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INDEX TO MINUTES OF BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1963 (PART 2) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 328 Pages Deposits: Abandoned property: SEE: Deposits: Dormant accounts Absorption of postage charges, on weekly shipments of currency by State member bank to a non-bank customer, Board's opinion such absorption should not be considered an indirect payment of interest on deposits exchange charges: Absorption of Cass Bank and Trust Company, St. Louis, No., noted in examination report, charges absorbed in excess of 2 a month, discussion re procedure to follow, understood no warning letter would be sent, matter to be reviewed following issuance of report of Committee on Financial Institutions 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 present time, consideration given to complaint by Mr. Bolton, Chm. of Rapides Bank & Trust Co., Alexandria, La., re inadequacies of Reg. Q in relation to, reply indicating hope that review of Reg. Q would result in action before the end of the year, approved Memorandum submitted by Legal Div. per request by Board re, discussion re possible revision of Reg. Q, Chm. Martin's suggestion that particular problem of absorption of exchange charges be taken up in mid-November meeting of FAC and subsequent meeting with FAC discussion for Topic http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/18 170, 183 3/18 903 6/26 2073, 2118 10/10 10/29 3510 3698, 3705 1963 329 Pages Deposits: (continued) Absorption of exchange charges: (continued) Mr. llackley's memorandum discussed in connection with Board's position re, in preparation for discussion at joint meeting of FAC Opinion expressed at joint meeting of FAC that regulation re absorption of exchange charges by member banks should be enforced, although regulation may be difficult to enforce effectively, members of Counsel continue to believe that no change should be made in present regulation Problems and Board's position discussed at joint meeting with Presidents' Conference Computation of interest: Savings accounts, question re a member bank crediting interest semiannually on all, at a rate of 47 per annum and recomputing and adjusting the interest on any part of the savings deposit that does not remain in the bank for 12 months, permissible under Reg. Q advice to FRBank of Dallas Time certificates of deposit, question whether an extra day's interest may be paid on,which fall due on a day declared by State law to be a legal holiday, advice to Smith, Axtell and Howell, Jacksonville, Florida Demand, possible extension of reserve requirements to all insured banks, and possible computation of reserves on a graduated basis, Board concurrence with recommendation of Committee on Financial Institutions re, discussed in consideration of deposit insurance bill http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/18 4016 11/19 4058 12/3 4196 6/24 2042, 2048 11/14 5/15 3947, 3964 1578 1963 330 Pages Deposits: (continued) Demand: (continued) Statement re, included in report to Budget Bureau on deposit insurance bill Question re restating Board's position re, in second report to Budget Bureau Dormant accounts (funds) either of U.S. Government origin or belonging to the Government, proposed action of Fiscal Service, Treasury Dept., in sending letter to all insured banks requesting reports re, approved by Board State statutes relating to, letter to FRBanks re compliance with, and re possible efforts of State authorities to examine or inspect books of FRBanks under, position of Presidents' Conference reviewed exemptions from interest rate Foreign time, limitations: Bank of Ryukyus, question re eligibility of time deposits of, raised by First National City Bank of New York, determination that deposits not eligible for exemption, advice to FRBank of New York Coal and Steel Community, no objecEuropean tion for members of Board to meet with representatives of, to discuss, Chm. Martin indicated that he would endeavor to discuss subject with Under Secretary of the Treasury Roosa, possible need for new legislation indicated by Gov. Robertson Report by Mr. Hackley re meeting of representatives of, with staff members and Mr. Crowley (FRBank of New York), noted that State Dept. regards the Community as a supranational agency http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/16 1599, 1627 5/27 1770 5/23 1720, 1745 7/18 2338, 2348 3/12 878, 883 1/10 80 1/25 267 1963 331 Pages Deposits: (continued) Foreign time: (continued) European Coal and Steel Community: (continued) Meeting of Board with representatives of, discussion re activities, powers, and organization of the Community and request from its representatives that it be considered as falling within the scope of the term "foreign governments" for purposes of Exemption determined not to be applicable to time deposits of, advice to FRBank of New York with notation that interpretation was not to be made public, copy of letter sent to State Dept. as matter of information FRBanks of New York, Chicago, and San Francisco requested to obtain information re, in addition to information re interest rates on time and savings deposits survey United Nations Special Fund and United Nations Technical Assistance Administration, question re eligibility of, in connection with, agreed to defer final decision pending meeting with representatives of European Coal and Steel Community Exemption determined not to be applicable to time deposits of, advice to FRBank of New York with notation that interpretation is not to be made public United Nations Temporary Economic Administration, request for interpretation re, withdrawn by member bank concerned Indirect payment of interest: Postage charges, absorption of, on weekly shipments of currency by a State member bank to a nonbanking customer, Board's opinion such absorption should not be considered an indirect payment of interest http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/25 270 2/14 555, 565 2/6 469, 474 1/18 171 2/14 557, 567 2/14 567 1/18 170, 183 1963 332 Pages Deposits: (continued) Insurance: SEE: Insurance: Deposits Maximum rates of interest on: Question re possible increase on time deposits having a maturity of less than six months, topic for discussion with FAC Belief that bankers generally would not favor at the present time, views expressed at joint meeting with FAC Standby authority over, suggestion in report of Committee on Financial Institutions re, Mr. Solomon designated to attend interagency meeting to prepare draft legislation re Draft bill (deposit insurance bill)to provide standby authority to Board and FDIC over member and nonmember banks, and to authorize Federal Home Loan Bank Board to fix maximum dividend rates payable by members of Home Loan Bank System, 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 that Board was unable to express views by indicated deadline Revised draft discussed, report to Budget Bureau approved, Gov. Mills dissenting Proposed change in revised draft re criteria for fixing maximum interest rates reviewed, agreed Board would not reply formally to Treasury Dept. staff member's request for Board's views, telephone advice to be given to Treasury and Budget Bureau Formal report on second revised draft sent to Budget Bureau, Gov. Mills dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/5 440, 456 2/19 633 4/26 1347 5/15 1578 5/16 1599, 1627 5/23 1728 5/27 1768, 1780 6/4 1815 6/10 1860, 1874 1963 333 Pages Deposits: (continued) Maximum rates of interest on: (continued) Time certificates having maturities of 90 days to 6 months and 6 months to one year, increase urged by FR Bank of New York, views expressed by Governors Balderston and Mills as well as staff members, suggested that comments be summarized and made available for further study, memoranda from Messrs. Furth, Dembitz, and Partee distributed later to Board Views of Chm. Martin re maximum rates of interest and re proposal for stand-by authority Possible increase in, discussed in relation to Euro-dollar rates, U.S. balance of payments problem, and possible increase in discount rates Amendment to the Supplement to Reg. Q, effective July 17, 1963, to provide a maximum permissible rate of 4 per cent on time deposits having a maturity of 90 days or, more, approved, to be published in the Federal Register, press release issued Similar action increasing maximum rates payable on time deposits in nonmember insured banks taken by FDIC Savings: Certificates with fixed maturities payable at a specified date or at the expiration of a specified period after date of issue, question by Beloit State Bank, Beloit, Wis., whether deposits evidenced by forms of, could be classified as, under Reg. Q, advice to FRBank of Chicago http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/11 2255-61 7/16 2303 7/16 2289 7/16 2307, 2314-17 7/16 2307 6/11 1879, 1893 1963 334 Pages Deposits: (continued) Savings: (continued) Corporations, associations or other organizations operating for profit or otherwise, allowed to carry savings accounts in national banks as interpreted by the Comptroller of the Currency, press statement approved indicating Board's authority to define Definition of, in light of improper use of, tentative draft of possible revision of Reg. Q, prepared per request by Legal Div. for Board, discussion on, to be considered at subsequent Board meeting Defintion of, in resolution adopted by the Board of Directors of FDIC re recommendation by New Jersey Bankers Association, that section 217.1(e) of Regulation Q and section 329.1(e) of the Rules and Regulations of FDIC be amended, and that interagency conferences of the Federal bank supervisory agencies be arranged to evaluate and study recommendation, understood that Gov. Robertson would contact Director Wolcott for additional information objection to appropriate members of No Board's staff participating in initial meeting pertaining to study announced recently by FDIC relating to Report by Mr. Hackley 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/26 4550,4553 10/10 3510 11/8 3895 11/18 4016 12/18 4422 1963 335 Pages Deposits: (continued) Savings: (continued) Interest payment on question re savings in banks taken over by other 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 bank, allowing continued payment of the maximum 4% on funds having been on deposit for 12 months, to be published in FRBulletin and Federal Register, advice to Presidents of all FRBanks maximum rate a member bank may re Question pay on, under provisions of Reg. Q, reply to John M. Dorer, Strasburg, Va., re a deposit with the State National Bank, Bethesda, Md. Question re a member bank crediting interest semiannually on all savings accounts at a rate of 4% per annum and recomputing and adjusting the interest on any part of the savings deposit that does not remain in the bank for 12 months, advice to FRBank of Dallas re establishing a flat 4 per cent Question maximum rate instead of present split rates of 3-1/2 per cent for deposits of less than one year and 4 per cent for those on deposit for one year or more, general agreement that no change be made at this time United Security Account Plan of Citizens Bank & Trust Company, Park Ridge, Illinois, 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/31 382, 403 2/1 411, 415 6/24 2042, 2048 7/16 2299,2301 3/1 739, 755-56 1963 336 Pages Deposits: (continued) Savings: (continued) Withdrawal of savings by coalition depositors of banks that propose to merge, no objection to a liberal interpretation of Reg. Q with respect to interest on unexpired terms on, customer could withdraw any part of his savings deposit at any time and the bank, if it wishes, could pay accrued interest up to time of withdrawal Savings accounts: Associated Hospital Service of Philadelphia, letter from Comptroller of the Currency to a national bank indicating a favorable opinion re eligibility of, to maintain a savings account with a national bank, notwithstanding Board's interpretation re ineligibility, understood staff to draft letter to Comptroller indicating Board's view that authority to define a savings account includes authority to declare who may have one Agreed to send reply to Comptroller's letter interpreting Reg. Q as to eligibility of, to maintain a savings account copy of letter to be sent to Congressman Multer and to FRBanks Reply to Comptroller of the Currency with respect to jurisdictional question re interpretation of banking laws and regulations, restates Board's previously published interpretation of Reg. Q with respect to the eligibility of, to maintain a savings account Authority of Board to define, in member banks, under sec. 19 of the FRAct, question whether amendment to Bankruptcy Act authorizing trustees in bankruptcy to deposit funds in interest-bearing savings deposits, affects such authority, Legal Division's view that Board's authority is not affected http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/13 3916, 3935 3/18 912 4/30 1395-98 5/6 1507 6/20 2002 1963 337 Pages Deposits: (continued) Savings accounts: (continued) Authority of Board to define: (continued) Letter to FRBank of San Francisco which raised question approved, Gov. Mitchell dissenting, understood interpretation of letter would be published in Federal Register and FRBulletin, FDIC in agreement Stated in press statement, in light of ruling by Comptroller of Currency that national banks may accept funds deposited to the credit of one or more individuals or a corporation, association, or other organization whether operated for profit or otherwise Funeral home, question re deposit by, in a savings account,moneys deposited with the home by various individuals to cover the cost of future funeral services, Board indicated that funds would qualify as a savings deposit under sec. 217.1(e)(1)(i) of Reg. Q Officers' "open" mess, considered to be eligible for classification as a savings deposit under Reg. Q Trustees in bankruptcy, eligibility of deposits of, question raised in light of amendment to Bankruptcy Act authorizing such trustees to deposit funds in interest-bearing savings deposits, understood staff to draft amendment to Reg. Q to provide that trustees in bankruptcy, liquidating agents and receivers, are entitled to maintain http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/16 12/26 2734, 2791 4550, 4553 6/7 1840, 1848 1/24 238, 249 6/20 2002 1963 338 Pages Deposits: (continued) Savings shares, request by Indian Bead National Bank of Nashua, N.H., for ruling re payment of interest at the maximum 47. on funds, having been on deposit for 12 months, and represented as, and being acquired by purchase of assets and assumption of liabilities of Claremont Co-operative Bank, a building and loan association, emphasis In draft reply re status as deposits, of share accounts in building and loan association, criticized, agreed that letter would be redrafted for further consideration Letter to FRBank of Boston indicating no objection, approved Time certificates: Exchange of outstanding certificates having maturities of 12 months or more, for new certificates having maturities of 90 days or more, in light of Board's recent action of increasing maximum rate on time deposits with maturities from 90 days to one year, this would constitute payment of time deposits before maturity in violation of Reg. Q, advice to FRBank of Chicago fee, question from B.C. Morton Finder' Organization Inc., Boston, Mass., re payment by a bank of a, for moneys referred to them by a third party for certificates of deposit, advice to FRBank of Boston maturities payable at a specified Fixed date or at the expiration of a specified period after date of issue, question by Beloit State Bank whether such forms of certificates could be classified as savings deposits under Reg. Q, advice to FRBank of Chicago http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/30 291 1/31 381, 404 7/24 2419, 2432 6/7 1840, 1846 6/11 1879, 1893 1963 339 Pages Deposits: (continued) Time certificates: (continued) "Franklin Time Savings Certificates": SEE: Deposits: Time certificates: Long term Growth, question with respect to volume and rates on time certificates of deposit, views on sharp growth in, for bank liquidity needs, topic for discussion at FAG Council believes that growth of time certificates of deposit will continue and that rates on these deposits will tend to remain near present levels, some concern that banks may be unable to offer competitive rates necessary to retain these funds, discussion at joint meeting of Board and FAG Interest, payment on, in reference to section 217.3(f) of Regulation Q, question whether an extra day's interest may be paid on time certificates of deposit which fall due on a day declared by State law to be a legal holiday, advice to Smith, Axtell and Howell, Jacksonville, Florida Long-term: Inquiry from First National Bank, Port Arthur, Texas, whether it could continue to pay present maximum rate under a 3-year contract if Board during that period should reduce the maximum rate of interest permitted, reply approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/29 3698, 3705 11/19 4048 11/14 3947, 3964 117 35, 56 1963 340 Pages Deposits: (continued) Time certificates: (continued) Long-term: (continued) Proposed amendment to Reg. Q to require member banks to modify contracted interest rate payable on, if necessary to conform to any action by Board reducing maximum permissible rate, agreed to postpone publication pending discussion by Gov. Robertson with Chairman of FDIC in light of disinclination of FDIC to amend its regulations re Reference to possible amendment of Regulation Q providing for modification of the interest rate on, in case of a reduction in the permissible rate, further consideration suggested in light of approved letter to FRBank of New York re interest rate on 20year "time savings certificates" issued by the Franklin National Bank, Mineola, New York Maximum rate of interest on: SEE: Deposits: Maximum rate of interest on: Name deleted of one depositor from a 12month certificate originally issued jointly, would not constitute a violation of Reg. Q, advisable to have consent of both depositors, advice to Exchange National Bank, Winter Haven, Florida Reference to a 1960 ruling re the transfer of a certificate, deciding factor as to whether or not the deposit is paid out by the member bank prior to maturity Negotiable, corporate, question re possible competitive abuses due to rapidly expanding use of, topic for discussion with FAC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/7 35 4/2 1110, 1125 8/1 2527, 2541 8/1 2527 2/5 440, 456 1963 341 Pages Deposits: (continued) Time certificates: (continued) Negotiable: (continued) Belief that no significant competitive abuses have arisen from the expanding use of, expansion has resulted in shifts in types of bank assets and will tend to lessen the liquidity of the banking system due to pressure to use these funds profitably, views expressed at joint meeting with FAC Proposal by Gov. Robertson to amend Reg. Q to place a limit on the amount of such certificates a bank can have outstanding at one time Question raised by Gov. Balderston as to whether FRExaminers might be alerted re, in order to discuss proposal with banks, Gov. Robertson not in favor unless examiners were to receive advance guidance or a definite policy statement from Board, no expression of any difference of view by other Board members Recommendations of the System Research Advisory Committee and its subcommittees that weekly reporting member banks 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, approved by Board, advice to Presidents of all FRBanks Terms of, as used by The Oberlin Savings Bank Company, Oberlin, Ohio, question re compliance under sec. 217.6 of Regulation Q, advice to FRBank of Cleveland re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/19 633 7/16 2301 7/17 2334 8/8 2597, 2633 4/19 1261, 1280 1963 342 Pages Deposits: (continued) Time certificates: (continued) Withdrawal of, by common depositors of banks that propose to merge, 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 Time and savings: Interest rate levels, developments and trends re, question re cost burden of higher, topic for discussion with FAC Continue to expand, but rate of increase less than a year ago, pressure to extend maturities and buy higher yielding assets has lessened, in general lending and investment policies have been consistent with accepted standards of bank liquidity and asset quality, views expressed at joint meeting with FAC Interest rates paid on, by certain member banks (from which information was collected in January 1962 survey), survey of, approved letter to FRBanks, separate letter to FRBanks of New York, Chicago, and San Francisco requesting additional information on interest rates paid on foreign time deposits Slackening in bank efforts to attract, question re, and any change in the pattern of bank investment of these savings inflows, topic for discussion with FAC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/13 3916, 3935 2/5 440, 456 2/19 633 2/6 469, 473-74 9/4 3019, 3046 1963 343 Pages Deposits: (continued) Time and savings: (continued) Slackening in bank efforts to attract: (continued) Belief that banks are making a less intensive effort to attract, however, no easing of interest rates, little change expected in bank investment portfolios, situations in individual Federal Reserve Districts reported, views expressed at joint meeting 9/17 3185 with FAC Window dressing: Notice to national banks by the Comptroller of the Currency re practice of, reply to Chairman Fascell of the House Legal and Monetary Affairs Subcommittee re Board's view with 2660, 2675 8/9 respect to represent Agreed that Governor Robertson would Board at hearings before House Legal and Monetary Affairs Subcommittee, statement to be prepared along lines suggested by discussion 9/26 3343 at meeting and Letters to Comptroller of the Currency FDIC approved, suggesting that joint meetings be held by representatives of FRBank, regional representatives of Comptroller's office, and FDIC, after which meetings with individual banks 10/7 3444,3459-60 engaged in, might be set up to unfavorable the Currency, Comptroller of proposed interagency approach re, FDIC favorable, Governor 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 10/25 3675 earlier position http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 344 Pages Deposits: (continued) Window dressing: (continued) Letter to FDIC expressing appreciation for willingness to have its Supervisory Examiners join FRBanks in meeting 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 Comptroller of the Currency Presidents of FRBanks on Nov. 21, Letter to 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 common depositors of banks by of, Withdrawal that propose to merge, no objection to a liberal interpretation of Reg. Q with respect to interest on unexpired terms on time certificates, and payment of accrued interest up to time of withdrawal on savings deposits Destruction of records: Board records, request for destruction schedules with respect to certain specified categories, submission to National Archives, authorized Dinners: Academic economists, discussion concerning arrangements for a meeting on January 30, 1964, of, no objection to date indicated, payment of the cost of a dinner to be given on January 29, 1964, authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/4 11/26 12/3 11/13 3/4 11/18 3752, 3773-74 4098, 4107 4195 3916, 3935 763 4026 1963 345 Pages Dinners: (continued) Auditors Conference, arrangements for dinner on May 1, 1963, approved Cosmos Club: Costs of a dinner and luncheon in connection with a meeting of representatives of the Bank of England, the British Treasury, and the International Monetary Fund with representatives of the Board, the U.S. Treasury, and the FR Bank of New York, approved, Mr. Ralph Young acting as host at the Payment by the Board of the costs of a dinner given at the, on May 21, 1963, on the occasion of the visit of officials of the Bank of England and the British Treasury, as requested by Ralph A. Young, approved Payment authorized to Mr. Young, Adviser to Board and Director, Division of International Finance, for his guests: Governor Mitchell, Robert L. Sammons, Adviser, Division of International Finance, and Javier Marquez, Director of Center for Latin American Monetary Studies, dinner on October 3, 1963 Dinner for Jasper Rootham, Chief, Central Banking Information Department, Bank of England, memorandum from Mr. Young, Adviser, to Board and Director, Division of International Finance re dinner for Mr. Rootham to be held on December 2, 1963, payment authorized Counsel of FRBanks, memorandum from Mr. Hackley, General Counsel of the Board, recommending Board authorize holding of a Conference of FR Bank Counsel, program to include a dinner http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/21 201 2/5 447 6/11 1888 10/3 3426 11/27 7/26 4131 2470 1963 346 Pages Dinners: (continued) Directors Day, March 20-21, 1963, program discussed including occasions for the visiting directors to meet members of the Board, the first occasion a dinner the evening of March 20th Reactions to the program expressed by directors, Board member, and members of the Board's staff, reviewed by Messrs. Fauver and Morgan, followed by general evaluation to be borne in mind for future programs of representatives of the conference Examiners' Bank Examination Departments of FRBanks to be held on March 1112, 1963, with dinner approved List of persons to be invited to attend dinner in connection with, approved FRBank of New York, question of using Bank's funds to pay for dinner, honoring certain officers scheduled to retire, consensus of Board that payment for dinner would involve an expenditure of questionable appropriateness, understood Chm. Martin and President Hayes would discuss matter further International Monetary Fund and International Bank for Reconstruction and Development, dinner in Board's building for Working Party 3 of the Economic Policy Committee of Organization for Economic Cooperation and Development delegates to, approved, dinner to be held on September 27, 1963 "Laboratory on Regression" sponsored by the Systems Committee on Computers in Research, Gov. Shepardson authorized on behalf of the Board, a dinner for approximately 75 people at the cost of about $530 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/11 855 5/1 1420 1/10 80 1/30 297 7/12 2276 8/13 2706 11/20 4078 1963 347 Pages Directors: Advisory, honorary, or consultative (special) of State member banks, including branches, instructions re detailed listing of, in reports of examinations rescinded, advice to all FRBanks, information re compensation of branch or honorary directors would continue to be provided in examination reports FRBank of Atlanta: Cheatham, J.M., currently serving as Class C director of FRBank of Atlanta, designated as Deputy Chairman of FRBank of Atlanta for the year 1964 A., Class C, appointment for John Hunter, three-year term to be tendered if willing to accept Willing to accept, appointment telegram sent on January 10, 1964 for unexpired portion of three-year term ending December 31, 1966 Jack, Chairman and FRAgent, designaTarver, tion for 1964 FRBank of Boston: Nominating advisory committees appointed by member banks to assist in nominating candidates for Class A and B directors of the FRBanks, invitation to President of, to participate in discussions re recommendations for nominating directors questioned, matter to be discussed with President Ellis when he is in Washington Canham, Erwin D., Chairman and FRAgent, designation for 1964 Fey, John T., Class C, President of University of Vermont, appointment to be made if willing to accept Advice received re willingness to accept, appointment telegram sent on September 25, 1963 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/9 1514, 1527 12/9 4259 12/9 4256 12/9 4257 10/23 7/17 10/23 3614 2329 3614 9/23 3281 9/23 3281 1963 348 Pages Directors: (continued) FRBank of Boston: (continued) Leeson, Robert, Class C, appointment to be made if willing to accept for unexpired portion of three-year term ending December 31, 1965 Unable to accept appointment Norton, Wilbur H., Class C, death of noted Sharpe, Henry Dexter, Jr., Class C, appointment to be made if willing to accept for unexpired portion of three-year term ending December 31, 1965 Unable to accept appointment Tanner, Fred C., Class C, appointment for an unexpired portion of the term ending December 31, 1965, to be made if willing to accept Unable to accept appointment Webster, William, Class C, reappointment for three-year term approved Appointment as Deputy Chairman for 1964 FRBank of Chicago: Briggs, Robert P., Chairman and FRAgent, designation for 1964 Hilton, James H., Deputy Chairman, appointment for 1964 W., Class C, reappointment for John Sheldon, three-year term approved FRBank of Cleveland: Clay, Albert G., Class C, appointment for three-year term to be tendered if willing to accept Willing to accept, appointment telegram sent on December 11, 1963 Hall, Joseph B., Chairman and FRAgent, designation for 1964 Johnston, Logan T., Deputy Chairman, appointment for 1964 FRBank of Dallas: Classification for purposes of electing Class A and B directors, changes approved Anderson, Robert 0., Chairman and FRAgent, designation for 1964 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/4 6/4 5/6 1821 1822 1484 6/4 6/4 1821 1822 5/6 6/4 1484 1821 10/23 10/23 3613 3614 10/23 3614 10/23 3614 10/23 3613 12/9 4256 12/9 4256 10/23 3614 10/23 3614 5/15 10/23 1578, 1588 3614 1963 349 Pages Directors: (continued) FRBank of Dallas: (continued) Levine, Max, Class C, appointment for threeyear term to be tendered if willing to accept Willing to accept, appointment telegram sent on December 16, 1963 Thomsen, Carl Jacob, Class C, appointment approved for the unexpired portion of a three-year term ending Dec. 31, 1964 Determined that Mr. Thomsen would accept, appointment telegram sent on Dec. 12, 1963, and designation as Deputy Chairman effective Dec. 17, 1963 FRBank of Kansas City: Classification for purposes of electing Class A and B directors, changes approved A., Class C, reappointment for Homer Scott, three-year term approved Designation as Chairman and FRAgent for 1964 Deputy Chairman, appointment Dolph, Simons, for 1964 FRBank of Minneapolis: Bean, Atherton, Chairman and FRAgent designation for 1964 Class C, reappointment for Judson, Bemis, three-year term approved Appointment as Deputy Chairman for 1964 FRBank of New York: Classification for purposes of electing Class A and B directors, changes adopted, Governor Robertson dissenting for reasons indicated Minutes of meetings of, for certain years with related papers, requested by Chairman Patman of the House Banking and Currency Committee, reported by Chairman 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4256 12/9 4256 12/9 4258 12/9 4258 6/21 2028, 2040 10/23 3613 10/23 3614 10/23 3614 10/23 3614 10/23 10/23 3613 3614 8/29 2953, 2972 4/2 1122 414 1141 1963 350 Pages Directors: (continued) FRBank of New York: (continued) (Individual names): Case, Everett N., Class C, reappointment for three-year term approved Reed, Philip D., Chairman and FRAgent, designation for 1964 Wise, James DeCamp, Deputy Chairman, appointment for 1964 FRBank of Philadelphia: Bevan, David C., Deputy Chairman, appointment for 1964 Hoadley, Walter E., Class C, reappointment for three-year term approved Designation as Chairman and FRAgent for 1964 Richmond: FRBank of Classification for purposes of electing Class A and Class B directors, changes approved H., Class C, reappointment William Grier, for three-year term approved Appointment as Deputy Chairman for 1964 Hyde, Edwin, Chairman and FRAgent, designation for 1964 Louis: FRBank of St. Classification for purposes of electing Class A and Class B directors, Board agrees with Bank's opinion that no change in existing classification is necessary at this time Longwell, J. H., Deputy Chairman, question re service as director if elected Mayor of Columbia, Missouri, in light of 1915 resolution, civic and nonpartisan nature of office of Mayor discussed, agreed Board would interpose no objection, Gov. Mills dissenting Appointment for 1964 approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/23 3613 10/23 3614 10/23 3614 10/23 3614 10/23 3614 10/23 3614 8/2 2557, 2564 10/23 10/23 3613 3614 10/23 3614 9/6 3058, 3068 3/20 962 10/23 3614 1963 351 Pages Directors: (continued) FRBank of St. Louis: (continued) Rebsamen, Raymond, Class C, appointment approved, and designated as Chairman and FRAgent for remainder of the year 1963 Chairman and FRAgent, designation for 1964 Self, William King, Class C, appointment for three-year term to be tendered if willing to accept Willing to accept, appointment telegram sent on December 10, 1963 Shepley, Ethan A. H., Class C, resignation in view of plan to stahd for nomination as a candidate for political office FRBank of San Francisco: Minutes of meetings of, during 1962, sent to Congressman Patman in connection with disappearance of certain Treasury certificates from vault at San Francisco Fredericks, John D., Class C, reappointment for three-year term approved Appointment as Deputy Chairman for 1964 Whitman, F. B., Chairman and FRAgent, designation for 1964 FRBanks: Class A and B: Nomination and election of, discussion re nominating advisory committees appointed by member banks to assist in, as revealed by FRBanks in answer to request for information re, in light of request by House Banking and Currency Committee for information re procedures with respect to, payment of expenses of such committees and invitation to President of FRBank of Boston to participate questioned, Legal Division to review procedure Letter to Congressman Patman, Chm. of the House Banking and Currency Committee, transmitting materials re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/2 10/23 3413 3614 12/9 4256 12/9 4256 10/2 3413 4/1 1079, 1089 10/23 3613 10/23 3614 10/23 3614 7/17 2325 7/17 2329, 2337 1963 352 Pages Directors: (continued) FRBanks: (continued) Class B: Bank stock owned by, request for information from Professor Mansfield of House Banking and Currency Committee staff re, Chm. Martin advised that same information had been requested before and did not reveal any questionable situation, no requirement that Class B directors could not own bank stock, understood Mr. Cardon would talk further with Professor Mansfield Insurance company and savings and loan association officers, sole occupation as, not eligible for Class B director, position taken in 1925 because a candidate for a Class B director should be actively engaged in commerce, agriculture, and industry, letter to all FRBanks re election of, with reference to 1925 interpretation Classification of member banks for purposes of electing Class A and B directors, question re changing, particularly formula for Group 1 banks, agreed no action would be taken at this time Mayor of Columbia, Missouri, question re service of J. H. Longwell as Director and Deputy Chairman of FRBank of St. Louis, if elected as, in light of 1915 resolution, civic and non-partisan nature of office of, discussed, agreed that Board would interpose no objection, Gov. Mills dissenting Political affiliations, 1915 resolution regarding, suggestion re studying with view to lessening rigidity of its language, also suggested similar results might be achieved through judicious administration http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/25 2444 8/19 2797, 2827 2/4 426 3/20 962 3/20 962 1963 353 Pages Directors: (continued) FRBanks and branches: Appointments, difficulties encountered in locating qualified persons to serve as, noted in discussion of question under 1915 resolution, which might bar service in civic areas Understood that members of the Board would assume responsibility for making inquiry as to appointment possibilities at Reserve Banks, including consultation with the Chairmen of such Banks and that the appointments to be made would then be considered further by the Board Meeting, Directors Day, March 20-21, 1963, tenative program including a dinner, luncheon, and possibly a buffet breakfast discussed, in light of favorable comments it was understood the breakfast would be included, presentation on supervisory responsibilities of the System to be included in the program Reactions expressed by directors, Board members, and members of the Board's staff to the program, reviewed by Messrs. Fauver and Morgan, followed by general evaluation to be borne in mind for future programs FRBranch banks: Baltimore: Cummings, Harry B., reappointment for three-year term approved Birmingham: Jones, Carl T., appointment for threeyear term if willing to accept Not available for appointment Buffalo: LaMont, Thomas E., reappointment for three-year term approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/20 964 12/4 4211 3/11 855-86 5/1 1420 10/23 12/9 12/9 10/23 3613 4257 4257 3613 1963 354 Pages Directors: (continued) FRBranch banks: (continued) Charlotte: Morris, Dr. James A., Dean of School of Business Administration, University of South Carolina, Columbia, South Carolina, appointment to be made if willing to accept Willing to accept, appointment telegram sent on December 16, 1963 Cincinnati: Langsam, Walter C., reappointment for three-year term approved Denver: Person, Robert T., reappointment for two-year term approved Detroit: Heavenrich, Max P., Jr., reappointment for three-year term approved El Paso: McNally, C. Robert, Jr., appointment for three-year term if willing to accept Advice received that Mr. McNally would accept, appointment telegram sent on December 20, 1963 Helena: Koch, Edwin G., appointment for twoyear term to be tendered if willing to accept Ascertained that Mr. Koch would accept, appointment telegram sent him on December 11, 1963 McClave, C. G., appointment approved if willing to accept, agreed that Chairman of FRBank of Minneapolis should ascertain willingness to accept Mr. McClave willing to accept, appointment telegram sent on October 18, 1963 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/12 4346 12/12 4346 10/23 3613 10/23 3614 10/23 3613 12/9 4257 12/9 4257 12/9 4258 12/9 4258 10/9 3492 10/9 3493 1963 355 Pages Directors: (continued) FRBranch banks: (continued) Helena: (continued) Newburn, H. K., resignation accepted, due to change of residence out of the Ninth District Reference to resignation Houston: Levine, Max, reappointment for threeyear term approved Peters, Lovett C., appointment for three-year term if willing to accept Advice received that Mr. Peters would accept, appointment telegram sent on December 27, 1963 Jacksonville: Edmunds, J. 011ie, reappointment for three-year term approved Little Rock: Blanks, Frederick P., reappointment for three-year term approved Los Angeles: Coons, Arthur G., appointment approved, if willing to accept Willing to accept appointment telegram sent on January 2, 1964, appointing him for the unexpired portion of a two-year term ending on December 31, 1965 DuBridge, Lee A., appointment for twoyear term to be tendered if willing to accept Not available for appointment Re-stated not available for appointment Ramo, Simon, appointment approved, if willing to accept Not available for appointment Louisville: Baker, Lisle, Jr., appointment for three-year term if willing to accept Willing to accept, appointment telegram sent on December 10, 1963 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/24 2043 10/19 3492 10/23 3613 12/9 4257 12/9 4257 10/23 3613 10/23 3613 12/16 4385 12/16 4385 12/9 12/9 4258 4258 12/16 4384 12/16 12/16 4385 4385 12/9 4257 12/9 4257 1963 356 Pages 1 Directors: (continued) FRBranch banks: (continued) Louisville: (continued) Green, C. Hunter, to be appointed for unexpired term ending December 31, 1965, if willing to accept Appointment telegram sent Memphis: Cooper, Sam, appointment for unexpired portion of three-year term ending December 31, 1965, if willing to accept Willing to accept, appointment telegram sent to him on December 11, 1963 LeMaster, Edward B., reappointment for three-year term approved Nashville: Ward, James E, appointment for threeyear term if willing to accept Willing to accept, appointment telegram sent on December 12, 1963 New Orleans: Blair, George Benjamin, appointment for three-year term if willing to accept Willing to accept, appointment telegram sent on December 11, 1963 Oklahoma City: Allison, James E., reappointment for two-year term approved Omaha: Harris, John T., reappointment for two-year term approved Pittsburgh: Bach, G. L., reappointment for threeyear term approved Willing to accept Portland: Barbey, Graham J., reappointment for two-year term approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/21 1/21 200 200 12/9 4259 12/9 4259 10/23 3613 12/9 4257 12/9 4257 12/9 4257 12/9 4257 10/23 3614 10/23 3614 10/23 10/23 3613 3615 10/23 3614 1963 357 Pages Directors: (continued) FRBranch banks: (continued) Salt Lake City: Price, Howard W., reappointment for two-year term approved San Antonio: Hagelstein, G. C., reappointment for three-year term approved Seattle: Anderson, Henry N., not eligible for reappointment under Board's rotation policy, will have completed six full years of service as director at the end of 1963 Fowler, Worth B., to be asked to serve as Director of Seattle Branch if Mr. William McGregor is unable to accept appointment McGregor, William, appointment to be made if willing to accept, for two-year term beginning January 1, 1964 Acceptance ascertained, appointment telegram sent November 8, 1963 State member banks: Special, including members of branch advisory boards and persons appointed in an honorary advisory capacity, detailed listing in reports of examination of, as previously requested, rescinded, advice to Presidents of all Federal Reserve Banks, information re compensation of branch or honorary directors to continue to be provided in examination reports as previously requested http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/23 3614 10/23 3613 10/23 3615 10/23 3615 10/23 3615 11/18 4028 5/9 1514, 1527 1963 358 Pages Discount officers of FRBanks: Meetings of: Board favors recommendation of the System Committee on Eligible Paper re, and the instituting of arrangements by the Presidents' Conference Committee on Discounts and Credits for the first of the periodic meetings of, Board to be represented Agreement that Mr. Holland, Adviser, Division of Research and Statistics, be designated as Board's regular representative to discount officers' meetings Report by Mr. Holland to Board's staff on Oct. 29, 1963, discussing increased pressure on, revision of Reg. A, and desirability of achieving uniform lending procedures, agreement with recommendation that discount officers meeting next year deal with means of judging and restraining continuous borrowing Discount window: FRBank of Chicago, Gov. Mitchell expressed opinion that reports of examination did not provide adequate coverage on administration of, borrowings of certain Seventh District member banks involved abuse of discount privilege; it was his thought that discussion with President Scanlon would be profitable Use of, 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 Discounts and advances by FRBanks to member banks: Eligibility of paper for, following the recommendation of Presidents' Conference, agreed that System Committee on Eligible Paper be discharged, understood Chairman of Presidents' Conference be advised http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/31 2515 9/19 3249 11/27 4121 10/16 3572 7/31 2517 3/19 944 1963 359 Pages Discounts and advances by FRBanks to member banks: (continued) Eligibility of paper for: (continued) Possibility of proposing legislation re, question re need for revising Reg. A under existing statutes, 4/24 comments by Gov. Robertson (deposit bill insurance Nonmember banks, draft bill) to extend Federal Reserve credit facilities to, question re extending reserve requirements to demand deposits, as well as to time and savings deposits, in 5/15 connection with Bureau, Goy. Mills Budget Report sent to 5/16 dissenting omitting received provisions Revised draft 5/23 re Angeles, Calif., Los Company, Notes of Colwell inquiry from Securities and Exchange re eligibility for, Board's view that they are not eligible for discount under sec. 13, FRAct, but not necessarily barred from being available for advances under 4/24 sec. 10(b), reply approved banks, member participations Notes held by in which have been issued to correspondent banks, question re eligibility for rediscount, or as security for an advance by FRBanks, advice to FRBank 6/7 of Boston Regulation A: SEE ALSO: Advances by FRBanks to member banks: Regulation A Revision of: Desirability re, suggested by Goy. Robertson, possible revision being drafted by staff as reported by Mr. Hackley, question re need for revision before proposing legislative changes re eligibility require4/24 ments http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1318 1578 1599, 1627 1728 1316, 1335 1839,1845 1318 1963 360 Pages Discounts and advances by FRBanks to member banks: (continued) Regulation A: (continued) Revision of: (continued) Draft eliminating provisions relating to "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 with the 6/18 Presidents Preliminary draft discussed in light of recommended legislative changes re eligibility requirements of paper for, staff requested to draft letters to Senate and House Banking and Currency Committees explaining the need and submitting the draft legislation, and to FRBank Presidents informing them of the proposed legislation and requesting comments on proposed revision of, understood that action would be cleared with Governors King and Mitchell, comments re memoranda by Gov. Mills with respect 7/24 to Discussion re draft letter to Chairmen of Senate and House Banking and Currency Committees re proposed legislation, agreed that letter would be revised for further consideration, draft letter to Presidents of 7/31 FRBanks regarded as satisfactory of House and Senate Chairmen Letter to Banking and Currency Committees approved and personally presented on Aug. 21st, letter to FRBank 8/8 Presidents transmitted Aug. 22nd http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1962 2407-08 2514 2617,2641-53 1963 361 Pages Dividends: Payment by member banks without request for Board approval, action of Muscatine Bank and Trust Company, Muscatine, Iowa, noted by Gov. Mills, Examinations Div. to follow operation of bank carefully (Individual banks): Effingham State Bank, Effingham, Ill., no objection to the declaration of dividends in 1961 and 1962, and the declaration of a dividend in June 1963, approved Declaration of a dividend to be made in the fourth quarter of 1963, approved Missouri, declaration of Hermann, Hermann Bank, dividends in 1961 and 1962, no objection by Board of dividend to be made on on Declarati December 17, 1963, approved Muscatine Bank and Trust Company, Muscatine, Iowa, declaration of a dividend declared in June, 1963, approved payments, without request dividend Extent of for Board approval, noted by Gov. Mills, Examinations Div. to follow operation of bank carefully Declaration of dividends to be made in December 1963, approved Prairie State Bank, Augusta, Kansas, declaration of dividend to be made in 1963, approved Rio Grande County Bank, Del Norte, Colorado, no objection to the declaration of dividends paid June 30, 1962, and December 31, 1962 Sterling State Bank, Mount Sterling, Ohio, declaration of a dividend payable June 30, 1963, approved Declaration of dividend payable Dec. 31, 1963, by, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/10 1857 5/22 1678, 1700 11/15 1/24 11/15 4006, 4012 238, 247 4006, 4011 6/10 1857, 1866 6/10 1857 11/18 4016, 4029 12/9 4246, 4267 5/22 1679, 1704 6/7 1840, 1847 11/29 4140, 4157 1963 362 Pages Dollar exchange: Southern Arizona Bank and Trust Company, Tucson, Ariz., 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 Dormant accounts: SEE: Deposits: Dormant accounts Douglas, Paul H., Senator: Federal Open Market Committee record of policy actions requested by Congressman Reuss, as member of Joint Economic Committee, in advance of submission of Board's Annual Report to Congress, following letter to, advising that record would be sent as soon as possible, Gov. Mills dissenting Gold reserve requirements of FRBanks, reply to, re inquiry with respect to, approved subject to discussed changes Dual Banking System, Centennial of the Proclamation re: SEE: Proclamations: Dual Banking System, Centennial of the 4/24 1315, 1329 2/4 428, 437 11/4 3755, 3779-86 8/8 2597, 2637 Ett Earnings and dividends reports: Unpublished historical information from condition and, requested for use in a doctoral thesis by Mr. Albert Cox, Jr., American Bankers Association, to be made available with the usual understanding that no figures for individual banks will be disclosed Ea rnings and expenses: FRBanks, proposed 1963 year-end entries to profit and loss accounts of, noted without objection, understood that respective FRBanks would be advised by telegram http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/19 4459 1963 363 Pages Eastland, James 0., Senator: 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 after notice of proposed rule is published in Federal Register, re759, 770 3/4 port sent to S. 1663, a bill to amend Administrative Procedure Act, letter to, Chairman of Senate Judiciary Committee, reporting on, approved, Board favors but suggests that action be deferred until decision is made re establishment of a permanent Administrative Con11/1 3734, 3744 ference such to agencies copies with to, sent Report 12/4 4206 as requested access to them 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, as Chairman of Com6/20 1991, 2015 mittee on the Judiciary S. 1666, a bill to amend the Administrative Procedure Act, sec 3, to clarify and protect the right of the public to information, Board favorable to stated purposes, but questions provisions re disclosure of certain confidential information, and disclosure of vote of Board members in all proceedings, report sent to, Chm. of the Senate 2175, 2180 7/2 Judiciary Committee Economic Commission for Asia and Far East (ECAFE): Meetings, Robert F. Emery, Economist, Division of International Finance authorized to serve as a U.S. representative to meeting of ECAFE Working Party on Economic Development and Planning to be held in Bangkok, Thailand, Sept. 16-23, 1963, with understanding his travel would be at Board expense and that his trip would include visits to Japan 2663 8/9 and other countries http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 364 Pages Economic conditions: Domestic, developments and observations: Topic for discussion with FAC Views expressed at the joint meeting with FAC Topic for discussion with FAC Views of FAC expressed at joint meeting Topic for discussion with FAC Views expressed at joint meeting with FAC Domestic, effects of anticipated tax cut, whether prices will rise, and quality of consumer and business credit: Topic for discussion with FAC View that the business outlook is favorable and that taxes will be cut having a stimulating effect on the economy, expressed at joint meeting with FAC Economic consultants to Treasury: Meeting of: SEE: Meetings: Economic consultants to Treasury Economic Research Institute of Drew University, Div. of Research and Statistics authorized to contract for a banking market study with, provisions for cost of contract to be made in 1964 budget of Div. of Research and Statistics Edwards, Frank, request for unpublished condition report data for use in preparing his doctoral thesis, recommendation by Div. of Bank Operations to furnish requested information, approved Erne rgenCy 2/5 440, 456 2/19 4/30 5/21 9/4 628 1391, 1406 1663 3019, 3046 9/17 3178 10/29 3698, 3704 11/19 4039 10/31 3724 2/21 665, 678 9/11 3092,3108-3119 plans: Board of Governors: 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 365 Pages Emergency plans: (continued) Cash agent banks: Presidents' Conference agreed that individual Reserve Banks should determine whether cash placed with, 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 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, problem re classification of money stored at FRBank of Richmond, under control of two groups of officers, no objection to one group being appointed FRAgents representatives for custody of FRnotes Currency vault, plans for emergency relocation facility for the joint use of FRBank of Richmond and Board to include, report of joint study 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 Detroit Branch: Fallout shelters at FRBank of Chicago and Detroit, no objection to, expenditures authorized Fallout shelters: H.R., a bill relating to incorporation of, in Federal structures, understanding re testimony by Chm. Martin before Subcommittee No. 3, House Armed Services Committee http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/3 12/16 4192 4376,4393-95 12/4 4207, 4233 9/18 3212, 3238 6/4 1814 1963 366 Pages Emergency plans: (continued) FRAgent's representatives, incident to matter of cash with cash agent banks Mr. Hexter of Legal Division pointed out that the use of FRBank officers at FRAgent's representatives was not in accord with section 16 of FRAct, it would be desirable from a legal standpoint to amend this section since FRnotes are substantially under the control of the FRBank at the time they are shipped to the Bank FRBank of Chicago: Fallout shelters at FRBank of Chicago and Detroit Branch, no objection to, expenditures authorized 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, cost to be higher than that of any other FRBank shelter, letter to FRBank of Dallas approving plan, Gov. Mitchell dissenting Relocation facility for the joint use of Board and FRBank of Richmond, to include an emergency currency vault, report of joint study by representatives of FRBank of Richmond and Board re, importance of continuing active operations at the 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/16 4378 9/18 3212, 3238 8/12 2681, 2697 12/4 4207, 4233 1963 367 Pages Employment Act of 1946: H.R. 1711, a bill to amend, to establish policies with respect to productive capital investments of the Government, report sent to Congressman Damson England: Commercial Export Credit Company Limited, London, England, consent granted to Manufacturers Hanover International Banking Corporation, New York, N.Y., to purchase stock of Limited, London, England, conCo., & M., Samuel sent granted to International Banking Corporation, New York, N.Y., to purchase shares of Equipment: Board of Governors: Computer, 1410, paper and magnetic tape requirements for, underestimated in 1963 budget, overexpenditure approved Rental for 1964, provision for, in 1964 budget, approved Buffalo Branch: Electronic 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 Data Processing: Interagency Committee on Automatic, Bureau of the Budget, nomination of M.H. Schwartz, Director of the Division of Data Processing, as the Board's representative on, letter advising approved Use of electronic data processing in banks, Dr. Felix Kaufman of Lybrand, Ross Bros. & Montgomery of N.Y. City, to be invited to discuss, at Examiners Conference, understanding re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/26 683, 694 7/3 2186, 2201 1/30 289, 299 10/24 3639,3650-51 12/9 4252, 4276 2/7 478, 491 1/16 134 2/20 652 1963 368 Pages Equipment: (continued) Expenditures, question re observation of expansion in expenditures for plant and, topic for discussion with FAC Increase in the months ahead in prospects for an expansion in plant and equipment expenditures, due to the improved expectations of businessmen, views expressed at joint meeting with FAC FRBank of Atlanta: Bank Transit System, IBM 1420, intention to contract for rental of, no objection FRBank of Boston: Electronic check processing equipment, report of examination of, revealed unsatisfactory performance record in check collection department, recommendation to replace highspeed equipment currently leased from National Cash Register Company by high-speed complex manufactured by Burroughs Corporation, agreement that study be made FRBank of Dallas: Electronic check processing system, no objection to acquisition of Burroughs B-270 high-speed check processing equipment under lease-purchase agreement FRBank of New York: Electronic check processing system, acquisition on rental basis of IBM 14011419, with understanding re replacement by IBM 1420 system under a lease-purchase agreement, no objection, reference to intention to order second 1420 system, decision deferred http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/4 3019, 3046 9/17 3179 2/20 647, 656 12/2 4161 1/4 3, 12 3/12 878, 882 1963 369 Pages Equipment: (continued) FRBank of Philadelphia: Electronic check handling equipment, no objection to rental of third complement of, understanding re rental of IBM 1401-1419 system, to be replaced with an IBM 1420 system in 1964 under a purchase -option agreement Louis: St. of FRBank Electronic check processing equipment, acquisition of IBM 1420 system, at certain monthly rental, and supporting lowspeed encoding equipment, no objection FRBank of San Francisco: Electronic check processing, letter noting plan to obtain new and improved check processing equipment approved FRBanks: Currency counting machine used at FRBank of Philadelphia, question re possible use at other FRBanks, even though it affords little opportunity to detect counterfeits, submitted to Chm. Irons of the Presidents' Conference for views of Presidents Electronic check processing 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 FRBanks and Branches: Electronic, letter to Presidents of all FR Banks revoking previous request that the Board be advised in advance of the proposed acquisition of costly Seattle Branch: Electronic check-processing equipment (Univac BP I), no objection to the rental, under leasepurchase agreement, of two complements of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/27 698, 707 4/1 1078, 1084 2/1 411, 414 8/30 2984, 2993 12/18 4417 4/10 1191, 1193 2/21 665, 675 1963 370 Pages European Coal and Steel Community: Time deposits of: Applicability of exemption from interest rate limitations of foreign time deposits, pursuant to P.L. 87827, with respect to, no objection for members of Board to meet with representatives of, Chm. Martin indicated that he would endeavor to discuss subject with Under Secretary of the Treasury Roosa, possible need for new legislation indicated by Gov. Robertson Meeting of Board's staff members and Mr. Crowley (FRBank of New York) on Jan. 10th with representatives of, reported by Mr. Hackley, noted that State Dept. regards the Community as a supranational agency Board meeting with representatives of, discussion re activities, powers, and organization of the Community, and request from its representatives that it be considered as falling within the scope of the term "foreign governments" for purposes of Determined exemption from interest rate limitations of foreign time deposits not applicable to, advice to FRBank of New York with notation interpretation not to be made public, copy of letter sent to State Dept. as matter of information European Economic Community: Negotiations within, question re extent of concern to bank customers, topic for discussion with FAC Increase in concern re, noted, views expressed at joint meeting with FAC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/10 80-82 1/25 267 1/25 270 2/14 555, 565 2/5 440, 456 2/19 683 1963 371 Pages Examinations: 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, providing a base for estimating refunds to insured banks (other than national banks) FRBank of Atlanta: Report reviewed, question re exploring the need for establishing a FRBranch office in Miami, which would have a bearing on the possible need for expansion of the Jacksonville Branch Reports made during years 1960, 1961, and 1962 sent to Congressman Patman Report reviewed FRBank of Boston: Reports made during years 1960, 1961, and 1962, sent to Congressman Patman d, discussion re check colreviewe Report lection functions, debit balance described as "differential on Canadian currency", V -loans, salaries paid in advance and not reimbursed by employees who had left bank, and physical condition of certain Bank officers, agreement that Messrs. Farrell and Kiley would make a thorough study and report to the Board FRBank of Chicago: Reports made during years 1960, 1961, and 1962 sent to Congressman Patman http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/24 2042, 2047 2/27 705 5/27 9/5 1772, 1781 3051 5/27 1772, 1781 12/2 4161 5/14 1562, 1571 1963 372 Pages Examinations: (continued) FRBank of Chicago: (continued) Report reviewed, discussion re frequent deficiencies in required reserves of member banks with penalties waived, Chm. Martin suggested memorandum be prepared on subject preparatory to thorough review by Board FRBank of Cleveland: Reports made during years 1960, 1961, and 1962 sent to Congressman Patman Check collection operations, observations of Board's examiners re, during recent examination, noted Consideration of report of examination by Board would be deferred until after report, and supplemental memoranda relating to examination, had completed circulation to members of Board Report reviewed, problems encountered in check collection function discussed, National Cash Register electronic check-processing equipment creating problems,Mr. Kiley of Board's staff expects to be in Cleveland in near future, possible erection of new Cincinnati Branch building commented on by Gov. Mills FRBank of Dallas: Report reviewed, reference to special study of auditing function by Audit Review Committee of the Board of Directors, and to handling of salary proposals for members of audit staff Reports made during years 1960, 1961, and 1962, sent to Congressman Patman Report reviewed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/29 4144 5/27 1772, 1781 6/25 2060 9/27 3370, 3374 10/16 3569-70 3/27 1035 5/27 9/5 1772, 1781 3051 1963 373 Pages Examinations: (continued) FRBank of Kansas City: Reports made during years 1960, 1961, and 1962, sent to Congressman Patman Report reviewed, frequent use of discount window by one reserve city bank and five country banks noted, understood that Gov. Mills would discuss situation with President Clay FRBank of Minneapolis: Reports made during years 1960, 1961, and 1962, sent to Congressman Patman FRBank of New York: Reports made during years 1960, 1961, and 1962, sent to Congressman Patman agreed there was no informareviewed, Report tion developed that warranted specific action by Board FRBank of Philadelphia: Reports made during years 1960, 1961, and 1962, sent to Congressman Patman Report reviewed, discussion re trouble resulting from combined use of old and new postal money order forms, debit balance of assistant examiner in a margin account, use of high-speed counting equipment resulting in operating economies but, affording little detection of counterfeit bills, letter to Chm. of Presidents' Conference asking for views of FRBank Presidents re use of high-speed currency counting equipment at their banks Agreed staff would present letter for consideration re margin accounts FRBank of Richmond: Functional expense survey made during 1962 examination, request from staff members of House Committee on Banking and Currency for information re, agreed general principle of full disclosure be regarded as applicable, Mr. Farrell to proceed, with certain understanding http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/27 1772, 1781 7/31 2517 5/27 1772, 1781 5/14 1562, 1571 8/30 2986 5/27 1772, 1781 8/30 2981, 2993 8/30 2983 6/19 1974 1963 374 Pages Examinations: (continued) FRBank of Richmond: (continued) Reports made during years 1960, 1961, and 1962, sent to Congressman Patman FRBank of St. Louis: Reports made during years 1960, 1961, and 1962, sent to Congressman Patman Report reviewed, growing looseness in administration of operating responsibilities detected FRBank of San Francisco: Reports for 1961 and 1962, requested by a Subcommittee of the House Banking and Currency Committee in preparation for a hearing in San Francisco re the disappearance of certain Treasury securities from the vault at the FRBank of San Francisco, authorized to furnish on a confidential basis only to members of the Congress and their staff Reports made during years 1960, 1961, and 1962, sent to Congressman Patman Report reviewed, modifications in custody procedures noted in connection with recommendation of Special Subcommittee of House Banking and Currency Committee FRBanks: Expenditures: FRBanks of New York and Philadelphia listed no special, Gov. Mills noted request by House Banking and Currency Committee for analysis of FRBank expense such as travel and entertainment and felt all FRBank examiners should comment on expenses not within scope of ordinary scheme of operations, might be advisable for Board's letters of instruction to FRBanks to be reviewed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/14 1562, 1571 5/27 1772, 1781 10/16 3567 4/19 1275 5/14 1562, 1571 6/28 2136 8/30 2987, 2988 1963 375 Pages Examinations: (continued) FRBanks: (continued) Expenditures: (continued) Memorandum from Division of Examinations outlining procedures in reviewing non-routine type of expenses, Gov. Mills expressed disagreement with Division's memorandum, in light of possible misunderstanding, it was understood that a revised memorandum would be made available to the members of the Board Inspection of reports of, by State authorities under abandoned property laws, letter to FRBanks suggesting that FRBanks resist any such attempt Looseness in administration of operating responsibilities detected by Gov. Mills in the examination report of the FRBank of St. Louis and recent reports of other FR Banks, important that Board's examinations be thorough with adequate follow-ups, new techniques to be used by examining staff discussed Personnel, Gov. Balderston suggested possibility of asking advice of Reserve Bank Chairmen on problem of developing top-quality personnel for examining function Procedures for supervision and: Proposal by Gov. Robertson being reviewed by Haskins & Sells, Price Waterhouse & Co., and Arthur Andersen & Co., comments expected in near future, agreed to defer decision re assignment to Haskins & Sells for reviewing work of Board's field examining staff during 1963, pending receipt of comments http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/18 7/18 4021 2338, 2348 10/16 3568 11/13 3929 2/13 538 1963 376 Pages Examinations: (continued) FRBanks: (continued) Procedures for supervision and: (continued) Changes proposed by Gov. Robertson, memoranda from certain divisions and letters from three public accounting firms regarding, distributed, comments by Messrs. Schaeffer, Solomon, Hackley and Farrell, matter to be discussed further Memorandum from Division of Examinations distributed, comments by Messrs. Connell and Johnson amplifying their previously distributed memoranda, further consideration at March 25th Board meeting Comments by Gov. Robertson and other Board members in light of previous discussions and memoranda, no decision to change procedures other than to move in direction of greater efficiency, Gov. Shepardson to discuss relationships of Divisions of Examinations, Bank Operations, and Personnel Administration with staff members Inquiry from Price Waterhouse & Co., re assignment for observation of techniques re, during 1962, to be acknowledged Memorandum by Gov. Robertson proposing changes in, together with staff and accounting firm memoranda, to be reviewed by Robert F. Leonard, with understanding re reimbursement for his services Memo by Gov. Shepardson reviewing consensus of Board discussion at 3/25/63 meeting and reporting re instructions for procedural improvements and a recruiting program, plus the initiation of a joint study by divisions concerned, recommendations for the annual review of a FRBank examination to be made by Haskins & Sells and the securing of a specialist in audit sampling, approved, with Board reviewing qualifications of proposed specialist http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/20 964 3/22 990 3/25 1017 3/25 1032 4/5 1150 5/1 1421 1963 377 Pages Examinations: (continued) FRBanks: (continued) Procedures for supervision and: (continued) Board in accord to grant request of House Banking and Currency Committee to see memoranda re suggested changes in Proposed revised procedures for the processing of examination reports as set forth in the memorandum from the Division of Examinations dated Sept. 25, 1963, and as amended by the suggestion of Gov. Robertson were approved Question re use of statistical sampling methods in activities of the Board's Division of Examinations, and in examination of FRBanks, letter to Federal Housing Administration re the possibility of securing the consultant services of Mr. Louis Teitlebaum, Board pleased to provide reimbursement for expenses, a fee, or both, either to FHA or Mr. Teitlebaum Reports of, requested by House Banking and Currency Committee: FRBanks of New York, Richmond, Chicago, and San Francisco, reports made during years 1960, 1961, and 1962, sent to Congressman Patman FRBanks of Boston, Philadelphia, Cleveland, Atlanta, St. Louis, Minneapolis, Kansas City, and Dallas, reports for years 1960, 1961, and 1962, sent to Congressman Patman Board agreed to provide work papers for the FRBank of Richmond examination, to be reviewed at the Board's offices, procedure for reviewing papers for the examinations of other FRBanks to be determined later http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/4 3034 9/27 3369 11/20 4069, 4088 5/14 1563, 1571 5/27 1772, 1781 6/12 1900, 1925 1963 378 Pages Examinations: (continued) FRBanks: (continued) Reports of, requested by House Banking and Currency Committee: (continued) Copies of Board letters of instruction to FRBanks re expenditures delivered to Mr. Stark of the Committee, in connection with their review of Supplemental payment re retirement allowances for FRBank Presidents, questioned in connection with review of certain papers covering examinations of FRBanks, understood full disclosure of information should be given to the Committee per their request Letter from Congressman Patman alleging that certain memoranda had been withheld from the 1962 work papers submitted to the Committee, with respect to, Board's reply indicating all previously requested material had been supplied, agreed to furnish missing memoranda and any other papers relating to Excerpts from minutes of directors' meetings with respect to, letters to FRBanks of Boston, Cleveland, Richmond, and Chicago re intention to furnish to House Banking and Currency Committee Review of: Suggestion by Gov. Robertson that findings in connection with, be considered more promptly by the Board, general agreement, reference to a revision of procedure being worked out by Div. of Examinations to make summary comments on examination reports available to the Board expeditiously http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/18 2342 7/23 2383 8/8 2602, 2639 8/8 2605 8/30 2983 1963 379 Pages Examinations: (continued) FRBanks: (continued) Review of: (continued) Understood steps would be taken to bring Mr. Schaeffer, Chief Examiner to Washington from time to time during year to present comments with respect to Complaint by Gov. Mitchell that the examination reports did not provide adequate coverage of the discount window, and request for FRBank Presidents to meet with the Board to discuss abuse of the discount privilege and construction of new buildings Foreign banking corporations: Credentials for FRBank of San Francisco examiners to assist in the examinations of International Bank of Commerce, Seattle, Washington, and Wells Fargo Bank International Corporation, San Francisco, California Credentials to be furnished examiners from FRBank of Cleveland to assist in the examination of Mellon International Finance Corporation, Pittsburgh, Pennsylvania Form F.R. 272, used for requesting copies of reports of, and other information for interagency use, revised to include statement similar to that included in FDIC Form DE-5, transmitted to FDIC Reports of State member and national banks, Form F.R. 209, summary of, program to revise and expand providing supplementary banking data, authorized, instructions re preparation transmitted to all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/16 3571 10/16 3571-72 11/29 12/26 4552 5/6 1476,1486-87 2/15 574, 601 1963 380 Pages Examinations: (continued) Salary figures for bank officers as shown in reports of, request from a staff member of the House Banking and Currency Committee for use in survey re management succession and compensation, similar data to be requested from national and nonmember insured banks if Board has no objection to proposal, understood consideration would be given if formally requested by the Committee Letter to Congressman Patman indicating Board's willingness to supply, sent following advice re favorable action by FDIC, understood that the Comptroller of the Currency had agreed to comply State member banks: Crimes against banks: Inquiry from Congressman Fascell re preventive measures taken by Board to cope with, reply indicating procedures followed by FRBank examiners which would have possible bearing on, approved In reply letter to inquiry from Chm. Fascell of House Legal and Monetary Affairs Subcommittee, Board enclosed a paper entitled "Bank Supervision and Examination in Relation to Prevention, Detection, and Prosecution of Crimes Against State Member Banks", Gov. Robertson and Mr. Frederic Solomon, Director, Div. of Examinations to represent Board at forthcoming hearings re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/1 2536 8/8 2601, 2638 5/1 1419, 1427 9/16 3163, 3174 1963 381 Pages Examinations: (continued) State member banks: (continued) Directors, special, including members of branch advisory boards and persons appointed in an honorary advisory capacity, detailed listing in reports of examination of, as previously requested, rescinded, advice to Presidents of all FRBanks Instructions to examiners: 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 FR Banks, information re compensation of branch or honorary directors to continue to be provided in examination reports as previously requested Revised and new pages of report, Form F.R. 410 including new page for purpose of reporting differences in reports of condition and examination and re certain information when a bank acts as a trustee or agent, instructions sent to all FRBank Presidents Investment tax credit allowable under Revenue Act of 1962, treatment of, in examination reports and condition reports, advice to FRBank of San Francisco 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 condition and reports of, advice to FRBank of New York http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/9 1514, 1527 5/9 1514, 1527 6/10 1858, 1869 6/10 1858, 1867 4/2 1114, 1133 1963 382 Pages E xaminations: (continued) State member banks: (continued) (Individual banks): Davison State Bank, Davison, Mich., (now merged into Genesee Merchants Bank & Trust Co.) request from attorney for Genesee Merchants for reports for year 1957-1962, for use in connection with claims filed under fidelity bond issued by America Fore Loyalty Group for alleged misapplication of funds by an officer and an employee of, agreed furnishing of reports would not be in the public interest, letters to attorney and to FRBank of Chicago Farmers and 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/16 1597,1624-25 5/20 1649 5/20 1652, 1657 1963 383 Pages Examinations: (continued) State member banks: (continued) First State Bank, Premont, Texas, (operations suspended effective 12/30/61) FR Bank 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 Pan American Bank of Miami, Florida, request by Justice Dept., for access to certain examination reports 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 E xaminers: Board of Governors: FRBank of Cleveland: Examiners acting as FRExaminers for Board of Governors in conducting examinations of Edge Act and agreement corporations, letter to, authorizing similar arrangement in that District for examination of Mellon International Finance Corporation, Pittsburgh, Pa. FRBank of San Francisco: Examiners acting as FRExaminers for Board of Governors in conducting examinations of agreement and Edge Act Corporations, letter to, authorizing similar arrangement in that District for examinations of International Bank of Commerce, Seattle, Wash., and Wells Fargo Bank International Corporation, San Francisco, Calif. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/19 1276 9/24 3301,3314-18 12/26 4552 11/29 4150 1963 384 Pages Examiners: (continued) Board of Governors: (continued) Field examining staff, comments by Mr. Schaeffer re present staff and procedures for examination of FRBanks, made during discussion of possible change in procedures proposed by Governor Robertson Memorandum from Div. of Examinations showing deployment of Board's, at the opening of an examination and the utilization of manpower, comments made by staff members formerly associated with the field examining function Further discussion by Board Time certificates, question by Gov. Balderston re alerting FRExaminers to Gov. Robertson's proposal re limitation on amounts of negotiable, in order that they might discuss such with the banks, Gov. Robertson not in favor due to lack of definite policy statement from Board, no difference in view by other members of the Board (Individual names) Bakke, Karl E., Senior Attorney, Legal Division, designation as a FRExaminer on a temporary basis in connection with his participation in a forthcoming examination of a State member bank to be conducted by examiners from the FRBank of Richmond Goodfellow, Allen F., Examiner, FRBank of San Francisco, arrangements re temporary assignment to Board's Div. of Examinations and re designation as to an FRExaminer, letter to FRBank of San Francisco Herigstad, Frank P., Asst. FRExaminer, Div. of Examinations, appointment and salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/20 965 3/22 3/25 990 1017 7/17 2334 5/9 1515 5/23 1729 1/7 39 1963 385 Pages Examiners: (continued) Board of Governors: (continued) Hochstatter, Robert J., Examiner, FRBank of Chicago, temporary assignment to the Board's Div. of Examinations, to be designated as FR Examiner, FRBank of Chicago to absorb salary and travel expenses Jordan, Rosemary V., Special Assistant Federal Reserve Examiner, transfer from position of ClerkStenographer in Div. of Examinations, with no change in basic annual salary approved Kline, Don E., Asst. FRExaminer, appointment and salary approved McCuen, William J., Jr., from FRBank of Philadelphia assignment to Board's Division of Examinations for approximately three months approved, with understanding McCuen would be designated as FRExaminer and FRBank would absorb salary and travel expenses Stanford, Harvey, Assistant Federal Reserve Examiner, Division of Examinations, change in official headquarters from Birmingham, Alabama, to Atlanta, Georgia, approved Thomas, Judith Ann, Special Assistant Federal Reserve Examiner, appointment and salary approved Conference of representatives of the Bank Examination Departments of FRBanks to be held on March 1112, 1963, with dinner approved s to be invited to attend person of List dinner in connection with, approved Dr. Felix Kaufman, Partner, Lybrand, Ross Bros. & Montgomery of N.Y. City to be invited to discuss use of electronic data processing in banks, with an understanding re transportation, expenses, and invitation to dinner http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/16 3168 6/4 1824 7/23 2386 6/24 2044 11/26 4098 1/10 80 1/30 297 2/20 652 1963 386 Pages Examiners: (continued) Federal Deposit Insurance Corporation: Lindsey, Thomas E., Pan American Bank of Miami, Florida, request by Justice Dept. for access to certain examination reports and correspondence including certain confidential sections of Pan American Bank of Miami, agreed to provide under custody of FDIC Examiner Lindsey, with certain stipulations suggested by Gov. Robertson re confidential section, Gov. Mills dissenting FRBanks: Appointment of examiners, assistant examiners, and special or special assistant examiners vested in Gov. Shepardson to approve Bank management and succession problems in State member banks brought to light by examinations, Gov. Robertson's suggestion that a bank examiner take bank management and succession problems to a bank's Board of Directors rather than to the FRBank to be given further consideration by Div. of Examinations Family relationships: Adams, Douglass H., FRBank of Richmond, noted that Mr. Adams' father is executive vice president and director of Parkersburg National Bank, Parkersburg, West Va., not to participate in examination as long as father is connected with that bank Bostwick, Preston Turner, assistant examiner, FRBank of Atlanta, appointment approved not to participate in examination of Bostwick Banking Company, Arlington, Ga., as long as his father remains an officer of that bank Denton, William F., Assistant Examiner, FRBank of St. Louis, not to participate in the examination of the Planters Bank, Sikeston, Mo., as long as his father remains an officer or director of that bank http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/24 3301,3314-18 7/23 2385 7/25 2441 12/24 4532, 4548 8/6 2580, 2594 5/20 1654, 1661 1963 387 Pages Examiners: (continued) FRBanks: (continued) Family relationships: (continued) Lang, Richard M., appointment as assistant examiner for FRBank of Chicago approved, not to participate in examination of the department of Harris Trust and Savings Bank, Chicago, Ill., so long as his wife is employed by that institution Lawrence, C. Andrew, assistant examiner, FRBank of Chicago, appointment approved, not to participate in examination of First National Bank in Chicago Heights, Ill., as long as his mother is employed as a bookkeeper of that bank Mack, James F., Jr., assistant examiner, FRBank of Kansas City, appointment approved, not to participate in the examination of Traders National Bank, Kansas City, Mo., as long as his father is an officer of that bank Miller, Clifford R., II, appointment approved as asst. examiner of FRBank of Chicago, not to participate in an examination of City Bank and Trust Company, Jackson, Michigan, a State member bank, of which his father is an officer; and National Bank of Detroit, Michigan, where his brother is employed Pearson, Richard K., appointment as an asst. examiner of the FRBank of Chicago, approved, not to participate in an examination of a State member bank so long as his brother is employed by that bank http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/19 1977, 1989 1/9 74, 79 3/22 993, 1015 8/30 2989, 2996 1/25 276, 280 1963 388 Pages Examiners: (continued) FRBanks: (continued) Family relationships: (continued) Walker, Charles, J., appointment as assistant examiner, FRBank of Chicago, approved with the understanding that he will not participate in the examination of Waterloo Savings Bank, Waterloo, Iowa, a State member bank of which his father is Chairman of the Board and of which he owns stock, understanding Mr. Walker has agreed to dispose of his stock Wallgren, Robert A., assistant examiner, FRBank of Philadelphia, appointment approved, not to participate in an examination of the Philadelphia National Bank, Philadelphia, Pa., as long as his father is an officer of that bank Walsh, Thomas H., assistant examiner, FRBank of Chicago, appointment approved, not to participate in an examination of the National Bank of Monticello, Illinois, as long as his father is an officer or director of that bank Zumas, Gust H., appointment as assistant examiner approved, with the understanding that he will not participate in an examination of Price, Utah, branch of Walker Bank & Trust Company, Salt Lake City, Utah, as long as his sister is employed by that institution Personnel problem, Gov. Balderston suggested possibility of asking advice of Reserve Bank Chairmen on the problem of developing top-quality personnel in the examining function http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/5 3812, 3821 11/5 3812, 3820 5/17 1635, 1642 12/20 4491,4496 11/13 3929 1963 389 Pages Examiners: (continued) FRBanks: (continued) Violation of William E. Cheshier, FRBank of Dallas ,designation of Mr. Cheshier as special assistant examiner canceled, Board notes decision not to report to Dept. of Justice and FBI probable criminal violations of Mr. Cheshier and Texas Bank & Trust Company of Dallas, Texas Executive orders: No. 10988: Section 11, proposed rules as revised for the nomination of Arbitrators under, letter to Secretary of Labor offering no comments, approved 8/27 2933, 2950 3/11 841, 868 5/1 1419 5/1 1420 11/6 3827 E xhibits: 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 Governor Shepardson Noted that some features of an exhibit might be retained for the benefit of visitors to the FRBuilding on a continuing basis Currency, understood that an examination would be made to determine the condition of the specimen currency now on display, Division of Administrative Services authorized to work with Messrs. Molony and Daniels to prepare a suitable exhibit of the new low-numbered FRnotes FRnotes, one dollar denomination: Bureau of Engraving and Printing suggested that some or all of FRBanks might want 32 bills comprising first sheet of their new one-dollar FRnotes mounted on exhibit board and covered with plastic, agreed that Bureau of Engraving and Printing be advised orally that Board http://fraser.stlouisfed.org had decided against the suggestion Federal Reserve Bank of St. Louis 10/23 3612 1963 390 Pages Exhibits: (continued) ed) FRnotes, one dollar denomination: (continu orized ices auth Serv ve rati Division of Administ and ny Molo rs. Mess with to work 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 E xpenses: Board of Governors: Academic economists seminar: Additional expenditures for purposed meeting of academic economists with Board, understood provision for expense involved in project would be made in budget of Div. of Research and Statistics Discussion concerning arrangements for a meeting on January 30, 1964, of no objection to date, cost of dinner authorized Payment of travel, telephone and secretarial expenses incurred by Professor Bach in organizing the academic economist for their three one-day meetings with the Board during 1964, authorization for other expenses such as postage, duplicating, stationery, and supplies that might be incurred by Prof. Bach in this project, approved on American Bankers Association, conventi on, C., D. ingt Wash in to be held oved unan appr ram prog proposed of out of ent paym imously, pocket expenses authorized, along with such overtime compensation as might be involved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/6 3827 11/7 3878, 3884 11/13 3931 11/18 4026 12/9 4264, 4313 8/27 2931 1963 391 Pages Expenses: (continued) Board of Governors: (continued) Audit sampling specialist, request by Federal Housing Administration for the consultant services of Mr. Louis Teitlebaum to advise re use of audit sampling to help determine the nature and extent of sample verification that would be valid in the light of the Board's supervisory responsibilities in the examination of FRBanks, Board pleased to provide reimbursement for expenses, a fee, or both, either to FHA or Mr. Teitlebaum, in any manner appropriate , study Bad debt reserves of commercial banks by Treasury re, request for assistance in compiling information which will involve computer time and expense, agreed Board's data processing staff to give 11/20 4069, 4088 assistance t study contracted with Economic marke ng Banki Research Institute of Drew University,provisions for cost of contract to be made in 1964 budget of Division of Research and 11/27 4130 Statistics Center for Latin American Monetary Studies, understanding re costs of a luncheon, translating facilities conducted tour of Washington and certain other minor expenditures during annual visit of trainees of Charts for Seventh Meeting of Technicians of Central Banks of the American Continent in Rio de Janeiro, Brazil, approval for unbudgeted expenditure for 10/31 3724 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/19 2362 10/4 3436 1963 392 Pages Expenses: (continued) Board of Governors: (continued) Christmas greeting card, format for, to convey greetings and recognize the 50th anniversary of the signing of the FRAct displayed, Board authorized to obtaining of a supply of cards for appropriate distribution along with payment of necessary costs Congressional, press, and public inquiries, request for total man-hours and expenses incurred with respect to, reply to Chm. Moss of Foreign Operations and Government Information Subcommittee of House Committee on Government Operations Consultant appointment, Professor E.R. Wicker, Indiana University, Bloomington, Ind., on a temporary contractual basis to review and evaluate the Board's records, overexpenditure made in the 1963 budget of the Office of the Secretary,approved 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 University of Michigan Survey Research Center in its annual report re, approved 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 expenditure, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/20 4076 9/16 3165 6/12 1909 12/9 4248 12/9 4251, 4272 1963 393 Pages Expenses: (continued) Board of Governors: (continued) Dinner, Cosmos Club, payment authorized for dinner given by Mr. Young, Director, Division of International Finance and Adviser to Board in honor of Jasper Rootham, Chief, Central Banking Information Department, Bank of England Directors Day, March 20-21, 1963, tentative program including a dinner, luncheon, and possibly a buffet breakfast discussed, following favorable comments it was understood that the breakfast would be included g and development program: trainin e Employe Oral communication, effective, 24-hour course to be conducted by Prof. Edwin L. Stevens, arrangements confirmed, with understanding re compensation Reading improvement, 24-hour course to be conducted by Mr. George L. Stevens, arrangements confirmed with understanding re fee Agreed that Board would pay $40 for each participant at the completion of the program Secretarial training program to be conducted by the Katharine Gibbs Consulting Service, New York, N.Y., with the understanding that required materials be provided by the Service, Board to pay fee of $400, plus travel expenses Examiners Conference of Representatives of the Bank Examination Departments of FRBanks to be held on March 1112, 1963, with expense for dinner approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/27 4131 3/11 855 2/11 534 2/13 544 12/19 4467 4/17 1250 1/10 80 1963 394 Pages Expenses: (continued) Board of Governors: (continued) Examiners Conference of Representatives of Bank Examination Departments of FRBanks: (continued) Understanding re transportation and expenses of Dr. Felix Kaufman of Lybrand, Ross Bros. & Montgomery of New York City in connection with invitation to discuss use of electronic data processing in banks, at Federal Reserve Issue and Redemption Division Comptroller of Currency requesting payment of estimated expenses for, including item for "management and administrative services", expense approved Letter to the Office of the Comptroller of the Currency re reimbursement of,annual leave accumulated by employees of FRSystem--Purposes and Functions, revised edition, question re continued distribution without charge discussed, authorization for publication of, with understanding that the Board would cover the expense Financial data for research purposes, memorandum by Mr. Noyes requesting a contract with University of Wisconsin for an exploratory investigation of methods of organizing, at a cost of $25,000 during year 1964, principal investigator for project would be Edgar L. Feige, Assistant Professor of Economics, University of Wisconsin 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/20 652 2/20 649, 662 7/11 2254, 2272 7/17 2329 12/2 4160, 4184 4/17 1249 1963 395 Pages Expenses: (continued) Board of Governors: (continued) 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 Motion picture, FRSystem film, "Money on the Move--The Federal Reserve Today", Board authorized necessary expenditure to complete Spanish sound tract, including corresponding increase in 1963 budget of Board Members' Offices Physical examinations, annual examination for cafeteria employees arrangements with Dr. Chapman confirmed with understanding re fee Payment of additional $3 to Board's physician for each pre -employment examination to cover cost of hemoglobin test, resulting in increase from $10 to $13 and an increase in examinations for cafeteria employees from $25 to $28, approved Arrangements for Dr. Frederic D. Chapman to conduct annual physical examination of all employees in Board's cafeteria during 1964, at a fee of $125, approved Retirement system: Actuarial computations relating to Mr. George B. Buck, Actuary of the Retirement System authorized to make, maximum total cost $4,500 Board plan, increased retirement benefits for Board annuitants,letter to Secretary, Retirement System of the FRBanks re basis of payment by the Board for cost of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/16 4382, 4398 10/7 3450 1/7 42 4/3 1138 12/20 4491 2/27 702 6/4 1823, 1834 1963 396 Pages Expenses: (continued) Board of Governors: (continued) Security clearances for FRBank personnel, overexpenditure in Contractual Professional Services Account of Office of Defense Planning of $10,500 to cover cost of unanticipated volume of, approved Survey of insured commercial banks re compensation and succession of, request from Chm. Patman of House Banking and Currency Committee for, discussion re expense to Board, letter to Congressman Patman approved Surveys of correspondent banking, letter to Chm. Patman of House Banking and Currency Committee, agreeing to participate, reimbursement from Committee expected for out-of-pocket expenses in the amount of $12,000 to $15,000 Textual Changes in the FRAct and Related Laws, printing of loose-leaf compilation of, understood cost of, would constitute an overexpenditure for Div. of Administrative Services, approved FRBank of New York: Dinner to be given for certain officers scheduled to retire from Bank's services, consensus of Board that expenditure would be of questionable appropriateness, understood Chm. Martin would discuss matter further with President Hayes FRBank of San Francisco: Functional expenses reports of, James A. McIntosh,Technical Assistant, Division of Bank Operations, to review http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/17 1936 7/25 2437, 2450 10/10 3504, 3523 11/5 3813 7/12 2276 8/22 2874 1963 397 Pages Expenses: (continued) FRBanks: Coin shortages, expense of handling coin return by nonmember banks to FRBanks to be subject of forthcoming meeting of Presidents' Conference Directors, nominating advisory committees appointed by member banks to assist in nominating candidates for Class A and B directors, question re payment of transportation and other expenses of the committees, understood that the Legal Division would review the entire nomination and election procedure Examinations of FRBanks of New York and Philadelphia, Gov. Mills noted recent request by House Banking and Currency Committee for analysis of FRBank expense items such as travel and entertainment and felt all FRBank examiners should comment on expenses not within scope of ordinary scheme of operations, might be advisable for Board's letters of instruction to FRBanks to be reviewed Expenditures: Letter to Presidents of all FRBanks requesting that the following expenses be subtotaled separately in submitting the first half of the 1964 budget to the Board: Assessment for Board expenses Cost of Federal Reserve currency Depreciation Taxes on real estate Inter-bank expenses Request by House Banking and Currency Committee for explanation and justification of certain types of expenses, for use by the Committee in its study re, agreement that manner of responding to the Committee be left to individual FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/23 2381 7/17 2327 8/30 2987, 2988 9/19 3242, 3253 10/10 3519 1963 398 Pages Expenses: (continued) FRBanks: (continued) Expenditures: (continued) Request by House Banking and Currency Committee: (continued) Governor Balderston informed Chm. Patman of the House Banking and Currency Committee that the FRBanks would supply the material as quickly as possible Memorandum from the Division of Examinations outlining procedures followed in reviewing non-routine type of, in light of Governor Mills' dissatisfaction, it was understood that a revised memorandum would be prepared Additional information on, resulting from educational programs, requested by Congressman Patman, letter to Presidents of all FR Banks Further request from Congressman Patman for information re tuition or other costs to attend schools, seminars, conferences, and for "imparting information," letter to FRBanks asking for date that such information could be furnished g Functional expense survey made durin k FRBan of 1962 examination of Richmond by Division of Bank Operations, possible request from staff members of House Banking and Currency for additional information, agreed general principle of full disclosure be regarded as applicable, Mr. Farrell to proceed, with certain understanding http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/7 3879 11/18 4021 12/19 4460, 4483 12/27 4557 6/19 1974 1963 399 Pages Expenses: (continued) FRBanks: (continued) Instructions from Board to FRBanks re expenditures sent to Mr. Stark of House Banking and Currency Committee's staff, in connection with the Committee's review of work papers prepared during the 1962 examinations of FRBanks FRSystem: Examination and supervision of State member banks and bank holding companies, expenses incurred annually by the FRSystem with respect to, requested by FDIC 4Ports: Financing of, report of Committee of 5, of the White House Conference of Export Expansion re, request from Secretary of Commerce Hodges for views and comments re extending the term, applicable to bankers acceptances, from 180 to 365 days, reply approved 7/18 2342, 2350 6/24 2042, 2047 12/16 4380, 4396 ”Fn Fair employment practices: Board's regulations re 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 Fascell, Dante B., Congressman: Bank merger applications, report of operations of Board in processing, sent to of national banks, Board's reports n Conditio views requested by, with respect to a comment re window dressing of call reports, sent in a notice to all national banks by the Comptroller of the Currency, reply approved and transmitted to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/6 803, 817 5/1 1419, 1432 8/9 2660, 2675 1963 400 Pages Fa scell, Dante B., Congressman: (continued) loan associations: Crimes against banks and savings and ures being Inquiry from, re preventive meas taken by Federal supervisory agencies to cope with, reply 1419, 1427 5/1 approved and transmitted to and Paper entitled "Bank Supervision Examination in Relation to Prevention, Detection, and Prosecution of Crimes Against State Member Banks" transmitted to, Governor Robertson and Mr. Frederic Solomon, Director, Division of Examinations to represent Board at forthcoming 9/16 3163, 3174 hearings re es riti secu Disappearance of certain Treasury from vault at FRBank of San Francisco, request for report re, for Legal and Monetary Subcommittee of House Governy ment Operations Committee, repl 3/29 1073 being prepared 1079,1090-91 4/1 to Report approved and sent FRnotes: separate Question re change from twelve issue ral cent issues to one of, ion ruct dest of, and local by d este requ s view Presidents est of requ t ligh Board re, in by, Chm. of the Legal and Monetary Affairs Subcommittee for the Board's present views re, discussed at joint meeting with the Presidents Float: ging deferReduction of, question re chan a two-day from s dule sche ment mum, Board's maxi y e-da thre a to by, d este requ s view ent pres to Presidents' Conference assist in drafting reply to, reported in joint meeting with Presidents http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/18 1960 6/18 1956 1963 401 Pages Fascell, Dante B., Congressman: (continued) Question re Board's present position re float and local destruction and a single issue of FRnotes requested by, reference to Board's responses to similar questions from Congressman Hardy, recent developments being studied, advice to Reply transmitted to Service charges of member banks, question by, Chairman of the Legal and Monetary Affairs Subcommittee of the House Committee on Government Operations, further consideration to be given to matter before reply would be made Reply to Chairman Fascell approved Federal Advisory Council: Absorption of exchange charges: Memorandum by Legal Division requested by Board re possible revision of Reg. O, with respect to, Chm. Martin's suggestion that the problem be taken up in midNovember meeting of FAC and subsequent meeting Mr. Hackley's memorandum discussed in connection with Board's position re, in preparation for discussion at joint meeting of Belief of Council that regulation should be enforced re, and that no change should be made in present regulation covering 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/18 8/13 906, 929 2705, 2712 11/14 11/18 3952 4020, 4036 10/10 3510 11/18 4016 11/19 4058 9/4 3047 9/17 3209 1963 402 Pages Federal Advisory Council: (continued) Agenda topics, draft of: SEE: Federal Advisory Council: Topics for discussion Balance of payments: Possible measures to cope with the problem re deficit in the United States balance of payments discussed at the joint meeting with Concern by informed persons re deficit in, views of FAC expressed in joint meeting Solutions discussed, believed that further tightening of monetary policy might be desirable, views expressed at joint meeting with FAC Belief that monetary policy has contributed to recent improvement and to somewhat more favorable shortterm outlook on Bank financing, business needs, most members of FAC believe commercial and industrial loans will continue to show a more than seasonal rise following customary decline after first of year Bank loans: Demand for, moderate increase anticipated during the next several months, with some increase likely in the durable goods sector, views expressed at joint meeting with the economy will be reflected in Expansion in a rise in overall credit demands of business, but the large volume of corporate cash flows is likely to moderate the demand for, views of FAC expressed at joint meeting ions: ss condit Busine Views expressed at joint meeting with Views expressed at joint meeting with Situation in various FRDistricts discussed at joint meeting with http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/19 638 5/21 1675 9/17 3201 11/19 4064 11/19 4048 2/19 629 5/21 1671 2/19 5/21 624 1666 9/17 3108 1963 403 Pages Federal Advisory Council: (continued) Construction: Residential, belief that the recent building of single-family homes has been firmly based and that residential construction will experience a sideways movement with no pronounced upward trend, views expressed at joint meeting with Consumer credit: Demand for, concern re deterioration of consumer loan standards, particularly in auto loans, views expressed at joint meeting with Deterioration in quality of consumer and business credit but quality of over-all loan portfolio is generally satisfactory, repayment of mortgage and consumer instalment credit represent high level of disposal income views expressed at joint meeting with Deposits: Maximum permissible rate of interest under Reg. Q, belief that bankers generally would not presently favor an increase on time deposits having a maturity of less than six months, views expressed at joint meeting with Time certificates: Belief that no significant competitive abuses have arisen from the expanding use of, expansion has resulted in shifts in types of bank assets and will tend to lessen the liquidity of the banking system due to pressure to use these funds profitably, views expressed at joint meeting with http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/17 3178 2/19 632 11/19 4039 2/19 633 2/19 633 1963 404 Pages Federal Advisory Council: (continued) Deposits: (continued) Time certificates: (continued) Question re ability to offer competitive rates necessary to retain such funds Time and savings: Continue to expand, but rate of increase less than a year ago, pressure to extend maturities and buy higher yielding assets has lessened, in general lending and investment policies have been consistent with accepted standards of bank liquidity and asset quality, views expressed at joint meeting with Belief that banks are making a less intensive effort to attract, little change expected in bank investment portfolios, situations in individual FRDistricts reported, views expressed at joint meeting with Economic conditions: Views re, expressed at joint meetings with Equipment: Expenditures, increase in, due to expansion in plant and equipment expenditures, views expressed at joint meeting with European Economic Community: Negotiations within, increase in extent of concern to bank customers noted, views expressed at joint meeting with Executive Committee: Members, election of Messrs. Petersen, McRae, and Zwiener; and to serve as ex officio members, Messrs. Murphy and Hobbs http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/19 4048 2/19 633 9/17 3185 2/19 628 5/21 1663 9/17 3178 11/19 4039 9/17 3179 2/19 638 2/19 623 1963 405 Pages Federal Advisory Council: (continued) Liquidity of the banking system: Considered adequate to accommodate the present and foreseeable volume of credit demands, view expressed at joint meeting with Declined, but belief that commercial banks are in a position to meet a moderate upsurge in credit demands, views expressed at joint meeting with Loans: Business, no strong upward thrust visualized by, although a general movement upward expected Business or consumer, FAC believes that commercial banks have become more selective in granting business and consumer loans in recent months as reserve position of banks has become less easy Meeting with Board Meetings: May 20-21, 1963, next to be held Sept. 16-17, 1963, next to be held Nov. 18-19, 1963, next to be held Feb. 17-18, 1964, next to be held Members: Alternates: Betts, I. F., present at meeting representing Eleventh District in the absence of Mr. Aston Fox, John, present at meeting representing Eighth District in the absence of Mr. Maestre Smith, Geoffrey S., present at meeting representing Third District in the absence of Mr. Petersen Aston, James W., attended first meeting as newly appointed member Hobbs, Robert B., elected Vice President http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/19 629 9/17 3197 9/17 3198 11/19 4048 2/19 623 5/21 1662 9/17 3178 11/19 4038 2/19 645 5/21 1677 9/17 3210 11/19 4067 5/21 1662 5/21 1662 5/21 1662 2/19 2/19 623 623 1963 406 Pages Federal Advisory Council: (continued) Members: (continued) Martin, Lawrence H., attended first meeting as newly appointed member A., elected President George Murphy, attended first meeting as A., L. Stoner, newly appointed member Monetary and credit policy: Views re, expressed at joint meetings with Prices: Commodity: Scattered increases could be the forerunner of broader upward movement of prices and wages, but competition pressures resulting from unused domestic capacity and manufacturers abroad will tend to discourage broad price rises in the near future, views expressed in joint meeting with Trend toward price stability, views expressed at joint meeting with Farm land, continuing rise in level of, views expressed at joint meeting with Fluctuations, members of FAC do not believe that an over-all accumulative rise in prices is developing, tax cut may create inflationary pressures which would be reflected in price indices Rates: Discount, increase, hypothetical question by Chairman Martin involving possibility of an international payments crises and as to whether an increase in the discount rate would be effective in such circumstances, discussed at joint meeting with http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/19 2/19 623 623 2/19 623 2/19 2/19 5/21 9/17 11/19 639 645 1675 3201 4066 5/21 1664 9/17 3180 2/19 632 11/19 2/19 4039 643 1963 407 Pages Federal Advisory Council: (continued) Real estate credit, some deterioration in lending standards observed, particularly in the field of, views at joint meeting with Regulation K, revision of, draft submitting proposed changes authorized for publication in Federal Register with copy to be sent to, for comments Regulation M, revision of, to improve the usefulness of national bank branches in foreign countries, favored by FAC, comments at joint meeting Staff: Korsvik, William J., elected Assistant Secretary Prochnow, Herbert V., elected Secretary Steel: Inventories, opinion that the liquidation of, acquired earlier this year has about run its course, views expressed at joint meeting with FAC Taxes: Depreciation and credit provisions adopted in 1962, with the exception of certain industries, few effects had been observed that could be attributed to, views expressed at joint meeting with Reduction in, FAC does not regard early tax reduction as essential to sustained business expansion this year, but a reduction in the tax burden is essential to the longer-term growth of the economy Opinion that businesses planning to expand were probably planning to go ahead with or without tax cut http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/19 631 3/11 853 2/19 645 2/19 2/19 623 623 9/17 3179 2/19 644 5/21 1667 11/19 4039 1963 408 Pages Federal Advisory Council: (continued) Topics for discussion: Absorption of exchange charges, in light of FDIC's interpretation re and inequities to State member banks, question re amendment to Reg. Q on of, to include absorption revisi , Agenda of exchange charges and to delete question of stock market credit for meeting of Nov. 18-19, 1963 Balance of payments: Attitudes and developments with respect to Monetary policy, question re effect on Bank loans: Demand for, in various loan categories, question re prospects during the next several months Prospects for loan demand at banks during next several months Business conditions: Outlook and comparison with last report Observations re business investments in plant and equipment Construction, residential, question re further expansion of Credit, consumer and business, views re quality and repayments on mortgage and consumer instalment credit at unduly burdensome levels Deposits: Questions re possible increase on time deposits having a maturity of less than six months, abuses in connection with negotiable certificates of, and cost burden of higher interest rate levels on time and savings http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/29 3698, 3705 10/28 3691 440, 456 2/5 4/30 1391, 1406 3019, 3046 9/4 10/29 3698, 3705 2/5 440, 456 4/30 1391, 1406 2/5 440, 456 4/30 1391, 1406 9/4 3019, 3046 10/29 2/5 3698, 3704 440, 456 1963 409 Pages Federal Advisory Council: (continued) Topics for discussion: (continued) Deposits: (continued) Time and savings, question whether there is any slackening in efforts to attract and any change in the pattern of bank investment of these savings inflows Economic conditions: Domestic, question re outlook with respect to Equipment expenditures, question re observation of change in prospects for plant and European Economic Community, negotiations within, question re extent of concern to bank customers Liquidity of the banking system: Question re ability to accommodate the present and foreseeable volume of credit demands Question whether banks are sufficiently liquid to meet upsurge in credit demands List sent to Mr. Prochnow List sent to Mr. Prochnow List sent to Mr. Prochnow List sent to Mr. Prochnow Loans: Question whether business needs for bank financing will continue moderate over the balance of the year or are there signs of a significant increase in Question whether commercial banks have recently become more selective in granting business or consumer loans http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/4 3019, 3046 440, 456 2/5 4/30 1391, 1406 3019, 3046 9/4 10/29 3698, 3704 9/4 3019, 3046 2/5 440, 456 2/5 440, 456 9/4 2/5 4/30 9/4 10/29 3019, 3046 440, 456 1391, 1406 3019, 3046 3698, 3704 9/4 3019, 3046 10/29 3698, 3704 1963 410 Pages Federal Advisory Council: (continued) Topics for discussion: (continued) Monetary and credit policy, evaluation under current conditions Prices: Question re scattered price increases reported in recent weeks, interest in any reports of price decreases or cost reductions Question whether competitive pressures resulting from unused domestic capacity, as well as from manufacturers abroad will continue to discourage rises in Fluctuations, question whether there is a rise in prices developing, or are price increases to remain selective, with decreases offsetting increases in over-all averages Real estate credit, question re symptoms of deterioration Steel inventories, liquidation of, question re prospect of further liquidation Tax credit: Provisions and depreciation adopted in 1962, effects of Question re possible stimulate to investment in plant and equipment Taxes, reduction in, how essential to sustained business expansion this year Views re business outlook if tax bill is passed or not passed and to what extent have anticipations of tax cut reflected in consumer and business spending question re reduction of, in nt, loyme Unemp the near-term future http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/5 4/30 9/4 10/29 440, 456 1391, 1406 3019, 1406 3698, 3705 4/30 1391, 1406 9/4 3046 10/29 3698, 3704 2/5 440, 456 9/4 3019, 3046 2/5 440, 456 4/30 1391, 1406 4/30 1391, 1406 10/29 4/30 3698, 3704 1391, 1406 1963 411 Pages Federal Advisory Council: (continued) Unemployment, FAC does not anticipate a sufficiently sharp rise in business activity to result in a substantial reduction in unemployment in the near future, views expressed at joint meeting Federal Bank Supervisory Agencies: SEE: Bank supervisory agencies (Federal): Federal Banking Commission: Establishment of, H.R. 5874, a bill proposing the, in answer to invited testimony by Congressman Multer at hearings on May 8th before the Subcommittee on Bank Supervision and Insurance, it was agreed that Chm. Martin and Governors Mills, Robertson, and Mitchell would testify each on a personal basis Expenses, noninsurance, of the proposed, to provide a base for estimating refunds to insured banks (other than national banks), requested by FDIC to assist in projecting a hypothetical sum of Pe deral Deposit Insurance Corporation: Bank merger applications filed during 1961 requested by House Banking and Currency Committee thru, no objection to furnishing by FDIC of applications where resulting institution was to be a State member bank, advice to Congressman Patman Applications delivered to House Banking and Currency Committee with request to return to Board after Committee finishes with them Meeting called by Dept. of Justice, Board, and FDIC representatives to discuss the possibility of the Justice Dept. and the Federal bank supervisory agencies holding meetings to exchange views on, Comptroller of Currency did not choose to have his staff participate http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/21 1663 4/30 1405 6/24 2042, 2047 6/25 2053, 2066 7/3 2197, 2202 8/19 2799 1963 412 Pages Federal Deposit Insurance Corporation: (continued) Bank service arrangements, regulation similar to that adopted by Board (Reg. S), adopted by, relating to nonmember banks Bank service corporations, position re assurance required under Sec. 5, Bank Service Corporation Act re regulation and examination of such services, noted Building, additional rental space in new FDIC building, Governor Shepardson authorized to negotiate for approximately 3,000 additional square feet Governor Shepardson reported that negotiations had resulted in an agreement to amend the original lease to cover additional space, agreement authorized Rental of space in, provided for in 1964 Board budget Condition reports: SEE: Condition reports: Continuance of deposit insurance after withdrawal from membership in FRSystem, advice to: Abington Bank and Trust Company, Abington, Bank of the Mainland, La Marque, Texas Citizens State Bank of Milford, Illinois Community Bank of Warsaw, Missouri Farmers State Bank, Cleveland, Texas First State Bank, Belmond, Iowa First State Bank, Bremond, Texas First State Bank of Lynwood, California First State Bank of Tonganoxie, Kansas Glasgow Savings Bank, Glasgow, Mo. Merchants Trust & Savings Bank, Kenner, La. Mound City Trust Company, St. Louis, Mo. Peoples Banking Company, McComb, Ohio Rochester State Bank, Rochester, Ill. Scribner Bank, Scribner, Nebraska Sidell State Bank, Sidell, Ill. Southern Commercial and Savings Bank, St. Louis, Mo. State Bank of Virginia, Virginia, Minnesota Texas State Bank, Austin, Texas Wayne County Bank and Trust Company, Honesdale, Pa. Wharton Bank and Trust Company, Wharton, Texas http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/28 1050, 1066 3/20 976 6/19 1976 8/8 2624 12/9 4252, 4276 12/9 9/23 2/5 2/14 10/14 12/18 2/7 1/30 1/14 3/20 8/16 8/1 2/28 4/26 11/4 5/13 4246, 4266 3268, 3290 440, 454 551, 560 3527, 3540 4411, 4435 478, 494 289, 304 98, 109 960, 974 2726, 2748 2526, 2540 717, 725 1343, 1352 3741, 3771 1536, 1548 4/15 1218, 1228 11/14 3947, 3963 10/14 3527, 3539 2/28 10/7 717, 724 3443, 3455 1963 413 Pages Federal Deposit Insurance Corporation: (continued) Deposit insurance: SEE: Insurance: Deposit insurance Examination, condition, and income and dividends reports, form F.R. 272, used for requesting copies of, for interagency use, and serving as receipts for same, revised to include statement similar to that included in FDIC form DE-5, transmitted to Examination and supervision of State member banks and bank holding companies, estimate of annual expense incurred by the FRSystem with respect to, requested by, 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, providing a base for estimating refunds to insured banks (other than national banks) Government securities, United States, carrying value of, for examination and supervisory purposes, of U.S. Government securities, received by a State member bank in an exchange of maturing U.S. Government securities, question re, letter of advice to Presidents of all FRBanks, matter reviewed with, and Comptroller of Currency, both of which are taking same position as that in letter to FRBanks Regulation Q, possible amendment to provide that trustees in bankruptcy, liquidating agents and receivers are entitled to maintain savings accounts, views to be obtained from http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/6 1476, 1486-87 6/24 2042, 2047 9/30 3397, 3404 6/20 2005 1963 414 Pages Federal Deposit Insurance Corporation: (continued) Regulation Q: (continued) Memorandum from FDIC indicating that savings deposits regulations should not be amended to cover deposits of trustees in bankruptcy, not affected by amendment to Bankruptcy Act, Board's opinion that deposits by trustee in bankruptcy may not be classified as savings deposits under Regulation Q Savings deposits, definition of, understood that there would be no objection to appropriate members of the Board's staff participating with staff members of Comptroller of the Currency and, pertaining to a study re Meeting of representatives of three bank supervisory agencies to discuss change in definition of FDIC expressed reservations re proposal of Comptroller of the Currency that would permit anyone to hold savings deposit without limit on amount and would have two maximum rates of interest Time certificates of deposit, long-term, disinclination of FDIC to change its regulations at this time with respect to contracted rates of interest payable on, agreed to defer publication of proposed amendment to Board's Regulation Q pending discussion by Governor Robertson with Chairman Cocke re Regulation of, re deposits having a maturity of 90 days in nonmember insured banks, maximum rate of interest increased to 4 per cent, action similar to that taken by Board, noted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/16 2735, 2791 11/18 4016 12/18 4422 1/7 35 7/16 2307 1963 415 Pages Federal Deposit Insurance Corporation: (continued) Window dressing by commercial banks, discussion re, letters to Comptroller of the Currency and, approved unanimously, suggestion that joint meetings be held by representatives of FRBank, regional representatives of Comptroller's Office, and FDIC, after which meetings with individual banks engaged in, might be set up of the Currency unfavorable to ller Comptro proposed interagency approach re, FDIC favorable, Governor Robertson suggested letter be drafted to the Presidents of FRBanks outlining program of moral suasion in cooperation with Letter to, expressing appreciation for willingness to have its Supervising 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 Comptroller of the Currency Pederal Deposit and Savings Insurance Board: Establishment of, H.R. 729, a bill proposing the, in answer to invited testimony by Congressman Multer at hearings on May 8th before the Subcommittee on Bank Supervision and Insurance, it was agreed that Chairman Martin and Governors Mills, Robertson, and Mitchell would testify each on a personal basis Decided later to report by letter on the bill to establish a http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/7 10/25 3444, 3459 3675 11/4 3752,3773-74 4/30 1405 4/30 1405 1963 416 Pages Federal Deposit and Savings Insurance Board: (continued) Establishment of: (continued) Draft letter expressing views of the Board as a whole re, to be prepared for consideration and transmittal to Congressman Multer Letter to Congressman Multer opposing proposed legislation approved unanimously Federal Funds Market: Transactions re: Position taken by the Comptroller of the Currency re, Board agreed to defer sending letter to FRBanks re its position in order to study points raised at the meeting Letter to all FRBanks re recent ruling of Comptroller of the Currency that federal funds be considered purchases and sales of such funds, Board's interpretation that such transactions involve loans and borrowings, understanding that Board's interpretation would be published in Federal Register and FRBulletin Comment by Governor Mills that federal funds were originally used to make up deficiencies in reserve accounts, but were now being used to support asset structure of banks Classification of, California State Banking Department forms used by State member banks for publication of condition reports do not comply with Board's ruling re, instructions to FRBank of San Francisco re future publications ederal funds series: Revisions in the reporting of Federal funds transactions, letter to Presidents of all FRBanks transmitting clarifying revisions to previous instructions http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/3 1442 5/6 1481, 1505 8/27 2926 9/9 3076 11/29 4149 12/19 4456, 4481 3/11 841, 870 1963 417 Pages Federal Home Loan Bank Board: Home Owners' Loan Act of 1933, proposal to amend Sec. 5 of, to enlarge investment powers of the Federal savings and loan associations, proposed by, understood that the report to the Bureau of the Budget would be redrafted for further consideration Letter to Budget Bureau indicating it felt Federal Home Loan Bank Board should be strengthened first by appropriate legislation before considering additional investment powers of Federal savings and loan associations Report to Bureau of the Budget, re revised draft of legislation to amend, approved S. 374 and S. 474, bills to provide for the establishment of an International Home Loan Bank Board by, report to Senator Robertson approved Later agreed that report would not be sent at this time, request subsequently withdrawn by Senator Robertson Federal Home Loan Bank System: Federal savings and loan associations and certain other members of, draft bill to permit, to act as trustees for trusts qualifying under SelfEmployed Individuals Tax Retirement Act of 1962, unfavorable report to Budget Bureau, approved Federal Housing Administration: S. 1200 and S. 2226, bills that would authorize Federal Housing Administration to compensate mortgagors for structural defects in insured homes, letter to Chairman Robertson of Senate Banking and Currency Committee approved, Governor Mills' adverse views on Board's position having been noted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/8 2605 8/9 2661, 2677 9/19 3242, 3257 2/18 603 2/18 604 3/6 776, 805 10/16 3563, 3580 1963 418 Pages Federal Housing Administration: (continued) Teitlebaum, Louis, request by Board for the consultant services of, on the use of audit samplings to help determine the nature and extent of sample verification that would be valid in the light of the Board's supevvisory responsibilities in the examination of FRBanks, Board to provide reimbursement for expenses, a fee, or both, either to FHA or Mr. Teitlebaum Federal Register: Bank Service Corporation Act, section 5, interpretation under, involving bank services approved for publication in Discount rates: Increase to 3-1/2 per cent at FRBanks of Boston, New York, Cleveland, Richmond, St. Louis, Minneapolis, and Dallas, notice to be published in Increase to 3-1/2 per cent at FRBanks of Philadelphia, Chicago and San Francisco, notice to be published in Increase to 3-1/2 per cent at FRBank of Atlanta notice to be published in Increase to 3-1/2 per cent at FRBank of Kansas City, notice to be published in Federal funds market, Board to publish interpretation indicating that transactions in, involve loans and borrowings, rather than purchases and sales as set forth in a recent ruling of the Comptroller of the Currency http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/20 4069, 4088 2/5 445 7/16 2308 7/18 2343 7/23 2385 7/25 2445 9/9 3080 1963 419 Pages Federal Register: (continued) Investment securities, Board's statement re recently revised Investment Securities Regulation of Comptroller of the Currency, as it relates to State member banks, understood statement to be published in the Federal Reserve Bulletin and Loan value of securities used for deposits required by Regulation T to meet margin calls re transactions executed before change in margin requirements, interpretation for publication in, and for press release approved Regulation G, amendment re definition of noncash items, copy as prepared for publication in, sent to FRBanks ent to, adopted to conform amendm Regulation H, with the revision of Regulation M, Governor Mills dissenting, published in on of, draft submitting prorevisi Regulation K, posed changes authorized for publication in Governor Mills dissenting, to d with Adopte be published in the Regulation M, proposed new regulation re powers of foreign branches of national banks approved for publication in Adopted with Governor Mills dissenting, published in Regulation Q: Savings deposits in banks involving mergers with member banks, interpretation under, stating that such accounts may be treated as having been on deposit in the resulting bank for the same time period as in the absorbed bank, allowing continued payment of the maximum 4 per cent on funds having been on deposit for 12 months, to be published in the FRBulletin and the http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/13 3931 11/8 3890,3903-05 1/7 34, 51-55 8/1 2536, 2543 3/11 855 8/22 2870, 2883 1/21 190 8/1 2536, 2543 1/31 383, 403 1963 420 Pages Federal Register: (continued) Regulation Q: (continued) Supplement, amendment re increasing maximum rate of interest payable on time certificates and deposits having a maturity of 90 days, to 4 per cent, approved and to be published in bankruptcy, eligibility of, in Trustees savings deposits of, interpretation under, to be published in the FRBulletin and S: Regulation Bank Service Arrangements, approved and made effective on date published in Regulation T: Amendment proposed to take the form of a paragraph to be added to section 220.4(c)(3), adapting the special account provisions to purchase of refunding securities, publication as a proposed rule making in the, approved Regulations T and U: Amendments to the supplement increasing margin and retention requirements from 50 per cent to 70 per cent approved with Governors Robertson and Mitchell dissenting, notice to be published in the Regulation Y: Amendments approved, to be published in the FRBulletin and, following approval of forms F.R. Y-1 and F.R. Y-2 Revenue bonds, underwriting authority of member banks, question by Morgan Guaranty Trust Company, N.Y., re, conflict of opinion and ruling by Comptroller of the Currency, Board concluded Washington State bonds are not "general obligations" within purview of section 5136 of the Revised Statutes and thus are not eligible for underwriting by State member banks, interpretation to be published in the FRBulletin and http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/16 2307 8/16 2738, 2791 3/28 1050, 1062 7/24 2403 11/5 3811 9/12 3135, 3148 9/4 3028 1963 421 Pages FRAct: Amendments proposed, to authorize advances by FRBanks to member banks, 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 transmitting a draft of the proposed legislation, approved and personally presented on Aug. 21st Proposed revision of Regulation A in light of recommended legislative changes, letter to FRBank Presidents transmitted Aug. 22nd Press release issued Section 2: Interpretation of banking laws and regulations, jurisdictional question re Board's right to interpret its own regulations and enforce them in case of a national bank, letter to Comptroller of the Currency approved Section 10(b): Notes of Colwell Company, Los Angeles, Calif., inquiry from Securities and Exchange Commission re eligibility for discount, Board's view not eligible for discount under section 13 of the, but not necessarily barred from being available for advances under, reply approved Section 13: Notes of Colwell Company, Los Angeles, California, inquiry from Securities and Exchange Commission re eligibility for discount, Board's view not eligible for discount under, reply approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/8 2617, 2641 8/8 8/23 2619, 2653 2906, 2913 5/6 1418, 1506 4/24 1316, 1335 4/24 1316, 1335 1963 422 Pages FRAct: (continued) Section 13: (continued) Notes held by member banks, question re eligibility for rediscount, or as security for an advance by FRBanks, advice to FRBank of Boston Section 16: FRAgent's representatives, Mr. Hexter of the Legal Division pointed out that the use of FRBank officers as, was not in accord with, it would be desirable from a legal standpoint to amend this section since FRnotes are substantially under the control of the FRBank at the time they are shipped to the Bank Section 22(g): Loans to executive officers, possible amendment re, to permit the Comptroller of the Currency rather than Board to define the term "executive officer" as applied to national banks, and to issue regulations under, understood views of Board would be transmitted informally to the Budget Bureau and the Treasury Formal report on second revised draft of Deposit Insurance Bill sent to Budget Bureau, Governor Mills dissenting Program of split-dollar life insurance for bank managerial employees, question as to whether such a program would result in violation of, and Reg. 0, Board's view that no violation is involved, copies of letter to FRBank of Dallas sent to all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/7 12/16 1839, 1845 4378 6/4 1815 6/10 1860, 1874 8/27 2919, 2940 1963 423 Pages FRAct: (continued) Section 23A: Corporate stock purchases by member banks, provisions relating to, referred to as being restrictive rather than a grant of authority to purchase corporate stocks up to the limits prescribed, in connection with proposed transaction involving Mercantile Trust Co. and its subsidiary Mississippi Valley Co. Extension of credit by a member bank to any subsidiary of the bank's Edge Act or agreement corporation, draft bill to exempt, from limitations of, agreed to suggest alternative by proposing amendment to report sent to Budget Bureau Interpretation of, pertinent to Board's position re federal funds market Letter to Presidents of all FRBanks, giving Board's position Section 24: Loans by national banks on forest tracts, draft bill to further amend, to liberalize the conditions of, report to Bureau of the Budget approved Memorandum re views of the Comptroller of the Currency with respect to, proposal questioned but not vigorously opposed, Chairman Martin to convey opinion to the Treasury S. 2259, a bill to amend, to liberalize conditions of, no objection to favorable consideration of letter to Senator Robertson of the Banking and Currency Committee Real Estate loans by national banks up to 80 per cent of the appraised value and for a term up to 30 years, Treasury draft bill amending, to permit, unfavorable report to Bureau of the Budget approved unanimously http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/20 2022 5/13 1538, 1559 8/27 2927 9/9 3076 6/12 1899, 1916 8/8 2609 12/23 5/17 4497, 4501 1633, 1639 1963 424 Pages FRAct: (continued) Section 24: (continued) Real Estate loans by national banks: (continued) Views of Governors Mitchell and Mills stated 5/17 1634 Section 25: Amendment proposed to authorize national banks (and thus State member banks under sec. 9, FRAct), to apply to Board for permission to acquire and hold directly controlling stock interests in foreign banks, letter sent to Budget Bureau 5/13 1541, 1559 Foreign branches of national banks, H.R. 5800, a bill to amend, to transfer to the Comptroller of the Currency authority to establish, and issue regulations concerning their powers, report opposing, approved for transmittal to Congressman Patman, Chairman of the House 6/12 1899, 1922 Banking and Currency Committee FRAgents: FRnotes, question whether cash placed with cash agent banks should be Bank or FRAgent cash, Board concurs in action taken at Presidents' Conference that matter should be determined by individual Reserve Bank, no objection to FRnotes stored at cash agent banks being transferred to status of unissued currency held by FRAgents, Governor Mills' reservation noted, advice to all FRBank Presidents, 12/16 4376, 4393 copies to FRAgents http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 425 Pages FRAgents: (continued) (Individual names): Anderson, Robert 0., FRBank of Dallas, designation for 1964 Bean, Atherton, FRBank of Minneapolis, designation for 1964 Briggs, Robert P., FRBank of Chicago, designation for 1964 Canham, Erwin D., FRBank of Boston, designation for 1964 Hall, Joseph B., FRBank of Cleveland, designation for 1964 Hoadley, Walter E., FRBank of Philadelphia designation for 1964 Hyde, Edwin, FRBank of Richmond, designation for 1964 Rebsamen, Raymond, FRBank of St. Louis, designation as Chairman and, for remainder of the year 1963 Designation for 1964 Reed, Philip D., FRBank of New York, designation for 1964 Scott, Homer A., FRBank of Kansas City, designation for 1964 of Atlanta, designation for FRBank Jack, Tarver, 1964 Whitman, F. B., FRBank of San Francisco, designation for 1964 RAgent's, Assistant: Alexander, Donald L., Alternate, FRBank of Kansas City to replace Mr. Whitsitt, appointment approved Foley, Cecil B., Alternate, FRBank of Kansas City, to replace Mr. Blair, appointment approved Pascual, Armand A., FRBank of San Francisco, appointment to succeed Philip M. Stone upon his retirement, approved Pope, Joseph M., Alternate Assistant FRAgent, FRBank of Kansas City, appointment approved to fill the vacancy resulting from the death of Mr. Self Stone, Philip M., FRBank of San Francisco, retirement noted in connection with appointment of his successor http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/23 3614 10/23 3614 10/23 3614 10/23 3614 10/23 3614 10/23 3614 10/23 3614 10/2 3414 10/23 3614 10/23 3614 10/23 3614 10/23 3614 10/23 3614 12/27 4557, 4575 12/27 4557, 4575 2/14 552, 561 6/7 1840, 1849 2/14 552, 561 1963 426 Pages gent's Representatives: Appointments of officers of the FRBank of Richmond as, for the sole purpose of the custody of FRnotes stored at cash agent banks, Board has no objection to this arrangement Allin, J. Lander, Jr., Assistant Cashier, FRBank of Richmond, appointment approved Dickerson, J. Gordon, Jr., Vice President, FRBank of Richmond, appointment approved Evans, William G., Oklahoma City Branch, appointment to succeed Lee G. Cox, approved Friend, John E., Assistant Cashier, FRBank of Richmond, appointment approved Harrison, William B., III, Assistant Vice President, FRBank of Richmond, appointment approved Jones, E. Riggs, Jr., Assistant Cashier, FRBranch Bank of Baltimore, appointment approved Krueger, Fred C., Jr., Assistant Cashier, FRBranch Bank of Charlotte, appointment approved Cashier, FRBranch of Charlotte, A., Ligon, Stanhope appointment approved Lindstrom, Betty Jean, Helena Branch, to succeed William J. Bell, appointment approved of the low rank of personnel made Mention being presented for approval in this instance Martincik, Frank J., Omaha Branch, appointment to succeed Carl C. Tollander approved Myers, Arthur V., Jr., Assistant Cashier, FRBank of Richmond, appointment approved Paulat, Gustav, Pittsburgh Branch, appointment approved to succeed Mr. G. Donald Laughlin Simkins, Robert J., Helena Branch, to succeed Leland W. Powell, appointment approved Mention made of low rank of personnel being present for approval in this instance http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/16 4380,4394-95 12/16 4380, 4395 12/16 4380, 4395 4/8 1156, 1161 12/16 4380, 4395 12/16 4380, 4395 12/16 4380, 4395 12/16 4380, 4395 12/16 4380, 4395 11/14 3948, 3967 11/14 3949 6/20 12/16 12/9 1991, 2014 4380, 4395 4246, 4265 11/14 3948, 3967 11/14 3949 1963 427 Pages FRAgent's Representatives: (continued) Smith, Edward E., New Orleans Branch, appointment to succeed Mr. James A.Charbonnet approved Viverette,Joseph F., Assistant Vice President, FRBank of Richmond, appointment approved Wienert, Adolph C., Assistant Cashier, FRBranch Bank of Baltimore, appointment approved PRBank of Atlanta: Auditors, establishment of officer position of Associate General Auditor and appointment thereto, approved Banking quarters: Head office building (new) sculptured bronze eagle to be mounted on central column in front of, steps being taken for design and execution noted Board notes detailed plans and revised cost estimates for the west building addition of, revised estimate includes sum for work in east building, not included in preliminary estimate Branches: Miami, Florida, proposed establishment of: SEE: Branch banks, FRSystem: FRBank of Atlanta: Establishment of Miami Branch: Equipment: Bank Transit System, IBM 1420, intention to contract for rental of, no objection Examinations: Report reviewed, question re exploring the need for establishing a FRBranch office in Miami, Florida, which would have a bearing on the possible need for expansion of the Jacksonville Branch Report reviewed Reports made during years 1960, 1961, and 1962, sent to Congressman Patman http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/24 2402, 2427 12/16 4380, 4395 12/16 4380, 4395 6/25 2062, 2068 4/8 1156 8/21 2832, 2844 2/20 647, 656 2/27 9/5 705 3051 5/27 1772, 1781 1963 428 Pages PRBank of Atlanta: (continued) FRnotes: Shipment by air courier service from Jacksonville Branch to FRBank of New York and pickup of new FRnotes in Washington for delivery in Atlanta on return trip, proposal re, disapproved in light of continuing study of proposal of Brink's Incorporated Salaries: Employees, nonofficial salary structure, minimum and maximum salaries for Grade 12 thru 16, applicable to the head office only, approved, review requested re proposed revisions at the branches, increases not supportable on same basis since same positions do not exist Officers, minimum and maximum ranges for officer salary groups approved Request for missing minimums for three groups Staff: Adams, DeWitt, General Auditor, salary approved Bostwick, Preston Turner, appointment as assistant examiner approved, not to participate in examination of Bostwick Banking Company, Arlington, Georgia, of which his father is President and Director Branan, Carson, Assistant Cashier, salary approved Brandt, Harry, Assistant Vice President, salary approved Breck, Fred I., Assistant Cashier, salary approved Bryan, Malcolm, President, salary approved Davis, W. M., Assistant Cashier, salary approved Salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/18 902, 928 1/30 295, 377 2/8 509, 516 2/8 516 12/9 4289 8/6 2580, 2594 12/9 4289 12/9 4289 12/9 12/9 4289 4254, 4306 12/4 12/9 4202, 4219 4289 1963 429 Pages FRBank of Atlanta: (continued) Staff: (continued) Denmark, J. E., Vice President, salary approved It is noted Vice President Denmark will reach retirement age during 1964, accordingly, salary payment to him is approved only to date of retirement Dillion, L. Howard, Jr., appointment as assistant examiner approved Examiners, special assistant, designation of Harry C. Schiering approved Examiners, special assistant, designation of 16 employees approved Examiners, special assistant, designation of Richard A. Sanders, approved Forbes, James B., Assistant General Auditor, salary approved Ford, C. Mason, Assistant Vice President, salary approved Harris, J. T., Assistant Vice President, salary approved Hibbert, George, Assistant Counsel, salary approved Hingst, Eric, Assistant Cashier, salary approved Hinton, William Arthur, Jr., appointment as assistant examiner approved Hoover, Duane, Assistant Cashier, salary approved Salary approved Howard, Beyrl E., Assistant Vice President, salary approved Jones, James Lee, Examiner, appointment approved Kantner, Arthur, Assistant Cashier, salary approved Salary approved Kessler, John Roger, appointment as assistant examiner approved, not to participate in examination of Fulton National Bank, Atlanta, Georgia, and First National City Bank, New York, New York, until indebtedness has been liquidated http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4289 12/9 4288 8/6 2580, 2594 2/20 653, 663 3/18 914, 934 7/12 2277, 2286 12/9 4289 12/9 4289 12/9 4289 12/9 4289 12/9 4289 3/12 880, 892 12/4 12/9 4202, 4219 4289 12/9 4289 8/30 2989, 2994 12/4 12/9 4202, 4219 4289 8/12 2685, 2699 1963 430 Pages FRBank of Atlanta: (continued) Staff: (continued) Martin, F. H., Assistant Vice President, salary approved McCorvey, J. E., Vice President and Cashier, salary approved Millsaps, Fred, Assistant Cashier, salary approved Patterson, Harold T., First Vice President and General Counsel, salary approved Raisty, Lloyd B., Vice President, salary approved R., Vice President, salary Brown Rawlings, approved Sanders, Richard A., Associate General Auditor, salary approved Salary approved Sheffer, George W., Chief Examiner, salary approved Stephenson, R. M., Assistant Vice President, salary approved Taylor, Charles T., Vice President and Director of Research, salary approved Ullenberg, Louis R., assistant examiner, appointment approved Vallette, Edgar M., Assistant Vice President, salary approved Wapensky, Basil A., Assistant Cashier, salary approved y, Assistant Cashier, salary apJeffre Wells, proved Wright, David McCord, Dr., Professor of Economics, University of Georgia, no objection to Dr. Wright working as part-time consultant, with compensation at rate of $75 per day for time actually in service of bank, plus travel and other out-of-pocket expenses, no intent to use Dr. Wright on FOMC matters or to release FOMC materials to him http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4289 12/9 4289 12/9 4289 12/9 4254, 4306 12/9 4289 12/9 4289 6/25 12/9 2062, 2068 4289 12/9 4289 12/9 4289 12/9 4289 6/26 2113, 2120 12/9 4289 12/9 4289 12/9 4289 8/23 2907 1963 431 Pages FRBank of Boston: Budget, 1963, first half, copy transmitted to Congressman Patman, Chairman of the House Committee on Banking and Currency Check Collection Department, report of examination revealed unsatisfactory performance record in, recommendation to replace high-speed equipment currently leased from National Cash Register Company by high-speed complex manufactured by Burroughs Corporation, Messrs. Farrell and Kiley to visit Bank and report further to Board Debits to suspense accounts, in report of examination the question was raised whether a debit balance in a suspense account, described as "differential on Canadian currency," meant that the FRBank of Boston was absorbing discount on Canadian coin deposited with it, and, if so, for what reason Equipment, report of examination of, recommendation to replace high-speed equipment, currently leased from National Cash Register Company, with high-speed complex, manufactured by Burroughs Corporation, agreement that study should be made Examinations: Reports made during years 1960, 1961, and 1962, sent to Mr. Patman Report reviewed, discussion re check collection functions, debit balance described as "differential on Canadian currency," V-loans, salaries paid in advance and not reimbursed by employees who had left bank, and physical condition of certain Bank officers, agreement that Messrs. Farrell and Kiley would visit FRBank of Boston and make a thorough study and report to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Board 6/11 1875, 1889 12/2 4161 12/2 4162 12/2 4161 5/27 1772, 1781 12/2 4161 1963 432 Pages PRBank of Boston: (continued) Examinations: (continued) Robbery, holdup of United States mail truck in Plymouth,Mass., proposal to extend reward offer, noted without objection by Board Salaries: Increase in salary structure for employees, approved Report of examination of, indicated that Massachusetts law requires employers to be within week of current status in salary payments, with no retirement deductions made by FRBanks for employees with salaries under $4,200 per annum, Boston Bank did not have recourse to retirement contributions in obtaining salary refunds 3/8 834 8/21 2836, 2846 12/2 4164 2/6 472, 476 8/30 2989, 2995 12/2 4165 12/9 4253, 4278 12/9 4253, 4278 12/9 4253, 4278 Staff: Examiners, special assistants: Designation of 33 individuals, approved Designation of Roderick W. Downie for participation in the examination of certain banks, approved Officers, physical condition of certain officers referred to in report of examination of (Individual names): Anderson, Paul S., Financial Economist, salary approved Angney, D. Harry, Vice President, salary approved Aubrey, Lee J., Assistant Vice President, salary with increase approved Barrett, John J., Assistant Cashier, salary approved Salary approved Berge, Ansgar R., Vice President, salary with increase approved Brady, Charles H., Assistant Vice President, salary approved Salary with increase approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/13 3916, 3936 12/9 4253, 4278 12/9 4253, 4278 12/4 12/9 4202, 4216 4253, 4278 1963 433 Pages FRBank of Boston: (continued) Staff: (continued) Clapp, Robert V., appointment as examiner approved, not to participate in examination of nonmember bank until indebtedness has been liquidated Dickson, Wallace, Assistant Vice President, salary with increase approved Robert W., Director of Research, enger, Eisenm salary approved Salary approved Ellis, George H., President, to attend the annual meeting of the Bank for International Settlements, in Basle, Switzerland in June, also visiting several European central banks Salary approved Evans, David F., appointment as assistant examiner approved Goodwin, Robert Thomas, appointment as assistant examiner approved Haigh, George Francis, Assistant Examiner, appointment approved Hillery, Frank Michael, Examiner, appointment approved, with understanding he will not participate in examina tion of a certain nonmember bank until indebtedness is liquidated Hoyle, Luther M., Jr., Vice President, salary with increase approved Kannegieser, John J., appointment as assistant examiner approved M., Assistant Cashier, salary Ripley Keating, approved Lacks, Stanley B., General Auditor, salary with increase approved Latham, Earle 0., First Vice President, proposal to make available for a technical assistance assignment, to act as adviser to The State Bank of Ethiopia for a period not to exceed three months, FRBank to grant leave of absence with pay, any additional expenses to be borne by The State Bank of Ethiopia, Board interposes no objection if Board Directors approve http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/11 91 12/9 4253, 4278 7/31 12/9 2511, 2522 4253, 4278 3/7 12/9 822 4254, 4311 10/21 5/15 10/24 3594, 3600 1584, 1594 3647, 3665 7/26 2470, 2490 12/9 4253, 4278 9/23 3283, 3294 12/9 4253, 4278 12/9 4253, 4278 11/8 3891, 3906 1963 434 Pages PRBank of Boston: (continued) Staff: (continued) Latham, Earle O.: (continued) Salary approved Lowe, John E., Special Adviser, salary approved Salary approved, retirement during 1964, noted Mitiguy, Harry R., Bank Relations Officer, salary approved Salary approved Nye, Loring C., Assistant Vice President, salary approved Radford, Richard H., Assistant Cashier, salary approved Schlaikjer, Oscar A., Vice President and General Counsel, qualified to testify as expert witness in Canadian courts re legal status in United States of currency involved in counterfeiting cases Salary approved Smith, Howard G., appointment as assistant examiner approved, not to participate in examination of a certain nonmember bank to which he is indebted Stone, Lawrence H., Secretary and Assistant General Counsel, qualified to testify before Canadian courts in counterfeiting cases involving United States currency Salary approved Salary with increase approved Tangney, Eugene M., Assistant Cashier, salary with increase approved Thayer, Jarvis M., Cashier, salary approved Salary with increase approved Turner, Charles E., Vice President, salary with increase approved Walker, Richard A., Assistant Vice President, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4254, 4311 12/4 4202, 4216 12/9 4253,4277-78 11/13 3916, 3936 12/9 4253, 4278 12/9 4253, 4278 12/9 4253, 4278 12/2 12/9 4160, 4181 4253, 4278 9/23 3283, 3295 12/2 12/4 12/9 4160, 4181 4202, 4216 4253, 4278 12/9 12/4 12/9 4253, 4278 4202, 4216 4253, 4278 12/9 4253, 4278 12/9 4253, 4278 1963 435 Pages FRBank of Boston: (continued) Staff: (continued) Wallace, William S., appointment as examiner approved, not to participate in examination of nonmember bank until indebtedness has been liquidated Watts, G. Gordon, Vice President, salary with increase approved Willis, Parker B., Vice President and Economic Adviser, salary approved Salary with increase approved Zehner, Louis A., Assistant Vice President, salary approved, retirement in 1964, noted V -loans, in report of examination of, it was noted that there were four outstanding loans as to which guaranteed portions had been purchased by, question of whether situation reflected adversely on credit judgment rendered by PRBank of Chicago: Banking quarters: Fallout shelter, at head office and Detroit branch, no objection to, expenditures authorized Leasing of space, to Walter E. Heller and Company, Inc., no objection, but apprehension expressed on basis of precedent Plumbing renovations in the old section of head office building, no objection to advertising for bids for, and expenditure of estimated cost of the renovation authorized Discount window, Governor Mitchell expressed opinion that reports of examination did not provide adequate coverage on administration of, borrowings of certain Seventh District members banks involved abuse of discount privilege, it was his thought that discussion with President Scanlon would be profitable http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/11 91 12/9 4253, 4278 12/4 12/9 4202, 4216 4253, 4278 12/9 4253, 4277-78 12/2 4164 9/18 3212, 3238 11/14 5/27 10/16 3948, 3966 1766, 1776 3572 1963 436 Pages FRBank of Chicago: (continued) Examinations: Reports made during years 1960, 1961, and 1962, sent to Congressman Patman Report as of June 21, 1963, reviewed, discussion re frequent deficiencies in required reserves of member banks with resulting penalties often waived, Chairman Martin suggested memorandum be prepared on subject preparatory to thorough review by Board FRnotes, one dollar denomination, inquiry by Treasury Department, concerning possible availability of lownumbered $1 FRnotes of FRBank of Chicago Salaries: Employees, top grades other than officers, such as economists, agreed that Governor Shepardson work with Division of Personnel Administration on a memorandum to be presented to the Board re arguments for and against a plan re creation of additional grades at upper end of salary structure for certain types of positions Employees, revision of structure approved, agreed that Governor Shepardson and Personnel Division would undertake a study re possibilities for dealing with problems experienced by FRBanks in obtaining and retaining professional persons such as economists in upper grade positions Nonclerical employees: Payment of salaries to Head Painter and Painter approved Payment of salaries to Plumber, Head Carpenter and Carpenter, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/14 1562, 1571 11/29 4144 11/26 4097 9/19 3247 9/23 3268, 3291 3/18 895, 920 6/28 2134, 2144 1963 437 Pages FRBank of Chicago: (continued) Salaries: (continued) Nonclerical employees: (continued) Possibility of approving by single Board action the levels of compensation of certain classes of employees whose salaries are geared to labor contracts, staff to prepare memorandum re Division of Personnel Administration memorandum recommending that Board approval be requested only if rate was in excess of grade maximum, and under such circumstances Board to approve adjustments for length of the contract rather than to date of next scheduled increase, recommendation approved Payment of salary to the Marble Maintenance Man, approved Payment to Bank elevator operators and starters at specified rates in excess of grade maximums, approved Payment to Bank engineers and firemen at specified rates in excess of grade maximums, approved Salary increased at rates above the maximum of the grade in which the position is classified for Class B electricians Increase above maximum of grades in which positions of janitor, marble maintenance man, paper baler, and matron are classified Staff: Examiners, special assistants: Designation of eight individuals approved Designation of Louis N. Buettner approved Designation of Harold E. Madsen approved Designation of six employees as, approved (Individual names): Anschutz, A. J., Assistant Cashier, salary approved Salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/28 2135 7/31 2516, 2523 7/31 2517, 2524 10/24 3640, 3662 10/24 3641, 3663 11/14 3948, 3965 11/26 4095, 4105 1/7 6/24 8/16 12/20 41, 60 2044, 2050 2740 4491, 4494 12/4 12/9 4202, 4220 4292 1963 438 Pages PRBank of Chicago: (continued) Staff: (continued) Aufdenkamp, Jo Ann, Librarian, no objection to granting a 30-day extension for leave of absence without pay to finish an assignment with Klein and Saks as library consultant to the National Planning Council of the Government of Liberia Baughman, E. T., Vice President, salary approved Bawden, Lloyd A., appointment as assistant examiner, approved Bierbauer, C. E., Assistant Vice President, salary approved Assistant Chief Examiner, C., Buell, H. salary approved Burda, Richard J., appointment as assistant examiner approved Capouch, J. J., Assistant Cashier, salary approved Cloos, G. W., Senior Economist, salary approved Davis, L. A., Assistant Cashier, salary approved Assistant Cashier, salary W., L. Dawson, approved Dons, F. A., Assistant General Auditor, salary increased Doyle, D. M., Assistant Vice President, salary approved Salary approved Edler, F. C., Assistant Cashier, salary approved Elbers, Charles W., appointment as assistant examiner approved, not to participate in examination of a nonmember bank to which he is indebted Endres, J. J., General Auditor, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/11 840, 862 12/9 4292 11/5 3812, 3821 12/9 4292 12/9 4292 7/18 2344, 2353 12/9 4292 12/9 4292 12/9 4292 12/9 4292 12/9 4292 12/4 4202, 4220 12/9 4292 12/9 4292 3/18 915, 936 12/9 4292 1963 439 Pages FRBank of Chicago: (continued) Staff: (continued) Fults, E. 0., Assistant Vice President, salary approved Gohr, L. A., Assistant Cashier, salary approved Gustayson, A. M., Vice President, salary approved Hansen, Ronald L., appointment as assistant examiner approved Hansen, V. A., Assistant Cashier, salary approved Heath, E. A., Assistant Vice President and Assistant Secretary, salary approved Helmer, Hugh J., First Vice President, salary approved, at current rate Hochstatter, Robert J., Examiner, temporary assignment to the Board's Division of Examinations, to be designated as FRExaminer, FRBank of Chicago to absorb salary and travel expenses Hodge, P. C., Vice President, General Counsel and Secretary, salary approved Housenga, Roderick L., appointment as assistant examiner approved Hume, W. 0., Assistant Cashier, salary approved Jones, L. H., Vice President and Cashier, salary approved Assistant Cashier, salary K., E. Kroll, approved Laibly, C. T., Vice President, salary approved Lamphere, G. W., Assistant General Counsel, qualified to testify before Canadian courts in counterfeiting cases involving United States currency Lang, Richard M., appointment as assistant examiner approved not to participate in examination of the department of a State member bank in which his wife is employed, so long as she is employed by that institution http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4292 12/9 4292 12/9 4292 9/26 3345, 3351 12/9 4292 12/9 4292 12/9 4254, 4307 1/11 91 12/9 4292 1/25 276, 280 12/9 4292 12/9 4292 12/9 4292 12/9 4292 12/2 4160, 4181 6/19 1977, 1989 1963 440 Pages FRBank of Chicago: (continued) Staff: (continued) Larson, W. J., Assistant Counsel and Assistant Secretary, salary approved Lawrence, C. Andrew, appointment as assistant examiner approved, not to participate in examination of First National Bank in Chicago Heights, Illinois, as long as his mother is employed as a bookkeeper of that bank Layden, Peter M., appointment as assistant examiner approved Approval of appointment amended to provide that he will not be permitted to participate in examination of State member bank to which he became indebted during interim between Board's approval and his appointment McKiernan, Thomas E., appointment as assistant examiner approved, not to participate in the examination of a stated national bank so long as he has an interest in any trust administered by that institution Miller, Clifford R. II, appointment as assistant examiner approved, not to participate in examination of City Bank and Trust Company, Jackson, Michigan, of which he owns stock and of which his father is an officer; and National Bank of Detroit, Michigan, where his brother is employed, Board feels Mr. Miller should take steps to dispose of member bank stock Moffatt, R. A., Vice President, salary approved Morrison, J. R., Chief Examiner, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4292 1/9 74, 79 4/26 1350, 1374 7/18 2343, 2352 5/17 1635, 1641 8/30 2989, 2996 12/9 4292 12/9 4292 1963 441 Pages FRBank of Chicago: (continued) Staff: (continued) Murphy, John E., appointment as assistant examiner, approved H. J., Vice President, salary apNewman, proved K., assistant examiner, Richard Pearson, appointment approved, not to participate in examination of a State member bank so long as his brother is employed by the bank Piskos, James A., appointment as assistant examiner approved Prust, Ormel J., appointment as assistant examiner approved Roloff, Charles A., Jr., assistant examiner, appointment approved, not to participate in the examination of a national bank so long as he owns stock in that bank Ross, L. M., Vice President, salary approved Ryan, John E., Examiner, appointment approved, with understanding he not participate in examination of Peoples Bank of Pana, Ill. and Beverly Bank, Chicago, Ill., until indebtedness is liquidated Scanlon, Charles J., President, salary approved Scheider, R. M., Assistant Cashier, salary approved Salary approved Scheld, K. A., Assistant Vice President, salary approved Salary approved Schmitt, John E., Examiner, appointment approved Schultz, H. S., Vice President, salary approved Siragusa, John C., appointment as assistant examiner, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/4 1823, 1835 12/9 4292 1/25 276, 280 11/5 3812, 3821 3/12 880, 893 6/7 1843, 1854 12/9 4292 8/13 2706, 2723 12/9 4254, 4307 12/4 12/9 4202, 4220 4295 12/4 12/9 4202, 4220 4292 8/13 2706, 2723 12/9 4292 12/20 4491, 4495 1963 442 Pages PRBank of Chicago: (continued) Staff: (continued) Skadow, Ronald R., appointment as assistant examiner, approved Smyth, B. L., Assistant Vice President, salary approved Assistant Vice President, E., R. Sorg, salary approved Spatafora, Victor D., appointment as assistant examiner approved, not to participate in examination of a national bank to which he is indebted Srp, J. J., Assistant Vice President, salary approved Stayer, Donald D., Examiner, appointment approved Stiles, L. A., Senior Economist, salary approved Taylor, William, appointment as assistant examiner approved Walker, Charles J., appointment as assistant examiner, approved, not to participate in examination of Waterloo Savings Bank, Waterloo, Iowa, a State member bank of which his father is Chairman of Board, and with understanding he will dispose of stock of that bank which he owns Walsh, Thomas H., appointment as assistant examiner approved, not to participate in the examination of a stated national bank as long as he owns stock or is related to an officer or director of that institution Weiskopf, C. W., Assistant Chief Examiner, salary approved Wright, C. G., Assistant Vice President, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/8 1156, 1166 12/9 4292 12/9 4292 10/3 3425, 3432 12/9 4292 12/11 4336, 4341 12/9 4292 6/4 1825 11/5 3812, 3821 5/17 1635, 1642 12/9 4292 12/9 4292 1963 443 Pages FRBank of Cleveland: Banking quarters: Renovation of food serving facilities and alterations to security court entrance, no objection to, expenditures authorized Check collection operations, results of survey indicating certain difficulties reviewed, understood Chairman Martin would talk with President Hickman re Improvement indicated, further improvement anticipated due to selection of Clifford G. Miller, Vice President, as head of the check collection operation operations, examination report ng Check processi of, noted that National Cash Register electronic checkprocessing equipment was creating substantial operating problems, Mr. Kiley of Board's staff expected to be in Cleveland in near future to check on problem Examinations: Consideration of report of examination by Board to be deferred until after report, and supplemental memoranda relating to examination, had completed circulation to members of Board Reports made during 1960, 1961, and 1962, sent to Congressman Patman Staff: Examiners: Authorization for, to act as examiners for the Board of Governors in the examination of Mellon International Finance Corporation, Pittsburgh, Pa. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/4 3752, 3770 6/25 2060 7/24 2419 10/16 3569 9/27 3370, 3374 5/27 1772, 1781 12/26 4552 1963 444 Pages FRBank of Cleveland: (continued) Staff: (continued) Examiners, special assistants: Designation of three individuals approved Designation of four individuals approved Designation of six individuals approved Designation of three individuals approved Designation of Robert Groh approved Designation of fourteen individuals approved Designation of Gene A. Smith approved, not to participate in examination of a certain State member bank Designation of two women approved (Individual names): Aalto, Reino Leonard, appointment as assistant examiner approved, not to participate in examination of a certain State member bank Apelian, George M., appointment as assistant examiner approved, not to participate in any bank or other organization in the BancOhio group as long as he is a stock holder in that organization Benjamin, Donald G., Assistant Cashier, salary approved Bogardus, Peter Charles, appointment as assistant examiner approved Booth, George E., Jr., Assistant Counsel: Qualified to testify before Canadian courts in counterfeiting cases involving United States currency Salary approved Breidenbach, Paul, Counsel, qualified to testify before Canadian courts in counterfeiting cases involving United States currency Salary approved Campbell, James H., Assistant General Auditor, salary approved Salary approved Clouse, Roger R., Vice President, change in assignment noted Salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/7 41, 59 1/18 174, 188 2/5 447, 468 3/18 4/8 916, 937 1156, 1164 6/27 2124, 2130 8/6 8/16 2579, 2593 2740 9/26 3345, 3353 2/1 411, 417 12/9 4285 6/19 1977, 1988 12/2 12/9 4160, 4181 4285 12/2 12/9 4160, 4181 4285 7/24 12/9 2418, 2431 4285 7/24 12/9 2431 4285 1963 445 Pages FRBank of Cleveland: (continued) Staff: (continued) Cutler, Addison T., Special Economist, salary approved Didham, Phillip B., Assistant Vice President, salary approved DiMare, Anthony John, appointment as assistant examiner approved Doolin, Thomas Leo, Assistant Examiner, appointment approved Erste, Anne J., Assistant Cashier, salary approved Fink, Edward A., Vice President, change in assignment noted Salary approved Fricek, Elmer F., Vice President, salary approved Salary approved Fulton, Wilbur D., President, retiring at the end of April, 1963 Ginnane, R. Joseph, Assistant Cashier, salary approved Hanusz, Richard W., appointment as assistant examiner, approved Hendricks, William H., Assistant Cashier, salary approved Hickman, W. Braddock, President, appointment and salary approved, effective May 1, 1963, for the remainder of the five-year term ending February 28, 1966 Proposed salary increase inconsistent with guidelines Hoover, Robert G., Assistant Vice President, salary approved by, John J., Assistant Vice President, salary approved Huning, Harry W., Assistant Vice President, salary approved appointment as assistant George, Jakovich, examiner approved Kelly, Fred S., Vice President and Cashier, salary approved Salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4285 12/9 4285 9/12 3139, 3159 10/24 3647, 3666 12/9 4285 7/24 12/9 2431 4285 7/24 12/9 2418, 2431 4285 4/17 1248 12/9 4285 12/23 4500, 4525 12/9 4285 4/17 1247, 1258 12/16 4385, 4408 12/9 4285 12/9 4285 12/9 4285 9/5 3052, 3054 7/24 12/9 2418, 2431 4285 1963 446 Pages PRBank of Cleveland: (continued) Staff: (continued) Lentfer, Frank L., appointment as assistant examiner approved Leonard, Richard LeRoy, appointment as assistant examiner approved Mann, Maurice, Vice President in charge of the research function, appointment and salary approved, effective May 1, 1963 Salary approved Miller, Clifford G., Vice President, salary approved, selected head of the check collection operation, improvement in function anticipated due to supervision by an officer such as Salary approved Miller, Elfer B., General Auditor, salary approved Morrison, Martin, Vice President, salary approved Ormiston, Thomas E., Assistant Cashier, salary approved Pfeifer, Jerry Robert, appointment as assistant examiner approved, not to participate in examination of a national bank to which he is indebted Prior, John J., appointment as assistant examiner approved Quast, George T., Chief Examiner, salary approved Selby, Lester M., Assistant Secretary, salary approved Stetzelberger, Paul C., Vice President, salary approved only to date of retirement in 1964 Taylor, David E., appointment as assistant examiner, approved Thompson, Donald S., First Vice President, salary approved Weitzel, David J., Examiner, appointment approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/5 3052, 3055 1/7 41, 62 4/17 12/9 1248, 1258 4285 7/24 12/9 2418, 2431 4285 12/9 4285 12/9 4285 12/9 4285 6/17 1936, 1952 4/12 1212, 1216 12/9 4285 12/9 4285 12/9 4284-85 11/1 3738, 3749 12/16 9/30 4385, 4408 3398, 3406 1963 447 Pages PRBank of Cleveland: (continued) Staff: (continued) Woofter, Andrew C., Jr., appointment as assistant examiner approved,not to participate in examination of a nonmember bank as long as he is a stock owner Young, R., Jr., Assistant Counsel, qualified to testify before Canadian courts in counterfeiting cases involving United States currency PRBank of Dallas: Audit function, special study by Audit Review Committee of Board of Directors referred to in review of examination report of, reference to method of handling salary proposals for members of audit staff Banking quarters: Fallout shelter, to accommodate building's population of approximately 500 people, cost to be higher than that of any other FRBank shelter, plan approved, Gov. Mitchell dissenting Budget: 1963, last half, view of Bank's Budget Committee and other directors, that the preparation of a six-month budget is as time consuming as an annual, and less valuable suggestion that subject be discussed by a Board member with President Irons rather than by letter Equipment: Electronic check processing system, no objection to acquisition of Burroughs B-270 high-speed check processing equipment under lease-purchase agreement Examinations: Report reviewed, reference to special study of auditing function by Audit Review Committee of the Board of Directors, and to handling of salary proposals for members of audit staff Report reviewed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/16 2310, 2320 12/2 4160, 4181 3/27 1035 8/12 2681, 2697 6/25 2056, 2059 1/4 3, 12 3/27 9/5 1035 3051 1963 448 Pages PRBank of Dallas: (continued) Examinations: (continued) Reports made during years 1960, 1961, and 1962, sent to Congressmas Patman Staff: Examiners, special assistant: Designation of George C. Cochran, III, approved Designation of James F. Williamson, approved Designation of William E. Cheshier canceled, Board notes decision not to report to Department of Justice and FBI probable criminal violations of Mr. Cheshier and Texas Bank & Trust Company of Dallas, Texas, a State member bank Designation of two individuals approved (Individual name: Berg, E. H., Assistant Cashier, salary approved Boykin, Robert H., Assistant Counsel and Assistant Secretary, salary approved Cauthen, James L., Vice President, salary approved Coldwell, Philip E., First Vice President, salary approved Cowan, Leon W., Assistant Vice President, salary approved Cretsinger, Duane B., Assistant Examiner, appointment approved, not to participate in the examination of a national bank until his indebtedness has been liquidated Garner, Ted E., Assistant Examiner, appointment approved Garrett, Gerald B., Assistant Examiner, appointment approved Green, Ralph T., Vice President, salary approved Hardin, T. A., Vice President, salary approved until date of retirement during 1964 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/27 1772, 1781 7/2 2179, 2185 7/12 2277, 2287 8/27 9/16 2933, 2950 3167, 3177 12/9 4300 12/9 4300 12/9 4300 12/9 4254, 4309 12/9 4300 6/7 1843, 1856 6/4 1823, 1836 7/16 2310, 2321 12/9 4300 12/9 4300 1963 449 Pages FRBank of Dallas: (continued) Staff: (continued) Irons, Watrous H., President, to travel to October monthly meeting of Bank for International Settlements, in Basle, Switzerland, trip noted without objection Salary approved Lang, A. H., General Auditor, salary approved McCoy, Marvin C., appointment as examiner approved Murff, G. R., Vice President and Secretary, salary approved Parker, James A., Vice President, salary approved Plant, T. W., Vice President and Cashier, salary approved Pritchett, W. M., Vice President, salary approved Ratliff, James R., Assistant Examiner, appointment approved Reed, Frederic W., Assistant Cashier, salary approved Rowe, J. Z., Director of Research, salary approved Rudy, George F., General Counsel, salary approved Russell, James O., Chief Examiner, salary approved Salvaggio, Tony J., Assistant Cashier, salary approved Salary approved Scott, Robert K., Examiner, appointment approved Simmons, Harold M., Senior Security Files Clerk at Records Storage Center, payment of salary at rate higher than the maximum salary grade 9 approved, as long as he holds this position, with understanding he will not be eligible to receive further salary increases while serving in this position http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/30 12/9 2988 4254, 4309 12/9 4300 6/24 2044, 2051 12/9 4300 12/9 4300 12/9 4300 12/9 4300 5/9 1515, 1529 12/9 4300 12/9 4300 12/9 4300 12/9 4300 11/18 4016, 4030 12/9 4300 1/18 174, 189 4/9 1168, 1186 1963 450 Pages FRBank of Dallas: (continued) Staff: (continued) Sullivan, Alfred J., appointment as assistant examiner approved not to participate in examination of a national bank to which he is indebted Sullivan, Thomas R., Vice President, salary approved Thaxton, E. A., Jr., Assistant Cashier, salary approved Vorlop, E. W., Jr., Assistant Cashier, salary approved Williamson, James F., Assistant Examiner, authorization canceled, designated as special assistant examiner approved FRBank of Kansas City: Discount window, use of, by member banks, frequent use by one reserve city bank and five country banks in the Tenth District noted in connection with review of examination report of the Examinations: Reports made during years 1960, 1961, and 1962, sent to Congressman Patman Report reviewed, frequent use of discount window in Tenth District noted, understood that Governor Mills would discuss situation with President Clay Salaries: Employees, top grades other than officers, such as economists, correspondence from President Clay of, proposing headroom at upper end of salary structure, Governor Shepardson to work with Division of Personnel Administration re plan Agreed to approve proposal of, for increases in grades 1 through 16 for Oklahoma City and Omaha structure and grades 1 through 11 of head office and Denver structure, to defer action on proposed revised ranges in grades 12 through 16 for head office and Denver structure pending completion of study by Gov. Shepardson and Div. of Personnel http://fraser.stlouisfed.org Administration Federal Reserve Bank of St. Louis 7/16 2310, 2321 12/9 4300 12/9 4300 12/9 4300 7/12 2287 7/31 2517 5/27 1772, 1781 7/31 2517 9/19 3247 10/9 3489, 3501 1963 451 Pages PRBank of Kansas City: (continued) Salaries: (continued) Employees: (continued) Agreed to approve adjustments in grades 12 through 16 of head office and Denver structure, if requested by directors of, Bank to provide constant 11.1 per cent increase over present midpoints, along with special maximum for grade 16 Increase in Grades 12-16 approved, with special maximum of $17,500 for Grade 16 at Staff: Examiners, special assistant: Designation of William H. Leedy approved Designation of sixty-nine individuals approved Vice President of, to be in charge of Denver Branch, appointment of successor to Vice President Puckett discussed, no action taken until matter could be taken up with Chairman Scott, Deputy Chairman Simons, and President Clay Further discussion with salary and appointment of John W. Snider as Vice President, approved (Individual names): Alexander, Donald L., Alternate Assistant Federal Reserve Agent to replace Mr. Whitsitt, appointment approved Andrews, S. F., Assistant Cashier, salary approved Billington, Wilbur T., Vice President and Senior Economist, salary approved Blair, John N., Assistant Cashier, salary approved, to assume additional duties as officer in charge of check and noncash collection functions, no change in title or salary group classification, noted that officers in charge of such duties at other FRBanks have title above Asst. Cashier, matter called to the attention of Pres. Clay by Gov. Mitchell http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/1 12/18 3919, 3940 4411, 4439 4/30 1405, 1417 6/25 2064, 2071 11/20 12/4 12/27 4076 4206, 4232 4557, 4575 12/9 4298 12/9 4298 5/27 1766, 1779 1963 452 Pages FRBank of Kansas City: (continued) Staff: (continued) Blair, John N.: (continued) Salary approved Boysen, John T., Vice President, salary approved Brauninger, Theodore F., Assistant Cashier, salary approved Clay, George H., President, salary approved for period January 1-December 31, 1964 Craig, J.C., Assistant Vice President, salary approved J., Vice President and Raymond Doll, Senior Economist, salary approved Vice President, salary apR., Euans, J. proved Fairley, W. F., General Auditor, salary approved Foley, Cecil B., Alternate Assistant Federal Reserve Agent to replace Mr. Blair, appointment approved Green, Harry William, Examiner, appointment approved Griswold, Carl F., Assistant Vice President, salary approved Salary approved Koppang, Henry 0., First Vice President, salary approved for period January 1-December 31, 1964 Leedy, William H., General Counsel and Secretary, salary approved Mack, James F., Jr., appointment as assistant examiner approved, not to participate in examination of two nonmember banks until indebtedness has been liquidated or to participate in the examination of Traders National Bank, Kansas City, Mo., as long as his father is an officer of that bank Martin, Wayne W., Assistant Cashier, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4298 12/9 4298 12/9 4298 12/18 4426, 4450 12/9 4298 12/9 4298 12/9 4298 12/9 4298 12/27 4557, 4575 12/16 4386, 4409 2/1 12/9 12/18 410, 413 4298 4426, 4450 12/9 4298 3/22 993, 1015 12/9 4298 1963 453 Pages FRBank of Kansas City: (continued) Staff: (continued) Mills, L. F., Vice President, salary approved until date of retirement during 1964 Mothersead, Marvin L., Director of Personnel, salary approved Pope, Joseph M., Alternate Assistant FRAgent, FRBank of Kansas City, appointment approved to fill the vacancy resulting from the death of Mr. Self Royer, George D., Jr., Chief Examiner, salary approved Schiesser, Leo Lavern, appointment as examiner, approved W., Vice President in charge John Snider, of Denver Branch, appointment and salary approved, promoted from Cashier at E., Assistant Vice President, R. Thomas, salary approved W., Senior Vice PresidentClarence Tow, Research, salary approved Wasson, Peter V. C., appointment as assistant examiner approved, not to participate in examination of a certain national bank and a certain nonmember bank until indebtedness has been liquidated White, J. T., Vice President, salary approved until date of retirement during 1964 Williams, Thomas Bruce, appointment as assistant examiner approved PRsank of Minneapolis: Examinations, reports made during years 1960, 1961, and 1962, sent to Congressman Patman Salaries: Employees, revised salary structure approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4298 12/9 4298 6/7 1840, 1849 12/9 4298 1/7 39, 57 12/4 4206, 4232 12/9 4298 12/9 4298 4/2 1123, 1134 12/9 4298 9/26 3345, 3352 5/27 1772, 1781 4/8 1156, 1162 1963 454 Pages FRBank of Minneapolis: (continued) Staff: Economic Adviser, question re retaining on a part-time basis a member of the faculty of the University of Minnesota as a, no objection in principle by Board if the Bank wishes to explore the possibility further (Individual names): Beeth, E. 0., Assistant Cashier, salary approved Bergquist, C. E., Assistant Cashier, salary approved Bjork, Christopher, Assistant General Auditor, salary approved Bronner, W. C., Assistant Cashier, salary approved Cramer, F. J., Assistant Vice President, salary approved Deming, Frederick L., President, salary approved Dreitzler, R. J., General Auditor, salary approved Salary approved Ellis, Marion D., appointment as assistant examiner approved, not to participate in examination of a nonmember bank to which he is indebted Fossum, K. K., Vice President, salary approved J., appointment as assisDavid Freeberg, tant examiner approved Gable, L. G., Chief Examiner, salary approved J., Assistant Vice President, J. Gillette, salary approved Graham, R. D., Assistant Counsel and Assistant Secretary, salary approved Salary approved Grobel, R. K., Chief Examiner, salary approved Vice President in charge of the Bank Examination Department, appointment and salary approved, effective March 1, 1964 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/17 1249 12/9 4296 12/9 4296 12/9 4296 12/9 4296 12/9 4296 12/24 4533, 4549 12/4 12/9 4202, 4221 4296 2/7 489, 506 12/9 4296 4/1 1082, 1106 12/9 4253, 4295 12/9 4296 12/4 12/9 4202, 4221 4296 12/9 4296 12/9 4253, 4295 1963 455 Pages FRBank of Minneapolis: (continued) Staff: (continued) Groe, Robert V., Examiner, appointment approved Groth, C. W., Vice President and Cashier, salary approved Holmgren, M. B., Vice President, salary approved Johnson, A. W., Vice President, salary approved, will reach retirement age during 1964, salary payments are approved only to date of retirement Kareken, John H., Professor, University of Minnesota, no objection to being engaged as consultant, to work on monetary, fiscal, and banking problems, have access to FOMC minutes and other confidential material, make visits to FRBank of New York to observe open market operations, and attend some FOMC meetings Knous, H. L., Assistant Cashier, salary approved Lindstrom, Gordon L., Examiner, appointment approved Litterer, 0. F., Assistant Vice President, salary approved Lysen, M. E., Assistant Vice President, salary approved, will reach retirement age during 1964, salary payments are approved only to date of retirement MacDonald, J. A., Assistant Vice President, salary approved Salary approved McConnell, H. G., Vice President and Secretary, salary approved, will reach retirement age during 1964, salary payments are approved only to date of retirement Mills, A. W., First Vice President, to retire at end of 1963, to be succeeded by Vice President and General Counsel, M. H. Strothman, Jr. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/2 2179, 2184 12/9 4296 12/9 4296 12/9 4295-96 8/23 2907 12/9 4296 7/2 2179, 2184 12/9 4296 12/9 4295-96 12/4 12/9 4202, 4221 4296 12/9 4295-96 10/14 3537 1963 456 Pages FRBank of Minneapolis: (continued) Staff: (continued) O'Brien, W. A., Assistant Cashier, salary approved Olin, J. P., Assistant Vice President and Assistant Secretary, salary approved Assistant Vice President and Secretary, appointment and salary approved, effective March 1, 1964 Parsons, F. L., Vice President,salary approved Sather, M. O., Assistant Cashier, salary approved Strothman, M. H., Jr., Vice President and General Counsel, question re possible appointment as First Vice President to succeed Mr. Mills, indicated that Board would be prepared to approve First Vice President, appointment and salary approved Vice President and General Counsel, qualified to testify before Canadian courts in counterfeiting cases involving United States currency Wright, Ronald W., Examiner, appointment approved auk of New York: Banking quarters: Electrical system in main Bank building, increases in scope and cost of, noted without objection Elevators, modernization of 16 passenger elevators and replacement of 6 service elevators in main Bank building, no objection interposed Office space to be made available to a group formed by the Administration to study possibilities for encouraging foreign investments in the United States, Vice President Coombs to act as liaison between the Reserve Bank and the group http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4296 12/9 4296 12/9 12/9 4253, 4295 4296 12/9 4296 10/14 3537 11/20 4077 12/2 4160, 4181 7/2 2179, 2184 3/7 820, 826 3/7 820, 827 9/19 3249 1963 457 Pages FRBank of New York: (continued) Banking quarters: (continued) 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 discussion re possible alternatives to proposed alterations, Reserve Bank representatives favor expanding present facilities rather than suggested alternatives Noted vault in U.S. Assay office in New York City not adequate as facility for gold, agreed Messrs. Farrell, Solomon, and Harris would visit New York City and West Point, New York to study possible solutions to the problem Memorandum from Messrs. Farrell, Solomon, and Harris analyzing plans for additional space for storage of, Board approved Reserve Bank plan to convert an area adjacent to the present gold vault to use for gold storage, estimated cost of conversion would be about $470,000, Governor Robertson felt that at an appropriate time the Board and FRBank of New York should consider movement of some gold out of New York City to West Point purely as a civil defense measure http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/10 1864 6/18 1964 7/10 2241 9/23 3273, 3292 1963 458 Pages FRBank of New York: (continued) Budget, 1963,first half, copy transmitted to Congressman Patman, Chairman of the House Committee on Banking and Currency Clearing and collection: Bergen County Clearing Bureau, report received from FRBank of New York, letter re activities of, sent to FRBank of New York Nassau County Clearing Bureau, report from FRBank of New York received, letter to FRBank of New York re activities of, approved, reference to possibility of installing highspeed equipment for processing volume of exchanges handled by Equipment, acquisition on rental basis of IBM 1401-1419 check processing system, with understanding re replacement by IBM 1420 system under a lease -purchase agreement, no objection, reference to intention to order second 1420 system, decision deferred Examinations: Reports made during years 1960, 1961, and 1962, sent to Congressman Patman Review of current report, agreed there was no information developed that warranted specific action by Board Governor Mills noting recent request by House Banking and Currency Committee for analysis of FRBank expense items such as travel and entertainment felt all examinations of FRBanks should comment on expenses not within scope of ordinary scheme of operations, might be advisable for Board's letters of instruction to FRBanks to be reviewed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/11 1875, 1889 3/12 878, 881 3/12 878, 881 3/12 878, 882 5/14 1562, 1571 8/30 2986 8/30 2987, 2988 1963 459 Pages FRBank of New York: (continued) Expenses: Dinner to be given for officers scheduled to retire, question re payment by Reserve Bank, consensus of Board that expenditure would be of questionable appropriateness, understood Chairman Martin would discuss matter with President Hayes House Banking and Currency Committee to visit, noted, reception to include representatives of the New York City commercial banks, no objection to payment of costs by the Reserve Bank Fiscal agency operations: International Bank for Reconstruction and Development, amendment to the fiscal agency agreement to cover a proposed issue of the International Bank's two-year bonds of 1963, authorized Foreign accounts: Bank of Japan, opening and maintenance of an account of FRBank of New York with, payable in foreign currency, approved Bank of Sweden, opening and maintenance of account of FRBank of New York with, payable in foreign currency, approved Foreign travel program for personnel of, for 1963, no objection l Internationa Monetary Fund, emergency account to be opened and maintained with FRBank of New York, approved unanimously Loans: Banco Central de Costa Rica, telegram to, approving gold loan to Banco Central de Costa Rica, understood usual participation will be offered to other FRBanks, views of Governor Mills http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/12 2276 6/21 2030 9/16 3166, 3176 11/13 3916, 3937 1/11 90, 95 2/7 477, 490 8/2 2557, 2562 10/16 3561, 3576 1963 460 Pages FRBank of New York: (continued) Loans: (continued) Banco de la Republica de Colombia, request for 180 day loan on gold, discussion re nature and purposes of loan, and re possibility that loan would not fall within criteria of policy on gold loans, in light of position of State Department and International Monetary Fund and other factors, understood Board would approve loan when presented formally Loan on 90-day maturity authorized by directors, FRBank of New York, approved by Board Application for 180 day loan on gold, FRBank of New York to be advised that if its Board of Directors should approve loan, Board would be prepared to approve Telegram to FRBank of New York approving Bank for International Settlements, extension of arrangement to make loans on gold, telegram to Federal Reserve Bank of New York, understood usual participation offered to other Federal Reserve Banks Minutes of meetings of Board of Directors of, for certain years with related papers, requested by Chairman Patman of the House Banking and Currency Committee, reported by Chairman Martin and Mr. Sherman, FRBank to study and contact Board later Draft letter from FRBank of New York transmitting documents and reports to Chairman Patman concurred in by Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/23 229 1/25 266, 278 7/31 2513 8/6 2573 10/4 3435, 3438 4/2 1122 4/4 1141 1963 461 Pages FRBank of New York: (continued) Salaries: Auditor, General, review requested by Board's Committee on Organization, Compensation, and Building Plans in connection with proposed officers salaries at the Bank for 1964 Employees, payment of salary to sixteen employees until June 30, 1963, at rates below the minimums of grades in which their positions are classified, approved Letter approving the special maximum for grade 16 of the salary structure noted without objection Officers, other than President and First Vice President, letter with a technical variation from that sent to all other FRBanks re revisions made to assist Bank in setting appropriate compensation guidelines Staff: Barrett, Martin, attendance at Eleventh Training Program of the Center for Latin American Monetary Studies to be held in Mexico City, approved Bennetts, Leonard I., Assistant General Auditor, salary approved Bergin, Martin W., Manager, salary approved Bilby, Harold A., Vice President, salary approved Blanchette, Ernest E., Manager, salary approved Bogardus, Janet, Chief Librarian, Board interposes no objection to request from Organization for Economic Co-operation and Development for Miss Bogardus to serve as a consultant in Paris, France, beginning Sept. 12, 1963, approximately, on a leave of absence without pay basis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/28 4/8 12/24 3688 1155, 1158 4528, 4543 9/19 3247, 3264 2/20 647, 654 12/9 4280 12/9 4280 12/9 4280 12/9 4280 8/13 2700, 2708 1963 462 Pages FRBank of New York: (continued) Staff: (continued) Brasseur, Edward A., Examiner, appointment approved Braun, William H., Jr., Assistant Vice President, salary approved Salary approved Breves, Edwin L., Examiner, appointment approved Butler, James W., appointment as assistant examiner approved Calder, Bruce J., appointment as assistant examiner approved Cassella, Bruce A., Assistant Examiner, reappointment approved Castellanos, Julio J., appointment as assistant examiner approved Cieurzo, Paul J., appointment as assistant examiner approved Clark, Charles F., appointment as assistant examiner approved, with understanding that he not participate in examination of a certain State member bank until indebtedness is liquidated Clarke, John J., Assistant General Counsel, leave of absence plus travel time granted to lecture at the Center for Latin American Monetary Studies in Mexico City, Board interposes no objection Vice President and General Counsel, salary approved Qualified to testify before Canadian courts in counterfeiting cases involving United States currency Salary approved Combader, A. Thomas, Manager, salary approved Salary approved Coombs, Charles A., Vice President, meeting of Messrs. Hayes, Harris, and, with Board to discuss proposed alterations to gold vault facilities at FRBank of New York and possible alternatives http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/12 2277, 2285 7/26 12/9 2454, 2478 4280 7/12 2277, 2285 3/6 803, 818 3/18 915, 935 10/29 3699, 3706 3/12 880, 891 6/27 2124, 2129 8/9 2664, 2679 4/19 1261, 1278 10/28 3688, 3695 12/2 12/9 1/18 12/9 4160, 4181 4253, 4280 170, 186 4280 6/18 1964 1963 463 Pages FRBank of New York: (continued) Staff: (continued) Coombs, Charles A.: (continued) To be principal liaison between Bank and group formed by the Administration and charged with studying possibilities for encouraging foreign investments in the United States, FRBank of New York had arranged to make office space available to the group Salary approved Cooper, Robert L., Manager, salary approved Cordz, Oliver W., Examiner, appointment approved Crosse, Howard D., Vice President, salary approved Crowley, Robert J., Assistant Counsel, present at Board meeting, with representatives of European Coal and Steel Community, also present at staff meeting with representatives of the Community noted by Mr. Hackley Salary approved Davis, Felix T., Assistant Vice President, salary approved Davis, Norman P., Assistant Vice President, salary approved DePaolo, Joseph J., Examiner, appointment approved De Vries, Henry, Assistant Examiner, appointment approved, not to participate in the examination of a certain national bank until his indebtedness has been liquidated Ege, Karl L., Manager, salary approved Ferdinand, William V., Assistant Examiner, appointment approved Fousek, Peter, Manager, salary approved French, Martin, Manager, salary approved Garvy, George, Economic Advisor, to serve as alternate for Alan Holmes, Vice President, FRBank of New York, as a System representative at the meeting of central bank economists to be held March 9-11, 1963, at the Bank for International Settlements, Basle, Switzerland http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/19 12/9 12/9 3248 4253, 4280 4280 7/12 2277, 2285 12/9 4280 1/25 12/9 267-70 4280 12/9 4280 12/9 4280 7/12 2277, 2285 7/8 12/9 2209 4280 5/22 12/9 12/9 1699, 1715 4280 4280 1/31 393 1963 464 Pages FRBank of New York: (continued) Staff: (continued) Garvy, George: (continued) Designated as representative of, to attend meeting of central bank economists in Basle, Switzerland, October 12-14 1963 Salary approved Gutowski, Joseph F., Jr., Assistant Examiner, appointment approved, not to participate in examination of a State member bank to which he is indebted and in which he owns stock Guy,Edward G., Assistant General Counsel, qualified to testify before Canadian courts in counterfeiting cases involving United States currency Salary approved Harris, Marcus A., Vice President, meeting of Messrs. Hayes, Coombs, and, with Board to discuss proposed alterations to gold vault facilities at FRBank of New York and possible alternatives Salary approved Hayes, Alfred, President, meeting with Board to discuss gold vault facilities at, to be arranged Meeting of Messrs. Coombs, Harris, and, with Board to discuss proposed alterations to vault and alternatives Salary approved Healy, William L, Jr., Examiner, appointment approved Hoffman, Leonard F., Assistant Examiner,appointment approved, agreed to dispose of certain stock prior to his employment Holmes, Alan, Vice President, to serve as a System representative at the meeting of central bank economists to be held March 9-11, 1963, at the Bank for International Settlements, Basle, Switzerland Salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/19 12/9 3245, 3260 4280 4/4 1144, 1145 12/2 12/9 4160, 4181 4280 6/18 12/9 1964 4280 6/10 1864 6/18 12/9 1964 4254, 4303 7/12 2277, 2285 10/21 1/31 12/9 3595, 3601 393 4280 1963 465 Pages FRBank of New York: (continued) Staff: (continued) Irwin, John K., Jr., Assistant Examiner, appointment approved Jensen, John P., General Auditor, salary approved Salary approved Klopstock, Fred, to participate in meeting of Bank for International Settlements, to discuss matters pertaining to Euro-dollar market, Basle, Switzerland, November 9-11, 1963, meeting also to include Messrs. Samuel I. Katz of Board's staff, and David Eastburn of FRBank of Philadelphia Manager, salary approved Kulda, Vincent J., Examiner, appointment approved Lang, Peter P., Adviser, assigned to assist the National Bank of the Congo, Republic of the Congo, in initiating a multiple currency system as requested by the Agency for International Development and the Treasury, noted by Chairman Martin that the practice of informing the Board after the decision had been reached was not desirable, no objection to be interposed but procedure for future assignments to be discussed with President Hayes Appointment as assistant examiner approved Salary approved Lewis, Harold W., Manager, salary approved, until retirement in 1964 Lindsay, Robert, Senior Economist, forthcoming extended absence of, noted Senior Economist, salary approved, noted that Mr. Lindsay was on a year's leave of absence terminating in September 1964 to teach at the University of California http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/27 2124, 2129 10/28 3588, 3695 12/9 4280 9/19 12/9 3245, 3261 4280 7/12 2277, 2285 5/20 9/23 12/9 1653 3283, 3296 4280 12/9 4279, 4280 7/26 2478 12/24 4528, 4542 1963 466 Pages FRBank of New York: (continued) Staff: (continued) Link, Robert G., Assistant Vice President, salary approved Ludlum, Walter H., Examiner, appointment approved A., Jr., Assistant Vice Angus MacInnes, President, salary approved MacLaury, Bruce K., Manager, salary approved No objection interposed to leave of absence in order to serve on special assignment at Treasury Department Salary approved Marple, William E., Manager, salary approved Marsh, Spencer S., Jr., Assistant Vice President, salary approved McNierney, John S., Examiner, appointment approved McWhinney, Madeline H. (Miss), attending Seventh Meeting of Central Bank Technicians of the American Continent, held at Rio de Janeiro, Brazil, as a member of the System delegation Manager, salary approved Meek, Paul, Manager and Assistant Secretary, assignment to Securities Department without change in title or salary noted Salary approved Milusich, William B., Assistant Examiner, reappointment approved Examiner, appointment approved Morfeld, William E., Assistant Examiner, appointment approved Murphy, Thomas M., Examiner, appointment approved Berhard G., Examiner, appointment Nelson, approved Niles, Donald C., Manager, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4280 7/12 2277, 2285 12/9 4280 7/26 2454, 2478 9/19 12/9 12/9 3242, 3251 4280 4280 12/9 4280 7/12 2277, 2285 4/19 12/9 1262, 1294 4280 1/18 12/9 170, 186 4280 4/9 7/12 1182, 1189 2277, 2285 11/4 3769, 3787 7/12 2277, 2285 7/12 12/9 2277, 2285 4280 1963 467 Pages FRBank of New York: (continued) Staff: (continued) Noa, Arthur H., Manager, salary approved Pardee, Scott, attending Seventh Meeting of Central Bank Technicians of the American Continent, held at Rio de Janeiro, Brazil, as a member of the System delegation Paul, Emil J., Examiner, appointment ap- 12/9 4280 4/19 1262, 1294 proved Pfaff, Edwin W., Examiner, appointment approved Piderit, Fred W., Jr., Assistant Vice President, salary approved Pierce, John F., Chief Examiner, salary approved, noted that Mr. Pierce was scheduled to leave the bank, probably in the latter part of January 1964, to accept an appointment as Governor of the Central Bank of Trinidad Post, Everett B., Manager, salary approved Pricher, Charles R., Manager, salary approved Quackenbush, Lawrence E., Assistant Vice President, salary approved Raphael, Frank S., Examiner, appointment 7/12 2277, 2285 7/12 2277, 2285 12/9 4280 approved Ringen, John P., Manager, salary approved Roche, Thomas J., Senior Foreign Exchange Officer, salary approved Rothman, Edwin S., Manager, salary approved Rough, Robert A., Assistant Examiner, reappointment approved, not to participate in examination of a national bank to which he is indebted Rouse, Robert G., Vice President and Senior Adviser, retention in active service of, and payment of salary to, approved Salary approved until retirement Rozell, Walter H., Jr., Vice President, salary approved Rushmore, Walter S., Manager, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/24 4528, 4542 12/9 4281 12/9 4281 12/9 4280 7/12 12/9 2277, 2285 4281 12/9 12/9 4280 4281 10/10 3521, 3524 7/26 12/9 2454, 2477 4279-80 12/9 12/9 4280 4281 1963 468 Pages PRBank of New York: (continued) Staff: (continued) Sanford, Horace L., Vice President, salary approved Jr., Special Assistant Frederick, Schadrack, in Foreign function, no objection interposed to leave of absence to serve on special assignment at Treasury Department Schiff, Frank, Assistant Vice President, attending Seventh Meeting of Central Bank Technicians of the American Continent, held at Rio de Janeiro, Brazil, as a member of the System delegation Salary approved Salary approved Schott, Francis H., Manager, Foreign Department, permission granted for extension of leave of absence with pay to continue to serve in the Office of the Under Secretary of the Treasury for Monetary Affairs Reassignment to FRBank of New York noted Salary approved Schultz, William M., Manager, salary approved Sloane, Thomas C., Assistant General Counsel, salary approved Salary approved Small, Kenneth E., Manager, salary approved Smedley, Frederick L., Assistant Vice President, salary approved Smith, George C., Manager, salary approved Smith, Richard J., Assistant Examiner, appointment approved Spaulding, Robert E., Examiner, appointment approved Stanton, Aloysius J., Manager, salary approved Sternlight, Peter D., Manager, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4280 9/19 3242, 3251 4/19 7/26 12/9 1262, 1294 2454, 2478 4280 1/4 7/26 12/9 12/9 3, 7 2454, 2478 4281 4281 10/28 3688, 3695 12/9 4280 12/9 4281 12/9 12/9 11/26 4280 4281 4098, 4109 7/12 2277, 2285 12/9 4281 12/9 4281 1963 469 Pages PRBank of New York: (continued) Staff: (continued) Stevens, Harry I., Examiner, appointment approved Stone, Robert W., Vice President, salary approved Stravitz, Martin R., Examiner, appointment approved Taylor, Daniel J., Foreign Exchange Trader, Foreign Operations Division, Foreign Department, arrangements to spend a period of several weeks at the Bank of England in London, noted without objection Thoman, Robert C., Manager, salary approved Timlen, T. M., Jr., Assistant Counsel and Secretary, qualified to testify before Canadian courts in counterfeiting cases involving United States currency Secretary and Assistant Counsel, salary approved Treiber, William F., First Vice President, salary approved Trued, Merlyn N., formerly Assistant Vice President, Board agrees that his service as Deputy Assistant Secretary of the Treasury is for a purpose deemed to be in the public interest within the meaning of sec. 5A of the Rules and Regulations of the Retirement System Waage, Thomas O., Vice President, salary approved Salary approved Weber, John F., Assistant Examiner, appointment approved Weis, Stephen P., Assistant Examiner, appointment approved Wessel, Harold M., Assistant Vice President, salary approved for period Sept. 1 through December 31, 1963 Assistant Vice President, salary approved Young, Robert, Jr., Assistant Counsel, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/12 2277, 2285 12/9 4280 7/12 2277, 2285 1/24 12/9 237, 245 4281 12/2 4160, 4181 12/9 4281 12/9 4254, 4303 2/21 665, 673 1/18 12/9 170, 186 4280 4/24 1320, 1340 6/27 2124, 2129 9/3 2998, 3013 12/9 4280 12/9 4281 1963 470 Pages FRBank of Philadelphia: Audit function, report by Peat, Marwick and Mitchell covering the results of a survey re, suggestion by Governor Balderston that the Audit Committees of the other FRBanks might find it useful, understood that the possibility of distributing copies of the report would be discussed with President Bopp Equipment: Electronic check handling equipment, no objection to rental of third complement of, understanding re rental of IBM 1401-1419 system, to be replaced with an IBM 1420 system in 1964 under a purchase-option agreement Examinations: Reports for years 1960, 1961, and 1962, sent to Congressman Patman Report reviewed, discussion re trouble resulting from combined use of old and new postal money order forms, debit balance of an assistant examiner in a margin account, and use of highspeed currency counting machines, question re use of such equipment at other FRBanks, even though it affords little opportunity to detect counterfeits, submitted to Chairman Irons of the Presidents Conference for views of Presidents Agreed staff would present letter for consideration re margin accounts Salaries: Employees, increase in minimums of grades 2 and 3 approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/30 2983 2/27 698, 707 5/27 1772, 1781 8/30 2978, 2993 8/30 2983 9/3 2997, 3009 1963 471 Pages FRBank of Philadelphia: (continued) Salaries: (continued) General Auditor, salary alignment questioned in unusual increase for G. William Metz upon his appointment as, Div. of Personnel Administration memorandum recommending that the Board encourage a conservative upward adjustment of individual salaries, discussed Staff: Examiners, special: Designation of two individuals approved Examiners, special assistant: Designation of eight individuals approved (Individual names): Aff, Edward A., Assistant Vice President, salary approved Agnew, James A., Jr., Assistant Cashier, salary approved Salary approved Alderfer, Evan B., Economic Adviser, salary approved J., Economic Adviser, salary Clay Anderson, approved Barrie, Hugh, Vice President, salary approved Besse, Jack P., Assistant Cashier, salary approved Black, John K., Assistant Examiner, appointment approved Bopp, Karl R., President, salary approved Bunting, John R., Vice President, salary approved Campb ell, Joseph R., Vice President, salary approved Case, Joseph M., Assistant Vice President, salary approved Salary approved Coope r, Thomas H., Assistant Examiner, appointment approved Curvan, James J., Jr., Assistant Examiner appointment approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/3 1446 5/13 1544, 1561 6/25 2063, 2069 12/9 4283 5/9 12/9 1512, 1523 4283 12/9 4283 12/9 12/9 4283 4283 12/9 4283 5/29 12/9 1797 4254, 4304 12/9 4283 12/9 4283 5/9 12/9 1512, 1523 4283 1/7 41 11/5 3812, 3820 1963 472 Pages PRBank of Philadelphia: (continued) Staff: (continued) Dash, Norman G., Vice President, salary approved Eastburn, David, Vice President to participate in meeting of Bank for International Settlements, to discuss matters pertaining to Euro-dollar market, Basle, Switzerland, November 9-11, 1963, meeting also to include Messrs. Samuel I. Katz of Board's staff, and Fred Klopstock of the FRBank of New York Salary approved Ensor, William L., Examining Officer, salary approved Salary approved Giacobello, James P., Examining Officer, payment of salary for the period February 1 through December 31, 1963, approved Salary approved Chief Examining Officer, salary and change in title approved Goodwin, Murdoch K., Vice President, General Counsel and Assistant Secretary, salary approved Greer, James P., Examiner, appointment approved Haas, Ralph B., Assistant Vice President, salary approved Hilkert, Robert N., First Vice President, salary approved Ikeler, Harold E., Jr., Examining Officer, salary approved Salary approved James, Jack H., Examining Officer, salary approved James, William A., Personnel Officer, salary approved Manning, Frederick M., Assistant Examiner, appointment approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4283 9/19 12/9 3245, 3261 4283 5/9 12/9 1512, 1523 4283 1/30 5/9 289, 301 1512, 1523 12/9 4283 12/9 4283 12/19 4467, 4486 12/9 4283 12/9 4254, 4304 5/9 12/9 1512, 1523 4283 12/9 4283 12/9 4283 4/4 1144, 1146 1963 473 Pages FRBank of Philadelphia: (continued) Staff: (continued) Markford, Leonard E., Examining Officer, salary approved J., Jr., assignment to William McCuen, Board's Division of Examinations for approximately three months approved, with understanding that McCuen would be designated as FRExaminer and FRBank of Philadelphia would absorb salary and travel expenses Examiners appointment approved Metz, G. William, General Auditor, unusual salary increase discussed, understood that Governor Balderston would discuss matter with President Bopp before advising of approval Salary approved Salary approved Moll, Warren R., Assistant Vice President, salary approved Salary approved Murdoch, Lawrence C., Business Economist, salary approved Murray, Fred A., Director of Plant, salary approved Nelson, Henry J., Assistant Vice President, salary approved Ponczka, Joseph J., Examiner, appointment approved Roeder, Harry W., Vice President, salary approved Rothwell, Jack C., Economist, salary approved Salary approved Scott, David H., Assistant Examiner, appointment approved C., Assistant Examiner, appointJohn Shields, ment approved with the understanding that he will not participate in the examination of a certain State member bank http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4283 7/23 2386 12/19 4467, 4486 5/3 5/3 12/9 1446 1449, 1474 4283 5/9 12/9 1512, 1523 4283 12/9 4283 12/9 4283 12/9 4283 12/19 4467, 4486 12/9 4283 12/4 12/9 4202, 4217 4283 4/30 1405, 1416 10/8 3463, 3468 1963 474 Pages FRBank of Philadelphia: (continued) Staff: (continued) Snader, Kenneth M., Assistant Vice President, salary approved Salary approved Sudders, Russell P., Assistant Vice President, salary approved Vergari, James V., Vice President and Cashier, salary approved A., Assistant Examiner, apn Robert Wallgre pointment approved, with understanding he is not to participate in examination of Philadelphia National Bank, Philadelphia, Pennsylvania, as long as his father is an officer of that institution Wilgus, Richard G., Vice President and Secretary, salary approved Zumeta, Bertram W., Economist, salary approved Salary approved ElBank of Richmond: Banking quarters: Property across the street from Head Office Building and adjacent to parking lot, no objection to acquisition of Allocation of cost of, and rate of depreciation on buildings thereon, Board approval of method of Disappearance of certain Treasury certificates from vault of, reference made to, in report re disappearance of Treasury certificates from FRBank of San Francisco, matter to be discussed with President Wayne before report is released Inquiry from staff member of Subcommittee of House Banking and Currency Committee re availability of a report re understanding re Report re apparent inadvertent destruction of certificate transmitted to Congressman Patman http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/4 12/9 4202, 4217 4283 12/9 4283 12/9 4283 11/5 3812, 3820 12/9 4283 12/4 12/9 4202, 4217 4283 1/15 122, 128 4/1 1077, 1083 4/1 1081 4/26 1349 5/23 1720, 1731 1963 475 Pages PRBank of Richmond: (continued) Emergency plans: Relocation facility for the joint use of FRBank of Richmond and Board 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 plans for development and construction of facility Examinations: Reports made during years 1960, 1961, and 1962, sent to Congressman Patman Radio transmitting frequency (Federal), letter to, approved,authorizing use of a Federal radio transmitting frequency assigned by Interdepartment Radio Advisory Committee, frequency to be used in visual aids such as graphs, charts, and flannel boards at banking seminars and other meetings Salaries: Employees: Increase in clerical salary structure for Grade I employees approved Proposed revision of salary structures at head office, Charlotte, and Baltimore Branches, decision to request more information stemmed from Governor Mitchell's discussion of labor market and feeling that higher salaries could add to inflation, matter of salary revision deferred pending further information Salary structure approved Salary structure including increase in Grade 16 maximum of $17,500 applicable to Bank's head office, approved, noted that such a special maximum would be approved for any Bank requesting it http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/4 4207, 4233 5/14 1562, 1571 9/18 3212, 3233 7/12 2274, 2280 11/1 3735 11/13 3916, 3938 12/30 4580 1963 476 Pages PRBank of Richmond: (continued) Staff: Examiners, special: Designation of Shelton G. Phaup approved, not to participate in the examination of two State member banks, previous authorization canceled Examiners, special assistant: Designation of four individuals approved Designation of four persons approved Designation of four individuals approved Designation of Howard S. Boote, Jr., approved Designation of Thomas W. Gaulding approved Designation of A. Franklin Traylor, Jr., approved Designation of James E. Edwards approved, may participate in examination of all but one State member bank Designation of David C. Durrill, approved Designation of William E. Pascoe, III, approved, for purpose of examining State member banks, except Bank of Virginia, Richmond, Va. Designation of four individuals as, approved Designation of Woody Y. Cain approved Designation of four individuals, approved, two of whom are not to participate in examination of certain State member banks Designation of Daniel J. Coli, not to participate in examination of two State member banks, appointment approved Designation of five individuals approved (Individual names): Adams, Douglass H., Examiner, appointment approved with the understanding that he will not participate in examination of a certain nonmember bank and a national bank http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/22 1699, 1717 1/21 1/30 4/4 200, 203 296, 378 1144, 1147 4/8 2/26 1156, 1165 685, 696 6/25 2064, 2070 7/23 7/31 2386, 2401 2518, 2525 8/13 2706, 2722 9/11 9/11 3100, 3127 3100, 3128 10/16 3574, 3582 10/28 3692, 3696 12/2 12/24 4173, 4187 4532, 4548 1963 477 Pages FRBank of Richmond: (continued) Staff: (continued) Alford, Richard E., Assistant Examiner, appointment approved Allin, J. L., Jr., Assistant Cashier, salary approved Appointment approved as FRAgent's Representative for sole purpose of custody of FRnotes stored at cash agent banks Bagby, S. Richard, Assistant Examiner, appointment approved Beavers, C. B., Assistant Cashier, salary approved Beducian, John M., Examiner, appointment approved Bennett, Edward L., Examining Officer, salary approved Salary approved Black, R. P., Vice President, salary approved Bostian, Lloyd W., Jr., Examiner, appointment approved Carter, Worth H., Jr., Examiner, appointment approved Catasus, Rafael A., Assistant Examiner, appointment approved Deitrick, J. G., Assistant Vice President, salary approved Dickerson, J. Gordon, Jr., Vice President, salary approved Appointment approved as FRAgent's Representative for sole purpose of custody of FRnotes stored at cash agent banks Farmer, Welford S., Vice President and General Counsel, salary approved Salary approved Fishburne, S. P., Assistant Vice President, salary approved Ford, H. E., Assistant Vice President, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/22 1699, 1716 12/9 4287 12/16 4380, 4395 11/26 4098, 4109 12/9 4287 2/4 434, 438 12/4 12/9 4202, 4218 4287 12/9 4287 12/24 1/21 12/23 12/9 4532, 4548 200, 202 4500, 4526 4287 12/19 4287 12/16 4380, 4395 12/4 12/9 4202, 4218 4287 12/9 4287 12/9 4287 1963 478 Pages FRBank of Richmond: (continued) Staff: (continued) Friend, J. E., Assistant Cashier, salary approved Appointment approved as FRAgent's Representative for sole purpose of custody of FRnotes stored at cash agent banks Harrison, W. B., III, Assistant Vice President, salary approved Appointment approved as FRAgent's Representative for sole purpose of custody of FRnotes stored at cash agent banks Heflin, Aubrey N., First Vice President, salary approved Horigan, J. C., Chief Examiner, salary approved Hughes, Douglas T., Examiner, not to participate in the examination of a certain national bank to which he has become indebted Johnson, Don W., Assistant Examiner, appointment approved, not to participate in examination of a particular nonmember bank Martin, U. S., Vice President, salary approved Mercer, John H., Assistant Examiner, appointment approved Miller, R. L., Assistant Cashier,salary approved Myers, Arthur V., Jr., Assistant Cashier, salary approved Appointment approved as FRAgent's Representative for sole purpose of custody of FRnotes stored at cash agent banks Nosker, J. L., Vice President, salary approved Nowlan, J. M., Vice President and Cashier, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 12/16 12/9 12/16 4287 4380, 4395 4287 4380, 4395 12/9 4254, 4305 12/9 4287 12/27 4559, 4576 10/16 3574, 3581 12/9 4287 6/27 2124, 2131 12/9 4287 12/9 4287 12/16 4380, 4395 12/9 4287 12/9 4287 1963 479 Pages FRBank of Richmond: (continued) Staff: (continued) Parthemos, James, Assistant Vice President, salary approved D., Jr., Examining Officer, Chester Porter, salary approved Salary approved Pregeant, V. E., III, Assistant Vice President and Secretary, salary approved E., Assistant Examiner, appointRobert Pugh, ment approved not to participate in the examination of a national bank and a State member bank so long as his indebtedness thereto remains unliquidated Ratchford, B. U., Vice President and Senior Adviser, salary approved Reese, Hugh E., Assistant Examiner, appointment approved, with understanding he not participate in examination of a certain national bank until indebtedness to that bank is liquidated Rose, Leonard A., Jr., Examiner, not to participate in the examination of a certain national bank to which he has become indebted Sanders, R. E., Jr., Vice President, salary approved Schad, R. P., Assistant General Auditor, salary approved Sexton, James T., Assistant Examiner, appointment approved Smart, R. Henry, Examining Officer, salary approved for period January 1December 31, 1964 Snead, G. H., General Auditor, salary approved Valley, R. Bruce, Assistant Examiner, appointment approved not to participate in examination of a State member bank to which he is indebted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4287 12/4 12/9 4202, 4218 4287 12/9 4287 7/16 2310, 2319 12/9 4287 11/1 3738, 3750 12/27 4559, 4576 12/9 4287 12/9 4287 8/1 2537, 2554 12/18 4411, 4438 12/9 4287 7/18 2343, 2351 1963 480 Pages PRBank of Richmond: (continued) Staff: (continued) Viverette, J. F., Assistant Vice President, salary approved Appointment approved as FRAgent's Representative for sole purpose of custody of FRnotes stored at cash agent banks Wakeham, Wythe B., Assistant Cashier, salary approved A., President, salary approved Edward Wayne, Zohab, Arthur J., Jr., Assistant Examiner, appointment approved, not to participate in the examination of a nonmember bank until his indebtedness has been liquidated PRBank of St. Louis: Equipment: Electronic check processing, acquisition of IBM 1420 system, at certain monthly rental, and supporting low-speed encoding equipment, no objection Examinations: Reports made during years 1960, 1961, and 1962, sent to Congressman Patman Report reviewed, growing looseness in administration of operating responsibilities detected Salaries: Employees: Revision in structure at head office and branches, approved Special Grade 16 maximum of $17,500 applicable to head office salary structure of, letter approving Staff: Examiners, special assistant: Designation of Charles Ray Halbrook approved Designation of Eugene A. Leonard approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 12/16 4287 4380, 4395 12/9 12/9 4287 4254, 4305 6/7 1843, 1855 4/1 1078, 1084 5/27 1772, 1781 10/16 4/29 12/18 3567 1376, 1389 4427, 4451 3/7 825, 830 5/9 1515, 1528 1963 481 Pages FRBank of St. Louis: (continued) Staff: (continued) (Individual names): Bennett, Marvin L., Vice President, salary approved Billen, Earl R., Assistant Vice President, salary approved Bowsher, Norman N., Assistant Vice President, salary approved Brooks, Arthur C. (Dr.), retention as physician for additional year beginning 8/1/63, approved Chapin, Earl H., Assistant Chief Examiner, salary approved W., Assistant Vice President, George Dennison, salary approved Denton, William F., Assistant Examiner, appointment approved, not to participate in the examination of the Planters Bank, Sikeston, Mo., as long as his father is an officer or director of the bank Gerald T., General Counsel and AssisDunne, tant Secretary, salary approved Francis, Darryl R., First Vice President, salary approved Geiger, James M., Assistant Vice President, salary approved W., Planning Officer, salary Woodrow Gilmore, approved Hirshman, George W., General Auditor, salary approved Hofer, John J., Assistant Vice President, salary approved Isbell, Wilbur H., Chief Examiner, salary approved Johns, Willis L., Assistant Vice President, salary approved Jones, Homer, Vice President, salary approved Kaley, Richard O., Assistant Vice President, salary approved Koptis, Stephen, Assistant Vice President, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4294 12/9 4294 12/9 4294 5/15 1577, 1589 12/9 4294 12/9 4294 5/20 1654, 1661 12/9 4294 12/9 4254, 4308 12/9 4294 12/9 4294 12/9 4294 12/9 4294 12/9 4294 12/9 12/9 4294 4294 12/9 4294 12/9 4294 1963 482 Pages FRBank of St. Louis: (continued) Staff: (continued) Lake, Ronald R., Assistant Examiner, appointment approved, not to participate in the examination of a State member bank until indebtedness is liquidated Lewis, Dale M., Vice President, salary approved Russell, F. Garland, Jr., Assistant Counsel, salary approved Salzman, Paul, Assistant Vice President, salary approved A., President, salary approved Harry Shuford, E., Assistant Vice President, William Walker, salary approved Wallace, Ronald Wesley, Assistant Examiner appointment approved H., Vice President and SecHoward Weigel, retary, salary approved Welman, Joseph C., Jr., Assistant Chief Examiner, salary approved Wotawa, Joseph C., Vice President, salary approved Wyrick, Orville O., Vice President, salary approved FRBank of San Francisco: Audit Review Committee report and report of General Auditor re disappearance of Treasury certificates from, advice from Bank re including in public record as requested by Subcommittee of House Banking and Currency Committee Disappearance of certain Treasury certificates of indebtedness from vault, article in San Francisco Examiner re, telephone conversation with President Swan reported by Governor Balderston re statement to be issued by Bank, certain statements re Secret Service to be verified with Treasury Dept. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/1 2537, 2555 12/9 4294 12/9 4294 12/9 12/9 4294 4254, 4308 12/9 4294 11/26 4098, 4111 12/9 4294 12/9 4294 12/9 4294 12/9 4294 4/26 1348 3/27 1034 1963 483 Pages PRBank of San Francisco: (continued) Audit Review Committee report: (continued) Disappearance of certain Treasury certificates: Report re situation requested by Chairman Fascell, House Legal and Monetary Affairs Subcommittee, reply being prepared Report approved, following check with FRBanks for accuracy of certain statements, copies transmitted to Congressmen Fascell, Patman, Talcott and Kilburn, and to FRBank Presidents and General Auditors Report re incident not to be released to press by Board unless and until released by parties to whom furnished Report by Mr. Smith, Assistant Director, Division of Examinations, re, and reports of examination of, for 1961 and 1962, requested by a Subcommittee of the House Banking and Currency Committee in preparation for a hearing in San Francisco re, 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, advice from Bank re including in public record as requested by Subcommittee of House Banking and Currency Committee Equipment: Electronic check processing, letter noting plan to obtain new and improved check processing equipment approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (continued) 3/29 1073 4/1 1079, 1090-91 4/4 1143 4/19 1275 4/26 1348 2/1 411, 414 1963 484 Pages FRBank of San Francisco: (continued) Examinations: Reports made during years 1960, 1961, and 1962, sent to Congressman Patman modifications in custody reviewed, Report procedures noted in connection with recommendations of Special Subcommittee of House Banking and Currency Committee Functional expense reports, James A. McIntosh, Technical Assistant, Division of Bank Operations, granted leave for academic year of study at Stanford University, Palo Alto, California, expenses in connection with visits to FRBank of San Francisco to review and discuss, approved established by, for California plan , Insurance employees of, question whether to maintain cash deposit with Treasurer of State of California or purchase through FOMC U.S. Government securities for, letter of advice to Minutes of meetings of Board of Directors, Executive Committee and Audit Review Committee during 1962, and certain reports from General Auditor, sent to Congressman Patman in connection with disappearance of certain Treasury certificates from vault at San Francisco Pacific Coast Stock Exchange, letter to, re question as to length of time FRBank acting as a committee of, must maintain records relating to extensions granted under Regulation T, suggestion by Governor Mills that FRBank be asked to explore possibility of discontinuance of this function and advise Board of its views, agreed that such a paragraph would be added to the letter http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/14 1562, 1571 6/28 2136 8/22 2874 10/7 3443, 3456 4/1 1079, 1089 9/26 3342, 3349 1963 485 Pages FRBank of San Francisco: (continued) Safekeeping of securities, modifications in custody procedures to conform with recommendations of House Banking and Currency Committee Subcommittee, noted in review of examination Savings deposits re trustees in bankruptcy, eligibility of, Board's opinion that a deposit by a trustee in bankruptcy may not be classified as savings deposits under Regulation Q, not affected by amendment of Bankruptcy Act, letter to FRBank of San Francisco which raised question, approved, Governor Mitchell dissenting, letter sent to all other FRBanks also Staff: Examiners, authorized to conduct examinations of agreement and Edge Act Corporations acting as FRExaminers for Board of Governors, in the examinations of International Bank of Commerce, Seattle, Washington, and Wells Fargo Bank International Corporation, San Francisco, California Examiners, special assistant: Designation of fourteen individuals, approved Designation of thirty-four individuals, approved (Individual names): Ahlf, J. F., Chief Examiner, salary approved Barbonchielli, J. L., Vice President, salary approved Barrett, T. W., Assistant Cashier, salary approved Bernstein, E. E., Assistant Cashier, salary approved Burke, William M., Senior Economist, payment of salary approved Salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/28 2136 8/16 2734, 2791 11/29 4150 1/7 41, 61 7/16 2310, 2322 12/9 4302 12/9 4302 12/9 4302 12/9 4302 6/20 12/9 1992, 2019 4302 1963 486 Pages PRBank of San Francisco: (continued) Staff: (continued) Cavan, P. W., Vice President, salary approved Cooper, W. L., Assistant General Counsel, qualified to testify before Canadian courts in counterfeiting cases involving United States currency Salary approved DeVries, W. G., Assistant Cashier, salary approved Eberhardt, Clete F., Assistant Examiner, appointment approved Galvin, E. H., Vice President, salary approved Goff, Robert N., Assistant Examiner, appointment approved, with understanding not to participate in examination of a certain national bank of which he is indebted and that he dispose of shares of stock which he owns of this same bank Goodfellow, Allen F., Examiner, arrangements for assignment to Board's Division of Examinations for approximately 3 months, with understanding re designation as FRExaminer, and re salary and travel expenses, letter to FRBank of San Francisco re Grove, David L., Vice President, salary approved with understanding letter would be sent when formal advice concerning appointment was received from, letter sent Services to be made available to Bank of Guatemala to assist in a revision of banking legislation of Guatemala no objection by Board, reference to financial arrangements To attend Seventh Meeting of Central Bank Technicians of the American Continent, held at Rio de Janeiro, Brazil, as a member of the System delegation, no objection Salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4302 12/2 12/9 4160, 4161-81 4302 12/9 4302 3/7 825, 831 12/9 4302 12/18 4427, 4453 5/23 1729 1/18 173, 187 3/28 1048, 1061 4/19 12/9 1262, 1294 4302 1963 487 Pages FRBank of San Francisco: (continued) Staff: (continued) Hartlin, G. D., General Auditor, salary approved Hayes, James A., Assistant Examiner, appointment approved, with understanding not to participate in examination of a certain State member bank Hemmings, H. E., First Vice President, salary approved, at current rate Holland, Daniel F., Assistant Examiner, appointment approved Leggett, Harry Robert, Assistant Examiner, appointment approved not to participate in examination of National Commercial Bank and Trust Company, Plattsburgh, N.Y., to which he is indebted Livingston, E. E., Assistant Cashier, salary approved Lynn, Gault W., Director of Research, payment of salary approved Salary approved Martens, E. J., Cashier, salary approved Maurer, R., Jr., Assistant Vice President, salary approved McKendry, R. E., Assistant General Auditor, salary approved Merritt, A. B., Vice President, salary approved Palmer, Harold D., Assistant Examiner, appointment approved Parker, Herbert C., III, Assistant Examiner, appointment approved Pascual, Armand A., Assistant FRAgent, appointment to succeed Philip M. Stone upon his retirement, approved Retallick, R. G., Assistant Cashier, salary approved Riding, James H., Assistant Examiner, appointment approved Scott, W. F., General Counsel, qualified to testify before Canadian courts in counterfeiting cases involving United States currency Salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4302 11/4 3769, 3788 12/9 4254, 4310 10/24 3647, 3667 3/6 803, 819 12/9 4302 6/20 12/9 12/9 1992, 2019 4302 4302 12/9 4302 12/9 4302 12/9 4302 8/23 2912, 2916 8/6 2580, 2595 2/14 552, 561 12/9 4302 5/22 1699, 1718 12/2 12/9 4160,4161-81 4302 1963 488 Pages PRBank of San Francisco: (continued) Staff: (continued) Spieler, Jonathan Samuel, Assistant Examiner, appointment approved Stone, Philip M., Assistant FRAgent, retirement noted in connection with appointment of his successor Swan, Eliot J., President, to attend the annual meeting of the Bank for International Settlements, in Basle, Switzerland, in June, also visiting several European central banks Salary approved, at current rate Wells, E. A., Assistant Cashier, salary approved Whitworth C. H., Administrative Assistant, salary approved Williams, J. B., Assistant Cashier, salary approved Wolfley, Delbert D., Assistant Examiner, appointment approved not to participate in examination of a nonmember bank to which he is indebted Zumas, Gust H., Assistant Examiner, appointment approved, with understanding that he not participate in examination of Price, Utah, branch of Walker Bank & Trust Company, Salt Lake City, Utah, as long as his sister is employed by that institution .3 — ' ral Reserve Banks: Assessments, for expenses of Board for second half of 1963, increase in Noted as a factor in the increase in FRBank budgeted expenses in this budget period (last half 1963) Check and noncash collection functions, officers in charge have title above that of Assistant Cashier, noted in connection with assignment of such duties to an Assistant Cashier at FRBank of Kansas City, without change of title or salary group classification http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/21 200, 204 2/14 552, 561 3/7 12/9 822 4254, 4310 12/9 4302 12/9 4302 12/9 4302 3/20 972, 983 12/20 4491, 4496 - 6/25 2053 6/25 2056 5/27 1766-67 1963 489 Pages Federal Reserve Banks: (continued) Consultants: Question re retaining on a part-time basis a member of the faculty of the University of Minnesota as an Economic Adviser at the FRBank of Minneapolis, no objection in principle by Board if the Bank wishes to explore the possibility further View is that the Board should be kept adequately informed by FRBanks concerning retention of consultants, even though specific Board approval was not required, security clearance should be observed when consultant had access to confidential System material or engaged in Open Market activities, general letter along these lines to be prepared for all FRBanks Currency shipments across district lines, at the initiative of FRBanks or at request of member banks, at no expense to member banks involved, Board interposes no objection to such arrangements, advice to FRBanks Discount officers: Meetings of, proposed, Board favors recommendation of the System Committee on Eligible Paper re, and the instituting of arrangements by the Presidents' Conference Committee on Discounts and Credits for the first of the periodic meetings of, Board to be represented Mr. Holland, Adviser, Division of Research and Statistics, designated as Board's regular representative to discount officers meetings http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/17 1249 8/23 2909 7/19 2355, 2363 7/31 2515 9/19 3249 1963 490 Pages Federal Reserve Banks: (continued) Discount officers: (continued) Meetings of: (continued) Report by Mr. Holland, discussing increased pressure on, revision of Regulation A, and desirability of achieving uniform lending procedures, agreement with recommendation that discount officers meeting next year deal with means of judging and restraining continuous borrowing Earnings and expenses, proposed 1963 year-end entries to profit and loss accounts of, noted without objection, understood that respective FRBanks would be advised by telegram Equipment: SEE: Equipment: FRBanks: Examination and inspection of books of, by State authorities under abandoned property laws, letter to FRBanks suggesting that FRBanks should resist any such attempt 11/27 4121 12/19 4459 7/18 2338, 2348 Examinations: Chief FRExaminer, Mr. Schaeffer, to come to Washington from time to time during year to present comments on, complaint by Governor Mitchell that examination reports did not provide adequate coverage of discount window, to discuss with Division of Examinations, Governor Mitchell also suggested that FRBank Presidents be asked to meet with Board to discuss such problems as abuse of discount privilege and construction of new buildings http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/16 3572 1963 491 Pages Federal Reserve Banks: (continued) Examinations: (continued) Expenditures, memorandum from Division of Examinations outlining procedure followed in reviewing Reserve Bank expenses, centering primarily on non-routine type expenses, Governor Mills expressed disappointment in Division's memorandum, in light of possible misunderstanding, it was understood that a revised memorandum would be made available to the members of the Board Governor Balderston sugproblem, Personnel gested possibility of asking advice of Reserve Bank Chairmen on problem of developing topquality personnel in examining function for supervision and: Procedures Changes proposed by Governor Robertson being reviewed by Haskins & Sells, Price Waterhouse & Co., and Arthur Andersen & Co., comments expected in near future, agreed to defer decision re assignment to Haskins & Sells for reviewing work of Board's field examining staff during 1963, pending receipt of comments Memoranda from certain divisions and letters from three public accounting firms regarding proposed changes in, distributed, comments by Messrs. Schaeffer, Solomon, Hackley and Farrell, matter to be discussed further Memorandum from Div. of Examinations distributed, comments by Messrs. Connell and Johnson amplifying their previously distributed memoranda, further consideration at March 25th Board meeting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/18 4021 11/13 3929 2/13 538 3/20 964 3/22 990 1963 492 Pages Federal Reserve Banks: (continued) Examinations: (continued) Procedures for supervision and: (continued) Comments by Governor Robertson in light of previous discussions and memoranda re, comments by other Board members, no decision re change of procedures other than to move in direction of greater efficiency, Governor Shepardson to discuss relationships of Divisions of Examinations, Bank Operations and Personnel Administration with staff members Inquiry from Price Waterhouse & Co., re assignment for observation of during 1962, to be acknowledged Memorandum of Governor Robertson proposing changes in, together with staff and accounting firm memoranda, to be reviewed by Robert F. Leonard, understanding re reimbursement for Mr. Leonard's services Memorandum by Governor Shepardson reviewing consensus of Board discussion at 3/25/63 meeting and reporting re instructions for procedural improvements and a recruiting program, plus the initiation of a joint study by divisions concerned, recommendations for the annual review of a FRBank examination to be made by Haskins & Sells and the securing of a specialist in audit sampling, approved, with Board reviewing qualifications of proposed specialist Board in accord to grant request of House Banking and Currency Committee to see papers re suggested changes in http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/25 1017 3/25 1032 4/5 1150 5/1 1421 9/4 3034 1963 493 Pages Federal Reserve Banks: (continued) Examinations: (continued) Procedures for supervision and: (continued) Proposed revision as set forth in memorandum from Division of Examinations, in light of point raised by Governor Mills and amendment to processing procedures that had been agreed upon in line with Governor Robertson's suggestion, approved, consideration of report of examination of FRBank of Cleveland to be deferred by Board, until after report, and supplemental memoranda relating to examination, had completed circulation to members of Board Use of methods of statistical sampling in activities of the Board's Division of Examinations in the examination of FRBanks, letter to Federal Housing Administration re the possibility of securing the consultant services of Mr. Louis Teitlebaum, with respect to Board to provide reimbursement for expenses, a fee, or both, either to FHA or Mr. Teitlebaum Reports of: FRBanks of New York, Richmond, Chicago and San Francisco, made during years 1960, 1961, and 1962, sent to Congressman Patman FRBanks 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 with respect to the 1962, requested by Mr. Patman, Chairman of the House Banking and Currency Committee, Board agreed to provide papers for the FRBank of Richmond examination to be reviewed at the Board's offices, procedure for reviewing papers for the examinations of other FRBanks to be determined later http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/27 11/20 3369, 3374 4069, 4088 5/14 1563, 1571 5/27 1772, 1781 6/12 1900, 1925 1963 494 Pages Federal Reserve Banks: (continued) Examinations: (continued) Reports of: (continued) Copies of Board letters of instruction to FRBanks re expenditures delivered to Mr. Stark of the House Banking and Currency Committee, in connection with review of Alleged by Mr. Patman that certain work papers were missing with the previously furnished 1962 reports, reply indicating all previously requested material supplied, agreed to furnish missing memoranda and any other relating papers, letters to FRBanks of Boston, Cleveland, Richmond, and Chicago re intention to furnish excerpts from minutes of directors meetings with respect to examinations Expenses: SEE: Expenses, FRBanks: Government securities, United States, carrying value of, for examination and supervisory purposes, letter of advice to Presidents of all FRBanks, matter viewed with FDIC and Comptroller of the Currency, both of which are taking same position as that in letter to FRBanks Honoraria, policy re FRBank officers and employees, letter and attachment to Presidents of all FRBanks I ndebtedness and outside business activities of officers and employees of, letter and attachment to Presidents of all FRBanks stating policy and restrictions re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/18 2342 8/8 2602, 2639 9/30 3397, 3404 9/27 3365,3389-91 9/27 3364,3389-93 1963 495 Pages Federal Reserve Banks: (continued) Presidents and First Vice Presidents: FRBank of Minneapolis, Strothman, M. H., Jr., First Vice President, appointment and salary approved Research departments: Eisenmenger, Robert W., Director of Research, FRBank of Boston, salary approved Lynn, Gault W., Director of Research, FRBank of San Francisco, payment of salary approved Mann, Maurice, Vice President, FRBank of Cleveland, appointment in charge of the research function with change in title from Senior Monetary Economist to Vice President Reserves: Deficiencies in gold reserve requirements: Discussion re 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 do not avoid it, or if everything possible should be done to avoid any such deficiency, suggesting possibility of discussion at meeting with Presidents re Board to continue study re Discussion at joint meeting of Presidents' Conference 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 Letter to Presidents of all FRBanks indicating no objection to a certain proposed change in method of computing gold reserve requirements http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/20 4077 7/31 2511, 2522 6/20 1992, 2019 4/17 1248, 1258 11/29 12/2 12/3 12/18 4141 4165 4188 4412, 4440 1963 496 Pages Federal Reserve Banks: (continued) Safekeeping of securities: Check to be made with FRBank General Auditors to insure accuracy of a review of performance of FRBanks in connection with, to be included in report re disappearance of certain Treasury certificates from FRBank of San Francisco Operating procedures and instructions to 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, question re making information public vault custody procedures at re als Materi eleven FRBanks (excluding San Francisco) transmitted to Chairman Patman, House Banking and Currency Committee Book-entry procedure for handling United States government securities held by, for member banks, 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 Conference of Presidents re plan 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/1 1080, 1103 4/26 1348 6/4 1813, 1826 6/11 1884, 1895 6/18 1963 1963 497 Pages Federal Reserve Banks: (continued) Safekeeping of securities: (continued) Question whether procedures of all FRBanks had been modified to include steps conforming to House Banking and Currency Subcommittee recommendations, raised in review of examination of FRBank of San Francisco Presidents' Conference requested to designate a Committee to make a study of, and make recommendations re general standards for, letter to FRBanks listing precautionary practices re, and requesting replies re use of such measures Salaries: SEE: Salaries: FRBanks: Staff, question re retaining on a part-time basis a member of the faculty of the University of Minnesota as an Economic Adviser at the FRBank of Minneapolis, no objection in principle by Board if the Bank wishes to explore the possibility further Surveys of functions of, conducted by Division of Bank Operations, agreement re procedure for making available to Board members and re placing on agenda as necessary ecieral Reserve Bulletin: Bank Service Corporation Act, section 5, interpretation under, involving bank services performed by a national or nonmember insured bank for a State member bank, also services performed by a State member bank for a national or nonmember insured bank, approved for publication in http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/28 2137 7/17 2323, 2335 4/17 1249 6/25 2060 2/5 445 1963 498 Pages Federal Reserve Bulletin: (continued) Federal funds market, transactions re, Board's interpretation under section 6 of the Bank Holding Company Act and section 23A of the Federal Reserve Act, that such transactions involve loans and borrowings rather than purchases and sales as set forth in a recent ruling of the Comptroller of the Currency, to be published in Improvement of usefulness of, memorandum from Governor Robertson re, agreed Chairman Martin to work with staff in preparing a plan for reviewing the publications programs of the Board and Federal Reserve Banks, suggestion that committee be formed to analyze and appraise ideas and suggestions Investment securities, Regulation of Comptroller of the Currency re, Board issued statement re recently revised Investment Securities Regulation of Comptroller of the Currency, as it relates to State member banks, copies to Federal Reserve Banks, press release issued, understood statement to be published in Federal Register and Reguiation Q: Savings deposits in banks taken over by member banks, interpretation under, stating that such accounts may be treated as having been on deposit in the resulting bank for same time period as in absorbed bank, to be published in the Federal Register and, advice to Presidents of all Federal Reserve Banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/9 3080 1/21 196 11/13 1/31 3931 383, 403 1963 499 Pages Federal Reserve Bulletin: (continued) Regulation Q: (continued) Trustees in bankruptcy, Board's opinion that deposits by, may not be classified as savings deposits under, letter to FRBank of San Francisco approved, Governor Mitchell dissenting, letter also sent to other FRBanks and interpretation to be published in Federal Register and Regulation Y, amendments approved, to be published in Federal Register and Revenue bonds: Underwriting authority of member banks, question by Morgan Guaranty Trust Company, New York, N.Y., with particular reference to State of Washington bonds, in light of ruling by Comptroller of the Currency, Board concluded that Washington State bonds are not "general obligations" within purview of section 5136 of Revised Statutes and thus are not eligible for underwriting by State member banks, interpretation, published in Federal Register and Window dressing of commercial banks, Governor Robertson's statement at recent hearing before Legal and Monetary Affairs Subcommittee of House Committee on Government Operations on, to be published in Statement appeared in October FRBulletin, page 1380 l'ederal Reserve Notes: De nominations larger than $100, letter to Presidents of all FRBanks transmitting a letter from Secretary of the Treasury dated November 29, 1963, re question of whether there is need for currency in denominations larger than $100 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/16 2738, 2791 9/12 3135, 3148 9/4 3028 10/7 3445 11/26 12/2 4107 4160,4185-86 1963 500 Pages Federal Reserve Notes: (continued) Destruction of: Board's position re local, requested by Congressman Fascell, reference to Board's previous responses to similar question from Congressman Hardy, referred to possible effects of proposed silver legislation in connection with, recent developments being studied, advice to Mr. Fascell, request that matter be placed on agenda of next Presidents' Conference, advice to Chairman Irons Local destruction of one and two dollar, no change re denominations of five dollar and up, recommendations by Subcommittee of Counsel on Fiscal Agency Operations, carried by vote of Presidents' Conference, reported at joint meeting with Board Inquiry from House Legal and Monetary Affairs Subcommittee re local, question related to matter of single issue of FRnotes, possibility of having note liabilities determined on a formula basis, statutory impediment to whole problem noted, agreed to submit proposed reply to Treasury and to FRBank Presidents Reply to Chairman Fascell of House Legal and Monetary Affairs Subcommittee indicating there were no reasons for not moving toward local destruction of FRnotes, indicated matter of time necessary to make change, probably additional incinerators needed Redemption and, on a formula basis to eliminate sorting by bank of issue, recommendation by the Subcommittee of Counsel on Fiscal Agency Operations, carried by the Presidents' Conference, reported at joint meeting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/18 906, 929 6/18 1958 7/10 2231 8/13 2702, 2712 8/18 1958 1963 501 Pages Federal Reserve Notes: (continued) Exhibits, Division of Administrative Services authorized to work with Messrs. Molony and Daniels to prepare a suitable exhibit of the new low-numbered FRnotes, understood that an examination would also be made to determine the condition of the specimen currency now on display of all FRBanks Presidents Letter to Issue and Redemption Division, request from Comptroller of Currency 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 Comptroller approved, legislation to transfer function to Federal Reserve being sought by Comptroller but not yet acted upon by Congress, noted Letter to Comptroller enclosing check for "management and administrative services" item, approved Legend "redeemable in lawful money", possibility of changing discussed in connection with report on S. 731, a bill to repeal certain legislation re purchase of silver and to authorize issuance of FRnotes in one dollar denomination, agreed to defer consideration pending overall review of currency structure Agreement re deleting, and having only "This note is legal tender for all debts, public and private" on proposed new one dollar FRnote, advice to Treasury Dept., agreement that similar change should be made on all FRnotes http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/6 11/7 3827 3884 1/14 100, 121 2/20 649, 662 2/14 554 6/19 1973, 1981 1963 502 Pages Federal Reserve Notes: (continued) One dollar denomination: Draft bill re issuance by FRBanks of, submitted by the Treasury, repeal of certain legislation re purchase of silver, current proposal same as S. 2885 except for addition of three new provisions, copy of Board's previous views, applicable to proposed draft, sent to Budget Bureau S. 731, a bill to repeal certain legislation relating to purchase of silver, report sent to Senator Robertson Favored, and recommendation that bill cover two dollar FRnotes indicated in draft statement for Chairman Martin re H.R. 4413, a bill to repeal silver purchase laws and provide for replacement of silver certificates by FRnotes, understood statement would be put in final form satisfactory to the Chairman, Governor Mills dissenting from the position expressed Reference to possible effect on float, single issue of FRnotes and destruction of FRnotes Proposed form of, received from Treasury, agreed that legend should be changed deleting phrase "redeemable in lawful money" and having only "This note is legal tender for all debts, public and private" advice to Treasury, agreed similar change in legend on all FRnotes should be made Printing order for fiscal year 1964 with Bureau of Engraving and Printing amended to include printing of, and to revise order for $5 FRnotes http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/22 213, 224 2/14 553, 564 3/11 841 3/18 906, 929 6/19 1973, 1981 10/7 3443, 3452 1963 503 Pages Federal Reserve Notes: (continued) One dollar denomination: (continued) Limited number of new FRnotes expected to be shipped during November, FRBanks asked for comments on distribution of low-numbered notes, suggestion very low numbered notes be kept in archives of FRBanks and Board Suggestion from Bureau of Engraving and Printing that FRBanks might want bills comprising first sheet of their new one dollar FRnotes mounted on exhibit board and covered with plastic, agreed that Bureau of Engraving and Printing be advised orally that Board had decided against suggestion Distribution of low-numbered notes, agreed that each bank would hold back first 4,000 notes and Board would recommend final disposition of, Division of Administrative Services authorized to work with Messrs. Molony and Daniels in preparation of appropriate exhibit, draft of letter to FRBanks approved Draft press release re, to go out to FRBanks with letter approved earlier to obtain comments that Banks might offer prior to further Board consideration Press release re the issuance of new, approved, with concurrence of Treasury Department subject to minor changes, release actually issued on November 26, 1963 Discussion, with no specific decision reached, re inquiry by Treasury Dept. concerning possible availability of low-numbered one dollar FRnotes of FRBank of Chicago http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/21 3588, 3597 10/23 3612 11/6 3825 11/7 3878 11/20 4069, 4089 11/26 4097 1963 504 Pages Federal Reserve Notes: (continued) One dollar denomination: (continued) Noncontrollable expenses accounted for by increases in cost of printing and shipping of, mentioned in discussion of budgets of FRBanks for first half of 1964 Printing: Order for fiscal year ending June 30, 1964, placed with Bureau of Engraving and Printing Order for fiscal year, 1964, placed with Bureau of Engraving and Printing amended to include printing of one dollar FRnotes, and to revise order for five dollar 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 Plan amended as indicated in previous letter since no adverse comments received from FRBanks, advice to FRBank Presidents and FRAgents Shipment of new: Brink's Incorporated: Proposal 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 expressed by Governors Mills and Robertson Status of proposal 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/18 4417 6/28 2134, 2141 10/7 3443, 3452 2/7 478, 500 3/18 895, 922 1/9 64 1/9 67 3/6 799 1963 505 Pages Federal Reserve Notes: (continued) Shipment of new: (continued) Shipment by air courier service: Proposal by FRBank of Atlanta re sending FRnotes from Jacksonville Branch to FRBank of New York via air courier service and pick-up of new FRnotes in Washington for delivery in Atlanta on return trip, disapproved in light of continuing study of proposal of Board would not object to proposal from, involving combination of airtruck transporation, advice to be sent to Presidents' Conference Miscellaneous Operations Committee, subject to check by Governor Mitchell with Postmaster General Offer made by, to transport new currency 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, Chairman of Single issue of: Possibility discussed in connection with report on S. 731, a bill to repeal certain legislation re purchase of silver and to authorize issuance of FRnotes in one dollar denomination, agreed to defer consideration of, pending overall review of currency structure Board's position re, in reply to request by Congressman Fascell, reference to, request that matter be placed on agenda of next Presidents' Conference, advice to Chairman Irons http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/18 902, 928 4/12 1209 5/9 1510, 1519 2/14 553 3/18 906, 929 1963 506 Pages Federal Reserve Notes: (continued) Single issue of: (continued) No change from twelve separate issues to a, recommendation by the Subcommittee of Counsel on Fiscal Agency Operations, carried by vote of the Presidents' Conference, reported at joint meeting with Board Board's position re, inquiry by House Legal and Monetary Affairs Subcommittee, agreed to submit proposed reply to Treasury for review and to FRBank Presidents Reply approved unanimously and transmitted to Chairman Fascell of House Legal and Monetary Affairs Subcommittee indicated that any economic advantage in replacing twelve separate issues of, with one central issue would result from manner in which notes were retired rather than manner in which printed, stressing elimination of requirement to sort unfit notes by Bank of issue Unissued, no objection to FRnotes stored at cash agent banks being transferred to status of unissued currency held by FRAgents, Board concurs in action taken at Presidents' Conference Federal Reserve System: Confidentiality of FRSystem affairs, statement of Board's rules re, and memorandum re conflict of interest and ethical standards of conduct, transmitted to all Board employees and consultants with copies sent to the President of the United States http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/18 1958 7/10 2231 8/13 2702,2712-16 12/16 3/11 4376, 4393 858, 873-77 1963 507 Pages Federal Reserve System: (continued) Fiftieth anniversary observance: Proposal that the Post Office be requested to issue a commemorative stamp with respect to, agreed to endorse the idea, discussion re types of suitable activities with respect to Mr. Charles Molony, Assistant to the Board, designated to work on the preparation of an overall System history in connection with the observance of, understood that a draft communication be prepared inviting the FRBanks to supply information to assist in the System project Letter to FRBanks requesting appropriate material for and information for use by Mr. Molony Allowances for publications re, noted in review of FRBank budgets for first half of 1964, additional information on contemplated expenses to be obtained for Board's information Personnel Officers, Conference of System, Division of Personnel Administration authorized to extend invitation for 1964 conference to be held in Washington, provision to be made in 1964 budget Simplified explanation of the, proposed publication of, for distribution to the general public, Governor Shepardson authorized to explore the possibility of securing Miss Burr or some other person to develop Theses submitted by personnel of the, accepted for school library of the Stonier Graduate School of Banking, large in proportion to total enrollment in school, Governor Mills suggested that recognition be given for this achievement http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/27 700 3/1 738 3/18 914, 933 12/18 4418 2/4 434 7/17 2331 10/10 3520 1963 508 Pages Federal savings SEE ALSO: Investment Draft and loan associations: Savings and loan associations powers of: bill to enlarge, 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 "revenue bonds", understood that the report to the Bureau of the Budget would be redrafted for further consideration No position to be taken on the "revenue bond" question with respect to Proposal by Federal Home Loan Bank Board to amend section 5 of Home Owners' Loan Act of 1933 to broaden letter to Budget Bureau re views H.R. 8245: To broaden powers of, relating to loans to finance college education and to purchase home furnishings, and authority to invest in municipal obligations as well as in U.S. Government securities, position at forthcoming hearing before House Banking and Currency Committee to be discussed further tomorrow Board believes Congress should take action on H.R. 7404 before considering, understood testimony to be presented September 24, 1963, should be consistent with Board discussions and satisfactory to Chairman Martin Governor Mills raised question re tenor of testimony to be given tomorrow, Chairman Martin described position on, which had been agreed to earlier http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/8 2605 8/8 2609 8/9 2661, 2677 9/18 3215, 3230 9/19 3244, 3245 9/23 3281 1963 509 Pages Federal savings and loan associations: (continued) Trustees for trusts qualifying under Self-Employed Individuals Tax Retirement Act of 1962, draft bill to permit such institutions to act as, proposed by Federal Home Loan Bank Board, Board not in favor of bill in present form, report to Budget Bureau Report to Bureau of the Budget, revised legislation re, approved Federal Trade Commission: Department store sales data for use in connection with an investigation under the Clayton Act, requested by, recommendation not to furnish, by System Committee on Current Reporting Series, letter declining to furnish, approved Federal Trade Commission Act: S. 774, referred to as the Quality Stabilization Act, a bill to amend, to permit manufacturers of brand products to establish, maintain, and enforce through the courts retail prices in the manner of the "fair trade laws", representative of the Division of Research and Statistics invited by the Budget Bureau and Department of Justice to submit a voluntary statement to the Senate Commerce Committee re, agreed that a voluntary report should not be made Agreed to advise Budget Bureau to formally request Board's views Letter to Budget Bureau indicating that Board would not recommend enactment of Fed— 'al Woman's Award: Sutherland, Alvern H., Chief Librarian, Division of Research and Statistics, recommendation for, transmitted to Chairman of the Board of Trustees, Federal Woman's Award, c/o Civil Service Commission for the fourth annual http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/6 776, 805 9/19 3242, 3257 1/22 207, 223 8/8 2600 8/9 2662 8/12 2683, 2698 11/15 4007 1963 510 Pages Fees: Employees Training and Development Program: Reading improvement, course to be conducted by Mr. George L. Stevens, with the understanding that he would provide all equipment, materials, and references required, and that the Board would pay $40 for each participant at the completion of the program, approved Secretarial training program to be conducted by the Katharine Gibbs Consulting Service, New York, N. Y., Board to pay fee of $400, plus travel expenses Feige, Edgar L., Assistant Professor of Economics at University of Wisconsin, memorandum from Mr. Noyes of Division of Research and Statistics requesting a contract with University of Wisconsin for an exploratory investigation of methods of organizing financial data for research purposes, at a cost of $25,000 during year 1964, principal investigator for project would be NABAC, Association for Bank Audit, Control and Operation, in Minneapolis, Minn., September 15-18, 1963, Messrs. Goodman, James C. Smith, and Schaeffer, all of the Division of Examinations to attend annual meeting of, with understanding registration fees and similar expenses would be paid by Board National Association of Supervisors of State Banks, to meet in Williamsburg, Virginia, Mr. Frederic Solomon, Director, Division of Examinations, and three other officials of the Division to attend meeting, with understanding registration fees would be paid by Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/19 4467 4/17 1250 12/2 4160, 4184 9/3 3008 8/12 2686 1963 511 Pages Fiduciary powers: National banks: Board's records re, transfer to Comptroller of the Currency, memorandum from Mr. Masters outlining plan for, approved Proposed revision of Regulations of Comptroller of Currency re, understood two staff memoranda would be transmitted to Comptroller with a note from Chairman Martin, Governor Mills' views having been noted State member banks, application for permission under provisions of Condition of Membership Number One to exercise, procedure for handling requests, letter sent to FRBank of Chicago, with understanding that similar letter be sent to Presidents of all FRBanks Procedure for handling, supplementing Board's previous instructions, advice to FRBanks (Names of Banks): Citizens Bank, Hebron, Ind., granted permission to exercise Farmers and Merchants Bank of Hill City. Kansas, permission granted to exercise Farmers State Bank of Fort Morgan, Colorado, granted permission to exercise First Independent Bank, Vancouver, Washington, granted permission to exercise First State Bank of Hotchkiss, Colorado, granted permission to exercise Fremont State Bank, Fremont, Michigan, granted permission to exercise Hawthorne Bank of Wheaton, Illinois,permission granted to exercise Libert—y State Bank, Hamtramck, Michigan, permission granted to exercise Manistee County Savings Bank, Manistee, Michigan, permission granted to exercise http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/18 895, 924 3/18 908, 932 5/14 1562, 1569 7/11 2254, 2269 4/9 1168, 1185 5/6 1476, 1490 3/29 1070, 1075 1/4 3, 11 3/22 986, 997 2/21 665, 674 5/6 1476, 1489 3/7 821, 829 5/6 1476, 1488 1963 512 Pages Fiduciary powers: (continued) Miles City Bank, Miles City, Montana, granted permission to exercise Riceville State Bank, Riceville, Iowa, permission granted to act in specific fiduciary capacities Westport Bank, Kansas City, Mo., granted permission to exercise Finance charges: Consumer credit: S. 750, bill to require disclosure of, to assist in promotion of economic stability, report sent to Senator Robertson 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 report to Congressman Patman, Chairman of the House Banking and Currency Committee endorsing the objective but indicating it inappropriate for Board to administer Fi riancial data for research purposes, memorandum by Mr. Noyes of Division of Research and Statistics, requesting a contract with University of Wisconsin for an exploratory investigation of methods of organizing financial data for research purposes, at a cost of $25,000 during year 1964, principal investigator for project would be Edgar L. Feige, Assistant Professor of Economics at University of Wisconsin Piriancial General Corporation, exempt from the requirements of the Bank Holding Company Act due to registration under Investment Company Act of 1940, view expressed not to mention particular company in statement for Board's 1962 annual report proposing an amendment to repeal exemption, considered appropriate to refer to the activities of, in letters to the Banking and Currency Committees http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/4 3, 10 3/8 834, 835 3/27 1033, 1038 2/20 647, 660 5/3 1444, 1455 12/2 4160, 4184 1/22 211 1963 513 Pages Pinancial institutions: Interagency committee of the President on: Reference to possible recommendation by the Committee, re a system of graduated reserve requirements, no assurance that such a recommendation would result in legislation Revised draft of report of committee on, distributed, comments by Chairman Martin re position he should take at next meeting of, in light of possible division of opinion within the Board, comments by Board members, 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 an 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 Understanding re contribution by Board toward cost of printing report re Supervisory and regulatory matters, suggestions in report of, Mr. Solomon designated to attend interagency meeting to prepare draft legislation Further discussion Letter to Budget Bureau Pinland: Industrialization Fund (Teollistamisrahasto 0y) of Finland, Helsinki, Finland, permission, granted to Chemical International Finance Ltd., New York, N.Y., to purchase stock of Permission granted to Manufacturers Hanover International Finance Corporation, N.Y., N.Y., to purchase and hold shares of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/4 421 3/6 801 3/11 846 4/17 1249 4/26 5/15 5/16 1347 1578 1599, 1627 9/12 3132, 3143 9/12 3132, 3144 1963 514 Pages Fiscal agency operations: FRBank of New York: International Bank for Reconstruction and Development, amendment to the fiscal agency agreement to cover a proposed issue of the International Bank's two-year bonds of 1963, authorized Postal money orders: Processing of, delays and errors in, noted in examination of FRBank of Philadelphia, belief that the matter had now been cleared 9/16 3166, 3176 8/30 2982 3/18 906, 929-30 Float: Board's position re, requested by Congressman Fascell, reference to Board's responses to similar question from Congressman Hardy, possible effects of proposed silver legislation in connection with referred to, recent developments being studied, advice to Congressman Fascell, request that matter be placed on agenda of next Presidents' Conference, advice to Chairman Irons Daily data re, request from Professor Goldfeld of Princeton University for data covering the postwar period, memorandum from Mr. Noyes recommending that Board comply, approved Preliminary figures of reserve balances, required reserves, borrowings, and, daily telegraphic report to FRBank of New York re, letter to Presidents of all FRBanks updating previous instructions Reduction of: 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, considered undesirable by the Conference to take action now or in the forseeable future with respect to, reported in joint meeting with Presidents http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/16 4376, 4392 3/11 841, 869 6/18 1954 1963 515 Pages Float: (continued) Reduction of: (continued) Request by Congressman Fascell, Chairman of the Legal and Monetary Affairs Subcommittee for the Board's present views re, Presidents' Conference to assist in drafting reply Board's position re, discussion re proposed reply Reply to Chairman Fascell of House Legal and Monetary Affairs Subcommittee approved Plow of 6/18 1956 7/10 2231 8/13 2702,2712-13 2/28 716 2/4 426, 436 1/11 90, 95 funds: Projection of possible economic and financial Rood developments through first half of 1964 on the basis of certain hypothetical assumptions, presented by staff, with aid of charts stamp program: Legislation, draft bill to authorize a food stamp program for needy householders, report sent to Budget Bureau Po. reign accounts: FRBank of New York: Opening and maintenance of an account with the Bank of Sweden, payable in foreign currency, approved Opening and maintenance of an account with the Bank of Japan, payable in foreign currency, approved, letter to all FRBanks advising of Board's action re Porei gn Banking Corporations: Acceptances: Redraft of proposed revision of Regulation K, 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 Regulation K which favored the principle of keeping Regulation M and K as much alike as possible http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/13 3916, 3937 6/26 2094 7/3 2190 8/22 2865 1963 516 Pages Poreign Banking Corporations: (continued) Affiliates or subsidiaries of, draft bill to amend sec. 23A, FRAct, to exempt extensions of credit by a member bank to any subsidiary of the bank's Edge Act or agreement corporation from limitations of sec. 23A, report sent to Budget Bureau Branches and agencies, general agreement with the provision of section 211.6 of Regulation K, relating to, as considered in connection with the redraft of the proposed revision of Regulation K Condition reports: Call as of December 31, 1962 Call as of June 30, 1963 Debentures: Issuance of, by foreign banking corporations, provisions in proposed revised Regulation K re investments by, in corporations engaged in banking, and issuing debentures, bonds or promissory notes, discussion re Redraft of proposed revision of Regulation K, consensus favored view expressed by Governor Mitchell that it would be better to state that if an Edge corporation wanted to issue, it should obtain prior approval of the Board Definition "engaged in banking", redraft of proposed revision of Regulation K, consensus favored stating that a corporation was "engaged in banking" whenever it had aggregate demand deposits and acceptance liabilities exceeding its capital and surplus, which would allow an Edge corporation to receive demand deposits and incur acceptance liabilities up to the amount of its capital and surplus without being considered to be "engaged in banking" http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/13 1538, 1559 6/26 2091 1/7 7/1 41 2172 2/18 614 6/26 2090 6/26 2088 1963 517 Pages Foreign Banking Corporations: (continued) Edge Act corporations: Articles of association and organization certificates of, Board's staff authorized to make changes in forms for, so as to conform with the provisions of the adopted revision of Regulation K Banking subsidiary of a bank holding company, question whether such may own an, not permissible under section 6(a) of the Bank Holding Company Act of 1956, advice to Western Bancorporation Investments in stock of other corporations, section relating to, for inclusion in revised Regulation K and procedure regranting general consents discussed, agreed clean draft of the section be prepared Comments by Governors Mills, Mitchell and Robertson re equity investments, re possible criteria with respect to, understanding that further consideration would continue at another meeting Further discussion Provision in proposed revised Regulation K stating acquisitions of stock could be made by, without specific Board approval, if acquisition appeared to be clearly in the national interest, question raised by Governor Robertson re, discussion Operations in the United States and employment of funds of, consensus in favor of the provisions as stated in the redraft of the proposed revision of Regulation K, except those with respect to the guaranteeing of extensions of credit, which would be reconsidered after the Board discussed the guarantee provisions of Regulation M http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/22 2873 4/19 1262, 1296 1/23 232 1/28 1/30 283 294 2/18 614 6/26 2091 1963 518 Pages Foreign Banking Corporations: (continued) Edge Act corporations: (continued) Operations in the United States: (continued) Listing of specific types of business that would be permissible, Governor Mitchell expressed agreement with view of Division of Examinations that such a listing be included in section 211.7 of revised Regulation K, Board concurred Reports by, redraft of proposed revision of Regulation K, staff authorized to work out certain clarifying language to cover certain points with respect to Examinations: Appropriate credentials to be furnished examiners from FRBank of San Francisco to conduct examinations of International Bank of Commerce, Seattle, Washington, and Wells Fargo Bank International Corporation, San Francisco, California, with understanding re examiners assisting in the examinations FRBank of Cleveland authorized to follow same plan re the, as FRBanks of New York and Philadelphia, with FRBank examiners acting for Board examiners in examination of Mellon International Finance Corporation, Pittsburgh, Pennsylvania Form K. 2, Board agreed to institute expansion of, to include receipt and release of information re establishment of, or investments by Letter of advice to FRBanks re procedure General consent to purchase and hold stock: Section in proposed revision of Regulation K dealing with, discussed Reference to June 30, 1963, expiration date of all outstanding general consents as fixed in light of possible revision of Regulation K and possible action contemplated http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/22 2865 6/26 2101 11/29 4150 12/26 4552 8/22 9/27 2857 4274, 4294 1/23 232 4/24 1315-16 1963 519 Pages Foreign Banking Corporations: (continued) General consent to purchase and hold stock: (continued) Termination date extended until further notice to the following; Bankers International Financing Co., Inc., Chase International Investment Corp., Chemical International Finance, Ltd., and Morgan Guaranty International Finance Corp., all of New York, N.Y., and First Pennsylvania Overseas Finance Corporation, Philadelphia International Investment Corp., and The Company for Investing Abroad, all of 6/21 Philadelphia, Pennsylvania Discussion in connection with redraft of proposed revision of Regulation K, agreed that general consent should be given in connection with the acquisition of less than 25 per cent of the voting stock of a cor6/26 poration engaged in banking Language of revised draft of section 8 with respect to, acceptable to the 8/22 Board Letters to the following companies terminating general consent, Bankers International Financing Company, Inc., Chase International Investment Corp., Chemical International Finance, Ltd., and Morgan Guaranty International Finance Corp., all of New York and Philadelphia International Investment Corp., First Pennsylvania Overseas Finance Corp., and Company for Investing 9/12 Abroad, all of Philadelphia, Pa. G uaranteeing extensions of credit or obligations to be reconsidered with respect to redraft of proposed revision of Regulation K, after Board has discussed the guarantee provisions 6/26 of Regulation M http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2028, 2037 2095 2867 3132 2094, 2101 1963 520 Pages Foreign Banking Corporations: (continued) Guaranteeing extensions of credit or obligations: (continued) Further discussion, Governor Mills opinion concerning, as given in the explanation re his dissenting vote with respect to the adoption of 8/22 2870 the revision of Regulation K Name of proposed Edge Act corporation, "The Company for Investing Abroad" questioned by Mr. Goodman, agreed since no objection from legal standpoint, no further question 3/18 896 to be raised National purpose, question raised by Governor Shepardson with respect to certain wording in the statement of, in connection with the redraft of the proposed revision of Regulation K, agreement re alter2188 7/3 native wording Consensus reached that the statement of, should be retained in section 211.1 with certain changes in 8/22 2864 the draft language Regulation K: SEE: Regulations, Board of Governors: K: (Individual names): Bamerical International Financial Corporation, New York, N.Y., consent granted to purchase shares of Productos de Concreto, S. A., San Jose, 1/24 237, 243 Costa Rica Bank of America, New York, N.Y.: Consent granted to purchase additional shares of Industrial Finance Corporation of Thailand, Bangkok, Thailand, and Pakistan Industrial Credit and Investment Corporation, 1/14 98, 106-07 Karachi, Pakistan Consent granted to purchase Class B shares of Private Development Corporation of the Philippines, Manila, under 3/19 939, 947 stated conditions http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 521 Pages Foreign Banking Corporations: (continued) Bank of America, New York, N.Y.: (continued) Consent granted to purchase additional shares of Pakistan Industrial Credit and Investment Corporation, Karachi, Pakistan Consent granted to purchase stock of a proposed Turkish foreign trade bank in Istanbul, Turkey Consent granted to purchase stock of Malayan Industrial Development Finance Limited, Kuala Lumpur, Malaya, Federation of Malaya Granted an extension of time for opening of a Rome-Due Pini district agency by Banca d' America e d'Italia, Milan, Italy Board noted a proposed investment in shares of Union Internationale de Banques en Tunisie, Tunis, Tunisia, would appear to qualify under "general consent" provisions of Regulation K Consent granted to acquire shares of the proposed Commercial Bank of Libya, Tripoli, Libya Consent previously granted to purchase stock in a Turkish foreign trade bank in Istanbul, Turkey, terminated Bank of Boston International, New York, N.Y., request by the First Bank of Boston International New York, N.Y., to amend its Articles of Association to change its name to, approved Bankers International Corporation, New York, N.Y., an Edge corporation, application submitted by Bankers Trust Company, New York, N.Y., on behalf of, to amend Articles of Association of BIC to increase capital stock where-by Bankers Trust would buy additional shares; and for BIC to invest in l'Union des Mines La Heflin, Paris, France, approved, Governor Robertson dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/17 1245, 1251 6/4 1813, 1826 8/16 2725, 2742 9/4 3019, 3041 9/6 3058, 3066 11/15 4006, 4013 12/11 4323, 4340 1/22 206, 216 9/3 2998, 3014 1963 522 Pages Foreign Banking Corporations: (continued) Bankers International Financing Company, Inc., New York, N.Y.: Consent granted to an increase in capital and approval of an amendment to the Company's Articles of Association Consent granted to the purchase of shares of InterAfrica (Liberia) Ltd., Monrovia, Liberia Consent granted to purchase Class B shares of Private Development Corporation of the Philippines, Manila under stated conditions General consent to purchase and hold stock in generally designated types of corporations extended until further notice Consent granted to purchase shares of Nigerian Acceptances Ltd., Lagos, Nigeria Consent granted to purchase stock of Malayan Industrial Development Finance Limited, Kuala Lumpur, Malaya Letter to, terminating general consent to purchase and hold stock in generally designated types of organizations in view of adoption of a revised Regulation Boston Overseas Financial Corporation, Boston, Massachusetts: Consent granted to purchase Class B shares of Private Development Corporation of Philippines, Manila, under stated conditions Board's consent re purchase of stock amended Extension of time to purchase shares of International Factors A. G., a new Swiss holding company, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/22 206, 217 2/15 571, 579 3/19 939, 948 6/21 2028, 2037 7/29 2492, 2502 8/16 2725, 2743 9/12 3132, 3142 3/19 5/15 939, 946 1576, 1586 6/7 1839,1844 1963 523 Pages Foreign Banking Corporations: (continued) Chase International Investment Corporation, New York, N.Y.: Extension of time to February 1, 1964, within which further investment may be made in Arcturus Investment & Development, Ltd., Montreal, Canada, approved Consent granted to the purchase of shares of National Investment Bank for Industrial Development, S. A., Athens, Greece Governor Mills noted that National Investment Bank for Industrial Development was empowered to accept deposits, in light of Greek law it was decided not to incorporate an additional paragraph imposing restrictions General consent to purchase and hold stock in generally designated types of corporations extended until further notice General consent terminated, in view of adoption of revised Regulation K, letter to, approved Consent granted to purchase shares of Banque Ivoirienne de Development Industriel, Abidjan, Ivory Coast Consent granted to purchase shares of Nigerian Industrial Development Bank Limited, Lagos, Nigeria Letter to, rescinding certain conditions relating to investment in stock of Arcturus Investment and Development Ltd., Montreal, Canada, in keeping with the recent revisions of Regulation K Chase Manhattan Overseas Banking Corporation, New York, N.Y.: Consent granted to proposed changes in location of branches of Banco Hipotecario Lar Brasileiro, S. A., Rio de Janeiro, Brazil http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/1 411, 416 5/17 1632, 1638 5/17 1632 6/21 2028 9/12 3132 9/30 3397, 3399 9/30 3397, 3400 11/20 4/26 4069, 4083 1344, 1361 1963 524 Pages Foreign Banking Corporations: (continued) Chase Manhattan Overseas Banking Corporation, New York, N.Y.: (continued) Consent granted to change location of Brasilia Branch of Banco Lar Brasileiro, S. A., Rio de Janeiro, Brazil, from Super-Quadra 108-Sul, Setor Commercial Local, lojas 25 and 26 to Conjunto Commercial do Hotel Nacional-Loja 43, in Hotel Nacional, Brasilia, Brazil Consent granted to change location of Banco Mercantil y Agricola, Caracas, Venezuela, in San Bernardino area of Caracas from present quarters at Edificio Normandie Urbanizacion San Bernadino to new quarters in shopping center located near intersection of Avenue Caracas and Avenue La Estrella Board advised re proposed move of Sao Paulo quarters of Banco Lar Brasileiro, S. A., Rio de Janeiro, Brazil Request for waiver of requirement for prior consent of Board to establish new branches by foreign banking subsidiaries controlled by, agreed that the corporation advise the Board of the intention of its subsidiary foreign banks, under Regulation M procedure, unless otherwise advised by Board, advice to, staff authorized to advise all Edge and agreement corporations Chemical International Finance Ltd., New York, N.Y.: Consent granted to purchase Class B shares of Private Development Corporation of the Philippines, Manila, Philippines, under stated conditions Consent granted to the acquisition of shares of Union Financiere pour la Vente a Credit, Paris, France, with stated conditions http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/21 2832, 2840 8/27 2919, 2935 10/31 3724 11/20 4070, 4091 3/19 939, 949 4/17 1245, 1252 1963 525 Pages Foreign Banking Corporations: (continued) Chemical International Finance, Ltd., New York, N.Y.: General consent to purchase and hold stock in generally designated types of corporations extended until further notice General consent terminated in view of adoption of revised Regulation K Consent granted to purchase stock of Industrialization Fund (Teollistamisrahasto 0y) of Finland, Helsinki, Finland Consent granted to purchase shares of C. A. Venezolana de Desarrollo (Sociedad Financiera), Caracas, Venezuela Commerce International Banking Corporation, Seattle, Washington: Permission granted National Bank of Commerce of Seattle, Washington, to organize under sec. 25(a), preliminary permit transmitted Establishment of a branch in Hong Kong, Colony of Hong Kong, authorized upon receipt of final permit to commence business Amendment to Articles of Association changing name to "International Bank of Commerce" approved, final permit to commence business transmitted Company for Investing Abroad, Philadelphia, Pa.: Letter granting permission for organization of, under sec. 25(a), FRAct, sent to Harvey L. Williams, transmitting preliminary permit Name of proposed corporation questioned by Mr. Goodman, agreed, since no objection from legal standpoint, that no question should be raised Final permit to commence business transmitted to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (continued) 6/21 2028 9/12 3132 9/12 3132, 3143 9/12 3133, 3146 2/28 717, 728 2/28 728 5/10 1531, 1534 3/18 895, 918 3/18 896 4/19 1277 1963 526 Pages Foreign Banking Corporations: (continued) Company for Investing Abroad, Philadelphia, Pa.: (continued) General consent granted to purchase and hold stock of generally designated types of corporations, 4/24 1315, 1332 effective to June 30, 1963 6/21 2028 Extended until further notice consent Letter terminating general for, to purchase and hold stock in generally designated types of organizations in view of adoption of a revised Regula9/12 3132 tion K, approved Continental International Finance Corporation, Chicago, Illinois: Consent granted to purchase Class B shares of Private Development Corporation of the Philippines, Manila, Philippines, under stated condi3/19 939, 955 tions Consent granted to purchase shares of Corporacion Financiera de Fomento Industrial y Agropecuario, Cali, 1509, 1516 5/9 Colombia, with stated conditions Proposed revision of Regulation K, if adopted, would rescind the paragraph that restricted Financiera from engaging in the business of receiving or paying out deposits, and likewise all Edge Act financing corporations would be advised that the condition was no longer ap1510 5/9 plicable Consent granted to purchase and hold ordinary shares of European Enterprises Development Company, a corporation to be incorporated under laws of the Grand Duchy of Luxembourg, but with principal office in Paris, France, investments of this nature questioned by Gov12/9 4246, 4269 ernor Mills http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 527 Pages Foreign Banking Corporations: (continued) First Bank of Boston International, New York, N.Y., amendment of the Articles of Association to change the name to "Bank of Boston International" approved SEE: Foreign banking corporations: Bank of Boston International, New York, N.Y. First Chicago International Banking Corporation, New York, N.Y.: Consent granted to amend Articles of Association of corporation to change home office from 48 Wall Street, to 1290 Avenue of Americas, and to provide that Board of Directors shall consist of not less than five nor more than fifteen members, amendment of Articles approved under section 211.3(d) of Regulation K First Chicago International Finance Corporation, Chicago, Illinois: Consent granted to purchase shares of Philippines National Leasing Corp., Manila, Philippines Consent granted to amend Articles of Association to provide that Board of Directors shall consist of not less than five nor more than fifteen members, amendment of Articles approved under section 211.3(d) of Regulation K Consent granted to purchase shares of South East Asia Development Corporation Limited, Kuala Lumpur, Federation of Malaya First National City Overseas Investment Corporation, New York, N.Y.: Consent granted to purchase shares of a proposed Spanish finance Company, additional condition stated http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/22 206, 216 8/16 2726, 2745 7/10 2219, 2244 8/16 2726, 2746 9/6 3058, 3067 2/5 440, 448 1963 528 Pages Foreign Banking Corporations: (continued) First National City Overseas Investment Corporation, New York, N.Y.: (continued) Consent granted to purchase Class B shares of Private Development Corporation of the Philippines, Manila, Philippines, under stated conditions First Pennsylvania Overseas Finance Corporation, Philadelphia, Pa.: Amendment to Article Fifth of Articles of Association of, approved General consent to purchase and hold stock in generally designated types of corporations extended until further notice Letter terminating general consent for, to purchase and hold stock in generally designated types of organizations in view of adoption of a revised Regulation K, approved International Bank of Commerce, Seattle, Wash.: Final permit to commence business transmitted to, and amendment to Articles of Association to change name from Commerce International Banking Corporation to, approved Letter to FRBank of San Francisco authorizing examination of, by examiners of FRBank of San Francisco International Bank of Detroit, Michigan: Preliminary permit issued to National Bank of Detroit, Michigan, to organize, under section 25(a) of the FRAct Final permit to commence business transmitted to International Banking Corporation, New York, N.Y.: Consent granted to purchase shares of M. Samuel & Co. Limited, London, England http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/19 939, 950 4/9 1167, 1183 6/21 2028 9/12 3132 5/10 1531, 1534 11/29 12/4 12/26 1/30 4150 4202,4214-15 4552 289, 299 1963 529 Pages Foreign Banking Corporations: (continued) International Banking Corporation, New York, N.Y.: (continued) Letter to, interposing no objection to the acquisition by the First National City Trust Company (Bahamas) Ltd., of stock of First National Nominees Ltd., and Providence Associates 2/15 571, 580 Ltd., both of Nassau, Bahamas of establishment Consent granted to the a branch by Bank of Monrovia, Liberia, in Nimba, Liberia, advice to, six-month extension 4/12 1199, 1213 approved per prescribed procedure City Bank, Consent granted to First National New York, New York, to increase from $7 million to $12 million the amount it may invest in, IBC granted consent to purchase and hold all outstanding shares of Mercantile Bank of Canada and Mercantile Trust Company, both of Montreal, Canada, Governor Robertson dissenting on basis of balance of payments problem for 8/29 2957, 2973 the United States Letter revising time limit for acquisition by, of shares of Mercantile Bank of Canada, Montreal, Canada, 3058, 3064 9/6 approved Letter to, acknowledging receipt of advice that Bank of Monrovia, Liberia, intended to establish an office in Ducor Intercontinental Hotel 11/13 3932 in Monrovia Consent granted to purchase additional capital stock of First National City Bank of New York (South Africa) Limited, Johannesburg, 12/18 4411, 4433 Republic of South Africa http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 530 Pages Foreign Banking Corporations: (continued) International Banking Corporation, New York, N.Y.: (continued) Extension of time to acquire shares of a 12/27 4556, 4564 French holding company, approved New Irving International Financing Corporation, York, N.Y.: Consent granted to purchase stock of Pakistan Industrial Credit and Investment 2/26 683, 687 Corporation, Karachi, Pakistan 6/17 1928, 1937 Board's consent amended Consent granted to purchase Class B shares of Private Development Corporation of the Philippines, Manila, 3/19 939, 951 Philippines Board's consent re purchase of stock 5/15 1577, 1587 amended Consent granted to purchase stock of Industrial Finance Corporation, 1813, 1828 6/4 Manila, Philippines Consent granted to purchase stock of LUSOFINASociedade de Estudos Financeiros, SARL, Lisbon, Portugal, with stated 6/21 2028, 2038 conditions Manufacturers-Detroit International Corporation, Detroit Michigan: Consent granted Manufacturers National Bank, Detroit, Michigan, to organize, under sec. 25(a), FRAct, preliminary permit 4/24 1315, 1324 issued transbusiness commence to Final permit 5/10 1532 mitted to the Articles of Second Article Amendment of 10/31 3722, 3727 of Association of, approved CorFinance International Manufacturers Hanover poration, New York, N.Y.: Consent granted to purchase Class B shares of Private Development Corporation of the Philippines, Manila, 3/19 939, 952 Philippines of shares Consent granted to purchase South East Asia Development Corp., Limited, Kuala Lumpur, 5/13 1536, 1545 Federation of Malaya http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 531 Pages Foreign Banking Corporations: (continued) Manufacturers Hanover International Finance Corporation, New York, N.Y.: (continued) Consent granted to purchase shares of Commercial Export Credit Company 7/3 Limited, London, England Consent granted to purchase stock of The Industrial Finance Corporation 7/8 of Thailand, Bangkok, Thailand Consent granted to purchase shares of National Investment Bank for Industrial Development, Athens, 8/29 Greece Consent granted to purchase stock of Malayan Industrial Development Finance Limited, Kuala 7/8 Lumpur, Federation of Malaya Consent granted to purchase shares of Industrialization Fund (Teollistamisrahasto 0y) of Finland, 9/12 Helsinki, Finland A. of shares C. purchase to granted Consent Venezolana de Desarrollo (Sociedad 9/12 Financiera), Caracas, Venezuela New Corporation, Marine Midland International York, N.Y.: Permission granted for organization of a corporation under sec. 25(a), FRAct, known as, preliminary permit transmitted to Phillips, Mahoney, Lytle, Yorkey & Letch5/29 worth, Buffalo, New York Final permit to commence business trans6/20 mitted to Board letter to, noted that a proposed investment in stock of Industrial Finance Corporation, Manila, the Philippines, would appear to qualify under "general consent" provisions of Regulation 9/9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2186, 2201 2204, 2213 2951, 2966 2204, 2212 3132, 3144 3133, 3147 1794, 1798 2005 3072, 3084 1963 532 Pages Foreign Banking Corporations: (continued) Mellon International Finance Corporation, Pittsburgh, Pennsylvania: Organization approved, preliminary permit authorizing exercise of powers conferred by sec. 25(a), FRAct, transmitted to Mellon National Bank and Trust Company Final permit to commence business transmitted to Letter to FRBank of Cleveland authorizing examination by their examiners of Morgan Guaranty International Banking Corporation, New York, N.Y.: Consent granted to purchase additional shares of Banque Nationale pour le Development Economique, Rabat, Morocco Consent granted to purchase shares of Bankierscompagnie, N.V., The Hague, the Netherlands, and to amend Articles of Association to increase its capital stock Consent granted to purchase additional stock of Credito Bursatil, S. A., Mexico, D. F., Mexico to purchase stock of granted Consent Union Senegalaise de Banque pour le Commerce et l'industrie, Dakar, Republic of Senegal Consent granted to purchase additional shares of China Development Corporation, Taipei, Taiwan Consent granted to purchase additional shares of Peruano-Suiza de Fomento e Inversiones Sociedad Anonima, Lima, Peru, sending of letter ratified Consent granted to purchase shares of Banco Espanol del Desarrollo, Madrid, Spain http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/1 1418, 1425 6/7 1841 12/26 4552 1/15 123, 129 1/16 130, 135 6/21 2028, 2039 7/8 2204, 2211 7/31 2511, 2520 1/7 31, 46 1/14 97, 105 1963 533 Pages Foreign Banking Corporations: (continued) Morgan Guaranty International Banking Corporation, New York, N.Y.: (continued) Consent granted to purchase shares of Holding Company for Financing and Credit Ltd., Basle, Switzerland; to acquire shares of Austrialian United Corp. Ltd., Melbourne, Australia, in exchange for shares of Anglo-Australian Corp. Pty. Ltd.; and to purchase shares of Euramerica Finanziaria Internazionale, S.p.A., Rome, Italy Consent granted to the purchase of additional shares of Roberts. S.A. de Finanzas, Buenos Aires, Argentina Consent granted to purchase Class B shares of Private Development Corporation of the Philippines, Manila, Philippines Consent granted to purchase stock of Industrial Credit and Investment Corporation of India Limited, Bombay, India International Finance CorporaGuaranty Morgan tion, New York, N.Y.: General consent to purchase and hold stock in generally designated types of corporations extended until further notice Termination of general consent approved in view of adoption of a revised Regulation K Consent granted to purchase shares of Malayan Industrial Development Finance Limited, Kuala, Lumpur, Malaya Consent granted to purchase shares of Pakistan Industrial Credit and Investment Corporation Limited, Karachi,Pakistan http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/31 380, 395-99 3/11 840, 859 3/19 939, 953 6/10 1858, 1868 6/21 2028 9/12 3132 8/16 2725, 2744 9/12 3133, 3145 1963 534 Pages Poreign Banking Corporations: (continued) Morgan Guaranty International Finance Corporation, New York, N.Y.: (continued) Consent granted to purchase and hold ordinary shares of European Enterprices Development Company, a corporation to be incorporated under laws of the Grand Duchy of Luxembourg, principal office, Paris, France, investment of this nature questioned by Gov. Mills Northwest Bancorporation,Minneapolis, Minnesota: Preliminary permit to organize, transmitted to Final permit to commence business sent to Philadelphia International Investment Corporation, Philadelphia, Pennsylvania: Consent granted to purchase Class B shares of Private Development Corporation of the Philippines, Manila, Philippines General consent to purchase and hold stock in generally designated types of corporations extended until further notice Termination of general consent approved in view of adoption of revised Regulation K Provident Tradesmens International Corporation, Philadelphia, Pennsylvania: Letter to Provident Tradesmens Bank and Trust Company, Philadelphia, Pennsylvania, granting permission to organize, under section 25(a) of FRAct, approved, preliminary permit issued Final permit to commence business transmitted by letter to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4246, 4268 1/9 2/26 64, 75-76 684 3/19 939, 954 6/21 2028 9/12 3132 10/25 3669, 3677-78 11/18 4028 1963 535 Pages Foreign Banking Corporations: (continued) United International Banking Corporation, New York, New York: Name approved and reserved for six months, understood home office to be located at 45 Wall Street, New York City, reservation of name does not constitute approval of organization Wells Fargo Bank International Corporation, San Francisco,California: Application by Wells Fargo Bank, San Francisco, California, for permission under sec. 25 of the FRAct to acquire stock of the proposed, permission to be granted upon receipt of executed agreement Request for investment by, in the proposed Private Development Corporation of the Philippine Islands, upon receipt of appropriate documentation, Board to consider Application of Wells Fargo Bank for permission to purchase stock of, approved, and formal starting of, following execution of agreement in accordance with sec. 25, FRAct, noted without objection granted to purchase Class B shares Consent of Private Development Corporation of the Philippines, Manila, Philippines, under stated conditions Letter to FRBank of San Francisco authorizing examination by their examiners of Western Bancorporation International Bank, New York, N.Y.: Reply to inquiry from Western Bancorporation, Los Angeles, California, with respect to its subsidiary, acting as agent for affiliated banks in cases involving acceptance financing, and ownership of an Edge Act corporation by a banking subsidiary of a bank holding company, advice re applicability to rulings under sec. 211.6(3) of Regulation K and sec. 6(a) of the Bank Holding Company Act of 1956 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/19 2796, 2810 1/4 5, 29 1/4 29 3/4 758, 765 3/19 939, 956 11/29 4/19 4150 1262, 1295 1963 536 Pages Foreign banks: (continued) Acquisition of stock directly by national banks, proposed amendment of sec. 25, FRAct, to permit applications for, suggested by Board as alternative to accomplish objective of draft bill to amend sec. 23A, FRAct, to exempt from security requirements those foreign banks that are controlled by a member bank through its banking corporation, letter sent to Budget Bureau Examinations of, by Board examiners when stock has been acquired by foreign banking corporations, question re resistance to, when less than a majority interest in the foreign bank is held by the foreign banking corporation, discussion in connection with Bank of America's application to acquire shares in Commercial Bank of Libya, Tripoli, Libya Uninsured foreign banks, Chase Manhattan Bank submitted an application to FDIC for approval to acquire business of existing branches of Nationale Handelsbank, N.V., Amsterdam, Netherlands, in Bangkok, Thailand (2 offices), 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 (Individual banks): 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 Banco Central de Costa Rica, telegram to FRBank of New York approving gold loan to, understood usual participation will be offered to other FRBanks, Governor Mills' views on handling and approval of applications for gold loans http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/13 11/15 1541, 1559 4006, 4013 11/1 3731 9/4 3019, 3041 10/16 3561, 3576 1963 537 Pages Foreign banks: (continued) Banco Hipotecario Lar Brasileiro, S. A., Rio de Janeiro, Brazil, consent granted to proposed changes in location of stated branches, advice to Chase Manhattan Overseas Banking Corporation Banco Lar Brasileiro, S. A., (Banco Lar), Rio de Janeiro, Brazil: Consent granted to Chase Manhattan Overseas Banking Corporation, New York, N.Y., to change location of Brasilia Branch of, from SuperQuadra 108-Sul, Setor Commercial Local, lojas 25 and 26 to Conjunto Commercial do Hotel Nacional-Loja 43, in Hotel Nacional, Brasilia, Brazil Board acknowledges receipt of advice re proposal to move the Sao Paulo branch from Rua Alvares Penteado No. 143 to Rua Alvares Penteado No. 131 and Rua da Quitanda No. 78, Sao Paulo for waiver of requirement for prior Request consent of Board to establish a new branch by, a foreign banking subsidiary controlled by Chase Manhattan Overseas Banking Corporation, New York, N.Y., agreed that section 25 or 25(a) corporations advise the Board of the intention of their subsidiary foreign banks re establishment of branch banks, under Regulation M procedure, unless otherwise advised by Board, advice to Chase and staff authorized to advise all Edge and agreement corporations Banco Mercantil y Agricola, Caracas, Venezuela: Consent granted to Chase Manhattan Overseas Banking Corporation, New York, N.Y., to change location of, to new quarters in shopping center, located near intersection of Avenue Caracas and Avenue La Estrella http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/26 1344, 1361 8/21 2832, 2840 10/31 3724 11/20 4070, 4091 8/27 2919, 2935 1963 538 Pages Foreign banks: (continued) Banco Mercantil y Agricola, Caracas, Venezuela: (continued) Request for waiver of requirement for prior consent of Board to establish a new branch by, a foreign banking subsidiary controlled by Chase Manhattan Overseas Banking Corporation, New York, N.Y., agreed that section 25 or 25(a) corporations advise the Board of the intention of their subsidiary foreign banks re establishment of branch banks, under Regulation M procedure, unless otherwise advised by Board, advice to Chase and staff authorized to advise all Edge and agreement corpora11/20 4070, 4091 tions Banco de la Republica de Colombia: Request to FRBank of New York for 180-day loan on gold, discussion re nature and purposes of loan, understood Board would approve 1/23 229 loan when presented formally Loan on 90-day maturity authorized by directors, FRBank of New York, 1/25 266, 278 approved by Board Request to FRBank of New York for 180-day loan on gold, understood FRBank of New York would be advised that if its Board of Directors should approve loan, Board would be prepared to approve when matter 7/31 2513 was presented formally Telegram to FRBank of New York approv2573 8/6 ing loan Bank of England, London, England: Permission granted to Ralph A. Young, Director, Division of International Finance and Adviser to Board, to make a one-day stopover in London, England, following a meeting of Working Party 3, to confer with officials of the British Treasury and the, reimbursement on actual expense basis including official enter1/16 133 tainment http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 539 Pages Foreign banks: (continued) Bank of England, London, England: (continued) Understanding re proposed trip to England Arrangements for Daniel J. Taylor, Foreign Exchange Trader, FRBank of New York, to spend three or four weeks at, noted without objection Mr. Portsmore, Adviser to, present at Board meeting during economic review Copy of FRSystem film entitled "Money on the Move--The Federal Reserve Today", sent to Dinner at Cosmos Club for Jasper Rootham, Chief, Central Banking Information Department of, to be held on December 2, 1963, payment authorized Chief, Central Banking Rootham, Jasper Information Department of, attended Board Meeting for economic review Bank of France: Brill, Daniel H., authorized to visit research staff of, in connection with his attendance at meeting of Working Party 3, OECD Hersey, Arthur B., Adviser, Division of International Finance, authorized to visit in connection with his attendance of a meeting of experts on the balance of payments in Paris, March 1921, 1963 Mills, Rodney H., authorized to visit Solomon, Robert, Associate Adviser in the Division of Research and Statistics, authorized to visit the, in connection with his trip to Paris to attend Working Party 3 of the Organization for Economic Cooperation and Development http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/18 174 1/24 237, 245 6/17 9127 7/24 2425, 2433 11/27 4131 12/2 4158 4/9 1181 822 3/7 12/24 4532 6/26 2114 1963 540 Pages Foreign banks: (continued) Bank of Guatemala, services of Vice President Grove, FRBank of San Francisco, to be made available to, to assist in revision of banking legislation in Guatemala, no objection by Board Bank of Italy: Hersey, Arthur B., Adviser, Division of International Finance, authorized to visit the, in connection with his trip to Paris to attend meetings of the Organization for Economic Cooperation and Development Mills, Rodney H., authorized to visit Bank of Japan: Request by, that The Thomas Craven Film Corporation furnish a copy of the "as produced" script of the FRSystem film, "Money on the Move," question re having a Japanese language version made, agreed that Board would purchase a complimentary copy of the film, with English or Spanish sound tracks, for presentation to foreign central banks that expressed an interest in having a copy, not interested in having additional language versions produced Opening and maintenance of account of Federal Reserve Bank of New York with, payable in foreign currency, approved Bank of Monrovia, Liberia: Consent granted to establish a branch in Nimba, Liberia, by, advice to International Banking Corporation New York, New York, six month extension approved per prescribed procedure http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/28 1048, 1061 1841 6/7 12/24 4532 11/8 11/13 4/12 3895 3916, 3937 1199, 1213 1963 541 Pages Foreign banks: (continued) Bank of Monrovia, Liberia: (continued) Letter to International Banking Corporation, New York, N.Y., acknowledging receipt of advice re the establishment of an office in Ducor Intercontinental Hotel in Monrovia by Bank of Nova Scotia, application for license to establish branch in St. Thomas, Virgin Islands, primarily for financing of export and import business, Banking Board of Virgin Islands asked Board to make survey of banking facilities in Virgin Islands, Board would make no comment about Canadian bank but advised additional mortgage lending facilities would be beneficial to area Bank of the Ryukyus (Okinawa), question re eligibility of time deposits of, for exemption from interest rate limitations granted certain foreign time deposits, raised by First National City Bank, determined not to be eligible for exemption, advice to FRBank of New York Bank of Spain, Rodney Mills, Economist, Division of International Finance, designated to visit Bank of Spain for period of one month during 1964, under exchange program with, each institution would exchange economists and provide for their respective expenses Bank of Sweden opening and maintenance of an account of FRBank of New York with, payable in foreign currency, approved Banque Ivoirienne de Development Industriel, Abidjan, Ivory Coast, permission granted to Chase International Investment Corporation, New York, N.Y., to purchase shares of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/13 3932 8/16 2738, 2740 3/12 878, 883 10/23 3617 1/11 90, 95 9/30 3397, 3399 1963 542 Pages Foreign banks: (continued) Banque Nationale pour le Developpement Economique, Rabat, Morocco, consent granted Morgan Guaranty International Banking Corporation, New York, N.Y., to purchase additional shares of Central Bank of Trinidad, noted that John F. Pierce, Chief Examiner, FRBank of New York, was scheduled to leave the Bank, probably in the latter part of January 1964, to accept appointment as Governor of the Central Bank of Trinidad Central Bank of Venezuela: Question raised by Governor of, re possible foreign currency swap between FRSystem and, understood Secretary of FOMC be advised Commercial Bank of Libya, Tripoli, Libya, (proposed) permission granted for the Bank of America, New York, New York, to acquire shares of, usual provision requiring Libyan bank to permit examiners appointed by the Board to examine the Libyan bank included, in case provision is resisted the matter will then be dealt with in a manner which seems appropriate at that time First National City Bank of New York (South Africa) Limited, Johannesburg, Republic of South Africa, consent granted to International Banking Corporation, New York, New York, to purchase and hold additional capital stock of German Federal Bank, Arthur B. Hersey, Adviser, Division of International Finance, authorized to visit the, in connection with his trip to Paris to attend meeting of the Organization for Economic Cooperation and Development http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/15 12/24 1/15 123, 129 4528 127 11/15 4006, 4013 12/18 4411, 4433 6/7 1841 1963 543 Pages Foreign banks: (continued) Mercantile Bank of Canada, and Mercantile Trust Company, Montreal Canada: Consent granted to International Banking Corporation, New York, N.Y., to purchase shares of, also for First National City Bank, New York, N.Y., to purchase additional stock of International Banking Corporation, Gov. Robertson dissenting Letter to First National City Bank, New York, N.Y., revising the time limit for acquisition by International Banking Corporation of shares of National Bank of the Congo, Republic of the Congo, Peter P. Long, Adviser, FRBank of New York, assigned to assist technically the, initiating a multiple currency system as requested by the Agency for International Development and the Treasury, noted by Chairman Martin that the practice of informing the Board after the decision had been reached was not desirable, no objection to the interposed but procedure for future assignments to be discussed with President Hayes Nationale Handelsbank, N.V., Amsterdam, Netherlands: Application submitted by Chase Manhattan Bank to FDIC for approval to acquire existing branches of, consent of FDIC required under section 18(c) of FDIC Act, case of insured bank assuming liabilities of an uninsured bank Report to FDIC on competitive factors in the proposed acquisition of assets and assumption of liabilities of the Bangkok, Hong Kong, and Singapore branches of, by The Chase Manhattan Bank, New York, N.Y., approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/29 2957, 2973 9/6 3058, 3064 5/20 1653 11/1 3731 12/4 4203 1963 544 Pages Foreign banks: (continued) Nationale Handelsbank, N.V., Amsterdam, Netherlands: (continued) Report to FDIC on competitive factors submitted by Continental Illinois Bank and Trust Company of Chicago, Illinois, in proposed acquisition of assets and assumption of liabilities of branches in Tokyo and Osaka, Japan, of, approved, Nigerian Industriel Development Bank, Limited, Lagos, Nigeria, permission granted to Chase International Investment Corporation, New York, N.Y., to purchase shares of State Bank of Ethiopia, contemplated that Earle O. Latham, First Vice President, FRBank of Boston, will be made available for a technical assistance assignment to act as adviser to, for a period not to exceed three months, FRBank to grant leave with pay, any additional expenses to be borne by The State Bank of Ethiopia, Board interposes no objection State Bank of Pakistan, Arthur B. Hersey, Adviser, Division of International Finance to be guest of, in connection with his assignment to give lectures during February 1964 at next SEANZA Central Banking Course in accordance with a request from the Governor of Union Internationale de Banques en Tunisie, Tunis, Tunisia, letter to Bank of America, New York, N.Y., noting its proposed investment in shares of, would appear to qualify under "general consent" provisions of Reg. K Union Senegalaise de Banque pour le Commerce et l'Industrie, Dakar, Republic of Senegal, permission granted to Morgan Guaranty International Banking Corporation, New York, N.Y., to purchase stock of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/18 4412 9/30 3397, 3400 11/8 3891, 3906 9/23 3279, 3293 9/6 3058, 3066 7/8 2204, 2211 1963 545 Pages Foreign currency operation: FRSystem operations: Bank of Japan, opening and maintenance by FRBank of New York of an account with, payable in foreign currency, approved opening and maintenance by Sweden, of Bank FRBank of New York of an account with, payable in foreign currency, approved Brazil, reimbursable detail of Lewis N. Dembitz, Associate Adviser, Division of Research and Statistics to accompany mission of Agency for International Development, State Department, to, and to make certain recommendations, approved Question re foreign currency swap between Central Bank of Venezuela and FRSystem, raised by Governor of the central bank with Governor Mitchell, understood Secretary of FOMC be advised Foreign relationships of FRSystem: Bank for International Settlements: Meeting of central bank economists to be held March 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 Adviser of the Bank as alternate Annual meeting held in Basle, Switzerland in June, Governor Robertson's request that Mr. Holland accompany him to, including visits to several European central banks, approved, authorization of specific travel expenses subject to Gov. Shepardson's approval http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/13 3916, 3937 1/11 90, 95 7/10 2242 1/15 127 1/31 393 3/7 821 1963 546 Pages Foreign relationships of FRSystem: (continued) Bank for International Settlements: (continued) Annual meeting held in Basle, Switzerland: (continued) Presidents Ellis and Swan of the FRBanks of Boston and San Francisco planning to attend, also visiting sev822 3/7 eral European central banks Meeting to discuss matters pertaining to the Euro-dollar market, Basle, Nov. 911, Mr. Katz authorized to attend, other participants will include Fred Klopstock, FRBank of New York, David Eastburn, FRBank of Phila9/19 3245, 3261 delphia FRBank of New York, foreign travel program of personnel of, for 1963, no objec477, 490 2/7 tion Puerto Rico, visits to banks in, to be made by Messrs. Leavitt and Poundstone, Division of Examinations, following survey of banking facili1820 6/4 ties in the Virgin Islands B. Arthur Mr. Course, Banking Central SEANZA Hersey, Adviser, Division of International Finance, designated to give lectures during February 1964 at, in accordance with request from Governor of State Bank of Pakistan and to undertake certain other foreign visits during trip, reimbursement of expenses to be reviewed by Messrs. Ralph Young and Hersey and Board's Controller, and worked out to their 9/23 3279, 3293 mutual satisfaction American Continent: the Technicians of Central Banks of Seventh meeting in Rio de Janeiro, Brazil, beginning October 14, 1963, letter to Bank of Brazil and Superintendency of Money and Credit accepting invitation for Federal Reserve System representation, Robert L. Sammons designated to serve as technical secretary of the System's delegation whose 2/27 698, 708 names will be furnished later http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 547 Pages Foreign relationships of FRSystem: (continued) Technicians of Central Banks of the American Continent: (continued) Seventh meeting in Rio de Janeiro, Brazil: (continued) System personnel attending: Guy E. Noyes, as head of the delegation, David Grove, Vice President, FRBank of San Francisco, Frank Schiff, Miss Madeline McWhinney, and Scott Pardee, FRBank of New York, and Messrs. Sammons, Irvine, and Young, of the Board's staff, Governor Mitchell may attend as an observer, authorization re travel and per diem for members of the Board's staff, with representation allowance not to exceed $500 Governor Mitchell and Mr. Ralph Young of Board's staff may attend, they had considered what could be done to make format of meetings more effective, understood matter of making trip would be brought back to Board for further consideration Virgin Islands banking survey by FRSystem, requested by Secretary of Banking Board of Virgin Islands, agreed such survey be made, the expense of which to be borne by FRSystem, Messrs. Leavitt and Poundstone to participate and one representative each from FRBanks of New York and Philadelphia (Names of individual people): Aufdenkamp, Jo Ann, Librarian, FRBank of Chicago, no objection to granting a 30-day extension for leave of absence without pay to finish an assignment with Klein and Saks as library consultant to the National Planning Council of the Government of Liberia Barrett, Martin, FRBank of New York, attendance at Eleventh Training Program of the Center for Latin American Monetary Studies to be held in Mexico City, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/19 1262, 1294 9/19 3245 6/4 1820, 1833 3/11 840, 862 2/20 647, 654 1963 548 Pages Foreign relationships of FRSystem: (continued) (Names of individual people): (continued) Bogardus, Janet, Chief Librarian, FRBank of New York, Board interposes no objection to request from Organization for Economic Cooperation and Development for Miss Bogardus to serve as a consultant in Paris, France, beginning September 12, 1963, approximately, on a leave without pay basis Brill, Daniel H., Adviser, Division of Research and Statistics, travel to Paris with Mr. Young to attend meeting of Working Pary 3, Economic Policy Committee, OECD and to spend three additional days in Paris visiting research staff of Bank of France and French financial industry executives, authorized Authorized to attend meeting of central bank economists in Basle, Switzerland, October 12-14, 1963, also to attend meeting of Task Force of Economic Policy Committee of OECD to visit Bank of England and National Institute of Economic and Social Research 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 Dembitz, Lewis N., Associate Adviser, request from Agency for International Development, State Department, for reimbursable detail of, to accompany mission to Brazil and to make certain recommendations, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/13 2700, 2708 4/9 1181 9/19 3245, 3260 4/19 1261, 1278 7/10 2242 1963 549 Pages Foreign relationships of FRSystem: (continued) (Names of individual people): (continued) Emery, Robert F., Economist, Division of International Finance, authorized to serve as a U.S. representative to meeting of ECAFE Working Party on Economic Development and Planning to be held in Bangkok, Thailand, September 16-23, 1963, with understanding that travel would be at Board expense and that the trip would include visits to Japan and other countries Garvy, George, FRBank of New York, designated to attend meeting of central bank economists in Basle, Switzerland, October 12-14, 1963, Gemmill, Robert F., Economist, Division of International Finance, authorized to travel to England, Netherlands, France, Germany, and Switzerland, to visit central and commercial banks, and investment bankers, also to accompany Mr. Young to meetings of Working Party 3, Economic Policy Committee, Organization for Economic Cooperation and Development Gomez, Michael A., Economist, Division of International Finance, to participate in a technical assistance mission to Brazil sponsored by Agency for International Development, on a leave without pay basis, approved Granted additional leave Grove, David L., Vice President, FRBank of San Francisco, services to be made available to Bank of Guatemala to assist in a revision of banking legislation in Guatemala, no objection by Board, with reference to financial arrangements Hersey, Arthur B., Adviser, Division of International Finance, authorized to travel to Paris to attend meeting on January 22.-23, 1963, of Working Party 3, Economic Policy Committee of Organization for Economic Cooperation and Development, in place of Mr. Young http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/9 2663 9/19 3245, 3260 3/18 913 8/2 8/27 2561 2933 3/28 1048, 1061 1/18 174 1963 550 Pages Foreign relationships of FRSystem: (continued) (Names of individual people): (continued) Hersey, Arthur B.: (continued) Attendance at a meeting of balance of payments experts, in Paris, March 19-21, 1963, under the auspices of the International Monetary Fund, and a few days at the Bank 3/7 of France, authorized Authorized to attend the meeting of the Economic Policy Committee of the Organization for Economic Cooperation and Development, on July 10 and 11, 1963, and the meeting of Working Party 3, also authorized to visit the German Federal Bank 6/7 and the Bank of Italy February during lectures to give Designated 1964 at next SEANZA Central Banking course in accordance with a request from Governors of the State Bank of Pakistan and to undertake certain other foreign visits during trip, reimbursement of expenses to be reviewed by Messrs. Ralph Young and Hersey and Board's 9/23 Controller Holland, Robert C., Adviser, Division of Research and Statistics, to accompany Mr. Ralph Young to meeting of Working Party 3, Economic Policy Committee of the Organization for Economic Cooperation and Development, 2/15 Feb. 25-29, 1963, in Paris Irons, Watrous H., President, FRBank of Dallas, to travel to Basle, Switzerland, for October monthly meeting of Bank for International Settlements, trip noted without objec8/30 tion Irvine, Reed J., Chief, Asia, Africa, and Latin America Section, Division of International Finance, authorization for travel of approximately 10 days to interior of Brazil, following meeting of Technicians of Central Banks of the American Continent held recently in Rio de Janeiro, Brazil, understood he would be allowed usual per diem and be reimbursed for necessary transportation costs (not to 11/6 http://fraser.stlouisfed.org exceed $200) Federal Reserve Bank of St. Louis 822 1841 3279, 3293 577 2988 3829 1963 551 Pages Foreign relationships of FRSystem: (continued) (Names of individual people): (continued) Kaufman, Richard, Economist, Division of International Finance, temporary detail to Agency for International Development to assist in study in VietNam, approved, including travel to Singapore, Malaya, Thailand, India and Pakistan, with understanding re travel and per diem expenditures and re salary Adviser, FRBank of New York, asP., Peter Lang, signed to assist technically the National Bank of the Congo, Republic of the Congo, in initiating a multiple currency system as requested by the Agency for International Development and the Treasury, noted by Chairman Martin that the practice of informing the Board after the decision had been reached was not desirable, no objection to be interposed but procedure for future assignments to be discussed with President Hayes Latham, Earle 0., First Vice President, FRBank of Boston, may serve as adviser to The State Bank of Ethiopia for a period not to exceed three months, FRBank to grant leave of absence with pay, any additional expenses to be borne by the State Bank of Ethiopia, Board interposes no objection if Boston Directors approve Maroni, Yves, Senior Economist, Division of International Finance, recommendation to include as a member of the U. S. delegation to the Tenth Session of the U.N. Economic Commission for Latin America, held in Mar del Plata, Argentina, approved, with further authorization to spend an additional two weeks visiting central banks in Argentina, Chile, Peru, and Columbia, Board to pay travel and per diem costs http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/27 1033, 1039 5/20 1653 11/8 3891, 3906 4/17 1245, 1257 1963 552 Pages Foreign relationships of FRSystem: (continued) (Names of individual people): (continued) Mills, Rodney, Economist, Division of International Finance, designated to visit Bank of Spain for period of one month during 1964, under exchange program each institution would exchange economists and provide for their respective expenses Previously designated to visit the Bank of Spain for one month (April 1964), also authorized to extend travel for two weeks in order to visit the central banks of France and Italy 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 Reynolds, John E., Chief, Special Studies and Operations Section, Division of International Finance, travel to Paris to attend meeting of Working Party 2, Economic Policy Committee, Organization for Economic Cooperation and Development, authorized Sammons, Robert L., Adviser, Division of International Finance: Designated to serve as technical secretary of the System's delegation at the meeting of Technicians of Central Banks of the American Continent, in Rio de Janeiro, Brazil, beginning October 14, 1963 Authorized to travel to Paris to attend a meeting of Working Party 2 of the Economic Policy Committee of the Organization for Economic Cooperation and Development, to be held July 15-16 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/23 3617 12/24 4532 4/10 1191, 1192 2/7 489 2/27 698, 708 6/26 2113 1963 553 Pages Foreign relationships of FRSystem: (continued) (Names of individual people): (continued) Sammons, Robert L.: (continued) Authorized to travel to Ottawa, Canada, for first meeting of senior technicians to examine international money markets, U.S. members of working party to include representatives of Treasury Department, representative from FRBank of New York, and, first meeting to be held October 10-11, 1963, Mr. Sammons or substitute authorized to make additional trips upon request submitted prior to trip Authorized to attend meeting of steering committee of Center for Latin American Monetary Studies to be held in Mexico City in January 1964 and other similar meetings proposed in near future, Mr. Young of Board's staff also to attend Authorized to travel to Paris to attend a meeting of Working Party 3 of the Economic Policy Committee of the Organization for Economic Cooperation and Development, and to visit the Bank of France,June 1522, 1963 Foreign Exchange Trader, FRBank J., Taylor, Daniel of New York, arrangements to spend from three to four weeks at the Bank of England in London, noted without objection Taylor, Stephen P., Chief, Flows of Funds and Savings Section, Division of Research and Statistics: Authorized to attend meeting of Working Group on Statistics of Financial Assets and Liabilities, Conference of European Statisticians, in Geneva, Switzerland http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/27 11/27 3363 4125 6/26 2114 1/24 237, 245 2/14 552, 562 1963 554 Pages Foreign relationships of FRSystem: (continued) (Names of individual people): (continued) Taylor, Stephen P.: (continued) Itinerary to include visits to OECD in Paris, BIS in Basle, Bundesbank in Frankfurt, and Bank of England in London, also authorized to take annual leave while in Europe Young, Ralph A., Adviser to Board and Director of Division of International Finance: Permission granted to make a one-day stopover in London, England, following a meeting of Working Party 3, to confer with officials of the British Treasury and the Bank of England, reimbursement on actual expense basis including official entertainment Understanding re proposed trip to England Reference by Governor Shepardson to his previous authorization to approve representation expenses in connection with Mr. Young's attendance at meetings of Working Party 3, Economic Policy Committee of Organization for Economic Cooperation and Development, in light of possible necessity to share expenses with the Treasury for a dinner in connection with the meeting February 25-29, 1963 Report by, on recently attended meeting of Working Party 3 of the Economic Policy Committee of the Organization for Economic Cooperation and Development, held in Paris, France Request that previous authorization to travel to Paris to attend meeting on April 29-30, 1963, of Working Party 3, Economic Policy Committee, OECD, be expanded to include a stopover in London to consult with British Bank and Treasury officials, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/14 562 1/16 1/18 133 174 2/15 577 3/1 731 5/13 1543 1963 555 Pages Foreign relationships of FRSystem: (continued) (Names of individual people): (continued) Young, Ralph A.: (continued) Travel to Europe during period June 18-July 12 to attend certain meetings of Organization for Economic Cooperation and Development in Paris, and to meetings with British bank and Treasury officials in London, authorized on actual expenses incurred basis, including official entertainment, with understanding that period between June 22 and July 9 would be charged to annual leave Amendment to previous authorization re attendance at meeting of Working Party 3 of the Economic Policy Committee of the Organization for Economic Cooperation and Development on July 12-13, 1963, in Paris, to meet with officials of the British Bank and Treasury in London on July 14-15, on basis of actual expenses incurred including official entertainment Travel to Paris, France, November 1-7, 1963, to attend regular meetings of Working Party 3 and Economic Policy Committee of Organization for Economic Cooperation and Development, and meeting with representatives of Bank of England and British Treasury, understood hotel suite to be reserved for purpose of latter meeting and that reimbursement would be made on basis of expenses incurred during travel, including an allowance for official entertainment, approved Travel authorized to attend meeting of steering committee of Center for Latin American Monetary Studies to be held in Mexico City in January 1964 and other similar meetings proposed in near future, Mr. Sammons to accompany Mr. Young, discussion at meetings to consider Bank for International Settlements type institution for Latin America http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/4 1823 7/1 2172 10/23 3616 11/27 4125 1963 556 Pages Forest tracts: Loans on: SEE: Loans: Forest tracts Forms: Borrowings of member banks from FRBanks,F.R. 527 and 527a, revised forms re, with instructions for reporting superseding January 1960, instructions, advice to Presidents of all FRBanks and Vice Presidents in charge of branches C. 5, annual bank debits release as proposed by System Research Committee, to be published on both present and revised basis, thereafter annual data will be published on revised data only, letter to all FRBank Presidents Condition reports: Forms for next call sent to all FRBanks for use by State member banks and their affiliates Forms for next call sent to Presidents of all FRBanks for use by State member banks and their affiliates, enclosed draft copies of balance sheet reconciliation schedule for national banks to be used in order that statistics for all commercial banks may be compiled on a consistent basis Edge Act corporations: Articles of association and organization certificates of, Board's staff authorized to make changes in forms for, so as to conform with the provisions of the adopted revision of Reg. K P.R. 34, letter to Presidents of all FRBanks indicating no objection to certain proposed change in method of computing gold reserve requirements of FRBanks, to be reported on daily balance sheet http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/11 90, 92 11/1 3730, 3740 5/16 1620 12/12 8/22 12/18 4343, 4353 2873 4412, 4440 1963 557 Pages Forms: (continued) F.R. 105, 105e-1: Copies sent to all FRBanks for use by state member banks and their affiliates 758, 767 3/4 at next call date Copies sent to all FRBanks for use by State member banks and their affiliates in submitting reports of condition 12/12 4343, 4353 as of next call date and association of articles 152, F.R. F.R. 151 and organization certificates of Edge corporations, Board's staff authorized to make changes so as to conform with the provisions of 8/22 2873 the adopted revision of Reg. K of examination of F.R. 209, summary of report State member and national banks, program to revise and expand, providing supplementary banking data, instructions re preparation of, transmitted to Presidents of all 2/15 574, 601 FRBanks F.R. 220, 220a: Copies sent to all FRBanks for use by State member banks and their affiliates 758, 767 3/4 at next call date Letter to Presidents of all FRBanks re, to be used by State member banks and their affiliates in submitting reports of condition as of next call 12/12 4343, 4353 date P.R. 272, revised form for requesting copies of reports of examination, condition, and income and dividends, for interagency use, and serving as receipts for same, transmitted to 1476, 1486-87 5/6 FDIC P.R. 410, examination reports of State member banks, revised, including new pages for the purpose of reporting differences in reports of condition and examination to FDIC, and re certain information when bank acts as trustee or agent, instructions 6/10 1858, 1869 to Presidents of all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 558 Pages Forms: (continued) F.R. 416 and F.R. 416b, recommendations of the System Research Advisory Committee and its Subcommittees that weekly reporting member banks report on F.R. 416 all outstanding negotiable time certificates 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 8/8 all FRBanks weekly reportby reporting of revision F.R. 416a, ing member banks and by banks in the series of commercial and industrial loans by industry re bankers' acceptances, recommendations by the System Research Advisory Committee and its Subcommittees approved, advice to 8/8 Presidents of FRBanks coldata F.R. 508, common trust fund statistical lected on, recommended by Division of Bank Operations that Board withdraw from collection, agreed to discuss with Bureau of the Budget and withdraw if no objection is 3/19 made F.R. 527 and 527a, borrowings of member banks from FRBanks, revised forms re, with instructions for reporting superseding January 1960, instructions, advice to Presidents of all FRBanks and Vice Presidents 1/11 in charge of branches F.R. 573, re bank debits series, no revision being made, letter to all FRBank Presi11/1 dents P.R. 716 and 716b, Federal funds series report form, letter to Presidents of all FRBanks transmitting clarifying revisions 3/11 to previous instructions http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2597, 2633 2597, 2635 941, 958 90, 92 3730, 3740 870 1963 559 Pages Forms: (continued) F.R. Y-1 and F.R. Y-2, bank holding company application forms, further consideration of changes in forms to be held over until Gov. Mitchell has had an opportunity to discuss with Board's staff release re bank debits semonthly Board's G. 6, ries will continue on present basis, beginning January 1965 data will be published on revised basis, letter to all Federal Reserve Bank Presidents Income and dividends reports, letter to Presidents of all FRBanks transmitting copies of the form for State member banks to use in submitting, letter to be sent when form is printed K. 2: Applications received or acted on by the Board, question re possible announcement of Board action, agreed to obtain views of Federal Reserve Banks before adopting procedure re Agreed to expand, to include release of receipt and action on various kinds of applications received and acted upon by the Board, Gov. Mills' reservations noted, views of FRBanks had been obtained in re to to FRBanks re procedure advice of Letter Board had decided to follow re Notices of intent to establish additional foreign branches by national or State member banks to appear on, which would also contain an announcement later reflecting the disposition of the matter Prance: European Enterprises Development Company, Paris, France • Continental International Finance Corporation, Chicago, Ill., granted permission to purchase and hold ordinary shares of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/12 3133 11/1 3730, 3740 12/4 4244 7/2 2177 8/22 2857 9/27 3374, 3394 10/23 12/9 3606 4246, 4269 1963 560 Pages France: (continued) European Enterprises Development Company, Paris, France: (continued) International Corporation, Guaranty Morgan New York, New York, granted permission to purchase and hold ordinary shares of French holding company, an extension of time for International Banking Corporation, New York, New York, to acquire shares of a, approved L'union des Mines-La Henin, Paris, France, application submitted by Bankers Trust Company, New York, New York, on behalf of Bankers International Corporation, New York, New York, an Edge corporation, to invest in, approved, Governor Robertson dissenting Union Financiere pour la Vente a Credit, Paris, France, consent granted to Chemical International Finance Ltd., New York, New York, to acquire shares of, under stated conditions 12/9 12/27 4246, 4268 4556, 4564 9/3 2998, 3019 4/17 1245, 1252 3/4 759, 768 8/13 2706 7/8 2205, 2216 G allagher, James F., New York, New York, reply to inquiry by, as to what companies, other than Marine Midland Corporation, are now or ever have been defined as holding company affiliates in New York State General Services Administration: Data processing, letter to Administrator of GSA advising that M. H. Schwartz, Director, Division of Data Processing, had been designated as Board's liaison in the field of electronic, approved Hours of work for employees of the Federal Government in Washington, report by, 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 561 Pages General Services Administration: (continued) Parking, Federal employees, survey made by, request from Budget Bureau for comment on report recommending request for legislation, Government monthly charge, and legislation assuring that agencies now administering their own parking spaces participate in contemplated program, consensus that Board not participate, in light of FRAct, which provided Board control of its building and space, letter to Budget Bureau approved Gibbs, Katharine, Consulting Service, New York, New York, to conduct a secretarial training program in connection with the Board's employee training and development program, with the understanding that required materials be provided by the Service, Board to pay fee of $400, plus travel expense Gold: Loans on: Extension of arrangement to Bank for International Settlements, telegram to FRBank of New York, understood usual participation offered to other FRBanks Governor Mills referred to procedures followed in handling and approval of, no change suggested Reserves at FRBanks: Letter to Senator Douglas, Chairman of Joint Economic Committee re his inquiry about, approved subject to discussed changes Deficiencies in: Discussion re 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, suggestion re possibility of discussing at meeting with Presidents http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/31 392, 408 4/17 1250 10/4 3435, 3438 10/16 11/4 11/29 3562 3755 4141 1963 562 Pages Gold: (continued) Reserves at FRBanks: (continued) Deficiencies in: (continued) Discussion re possible amendment of allocation of securities in Open Market Account rather than transferring gold certificates through Interdistrict Settlement Fund, Board to continue study re Discussion at joint meeting of Presidents'Conference re importance of avoiding deficiencies in, consensus re adoption of revised procedures with respect to allocations of the System Open Market Account as provided in alternative (b), as stated in the memorandum by Messrs. Stone and Farrell Requirements, allocation of, and computing reserve ratios, letter to Presidents of all FRBanks indicating no objection to a certain proposed change in method of Vault facilities at FRBank of New York: 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 Vault facilities at FRBank of New York: Proposed alterations for storing earmarked, meeting of Messrs. Hayes, Coombs and Harris with Board re, discussion re alternatives to, FRBank of New York in favor of expanding facilities at FRBank of New York rather than alternatives 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 storage facilities at West Point, New York, to study possible alternatives to enlarging vault at FRBank of New York http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/2 4165 12/3 4188 12/18 4412, 4440 6/10 1864 6/18 1964 7/10 2241 1963 563 Pages (continued) Vault facilities at FRBank of New York: (continued) Memorandum from Messrs. Farrell, Solomon, and Harris analyzing plans for additional space for storage of, Board approved plan at FRBank of New York to convert an area adjacent to present gold vault to use for gold 9/23 storage Goldfeld, Professor: Information furnished to, of Princeton University, re daily data on float covering the postwar period, memorandum from Mr. Noyes recommending that Board 12/16 comply, approved Government securities: Book-entry procedure for handling United States, held by FRBanks for member banks, 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 Conference of Presidents 6/11 re plan requested Question referred to the Committee on Fiscal Agency Operations for study, no objection to obtaining views from the auditing standpoint, reported at joint meeting of Presidents' 6/18 Conference supervisory and examination for of, Carrying value purposes, question re, letter of advice to Presidents of all FRBanks, matter reviewed with FDIC and Comptroller of the Currency, both of which are taking same position as 9/30 that in letter to FRBanks of certificates Treasury Disappearance of certain deposit: FRBank of San Francisco: Article in San Francisco Examiner re, telephone conversation with President Swan reported by Governor Balderston re statement to be issued by Bank, certain statements re Secret Service to be verified 3/27 with Treasury Department Gold: http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3273, 3292 4376, 4392 1884, 1895 1963 3397, 3404 1034 1963 564 Pages Government securities: (continued) Disappearance of certain Treasury certificates of deposit: (continued) FRBank of San Francisco: (continued) Report re situation requested by Chairman Fascell, House Legal and Monetary Subcommittee, reply being prepared Report of incident approved Copies of minutes of meetings of FRBank of San Francisco Board of Directors Executive Committee, and Audit Review Committee, and press statement of President Swan sent to Congressman Patman Report re incident not to be released by Board to press unless and until released by parties to whom furnished Report by Mr. Smith, Assistant Director, Division of Examinations, re, and reports of examination of the FRBank of San Francisco for 1961 and 1962, requested by a Subcommittee of the House Banking and Currency Committee in preparation for a hearing in San Francisco, agreed to furnish on a confidential basis Reports of Audit Review Committee and of General Auditor re, advice from Bank re including a public record as requested by Subcommittee of House Banking and Currency Committee FRBank of Richmond: Reference made to, in report re disappearance of Treasury certificates from FRBank of San Francisco, matter to be discussed with President Wayne before report is released Inquiry from staff member of House Banking and Currency Committee Subcommittee re availability of a report re, understanding re Report re apparent inadvertent destruction of certificate transmitted to Congressman Patman http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/29 4/1 1073 1079, 1090-91 4/1 1080, 1089 4/4 1143 4/19 1275 4/26 1348 4/1 1081 4/26 1349 5/23 1720, 1731 1963 565 Pages Government securities: (continued) FRnotes: Plan for securing by pledge of participation in direct obligations of the United States in System Open Market Account, proposed amendment to plan, sent to FRBank Presidents and FRAgents requesting views Plan amended as indicated in previous letter since no adverse comments received from FRBanks, advice to FRBank Presidents and FRAgents Greece: National Investment Bank for Industrial Development, S.A., Athens, Greece: Consent granted to Chase International Investment Corporation, New York, New York, to purchase shares of, in light of Greek law it was decided not to incorporate an additional paragraph imposing a condition not to engage in a deposit type of business Consent granted to Manufacturers Hanover International Banking Corporation, New York, New York, to purchase shares of 2/7 478, 500 3/18 895, 922 5/17 1632, 1638 8/29 2951, 2966 9/3 3016 3/18 906 u Hu Rake, Harry, and Harry Hake, Jr., architects, for possible construction of new building for FRBranch Bank at Cincinnati Rard-Y, Porter, Congressman: Federal Reserve float, single issue of FRnotes, and local destruction of FRnotes, jurisdiction over such matters now lodged in House Legal and Monetary Affairs Subcommittee of House Committee on Government Operations, rather than House Foreign Operations and Monetary Affairs Subcommittee, noted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 566 Pages Harris, Oren, Congressman: H.R. 6789, companion bill to S. 1642, bill to amend Securities Exchange Act of 1934 and Securities Act of 1933, to extend coverage to certain overthe-counter stocks including bank stocks, report similar to that on S. 1642 sent to, as Chairman of House Interstate and Foreign Commerce Committee S. 1642, a bill to amend Securities Act of 1933 and Securities Exchange Act of 1934, favorable report to Chairman Harris of the House Committee on Interstate and Foreign Commerce, Governor Mills dissenting Haskins & Sells: Audit of Board's accounts for 1962 by, accepted by Board Audit of Board's accounts for 1963 by public accounting firm of Examination and supervision of FRBanks: Question re assignment to, for reviewing work of Board's field examining staff during 1963 in connection with, agreed to defer decision pending receipt of comments on Governor Robertson's proposals re procedures, from Price Waterhouse & Co., Arthur Andersen & Co., and Changes proposed by Governor Robertson, letter commenting on, distributed and referred to during discussion of to views of, during disreference Further cussion by Board Memorandum by Governor Shepardson recommending that the annual review of, be given to, approved unanimously Headquarters: Heasley, Edward W., Assistant Federal Reserve Examiner, change in headquarters from Washington, D. C. to San Francisco, California, approved Stanford, Hanvey, Assistant Federal Reserve Examiner, change in official headquarters from Birmingham, Alabama, to Atlanta, Georgia, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/19 1976 8/22 2848, 2878 2/13 538, 548, 549 12/30 4581, 4583 2/13 538 3/20 964 3/25 1017 5/1 1422 12/27 6/24 4560 2044 1963 567 Pages Health, Education, and Welfare: Bureau of Old Age and Survivors Insurance: Consumer credit program, quarterly listings of new companies supplied by, in connection with special studies of Hearings: 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 Denver U.S. Bancorporation, Denver, Colorado: 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 30day period has expired Application to become a bank holding company by acquisition of stock of Denver U.S. National Bank, Arapahoe County Bank, Littleton, and Bank of Aurora, Colorado, 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 with NLRB, to serve as hearing examiner for Certain protesting banks requested that they be allowed to present oral argument before Board, re understood request for oral argument would be considered by Board next week http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4251, 4272 4/29 1376, 1384 5/6 1483 9/11 3098, 3124 1/3 380, 402 3/6 785, 809 9/4 3029, 3033 1963 568 Pages Hearings: (continued) Denver U.S. Bancorporation, Inc., Denver, Colo.: (continued) Board authorized issuance of order granting request for oral argument--to be 9/11 3092, 3120 held September 20, 1963 Englewood, Colo.: Inc., First Colorado Bankshares, 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 2/5 440, 455 the State Bank Commissioner 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 for NLRB, to serve as exam785, 812 3/6 iner for Protesting Banks' Reply Brief received as part of the record in the matter of, (filed one day beyond time permitted) as requested by pro7/2 2178, 2183 testing banks Understood request for oral argument would 3030,3033 9/4 be considered by Board next week Issuance of order granting request for oral argument--to be held September 20, 9/11 3092, 3122 1963, authorized Hearing Examiners: London, David, Hearing Examiner with NLRB, to serve as hearing examiner at hearing re application of Denver, U.S. Bancorporation, Inc., Denver, Colorado, and at hearing re application of First Colorado Bank790 3/6 shares, Inc., Englewood, Colo. Schneider, Charles W., Associate Chief Hearing Examiner, National Labor Relations Board, extension of detail on reimbursable basis, when-actually employed, for purpose of conducting hearing under sec.4(c)(6), 4/24 1319 Bank Holding Company Act for examiner hearing Designated hearing re request from Otto Bremer Company for determination under sec.4 4/29 1376 (c)(6) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 569 Pages Hearings: (continued) House Armed Services Committee, Subcommittee No. 3 H.R. 3516, bill relating to incorporation of fall-out shelters in Federal structures, understanding re testimony by Chairman Martin and Currency Committee: House Banking Banking bills to broaden powers of national banks, Board to testify on Sept. 24, agreement with Governor Robertson's suggestion that staff prepare data on respective bills, in addition Board might obtain data and comments from FRBanks Disappearance of certain Treasury securities at the FRBank of San Francisco, report by Mr. Smith, Assistant Director, Division of Examinations, re, and reports of examinations of the FRBank of San Francisco for 1961 and 1962, requested by Subcommittee of, in preparation for a hearing in San Francisco re, furnishing of documents authorized on a confidential basis 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, and to relax restrictions re underwriting and investing in public housing agency securities, statement for Chairman Martin for hearing discussed, further discussion at tomorrows meeting Majority of Board, as indicated in yesterday's meeting, opposed to, Chairman Martin invited to testify before, September 24, 1963, re Governor Mills raised question re tenor of testimony to be given tomorrow, Chairman Martin described position on, that had been agreed to earlier http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/4 1814 9/5 3050 4/19 1275 9/18 3214 9/19 3242, 3243 9/23 3281 1963 570 Pages Hearings: (continued) House Banking and Currency Committee: (continued) H.R. 7878, a bill to extend authority of national banks to make conventional real estate loans, position a forthcoming hearings before, to be discussed further tomorrow Board opposed to, understood testimony to be presented September 24, 1963, by Chairman Martin would be presented in manner consistent with Board discussions and satisfactory to Chairman Martin Governor Mills raised question re tenor of testimony to be given tomorrow, Chairman Martin described position on, which had been agreed to earlier H.R. 8230, a bill to authorize national banks to lend more literally on forest tracts, position at forthcoming hearings to be discussed further tomorrow Board would not recommend favorable action on, understood testimony to be presented September 24, 1963, by Chairman Martin would be presented in manner consistent with Board discussions and satisfactory to Chairman Martin Governor Mills raised question re tenor of testimony to be given tomorrow, Chairman Martin described position on, which had been agreed to earlier H.R. 8245, bill to broaden powers of savings and loan associations, relating to loans to finance college education and to purchase home furnishings, also authority to invest in municipal obligations as well as in U.S. Government securities, position at forthcoming hearing to be discussed further tomorrow http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/18 3214, 3229-31 9/19 3243, 3245 9/23 3281 9/18 3215, 3231 9/19 3244, 3245 9/23 3281 9/18 3215, 3230-31 1963 571 Pages Hearings: (continued) House Banking and Currency Committee: (continued) H.R. 8245: (continued) Board believes Congress should take action on H.R. 7404 before considering, understood that testimony to be presented September 24, 1963, should be consistent with Board discussions and satisfactory to Chairman Martin Governor Mills raised question re tenor of testimony to be given tomorrow, Chairman Martin described position on, which had been agreed to earlier 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 bank's capital and surplus, view of those present that the limit of 10 per cent on loans to any one borrower should stand, understood position to be taken at forthcoming hearings would be discussed at next Board meeting Board opposed to, understood testimony to be presented in manner consistent with Board discussions and satisfactory to Chairman Martin Governor Mills raised the question re tenor of testimony to be given tomorrow, Chairman Martin described position on, which had been agreed to earlier Statement by Chairman Martin re H.R. 4413, a bill to repeal the silver purchase laws and provide for replacement of silver certificates by FRnotes, draft favoring repeal, understood that the statement would be put in final form satisfactory to Chairman Martin, Governor Mills dissenting from the position expressed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/19 3244, 3245 9/23 3281 9/18 3215, 3226-29 9/19 3243, 3245 9/23 3281 3/11 841 1963 572 Pages Hearings: (continued) House Legal and Monetary Affairs Subcommittee: Window dressing of call reports of commercial banks, agreed that Governor Robertson represent Board at hearings before House Legal and Monetary Affairs Subcommittee, statement to be presented along lines suggested by discussion at meeting H.R. 729, a bill to establish a Federal Deposit and Savings Insurance Board, in answer to invited testimony by Congressman Multer at hearings on Bank Supervision and Insurance, it was agreed that Chairman Martin and Governors Mills, Robertson and Mitchell would testify, each on a personal basis Decided later to report by letter 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, discussion re draft statement to be presented by Governor Balderston on April 25, 1963 before the House Banking and Currency Committee, no objection to expressing view that the proposed increase would not be in the public interest, understood that a revised draft would be prepared Revised draft considered appropriate, understood that any specific suggestions would be sent to Governor Balderston to establish a Federal Banking bill H.R. 5874, a Commission, in answer to invited testimony by Congressman Multer at hearings on May 8th before the subcommittee on Bank Supervision and Insurance, it was agreed that Chairman Martin and Governors Mills, Robertson, and Mitchell would testify each on a personal basis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/26 3343 4/30 4/30 1405 1405 4/17 1246 4/19 1274 4/30 1405 1963 573 Pages Hearings: (continued) Joint Economic Committee, statement by Chairman Martin to be made before, understood that draft would be reviewed by the staff and presented in final form satisfactory to the Chairman Oral presentations: Chemical Bank New York Trust Company, New York, New York, application to acquire assets and assume liabilities of Bank of Rockville Centre Trust Company, Rockville Centre, New York, agreed that an oral presentation would not be held in regard to, advice to FRBank of New York Dauphin Deposit Trust Company, Harrisburg, Pennsylvania, request for reconsideration and oral presentation re denied application to merge with the First National Bank of Mount Holly Springs, Pennsylvania, request denied with Governor Mills abstaining, advice to Mr. Snyder, of Morgan, Lewis & Bockius, attorney for Savings and Trust Company, County Lorain Elyria, Ohio, application to merge with Central Bank Company, Lorain, Ohio, denied by majority vote, Governors Balderston and Shepardson dissenting, consensus that no oral presentation should be ordered Albany, New York, request for of Bank State reconsideration and oral presentation re proposed merger with Unadilla National Bank, Unadilla, New York, denied, letter to Congressman Stratton West Branch Bank and Trust Company, Williamsport, Pennsylvania, Board agreed to arrange for oral presentation re proposed merger of, with Bank of Newberry, Williamsport, Pa., under title Northern Central Bank and Trust Company http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/30 294 5/16 1618 1/31 383, 406 12/11 4326 7/29 2498, 2508-09 8/30 2978, 2991 1963 574 Pages Hearings: (continued) Oral presentations: (continued) West Branch Bank and Trust Company, Williamsport, Pennsylvania: (continued) Subsequently arranged for September 19, 8/30 1963 of Board views with Further discussion presented, application approved, 10/14 Governor Robertson dissenting S. a 691, making, Public hearings re agency rule bill to require, if timely protest is filed after notice of proposed rule is published in the Federal Register, Board's view that proposed legislation is not needed, report sent to 3/4 Senator Eastland e: Committe Senate Banking and Currency S. 1642, a bill to amend Securities Exchange Act of 1934, and Securities Act of 1933, to extend coverage to securities traded over-the-counter, including bank stocks, understanding re content of report to, in light of anticipated testimony by 6/17 Chairman Martin before Understanding re testimony by Chairman 6/19 Martin Trans-Nebraska Company, Lincoln, Nebraska, application to acquire shares of three banks, request for three day time extension for filing exceptions to Report and Recommended Decision of the Hearing Examiner, re1/23 quest approved Orleans, a, New Louisian ion, Corporat Holding Whitney litigation re, request from Department of Justice re need for a rehearing or certiorari, no need in Board's opinion, suggestion that views of Comptroller of the Cur8/22 rency be solicited http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2981 3530 759, 770 1933 1976 233, 235 2852, 2882 1963 575 Pages History: FRSystem, Mr. Charles Molony, Assistant to the Board designated to work on the preparation of an over-all, in connection with the 50th anniversary of the FRSystem, 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 Holding company affiliates: Legislation, proposed repeal or modification of provisions of Banking Act of 1933, to eliminate confusion arising from existence of two sets of laws relating to same general subject but based on different definitions of what constitutes a holding company, approved for inclusion in Board's 1962 Annual Report, emphasizing need for action re New York State, inquiry re what companies, other than Marine Midland Corporation, are now or have ever been defined as holding company affiliates in, reply to James F. Gallagher approved "One bank" cases: Mark One Corporation, Mineola, Texas, request for determination re exemption from all holding company affiliate requirements except for purposes of sec. 23A of FRAct, discussion revealed that case might involve reversal of policy in handling "one bank" cases, it was agreed that it should be considered at a time when more members of the Board were present policy of handling requests Board's Review of for section 301 determinations in connection with, majority of Board against reversing current policy at this time http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/1 738 3/18 914, 933 1/22 208 3/4 759, 768 9/24 3300 10/9 3481, 3499 1963 576 Pages Holding company affiliates: (continued) Readily marketable assets, inquiry from commercial Associates, Inc., Pensacola, Fla., re necessity for Board's certification of a reserve pursuant to sec. 5144, Revised Statutes, letter to FRBank of Atlanta, approved, discussion re reasons for Board's favoring negative reply 4/29 1376, 1387 (Individual names): American Installment Credit Corporation, Washington, D.C.: Issuance of limited voting permits to Financial General Corporation, Washington, D.C. National Insurors & Credit Corporation, Des Moines, Iowa, and, to vote their stock of The Peoples National Bank of Leesburg, 5, 25, 26 1/4 Virginia, authorized to permit vote voting Issuance of a general stock of Peoples National Bank of 9/24 3298, 3313 Leesburg, Virginia, authorized Company, Little Insurance American Pioneer Life Rock, Arkansas, determined not to be a holding company affiliate of Trumann National Bank, Trumann, Arkansas, except for purposes of 2/26 683, 689 section 23A ATC Building Company, affiliate of Wells Fargo Bank, San Francisco, California, direct and indirect investment in bank premises, approved, amount represents an investment by Wells 7/31 2511, 2521 Fargo Bank and an indebtedness by Bancorporation of Montana, (formerly Montana Shares Incorporated) Great Falls, Montana: Issuance of limited voting permit to vote stock of Liberty County Bank, Chester, Montana, Citizens Bank of Montana, Havre, Montana, and Central Bank of Montana, Great 1/25 269, 279 Falls Montana, authorized Issuance of general voting permit deemed inappropriate at this time because of condition of subsidiary banks of, to consider reissuance 10/3 3435, 3438 of limited voting permit as needed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 577 Pages Holding company affiliates: (continued) Bancorporation of Montana, (formerly Montana Shares Incorporated) Great Falls, Montana: (continued) Issuance of limited voting permit to vote stocks of Liberty County Bank, Chester, Montana, Citizens Bank of Montana, Havre, Montana, and 12/27 4556, 4561 Great Falls, Montana, authorized Bankers Dispatch Corporation, Chicago, Illinois, determined not to be holding company affiliate of the District National Bank of Chicago, Ill., except for purposes of section 23A, letter to FRBank of Chicago requesting further review of the situation and asking that the Board be furnished with a summary of the status of the case each 7/11 2254, 2266-68 year and York, New York, New , Buckeye Corporation Massachusetts Mohair Plush Company, Inc., New York, N.Y., determined not to be holding company affiliates of Miami National Bank, Miami, Florida, except for purposes 1/11 90, 93 of section 23A City, Kansas , Missouri, Building Lease Corporation determined not to be a holding company affiliate of Civic Plaza National Bank of Kansas City, Mo., 1078, 1086 4/1 except for purpose of section 23A Texas , a , corporation Capital Exchange Corporation determined not to be a holding company affiliate of Springs National Bank of Tampa, Florida, except for purposes of section 1149, 1152 4/5 23A Oklahoma, determined Clear-Vue TV, Inc., Durant, not to be a holding company affiliate of the First National Bank of McAlester, Oklahoma, except 10/14 3528, 3544 for purposes of section 23A Commercial Associates, Inc., Pensacola, Florida, inquiry re necessity for Board's certification of the establishment of a reserve pursuant to sec. 5144, Revised Statutes, letter to FRBank 4/29 1376, 1387 of Atlanta, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 578 Pages Holding company affiliates: (continued) Distributors Discount Corporation, New York, N.Y.: Issuance of limited voting permits to Morris Plan Corporation, New York, N.Y., Financial General Corporation, Washington, D.C., and, to vote their stock of Citizens National Bank in Pocomoke City, Md., authorized a general voting permit to vote of Issuance stock of Citizens National Bank in Pocomoke City, Md., authorized Evans Corporation, Ault, Colorado, determined not to be a holding company affiliate of Farmers National Bank of Ault, Colorado, except for purposes of section 23A of the FRAct Corporation, Washington, D.C.: General Financial voting permits to Amerilimited Issuance of Credit Corporation, Installment can Washington, D.C., National Insurors & Credit Corporation, Des Moines, Iowa, and, to vote their stock of The Peoples National Bank of Leesburg, Virginia, authorized Issuance of limited voting permits to Morris Plan Corporation, New York, N.Y., Distributors Discount Corporation, New York, N.Y., and, to vote their stock of Citizens National Bank in Pocomoke City, Md., authorized Data re direct or indirect ownership or control of bank shares by, and other registered bank holding companies, where shares owned or controlled are less than 25 per cent of total shares, to be made available to House Banking and Currency Committee as requested Issuance of a general voting permit to vote stock of Citizens National Bank in Pocomoke City, Maryland, and The Peoples National Bank of Leesburg, Virginia, authorized First National Agency, Inc., Park Falls, Wisconsin, determined not to be a holding company affiliate of First National Bank of Park Falls, Wisconsin, except for purposes of section 23A of FRAct http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/4 5, 27, 28 9/24 3298, 3311 7/29 2492, 2503 1/4 5, 25, 26 1/4 5, 27, 28 4/12 1199 9/24 3298, 3308 8/9 2657, 2673 1963 579 Pages Holding company affiliates: (continued) First Oklahoma Bancorporation, Inc., Oklahoma City, Oklahoma: Telegram to FRAgent at Kansas City, authorizing voting permit to, re its stock in First National Bank and Trust Company of Oklahoma City, Oklahoma, but indicating voting permit re stock of Idabel National Bank, Idabel, Oklahoma, withheld pending improvement in condition of bank, Board would consider request for limited voting permit when needed Issuance of limited voting permit to vote stock of Idabel National Bank, Idabel, Oklahoma, authorized First Virginia Corporation, Arlington, Virginia: Issuance of limited voting permit to vote the stock of Shenandoah County Bank and Trust Company, Woodstock, Richmond National Bank and Trust Company, Richmond, and Peoples' Bank, Mount Jackson, all of Virginia, authorized Issuance of a limited voting permit to vote the stock of Richmond National Bank and Trust Company, Richmond, Virginia, authorized Issuance of a general voting permit to vote stock of Peoples' Bank, Mount Jackson, Virginia, Shenandoah County Bank and Trust Company, Woodstock, Virginia, and Richmond National Bank and Trust Company, Richmond, Virginia First Western Financial Corporation, Las Vegas, Nevada, determined not to be a holding company affiliate of Nevada Bank of Commerce, Reno, Nevada, except for purposes of section 23A of FRAct http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/23 12/19 2907, 2915 4456, 4469 1/4 4, 22 3/1 732, 741 9/16 3161, 3159 9/18 3213, 3239 1963 580 Pages Holding company affiliates: (continued) Franklin Shares Corporation, St. Louis County, Missouri, (successor to Polmoor Corp.) determined not to be a holding company affiliate of Arlington Heights National Bank of Arlington Heights, Illinois, except for purposes of section 23A General Investment Company of New Mexico, Albuquerque, New Mexico, determined not to be a holding company affiliate of the First National Bank of Grants, New Mexico, except for purposes of section 23A Greater Iowa Corporation, Des Moines, Iowa, issuance of limited voting permit to vote the stock of First National Bank, Cedar Falls, Iowa, authorized Gulf Interstate Company, Houston, Texas, determined not to be a holding company affiliate of Central National Bank of Houston, Texas, except for purposes of section 23A Industrial Finance Company, Fayetteville, Arkansas, determined not to be a holding company affiliate of McIlroy Bank, Fayetteville, Arkansas, except for purposes of section 23A of FRAct Ranches, Inc., Phoenix, Stegall and Lawrence Arizona, determined not to be a holding company affiliate of The Alamosa National Bank, Alamosa, Colorado, except for purposes of section 23A of FRAct M-v Co., Inc., Marion Iowa, determined not to be a holding company affiliate of First National Bank of Marion, Iowa, except for purposes of section 23A of FRAct Marine Corporation, Milwaukee, Wisconsin: Extension of time re issuance of general voting permit to vote the stock of Marine National Bank of Waukesha, Wisconsin, approved Further extension of time for issuance of a general voting permit to vote the stock of Marine National Bank of Waukesha, Wisconsin, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/28 10/14 1047, 1057 3528, 3542 1/4 4, 23 6/17 1929, 1941 11/6 3822, 3830 10/15 3546, 3551 8/9 2657, 2671 1/4 4, 24 3/8 834, 838 1963 581 Pages Holding company affiliates: (continued) Mark One Corporation, Mineola, Texas: Request for determination re exemption from all holding company affiliate requirements except for purposes of section 23A of FRAct, as discussion revealed that case might involve reversal of policy in handling of so-called "one bank" cases it was agreed that it should be considered at time when more members of Board were present Discussion re "one bank rule" in connection with, Board against reversing current policy for handling requests for section 301 determinations in one bank cases, Board determined not to be a holding company affiliate of City National Bank of Austin, Texas, except for purposes of section 23A of FRAct, Governor Robertson dissenting Plush Company, Inc., New York, MoHair Massachusetts New York, determined not to be a holding company affiliate of Miami National Bank, Miami, Fla., except for purposes of section 23A Montana Shares, Incorporated, Great Falls, Montana, now entitled "Bancorporation of Montana" Morris Plan Corporation, New York, New York: Issuance of limited voting permits to Distributors Discount Corporation, New York, N.Y., Financial General Corporation, Washington, D.C., and, to vote their stock of Citizens National Bank in Pocomoke City, Maryland, authorized Issuance of a general voting permit to vote stock of Citizens National Bank in Pocomoke City, Md., authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/24 3300 10/9 3481, 3499 1/11 90, 93 1/25 269 1/4 5, 27, 28 9/24 3298, 3310 1963 582 Pages Holding company affiliates: (continued) National Insurors & Credit Corporation, Des Moines, Iowa: Issuance of limited voting permits to Financial General Corporation, Washington, D.C., American Installment Credit Corporation, Washington, D.C., and to vote their stock of the Peoples National Bank of Leesburg, Virginia, 1/4 authorized to permit vote voting a of general Issuance stock of Peoples National Bank of 9/24 Leesburg, Virginia, authorized St. Petersburg, Corporation, Mortgage North American Florida, determined not to be a holding company affiliate of American National Bank of South Pasadena, Florida, except for purposes 6/12 of section 23A Joliet, Ill., Corporation, North Shore Investment determined not to be a holding company affiliate of The Second National Bank of Danville, Ill., except for purposes of section 12/16 23A of FRAct Franklin Shares with Polmoor Corporation, merged Corporation, which is now successor 3/28 to Prince, F. H., and Co., Inc., determination made in 1958 that it is not a holding company affiliate of Live Stock National Bank of Chicago remains in effect, not withstanding merger with Chicago Stock Yards Company resulting in direct ownership of 6/28 Bank's stock Reiter, Howard W., Investment Company, Canby, Minn., determined not to be a holding company affiliate of The National Citizens Bank of Canby, Minnesota, 5/3 except for purposes of section 23A Rocky Ford Investment Corporation, Kansas City, Missouri, determined not to be a holding company affiliate of Rocky Ford National Bank, Rocky Ford, Colo., except for purposes of 5/13 section 23A http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5, 25, 26 3298, 3312 1899, 1914 4376, 4390 1057 2134, 2145 1443, 1451 1536, 1546 1963 583 Pages Holding company affiliates: (continued) S-J Management Corporation, Joliet, Illinois, determined not to be a holding company affiliate of Streator National Bank, Streator, Ill., except for purposes of section 1/7 23A Sealy & Smith Foundation for The John Sealy Hospital, Galveston, Texas, request for redetermination in light of the consolidation of The First National Bank of Galveston and the Hutchings -Sealy National Bank of Galveston, Texas, under the title of First Hutchings-Sealy National Bank of Galveston, Texas, determined that 1940 determination not to be a holding company affiliate except for purposes of 5/6 section 23A remains in force Siwybas, Inc., Grand Prairie, Texas, determined not to be a holding company affiliate of First National Bank in Grand Prairie, Grand Prairie, Texas, except for purposes of 12/11 section 23A of FRAct Kansas, deterGrove, Sylvan Agency, Inc., Sylvan mined not to be a holding company affiliate of Sylvan State Bank, Sylvan Grove, Kansas, except for 8/12 purposes of section 23A of FRAct Richmond, Corporation, Virginia: Virginia Commonwealth Issuance of limited voting permit to vote the stock of Bank of Warwick, Newport News, The Bank of Virginia, Richmond, and The Bank of Salem, all 1/4 of Virginia, authorized permit to vote Issuance of a limited voting the stock of The Bank of Virginia, 2/8 Richmond, Virginia, authorized Issuance of limited voting permit to vote stock of Bank of Virginia, Rich4/5 mond, Virginia, authorized Telegram to FRBank of Richmond authorizing issuance of general voting permit to, covering its stock in Bank of Warwick, Newport News; Bank of Virginia, Richmond; and Bank of 8/27 Salem, Virginia http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 32, 49 1476, 1491 4323, 4338 2681, 2692 4, 21 509, 513 1149, 1154 2919, 2938 1963 584 Pages Holding company affiliates: (continued) Virginia Commonwealth Corporation, Richmond, Virginia: (continued) Issuance of a limited voting permit to vote its stock of The Peoples National Bank of Pulaski, Virginia, authorized Witch, Inc., Amarillo, Texas, determined not to be a holding company affiliate of The First National Bank of Levelland, Texas, except for purposes of section 23A Home Owners Loan Act of 1933: Legislation: 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 trust qualifying under section 401, Internal Revenue Code, as amended by SelfEmployed Individuals Tax Retirement Act of 1962, following discussion, report to Budget Bureau approved, indicating Board not in favor of bill in present form Draft bill to amend section 5 of, to enlarge investment powers of the the 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 government entities as defined by the Federal Home Loan Bank Board, with the possibility of including "revenue bonds", understood that the report to the Bureau of the Budget would be redrafted for further consideration Letter to Budget Bureau approved re their request for views, Board indicated Federal Home Loan Bank Board should be strengthened first by appropriate legislation before considering additional investment powers of Federal savings and loan associations http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/27 4556, 4562 2/21 665, 679 3/6 776, 805 8/8 2605 8/9 2661, 2677 1963 585 Pages Home Owners Loan Act of 1933: (continued) Legislation: (continued) Draft bill to amend section 5 of, Internal Revenue code of 1954, and section 689 of the Act of March 3, 1901, submitted by Federal Home Loan Bank Board, permitting savings and loan associations to act as trustees with respect to qualified stock bonus, pension, and profit-sharing plans, report to Bureau of the Budget, approved Honoraria: Axilrod, Stephen H., Senior Economist, Division of Research and Statistics, granted permission to co-author an article "Appraisal of Monetary Policy," which will appear in a book published as part of Columbia University American Assembly series FRBank officers and employees: Policy re, letter and attachment to Presidents of all FRBanks stating policy and restrictions re writing and other outside business activities and indebtedness of Staff of Board of Governors: Policy re, annual survey of Board's staff by Division of Personnel Administration, understanding that any individual reporting writing activity would be advised of Board's policy re royalties, Governor Shepardson reviewed information presented and found nothing to question Hours of work: Employees of the Federal Government in Washington, report by General Services Administration recommending further staggering of, question re need for increase in lunch period to fort five minutes, Board willing to comply with other Government agencies, advice to Bureau of the Budget http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/19 3242, 3257 10/4 3437 9/27 3364, 3389-93 10/3 3425 7/8 2205, 2216 1963 586 Pages Housing: Legislation: S. 1200 and S. 2226, bills that would authorize Federal Housing Administration to compensate mortgagors for structural defects in insured homes, letter to Chairman Robertson of Senate Banking and Currency Committee approved, Governor Mills' adverse views on Board's position noted Income and dividends reports: National banks, editing of condition and, for statistical purposes, informally informed that the Office of 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 reports State member banks: Midyear reports, Board to take no further action in connection with, in absence of formal representations from other agencies re, no response received from Budget Bureau re Board's action in 1962 with respect to, noted 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/16 3563, 3580 6/12 1902, 1926 6/10 1858, 1871 12/5 4244 1963 587 Pages Indebtedness and outside business activities: FRBank employees: Margin accounts, report of a debit balance in a margin account with a stock broker, made by an assistant examiner in the Examination Department of the FRBank of Philadelphia, as noted in the examination report of the Reserve Bank, agreed that a draft letter to the FRBanks re, should be presented to the Board for consideration as promptly as possible Letter sent to Presidents of all FRBanks FRBank officers and employees, letter and attachment to Presidents of all FRBanks stating policy and restrictions re teaching, writing, public speaking, speculative dealings (whether in securities, commodities, real estate, exchange or otherwise), and purchase of stock of a member bank or an affiliate thereof (Individual names): Aalto, Reino Leonard, Assistant Examiner, appointment approved, not to participate in examination of a certain State member bank Adams, Douglass H., Examiner, FRBank of Richmond, appointment approved, not to participate in the examination of a certain nonmember bank Apelian, George M., Assistant Examiner, FRBank of Cleveland, appointment approved, not to participate in any bank or other organization in the BancOhio group as long as he is a stock holder in that organization Clapp, Robert V., Examiner, FRBank of Boston, appointment approved, not to participate in examination of nonmember bank until indebtedness has been liquidated Clark, Charles F., Assistant Examiner, FRBank of New York, appointment approved, not to participate in examination of a certain State member bank until indebtedness is liquidated http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/30 9/27 2982 3389 9/27 3364, 3389-93 9/26 3345, 3353 12/24 4532, 4548 2/1 411, 417 1/11 91 8/9 2664, 2679 1963 588 Pages Indebtedness and outside business activities: (continued) Coli, Daniel J., Special Assistant Examiner, FRBank of Richmond, appointment approved, not to participate in examinations of two State member banks Cretsinger, Duane B., Assistant Examiner, FRBank of Dallas, appointment approved, not to participate in the examination of a national bank until his indebtedness has been liquidated Elbers, Charles W., Assistant Examiner, FRBank of Chicago, appointment approved, not to participate in examination of a nonmember bank to which he is indebted Ellis, Marion D., Assistant Examiner, FRBank of Minneapolis, appointment approved, not to participate in examination of a nonmember bank to which he is indebted Fox, Johnny Samuel, Jr., Messenger, Division of Administrative Services, to work part-time as stock clerk at local department store, approved Goff, Robert N., Assistant Examiner, FRBank of San Francisco, appointment approved, not to participate in examination of a certain national bank of which he is indebted and that he dispose of shares of stock which he owns of this same national bank Gutowski, Joseph F., Jr., Assistant Examiner, FRBank of New York, appointment approved, not to participate in examination of a State member bank to which he is indebted and in which he owns stock Hayes, James A., Assistant Examiner, FRBank of New York, appointment approved, not to participate in examination of a certain State member bank Hillery, Frank Michael, Examiner, FRBank of Boston, appointment approved, not to participate in examination of a certain nonmember bank until indebtedness is liquidated http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/28 3696 6/7 1843, 1856 3/18 915, 936 2/7 489, 506 12/20 4491 12/18 4427, 4453 4/4 1144, 1145 11/4 3769, 3788 7/26 2470, 2490 1963 589 Pages Indebtedness and outside business activities: (continued) Hoffman, Leonard F., Assistant Examiner, FRBank of New York, appointment approved with the understanding that Mr. Hoffman will dispose of seven shares of stock he owns in Lewis County Trust Company, Lowville, New York Hughes, Douglas T., Examiner, FRBank of Richmond, appointment approved, not to participate in the examination of a certain national bank in which he has become indebted Johnson, Don W., Assistant Examiner, appointment approved, not to participate in examination of a particular nonmember bank Jones, James T., Messenger, Division of Administrative Services, to work parttime as porter and chauffeur for local drug store, approved Assistant Examiner, appointRoger, John Kessler, ment approved, not to participate in examination of Fulton National Bank, Atlanta, Georgia, and First National City Bank, New York, New York, until indebtedness has been liquidated Lake, Ronald R., Assistant Examiner, FRBank of St. Louis, appointment approved, not to participate in the examination of a State member bank until indebtedness is liquidated Layden, Peter M., Assistant Examiner, FRBank of Chicago, appointment approved, amended to provide that he will not participate in examination of a State member bank to which he became indebted during interim between Board's approval and his appointment Leggett, Harry Robert, Assistant Examiner, FRBank of San Francisco, appointment approved, not to participate in examination of National Commercial Bank and Trust Company, Plattsburgh, New York, to which he is indebted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/21 3601 12/27 4559, 4576 10/16 3574, 3581 12/20 4492 8/12 2685, 2699 8/1 2537, 2555 7/18 2343, 2352 3/6 803, 819 1963 590 Pages Indebtedness and outside business activities: (continued) Mack, James F., Jr., Assistant Examiner, FRBank of Kansas City, appointment approved, not to participate in examination of two nonmember banks until indebtedness has been liquidated McKiernan, Thomas E., Assistant Examiner, FRBank of Chicago, appointment approved, not to participate in the examination of a national bank so long as he has an interest in any trust administered by that institution Pfeifer, Jerry Robert, Assistant Examiner, FRBank of Cleveland, appointment approved, not to participate in examination of a national bank to which he is indebted Pugh, Robert E., Assistant Examiner, FRBank of Richmond, appointment approved, not to participate in examination of a national bank and a State member bank until his indebtedness has been liquidated Reese, Hugh E., Assistant Examiner, FRBank of Richmond, appointment approved, not to participate in examination of a national bank to which he is indebted Roloff, Charles A., Jr., Assistant Examiner, FRBank of Chicago, appointment approved, not to participate in the examination of a national bank so long as he owns stock in that bank Ross, Leonard A., Jr., Examiner, FRBank of Richmond, appointment approved, not to participate in the examination of a certain national bank to which he has become indebted Rough, Robert A., Assistant Examiner, FRBank of New York, reappointment approved, not to participate in examination of a national bank to which he is indebted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/22 993, 1015 5/17 1635, 1641 6/17 1936, 1952 7/16 2310, 2319 11/1 3738, 3750 6/7 1843, 1854 12/27 4559, 4576 10/10 3524 1963 591 Pages Indebtedness and outside business activities: (continued) Ryan, John E., Examiner, appointment approved, not to participate in examination of Peoples Bank of Pana, Illinois, and Beverly Bank, Chicago, Ill., until indebtedness is liquidated Shields, John C., Assistant Examiner, appointment approved, not to participate in examination of a certain State member bank to which he is indebted Smith, Howard G., Assistant Examiner, appointment approved, not to participate in examination of a certain nonmember bank to which he is indebted Spatafora, Victor D., Assistant Examiner, appointment approved, not to participate in examination of a national bank to which he is indebted Sullivan, Alfred J., Assistant Examiner, FRBank of Dallas, appointment approved, not to participate in examination of a national bank to which he is indebted Valley, R. Bruce, Assistant Examiner, FRBank of Richmond, appointment approved, not to participate in examination of a State member bank to which he is indebted Walker, Charles J., Assistant Examiner, FRBank of Chicago, appointment approved, not to participate in examination of Waterloo Savings Bank, Waterloo Iowa, of which he owns stock and of which his father is Chairman of the Board, understanding Mr. Walker has agreed to dispose of his stock Wallace, William S., Examiner, FRBank of Boston, appointment approved, not to participate in examination of nonmember bank until indebtedness has been liquidated http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/13 2706, 2723 10/8 3468 9/23 3283, 3295 10/3 3425, 3432 7/16 2310, 2321 7/18 2343, 2351 11/5 3812, 3821 1963 592 Pages Indebtedness and outside business activities: (continued) Walsh, Thomas H., Assistant Examiner, FRBank of Chicago, appointment approved, not to participate in the examination of a stated national bank as long as he owns stock or is related to an officer or director of that institution Wasson, Peter V. C., Assistant Examiner, FRBank of Kansas City, appointment approved, not to participate in examination of a certain national bank and a certain nonmember bank until indebtedness has been liquidated Wolfley, Delbert D., Assistant Examiner, FRBank of San Francisco, appointment approved, not to participate in examination of a nonmember bank to which he is indebted Woofter, Andrew C., Jr., Assistant Examiner, FRBank of Cleveland, appointment approved, not to participate in examination of a nonmember bank, ten shares of stock of which he owns Zohab, Arthur J., Jr., Assistant Examiner, FRBank of Richmond, appointment approved, not to participate in the examination of a nonmember bank until his indebtedness has been liquidated India: Industrial Credit and Investment Corporation of India Limited, Bombay, India, purchase of stock of, by Morgan Guaranty International Finance Corporation, New York, New York, consent granted I ndianapolis Clearing House Association, reply to, re possible establishment of a branch of the FRBank of Chicago in Indianapolis Indians: Loan fund, revolving, draft bill to amend the law establishing, proposed by Department of Interior, report sent to Budget Bureau http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/17 1635, 1642 4/2 1123, 1134 3/20 972, 983 7/16 2310, 2320 6/7 1843, 1855 6/10 1858, 1868 6/26 2073, 2116 2/26 683, 693 1963 593 Pages Industrial Banks: Bank Holding Company Act of 1956, status under, Board position that they should not be considered banks for purposes of the Act unless they accept deposits to be repaid on demand, staff to redraft interpretation, inquiries received from Beneficial Finance Co; Allstate Enterprises, Inc.; and Midwestern Financial Corp., noted Interpretation approved Information: Administration proceedings for 1963, Senator Long, Chairman of Administrative Practice and Procedure Subcommittee of Senate Judiciary Committee, Board sent reporting forms showing statistical data re its, as requested by Senator Long Arizona banking situation investigation in 1956: FRBank of San Francisco requested to check in files for data re Valley National Bank of Arizona, and possibily Arizona Bank and Arizona Bancorporation, as requested by Justice Department for use in civil antitrust suit, advice to Justice re status of situation Question re having Justice subpoena material Request from Assistant Attorney General Orrick for certain unpublished material concerning Valley National Bank, letter to FRBank of San Francisco saying certain material could be made available to Justice Department Arkansas Bank and Trust Company, Hot Springs, Arkansas, pending taxpayer's refund suit entitled Arkansas Bank and Trust Company v. United States, FRBank of St. Louis requested by Justice Department for certain information relating to action by, in leasing land upon which it subsequently constructed a new banking house, advice to FRBank of St. Louis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/15 1/16 123 133, 137 12/2 4160, 4183 5/14 5/14 1564, 1572-74 1566 9/11 3091, 3101-07 10/16 3561, 3577 1963 594 Pages Information: (continued) Audit Review Committee report and report of General Auditor, FRBank of San Francisco, re disappearance of certain Treasury certificates from FRBank of San Francisco, advice from Bank re,including in public record as requested by Subcommittee of House Banking and Currency Committee 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 25 per cent of total shares, information to be made available to House Banking and Currency Committee as requested Bank holding company data furnished to Mr. Harrison F. Houghton, House Committee on Banking and Currency, 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 fiduciary capacity Bank loans, survey of banks' methods and standards in making security loans, request from Securities and Exchange Commission for data re, for publication in report of Special Study of the Securities Market, agreed to furnish edited data for publication as requested Bank merger applications: Board operations re processing of, report sent to Congressman Fascell Filed during 1961 where resulting institution was to be a State member bank, furnishing of, to House Banking and Currency Committee as requested thru FDIC, no objection by Board, advice to Congressman Patman http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/26 1348 4/12 1199 5/7 1477, 1501 6/17 1929, 1943 5/1 1419, 1432 6/25 2053, 2066 1963 595 Pages Information: (continued) Bank merger applications: (continued) Delivered to House Banking and Currency Committee with request to return to Board after Committee finishes with them g period from enactment of Bank d durin Denie 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, New York, to assist him in research in the field of bank mergers by Class B Directors, request owned , stock Bank for information re, from Professor Harvey C. Mansfield of House Banking and Currency Committee staff, Chairman Martin indicated same information requested by Committee several years ago did not reveal any questionable situation, no reason to undertake survey now, no requirement that Class B directors could not own bank stock, understood Mr. Cardon of Board's staff would talk further with Professor Mansfield cations, announcement of Board's appli bank h Branc action on, at time of approval, agreed to obtain views of FRBanks before adopting procedure re, question whether receipt of branch applications should also be announced , Branches of State banks and national banks procuving, parti appro cedures for t exrecen to ion larly in relat perience in 10th Congressional District of Virginia, letter to Chairman Robertson, Senate Banking and Currency Committee outlining Board procedures re State member banks, statistical data re 10th Congressional District of Virginia included http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/3 2197, 2202 12/9 4246, 4270 7/25 2444 7/2 2177-78 7/10 2219, 2245 1963 596 Pages Information: (continued) 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, Chairman of the House Committee on Banking and Currency, per his request, reference made to FRBank expense reports, building projects, and official salaries Chemical Bank New York Trust Company, New York, New York, request by Cravath, Swaine & Moore for permission to acquire information re matters involving preparation of the proposed application by Chemical Bank New York Trust Company, New York, New York, to purchase the assets of the Bank of Rockville Centre Trust Company, Nassau County, Long Island, New York, reply approved Coin distribution, inquiry from Coin World, numismatic publication, submitting questions re Federal Reserve distribution of, particularly silver dollars, reply letter and proposed responses to Coin World approved, with consensus that Board could use answers to similar and subsequent inquiries for same information Information re inquiry from Coin World also sent to FRBanks Condition reports, unpublished information from, requested by Mr. Frank Edwards to be used in connection with the preparation of his doctoral thesis, recommendation by Division of Bank Operations to furnish, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/11 1875, 1889-90 2/5 440, 452 7/25 2435, 2449 7/25 2437 2/21 665, 678 1963 597 Pages Information: (continued) Condition and earnings reports, request for unpublished historical information 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 Confidential: Disclosure of: S. 1666, a bill to clarify and protect the right of the public to information, Board not in favor of provision re disclosure, report sent to Chairman Eastland, Senate Judiciary Committee Policies and practices of Federal Agencies in gathering and disseminating information for public and Congress, reply letter to Chairman Moss of Foreign Operations and Government Information Subcommittee of House Committee on Government Operations, approved Department store sales data for use in connection with an investigation under the Clayton Act, requested by the Federal Trade Commission, recommendation not to furnish made by the System Committee on current Reporting Series, letter declining to furnish, approved Deposits-by-Counties, data furnished to Department of Justice, request for verification, explanation, and permission to disclose in Judicial proceedings, letter to Justice Department approved Directors, Class A and B, procedure for nomination and election of, FRBanks requested to supply the Board with sample copies of election circulars, ballots, and other related forms in light of request by House Banking and Currency Committee for information re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/8 2597, 2637 7/2 2175, 2180 9/16 3164, 3175 1/22 207, 223 10/30 7/17 3713, 3720 2325 1963 598 Pages Information: (continued) Directors, Class A and B: (continued) Letter to Congressman Patman, Chairman of the House Banking and Currency Committee, transmitting material re Disappearance of certain Treasury securities from FRBank of San Francisco: Report re situation requested by Chairman Fascell, House Legal and Monetary Subcommittee, Government Operations Committee, reply being approved Report of incident approved, including review of performance of FRBanks in safekeeping securities from FRBank of Richmond, copies sent to Congressmen Fascell, Patman, Talcott and Kilburn Report not to be released to press by Board unless and until released by parties to whom furnished Report by Mr. Smith, Assistant Director, of Division of Examinations, re, and reports of examination of FRBank of San Francisco, requested by Subcommittee of the House Banking and Currency Committee in preparation for hearing in San Francisco, furnishing of documents authorized with understanding that examination reports were available on confidential basis only to members of Congress and their staff Audit Review Committee and of of Reports General Auditor re, advice from Reserve Bank re including in public record as requested by Subcommittee of House Banking and Currency Committee Disappearance of certain Treasury certificate from FRBank of Richmond: Report re apparent inadvertent destruction of certificate transmitted to Congressman Patman http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/17 2329, 2337 3/29 1073 4/1 1079, 1090-91 4/4 1143 4/19 1275 4/26 1348 5/23 1720, 1731 1963 599 Pages Information: (continued) Disclosure of Board's action, staff to review various types of actions taken by Board to determine question of extending the area of public announcement Board agreed to institute a procedure for expanding the weekly K. 2 release to include notice of receipt and release of action on applications for establishment of domestic and foreign branches, investment in Edge Act and agreement corporations, for permission to carry reduced reserves, and for membership in FRSystem, Governor Mills' reservations noted Letter to FRBanks re procedure Board had decided to follow concerning K. 2 release FRBanks: at Discount rates by House Banking and submitted Questions Currency Committee re recent changes in discounts and advances at FRBanks, individual question directed to Governor Mills, questions to be placed in Congressional Record, understood draft reply would be prepared for Board consideration Questions submitted by House Banking and Currency Committee in connection with the hearings re changes in, understood draft answers to questions 1-10 and 12-21 would be reviewed by the staff in light of comments and sent to Mr. Young for editorial changes, to be transmitted to House Banking and Currency Committee in final form satisfactory to Chairman Martin, question 11, prepared by Governor Mills also to be transmitted Examination, condition, and income and dividends reports: Revised form F.R. 272 for requesting copies of, for interagency use, and serving as receipts for same, transmitted to FDIC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/2 2178 8/22 2862 9/27 3374, 3394 7/25 2442 7/31 2511 5/6 1476, 1486-87 1963 600 Pages Information: (continued) Examination reports: Davison State Bank, Davidson, Michigan, (now merged into Genesee Merchants Bank & Trust Co.,) request for reports for 1957-1962, for use in connection with claims filed under fidelity bond issued by America Fore Loyalty Group for alleged misapplication of funds by an officer and an employee of, agreed furnishing of reports would not be in the public interest, letters to attorney and to FRBank of Chicago Farmers and Merchants Bank of Long Beach, California, 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, Governor Mills dissenting Assistant U.S. Attorney Murphy agreed to issue a more specific subpoena, telegram of instructions sent to FRBank of San Francisco FRBank of San Francisco, 1961 and 1962 reports, requested by a Subcommittee of the House Banking and Currency Committee in preparation for a hearing in San Francisco re the disappearance of certain Treasury securities from the vault at the Reserve Bank authorized to furnish on a confidential basis only to members of the Congress and their staff http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/16 1597, 1624-25 5/20 1649 5/20 1652, 1657 4/19 1275 1963 601 Pages Information: (continued) Examination reports: (continued) FRBanks of New York, Richmond, Chicago, and San Francisco, reports made during years 1960, 1961, and 1962, sent to Congressman Patman Philadelphia, Cleveland, Boston, of FRBanks Atlanta, St. Louis, Minneapolis, Kansas City, and Dallas, reports made during years 1960, 1961, and 1962, sent to Mr. Patman FRBanks, work papers with respect to the 1962, report requested by Mr. Patman, Chairman of the House Banking and Currency Committee, Board agreed to provide Letters of instruction to the FRBanks from the FRBoard re expenditures delivered to Mr. Stark of the House Banking and Currency Committee, in connection with review of Work papers with respect to the 1962, FRBank reports previously furnished to Mr. Patman, Chairman of the House Banking and Currency Committee, receipt of letter alleging that certain memoranda had been removed from the files before being submitted to the Committee, Board's reply indicating all previously requested material supplied, agreed to furnish missing memoranda and other papers relating to Pan American Bank of Miami, Florida, request by Justice Department, for access to certain examination reports and correspondence including certain confidential sections re, agreed to provide under custody of FDIC Examiner Lindsey, with certain stipulations suggested by Governor Robertson re confidential sections, Governor Mills dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/14 1563, 1571 5/27 1772, 1781 6/12 1900, 1925 7/18 2342 8/8 2602, 2639 9/24 3301, 3314-17 1963 602 Pages Information: (continued) Examination reports: (continued) Salary figures of bank officers as shown in, request from a staff member of the House Banking and Currency Committee for use in survey re management succession and compensation, similar data to be requested from national and nonmember insured banks if Board has no objection to proposal, understood consideration would be given if formally requested by the Committee Letter to Congressman Patman indicating Board's willingness to supply, sent following advice re favorable action by FDIC, understood that the Comptroller of the Currency had agreed to comply Expenditures, FRBanks: Instructions from Board to FRBanks 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 Request by House Banking and Currency Committee for explanation and justication of certain types of expenses, for use in Committee in its study of FRBanks, Board in 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 Request from Congressman Wright Patman of the House Banking and Currency Committee for additional information on, letter to Presidents of all FRBanks requesting an indication of the date when such information may be sent to the Board, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/1 2536 8/8 2601, 2638 7/18 2342, 2350 10/10 11/7 12/19 3519 3879 4460, 4483 1963 603 Pages Information: (continued) Expenditures of FRBanks: (continued) Request from Congressman Patman for information on expenses for tuition or other costs to attend schools, seminars, conferences, etc., and for "imparting information," letter to FRBanks asking for date such information could be furnished, consensus that consideration should be given to reply to Patman Expenses incurred by FRSystem annually in connection with examination and supervision of State member banks and bank holding companies, requested by FDIC to be used in projecting hypothetical aggregate of noninsurance expenses of proposed Federal Banking Commission (subject to H.R. 5874) providing base for estimated refunds to insured banks (other than national banks), letter to FDIC Committee record of policy Market Open Federal action for 1962, to be sent to Joint Economic Committee, as requested by Congressman Reuss, in advance of submission of Board's Annual Report to Congress, advice to Senator Douglas approved, Governor Mills dissenting Copies of record sent to Chairmen of aforementioned Committees, noted agencies, policies and pracsupervisory Federal tices in gathering and disseminating information for public and Congress, reply letter to questionnaire from Chairman Moss of Foreign Operations and Government Information Subcommittee of House Committee on Government Operations, approved 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 purposes only, reply approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/27 4557 6/24 2042, 2047 2/4 428, 437 2/11 533 9/16 3164, 3175 12/16 4382, 4398 1963 604 Pages Information: (continued) Financial operations of the Board of Governors: (continued) 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 an12/16 4384, 4400 swer to request Professor from request re, data Float, daily Goldfeld of Princeton University for data covering the postwar period, memorandum from Mr. Noyes recommending that the Board com12/16 4376, 4392 ply, approved exam1962 during made survey expense Functional ination of FRBank of Richmond by Division of Bank Operations, request from staff members of House Banking and Currency Committee for information re, agreed general principle of full disclosure be regarded as applicable, Mr. Farrell to proceed, with certain understand6/19 1974 ing in passprocedures Membership in FRSystem, Board ing on applications for, particularly in relation to recent experience in 10th Congressional District of Virginia, sent to Chairman Robertson, Senate Banking and Currency Committee in reply to request for procedures re 7/10 2219, 2245 granting charters to State banks San Francisco of FRBank of Minutes of meetings Board of Directors, Executive Committee and Audit Review Committee during 1962, sent to Congressman Patman in connection with disappearance of certain Treasury certificates from vault of FRBank 1079, 1089 4/1 of San Francisco York Board New of Minutes of meetings of FRBank of Directors for certain years with related papers, requested by Chairman Patman of the House Banking and Currency Committee, reported by Chairman Martin and Mr. Sherman, FRBank to study and 1122 4/2 contact Board later http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 605 Pages Information: (continued) Minutes of meetings of FRBank of New York Board of Directors for 1962, and certain documents requested by Chairman Patman of the House Banking and Currency Committee, draft letter from FRBank of New York transmitting, concurred in by Board, question re including statement re concurrency of FOMC Reports on competitive factors: List of reports submitted by Board to Comptroller of the Currency for period November 16, 1961 to present time, requested by House Banking and Currency Committee, similar lists furnished by FDIC and Justice Department, Board approved sending of reports to Chairman Patman Procedure for requesting, reconfirmed that request should be directed to supervisory authority submitting the report Old Kent Bank and Trust Company, Grand Rapids, Michigan, proposed consolidation with Coniutunity State Bank, Grandville, Michigan, reports received by Board re,requested by Mr. Charles Slay, Commissioner of Banking for the State of Michigan, agreed to furnish if originating agencies had no objections, Governor Mills dissenting Reserves: Memorandum from Mr. Noyes recommending that the Board provide the American Bankers Association Project Committee on the Reserve Settlement Periods of Member Banks with the daily statistics re factors affecting the supply of, approved No objection to publication of daily figures of reserve settlement periods of member banks furnished to Banking and Financial Research Committee of American Bankers' Association for study http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/4 1141 8/19 2805, 2829 10/21 3593 11/14 3952, 4003 5/9 10/25 1511, 1521 3674 1963 606 Pages Information: (continued) Retirement allowances for FRBank Presidents, request by House Banking and Currency Committee for information re contracts entered into FRBanks with their respective Presidents for supplemental payments, understood Board would furnish information ties, operating procedures securi of Safekeeping and instructions of all FRBanks re custody of securities requested by Subcommittee of House Banking and Currency Committee, telegram to be sent to all FRBanks requesting information Materials re vault custody procedures at eleven FRBanks (excluding San Francisco) transmitted to Chm. Patman, House Banking and Currency Committee Salaries of FRBank officers, tabulation of certain categories of salaries, including Presidents, sent to Mr. Lehman, Budget Bureau, for use in preparing supplemental information for Randall Commission, no objection to inclusion of data in appendix to a report that might become public Unpublished: Individual bank information furnished to an individual outside the FRSystem, approved in connection with request by Frank Edwards for condition report data to be used in connection with the preparation of his doctoral thesis Rulings of Board interpreting Regulation T requested by Securities and Exchange Commission in determining whether exchange of stock in Progress Manufacturing Corp. (held as collateral for margin loan by firm of Reynolds and Co.) for unlisted shares of Reading Tube Co., involved a violation of Regulation T or amounted to a reorganization or recapitalization under sec.220. 6(e), furnishing of requested in formation approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/23 2383 4/26 1348 6/4 1813, 1826 3/28 1053, 1067 2/21 665, 678 6/10 1858, 1872 1963 607 Pages Information: (continued) Unpublished: (continued) Votes, public disclosure of individual votes on all proceedings, S. 1666, a bill to amend Administrative Procedure Act to require every agency with more than one member to, Board opposed to this provision of bill, report sent to Chairman Eastland, Senate Judiciary Committee Insurance: Accident insurance for Board employees: Covering accidental death, dismemberment and total disability, program on a voluntary, pay-roll deduction, employee-pay-all basis, approved, with designation of Marsh & McLennan, Inc., as insurance broker Designation of Bankers Multiple Line Insurance Company to handle, as recommended by Marsh and McLennan, Inc. Deposit: Assessment, instructions to FRBanks re method of reporting differences between condition reports and examinations reports to FDIC in connection with, approved Federal, substantial increase favored in draft report of the Committee on Financial Institutions, discussed in light of Chairman Martin's position with respect to items covered in the report, agreed that the Board was unfavorable as a matter of principle to the increase in H.R. 729, a bill to establish a Federal Deposit and Savings Insurance Board agreed Chairman Martin, and Governors Mills, Robertson, and Mitchell would testify on personal basis re, at hearings to be held by House Subcommittee on Bank Supervision and Insurance as invited by Chairman Multer, decided later to report by letter on bill Draft letter of views of Board to be prepared Letter to Congressman Multer opposing proposed legislation approved unanimously http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/2 2175, 2180 4/26 1344, 1362 5/20 1655 6/10 1858, 1869 3/11 848 4/30 1405 5/3 1442 5/6 1481, 1505 1963 608 Pages Insurance: (continued) Deposit: (continued) 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 draft statement re, would be prepared Revised draft considered appropriate, understood that any specific suggestion should be sent to Governor Balderston of bank and savings and coverage Increase loan accounts, made by Committee on Financial Institutions, Mr. Solomon designated to attend interagency meetings to prepare draft legislation re other bank supervisory and regulatory matters and Insurance bill, draft to increase coverage of bank and savings & loan association from $10,000 to $15,000, discussed, staff to draft report to Budget Bureau Report sent to Budget Bureau, Governor Mills dissenting Revised draft of bill received, Budget Bureau to be informed that Board is unable to express views by indicated deadline Report on revised draft bill approved, and sent to Budget Bureau, Governor Mills dissenting Further discussion Formal report on second revised draft sent to Budget Bureau, Governor Mills dissenting FRBank of San Francisco, plan for California employees of, question whether to maintain cash deposit with Treasurer of State of California or purchase through FOMC U.S. Government securities for, letter of advice to Fire and other Risks Agreement executed by FRBanks of Boston, Cleveland, Richmond, Atlanta, Chicago, Kansas City, Dallas, and San Francisco, those Banks notified of effective date of Agreement http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/17 1246 4/19 1274 4/26 1347 5/15 1578 5/16 1599, 1627 5/23 1728 5/27 6/4 1768, 1780 1815 6/10 1860, 1874 10/7 3443, 3456 1/14 103 1963 609 Pages Insurance: (continued) Fire and other Risks Agreement: (continued) Mr. Daniels designated as Board's representative on Presidents' Conference Fire Insurance Committee in connection with matter coming under life r insurance for bank managerial Split-dolla employees, question from FRBank of Dallas and two other FRBanks as to whether such a program would result in an executive officer becoming indebted in his bank in excess of $2500, which is prohibited by Regulation 0 and section 22(g) of the FRAct, Board's view that since obligation to make payments to bank runs to insurance company and not executive officer, no violation is involved, copies of letter to FRBank of Dallas sent to all FRBanks War risk reinsurance of ships and cargos, proposal that Maritime Administration furnish, under the Merchant Marine Act of 1936, Board's view that the best interest of the Government would not be served by proposal, advice to Budget Bureau Insurance companies: Directors of FRBanks, eligibility to serve as Class B Director, when sole occupation is officer of, not eligible for Class B Director, in 1925 Board took such a position because candidate for Class B Director must be actively engaged in commerce, agriculture, and industry, question came up in 1962 elections, letter to all FRBanks re election of, restored reference to 1925 interpretation Insurance investment officers: Visit to Board's offices to include luncheon, approval re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/18 174 8/27 2919, 2940 1/18 170, 184 8/19 2797, 2827 2/13 544 1963 610 Pages Inter-American Development Bank: Legislation, Treasury draft bill to provide for increased participation by the U.S. in the, and for other purposes, report to Bureau of the Budget interposing no objection Interest: Business loans, rates on proposed survey of insured commercial banks re, letter from Chairman Patman of the House Banking and Currency Committee requesting suggestions on form and content of the enclosed draft questionnaire re, and inquiring re Board's willingness to handle collection and tabulation of, questionnaire transmitted to FRBanks along with two other questionnaires re proposed surveys involving insured commercial banks, understood that further consideration would follow receipt of comments from FRBanks Fixing of rates, possible antitrust action against certain banks in connection with, referred to by representatives of the Justice Department, indication that Board's views might be requested Mr. Solomon indicated that there had been additional informal discussion re Fixing of rates: Complaint filed by Department of Justice 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 Justice Department to discuss proposed consent decree to dispose of civil action re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/9 1511, 1520 7/8 2207 7/17 2333 7/18 2342 9/4 3033 1963 611 Pages Interlocking directorates: "Contiguous or adjacent": LaSalle-Greeley, Colorado, Board's letter to FRBank of Kansas City stating that Board agrees with conclusion of Bank's counsel that towns in question are neither adjacent nor contiguous, accordingly employees of First National Bank of Greeley are not prohibited under statute and Regulation from serving as directors of the South Platte National Bank, LaSalle, Colorado Internal Revenue Code of 1954: Section 401: Draft bill to amend Home Owners Loan Act of 1933, to permit Federal savings and loan associations, and certain other members of Federal Home Loan Bank System, to act as trustees for trusts qualifying under, report to Bureau of the Budget approved Legislation to amend, Home Owners Loan Act of 1933, and section 689 of the Act of March 3, 1901, submitted by Federal Home Loan Bank Board, permitting savings and loan associations to act as trustees with respect to qualified stock bonus, pension, and profit-sharing plans, report to Bureau of the Budget approved International Bank for Reconstruction and Development: Fiscal Agency Agreement with FRBank of New York, proposed amendment to, covering a proposed issue of International Bank for Reconstruction and Development's two year bonds of 1963, ratified by unanimous vote, Board letter to FRBank of New York Legislation: Draft bill to amend Bretton Woods Agreement to increase capital stock of, report sent to Budget Bureau http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/9 3073, 3085 3/6 776, 805 9/19 3242, 3257 9/16 3166, 3176 4/29 1375, 1381 1963 612 Pages International Bank for Reconstruction and Development: (continued) Luncheons for central bankers attending annual meetings of International Monetary Fund and Reserve Bank Presidents in Washington for FOMC meeting would also attend luncheon on October 1, luncheons to be held in Board building on 8/21 2837 October 1 and 3, 1963 9/26 3344 Mr. Sherman reported on arrangements for Luncheon in staff dining room and visit to Board's offices for participants in Economic Development Institute of the, on December 13, 1963, ap12/9 4264 proved Meetings of International Monetary Fund and, dinner to be held in the Board's building for Working Party 3 of the Economic Policy Committee of the Organization for Economic Cooperation and Development prior 8/13 2706 to the annual International Development Association Act: Treasury draft bill to amend, to authorize U.S. to increase resources of International Development Association, memorandum from Ralph A. Young, Adviser to Board and Director, Division of International Finance, recommending that Budget Bureau be advised by telephone that Board would have no objection to Treasury 9/16 3161, 3172 draft bill to amend IDA Act International Home Loan Bank: S. 374 and S. 474, bills to provide for the establishment of, by Federal Home Loan Bank Board, report to Senator Robertson approved for transmittal, request for report subsequently 2/18 603 withdrawn by Senator Robertson http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 613 Pages International Monetary Fund: Balance of payments, meeting of experts in Paris, March 19-21, 1963, under the auspices of, attendance by Arthur B. Hersey, Adviser, Division of International Finance, authorized Emergency account, agreement to open and maintain an account with FRBank of New York, approved unanimously Kirbysh ire , John A., Alternate Executive Director for United Kingdom of, attended Board meeting for Economic Review Luncheons for central bankers attending annual meetings of International Bank for Reconstruction and Development and, Reserve Bank Presidents in Washington for FOMC meeting would also attend luncheon on October 1, 1963, luncheons to be held in Board building on October 1 and 3, 1963 Mr. Sherman reported on arrangements for Investment companies: Open-end, service of director of two, as president and director of a small business investment company which is a wholly-owned subsidiary of a member bank, Board not inclined to regard section 32 of Banking Act of 1933 as prohibiting Investment Company Act of 1940: Companies registered under, exemptions from Bank Holding Company Act of 1956, proposed amendment of Bank Holding Company Act to eliminate, approved for inclusion in Board's 1962 Annual Report, emphasizing need for action re Investment securities: Regulation of Comptroller of Currency re, revision of: Comments requested from FRBanks to assist in preparing Board's report re proposed, in light of effect on State member banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/7 822 8/2 2557, 2562 12/2 4158 8/21 9/26 2837 3344 4/10 1191, 1195 1/22 208 6/28 2134, 2146 1963 614 Pages Investment securities: (continued) Regulation of Comptroller of Currency re, revision of: (continued) Board in opposition to, which would in effect permit banks to underwrite and deal in revenue bonds in contravention of Congressional intent of section 5136, Revised Statutues, letter with memorandum sent to Comptroller Understanding re question of informing member banks of Board's position; inquiry from Bankers Trust Co. noted Further discussion re, indicated by Board that revenue bonds issued by State of Washington would not be "general obligations" of the State within the meaning of sec. 5136 of the Revised Statutes and not eligible for underwriting by State member banks, advice to Morgan Guaranty Trust Company, New York, New York, with copies to all FRBanks With provisions re underwriting of securities, purchase of securities for investment and purchase of convertible debentures, question re applicability to State member banks in light of provisions of sec. 5136 of the Revised Statutes, as discussed in Legal Division memorandum, matter to be deferred for further consideration, revision not to be published in FRBulletin Board issued statement with respect to, as it relates to State member banks, copies to FRBanks, press release issued, understood statement to be published in Federal Register and FRBulletin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/19 2357, 2364 7/19 2359, 2361 9/4 3020, 3048 10/14 3534 11/13 3929, 3941-45 1963 615 Pages Investments: Foreign investment in United States: Formation by the Administration of a group charged with studying possibilities of encouraging, understood FRBank of New York had arranged to make office space available to group, Vice President Coombs of FRBank of New York and Mr. Ralph Young of Board's staff to work with group, other members of Board's staff to be selected by Mr. Young from time to time to work with group Foreign investments in U. S. securities, Board to be represented by Robert F. Gemmill, Economist, Division of International Finance who will serve on the Presidential task force to study Government, 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 Congressman Dawson Involuntary separations from service: Perkins, Elsie E., (Anderson), Charwoman, Division of Administrative Services, termination of employment effective immediately Justice, Department of: SEE: Department of Justice http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/19 10/29 3248 3699 2/26 683, 694 7/25 2446 1963 616 Pages IIKII Kaufman, Felix, Dr., Partner, Lybrand, Ross Bros. & Montgomery of New York City, to be invited to discuss use of electronic data processing in banks at the Conference of Representatives of Bank Examination Departments of the FRBanks, understanding re transportation and expenses, invitation to attend dinner Kilburn, Clarence E., Congressman: Disappearance of certain Treasury certificates from vault at FRBank of San Francisco, report re, sent to, as member of House Banking and Currency Committee Klebaner, Benjamin J.: Bank mergers, information re, applications denied during period from enactment of the Bank Merger Act of November 1, 1961, copies of Board's letters re, transmitted to, Associate Professor of Economics, The City College of The City University of New York, New York, to assist him in research in field of bank mergers Klein & Saks: Aufdenkamp, Jo Ann, Librarian, FRBank of Chicago, no objection to 30-day extension of leave of absence without pay to finish assignment with, as library consultant to National Planning Council of Government of Liberia "Laboratory on Regression": SEE: Meetings: "Laboratory on Regression" http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/20 652 4/1 1079, 1090-91 12/9 4246, 4270 3/11 840, 862 1963 617 Pages Leased wire service: Relocation facility for the joint use of the Board and FRBank of Richmond to include leased wire switching center along with provisions for emergency currency vault, report of joint study by representatives of Bank and Board agreed to advise Bank of Board's concurrence in proposal Leaves of absence: Civil Rights Demonstration in Washington, August 28, 1963, distribution of notice from Civil Service Commission urging all Federal agencies to be liberal in granting annual leave, authorized, Board to grant or advance annual leave to any employee (exception of those who could not be spared), request for Board leave to be submitted by August 22 Federal Reserve Issue and Redemption Division, letter to the Office of the Comptroller of the Currency re reimbursement of annual leave accumulated by employees of Maternity leave: Cannada, Jo Ann, Clerk-Stenographer, Division of Administrative Services, reemployment and salary approved following maternity leave Golodner, Judith M., Secretary, Division of Bank Operations, granted extension of maternity leave, with understanding re reemployment following such leave Presidential death, John F. Kennedy, memorandum of Division of Personnel Administration recommending that all employees, other than members of Board's officer staff, who were certified as having been requested to work on Monday, November 25, 1963, day on which Board was closed pursuant to Executive Order 11128, be awarded compensatory leave for time worked on that day http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/4 4209 8/9 2663 7/11 2254, 2272 9/16 3167 6/4 1825 12/2 4173 1963 618 Pages Leaves of absence: (continued) Aufdenkamp, Jo Ann, Librarian, FRBank of Chicago, no objection to granting a 30-day extension for leave of absence without pay to finish an assignment with Klein and Saks as library consultant to the National Planning Council of the Government of Liberia Bogardus, Janet, Chief Librarian, FRBank of New York, Board interposes no objection to request from Organization for Economic Cooperation and Development for Miss Bogardus to serve as a consultant in Paris, France, beginning September 12, 1963, on a leave of absence without pay basis Cannanda, Jo Ann, Clerk-Stenographer, Division of Administrative Services, reemployment and salary approved following maternity leave Clarke, Jon 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 Dingle, Mona E., Senior Economist, Division of Research and Statistics, leave without pay for a period of approxmately one year beginning September 1963, approved Golodner, Judith M., Secretary, Division of Bank Operations, granted extension of maternity leave, with understanding re reemployment following such leave Gomez, Michael A., Economist, Division of International Finance, to participate in a technical assistance mission to Brazil sponsored by Agency for International Development, on a leave without pay basis, approved Granted additional leave to participate in technical assistance mission to Brazil http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/11 840, 862 8/13 2700, 2708 9/16 3167 4/19 1261, 1278 8/27 2933 6/4 1825 8/2 2561 8/27 2933 1963 619 Pages Leaves of absence: (continued) Hall, George R., Economist, Division of Research and Statistics, to serve as instructor for one week at the Maryland-Virginia Bankers School, while on a leave without pay 8/6 basis, approved Halota, Enid J., Secretary, Office of the Secretary, leave without pay granted from August 18, 1963, through August 7/26 30, 1963 Latham, Earle O., First Vice President, FRBank of Boston, will be made available for a technical assistance assignment to act as adviser to The State Bank of Ethiopia for a period not to exceed three months, FRBank to grant leave of absence with pay, any additional expenses to be borne by The State Bank of Ethiopia, Board interposes no objection if 11/8 Boston Directors approve Lindholm, Richard L., Dean, School of Business Administration, University of Oregon, appointment and salary for one year approved with the understanding that Mr. Lindholm proposed to spend two months in Europe on a leave without pay basis plus a few days on annual 11/13 leave Lindsay, Robert, Senior Economist, FRBank of New York, forthcoming extended ab7/26 sence of, noted Year's leave of absence terminating in Sept. 12/24 1964 noted in letter from Bank MacLaury, Bruce K., Manager, Foreign Department, FRBank of New York, no objection interposed to leave of absence to serve on special assignment 9/19 at Treasury Department McDonald, William R., Building Maintenance Clerk, Division of Administrative Services, advance of sick leave ap2/27 proved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2579 2471 3891, 3906 3933 2478 4528 3242, 3251 705 1963 620 Pages Leaves of absence: (continued) McIntosh, James A., Technical Assistant, Division of Bank Operations, nomination for a Career Education Award, administered by the National Institute of Public Affairs, approved with the understanding that if accepted he would be absent from his work for one academic year on a full-pay status Recipient of the Career Education Award from the National Institute of Public Affairs, to spend one academic year at Stanford University, Palo Alto, Calif., granted leave with pay, travel expenses for himself and family, and necessary per diem, approved Melanson, Cecil, Draftsman, Division of Research and Statistics, advance of sick leave approved Further advance of sick leave approved, application for retirement on disability status noted Noyes, Edna Kiatta, Statistical Clerk, Division of Bank Operations, granted extension of leave without pay pending action on application for disability retirement O'Connor, Kathleen J., Disbursing Clerk, Office of the Controller, advance of sick leave for a period of 26 days beginning Aug. 12, 1963, (5-1/2 hours) and extending through Sept. 18, 1963, (2-1/2 hours) approved Peters, Ann Marie, Statistical Assistant, Division of Research and Statistics, advance of sick leave until date of retirement approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/22 992 8/22 2874 3/22 992 5/29 1797 1/7 42 8/16 2741 6/7 1842 1963 621 Pages Leaves of absence: (continued) Schadrack, Frederick, Jr., Special Assistant in the Foreign Function, Federal Reserve Bank of New York, no objection interposed to the leave of absence for, to serve on a special assignment at the Department of the Treasury Schott, Francis H., Manager, Foreign Department of the Federal Reserve Bank of New York, permission granted for an extension of leave of absence with pay to continue to serve in the Office of the Under Secretary of the Department of the Treasury for Monetary Affairs Thomosson, Bernard A., Operator-Tabulating Equipment, Division of Data Processing, military leave for a two-year tour of duty approved Wickline, M. Callie, Nurse, Division of Personnel Administration, granted advance of sick leave for a period of fourteen days beginning October 25, 1963 Wing, Mary C., Technical Editor, Economics, Division of Research and Statistics, granted leave without pay from November 24, 1963 to January 15, 1964 Young, Ralph A., Adviser to the Board and Director of the Division of International Finance, travel to Europe to attend certain meetings in Paris and to make certain visits in London during the period of June 18, 1963 through July 12, 1963, authorized, with the understanding that the period between June 22 and July 9 would be charged to annual leave http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/19 3242, 3251 1/4 3, 7 8/22 2875 11/4 3769 12/4 4213 6/4 1823
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