act, bill to amend Federal Trade Commission Act to permit manufacturers to establish, maintain, and enforce through the courts resale prices for goods bearing their brand, name, or trademark, Mr. Hackley authorized to suggest to the Budget Bureau that it make a formal request for Board's views re S. 810, S. 811 and S. 2130, bills to improve marketability of mortgages not presently underwritten by Federal Government, lettering to Chairman Robertson of the Senate Banking and Currency Committee, reporting on, understood that a similar letter would be sent to the Budget Bureau, which had likewise requested a report on S. 810 S. 874, enrolled bill authorizing construction and equipping of buildings required in connection with operations of the Bureau of the Mint, Board letter to, strongly recommending the approval of, in light of coin shortages S. 1331, a bill to authorize the Treasury to issue "constant purchasing power" bonds, which would contain adjustments in maturity and redemption values to compensate for increases in the cost of living, and to assist individuals to obtain protected retirement benefits, Board does not recommend favorable consideration, report sent to S. 2228, a bill to amend section 5145 of the Revised Statutes, to change the requirements for the annual meeting date for shareholders of national banks, the bill would also make a technical conforming amendment to section 5149 of the Revised Statutes, report to, recommending approval of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/9 2662 9/27 3360, 3386 8/12 2681, 2696 5/29 1794, 1800 12/19 4456, 4468 1963 162 Pages Bureau of the Budget: (continued) Silver, proposed draft bill, submitted by the Treasury to repeal certain legislation relating to purchase of, authorizing FRBanks to issue FRnotes of $1 denomination, and terminating special tax on transfers of interests in silver bullion, similar to S. 2885 except for addition of three new provisions, copy of Board's previous views, also applicable to proposed draft, sent to State legislation, request for proposals for consideration by the Committee of State Officials on Suggested State Legislation of the Council of State Governments, reply to trust funds for 1962, recommended on common Survey by the Division of Bank Operations that the Board withdraw from the common trust statistical field following publication of, in the May FRBulletin, agreed to discuss with, and withdraw if no objection is made Negotiations for the discontinuance of the series under way with, in light of plans by the Comptroller of the Currency to conduct a survey, it is agreed that it will be appropriate to discontinue the Board's survey War risk reinsurance of ships and cargos, proposal that Maritime Administration furnish, under Merchant Marine Act of 1936, Board's view that the best interests of the Government would not be served by such a proposal, advice to Bure.4_u of the Census: Consumer credit program, costs for contractual professional services, including studies and continuing program of data collection by Census Bureau, annual data from Michigan Survey Research Center and quarterly listings of new companies supplied by Bureau of Old Age and Survivors Insurance of HEW, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/22 213, 224 2/15 571, 583 3/19 941, 958 8/8 2629 1/18 170, 184 12/9 4251, 4272 1963 163 Pages Bureau of the Census: (continued) Consumer finance survey, continuance of second phase, obtaining from Census Bureau information on changes in financial position by interviewing participants of first phase, costs to include questions on liquidity by Michigan Survey Research Center in its annual report re, approved Retail trade statistics on department store reporting, Board prepared to continue work for a temporary period until the Bureau of the Census is prepared to compile data, letter to Mr. H. H. Bennett, President, National Retail Merchants Association, re plans with respect to, intended that letter of instructions would be sent to 13 uruau eau of Engraving and Printing: FRnotes, printing order for fiscal year ending June 30, 1964, placed with Order amended to include printing of $1 FRnotes, and revision of order for $5 FRnotes One dollar denomination, suggestion from, that the FRBanks might want the first sheet of their new onedollar FRnotes mounted for exhibit, agreed to advise the Bureau orally that the Board had decided against such a request eaU of the Mint: Legislation, proposed bill by the Treasury, to authorize the construction and equipping of buildings required in connection with operations of the, favorable consideration urged in report to Bureau of the Budget in light of shortage of coins http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 11/18 4248 4018, 4031 6/28 2134, 2141 10/7 3443, 3452 10/23 2/8 3612 509, 517 1963 164 Pages Bureau of the Mint: (continued) S. 874, a bill to authorize construction and equipping of buildings required in connection with operation of, favorable consideration urged in light of recurring coin shortages, report to Senator Robertson Letter to Bureau of the Budget recommending the President's approval of Business conditions: Outlook and comparison with last report, topic for discussion with FAG Continuation of mixed trends, favorable sentiment lessened by problems re balance of payments, budget deficits, proposed tax legislation, and the Cuban situation, views expressed at joint meeting with FAC Observations re business investments in plant and equipment, topic for discussion with FAG FAG reluctant to interpret individual upward adjustments in business investment plans as a general movement toward significant expansion, however investment may be moderately above that indicated by recent surveys, views expressed at joint meeting with FAG Situation with respect to, discussed in various FRDistricts at joint meeting with FAG Celif°rnia, State of: Branch banks: Request by Governor Balderston for a report on whether the "stockpiling" of branch sites by large banks in California was increasing or decreasing, understood that Div. of Examinations would develop such information http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/6 8/12 2/5 799, 815 2681, 2696 440, 456 2/19 624 4/30 1391, 1406 5/21 1666 9/17 3180 8/8 2598 1963 165 Pages Ca lifornia, State of: (continued) Branch banks: (continued) Memorandum from Division of Examinations, showing status of pending and approved branch applications filed by large member banks in California, Governor Robertson felt that situation should be watched closely Tendency of large banks to file applications for branches long before the establishment of the physical facilities, noted, view of Governor Mills that Board might wish to take a more decisive stand re Pre-empting of branch sites by large banks in State of, questioned by Governor Balderston, staff to arrange for discussion with State Superintendent of Banks to exchange views and strengthen liaison Concentration of banking in, and accomplished State wide branch banking, discussion re effects of, on merger applications Attention called to the continuous process of eliminating smaller banks by mergers, concentrating further the control of banking in the State in a relatively few institutions Cal. lfornia State member banks: Condition reports, publication of call reports, by, on California State Banking Department forms identical in format, but content does not comply with Board's ruling re classification of Federal funds transactions, instructions to FRBank of San Francisco re future publications C riada: Arcturus Investment & Development, Ltd., Montreal, Canada: Extension of time to February 1, 1964, within which further investment may be made by Chase International Investment Corporation, New York, New York, in, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/4 3019 10/15 3548 11/14 3948 6/17 1929 10/25 3671 12/19 4456, 4481 2/1 411, 416 1963 166 Pages Canada: (continued) Letter rescinding certain conditions relating to investment in stock by Chase International Investment Corp., New York, New York, in keeping with the revisions of Regulation K which became effective September 1, 1963 Cash agent banks: SEE: Emergency plans Cash agent banks Celler, Emanuel, Congressman: Bank mergers, applications, furnishing to, Chm. of House Judiciary Committee, in connection with the Antitrust Subcommittee's study of problems of inter-locking relationships among banks, Board approved letter to H.R. 43, a bill to amend Title 28 of the United States Code to provide for a United States Administrative Court, report to Congressman Celler, Chairman of the House Judiciary Committee, approved Reports on competitive factors, a listing of, for transmittal to, approved, with Governor Robertson dissenting Ceritennial of the Dual Banking System: Proclamation re: SEE: Proclamations: Dual Banking System, Centennial of the Cellter for cultural and Technical Interchange between East and West, University of Hawaii, Honolulu, Hawaii, Mr. Boris Swerling, Senior Economist, Division of International Finance, authorized to accept an invitation from, to deliver a paper at a conference being planned by, understood that Mr. Swerling's expenses would be paid by Board on a nonreimbursable basis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/20 4069, 4083 8/22 2851, 2880 4/30 1392, 1408 10/30 10/9 3710, 3718 3495 1963 167 Pages Center for Latin American Monetary Studies: FRSystem film, "Money on the Move --The Federal Reserve Today" understood that the Board would have no objection to a copy of the film being made available, upon request, to Board authorized necessary expenditure to complete Spanish sound track, including corresponding increase in 1963 budget of Board Members' Offices, understanding copy would be presented to Meetings, steering committee of, to hold meeting in Mexico City, January 1964, Messrs. Young and Sammons authorized to attend, authorization to extend to other similar type meetings of Attendance at forthcoming Twelfth Technical Training Program to be held in Mexico City, May 4 to August 28, 1964, invitation to nominate staff members to participate in program, letter to Presidents of all FRBanks re System participation Visit to Board by trainees of, understanding re costs of luncheon, translating facilities, tour of Washington and certain minor expenditures, letter to Assistant Director of (Individual names): Barrett, Martin, FRBank of New York, attendance at Eleventh Training Program of the, to be held in Mexico City, approved Clarke, John J., Assistant General Counsel, FRBank of New York, leave of absence plus travel time granted to lecture at the Center for Latin American Monetary Studies in Mexico City, Board interposes no objection http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/4 3437 10/7 3450 11/27 4125 12/18 4428 7/19 2362 2/20 647, 654 4/19 1261, 1278 1963 168 Pages Center for Latin American Monetary Studies: (continued) Marquez, Javier, Director of, to be guest of Mr. Young, Adviser to the Board and Director, Div. of International Finance, at Cosmos Club, Oct. 3, 1963, other guests of Mr. Young's to be Governor Mitchell and Robert L. Sammons, Adviser, Division of International Finance, payment for dinner expenses to Mr. Young, authorized Nettles, James K., Economist, Division of International Finance, designated as lecturer in the eleventh regular training program held in Mexico City, Mexico, with per diem allowance Central bank economists: Meeting of, in Basle, Switzerland, Oct. 12-14, 1963, Daniel H. Brill, Adviser, Division of Research and Statistics, authorized to attend the meeting of, and to present a paper, Mr. George Garvy, FRBank of New York also authorized to attend the meeting as representative of the FRBank of New York Central bank governors of the Western Hemisphere: Conferences, discussion re memorandum from Mr. Young re his and Governor Mitchell's conversations with, re possibility of establishing an institution modeled after the Bank for International Settlements for closer cooperation among the Ceti tral Banks of the American Continent, Technicians of: SEE: Technicians of Central Banks of the American Continent: at Ceral Data Processing, Inc., Texas City, Texas, data processing services performed for Bank of the Mainland, La Marque, Texas, by, question re sufficiency of assurances under sec. 5, Bank Service Corporation Act, re regulation and examination of such services, agreement that assurances do not comply, advice to FRBank of Dallas http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/3 3426 4/10 1191, 1192 9/19 3245, 3260 11/27 3/20 4125 960, 975 1963 169 Pages Chain banking: Study of activities re, adequacy of available data questioned by Governor Mitchell since such activities were not covered in the recent survey re, understood that Governor Mitchell, in consultation with Board's staff, would consider further Survey re, legislative changes suggested by the Patman report with respect to, staff to study, including question whether reference should be made in the Board's 1962 annual report, Board to consider further Not to be included in the annual report Letter to Congressman Patman, Chairman of the Hou8e Banking and Currency Committee agreeing to furnish further tabulations as requested in connection with the Chapnia n Dr. Frederic D: Cafeteria employees: Arrangements for annual physical examination of, fee confirmed Arrangements to conduct annual physical examination of, during 1964, at a fee of $125 approved Charts: Technicians of Central Banks of the American Continent meeting in Rio de Janeiro, Brazil, unbudgeted expenditure authorized to produce certain, to be presented at Chr; 4-stmas greeting cards: Board of Governors, staff authorized to arrange for, to be sent to heads of foreign central banks, FRBank directors, and other appropriate parties, design of card to recognize 50th anniversary of signing of FRAct on Dec. 23, 1913, action contemplated such expenditure as might be necessary to obtain and send an appropriate number of such cards http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/22 989 1/9 1/22 72 208 4/19 1262, 1293 1/7 42 12/20 4491 10/4 3436 11/5 3812 1963 170 Pages C hristmas greeting cards: (continued) Board of Governors: (continued) Format for displayed, Board authorized the obtaining of a supply of cards for appropriate distribution along with payment of necessary costs Circulars, Board of Governors: Acceptances, bankers, revision of reporting re, recommendations by System Research Advisory Committee and its Subcommittees approved, advice to Presidents of FRBanks with copies of revised form F.R. 416a Associated Hospital Services, Philadelphia, Pa., copy of letter to Comptroller of Currency re his interpretation of Reg. Q as to eligibility of, to maintain a savings account, such interpretation being contrary to Board's interpretation, to be sent to all FRBanks Audit staff of FRBanks, method of handling salary proposals for members of, letter to be drafted to FRBanks clarifying Board's views Auditing departments of FRBanks, procedure for processing personnel actions affecting audit staff of FRBanks, letter to Chairmen of FRBanks and copies to Presidents of FRBanks Auditors Conference to be held May 1, 2, and 3, 1963, letter to Chairmen of FR Banks with copies to Presidents and General Auditors Bank debits series, revision authorized as proposed by System research Committee, effective on collecting basis January 1964 and on publication basis in 1965, letter to FRBanks re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/20 8/8 4076 2597, 2635 4/30 1399 3/27 1035 11/4 3754,3775-78 1/14 98, 110 11/1 3730, 3740 1963 171 Pages C irculars, Board of Governors: (continued) Bank mergers, letter to FRBanks authorizing release upon request, of the Board's letters to the applicants, in cases denied under the Bank Merger Act prior to November 1, 1961 Borrowings of member banks from FRBanks, revised forms, FR 527 and 527a, with instructions for reporting of, advice to Presidents of all FRBanks and Vice Presidents in charge of branches Branch bank applications of State member banks may include Board approval of a less than six-month extension if the full six-month extension authorized is not needed, advice to FRBanks Budgets of FRBanks: Possible revision in procedures for preparing, by using a current rate of expenditures comparison rather than a comparison with similar period of the previous year, to be undertaken on an optional basis, letter to FRBanks re First half of 1964, letter to Presidents of all FRBanks advising them that Board action on budgets would not be completed until after the first of the year 1964, and that the Banks should operate under budgets as submitted, but that no commitments for unusual projects were to be undertaken until the Board had acted on the budgets Center for Latin American Monetary Studies, attendance at forthcoming Twelfth Technical Training Program to be held in Mexico City, May 4 to August 28, 1964, invitation to nominate staff members to participate in program, letter to Presidents of all FRBanks re System participation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4246 1/11 90, 92 8/2 2558, 2572 2/7 480, 503 12/18 4421, 4423 12/18 4428 1963 172 Pages Circulars, Board of Governors: (continued) Clearing and Collection, proposed amendment of uniform paragraphs in the operating circulars of the FRBanks relating to cash items as approved by the Presidents' Conference, Board concurs, advice to FRBanks Coin: Distribution, particularly distribution of silver dollars, reply letter and enclosure re inquiry from Coin World, a numismatic publication, approved, copy sent to FRBanks for their information Sorting operations, wire to all FRBanks re practice among coin sorters and coin custodians at the Los Angeles Branch, in screening out silver dollars for sale at premium values in numismatic circles, suggestion to take preventive measures in view of discovery at Los Angeles Branch Common trust funds: Recommended by the Division of Bank Operations that the Board withdraw from the common trust statistical field, agreed to discuss with the Bureau of the Budget and withdraw if no objection is made, further recommendation that announcement of withdrawal be included in the letter to the FRBanks transmitting reprints of the Bulletin article to the respondent banks Survey re, discontinuance of Board's annual, in light of transfer to the Comptroller of the Currency the regulatory authority, advice to Presidents of all FRBanks Computer printout, letter to all FRBanks expressing no objection to use of computer printout in lieu of official condition report form http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/20 4069, 4085 7/25 2437, 2449 10/7 3449, 3460 3/19 958 8/8 10/3 2597, 2629 3423, 3431 1963 173 Pages Circulars, Board of Governors: (continued) Condition reports: State member banks and their affiliates: Forms for next call sent to all FRBanks Forms for next call sent to all FRBanks Forms for fall call and instructions for use of State member banks and their affiliates Forms for next call sent to FRBanks Consultants, FRBanks, understood that a general letter would be prepared for FRBanks re employment of Currency: Shipments across district lines, at the initiative of FRBanks or at the request of member banks, at no expense to member banks involved, Board interposes no objection to such arrangements, advice to FRBanks Denominations larger than $100, letter to Presidents of all FRBanks transmitting a letter from the Secretary of the Treasury questioning need for Deposits, savings in banks taken over by member banks, interpretation under Reg. Q, stating that such accounts may be treated as having been on deposit in the resulting bank for same time period as in the absorbed banks, allowing continued payment of the maximum 4% on funds having been on deposit for 12 months, advice to Presidents of all FRBanks Directors: Class B, for FRBanks and branches, officers of insurance companies and savings and loan associations, not eligible for Class B directors, advice to all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/4 758, 767 5/16 1620 9/12 3139, 3155-58 12/12 4343, 4353 8/23 2911 7/19 2355, 2363 12/2 4160, 4185-86 1/31 382, 403 8/19 2797, 2827 1963 174 Pages C irculars, Board of Governors: (continued) Directors: (continued) State member banks, special, including members of branch advisory board and persons appointed in an honorary advisory capacity, detailed listing in reports of examination as previously requested, rescinded, advice to Presidents of all FR Banks Disappearance of certain Treasury certificates from vault at FRBank of San Francisco, report re incident prepared at request of Congressman Fascell, sent to all FRBank Presidents and general auditors Dormant accounts (abandoned property), State laws relating to, letter to FR Banks referring to possible efforts of State authorities to examine or inspect books of FRBanks under such laws Emergency plans: Cash agent banks, question whether cash placed with, should be Bank or FRAgent cash, Board concurred with action taken at Conference of Presidents stating that the matter should be determined by the individual Reserve Bank, no objection to transferring FRnotes stored at, to the status of unissued currency held by FRAgents, Governor Mills' reservations noted, advice to all FRBank Presidents, with copies to FRAgents Equipment, electronic, letter to Presidents of all FRBanks revoking previous request that the Board be advised in advance of the proposed acquisition of costly, by FRBanks and Branches http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/9 1514, 1527 4/1 1081 7/18 2338, 2348 12/16 4/10 4376, 4393 1191, 1193 1963 175 Pages Circulars, Board of Governors: (continued) Examinations, State member banks: Instructions to examiners, previous request for detailed listing in reports of examination, of members of branch advisory boards and persons appointed in an honorary advisory capacity to boards of directors, rescinded, advice to Presidents of all FRBanks, information re compensation of branch or honorary directors to continue to be provided in examination reports as previously requested Reports of examinations revised and new pages added, instructions sent to all FRBank Presidents Executive officers of member banks, loans to, program of split-dollar life insurance for bank managerial employees, question from FRBank of Dallas and two other FRBanks as to whether such a program would result in excessive indebtedness prohibited by Reg. 0 and sec. 22(g) of the FRAct, Board's view that no violation is involved, copies of letter to FRBank of Dallas sent to all FRBanks Expenditures of FRBanks, certain S-letters sent by Board to FRBanks containing instructions re, sent to Mr. Stark on staff of House Banking and Currency Committee in connection with Committee's review of work papers prepared during 1962 examinations of FRBanks Expenses not directly controlled by Bank, letter to Presidents of all FRBanks requesting that the following expenses of FRBanks be listed and subtotaled separately in submitting the budgets for the first half of 1964: Assessment for Board expenses, Cost of Federal Reserve Currency, Depreciation, Taxes on real estate, and InterBank expenses http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/9 1514, 1527 6/10 1858, 1869 8/27 2919, 2940 7/18 2342, 2350 9/19 3242, 3253 1963 176 Pages Circulars, Board of Governors: (continued) Federal funds market, transactions re, letter to all FRBanks concerning recent ruling of Comptroller of the Currency re, understood that the Board's interpretation of section 6 of the Bank Holding Company Act and section 23A of the FRAct, with respect to, would be published in the Federal Register and the FRBulletin Federal funds series, revisions in the reporting of Federal funds transactions, letter to Presidents of all FRBanks transmitting clarifying revisions to previous instructions FRnotes: Securing by pledge of participations in direct obligations of the United States in System Open Market Account, proposed amendment to plan for, letter to FRBank Presidents and FRAgents requesting views and their position re, approved Plan amended as indicated in previous letter since no adverse comments received from FRBanks, advice to FRBank Presidents and FRAgents One dollar denomination, telegram to Presidents of all FRBanks asking for comments on distribution of lownumbered notes, suggestion that very low-numbered notes be kept in archives of FRBanks and Board Letter to FRBanks considering further the distribution of low -numbered, approved with certain editorial changes, understood that a draft of a proposed press release would be submitted to the Board for consideration prior to mailing of the letter Agreed that the draft press release in present form, would go out to the FRBanks with the letter approved earlier http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/9 3080 3/11 841, 870 2/7 478, 500 3/18 895, 922 10/21 3589, 3597 11/6 3825 11/7 3878,3884-87 1963 177 Pages Circulars, Board of Governors: (continued) Fiftieth Anniversary of FRSystem, letter to FRBanks requesting appropriate information and materials for use in observing, and indicating designation of Mr. Molony to prepare a history of FR System in connection with Float and FRnotes (single issue and local destruction) draft reply of Board's views re, to inquiry from House Legal and Monetary Affairs Subcommittee re, sent to Presidents of FRBanks for comment Foreign accounts: Opening and maintenance by New York: Account with the Bank of Sweden, designation under Reg. N approved, advice to Presidents of all FRBanks Account with Bank of Japan, designation under Reg. N approved, advice to Presidents of all FRBanks Form F.R. 209, summary of report of examination of State member and national banks, program to revise and expand, providing supplementary banking data authorized, instructions re preparation of, transmitted to Presidents of all FRBanks Gold reserve requirements, allocation of, and computing reserve ratios, letter to Presidents of all FRBanks indicating no objection to a certain proposed change in method of computing Government securities, United States, carrying value of, for examination and supervisory purposes of, received by a State member bank in an exchange of maturing U.S. Government securities, question re, letter of advice to Presidents of all FR Banks, matter reviewed with FDIC and Comptroller of the Currency, both of which are taking same position as that in letter to FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/18 914, 933 7/10 2231 1/11 90,95 11/13 2/15 12/18 9/30 3916, 3937 574, 601 4412, 4440 3397, 3404 1963 178 Pages Circulars, Board of Governors: (continued) Income and dividends reports, letter to Presidents of all FRBanks transmitting copies of the form for, to be used by State member banks submitting, letter to be sent when form is printed Indebtedness and outside business activities of FRBank officers and employees, letter and attachment to Presidents of all FRBanks stating policy and restrictions re Interest rates on time and savings: Survey of member banks re, letter to all FRBanks except New York, Chicago, and San Francisco requesting information, letter to New York, Chicago, and San Francisco containing an additional paragraph requesting supplementary information relating to interest rates paid on time deposits of foreign central banks and other foreign institutions not subject to the rate limitations of Regulation Q Investment Securities Regulations, proposed revision by Comptroller of Currency, comments requested from FRBanks to assist in preparing Board's report re, in light of effect on State member banks Statement issued by Board re, as it relates to State member banks, letter to FR Banks transmitting copies of K.2 forms, letter of advice to FRBanks re procedure to be followed concerning the release of Motion picture, FRSystem, film entitled "Money on the Move--The Federal Reserve Today", letter re use of film sent to Chairman of the Presidents i Conference with copies to Presidents of all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/5 4244 9/27 3364, 3389-93 2/6 6/28 470, 473-75 2134, 2146 11/13 3930, 3941-45 9/27 3374, 3394 7/24 2425, 2433 1963 179 Pages C irculars, Board of Governors: (continued) National Communications System, letter to all FRBanks noting designation of Mr. Kelleher, Director, Div. of Administrative Services, as point of contact between Board and, Mr. Kelleher to keep Subcommittee on Cash, Leased Wire and Sundry Operations advised as to developments involving present communication arrangements of FRSystem Regulation A,revision of, advice to Presidents of all FRBanks re proposed legislation re discount eligibility requirements and request for comments, letter transmitted on August 22, 1963 Regulation G, amendment re definition of noncash items, approved, advice to all FR Banks Regulation K, revision of, draft submitting proposed changes authorized for publication in Federal Register with copy to be sent to FRBanks for comments Regulations K and M, revisions of, clean drafts of, to be prepared and transmitted to supervised institutions, FRBanks, and other parties for comment Prepared redrafts discussed, agreed to send to affected supervised institutions, FRBanks, and others, for comments Regulation Q, question as to whether a member bank might continue to pay the specified maximum rate of interest under, on a 3-year certificate of deposit in case of a reduction of the maximum rate, letter advising member banks transmitted to Presidents of all FRBanks Re gulations T and U, amendments to, increase of margin and retention requirements from 50 per cent to 70 per cent approved with Governor Robertson and Mitchell dissenting,wire to all FRBanks and Branches http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/4 3437, 3441 8/8 2619, 2653 1/7 34, 54 3/11 853 6/26 2111 7/3 2192 4/2 1108 11/5 3811 1963 180 Pages Ci rculars, Board of Governors: (continued) Reserve balances, required reserves, borrowings, and float, daily telegraphic report to FRBank of New York giving preliminary figures of, letter to Presidents of all FRBanks updating previous instructions and providing for reporting on vault cash and required reserves for Saturdays and holidays Reserves for bad debt losses, questionnaire prepared by Treasury Department for use by State member banks in reporting supplementary information on maintenance of, transmitted to Presidents of all FRBanks to be forwarded to each State member bank in connection with forthcoming year end call reports Retail trade statistics on department store reporting, Board prepared to continue work for a temporary period until the Bureau of the Census is prepared to compile data, copies of letter to Mr. H. H. Bennett, President, National Retail Merchants Association, to be sent to FRBanks for information Revenue bonds, question by Morgan Guaranty Trust Company, New York, N.Y., re authority to underwrite securities issued by State of Washington, conflict of opinion and ruling by Comptroller of the Currency discussed, Board's reply indicated that Washington State bonds were not "general obligations" within purview of section 5136 of the Revised Statutes and thus were not eligible for underwriting by State member banks, letter to all FRBanks re Sa fekeeping of securities by FRBanks: Operating procedures and instructions of all FRBanks re custody of securities requested by staff member of Subcommittee of House Banking and Currency Committee, telegram to be sent to all FRBanks requesting information http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/11 841, 869 12/19 4466, 4484 11/18 4019, 4031 9/4 3028 4/26 1348 1963 181 Pages Circulars, Board of Governors: (continued) Safekeeping of securities by FRBanks: (continued) Letter to FRBanks listing precautionary practices re, and requesting replies re use of such measures Salaries: FRBank officers, other than President and First Vice President, letter to Chairmen and Presidents of all FRBanks except New York, re revisions made to assist Banks in setting appropriate compensation and in retaining younger men, guidelines suggested Top grade employees at FRBanks other than officers, recommendations approved for grades 12 thru 16, with the understanding that the Board would approve for any bank an addition to its normal grade 16 maximum,letter to all FRBanks except Kansas City Savings deposits: Interpretation issued by the Comptroller of the Currency stating that national banks may accept deposits for credit of one or more individuals or of an organization, copies of Board's press statement stating that national banks as members of the FRSystem are subject to provisions of section 19 of the FRAct which prohibits such activities as set forth in the Comptrollers' interpretation Trustees in bankruptcy, eligibility of deposits of, Board's opinion that a deposit by a trustee in bankruptcy may not be classified as savings deposits under Reg. Q, not affected by amendment to Bankruptcy Act, letter to FRBank of San Francisco which raised question approved, Governor Mitchell dissenting, letter sent to all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/17 2323, 2335 9/19 3247, 3262 11/13 3930, 3939 12/26 4550, 4553 8/16 2738, 2791 1963 182 Pages Circulars, Board of Governors: (continued) Savings deposits: (continued) United Security Account Plan of Citizens Bank & Trust Company,Park Ridge, Ill., holders of Plan being advised of changes resulting in the discontinuance of the conflict with Reg. Q, letter to Presidents of all FRBanks transmitting a copy of the letter submitting the changes State member banks: Condition of Membership No. 1, requests under, for change in general character of business or in scope of corporate powers exercised at time of admission, letter sent to FRBank of Chicago, with understanding similar letter indicating procedure to be followed to be sent to Presidents of all FRBanks Request for permission to exercise fiduciary powers under, procedure for handling, letter to FRBanks supplementing Board's previous instructions Surveys of insured commercial banks re compensation and succession of bank management, correspondent banking, and interest rates on business loans, proposed by Chairman Patman of the House Banking and Currency Committee, draft questionnaires re, transmitted to FRBanks for comments Weekly reporting member banks, recommendations by the System Research Advisory Committee and its Subcommittees that the, be requested to report on F. R. 416 all outstanding negotiable time certificates in denominations of $100,000 or more, with a special confidential report on F. R. 416b, indicating an outstanding total of $50 million or more, to be submitted every six months, approved, advice to Presidents of all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/1 739, 755-56 5/14 1562, 1569 7/11 2254, 2269 7/8 2208 8/8 2597, 2633 1963 183 Pages Circulars, Board of Governors: (continued) Window dressing by commercial banks: Proposal by Governor Robertson that his statement at the recent hearing before the House Legal and Monetary Affairs Subcommittee of the House Committee on Government Operations re, be sent to each FRBank President Letter sent to Presidents of all FRBanks outlining a program of moral suasion that would be conducted in cooperation with FDIC with respect to Cir culars, FRBanks: Cash items, letter to the Presidents of all FRBanks advising of Board concurrence in proposed changes in the uniform protest instructions contained in the operating circulars of the FRBanks relating to Noncash items, operating circulars re collection of, to conform with amendment to Reg. G re definition of noncash items, reference to, in letter FRBanks to Civ„. Rights Demonstration: Annual leave for civil rights demonstration in Washington, August 28, 1963, distribution of notice from Civil Service Commission urging Federal agencies to be liberal in granting annual leave, Board to comply Service Retirement System: Pawley, Francis R., Economist, Division of Research and Statistics, application under, filed by, noted r lag and collection: A bsorption of exchange charges: Question of par clearance as stated in draft report of the Committee on Financial Institutions, discussed in light of Chm. Martin's position with respect to items covered in the report, agreed that Board favored elimination of nonpar banking http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/7 3444 11/26 4098, 4107 11/20 4069, 4085 1/7 34, 54 8/9 2663 3/18 915 3/11 846 1963 184 Pages Clearing and collection: (continued) Absorption of exchange charges: (continued) Cass Bank and Trust Company, St. Louis, Mo.: Exchange charges in excess of $2 a month absorbed by, noted in examination report, understood that no warning letter would be sent, matter to be reviewed following issuance of report of Committee on Financial Institutions Practice of Arnold Savings Bank, Arnold, Mo., in maintaining an account with a nonpar bank which paid nonpar checks without deducting exchange charges, discussed, agreed on no action at the present time, consideration given to complaint by Mr. Bolton, Chm. of the Rapides Bank & Trust Co., Alexandria, La., re inadequacies of Regulation Q Discussion re possible revision of Reg. Q, Chm. Martin's suggestion that the problem of absorption of exchange charges be taken up in mid-November meeting of FAC and subsequent meeting Topic for discussion at Federal Advisory Council meeting Mr. Hackley's memorandum discussed in connection with Board's position re, in preparation for discussion at joint meeting of FAC Federal Advisory Council believes that the regulation re absorption of exchange charges by member banks should be enforced Problems and Board's position discussed at joint meeting with the Presidents' Conference Bergen County Clearing Bureau, report received from FRBank of New York re, letter to FRBank of New York re activities of, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/18 903 6/26 2073, 2118 10/10 3510 10/29 3698, 3705 11/18 4016 11/19 4058 12/3 4196 3/12 878, 881 1963 185 Pages Clearing and collection: (continued) Cash items, proposed amendment in the operating circulars of the FRBanks relating to, as approved by the Presidents' Conference, Board concurs, advice to FRBanks Certification of checks drawn on account in overdraft, question re possible violation of sec. 5208, Revised Statutes, involving First National City Bank of New York, Panama City Branch, and Panama Plumbing and Supply, Inc., Balboa, Canal Zone, reply to inquiry from Congressman Schadeberg, approved Check collection operations at FRBank of Cleveland, results of survey re, indicating certain difficulties ,understood Chm. Martin would talk with Pres. Hickman re Improvement indicated, further improvement anticipated due to selection of Clifford G. Miller, Vice President, as head of the check collection operation Check high-speed electronic equipment, mentioned in connection with discussion re FRBank budgets for first half of 1964, approximately half of increase in gross expenses was in noncontrollable expense category, including Check mechanization: FRBank of Boston, recommendation of a committee of officers to replace high-speed equipment currently leased from National Cash Register Company, with a high-speed complex manufactured by Burroughs Corporation, noted in review of examination report of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/20 4069, 4085 2/18 604, 619 6/25 2060 7/24 2419 12/18 12/2 4417 4161 1963 186 Pages Clearing and collection: (continued) Check mechanization: (continued) FRBank of Cleveland, National Cash Register electronic check processing equipment creating substantial operating problems, Mr. Kiley of Board's staff expected to be in Cleveland in near future to check on problem FRBank of Dallas, no objection to acquisition of Burroughs B-270 highspeed check processing equipment under lease purchase agreement by the FRBank of New York, rental of IBM 1401-1419 check processing system by the, with the understanding of a replacement of IBM 1420 system under a lease purchase agreement, no objection, reference to intention to order second 1420 system, decision deferred FRBank of Philadelphia, no objection to rental of third complement of highspeed check handling equipment, understanding re rental of IBM 1401-1419 system, to be replaced with an IBM 1420 system in 1964 under a purchase -option agreement FRBank of St. Louis, no objection to acquisition of IBM 1420 electronic check processing equipment at certain monthly rental, and supporting low-speed encoding equipment by the FRBank of San Francisco, noting plan to obtain new and improved check processing equipment Rental of IBM 1401 and an IBM 1420 system when it becomes available as a replacement, with understanding re purchase option clause, Board interposes no objection http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/16 3569 1/4 3, 12 3/12 878, 882 2/27 698, 707 4/1 1078, 1084 2/1 411, 414 2/7 478, 491 1963 187 Pages Clearing and collection: (continued) Check mechanization: (continued) FRBranch of Seattle, no objection to rental under lease purchase agreement, two complements of electronic check processing equipment (Univac BP I), by the Data processing, letter to General Services Administration advising that M. H. Schwartz, Director, Division of Data Processing, had been designated as Board's liaison in the field of electronic data processing Float: SEE: Float: Headache checks and envelope drafts, amendment to Reg. G re definition of noncash items, approved, for purpose of discouraging the use of, letters to Assn. of American Railroads and Uni-Serve Corp. in light of their comments, and letter to FRBanks approved Nassau County Clearing Bureau, report from FRBank of New York received, letter to FRBank of New York with respect to activities of, approved, reference to possibility of installing high-speed equipment for processing volume of exchanges handled by Noncash items, amendment to Reg. G re definition of, for purpose of discouraging the use of envelope and other "headache" checks not easily handled in automated checkprocessing equipment, approved, letters to Assn. of American Railroads and Uni-Serv Corp. in light of their comments, and letter to FRBanks, approved, reference to FRBank operating circulars http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/21 665, 675 8/13 2706 1/7 34, 51-54 3/12 878, 881 1/7 34, 51 1963 188 Pages • Clearing and collection: (continued) Nonpar banking, question of par clearance as stated in draft report of the Committee on Financial Institutions, discussed in light of Chm. Martin's position with respect to items covered in the report, agreed that the Board favored the elimination of Overdrafts, certification of checks drawn on account in overdraft, question re possible violation of sec. 5208, Revised Statutes, in light of information received involving First National City Bank of New York, Panama City Branch and Panama Plumbing and Supply, Inc., Balboa, Canal Zone, reply to inquiry from Congressman Schadeberg, approved Service charges to member banks, question from Chairman Fascell of the Legal and Monetary Affairs Subcommittee of the House Committee on Government Operations concerning, further consideration to be given to matter before reply would be made Reply to Chairman Fascell approved Time schedules: Possible change from two-day to a three-day maximum deferment in order to bring about the reduction of float, findings of the Subcommittee on Collections with respect to, considered undesirable by the Presidents'Conference to take action now or in the foreseeable future with regard to, reported in joint meeting with Presidents, request by Congressman Fascell, Chm. of the Legal and Monetary Affairs Subcommittee for the Board's present views re, Presidents'Conference to assist in drafting reply http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/11 846 2/18 604, 619 11/14 11/18 6/18 3952 4020, 4036 1954-56 1963 189 Pages Clearing and collection: (continued) Time schedules: (continued) Board's views re changing deferment schedules from a 2-day to a 3-day maximum, inquiry from House Legal and Monetary Affairs Subcommittee re, discussion re proposed reply, especially re timing of possible 7/10 change in Reply to Chm. Fascell of House Legal and Monetary Affairs Subcommittee re, Board indicated it would not be appropriate at this time to reduce float by raising maximum deferment time for check credits from 8/13 2-to-3 days elearing house associations: Bergen and Nassau County Clearing Bureaus: SEE: Clearing and collection: Bergen and Nassau County Clearing Bureaus: Coin: D istribution of, inquiry from Coin World, submitting questions about Federal Reserve distribution of, particularly silver dollars, reply approved, with consensus that Board could use answers to similar inquiries, information re inquiry from Coin World also sent to FRBanks Services provided by FRBanks: Review of variations in procedures at FRBanks re services to the public in light of coin shortage and certain articles in numismatic publications, letter to Chairman of the Presidents' Conference Wrapped coin, telegram to Presidents of all FRBanks concurring in actions of Conference of Presidents re acceptance of deposits of, from all member banks from Oct. 1-Dec. 31, 1963 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2231 2702,2712-13 7/25 2435, 2449 6/20 1992, 2017 9/16 3162, 3173 1963 190 Pages ec)in: (continued) Shipment of: Expense of handling coin return by nonmember banks to FRBanks to be subject of forthcoming meeting of Presidents' Conference, American Bankers Association letter urging commercial banks to accelerate return flow of coin to FRBanks in order to make maximum use of available supply Telegram to all FRBank Presidents concurring in action of Conference of Presidents re payment of transportation costs on coin shipments to FRBanks from nonmember banks located outside FRBank and Branch cities for month of October 1963 Shortages of: Proposed bill by the Treasury, to authorize the construction and equipping of buildings required in connection with operations of the Bureau of the Mint, favorable consideration urged in report to Bureau of the Budget in light of S. 874, a bill to authorize construction and equipping of buildings required in connection with operations of Bureau of the Mint, report sent to Senator Robertson Board letter to Bureau of the Budget re their request for views, strongly recommends President's approval of the bill in light of coin shortages Draft letter from American Bankers Association urging commercial banks to accelerate return flow of coin to FRBanks to make maximum use of available supply, no objection to general content of letter, question of coin return by nonmember banks to be subject of forthcoming meeting of Presidents' Conference http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/23 2381 9/16 3162, 3173 2/8 509, 517 3/6 799, 815 8/12 2681, 2696 7/23 2381 1963 191 Pages e°ia: (continued) Shortages of: (continued) Telegram to all FRBank Presidents concurring in action of Conference of Presidents re payment of transportation costs on coin shipments to FRBanks from nonmember banks located outside FRBank and Branch cities for month of October 1963 Consensus of Presidents' Conference that Board discuss problem with representatives of the Treasury and the Mint with emphasis on the possibility of minting coin by industrial concerns, and the discontinuance of minting foreign coin for the duration of the shortage, agreed at joint meeting that each President write the Board, discussing the situation in his district, whereas excerpts could be sent to the Treasury with a covering letter from the Board Silver dollars: Inquiry from Coin World, re distribution of discussion re question of member bank allowing coin dealer to pay for sizable number of silver dollars yet denying a collector a small number Wire to all FRBanks re sorting operations with respect to, practice among coin sorters and coin custodians in screening out silver dollars for sale at premium values in numismatic circles, suggestion to take preventive measures in view of discovery of this practice at Los Angeles Branch of FRBank of San Francisco Wrapped coin service: SEE: Coin: Services provided by FRBanks: Wrapped coin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/16 3162, 3173 12/3 4198 7/25 2436, 2449 10/7 3449, 3460 1963 192 Pages Co llateral: Advances to member banks: System Committee on Eligible Paper to be discharged, understood that advice would be sent to Chairman of the Presidents' Conference Desirability of considering revision of Reg. A, suggested by Governor Robertson, proposed revision being drafted by staff Proposed draft revision of Reg. A, eliminating provisions re "eligibility" in conformity with the proposed legislation, consensus of Presidents' Conference that the Board be urged to expedite, Chm. Martin indicated that a proposed draft revision would be given consideration in July, reported at the joint meeting Preliminary draft re proposed revision of Reg. A, discussed in light of recommended legislative changes re eligibility requirements of paper for discount or as, staff to draft letters to Senate and House Banking and Currency Committees submitting the draft legislation, and to FRBank Presidents requesting comments on the proposed Reg. A, to be cleared with Governors King and Mitchell before sending letters Draft letter to Senate and House Banking and Currency Committees to be revised, letter to Presidents of FRBanks satisfactory Letter to Chairmen of Senate and House Banking and Currency Committees approved and personally presented on August 21st, letter to FRBank Presidents transmitted August 22nd http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/19 944 4/24 1318 6/18 1962 7/24 2407 7/31 2514 8/8 2617,2641-53 1963 193 Pages Collateral: (continued) Application for, under section 3(a)(2) of The Bank Holding Company Act of 1956, question of whether such application was necessary in connection with the proposed merger of The Bank of Occoquan, a subsidiary of Virginia Commonwealth Corp., and The Bank of Nokesville, an independent bank, understood that Legal Division would study matter further and present an additional memorandum for Board consideration, FDIC to be advised, discussion re possible amendment of Bank Holding Company Act covering such matters Concluded that prior approval of transaction by Board not required by section 3(a) of Bank Holding Company Act of 1956, advice to R. Colston Christian Esq. Loans by member banks with stocks and bonds as: Report of Board's survey re, transmitted to Securities and Exchange Commission, reaffirmation of Board's position re extension of authority under Reg. U to include loans for purchasing over-the-counter securities change in legislation required Request from Securities and Exchange Commission for data re, agreed to furnish Memorandum by Mr. Dembitz presenting four alternative approaches for consideration re broadened statutory authority subjecting all, including listed and unlisted securities, to margin regulations, views of Board members expressed Colombia: Co rporacion Financiera de Fomento Industrial y Agropecuario, Cali, Colombia, permission granted to Continental International Finance Corporation to purchase shares of, with stated conditions http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/8 11/27 3891-93 4116, 4132 3/1 735, 754 6/17 1929, 1943 4/15 1220 5/9 1509, 1516 1963 194 Pages C olorado State Bank Commissioner, application by First Colorado Bankshares, Inc., to acquire shares of the proposed Security National Bank, Denver, Colorado, request by the Colorado State Banking Board to be heard at a public hearing re, advice to C°1well Company, Los Angeles, Calif., eligibility of notes of, for discount by FRBanks, reply to securities and Exchange Commission indicating not eligible under sec. 13, FRAct, but not necessarily barred from being available as advances under sec. 10(b) Limerce, Department of: Acceptances, bankers, request from Secretary of Commerce Hodges for Board's views re extending the time applicable to bankers acceptances from 180 to 365 days, reply approved in form most appropriate following the staff review Catm tittees: Administrative Practice and Procedure Subcommittee of Senate Judiciary Committee, Board sent reporting forms showing statistical data re its Administrative proceedings for fiscal year 1963 to Senator Long, Chairman of, as requested by him American Bankers Association: Reserve Settlement Periods of Member Banks, establishment by the, of a Project Committee on, to study a proposal for lengthening and staggering the, memorandum from Mr. Noyes recommending that the Board provide daily statistics on major factors affecting reserves over a span of six months, approved Board offers no objection to publication of daily figures furnished to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/5 440, 455 4/24 1316, 1335 12/16 4380, 4396 12/2 4160, 4183 5/9 1511, 1521 10/25 3674 1963 195 Pages Committees: (continued) Board of Governors: Organization, Compensation, and Building Plans, Governors Balderston and Mitchell designated as members on, with Governor Mitchell as Chairman, understood that a third member would be designated later Governor Shepardson designated as member of President Hayes requested by, to review classification of the position of General Auditor, understood that the matter would be taken up with the FRBank of New York's Audit Review Committee and Board would be advised Bureau of the Budget: Review Committee for Balance of Payments Statistics, services of Mr. Reynolds, Chief of Special Studies and Operations Section, Div. of International Finance, to be made available to, to serve as director of, for about one year, arrangement approved on basis of reimbursable detail, advice to Budget Bureau Letter to Budget Bureau re terms of reimbursable detail Data Sources and Electronic Computers, American Statistical Association, request of Mr. Schwartz to serve as a member of, approved Economic Policy Committee of the Organization for Economic Cooperation and Development, meetings of SEE: Organization for Economic Cooperation and Development Federal Open Market: Article in American Banker of April 23, 1963, reflecting views re current monetary policy as expressed at recent meeting of, concern expressed by Gov. Robertson http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/8 2625 8/27 2932 10/28 3688 4/12 1211, 1215 5/16 1620, 1629 2/26 685 4/24 1319 1963 196 Pages Co mmittees: (continued) Federal Open Market: (continued) Foreign currency operations, question raised by Governor of Central Bank of Venezuela with Governor Mitchell re possibility of foreign currency swap between FRSystem and that bank, understood Secretary of FOMC be advised Government securities, question by FRBank of San Francisco whether to maintain cash deposit with Treasurer of State of California or purchase government securities through, in order to secure its obligation to the State re insurance plan to provide for disability and hospital benefits for California employees of the FRBank of San Francisco Organization for Economic Cooperation and Development, report by Ralph A. Young, Adviser to the Board and Director of the Div. of International Finance, on recently attended meeting of Working Party 3 of the Economic Policy Committee of the, to be given at the forthcoming meeting of Photographs of, requested by two publications for use in articles, matter to be cleared with FOMC with understanding re arrangements if no objection expressed Policy record: Policy actions for 1962 requested by Congressman Reuss, Joint Economic Committee, in advance of submission of Board's Annual Report to Congress, letter advising record would be sent as soon as possible approved, Governor Mills dissenting, copies of record to be sent to Chairmen of Senate and House Banking and Currency Committees Policy actions approved for inclusion in 1962 annual report http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/15 127 10/7 3443, 3456 3/1 731 4/4 1143 2/4 428, 437 2/11 531 1963 197 Pages ommittees: (continued) Federal Open Market: (continued) Policy record: (continued) Policy actions, entries for January 8 and 29, and February 12, 1963, approved for inclusion in the Board's annual report, staff authorized to follow the procedure outlined by Mr. Young in submitting policy record entries to the Board for final approval 5/20 during the remainder of the year Policy actions, revised drafts of entries for meetings of March 5 and 26, 1963, approved for inclusion in Board's annual report for 1963 5/29 Policy actions, entries covering Committee meetings for period AprilAugust 1963, proposed for inclusion in Board's 1963 Annual Report, in absence of quorum, agreed entries should be held for later consideration, criticism of Gov. Mills re coverage of economic and financial 12/12 situation discussed Preparation of future, preliminary drafts of entries to be submitted as soon as possible after each meeting, after receipt of comments, revised draft to be submitted, with view to placing entries in final form 2/11 with minimum lapse of time Time lag appropriate before making FOMC actions public, discussed in light of suggestions for submitting Board's annual report to Congress earlier 2/4 than presently submitted Statistics, tables showing seasonally adjusted annual rates of increase of selected monetary indicators, Gov. Balderston indicated that compilations might be helpful to members of, understood that staff would consider including such tabulations in documentation furnished 1/11 to the Committee http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1647 1795 4345 532 431 89 1963 198 Pages Committees: (continued) Federal Open Market: (continued) System open market account, allocations of, memorandum by Mr. Stone, Manager of, and Mr. Farrell, Director of the Division of Bank Operations, re procedures for, discussed in connection with question as to whether the Board should allow the occurance of an occasional reserve deficiency at a Reserve Bank or if everything possible should be done to avoid it, suggestion re possibility of discussing at meeting with the Presidents Discussion re possible amendment of allocation of securities in open market account, Board to continue study re Revised procedures adopted, effective Dec. 3, 1963, reflecting adoption of alternative (b) in the StoneFarrell memorandum re possible procedure to avoid deficiency by FRBanks in required gold reservesreported in joint meeting with Presidents Conference System Open market transactions during the middle part of July, question 12 relating to scope and implications of, submitted by House Banking and Currency Committee with questions in connection with hearings re change in discount rates at FRBanks, answer drafted by Manager of System Open Market Account including summary and detailed comments with question re use of detailed draft, consensus of Board to use both http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/29 4141 12/2 4165 12/3 4193 7/31 2513 1963 199 Pages Committees: (continued) Financial Institutions, President's Committee on: Reference to possible recommendation by, re a system of graduated reserve requirements, no assurance that such a recommendation would result in legislation Report of, interagency committee to study revised draft of proposed, comments by Chm. Martin re position he should take at next meeting of, as Chm. of Board, in light of possible division of opinion within Board, matter to be considered further Discussion re topics covered in report of, Board favorable to elimination of nonpar banking and unfavorable as a matter of principle to a increase in Federal deposit insurance, views and previous position re proposed legislation permitting Federal chartering of mutual savings banks discussed, views on report as a whole expressed Question of absorption of exchange charges to be reviewed by Board following issuance of, matter discussed with reference to bank in St. Louis, No. Request by Chm. Heller of the Council of Economic Advisers for Board's contribution of $100 toward payment of printing costs of, no objection Suggestions re extension of reserve requirements to savings and loan associations and mutual savings banks; strengthening of supervisory authority over liquidity positions; standby authority over rates paid on savings and time accounts; and broadening of safeguards against conflicts of interest, Mr. Solomon designated to attend interagency meeting to prepare draft legislation Further discussion Letter to Budget Bureau http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/4 421 3/6 801 3/11 846 3/18 903 4/17 1249 4/26 5/15 5/16 1347 1578 1599, 1627 1963 200 Pages Committees: (continued) Fire Insurance Committee, redesignation of Mr. M. B. Daniels, Assistant Director, Division of Bank Operations, to serve on, approved Foreign Operations and Government Information Subcommittee of House Committee on Government Operations, reply letter to Chm. Moss of, approved, re questionnaire on policies of Federal agencies in gathering and disseminating information to public and Congress, explanation of terms "Confidential F.R.", "not for publication", and "for internal use only" House Armed Services, Subcommittee No. 3: H.R. 3516, bill relating to incorporation of fallout shelters in Federal structures, construction of emergency operation offices, and financial assistance to nonprofit institutions for fallout shelters, understanding re testimony by Chm. Martin before House Bank Supervision and Insurance Subcommittee: Hearings on bills to establish a Federal Banking Commission and a Federal Deposit and Savings Insurance Board, invitation from Chm. Multer for testimony at, agreed Chm. Martin, and Governors Mills, Robertson, and Mitchell would testify, each on a personal basis Decided later to report by letter on bill to establish Federal Deposit and Savings Insurance Board, restricting testimony to bill to establish Federal Banking Commission http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/19 943 9/16 3164, 3175 6/4 1814 4/30 1405 4/30 1405 1963 201 Pages Committees: (continued) House Bank Supervision and Insurance Subcommittee: (continued) H.R. 729, bill to establish a Federal Deposit and Savings Insurance Board, draft letter expressing views of Board as a whole re, to be prepared for consideration and transmittal to Chm. Multer, prior to testimony by four Board members on bill to establish a Federal Banking Com1442 5/3 mission Letter to Congressman Multer opposing proposed legislation approved 1481, 1505 5/6 unanimously House Banking and Currency: Advances by FRBanks to member banks, proposed legislation amending the FRAct to authorize, as a substitute for the restrictive requirements relating to the "eligibility" of paper for discount or as security for advances by the FRBanks, letters to Chairmen of the Senate and, approved, copies to be sent to FRBanks, Bureau of the Budget, the Comptroller of the Currency, FDIC, American Bankers Association, and the Association 2617, 2641 8/8 of Reserve City Bankers by Haskins Audit of Board's accounts for 1962, & Sells, copy sent to Chairman 2/13 538, 548 Patman of the Bank holding company data re direct or indirect ownership of bank shares by registered bank holding companies and by Financial General Corp. where shares so owned or controlled are less than 257 of total shares, information to be made available 4/12 1199 to, as requested by staff of Bank holding company data furnished to, in light of inquiry re percentage of outstanding shares of Baystate Corporation, Boston, Mass., owned directly by the First National Bank of Boston, Mass., and request for details re shares held directly or indirectly by that bank in a 1477, 1501 5/6 fiduciary capacity http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 202 Pages Committees: (continued) House Banking and Currency: (continued) Bank merger applications filed during 1961 where resulting institution was to be a State member bank furnishing to, as requested thru FDIC, no objection by Board, advice to Chm. Patman Applications delivered to House Banking and Currency Committee with request to return to Board after Committee had finished with them Bank stock, owned by Class B Directors, request from Professor Harvey C. Mansfield of Committee staff for information re, understood that Mr. Cardon of staff would talk further with Professor Mansfield Budgetary procedures of the FRBanks and actual budget figures for the FRBanks of Boston and New York for the first half of 1963, with copies of Board's letters accepting these budgets, transmitted to Congressman Patman, of the Chain banking survey, letter agreeing to furnish further tabulations with respect to, as requested by Congressman Patman, Chairman of the Directors, Class A and B, procedures for nomination and election of, copies of documents furnished by FRBanks transmitted to Congressman Patman, Chairman of Disappearance of certain Treasury certificates from vault at FRBank of San Francisco, report re incident sent to Chm. Patman and committee members Talcott and Kilburn Copies of minutes of meetings of FRBank of San Francisco Board of Directors, Executive Committee and Audit Review Committee and certain reports of General Auditor sent to Mr. Patman, and copy of statement issued by Pres. Swan at press conference http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/25 2053, 2066 7/3 2197, 2202 7/25 2444 6/11 1875, 1889 4/19 1262, 1293 7/17 2329, 2337 4/1 1079, 1090-91 4/1 1080, 1089 1963 203 Pages Committees: (continued) House Banking and Currency: (continued) Disappearance of certain Treasury certificates: Report by Mr. Smith, Assistant Director, Div. of Examintions, re, and reports of examination of the FRBank of San Francisco for 1961 and 1962, requested by, in preparation for a hearing in San Francisco, furnishing of documents authorized with the understanding that the examination reports were available on a confidential basis only to members of the Congress and their staff Reports of Audit Review Committee and of General Auditor re, included in public record as requested by Understanding re use by FRBanks of report sent by Board to Disappearance of a certain Treasury certificate from the FRBank of Richmond, inquiry from staff member of, re availability of report re Report re apparent inadvertent destruction of, transmitted to Chm. Patman Discount eligibility requirements, Board's staff requested to draft letters to Senate and, explaining the need and submitting draft legislation with respect to changes re, understood that action would be cleared with Governors King and Mitchell before sending letters Draft letter submitted to Chairman of, agreed letter would be brought back to Board for further revision Letters to Chairmen of the Senate and, approved, copies to be sent to FRBanks, Bureau of the Budget, the Comptroller of the Currency, FDIC, American Bankers Association, and the Association of Reserve City Bankers http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (continued) 4/19 1275 4/26 1348 4/26 1349 4/26 1349 5/23 1720, 1731 7/24 2407 7/31 2514 8/8 2617, 2641 1963 204 Pages Committees: (continued) House Banking and Currency: (continued) Discount rates at Federal Reserve Banks, questions submitted by, in connection with the hearings re change in, individual question directed to Governor Mills, questions to be placed in Congressional Record, draft reply to be prepared for consideration Draft answers to questions 1-10 and 12-21 to be reviewed by staff in light of comments, others to be sent to Mr. Young for editorial changes, question 11 to be answered by Governor Mills, all answers to be transmitted to, in final form satisfactory to Chairman Martin Examination procedures for Federal Reserve Banks, Board concurred in view to grant request of, to see papers re proposals for changes in examining procedures of Federal Reserve Banks Examination reports of FRBanks: Reports of New York, Richmond, Chicago, and San Francisco, made during years 1960, 1961, and 1962, sent to Chairman Patman Reports of Boston, Philadelphia, Cleveland, Atlanta, St. Louis, Minneapolis, Kansas City, and Dallas made during years 1960, 1961, and 1962, sent to Mr. Patman Work papers in connection with the 1962, requested by Chairman Patman of the, agreed to provide http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/25 2442 7/31 2511 9/4 3034 5/14 1563, 1571 5/27 1772, 1781 6/12 1900, 1925 1963 205 Pages Committees: (continued) House Banking and Currency Committee: (continued) Examination reports of FRBanks: (continued) Criticism received from Mr. Patman, alleging that certain memoranda had been removed from, Board's reply indicating all previously requested material was supplied, agreed to furnish missing memoranda and any other papers relating to Expenditures of FRBanks: Certain S-letters containing instructions from Board to FRBanks re, sent to Mr. Stark on staff of, in connection with Committee's review of work papers prepared during 1962 examinations of FRBanks Request for explanation and justification of certain types of expenses, agreement that manner of responding to Committee be left to individual FRBanks Governor Balderston informed Chairman Patman of House Banking and Currency Committee that FRBanks were working vigorously filling his request and material would be supplied as quickly as possible Additional information requested by Congressman Patman re, resulting from educational programs, letter to FRBanks requesting advice re date when material could be furnished Consensus that consideration should be given to a reply to Mr. Patman re, prospective dates when information re expenses of educational programs could be made available by the FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/8 2602, 2639 7/18 2342, 2350 10/10 11/7 3519 3879 12/19 4460, 4483 12/27 4557 1963 206 Pages Committees: (continued) House Banking and Currency: (continued) Federal Open Market Committee record of policy actions to be sent to Chairman of, in advance of submission of Board's Annual Report to Congress Copy of record sent Functional expense survey made during the 1962 examination of the FRBank of Richmond by the Div. of Bank Operations, request from staff members of, for information re, agreed general principle of full disclosure be regarded as applicable, Mr. Farrell to proceed, with certain understanding Hearings on banking bills, Board to testify before, on Sept. 24, on several bills to broaden powers of national banks, agreement with Governor Robertson's suggestion that all available information would be assembled by the staff H.R. 258, an identical bill to S. 607, to authorize the establishment of Federal mutual savings banks, similar letters to Chm. Patman of the, and Chm. Robertson of the Senate Banking and Currency Committee, transmitting an appraisal prepared by the staff and concurred in by the Board, approved H.R. 4070, a bill to assist in the promotion of economic stabilization by requiring the disclosure of finance charges in connection with extension of credit, report to Congressman Patman, Chairman of, endorsing the objective but indicating it inappropriate for Board to administer http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/4 2/11 433 533 6/19 1974 9/5 3050 4/2 1112, 1128-29 5/3 1444, 1455 1963 207 Pages Committees: (continued) House Banking and Currency: (continued) H.R. 4413, a bill to repeal the silver purchase laws and provide for replacement of silver certificates by FRnotes, statement to be presented by Chm. Martin before, views expressed, understood that the statement would be put in final form satisfactory to the Chairman, Governor Mills dissenting from the position expressed H.R. 5130, a bill to increase the insurance limit from $10,000 to $25,000 on bank deposits and savings and loan shares, discussion re draft statement to be presented by Governor Balderston before the, a revised draft to be prepared Revised draft considered appropriate H.R. 5800, a bill to amend sec. 25 of the FRAct to transfer to the Comptroller of the Currency functions with respect to foreign branches of national banks, authorizing the Comptroller, rather than the Board, to approve the establishment of such branches and issue regulations concerning their powers, report opposing, approved for transmittal to Congressman Patman, Chm. of the H.R. 5845, a bill to amend sec. 5136 of the Revised Statutes, to permit banks to underwrite and deal in "revenue bonds" of States and political subdivisions, statement for Chm. Martin for hearing before the, discussed Majority of Board opposed to H.R. 7878, a bill to extend authority of national banks to make conventional real estate loans, position at forthcoming hearings before, to be discussed further tomorrow http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/11 -841 4/17 4/19 1246 1274 6/12 1899, 1922 9/18 9/19 3214 3243 9/18 3214,3229-31 1963 208 Pages Committees: (continued) House Banking and Currency: (continued) H.R. 7878: (continued) Board opposed to, understood testimony to be presented September 24, 1963, by Chairman Martin H.R. 8230, a bill to authorize national banks to lend more liberally on forest tracts, position at forthcoming hearings before, to be discussed further tomorrow Board would not recommend favorable action on, understood testimony to be presented September 24, 1963, by Chairman Martin Report on study re the financing of forest tracts to be prepared in final form for Chairman Martin's submission to H.R. 8245, a bill to broaden power of federal savings and loan associations, position at forthcoming hearing before, to be discussed further tomorrow Testimony to be presented September 24, 1963, to be consistent with Board discussions and satisfactory to Chairman Martin H.R. 8247, a bill to raise the limit on loans by a national bank to a single borrower from 10 to 20 per cent of the bank's capital and surplus, position to be taken on, to be discussed at next Board meeting Testimony to be presented September 24, 1963 before, by Chairman Martin to be consistent with Board discussions and satisfactory to Chairman Martin House bills 7878, 8230, 8245, 8247, Governor Mills raised the question re tenor of testimony to be given on Sept. 24, 1963, re, Chairman Martin described the position on, which had been agreed to earlier http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/19 3243, 3245 9/18 3215, 3231 9/19 3244, 3245 12/12 4344 9/18 3215,3230-31 9/19 3244, 3245 9/18 3215,3226-29 9/19 3243, 3245 9/23 3281 1963 209 Pages Committees: (continued) House Banking and Currency: (continued) Meeting to be held tomorrow at the request of the Chairman of, for the stated purpose of permitting the new members of the Committee to meet the members of the Board and the FRBank Presidents Minutes of meetings of Board of Directors of FRBank of New York for certain years with related papers, requested by Chm. Patman of the, reported by Chm. Martin and Mr. Sherman, FRBank to study and contact Board later Draft letter from FRBank of New York transmitting, concurred in by Board, with question re,including statement re concurrence of FOMC Monetary policy, 24 questions dealing with general area of, and related matters, submitted by Chm. Patman of,Board to decide whether to join in transmittal of single reply, understood that similar questions were sent to FRBank Presidents by Letter to Chm. Patman indicating that the staff would prepare answers to meet personal views of the Board members and the FOMC Committee as a whole Joint response sent to Chm. Patman Reports on competitive factors, request from, for competitive factor reports submitted by Board to Comptroller of the Currency for period Nov. 16, 1961 to present time, sending of competitive factor reports to, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/28 282 4/2 1122 4/4 1141 8/23 2911 8/27 9/12 2931 3129, 4041 8/19 2805, 2829 1963 210 Pages Committees: (continued) House Banking and Currency: (continued) Retirement allowances for FRBank Presidents, disbursement of supplemental payment questioned by Mr. Schremp, staff member of, understood that Board would make full disclosure of all contracts entered into by FRBanks re their respective Presidents Safekeeping of securities by FRBanks, operating procedures and instructions of all FRBanks re custody of securities requested by staff member of, understanding re Materials re vault custody procedures at 11 FRBanks (excluding San Francisco) transmitted to Chm. Patman, House Banking and Currency Committee Salary figures from bank examination reports requested by a staff member of the, for use in the survey re management succession and compensation, understood consideration would be given if formally requested by Letter to Congressman Patman indicating willingness to supply Surveys of insured commercial banks re compensation and succession of bank management, correspondent banking, and interest rates on business loans, proposed by Congressman Patman, Chm. of the, request for suggestions on form and content of draft questionnaires and inquiry re Board's willingness to handle collection and tabulation of, questionnaires transmitted to FRBanks, understood that further consideration would follow receipt of comments from FRBanks Letter to Congressman Patman approved Agreed to perform services FDIC to encourage replies from all banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/23 2383 4/26 1348 6/4 1813, 1826 8/1 2536 8/8 2601, 2638 2207 7/8 7/25 2437, 2450 10/16 3504, 3523 11/7 3878 1963 211 Pages Committees: (continued) House Banking and Currency: (continued) Visit to Board's offices by, discussion re arrangements Visit to FRBank of New York noted, reception to include representatives of the New York City commercial banks, no objection to payment of costs by the Reserve Bank House Government Operations: H.R. 113, a bill which specifies that the budget submitted by the President to Congress include an item for not less than $2,000,000,000 to be applied toward reducing the national debt, report sent to Chairman Dawson H.R. 867, H.R. 886, H.R. 889, H.R. 1920, H.R. 2413, and H.R. 3289, bills to amend the Budget and Accounting Act, 1921, to provide for retirement of the public debt by setting aside specified percentages of budget receipts for that purpose, report sent to Chairman Dawson H.R. 1711, a bill to amend the Employment Act of 1946 to establish policies with respect to productive capital investments of the Government, report sent to Chm. Dawson H.R. 3496, a bill to extend for two years the Reorganization Act of 1949, as amended, report to Chm. Dawson of the, approved H.R. 7879, a bill to establish a Department of Consumers within the Federal Government, unfavorable report to Chm. Dawson of the House Interstate and Foreign Commerce Committee: H.R. 6789, companion bill to S. 1642, bills to amend the Securities Exchange Act of 1934 and Securities Act of 1933, to extend coverage to certain stocks traded over the counter, including bank stocks, report sent to Chm. Harris http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/11 1887 6/21 2030 2/14 552, 563 2/14 552, 563 2/26 683, 694 3/22 987, 1006 8/21 2836, 2845 6/19 1976 1963 212 Pages Committees: (continued) House Interstate and Foreign Commerce Commitee: (continued) S. 1642, a bill to amend Securities Act of 1933 and Securities Exchange Act of 1934, unfavorable report to Chairman Harris, Governor Mills dissenting 8/22 2848, 2878 Judiciary House Committee: Bank merger applications requested by Chm. Celler with respect to a study of interlocking relationships among banks that were being made by the Antitrust Subcommittee of the, Board approved furnishing applications by State member banks for 1960 and 1961 as soon as the House Banking and Currency Committee returned 8/22 2851, 2880 them H.R. 43, a bill to amend Title 28 of the United States Code to provide for a United States Administrative Court, report to Congressman 4/30 1392, 1408 Celler, Chm. of the, approved Reports on competitive factors, with lists showing gradation of adverse effect, Board agreed to send to Chairman Celler of, Governor Robertson dissenting 10/30 3710, 3718 House Legal and Monetary Affairs Subcommittee: Bank merger applications, report on operations of Board in processing, 1419, 1432 5/1 sent to Chm. Fascell Crimes against banks and savings and loan associations, inquiry from, re preventive measures being taken by Federal supervisory agencies, Board's reply sent to Chm. 5/1 1419, 1427 Fascell Frederic Governor Robertson and Mr. Solomon, Director, Div. of Examinations to represent Board at forthcoming hearings re 9/16 3163, 3174 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 213 Pages Committees: (continued) House Legal and Monetary Affairs Subcommittee: (continued) Disappearance of certain Treasury securities from vault at FRBank of San Francisco, report re situation requested by Chm. Fascell, reply being prepared 3/29 approved and sent to Chm. Report Fascell 4/1 FRnotes, question re change from twelve separate issues to one central issue, and local destruction of, Board's position requested by Chairman Fascell of the, reference to Board's responses to a similar question by Congressman Hardy, 3/18 advice to Congressman Fascell Request by Congressman Fascell, Chairman of, for the Board's present 6/18 views re Agreed to submit proposed reply to Congressman Fascell to Treasury 7/10 and to FRBanks for review 8/13 Reply to Chairman Fascell approved Float: Board's position requested by Chm. Fascell, reference to Board's response to a similar question from Congressman Hardy, recent developments being studied, 3/18 advice to Congressman Fascell Question re changing deferment schedules from a two-day to a three-day maximum, Board's present views requested by Congressman Fascell, Chm. of the, Presidents'Conference to assist in drafting reply, reported in joint meeting with 6/18 Presidents reply, Discussion re proposed especially re timing of possible 7/10 change in schedules Reply to Chm. Fascell of, approved 8/13 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1073 1079,1090-91 906, 929 1960 2231 2702, 2712 906, 929 1956 2231 2702, 2712 1963 214 Pages Committees: (continued) House Legal and Monetary Affairs Subcommittee: (continued) Service charges of member banks, questioned by Chairman Fascell, further consideration to be given to matter 11/14 before reply would be made 11/18 Reply to Chairman Fascell approved Window dressing of call reports of national banks, reply to Chairman Fascell 8/9 re, request for Board's views re Governor Robertson to represent Board at hearing re statement to be prepared along lines suggested 9/26 by discussion Insurance Committee of the FRBanks: Daniels, M. B., Assistant Director, Division of Bank Operations, to serve as 3/19 an associate on Division, Legal Director, Howard H., Hackley, redesignated to serve as an 3/19 associate on Interagency: Data Processing, Committee on Automatic, nomination of M. H. Schwartz, Director, Division of Data Processing, as the Board's representative on, letter 1/16 advising approved Interdepartment Radio Advisory Committee: Federal radio transmitting frequency assigned by, letter to FRBank of Richmond authorizing use of frequency in visual aids such as graphs, charts, and flannel boards at banking 9/18 seminars and other meetings Joint Committee on Defense Production: Defense Mobilization Activities of Board, letter to Chairman Patman of, attaching summary of mobilization activities of Board for year ending 9/11 June 30, 1963 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3952 4020, 4036 2660, 2675 3243 943 943 134 3212, 3233 3092,3108-19 1963 215 Pages Committees: (continued) Joint Economic Committee: Federal Open Market Committee record of policy actions requested by Congressman Reuss in advance of submission of Board's Annual Report to Congress, letter advising record would be furnished as soon as possible, approved, Governor Mills dissenting Copies of record to be sent to Chairmen of Senate and House Banking and Currency Committees Copy of record sent to Chairman of, noted Gold reserve requirements of FRBanks, reply to inquiry by Senator Douglas, Chairman of, re Statement by Chm. Martin, to be made before, understood that draft would be reviewed by the staff and presented in final form satisfactory to the Chairman Nominating advisory committees appointed by, member banks to assist in nominating candidates for Class A and B directors of the FRBanks, possible criticism of holding of nominating committee meetings at the FRBanks and payment of transportation and other expenses of the committees discussed, understood that the Legal Division would review the entire nomination and election procedure President's Committee on Equal Employment Opportunity, Board's regulations and procedures re nondiscrimination amended to conform with amended Rules and Regulations of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/4 428, 437 2/4 433 2/11 533 11/4 3755,3779-86 1/30 294 7/17 2325 3/6 803, 817 1963 216 Pages Committees: (continued) President's Committee No. 5 - Financing Exports, memorandum from Mr. Goodman re request from the Secretary of Commerce in connection with, suggesting that Board should consider extending the term applicable to bankers acceptances from 180 days to 365 days, Staff to review draft letter in light of discussion, reply approved in form most appropriate following staff review Presidents' Conference: Accounting, Subcommittee on, redesignation of Mr. M. B. Daniels, Assistant Director, Div. of Bank Operations, to serve as an associate on, approved Bank and Public Relations, Committee on, views requested re proposal that the Post Office be requested to issue a commemorative stamp with respect to the 50th anniversary of the FRSystem, agreed to endorse the idea Bank and Public Relations, Subcommittee on, redesignation for Charles Molony, Assistant to the Board to serve as an associate on, approved Cash, Leased Wire and Sundry Operations, Subcommittee: Redesignation of Messrs. John N. Kiley, Assistant Director, Div. of Bank Operations, and Joseph E. Kelleher, Director, Division of Administrative Services to serve as associates on, approved Question of coin return by nonmember banks at expense of FRSystem to be discussed at forthcoming meeting of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/16 4380, 4396 3/19 943 2/27 700 3/19 943 3/19 943 7/23 2381 1963 217 Pages Committees: (continued) Presidents' Conference: (continued) Cash, Leased Wire and Sundry Operations Subcommittee: (continued) Designation of Joseph E. Kelleher, Director, Division of Administrative Services, as point of contact between Board and National Communications System and to keep subcommittee advised as to developments involving present communication arrangements of FRSystem, letter to all FRBank Presidents re Collections, Subcommittee on: Redesignation of John R. Farrell, Director, Division of Bank Operations, to serve as an associate on, approved Float, report to Committee on Collections and Accounting by, re question of change from a twoday to a three-day maximum deferment in order to bring about the reduction of Collections, Subcommittee of Counsel on, redesignation of Howard H. Hackley, Director, Legal Division, to serve as an associate on, approved Commercial Code, Subcommittee of Counsel on, redesignation of Howard H. Hackley, Director, Legal Division, to serve as an associate on, approved Discounts and Credits Committee: Discount officers of FRBanks, meeting of, to be under the auspices of, Mr. Holland, Adviser in the Division of Research and Statistics designated to serve as the Board's regular representative Electronics, Subcommittee on: Redesignation of John R. Farrell, Director, Division of Bank Operations, to serve as an associate on, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/4 3437, 3441 3/19 943 6/18 1954 3/19 943 3/19 943 9/19 3249 3/19 943 1963 218 Pages Committees: (continued) Presidents' Conference: (continued) Emergency Operations, Subcommittee on: Redesignation of Mr. Innis D. Harris, Coordinator, Div. of Defense Planning, to serve as an associate on, approved Emergency Operations, Subcommittee of Counsel on: Redesignation of Mr. David B. Hexter, Assistant General Counsel, Legal Division, to serve as an associate on, approved Fire Insurance Committee, designation of M. B. Daniels to act as Board's representative on Fiscal Agency Operations, Committee on: Government Securities, book-entry procedure for handling, held by FRBanks for member banks, question referred to, for study Agency Operations, Subcommittee on: Fiscal Redesignation of Mr. John N. Kiley, Assistant Director, Div. of Bank Operations, to serve as an associate on, approved Fiscal Agency Operations, Subcommittee of Counsel on: Redesignation of Howard H. Hackley, Director, Legal Division to serve as an associate on, approved FRnotes, destruction locally of $1 and $2, redemption on a formula basis to eliminate sorting by bank of issue, no change re denominations of $5 and up, and continuation of twelve separate issues of, recommendations by the, approved by Presidents' Conference, and reported at the joint meeting Methods and Automation, Subcommittee on, redesignation of Mr. John N. Kiley, Assistant Director, Div. of Bank Operations, to serve as an associate on, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/19 943 3/19 943 1/18 174 6/18 1963 3/19 943 3/19 943 6/18 1958 3/19 943 1963 219 Pages Committees: (continued) Presidents' Conference: (continued) Miscellaneous Operations, Committee on: Currency shipments, letter to Chairman of, interpreting the Board's July 22, 1963, letter re FRnotes, shipment of new, proposal from Brink's, Inc., re use of combination air-truck transportation, advice that Board would not object to proposal to be sent to, subject to check by Gov. Mitchell with Postmaster General No objection by Treasury and Post Office Departments, advice to Eliot J. Swan, Chairman of Personnel, Subcommittee on, Mr. E. J. Johnson, Director, Div. of Personnel Administration, redesignation to serve as an associate on, approved Research and Statistics, Subcommittee on: Retail credit survey, approval recommended by, approved by Board Retention and Disposal of Records, Subcommittee on, redesignation of Mr. Kenneth A. Kenyon, Assistant Secretary, to serve as an associate on, approved Safekeeping of securities by FRBanks, Committee to make a study of, and recommend general standards for Subcommittees, list of persons from the Board's staff redesignated to serve as associates on, advice to Chairman of the Presidents' Conference Retail trade statistics: Committee of Five, summary of meeting of January 17, 1963, presented by Mr. Sherman http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/6 3058, 3070 4/12 1209 5/9 1510, 1519 3/19 943 1/23 227 3/19 943 7/17 2323, 2335 3/19 942 3/6 790 1963 220 Pages Committees: (continued) Presidents' Conference: (continued) Retirement Committee of the Retirement System: Retirement system study, letter by Mr. Buck re cost projections, and Dr. McGill's memorandum of comments and his report to the Board, to be sent to Mr. Harris, Chairman of the Senate Banking and Currency: Audit of Board's accounts for 1962, by Haskins & Sells, copy sent to Chairman Robertson of the Discount eligibility requirements, proposed legislation re changes of, which would amend the FRAct to provide a new provision authorizing the FRBanks to make advances to member banks, letters to Chairmen of the House and, approved Federal Open Market Committee record of policy actions, agreed to send to Chairman of, in advance of submission of Board's Annual Report to Congress Copy of record sent Procedures for granting charters and approving branches of national and State Banks requested by, reply sent to Chm. Robertson S. 374 and S. 474, bills to provide for establishment of an International Home Loan Bank by the Federal Home Loan Bank Board, report to Chairman Robertson of the, approved for transmittal, following the meeting and after further discussion by the Board, it was agreed that the report would not be sent at this time; request for report subsequently withdrawn by Senator Robertson S. 607, an identical bill to H.R. 258 to authorize the establishment of Federal mutual savings banks, similar letters to Chm. Robertson of the, and Chm. Patman of the House Banking and Currency Committee, transmitting an appraisal prepared by the staff and concurred in by the Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/27 2121, 2126-28 2/13 538, 548 8/8 2617, 2641 2/4 2/11 433 533 7/10 2219, 2245 2/18 603-04 4/2 1112, 1128-29 1963 221 Pages Committees: (continued) Senate Banking and Currency: (continued) S. 731, a bill to repeal certain legislation relating to purchase of silver; to authorize FRBanks to issue FRnotes in $1 denomination; and to terminate the special tax on transfers of silver bullion, report sent to Senator Robertson, Chm. of the S. 750, a bill to require disclosure of finance charges in extensions of credit, to assist in promoting economic stability,report sent to Chm. Robertson of the S. 810, S. 811, S. 2130, bills to improve marketability of mortgages not presently underwritten by Federal Government, letter to Chm. Robertson of, advising that the Board believes that certain questions arising from these proposals should be carefully considered and resolved before action is taken with respect to any of the three bills S. 828, a bill to grant national and State member banks limited authority to underwrite revenue bonds, letter to Sen. Robertson, Chm. of, stating that the Board does not favor enactment of, believes, however, that legislation clarifying meaning of term "general obligation" as used in sec. 5136 of the Revised Statutes, is urgently needed S. 874, a bill to authorize construction and equipping of buildings required in connection with operations of Bureau of the Mint, favorable consideration urged in light of recurring coin shortages, report sent to Chm. Robertson of the http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/14 553, 564 2/20 647, 660 9/27 3360, 3386 9/19 3243, 3259 3/6 799, 815 1963 222 Pages Committees: (continued) Senate Banking and Currency: (continued) S. 1200 and S. 2226, bills that would authorize Federal Housing Administration to compensate mortgagors for structural defects in insured homes, letter to Chm. Robertson of the S. 1642, a bill to amend the Securities Exchange Act of 1934 and Securities Act of 1933, Board in agreement with purposes of proposed legislation but not in favor of SEC delegating administration over bank stocks to bank supervisory agencies, report sent to Chm. Robertson of the Understanding re testimony by Chm. Martin S. 2259, a bill to amend section 24 of the FRAct to liberalize conditions of loans by national banks on forest tracts, Board sees no objection to favorable consideration of letter to Senator Robertson, Chm. of the Senate Government Operations: S. 1680, a bill to establish an Office of Consumers within the Federal Government, unfavorable report to Senator McClellan, Chm. of the Senate Judiciary: S. 691, a bill to require public hearings to be held in each State affected by a proposed agency rule, if timely protest is filed with the agency after notice of the proposed rule is published in the Federal Register, Board's view re proposed legislation is not needed, report sent to Chm. Eastland of the S. 1663, a bill to amend the Administrative Procedure Act, letter to Senator Eastland, Chm. of the, approved, Board favors,but lists those points which it feels would hamper its work, suggests that action be deferred until decision was made re establishment of a permanent Administrative Conference http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/16 6/19 6/19 12/23 3563, 3580 1975, 1982 1976 4497, 4501 7/8 2205, 2215 3/4 759, 770 11/1 3734, 3744 1963 223 Pages Committees: (continued) Senate Judiciary: (continued) S. 1664, a bill to create an Administrative Conference of the U.S. to provide for continuous improvement of the administrative procedure of Federal agencies, report sent to Chairman Eastland of the S. 1666, a bill to amend the Administrative Procedure Act, section 3, to clarify and protect the right of the public to information, Board favorable to stated purpose, but questions provisions re disclosure of certain confidential information, and disclosure of vote of Board members in all proceedings, report sent to Chairman Eastland, of the State Officials on Suggested State Legislation of the Council of State Governments: No proposals to be considered by, reply to Bureau of the Budget System Committee on Computers in Research: "Laboratory on Regression" sponsored by, a dinner for approximately 75 people at the cost of approximately $530, authorized System Committee on Current Reporting Series: Federal Trade Commission request for department store sales data for use in connection with an investigation under the Clayton Act, recommendation not to furnish, by Retail credit survey for purpose of reviewing area of, recommended in memorandum by Mr. Noyes, and developed by, approved by Board SYstem Counittee on Eligible Paper: Discharging of, recommended by the Presidents' Conference, Board in agreement re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/20 1991, 2015 7/2 2175, 2180 2/15 571, 583 11/20 4078 1/22 207, 223 1/23 227 3/19 944 1963 224 Pages Committees: (continued) System Committee on Eligible Paper: (continued) Discount officers of FRBanks, Board favors recommendation by, for periodic meetings of, arrangements for the first meeting to be made by the Presidents' Conference Committee on Discounts and Credits, Board to be represented System Research Advisory Committee: Acceptances bankers', revision of reporting by weekly reporting member banks and by banks in the series of commercial and industrial loans by industry, recommendations by, approved, advice to Presidents of FRBanks with copies of revised form F.R. 416a Condition reports, data collected on reverse side of, report by Gov. Mitchell re opposition to the idea of obtaining data by means of a sampling process as indicated at the latest meeting of Retail Credit survey considered and approved by, approved by Board Time certificates, negotiable recommendations of the, that weekly reporting member banks report on FR 416 all outstanding, in denominations of $100,000 or more, with a special confidential report, F.R. 416b, for reporting banks indicating an outstanding total of $50 million or more to be submitted every six months, approved by Board, advice to Presidents of all FRBanks 0 nd, -1/4"-tY Exchange Act: Margin requirements on sugar futures, legislation to amend, proposed by Department of Agriculture, to protect consumer and producer from extreme price fluctuations, Board report to Budget Bureau http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/31 2515 8/8 2597, 2635 3/7 724 1/23 227 8/8 2597, 2633 8/27 2919, 2940 1963 225 Pages Comp troller of the Currency: Associated Hospital Service of Philadelphia, opinion expressed by, re eligibility of,to maintain a savings deposit in a national bank, irrespective of the Board's interpretation indicating ineligibility of, staff to draft a letter to Agreed to send letter to the Comptroller with copies to Congressman Multer and the FRBanks Reply to Comptroller of the Currency with respect to jurisdictional question re interpretation of banking laws and regulations, restates Board's previous published interpretation of Reg. Q with respect to the eligibility of, to maintain a savings account Bank mergers, meeting called by Dept. of Justice to discuss with representatives of the Board and FDIC the possibility of a meeting of representatives of the Federal bank supervisory agencies with the Dept. of Justice to discuss applications re, Comptroller of the Currency chose not to participate Bank stocks traded over the counter, views of Comptroller re exclusion from provisions of revised draft bill to amend the Securities Exchange Act, but if included, to vest administrative responsibility thereof in the three Federal Bank supervisory agencies, noted Conflict of views between the Board and the Comptroller with respect to, discussed in connection with S. 1642, a bill extending provisions of the Securities Exchange Act to cover Common trust fund survey, plans of the, to conduct an annual, discontinuance of Board's annual survey re, in light of transfer to, regulatory authority with respect to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/18 912 4/30 1395 5/6 1507 8/19 2800 6/4 1822 6/12 1903 8/8 2629 1963 226 Pages of the Currency: (continued) Condition reports: Revised form for national banks proposed by, eliminating on all but yearend call reports the detailed information reported on Publication of, Veenstra-Farrell memorandum presenting alternatives for State member banks in light of letter by, giving national banks the option to defer publication of spring and fall reports, agreement with Gov. Mills' suggestion that Board adhere to present position Informally informed that the Office of the, would discontinue the current practice of editing for statistical purposes, confirmation requested as well as suggestions re possible procedure to maintain statistical quality of combined reports Call as of fall--1963, letter to, stating that the Board will use the time form as used on June 29, 1963, hope expressed that uniform reports of condition and of income and dividends for all insured commercial banks will be used for the December 1963 call Prospect for achieving uniformity in yearend call report forms seemed remote at Oct. 17 meeting with representatives of FDIC, Comptroller of the Currency, and National Association of Supervisors of State Banks, letter to, re Board decision to collect simplified balance sheet reconciliation statement from all national banks, to combine with national bank condition report form, letter to Bureau of Budget requesting clearance of reconciliation statement and to, for confirmation of position re Comptroller http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/13 541 4/2 1118 6/12 1902, 1926 8/27 2924, 2945 10/23 3608, 3637 11/27 4122, 4133-34 1963 227 Pages C omptroller of the Currency: (continued) Condition reports: (continued) Fixing of date for December call with the dual vote of, agreed that Board's staff would draft statement indicating Board's unfavorable reaction to call date Acting Chm. Robertson reported re telephone call from FDIC urging that unless Board went along with the selection of close of business, Dec. 20, 1963, the date would be selected by, Gov. Robertson did not propose to comply with the urging of FDIC Further discussion Call for December 20, 1963, agreed that reconciliation schedules for national banks would not be needed in light of Comptroller's decision to return to the reporting of assets net of valuation reserves, letter to, and advice to Presidents of all FRBanks of national bank: stock Corporate Acquisition by a subsidiary of Bankers Trust Company of New York, a State member bank, possible violation of sec. 9, FRAct, and sec. 5136, Revised Statutes, raised in regard to report on competitive factors re transaction in Farmingdale, N.Y., matter being studied by Board, advice to Additional jurisdictional question whether Comptroller of Currency or Board should interpret provisions of national banking laws, advice to Draft of proposed letter to Bankers Trust Co., transmitted to, question re Board's right to interpret regulations of, left for separate correspondence http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/19 4461 12/20 12/23 4488 4498 12/24 4529, 4544 3/6 782, 807 3/18 896, 927 4/19 1269, 1273 1963 228 Pages Comp troller of the Currency: (continued) Corporate stock of national bank: (continued) Acquisition by a subsidiary of Bankers Trust Company of New York: (continued) Views of Comptroller reviewed, Board's view that such transaction would be in violation of sec. 5136, Revised Statutes, and sec. 9 FRAct, letter to Bankers Trust Co. Debentures, issuance of capital, capital notes or other obligations by national banks may be included as part of such bank's unimpaired capital surplus funds for the purpose of computing the limit of loans to individual borrowers prescribed by Sec. 5200, Revised Statutes, as interpreted by of national banks, loans to, officers Executive understood a memorandum to be distributed on an interpretation by, of Sec. 5200 of Revised Statutes relating to Federal Reserve Issue and Redemption Division: Request from, for payment of estimated expenses of, including for the first time an item for "management and administrative services,' agreed to obtain further information, letter to, approved Reply received from, letter enclosing check for "management and administrative services" as calculated by, approved Letter to the Office of, re reimbursement of annual leave accumulated by employees of First National City Bank of New York, Panama City Branch, information re certification of checks drawn on account in overdraft involving Panama Plumbing and Supply, Inc., Balboa, Canal Zone, and, sent to, in light of possible violation of sec. 5208, Revised Statutes http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/30 1399, 1411 12/27 4558 12/27 4558 1/14 100, 121 2/20 649, 662 7/11 2254, 2272 2/18 606, 622 1963 229 Pages Comptroller of the Currency: (continued) Foreign branches of national banks: H.R. 5800, a bill to amend section 25 of the FRAct to transfer to the Comptroller of the Currency authority to approve, and to issue regulations concerning their powers, unfavorable report approved for transmittal to Congressman Patman None of the Board members present in favor of transferring such authority to Letter to, discussing revised Regulation M, making it unnecessary for national banks to obtain Board approval before establishing foreign branches and investing in Edge Act Corporations Government securities, carrying value of U.S., for examination and supervisory purposes, matter reviewed with, and FDIC, both of which are taking same position as that in letter to FRBanks Information re loans requested by FRBank of Richmond from Riggs National Bank of Washington, D. C., in connection with competitive factor report, not revealed by Riggs in light of instructions requiring that a written request be directed to the Comptroller Investment securities regulation, proposed revision of, to govern the purchase, sale, underwriting, and holding of securities by national and State member banks, Board in opposition to the proposal which would in effect permit banks to underwrite and deal in revenue bonds in contravention of Congressional intent of sec. 5136, Revised Statutes, letter with memorandum sent to Market structure study, letter to, clarifying incor rect understanding that Board was making a nation-wide, bibliography of studies in banking markets enclosed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/12 1899, 1922 6/26 2105 8/29 2952, 2970 9/30 3397, 3404 4/3 1136 7/19 2357, 2364 6/25 2053, 2065 1963 230 Pages Comptroller of the Currency: (continued) Regulations and banking laws: Jurisdictional question re interpretation of provisions of section 2 of FRAct and Reg. D having a bearing on the Board's right to interpret its own regulations and enforce them in case of a national bank, letter to Comptroller of the Currency approved Savings deposits: Definition of, understood that there would be no objection to appropriate members of the Board's staff participating with staff members of FDIC and, pertaining to a study re Meeting to discuss, attended by representatives of FDIC, Board, and Interpretation issued by, stating that "a national bank may accept deposits without regard to whether funds deposited are for credit of one or more individuals or of an organization--," Board issued press statement re interpretation by, stating as members of FRSystem national banks are subject to provisions of section 19 of the FRAct which prohibits such activities as set forth in Comptroller's interpretation re Securities Exchange Act, proposal extending reporting requirements and certain other provisions of, to securities traded over the counter, opposition to, expressed by, at the inter-agency meeting called by the Bureau of the Budget Trust powers of national banks: Transfer of Board's records and files to, memorandum from Mr. Masters outlining plan for, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/6 1481, 1506 11/18 4016 12/18 4422 12/26 4550, 4553 5/9 1513 3/18 895, 924 1963 231 Pages Comptroller of the Currency: (continued) Trust powers of national banks: (continued) Proposed revision of Comptroller's regulations re, understood that two staff memoranda with a note from Chm. Martin would be transmitted to, Governor Mills' views having been noted Whitney Holding Corporation, New Orleans, La., litigation re acquisition by, of stock of Whitney National Bank, New Orleans, La., and Whitney National Bank in Jefferson Parish, La., a proposed new bank, request from Dept. of Justice re need for a rehearing or certiorari, no need in Board's opinion, suggestion that views of, be solicited Window dressing by commercial banks: Letters to FDIC and, suggesting that joint meetings be held by representatives of FRBanks, regional representatives of Comptroller's office, and FDIC, after which meetings with banks engaged in, might be set up Opposition by, to proposed interagency approach re, FDIC favorable, Gov. Robertson suggested letter be drafted to the Presidents of FRBanks outlining program of moral suasion in cooperation with FDIC, also letter to, noting his reaction and current views re fixed dates for mid-year and year-end calls Letter to FDIC expressing appreciation for willingness to have its Supervisory Examiners join FRBanks in meetings with commercial banks re practice of, letter to, Comptroller of the Currency noting his views http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/18 908, 932 8/22 2852, 2882 10/7 3444, 3460 10/25 11/4 3675 3752, 3773-74 1963 232 Pages Condition reports: Banking data on reverse side of: Problems re entire program of collection of banking statistics and alternative reporting programs discussed Request by Mr. Frank Edwards for, information to be used in connection with the preparation of his doctoral thesis, recommendation by Div. of Bank Operations to furnish, approved Report by Gov. Mitchell re opposition to the idea of obtaining data by means of a sampling process as indicated at the latest meeting of the System Research Advisory Committee California State member banks, publication of call reports by, on California State Banking Department forms, identical in format, but content does not comply with Board's ruling re classification of Federal funds transactions, instructions to FRBank of San Francisco re future publications Call report forms: Fall 1963, agreed State member banks be required to supply only information called for on face of report and information needed by FDIC for deposit insurance assessment purposes, hope to formulate uniform report for Dec. call, Board's position sent to Bureau of the Budget and Comptroller Further discussion, agreed to hold matter over for staff review with further consideration later Meeting planned with Comptroller of the Currency and FDIC, State member banks instructed on fall call, staff to form independent plan http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/13 542 2/21 665, 678 3/7 724 12/19 4456, 4481 8/27 2924,2944-48 9/9 3080 9/12 3136 1963 233 Pages Condition reports: (continued) Call report forms: (continued) Prospect for achieving uniformity in year-end call report forms seemed remote at Oct. 17 meeting with representatives of FDIC, Comptroller of the Currency, and National Association of Supervisors of State Banks, it further appeared that if difficulties involved in tabulating year-end call reports could be resolved, by use of proposed slip-sheet, way would be left open for further negotiations for achieving uniformity in call report form at mid-year 1964, letter to Comptroller of Currency re 10/23 Call reports: Memorandum from Div. of Bank Operations reporting on results of recent interagency negotiations re, Board to collect simplified balance sheet reconciliation statement from all national banks, this statement can be combined with national bank condition report form to obtain needed banking data, letter to Comptroller of the Currency and letter to Bureau of Budget requesting clearance of reconciliation statement 11/27 Agreed to assist in a study by Treasury re bad debt reserves for tax purposes, Board to send Treasury questionnaires to State member banks, similar requests being made to Comptroller of the Currency with respect to national banks, and to FDIC with nonmember insured banks, questionnaires to be returned with Dec.1963, assistance of Board's data processing staff to be given 11/27 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3608, 3637 4122, 4133-34 4129 1963 234 Pages Condition reports: (continued) Call reports: (continued) Letter to Presidents of all FRBanks re forms to be used by State member banks and their affiliates in submitting reports of condition as of next call date, same call report form for State member and nonmember insured banks, national banks to give additional information at forthcoming call so that statistics for all commercial banks may be compiled on consistent basis Publication of, by California State member banks on California State Banking Department forms, identical in format, but content does not comply with Board's ruling re classification of Federal funds transactions, instructions to FRBank of San Francisco re future publications Fixing the date of December 20, 1963, with the dual vote of the Comptroller, agreed that the Board's staff would draft a statement indicating Board's unfavorable reaction to the call date Suggestion re replacing document fixing date of call signed by Acting Chm. Mills with document officially proclaiming the call, Governor Robertson, named Acting Chairman, was asked to advise FDIC that if another document was sent, Acting Chm. Robertson would sign but indicated that he disagreed with date Advice from FDIC that unless Acting Chairman Robertson went along with the selection of "close of business Dec. 20, 1963," the date would be selected by the Comptroller of the Currency http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/12 4343, 4353 12/19 4456, 4481 12/19 4461 12/19 4466 12/20 4488 1963 235 Pages Coudition reports: (continued) Call reports: (continued) Acting Chin. Robertson refused to comply with date of Dec. 20, Board against issuance of press statement or inclusion of statement in mailings from FRBanks to member banks indicating preference for year-end call date, understood staff would develop a guideline that could be used by Board and certain staff members, and FRBank Presidents in responding to inquiries received following issuance of call Agreed that reconciliation schedules for national banks would not be needed in light of the Comptroller's decision to return to the form used for the June call, letter to Comptroller and advice to Presidents of FRBanks that supplies for such schedules could be destroyed, Gov. Robertson indicating that as Acting Chm., he had entered his dissent on a document selecting Dec. 20, 1963, as a date for, guidelines for replying to inquiries concerning Dec. call date transmitted to Presidents of FRBanks Computer printout, request from a Fifth District member bank for permission to submit, in lieu of official condition report form, no objection by Board, advice to FRBank of Richmond and to Presidents of all FRBanks Foreign banking corporations: Call as of December 31, 1962 Call as of June 30, 1963 Insured nonmember banks: Call as of December 28, 1962 Call as of June 29, 1963 Call as of September 30, 1963 Call as of December 20, 1963 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/23 4498 12/24 4529,4544-45 10/3 3423,3429-31 1/7 7/1 41 2172 31 1/7 2170 7/1 10/2 3407 12/24 4531 1963 236 Pages Condition reports: (continued) Meeting of members of the Board including Governor Mitchell, some FRBank Presidents, and the Comptroller of the Currency, suggested by Chm. Martin, held April 16, 1963 4/2 National banks: 1/7 Call as of December 28, 1962 Revised form proposed by Comptroller of Currency for, eliminating on all but year-end call reports, most detailed information reported on, discussion and reference to views of certain Treasury officials re, problems re entire program of collection of banking statistics and alternative 2/13 reporting programs discussed Publication of, Veenstra-Farrell memorandum presenting alternatives for State member banks in light of letter by Comptroller of the Currency giving national banks the option to defer publication of spring and fall reports, agreement with Gov. Mills' suggestion that Board 4/2 adhere to present position Editing of income and dividends reports and, for statistical purposes, informally informed that the Comptroller of the Currency would discontinue, confirmation requested as well as suggestions re possible procedure to maintain statistical quality of combined reports, if confirmed FRBanks to be notified and asked to edit national bank reports on same basis as State member bank 6/12 reports Call as of June 29, 1963 7/1 changes in Call as of fall, 1963, further Comptroller of the Currency's condition report form transmitted to Board 9/9 Call as of September 30, 1963 10/2 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1122 31 541-42 1118 1902, 1926 2170 3081 3407 1963 237 Pages Condition reports: (continued) National banks: (continued) Memorandum from Div. of Bank Operations reporting on results of recent interagency negotiations re call reports, Board has decided to collect simplified balance sheet reconciliation statement from all national banks, this statement can be combined with national bank condition report form to obtain, on a consistent basis, all information to be collected from State banks, letter to Comptroller of the Currency re and letter to Bureau of Budget requesting clearance of reconciliation statement Call as of December 20, 1963 Call for December 20, 1963, agreed that reconciliation schedules for, would not be needed in light of the Comptroller's decision to return to the same form used for the June 1963 call letter to the Comptroller of the Currency and advice to Presidents of FRBanks that supplies for such schedules could be destroyed State member banks: Call as of December 28, 1962 Forms for next call sent to all FRBanks for use by State member banks and their affiliates, reference to inclusion of information re investments in bank service corporations on report Call as of March 18, 1963 Repurchase arrangements in transactions between Morgan Guaranty Trust Company of New York and dealers in municipal securities, question re reporting as loans or investments in securities in reports of examination and reports of condition, advice to FRBank of New York http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/27 12/24 4122,4133-34 4531 12/24 4529, 4544 1/7 31 3/4 3/19 758, 767 944 4/2 1114, 1133 1963 238 Pages Condition reports: (continued) State member banks: (continued) Publication of, Veenstra-Farrell memorandum presenting alternatives for, in light of letter by Comptroller of the Currency giving national banks the option to defer publication of spring and fall reports, agreement that Board adhere to present position, report by Mr. Noyes re work status of interagency staff group studying call report procedure, Messrs. Noyes and Holland representing the Board Forms for next call sent to all FRBanks Reporting differences in condition and examination reports, instructions to FRBank Presidents re method of reporting to FDIC Investment tax credit allowable under Revenue Act of 1962, treatment of, in examination reports and, advice to FRBank of San Francisco Call as of June 29, 1963 Call as of fall- -1963: Same form to be used as on June 29, 1963, data not to be tabulated, letters to Budget Bureau and Comptroller re Board's research staff felt it would be helpful if fall call data could be tabulated, it was agreed to hold matter over for staff review and further consideration at another Board meeting Letter to all FRBanks, approved, transmitting forms and instructions for, understood that Board's staff would proceed along lines suggested by Governors Robertson and Mitchell, developing a call report form that would furnish needed information http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/2 5/16 1118-21 1620 6/10 1858, 1869 6/10 7/1 1858, 1867 2170 8/27 2924, 2944-45 9/9 3080 9/12 3136,3155-58 1963 239 Pages Condition reports: (continued) State member banks: (continued) 10/2 Call as of September 30, 1963 Computer printout, request from a Fifth District member bank for permission to submit, in lieu of official condition report form, no objection by Board, advice to FRBank of Richmond and to Presi10/3 dents of all FRBanks Questionnaire re bad debt reserves, letter agreeing to assist the Treasury Dept. in a study of commercial bank bad debt reserves for tax purposes, Treasury questionnaire to be sent to, similar requests are being made to the Comptroller of the Currency and to FDIC,questionnaires to be returned with December-1963 reports of condition, assistance of Board's data process11/27 ing staff to be given sent questionnaire Letter transmitting 12/19 to all FRBanks for FRBanks Forms for next call sent to all use by State member banks and their 12/12 affiliates Publication of call reports by California State member banks on California State Banking Department forms, identical in format, but content does not comply with Board's ruling re classification of Federal funds transactions, instructions to FRBank of San Fran12/19 cisco re future publications Call as of December 20, 1963, upon receipt of letter from Mr. E. H. Cramer of FDIC, under date of December 23, 1963, a wire was sent by Mr. Sherman to FRBanks advising of a, action taken in sending wire was ratified at meeting of Board of December 30, 12/24 1963 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3407 3423,3429-31 4129 4466, 4484 4343, 4353 4456, 4481 4531 1963 240 Pages Condition reports: (continued) Study by interagency staff group assigned to various phases of the call report procedure, consisting of representatives of the Board, Office of the Comptroller of Currency, and FDIC, Board representatives, Messrs. Noyes and Holland longer functioning due to the unGroup no willingness of the Comptroller of the Currency to continue further studies re, suggestion by the Chairman that the Board staff proceed with the study of alternate ways of obtaining needed statistical information now obtained through the Unpublished historical information from earnings and, requested for use in a doctoral thesis by Mr. Albert Cox, Jr., Secretary, Research Committee, American Bankers Association, to be made available with the usual understanding that no figures for individual banks will be disclosed Weekly reporting member banks: Acceptances, bankers', revision in reporting of, will be included in the instructions for the preparation of, when they are reprinted, advice to Presidents of all Federal Reserve Banks with copies of revised form F.R. 416a Time certificates, negotiable, recommendations of the System Research Advisory Committee and its Subcommittees, that all, report on F.R. 416 all outstanding, in denominations of $100,000 or more, with a special confidential report, F.R. 416b, for reporting banks indicating an outstanding total of $50 million or more, to be submitted every six months, advice to Presidents of all Federal Reserve Banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/2 1121 8/1 2537 8/8 2597, 2637 8/8 2597, 2635 8/8 2597, 2633 1963 241 Pages Condition reports: (continued) Window dressing of call reports: Referred to by Comptroller of the Currency in notice to all national banks, reply re request from Chairman Fascell of House Legal and Monetary Affairs Subcommittee on Government Operations for Board's views on Comptroller's comments re, approved and transmitted Agreed that Gov. Robertson represent Board at hearings before House Legal and Monetary Affairs Subcommittee, statement to be prepared along lines suggested by discussion at meeting Letters to Comptroller of the Currency and FDIC suggesting that joint meetings be held by representatives of FR Banks, regional representatives of Comptroller's office, and FDIC, after which meetings with individual banks engaged in, might be set up Comptroller of the Currency unfavorable to proposed interagency approach re, FDIC favorable, Gov. Robertson suggested letter be drafted to the Presidents of FRBanks outlining program of moral suasion in cooperation with FDIC, also letter to Comptroller of the Currency noting his reaction and current views re fixed dates for mid-year and year-end calls, reversing his earlier position Letter to FDIC expressing appreciation for willingness to have its Supervisory Examiners join FRBanks in meetings with commercial banks re practice of, letter to Comptroller of the Currency noting his views, agreed that letter to FRBanks not be sent until FDIC replied re willingness to proceed without participation of the Comptroller http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/9 2660, 2675 9/26 3343 10/7 3444, 3459-60 10/25 11/4 3675 3752,3773-74 1963 242 Pages Condition reports: (continued) Window dressing of call reports: (continued) Letter sent to Presidents of FRBanks on Nov. 21, 1963 re Comments by Gov. Robertson concerning current program re use of moral suasion in an effort to combat, request that Presidents contact the larger banks as soon as possible, further comments by Presidents as to progress of program in their respective districts, reported at joint meeting with Presidents' Conference Conferences: Administrative Conference of the United States: Designation of Mr. Bakke, Senior Attorney, as Board's representative to the, as successor to Mr. Chase, advice to Executive Secretary of Report to the President of the United States with respect to Federal administrative procedures, by letter to Draft bill to establish a permanent, letter to Bureau of the Budget agreeing in principle with the objectives of, and commenting on two objectionable features of, approved S. 1664, a bill to create, to provide for continuous improvement of the administrative procedure of Federal agencies, Board in favor of objectives but questions proposed composition of membership, report sent to Chm. Eastland, Committee on the Judiciary Gov. Mills questioned the suggestion that the Board indicate to Senator Eastland that formal committee action be deferred on revisions in the Administrative Procedure Act until the question re the creation of, had been resolved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/26 4098, 4107 12/3 4195 1/18 175 4/15 1219,1238-39 5/6 1478, 1503 6/20 1991, 2015 10/28 3688 1963 243 Pages C onferences: (continued) Administrative Conference of the United States: (continued) Letter to Senator Eastland, Chm. of the Judiciary Committee reporting 11/1 3734, 3744 on S. 1663 Auditors of FRBanks, to be held May 1, 2, and 3, 1963, letter to Chairmen of FRBanks with copy to Presi1/14 98, 110 dents and General Auditors (for approved dinner Arrangements for 1/21 201 May 1, 1963) Hackley, Mr. Counsel of FRBanks, memorandum from General Counsel of the Board, recommending that the Board authorize the holding of pro7/26 2470 gram to include a dinner Mr. Discount officers, FRBanks, report by Holland of the Board's staff re meeting of, to discuss revision of Reg. A , and desirability of achieving uniform lending procedures concurred with Gov. Robertson's suggestion for an educational program for discount officers of the 11/27 4121 FRBanks Economists: Meetings of, SEE: Meetings: Economists Working Group on Statistics Statisticians, European of Financial Assets and Liabilities, Stephen Taylor, Chief, Flow of Funds and Savings Section, Div. of Research and Statistics, authorized to attend meeting of, in Geneva, Switzerland, Budget Bureau to recommend to State Dept. that he 2/14 552, 562 be named U.S. Representative s Examiners, annual conference of representative of the Bank Examination Departments of FRBanks to be held on March 11-12, 1963, with dinner 1/10 80 approved List of persons to be invited to attend the dinner in connection with, ap1/30 297 proved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 244 Pages Conferences: (continued) Examiners: (continued) Dr. Felix Kaufman, Partner, Lybrand, Ross Bros. & Montgomery of N.Y. City, to be invited to discuss use of electronic data processing in banks, at, with understanding re transportation and expenses, and re invitation to dinner Personnel Officers, System, Division of Personnel Administration authorized to extend invitation for the 1964 conference to be held in Washington, provision to be made in 1964 budget Presidents: Absorption of exchange charges, problems and Board's position discussed at joint meeting with Branch banks, FRSystem, need for appointment of qualified men as vice presidents in charge of, stated by Governor Shepardson and followed by discussion at the joint meeting with Cash agent banks: Agreed that the individual Reserve Banks should determine whether cash placed with, should be FRBank cash or FRAgent's cash, decision at joint meeting that the Board would study and the Presidents would be advised Board concurs in action taken at, that matter should be determined by individual Reserve Bank, no objection to FRnotes, stored, at, being transferred to status of unissued currency held by FRAgents, Gov. Mills' reservations noted, advice to all FRBank Presidents, copies to FRAgents http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/20 652 2/4 434 12/3 4196 12/3 4193 12/3 4192 12/16 4376, 4393 1963 245 Pages Conferences: (continued) Presidents: (continued) Cash items: Amendment of uniform paragraph in the operating circulars of the FRBanks relating to cash items as approved by, Board concurs, advice to FRBanks provided by FRBanks to the services Coin public, review of variations in procedures at FRBanks, in light of coin shortage and certain articles in numismatic publications, letter to Chairman of, requesting, approved Coin shortages: Question of coin return by nonmember banks to be subject of discussion of forthcoming meeting of Consensus of Presidents' Conference that the Board discuss problem with representatives of the Treasury and the Mint with emphasis on the possibility of minting coin by industrial concerns, and the discontinuance of minting foreign coin for the duration of the shortage, agreed at joint meeting that each President write the Board, discussing the situation in his district, whereas excerpts could be sent to the Treasury with a covering letter from the Board Currency counting machine, letter to Chm. Irons of the, asking for views of FRBank Presidents re use of high-speed currency machine at FRBank of Philadelphia and the other FRBanks, machine results in substantial operating economics but, affords little opportunity for detection of counterfeits http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/20 4069, 4085 6/20 1992, 2017 7/23 2381 12/3 4198 8/30 2986, 2993 1963 246 Pages Conferences: (continued) Presidents: (continued) Debentures, issuance of capital notes and capital, as a means of capital expansion, discussed at joint meeting with, decision that Board would send copies of recent correspondence stating Board views to Presidents of all FRBanks Discounts and advances to member banks, concurred with the recommendation of the, that the System Committee on Eligible Paper should be discharged Federal Open Market Committee, allocations of System account, revised procedures adopted, as stated in the Stone-Farrell memorandum re possible procedure to avoid deficiency by FRBanks in required gold reserves, reported in joint meeting with Presidents' Conference FRnotes, destruction locally of $1 and $2, redemption on a formula basis to eliminate sorting by bank of issue, no change re denominations of $5 and up, and continuation of twelve separate issues of, recommendations by the Subcommittee of Counsel on Fiscal Agency Operations, approved by, and reported at joint meeting Float, findings of the Subcommittee on Collections re question of changing deferment schedules from a two-day to a three-day maximum in order to bring about the reduction of, considered undesirable by, to take action now or in the forseeable future with respect to, reported in joint meeting with, request by Congressman Fascell, Chm. of the Legal and Monetary Affairs Subcommittee for the Board's present views re, Presidents' Conference to assist in drafting reply http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/3 4199 3/19 944 12/3 4193 6/18 1958 6/18 1954 1963 247 Pages Conferences: (continued) Presidents: (continued) 6/18 1954 Meeting with Board 12/3 4188 Meeting with Board Monetary policy, 24 questions dealing with general area of, and related matters, from Chairman Patman of the House Banking and Currency Committee, Board's staff to draft answers suitable to Board members personal views and FOMC Committee as a whole, questions also sent to Reserve Bank Presidents and Chairman of, committee assigned to prepare draft answers for considera8/27 2932 tion by FRBank Presidents entitled Motion picture, FRSystem, film "Money on the Move--The Federal Reserve today," viewed by Board members and Messrs. Sherman, Molony, Fauver and Hackley, letter re use of film sent to Chairman of, with copies to 7/24 2425, 2433 Presidents of all FRBanks Regulation A, proposed draft revision of, eliminating provisions relating to "eligibility" in conformity with the proposed legislation, consensus of, that the Board be urged to expedite, Chm. Martin indicated that a proposed draft revision would be given consideration in July, reported at the joint meeting 6/18 1962 with Reserve deficiencies of FRBanks: Suggestion that the general policy question as to whether the Board should allow the occurrence of an occasional reserve deficiency, when the current allocation procedures of the System Open Market Account does not avoid it, or if everything possible should be done to avoid any such deficiency, might be discussed at a meeting 11/29 4144 with http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 248 Pages Conferences: (continued) Presidents: (continued) Reserve deficiencies of FRBanks: (continued) Discussion at joint meeting with, re importance of avoiding, consensus re adoption of revised procedures with respect to allocations of the System Open Market Account as provided in alternative (b) stated in the memorandum by Messrs. Stone and Farrell Retirement system, study re, letter by Mr. Buck re cost projections on mortality and interest assumptions proposed to be used in valuations of liabilities and determination of annuities, with Dr. McGill's memorandum of comments and his report to the Board re, to be sent to Mr. Irons, Chm. of the, for comments Securities, safekeeping by FRBanks: Book-entry procedure for handling U.S. government, proposed as a substitution for current procedure of actually issuing the securities and holding them in safekeeping or as collateral, views and comments of the, requested Question referred to the Committee on Fiscal Agency Operations for study, no objection to obtain views from the auditing standpoint, reported at joint meeting of Presidents' Conference Subcommittees, list of persons from the Board's staff redesignated to serve as associates on, advice to Chairman of Topics for discussion: Coin shortages, question of coin return by nonmember banks to be subject of discussion of forthcoming meeting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/3 4188 6/27 2121,2126-28 6/11 1884, 1895 6/18 1963 3/19 942 7/23 2381 1963 249 Pages Conferences: (continued) Presidents: (continued) Topics for discussion: (continued) FRnotes, local destruction of, and single issue of, Board's current position re, requested by Congressman Fascell, request that matter be placed on agenda of, next meeting as topic for discussion, sent to Chm. Irons Float, Board's current position re, requested by Congressman Fascell, request to Chm. Irons that matter be placed on agenda of next meeting as Vice Presidents in charge of FRBank Branches, problem of making appropriate appointments, suggestion that problem be discussed with Window dressing, comments by Gov. Robertson concerning current program re use of moral suasion in an effort to combat, request that Presidents contact the larger banks as soon as possible, further comments by Presidents as to progress of program in their respective districts, reported at joint meeting with Technicians of Central Banks of the American Continent: SEE: Meetings: Technicians of Central Banks of the American Continent: Conr,. tu.licts of interest: Financial institutions: Suggestion re broadening safeguards against, contained in report of Committee on Financial Institutions, Mr. Solomon designated to attend interagency meeting to prepare draft legislation re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/18 906, 930 3/18 906, 930 11/13 3929 12/3 4195 4/26 1347 1963 250 Pages Conflicts of interest: (continued) Financial institutions: (continued) Draft bill (deposit insurance bill) to strengthen and make applicable to all insured banks and members of Home Loan Bank System certain provisions of law designed to prevent, staff to draft report to Budget Bureau Report sent to Budget Bureau, Gov. Mills dissenting Revised draft of bill received, Budget Bureau to be informed Board unable to express views by indicated deadline Report to Budget Bureau on revised draft of bill approved, Gov. Mills dissenting Changes in revised draft of deposit insurance bill, including proposed authority for Board and Comptroller to issue regulations and re certain criminal provisions, as well as loans to executive officers and possible changes in sec. 22(g) and 23A, FRAct, agreed Board would not reply formally to Treasury Dept., telephone advice to be given Treasury and Budget Bureau Formal report on second revised draft of Deposit Insurance Bill sent to Budget Bureau, Gov. Mills dissenting Procedures and practices with respect to, memorandum and copy of Board's rules re confidentiality of System affairs, personal financial transactions, and outside business activities, transmitted to all Board employees and consultants with copies to the President of the United States http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/15 1578 5/16 1599, 1627 5/23 1728 5/27 1768, 1780 6/4 1815 6/10 1860, 1874 3/11 858, 873-77 1963 251 Pages Congressional Record: Discount rates at FRBanks: Questions submitted by House Banking and Currency Committee re recent changes in, to be included in Congressional Record, understood that draft reply would be prepared for Board consideration Draft answers to questions 1-10 and 12-21 to be reviewed by staff in light of comments and others sent to Mr. Young for editorial changes, to be transmitted to Committee in final form satisfactory to Chm. Martin, question 11, prepared by Gov. Mills, also to be transmitted Consolidated Farmers Home Administration Act of 1961: Amendment of, draft bill proposed by the Department of Agriculture, adequate consideration of the principles for Federal credit activities advocated in the report of the Committee on Federal Credit Programs to the President, questioned in report to the Bureau of the Budget re C°osolidations: Bank merger applications: Bank holding company subsidiary banks and independent banks, question re need for collateral application under section 3(a)(2) of the Bank Holding Company Act, in connection with the merger of The Bank of Occoquan, with the Bank of Nokesville, understood that the Legal Division would study the matter further and present an additional memorandum for Board consideration, FDIC to be advised, discussion re possible amendment of Bank Holding Company Act covering such matters http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/25 2442 7/31 2511 4/2 1110, 1127 11/8 3891 1963 252 Pages Consolidations: (continued) Bank merger applications: (continued) Bank holding company subsidiary banks and independent banks: (continued) Concluded that prior approval of transaction by Board not required by section 3(a) of Bank Holding Company Act of 1956, advice to R. Colston Christian, Esq. Denied during period from enactment of Bank Merger Act to November 1, 1961, copies of Board's letters re, transmitted to Benjamin J. Klebaner, Associate Professor of Economics, The City College of the City University of New York, and to Imanuel Wesler, Assistant Professor, University of Connecticut, to assist them in research in the field of bank mergers Furnishing of, filed during 1961, to House Banking and Currency Committee, Board interposes no objection where resulting institution was to be a State member bank, advice to Congressman Patman Delivered to House Banking and Currency Committee Agreed to send to Chm. Celler of the House Judiciary Committee as soon as the House Banking and Currency Committee has finished with them Interagency meetings to exchange views re, possibility discussed, Comptroller of Currency not interested, Governors Mills, Robertson, and Balderston expressed doubts on advantages of such meetings, Chm. Martin in favor of, agreed to table question, Justice Dept. to be advised that the Board had not yet made a decision to participate in such meetings http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/27 4116, 4132 12/9 4246, 4270 6/25 2053, 2066 7/3 2197, 2202 8/22 2851, 2880 8/19 2799 1963 253 Pages Consolidations: (continued) Bank merger applications: (continued) On-the-spot-study of market areas,belief by Governor Mitchell that the Board is not getting adequate delineation of market areas in connection with holding company and merger applications, general agreement that suggestion re, should be borne in mind for future use Representatives of Banking Markets Unit, Division of Research and Statistics, and Legal and Examinations Divisions to join representatives of FRBank of New York on a, to investigate the forthcoming application of Chemical Bank New York Trust Company to merge with Rockville Centre Trust Company Agreed not to proceed with proposed survey involving Chemical Bank New York Trust Co. and bank in Rockville Centre, N.Y., reference to position of Budget Bureau re questionnaire with respect to Pending applications before the Board, at the request of Gov. Robertson, the status and factors complicating their processing were reviewed by Messrs. Leavitt and Solomon of the Div. of Examinations Presentations by interested parties re, questioned by Gov. Mills in considering application of Wachovia Bank and Trust Company, Winston Salem, N.C., to merge with Bank of Randolph, Asheboro, N.C. Procedures, reversal of vote by Board member following action re, and prior to issuance of order announcing Board's decision, discussion re procedure and legal position Processing of, report sent to Congressman Fascell http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/31 387 2/4 433 4/12 1207 10/23 3608 11/5 3794 4/12 1200 5/1 1419, 1432 1963 254 Pages Consolidations: (continued) Bank merger applications: (continued) Reconsideration of: Factors and evidence which must be considered before granting requests for, discussed Dauphin Deposit Trust Company, Harrisburg, Pennsylvania, denied application to merge with First National Bank of Mount Holly Springs, Pennsylvania, request for reconsideration and oral presentation denied, with Governor Mills abstaining Hackensack Trust Company, Hackensack, New Jersey, approved application to merge with Bank of Bogota, New Jersey, reconsideration denied State Bank of Albany, New York, to merge with Unadilla National Bank, Unadilla, New York, Board unanimously approved letter to State Bank of Albany denying request for reconsideration, letter to Congressman Stratton Time which must elapse before applicant can file a new application involving same banks covered in application previously denied by Board, question re, discussed Bank mergers: Branch banks, establishment of de novo, as an alternative to, referred to in connection with preparation of reports on competitive factors, and in consideration of merger applications Premiums paid, trend toward concentration of power in banks that could afford to pay premiums that could not be resisted, Board's attitude with respect to, questioned by Governor Robertson http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/31 383 1/31 383, 406 2/13 537, 546 7/29 2498,2508-09 1/31 389 2/20 648 5/22 1690 1963 255 Pages Consolidations: (continued) Bank mergers: (continued) Report to Board by Mr. O'Connell, Assistant General Counsel, on current status of pending litigation with respect to bank merger and certain bank holding company cases Statements commenting on the condition and management of the banks involved in, views by Governors Mills and Mitchell re Withdrawal of deposits in connection with, no objection to a liberal interpretation of Regulation Q with respect to interest on unexpired terms on time certificates, and payment of accrued interest up to time of withdrawal on savings deposits Reports on competitive factors: Content: Question re emphasizing in a particular report, that the conclusion related only to competitive factors, in light of previous problems presented by both banks to the respective supervisory agencies, decision not to deviate from the usual form Nonpar banking situation involving bank proposing to merge, discussion re wisdom of including reference to situation in report on competitive factors, understanding re Discussion re banking situation in California and effect of accomplished concentration of banking resources and State-wide branch banking on merger applications Governor Mills indicated that statements questioning the ability of remaining small banks to survive in the area following a merger should not be included in the Reservations by Gov. Mills re citing percentages of banking concentration Further concern expressed by Gov. Mills http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/13 2705 2/5 445 11/13 3916, 3935 1/9 73 2/7 479 6/17 1929 7/1 2166 8/8 2599 8/16 2727 1963 256 Pages Consolidations: (continued) Reports on competitive factors: (continued) Content: (continued) Reservations expressed by Gov. Mills re the liberal use of the word "adverse" which involved a value judgment, general agreement that in drafting competitive factor reports in the future, the problem should be borne in mind Division of Examinations study for possible improvement in quality of statistical information provided for reports on competitive factors to Comptroller of the Currency and FDIC, Gov. Robertson's views on, concurred in by Gov. Mills List of reports submitted by Board to Comptroller of the Currency for period Nov. 16, 1961 to present time, requested by House Banking and Currency Committee, similar lists furnished by FDIC and Justice Dept., Board approved the sending of reports to Chm. Patman with a transmittal letter stressing that reports described as adverse did not indicate disapproval of merger List of reports showing gradations of adverse effect, agreed to send to Chairman Celler of House Judiciary Committee, Gov. Robertson dissenting, advisory reports submitted to the Board by the Comptroller of the Currency and FDIC also requested, agreed that these reports should be obtained from the Comptroller and the Corporation Procedures: Requests for, to be directed to the supervisory authority submitting the report http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/27 2920 7/12 2275 8/19 2805, 2829 10/30 3710, 3718 10/21 3593 1963 257 Pages Consolidations: (continued) Reports on competitive factors: (continued) Procedures: (continued) Question re what attitude should be taken re proposed mergers in declining economic areas (Individual reports under name of cities): Aberdeen-Baltimore, Md., report to FDIC on proposed merger of First National Bank of Aberdeen into Equitable Trust Company, Baltimore, Md., approved Abingdon-Norfolk, Virginia, report to Comptroller of the Currency on proposed merger of Farmers Exchange Bank, Abingdon, Va., into Virginia National Bank, Norfolk, Va., approved Adairville, Kentucky, report to FDIC on proposed acquisition of assets and assumption of liabilities of The Peoples Bank by Adairville Banking Company, approved Akron-Mogadore, Ohio, report to Comptroller of the Currency on proposed merger of Mogadore Savings Bank, Mogadore, Ohio, into First National Bank of Akron, Ohio, approved Albany-Worcester, New York, report to the Comptroller of the Currency on the proposed merger of The Bank of Worcester, Worcester, New York, into National Commercial Bank and Trust Company, Albany, New York, approved Allentown-Freehold, N.J., proposed merger of Farmers National Bank of Allentown, and Central Jersey Bank and Trust Company, Freehold, letter to FDIC re Board's report of Nov. 14, 1962, indicating there was no justification for change in the conclusion http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4247 6/20 1992 8/13 2701 4/10 1190 10/4 3436 12/4 4202 1/18 169, 176 1963 258 Pages Consolidations: (continued) Reports on competitive factors: (continued) Appalachia-Big Stone Gap, Va., report to Comptroller of the Currency on proposed merger of the First National Bank of Big Stone Gap and The First National Bank of Appalachia, approved Asheville-Smithfield, N.C., report to FDIC on proposed merger of Carolina Industrial Bank, Asheville, into First-Citizens Bank & Trust Company, Smithfield, approved Nonpar banking situation involving FirstCitizens discussed, and reference thereto included in report, comments by Gov. Mills re situation Baldwin-Luther, Mich., report to FDIC on proposed consolidation of Lake County State Bank, Baldwin, Michigan, with Luther State Bank, Luther, Michigan, approved Baltimore-Aberdeen, Md., report to FDIC on proposed merger of First National Bank of Aberdeen, Md., into Equitable Trust Company, Baltimore, Md., approved Baltimore-Chestertown, Maryland, report to Comptroller of the Currency on proposed merger of Chestertown Bank of Maryland, Chestertown, Maryland, into Maryland National Bank, Baltimore, Maryland, approved Baltimore-Hagerstown, Md., report to Comptroller of Currency on proposed merger of Nicodemus National Bank of Hagerstown, Md., into First National Bank of Maryland, Baltimore, Md., approved Baltimore-Hagerstown, Maryland, report to the Comptroller of the Currency re the proposed merger of Second National Bank of Hagerstown and the Maryland National Bank, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/16 131 2/7 479 7/7 479 2/14 552 6/20 1992 11/26 4095 5/16 1595 7/1 2165 1963 259 Pages Consolidations: (continued) Reports on competitive factors: (continued) Baltimore-Pleasantville, Ohio, report to the Comptroller of the Currency re the proposal of The First National Bank of Baltimore to acquire the assets and assume liabilities of The Pleasantville Bank, approved Baltimore-Silver Spring, Md., report to Comptroller of Currency on proposed merger of Canton National Bank, Baltimore, Md., into American National Bank, of Silver Spring, Md., approved Bamberg-Charleston, South Carolina, report to Comptroller of the Currency on proposed merger of Bamberg County Bank and South Carolina National Bank of Charleston, approved Bangkok-Singapore-Hong Kong-New York, report to FDIC on, in the proposed acquisition of assets and assumption of liabilities of the Bankkok, Singapore, Hong Kong branches of National Handelsbank, N.V., Amsterdam, The Netherlands, by the Chase Manhattan Bank, New York, New York, approved Barnwell-Greenwood, S.C., report to FDIC on proposed merger of Bank of Barnwell, S.C., and State Bank and Trust Company, Greenwood, S.C., approved Batavia-Milford -Williamsburg, Ohio, report to the Comptroller of the Currency on proposal of Clermont National Bank, Milford, to acquire the assets and assume liability to pay deposits made in the First National Bank of Batavia, and the Farmers and Merchants Bank, Williamsburg, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/11 2255 4/5 1150 8/1 2528 12/4 4203 5/23 1719 4/19 1263 1963 260 Pages Consolidations: (continued) Reports on competitive factors: (continued) Bay City-Pinconning, Michigan, report to Comptroller of the Currency on proposed merger of Pinconning State Bank, into Peoples National Bank & Trust Company of Bay City, 11/26 Michigan, approved Compto report Beacon-Poughkeepsie, N.Y., troller of the Currency on proposed consolidation of Matteawan National Bank, Beacon, with Farmers and Manufacturers National Bank of 7/3 Poughkeepsie, approved to the report , Washington Bellingham-Seattle, Comptroller of the Currency on the proposed merger of The Bellingham National Bank, into Peoples National Bank of Washington in 10/31 Seattle, approved reBennettsville-Charleston, South Carolina, port to Comptroller of the Currency on proposed merger of Citizens State Bank, Bennettsville, South Carolina and The South Carolina National Bank of Charleston, 8/8 approved Bennettsville-Columbia, S.C., report to Comptroller of Currency re proposed merger of Marlboro Trust Company, Bennettsville, into First National Bank of South Carolina of Columbia, 6/4 approved Berryville-Winchester, Va., report to Comptroller of Currency on proposed merger of First National Bank of Berryville, Va., into Farmers and Merchants National Bank, Winchester, Va., 7/16 approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4096 2187 3723 2598 1813 2289 1963 261 Pages Consolidations: (continued) Reports on competitive factors: (continued) Big Stone Gap-Appalachia, Va., report to Comptroller of the Currency on proposed merger of The First National Bank of Big Stone Gap and The First National Bank of Appalachia, approved Biglerville-Gettysburg, Penna., report to Comptroller of the Currency on proposed merger of Biglerville National Bank and Gettysburg, National Bank, approved Birmingham, Alabama, report to Comptroller of the Currency on proposed consolidation of Bank for Savings and Trusts with Birmingham Trust National Bank, both of Birmingham, Ala., approved Boise-Kellogg, Idaho, report to Comptroller of Currency on proposed purchase of assets and assumption of liabilities of Weber Bank, Kellogg, by First Security Bank of Idaho, National Association, Boise, Idaho, approved Boise-St. Marines, Idaho, report to Comptroller of the Currency on proposed merger of First Bank of St. Marines into First Security Bank of Idaho, National Association, Boise, Idaho, approved Boise-Soda Springs, Idaho, report of Comptroller of the Currency on proposed purchase of assets and assumption of liabilities of Largilliere Company, Bankers, Soda Springs, Idaho, by Idaho First National Bank, Boise, Idaho approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/16 131 8/1 2528 8/29 2952 4/29 1379 5/24 1754 9/6 3062 1963 262 Pages Consolidations: (continued) Reports on competitive factors: (continued) Botkins-Sidney, Ohio, report to the Comptroller of the Currency on proposed merger of The Shelby County Bank and The Citizens Baughman National Bank of Sidney, approved Bridgeport-Stratford, Connecticut, proposed merger of Stratford Trust Company, Stratford, Connecticut, a noninsured bank, into City Trust Company, Bridgeport, Connecticut, report to FDIC on, approved Bristol-Roanoke, Va., report to Comptroller of Currency on proposed merger of Dominion National Bank of Bristol, Va., into First National Exchange Bank of Virginia, Roanoke, Va., approved Brockton-Plymouth, Mass., report to Comptroller of the Currency on proposed merger of The Home National Bank of Brockton and The Plymouth National Bank, approved Bronxville-White Plains, N.Y., report to FDIC on competitive factors re proposed merger of County Trust Company, White Plains, N.Y., and Gramatan Safe Deposit Corporation, Bronxville, N.Y., approved Buffalo-Newfane, New York, report to Comptroller of the Currency on proposed merger of State Bank of Newfane, N.Y., into Liberty National Bank and Trust Company, Buffalo, N.Y., approved Burlington-Essex Junction, Vermont, report to the Comptroller of the Currency on proposed merger of Essex Trust Company and Howard National Bank and Trust Company of Burlington, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/7 10/14 821 3529 1/25 269 2/8 509 2/28 717 2/27 2919 7/8 2205 1963 263 Pages Consolidations: (continued) Reports on competitive factors: (continued) Burlington-North Wilkesboro, N.C., report to FDIC on proposed merger of Bank of Burlington, N.C., into Northwestern Bank, North Wilkesboro, N.C., approved unanimously Camden-Litchfield, Mich., report to FDIC on proposed consolidation of Litchfield State Savings Bank with First State Bank of Camden, approved Canton-Heuvelton, New York, report to Comptroller of the Currency on proposed merger of The First National Bank of Heuvelton and The St. Lawrence County National Bank, approved Chambersburg, Pa., report to Comptroller of Currency on proposed merger of Valley National Bank of Chambersburg into National Bank of Chambersburg, approved Chapel Hill-Charlotte, North Carolina, report to Comptroller of the Currency on proposed merger of Bank of Chapel Hill, N.C., into North Carolina National Bank, Charlotte, N.C., approved Charleston-Bambert, South Carolina, report to Comptroller of the Currency on proposed merger of Bambert County Bank and South Carolina National Bank of Charleston, approved Charleston-Bennettsville, South Carolina, report to Comptroller of the Currency on proposed merger of Citizens State Bank, Bennettsville, South Carolina and The South Carolina National Bank of Charleston, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/29 1794 3/20 961 4/17 1245 6/17 1931 7/23 2375 8/1 2528 8/8 2598 1963 264 Pages Consolidations: (continued) Reports on competitive factors: (continued) Charleston-Spartanburg, South Carolina, report to Comptroller of the Currency on proposed merger of Piedmont National Bank of Spartanburg, S.C. into South Carolina National Bank of Charleston, S.C., approved Charlotte-Chapel Hill, North Carolina, report to Comptroller of the Currency on proposed merger of Bank of Chapel Hill, N.C., into North Carolina National Bank, Charlotte, N.C., approved Charlotte-Greensboro, N.C., report to Comptroller of Currency on proposed merger of Bank of Greensboro into First Union National Bank of North Carolina, Charlotte, approved Charlotte-Lumberton, North Carolina, report to Comptroller of the Currency on porposed merger of Scottish Bank, Lumberton, into First Union National Bank of North Carolina, Charlotte, approved Charlottesville-Madison, Va., report to Comptroller of Currency on proposed merger of State Bank of Madison, Incorporated, into National Bank and Trust Company at Charlottesville, approved Charlottesville-Norfolk, Va., report to the Comptroller of the Currency on proposed consolidation of National Bank of Commerce of Norfolk, and Peoples National Bank of Central Virginia, Charlottesville, approved Chestertown-Baltimore, Maryland, report to Comptroller of the Currency on proposed merger of Chestertown Bank of Maryland, into Maryland National Bank, Baltimore, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/23 3269 7/23 2375 2/20 647 8/27 2920 5/14 1563 3/1 732 11/26 4095 1963 265 Pages Consolidations: (continued) Reports on competitive factors: (continued) Chicago, Illinois-Tokyo-Osaka, Japan, report to FDIC on proposed acquisition of assets and assumption of liabilities of Tokyo and Osaka branches of National Handelsbank, N.V., Amsterdam, the Netherlands, by Continental Illinois National Bank and Trust Company of Chicago, Illinois, approved Clarion-Mercer-Oil City, Pennsylvania, report to FDIC, on proposed merger of First National Bank in Clarion and The First National Bank of Mercer, into Northwest Pennsylvania Bank & Trust Company, Oil City, approved Claysburg-Williamsburg, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of The Farmers and Merchants National Bank of Williamsburg, Williamsburg, Pennsylvania, into The First National Bank of Claysburg, approved Clinton-Worcester, Massachusetts, report to Comptroller of the Currency on proposed consolidation of Clinton Trust Company, with Worcester County National Bank, approved Closter-Englewood, New Jersey, report to Comptroller of the Currency on the proposed merger of National County Bank of Closter, into Citizens National Bank of Englewood, approved Cohoes-Troy, N.Y., report to Comptroller of Currency on proposed merger of National Bank of Cohoes into Manufacturers National Bank of Troy, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/18 8/2 12/27 4412 2558 4555 9/18 3213 7/12 2275 6/17 1932 1963 266 Pages Consolidations: (continued) Reports on competitive factors: (continued) Colton-Spokane, Washington, report to Comptroller of Currency on proposal of Old National Bank of Washington, Spokane, to assume liabilities to pay deposits and to acquire the assets of Security State Bank, Colton, approved Columbia-Bennettsville, S.C., report to Comptroller of Currency re proposed merger of Marlboro Trust Company, Bennettsville, into First National Bank of South Carolina of Columbia, approved Columbia-Denmark, South Carolina, report to the Comptroller of the Currency on proposed merger of the Edisto Bank, Denmark, and the First National Bank of South Carolina of Columbia, approved Columbus, Ohio, report to the Comptroller of Currency on proposed merger of The Columbus Savings Bank and The Huntington National Bank of Columbus, approved Columbus, Ohio, report to Comptroller of Currency on proposed merger of Northern Savings Bank, into Huntington National Bank of Columbus, approved Columbus-Hilliard, Ohio, report to Comptroller of the Currency on proposed merger of Hilliard Bank, into City National Bank & Trust Company of Columbus, approved Columbus-Reynoldsburg, Ohio, report to Comptroller of Currency on proposed merger of Reynoldsburg Bank into City National Bank & Trust Company of Columbus, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/14 1564 6/4 1813 6/7 1840 2/5 441 6/19 1972 8/6 2576 1/7 33 1963 267 Pages Consolidations: (continued) Reports on competitive factors: (continued) Columbus-Reynoldsburg, Ohio: (continued) Supplement to original application transmitted by Comptroller of Currency with request for advice as to whether such information would alter Board's earlier report, Board's previous conclusion reiterated, advice to Comptroller Columbus-Westerville, Ohio, report to the Comptroller of the Currency on the proposed merger of The Citizens Bank, Westerville, into The City National Bank and Trust Company of Columbus, approved Crewe, Va., report to FDIC on proposed merger of National Bank of Crewe with Bank of Crewe, approved Crystal-Stanton, Michigan, report to FDIC on the proposed consolidation of Montcalm Central Bank, Stanton, Michigan, with the State Bank of Crystal, approved Cumberland, Maryland, report to the Comptroller of the Currency on proposed merger of The Second National Bank of Cumberland and The First National Bank and Trust Company of Cumberland, approved Danvers-Lynn, Massachusetts, report to Comptroller of the Currency on proposed consolidation of Security Trust Company, Lynn, and Danvers National Bank, approved Delta-Red Lion, Penna., report to Comptroller of the Currency on proposed merger of Delta National Bank into First National Bank and Trust Company of Red Lion, approved Denmark-Columbia, South Carolina, report to the Comptroller of the Currency on proposed merger of the Edisto Bank, Denmark, and The First National Bank of South Carolina of Columbia, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/6 10/31 774, 804 3723 5/27 1774 11/6 3823 1/4 5 12/30 4578 10/24 3647 6/7 1840 1963 268 Pages Consolidations: (continued) Reports on competitive factors: (continued) Dolgeville-Utica, N.Y., report to Comptroller of Currency on proposed merger of First National Bank of Dolgeville, into Oneida National Bank and Trust Company of Central New York, Utica, discussed, staff to obtain additional information Report approved Dover-New Philadelphia, Ohio, report to FDIC on proposed merger of Citizens National Bank of New Philadelphia with Reeves Banking and Trust Company, Dover, approved Englewood-Closter, New Jersey, report to Comptroller of the Currency on the proposed merger of National County Bank of Closter, into Citizens National Bank of Englewood, approved Essex Junction-Burlington, Vermont, report to the Comptroller of the Currency on proposed merger of Essex Trust Company and Howard National Bank and Trust Company of Burlington, approved Everett-Stevens, Washington, report to FDIC re proposal of Everett Trust & Savings Bank, to acquire the assets and assume the liabilities of the Bank of Lake Stevens, approved Farmingdale, N.Y., report requested by Comptroller of Currency on proposed acquisition of assets of First National Bank of Farmingdale by First National Bank of Farmingdale, a new bank organized to acquire assets of the other bank, question re possible violation of sec. 9, FRAct, and sec. 5136, Revised Statutes involving Bankers Trust Company of New York, Comptroller advised report to be furnished as soon as possible http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/23 1/24 225 238 2/4 425 7/12 2275 7/8 2205 2/11 531 3/6 782, 807 1963 269 Pages Consolidations: (continued) Reports on competitive factors: (continued) Farmingdale, N.Y.: (continued) Report to Comptroller of Currency Franklin-Norfolk, Virginia, report to Comptroller of the Currency on proposed merger of Tidewater Bank & Trust Company, Franklin, into Virginia National Bank, Norfolk, approved Frederick-Walkersville, Md., report to Comptroller of Currency on proposed merger of Walkersville Bank into Farmers and Mechanics-Citizens National Bank of Frederick, approved Freehold-Allentown, N.Y., proposed merger of Farmers National Bank of Allentown, and Central Jersey Bank and Trust Company, Freehold, letter to FDIC re Board's report of Nov. 14, 1962, indicating no justification for change in the conclusion Freehold-Matawan, New Jersey, report to FDIC on proposed merger of Central Jersey Bank and Trust Company, Freehold, and Matawan Bank, approved Georgetown-Sadieville, Kentucky, report to Comptroller of the Currency on proposed merger of Farmers-Deposit Bank of Sadieville, and The First National Bank of Georgetown, approved Gettysburg-Biglerville, Penna., report to Comptroller of the Currency on proposed merger of Biglerville National Bank, into Gettysburg National Bank, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/18 10/23 896, 927 3603 4/3 1137 1/18 169, 176 9/18 3213 3/22 989 8/1 2528 1963 270 Pages Consolidations: (continued) Reports on competitive factors: (continued) Glens Falls-Hudson Falls, New York, report to Comptroller of the Currency on proposed consolidation of First National Bank of Hudson Falls and First National Bank of Glens Falls, approved Grand Ledge-Lansing, Michigan, report to Comptroller of the Currency on proposed purchase of assets and assumption of liabilities of Grand Ledge State Bank, and Loan and Deposit State Bank, both of Grand Ledge, by Michigan National Bank, Lansing, approved Great Barrington-Pittsfield, Massachusetts, report to the Comptroller of the Currency on proposed consolidation of The National Mahaiwe Bank of Great Barrington and First Agricultural National Bank of Berkshire County approved Green Mountain-Marshalltown, Iowa, report to FDIC on, proposed purchase of assets and assumption of liabilities of Producers Savings Bank, Green Mountain, by Security Savings Bank, Marshalltown, approved Greensboro-Charlotte, North Carolina, report to Comptroller of the Currency on proposed merger of Bank of Greensboro into First Union National Bank of North Carolina, Charlotte, approved Greenwood-Barnwell, South Carolina, report to FDIC on proposed merger of Bank of Barnwell, into State Bank and Trust Company, Greenwood, approved Hagerstown-Baltimore, Maryland, report to Comptroller of the Currency on proposed merger of Nicodemus National Bank of Hagerstown, into First National Bank of Maryland, Baltimore, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/10 1531 9/24 3298 3/19 940 12/10 4316 2/20 647 5/23 1719 5/16 1595 1963 271 Pages Consolidations: (continued) Reports on competitive factors: (continued) Hagerstown-Baltimore, Md., report to the Comptroller of Currency re proposed merger of Second National Bank of Hagerstown and the Maryland National Bank, approved Hammond, Indiana, report to Comptroller of Currency on proposed consolidation of Calumet National Bank of Hammond, Ind., and Mercantile National Bank of Hammond, approved Hancock-South Range, Michigan, report to the Comptroller of the Currency on the proposed consolidation of The South Range State Bank, South Range, Michigan, with the Superior National Bank and Trust Company of Hancock, approved Hanover-York, Penna., report to FDIC on proposed merger of First National Bank and Trust Co., Hanover, Penna., with The York Bank and Trust Company, approved Hartford-New London, Conn., report to FDIC on proposed merger of Union Bank and Trust Company, New London, into Connecticut Bank and Trust Company, Hartford, approved Hazelwood-McKeesport, Pennsylvania, report to Comptroller of Currency on proposed merger of Western Pennsylvania National Bank, McKeesport, and Hazelwood Bank, Pittsburgh, approved Hazelwood-Scranton, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of Traders Bank and Trust Company, Hazelton, into Northeastern Pennsylvania National Bank and Trust Company, Scranton, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/1 2165 6/10 1859 10/31 3722 5/24 1753 6/20 1993 8/16 2727 11/14 3949 1963 272 Pages Consolidations: (continued) Reports on competitive factors: (continued) Hazelton-Twin Falls, Idaho, report to Comptroller of Currency on proposal of Fidelity National Bank of Twin Falls, to acquire assets and assume liabilities of Hazelton State Bank, approved Heuvelton-Canton, New York, report to Comptroller of Currency on proposed merger of The First National Bank of Heuvelton and The St. Lawrence County National Bank approved Hilliard-Columbus, Ohio, report to Comptroller of Currency on proposed merger of Hilliard Bank, into City National Bank & Trust Company of Columbus, Ohio, approved Hong Kong-Singapore-Bangkok-New York, report to FDIC re proposed acquisition of assets and assumption of liabilities of the Bangkok, Singapore, and Hong Kong branches of National Handelsbank, N.V., Amsterdam, The Netherlands, by The Chase Manhattan Bank, New York, New York, approved Horton, Kansas, report to FDIC on proposed purchase of assets and assumption of liabilities of Home State Bank, Horton, by Bank of Horton, approved Houston, Texas, report to Comptroller of the Currency on proposed consolidation of Texas National Bank of Houston, and National Bank of Commerce of Houston, approved Requests from Texas National Bank of Houston, and National Bank of Commerce of Houston, for reports on competitive factors, Board directed FRBank of Dallas to inform the two Houston banks that they should submit their requests to the Comptroller of the Currency, requests withdrawn http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/16 3162 4/17 1245 8/6 2576 12/4 4203 8/9 2659 10/16 3562 10/21 3593 1963 273 Pages Consolidations: (continued) Reports on competitive factors: (continued) Hudson Falls-Glens Falls, N.Y., report to Comptroller of Currency on proposed consolidation of First National Bank of Hudson Falls and First National Bank of Glens Falls, approved Huntington-Southampton, N.Y., report to Comptroller of the Currency on proposed merger of Security National Bank of Long Island and The First National Bank of Southampton, N.Y., approved Ithaca-Pompeii, Michigan, report to the Comptroller of the Currency on proposed consolidation of The Commercial National Bank of Ithaca and The Pompeii State Bank, approved Jenkintown-Oxford, Penna., report to FDIC on proposed merger of The National Bank of Oxford and Industrial Valley Bank and Trust Company, approved Johnsonburg-Warren, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of The Johnsonburg National Bank, into Warren National Bank, approved Johnstown-Windber, Pa., report to Comptroller of Currency on proposed purchase of assets and assumption of liabilities of Windber Bank and Trust Company by United States National Bank in Johnstown, approved Kalamazoo, Michigan, report to the Comptroller of the Currency re proposed purchase of assets and assumption of liabilities of The Home Savings Bank of Kalamazoo, by The American National Bank and Trust Company of Kalamazoo, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/10 1531 1/16 131 1/22 206 8/8 2598 10/8 3461 4/29 1378 1/30 292 1963 274 Pages Consolidations: (continued) Reports on competitive factors: (continued) Kaleva-Manistee, Mich., report to Comptroller of Currency on proposed consolidation of Security National Bank of Manistee, and Kaleva State Bank, approved Kane-Smethport, Pa., report to FDIC on proposed purchase of assets and assumption of liabilities of Kane Bank and Trust Company by Hamlin Bank and Trust Company, Smethport, approved Kellogg-Boise, Idaho, report to Comptroller of Currency on proposed purchase of assets and assumption of liabilities of Weber Bank, Kellogg, by First Security Bank of Idaho, National Association, Boise, approved La Verne-San Diego, Calif., report to Comptroller of Currency on proposed merger of First National Bank of La Verne into United States National Bank of San Diego, approved Lake Stevens-Everett, Wash., report to FDIC on proposal of Everett Trust & Savings Bank, to acquire assets and assume liabilities of the Bank of Lake Stevens, approved Lancaster, Pennsylvania, report to Comptroller of the Currency on proposed consolidation of Lancaster County National Bank, and Farmers Bank and Trust Company of Lancaster, approved Lancaster-Manheim, Pa., report to Comptroller of Currency on proposed merger of Keystone National Bank of Manheim, into Fulton National Bank of Lancaster, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/19 1973 5/10 1532 4/29 1379 1/7 33 2/11 531 10/23 3/6 3603 774 1963 275 Pages Consolidations: (continued) Reports on competitive factors: (continued) Lansing-Grand Ledge, Michigan, report to Comptroller of the Currency on proposed purchase of assets and assumption of liabilities of Grand Ledge State Bank, and Loan and Deposit State Bank, Grand Ledge, by Michigan National Bank, Lansing, approved Liberty-South Fallsburg, N.Y., report to Comptroller of the Currency on proposed merger of National Bank of Liberty, and The South Fallsburg National Bank, approved Litchfield-Camden, Mich., report to FDIC on proposed consolidation of Litchfield State Savings Bank with First State Bank of Camden, approved Long Branch-Red Bank, New Jersey, report to Comptroller of the Currency on proposed consolidation of Monmouth County National Bank, Red Bank, and Long Branch Trust Company, approved Los Angeles-San Francisco, Calif., report to Comptroller of Currency on proposed merger of Citizens National Bank, Los Angeles, into CrockerAnglo National Bank, San Francisco, approved Louisville, Kentucky, report to FDIC on proposed merger of Royal Bank and Trust Company and Bank of Louisville, approved Lumberton-Charlotte, North Carolina, report to Comptroller of the Currency on proposed merger of Scottish Bank, Lumberton, N.C., into First Union National Bank of North Carolina, Charlotte, approved Luther-Baldwin, Mich., report to FDIC on proposed consolidation of Lake County State Bank, Baldwin, with Luther State Bank, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/24 3298 1/16 131 3/20 961 9/6 3060 6/17 1929 7/8 2206 8/27 2920 2/14 552 1963 276 Pages Consolidations: (continued) Reports on competitive factors: (continued) Lynchburg-Rustburg, Virginia, report to Comptroller of Currency on proposed merger of Campbell County Bank, Rustburg, into Lynchburg National Bank and Trust Company, approved Lynn-Danvers, Massachusetts, report to Comptroller of Currency on proposed consolidation of Security Trust Company, Lynn, and Danvers National Bank, approved Madison-Charlottesville, Va., report to Comptroller of Currency on proposed merger of State Bank of Madison, Incorporated, into National Bank and Trust Company at Charlottesville, approved Manheim-Lancaster, Pa., report to Comptroller of Currency on proposed merger of Keystone National Bank of Manheim, into Fulton National Bank of Lancaster, approved Manistee-Kaleva, Mich., report to Comptroller of Currency on proposed consolidation of Security National Bank of Manistee, and Kaleva State Bank, approved Margaretville-Norwich, New York, report to Comptroller of the Currency on proposed merger of Peoples National Bank of Margaretville, into National Bank and Trust Company of Norwich, approved Marion-Roanoke, Virginia, report to Comptroller of Currency re proposed merger of The Marion National Bank and The First National Exchange Bank of Virginia, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/29 12/30 2497 4578 5/14 1563 3/6 774 6/19 1973 7/12 2274 6/11 1884 1963 277 Pages Consolidations: (continued) Reports on competitive factors: (continued) Marshalltown-Green Mountain, Iowa, report to FDIC re proposed purchase of assets and assumption of liabilities of Producers Savings Bank, Green Mountain, by Security Savings Bank, Marshalltown, approved Massena-Watertown, New York, report to the Comptroller of the Currency on proposed merger of Massena Banking and Trust Company into Watertown National Bank, approved Matawan-Freehold, New Jersey, report to FDIC on proposed merger of Central Jersey Bank and Trust Company, Freehold, and Matawan Bank, approved McKeesport-Hazelwood (Pittsburgh),Pennsylvania, report to Comptroller of the Currency on proposed merger of Western Pennsylvania National Bank, McKeesport, and Hazelwood Bank, Pittsburgh, approved Mercer-Clarion-Oil City, Pennsylvania, report to FDIC on proposed merger of First National Bank in Clarion, and First National Bank of Mercer, into Northwest Pennsylvania Bank & Trust Company, Oil City, approved Middleburg-Selinsgrove, Penna., report to Comptroller of Currency on proposed merger of The First National Bank of Middleburg and The First National Bank of Selins Grove, approved Milford-Batavia-Williamsburg, Ohio, report to the Comptroller of the Currency on proposal of Clermont National Bank, Milford, to acquire assets and assume liabilities of The First National Bank of Batavia, and The Farmers and Merchants Bank, Williamsburg, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/10 4316 7/1 2164 9/18 3213 8/16 2727 8/2 2558 1/28 282 4/19 1263 1963 278 Pages Consolidations: (continued) Reports on competitive factors: (continued) Mogadore-Akron, Ohio, report to Comptroller of Currency on proposed merger of Mogadore Savings Bank, into First National Bank of Akron, approved Mount Holly-Vincentown, New Jersey, report to Comptroller of Currency on proposed merger of First National Bank of Vincentown and Union National Bank and Trust Company at Mount Holly, approved New Carlisle-South Bend, Indiana, report to Comptroller of the Currency on proposed purchase of assets and assumption of liabilities of First National Bank of New Carlisle, by National Bank and Trust Company of South Bend, approved New London-Hartford, Conn., report to FDIC on proposed merger of Union Bank and Trust Company, New London, into Connecticut Bank and Trust Company, Hartford, approved New Philadelphia-Dover, Ohio, report to FDIC on proposed merger of Citizens National Bank of New Philadelphia with Reeves Banking and Trust Company, Dover, approved New York-Bangkok-Singapore-Hong Kong, report to FDIC re proposed acquisition of assets and assumption of liabilities of the Bangkok, Singapore, Hong Kong branches of National Handelsbank, N.V., Amsterdam, The Netherlands, by The Chase Manhattan Bank, New York, New York, approved New York City, N.Y., report to Comptroller of Currency on proposed merger of First National City Trust Company into First National City Bank, both of New York, N.Y., approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/4 3436 7/1 2165 9/27 3357 6/20 1993 2/4 425 12/4 4203 1/7 32 1963 279 Pages Consolidations: (continued) Reports on competitive factors: (continued) New York City, N.Y., report to Comptroller of the Currency on proposed merger of The Gotham Bank, and the Royal National Bank of New York, approved New York City, N.Y., report to FDIC on proposed merger of Bank for Savings in the City of New York, into New York Savings Bank, approved Newfane-Buffalo, New York, report to Comptroller of the Currency on proposed merger of State Bank of Newfane, into Liberty National Bank and Trust Company, Buffalo, approved Nokesville-Occoquan, Virginia, report to FDIC on the proposed merger of The Bank of Occoquan, with The Bank of Nokesville, Inc., under the title of The Bank of Prince William, Woodbridge, Virginia, approved Norfolk-Abingdon, Virginia, report to Comptroller of the Currency on proposed merger of Farmers Exchange Bank, Abingdon, into Virginia National Bank, Norfolk, approved Norfolk-Charlottesville, Va., report to Comptroller of the Currency on proposed consolidation of National Bank of Commerce of Norfolk, and Peoples National Bank of Central Virginia, Charlottesville, approved Norfolk-Franklin, Virginia, report to Comptroller of the Currency on proposed merger of Tidewater Bank & Trust Company, Franklin, into Virginia National Bank, Norfolk, approved Norfolk-Staunton, Virginia, report to the Comptroller of the Currency on the proposed merger of Farmers and Merchants Bank of Staunton, into Virginia National Bank, Norfolk, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/9 72 6/10 1858 8/27 2919 11/8 3891 8/13 2701 3/1 732 10/23 3603 10/29 3698 1963 280 Pages Consolidations: (continued) Reports on competitive factors: (continued) Norfolk-Suffolk, Va., report to Comptroller of Currency on proposed merger of National Bank of Suffolk into Virginia National Bank, Norfolk, approved Norfolk-Suffolk, Virginia, report to Comptroller of the Currency on proposed merger of Farmers Bank of Nansemond, Suffolk, into Seaboard Citizens National Bank of Norfolk, approved North Wilkesboro-Burlington, N.C., report to FDIC on proposed merger of Bank of Burlington, into Northwestern Bank, North Wilkesboro, approved North Wilkesboro-Yanceyville, North Carolina, report to FDIC on proposed merger of Bank of Yanceyville, with Northwestern Bank, North Wilkesboro, approved Norwich-Margaretville, New York, report to Comptroller of the Currency on proposed merger of Peoples National Bank of Margaretville, into National Bank and Trust Company of Norwich, approved Occoquan-Nokesville, Virginia, report to FDIC on the proposed merger of The Bank of Occoquan, with The Bank of Nokesville, Inc., under the title of The Bank of Prince William, Woodbridge,approved Oelwein-Westgage, Iowa, report to Comptroller of the Currency re proposed purchase of assets and assumption of liabilities of State Savings Bank, Westgage, by First National Bank of Oelwein, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/2 2173 8/21 2832 5/29 1794 12/18 4412 7/12 2274 11/8 3891 9/11 3092 1963 281 Pages Consolidations: (continued) Reports on competitive factors: (continued) Oil City-Clarion-Mercer, Pennsylvania, report to FDIC on proposed merger of First National Bank in Clarion, and First National Bank of Mercer, into Northwest Pennsylvania Bank & Trust Company, Oil City, approved Oil City-Sharon, Penna., report to FDIC on proposal of the First Seneca Bank and Trust Company to acquire the assets and assume liabilities of the First National Bank in Sharon, approved Osaka-Tokyo, Japan-Chicago, Illinois, report to FDIC on proposed acquisition of assets and assumption of liabilities of Tokyo and Osaka branches of Nationale Handelsbank, N.V., Amsterdam, the Netherlands, by Continental Illinois National Bank and Trust Company of Chicago, approved Oxford-Jenkintown, Pa., report to FDIC on proposed merger of The National Bank of Oxford and Industrial Valley Bank and Trust Company, approved Pinconning-Bay City, Michigan, report to Comptroller of the Currency on proposed merger of Pinconning State Bank, into Peoples National Bank & Trust Company of Bay City, Michigan, approved Piqua-Tipp City-Troy, Ohio, report to the Comptroller of the Currency on the proposed mergers of The Troy Citizens Bank, and The TippCitizens National Bank into the Citizens National Bank and Trust Company, Piqua, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/2 2558 6/21 2028 12/18 8/8 11/26 12/4 4412 2598 4096 4203 1963 282 Pages Consolidations: (continued) Reports on competitive factors: (continued) Pittsfield-Great Barrington, Mass., report to the Comptroller of the Currency on proposed consolidation of The National Mahaiwe Bank of Great Barrington and First Agricultural National Bank of Berkshire County, approved Pittsfield, Mass., report to FDIC on proposed consolidation of Pittsfield National Bank and Berkshire Bank & Trust Company, approved Pleasantville-Baltimore, Ohio, report to the Comptroller of the Currency re the proposal of The First National Bank of Baltimore to acquire the assets and assume liabilities of The Pleasantville Bank, approved Plymouth-Brockton, Mass., report to the Comptroller of the Currency on proposed merger of The Home National Bank of Brockton and The Plymouth National Bank, approved Pompeii-Ithaca, Michigan, report to the Comptroller of the Currency on proposed consolidation of The Commercial National Bank of Ithaca and The Pompeii State Bank, approved Portland-York, Maine, report to Comptroller of Currency on proposed merger of Community Trust Company, York, into First National Bank of Portland, approved Poughkeepsie-Beacon, N.Y., report to Comptroller of Currency on proposed consolidation of Matteawan National Bank, Beacon, with Farmers and Manufacturers National Bank of Poughkeepsie, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/19 940 11/1 3732 7/11 2255 2/8 509 1/22 206 3/18 896 7/3 2187 1963 283 Pages Consolidations: (continued) Reports on competitive factors: (continued) Reading-Reamstown, Pa., report to FDIC on proposed merger of Reamstown Exchange Bank, into Berks County Trust Company, approved Reamstown-Reading, Pa., report to FDIC on proposed merger of Reamstown Exchange Bank, Pa., into Berks County Trust Company, Reading, approved Red Bank-Long Branch, New Jersey, report to Comptroller of the Currency on proposed consolidation of Monmouth County National Bank, Red Bank, and Long Branch Trust Company, approved Red Lion-Delta, Penna., report to Comptroller of the Currency on proposed merger of Delta National Bank into First National Bank and Trust Company of Red Lion, approved Reynoldsburg-Columbus, Ohio, report to Comptroller of Currency on proposed merger of Reynoldsburg Bank into City National Bank & Trust Company of Columbus, approved Supplement to original application transmitted by Comptroller of Currency with request for advice as to whether such information would alter Board's earlier report, Board's previous conclusion reiterated, advice to Comptroller Riverdale-Silver Spring, Maryland, report to FDIC on proposed merger of National Bank of Maryland, Silver Spring, into Citizens Bank of Maryland, Riverdale, approved Roanoke-Bristol, Va., report to Comptroller of the Currency on proposed merger of Dominion National Bank of Bristol, into First National Exchange'Bank of Virginia, Roanoke, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/12 879 3/12 879 9/6 3060 10/24 3647 1/7 33 3/6 774, 804 12/30 1/25 4579 269 1963 284 Pages Consolidations: (continued) Reports on competitive factors: (continued) Roanoke-Marion, Virginia, report to Comptroller of the Currency re proposed merger of The Marion National Bank and The First National Exchange Bank of Virginia, approved Roanoke-Wytheville, Va., report to Comptroller of Currency on proposed merger of First National Farmers Bank of Wytheville, into First National Exchange Bank of Virginia, Roanoke, approved Rural Retreat-Wytheville, Virginia, report to the Comptroller of the Currency on the proposed consolidation of The Peoples Bank of Rural Retreat, and Wythe County National Bank of Wytheville, approved Rustburg-Lynchburg, Virginia, report to Comptroller of the Currency on proposed merger of Campbell County Bank, into Lynchburg National Bank and Trust Company, approved Sadieville-Georgetown, Kentucky, report to Comptroller of the Currency on proposed merger of Farmers-Deposit Bank of Sadieville, and The First National Bank of Georgetown, approved St. Joseph, Missouri, proposed consolidation of American National Bank of St. Joseph, and Tootle-Enright National Bank, St. Joseph, report to Comptroller of the Currency, approved St. Manes-Boise, Idaho, report to Comptroller of Currency on proposed merger of First Bank of St. Manes into First Security Bank of Idaho, National Association, Boise, approved San Diego-La Verne, Calif., report to Comptroller of Currency on proposed merger of First National Bank of La Verne into United States National Bank of San Diego, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/11 1884 3/18 901 10/25 3670 7/29 2497 3/22 989 9/26 3342 5/24 1754 1/7 33 1963 285 Pages Consolidations: (continued) Reports on competitive factors: (continued) San Francisco-Los Angeles, Calif., report to Comptroller of the Currency on proposed merger of Citizens National Bank, Los Angeles, into Crocker-Anglo National Bank, San Francisco, approved San Francisco-Turlock, California, report to the Comptroller of the Currency on the proposed merger of Security State Bank of Turlock, into Bank of California, N.A., San Francisco, approved Scranton-Hazelton, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of Traders Bank and Trust Company, Hazelton, into Northeastern Pennsylvania National Bank and Trust Company, Scranton, approved Seattle-Bellingham, Washington, report to the Comptroller of the Currency on the proposed merger of The Bellingham National Bank, into Peoples National Bank of Washington in Seattle, approved Selinsgrove-Middleburg, Penna., report to Comptroller of the Currency on proposed merger of The First National Bank of Middleburg and The First National Bank of Selins Grove, approved Sharon-Oil City, Penna., report to FDIC on proposal of the First Seneca Bank and Trust Company to acquire the assets and assume liabilities of the First National Bank in Sharon, approved Sidney-Botkins, Ohio, report to the Comptroller of the Currency on proposed merger of The Shelby County Bank and The Citizens Baughman National Bank of Sidney, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/17 1929 10/25 3670 11/14 3949 10/31 3723 1/28 282 6/21 2028 3/7 821 1963 286 Pages Consolidations: (continued) Reports on competitive factors: (continued) Silver Spring-Baltimore, Md., report to Comptroller of Currency on proposed merger of Canton National Bank, Baltimore, into American National Bank of Silver Spring, approved Silver Spring-Riverdale, Maryland, report to FDIC on proposed merger of National Bank of Maryland, Silver Spring, into Citizens Bank of Maryland, Riverdale, approved Singapore-Hong Kong-Bangkok-New York, report to FDIC on the proposed acquisition of assets and assumption of liabilities of the Bangkok-SingaporeHong Kong branches of National Handelsbank, N.V., Amsterdam, The Netherlands, by the Chase Manhattan Bank, New York, approved Sioux City, Iowa, report to Comptroller of the Currency on proposed merger of Woodbury Bank and Trust Company, Sioux City, into the First National Bank in Sioux City, approved Smethport-Kane, Pa., report to FDIC on proposed purchase of assets and assumption of liabilities of Kane Bank and Trust Company by Hamlin Bank and Trust Company, Smethport, approved Smithfield-Asheville, N.C., report to FDIC on proposed merger of Carolina Industrial Bank, Asheville, into FirstCitizens Bank & Trust Company, Smithfield, approved Soda Springs-Boise, Idaho, report to Comptroller of the Currency on proposed purchase of assets and assumption of liabilities of Largilliere Company, Bankers, Soda Springs, by Idaho First National Bank, Boise, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/5 12/30 1150 4579 12/4 4203 8/30 2977 5/10 1532 2/7 479 9/6 3062 1963 287 Pages Consolidations: (continued) Reports on competitive factors: (continued) South Bend-New Carlisle, Indiana, report to Comptroller of the Currency on proposed purchase of assets and assumption of liabilities of First National Bank of New Carlisle, by National Bank and Trust Company of South Bend, approved South Fallsburg-Liberty, N.Y., report to Comptroller of the Currency on proposed merger of National Bank of Liberty, and The South Fallsburg National Bank, approved South Range-Hancock, Michigan, report to the Comptroller of the Currency on the proposed consolidation of The South Range State Bank, with the Superior National Bank and Trust Company of Hancock, approved Southampton-Huntington, N.Y., report to Comptroller of the Currency on proposed merger of Security National Bank of Long Island, Huntington, and The First National Bank of Southampton, approved Spartanburg-Charleston, South Carolina, report to Comptroller of the Currency on proposed merger of Piedmont National Bank of Spartanburg, into South Carolina National Bank of Charleston, approved Spokane-Colton, Washington, report to Comptroller of the Currency on proposed acquisition of assets and assumption of liabilities of Security State Bank, Colton, by Old National Bank of Washington, Spokane, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/27 3357 1/16 131 10/31 3722 1/16 131 9/23 3269 5/14 1564 1963 288 Pages Consolidations: (continued) Reports on competitive factors: (continued) Stanton-Crystal, Michigan, report to FDIC on the proposed consolidation of Montcalm Central Bank, Stanton, with The State Bank of Crystal, approved Staunton-Norfolk, Virginia, report to the Comptroller of the Currency on the proposed merger of Farmers and Merchants Bank of Staunton, into Virginia National Bank, Norfolk, approved Stratford-Bridgeport, Connecticut, report to FDIC on proposed merger of Stratford Trust Company, a noninsured bank, into the City Trust Company, Bridgeport, Connecticut, approved Suffolk-Norfolk, Va., report to the Comptroller of Currency on proposed merger of National Bank of Suffolk into Virginia National Bank, Norfolk, approved Suffolk-Norfolk, Virginia, report to Comptroller of the Currency on proposed merger of Farmers Bank of Nansemond, Suffolk, Va., into Seaboard Citizens National Bank of Norfolk, Va., approved Tipp City-Troy-Piqua, Ohio, report to the Comptroller of the Currency on the proposed mergers of The Troy Citizens Bank, and the TippCitizens National Bank, into The Citizens National Bank and Trust Company, Piqua, approved Titusville-Warren, Pa., report to FDIC on proposed merger of Warren Bank and Trust Company into Titusville Trust Company, approved unanimously http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/6 3823 10/29 3698 10/14 3529 7/2 2173 8/21 2832 12/4 4203 2/26 684 1963 289 Pages Consolidations: (continued) Reports on competitive factors: (continued) Titusville-Youngsville, Pennsylvania, report to FDIC on the proposed merger of Youngsville National Bank, into the Pennsylvania Bank and Trust Company, Titusville, approved Tokyo-Osaka, Japan-Chicago, Illinois, report to FDIC on proposed acquisition of assets and assumption of liabilities of Tokyo and Osaka branches of Nationale Handelsbank, N.V., Amsterdam, the Netherlands, by Continental Illinois National Bank and Trust Company of Chicago, approved Toledo, Ohio, report to FDIC on proposed merger of The State Bank of Toledo Company and The Lucas County Bank, both of Toledo, approved Trenton, Illinois, report to FDIC re proposed acquisition of assets and assumption of liabilities of Farmers Bank of Trenton by Community Bank of Trenton, approved Troy-Cohoes, N.Y., report to Comptroller of Currency on proposed merger of National Bank of Cohoes into Manufacturers National Bank of Troy, approved Troy-Piqua-Tipp City, Ohio, report to the Comptroller of the Currency on the proposed mergers of The Troy Citizens Bank, and the TippCitizens National Bank, into The Citizens National Bank and Trust Company, Piqua, approved Tunkhannock-Wilkes-Barre, Pa., report to Comptroller of Currency on proposed merger of Wyoming National Bank of Tunkhannock into Wyoming National Bank of Wilkes-Barre, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/6 12/18 3823 4412 5/9 1510 7/8 2207 6/17 1932 12/4 4203 3/20 961 1963 290 Pages Consolidations: (continued) Reports on competitive factors: (continued) Turlock-San Francisco, California, report to the Comptroller of the Currency on the proposed merger of Security State Bank of Turlock, into Bank of California, N.A., San Francisco, approved Twin Falls-Hazelton, Idaho, report to Comptroller of the Currency on proposal of Fidelity National Bank of Twin Falls, to acquire assets and assume liabilities of Hazelton State Bank, approved Utica-Dolgeville, N.Y., report to Comptroller of Currency on proposed merger of First National Bank of Dolgeville, into Oneida National Bank and Trust Company of Central New York, Utica, discussed, staff to obtain additional information re operations of Dolgeville Bank in light of statements in report of FRBank of New York Following presentation of additional information and suggested changes in conclusion, report approved Vincentown-Mount Holly, New Jersey, report to Comptroller of the Currency on proposed merger of First National Bank of Vincentown and Union National Bank and Trust Company at Mount Holly, approved Walkersville-Frederick, Md., report to Comptroller of Currency on proposed merger of Walkersville Bank into Farmers and MechanicsCitizens National Bank of Frederick, approved Wa ren-Johnsonburg, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of The Johnsonburg National Bank, into The Warren National Bank, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/25 3670 9/16 3162 1/23 225 1/24 238 7/1 2165 4/3 1137 10/8 3461 1963 291 Pages Consolidations: (continued) Reports on competitive factors: (continued) Warren-Titusville, Pa., report to FDIC on proposed merger of Warren Bank and Trust Company into Titusville Trust Company, 2/26 approved Washington, D.C., report to Comptroller of the Currency on proposed consolidation of Riggs National Bank of Washington and Bank of Commerce, Incorporated, 4/3 approved to the report York, New ena, Watertown-Mass Comptroller of the Currency on proposed merger of Massena Banking and Trust Company and Water7/1 town National Bank, approved to the report Ohio, lumbus, Westerville-Co Comptroller of the Currency on the proposed merger of The Citizens Bank, Westerville, into The City National Bank and Trust Company of Columbus, ap10/31 proved to report Comptroller Westgate-Oelwein, Iowa, of the Currency re proposed purchase of assets and assumption of liabilities of State Savings Bank, Westgate, by First National 9/11 Bank of Oelwein, approved White Haven-Wilkes-Barre, Pennsylvania, report to Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of White Haven Savings Bank, by First National 12/9 Bank of Wilkes-Barre, approved White Plains-Bronxville, N.Y., report to FDIC on proposed merger of County Trust Company, White Plains, and Gramatan Safe Deposit Corporation, Bronx2/28 ville, approved Wichita Falls, Texas, report to FDIC on proposed merger of Texas Bank, Wichita Falls, with First State Bank of Wichita Falls, 10/21 approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 684 1135 2164 3723 3092 4247 717 3586 1963 292 Pages Consolidations: (continued) Reports on competitive factors: (continued) Wilkes-Barre-Tunkhannock, Pa., report to Comptroller of the Currency on proposed merger of Wyoming National Bank of Tunkhannock into Wyoming National Bank of Wilkes-Barre, approved Wilkes-Barre-White Haven, Pennsylvania, report to the Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of White Haven Savings Bank, by First National Bank of Wilkes-Barre, approved Williamsburg-Claysburg, Pennsylvania, report to The Comptroller of the Currency on the proposed merger of The Farmers and Merchants National Bank of Williamsburg, into The First National Bank of Claysburg, approved Williamsburg-Milford-Batavia, Ohio, report to the Comptroller of the Currency on proposal of Clermont National Bank, Milford, to acquire the assets and assume liabilities of The First National Bank of Batavia, and The Farmers and Merchants Bank, Williamsburg, approved Winchester-Berryville, Va., report to Comptroller of Currency on proposed merger of First National Bank of Berryville, into Farmers and Merchants National Bank, Winchester, approved Windber-Johnstown, Pa., report to Comptroller of Currency on proposed purchase of assets and assumption of liabilities of Windber Bank and Trust Company by United States National Bank in Johnstown, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/20 961 12/9 4247 12/27 4555 4/19 1263 7/16 2289 4/29 1378 1963 293 Pages Consolidations: (continued) Reports on competitive factors: (continued) Worcester-Albany, New York, report to the Comptroller of the Currency on the proposed merger of The Bank of Worcester, into National Commercial Bank and 12/4 Trust Company, Albany, approved Worcester-Clinton, Massachusetts, report to Comptroller of the Currency on proposed consolidation of Clinton Trust Company, with Worcester County 9/18 National Bank, approved Wytheville-Roanoke, Va., report to Comptroller of Currency on proposed merger of First National Farmers Bank of Wytheville, into First National Exchange Bank of Virginia, Roanoke, 3/18 approved report to Virginia, Retreat, Wytheville-Rural the Comptroller of the Currency on the proposed consolidation of The Peoples Bank of Rural Retreat, and Wythe County National Bank of 10/25 Wytheville, Virginia, approved North Carolina, Wilkesboro, Yanceyville-North report to FDIC on proposed merger of Bank of Yanceyville, with Northwestern Bank, North Wilkesboro, 12/18 approved proon FDIC York-Hanover, Penna., report to posed merger of First National Bank and Trust Co., Hanover, with The York Bank and Trust Company, 5/24 York, approved York-Portland, Maine, report to Comptroller of Currency on proposed merger of Community Trust Company, York, into First National Bank of Portland, 3/18 approved Youngsville-Titusville, Pennsylvania, report to FDIC on the proposed merger of Youngsville National Bank, into The Pennsylvania Bank and Trust 11/6 Company, Titusville, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4202 3213 901 3670 4412 1753 896 3823 1963 294 Pages Consolidations: (continued) (Names of individual banks): Ann Arbor Bank, Ann Arbor, Michigan, application to merge with Dexter Savings Bank, Dexter, Mich., approved Issuance of order and statement authorized subject to statement changes in light of comments by Governors Mills and Mitchell, office of The Dexter Savings Bank to be operated as a branch of Ann Arbor Bank Asbury Park and Ocean Grove Bank, Asbury Park, New Jersey, application to merge with New Jersey Trust Company of Long Branch, New Jersey, approved Issuance of order and statement authorized Bank of Bogota, New Jersey, application of Hackensack Trust Company, Hackensack, New Jersey, to merge with, approved, Governors Robertson and Mitchell dissenting Issuance of order, statement, and dissenting statement by Governor Robertson, with which Governor Mitchell concurred, authorized, office of, to become a branch of the continuing bank Request for reconsideration of Board's order and statement approving merger into Hackensack Trust Company, Hackensack, New Jersey, denied, advice to Charles Ford Bank of Idaho, Boise, Idaho, application to merge with Panhandle State Bank, Coeur d'Alene, Idaho, approved Issuance of order and statement approving authorized, office of former bank to be operated as a branch of, reference to continuing bank's capital position Bank of Jamestown, New York, application to merge with Clymer State Bank, Clymer, New York, approved Issuance of order and statement authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/17 147 2/5 445, 461-63 8/8 8/16 2623 2729,2759-61 1/17 141 1/30 293, 367-76 2/13 537, 546 4/9 1180 4/15 1218,1230-32 1/10 1/14 83 100, 115 1963 295 Pages Consolidations: (continued) Bank of Rockville Centre Trust Company, Rockville Centre, New York, forthcoming application of Chemical Bank New York Trust Company, New York, New York, to acquire assets and assume liabilities of, representatives of Banking Markets Unit, Division of Research and Statistics, and Legal and Examinations Divisions to join representatives of FRBank of New York to make an on-the -spot study of the market area involved Staff and FRBank of New York not to proceed with on-the-spot survey of market area, agreed to table Agreed an oral presentation would not be held in regard to application Application discussed and approved with Governor Robertson dissenting Draft or order and statement reviewed, statement to be redrafted Issuance of order, majority statement, and dissenting statement of Governor Robertson, authorized, establishment of branches at 3 present offices of, approved South Haven, Michigan, appliHaven, Bank of South cation to consolidate with Peoples State Bank of Bloomingdale, Bloomingdale, Michigan, under the title of Citizens Trust and Savings Bank, South Haven, Michigan, approved order and statement approved of Issuance application of Sussex County, Bank of Sussex County Trust Company, Franklin, New Jersey, to merge with Farmers National Bank of Sussex, New Jersey, under title of, approved, Governor Robertson dissenting Draft of order and statement reviewed, statement to be redrafted and brought back to Board for consideration http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/4 433 4/12 1207 5/16 1618 5/22 1681 5/27 1768 5/27 1773,1782-84 10/8 3462 10/15 3549, 4454 5/16 1610 5/27 1767 1963 296 Pages Consolidations: (continued) Bank of Sussex County: (continued) Issuance of order and statement and dissenting statement by Gov. Robertson authorized, operation of a branch approved Bank of Virginia, Richmond, Virginia: Application to merge with The Farmers Bank of Dinwiddie, Va., applicant's capital position and manner in which Virginia Commonwealth Corp. proposes to raise money for purchase of additional stock criticized, application approved with understanding re need for strengthening of capital position Issuance of order and statement authorized, single office of the Farmers Bank of Dinwiddie to be operated as a branch Application to merge with The Bank of Henrico, Sandston, Va., approved Issuance of order and statement authorized, including approval of operation of offices of Bank of Henrico as branches Application of, to merge with Hallwood National Bank, Hallwood, Virginia, approved, Gov. Mills and Gov. Robertson dissenting Issuance of order, and statement, and dissenting statement by Governor Mills and Robertson, authorized, incident to the merger the office of Hallwood National Bank would become a branch of Bankers Trust Company, New York, N.Y., proposed application to purchase assets and assume liabilities of First National Bank of Farmingdale, N.y., approved, Gov. Robertson dissenting Issuance of order and statement authorized, operation of a branch approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/29 1794, 1802 5/20 1643 5/24 1755,1757-64 6/11 1883 6/17 1933, 1944 11/27 4113 12/4 4204, 4222 7/23 2377 7/26 2469, 2480-89 1963 297 Pages Consolidations: (continued) Central Bank Company, Lorain, Ohio, application of Lorain County Savings and Trust Company, Elyria, Ohio, to merge with, denied by majority vote, Governors Shepardson and Balderston dissenting, consensus that no oral presentation should be ordered Issuance of order, statement, and dissenting statement of Gov. Shepardson in which Gov. Balderston concurred, authorized Chemical Bank New York Trust Company, New York, N.Y.: Application to purchase assets and assume liabilities of Bank of Rockville Centre Trust Company, Long Island, N.Y., representatives of Banking Markets Unit, Div. of Research and Statistics, and of Legal and Examinations Divisions to join representatives of FRBank of New York to make on-the-spot study of market area involved in, agreement re Request by Cravath, Swaine & Moore re matters involving preparation of the application, reply approved Staff and FRBank of New York not to proceed with on-the-spot survey of market area, agreed to table Suggestion re using technique on a post-decision basis Preliminary memorandum from Examinations Div. reviewed, agreed that an oral presentation would not be held in regard to, advice to FRBank of New York n Applicatio approved with Gov. Robertson dissenting and statement reviewed, stateorder Draft of ment to be redrafted Issuance of order and majority statement, and issuance of dissenting statement of Gov. Robertson, authorized establishment of branches at 3 present offices of Bank of Rockville Centre Trust Co., approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/11 4326 12/13 4497,4513-22 2/4 433 2/5 440, 452 4/12 1207 4/12 1208 5/16 1618 5/22 1681 5/27 1768 5/27 1773,1782-84 1963 298 Pages Consolidations: (continued) City Trust Company, Bridgeport, Connecticut, operation of branches by, at 2366 Main Street and 3226 Main Street, Stratford, Conn., provided proposed merger of City Trust Company, Bridgeport, Conn., and Stratford Trust Company, Stratford, Conn., is approved and consummated Clymer State Bank, Clymer, N.Y., application of Bank of Jamestown, New York to merge with, approved Issuance of order and statement authorized Commercial and Savings Bank of St. Clair, Michigan, application to consolidate with the Citizens State Bank of Emmett, Michigan, approved Issuance of order and statement authorized, operation of a branch incident to the merger approved Commonwealth Bank and Trust Company, Pittsburgh, Pa., granted extension of time within which to dispose of shares of stock of other banks acquired in the merger with Butler Savings and Trust Company Connecticut Bank and Trust Company, Hartford, Conn., operation of a branch at 61 State Street, New London, Conn., approved provided proposed merger of The Union Bank and Trust Company of New London, Conn., with, is approved and consummated Discussion re application of Federal statutes including the Bank Merger Act to bank mergers involving nonmember uninsured banks, memorandum to be prepared by Legal Division for Board's information County Trust Company, White Plains, New York, application to merge with First National Bank of Brewster, Brewster, New York, approved Issuance of order and statement authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/29 4140, 4154 1/10 1/14 83 100, 115 2/21 666 2/27 698, 709-11 4/8 1155, 1159 6/24 2041, 2046 6/24 2042 12/11 12/18 4323 4413,4442-48 1963 299 Pages Consolidations: (continued) Dauphin Deposit Trust Company, Harrisburg, Pa., request for reconsideration and oral presentation re denied application to merge with The First National Bank of Mount Holly Springs, Pa., request denied, with Gov. Mills abstaining, advice to Mr. Snyder, of Morgan, Lewis & Bockius Dexter Savings Bank, Dexter, Mich., application of Ann Arbor Bank, Ann Arbor, Mich., to merge with, approved Issuance of order and statement authorized subject to statement changes in light of comments by Governors Mills and Mitchell, office of The Dexter Savings Bank to be operated as a branch of Ann Arbor bank Elyria Savings & Trust Company, Elyria, Ohio, application to consolidate with Grafton Savings and Banking Company, Grafton, Ohio, approved Issuance of order and statement authorized Farmers Bank of Dinwiddie, Va., application by Bank of Virginia, Richmond, Va., to merge with, applicant's capital position and manner in which Virginia Commonwealth Corp. proposes to raise money for purchase of additional stock criticized, application approved with understanding re need for strengthening of capital position Issuance of order and statement, authorized, single office of the Farmers Bank of Dinwiddie to be operated as a branch http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/31 383, 406 1/17 147 2/5 445, 461, 463 3/6 3/12 780 879,885-87 5/20 1643 5/24 1755,1757-64 1963 300 Pages Consolidations: (continued) Fidelity-Philadelphia Trust Company, Philadelphia, Pennsylvania, application to merge with Liberty Real Estate Bank and Trust Company, approved, with Governors Mitchell and Robertson dissenting Statement of Governor Balderston's position Question whether a condition of selling a bank office in the Olney area to other commercial banks should be imposed, consensus that it should not Issuance of order, statement, and dissenting statements by Govs. Robertson and Mitchell authorized Fifth Third Union Trust Company, Cincinnati, Ohio, application to purchase assets and assume liabilities of Citizens Bank of St. Bernard, Ohio, approved, Gov. Robertson dissenting Issuance of order, statement, and dissenting statement of Governor Robertson, authorized First State Bank, Canisteo, New York, application to purchase assets and assume liabilities of the Greenwood Branch of Security Trust Company of Rochester, N.Y., approved Issuance of order and statement approving, authorized, including the establishment of a branch at the present location of the Greenwood Branch of Security Trust Company of Rochester Grafton Savings and Banking Company, Grafton, Ohio, application by Elyria Savings & Trust Company, Elyria, Ohio, to consolidate with, approved Issuance of order and statement authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/5 12/5 4234 4238 12/5 4243 12/12 4344, 4355-72 7/26 2465 8/6 2574, 2583-92 1/31 391 2/8 510, 524-26 3/6 3/12 780 879, 885-87 1963 301 Pages Consolidations: (continued) Hackensack Trust Company, Hackensack, N.J., application to merge with Bank of Bogota, N.J., protests from two persons re alleged unfairness of proposal commented on, following discussion, application approved, Governors Robertson and Mitchell dissenting Issuance of order, statement, and dissenting statement of Gov. Robertson, with which Gov. Mitchell concurs, authorized with office of Bogota Bank becoming a branch Reconsideration of Board's order and statement denied, reply to Charles Ford Lock Haven Trust Company, Lock Haven, Penna., application to merge with The Mill Hall State Bank, Mill Hall, Penna., approved Issuance of order and statement authorized Lorain County Savings and Trust Company, Elyria, Ohio, application to merge with Central Bank Company, Lorain, Ohio, denied by majority vote, Governors Balderston and Shepardson dissenting, consensus that no oral presenta tion should be ordered Reconsideration re denied application, suggestion by Gov. Mitchell that in light of close vote, application should be considered by full Board, views expressed re possibility of requiring four votes, Gov. Mitchell withdrew suggestion Issuance of order and statement denying, and dissenting statement of Gov. Shepardson in which Governor Balderston concurred, authorized Manufacturers Hanover Trust Company, New York, N.Y., report on visit by Justice Department representatives re pending litigation on the approved merger of Manufacturers Trust Company and the Hanover Bank under the title of Further report by Mr. Solomon re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/17 141 1/30 293, 367-76 2/13 537, 546 1/10 1/17 82 141, 162-64 12/11 4326 12/18 4424 12/23 4497,4513-22 7/17 7/18 2333 2341 1963 302 Pages Consolidations: (continued) National Bank of South Dakota, Sioux Falls, S.D., litigation initiated by the State of South Dakota challenging the merger of three small State banks into, a subsidiary of the First Bank Stock Corporation, Minneapolis, Minn., letter stating Board's general position re the scope and applicability of sections 3(d) and 3(a)(3) of the Bank Holding Company Act of 1956, transmitted to First Bank Stock Corporation Norfolk County Trust Company, Brookline, Mass., application to consolidate with Wellesley Trust Company, Wellesley, Mass., approved, Gov. Robertson dissenting Additional information re relationship with Baystate Corporation,decision to reverse vote indicated by Gov. Mitchell, vote retaken and application approved, Governors Robertson and Mitchell dissenting Issuance of order, statement, and dissenting statement of Governor Robertson, in which Gov. Mitchell concurred, authorized Old Kent Bank and Trust Company, Grand Rapids, Michigan, application to consolidate with Community State Bank, Grandville, Michigan, approved Issuance of order and statement approving authorized Peoples Bank of Glen Rock, Pa., application to merge with Codorus National Bank in Jefferson, Codorus, Pa., approved Issuance of order and statement authorized, office of Codorus National Bank in Jefferson to be operated as a branch of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/30 1394, 1409 4/9 1176 4/12 1200 4/19 1262,1297-1305 12/18 4413 12/24 4527,4534-36 2/6 471 2/8 510, 518-20 1963 303 Pages Consolidations: (continued) Peoples Savings Bank, Laurel, Iowa, application for permission to acquire the assets and assume the liabilities of, by Security Savings Bank, Marshalltown, Iowa, approved Issuance of order and statement approving, authorized, including the establishment of a branch at the present location of Peoples State Bank of Bloomingdale, Bloomingdale, Michigan, application of Bank of South Haven, South Haven, Mich., to consolidate with, under the title of Citizens Trust and Savings Bank, South Haven, Michigan, approved Issuance of order and statement authorized Peoples Trust Company of Bergen County, Hackensack, N.J., application to merge with First National Bank of Wyckoff, N.J., approved, Governor Robertson dissenting Issuance of order, statement, and dissenting statement authorized, operation of a branch at the office of the First National Bank of Wyckoff approved Application to merge with Palisades Trust Company, Englewood, New Jersey, approved, with Governors Robertson and Mitchell dissenting Security Savings Bank, Marshalltown, Iowa, application to acquire the assets and assume the liabilities of Peoples Savings Bank, Laurel, Iowa, approved Issuance of order and statement approving, authorized, including the establishment of a branch at the present location of Peoples Savings Bank http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/30 11/6 3707 3824, 3833 10/8 3462 10/15 3549,3554 2/7 485 2/15 573, 591-99 10/10 3505 10/30 3707 11/6 3824, 3833 1963 304 Pages Consolidations: (continued) Security Trust Company of Rochester, N.Y., application of First State Bank, Canisteo, New York to purchase assets and assume liabilities of the Greenwood Branch of, approved Issuance of order and statement approving, authorized, including the establishment of a branch at the present location of the Greenwood Branch of Security Trust Company of Rochester State Bank of Albany, New York, application to merge with The Unadilla National Bank, Unadilla, N.Y., denied Issuance of order and statement authorized Reconsideration requested in light of additional information presented, the four Board members present unanimously denied request, letter to Congressman Stratton Sullivan County Trust Company, Monticello, New York, application to merge with The National Bank and Trust Company of Port Jervis, Port Jervis, New York, approved Issuance of order and statement approving authorized, operation of a branch incident to the merger approved, Intercounty Trust Company, title of resulting bank Sussex County Trust Company, Franklin, N.J., application to merge with Farmers National Bank of Sussex, N.J., under title of Bank of Sussex County, approved, Gov. Robertson dissenting Draft of order and statement reviewed, understood statement to be redrafted and brought back for consideration http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/31 391 2/8 510, 524-26 4/19 4/26 1264 1344,1367-69 7/29 2497,2508-09 3/19 942 3/22 988, 1009-11 5/16 1610 5/27 1.767 1963 305 Pages Consolidations: (continued) Sussex County Trust Company, Franklin, N.J.: (continued) Issuance of order, majority statement, and dissenting statement of Governor Robertson authorized, operation of branch at location of Farmers National Bank of Sussex approved 5/29 Union Trust Company of Maryland, Baltimore, Md.: Application to merge with Peoples Loan, Savings and Deposit Bank, Cambridge, Md., approved, with Governors Robertson and Mitchell dissenting 2/21 Issuance of order, majority statement, and dissenting statements of Governors Robertson and Mitchell authorized, operation of a branch 3/1 incident to the merger approved Application to merge with Farmers National 11/5 Bank of Annapolis, Md., denied Issuance of order and statement denying, authorized 11/8 Wachovia Bank and Trust Company, Winston Salem, North Carolina, application to merge with Bank of Randolph, Asheboro, North Carolina, approved with Governors Mills and Robertson dissenting 11/5 Issuance of order, statement and dissenting statement of Governors Mills and Robertson authorized 11/14 Wellesley Trust Company, Wellesley, Mass., application of Norfolk County Trust Company, Brookline, Mass., to consolidate with, approved, Gov. Robertson dissenting 4/9 Additional information presented, decision by Gov. Mitchell to reverse vote, vote retaken and application approved, Governors Robertson and Mitchell dissent4/12 ing Issuance of order, statement, and dissenting statement by Gov. Robertson, in which Gov. Mitchell concurred, authorized 4/19 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1794, 1802 667 734, 744-53 3799 3907 3790 3950,3969-79 1176 1200 1262,1297-1306 1963 306 Pages Consolidations: (continued) Wells Fargo Bank, San Francisco, Calif., application to merge with State Center Bank, Fresno, Calif., approved Issuance of order and statement approving authorized West Branch Bank and Trust Company, Williamsport, Pennsylvania, application to merge with Bank of Newberry, Williamsport, Pa., under charter of petitioner and title Northern Central Bank and Trust Company, Board agreed to arrange an oral presentation re proposed merger Oral presentation subsequently arranged for September 19, 1963 Application approved, Governor Robertson dissenting Issuance of order, statement, and dissenting statement authorized Wilmington Trust Company, Wilmington, Delaware, application to purchase assets and assume liabilities of Camden (Delaware) branch of Baltimore Trust Company, Selbyville, Del., and incident thereto to make an additional investment in bank premises, approved, Gov. Robertson dissenting Issuance of order, majority statement, and dissenting statement of Gov. Robertson authorized Construction: Residential, question re further expansion of, topic for discussion with FAC Belief that the recent building of singlefamily homes has been relatively firmly based and that residential construction will probably experience a sideways movement with no pronounced upward trend, views expressed at joint meeting with FAC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/8 2619 8/19 2797,2817-19 8/30 2978 8/30 2981 10/14 3530 10/23 3607,3629-36 7/10 2224 7/23 2376,2388-98 9/4 3019, 3046 9/17 3178 1963 307 Pages Consumer credit: Contractual professional services, costs for, including studies and continuing program for data collection by Census Bureau, annual data on consumer credit from Michigan Survey Research Center, and quarterly listing of new companies supplied by Bureau of Old Age and Survivors Insurance of HEW, approved Demand for, concern re deterioration of consumer loan standards, particularly in auto loans, views expressed at joint meeting with FAC Finance charges: H.R. 4070, a bill to assist in the promotion of economic stabilization by requiring the disclosure of finance charges in connection with extension of credit, report to Congressman Patman, Chm. of the House Banking and Currency Committee, endorsing the objective but indicating it inappropriate for Board to administer S. 750, a bill to require disclosure of, to assist in promotion of economic stability, report sent to Senator Robertson Consumer finances: Survey re, recommended continuance of second phase obtaining from Census Bureau information on changes in financial position by interviewing particpants of first phase, costs to include questions on liquidity by University of Michigan Research Center in its annual report re, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4251, 4272 2/19 632 5/3 1444, 1455 2/20 647, 660 12/9 4248 1963 308 Pages Consumer finances: (continued) Survey: (continued) Consumer credit program, costs for contractual professional services, including studies and continuing program of data collection by Census Bureau, annual data from Michigan Survey Research Center, and quarterly listings of new companies supplied by Bureau of Old Age and Survivors Insurance of HEW, approved Consumers, Department of: H.R. 7879, a bill to establish a, within Federal Government, unfavorable report to Chm. Dawson of House Committee on Government Operations S. 1680, a bill to establish a, within the Federal Government, unfavorable report to Senator McClellan, Chm. of the Committee on Government Operations Contributions: Financial Institutions, report by interagency committee on, request by Chm. Heller of the Council of Economic Advisers for Board's contribution of $100 toward payment of printing costs of, no objection Conventions: American Bankers Association: Convention to be held in Washington, D. C., favorable reaction to the arrangement of a suitable exhibit in the FRBuilding for those attending, understood that the staff would proceed with plans, use of building facilities subject to approval by Gov. Shepardson, noted that some features of an exhibit might be retained for the benefit of visitors to the FRBuilding on a continuing basis Convention to be held in Washington, D. C., October 6-9, proposed program approved unanimously, payment of out of pocket expenses authorized, along with such overtime compensation as might be involved Mr. Fauver reported on arrangements http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4251, 4272 8/21 2836, 2845 7/8 2205, 2215 4/17 1249 5/1 1419-20 8/27 9/30 2931 3398 1963 309 Pages Conventions: (continued) American Bankers Association: (continued) Convention to be held in Washington, D. C.: (continued) Agreed that message of appreciation, signed by members of the Board be sent to the Board's staff for their work in 10/10 3520 connection with National Foreign Trade Convention, James K. Nettles, Economist, Div. of International Finance, designated to attend Fiftieth, to be held in New York City, Nov. 18, 19, and 10/16 3574 20, 1963 Cormany, Grace, termination of agreement to operate beauty shop in Board's building 2/18 618 noted Costa Rica: Productos de Concreto, S.A., San Jose, Costa Rica, consent granted Bamerical International Financial Corporation, New York, N.Y., to purchase shares 1/24 237, 243 of Council of Economic Advisers: Financial Institutions, report by interagency committee on, request by Chin. Heller of the, for Board's contribution of $100 toward payment of printing 4/17 1249 costs of, no objection of Division Adviser, Solomon, Robert, Associate Research and Statistics, to be made available to serve for a period of one year as a senior economist for the, staff authorized to work out details on a 6/21 2029 fully reimbursable basis Court Cases: Arkansas Bank and Trust Company v. United States, a taxpayer's refund case, request to FRBank of St. Louis from Justice Dept., for certain information relating to action by Arkansas Bank and Trust Company, Hot Springs, Arkansas, in leasing land upon which it subsequently constructed a new banking house, advice to FRBank of St. Louis with respect to information that may 10/16 3561, 3577 be given to Justice Dept. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 310 Pages Court Cases: (continued) Bankers Trust Company, New York, N.Y., case filed by Franklin National Bank, Mineola, N.Y., against, to prevent the establishment of a branch in Rockville Centre, Nassau County, N.Y., by,pursuant to authorization obtained from State banking authorities Canadian courts, counterfeit currency, list of attorneys at FRBanks qualified to testify before Canadian courts in counterfeiting cases sent in letter to Treasury Department, with letters of advice to affected FRBanks, decision to expand letter to include names of FRBanks of New York, Cleveland, and San Francisco Farmers & Merchants Bank of Long Beach, Calif., subpoenas served on Vice President Galvin and Examiner Walker of the FRBank of San Francisco, ordering access to correspondence and examination reports of, in connection with possible illegal banking transactions between the member bank and Messrs. Riedman and Chohon, agreed to Mr. O'Connell's suggestion to authorize use of only specific information relevant to the investigation, Gov. Mills dissenting, Assistant U.S. Attorney Murphy agreed to issue a more specific subpoena, telegram of instructions sent to FRBank of San Francisco First National City Bank of New York, Panama City Branch, Republic of Panama, suit against Angus 0. Matheney, President, Panama Plumbing and Supply, Inc., Balboa, Canal Zone, legal question asked by Congressman Schadeberg on behalf of Mr. Matheney in connection with, re certification of checks drawn on account in overdraft, and trying of cases under the laws of the U.S. or laws of a foreign country, reply approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/19 2796 12/2 4160, 4181 5/20 1652, 1657 2/18 604, 619 1963 311 Pages Court Cases: (continued) First Oklahoma Bancorporation, Inc., Oklahoma City, Okla., bank that had appealed Board's order approving application to become a bank holding company had now consented to a dismissal of the appeal, terminating proceeding, reported by Mr. Hackley First State Bank, Premont, Texas, (operations suspended effective 12/30/61) FRBank of Dallas examiner subpoenaed to testify at a trial of perjury charges against the attorney for the officer of, following a trial of criminal charges involving a disappearance of funds of, no objection interposed by Board Manufacturers Hanover Trust Company, New York, N.Y., report on visit by Justice Department representatives, re pending litigation on the approved merger of Manufacturers Trust Company and The Hanover Bank under the title of, and possibility of Board assistance in working out a settlement of the Justice Department suit Further report by Mr. Solomon re Minnesota banks, proposed consent decree to dispose of civil action filed by Dept. of Justice against a number of, alleging banks had acted in violation of Sherman Act by conspiring to fix rates of interest on loans, to fix amounts of rebates, to refrain from absorbing losses incurred by correspondent banks in sale of Government securities, to refrain from absorbing exchange charges, and to refrain from furnishing supplies to correspondent banks free of charge, agreed Board's staff could comply with Dept. of Justice's request to give technical advice re particular provisions of consent decree http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/29 1074 4/19 1276 7/17 7/18 2333 2341 9/4 3033 1963 312 Pages Court Cases: (continued) Pan American Bank of Miami, Florida, request by Justice Dept. for access to certain examination reports (1961 and 1962) and correspondence including certain confidential sections re, agreed to provide under custody of FDIC Examiner Lindsey, with certain stipulations suggested by Gov. Robertson re confidential sections, Gov. Mills dissenting State of South Dakota v. The National Bank of South Dakota, Sioux Falls and First Bank Stock Corporation, challenging the merger of three small State banks into The National Bank of South Dakota, letter stating Board's general position re the scope and applicability of sections 3(d) and 3(a)(3) of the Bank Holding Company Act of 1956, approved for transmittal to First Bank Stock Corporation Valley National Bank of Arizona, et al., civil antitrust suit brought by Justice Dept. against, request from Justice for information re, for use in case, letter to FRBank of San Francisco to ascertain if certain data is in file, possibly from certain surveys in 1955 and 1957, and from 1956 investigation of banking in Arizona, letter to Justice re status of situation, question re having Justice subpoena material Valley National Bank of Arizona, et al, civil antitrust suit brought by Justice Dept. against, request from Assistant Attorney General Orrick for certain unpublished material concerning, letter to FRBank of San Francisco saying certain material could be made available to Justice Department http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/24 3301, 3314-17 4/30 1394, 1409 5/14 1564,1572-74 9/11 3091,3101-07 1963 313 Pages Court Cases: (continued) Whitney Holding Corporation, New Orleans, La.: Question whether appeal should be taken from District Court decision in suit brought by New Orleans bank against Comptroller of Currency, in light of pending court review of Board's order re, reply to inquiry from Justice Dept. Litigation re Board's approval of application to become a bank holding company, delay being sought by petitioners based on certain exhibits being deposited with the Court under seal by Justice Dept., Mr. O'Connell authorized to advise Justice, re Board's position with respect to proposed statement re exhibits Request for comment from Dept. of Justice re Court of Appeals decision on litigation concerning, Board letter stating decision would not constitute a precedent with respect to relationship between bank holding company and bank, Board not obliged to apply State branch banking statutes in course of considering applications under Bank Holding Company Act, no need for seeking a rehearing or certiorari from Board's view point, suggestion that views of Comptroller of Currency be solicited Request for further extension of time for compliance with Board's order due to pending litigation, letter to, approved, advising that Board is of opinion it lacks jurisdiction to grant extension of time, which request Board feels should be addressed to the Court http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/7 32, 47 3/27 1036 8/22 2852, 2881 10/21 3590, 3598 1963 314 Pages Court Cases: (continued) Whitney Holding Corporation, New Orleans, La.: (continued) Letter to Justice Dept., advising that Board's recommendation of Aug. 22, 1963, re question of petition for certiorari in case of Saxon v. Bank of New Orleans and Trust Company remains 11/6 unchanged Whitney National Bank v. Bank of New Orleans: Saxon v. Bank of New Orleans: SEE: Court Cases: Whitney Holding Corporation, New Orleans, La. Cox, Albert, Jr., Secretary, Research Committee, request by American Bankers Association for unpublished condition and earnings reports for use in a doctoral thesis by, to be made available with the usual understanding that no figures for individual 8/8 banks will be disclosed Cravath, Swaine & Moore, New York, N.Y., request re matters involving preparation of the proposed application by Chemical Bank New York Trust Company, New York, N.Y., to purchase the assets of the Bank of Rockville Centre Trust Company, Nassau County, Long Island, 2/5 N.Y., reply approved Craven, Thomas,Film Corporation: FRSystem film, "Money on the Move," requested by the Bank of Japan for a copy of the,"as produced" script, question re having a Japanese language version made, agreed that Board would purchase a complimentary copy of the film, with English or Spanish sound track, for presentation to foreign central banks that expressed an 11/8 interest in having a copy http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3823, 3832 2597, 2637 440, 452 3895 1963 315 Pages Credit: Consumer and business, views re quality of, and repayments on mortgage and consumer installment credit at unduly burdensome levels, topic for discussion with FAC Deterioration in quality of, indicated but quality of over-all loan portfolio is generally satisfactory, repayment of mortgage and consumer installment credit represent high level of disposable income,views expressed at joint meeting with FAC Federal programs, draft bill proposed by the Dept. of Agriculture to amend the Consolidated Farmers Home Administration Act of 1961, adequate consideration of the principles for Federal credit activities advocated in the report of the Committee on Federal Credit Programs to the President, questioned in report to the Bureau of the Budget re Retail credit survey recommended by Mr. Noyes, developed by System Committee on Currency Reporting Series, considered and approved by System Research Advisory Committee; and approval recommended by Presidents' Conference Subcommittee on Research and Statistics, approved by Board System policy in light of current conditions, topic for discussion with FAC favorable, being a congenerally Considered structive factor in the domestic economy and at the same time helpful to the balance of payments, views expressed at joint meeting with FAC Evaluation of impact of current, topic for discussion with FAC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/29 3698, 3704 11/19 4039 4/2 1110, 1127 1/23 227 2/5 440, 456 2/19 645 4/30 1391, 1406 1963 316 Pages Credit: (continued) System policy: (continued) Current policy has had favorable impact on the economy, but the persistent deficit in balance of payments against the background of a rising level of domestic business activity suggests a gradually more restrictive monetary and credit policy, views of FAC expressed in joint meeting, possible reduction of reserve availability or an increase in interest rates, or a combination of the two referred to Evaluation of impact of current monetary and, topic for discussion with FAC Belief that current policy has had a favorable impact on the financial and business community, various problems with respect to, discussed at joint meeting with FAC Evaluation of impact of current monetary and, topic for discussion with FAC FAC believes that recent monetary and credit policy has been most appropriate and has been helpful to international payments position of U.S., increase in margin requirements on stock purchases was desirable and timely Crimes: Preventive measures by Federal supervisory agencies: Inquiry from House Legal and Monetary Affairs Subcommittee re, with respect to crimes against banks and savings and loan associations, reply from Board re experience, activities and responsibilities re State member banks with possible bearing on, letter sent to Chm. Fascell http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/21 1675 9/4 3019, 3046 9/17 3201 10/29 3698, 3705 11/19 4066 5/1 1419, 1427 1963 317 Pages Crimes: (continued) Preventive measures by Federal supervisory agencies: Paper entitled "Bank Supervision and Examination in Relation to Prevention, Detection, and Prosecution of Crimes Against State Member Banks" sent to Chm. Fascell of the House Legal and Monetary Affairs Subcommittee, Gov. Robertson and Mr. Frederic Solomon, Director, Div. of Examinations to represent Board at forthcoming hearings re Currency: Coin services provided by FRBanks to the public, review of variations in procedures at FRBanks, in light of coin shortage, letter to Chairman of Presidents' Conference Counterfeit: High-speed counting machine at FRBank of Philadelphia discussed in examination report, question whether it could be used at other FRBanks submitted in letter to Chm. of Presidents' Conference with idea of getting views of FRBank Presidents, currency counting machine results in substantial economies but affords little opportunity to detect counterfeits List of attorneys at FRBanks qualified to testify before Canadian courts in counterfeiting cases sent to Treasury Departments, with letters of advice to affected FRBanks, including FRBanks of New York, Cleveland, and San Francisco Counting machine, used at FRBank of Philadelphia, letter to Chairman of Presidents' Conference asking for views of FRBank Presidents re use of high-speed currency counting machines in other FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (continued) 9/16 3163, 3174 6/20 1992, 2017 8/30 2984,2986-93 12/2 4160, 4181 8/30 2984,2986-93 1963 318 Pages Currency: (continued) Denominations larger than $100, letter to Presidents of all FRBanks transmitting a letter from Secretary of the Treasury re need for currency in denominations larger than $100 Emergency storage with cash agent banks, Presidents' Conference agreed that individual Reserve Banks should determine whether cash placed with cash agent banks should be FRBank cash or FRAgent's cash, decision at joint meeting that Board would study and Presidents would be advised Board concurs in action taken at Presidents' Conference that matter should be determined by individual Reserve Banks, no objection to FRnotes stored at cash agent banks being transferred to status of unissued currency, Gov. Mills' reservations noted, advice to all FRBank Presidents, copies to FRAgents Problem re classification of money stored at FRBank of Richmond being under the control of two groups of officers, no objection to appointment of one group as FRAgent's representatives for custody of FRnotes Emergency vault, plans for emergency relocation facility for the joint use of Board and FRBank of Richmond to include an, report of joint study by representatives of FRBank of Richmond and Board re plans for emergency facility presented, importance of continuing active operations at location stressed, agreed to advise Bank of Board's concurrence in proposal so that Bank could move ahead with development of plans and construction of facility at site http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/2 4160,4185-86 12/3 4192 12/16 4376, 4393 12/16 4376,4394-5 12/4 4207, 4233 1963 319 Pages Currency: (continued) Exhibits, FRnotes, one dollar denomination, Division of Administrative Services authorized to work with Messrs. Molony and Daniels to prepare a suitable exhibit of, understood that an examination would also be made to determine the condition of the specimen currency now on display Letter to Presidents of all FRBanks with reference to exhibits re Shipments of: FRnotes, new, discussion re proposal of Brink's Incorporated with respect to, as opposed to Post Office facilities, understood that the Treasury and Post Office Departments would be contacted prior to further consideration by Board, reservations re the Brink's proposal expressed by Governors Mills and Robertson Status of proposal of Brink's Inc., reviewed, further reference to possible combination of air and truck transportation, report by Chm. Martin re conversation with Treasury Secretary Dillon, agreed Post Office Dept. might be contacted following receipt of Treasury views Board would not object to proposal from Brink's Incorporated, involving combination of airtruck transportation, advice to be sent to Presidents' Conference Committee on Miscellaneous Operations, subject to check by Gov. Mitchell with Postmaster General, position of Treasury Dept. reported by Chm. Martin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/6 3827 11/7 3884 1/9 64-67 3/6 799 4/12 1209-10 1963 320 Pages Currency: (continued) Shipment of: (continued) FRnotes, new: (continued) Offer made by Brink's Inc., to transport new FRnotes from Washington to the various FRBanks and branches, no objection by Treasury and Post Office Departments, Board would not object in principle to the use of private carriers, advice to Eliot J. Swan, Chm. of the Committee on Miscellaneous Operations and from member banks, increase to Coin and, in postal or armored car rates on, noted as factor in increase in FRBank budgeted expenses for budget period of last half of 1963 District lines, crossing, at the initiative of FRBanks or at the request of member banks, with no expense to member banks involved, Board interposes no objection to such arrangements, advice to FRBanks Letter to Chairman Swan of the Presidents' Conference Committee on Miscellaneous Operations explaining that interpretation of Board's letter re, was correct in including shipments of coin as well as paper currency Structure of U.S., overall review of, agreed to defer consideration of question re single issue of FRnotes and possibility of changing legend on FRnotes, "redeemable in lawful money," pending such review On, William L., Congressman: H.R. 113, a bill which specifies that the budget submitted by the President to the Congress include an item for not less than $2 billion to be applied toward reducing the na tional debt, report sent to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/9 1510, 1519 6/25 2055 7/19 2355, 2363 9/6 3058, 3070 2/14 554 2/14 552, 563 1963 321 Pages Dawson, William L., Congressman: (continued) H.R. 867, H.R. 886, H.R. 889, H.R. 1920, H.R. 2413, and H.R. 3289, bills to amend Budget and Accounting Act, 1921, to provide for retirement of the public debt, by setting aside specified percentages of budget expenditures for that purpose, report sent to H.R. 1711, a bill to amend the Employment Act of 1946 to establish policies with respect to productive capital investments of the Government, report sent to H.R. 3496, a bill to extend for two years the Reorganization Act of 1949, as amended, report to, approved H.R. 7879, a bill to establish a Department of Consumers within Federal Government, unfavorable report to, Chm. of House Committee on Government Operations Deaths: Kelley, Jerome T., Senior Federal Reserve Examiner, Div. of Examinations, on Nov. 1, 1963, noted today on behalf of Board a memorandum from Div. of Personnel Administration advising of death of Indicated that on Nov. 1, 1963, while in official travel status, during the examination of the Omaha Branch of the FRBank of Kansas City Norton, Wilbur H., Class C of FRBank of Boston, death noted Stone, Harold F., Analyst, Division of Bank Operations, death in active service noted Travel status, recommended policy covering payment of expenses incident to the death of an employee while in official travel status, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/14 552, 563 2/26 683, 694 3/22 987, 1006 8/21 2836, 2845 11/5 3813 11/20 4069, 4080 5/6 1484 5/17 1635 11/20 4069, 4080 1963 322 Pages Debentures: Convertible, purchases by State member banks unlawful, national banks permitted by revision of Comptroller of the Currency of the Investment Securities Regulation, discussed in Legal Division memorandum, matter to be deferred for further consideration Issuance by United California Bank, Los Angeles, Calif., possibility of, in connection with its capital requirements, noted in letter from United California, staff to draft reply Decision to redraft letter referring to Bank's plan re possible use of debentures in augmenting capital, but not indicating Board's position with respect to Unfavorable attitude of Board toward, as means of providing bank capital, letter to United California Bank, Los Angeles, Calif., indicating approved Board's view repeated in letter acknowledging plans of United California Bank to increase capital by sale of common stock and capital debentures Issuance by Edge Act corporations, discussed in connection with redraft of proposed revision of Reg. K, consensus favored view expressed by Gov. Mitchell that it would be better to state that if an Edge corporation wanted to issue, it should obtain prior approval of the Board Use of capital, and capital notes, as a means of capital expansion: Discussed at joint meeting with Presidents' Conference, decision that Board would send copies of recent correspondence stating Board views to Presidents of all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/14 3534 3/20 961 3/22 987 4/1 1078, 1088 7/10 2219, 2250 6/26 2090 12/3 4199 1963 323 Pages Debentures: (continued) Use of capital, and capital notes, as a means of capital expansion: (continued) Interpretation by the Comptroller of the Currency re, for use by National banks memorandum to be prepared for Board's consideration ts: accoun Debits to suspense , FRBank of Boston in report of examination of, question was raised whether a debit balance in suspense account described as "differential" on Canadian currency meant that FRBank of Boston was absorbing discount on Canadian coin deposited with it, and if so, for what reason Debt: Public: H.R. 113, a bill which specifies that the budget submitted by the President to the Congress include an item for not less than $2 billion to be applied toward reducing the national debt, report sent to Congressman Dawson H.R. 867, H.R. 886, H.R. 889, H.R. 1920, H.R. 2413, and H.R. 3289, bills to amend the Budget and Accounting Act, 1921, to provide for retirement of, by setting aside specified percentages of budget expenditures for that purpose, report sent to Congressman Dawson Defalcations: Davison State Bank, Davison, Mich. (now merged into Genesee Merchants Bank and Trust Co.) alleged misapplication of funds by an officer and an employee of, request from Genesee Merchants for examination reports of, for use in connection with claims filed under fidelity bond, agreed furnishing of reports would not be in public interest http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/27 4558 12/2 4162 2/14 552, 563 2/14 552, 563 5/16 1597,1624-25 1963 324 Pages Defalcations: (continued) State member banks, preventive measures being taken by Board to cope with violations of Criminal Code and, reply to inquiry from Congressman Fascell with respect to Definitions: Deposits: Savings, report by Mr. Hackley of Board's staff on meeting of three bank supervisory agencies, to discuss resolution of New Jersey Bankers Association recommending change in definition of, in regulations of Board and FDIC, suggestion that subject be scheduled for consideration by Board early in 1964 Noncash items, amendment to Reg. G with respect to, approved Department of Agriculture: SEE: Agriculture, Department of: Department of Commerce: SEE: Commerce, Department of: Department of Consumers: SEE: Consumers, Department of: Department of the Interior: Indian revolving loan fund, draft bill to amend the law establishing, proposed by, report sent to Budget Bureau Loans to Indians and Indian organizations, draft bill proposed by the Department of the Interior to provide for guaranty and insurance of, letter to Bureau of the Budget, indicating no comments Department of Justice: Administrative Conference of the United States, designation of Mr. Bakke as Board's representative to, as successor to Mr. Chase, advice to Executive Secretary of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/1 12/18 1419, 1427 4422 1/7 34, 51 2/26 683, 693 10/4 3435, 3440 1/18 175 1963 325 Pages Department of Justice: (continued) Arizona banking situation, 1956 study re, certain data re Valley National Bank of Arizona requested by, for use in civil antitrust suit also involving Arizona Bank and Arizona Bancorporation, FRBank of San Francisco requested to check for data in files re, letter to Justice re status of situation Board advised Assistant Attorney General Orrick that a previous search for Mr. Orrick's predecessor had failed to turn up any of specified materials re Arizona Bancorporation and Arizona Bank, but FRBank of San Francisco had found certain documents pertaining to, and Bank would make material available to Arkansas Bank and Trust Company v. United States, a taxpayer's refund case, request to FRBank of St. Louis from, for certain information relating to action by Arkansas Bank and Trust Company, Hot Springs, Arkansas, in leasing land upon which it subsequently constructed a new banking house, advice to FRBank of St. Louis with respect to information that may be released to Justice Dept. Bank mergers, applications,meeting called by, to discuss possibility of holding meetings with Justice Dept. and Federal bank supervisory agencies to exchange views on, Comptroller of Currency did not choose to attend, Govs. Mills, Robertson, and Balderston expressed some doubts on meetings, Chm. Martin in favor of, agreed to table question of interagency staff meetings, Justice Dept., to be advised that Board had not yet made a decision re participation in such meetings http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/14 1564,1572-74 9/11 3091,3101-04 10/16 8/19 3561, 3577 2799 1963 326 Pages Department of Justice: (continued) Deposits-by-Counties, data furnished to, request for verification, explanation, and permission to disclose in judicial proceedings, letter to Justice 10/30 Department approved Interest rates, fixing of: Antitrust action against certain banks in connection with, possibility referred to by representatives of, indication that Board's views might 7/17 be requested Mr. Solomon indicated that there had been 7/18 additional informal discussion re Complaint filed by, against Minnesota banks re violations of the Sherman Act involving fixing amounts of rebates, absorbing losses in sale of Government securities, absorbing exchange charges, furnishing supplies to correspondent banks free of charge, and, agreed that members of Board's staff meet with, to discuss proposed consent decree to dispose 9/4 of civil action re reN.Y., Trust Company, N.Y., Manufacturers Hanover port on visit by Justice Dept. representatives, re pending litigation on the approved merger of Manufacturers Trust Company and The Hanover Bank under the title of, and possibility of Board assistance in working out a settlement of the 7/17 Justice Department suit 7/18 re Further report by Mr. Solomon to incident Pan American Bank of Miami, Florida, Federal grand jury investigation being conducted concerning what was believed by Government to be an insurance program fraud, request for access to certain examination reports (1961 and 1962) and correspondence including certain confidential sections agreed to provide under custody of FDIC Examiner Lindsey, with certain stipulations suggested by Governor Robertson re confidential sections, 9/24 Governor Mills dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3713, 3720 2333 2342 3033 2333 2341 3301,3306-14 1963 327 Pages Department of Justice: (continued) Whitney Holding Corporation, New Orleans, La.: Question whether appeal should be taken from District Court decision in suit brought by New Orleans bank against Comptroller of Currency, in light of pending court review of Board's order re, reply to inquiry from Justice Board's approval of applicare Litigation tion to become a bank holding company, delay being sought by petitioners based on certain exhibits being deposited with the Court under seal by Justice, Mr. O'Connell authorized to advise Justice of Board's position re proposed statements re exhibits Litigation re Board's approval of application to become a bank holding company, request for comment from Dept. of Justice re Court of Appeals decision on litigation re, Board letter stating decision would not constitute a precedent with respect to relationship between bank holding company and bank, Board not obliged to apply State branch banking statutes in course of considering applications under Bank Holding Company Act Letter to, advising that Board's recommendation of Aug. 22, 1963, re question of petition for certiorari in case of Saxon v. Bank of New Orleans and Trust Company remains unchanged Department of Labor: Nomination of Arbitrators, proposed Rules as revised under section 11 of Executive Order 10988, letter to Secretary of Labor offering no comments, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/7 32, 47 3/27 1036 8/22 2852, 2881 11/6 3823, 3832 3/11 841, 868
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