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INDEX OF MINUTES OF BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1964 (PART 1) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis INDEX 1964 uAit Absorption of exchange charges: SEE: Deposits: Absorption of exchange charges Acceptance financing: First Chicago International Banking Corporation, New York, New York, memorandum from Division of Examinations re acceptance liability of, in excess of limitations in section 211.9(a) of Regulation K, letter with proposed procedure to correct, approved, Governor Mills' reservations noted Acceptances: Bankers, table showing gross purchases and sales of U.S. Government securities by maturity category, with similar data for repurchase agreements and net transactions in, proposal to publish in FRBulletin with a two-month time lag, approved, understanding that consideration would be given to the possibility of publishing figures with a one-month time lag Accounting: Manual: Budgets of FRBanks, to be revised on a new budget report form to facilitate comparisons with the current period rather than the year-ago period, advice to Presidents of all Federal Reserve Banks Procedures: Uniformity for member banks: Majority of banks wanted to make adequate disclosure of financial affairs but hoped this could be accomplished without hampering them in their community, views of FAC expressed at joint meeting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 Pages 5/14 1754, 1762 7/24 2579 3/26 1037 9/22 3243 1964 2 Pages Accounting: (continued) Procedures: (continued) Uniformity for member banks: (continued) Report by Governor Robertson re conversation following joint meeting with FAC, also that the American Bankers Association would form a committee to work with Federal supervisory agencies Formation of a committee by the American Bankers Association to examine the question re, designation of Edward T. Shipley, as chairman, G. Edward Cooper, Frederic A. Curtis, Frank L. King, Colin MacLennan, and Max C. Deitrick as members Adams, Eugene H., President, First National Bank of Denver, Colorado, letter to, acknowledging appointment by President of American Bankers Association as Chairman of a Committee to study a problem that had arisen from current conflicts between bank supervisory agencies Adams, Eva B.: Coin shortage, meeting held following Federal Open Market Committee meeting on May 26, 1964, for purpose of discussing coin situation with Assistant Secretary of Treasury, Robert Wallace, Director of the Mint, Eva B. Adams, and Presidents of Reserve Banks and Board members, memorandum of meeting in the Board's files Administrative Procedures Act: S. 1663, a bill to amend: Report to Chairman Long of the Subcommittee on Administrative Practices and Procedures of the Senate Judiciary Committee, on certain changes made by the Subcommittee re, approved with the understanding that staff would follow up by keeping in close touch with committee staff personnel http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/1 3354 10/6 3404 5/27 1874, 1891 5/19 1823 6/22 2196, 2208 1964 3 Pages Administrative Procedures Act: (continued) S. 1663, a bill to amend: (continued) Letter to Senator Long explaining further the Board's opposition to, approved Advances by FRBanks to member banks: Collateral for: Letter to FRBank of St. Louis concerning member bank's borrowings on collateral of customer's notes, Board holds that both sections 10b and 13 of the FRAct are applicable along with section 201.5(a) of Regulation A Comptroller of the Currency, memorandum distributed re a substitute recently proposed by, for a bill recommended in 1963 by the Board to liberalize authority of Federal Reserve Banks to extend credit to member banks, Chairman Martin observed that no action was required at this time on the Comptroller's substitute proposal Legislation to broaden the kinds of security for: Indication that Senate Banking and Currency Committee might take up matter, memorandum being prepared summarizing FRBanks comments and the principal issues Board might wish to consider re revised regulation that would be issued subsequent to legislation Proposed revision of Regulation A, in considering proposals for enactment in connection with Board's legislative program, Mr. Hackley of Board's staff observed that Board had already submitted proposals re Need for early efforts by Board to reach agreement on revision of Regulation A, agreed that staff would put proposal for legislation relating to, in form for submission to Congress early in 1965 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/15 2491, 2505 10/9 3472, 3476 7/29 2642 1/15 127 6/11 2043 11/18 3898 1964 4 Pages Advances by FRBanks to member banks: (continued) Legislation to broaden the kinds of security for: (continued) Discussion re possible revision of Regulation A in connection with suggestions for legislative proposals for inclusion in President's State 11/24 3990 of the Union Message Paper eligible, Chairman Martin commented that Board would appreciate any support that FAC might feel was warranted for proposal, views expressed at joint meeting of 2/18 577 FAC and Board Regulation A: Question whether a single rate be fixed for all advances, regardless of type or maturity of collateral or whether differential rates should be established, understood that a revised draft incorporating changes would be 2029, 2072 6/11 sent to FRBanks for comment Proposed revision of, in considering proposals for enactment in connection with Board's legislative pro6/11 2043 gram Need for early efforts by Board to reach agreement on revision of, agreed that staff would put proposal for legislation relating to, in form for submission to Congress 11/18 3898 early in 1965 Affiliates: Firstbanc Corporation, subsidiary of First Bank of Brighton, Colorado, investment in bank premises for purpose of constructing new banking 2491, 2500 7/15 quarters Agency for International Development: Crosse, Howard D., Vice President, FRBank of New York, granted leave without pay for period of three weeks to participate in a seminar on bank management at the University of Buenos Aires, Argentina, offered by Columbia Graduate School of Business in accor365, 386 2/4 dance with a contract with http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 5 Pages Agency for International Development: (continued) Gajewski, Peter, Economist, Division of Research and Statistics, recommendation to attend an orientation class in preparation for an overseas assignment upon resignation from the Board's staff in January 1965, approved Vietnam examiner training program: Request from State Department for three Federal Reserve Bank examiners to go to Saigon, Vietnam, to give advice on a banking program, understood FRSystem to be reimbursed by, agreement that FRBanks be contacted re personnel for, subsequently advised that personnel was being obtained from another source Agriculture, Department of: Commodity Exchange Act, proposed bill to amend, providing the Secretary of Agriculture authority to set margin requirements for trading in commodities, letter to Budget Bureau, approved Systems analyst, letter to Secretary of Agriculture requesting loan of, on a reimbursable basis for a period of six to eight months to provide assistance in converting Board's payroll to computer operation Alaska: Banking situation due to earthquake devastation: Report by Mr. Solomon on an interagency meeting on reports from the Office of Emergency Planning re Federal Reserve Bank of San Francisco planning to send a bank examiner and an officer of the Seattle Branch to study the situation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/12 3820 4/6 1151-52 1/20 189,201-203 8/7 2741 4/1 1104 1964 6 Pages Alaska: (continued) Banking situation due to earthquake devastation: (continued) Report by Mr. Solomon re meeting at the Treasury Department re, question re granting relief through relaxation of reserve require4/6 ments if requested Frederic Solomon, Director, Division of Examinations, designated to serve on Financial Institutions Task Force being appointed by the Federal Reconstruction and Development Commission for Alaska, letter to Senator Clinton P. Anderson, Chairman, suggestion that Messrs. Noyes and Harris work with Economic Stabiliza4/8 tion Task Force waive to authorized Francisco FRBank of San penalties for reserve deficiencies of Alaskan member banks extending credit for disaster relief, Governor Mitchell dissenting, advice to FRBank of San Francisco, and Messrs. Rasmuson and Cuddy, Presidents of banks in Anchorage, issuance 4/13 of press statement authorized Alcoholism: Involuntary separation of service due to, request from Federal Reserve Bank of Chicago for Board's views re termination of services of Walter A. Mack, an employee of the Detroit Branch, letter to Federal Reserve Bank of Chicago interposing no objection to supplementation of retirement allowance of Mr. Mack, approved, understood that a letter to apprise Federal Reserve Banks of Board's present thinking on the sub11/18 ject to be prepared http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1141 1216,1226-27 1271,1285-87 3893, 3922 1964 7 Pages American Bankers Association: Accounting, uniformity of procedures, ABA to form a committee to work with Federal supervisory agencies re Designation of Messrs. Edward T. Shipley, G. Edward Cooper, Frederic A. Curtis, Frank L. King, Colin MacLennan, and Max C. Deitrick as members of a committee to study, approved Coin shortage: Letter to Presidents of all FRBanks inviting comments on a letter received from, suggesting certain practices that the FRSystem might wish to consider in view of the current coin shortage Presidents of all FRBanks requesting Letter to comments on recommendations of changes in policies and procedures as suggested by, in an effort to relieve Conflicting interpretations, letter to Eugene H. Adams, President of First National Bank of Denver, Colo., acknowledging his appointment by President of, as Chairman of a Committee to study problems that had arisen from current conflicts between bank supervisory agencies Federal Legislative Committee of, two members indicated favorable view toward Board positions re recent legislative proposals, with two exceptions, participation of member banks in underwriting of revenue bonds, and raising of loan limit of national banks, Couunittee opposed any change in rule applicable to absorption of exchange rates Hulett, David T., authorization to arrange for office space for, and use of the Board's computer in connection with a thesis research fellowship granted by, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/1 3354 10/6 3404 7/10 2430, 2434 8/13 2808, 2827 5/27 1874, 1891 1/31 313 10/2 3370 1964 8 Pages American Bankers Association: (continued) Regulation F: Governor Robertson reported on certain arrangements made by staff to meet with representatives of, to discuss Board's proposed, FDIC representatives invited to attend meetings Consideration of request by, to postpone issuance of, in its final form pending publication in Federal Register again for comment, understood staff would prepare a draft to be considered at another meeting, letter to, approved American Institute of Banking: Reception, telegram had been sent to Presidents of all FRBanks and Vice Presidents in charge of branches extending an invitation to an informal reception in Board's dining room for FRBank representatives attending annual convention of, Board members in agreement with plans for reception American Institute of Certified Public Accountants: Regulation F, Governor Robertson reported on certain arrangements made by staff to meet with representatives of, to discuss Board's proposed, FDIC representatives invited to attend meetings American Telephone and Telegraph Company: Leased Wire System: Changes in, installation of two new circuits and realignment of stations, advice to Letters to, and General Services Administration authorizing them to proceed with certain changes in Federal Reserve 81-D-1 Leased Wire System http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/3 3733 12/23 4519, 4533 5/27 1884 11/3 3733 2/26 653, 660 10/12 3482, 3490 1964 9 Pages Anderson, Clinton P., Senator: Federal Reconstruction and Development Commission for Alaska, of which Senator Anderson is Chairman, designation of Frederic Solomon, Director of Division of Examinations to serve on Financial Institutions Task Force to study Alaskan reconstruction, letter to Subsequent communication from, reply to Chairman Anderson suggesting Messrs. Noyes and Harris as possibilities to work with Economic Stabilization Task Force Anniversaries: FRSystem, observance of 50th, discussion re expenses for activities incident to, and possible duplication of publications re, budgets of FRBanks accepted as submitted, Governor Mills abstaining for reasons he had mentioned Annual reports: Board of Governors, 1963: Bank Holding Company Act of 1956: Memorandum from Legal Division submitting a draft of material suggested for inclusion in, re amendments to, understanding that the Legal Division would redraft a revision re the recommendation to reinstate the withdrawn recommendation covering mergers re bank holding company subsidiary banks, Legal Division to draft a letter that might be sent to the Banking and Currency Committees Recommendation of Legal Division against reversal of Board's action in withdrawing recommendation re amendment of, to cover mergers involving bank holding company banks, accepted, understood that remaining material was approved for inclusion in, agreed to send letters to Senate and House Banking and Currency Committees http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/8 1216, 1226 4/8 1217, 1227 1/9 58 1/10 77 2/3 331,344-55 1964 10 Pages Annual reports: (continued) Board of Governors, 1963: (continued) "Federal Reserve Policy in the Fifteen Years 1949-63," article reviewed by Mr. Hersey, Adviser, Division of International Finance, discussion re possible inclusion in, understood that Governors Mitchell and Daane would review an edited draft of article to ascertain if it was suitable for inclusion Agreed that review by Mr. Hersey would be omitted from Foreign Currency Operations, report on, by Special Manager of the System Open Market Account proposed for inclusion in, agreed that after suggested editing was accomplished further comments would be transmitted to Mr. Molony for consideration in preparing report in final form for inclusion Policy actions of Federal Open Market Committee: Approved for inclusion in Entries for December 3 and 17, 1963, approved for inclusion in, Governor Robertson's reference to the October 22 policy record entry, and his comment urging that care be exercised to make sure that policy record entries were fully supported by minutes of respective meetings Entries covering 19 meetings held during 1963, authorized for inclusion in Policy record of Board approved for inclusion in, an alternative presentation of background circumstances of Board's actions re approving increases in Reserve Bank discount rates and amendment to Reg. Q, approved for use in http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/12 459 2/20 609 2/20 608 1/16 152 1/24 256 1/29 292 1/29 291 1964 11 Pages Annual Report: (continued) Board of Governors, 1963: (continued) Supplementary material re, requested by Chairman Patman of the House Banking and Currency Committee, letter to Chairman Patman with enclosure of (a) breakdown of reimbursements received by FRBanks during 1963 for fiscal agency function and other expenses, and (b) copy of 1963 audit of accounts and holdings of System Open Market Portfolio by the Board's examiners, approved for transmittal System Open Market Account, consensus to publish only chronological review of open market operations in, recognizing that this should not be identified in Annual Report as Account Manager's official report of, concurred in by Mr. Stone, Manager of Text of first section, draft presented, understood suggestions of editorial nature would be taken into account in preparing final draft Transmitted to the Speaker of the House of Representatives, and to the President of the Senate Board of Governors, 1964: Policy actions of Federal Open Market Committee: Entries for January 7 and 28, February 11, March 3 and 24, April 14, May 5 and 26, June 17, and July 7 and 28, 1964, approved for inclusion in Armored car service: Cross Armored Carrier Corporation, Bayside, New York, reply approved to, question from, concluding that the offering of free armored car service to depositors does not constitute a payment of interest on demand deposits in violation of Regulation Q http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/27 1883, 1896 2/25 624 2/4 374 3/31 1078 12/10 4281 8/14 2836, 2848 1964 12 Pages Armored car service: (continued) Messenger service: Ruling by Comptroller of the Currency that national banks could provide messenger service, by armored car or otherwise, not cleared with Board, understood that after check by staff, if circumstances warranted requesting copy of ruling as issued, a letter could be drafted for Board's consideration Similar ruling by FDIC re use of, suggested by Governor Robertson that Board be briefed in memorandum form re, and it was understood that this would be done Agreed to arrange a meeting of counsel of the three Federal bank supervisory agencies to discuss Memorandum recommending that the Board publish an interpretation holding that the use of messenger service including armored cars under certain circumstances would not constitute the operation of a branch bank while under other circumstances determination would have to be made on a case by case basis, interpretation approved with Gov. Robertson dissenting, to be published in Federal Register, letter to FRBank of Richmond Assessments: FRBanks: For expenses of Board for first half of 1964, approved, including increase to cover expenses involved in processing two surveys of the Banking and Currency Committee For expenses of Board for second half of 1964, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/6 1625 5/14 1760 5/21 1843 6/9 1986, 1997 1/6 23 7/9 2377 1964 13 Pages Association of Reserve City Bankers: Membership in: Noted that reserve city banks attached significance to membership in, since a number of these banks had indicated that they would rather carry the higher reserves incident to their classification than lose the status felt to be derived from being a member of Auditors: FRBanks: Conference of General Auditors: To discuss use of sampling techniques in auditing FRBanks, understood special meeting would be arranged to discuss greater use of sampling for internal audit Letter to Chairman Bean of the Conference of Chairmen re agenda for proposed special, approved, payment for cost of dinner for representatives attending, authorized along with overexpenditures in Board's budget for 1964 Letter sent to Chairmen of FRBanks advising that the Chairman of the Conference of Chairmen concurred in Board's proposal to hold a special meeting of, scheduled for June 25-26, 1964, in the Board's offices Representatives of three firms retained by FRBanks to review their auditing procedures, to be invited to participate and answer questions, Mr. Frederic Solomon authorized to set up a panel discussion at the beginning of the meeting on June 25, understood that Board's action included authorization for such payments to accounting firms as might be required in connection with their participation, advice to Mr. Bean, Chm. of Conference of Chairmen re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/3 3721 3/25 976 4/24 1427, 1441 5/19 1823 6/3 1939, 1947 1964 14 Pages Auditors: (continued) FRBanks: (continued) Conference of General Auditors: (continued) Memorandum requesting Board's approval of scheduling, in March or April 1965, actual date to be determined later, scheduling of conference approved To be held in Board's offices on April 2123, 1965, holding of conference cleared with Chairman of the Chairmen's Conference Audits: Board of Governors, 1963: By Haskins & Sells, accepted by Board, understood copies to be transmitted to Senator Robertson and Congressman Patman, Chairmen of the Senate and House Banking and Currency Committees Board of Governors, 1964: Recouatiendation in memorandum from Governor Shepardson that Haskins and Sells be given the assignment of auditing the Board's accounts for the year 1964, on basis of fee customarily charged, approved FRBank of Atlanta: Examination report reviewed, discussion re resistance to certain recommendations made by Peat, Marwick, Mitchell & Co., concerning sampling techniques used in internal audit of FRBanks, suggestion that the Board should encourage FRBanks to accept greater use of sampling techniques FRBanks: Procedures re: Understood that arrangements would be made for convening General Auditors to discuss problem of encouraging the use of sampling in internal audit of FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/18 3892 12/10 4289 2/19 588 4/1 1104,1124-28 3/25 976 3/25 976 1964 15 Pages Australia: Australian United Corporation Limited, Melbourne, Australia: Letter to Morgan Guaranty International Finance Corporation, New York, New York, relating to rescission of a condition imposed by the Board's Regulation K when it originally authorized certain investments by Morgan Guaranty in Letter to Morgan Guaranty International Finance Corporation, New York, New York, re consent previously granted in Board's letter of Jan. 31, 1963, to purchase and hold shares of, Board's further consideration grants certain stated liberalizations to conditions previously prescribed Development Underwriting Limited, Sydney, Australia, restrictions rescinded as per revision of Regulation K, re purchase of shares of, by Chemical Finance Corporation International Leasing Corporation, Limited, Sydney, Australia: Letter to Provident Tradesmens International Corporation, granting specific request to purchase stock of, approved, Governor Mills indicated that he saw a trend developing where corporations organized under the Edge Act were not being used for purposes intended by letter or spirit of that Act Reconsideration of request of Provident Tradesmens International Corporation, Philadelphia, Pennsylvania, to acquire 15 per cent of the ordinary voting shares of, Board rescinds specific consent previously granted, Governor Mills dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/4 1594, 1606 9/18 3185, 3204 5/4 1594, 1605 4/8 1204, 1221 4/30 1548, 1571 1964 16 Pages Automation: Training program for examiners: To be continued on a regional basis in connection with the program originated by the Inter-Agency Committee on, to be held in Dallas, with the FRBank of Dallas and Mr. Goodman of Board making the necessary arrangements, no action taken re the establishment of a permanent committee Memorandum from Governor Robertson re Interagency Committee on, Mr. Glenn Goodman to serve as Board's liaison with E. J. Roddy representing FDIC, understood proposed program would be handled in manner suggested in memorandum, advice to all Federal Reserve Banks Automobiles: Board of Governors: Circular No. A-22, Revised, dated December 19, 1963, having to do with limousines and heavy and medium sedans used by agencies of the Executive Branch, Board concluded that Circular issued by Bureau of the Budget did not apply to automobiles used by the Board Babcock, Frederick M., Washington, D. C.: Study by, re methods of judging and improving portfolios pertaining to mortgage loans on income producing properties, approved, with authorization granted for resultant overexpenditure in Board's 1964 budget, advice to Mr. Babcock http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/13 95 9/25 3298, 3307 1/24 263 5/18 1792, 1818 1964 17 Pages Bahamas: Chase Manhattan Trust Corporation Limited, Nassau, N.P. Bahamas, letter to Chase Manhattan Overseas Banking Corporation, New York, New York, granting permission for, to purchase all the shares of nominee corporation to be known as Chase Manhattan Trust Corporation (Nominees) Ltd. Pegasus Fund Ltd., Nassau, Bahamas, consideration of revised draft of letter to Chairman Rockefeller of First National City Bank, New York, re removal of loan operation restrictions on foreign subsidiaries of International Banking Corporation, New York, involving previously imposed conditions on transactions of First National City Trust Co. (Bahamas) in the matter relating to loan arrangements with, understood draft would be revised and reconsidered tomorrow Agreement amended to conform with revised Regulation K, granting exception to conditions imposed on acquisitions of First National City Trust Co., (Bahamas), Governors Robertson, Mitchell, and Daane dissenting Baird Foundations, New York, New York: Regulation U, section 221.3(j), request by Securities and Exchange Commission that the Board notify, re their failure to report loans made during 1959 for the purpose of carrying registered securities as required by, letter to Federal Reserve Bank of New York requesting that the Board be notified of the response made http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/27 1447, 1461 10/6 3383 10/7 3416, 3443 6/18 2139, 2168 1964 18 Pages Baird Foundations, New York, New York: (continued) Review of financial dealings with Serge Semenenko, officer and director, First National Bank of Boston, requested by Chairman Patman to determine if Federal Reserve law or regulations have been violated Letters approved for transmittal to Chairman Patman and Securities and Exchange Commission Baker, Charles A., Vice President and Counsel for Commerce Bank, Cleveland, Ohio, letter to, with regard to a question whether a proposed form of deposit contract would comply with requirements of Regulation Q, understood that the interpretation would be published in the Federal Register and the FRBulletin Balance of payments: United States: Diosyssios Kotsonis, Economist, Research Department, FRBank of New York, to work with Bernstein Committee in preparation of material relating to, statistics and concepts Some feeling abroad that if the U.S. did strike a payments balance, it would contribute to a depression in certain other countries, views of FAC expressed at joint meeting Services of John E. Reynolds, Chief, Special Studies and Operations Section, Division of International Finance, extended until May 31, 1964, with the Bureau of the Budget to continue his assignment as Staff Director for the Review Committee for Balance of Payments Statistics, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/15 129 1/16 147,162-66 6/15 2114,2117-18 1/17 173, 183 2/18 551 4/15 1301 1964 19 Pages Balance of payments: (continued) United States: (continued) Enactment of proposed legislation to amend section 25 of FRAct to permit national banks to acquire and hold directly stock in foreign banks, effect of increasing foreign lending by American banks, with adverse consequences in terms of, questioned by Governor Robertson Governor Robertson expressed view that at some point the Board should take a close look at the whole picture of American bank lending abroad because such lending was being made increasingly easier to the detriment of the Enrolled bill H.R. 8000 to amend the Internal Revenue Code of 1954 to impose a tax on acquisitions of certain foreign securities in order to equalize costs of longer-term financing in the United States and in markets abroad, tax that would be levied by this legislation was designed to aid, by limiting somewhat the demands on this country's capital market from other industrialized countries, letter to Budget Bureau, approved Opinions as to appropriateness of recent policies re, possible contributions of commercial banking practices and policies to the solution of, in light of impact on deficit of capital outflows, topic for discussion with FAC Commercial banks could help if they tended to limit the extension of credit abroad to the short-term financing of exports, however increasing demands for credit have resulted in expansion of foreign loans, views of FAC expressed at joint meeting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/11 1686 5/18 1791 8/25 2941, 2959 8/25 2940, 2957 9/22 3231 1964 20 Pages Balance of payments: (continued) United States: (continued) Evaluation of current and prospective U.S. balance of payments problem, particularly the bank credit component, topic for discussion with FAC Demand for credit from foreign borrowers strong, and banks are under continuing pressure to accommodate this demand, views expressed at joint meeting with Federal Advisory Council Bank debits: Seasonal adjustments of, memorandum from Division of Data Processing requesting authorization for payment of approximately $3,000 to Census Bureau this fall for computer processing of, for Standard Metropolitan Statistical Areas, approved, action included authorization of resulting budget overexpenditure Bank financing: Business needs: Topic for discussion with FAC Anticipation that business demands for bank financing during the latter part of 1964 and first half of 1965 will be somewhat stronger than seasonal, with some narrowing of profit margins, views expressed at the joint meeting with FAC Bank holding companies: American Security Company of Bedford, Indiana, majority of the stock of the Farmers-Citizens Bank, Salem, Indiana, owned by, question re bank holding company status in light of proposed acquisition of Citizens Bank, Pekin, Ind., by Farmers-Citizens Bank, information requested from FDIC which might assist the Board in determining whether there was a violation of Bank Holding Company Act of 1956 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/29 3686, 3690 11/17 3885, 3886 9/1 3007 10/29 3686, 3689 11/17 3864 5/25 1865 1964 21 Pages Bank holding companies: (continued) Atlantic National Bank of Jacksonville and Atlantic Trust Company, both of Jacksonville, Florida: Granted permission to change the name of proposed new bank being organized, from Daytona Atlantic Bank, Daytona Beach, Florida, to Westside Atlantic Bank of Daytona Beach, Florida Issuance of order extending to September 15, 1964, the time to open for business Westside Atlantic Bank of Daytona Beach, (formerly known as Daytona Atlantic Bank), Daytona Beach, Florida, approved Atlantic Trust Company, Jacksonville, Florida: SEE: Bank holding companies: Atlantic National Bank of Jacksonville Bancorporation of Minnesota, Inc., Rochester, Minnesota, application to become a bank holding company through acquisition of shares of Bank of Minneapolis and Trust Company, Minneapolis, a bank in process of organization for membership in Federal Reserve System, and two other banks, located in Rochester and Lake City, Minnesota, control of all these institutions in hands of Mr. Thomas Scallen and his corporate interests, Reserve Bank recommended denial Bank of Tokyo Ltd., a registered bank holding company, question re application of section 6(a)(4) of Bank Holding Company Act to transactions involving interest-bearing deposits between, and Bank of Tokyo of California, a non-member insured bank, Gov. Mitchell abstaining from voting, letter to FRBank of San Francisco, interpretation to be published in Federal Register and FRBulletin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/27 663, 670 5/22 1857, 1859 7/31 2693 4/6 1143,1157-62 1964 22 Pages Bank holding companies: (continued) Barnett National Securities Corporation, Jacksonville, Florida: Application to acquire shares of The San Jose Barnett Bank, Jacksonville, Florida, a proposed new bank, approved Issuance of order and statement re approval, authorized Board interposes no objection to changing location of proposed new bank from San Jose Boulevard and University Boulevard in Jacksonville to University Boulevard and St. Augustine Road Issuance of order granting extension of time within which, may consummate acquisition of shares of the San Jose Barnett Bank, and time when the bank shall be opened for business, authorized Baystate Corporation, Boston, Massachusetts: Application to acquire shares of Merrimack Valley National Bank, Haverhill, Massachusetts, agreed to delay consideration of application until Massachusetts Board of Bank Incorporation had held public hearing re Approved unanimously after expression of views Issuance of order and statement approving, and concurring statement of Governor Robertson, authorized Chase Manhattan Bank, New York, New York, request from certain representatives of banks in upstate New York for meeting with Chairman Martin to discuss factors involved in proposed organization of a bank holding company that would include, and the possible outcome of an application to organize such a company, meeting held on July 8, 1964, with Chm. Martin, Governors Shepardson and Daane, and representatives of banks involved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/23 2545 8/12 2771,2797-99 9/23 3250, 3277 11/12 3803, 3824 2/13 470 3/16 868 4/9 1237, 1249 7/2 2354 1964 23 Pages Bank holding companies: (continued) Citizens and Southern Holding Company and Citizens and Southern National Bank, both of Savannah, Ga., applications of, for acquisition of additional shares of American National Bank of Brunswick, Georgia, approved, noted that Comptroller of the Currency had recommended favorably on applications, understood Board's order would not be issued until after thirty days of date on which notice of receipt of application was published in Federal Register Issuance of order and statement, authorized Citizens and Southern National Bank, Savannah, Georgia: SEE: Bank holding companies: Citizens and Southern Holding Company Clayton Bancshares Corporation, Clayton, Missouri, application to become a bank holding company through proposed merger with Hampton Bankshares Corporation and Crestwood Bank Shares Corporation resulting in ownership of more than 25 per cent of the shares of Clayton Bank, Clayton, Mo., Hampton Bank of St. Louis, and Bank of Crestwood, Crestwood, Missouri, with the surviving corporation renamed United Bancshares Corporation, application denied with Governor Mitchell dissenting Issuance of order denying application authorized Commercial Bancorp., Inc., Miami, Florida, application to become a bank holding company through the acquisition of shares of Commercial Bank of Miami and Merchants Bank, both of Miami, Florida, and Bank of Kendall, Florida, approved Issuance of order and statement authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/27 8/7 2597 2740,2756-61 8/20 10/13 2890 3494,3499-3519 10/7 11/16 3421 3836,3848-50 1964 24 Pages Bank holding companies: (continued) Crestwood Bank Shares Corporation, Crestwood, Missouri, application of Clayton Bancshares Corporation, Clayton, Mo., to become a, through proposed merger with Hampton Bankshares Corporation, St. Louis, Mo., and, resulting in the ownership of more than 25 per cent of the shares of Clayton Bank, Clayton, Mo., Hampton Bank of St. Louis, and Bank of Crestwood, Mo., with the surviving corporation renamed United Bancshares Corporation, application denied with Governor Mitchell dissenting Issuance of order denying application of Clayton Bancshares Corporation approved Financial Institutions, Inc., Warsaw, New York, discussion re legal questions arising in connection with application of section 4(c)(6) of Bank Holding Company Act of 1956 to certain share acquisitions by, agreement expressed with conclusion of Legal Division that increases in Financial Institutions' indirect ownership of National Bank of Geneva, N. Y., through acquisition of additional shares of Geneva Shareholders, Inc., did not require prior Board approval under section 4(c)(6) First Bank Stock Corporation of Minneapolis, Minnesota, question from Attorney General of South Dakota whether the National Bank of South Dakota Sioux Falls, South Dakota, or, obtained permission from the Attorney General of the U.S. for merger in question, also whether approval for merger was obtained from Board, letter to Attorney General of South Dakota, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/20 2890 10/13 3494,3499-3519 8/19 2868 4/29 1516, 1539 1964 25 Pages Bank holding companies: (continued) First National Bank of Tampa, and Union Security and Investment Company, both of Tampa, Florida, applications to become, through the acquisition of shares of the Second National Bank of Tampa, a proposed new bank, by Union Security and Investment Company, approved, with Governors Robertson and Mitchell dissenting Issuance of order, statement, and dissenting statement of Governor Robertson, authorized, letters to applicants, approved First Oklahoma Bancorporation, Inc., Oklahoma City, Oklahoma, order approved for hearing re request of, for determination that activities planned to be undertaken by its proposed nonbanking subsidiary, First Oklahoma Baninsurance Inc., were of a kind described in section 4(c)(6) of the Bank Holding Company Act, so as to make inapplicable prohibitions of section 4 re acquisition or retention of shares in nonbanking companies, David London of National Labor Relations Board selected as Hearing Examiner First Virginia Corporation, Arlington, Virginia: Application to acquire 80 per cent or more of the voting shares of The Loudoun National Bank of Leesburg, Leesburg, Virginia, denied Question whether its wholly-owned subsidiary, First Service Company can without losing its "exempt status" under section 4(c)(1) of the Bank Holding Company Act, provide data processing services for customers of First Virginia's subsidiary banks, letter to Federal Reserve Bank of Richmond approved, understood substance of letter would be published in the Federal Register http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/27 1449 5/18 1791,1802-17 9/30 3329, 3340 12/14 4301 8/19 2871,2884-88 1964 26 Pages Bank holding companies: (continued) First Wisconsin Bankshares Corporation, Milwaukee, Wisconsin: Application to acquire controlling shares of common stock to be issued by Brookfield National Bank, Brookfield, Wisconsin, a proposed new bank, approved, indicated Comptroller of the Currency had given preliminary approval Issuance of order and statement authorized First Wisconsin Company, a nonbanking subsidiary of: Request for determination under sections 4(c)(1) and 4(c)(6) of the Bank Holding Company Act with respect to activities of, letter advising, approved Request that the Board determine without a hearing the addition of mortgage redemption and disability income insurance to the business activities of, although First Wisconsin Company qualifies for exemption under section 4(c)(6) of The Bank Holding Company Act, letter to FRBank of Chicago indicates that the Board is without authority to accede to request for determination without a hearing as required by section 4(c)(6) Order for hearing approved for determination that proposed additions to activities of, were of the kind described in section 4(c) (6) of Bank Holding Company Act, so as to make inapplicable prohibitions of section 4 of the Act re acquisition or retention of shares in nonbanking companies, David London selected as Hearing Examiner Granted extension of time to May 30, 1964, for filing its annual report to the Board for 1963 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/6 3/25 746 966,1004-15 2/19 581, 601 4/17 1346, 1358 9/30 3330, 3343 4/30 1543, 1566 1964 27 Pages Bank holding companies: (continued) Fort Worth National Bank, Fort Worth, Texas, letter to FRBank of Dallas stating Board's view that the status of, as a bank holding company would terminate upon divestment of certain bank stocks, such divestment would make unnecessary the filing of form F.R. Y-6, for the fiscal year in which the divestment occurs General Bancshares Corporation, St. Louis, Mo.: Question re several violations of section 6 (a)(4) of the Bank Holding Company Act re loan participations of subsidiaries of, letter to FRBank of St. Louis, approved Violations of section 6 of the Bank Holding Company Act by, letter re Hampton Bankshares Corporation, St. Louis, No.: Application of Clayton Bancshares Corp., Clayton, Missouri, to become a, through proposed merger with Crestwood Bank Shares Corp., and, resulting in the ownership of more than 25 per cent of the shares of Clayton Bank, Clayton, Missouri, Hampton Bank of St. Louis, and Bank of Crestwood, Crestwood, Mo., with the surviving corporation renamed United Bancshares Corp., application denied with Gov. Mitchell dissenting Issuance of order denying application of Clayton Bancshares Corporation, approved Lincoln Liberty Life Insurance Company, Houston, Texas, letter re ownership of certain bank stock which caused, to become a bank holding company without prior Board approval, prompt selling of holdings in First National Bank of Edinburg, Texas, causes Board to agree with FRBank that violation should not be reported to Department of Justice http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/21 1828, 1852 2/25 621, 644 7/21 2513, 2523 8/20 2890 10/13 3494,3499-3519 4/17 1346, 1355 1964 28 Pages Bank holding companies: (continued) Marine Bancorporation, Seattle, Washington, determined not to be a, of National Bank of Commerce, Seattle, Washington, within the meaning of the Bank Holding Company Act, reply to Professor Mund, University of Washington, Seattle, Washington Marine Midland Corporation, Buffalo, New York, granted extension of time to May 15, 1964, for filing its annual report to the Board for 1963 Michigan National Bank, Lansing, Michigan, determined not to be a bank holding company as a result of its control of the Employees ProfitSharing Trusts of Michigan National Bank and Michigan Bank, N.A., Detroit, Michigan, as defined in the Bank Holding Company Act of 1956 Midwestern Financial Corporation, New York, New York, letter approved to, re status of Industrial Bank of the West, Arvada, Colorado, under the Bank Holding Company Act of 1956, and the holding company affiliate statute, substance of letter transmitted to all Federal Reserve Banks Navajo Bancorporation, Inc., Phoenix, Arizona, a holding company affiliate of First Navajo National Bank, Holbrook, Arizona, proposed acquisition of shares of Valley State Bank, Lamar, Colorado, barred by section 3(d) of the Bank Holding Company Act, since such acquisition would be across State lines, suggestion that matter be pursued by staff of FRBank of San Francisco for possible alternate course to accomplish objective http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/13 1732, 1742 4/30 1543, 1565 4/15 1294, 1313 11/18 3891, 3919 10/19 3594 1964 29 Pages Bank holding companies: (continued) Navajo Bancorporation, Inc., Phoenix, Arizona: (continued) Acquisition consummated in violation of section 3(a) and 3(d) of the Bank Holding Company Act, understood that Mr. O'Connell would secure all available facts for submis10/21 sion to the Department of Justice Society Corporation, Cleveland, Ohio: Application to become a bank holding company through the acquisition of shares of The Fremont Savings Bank Company, Fremont, Ohio, approved, Governor Robertson dissenting, agreed to follow procedure recommended by the Legal Division re a brief filed by Mr. Stark, an attorney representing the opposition, and to issue an order and statement without an intermediate order reflecting the Board's decision 7/2 re the opposers' brief Issuance of order, statement, and dissenting statement of Governor 7/27 Robertson authorized Board's of Appeal filed seeking reversal order of July 27, 1964, approving application, opposition filed by Department of Justice, motion to dismiss appeal filed by,Mr. O'Connell to inform 10/13 Board re outcome Extension of time to January 27, 1965 granted to, within which to comply with provision re date by which proposed acquisition 10/13 was required to be consummated 10/23 Order approved re Board's 1959 determination of holding company affiliate status, letter rescinding, effective if and when Society Corporation acquires status of, by virtue of its acquisition of stock of Fremont Savings Bank Company, Fremont 9/3 Ohio http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3604 2347 2598,2612-28 3497 3498 3617, 3629 3044, 3058 1964 30 Pages Bank holding companies: (continued) Union Security and Investment Company, Tampa, Florida: First National Bank of Tampa, of Applications Florida, and, to become, thru the acquisition of shares of the Second National Bank of Tampa, Florida, a proposed new bank, by, approved, with Governors Robertson and Mitchell dissenting Issuance of order, statement, and dissenting statement by Governor Robertson authorized, letters to applicants, approved United Bancshares Corporation, Clayton, Missouri: SEE: Bank holding companies: Clayton Bancshares Corporation, Clayton, Missouri Valley Bancorporation, Appleton, Wisconsin: Applications to acquire shares of Sherwood State Bank, Sherwood, Wisconsin, and Reedsville State Bank, Reedsville, Wisconsin, approved, Gov. Robertson dissenting, agreement that after consultation with FDIC, a letter would be drafted drawing attention for need to improve capital position of Appleton State Bank, Appleton, Wisconsin, a subsidiary of Issuance of two orders and a statement reflecting approval, authorized, letter emphasizing need for improvement in capital structure of Appleton State Bank, approved Western Bancorporation, Los Angeles, California, loan transfers between subsidiary banks of, questioned in light of section 6(a)(4) of the Bank Holding Company Act, Gov. Mitchell abstaining from voting, letter to FRBank of San Francisco, understood interpretation would be published in Federal Register and FRBulletin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/27 1449 5/18 1791,1802-17 12/8 4217 12/21 4466,4476-92 4/6 1143,1157-62 1964 31 Pages Bank Holding Company Act of 1956: Acquisition of banks by business, question if any information released by Board might have formed basis for article in Wall Street Journal re, possible connection with Board's recommendation to Congress in Annual Report for 1963 Amendments to: Need for, discussed in connection with prospect of Congressional hearings on proposals supported by Board, Legal Division preparing for Board's consideration revised material which might be included in the Annual Report H.R. 10668 and S. 2561, identical bills re, to bring within its scope certain testamentary trusts, and charitable and educational foundations which control bank assets of $100 million or more, and require each Federal bank supervisory agency to take into consideration possible inconsistencies of a proposed merger with purposes and objectives of the Bank Holding Company Act when passing upon an application, agreed that draft of letter would be revised to incorporate certain suggestions agreed upon during discussion and to be considered at next meeting of the Board Approval given to letter to Chairman Patman re, copy of similar letter sent to Chairman Robertson, of the Senate Banking and Currency Committee Mr. Hackley of the Board's staff observed that the Board had already submitted proposals re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/16 3162 1/15 127 4/27 1456 4/28 1497,1507-09 6/11 2043 1964 32 Pages Bank Holding Company Act of 1956: (continued) Amendments to: (continued) H.R. 10872, a bill re, agreed to send to Congressman Patman, of House Banking and Currency Committee, lists and tables showing additional bank holding companies which would be subject to regulation under, if amendment should be enacted Proposed bill to adopt a one-bank definition, cover employee benefit trusts, repeal some exemptions, include perpetual trusts, repeal section 6 re loans and discounts by subsidiary banks and repeal holding company affiliate provisions of the Banking Act of 1933, understood exemptive power re one-bank cases to be studied before proposal was submitted to Congress Applications under, discussion re form of banking best suited to American way of life, views expressed re concentration of banking and its satisfactory and unsatisfactory aspects Bank mergers involving holding company subsidiary banks: Memorandum from Legal Division re draft of material suggested for inclusion in Board's Annual Report for 1963 re amendments with respect to, Legal Division to draft a letter that might be sent to the Banking and Currency Committee Recommendation of Legal Division against reversal of Board's action in withdrawing recommendation that, be amended to cover mergers involving bank holding company banks was accepted by a majority of the Board, agreed to send letters to Senate and House Banking and Currency Comudttees http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/12 2082, 2110 11/18 3898, 3905 7/2 2351 1/10 77 2/3 331, 344-55 1964 33 Pages Bank Holding Company Act of 1956: (continued) Bank service corporations, question from First Virginia Corporation, Arlington, Virginia, whether its whollyowned non-banking subsidiary, First Service Company, can without losing its "exempt status" under section 4(c)(1) of, provide data processing services for customers of First Virginia's subsidiary banks, draft letter to FRBank of Richmond approved, understood substance of letter would be published as Board interpretation in the Federal Register Definition as a bank holding company under section 301, possible contradiction noted by Governor Mills in the case of Hy-Vee Food Stores, Inc., Chariton, Iowa, and National Bank and Trust Company of Chariton, Iowa, indication that a corporation could avoid being defined as a bank holding company by holding just under 25 per cent of the stock of several banks Mercantile Trust Company, St. Louis, Missouri, Mr. Solomon noted that this was the kind of case the Board had in mind in amending section 2(a) of, to change "two or more banks" to "any bank" so that a corporation would become a bank holding company by acquiring 25 per cent or more of the stock of any bank One -bank cases, proposed bill re amendment of, to adopt a one-bank definition and repeal the holding company affiliate provisions of the Banking Act of 1933, understood exemptive power re, as suggested by Governor Robertson would be studied further before proposal was submitted to Congress http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/19 2871,2884-88 1/6 17 10/8 3453 11/18 3898, 3905 1964 34 Pages Bank Holding Company Act of 1956: (continued) Organization of a bank holding company,proposed, to include The Chase Manhattan Bank in New York City, request from certain representatives of banks involved, for a meeting with Chairman Martin to discuss possible outcome of such an application, meeting held on July 8, 1964, with Chairman Martin, Gov. Shepardson, and Governor Daane Reconsideration of cases under the: Society Corporation, Cleveland, Ohio, approved application to become a bank holding company through acquisition of stock of Fremont Savings Bank Company, Fremont, Ohio, appeal filed seeking reversal of, opposition filed by Justice Department, motion to dismiss appeal filed by, Mr. O'Connell to inform Board re outcome Board approved issuance of order granting an extension of time for Society Corporation to become a bank holding company Savings and loan associations, report to Bureau of the Budget on draft bill to amend section 408 of the National Housing Act to provide for the regulation of savings and loan association holding companies and subsidiary companies, under Section 3(a) and 3(d): Violations by Navajo Bancorporation, Inc., Phoenix, Arizona, in connection with proposed acquisition of Valley State Bank, Lamar, Colo., understood that Mr. O'Connell would secure all the available facts for submission to the Department of Justice http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/2 2354-55 10/13 3497 10/23 3617, 3629 8/17 2857, 2860 10/21 3604 1964 35 Pages Bank Holding Company Act of 1956: (continued) Section 3(d): Acquisition of banks across state lines prohibited by, proposed acquisition of majority of shares of Valley State Bank, Lamar, Colo., by Navajo Bancorporation, Inc., Phoenix, Arizona, a holding company affiliate of First Navajo National Bank, Holbrook, Arizona, move would be barred by Section 4(c)(1): Bank service corporations, question from First Virginia Corporation, Arlington, Virginia, whether its whollyowned nonbanking subsidiary, First Service Company can without losing its "exempt status" under section 4(c)(1) of Bank Holding Company Act of 1956 provide data processing services for customers of First Virginia's subsidiary banks, draft letter to Federal Reserve Bank of Richmond approved, understood substance of letter would be published as Board interpretation in Federal Register Request of First Wisconsin Bankshares Corporation, Milwaukee, Wisconsin, for determination under, with respect to First Wisconsin Company, a nonbanking subsidiary, letter to First Wisconsin Bankshares Corporation advising them re, approved Section 4(c)(6): Discussion re request of First Wisconsin Bankshares Corporation, Milwaukee, Wisconsin, for determination under, with respect to First Wisconsin Company, a nonbanking subsidiary, letter to First Wisconsin Bankshares Corporation advising them re, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/19 3594 8/19 2871,2884-88 2/19 581, 601 2/19 581, 601 1964 36 Pages Bank Holding Company Act of 1956: (continued) Section 4(c)(6): (continued) Determination without a hearing, request by First Wisconsin Bankshares Corp., Milwaukee, Wisconsin, for the Board to determine the addition of mortgage redemption and disability income insurance to the business activities of First Wisconsin Company, a nonbanking subsidiary of First Wisconsin Bankshares Corp., letter to FRBank of Chicago indicating that the Board is without authority to accede to request for determination without a hearing as required by Financial Institutions, Inc., New York, a registered bank holding company, discussion re legal questions arising in connection with application of, for certain share acquisitions, agreed that indirect ownership of voting shares of National Bank of Geneva thru acquisition of additional shares of Geneva Shareholders, Inc., did not require prior Board approval under Order approved for hearing re request of First Oklahoma Bancorporation, Inc., for determination that activities planned to be undertaken by its proposed nonbanking subsidiary, First Oklahoma Baninsurance, Inc., were of kind described in, so as to make inapplicable prohibitions of section 4 of, David London of National Labor Relations Board selected as Hearing Examiner http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/17 1346, 1358 8/19 2868 9/30 3329, 3340 1964 37 Pages Bank Holding Company Act of 1956: (continued) Section 4(c)(6): (continued) Order for hearing approved re request of First Wisconsin Bankshares Corporation, Milwaukee, Wisconsin, for determination that proposed additions to activities of its subsidiary, First Wisconsin Company, were of the kind described in, so as to make inapplicable prohibitions of section 4 of, David London selected as Hearing Examiner by Civil Service Commission Section 6: Violation of, letter concerning certain violations by General Bancshares Corporation, St. Louis, Missouri, letter sent to FRBank of St. Louis Section 6(a)(4): General Bancshares Corporation, St. Louis, Missouri, discussion re several violations by subsidiaries of, letter to FRBank of St. Louis, approved Transactions between holding company banks, involving interest-bearing deposits, between holding company banks, as "loans" or extensions of "credit," inter -subsidiary mortgage loan transfer upon substitution of new borrower, and substitution of borrowers by merger, as making a loan eligible as a "new loan" for transfer between subsidiary banks, letter to FRBank of San Francisco and interpretation approved, with Governor Mitchell abstaining from voting, interpretation to be published in Federal Register and Federal Reserve Bulletin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/30 3330, 3343 7/21 2513, 2523 2/25 621, 644 4/6 1143,1157-62 1964 38 Pages Bank Holding Company Act of 1956: (continued) Studies of concentration of banking by Reserve Banks and State supervisory authorities aimed at establishing guidelines to govern decisions with respect to bank holding company applications under the, letter to FRBank of New York indicating that the Board favors studies to enlarge knowledge but does not encourage projects to establish explicit guidelines Violations of: Lincoln Liberty Life Insurance Company, Houston, Texas, letter re ownership of certain bank stock which caused Lincoln Liberty Life to become a bank holding company without prior approval by the Board, prompt selling of certain stock to reduce holdings in First National Bank of Edinburg, Texas, upon realization that a violation had been committed causes Board to concur in FRBank's opinion that violation should not be reported to the Department of Justice Report to FDIC on the competitive factors involved in the proposed acquisition of Citizens Bank, Pekin, Indiana, by Farmers -Citizens Bank, Salem, Indiana, Board requests that FDIC furnish any further information which might be developed in connection with its investigation which might assist the Board in determining whether there was a violation of Bank for International Settlements: Annual meeting, to be held in Basle, Switzerland, June 1964, Mr. Ralph A. Young, Director, Division of International Finance and Adviser to Board authorized to attend with reimbursement for official travel on basis of expenses incurred, including allowance for official entertainment http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/2 2343, 2357 4/17 1346, 1355 5/25 1865 5/25 1867 1964 39 Pages Bank for International Settlements: (continued) Central Bank economists, meeting of: Attendance by Guy E. Noyes, Adviser, Board Members' Offices, and George Garvy, Economic Adviser, Federal Reserve Bank of New York, meeting to be held in Basle, Switzerland, March 7-9, 1964, approved, along with necessary travel Attendance by Messrs. Young and Hersey of Board's staff and George Garvy, Economic Adviser, FRBank of New York, at meeting on November 9 to 11, 1964, at Basle, Switzerland, approved Euro-currency market, meeting of experts of the, to be held at, in Basle, Switzerland, on July 6-7, 1964, with the understanding that the Federal Reserve System would be represented by Mr. Samuel I. Katz, Associate Adviser, Division of International Finance, Fred H. Klopstock, Manager, Research Department, FRBank of New York, and David P. Eastburn, Vice President, FRBank of Philadelphia Lawrence, Roger, Economist, Foreign Research Division, FRBank of New York, Board interposes no objection to leave of absence without pay for a period of approximately one year to serve on the staff of the Loans by FRBank of New York, extension of gold loan arrangements with, approved Loans on gold, extension of arrangements for Federal Reserve Bank of New York to make loans for, approved Meetings: Central bank economists at, March 7-9, 1964: Attendance by Guy E. Noyes, Adviser, Board Members' Offices, approved, George Garvy, Economic Adviser, FRBank of New York, to attend Mr. Noyes presented informal report on meeting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/3 341 10/15 3528, 3562 6/2 1916 10/28 3664, 3682 10/12 3477, 3483 10/12 3477, 3483 2/3 341 3/16 867 1964 40 Pages Bank for International Settlements: (continued) Meetings: (continued) President Charles J. Scanlon, FRBank of Chicago, to attend July monthly meeting at, noted in letter to Chairman Briggs, Director of FRBank of Chicago Ralph Young authorized to attend June meeting at, with reimbursement for official travel on basis of expenses incurred, including allowance for official entertainment Bank Merger Act of 1960: Administration of: Analysis of past merger decisions by bank supervisory agencies contained in research monograph prepared for Board by Professors Hall and Phillips, Messrs. Shay and Leavitt of Board's staff on interagency committee, Board to resolve distribution and publication of monograph Study entitled "A Comparative Analysis of Administrative Policy under the Bank Merger Act of 1960," prepared for the Board by Professors George R. Hall and Charles R. Phillips, Jr., recommendations that Board publish monograph and distribute to those who might desire it, approved Amendment of: H.R. 10668 and S. 2561, identical bills to amend, to require each Federal bank supervisory agency to take into consideration possible inconsistency of a proposed merger with the purposes of the Bank Holding Company Act agreed that the draft letters to the Senate and House Banking and Currency Committees would be revised http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/16 1331, 1343 5/25 1867 3/31 1077 4/1 1091 4/27 1456 1964 41 Pages Bank Merger Act of 1960: (continued) Amendment of: (continued) H.R. 10668 and S. 2561, identical bills to amend: (continued) Letters to Chm. Patman of House Banking and Currency Committee, and to Chm. Robertson of Senate Banking and Currency Committee, approved Bank Service Corporation Act: Section 5: Bank services performed by a State member bank for another State member bank, question whether assurances, satisfactory to Board, are required under Reg. S and, Board's interpretation will be published in FRBulletin and Federal Register, advice to FRBank of Minneapolis Bank service corporations: First Service Company, a wholly-owned nonbanking subsidiary of First Virginia Corporation, Arlington, Va., providing data processing services for customers of First Virginia's subsidiary banks, question re possibility of losing its "exempt status" under sec. 4(c)(1) of Bank Holding Company Act in light of such services, draft letter to Federal Reserve Bank of Richmond re, approved, understood substance of letter to be published as Board's interpretation in Federal Register Bank services: Assurances, question presented by Central Bank of Montana, Great Falls, Mont., concerning whether sec. 5 of Bank Service Corp. Act, and Reg. S, require that assurances, satisfactory to Board, be furnished when State member bank performs bank services for another State member bank, Board's interpretation will be published in Federal Register and FRBulletin, advice to FRBank of Minneapolis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/28 1497,1507-09 4/8 1204,1223-24 8/19 2871,2884-88 4/8 1204,1223-25 1964 42 Pages Bank supervisory agencies (Federal): Changes in control and ownership of banks: Legislation that would permit, to approve or disapprove major changes in management arising from changes in control or ownership mentioned in letters to all Federal Reserve Bank Presidents re preventive measures in connection with crimes against banks and savings and loan associations Board does not favor enactment of, position taken in report to Chairman Dawson of the House Couunittee on Government Operations Collective investment funds, H.R. 8499, a bill that would provide for regulation of, maintained by banks and would vest regulatory power over such funds in the Comptroller of the Currency and enforcement responsibility would be divided among the three, agreement with suggestion that statement presented before Subcommittee on Commerce and Finance should concentrate on the view that SEC should regulate Conflicting interpretations: Letter by E. M. Todd of National Bank of Alamance, Graham, N. C., criticizing, discussion whether reply should be made from Board, agreed to hold matter over for further study and consideration at another meeting Agreed President Wayne, FRBank of Richmond, would make such reply as he deemed appropriate, understood Mr. Hackley would revise draft letter in form of statement for use in replying to such inquiries http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/7 1647, 1661 6/23 2248 6/4 1949 1/15 133 1/16 150 1964 43 Pages Bank supervisory agencies (Federal): (continued) Conflicting interpretations: (continued) Banking laws and regulations as interpreted by Board and Comptroller of the Currency: Memorandum from Mr. Hackley re, suggestion to use as a basis for replying to inquiry of Chairman Fascell of the House Legal and Monetary Affairs Subcommittee, agreed that alternative draft would be adapted for Board's consideration for this purpose Inquiry from Chairman Fascell of House Legal and Monetary Affairs Subcommittee, draft reply to be revised along lines indicated, further consideration at another meeting Letter to Chairman Fascell of House Legal and Monetary Affairs Subcommittee approved, accompanied by memorandum analyzing Comptroller's position on corporate savings deposits Copy of letter furnished FDIC Secretary of the Treasury Dillon instructed by the President to establish procedure to insure every effort to be made to work in concert and compose differences, procedure outlined by Mr. Dillon for coordination prior to public announcement, Howard H. Hackley, General Counsel, designated as Board's contact with other Telephone call from Treasury General Counsel Belin advising that Secretary of Treasury was considering extension of procedure to comprehend reports to Congressional Committees or Budget Bureau on proposed legislation where it appeared views were in conflict with established positions of other bank supervisory agencies, Mr. Hackley authorized to inform Mr. Belin that Board would not object to proposed extension of cur rent procedure http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/5 388 2/7 415 2/10 5/6 426,437-49 1624 3/5 738, 741 4/13 1282 1964 44 Pages Bank supervisory agencies (Federal): (continued) Conflicting interpretations: (continued) Letter to Eugene H. Adams, President of First National Bank of Denver, Colo., acknowledging his appointment by President of American Bankers Association as Chairman of a Committee to study a problem that had arisen from current conflicts between bank supervisory agencies Letter to Chairman Patman of House Banking and Currency Committee furnishing list of points of disagreement between Board and other,with elaboration on conflict with Comptroller of the Currency Debentures, use of as capital, capital stock, or surplus, request by Herbert F. Sturdy, Esq., Los Angeles, California, counsel for certain member banks, for an exception to the Board's unfavorable ruling with respect to, agreed that reply be submitted to other bank supervisory agencies with request for comments Agreement expressed that proposed letter would be sent to Mr. Sturdy Meeting of Federal and State supervisory agencies' representatives, proposal by FDIC that meeting be held to deal with banking condition reporting problems, letter to FDIC listing representatives and enclosing memorandum outlining Board's needs for statistical information and plans for a data collection system built around the condition report series Study proposed by, re reports of condition and examination, FDIC advised Board that Chairman of FDIC and Comptroller of Currency were in favor of establishment of committee to work toward obtaining uniformity of computer usage in examination process, along with uniformity of examination reports and call reports, Board agreed participation in such a study was warranted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/27 1874, 1891 9/3 3048, 3064 4/9 1238 4/28 1490 6/22 2195, 2206 1/31 317 1964 45 Pages Bank supervisory agencies (Federal): (continued) Uniformity of computer usage, proposal by Chairman Barr of FDIC that the, establish a committee to work toward uniformity of examination reports and call report forms; Comptroller not willing to enter into any joint effort looking toward uniform call or examination reports, nothing for Board to consider at this time Bankers Association for Foreign Trade: Meetings, Glenn M. Goodman, Assistant Director, Division of Examinations, to travel to attend, to be held in Quebec, Canada, May 24-28, 1964, approved Banking: Correspondent, survey being undertaken by House Banking and Currency Committee, request from Congressman Patman that Board undertake the financial responsibility for key punching and programming of data for surveys on correspondent banking and management succession, agreed that outof-pocket expenses should be borne by Board in compliance with request Banking Act of 1933: Section 20: Violations re, W. R. Grace & Company, a diversified industrial corporation, proposed acquisition of C. J. Devine & Co., would transfer to Devine Corporation stock of Grace National Bank, letter to, advising that proposed arrangement would be prohibited by section 20 of Banking Act of 1933, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/12 458 1/24 262 1/6 21, 29 2/28 677, 687 1964 46 Pages Banking data: Branch banks deposit data, letter to Comptroller of the Currency re proposed collection of, approved, details to be worked out at staff level, Board willing to tabulate and publish data, letter to FDIC Collection of: Bank condition data, discussion re proposed program for collecting statistics on bank balance sheet changes to minimize reliance on uniform quarterly call reports, proposed program called for official call report preferably twice a year, Board authorized proceeding with proposed program for Memorandum from Messrs. Veenstra and Holland submitting drafts of letters to the Budget Bureau responding to a letter to heads of the three Federal bank supervisory agencies and to the Comptroller of Currency re the System's policies with respect to a uniform call report, with special reference to the forthcoming June call, letters approved Comptroller of the Currency to use own form for June call, recommended collection of supplementary condition information directly from national banks, forms for next call, drafts of reconciliation statement and form for collection of branch deposit data transmitted to FRBanks, letter to Budget Bureau requesting approval of reconciliation statement and branch deposit survey http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/8 1669, 1679 3/18 905 5/27 1875,1892-93 6/18 2137,2157-67 1964 47 Pages Banking data: (continued) Collection of: (continued) Proposal by FDIC that representatives of State and Federal bank supervisory agencies participate in conference on banking condition reporting problems, letter to FDIC listing representatives and enclosing memorandum outlining Board's needs for statistical information and plans for a data collection system built around the condition report series Governor Robertson reported re call reports including difficulty encountered with respect to obtaining agreement by Comptroller of the Currency to a date for the call and steps possible to obtain consistent statistical data for all commercial banks as of date decided upon Decision of FDIC and Comptroller of the Currency to delay announcing the mid-year call until July 10, agreed to advise FRBanks to delay transmitting forms to national banks as well as State member banks and to print a supply of F.R. 105 forms that could be forwarded to national banks in case the Comptroller of the Currency's report form was more abbreviated than had been contemplated Condition reports, request for certain banking data from, for use in study "The Impact of Financial Institutions on Competitive Banking" being made by Professors Sawhill and Plakoff for Chairman Patman of House Banking and Currency Committee, letter to Comptroller of Currency and FDIC approved to determine if they are agreeable to Board furnishing data for proposed study under conditions outlined http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/22 2195, 2206 6/30 2313 7/1 2331 3/17 889 V 1964 48 Pages Banking data: (continued) Condition reports: (continued) Advice from other Federal bank supervisory agencies indicated that they had no objection, letter to Chairman Patman National bank call report data, request from the staff of the Comptroller of the Currency that the Board tabulate certain information from call reports, suggestion that request be submitted in writing with information distributed to Board on the magnitude and complexity of the task Comptroller's office to be informed that the Board was not in a position to undertake the work necessary in processing data as requested, memorandum placed in files Reserves, request from Professor William Dewald of the University of Chicago for certain daily data on bank reserves and factors affecting them, agreed to furnish same material supplied earlier to Mr. Albert Cox of the American Bankers Association in 1963 (For entry August 8, 1963, re data furnished Mr. Cox, ABA) SEE: Information: Condition and earning reports Banking laws: Conflicting interpretations: SEE: Bank supervisory agencies: Conflicting interpretations Banking quarters: Emergency facilities: Relocation facility for the joint use of Board and FRBank of Richmond: Gov. Robertson's recommendations to proceed with planning of facility to be used for currency storage and communications center during normal times with possible use as data processing center, completion of study by Div. of Data Processing and FRBank of Richmond re computer operations, and initiation by Board of a program to train Richmond Bank personnel re Board http://fraser.stlouisfed.org functions, approved Federal Reserve Bank of St. Louis 4/24 1432 7/23 2546 7/24 2570 6/8 1977 6/23 2234 1964 49 Pages Banking quarters: (continued) Emergency facilities: (continued) Relocation facility for the joint use of the Board and FRBank of Richmond: (continued) Board approved exercising option to purchase property for, understood after consultation between Board and FRBank representatives, the Bank will ask the Richmond architectural firm of Marcellus Wright & Sons to pre9/21 pare plans for facility Fallout shelters: Birmingham Branch: Board interposes no objection to proceeding with project of, and authorizes the necessary expenditures as described, question by Gov. Balderston re higher expenses for architectural and engineering fees for Birmingham than for the other offices in Dis2/27 trict 6 Draft of telegram to FRBank of Atlanta indicating Board approval re construction of fallout shelter facilities on basis of guaranteed cost estimates, approved, Gov. 12/21 Mitchell dissenting proceeding to no objections FRBank of Atlanta, with project of fallout shelter at the head office, noted that completion is comprehended in the contract for the West Addition which is now under con2/27 struction Chicago: FRBank of Board interposes no objection to proceeding with revised plan for fallout 6/12 shelter facilities FRBank of Dallas: Plans to be abandoned in view of increase in estimated cost noted by Board, entire program to be 1/22 reappraised http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3209, 3218 663, 671 4468, 4495 663, 671 2078, 2094 234, 246 1964 50 Pages Banking quarters: (continued) Fallout shelters: (continued) Jacksonville Branch: Board authorizes the necessary expenses as described and interposes no objection to proceeding with plans Memorandum re guaranteed cost estimates distributed, draft of telegram to FRBank of Atlanta indicating Board approval re construction of fallout shelter facilities on basis of guaranteed cost estimates, approved, Governor Mitchell dissenting Nashville Branch: Board interposes no objection to proceeding with project of, and authorizes the necessary expenses as described Draft of telegram to FRBank of Atlanta indicating Board approval re construction of fallout shelter facilities on basis of guaranteed cost estimates, approved, Governor Mitchell dissenting FRBanks: Building projects, letter to Chairmen and Presidents of FRBanks requesting information re major building projects contemplated during the next five years, as recommended by the Committee on Organization, Compensation and Building Plans Survey re cost of operating head office buildings, report by Division of Bank Operations re, agreed to submit report to Presidents of all FRBanks and to firm of Haskins and Sells for review and recommendations http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/27 663, 671 12/21 4468, 4495 2/27 663, 671 12/21 4468, 4495 8/17 2857, 2864 4/15 1299, 1318 1964 51 Pages Banking quarters: (continued) FRBanks and Branches: Building projects, inquiry from Congressman Reuss as to whether designs for, were selected on basis of competition among architects, Mr. Daniels of Board's staff commented on, Chairman Martin asked that memorandum be prepared re status of plans for buildings now under construction (Individual banks): American Trust & Savings Bank, Dubuque, Iowa, investment in bank premises approved Bank of Gassaway, West Virginia, additional investment in bank premises approved Bank of Monroe, Union, West Virginia, investment in bank premises for purpose of constructing new banking quarters, approved Bank of Ripley, Tennessee, additional investment in bank premises approved Bank of Tuscumbia, Missouri, additional investment in bank premises approved Birmingham Branch: Fallout shelter plans: Board interposes no objection to proceeding with, and authorizes necessary expenses as described, question by Governor Balderston re higher expenses for architectural and engineering fees for Birmingham than for the other offices in District 6 telegram to FRBank of Atlanta indiDraft of cating Board approval re construction of fallout shelter facilities on basis of guaranteed cost estimates, approved, Governor Mitchell dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/15 3132 9/30 3327, 3335 4/15 1293, 1310 2/25 619, 632 10/12 3478, 3484 6/22 2195, 2205 2/27 663, 671 12/21 4468, 4495 1964 52 Pages Banking quarters: (continued) Cincinnati Branch: Construction of new building: Request from President Hickman of FRBank of Cleveland for authority to obtain an option to purchase real estate in Cincinnati and to have architects proceed with preliminary plans for, agreed that Board would defer action until representatives of Division of Bank Operations had visited Cincinnati and reported back re present building and proposed plan, letter to President Hickman Board to meet with Chairman Hall of FRBank of Cleveland on afternoon of December 2, 1964, for discussion re Report by Mr. Farrell of findings of onsite visit by Division of Bank Operations in preparation for visit by Chairman Hall of Federal Reserve Bank of Cleveland for further discussion re Chairman Hall and Messrs. Kiel and Morrison present at Board meeting to discuss Agreement with suggestion that the Board advise FRBank of Cleveland that it was unconvinced re need for, and would like to have the Bank explore possibilities of acquiring three parcels of land adjacent to the present Branch building for construction of an improved security court and other needed facilities, letter to President of FRBank of Cleveland sent on December 17, 1964 Savings Bank, South Haven, and Trust Citizens Michigan, additional investment in bank premises approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/2 3365, 3374 11/23 3971 11/24 3996 12/2 4107 12/8 4227, 4244 9/16 3157, 3167 1964 53 Pages Banking quarters: (continued) Commercial Savings Bank, Adrian, Michigan, investment in bank premises approved Commercial and Savings Bank Company, Danville, Ohio, additional investment in bank premises approved Denver Branch: Building program: Need for a new bank, possibility of renting quarters for check collection operations until new building was constructed, understood Governor Shepardson would discuss problems with President Clay of FRBank of Kansas City on March 24, 1964, when he was in Washington for FOMC meeting Request for authority to purchase building site, agreed to defer decision until Chairman Martin and Gov. Shepardson could make report to Board following their visit to Denver Favorable report submitted by Governor Shepardson on behalf of Chairman Martin and himself, further discussion re possible conflict of interest involving seller, Park City Corporation, and officers of Denver member bank and Denver Branch Director, understood field staff examiner or Mr. Smith of Examinations, would go to Denver, Board to consider matter further Approval of acquisition of property with Governor Mills abstaining, action subject to ratification at next meeting of Board due to lack of a quorum Deposit Guaranty Bank and Trust Company, Jackson, Mississippi, additional investment in bank premises approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/15 2491, 2501 9/23 3248, 3267 2/19 589 7/10 2425 7/21 2514 7/24 2572, 2588 4/17 1346, 1354 1964 54 Pages Banking quarters: (continued) Devon-North Town State Bank, Chicago, Illinois, investment in bank premises approved, Board emphasizes need for providing additional capital funds of Yorkville, Illinois, Board Bank Farmers' State interposes no objection to an investment in bank premises made in 1963 and approves additional investment in bank premises FRBank of Atlanta: Fallout shelter plans for, Board interposes no objection to proceeding with project, noted that completion is comprehended in contract for the West Addition now under construction FRBank of Chicago: Fallout shelter, Board interposes no objection to proceeding with revised plan Heating, air conditioning, and ventilating, letter to, interposing no objection to Bank's proceeding with installation of a system for centralized control of, and authorizing an expenditure not to exceed $125,000 for this purpose FRBank of Cleveland: Food service facility, Board interposes no objection to expenditure for renovation of, in head office building, requiring additional expenditure to amount initially authorized FRBank of Dallas: Fallout shelter plans to be abandoned in view of increase in estimated cost, noted by Board, entire program to be reappraised http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/18 903, 916 5/8 1669, 1675 2/27 663, 671 6/12 2078, 2094 7/15 2491, 2502 8/17 2857, 2863 1/22 234, 246 1964 55 Pages Banking quarters: (continued) FRBank of Kansas City: Building program, Board interposes no objection to purchase of property adjoining building on which is located a structure which could be used as a temporary service building during construction FRBank of New York: Building program: Discussion re proposed program designated to provide additional space in vicinity of present FRBank building, letter approved interposing no objection to taking option on either site described and hiring a real estate agent at a specified fee, with the understanding that additional documentation of projected needs of the bank would be requested by Mr. Farrell Further discussion re proposed program, including comments about contemplated increase in personnel, noted that no action by the Board was necessary at present No objection to the purchase of a site across Maiden Lane from the Main New York Reserve Bank building but not to be construed as approval for building construction Agreement on part of Board to interpose no objection to New York Reserve Bank exercising option to purchase property at 68-70 Nassau Street for 036,000, telegram to Vault, gold facilities, revision in estimated costs for proposed alterations re, noted without objections http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/23 3251, 3278 4/30 1553, 1580 7/9 2375 10/26 3639, 3657 11/25 4022, 4049 7/24 2561, 2584 1964 56 Pages Banking quarters: (continued) FRBank of Philadelphia: Alterations designed to improve cash department facilities in the basement, Board interposes no objection to proceeding with, and authorizes necessary named expenditure including architects' fee, Board's Committee on Organization, Compensation, and Building Plans had reviewed proposed plans and had no objection FRBank of Richmond: Building site, Board authorizes purchase of improved property (the Goldberg property) at price not to exceed $400,000, letter to Relocation facility for the joint use of the Board and: Governor Robertson's recommendations to proceed with the planning of, to be used for a currency storage and communications center during normal times with possible use as a data processing center, completion of study by Division of Data Processing and FRBank of Richmond re computer operations, and initiation by Board of a program to train Richmond Bank personnel re Board functions, approved Board approves exercising option to purchase property for, understood after consultation between Board and FRBank representatives, the Bank will ask the Richmond architectural firm of Marcellus Wright & Sons to prepare plans for Trust Company, Philadelphia, -Philadelphia Fidelity Pennsylvania, additional investment in bank premises incident to the establishment of a branch at 3949 Chestnut Street, Philadelphia, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/6 3768, 3786 12/2 4099, 4121 6/23 2234 9/21 3209, 3218 3/6 744, 751 1964 57 Pages Banking quarters: (continued) Fidelity State Bank, Topeka, Kansas, investment in bank premises for acquisition of an adjoining building, approved Fidelity Union Trust Company, Newark, New Jersey, additional investment in bank premises approved First Bank of Brighton, Colorado, investment in bank premises, understood premises for new banking quarters will be owned by Firstbanc Corporation, approved First Bank and Trust Company of South Bend, Ind., additional investment in bank premises, approved First-Mason Bank, Mason, Ohio, additional investment in bank premises, approved First State Bank, Odessa, Texas, during construction of new quarters, expenditures exceeded those originally approved, if request for approval of additional expenditures had been made to the Board, no objection would have been offered Houston Bank and Trust Company, Houston, Texas: Additional investment in bank premises, approved, Governor Robertson regarded application as borderline case in view of inadequate capital and character of assets a past investment in bank premto No objection ises and approval re a proposed investment in bank premises, Board urges that bank's capital structure be frequently reviewed by the Board of Directors Savings Bank, Huntington, West & Trust Huntington Virginia, investment in bank premises, approved & Trust Company, North ManBank Indiana Lawrence chester, Indiana, additional investment in bank premises, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/25 619, 633 2/7 413, 423 7/15 2491, 2500 11/27 4054, 4074 8/13 2808, 2824 2/5 388, 397 3/2 691, 702 8/14 2836, 2850 9/30 3327, 3334 8/25 2940, 2952 1964 58 Pages Banking quarters: (continued) Irving Trust Company, New York, New York, additional investment in bank premises, approved Jacksonville Branch: Fallout shelter plans: Board interposes no objection to proceeding with, and authorizes necessary expenses as described Draft of telegram to FRBank of Atlanta indicating Board approval re construction of fallout shelter facilities on basis of guaranteed cost estimates, approved, Governor Mitchell dissenting Lafayette Trust Company, Easton, Pennsylvania, investment in bank premises for purpose of purchasing land and constructing quarters for a new branch, approved Little Rock Branch: Building plans, authorization to proceed with preparation of final plans and specifications for proposed new building Nashville Branch: Fallout shelter plans: Board interposes no objection to proceeding with, and authorizes necessary expenses as described Draft of telegram to FRBank of Atlanta indicating Board approval re construction of fallout shelter facilities on basis of guaranteed cost estimates, approved, Governor Mitchell dissenting New Orleans Branch: Real estate purchase: Proposed acquisition of property adjoining the New Orleans Branch building site at a price not in excess of $425,000, Governor Mitchell to discuss with President Bryan of the FRBank of Atlanta http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/26 2266, 2273 2/27 663, 671 12/21 4468, 4495 1/14 105, 119 9/3 3044, 3061 2/27 663, 671 12/21 4468, 4495 6/10 2008 1964 59 Pages Banking quarters: (continued) New Orleans Branch: (continued) Real estate purchase: (continued) Further discussion, agreed Mr. Farrell should visit New Orleans and talk with Chairman of Branch Board and return with recommendations Memorandum from Mr. Farrell reporting on his visit to, letter approved for transmission to FRBank of Atlanta, interposing no objection to the acquisition of property in question at price specified Northeastern Banking Company, Commerce, Georgia, additional investment in bank premises, approved, with the understanding that the proceeds from the sale of the present banking premises will be used to reduce the carrying value of the bank premises Pacific State Bank, Hawthorne, California: Request for further investment in bank premises, bank in unsatisfactory condition, agreed FRBank of San Francisco would be advised re Board's unfavorable reaction and would appreciate any additional comments from the Federal Reserve Bank supporting their favorable recommendation Further discussion, request denied, reply stressing bank's unsatisfactory capital position Peoples Savings Bank, Clanton, Alabama, additional investment in bank premises, approved People's Savings and Trust Company, Hazleton, Pa., additional investment in bank premises, approved Peoples Trust City Bank, Reading, Pennsylvania, investment in bank premises for a new branch, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/18 2133 7/10 2428, 2433 12/14 4301, 4317 2/13 467 2/14 478, 514 1/17 172, 179 5/8 1669, 1674 3/25 965, 986 1964 60 Pages Banking quarters: (continued) Seattle Branch: Air conditioning system for, Board interposes no objection to Bank's entering into contract with the Ballard Company to install, and authorizes expenditure, President Swan to review question of how complete an installation should be made and communicate further with the Board Silsbee State Bank, Silsbee, Texas, additional investment in bank premises, approved State Bank of St. Charles, Illinois, investment in bank premises, approved State Bank of Viroqua, Viroqua, Wisconsin, additional investment in bank premises, approved Union Bank & Trust, Sioux Falls, South Dakota, investment in bank premises, approved, provided bank increases its capital stock, understood premises will be owned by wholly-owned affiliate organized solely for that purpose Wilmington Trust Company, Wilmington, Delaware, additional investment in bank premises incident to the establishment of a branch at 222 11th Street, Wilmington, Delaware, approved Winchester Trust Company, Winchester, Massachusetts, Board offers no objection to expenditure for bank premises made during 1962-63 Bankruptcy, Trustees in: Savings deposits, recommendation two in Legal Division memorandum re proposed revision of Reg. Q, recommending that no specific amendment be adopted for purpose of making deposits of trustees in bankruptcy eligible as, suggestion by Gov. Robertson that trustees in bankruptcy be specifically allowed such deposits, with maximum of $25,000, consensus in favor of suggestion, with Gov. Mills agreeing reluctantly http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/18 3180, 3193 6/9 1982, 1994 1/31 311, 319 3/30 1056, 1066 7/13 2437, 2453 2/27 663, 669 6/24 2251, 2257 5/12 1701 1964 61 Pages Banks: Acquisition by businesses, question if any information released by Board might have formed basis for an article in the Wall Street Journal re, possible connection with Board's recommendation to Congress in Annual Report for 1963 and earlier that Bank Holding Company Act be extended to cover onebank cases Control by organized crime, Governor Robertson reported that Assistant Director of FBI had made a speech in which he referred to banks controlled by organized crime, understood that representatives of the Legal Division and the Division of Examinations would contact Chief of Organized Crime Section of the Justice Department to get all available information Banks, insured: Changes in control or ownership: Legislation that would permit bank supervisory agencies to approve or disapprove major changes in management arising from, referred to in letters to FRBank Presidents re preventive measures in connection with crimes against banks and savings and loan associations Board does not favor enactment of legislation that would permit bank supervisory agencies to approve or disapprove major changes in management arising from, report to Chairman Dawson of the House Committee on Government Operations on report on crimes against banking institutions Letter to Budget Bureau reporting on draft legislation proposed by FDIC "to provide for notice of," approved, Gov. Mills' reservations being noted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/16 3162 10/23 3621 5/7 1647, 1661 6/23 2248 7/31 2696, 2706 1964 62 Pages Banks, insured: (continued) Changes in control or ownership: (continued) H.R. 12267, an enrolled bill to provide for notice of, report to Budget Bureau recommending approval Understood that staff would prepare a statement indicating that reports re, involving State member banks were to be submitted to the Federal Reserve Banks, FDIC to mail statement to all insured banks outlining procedure to be FRBanks to Letter followed at regional level and requesting a copy of each report relating to management control received directly by them and of all reports submitted to them by local representatives of either the FDIC or Comptroller of the Currency, copy of letter transmitted to FDIC and Comptroller of the Currency Procedure in reporting as agreed by Board and FDIC, letter to Comptroller of the Currency seeking to clarify difference in procedure in submitting reports to the Comptroller Letter to Kingston Trust Company, Kingston, New York, answering question whether Public Law 88-593, which requires reports of, would be applicable in situations where the changes occurs as an incident to a merger, approved Private: SEE: Private banks Bermuda: Coin shortage: Call from State Dept. re possibility of supplying additional American coin for use in, discussed with Treasury and FRBank of New York, Mr. Farrell to communicate with other FRBanks re matter http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/4 3078, 3084 9/15 3129, 3138 9/24 3286, 3291 10/21 3602, 3611 10/26 3636, 3653 4/24 1432 1964 63 Pages Bermuda: (continued) Coin shortage: (continued) Memorandum re inquiry from State Department about possibility of obtaining $25,000 in American coin for use in, agreement with suggestion that request for coin be made to the FRBank of New York through the correspondent banks of the Bank of Bermuda, Mr. Farrell to advise State Department Bible, Alan, Senator: Coin, shortage of, letter to, suggesting that use of coin as collateral for bank loans be prohibited Board of Governors: Administrative affairs, internal: Governor Shepardson vested with direction of, including matters re personnel, budget, and housekeeping, with authority to approve domestic travel, requests for foreign travel, and appointment of examiners, assistant examiners, and special or special assistant examiners of FRBanks Board member having the assignment for, to approve requests for Robert Solomon, Associate Adviser, Division of Research and Statistics, to attend meetings in connection with the study committee associated with the Group of Ten Annual reports: SEE: Annual reports: Board of Governors Automobiles: Circular No. A-22, Revised, dated December 19, 1963, having to do with limousines and sedans used by agencies of the Executive Branch, Board concluded that Circular issued by Bureau of the Budget did not apply to automobiles used by the Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/28 1494 7/14 2474, 2488 7/29 2648 10/6 3403 1/24 263 1964 64 Pages Board of Governors: (continued) Banking statistics: Plan to transfer Current Series and Call Report Sections of Division of Bank Operations to Divisions of Data Processing, Research and Statistics, and other sections of Division of Bank Operations, approved Plan of organization of the Division of Data Processing, effective March 15, 1964 Building: Addition or annex to: Amendment to agreement of December 7, 1962, between the Board and Harbeson Hough Livingston and Larson, Philadelphia, Pennsylvania, letter approving sent with copies of amendment to contract to be executed, one copy returned to Mr. Livingston for his record Conference with Messrs. Livingston and Chesser of Harbeson Hough Livingston and Larson, re preliminary plans for, including parking facilities, understood that the architects would study problems dealing with eating facilities and conference rooms, Messrs. O'Connell and Kelleher to attend meeting of National Capital Planning Commission Subcommittee Architects' fee relating to planning of, referred to as a contributing factor in overall increase in the 1965 budget Parking facilities: Legal and Administrative Services Divisions authorized to enter into negotiations for possible acquisition of triangular property bounded by 20th Street, Virginia Avenue, and C Street, for development of surface parking and underground extension of garage facilities for proposed annex http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/10 779, 783 3/13 843, 862 6/19 2179, 2194 9/23 3255 12/9 4257, 4271 1/14 117 1964 65 Pages Board of Governors: (continued) Building: (continued) Parking facilities: (continued) Memorandum re possible acquisition by Board of triangular-shaped property lying to the northeast of the Federal Reserve Building, for underground parking, approval of letter to Surveyor of District of Columbia Conference with Messrs. Livingston and Chesser of Harbeson Hough Livingston and Larson including discussion re plans for underground use of triangle bordering on property across C Street from present building Report by Mr. O'Connell on meeting of "Subcommittee on Pennsylvania Ave., S.E." attended by Messrs. O'Connell and Kelleher, on status of negotiations to acquire triangular shaped lot next to present parking lot, memorandum re meeting placed in Board's files, agreement with Governor Shepardson's recommendation to proceed with plans as worked out at meeting Delegation of authority: Bank supervisory functions, Chairman Martin commented that in considering proposals for enactment in connection with Board's legislative program, that while delegation was important, it was not as urgent as some of the other topics, however it would be well to be prepared with draft legislation re testimony to be presented by of draft 1556, S. Chairman Martin before Subcommittee on Financial Institutions of Senate Banking and Currency Committee to be revised and presented in final form satisfactory to the Chairman http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/4 1590 9/23 3255 12/14 4308 6/11 2043 7/20 2383 1964 66 Pages Board of Governors: (continued) Delegation of authority: (continued) Noted that the Board had not arrived at specific recommendations re, and it was desirable not to refer to a proposal of that nature Directives: SEE: Board of Governors: Procedures Division of Administrative Services, Assistant to the Director of, recommendation that position be declared sensitive and that incumbent John D. Smith be cleared by means of a full-field investigation, approved Division of Bank Operations: Administrative Section, transfer of two ClerkStenographer positions to, approved Call Report and Current Series Sections, plan to transfer sections to Divisions of Data Processing, Research and Statistics, and other sections of Division of, approved Division of Data Processing: Banking statistics function, plan to transfer Current Series and Call Report Sections of Division of Bank Operations to, Division of Research and Statistics, and other sections of Division of Bank Operations, approved Plan of organization of the Division of Data Processing, effective March 15, 1964 Economic Graphics Section: Transferral of Economic Illustrating Unit from Division of Research and Statistics to, with a change in name to, approved Headliner Photo Composing Machine, Model 840, for use in, memorandum recommending the purchase of an additional, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/1 3351 4/28 1500 10/6 3405 3/10 779, 783 3/10 779, 783 3/13 843, 862 1/10 80 10/12 3482 1964 67 Pages Board of Governors: (continued) Division of Data Processing: (continued) Financial Statistics Section, establishment of new position of Computer Programmer in, approved Programming position, establishment of additional new position, approved, understood that this would be offset by the elimination of a position in the Business Conditions Section of Division of Research and Statistics Title change, consideration of new titles for Division of Research and Statistics and, reservations expressed by Governor Daane, understood matter would be held over for consideration at a time when additional members of the Board were present Division of Examinations: Assistant Director, position formerly held by Henry Benner, abolished Associate Director, position formerly held by Robert C. Masters, abolished Directive relating to examinations of FRBanks, recommendations submitted in memorandum from Governor Shepardson approved, Haskins and Sells to assist Division of Examinations in any way Division may desire in revising its operating manual for examiners and reviewing problems encountered by examiners Foreign banking activities program, establishment of position of Review Examiner for allocation to, approved International banking and financing, Governor Robertson repeated suggestion he had made in fall of 1963 that active consideration be given to augmenting staff of, Mr. Solomon described efforts being made toward that end http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/21 1846 8/14 2839 7/10 2430 2/20 611 2/27 665 4/1 1094,1124-25 6/19 2179 5/11 1688 1964 68 Pages Board of Governors: (continued) Division of Examinations: (continued) Secretary to Associate Director, position formerly held by Frances S. Bender, abolished Secretary to Mr. Henry Benner, position formerly held by Esther Severud, abolished Division of International Finance: Asia, Africa, and Latin America Section, establishment of additional economist position in, approved Clerk-Stenographer, position to be established in, understood that this position would be assigned to the Administrative Staff budget Division of Research and Statistics: Banking Markets Unit, establishment of position of Economist in, approved Banking Section, position of Economist, Grade FR-11, established, understood that a currently vacant position in the Business Conditions Section would be abolished Banking statistics function, plan to transfer Current Series and Call Report Sections of the Division of Bank Operations to Division of Data Processing, and, approved Business Conctitions Section: Establishment of two positions of Economists authorized Establishment of a position of Research Assistant-Data Processing, approved Consumer Credit and Finances Section: Establishment of the position of Economist, Grade FR-13, to be created in, it being understood that a currently vacant position in the National Income Section would be abolished Establishment of position of economist, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/27 665 2/20 611 10/26 3643 9/2 3035 11/12 3819 8/27 2968 3/10 779, 783 1/17 176 2/14 482 8/24 2920 11/12 3819 1964 69 Pages Board of Governors: (continued) Division of Research and Statistics: (continued) Economic Illustrating Unit, transferral of, to Division of Data Processing and name of operation changed to Economic Graphics Section, approved Flow of Funds Section: Establishment of position of economist on a temporary basis, approved Establishment of position of senior economist, approved National Income Section, understood position in, would be abolished, position of Economist, Grade FR-13 to be created in Consumer Credit and Finances Section Secretary, FR-6, Administration, reestablishment of position of, approved Title change, consideration of new titles for Division of Data Processing and, reservations expressed by Gov. Daane, understood matter would be held over for consideration at a time when additional members of the Board were present Dow-Jones Financial News Service Ticker, recommendation re installed in the FDIC Building for the joint use of the Board's staff and FDIC staff, with costs to be shared equally by Board and FDIC, approved, authorization for any resultant overexpenditure in Research and Statistics Division's All Other Account Employees training and development program: SEE: Staff of Board of Governors: Employees training and development program Financial operations of: Letter to Director of Bureau of Budget re submission of data on, for inclusion in an appendix to the 1966 Federal budget document on a fiscal rather than on a calendar year basis, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/10 80 5/22 1857 6/18 2154 8/24 2920 9/18 3189 7/10 2430 5/8 1669, 1678 5/4 1594, 1607 1964 70 Pages Board of Governors: (continued) Financial operations of: (continued) Schedules for 1963, 1964, and 1965 submitted to Bureau of the Budget for inclusion in a separate section of the 1966 Federal budget document Insurance: Accident insurance for Board employees, recommendation that annual refunds of overpayments received in connection with, be turned over to Reserve Board Club, with understanding that no restrictions would be placed upon the Club as to use of the money, approved Legal Division: Technical legal questions, procedure in handling questioned by Governor Daane Members: Managerial duties: Direction vested with Governor Shepardson including matters re personnel, budget, and housekeeping, with authority to approve domestic travel, and requests for foreign travel, appointment of examiners, assistant examiners, and special or special assistant examiners of FRBanks having the assignment for the member Board direction of, to approve requests for Robert Solomon, Associate Adviser, Division of Research and Statistics, to attend meetings in connection with the study committee associated with the Group of Ten (Individual names): Balderston, C. Canby: In connection with denied application of Camden Trust Co., to merge with Merchantville National Bank and Trust Co., both of New Jersey, Mr. Davis, President of Camden Trust Co. requested visit with, appointment to be arranged http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/21 3606, 3613 8/14 2839 4/6 1144 7/29 2648 10/6 3403 7/2 2353 1964 71 Pages Board of Governors: (continued) Members: (continued) Balderston, C. Canby: (continued) Designated to serve with Governors Shepardson and Mitchell on the Committee on Organization, Compensation, and Building Plans Reported that during his recent visit to FRBank of Cleveland, he had been shown indications of substantial improvement in the check processing operation Prepared statement read bearing on question whether 1964 seasonal reserve needs should be met through open market operations, copies to be placed in Board's files and furnished to other members of the Board To confer with officials of Treasury Department re method of payment to Treasury of funds from surplus accounts of FRBanks for 1964, reported that Treasury officials expressed preference for pro rata monthly plan as agreed upon by Board at meeting on December 23, 1964 Daane, J. Dewey: Named as a,member of committee with Governors Mills and Shepardson to work with staff in formulating a program for newly-appointed FRBank and Branch directors Question whether Governors Mitchell and, should participate in decisions on Retirement System proposals, Legal Division and Division of Personnel Administration requested to explore problem Technical legal questions, procedure in handling questioned by http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/29 2648 9/16 3162 10/7 3439 12/28 4541 2/14 478 3/26 1030 4/6 1144 1964 72 Pages Board of Governors: (continued) Members: (continued) Daane, J. Dewey: (continued) Report by Mr. Sprecher indicating that the Divisions of Personnel and Legal reported that it was not necessary for Governors Mitchell and, to abstain from voting on the Retirement System proposals for the FRBank plan, however the Governors decided to abstain from voting Board briefed by, on nature of forthcoming Ministerial Statement of Group of Ten Finance Ministers, including the annex prepared by the Deputies, to be distributed through the Treasury, to FOMC, and other FRBank Presidents Martin, William McC.,Jr.: To travel to Antigua, Guatemala, to attend conference of central bank heads of the American Continent To present statement before the House Subcommittee on Commerce and Finance on H.R. 8499, a bill that would provide for regulation of collective investment funds Invitation extended by Chairman Fascell of the Legal and Monetary Affairs Subcommittee to testify re coin shortage at hearings scheduled to begin June 30, 1964, understood Chairman Martin and one or more FRBank Presidents would testify Held a press conference in connection with the Board's action in raising the discount rates and amending Regulation Q to increase maximum permissible rates on time and savings deposits, copy of press conference text placed in Board's files http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/7 1173 8/5 2719 3/27 1050 6/4 1953 6/23 2239 11/23 3980 1964 73 Pages Board of Governors: (continued) Members: (continued) Mills, A. L., Jr.: Named as a member of committee with Governors Shepardson and Daane to work with staff in formulating a program for newly-appointed FRBank and Branch directors Comment that the establishment of an interagency committee, plus machinery recently set up for coordination of bank supervisory policies, sharpened his apprehension that the practice of inter-agency consultation might spread to such a point as inevitably to result in the watering down of Board opinions, in favor of wide distribution of research monograph giving an objective analysis of past merger decisions by supervisory agencies prepared by Professors Hall and Phillips Continued to have reservations concerning the adoption of certain proposals under consideration by the Board concerning the release of reports on competitive factors, did not dissent in sending letter to Chairman of FDIC re these proposals because he contemplated procedures outlined,moved in a direction he understood the majority of members of Board favored Presented statement of his views re Regulation Q and particularly his belief that the Board would err in recommending use of standby authority under Regulation Q at this time Statement supporting approval of application of First National Bank of Tampa, Fla., to become bank holding company thru acquisition by Union Security and Investment Co., Tampa, Fla., of shares of Second National Bank of Tampa, a proposed new bank http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/14 478 3/31 1077 4/1 1090 4/13 1278 4/27 1452 1964 74 Pages Board of Governors: (continued) Members: (continued) Mills, A. L., Jr.: (continued) Statement supporting approval of the application of State and Savings Bank, Monticello, Indiana, to merge with Monon Bank, Monon, Indiana Application of Provident Tradesmens Bank & Trust Company, Philadelphia, Pennsylvania, to merge with Second National Bank of Philadelphia, Pennsylvania, Governor Mills presented statement proposing that merger should be denied, application was approved, Governor Mills dissenting Dissenting statement, authorized Prepared statement bearing on question whether 1964 seasonal reserve needs should be met through open market operations or at least a part be provided by reducing member banks' reserve requirements, copies to be placed in Board's files and furnished to other members of the Board Asked that his dissent re revision of Regulation Q be recorded Supplemental statement re reasons why he would not favor action at this time to reduce reserve requirements During discussion re inquiry by Rhode Island Hospital Trust Company, Providence, Rhode Island, re proposed plan of Bank to provide a listing service for institutional investors, Governor Mills stated that while activity was not inconsistent with reading of section 5136 of Revised Statutes and section 9, paragraph 20 of FRAct, proposal would be tantamount to underwriting and therefore contrary to spirit of statutes, letter to Bank, approved, Gov. Mills dissent placed in Board's files http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/9 2389 7/29 8/7 2631 2739, 2751 10/7 3439 10/15 3548 10/29 3687 11/9 3793, 3798 1964 75 Pages Board of Governors: (continued) Members: (continued) Mills, A. L., Jr.: (continued) Abstained from voting on the budget for respective FRBanks for first half of 1965, after statement that he had not been reconciled to current budgetary procedures In connection with Board approval of rate at which surplus accounts of FRBanks should be maintained, with Governor Mills dissenting in Board action, read prepared statement giving his views Dissenting statement issued, with Governor Robertson concurring, in connection with Board's approval of the application of County Trust Company, White Plains, New York, to merge with Peoples Bank of Rockland County Mitchell, George W.: Question whether Governors Daane and, should participate in decisions on Retirement System proposals approved by Presidents' Conference and submitted to Board for consideration, Legal Division and Division of Personnel Administration requested to explore problem Report by Mr. Sprecher indicating that it was not necessary for Governors Daane and, to abstain from voting on the Retirement System proposals for the Federal Reserve Bank plan, however the Governors decided to abstain from voting To travel to Antigua, Guatemala, to attend a conference of central bank heads of the American Continent Designated to serve as Chairman with Governors Balderston and Shepardson on the Committee on Organization, Compensation, and Building Plans http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4256 12/16 4344 12/28 4543, 4557 3/26 1030 4/7 1173 3/27 1050 7/29 2648 1964 76 Pages Board of Governors: (continued) Members: (continued) Mitchell, George W.: (continued) Reviewed highlights of recent meeting of Treasury's academic consultants Dissenting statement in connection with the approval of application of Provident Tradesmens Bank and Trust Company, Philadelphia, Pennsylvania, to merge with Second National Bank of Philadelphia, Pennsylvania Designated to discuss operating problems faced by Reserve Banks in making survey re unfit FRnotes, to work with ad hoc subcommittee of the Presidents' Conference Dissenting in Board's action granting permission to Chemical Overseas Finance Corporation, Hamilton, Bermuda, a subsidiary of Chemical International Finance Ltd., New York, to amend its charter to permit acceptance of time and demand deposits, and to base its lending limits on capital and surplus of Chemical International Robertson, J. L.: To speak at Director's Day annual meeting on "Current Issues in Bank Supervision" Concurring statement in application of Baystate Corporation, Boston, Mass., to acquire up to 100 per cent of the voting shares of Merrimack Valley National Bank, Haverhill, Massachusetts, authorized Governor Robertson repeated suggestion he had made in fall of 1963 that active consideration be given to augmenting staff of Division of Examinations, devoted to foreign banking matters, Mr. Solomon described efforts being made toward that end http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/5 2720 8/7 2739, 2754 12/15 4336 12/30 4562, 4583 2/28 676 4/9 1237, 1260 5/11 1688 1964 77 Pages Board of Governors: (continued) Members: (continued) Robertson, J. L.: (continued) Dissenting statement issued in connection with the approval of application of First National Bank of Tampa, Florida, and Union Security and Investment Company, Tampa, Florida, to become bank holding companies of Second National Bank of Tampa, Florida Report submitting recommendations resulting from a study made in connection with the relocation facility for the joint use of the Board and the FRBank of Richmond, approved Dissenting in the approval of application of Society Corporation, Cleveland, Ohio, to become a bank holding company through the acquisition of shares of Fremont Savings Bank Company, Fremont, Ohio Dissenting statement in connection with the approval of application of Provident Tradesmens Bank and Trust Company, Philadelphia, Pa., to merge with Second National Bank of Philadelphia, Pennsylvania Prepared statement submitted on question whether 1964 seasonal reserve needs should be met through open market operations or at least a part be provided by reducing member banks' reserve requirements, copies of statement to be placed in Board's files and furnished to other members of the Board Dissenting statement issued in connection with approval of application of State Bank of Albany, New York, to merge with First National Bank of Cairo, New York http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/18 1791, 1814 6/23 2234 7/2 2347 8/7 2739, 2754 10/7 3439 10/15 3527, 3558 1964 78 Pages Board of Governors: (continued) Members: (continued) Robertson, J. L.: (continued) Dissented in vote re Board's approval re application of Solar Investment Company, Inc., Pueblo, Colorado, and First National Bank of Pueblo Colorado, for determination that they were not holding company affiliates of Park National Bank of Pueblo, Colorado Dissenting statement issued in connection with approval of application of Wheeling Dollar Savings & Trust Company, Wheeling, West Virginia, to acquire assets of South Wheeling Bank and Trust Company, Wheeling, West Virginia Dissenting statement issued in connection with Board's approval of application of Wells Fargo Bank, San Francisco, California, to merge with Bank of Amador County, Jackson, California Regulation F To confer with representatives of Federal Deposit Insurance Corporation on the points of difference on issuance of new Point by point review of differences between Board's regulation and Federal Deposit Insurance Corporation's draft, with certain adjustments and changes called for by, negotiations with Federal Deposit Insurance Corporation Reported on meetings held with Chairman Barr and Director Randall of Federal Deposit Insurance Corporation since Board's discussion of Regulation F, on Dec. 17, agreement reached on all points of difference, agencies to issue virtually identical regulations to become effective January 1, 1965 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/20 3942, 3951 11/25 4013, 4041 12/16 4342, 4394 12/16 4378 12/17 4449 12/21 4471 1964 79 Pages Board of Governors: (continued) Members: (continued) Robertson, J. L.: (continued) Regulation F: (continued) To confer with Board's staff and officials of FDIC in connection with release of press statements issued by Board and FDIC in connection with Dissented in Board's action granting permission to Chemical Overseas Finance Corporation, Hamilton, Bermuda, a subsidiary of Chemical International Finance, Ltd., New York, to amend its charter to permit acceptance of time and demand deposits, and to base its lending limits on capital and surplus of Chemical International Shepardson, Charles N.: Named as a member of committee with Governors Daane and Mills to work with staff in formulating program for newly-appointed FRBank and Branch directors Memorandum from, containing recommendations re supervision and examination of FRBanks including new directive to Div. of Examinations Aug. 1, 1964, vested with year beginning For direction of Board's internal administrative affairs, including matters pertaining to Board personnel, budget, and housekeeping Designated to serve with Governors Balderston and Mitchell on the Committee on Organization, Compensation, and Building Plans Non-section divisions, recommendation that procedure re classification of secretarial positions approved on Feb. 7, 1962, be reviewed to provide that each Division of Board that does not have sections may present for review, allocation at Grade FR-5 of one existing FR-4 stenographic position, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/28 4541 12/30 4562, 4583 2/14 478 4/1 1094, 1123 7/29 2648 7/29 2648 10/23 3623 1964 80 Pages Board of Governors: (continued) Office of the Controller, sensitive position, recommendation approved that position currently occupied by Robert S. McClellan, Analyst, be designated sensitive and that incumbent be granted security clearance, understood that because of past employment in a sensitive position with the Department of State, incumbent could be granted clearance without further investigation or expense to the Board Parking facilities: SEE: Board of Governors: Building: Parking facilities Payroll, letter to Secretary of Agriculture requesting loan of systems analyst on a reimbursable basis for a period of six to eight months to provide assistance in converting Board's payroll operations to computer operations Procedures: Bank holding companies, procedure in handling technical legal questions re, by Board rather than by the Legal Division, questioned by Governor Daane Division of Examinations, recommendations submitted in memorandum from Gov. Shepardson re new directive relating to examinations of Federal Reserve Banks, approved Reallocation of authority in connection with Federal bank supervision, mentioned in a preliminary outline of a possible legislative program Relocation facility for the joint use of Board and FRBank of Richmond: Gov. Robertson's recommendations resulting from a study he had undertaken re, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/18 3912 8/7 2741 4/6 1144 4/1 1094,1124-25 6/11 2043 6/23 2234 1964 81 Pages Board of Governors: (continued) Relocation facility: (continued) Board approves exercising option to purchase property for, for the joint use of the Board and FRBank of Richmond, understood after consultation between Board and Federal Reserve Bank representatives, that the Bank will ask the Richmond architectural firm of Marcellus Wright and Sons to prepare plans for Reserve Board Club: SEE: Reserve Board Club Secretarial positions, recommendation that procedure re classification of secretarial positions approved on February 7, 1962, be revised to provide that each Division of the Board that does not have sections may present for review, the allocation at Grade FR-5 of one existing FR-4 stenographic position, approved Secretary's Office, Administrative and Minutes Section of, additional budget position for General Assistant in, approved Staff, moving expenses reimbursed to Federal Reserve Bank employees who transferred to the Board's service prior to December 31, 1963, subsequently determined by an Internal Revenue ruling in March 1964 that these employees owed back taxes to the Federal government, Board to pay taxes for employees and to assist them with their amended returns Bolton, James C., President, Rapides Bank and Trust Company, Alexandria, Louisiana, comments re State member banks being placed at a competitive disadvantage due to inability to absorb exchange charges, Chm. Martin to talk to Chm. Barr Proposed letter sent to Chm. Barr of FDIC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/21 3209, 3218 10/23 3623 6/10 2011 5/7 1647 4/28 4/28 1480 1487, 1501 1964 82 Pages Bonds: Inter-American Development Bank, Washington, D.C.: Amendment to Fiscal Agency Agreement authorizing FRBank of New York to act as Fiscal Agent re proposed issuance of Twenty-Year Bonds of 1964, approved Amendment to Fiscal Agency Agreement with Federal Reserve Bank of New York, covering a proposed issue by, of its Twenty-Year Bonds of 1964, letter to FRBank of New York International Bank for Reconstruction and Development, amendment to Fiscal Agency Agreement authorizing FRBank of New York to act as Fiscal Agent re proposed issuance of Two Year Bonds of 1964, approved Revenue: Representatives of Federal Legislative Committee of American Bankers Association, stated that the Couunittee felt that banks should be allowed to participate in underwriting of Revision of Investment Securities Regulation by the Comptroller of the Currency, authorizing member banks to underwrite revenue obligations issued by public authorities and corporations, letter to Chairman Fascell of House Legal and Monetary Affairs Subcommittee, stating that such obligations have not been exempted by the Congress from Federal statutory prohibition and that the Congress has not authorized the Comptroller to grant any such exemptions Question re eligibility of State of Israel Bonds as an investment for Steel City National Bank of Chicago, Ill., favorable ruling by Comptroller of Currency, Board in no position to authorize or object http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/23 949, 963 10/23 3617, 3631 9/28 3311, 3322 1/31 313 2/10 437 4/17 1346, 1352 1964 83 Pages Bonds: (continued) Revenue: (continued) Request for ruling re eligibility of ten designated Georgia State Authorities for underwriting by State member banks as "general obligations," agreed to publish interpretation in Federal Register and FRBulletin, agreement not to follow "Dillon procedure" Letter from law firm of King & Spalding, thru FRBank of Atlanta questioning whether Trust Co. of Georgia, Atlanta, Ga., might lawfully underwrite City of Atlanta and Fulton County Recreation Revenue Bonds, Series 1964, reply approved stating bonds in question are "general obligations" of City of Atlanta within meaning of paragraph Seventh, sec. 5136 of Revised Statutes Gov. Mitchell expressed the view that in considering proposals for enactment in connection with Board's legislative program, he would regard the subject of revenue bonds next in importance to reserve requirements and gold reserves for consideration Inquiries from Wells Fargo Bank, San Francisco, Calif., and Bankers Trust Co., New York, N.Y., as to whether California Bond Anticipation Notes payable solely from proceeds of anticipated sale of general obligation bonds of that State constituted "general obligations of any State" within meaning of sec. 5136 of Revised Statutes, view that conclusion of Legal Div. was correct, that "Dillon procedure" should be followed, that replies be made to two State member banks and interpretation be published in FRBulletin and Federal Register http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/30 1550, 1573 5/7 1649, 1662 6/11 2043 7/13 2443 1964 84 Pages Bonds: (continued) Revenue: (continued) Inquiries from Wells Fargo Bank, San Francisco, California and Bankers Trust Company, New York, N. Y., re California Bond Anticipation Notes: (continued) FDIC advised it had no comment, no word received from Comptroller of the Currency, and Treasury Department in light of "Dillon procedure", interpretation sent to Federal Register, letters to FRBank of San Francisco and Bankers Trust Company Request for ruling by the Georgia State Auditor as to whether Stone Mountain Memorial Association bonds were "general obligations" within the meaning of paragraph seventh, section 5136 of the Revised Statutes since bonds seem to qualify as such according to previously published interpretations, agreed that Board would decline to rule on this issue of bonds and adopt a general policy of ruling only on those issues where the resolution would develop clearer guidelines Letter to FRBank of San Francisco concerning bonds of the Music Center Lease Company, Los Angeles, California, determination that such bonds would be considered eligible for investment by State member banks, in light of ruling by Comptroller of the Currency that such bonds are eligible investments for national banks Revised regulations of Comptroller of Currency redefining term "general obligation", reply to Chairman Patman listing points of disagreement between Board and Comptroller of the Currency http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/29 2650,2657-63 7/30 2672, 2686 9/3 3044, 3059 9/3 3048,3064-71 1964 85 Pages Bonds: (continued) Savings, Interdepartmental Savings Bond Committee, designation of Mr. Edwin J. Johnson as an alternate member for Federal Reserve Board on, approved Book-entry procedure: SEE: Government securities Borrowed money accounts: SEE: Deposits: Borrowed money accounts Borrowings: Member banks: Unsecured notes: First National Bank of Boston, Mass., announced intentions to issue, question whether bank's notes represented borrowings and question re applicability to interest rate limitations under Reg. Q and reserve requirements under Regulation D, agreed that Messrs. Noyes, Molony, Hackley, and Solomon undertake to draft a statement for further consideration by Board with possible discussion with Reserve Bank Presidents attending FOMC, no position to be taken until further Board discussion Understood that a revised draft of alternate draft statement prepared by Governor Mitchell would be prepared and distributed to Board and FRBank Presidents and that the subject would be discussed with Presidents following FOMC meeting Issuance of statement authorized, understood that statement would be published in the Federal Register and the Federal Reserve Bulletin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/12 463 9/3 3049 9/4 3078 9/9 3094, 3103 1964 86 Pages Borrowings: (continued) Member banks from FRBanks: Alaskan banks, need for bank credit by, noted that action had been taken to increase the availability of bank credit by removing the restriction against continuous borrowing Discount window: Frequent use of FRBank of Richmond, by three reserve city banks noted in examination report, request that statement for the record be obtained from the FRBank on any analysis that might have been made and reasons construed as constituting justification Comment by Governor Mitchell in light of frequent borrowings by three member banks in Sixth District, revealed in examination report of FRBank of Atlanta, agreed Mr. Holland of Board's staff would submit memorandum re questions raised by Governors Mitchell and Mills In examination report of FRBank of Kansas City, attention was called to certain problems connected with, interest expressed in how over-all appraisal of current policies and practices in discount administration was progressing, indicated that System-wide program in this area would be proposed to the Board shortly after first of year Regulation A, in event of enactment of pending legislation revising, one of five principal issues before the Board was whether present "Foreword to," setting forth general principles governing borrowings from Federal Reserve Banks, should be made an integral part of, understood that revised draft incorporating changes would be sent to FRBanks for comments http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/13 1274 3/16 871, 876 3/25 979 12/11 4298 6/11 2029, 2072 1964 87 Pages Borrowings: (continued) Member banks from FRBanks: (continued) Reports re, noted by Governor Shepardson that borrowings listed were substantial in relation to the reserves of the banks concerned, Chairman Martin asked Mr. Holland to look into the matter with a view to suggesting whether any followup by the Board, other than thru the examination procedure, seemed necessary Time certificates of deposit: Discussion re impact of Federal Home Loan Bank Board's amended regulation with respect to renewal of maturing time certificates of deposit by savings and loan associations with possible effect on member banks' borrowings,request for additional reports from FRBanks with respect to Revision of request made on August 13, 1964, to specify quarterly rather than monthly reports, telegram to Presidents of all Federal Reserve Banks Branch banks, domestic: Applications, comments re question of, brought up when it was agreed that President Harding of First National Bank of Pleasanton, California, be accorded opportunity to present his views to the Board re opposition to the establishment of a branch of Wells Fargo Bank in San Ramon Village Shopping Center, Almeda County, Calif. California, discussion re volume of branch applications, stockpiling of branch sites and trend in California population, Governor Robertson asked that Division of Examinations prepare a list of all branches approved for Calif. in the past two years http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/13 2811, 2830 12/23 4518, 4532 4/3 1134 7/23 2542 1964 88 Pages Branch banks, domestic: (continued) Deposit data, request for clearance of form for collection of, by city for member banks operating branches outside the head office city, rather than county totals as previously collected, letter to FRBanks with draft form, and to Bureau of the Budget with request for clearance Drive-in facility of a branch of a national bank, letter approved re classification of, FRBank of Cleveland being advised not to report on Form F.R. 412 as in case of State member banks, where facility would be considered establishment of an additional branch Messenger service, memorandum recommending that the Board publish an interpretation holding that the use of, under certain circumstances, would not constitute the operation of a branch bank, while under other circumstances, determination would have to be made on a case by case basis, prompted by recent rulings by Comptroller of the Currency and FDIC, interpretation approved with Governor Robertson dissenting, to be published in Federal Register, letter to FRBank of Richmond Money order issued by an authorized agent of a State member bank, draft letter sent to Federal Reserve Bank of Cleveland indicating that this would not involve the operation of a branch, Governors Robertson and Mills concurred with the recommendation, proposed letter approved as a draft to be submitted to the Comptroller of the Currency and the FDIC for comment http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/18 2137,2157-66 12/23 4518 6/9 1986, 1997 6/22 2200 1964 89 Pages Branch banks, domestic: (continued) Television facilities, replies to Security Trust Company of Rochester, New York, and Oakland Bank of Commerce, Oakland, California, re their question whether an unattended drive-in facility utilizing closed-circuit television and pneumatic tubes would constitute a branch, indicated no objection, and in the event they were subsequently determined to be branches, approval for operation would be granted (Individual banks): American Trust and Savings Bank, Dubuque, Iowa, establishment of a branch at 911-937 Locust Street, Dubuque, Iowa, approved, six-month extension granted Ann Arbor Bank, Ann Arbor, Michigan, establishment of a branch at 109-119 Forest Avenue, Ann Arbor, Mich., approved, six-month extension granted B.M.C. Durfee Trust Company, Fall River, Mass.: Establishment of a branch in the 200 block of South Main Street, Fall River, Massachusetts, approved, sixmonth extension granted Establishment of a branch at the intersection of President Avenue and North Main Street, Fall River, Mass., approved, six-month extension granted Establishment of a branch at 1479-1493 Pleasant Street, Fall River, Mass., approved, six-month extension granted Bank of Albion, Michigan, establishment of a branch between 12754 and 12822 28 Mile Road, Sheridan Township, Calhoun County, Michigan, approved, need for strengthening bank's capital stock position stressed, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/23 3619,3633-34 2/7 413, 421 7/23 2542, 2549 7/21 2513, 2519 7/21 2513, 2520 10/26 3636, 3644 7/9 2375, 2400 1964 90 Pages Branch banks, domestic: (continued) Bank of Arkansas, Little Rock, Arkansas, establishment of a branch at 4306 Asher Avenue, in connection with removal of its head office from that address to 400 Center Street, Little Rock, Arkansas, with understanding re increase in capital structure and condition numbered 1 granted for contemplated expanded operations, six-month extension granted Bank of Commerce, Newark, New Jersey, establishment of a branch at 21 Commerce Street, Newark, New Jersey, approved, six-month extension granted Bank of the Commonwealth, Detroit, Michigan: Establishment of a branch at 2510-18-24 Market Street, Detroit, Michigan, approved, six-month extension granted Establishment of a branch in vicinity of inter-, section of Plymouth Road and Beech Daly Road, Redford Township, Wayne County, approved, six-month extension granted Establishment of a branch in vicinity of intersection of Grand River Ave., and Outer Drive, Detroit, Mich., approved, six-month extension granted Establishment of a branch at the intersection of West Warren Avenue, and Plainview Avenue, Detroit, Michigan, approved, six-month extension granted Delaware, estabWilmington, Bank of Delaware, lishment of a branch at the intersection of Chestnut Hill Road and Route 273, White Clay Creek Hundred, New Castle County, Delaware (site to be designated as 414 Christiana Road, Newark, P.O., Delaware), approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/20 1360, 1363 3/11 792, 805 9/28 3311, 3321 10/26 3636, 3649 10/26 3636, 3648 10/26 3636, 3647 5/27 1874, 1887 1964 91 Pages Branch banks, domestic: (continued) Bank of Georgia, Atlanta, Georgia, establishment of a branch at 4475 Roswell Road, N.E., Atlanta, Georgia, approved, six-month extension granted Bank of Hartsville, South Carolina, establishment of a branch at 1412-1416 Carolina Avenue in lieu of the branch previously approved by Board to be established at Carolina Avenue and Cedar Lane, six-month extension granted Bank of Idaho, Boise, Idaho, establishment of branches in downtown business districts of Jerome, Idaho, and of Gooding, Idaho, approved, strengthening of bank's capital position urged, six-month extension granted Bank of LaCrosse, Virginia, establishment of a branch in the 100 block of West Atlantic Street, South Hill, Virginia, approved, six-month extension granted Bank of Las Vegas, Nevada, establishment of a branch on the main street in Overton, Nevada, approved, Board concurs in FRBank's emphasis to strengthen the bank's capital position, sixmonth extension granted Bank of Tazewell County, Tazewell, Virginia, operation of branches incident to the approved merger of Bank of Clinch Valley, Tazewell, Va., with the Bank of Graham, Bluefield, Virginia, under the title of, approved Bank of Utah, Ogden, Utah, establishment of a branch at Riverdale, Utah, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/27 2969 4/22 1378, 1384 11/6 3768, 3779 3/18 903, 914 3/30 1055, 1063 6/16 2124 5/11 1681, 1691 1964 92 Pages Branch banks, domestic: (continued) Bank of Virginia, Richmond, Virginia, establishment of a branch at 731 East Main Street, Richmond, Va., with operations discontinued upon completion of remodeling at the bank's main office, approved, six-month extension granted Bank of Yazoo City, Yazoo City, Mississippi, establishment of a branch at Grand Avenue and Ninth Street, Yazoo City, Mississippi, approved, six-month extension granted Bankers Trust Company, New York, New York: Establishment of a branch in Unit No. 10, 1600 Marcus Avenue, Village of North New Hyde Park, Town of North Hempstead, County of Nassau, New York, approved, six-month extension granted Establishment of a branch in the vicinity of Hylan Boulevard and Ebbitts St., New Dorp, Borough of Richmond, approved, six-month extension granted Birmingham-Bloomfield Bank, Birmingham, Michigan: Establishment of a branch at 1040 East Maple Road, Birmingham, Michigan, approved, with notation re need to strengthen capital position, six-month extension granted Establishment of a branch at 3681 West Maple Road, Bloomfield Township, Oakland County, Michigan, approved, six-month extension granted Bordentown Banking Company, Bordentown, New Jersey, operation of a branch at the former office of First National Bank and Trust Company of Roebling, New Jersey, incident to its merger with, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/25 619, 630 11/27 4054, 4068 1/21 223, 227 6/19 2173, 2180 10/16 3569, 3580 12/7 4138, 4160 2/25 637 1964 93 Pages Branch banks, domestic: (continued) Bourbon-Agricultural Bank and Trust Company, Paris, Kentucky, establishment of a branch on Lexington Road near the southwestern corporate limits of Paris, Kentucky, approved, six-month extension granted Bristol County Trust Company, Taunton, Mass., establishment of a branch between 491 and 507 Weir Street, Taunton, Massachusetts, approved, sixmonth extension granted Brooks Bank and Trust Company, Torrington, Conn., establishment of a branch at 1 South Main Street, in the Torrington Downtown Shopping Center, approved, six-month extension granted Camden Trust Company, Camden, New Jersey: Operation of branches at the main office and branch of Merchantville National Bank and Trust Company, Merchantville, New Jersey, incident to its merger with, issuance of order denying, authorized Establishment of a branch at the northeast corner of the intersection of White Horse Pike and Oak Avenue, Lindenwold, Camden County, New Jersey, approved, six-month extension granted Establishment of a branch at the intersection of White Horse Pike and Evesham Road, Magnolia, Camden County, New Jersey, approved, six-month extension granted Cape Cod Bank and Trust Company, Hyannis, Mass., operation of a branch at the former office of Cape Cod Trust Company, Harwichport, Mass., incident to its merger with Hyannis Trust Company, Hyannis, Massachusetts, under title of, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/9 2375, 2399 7/13 2437, 2451 2/4 364, 380 6/26 2269, 2281 9/28 3311, 3320 12/7 4138, 4159 3/25 996 1964 94 Pages Branch banks, domestic: (continued) Central Savings Bank and Trust Company, Monroe, Louisiana: Establishment of a branch at 8019 DeSiard St. Quachita Parish, Louisiana, approved, six-month extension granted Establishment of a branch on the east side of the 600 block of North Fourth Street, West Monroe, Louisiana approved, six-month extension granted Central Trust Company, Cincinnati, Ohio: Establishment of a branch at 5915 Colerain Avenue, Green Township, Ohio, approved, six-month extension granted Extension of time to establish a branch at Northland and Waycross Roads, Village of Forest Park, Ohio, approved Chase Manhattan Bank, New York, New York: Establishment of a branch at 500 Gramatan Avenue, Mount Vernon, Westchester County, New York, approved, six-month extension granted Establishment of a branch at 2771 Nostrand Avenue, Borough of Brooklyn, Kings County, New York, approved, six-month extension granted Establishment of a branch at 620 Eighth Ave., New York, New York, approved, with provision that branch operations now conducted at Port Authority Terminal Building at 625 Eighth Avenue, New York, New York, are discontinued simultaneously with establishment of above branch, six-month extension granted Establishment of a branch at 1151 Hylan Blvd., Grasmere, Borough of Richmond, N. Y., approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/4 1583, 1596 6/11 2026, 2064 6/24 2250, 2255 9/4 3077, 3082 3/4 704, 708 7/9 2375, 2398 8/24 2915, 2923 11/20 3939, 3944 1964 95 Pages Branch banks, domestic: (continued) Chase Manhattan Bank, New York, New York: (continued) Establishment of a branch in the Korvette City Shopping Center, at the intersection of Douglaston Parkway and 61st Avenue, Douglaston, Borough of Queens, New York, approved, provided branch operations at 249-46 Horace Harding Boulevard, Little Neck, Borough of Queens, New York, are discontinued, six-month extension granted Chemical Bank New York Trust Company, New York, New York: Establishment of two branch banks incident to the acquisition of assets and assumption of liabilities of Bensonhurst National Bank of Brooklyn in New York, Brooklyn, New York, approved Establishment of four branch banks incident to the merger of First National Bank of Mount Vernon, New York, into, approved Establishment of a branch at 530-32 East 14th Street, Borough of Manhattan, approved, with the understanding that branch operations at Avenue D and East 10th Street, Borough of Manhattan, are to be discontinued, six-month extension granted a branch in Building E, Korof Establishment vette City Shopping Center, Hempstead, New York, approved, six-month extension granted Establishment of a branch at 130 William St., New York, N. Y., approved, with provision that branch operations now conducted at northwest corner of Fulton and Cliff Streets, New York, N. Y., are discontinued, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/7 4138, 4158 2/14 485 2/14 503 5/4 1583, 1597 5/21 1828, 1847 8/14 2836, 2841 1964 96 Pages Branch banks domestic: (continued) Chemical Bank New York Trust Company, New York, New York: (continued) Establishment of a branch at Forest Avenue and Marianne Street, Port Richmond, New York, New York, approved, six-month extension granted Establishment of a branch at Castle Hill and Lafayette Avenues, Borough of the Bronx, New York, New York, approved, six-month extension granted Establishment of a branch at 111-01 Queens Boulevard, Forest Hills, New York, approved, six-month extension granted Chemical State Savings Bank, Midland, Michigan, establishment of a branch at 2106 North Saginaw Road, Midland, Michigan, approved, sixmonth extension granted Chemung Canal Trust Company, Elmira, New York, establishment of a branch at Canal and Maple Streets, Big Flats, New York, approved, six-month extension granted Citizens Bank of Windsor, Missouri, establishment of a branch at 109 West Benton Street, Windsor, Missouri, approved, six-month extension granted Citizens Banking Company, Anderson, Indiana, establishment of a branch at 11th and Main Streets, Anderson, Indiana, approved, six-month extension granted Citizens Fidelity Bank and Trust Company, Louisville, Kentucky: Establishment of a branch in Knob View Shopping Center at the junction of Old Shepherdsville Road and the Outer Loop in Jefferson County, Kentucky, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/23 3248, 3265 10/28 3664, 3676 11/27 4053, 4066 6/3 1936, 1942 3/25 965, 984 9/23 3248, 3266 9/16 3156, 3165 3/18 903, 915 1964 97 Pages Branch banks, domestic: (continued) Citizens Fidelity Bank and Trust Company, Louisville, Kentucky: (continued) Establishment of a branch in the Middletown Plaza Shopping Center, at the intersection of Shelbyville Road and Evergreen Road, Middletown, Kentucky, approved, sixmonth extension granted Citizens State Bank, Puyallup, Washington, establishment of a branch in Edgewood Square Shopping Center at the intersection of North Meridian Street and Milton-Jovita Highway, Pierce County, Washington, approved, six-month extension granted Citizens Trust and Savings Bank, South Haven, Michigan, establishment of a branch in the York Hotel Building, 262 Center Street, provided that branch operations are discontinued upon completion of the remodeling of the main office, six-month extension granted City Bank and Trust Company, Jackson, Michigan: Establishment of a branch at Jackson and Courtland Streets, approved, sixmonth extension granted Incident to consolidation of Calhoun State Bank, Homer, Michigan, and, the office of Calhoun State Bank would be operated as a branch of, application denied Cleveland Trust Company, Cleveland, Ohio: Establishment of a branch at 11801 Clifton Boulevard, Lakewood, Ohio, approved, six-month extension granted Establishment of a branch at 1431 Coutant Ave., Lakewood, Ohio, approved, sixmonth extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/19 2867, 2880 3/25 965, 989 11/27 4054, 4071 3/2 691, 695 5/14 1763 5/7 1647, 1657 10/26 3636, 3645 1964 98 Pages Branch banks, domestic: (continued) Coast Bank, Long Beach, California, extension of time to establish a branch at Garden Grove Boulevard and Huntington Beach Boulevard, Garden Grove, California, granted, branch operations now conducted at 9836 Garden Grove Boulevard to be discontinued with the establishment of the new branch Columbus Bank and Trust Company, Columbus, Ga.: Establishment of a branch in Midtown Shopping Center on Macon Road, Columbus, Georgia, approved, six-month extension granted Establishment of a branch at 1000 Fourth Ave., Columbus, Georgia, approved with branch operations now conducted at 1000 Broadway, Columbus, to be discontinued with the establishment of the new branch, six-month extension granted Commerce Union Bank, Nashville, Tennessee, establishment of a branch at 4011 Hillsboro Road, Nashville, Tenn., approved, six-month extension granted Connecticut Bank and Trust Company, Hartford, Connecticut: Establishment of a branch at 445-457 West Main Street, Norwich, Connecticut, approved, six-month extension granted Establishment of a branch at 2775 Main Street, Hartford, Connecticut, approved, six-month extension granted Establishment of a branch at Ellington Rd., and School Street, East Hartford, Connecticut, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/25 3296, 3302 8/19 2867, 2879 10/27 3658, 3660 11/6 3768, 3777 2/10 425, 429 4/22 1378, 1381 10/14 3520, 3525 1964 99 Pages Branch banks, domestic: (continued) County Bank of Santa Cruz, California: Extension of time within which to establish a branch at the intersection of Front and Cooper Streets, Santa Cruz, California, granted Extension of time within which to establish a branch at the intersection of Front and Cooper Streets, Santa Cruz, California, Board has taken note of expectations of beginning construction of the branch this fall in light of seventh extension Establishment of a branch at the intersection of Capitola Road and 41st Ave., Santa Cruz County, California, approved, plans to increase capital, noted,six-month extension granted County Trust Company, Tenafly, New Jersey: Operation of a branch at the former office of The First National Bank of Park Ridge, New Jersey, incident to its merger with, approved Establishment of a branch at Franklin Street and West Clinton Avenue, approved, six-month extension granted County Trust Company, White Plains, New York: Establishment of a branch in Shrub Oak Shopping Center, Yorktown, Westchester County, New York, approved, sixmonth extension granted Operation of a branch at the former office of Peoples Bank of Rockland County, New York, New York, with, incident to its merger with, approved Dauphin Deposit Trust Company, Harrisburg, Pennsylvania, establishment of a branch in the Carlisle Shopping Plaza at East High Street and York Road in the Borough of Carlisle, Cumberland County, Pennsylvania, approved, sixmonth extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/12 807, 815 9/11 3106, 3113 10/16 3569, 3583 5/6 1614, 1631 12/14 4301, 4316 2/25 619, 629 12/28 4550 10/9 3472, 3473 1964 100 Pages Branch banks, domestic: (continued) Detroit Bank and Trust Company, Detroit, Michigan: Establishment of a branch at the intersection of West Seven Mile Road and Telegraph Road, approved, sixmonth extension granted Establishment of a branch at the corner of Wayne and Hunter Roads, Nankin Township, Wayne County, Mich., approved, six-month extension granted Establishment of a branch at Orchard Lake Road and Twelve Mile Road, Farmington Township, Oakland County, Mich., approved, six-month extension granted Establishment of a branch at 2651 East Jefferson Ave., approved, noted that branch will be opened in temporary quarters at 2700 East Jefferson Ave., six-month extension granted Dollar Savings Bank, Niles, Ohio, establishment of a branch at 425 Robbins Ave., Niles, Ohio, approved, six-month extension granted Dollar Savings Bank Company, Niles, Ohio, establishment of a branch on CarsonSalt Springs Road, Lordstown Township, Ohio, approved, sixmonth extension granted Dothan Bank & Trust Company, Dothan, Alabama, establishment of a branch in the Porter Square Shopping Center, 828 West Main Street, Dothan, Alabama, approved, six-month extension granted Dover Trust Company, Dover, New Jersey, establishment of a branch at Sammis Ave., and U.S. Route #46, Dover, New Jersey, approved, six-month extension granted Fair Lawn-Radburn Trust Company, Fair Lawn, N. J., establishment of a branch at 14-03 Saddle River Rd., rather than at 21-17 Saddle River Rd., as approved by Board on Aug. 16, 1963, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/6 744, 752 6/4 1948, 1955 6/22 2195, 2204 8/14 2836, 2843 11/27 4054, 4069 7/13 2437, 2452 8/25 2939, 2948 8/3 2707, 2709 3/9 756, 762 1964 101 Pages Branch banks, domestic: (continued) Fall River Trust Company, Fall River, Massachusetts: Establishment of a branch at 216 and 218 New Boston Road, Fall River, Mass., approved, six-month extension granted Establishment of a branch at 848 and 850 State Road, North Westport, Mass., approved, six-month extension granted Establishment of a branch on South Main Street, Assonet, Massachusetts, approved, six-month extension granted Farmers Bank and Trust Company, Knox, Indiana, establishment of a branch in the unincorporated community of Bass Lake, California Township, Starke County, Indiana, approved, sixmonth extension granted Farmers & Merchants Bank, Aberdeen, South Dakota, establishment of a branch at 22 Fourth Avenue, S.W., Aberdeen, South Dakota, approved, sixmonth extension granted Farmers Savings and Trust Company, Mansfield, Ohio, establishment of a branch at 1094 Lexington Avenue, Mansfield, Ohio, approved, six-month extension granted Fayette Bank and Trust Company, Connersville, Indiana, establishment of a branch at East 6th Street and Eastern Avenue, approved, six-month extension granted Fidelity-Philadelphia Trust Company, Philadelphia, Pennsylvania: Establishment of a branch at 3949 Chestnut St., Philadelphia, and an additional investment in bank premises approved, six-month extension granted Extension of time to relocate a branch from Lafayette Building at Fifth and Chestnut Streets, Philadelphia, to the Rohm and Haas Building at Sixth and Ranstead Streets, Philadelphia, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/5 2716, 2722 8/5 2716, 2723 12/21 4465, 4474 7/23 2541, 2548 3/26 1022, 1032 5/7 1647, 1658 3/12 806, 812 3/6 744, 751 7/21 2513, 2522 1964 102 Pages Branch banks, domestic: (continued) Fidelity-Philadelphia Trust Company, Philadelphia, Pennsylvania: (continued) Establishment of a branch in the Delcroft Shopping Center, Delmar Drive, Folcroft, Pennsylvania, approved, six-month extension granted Firestone Bank, Akron, Ohio, establishment of two branches in the Summit Mall Shopping Center at West Market Street and Shent Road, Fairlawn Village, Ohio, one a drive-in facility, approved, six-month extension granted First Pennsylvania Banking and Trust Company, Philadelphia, Pennsylvania: Establishment of a branch at Grant Avenue and Roosevelt Boulevard, Philadelphia, Pennsylvania, approved Establishment of a branch at 555 City Line Ave., Lower Merion Township, Montgomery County, Pennsylvania, approved, six-month extension granted First State Bank of Greenville, Michigan, establishment of a branch at Lafayette and Van Deinse Streets, Eureka Township, Montcalm County, Michigan, approved, six-month extension granted of Taos, New Mexico, establishBank First State ment of a branch in Questa, New Mexico, approved, six-month extension granted First Trust and Deposit Company, Syracuse, N. Y.. Establishment of a branch at 121 South First Street, Fulton, Oswego County, New York, approved, six-month extension granted Establishment of a branch at 219 East Adams Street, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/16 3569, 3578 5/8 1669, 1673 8/25 2939, 2951 10/16 3569, 3579 2/19 579, 596 10/26 3636, 3650 6/19 2174, 2183 8/14 2835, 2840 1964 103 Pages Branch banks, domestic: (continued) First Trust and Deposit Company, Syracuse, N. Y.: (continued) Establishment of a branch in the Camillus Plaza Shopping Center, 5400 West Genesee Street, Camillus, New York, approved, six-month 9/28 3311, extension granted Franklin National Bank, Franklin Square, New York: Application for a delay in imposition of reserve city reserve requirements upon the establishment of three branches in New York City de4/27 1447, nied Meeting requested by Arthur T. Roth, Chairman of, who requested an opportunity to discuss denial of permission to continue to carry country bank reserves upon establishment of a branch in New York City, reply approved with Gov. Mills dissenting re wording of 1778, 5/15 letter Meeting arranged, report of conference to 1884 5/27 be furnished Board members 6/3 1937 Meeting discussed Genesee Merchants Bank & Trust Company, Flint, Michigan: Establishment of a branch near the intersection of Dort Highway and Atherton Road in Flint, Michigan, approved, six-month extension 2375, 7/9 granted Establishment of a branch at 807 Welch Boulevard in Flint, approved, six2375, 7/9 month extension granted Girard Trust Bank, Philadelphia, Pennsylvania: (Previous title, Girard Trust Corn Exchange Bank) Operation of a branch at the sole office of First National Bank of Riegelsville, Pennsylvania, incident 851 3/13 to its merger with, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3317 1463 1787 2402 2403 1964 104 Pages Branch banks, domestic: (continued) Girard Trust Bank, Philadelphia, Pennsylvania: (Previous title, Girard Trust Corn Exchange Bank): (continued) Establishment of a branch in the Huntingdon Valley Shopping Center, Huntingdon Pike, Abington Township, Montgomery County, Pennsylvania, approved, six-month extension granted Establishment of a branch at the southeast corner of 8th and Arch Streets, approved, six-month extension granted Establishment of a branch at 874 Welsh Road, Maple Glen, Horsham Township, Pennsylvania, approved, sixmonth extension granted Establishment of a branch at 3459 Walnut St., Philadelphia, Pennsylvania, approved, six-month extension granted Girard Trust Corn Exchange Bank, Philadelphia, Pennsylvania, establishment of a branch at 9218 Frankford Ave., Philadelphia, Pennsylvania, approved, six-month extension granted Greenfield Banking Company, Greenfield, Indiana, establishment of a branch at 1077 North State Street, Greenfield, Indiana, approved, sixmonth extension granted Harter Bank & Trust Company, Canton, Ohio, establishment of a branch at 4311 Hills and Dales Road, N.W., in an unincorporated area of Plain Township, Stark County, Ohio, approved, six-month extension granted Harvard Trust Company, Cambridge, Mass., establishment of a branch at 615 Concord Ave., Cambridge, Mass., branch operations now conducted at 127 Alewife Brook Parkway to be discontinued, approved, sixmonth extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/15 1293, 1302 6/19 2173, 2181 8/5 2716, 2725 11/27 4054, 4067 3/4 705, 709 5/25 1863, 1869 5/7 1647, 1659 7/15 2491, 2499 1964 105 Pages Branch banks, domestic: (continued) Hyannis Trust Company, Hyannis, Massachusetts, establishment of branches on Iyanough Road at the Airport Traffic Circle, Hyannis, and on State Route Number 28, in South Yarmouth, approved, sixmonth extension granted Irving Trust Company, New York, New York, establishment of a branch at 675 Third Avenue, New York, N. Y., approved, six-month extension granted Irwin Union Bank and Trust Company, Columbus, Indiana, establishment of a branch at the intersection of U.S. Highway 31 and Tannehill Street in unincorporated village of Taylorsville in German Township, Bartholomew County, Indiana, approved, six-month extension granted Island State Bank, Patchogue, New York, granted extension of time to establish a branch at 2945 Sunrise Highway, Islip, New York Lapeer County Bank & Trust Company, Lapeer, Mich., establishment of a branch at the corner of Highway M-21 and Elba Road, in unincorporated town of Elba, Michigan, approved six-month extension granted Lincoln Rochester Trust Company, Rochester, New York: a branch at 1843 Penfield of Establishment Road, Penfield, Monroe County, New York, approved, six-month extension granted Establishment of a branch at 1345 Latta Road, Greece, New York, approved, sixmonth extension granted Lorain County Savings & Trust Company, Elyria, Ohio, establishment of a branch at 326 Griswold Road, Elyria, Ohio, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/20 187, 191 5/27 1874, 1886 11/6 3768, 3778 3/30 1055, 1062 8/25 2939, 2949 8/24 2915, 2922 11/30 4086, 4092 10/26 3636, 3646 1964 106 Pages Branch banks, domestic: (continued) Manufacturers Hanover Trust Company, New York, N.Y.: Establishment of a branch at 91-20 59th Avenue, Elmhurst, New York, approved, six-month extension granted Establishment of a branch at 1 Whitehall Street, New York, New York, for the limited purpose of conducting the operations of a stock transfer department, approved, six-month extension granted Establishment of a branch at 290 Broadway, New York, New York, approved, with the discontinuance simultaneously of the branch at 100 Park Row, New York, New York, six-month extension granted Establishment of a branch at 111-121 William Street, New York, New York, approved, six-month extension granted Establishment of a branch at 560 Washington Street, New York, New York, for the limited purpose of conducting the operations of its currency and coin wrapping department, approved, six-month extension granted Manufacturers and Traders Trust Company, Buffalo, New York: Establishment of a branch at the Greater Buffalo International Airport Terminal Building, Genesee Street, Cheektowaga, New York, approved, sixmonth extension granted Establishment of a branch at 2210 Military Rd., Niagara, New York, approved, sixmonth extension granted Establishment of a branch in the Hamburg Shopping Center at 141-161 Buffalo Street, Hamburg, New York, approved, six-month extension granted Establishment of a branch at 5691 Transit Rd., Lockport, New York, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/7 413, 419 2/7 413, 420 4/15 1293, 1303 8/13 2807, 2821 12/21 4466, 4475 2/7 413, 418 4/24 1422, 1435 6/18 2132, 2156 9/25 3296, 3301 1964 107 Pages Branch banks, domestic: (continued) Manufacturers and Traders Trust Company, Buffalo, New York: (continued) Establishment of a branch at East Main and Clinton Streets, Batavia, New York, approved, six-month extension granted Establishment of a branch at 730 Maple Road, Amherst, New York, approved, six-month extension granted Marine Midland Trust Company of Central New York, Syracuse, New York: Establishment of a branch in Valley Plaza Shopping Center, 4141 South Salina Street, Syracuse, New York, approved, six-month extension granted Extension of time granted to establish an intown branch at 700-730 Erie Boulevard East Marine Midland Trust Company of Northern New York, Watertown, New York, establishment of a branch at 14 Elm St., Potsdam, New York, approved, six-month extension granted Marine Midland Trust Company of Southern New York, Elmira, New York, establishment of a branch at 1320 Front St., Chenango, New York, approved, branch operations conducted at 1137 Front Street to be discontinued simultaneously with the establishment of the new branch, six-month extension granted Marine Trust Company of Western New York, Buffalo, New York: Establishment of a branch at 4381 Military Road, Niagara, New York, approved, with an understanding re increase in capital stock, six-month extension granted Establishment of a branch at 1786 Sheridan Drive, Tonawanda, New York, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/28 3664, 3677 12/14 4301, 4315 3/25 965, 983 4/29 1516, 1537 6/24 2250, 2254 6/10 2002, 2012 4/24 1422, 1436 9/28 3311, 3318 1964 108 Pages Branch banks, domestic: (continued) Marine Trust Company of Western New York, Buffalo, New York: (continued) Establishment of a branch at 57 South Buffalo Street, Hamburg, New York, approved, six-month extension granted Mason Street Bank, Mason, Michigan, establishment of an in-town branch on the west side of Cedar Street, approved, six-month extension granted McIlroy Bank, Fayetteville, Arkansas, establishment of a branch in the vicinity of the intersection of 15th Street and U.S. Highway 71, Fayetteville, Washington County, Arkansas, approved, six-month extension granted Merrill Trust Company, Bangor, Maine: Establishment of a branch on Battle Avenue, Castine, Maine, approved, sixmonth extension granted Extension of time to establish a branch in the business district of Hampden, Maine, approved Further extension of time to establish a branch in the business district of Hampden, Maine, approved Michigan National Bank, Lansing, Michigan, report re S. 2883, a bill to permit establishment and operation of certain branch offices by, transmitted to Chairman Robertson of the Senate Committee on Banking and Currency, indicating the belief that an undesirable precedent would be established that could be damaging to State and Federal relationships Middle Tennessee Bank, Columbia, Tennessee, establishment of a branch at West Seventh and Hastings Streets, Columbia, Tennessee, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/28 3311, 3319 7/9 2375, 2401 12/31 4586, 4593 3/6 744, 750 5/12 1694, 1718 10/23 3617, 3624 7/27 2593, 2600 7/1 2324, 2334 1964 109 Pages Branch banks, domestic: (continued) Montgomery County Bank and Trust Company, Norristown, Pennsylvania: Establishment of a limited service branch at Valley Forge Park, Montgomery County, Pennsylvania, during Boy Scouts' National Jamboree, July 10-28, 1964, approved Establishment of a branch near intersection of Egypt Road, Pawling Road and Park Avenue, Audubon, Lower Provident Township, Montgomery County, Pennsylvania, approved, six-month extension granted Morgan Guaranty Trust Company of New York, N. Y., establishment of a branch at 140 Broadway, New York, New York, to operate until all departments are moved to 23 Wall Street, approved Nevada Bank of Commerce, Reno, Nevada: Establishment of a branch at Second and Bridge Streets, Winnemucca, Nevada, approved, six-month extension granted Establishment of a branch in the Round Hill Village Shopping Center, Edgewood, Nevada, approved, sixmonth extension granted and Trust Company, Waltham, Bank Newton-Waltham Massachusetts, establishment of a branch in a shopping center at Speen Street and Route 9 (Worcester Turnpike), Natick, Massachusetts, approved, sixmonth extension granted Oakland Bank of Commerce, Oakland, California, question whether an unattended drive-in facility utilizing closed-circuit television and pneumatic tubes would constitute a branch, reply indicated that no objection would be interposed to construction of proposed facilities, in event it was subsequently determined to be a branch, approval would be granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/25 965, 985 9/11 3106, 3111 2/28 675, 684 5/13 1732, 1740 10/9 3472, 3474 4/24 1422, 1434 10/23 3619, 3634 1964 110 Pages Branch banks, domestic: (continued) Ohio Bank and Savings Company, Findlay, Ohio, establishment of a branch at 1330 North Main Street, Findlay, Ohio, approved, six-month extension granted Old Kent Bank and Trust Company, Grand Rapids, Michigan: Establishment of a branch at 3700 Plainfield Avenue, N.E., Plainfield, Mich., approved, six-month extension granted Establishment of a branch at the intersection of East Beltline, S.E., and 28th Street, S.E., Grand Rapids, Michigan, approved, six-month extension granted Granted an extension of time to establish a branch at the intersection of Lake Michigan Drive with Covell and Bridge Streets, Grand Rapids, Michigan Oregon Bank, Portland, Oregon, establishment of a branch at Center and Church Streets, Salem, Oregon, approved with the understanding that capital and surplus will be increased by the sale of new common stock prior to the opening of the new branch, six-month extension granted Peoples State Bank of Holland, Michigan, establishment of a branch at 40-42 East 9th Street, Holland, Mich., approved, six-month extension granted Peoples Trust City Bank, Reading, Pennsylvania, establishment of a branch on U.S. Highway 422, adjacent to Village of Reiffton, in Exeter Township, Berks County, Pa., with investment in bank premises for new branch, approved, sixmonth extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/8 1668, 1672 5/25 1863, 1870 10/16 3569, 3581 10/28 3664, 3679 9/16 3157, 3166 11/27 4054, 4070 3/25 965, 986 1964 111 Pages Branch banks, domestic: (continued) Peoples Trust Company of Bergen County, Hackensack, New Jersey: Establishment of a branch at Park Street and Hardenburgh Avenue, Borough of Demarest, Bergen County, New Jersey, approved, six-month extension granted Establishment of a branch at Main Street and Franklin Avenue, Wyckoff, Bergen County, New Jersey, approved, with provision that branch operations conducted at 390 Main Street, Wyckoff, are discontinued, six-month extension granted Peoples Union Bank and Trust Company, McKeesport, Pennsylvania, establishment of a branch at Harrison City, Penn Township, Westmoreland County, Pennsylvania, approved, sixmonth extension granted Establishment of a branch at Liberty Way and Owens Street, Liberty Borough, Allegheny County, Pennsylvania, approved, six-month extension granted Provident Bank, Cincinnati, Ohio, establishment of a branch in a shopping center at Springdale Road and Colerain Avenue, Colerain Township, Hamil ton County, Ohio, approved, sixmonth extension granted Provident Tradesmens Bank and Trust Company, Phila delphia, Pennsylvania, operation of branches at the five offices of the Second National Bank of Philadelphia, incident to its merger with, approved Puritan Bank and Trust Company, Meriden, Conn., establishment of a branch at 652 East Main Street, Meriden, Conn. approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/13 829, 845 11/18 3891, 3914 4/22 1378, 1383 '5/28 1899, 1905 6/26 2266, 2274 8/7 2739, 2742 8/5 2716, 2724 1964 112 Pages Branch banks, domestic: (continued) Quincy Trust Company, Quincy, Massachusetts, establishment of a branch at 302 North Main Street, Randolph, Massachusetts, approved, provided the capital stock position of the bank is improved prior to or concurrent with the establishment of the branch, six-month extension granted Rhode Island Hospital Trust Company, Providence, Rhode Island: Extension of time to establish a branch in a new shopping center on West Main Road, Middletown, Rhode Island, approved Operation of a branch at the former office of Wickford Savings Bank, Wickford, Rhode Island, incident to its merger with, approved Richland Trust Company, Mansfield, Ohio, establishment of a branch at Trimble and Springmill Roads in an unincorporated area of Madison Township, Richland County, Ohio, approved, six-month extension granted Riverside Trust Company, Hartford, Connecticut, establishment of a branch at 520 Windsor Avenue, Windsor, Connecticut, approved, sixmonth extension granted Riverside, New Jersey, Company, Riverside Trust establishment of a branch at the intersection of U.S. Route 130 and Haines Mill Road, Delran Township, Burlington County, New Jersey, approved, six-month extension granted Ronan State Bank, Ronan, Montana, establishment of a branch (drive-in facility) approximately 600 feet from the Bank's head office, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/1 1088, 1108 5/21 1828, 1848 2/5 430 8/5 2716, 2726 11/6 3767, 3776 8/19 2867, 2877 2/27 663, 668 1964 113 Pages Branch banks, domestic: (continued) Safe Deposit Bank and Trust Company, Springfield, Massachusetts, establishment of a branch in the 300 block of East Main Street, Westfield, Massachusetts, approved, sixmonth extension granted Schenectady Trust Company, Schenectady, New York, establishment of a branch in the Curry Road Shopping Center, Curry Road and Pinelawn Avenue, Rotterdam, New York, approved, six-month extension granted Seattle Trust and Savings Bank, Seattle, Washington, establishment of a branch in the Puget Plaza Shopping Center, at the intersection of Grady Way and Rainier Avenue, Renton, Washington, approved, with provision that branch operations now conducted at 707 Rainier Avenue, Renton, Washington, are discontinued, six-month extension granted Security Bank, Lincoln Park, Michigan, granted extension of time to establish an in-town branch in the vicinity of the intersection of Dix Road and Old Goddard Road Security Bank and Trust Company of Owatonna, Minnesota, extension of time to establish a branch directly across the street from the bank's main office, granted Security Trust Company of Rochester, New York, question whether an unattended drive-in facility utilizing closed-circuit television and pneumatic tubes would constitute a branch, reply indicated that no objection would be interposed to construction of proposed facilities, in event it was subsequently determined to be a branch, approval would be granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/21 222, 225 12/31 4586, 4592 8/5 2716, 2729 2/20 606, 612 3/2 691, 696 10/23 3619, 3633 1964 114 Pages Branch banks, domestic: (continued) Shenandoah County Bank and Trust Company, Woodstock, Virginia, establishment of a branch at 468 North Main Street, Woodstock, Virginia, approved, six-month extension granted Southern Bank and Trust Company, Richmond, Va., establishment of a branch at 128-136 East Belt Boulevard, Chesterfield County, Virginia, approved, six-month extension granted State Bank of Albany, New York, operation of a branch at the two offices of First National Bank of Cairo, New York, incident to its merger with, approved, Governor Robertson dissenting State Savings Bank of Fenton, Michigan, establishment of a branch in the vicinity of 15040 Fenton Road, Fenton, Michigan, approved, six-month extension granted State and Savings Bank, Monticello, Indiana, operation of a branch at the former office of the Monon Bank, Monon, Indiana, incident to its merger with, approved State Street Bank and Trust Company, Boston, Massachusetts: Establishment of a branch on Bennington St., in the "Stop and Shop" Shopping Center near Breed Square, Boston, Massachusetts, approved, sixmonth extension granted Establishment of a branch at Longwood Avenue and Brookline Avenue, Boston, Massachusetts, approved, sixmonth extension granted Sumitomo Bank of California, San Francisco, Calif.: Establishment of a branch at Beach Boulevard and Ball Road, Anaheim, California, approved, capital needs stressed, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/19 579, 595 6/11 2026, 2063 10/15 3550 8/25 2939, 2950 7/21 2527 3/30 1055, 1061 6/11 2026, 2062 5/4 1583, 1595 1964 115 Pages Branch banks, domestic: (continued) Sumitomo Bank of California, San Francisco, California: (continued) Extension of time to establish a branch at 20th and Franklin Streets, Oakland, California, approved Relocation from 1400 Fourth Street to the intersection of Broadway and Fourteenth Street, Sacramento, California, approved Summit and Elizabeth Trust Company, merger of Summit Trust Company, Summit, New Jersey, with Elizabethport Banking Company, Elizabeth, New Jersey, under charter of former and title of, approved, with operation of branches at three offices of each bank incident to the merger Tracy-Collins Bank and Trust Company, Salt Lake City, Utah, establishment of a branch at Fifth East and Second South Streets, Salt Lake City, Utah, approved, six-month extension granted Trenton State Bank, Trenton, Michigan, establishment of a branch at Grange and King Roads, Trenton, Michigan, approved, need for increasing bank's funds emphasized, sixmonth extension granted Trust Company of Georgia, Atlanta, Georgia, extension of time in which to establish a branch in the Life Insurance Company of Georgia building at North Avenue and West Peachtree Street, approved Trust Company of Morris County, Morristown, New Jersey, establishment of a branch at Green Village Road and Mill Brook Road, Harding Township, Morris County, New Jersey, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/16 3569, 3584 10/16 3569, 3585 12/17 4455 6/19 2174, 2182 11/3 3718, 3734 12/23 4518, 4528 3/13 829, 846 1964 116 Pages Branch banks, domestic: (continued) Union Bank, Los Angeles, California, establishment of a branch at Orangethorpe Avenue and Harbor Boulevard, Fullerton, California, approved, understood branch will not be opened until permanent quarters are available, six-month extension granted Union Bank and Trust Company of Greensburg, Indiana, establishment of a branch in Greensburg Plaza Shopping Center, Washington Township, Decatur County, Ind., approved, six-month extension granted Union Bank and Trust Company, Kokomo, Indiana: Establishment of a branch at 920 East Boulevard, Kokomo, Indiana, approved, six-month extension granted Establishment of a branch at 2108 West Sycamore Street, Kokomo, Indiana, approved, six-month extension granted Union Commerce Bank, Cleveland, Ohio, establishment of two branches, one a drive-in facility, in the Van Aken Shopping Center, Van Aken Boulevard and Farnsleigh Road, Shaker Heights, Ohio, and the other a branch at Pearl and Stumpf Roads, Parma Heights, Ohio, approved, six-month extension granted Union and New Haven Trust Company, New Haven, Connecticut: Establishment of a branch at Boston Post Road and Meigs Avenue, approved, operations now conducted at Boston Post Road and Scotland Avenue to be discontinued with establishment of the new branch, sixmonth extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/9 757, 763 5/13 1732, 1739 9/16 3156, 3164 12/31 4586, 4594 8/24 2915, 2925 7/13 2437, 2450 1964 117 Pages Branch banks, domestic: (continued) Union and New Haven Trust Company, New Haven, Connecticut: (continued) Establishment of a branch at 842 Main Street, Branford, Connecticut, approved, understood that approval of this proposed branch by the Bank Commissioner of the State of Connecticut is conditioned upon and subject to approval of the merger between Branford Trust Company, Branford, Connecticut, and First New Haven National Bank, New Haven, Connecticut, by the Comptroller of the Currency, sixmonth extension granted Union Trust Company of Maryland, Baltimore, Md.: Establishment of a branch at Northern Parkway and Tramore Road, Baltimore, Maryland, approved, six-month extension granted Establishment of a branch on the east side of Crain Highway between Fifth and Sixth Avenues in Glen Burnie, Anne Arundel County, Maryland, approved, six-month extension granted United California Bank, Los Angeles, California: Establishment of a branch on Highway 99E between Cohasset Road and East Avenue in an unincorporated area of Butte County, Calif., approved, six-month extension granted Establishment of a branch on La Palma Avenue, Buena Park, California, approved, six-month extension granted Extension of time to establish a branch on State Street between La Cumbre Road and San Roque Road in unincorporated area west of Santa Barbara, California, approved Further extension of time granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/30 3327, 3332 1/21 223, 226 8/19 2867, 2878 1/20 187, 192 2/19 579, 597 3/9 11/27 757, 765 4054, 4073 1964 118 Pages Branch banks, domestic: (continued) United California Bank, Los Angeles, Calif.: (continued) Establishment of a branch at Freeport Boulevard and Potrero Way, Sacramento, California, with understanding that the branch would be opened in temporary quarters at 4401 Freeport Boulevard, and that operations would be discontinued with opening of the permanent office, approved, six3/12 month extension granted at Extension of time to establish a branch Doolittle Drive and Marina Boulevard, San Leandro, Calif., 3/12 granted Yokut Establishment of a branch at Pacific and Avenues, Stockton, California, approved, six-month extension 3/25 granted BouleEstablishment of a branch at Yorba Linda vard and Rose Drive, Placentia, California, approved, six-month 3/30 extension granted quarters Operation of branches in temporary of Crescent City, approved, action taken on March 30, 1964, in sending telegram to FRBank of San Francisco, ratified by 3/31 unanimous vote Establishment of a branch at Hawthorne Avenue between Carson Street and Sepulveda Boulevard, Torrance, California, approved, six-month 4/1 extension granted Extension of time to establish a branch in downtown business district of Downey, 4/20 California, granted Establishment of a branch at one of two locations, in Susanville, either at Main Street and Grand Ave., or Main Street and Alexander Avenue, approved, six-month 6/24 extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 806, 813 807, 814 966, 992 1056, 1065 1073, 1079 1088, 1107 1360, 1362 2250, 2256 1964 119 Pages Branch banks, domestic: (continued) United California Bank, Los Angeles, Calif.: (continued) Establishment of a branch at Van Ness Avenue between Fresno and Tulare Streets, Fresno, California, approved, six-month extension 8/5 granted Establishment of a branch at Moorpark Road and Village Lane, an unincorporated area in Ventura County, California, approved, six-month 8/19 extension granted Establishment of a branch in the business district of Hanford, Kings County, California, approved, six-month 8/24 extension granted Establishment of a branch at 61607 Twentynine Palms Highway, Joshua Tree, San Bernardino County, California, approved, six-month extension 10/16 granted Valley Bank of Nevada, Reno, Nevada: Establishment of a branch at Tahoe and Village Boulevards, Incline Village, Washoe County, Nevada, approved, 9/30 six-month extension granted Establishment of a branch at Silverada Boulevard and Oddie Boulevard in an unincorporated area in Washoe County, Nevada, approved, six12/7 month extension granted Wachovia Bank and Trust Company, Winston-Salem, North Carolina: Establishment of a branch on U.S. Highway 52, north of the city limits of Winston-Salem, North Carolina, approved, six-month extension 4/29 granted Establishment of a branch at Thruway Shopping Center on South Stratford Road, Winston-Salem, North Carolina, approved, with provision that branch operations now conducted at 143 South Stratford Road, Winston-Salem, N. C., are discontinued with establishment of above branch, six-month exten8/5 sion granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2716, 2728 2867, 2881 2915, 2927 3569, 3582 3327, 3333 4138, 4162 1516, 1536 2716, 2727 1964 120 Pages Branch banks, domestic: (continued) Wachovia Bank and Trust Company, Winston-Salem, North Carolina: (continued) Establishment of a branch on South Hawthorne Road near the intersection of U.S. Highway 158 and Silas Creek Parkway, Winston-Salem, N. C., approved, six-month extension granted Walker Bank & Trust Company, Salt Lake City, Utah, establishment of a branch at 3900 South Street and Highland Drive, an unincorporated area in Salt Lake County, Utah, approved, six-month extension granted Warren Bank, Warren, Michigan, establishment of a branch at Parcels 10 and 12, Heath's Clearview Little Farms Subdivision, Warren, Michigan, approved, six-month extension granted Wayne Bank, Wayne, Michigan, establishment of a branch at 4204 Sheldon Road, Canton, Michigan, approved, understood that temporary operations will be conducted at 44243 Michigan Avenue, Canton, Michigan, six-month extension granted Wells Fargo Bank, San Francisco, California: Application to establish de novo branch at Covelo, California, such approval being conditioned upon prior or simultaneous discontinuance of existing banking facilities in Covelo and upon establishment of the branch within 30 days after date of Board telegram to, ratified Emergency approval of, rescinded in light of decision of California Superintendent of Banks to allow Covelo Bank to remain open at least temporarily http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/28 3664, 3678 1/14 106, 120 12/23 4518, 4527 8/24 2915, 2926 2/25 616, 628 3/2 693, 703 1964 121 Pages Branch banks, domestic: (continued) Wells Fargo Bank, San Francisco, California: (continued) Application to establish de novo branch at Covelo, California: (continued) Application approved because of worsened condition of the Frontier Bank in Covelo (a nonmember insured bank), on same basis as Board's approval given by telegram of 7/31 February 24, 1964 Establishment of a branch in the blocks bounded by Battery, Clay, Davis and Washington Streets, San Francisco, California, approved, 2/25 six-month extension granted BouleEstablishment of a branch at Freeport vard and Fruitridge Road, Sacramento, California, approved, six-month extension 3/4 granted Road Establishment of a branch at San Antonio and Alma Street, Mountain View, California, approved, six-month 3/6 extension granted and Road Establishment of a branch at Coloma U.S. Highway 50 in unincorporated town of Rancho Cordova, Sacramento County, California, approved, six-month extension 3/9 granted Relocation of a branch from 1440 Fulton Street to Fresno and Van Ness Streets, Fresno, California, approved, provided operations at 1440 3/13 Fulton Street are discontinued Establishment of a branch in the central business district of Foster City on Brewer Island, California, approved, six-month extension 3/25 granted Establishment of a branch at Pacific Avenue and Hammer Lane, Stockton, California, approved, six3/25 month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2695 619, 631 705, 710 744, 753 757, 764 829, 847 965, 987 965, 988 1964 122 Pages Branch banks, domestic: (continued) Wells Fargo Bank, San Francisco, California: (continued) Establishment of a branch at 19th Avenue and Bayshore Freeway, San Mateo, California, approved, six3/25 month extension granted Establishment of a branch in the Del Monte Shopping Center on Old Capitol Site on Carmel Hill, Monterey, California, approved, six-month 3/25 extension granted Establishment of a branch at 25th Street and MacDonald Avenue, Richmond, California, approved, six3/30 month extension granted branches in tempoOperation of Crescent City rary quarters approved, action taken on March 30, 1964, in sending telegram to FRBank of San Francisco, ratified by 3/31 unanimous vote Establishment of a branch at the east side of Pacheco Boulevard, Pleasant Hills, California, in lieu of that previously approved by the Board in the vicinity of the intersection of Willow Pass Road, Taylor and Pacheco Boulevards, Concord, California, six3/31 month extension granted Opposition by President Harding of First National Bank of Pleasanton, California, re establishment of a branch in San Ramon Village Shopping Center, Alameda County, California, agreed that Mr. Harding would be accorded an opportunity to present his views to the Board's 4/3 staff Establishment of a branch in the Almaden Village Shopping Center at the intersection of Almaden Expressway and Crown Boulevard, San Jose, California, approved, six4/15 month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 965, 990 965, 991 1056, 1064 1073, 1079 1074, 1083 1134 1293, 1304 1964 123 Pages Branch banks, domestic: (continued) Wells Fargo Bank, San Francisco, California: (continued) Establishment of a branch in the San Ramon Village Shopping Center, Almeda County, California, approved, six-month extension 4/24 granted After study of protest by Mr. Harding, President of First National Bank of Pleasanton, re branch of, it was concluded by Division of Examinations that Pleasanton Bank should not be 4/24 insulated from competition Livestock in the branch Establishment of a Pavilion, Geneva Avenue and Rio Verde Street, San Mateo County, California, such branch to operate for the duration of the Republican National Convention which is scheduled to convene on July 5/19 13, 1964, approved Establishment of a branch at 475 El Camino Real, Millbrae, California, approved, six-month extension 7/23 granted Establishment of a branch in the downtown business section of Ukiah, Mendocino County, California, approved, six-month extension 7/23 granted Establishment of a branch at Hesperian Boulevard and Paseo Grande, San Lorenzo, California, approved, 7/23 six-month extension granted Establishment of a branch at Jackson Road and Folsom Boulevard, Perkins, California, approved in lieu of previously approved branch at Power Inn Road and Fruitridge Road, Sacramento, Calif. 7/23 six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1422, 1437 1423 1820, 1825 2542, 2550 2542, 2551 2542, 2552 2542, 2553 1964 124 Pages Branch banks, domestic: (continued) Wells Fargo Bank, San Francisco, California: (continued) Relocation of a branch from First Street West and Napa Street, Sonoma, to West Napa Street and First Street West, approved, six10/6 month extension granted Relocation of a branch from 26 N. San Joaquin Street, Miner and El Dorado Streets, in Stockton, Calif., approved, six-month extension 11/6 granted Establishment of a branch at the El Dorado County Fairgrounds in an unincorporated area adjoining the city of Placerville, California, approved, six-month extension 11/16 granted Establishment of a branch at Geary Boulevard and Stanyan Street, San Francisco, approved, if this property is not available Board approves establishment of a branch either at Geary Boulevard and Commonwealth Avenue or at Geary Boulevard and Spruce Street, San Francisco, California, six-month exten11/18 sion granted Establishment of a branch on Irving Street between 6th Avenue and 10th Ave., San Francisco, California, approved, six-month extension 11/19 granted Establishment of a branch at 851 Burlway Rd., Burlingame, California, approved, six-month extension 11/27 granted Operation of branches at the three offices of Bank of Amador County, Jackson, California, incident to the 12/16 merger with, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3382, 3407 3768, 3780 3832, 3839 3891, 3915 3923, 3929 4054, 4072 4386 1964 125 Pages Branch banks, domestic: (continued) Wilmington Trust Company, Wilmington, Delaware: Establishment of a branch at 222 West 11th Street, Wilmington, Delaware, approved, six-month extension granted Board interposes no objection to,moving its mortgage and insurance business from the branch at 22 West 11th Street to another office and to transfer to the branch the stock and registration functions of the corporate division, and activities connected with servicing dealer originated instalment loans Extension of time to establish a branch at 436 Loockerman Street, Dover, Delaware, approved, provided that branch operations are confined to granting and servicing consumer credit loans Wood & Huston Bank, Marshall, Missouri, establishment of an in-town branch at Marion and North Jefferson Streets, approved, six-month extension granted Company, Little Rock, Trust and Bank Worthen Arkansas: Extension of time to establish an in-town branch (teller's window) at Capital Avenue and Ringo St., granted Operation of branches at the two offices of Bank of Arkansas, Little Rock, Arkansas, incident to merger with, approved Wyandotte Savings Bank, Wyandotte, Michigan, establishment of a branch at 31062 Ecorse Road, Romulus, Michigan, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/27 663, 669 8/19 2867, 2883 12/7 4138, 4163 12/7 4138, 4161 4/15 1293, 1306 12/7 4170 8/14 2836, 2842 1964 126 Pages Branch banks, FRSystem: Baltimore: Staff: Armstrong, B. F., Assistant Cashier, salary approved Hagner, D. F., Vice President, salary approved Jones, E. R., Jr., Assistant Cashier, salary approved Stewart, A. A., Jr., Cashier, salary approved Wienert, A. C., Assistant Cashier, salary approved to date of retirement in 1965 Birmingham: Banking quarters: Board interposes no objection to proceeding with fallout shelter plans and authorizes the necessary expenses as described, question by Governor Balderston re higher expenses for architectural and engineering fees for Birmingham than for the other offices in District 6 Telegram to FRBank of Atlanta indicating Board approval of proceeding with construction of fallout shelter facilities on basis of guaranteed cost estimates, approved, Governor Mitchell dissenting Salaries, employees, adjustment in salary structure approved Staff: Rainey, E. C., Vice President, salary approved Stewart, Marvin, Assistant Cashier, salary approved Thomas, William, Assistant Cashier, salary approved Waller, Wm. A., Jr., Assistant Vice President and Cashier, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/7 4199 12/7 4199 12/7 4199 12/7 4199 12/7 4198, 4199 2/27 664 12/21 4468, 4495 4/21 1368, 1374 12/7 4201 12/7 4201 12/7 4201 12/7 4201 1964 127 Pages Branch banks, FRSystem: (continued) Buffalo: Fees for special counsel: Request for authority to engage special counsel in connection with pending litigation in which Reserve Bank was seeking reduction of assessed valuation of its Buffalo Branch real estate and recovery of taxes related to over-assessment for four or more years, agreed that representatives of FRBank of New York and Buffalo Branch would be asked to discuss matter with Board Matter satisfactorily resolved, letter to FRBank of New York authorizing certain legal fees to firm of Ohlin, Damon, Morey, Sawyer and Moot re reduction of tax assessment at Buffalo Branch, approved Salaries, employees, clerical and nonclerical, increase in structure, letter granting consent to New York Bank's proposal,approved Staff: Doll, George J., Assistant Vice President and Cashier, salary approved only to date of retirement which will be reached during 1965 Greene, Gerald H., Assistant Cashier, salary approved Keane, John T., Assistant Cashier, salary approved Smith, Insley B., Vice President, salary approved Charlotte: Staff: Keller, W. W., Assistant Cashier, salary approved Krueger, F. C., Jr., Assistant Cashier, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/28 2979 9/9 3095, 3104 11/30 4087, 4093 12/7 4191, 4193 12/7 4193 12/7 4193 12/7 4193 12/7 4199 12/7 4199 1964 128 Pages Branch banks, FRSystem: (continued) Charlotte: (continued) Staff: (continued) Ligon, S. A., Cashier, salary approved MacDonald, E. F., Vice President, salary approved Mondy, E. C., Assistant Cashier, salary approved Cincinnati: Banking quarters: Construction of new building: Request for authority to obtain an option to purchase certain real estate in Cincinnati and to have architects proceed with preliminary plans for, agreed that Board would defer action until representatives of the Division of Bank Operations had visited Cincinnati and reported back re present building and proposed plan, letter to President Hickman Board to meet with Joseph B. Hall, Chm. of Board of Directors of Federal Reserve Bank of Cleveland on afternoon of December 2, 1964, to discuss proposed plans Report by Mr. Farrell re on-site visit by Division of Bank Operations, in preparation for visit by Chairman Hall of FRBank of Cleveland, on December 2, 1964 Chairman Hall and Messrs. Kiel and Morrison were present at Board meeting and were unanimous in proposing a building program to be undertaken for Agreement with suggestion that Board advise FRBank of Cleveland that it was unconvinced at present time re need for and request the Bank to explore possibilities of acquiring three parcels of land adjacent to present Branch building for construction of an improved security court and other needed facilities, letter to President of FRBank of Cleveland sent on December 17, 1964 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/7 4199 12/7 4199 12/7 4199 10/2 3365, 3374 11/23 3971 11/24 3996 12/2 4107 12/8 4227, 4244 1964 129 Pages Branch banks, FRSystem: (continued) Cincinnati: (continued) Salaries: Employees, revision in salary structure approved, attention called to seemingly high classification of supervisory positions in the Protection Department of the head office and branches, Board requests that these positions be studied and it allowed to review study before any action is taken by FRBank on these salaries Protection Department Employees, letter to FRBank of Cleveland concurring in grade classifications recommended for supervisory positions in the Protection Department of, and approving payment of salaries on such basis Staff: Comarata, Vincent J., FRAgent's Representative, appointment to succeed Robert P. Shafer, approved Crowley, Joseph W., Assistant Cashier: Salary approved through December 31, 1964 Salary approved Hurst, George W., Assistant Cashier, salary approved Kiel, Fred 0., Vice President, (in charge of Cincinnati Branch): Present at Board meeting, afternoon session, on Wednesday, Dec. 2, 1964 Salary approved MacDonald, Walter H., Cashier: Salary approved through December 31, 1964 Salary approved Taylor, Howard E., Assistant Cashier: Salary approved through December 31, 1964 Salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/27 1448,1472-73 7/13 2437, 2456 7/23 2542, 2557 4/22 12/7 1379, 1387 4197 12/7 4197 12/2 12/7 4107 4197 4/22 12/7 1379, 1387 4197 4/22 12/7 1379, 1387 4197 1964 130 Pages Branch banks, FRSystem: (continued) Denver: Banking quarters: Building needs: Possibility of renting quarters for check collection operations until new building was constructed, understood Governor Shepardson would discuss problems with President Clay of the FRBank of Kansas City on March 24, 1964, when he was in Washington for FOMC meeting Request for authority to purchase building site, agreed to defer decision until Chairman Martin and Governor Shepardson could make report following visit to Denver Favorable report submitted by Governor Shepardson on behalf of Chairman Martin and himself, further discussion re possible conflict of interest involving Park City Corporation, Denver, and officers of Denver member bank and Denver Branch Director, understood field staff examiner or Mr. Smith of the Division of Examinations would go to Denver, after examiner's report, Board would consider matter further Approval of acquisition of property for building site, with Governor Mills abstaining, action taken subject to ratification at next meeting of Board due to lack of a quorum Staff: Krebs, H. F., Assistant Cashier, salary approved Snider, John W., Vice President, salary approved Stempel, H. L., Cashier, salary approved until retirement in 1965 Zahourek, J. R., Assistant Cashier, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/19 589 7/10 2425 7/21 2514 7/24 2572, 2588 12/7 4210 12/7 4210 12/7 4210 12/7 4210 1964 131 Pages Branch banks, FRSystem: (continued) Des Moines: Establishment of a branch of the FRBank of Chicago in, memorandum summarizing developments over the last 10 years, general agreement that present circumstances did not justify, however, views were expressed that Board should consider any responsiblysponsored proposal and make known its conclusion After consultation with President Scanlon of the FRBank of Chicago, letter was sent to him on May 26, 1964 Detroit: Salaries, increase in salary structure approved for FRBank of Chicago and, Governor Mitchell dissenting because of the small adjustment involved Staff: Bloomfield, R. W., Assistant Vice President, salary approved Carey, P. F., Assistant Cashier, salary approved Lamphere, G. W., Assistant General Counsel, salary approved A., request from FRBank of Walter Mach, Chicago for Board's view re involuntary termination of services of, no longer able to perform his duties because of addiction to alcohol, letter to Chicago approved, interposing no objection to supplementation of retirement allowance of, understanding that an appropriate letter to apprise FRBanks of Board's present thinking on general subject to be prepared Purol, L. J., Assistant Cashier, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/21 1829 5/21 1854 9/3 3044, 3063 12/7 4204 12/7 4204 12/7 4204 11/18 3893, 3922 12/7 4204 1964 132 Pages Branch banks, FRSystem: (continued) Detroit: (continued) Staff: (continued) Rickel, W. G., Assistant Cashier, salary approved Swaney, R. A., Vice President, salary approved El Paso: Salaries, increase in employees' salary structure approved Staff: Arnold, T. C., Cashier, salary approved Bohne, Roy E., Vice President, reassignment to head office at Dallas from El Paso Branch with no change in title or salary effective November 1, 1964, approved Cline, Marvin D., FRAgent's Representative, appointment approved Coleman, Forrest E., Assistant Cashier, salary approved Reed, Frederic W., Vice President in charge of El Paso Branch: Salary approved effective November 1, 1964, salary approved below minimum for his group, understood review would be made by Board's Committee on Organization, Compensation, and Building Plans and matter to be discussed with President Irons Salary approved Robertson, Thomas H., appointment approved as FRAgent's Representative, to succeed Marvin D. Cline, Jr. FRBank of Chicago: Establishment of a branch in Des Moines, Iowa, memorandum distributed summarizing developments over last 10 years, general agreement that present circumstances did not justify, views expressed that Board should consider any responsibly-sponsored proposal and make known its conclusion http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/7 4204 12/7 4204 12/8 4216, 4242 12/7 4212 10/19 3593, 3599 12/9 4247, 4263 12/7 4212 10/19 12/7 3593, 3599 4212 3/13 829, 849 5/21 1829 1964 133 Pages Branch banks, FRSystem: (continued) FRBank of Chicago: (continued) After consultation with President Scanlon of the FRBank of Chicago, letter was sent to him on May 26, 1964 Helena: Staff: Heath, J. L., Assistant Cashier, salary approved Van Nice, C. A., Vice President, salary approved Worcester, R. W., Assistant Cashier, salary approved Houston: Salaries, increase in employees' salary structure approved Staff: Cook, J. L., Vice President, salary approved Hartung, W. C., Assistant Cashier, salary approved until retirement age, which will be reached in 1965 Story, Rasco R., Assistant Cashier,salary approved Troy, B. J., Cashier, salary approved Jacksonville: Banking quarters: Board interposes no objection to proceeding with fallout shelter plans and authorizes the necessary expenses as described Telegram to FRBank of Atlanta indicating approval re construction of fallout shelter facilities on basis of guaranteed cost estimates, Governor Mitchell dissenting Salaries, employees, adjust in salary structure approved Staff: Brown, Dowdell, Jr., Assistant Vice President, salary approved Clark, T. C., Assistant Vice President, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/21 1854 12/7 4208 12/7 4208 12/7 4208 12/8 4216, 4242 12/7 4212 12/7 4212 12/7 12/7 4212 4212 2/27 663, 671 12/21 4468, 4495 4/21 1368, 1374 12/7 4201 12/7 4201 1964 134 Pages Branch banks, FRSystem: (continued) Jacksonville: (continued) Staff: (continued) Crow, Vestus, Cashier, salary approved Hargett, Billy, Assistant Cashier, salary approved Lanford, T. A., Vice President, salary approved Swilley, M. J., appointment approved as FRAgent's Representative, to succeed J. R. Moser, Jr. Little Rock: Banking quarters, authorization to proceed with preparation of final plans and specifications for proposed new building Staff: Breen, John F., Jr., Cashier: Attended Board meeting for economic review Salary approved Burton, Fred, Vice President and Manager, salary approved until retirement in 1965 Jensen, Howard J., Assistant Cashier, salary approved Ward, John K., Assistant Cashier, salary approved Territory, proposed transfer of eleven counties along northwestern edge of State of Arkansas from head office zone of FRBank of St. Louis to Little Rock Branch zone, approved, letter to Federal Reserve Bank of St. Louis Los Angeles: Coin function, examination report of FRBank of San Francisco reviewed with emphasis on difficulties re, and remedial steps taken by the management Salaries, employees, increase in structure approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/7 4201 12/7 4201 12/7 4201 7/13 2438, 2458 9/3 3044, 3061 3/23 12/7 948 4206 12/7 4206 12/7 4206 12/7 4206 4/30 1549, 1572 2/6 406 1/16 155, 167 1964 135 Pages Branch banks, FRSystem: (continued) Los Angeles: (continued) Staff: Carter, W. E., Assistant Manager, salary approved Davenport, D. M., Vice President, salary approved Jones, M. A., Assistant Manager, salary approved Kelly, G. R., Assistant Manager, salary approved Newton, Reid E., Federal Reserve Agent's Representative, appointment to succeed Mr. D. Carlotti, approved Parker, G. D., Assistant Manager, salary approved Robinson, J. R., Assistant Manager, salary approved Watkins, C. H., Vice President and Manager, salary approved Louisville: Staff: Henry, Donald L., Vice President and Manager, salary approved Menges, John W., Cashier, salary approved Nelson, Louis A., Assistant Cashier, salary approved Swiental, Clarence, FRAgent's Representative, appointment to succeed John E. Bald, approved Woertz, Clarence J., Assistant Cashier, salary approved Memphis: Staff: Black, Paul I., Jr., Assistant Cashier, salary approved DeVos, E. Francis, Vice President and Manager, salary approved until retirement in 1965 Garbarini, Joseph P., Assistant Cashier, salary approved Monaghan, Benjamin B., Cashier, salary approved Moriarty, Michael T., FRAgent's Representative, appointment to succeed Frank Robertson, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/7 4214 12/7 4214 12/7 4214 12/7 4214 7/2 2354, 2359 12/7 4214 12/7 4214 12/7 4214 12/7 12/7 4206 4206 12/7 4206 7/23 2542, 2558 12/7 4206 12/7 4206 12/7 4206 12/7 4206 12/7 4206 7/23 2542, 2558 1964 136 Pages Branch banks, FRSystem: (continued) Nashville: Banking quarters: Board interposes no objection to proceeding with fallout shelter plans and authorizes the necessary expenses as described Telegram to FRBank of Atlanta approving construction of fallout shelter facilities on basis of guaranteed cost estimates, Governor Mitchell dissenting Salaries, employees, adjustment in salary structure approved Staff: Magee, Stuart H., Assistant Cashier, salary approved Moody, R. E., Jr., Vice President, salary approved Sewell, W. H., Assistant Vice President, salary approved Starr, L. W., Cashier, salary approved New Orleans: Banking quarters: Memorandum circulated re proposed acquisition of property at the corner of St. Charles Avenue and Poydras Street adjoining the New Orleans Branch building site at a price not in excess of $425,000, understood that Gov. Mitchell would discuss the proposed real estate purchase with President Bryan of FRBank of Atlanta when he was in Washington next week Further discussion, agreed that Mr. Farrell should visit New Orleans and talk with Chairman of Branch Board and return to Board with recommendations http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/27 663, 671 12/21 4468, 4495 4/21 1368, 1374 12/7 4202 12/7 4202 12/7 12/7 4202 4202 6/10 2008 6/18 2133 1964 137 Pages Branch banks, FRSystem: (continued) New Orleans: (continued) Banking quarters: (continued) Memorandum from Mr. Farrell reporting on his visit to, letter approved for transmittal to FRBank of Atlanta, interposing no objection to the acquisition of property in question at price specified Salaries, employees, adjustment in salary structure approved Staff: Chapman, L. Y., Assistant Vice President and Assistant Manager, salary approved Junca, R. M., Assistant Cashier, salary approved Millsaps, Fred, Assistant Vice President, salary approved Shaw, Morgan L., Vice President, salary approved Oklahoma City: Banking quarters: Damages incurred during construction of, letter to FRBank of Kansas City re fees for outside counsel, approved, letter to all FRBanks setting forth Board's interpretation of question re fees for outside counsel Staff: Alexander, F. W., Assistant Cashier, salary approved until retirement in 1965 Farley, E. P., Assistant Cashier, salary approved Milburn, W. J., Jr., Assistant Cashier, salary approved Pritz, H. W., Vice President, salary approved Omaha: Disappearance of $4,900 in currency at, noted in examination report of FRBank of Kansas City, conclusion that disappearance resulted from inadvertent error and did not reflect malfeasance by any employee http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/10 2428, 2433 4/21 1368, 1374 12/7 4202 12/7 4202 12/7 4202 12/7 4202 11/12 3811,3826-27 12/7 4210 12/7 4210 12/7 4210 12/7 4210 12/11 4299 1964 138 Pages Branch banks, FRSystem: (continued) Omaha: (continued) Staff: Pleiss, W. L., Cashier, salary approved Rankin, G. C., Vice President, salary approved Spencer, Dan S., Jr., Assistant Cashier, salary approved Tollander, C. C., Assistant Cashier, salary approved Pittsburgh: Salaries: Employees, revision in salary structure approved, attention called to seemingly high classification of supervisory positions in the Protection Department of the head office and branches, requests that positions be studied before action is taken by the FRBank Protection Department Employees, letter to FRBank of Cleveland concurring in grade classifications recommended for supervisory positions for payment of salaries on such basis, approved Staff: Aufderheide, J. Robert, Assistant Cashier, salary approved Dorn, Paul H., Assistant Cashier, salary approved Harrell, Clyde, Vice President, salary approved Houpt, Charles E., Assistant Cashier, salary approved Steinbrink, Roy J., Cashier: Salary approved Salary approved Portland: Salaries, employees, increase in structure approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/7 4210 12/7 4210 12/7 4210 12/7 4210 4/27 1448, 1472 7/13 2437, 2456 12/7 4197 12/7 4197 12/7 4197 12/7 4197 8/27 12/7 2962, 2970 4197 1/16 155, 167 1964 139 Pages Branch banks, FRSystem: (continued) Portland: (continued) Staff: Brown, W. M., Vice President and Manager: Salary approved for period February 1 through December 31, 1964 Salary approved Devries, W. G., Assistant Vice President: Salary approved for period February 1 through December 31, 1964 Salary approved Grimm, F. K., Assistant Manager, salary approved Skinner, F. R., Assistant Manager, salary approved Salt Lake City: Salaries, employees, increase in structure approved Staff: Dunn, R. C., Assistant Manager, salary approved Holman, A. G., Assistant Manager, salary approved Price, A. L., Vice President and Manager, salary approved Simmons, T. M., Assistant Vice President, salary approved San Antonio: Salaries, increase in employees' salary structure approved Staff: Moore, Carl H., Vice President, salary approved Mundt, A. E., Cashier, salary approved Russell, Alvin E., Assistant Cashier, salary approved Schmid, Frederick J., Assistant Cashier, salary approved Seattle: Alaskan banking situation following recent earthquake, report by Mr. Solomon on an interagency meeting re reports from Office of Emergency Planning with respect to, FRBank of San Francisco planning to send a bank examiner and an officer of Seattle Branch to study situation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/20 12/7 189, 204 4214 1/20 12/7 189, 204 4214 12/7 4214 12/7 4214 12/16 155, 167 12/7 4214 12/7 4214 12/7 4214 12/7 4214 12/8 4216, 4242 12/7 12/7 4212 4214 12/7 4212 12/7 4212 4/1 1104 1964 140 Pages Branch banks, FRSystem: (continued) Seattle: (continued) Banking quarters: No objection interposed to contract with the Ballard Company to install an air conditioning system, expenditure not to exceed $468,500 for the project, authorized Salaries, employees, increase in structure approved Staff: Barglebaugh, E. R., Vice President and Manager, salary approved Glascock, R. P., Assistant Manager, salary approved Laiti, A. C., Assistant Manager, salary approved Sandstrom, W. R., Assistant Vice President, salary approved Branch banks, foreign: Establishment of: By national banks: Comptroller of the Currency proposed a regulation requiring national banks to obtain Comptroller's approval before engaging in international operations, reply letter to Chm. Fascell of the House Legal and Monetary Affairs Subcommittee, pointing out that Congress specifically authorized the Board to regulate activities of national and State member banks in this field Question re continuing to invite Comptroller's comments on applications, discussed in connection with application of Bank of America National Trust and Savings Association, San Francisco, Calif., to establish a branch in Taipei, Taiwan, Republic of China, staff requested to draft letter to Comptroller re continuation of inviting his views http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/18 3180, 3193 1/16 155, 167 12/7 4214 12/7 4214 12/7 4214 12/7 4214 2/10 438 3/26 1022 1964 141 Pages Branch banks, foreign: (continued) Establishment of: (continued) By national banks: (continued) Question re continuing to invite Comptroller's comments on applications: (continued) Understood certain suggestions made by Governor Balderston would be reflected in new draft letter 3/31 to be considered tomorrow Letter transmitted to Comptroller of the Currency, consensus that Board should continue to invite comments of Comptroller, understood such comments would be invited on application by Bank of America National Trust and Savings Association, San Francisco, California, to establish 4/1 a branch in Taipei, Taiwan practice continuing re Further discussion of requesting comments from Comptroller of the Currency with respect to, agreed to con4/16 tinue at least for time being for request to Patman Chairman Reply to list of points of disagreement between Board and Comptroller with respect to foreign banking 9/3 corporations and Loans to executive officers of foreign branches of State member and national banks: Request by Morgan Guaranty Trust Company, New York, a State member bank, for Board ruling re, questioning like treatment under regulations for officers of State member foreign branches and officers of foreign branches of national banks under Regulation M, revised letter to be 1/29 presented for consideration Revised draft discussed, interpretation approved, with understanding that it would be published in Federal Register and FRBulletin, letter 2/3 to FRBank of New York approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1076 1089, 1116 1329 3048, 3070 281 337,359-61 1964 142 Pages Branch banks, foreign: (continued) Notice of intent to establish branches by national banks in absence of objection from Board, no need seen for instituting practice of inviting Comptroller's views re, in connection with discussion of Comptroller's proposed regulation dealing with international operations of national banks (Individual banks): Banco Mercantil y Agricola, Caracas, Venezuela, letter to Chase Manhattan Overseas Banking Corporation, New York, New York, acknowledging receipt of notice of intention of, to establish additional branches in Venezuela at Los Palos Grandes Business Center, Avenida Francisco de Miranda, Los Palos Grandes, Sucre District, State of Miranda, and Edificio Ponta (Ponta Building), Avenida Macklake, Puerto Ordaz, State of Bolivar Bank of America National Trust and Savings Association, San Francisco, Calif.: Establishment of a branch in Managua, Nicaragua approved, six-month extension granted Establishment of a branch in Taipei, Taiwan, Republic of China, action deferred pending further consideration of letter to be sent to Comptroller re practice of inviting his comments on applications Understood certain suggestions made by Gov. Balderston would be reflected in new draft to be considered at tomorrow's Board meeting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/27 276 5/8 1671 1/8 31, 43 3/26 1022 3/31 1076 1964 143 Pages Branch banks, foreign: (continued) Bank of America National Trust and Savings Association, San Francisco, Calif.: (continued) Establishment of a branch in Taipei, Taiwan, Republic of China: (continued) Board decided to wait a reasonable time for receipt of any comments from Comptroller of the Currency before taking action on application in view of decision to continue to invite Comptrol1090 4/1 ler's comments on such cases Branch in Taipei, Taiwan, Republic of China, approved, letter sent to Comptroller of the Currency requesting comments re, but no reply 1328, 1337 4/16 had been received Letter to, acknowledging receipt of notice of intent to establish a branch in 1361 4/20 Rotterdam, The Netherlands Letter to, acknowledging receipt of notice of intent to establish a branch in 2474 7/14 Calcutta, India Establishment of a branch in Vienna, Austria, approved, six-month extension 2513, 2521 7/21 granted Extension of time to establish a branch in 11/18 3891, 3916 Madrid, Spain, granted of notice of Letter to, acknowledging receipt intent to establish an additional branch in the Orchard Road area of the City of Singa4115 12/2 pore New York: York, New Bank, Chase Manhattan Letter to, acknowledging receipt of notice of intent to establish an additional branch in the City of Panama, Republic of Panama, to be located at the corner of Via Bolivar (Trans-Isthmian Highway) and Fifth Street in the Industrial Development Area of Betania 3006 9/1 District of the City of Panama http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 144 Pages Branch banks, foreign: (continued) Chase Manhattan Bank, New York, New York: (continued) Letter to, acknowledging receipt of notice of intent to establish an additional branch in Malaysia, to be located at 9 Church Street, Kuala Lumpur Letter to, acknowledging receipt of notice of intent to establish an additional branch in Nassau, Bahamas, to be located at northwest corner of Russell Road and Thompson Boulevard, Nassau Extension of time to establish an additional branch in San Juan, Puerto Rico, granted Letter to, acknowledging receipt of notice of intent to establish an additional branch in Trinidad, to be located in Trinidad Hilton Hotel, Lady Young Road, Belmont, Port-of-Spain Chemical Bank New York Trust Company, New York, New York, letter to, acknowledging receipt of notice of intent to establish an additional branch in London, Eng., to be located at 15-27 Davies Street First National Bank of Boston, Massachusetts, establishment of a branch in London, England, under provisions of Section 25 of FRAct, approved, six-month extension granted First National Bank of Chicago, Illinois, establishment of a branch in London, England, to be located at 38 Walbrook, London, E.C. 4, approved, six-month extension granted First National City Bank, New York, New York: Letter to, acknowledging receipt of advice of intent to establish a branch in Makati, Republic of Philippines http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/9 3096 10/16 3576 10/29 3688, 3691 12/2 4115 9/11 3109 1/6 16, 26 9/11 3106, 3112 1/20 190 1964 145 Pages Branch banks, foreign: (continued) First National City Bank, New York, N. Y.: (continued) Letter to, acknowledging receipt of notice of intent to establish a branch 7/1 in West Berlin, Germany Letter to, acknowledging receipt of notice of intent by, to establish a branch on Avenida Central, Panama City, Republic of the 7/29 Panama Letter to, acknowledging receipt of notice of intent to establish a branch in 7/30 Cartagena, Colombia Establishment of a branch in La Paz, Bolivia, approved, six-month extension 8/24 granted Establishment of a branch in City of Port-ofSpain, Trinidad and Tobago, approved, six-month extension 9/1 granted Establishment of a branch in Dublin, Ireland, approved, six-month extension 9/2 granted Letter to, acknowledging receipt of notice of intent to establish an addi9/18 tional branch in Callao, Peru Letter to, acknowledging receipt of notice of intent to establish an additional branch in Argentina, to be located in the Villa Crespo 9/28 section of Buenos Aires a in branch establish Extension of time to 11/2 Concepcion, Chile, granted the in branch a establish to time of Extension Chowringhee area of Calcutta, 11/9 India, granted Letter to, acknowledging receipt of notice of intent to establish an additional branch in Malaysia, to be located in Georgetown, 12/22 Penang International Bank of Commerce, Seattle, Wash., (formerly Commerce International Banking Corp., Seattle, Wash.), extension of time to establish a branch in Hong Kong, Colony of 4/15 Hong Kong, granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2332 2650 2681 2915, 2924 2986, 3008 3015, 3037 3188 3316 3704, 3714 3795, 3799 4502 1293, 1305 1964 146 Pages Branch banks, foreign: (continued) Irving Trust Company, New York, New York, establishment of a branch in the city of London, England, to be located at 36-38 Cornhill, London, E.C. 3, approved, sixmonth extension granted Letter to, acknowledging receipt of notice of intent to establish a branch in the Vallejo District of Mexico City, Mexico, Board approved establishment of such a branch on July 25, 1963, but time limit for opening the branch expired on August 1, 1964 Marine Midland Trust Company of New York, New York, establishment of a branch in London, England, at 37 Threadneedle Street, London, E.C. 2, approved, six-month extension granted Mercantile Bank of Canada, Montreal, Canada, notice of intention given by International Banking Corporation, New York, New York, of the establishment by, of a branch in Winnipeg, Manitoba, on Portage Avenue between Fort and Garry Streets, and a branch in Calgary, Alberta, at the corner of Eighth Avenue and 6th Street West Morgan Guaranty Trust Company of New York, New York, establishment of a branch at Bockenheimer Landstrasse 8, Frankfurt am Main, Federal Republic of Germany, approved, six-month extension granted Branches of foreign banks: SEE also: Foreign banks: Branches of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/9 1229, 1243 9/1 3006 3/13 829, 848 4/27 1459 10/21 3601, 3609 1964 147 Pages Brink's Incorporated: Shipment of new FRNotes to FRBanks and branches by: Recommended by Subcommittee on Cash, Leased Wire, and Sundry Operations, and approved by Presidents' Conference, concurrence by the Board, negotiations for three year contract, advice to Chairman of Presidents' Conference Designation of Walter H. Young, Senior Attorney, to serve on ad hoc subcommittee re negotiations for contract with Agreement approved with understanding it would be executed by the Secretary and become effective January 1, 1965, letter sent to Paul C. Hodges, Chairman of Ad Hoc Subcommittee of Counsel on Brink's Contract for Currency Shipments, with copies of agreement for execution by Brink's Executed copies of agreement returned by Mr. Hodges and placed in the Board's files, letter sent to Presidents of all FRBanks enclosing copies of contract and letter from Mr. Hodges Buck, George B., Actuary of the Retirement System, letter to Secretary Frank of the Retirement System of Federal Reserve Banks approving procedure, which had been outlined in letter to Board from Budget: Federal: Financial operations of the Board of Governors, letter to Director of the Bureau of the Budget re the submission of data on, for inclusion in an appendix to the 1966 Federal budget document on a fiscal rather than a calendar year basis, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/30 2674, 2689 8/7 2741 11/2 3699, 3709 11/2 3701, 3710 7/15 2495, 2511 5/4 1594, 1607 1964 148 Pages Budgets: Board of Governors, 1963: Performance report reviewed, overexpenditures reflected in, approved, expenses for personal and nonpersonal services lower than budgeted, discussion re vacancies and fees paid to consultants Board of Governors, 1964: Auditors Special Conference, payment for cost of dinner for General Auditors authorized, along with overexpenditure in Bank merger monograph entitled "A Comparative Analysis of Administrative Policy Under the Bank Merger Act of 1960," issuance of, approved, with overexpenditure in Consumer finance survey, contract with Census Bureau authorized with the understanding that this action also approved resulting overexpenditure in Division of Administrative Services: Overexpenditure in Printing and Binding Account of the 1964 budget of, approved in connection with issuance of supplement to Board's Flow of Funds Accounts by the Division of Research and Statistics Purchase of VariTyper, Model 660-F, at the cost of $3,250, authorized with approval for the resultant overexpenditure in the budget of Board authorized Secretary to arrange for purchase of as many as 100 sets of facsimile FOMC Minutes to be placed in the FRBanks and the Branches, and to retain a reserve supply in Board's offices, resulting overexpenditure in budget of, authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/19 585 4/24 1427, 1441 4/1 1093 4/13 1283, 1290 2/7 417 6/18 2155 7/29 2645 1964 149 Pages Budgets: (continued) Board of Governors, 1964: (continued) Division of Administrative Services: (continued) Printing and binding account, request approved for printing copies of loose-leaf compilation of "Textual Changes in the Federal Reserve Act and Related Laws" at a cost in excess of original estimate previously approved, with resultant overexpenditure, authorized Division of Data Processing: Transferral of Economic Illustrating Unit from Division of Research and Statistics to, involving the transfer of eight budget positions to, approved Additional expenditure for employment of Clifford Hildreth, Professor of Economics, Michigan State University, as Consultant in, resulting overexpenditure in 1964 budget of, approved Board authorized resultant overexpenditure in, in connection with processing of data reported in 1962 questionnaire, "Schedule of Stockholders, Directors, Officers, and Loans Secured by Stock of Other Banks," furnished to Chairman Patman of House Banking and Currency Committee Mack Rowe, invited to visit Board on May 26, 1964, on a consultant basis at rate of $40 for the day, resulting overexpenditure in Fees Account of 1964 budget of, authorized Payment of approximately $3,000 to Census Bureau for computer processing of seasonal adjustments of bank debits for Standard Metropolitan Statistical Areas, approved, resulting budget overexpenditure, authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/14 3524 1/10 80 4/20 1361 4/30 1543, 1567 5/11 1690 9/1 3007 1964 150 Pages Budgets: (continued) Board of Governors, 1964: (continued) Division of Data Processing: (continued) Daily data from reports of net demand and time deposits submitted by member banks for reserve purposes, plan to convert from punched cards to magnetic tape approved, overexpenditure in appropriate accounts of, authorized Division of International Finance: Overexpenditure authorized, for payment of consultant fee and transportation costs for one-day visit of Sir Roy Harrod, University of Pennsylvania Division of Personnel Administration: Budget overexpenditure in the Medical Services Account, due to glaucoma survey, authorized Division of Research and Statistics: Transferral of Economic Illustrating Unit to the Division of Data Processing, involving the transfer of eight budget positions, approved Arrangements with Bureau of the Census re probability sample for new national report on departmental sales at department stores at an estimated cost of $2,500, resulting overexpenditure in Contractual Professional Services Account, authorized Installation of a Dow-Jones Financial News Service Ticker in the FDIC Bldg. for the joint use of Board staff and FDIC staff, with costs to be shared equally by the Board and FDIC, approved, resultant overexpenditure in the Research and Statistics Division's All Other Account, authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/8 3454 3/2 684 9/9 3096 1/10 80 4/3 1135 5/8 1669, 1678 1964 151 Pages Budgets: (continued) Board of Governors, 1964: (continued) Division of Research and Statistics: (continued) Study by Frederick M. Babcock of Washington, D.C., re methods of judging and improving portfolios pertaining to mortgage loans on income producing properties, approved, resultant budget overexpenditure authorized Printing and distribution of "Bank Mergers and the Regulatory Agencies: A Comparative Analysis of Administrative Policy under the Bank Merger Act of 1960," approved, resulting overexpenditure in the budget of, authorized Invitation to Emile Van Lennep, TreasurerGeneral, Ministry of Finance, The Netherlands, to attend and participate in seminar with academic economists, at Board's offices, approved, overexpenditure in budget of, authorized Expenditures in excess of, requests from divisions and offices of the Board re anticipated 1964 over expenditures in the various budget accounts, approved "Farm Debt--Data from the 1960 Sample Survey of Agriculture," publication and distribution of a research handbook entitled, approved, provision for publication of, made in 1964 budget Secretary's Office, visits to Board by trainees from Center for Latin American Monetary Studies during week of September 14, 1964, provisions in budget of, for costs of program including luncheon, approved Special Project budget for seminar meetings of academic economists authorized in budget for 1964 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/18 1792, 1818 7/30 2681, 2690 8/5 2720 12/11 4299 12/7 4157 8/13 2820 2/27 666 1964 152 Pages Budgets: (continued) Board of Governors, 1965: Appropriate provision to be made in, to cover expenses re Conference of scholars sponsored by Social Science Research Council Budget, yearly for 1965, approved: Annex across C Street, architects' fee relating to planning of, referred to as contributing to overall increase in Retirement System, increase in contributions to, contributing to increase in amount necessary to cover personal service items in Salaries: Employees' general pay increase effective in July 1964, a contributing factor to increase in Officers of the Board, cost of 1964 and 1965 salary adjustments, contributing factor to increase in Salaries, official staff, provision for increase in budget in amount corresponding to total of salary increases involved, approved Governor Shepardson stated that errors were made in salaries for two individuals listed, Secretary was authorized to make corrections FRBank of Dallas: 1964, first half: Fallout shelter plans to be abandoned in view of increase in estimated cost, noted by Board, understand entire program to be reappraised Management consultant firm to conduct study, increase in operating expenses resulting from plans for FRBank of Dallas to engage http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/3 12/9 3728, 3738 4256,4269-71 12/9 4257, 4271 12/9 4256, 4270 12/9 4256, 4269 12/9 4256, 4269 12/10 4288 12/16 4379 1/22 234, 246 12/9 4255 1964 153 Pages Budgets: (continued) FRBank of Minneapolis: 1964, first half: Fiftieth anniversary meeting for Ninth District bankers, expenditure of $12,000 by, Governor Mitchell inquired as to whether any Board policy existed re holding of such meetings FRBank of Philadelphia: 1965, first half: Equipment, increase in budget for, due in part to remodeling of Cash Department and the purchase of power equipment for handling of coin FRBank of San Francisco: 1964, last half: Examination function of, Board noted in its letter accepting budget for, that it would be highly desirable to acquire the needed additions to the staff of the bank examination function, and it is hoped that increased efforts at recruitment can result in filling of these positions during remainder of 1964 FRBanks: 1964, first half of: Accepted as submitted, Governor Mills abstaining for reasons he had mentioned, letter to FRBank of Boston similar in form to that sent to all other FRBanks Anniversary, 50th, discussion re expenses for activities incident to 50th anniversary of FRSystem and possible duplication of publications re Equipment, electronic check processing, situation still quite cloudy because during period of transition to electronic equipment, costs were continuing to rise, interpretation difficult for budgets of FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/9 61 12/9 4255 6/10 2006, 2022 1/9 57, 69 1/9 58 1/9 57 1964 154 Pages Budgets: (continued) FRBanks: (continued) 1964, first half of: (continued) Membership dues and contributions, discretionary expenditures, discussion re, in connection with budgets of FRBanks for, indicated that members of Board were interested in seeing copies of material being furnished by FRBanks re Procedures, discussion re present and previous budget procedures of Federal Reserve Banks Publications, problem of System publications discussed, and possible duplication of 50th anniversary publications, Chairman Martin mentioned Dr. Erwin Canham, Chairman of FRBank of Boston, to head up committee to review problem of System publications 1964, last half: Accepted as submitted, letter to FRBank of Boston, with similar letters to other FRBanks, except Dallas and San Francisco Coin shortage, noted that there was no significant incidence of layoff due to, because as personnel needs in the coin departments had decreased, the Banks generally had been assigning superfluous employees to other departments 1965, first half: Accepted as submitted, Governor Mills abstaining, letter to FRBank of Boston with similar letters to other FRBanks Equipment, comment re increase in, at Federal Reserve Bank of Philadelphia, due in part to remodeling of its Cash Dept., and purchase of power equipment for handling of coin, discussion in connection with approval of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/9 62, 64 1/9 57 1/9 58, 60 6/10 2006,2020-22 6/10 2006 12/9 4254, 4268 12/9 4254, 4268 1964 155 Pages Budgets: (continued) FRBanks: (continued) 1965, first half: (continued) Expenses not directly controllable by Federal Reserve Banks, increase in operating expenses resulting in part from paying larger share of social security and unemployment taxes in first half of year Management consultant firm to conduct study, increase in operating expenses resulting from plans for FRBank of Dallas to engage Procedures, Governor Mills abstained from voting on budget for respective FRBanks, after statement in discussion that he had not been reconciled to current budgetary Procedures, request that banks adopt new, using current six-months period rather than same period of previous year, effective with budgets for first half of 1965, letter and new budget report form sent to all FRBank Presidents, use of new form encouraged for second half of 1964 Bureau of the Budget: Administrative Conference of the United States, request from, for up-to-date comments on the 30 recommendations by, to the President of the United States, Board commented in 1963 on all except "code of behavior," present comment to effect that Board could adopt "code of behavior" rule sometime later as a token of cooperation, letter to Budget Bureau approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4254, 4268 12/9 4255 12/9 4254, 4268 3/26 1025, 1037 3/13 832, 861 1964 156 Pages Bureau of the Budget: (continued) Authority for FRBanks to purchase and hold government obligations: Request from, for report on bill proposed by the Treasury that would extend for two years from June 30, 1964, the report to, favoring proposed legislation H.R. 11499, an enrolled bill extending for two years the, letter to, recommending approval Automobiles, Circular No. A-22, Revised, dated December 19, 1963, having to do with limousines and heavy and medium sedans used by agencies of the Executive Branch, Board concluded that Circular issued by, did not apply to automobiles used by the Board Branch bank deposit survey, request for clearance of form for collection of data re, letter to Call report, uniformity of, memorandum from Messrs. Veenstra and Holland submitting for Board's consideration a draft of letter to Bureau of the Budget responding to a letter to heads of the three Federal bank supervisory agencies, letter approved for transmittal to of management of insured control Changes in banks, letter to Budget Bureau reporting on draft legislation proposed by FDIC to provide for notice of, approved, Gov. Mills' reservations being noted 1964, Title VI, nondiscrimiof Act Civil Rights nation in Federally assisted programs, question re application to FRSystem, report to, copy to Dept. of Justice, letter with enclosures to Presidents of all FRBanks and Chm. of the Presidents' Conference, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/19 1820, 1826 6/30 2312, 2317 1/24 263 6/18 2137, 2166 5/27 1875, 1892 7/31 2696, 2706 7/21 2516, 2536 1964 157 Pages Bureau of the Budget: (continued) Commodity Exchange Act, proposed bill to amend, for purpose of giving Secretary of Agriculture authority to set margin requirements for trading in commodities, recent incidents in market for vegetable oils emphasized need for legislation, letter to, approved Cumulative voting, Treasury draft bill "To eliminate cumulative voting of shares of stock in election of directors of national banking associations unless provided for in articles of association," report to, approved, copy sent to Treasury Department General Counsel Belin, in view of request for information to aid in coordinating policies of Federal bank supervisory agencies 1933 and Federal Farm Loan of Act Farm Credit Act, legislation designed to amend, to provide means for expediting withdrawal of Government capital from Federal intermediate credit banks in favor of private ownership by production credit associations, including an increase in maximum permissible debt to capital ratio for these banks, Treasury objects to amendment of, agreed that report to, would be deferred pending development of further information Federal funds statistics, proposal to revise program for collection and release of daily, cleared by Systems Research Advisory Committee, approved by Board, letter to, requesting clearance of revised form, instructions to Presidents of all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/20 189,201-03 3/31 1074, 1084 6/30 2311 7/24 2578,2589-90 1964 158 Pages Bureau of the Budget: (continued) Federal National Mortgage Association, proposed housing bill to invest the association with fiduciary powers to facilitate the financing of its own and other mortgages, provide sales and investments in beneficial interests or participations in such mortgages, immediate reply requested by, letter submitting views approved FRnotes, draft bill to provide for destruction of FRnotes at locations designated by the Secretary of the Treasury, and permit allocation of credit for destroyed notes among FRBanks as determined by the Board, transfer functions performed by the Comptroller of the Currency to the Secretary of Treasury, and repeal the requirement that the System maintain a gold redemption fund on deposit with Treasury Department, favorable report to, approved Federal savings and loan associations, letter to, commenting on a proposed Federal Home Loan Bank Board, letter to Senate Banking and Currency Committee re certain proposals made by the United States Savings and Loan League to amend S. 2468, which, if enacted, would become the Housing and Community Development Act of 1964, approved, Governor Mills' reservations being noted Financial operations of the Board of Governors: Letter to Director of , regarding submission of data on, for inclusion in an appendix to the 1966 Federal budget document on a fiscal rather than a calendar year basis, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/21 223, 231 3/25 972, 1016 7/13 2438, 2459 5/4 1594, 1607 1964 159 Pages Bureau of the Budget: (continued) Financial operations of the Board of Governors: (continued) Schedules for 1963, 1964, and 1965 submitted to, for inclusion in separate section of 1966 Federal budget 10/21 document Foreign banks, report to, on a Treasury draft bill which would permit member banks to purchase and hold di6/12 rectly stock interest in Government economic statistics, request from Mr. Bowman of the Budget Bureau in light of request from Congressman Curtis of Joint Economic Committee for comments on article in Fortune Magazine by Professor Morgenstern of Princeton University, raising the question re accuracy of, consensus that Mr. Bowman should be informed that the Board was not disposed toward a study re, but 4/6 may contribute if formulated by H.R. 258, a bill to authorize establishment of Federal mutual savings banks: General discussion re, reply letter to, ap1/14 proved ComHouse re views Board's Request from, for mittee Print and certain revisions proposed by the Federal Home Loan Bank Board, letter 3/20 to, approved H.R. 7406, an enrolled bill to provide for increased participation by the United States in the InterAmerican Development Bank, Board recommends approval in 1/16 letter to H.R. 8000, a bill to amend the Internal Revenue Code of 1954, to impose a tax on acquisitions of certain foreign securities in order to equalize costs of longer-term financing in the United States and markets abroad, letter to 8/25 Budget Bureau approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3606, 3613 2078, 2095 1145 106 928, 939 147, 161 2941, 2959 1964 160 Pages Bureau of the Budget: (continued) H.R. 8230, a bill to amend section 24 of the Federal Reserve Act liberalizing the conditions of loans by national banks on forest tracts, letter to, offering no objection to the President's approving H.R. 8499, and S. 2223, identical bills to provide for the regulation of collective investment funds maintained by banks, report to Budget Bureau approved H.R. 11218, a bill to amend section 24 of the FRAct to permit national banks to make more liberal loans to individuals for redeveloping real property to further rehabilitation of urban areas, understood that Legal Division would advise by telephone that the Board did not favor the bill H.R. 12267, an enrolled bill providing notice of change in control of insured banks: Letter to Budget Bureau recommending approval Staff to prepare a statement indicating that reports involving State member banks were to be submitted to FRBanks, also to be mailed to all insured banks by FDIC under Public Law 3138 to all insured Statement banks sent on September 18, 1964, Presidents of FRBanks informed Housing and Community Development Act of 1964: Board's views on proposed housing bill, to be considered at next day's meeting Views transmitted to Kotsonis, Diosyssios, Economist, Research Dept., FRBank of New York, to work with Bernstein Committee in preparation of material relating to U. S. balance-of-payments statistics and concepts, compensation and reimbursement for travel and out-of-pocket expenses to be made by http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/24 2251, 2263 4/10 1262, 1266 7/1 2327 9/4 3078, 3084 9/15 3129, 3138 9/15 3131 1/21 1/22 223 242, 249 1/17 173, 183 1964 161 Pages Bureau of the Budget: (continued) National Housing Act, report on draft bill to amend section 408 of the, providing for the regulation of holding and subsidiary companies of savings and loan associations, favorable report sent to Real estate loans made in participation with Small Business Administration, letter approved for transmittal to, supporting legislation proposed by Small Business Administration which would exempt State banks from various restrictions of State law with respect to Reconciliation of Currency National Bank Call Report, (Form 2130-A), to collect certain supplementary condition information directly from national banks, request for clearance by Reorganization Act of 1964, letter to, regarding their request for comments with respect to, Governor Mills' reservations having been noted Reynolds, John E., Chief, Special Studies and Operations Section, Division of International Finance, extension until May 31, 1964, of the reimbursable detail to the, approved S. 1642, an enrolled bill to amend the Securities Act of 1933 and Securities Exchange Act of 1934, to extend disclosure requirements and provide improved qualification and disciplinary procedures, favorable report approved for transmittal to S. 2214, an enrolled bill to amend International Development Association Act to authorize the U. S. to participate in an increase in resources of International Development Association, letter indicating no objection transmitted to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/17 2857, 2860 5/25 1863, 1871 6/18 2137, 2159 10/1 3350, 3356 4/15 1301 8/11 2764, 2768 5/15 1777, 1786 1964 162 Pages Bureau of the Budget: (continued) S. 2223, and H.R. 8499, identical bills to provide for the regulation of collective investment funds maintained by banks, report to, approved S. 2950, an enrolled bill authorizing the retention of the 1964 date on all coins minted pending the availability of adequate supplies of coins, as determined by the Secretary of the Treasury, report to, approved S. 3049, cited as Housing Act of 1964, letter to, approved, re-expressing reservations but indicating that since the bill had been enacted by the Congress, the Board saw no reason for the President to withhold approval State legislation, no proposals for consideration by Committee of State Officials on Suggested State Legislation of Council of State Governments, advice transmitted to Bureau of the Census: Bank debits, memorandum from the Division of Data Processing requesting authorization for payment of approximately $3,000 to, for processing of seasonal adjustments of, for Standard Metropolitan Statistical Areas, approved, action included authorization of resulting budget overexpenditure Consumer finance survey: Chairman Heller of Council of Economic Advisers urging an additional pair of surveys on consumer finance, Governor Mills opposed to such an undertaking, understood that a firm cost estimate from Census Bureau would be brought back to Board for approval http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/10 1262, 1266 8/25 2940, 2958 8/24 2918, 2922 2/19 580, 600 9/1 3007 4/8 1211 1964 163 Pages Bureau of the Census: (continued) Consumer finance survey: (continued) Contract with, authorized, including approval of resulting overexpenditure in the Board's 1964 budget Gajewski, Peter, Economist, Division of Research and Statistics, assignment to, on a reimbursable basis per request of, for period November 16 through December 4, 1964, approved Retail trade, statistics on, memorandum from Messrs. Noyes and Brill of the Board's staff recommending arrangements be completed with, to draw probability sample for new national report on departmental sales at department stores at estimated cost of $2,500, approved with overexpenditure, authorized Bureau of Engraving and Printing: FRnotes: Printing order for fiscal year 1964 supplemental, for FRBank of Atlanta, 1950 series, approved Printing order for fiscal year ending June 30, 1965, approved Printing order for fiscal year 1965 adjustment, approved Bureau of the Mint: Coin shortage: Board discussion re, with Assistant Secretary of the Treasury, Robert A. Wallace, Director of the Mint, Eva B. Adams, and Reserve Bank Presidents, memorandum of meeting in Board's files Letter to Chairman Fascell of House Legal and Monetary Affairs Subcommittee, responding to request for information re basis for computation of estimates furnished to, of coin required in fiscal year 1965 and 1966, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/13 1283, 1290 11/12 3820 4/3 1135 4/8 1204, 1220 6/24 2251, 2260 8/14 2836, 2845 5/19 1823 7/29 2640,2652-55 1964 164 Pages Bureau of the Mint: (continued) Coins, shipment of, report by Governor Daane re proposed special shipment of nickels to a nonmember bank in Las Vegas, Nevada, through a national bank in Los Angeles, California, concern expressed by President Swan of FRBank of San Francisco re questions of equity, agreed that proposed letter should be sent to Secretary of the Treasury stating that if shipments were made, Board hoped that they would go directly from, and not involve FRBanks, copy of letter sent to Secretary of the Treasury and Presidents of all FRBanks Burr, Susan S., comment by Mr. Noyes re work done by Professor William Davenport and, on consulting basis in developing a simplified version of booklet dealing with purposes and functions of the FRSystem Business: Acquisition of banks by, question if any information released by Board might have formed basis for article in Wall Street Journal re, possible connection with Board's recommendation to Congress in Annual Report for 1963 that the Bank Holding Company Act be extended to cover one-bank cases 4/28 1492, 1506 7/6 2368 9/16 3162 7/23 2542 TIC California, State of: Branch banks, discussion re volume of branch applications, stockpiling of branch sites, and trend in California population, Gov. Robertson asked that Div. of Examinations prepare a list of all branches approved for California in past two years http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 165 Pages California, State of: (continued) California Bond Anticipation Notes: Inquiries from Wells Fargo Bank, San Francisco, California and Bankers Trust Company, New York, New York, re status of, within the meaning of paragraph seventh of section 5136 of the Revised Statutes, decision to follow "Dillon procedure" in connection with replies to the two State member banks and interpretation to be published in the FRBulletin and Federal Register No comment from FDIC, Comptroller of the Currency, and Treasury, interpretation sent to Federal Register Farmers & Merchants Bank of Long Beach, Calif., letter to FRBank of San Francisco stating that the Bank is to give certain copies of letters to Special Agent Kintz of FBI only after written authorization has been obtained from State Superintendent of Bank of, in court case involving officers of Canada: Arcturus Investment & Development, Ltd., Montreal, Canada: Extension of time granted to Chase International Investment Corporation, New York, New York, for an extension of time to make further investments in Letter to Chase International Investment Corporation, New York, New York, amending Board's consent to purchase and hold either directly or through, stock of Transamerican Trailer Ferry, Inc., San Juan, Puerto Rico http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/13 2443 7/29 2650,2657-63 11/25 4008, 4030 2/28 675, 683 11/6 3768, 3782 1964 166 Pages Canadian Political Science Association: Mr. Boris Swerling, Senior Economist, Division of International Finance, to address annual meeting of, at Charlottetown, Prince Edward Island, Canada, June 11-13, 1964, and to spend a period of up to two weeks under auspices of Bank of Canada, studying Canadian markets and banking problems, approved Cannon, Howard Walter, Senator: Nickels, shipment of, request from, for information concerning quantities of nickels sent recently by Federal Reserve Bank of San Francisco to banks in Las Vegas, Nevada, no objection to Mr. Farrell furnishing information Capital accounts of FRBanks: Surplus accounts to be maintained at amount equal to each Bank's paid -in capital, approved, effective December 31, 1964, Governor Mills dissenting, agreed that public announcement of the action would be made as part of year-end statement of FRBank earnings, advice to Federal Reserve Bank Presidents Celler, Emanuel, Congressman: H.R. 10506, a bill to amend section 8 of the Clayton Act, to extend the prohibition of present law with respect to interlocking relationships between financial institutions and to prohibit chain banking, Board favors objectives of bill but opposes enactment in its present form, letter to, of the House Judiciary Committee, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/25 619, 635 5/6 1624 12/16 4342, 4398 6/2 1912, 1922 1964 167 Pages Center for Latin American Monetary Studies: Central bank heads of the American Continent, payment to, for amount covering Federal Reserve's share of expenses incurred by Center in performing secretariat functions for the First Meeting of, held in Antigua, Guatemala, in April 1964, approved Gomez, Michael, Economist, Division of International Finance, attendance at Eighth Operating Conference of, in Caracas, Venezuela, approved, subject of meeting will be "Capital Markets in Relation to Economic Integration," to be accompanied by Yves Maroni of the Board's staff Grove, David L., Vice President, FRBank of San Francisco, to lecture during period July 28 through August 7, 1964, at Twelfth Technical Training Program of, in Mexico City, FRBank to assume travel expenses, Board interposes no objection to arrangements as outlined Maroni, Yves, Senior Economist, Division of International Finance, attendance at Eighth Operating Conference of Center for Latin American Monetary Studies, in Caracas, Venezuela, approved, subject of meeting will be "Capital Markets in Relation to Economic Integration," to be accompanied by Michael Gomez of the Board's staff Meetings, Thirteenth Technical Training Program of, to be held in Mexico City, May 3 through August 27, 1965, letter to Presidents of FRBanks re nominations for participants in http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/4 1953 9/30 3327, 3339 3/26 1022, 1035 9/30 3327, 3339 12/2 4098, 4117 1964 168 Pages Center for Latin American Monetary Studies: (continued) Osborne, Harlow D., Chief, Consumer Credit and Finance Section, Division of Research and Statistics, to be made available to, for the national accounts training course and as a lecturer for the Twelfth Technical Training Program during the week of July 6-10, 1964, Board to pay expenses Pardee, Scott E., Economist in the Foreign Research Division of FRBank of New York, attendance at Twelfth Technical Training Program of, from May 4 through August 28, 1964, approved Sammons, Robert L., Adviser, Division of International Finance, authorization to address the opening session of the Eighth Operational Meeting of the Center for Latin American Monetary Studies to be held in Caracas, Venezuela, November 24 through December 2, 1964 Visits to Board by trainees from, during week of September 14, 1964, provisions made in budget of Secretary's Office for cost of program including luncheon, approved Central bank heads of the American Continent: Annual conference of, Messrs. Sammons, Adviser, and Nettles, Economist, Division of International Finance, authorized to travel to Antigua, Guatemala, to attend, as assistants to Chairman Martin and Governor Mitchell, per diem in lieu of expenses to be paid Center for Latin American Monetary Studies, payment to, for amount covering Federal Reserve's share of expenses incurred by Center in performing secretariat functions for First Meeting of, held in Antigua, Guatemala, in April 1964, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/27 663, 672 2/19 579, 599 11/12 3801 8/13 2820 3/27 1050 6/4 1953 1964 169 Pages Central bank heads of the American Continent: (continued) Report given by Chairman Martin on conference held in Antigua, Guatemala, supplementary comments by Gov. 4/30 Mitchell and Mr. Sammons Chain banking: Extent of, Governor Mitchell to distribute materials prepared by FRBanks of Chicago and Minneapolis, matter to be discussed further to determine if additional steps might be warranted, considered in connection with discussion of application of Shelby Insur3/2 ance, Inc., Shelby, Nebraska Study re: Processing of data reported in the 1962 questionnaire, "Schedule of Stockholders, Directors, Officers, and Loans Secured by Stock of Other Banks," requested by Chm. Patman of the House Banking and Currency Committee for use in connection with study on, agreed that course mentioned in letter to Chairman Patman regarding use of a commercial organization was the only reasonable 3/18 way to proceed Board authorized payment of $7,000 to Computers for Industry and Business, Inc., New York, New York, and resultant overexpenditure in the 1964 budget of the Division of Data Processing, advice 4/30 to Chairman Patman (COFC): Chemical Overseas Finance Corporation Wholly-owned subsidiary of Chemical International Finance Ltd., New York, N. Y.: Consent granted re purchase of shares of Development Underwriting Ltd., Sidney, Australia, restrictions imposed in connection with, rescinded in light of revision of 5/4 Reg. K, advice to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1543 691 904, 920 1543,1567-68 1594, 1605 1964 170 Pages Chemical Overseas Finance Corporation (COFC): (continued) Wholly-owned subsidiary of Chemical International Finance Ltd., New York, N. Y.: (continued) Consent granted to move its head office from Huntley Towers, Paget, Bermuda, to the Belevedere Building, Hamilton, Bermuda, and consent to do business in New York as a foreign corporation, upon the execution of applications to the 9/23 3248, 3273 proper authorities, also granted Permission granted to amend its charter to permit the acceptance of time and demand deposits, and to base its lending limits to any one borrower with limitations on its total liabilities on the capital and surplus of Chemical International Finance, Board denied request that limitations be removed on amount that might be invested by Chemical International in, with Governors Robertson and Mitchell dissenting, question of tax avoidance dis12/30 4562, 4583 cussed re Chile: Rayonhil, Industria Nacional de Rayon S.A., Santiago, Chile, request from First Pennsylvania Overseas Finance Corporation, Philadelphia, Pennsylvania, for a ruling in connection with the proposed acquisition of shares of, in connection with extension of credit by the Corporation to Industrias Chilenas de Poliester S.A., a wholly-owned subsidiary of, agreed that proposed acquisition would be covered by the general consent provision of Section 211.8(a)3 of Regulation K, Governor Mills dissenting, advice to First Pennsylvania, 1544, 1569 4/30 approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 171 Pages Circulars, Board of Governors: American Institute of Banking, telegram to Presidents of all FRBanks and Vice Presidents in charge of branches extending an invitation to an informal reception in Board's dining room for FRBank representatives attending AIB Annual Convention in Washington, Board members in agreement with plans for reception Auditors Conference of FRBanks, letter to Chairmen of FRBanks advising that the Chairman of the Conference of Chairmen concurred in the Board's proposal to hold a special conference of, scheduled for June 25-26, 1964, in the Board's offices Bank credit extended to foreign borrowers, letter to Presidents of all Federal Reserve Banks asking that arrangements be made to tabulate and summarize reports received from banks in their District, on Treasury forms B-2 and B-3, approved Bank lending practices, survey re terms and conditions specified on loans to business borrowers including finance companies, letter to Presidents of all FRBanks Banking quarters of FRBanks, report by Division of Bank Operations re survey of cost of operating head office buildings, agreed to submit report to Presidents of all FRBanks and to firm of Haskins and Sells for review and recommendations Board's Liaison Office, letter to all FRBank Presidents re suggested schedule for FRBank representation during 1965, at, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/27 1884 5/19 1823 6/4 1949, 1958 9/24 3288, 3292 4/15 1299, 1318 11/12 3819 1964 172 Pages Circulars, Board of Governors: (continued) "Borrowed money" account, practice by member banks of transferring portion of customer's demand deposit account to, inquiry from the Wachovia Bank and Trust Company, Winston-Salem, North Carolina, as to permissibility under Regulation Q, agreed to solicit views of FRBanks before consulting with other bank supervisory agencies, letter to Federal Reserve Banks, approved Budgets, FRBanks: Procedures, request that banks adopt, using current six-month period rather than same period of previous year, effective with budgets for first half of 1965, letter and new budget report forms sent to all Federal Reserve Banks Center for Latin American Monetary Studies, letter to Presidents of all Federal Reserve Banks requesting nominations for participation in Thirteenth Technical Training Program of, to be held in Mexico City, May 3 through Aug. 27, 1965 Changes in control or ownership of banks: Statement to all insured banks dated Sept. 18, 1964, re reports with respect to, Presidents of all FRBanks informed of statement Letter to FRBank Presidents outlining procedure to be followed at regional level with respect to Civil Rights Act of 1964, Title VI, nondiscrimination in Federally assisted programs, question re application to FRSystem, report to Bureau of the Budget, copy to Justice Department, and letter with enclosures to Presidents of all FRBanks and Chairman of the Presidents' Conference http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/17 521, 538 3/26 1025, 1037 12/2 4098, 4117 9/15 3131 9/24 3286, 3291 7/21 2516, 2536 1964 173 Pages Circulars, Board of Governors: (continued) Coin, shortage of: Governor Daane's report re proposed special shipment of nickels to a nonmember bank in Las Vegas, Nevada, through a national bank in Los Angeles, Calif., concern expressed by President Swan of FRBank of San Francisco re questions of equity, agreed that proposed letter be sent to Secretary of the Treasury, copy of letter to Presidents of all FRBanks Letter to Presidents of all FRBanks outlining ramifications of, and requesting that Reserve Banks review their rationing procedures to insure the most equitable distribution of available coin, approved Letter to Presidents of all FRBanks inviting comments on a letter received from American Bankers Association suggesting certain practices that the FRSystem might wish to consider in view of the current coin shortage, approved Letter to Presidents of all FRBanks requesting comments on recommendations of changes in policies and procedures in an effort to help relieve, approved Collection of cash and noncash items, changes in circulars of FRBanks re, and proposed amendments to Board's Regulation G and J,approved, informing Presidents of all FRBanks by letter Condition reports: Reconciliation statement to be used with, substance of reply to inquiry from Fullerton National Bank, Fullerton, Nebraska, transmitted to Presidents of all FRBanks for their information http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/28 1493 5/12 1713,1725-28 7/10 2430, 2434 8/13 2808, 2827 7/14 2466,2477-85 7/27 2594, 2605 1964 174 Pages Circulars, Board of Governors: (continued) Condition reports: (continued) State member banks and their affiliates: Forms for next call sent to Presidents of all FRBanks transmitting forms for FRBanks Letter to next call and enclosing copies of draft reconciliation statement and draft form for collection of branch deposit data Letter advising all FRBanks to delay transmitting forms to national as well as, and to print a supply of F.R. 105 forms that could be forwarded to national banks in case the Comptroller's report form was more abbreviated than had been contemplated Letter to Presidents of all FRBanks transmitting fall call report forms and a proposed supplementary schedule for purpose of collecting information on time certificates of deposit,approved Letter to Presidents of all FRBanks transmitting forms for next call Counsel, special for FRBanks, understood that letter would be sent to all FRBank Presidents with Board's interpretation re fees that would be agreed upon with respect to employment of Crimes against banks: Letter to Presidents of all FRBanks requesting comments on recommendations re preventive measures in connection with, in the report of the House Committee on Government Operations, approved Letter to FRBank Presidents enclosing a revised page 16 of the report of examinations, Form F.R. 410 and questionnaire entitled "Security and Control against External Crimes," approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/18 910 6/18 2137, 2157 7/1 2331 9/28 3312,3323-25 12/22 4499, 4504 11/12 3811,3826-27 5/7 1647, 1661 6/23 2232,2245-49 1964 175 Pages Circulars, Board of Governors: (continued) Currency high speed counting machine, letter to FRBank of New York re use of, during the two years of the New York World's Fair, copies of letter sent to Presidents of all Federal Reserve Banks Data processing, memorandum from Gov. Robertson re Interagency Committee on Automation, coordinating efforts in training examiners in electronic data processing of applications in banks, with technical assistance available from staffs of interested agencies, letter to Presidents of all FRBanks, approved Death benefits, post-retirement death benefit of $1,000 for present and future retirees of FRBanks, to be provided for on a group insurance basis through Connecticut General Life Insurance Company, advice sent to all FRBank Presidents Deposits: Daily data from reports of net demand and time deposits submitted by member banks for reserve purposes, letter to Presidents of all FRBanks setting forth procedures re, approved Interest payment on, telegram to all FRBanks, approved, commenting on a question re maximum rate of interest payable on a savings deposit that had remained in a bank less than 12 months prior to November 24, 1964, effective date of revised supplement to Reg. Q Directors of FRBanks, nomination and election of Class A and B, letter to Chairmen of all FRBanks re rotation of, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/10 2002, 2016 9/25 3298, 3307 10/23 3632 10/8 3458 11/25 4024, 4050 5/11 1688, 1692 1964 176 Pages Circulars, Board of Governors: (continued) Earnings and expenses, FRBanks: Noted without objection the proposed 1964 yearend entries shown by statements accompanying their respective communications, but with understanding that such entries would be revised to reflect action described in Board's telegram of December 16, 1964, re surplus accounts of FRBanks and payments to the Treasury Department, telegram sent to all FRBanks Press Statement re 1964, telegraphed to all FRBank Presidents, with comment that no distribution should be given and no announcement re subject prior to official release on or about January 5, 1965 Examinations, FRBanks, letter to Chairmen and Presidents of all FRBanks (except Boston and Philadelphia), informing them that reports of examinations of FRBanks with branches would henceforth be consolidated and not contain a separate section for each branch, approved Examiners: Annual Conference of Representatives of Bank Examination Departments of Federal Reserve Banks: Held March 9 and 10, 1964, letter to Presidents of all FRBanks, approved Conference in conjunction with the 1964 convention of The National, Association of Supervisors of State Banks, agreed to follow usual procedure although it necessitated travel outside the continental United States, letter to Presidents of all FRBanks counseling restraint in the designation of participants http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/21 4470, 4496 12/22 4502 4/1 1095,1104-27 1/24 256, 267 4/9 1234, 1246 1964 177 Pages Circulars, Board of Governors: (continued) Federal funds statistics, proposal to revise program for collection and release of daily Federal funds statistics, instructions to Presidents of all FRBanks FRnotes: Denominations higher than $1, printing and shipment schedule for, design of the 1963 Series includes motto "In God We Trust" on the back, letter to Presidents of all FRBanks, approved One dollar denomination, low numbered, telegram to all FRBank Presidents stating that Board would interpose no objection to action by Conference of Presidents with respect to distribution of, approved Sorting of unfit FRnotes by Banks of issue: Problem re, report from Division of Bank Operations re legislation drafted by Treasury Department providing for destruction of, transfer of duties re FRnotes to Secretary of the Treasury, and repeal of the requirement that the System maintain a gold redemption fund on deposit with the Treasury Department, report submitted to all FRBank Presidents with accompanying letter Concluded that cost of completing sort as requested would be greater than could be justified in terms of results, advice to FRBanks that compliance with subcommittee's request would be unnecessary "FRSystem-Purposes and Functions," recommendation that policy for distribution of fifth edition of, be the same as in connection with distribution of preceding edition, approved, letter to Presidents of all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/24 2578, 2590 3/9 757, 768 4/3 1132, 1137 9/2 3016, 3040 12/15 4339 1/31 316, 326 1964 178 Pages Circulars, Board of Governors: (continued) Foreign banks, domestic branches of, and private banks, interpretations under section 13 of the FRAct,as to whether such institutions may open and maintain nonmember clearing accounts, and under section 22(g), whether indebtedness to, by an executive officer of a member bank must be reported, transmitted to Presidents of all Federal Reserve Banks Hospitalization and medical insurance, letter to Presidents of all FRBanks re, for active and retired employees, including recent revision of eligibility requirements with respect to service retired employees, special service retirees, and disability retirees, approved Income and dividend reports, F.R. 107, letter to Presidents of all FRBanks transmitting copies of, to be used by State member banks in submitting reports of income and dividends for the calendar year 1964 Indebtedness and outside business activities of FRBank officers and employees, letter to all FRBank Presidents, Board's views re, approved Industrial banks, letter to Midwestern Financial Corporation, New York, New York, approved, re status of Industrial Bank of the West, Arvada, Colo., under the Bank Holding Company Act of 1956, and the holding company affiliate statute, substance of letter transmitted to all Federal Reserve Banks of service due to alcoholseparation Involuntary ism, understood that a letter to apprise FRBanks of Board's present thinking on the general subject of, to be prepared http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/29 290,298-301 6/11 2026, 2066 12/21 4473 2/10 427, 450 11/18 3891, 3919 11/18 3893, 3922 1964 179 Pages Circulars, Board of Governors: (continued) Leased wire system, letters to American Telephone and Telegraph Company and General Services Administration authorizing them to proceed with certain changes in Federal Reserve 81-D-1 Leased Wire System, copies of letters sent to all Federal Reserve Banks Loans to executive officers, letter to FRBranch of Detroit re, also sent as guidance to all FRBanks in connection with possible indebtedness to banks by their executive officers through the purchase of department store's retail customer accounts Loss Sharing Agreement, revision of section 7, subparagraph (A) of, so that it would be consistent with $15 million limitation on each shipment of new FRnotes under agreement between Brink's and the Board, and revision of subparagraph (D) to remove reference to "registered air mail," approved, advice to all FRBanks Private money orders, request from Chm. Robertson of Senate Banking and Currency Committee for information on recent failure of a Los Angeles company engaged extensively in issuing, and for information on extent of similar operations letter to FRBank Presidents requesting information re, approved Regulation A, draft revision of, to liberalize provisions of present law re collateral of FRBank advances, understood that a revised draft incorporating changes discussed would be sent to all FRBanks for comment http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/12 3482,3490-92 1/8 36, 48 11/19 3926 4/3 1132, 1138 6/11 2029, 2072 1964 180 Pages Circulars, Board of Governors: (continued) Regulation D, amendment permitting a member bank, in estimating its required reserve balances, to deduct the amounts of balances due from private banks, approved, transmitted to Presidents of all Federal Reserve Banks with instructions re arrangements for printing and distribution Regulation Q: Proposed revision of, tentative draft transmitted in letter of May 25, 1964, to Presidents of all Federal Reserve Banks requesting comments re Time and savings deposits, reply to Chairman Robertson of Senate Banking and Currency Committee, re Board's views on general policy of regulating maximum interest rates payable on, copy of letter sent to Presidents of all FRBanks for comment Revision of, letter to Presidents of all Federal Reserve Banks seeking their views re Notice to all FRBanks and branches re approved amendment to supplement of Regulation T, request by Loomis-Sayles and Company, Inc., Boston, Mass., for determination as to whether it is a "creditor" within the meaning of section 220.2(b) of, and if so, whether it can be granted a blanket exemption from requirements of section 220.4(c)(2) with respect to subscriptions, letter to FRBank of Boston with copy to Securities and Exchange Commission, substance of letter transmitted to all FRBanks with request that appropriate exchange committees be informed of position taken http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/29 298, 306 5/12 1712, 1720 5/12 1713 10/15 3528,3563-66 11/23 3979 8/27 2963,2971 1964 181 Pages Circulars, Board of Governors: (continued) Relations with dealers in securities, letter to FRBank of New York re a recent ruling by Comptroller of the Currency as to status under section 32 of the Banking Act of 1933, of an interlocking relationship involving George L. Degener, director of Millerton National Bank, Millerton, New York, who served also as special partner in Chaplin, McGuiness & Co., understanding that substance of letter would be sent to all FRBanks Reserves, free, recommendation re the establishment of an experimental sample of 300 country member banks to furnish early weekly reports of vault cash and deposits subject to reserve requirements with a view to reducing errors in staff estimates, approved, letter to Presidents of all FRBanks re this action Salaries: FRBank officers other than Presidents and Vice Presidents, letter to Chairmen and Presidents of FRBanks setting forth guidelines for use in presenting proposed salaries for 1965, and requesting information re major building projects contemplated during the next five years, as recommended by the Committee on Organization, Compensation and Building Plans for deposits of cash items, requirements Sorting memorandum prepared per request of Governors Balderston and Daane re suggestion that membership in FRSystem might be more attractive if FRBanks would accept unsorted deposits of cash items, letter with memorandum sent to Presidents of all FRBanks for comment http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/5 2716, 2730 10/16 3576 8/17 2857, 2864 5/12 1713, 1729 1964 182 Pages Circulars, Board of Governors: (continued) Surplus accounts of FRBanks: Level to be maintained, equal to each Bank's paid-in capital, effective Dec. 31, 1964, Governor Mills dissenting, agreed that public announcement of the action would be made as part of the yearend statement of FRBank earnings, advice to all FRBanks FRBanks advised by telegram that Board had noted without objection the proposed 1964 year-end entries shown by statements accompanying their respective communications, but with understanding that such entries would be revised to reflect action described in Board's telegram of December 16, 1964, re surplus accounts of FRBanks Press statement telegraphed to FRBank Presidents, with comment that no distribution should be given and no announcement re subject prior to official release on or about January 5, 1965 Telegram to all FRBanks concerning manner in which special payments to Treasury Department from, should be shown on Form F.R. 34 in published statement of condition of FRBanks Taxation of subsidiaries of foreign banking corporations, request by Internal Revenue Service for Board's position under Regulation F, copy of letter to Treasury Department sent to FRBanks with request that copies be transmitted to Edge and agreement corporations http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/16 4342, 4398 12/21 4470, 4496 12/22 4502 12/31 4586, 4596 7/24 2569,2585-87 1964 183 Pages Circulars, Board of Governors: (continued) Technical assistance assignments for System employees to work in foreign countries in the field of central banking, sponsored by the International Monetary Fund, memorandum from Mr. Young recommending System's participation and suggesting guidelines, tentative approval given by the Board, letter to FRBanks requesting a list of possible candidates for assignment Time certificates of deposit: Misuse of, by savings and loan associations, concern expressed by Federal Home Loan Bank Board in request for any information the Board might have confirming such reports and advice re corrective measures the Board might be prepared to take, letter to Federal Reserve Banks inviting suggestions Discussion re impact of Federal Home Loan Bank Board's amended regulation with respect to renewal of maturing time certificates of deposit by savings and loan associations with possible effect on member banks' borrowings, request for additional reports from FRBanks Letter to Citizens National Bank, Tell City, Indiana, re payment of certificates of deposit before maturity in an emergency arising from a strike under exception provided for in Regulation Q, substance of letter transmitted to Presidents of all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/6 403, 407 5/6 1618,1638-40 8/13 2811, 2830 12/2 4098, 4118 1964 184 Pages Circulars, Board of Governors: (continued) Time certificates of deposit: (continued) Revision of request made on August 13, 1964 (S-1925), to specify quarterly rather than monthly reports of certain information re overextending bank's capacity to redeem out of its own cash certain certificates of deposit, and resorting to borrowings or to sale of certificates of deposit by means effectively circumventing ceiling rates specified under Regulation Q, telegram to Presidents of all Federal Reserve Banks Travel service business, including auto rental and sale of trip insurance, question from Depositors Trust Company, Augusta, Maine, whether a State member bank may engage in, text of letter sent to all Federal Reserve Banks Undivided profits not a part of a bank's "capital stock," interpretation approved for transmittal to FRBanks and for publication in the Federal Register and the FRBulletin "United Security Accounts," letter to Matthew Hale, Chief of Staff of Senate Banking and Currency Committee, re advertisement in Wall Street Journal on, of Citizens Bank (Park Ridge), Chicago, Illinois, permitting out-of-town persons to maintain savings accounts at maximum rate of interest, while the bank simultaneously opens a separate account secured up to the amount of savings on deposit, letter to Mr. Hale with copies to FDIC, Comptroller of the Currency and Presidents of all Federal Reserve Banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/23 4518, 4532 11/19 3924 6/11 2029, 2069 11/6 3769, 3787 1964 185 Pages Circulars, Board of Governors: (continued) Weekly reporting member banks, reporting of outstanding negotiable time certificates by, coverage and timing of surveys modified, instructions and forms transmitted to Presidents of all FRBanks Window dressing by commercial banks, copy of letter from Mid-Continent Banker, St. Louis, Missouri, inquiring as to results, in terms of yearend published statements of condition, re program of FRSystem and FDIC to persuade banks to end practice of, agreed letter be sent to Mid-Continent, with copies to Presidents of all FRBanks Circulars, Bureau of the Budget: No. A-22, Revised, dated December 19, 1963, having to do with limousines and heavy and medium sedans used by agencies of the Executive Branch, Board concluded that Circular issued by, did not apply to automobiles used by the Board Circulars, FRBanks: Cash collections: Changes in, and proposed amendment to Reg. J as made by Subcommittee of Collections and Subcommittee of Counsel on Collections and approved by Presidents' Conference, approved by Board, letter to FRBanks and notice to Federal Register for publication Amendment to Regulation J approved, effective September 1, 1964 Leased wire system, changes in, installation of two new circuits and realignment of stations, Board authorization re, letter to General Services Administration authorizing them to effect application, advice to AT&T, copies to all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/20 925, 935 1/14 115, 124 1/24 263 7/14 2463,2477-85 8/24 2917, 2935 2/26 653,660-61 1964 186 Pages Circulars, FRBanks: (continued) Noncash collections, changes in, and proposed amendment to Regulation G as made by Subcommittee on Collections and Subcommittee of Counsel on Collections and approved by Presidents' Conference, approved by Board, letter to Federal Reserve Banks and notice to Federal Register for publication Amendment to Regulation G approved, effective September 1, 1964 Civil Rights Act of 1964: Title VI, Nondiscrimination in Federally assisted programs, question re application to FRSystem, report to the Bureau of the Budget, copy to Justice Department, letter with enclosures to Presidents of all FRBanks and Chairman of the Presidents' Conference Civil Service Commission: Positions at Board excepted from Civil Service rules and regulations under law, request by Senate Committee on Post Office and Civil Service for list of, after checking with Stanley Berg of, it was felt that the Committee did not desire information on all positions at Board, information provided on positions classified in Grade 12 and above and also on salaries of officer positions Rules for the Administration of the Board Plan of the Retirement System of the Federal Reserve Banks, recommendation approved modifying membership provision of, to incorporate a special exception to new employees directly from Govt. service without a break and funds to their credit plus FRBank service to automatically enroll under Board plan http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/14 2463,2477-85 8/24 2917, 2932 7/21 2516, 2536 11/3 3730, 3744 11/2 3701,3711-13 1964 187 Pages Clayton Act: Section 8, request from Chairman Celler of the House Judiciary Committee for a report on H.R. 10506, a bill to amend, extending the prohibition of present law with respect to interlocking relationships between financial institutions and prohibiting chain banking, Board favors objectives of bill but opposes enactment in its present form, letter to Chairman Celler approved Clearing and collection: Absorption of exchange charges: During the visit of two representatives of the Federal Legislative Committee of American Bankers Association, it was stated that bankers reportedly were strongly opposed to any change in Board's current rule applicable to, and it was said that renewed efforts were going to be made to prevent abuses Question whether Board should or should not change its position re, views of FAC expressed at joint meeting with Board Current status of problem of, topic of discussion with FAC Council strongly favors continuation of Federal Reserve Interpretation, that such is a payment of interest on demand deposits and should be prohibited, does not believe long-held position should be abandoned, views expressed at joint meeting with FAC Conflict between Board and FDIC re, understood Chairman Martin would talk to Chairman Barr of FDIC about appropriateness of sending a letter along suggested lines Letter sent to Chm. Barr of FDIC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/2 1912, 1922 1/31 313 2/18 575 3/30 1056, 1068 4/23 1399, 1405 4/28 4/28 1480, 1501 1487 1964 188 Pages Clearing and collection: (continued) Absorption of exchange charges: (continued) General view that legislation proposed re the nonpar question and, would best be handled separately from draft legislation on reserve requirements Question whether, constitutes a payment of interest on deposits, excluded in letters to FDIC, Comptroller of the Currency and FRBank re proposed revision of Regulation Q Bergen County Clearing Bureau, letter to FRBank of New York, noting the continued efficient check collection service at, and agreeing that no change in basic agreement covering this service is necessary or desirable at this time Cash items: Memorandum prepared per request of Governors Balderston and Daane re suggestion that membership in Federal Reserve System might be more attractive if FRBanks would accept unsorted deposits of cash items, letter with memorandum sent to Presidents of all Federal Reserve Banks for comment Report of the Ad Hoc Subcommittee on Safekeeping Procedures, approved as a standard guide to be followed by the FRBanks, advice to Presidents of all FRBanks, letter to Chairman of the Presidents' Conference re initiating similar studies to develop standards for custody of all types of negotiable items particularly cash, fiscal agency and noncash collection operations, approved, letter to President Hayes of FRBank of New York re problem encountered in following thru with recommendations made by Ad Hoc Subcommittee, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/12 2779 10/15 3528,3563-66 3/16 867, 875 5/12 1713, 1729 5/13 1733,1748-53 1964 189 Pages Clearing and collection: (continued) Check clearing bureaus, question in connection with report of FRBank of New York on check collection service by Nassau and Bergen County Clearing Bureaus, re similar assistance from Reserve Banks for other clearing house associations Check processing equipment, report by Messrs. Farrell and Kiley of findings during visit to FRBank of Boston subsequent to Board's report of examination of that Bank, primary object to inquire into status of operations and inadequacy of high-speed equipment used in Check Collection Department Report contained certain references to Board examiner' work which Mr. Solomon thought might be susceptible to misinterpretation, memorandum on these points furnished to the Board Check processing operations, report by Governor Balderston that during his recent visit to FRBank of Cleveland, he had been shown indications of substantial improvement in Checks, report on S. 2937 and H.R. 11911, companion bills to authorize checks to be drawn in favor of certain organizations for the credit of a person's account under certain conditions, letter approved for transmittal to Chairman Robertson of Senate Banking and Currency Committee,favoring enactment, with similar letter sent to Chairman Dawson of the House Committee on Government Operations http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/16 868 2/4 375 2/4 377 9/16 3162 7/9 2392, 2407 1964 190 Pages Clearing and collection: (continued) Interdistrict Settlement Fund, request for comment by FRBanks re suggestion for settlement of clearing thru Interdistrict Settlement Fund directly through security holdings, and adoption of a policy of avoiding deficiencies in reserves at individual FRBanks as long as combined Banks have sufficient gold certificates to meet statutory requirements, Governor Mills' objection noted, letter to all FRBanks requesting comment Nassau County Clearing Bureau, letter to FRBank of New York, noting the continued efficient check collection service at, and agreeing that no change in basic agreement covering this service is necessary or desirable at this time, subsidy of other clearing house associations discussed Noncash items: Report of the Ad Hoc Subcommittee on Safekeeping Procedures: SEE: Clearing and collection: Cash items: Report of the Ad Hoc Subcommittee on Safekeeping Procedures Nonmember clearing accounts, interpretation under section 13 of the FRAct, indicating that domestic branches of foreign banks and private banks may be extended nonmember clearing privileges as described in the statute, to be published in the FRBulletin and the Federal Register, transmitted to Presidents of all Federal Reserve Banks, letter to Federal Reserve Bank of New York http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/7 3426, 3447 3/16 867, 875 1/29 287,298-305 1964 191 Pages Clearing and collection: (continued) Time schedules, reduction of float by raising maximum deferment time for check credits, reply letter to Chm. Fascell of House Legal and Monetary Affairs Subcommittee, approved, generally agreed that subject deserved continuing attention by the Board in light of developments Wire transfers, confirmation of understanding with FRBank of Atlanta that certain information requested by FDIC concerning, in account of Crown Savings Bank, Newport News, Virginia, with Citizens Trust Company, Atlanta, Georgia, did not constitute unpublished information and compliance with request was a decision for the FRBank of Atlanta, Board authorizes Bank to disclose such unpublished information if desired Clearing house associations: Bergen County Clearing Bureau, letter to FRBank of New York, noting the continued efficient check collection service at, and agreeing that no change in basic agreement covering this service is necessary or desirable at this time, subsidy of other clearing house associations discussed Nassau County Clearing Bureau, letter to FRBank of New York noting the continued efficient check collection service at, and agreeing that no change in basic agreement covering this service is necessary or desirable at this time Coin: Collateral for bank loans: Letter to Senator Bible re suggestion that use of coin as collateral for bank loans be prohibited http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/12 809, 824 9/23 3249, 3276 3/16 867, 875 3/16 867, 875 7/14 2474, 2488 1964 192 Pages Coin: (continued) Collateral for bank loans: (continued) Request by Mr. Belin, General Counsel of the Treasury, for Board's reaction to the proposal by the Comptroller of the Currency which would prohibit national banks from making loans on coins in excess of 70 per cent of the face value of the coins, understood that Mr. Hexter would indicate the Board's doubt that proposal would relieve coin shortage and that the Board questioned the advisability of such a prohibition Mintage date on: S. 2950, a bill to authorize the Mint to continue to inscribe the 1964 mintage date on coins until adequate supplies of coin are available, letter to Chairman Robertson of Senate Banking and Currency Committee, strongly urging favorable consideration of, approved Letter to Budget Bureau reporting on enrolled bill, authorizing retention of 1964 date on all coins minted pending the availability of adequate supplies of coins, as determined by the Secretary of the Treasury, approved Nickels, shipment of, request from Senator Cannon of Nevada, for information concerning quantities of nickels sent recently by FRBank of San Francisco to banks in Las Vegas, Nevada, no objection to Mr. Farrell furnishing information to Senator Cannon's office http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/24 2577 7/13 2442, 2460 8/25 2940, 2958 5/6 1624 1964 193 Pages Coin: (continued) Services by FRBanks to the public: Concern noted over rejection by Presidents' Conference of recommendation by Subcommittee on Cash, Leased Wire and Sundry Operations, re restrictions with respect to currency payments and, in light of present coin shortage, Board requests that question be reconsidered at upcoming Presidents' Conference, advice to Chairman Hayes of Presidents' Conference No objection to policy approved at the Presidents' Conference, but would be favorable to a less restrictive policy for Bank employees, advice to Chairman of the Presidents' Conference Shipment of: SEE: Currency: Shipment of Shortage of: Discussion re current and prospective developments re Letter to Secretary Dillon including current information from FRBanks on, and urging drastic measures to deal with the situation Recommendation of Board re relief of, report to Chairman Robertson of Senate Banking and Currency Committee, in connection with S. 2671, a bill to redefine the silver content of silver coins, approved Call from State Department, inquiring about possibility of supplying additional American coin for use in Bermuda, matter discussed with Treasury Department and FRBank of New York, understood Mr. Farrell would communicate with other FRBanks re coin shortage in Bermuda http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/13 1732, 1745 7/21 2513, 2526 1/2 4 1/13 94, 101 4/1 1089, 1119 4/24 1432 1964 194 Pages Coin: (continued) Shortage of: (continued) Report by Governor Daane re proposed special shipment of nickels to a nonmember bank in Las Vegas, Nevada, through a national bank in Los Angeles, California, concern expressed by President Swan of FRBank of San Francisco re questions of equity, agreed that proposed letter should be sent to Secretary of the Treasury, copy of letter to Secretary of Treasury sent to Presidents of all FRBanks Letter to Presidents of all FRBanks, requesting review of their rationing procedures to insure the most equitable distribution of available coin, and requesting comments or suggestions as to means of alleviating, approved In answer to, President Bryan of FRBank of Atlanta submitted certain questions, decision to defer answer until opportunity could be provided for Board members and Reserve Bank Presidents to meet with Assistant Secretary of the Treasury Department, Robert A. Wallace, Director of the Mint, Eva B. Adams, for exchange of information and opinions, meeting subsequently held on May 26, 1964 Jewel Tea Company's proposal to issue script to overcome operating problems due to, considered illegal under Federal Statutes, Treasury Department plans for increased production and public announcement of plans, hopefully to result in some release of coin by hoarders and speculators http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/28 1492, 1506 5/12 1713,1725-28 5/19 1821 6/9 1993 1964 195 Pages Coin: (continued) Shortage of: (continued) In submitting FRBank Budgets for last half of 1964 to Board, it was noted that there was no significant incidence of layoff due to coin shortage in Banks, because as personnel needs in the coin departments had decreased the Banks generally had been assigning superfluous employees to other departments Governor Robertson expressed the view that proposals to alleviate, should be left to the Treasury Dept. Invitation extended by Chairman Fascell of House Legal and Monetary Affairs Subcommittee, to Chairman Martin and such representatives as he might designate, to testify re, at hearings scheduled to begin June 30, 1964, understood that Chairman Martin and one or more FRBank Presidents would testify Advertisement by a national bank in Cape May, New Jersey, that a bonus of 2 cents would be paid for each 98 cents deposited in coin, Board agreed that this would not constitute a payment of interest under Regulation Q, advice to FRBank of Philadelphia Letter to Presidents of all FRBanks inviting comments on a letter received from the American Bankers Association, suggesting practices that the FRSystem might consider in view of the coin shortage S. 2950, a bill to authorize the Mint to continue to inscribe the 1964 mintage date on coins until adequate supplies of coin are available, letter to Chairman Robertson of Senate Banking and Currency Committee strongly urging favorable consideration of, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/10 2006 6/11 2043 6/23 2239 7/9 2394, 2408 7/10 2430, 2434 7/13 2442, 2460 1964 196 Pages Coin: (continued) Shortage of: (continued) Letter to Senator Bible re suggestion that use of coin as collateral for bank loans be prohibited Request by Mr. Belin, General Counsel of the Treasury, for Board's reaction to the proposal by Comptroller of the Currency, which would prohibit national banks from making loans on coins in excess of 70 per cent of the face value of the coins, understood that Mr. Hexter would indicate the Board's doubt that proposal would relieve coin shortage and that the Board questioned the advisability of such a prohibition Letter to Chairman Fascell of House Legal and Monetary Affairs Subcommittee, responding to a request for information re bases for computation of estimates furnished to Bureau of the Mint re coin required during fiscal years 1965 and 1966, approved, and another letter to Chairman Fascell re procedures used by FRBanks in distributing coins to commercial banks before and after development of, approved Letter to Presidents of all FRBanks requesting comments on recommendations of changes in policies and procedures in an effort to relieve Letter to Budget Bureau approved, reporting on enrolled bill S. 2950, authorizing retention of 1964 date on all coins minted pending the availability of adequate supplies of coins, as determined by Secretary of the Treasury http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/14 2474, 2488 7/24 2577 7/29 2640,2652-55 8/13 2808, 2827 8/25 2940, 2958 1964 197 Pages Coin: (continued) Shortage of: (continued) Contention by Mr. Stone, President of First National Bank of Colorado Springs, Colorado, that the Federal Reserve was derelict in discharging what he considered its obligation to furnish supplies of coin to member banks, with indication that he contemplated suing the FRBank of Kansas City for recovery of money he had spent to obtain coin from other sources, letter approved with understanding that it would be cleared with the Treasury Dept. prior to dispatch to Mr. Stone No objection by Treasury Department, reply sent to Mr. Stone Collateral: Advances to member banks: Issue before Board re revision of Regulation A was whether there should be specific guides or standards as to the nature and amount of collateral, understood that a revised draft of Regulation A, incorporating changes discussed at Board meeting, would be sent to all FRBanks for comment Letter to FRBank of St. Louis concerning member bank's borrowings on collateral of customer's notes, Board holding that both sections 10b and 13 of the FRAct are applicable along with section 201.5(a) of Regulation A Warehouse receipts and securities, inquiry from Chairman Fascell of House Legal and Monetary Affairs Subcommittee, re role of Federal bank supervisory agencies in connection with large loan transactions in banks based on collateral such as, reply letter to Chairman Fascell, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/23 3251, 3279 9/23 3254 6/11 2029, 2072 10/9 3472, 3476 4/16 1330, 1338 1964 198 Pages Collective investment funds: SEE: Investments: Collective investment funds Colombia: Corporacion Financiera de Caldas, S.A., Manizales, Colombia: Permission granted to Manufacturers-Detroit International Corporation, Detroit, Michigan, to purchase and hold shares of Permission granted to Wells Fargo Bank International Corporation, San Francisco, California, to purchase and hold shares of Permission granted to Company for Investing Abroad, Philadelphia, Pa., to purchase additional shares of, but also requesting through Federal Reserve Bank of Philadelphia, an explanation of the difference in the carrying value as reported in the call report and the cost as reported in quarterly report, amount invested in, is in excess of amount permitted by general consent Corporacion Financiera Nacional, Medellin, Colombia: Application to come before Board from Bankers International Financing Company, Inc., subsidiary of Bankers Trust Company, New York, New York, for permission to increase its investment in, view expressed by Governor Mills that this application was an illustration that a trend was developing where corporations organized under Edge Act were not being used for purposes intended by the Act Permission given to Bankers International Financing Company, New York, N.Y., to invest in additional shares of, with understanding that condition previously imposed on Corporacion Financiera Nacional would be rescinded in light of revision of Regulation K http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/24 2251, 2258 6/24 2251, 2259 1/16 3832, 3841 4/8 1204 4/9 1229, 1244 1964 199 Pages Colombia: (continued) Corporacion Financiera Nacional, Medellin, Colombia: (continued) Consent granted to Boston Overseas Financial Corporation, Boston, Mass., to purchase shares of Corporation Financiera de Fomento Industrial y Agropecuario (Financiera-Valle) Cali, Colombia, letter to Continental International Finance Corporation, Chicago, Ill., rescinding restrictions outlined in letter granting consent to purchase shares of Forjas de Colombia, S.A., Colombia, permission granted to First National City Overseas Investment Corporation, New York, New York, to purchase stock of Industrias Metalicas de Palmira, S.A., Palmira, Colombia, permission given to Bankers International Financing Company, New York, New York, to purchase and hold stock of Co turnb :La Graduate School of Business: Crosse, Howard D., Vice President, FRBank of New York, leave without pay for period of three weeks between June 29 and August 7, 1964, to participate in seminar on bank management at the University of Buenos Aires, Argentina, approved Commission on Money and Credit: Reprint of Board's answers to, purchase of, approved, with the understanding that the Treasury Department's responses would also be included, and if the cost was not excessive, participation of Reserve Banks in the purchase would be solicited http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/23 3617, 3627 4/21 1369, 1376 6/5 1962, 1969 4/9 1229, 1245 2/4 365, 386 6/26 2268 1964 200 Pages Committees: Administrative Practices and Procedures Subcommittee: S. 1663, a bill to amend the Administrative Procedures Act: Letter to Chairman Long of, on certain changes made by the Subcommittee re, approved, with understanding that staff would follow up by keeping in close touch with committee staff personnel with recourse to a request for a hearing if necessary in event objectionable features were not remedied Letter to Senator Long approved, further explaining Board's opposition to, and furnishing kinds of information to Subcommittee that would be exempted from disclosure by amendment to, which is proposed by the Board American Bankers Association: Accounting, uniformity of procedures: Governor Robertson reported re plans of, to form a committee to work with Federal supervisory agencies re Formation of committee with designation of Edward T. Shipley, G. Edward Cooper, Frederic A. Curtis, Frank L. King, Colin MacLennan, and Max C. Deitrick, as members, reported by Governor Robertson Conflicting interpretations of Federal bank supervisory agencies, letter to Eugene H. Adams, President of First National Bank of Denver, Colorado, acknowledging appointment by President of, as Chairman of a Committee to study problems arising from current conflicts between bank supervisory agencies http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/22 2196, 2208 7/15 2491-92,2505 10/1 3354 10/6 3404 5/27 1874, 1891 1964 201 Pages Committees: (continued) American Bankers Association: (continued) Federal Legislative Committee: Absorption of exchange charges, during visit of two representatives of, it was stated that bankers reportedly were strongly opposed to any change in Board's current rule applicable to, and it was said that renewed efforts were going to be made to prevent abuses Loans, limitation on maximum liability of a single borrower, during visit of two members of, there was comment in favor of raising loan limitation on maximum liability of a single borrower from 10 to 15 per cent in national banks Revenue bonds, during visit of two representatives of, it was stated that Committee felt banks should be allowed to participate in underwriting of Bank Supervision and Insurance Subcommittee of the House Committee on Banking and Currency: H.R. 9548, a bill to prohibit banks from performing certain nonbanking services, requested Board representative to testify on, Board to report to Subcommittee by letter After further comments re growth of such nonbanking services as data processing by banks for other banks and customers, it was agreed that further consideration would be given to reply to Chairman Multer Reply to Chairman Multer approved H.R. 9822, a bill to prohibit banks from engaging in personal property leasing business, Congressman Multer requested Board representative to testify on http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/31 313 1/31 313 1/31 313 2/19 589 3/13 3/17 836 892, 899 2/19 589 1964 202 Pages Committees: (continued) Bank Supervision and Insurance Subcommittee of the House Committee on Banking and Currency: (continued) H.R. 9822: (continued) Opinions of FRBank Presidents received, staff requested to consider draft further in view of discussion, question re sending of report to Secretary of the Treasury in view of plan for coordination of Bank supervisory agencies, discussed Further discussion, staff requested to prepare a new draft Letter approved, stressing two kinds of leasing, one desirable form of security for legitimate extension of credit, the other unsuitable activity for banks and should be discouraged or prohibited Bernstein Committee: Balance-of-payments statistics and concepts, Dionsysios Kotsonis, Economist, FRBank of New York, granted leave without pay for period of four months to aid in preparation of material relating to Reynolds, John E., Chief, Special Studies and Operations Section, Division of International Finance, Staff Director of Board of Governors: Editorial Committee of FRBulletin: Brill, Daniel H., Director, Division of Research and Statistics, appointment as member of, approved Sette, Elizabeth B., Chief, Economic Editing, Division of Research and Statistics, appointment as member of, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/11 793 3/13 834 3/20 929 1/17 173, 183 1/13 102 2/10 428 2/10 428 1964 203 Pages Committees: (continued) Board of Governors: (continued) Employees Committee: Luncheons, staff members invited to attend official luncheons in Board's private dining rooms, request by Employees Committee that the Board absorb a portion of the cost refused, attendance to be on a strictly voluntary basis Organization, Compensation, and Building Plans: Alteration plans designed to improve case department facilities in the basement of the FRBank of Philadelphia, reviewed by, Governor Mitchell stated that the Committee had no objections Members: Governors Balderston, Shepardson, and Mitchell designated as members on, with Governor Mitchell as Chairman Salaries of officers other than Presidents and First Vice Presidents: Letter to Chairmen and Presidents of all FRBanks setting forth guidelines for use in presenting proposed salaries for 1965, and requesting information re major building projects contemplated during the next five years, as recommended by the Letter to FRBank of New York, prepared by the Division of Personnel Administration and revised somewhat on basis of discussion by, approved, giving general guidelines for administration of officers' salaries to be effective for the year 1965 Understood review would be made by, of salary proposed by FRBank of Dallas for Frederic W. Reed, Vice President in charge of El Paso Branch, and matter would be discussed with President Irons http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/24 263 11/6 3771 7/29 2648 8/17 2857, 2864 10/2 3369, 375 10/19 3593 1964 204 Pages Committees: (continued) Board of Governors: (continued) Organization, Compensation and Building Plans: (continued) Salaries of officers other than Presidents and First Vice Presidents: (continued) Governor Mitchell observed that the Committee was impressed with the consistent recognition of the 1962 salary progression guidelines, consensus to continue their use unless exceptions 11/12 3817 were warranted Revised salary schedule approved for FRBank of New York, Governor Shepardson noted that Mr. Hayes and Mr. Treiber of the FRBank of New York had discussed matter with, and revision was in accord 11/27 4055 with that discussion Bureau of the Budget: Review Committee for Balance of Payments Statistics, services of John E. Reynolds, Chief, Special Studies and Operations Section, Division of International Finance, extension until May 31, 1964, of the reimbursable detail to the Bureau of the Budget to enable him to continue his assignment as Staff Direc1301 4/15 tor for, approved Economic Statistics, Subcommittee on Government: Accuracy of, may be subject of hearings next year before, consensus that Board not disposed toward making a study of accuracy of, at this time, Mr. Bowman of Budget 1146 4/6 Bureau to be so informed Federal Open Market: Meetings: Discussion concerning substitution of monthly meeting to replace usual three-week intervals presently observed, staff requested to prepare schedules of meeting dates for 1965 on three-week basis in3432 10/7 cluding adjustment for holidays http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 205 Pages Committees: (continued) Federal Open Market: (continued) Meetings: (continued) Dates for 1965, understood proposed tentative schedule concurred in by Board would be submitted to Minutes of: Degree of availability for use by interested parties if such minutes were placed in National Archives, questioned by Mr. Schremp, staff member of House Banking and Currency Committee Letter to Archivist of the United States transferring FOMC minutes for the years 1936 through 1960 and commenting on other materials being studied with a view of their transmittal to National Archives Board authorized Secretary to arrange for purchase of as many as 100 fascimile sets of FOMC minutes to be placed in FRBanks and Branches, and to retain a reserve supply in Board's offices, resulting overexpenditure in budget of Division of Administrative Services also authorized Oath of office, pointed out to Mr. Robert A. Schremp, a member of staff of Congressman Patman, Chairman of House Banking and Currency Committee, that a FRBank President took an, whenever he served as a member or alternate member of the Federal Open Market Committee but did not take an, in his capacity as a President of a FRBank Policy record: Policy actions, entries covering meetings from April 16 through Nov. 26, 1963, approved for inclusion in Annual Report in a form reflecting minor changes agreed upon at meeting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/14 3523 5/11 1690 7/14 2467,2486 7/29 2645 5/11 1689 1/16 152 1964 206 Pages Committees: (continued) Federal Open Market: (continued) Policy record: (continued) Policy actions, entries for December 3 and 17, 1963, approved for inclusion in Board's 1963 Annual Report, Governor Robertson's reference to October 22 entry, also his comment urging that care continue to be exercised to make sure policy record entries were fully supported by minutes of respective meetings Policy actions for 1963, entries covering 19 meetings held during 1963, authorized for inclusion in Fiftieth Annual Report of the Board of Governors, copies transmitted in advance of publication in the Annual Report to Joint Economic Committee and both Senate and House Banking and Currency Committees Policy actions during 1964, entries for January 7 and 28, February 11, March 3 and 24, April 14, May 5, and 26, June 17, and July 7 and 28, 1964, approved for inclusion in Board's 1964 Annual Report Records re, understood necessary arrangements and appropriate provision would be made in 1965 budget to cover expenses re conference of scholars to discuss use of historical records of FRSystem, letter to Social Science Research Council advising that Board had authorized conference and also advising that FOMC Minutes had been transferred to National Archives http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/24 256 1/29 292, 308 12/10 4281 11/3 3738 1964 207 Pages Committees: (continued) Federal Open Market: (continued) System Open Market Account: Report by Special Manager of, proposed for inclusion in Board's Annual Report, agreed that after suggested editing, further comments would be transmitted to Mr. Molony for consideration in preparing report in final form Consensus to publish only chronological review of open market operations in Board's Annual Report for 1963, recognizing that this should not be identified as the Manager's official report of, concurred in by Mr. Stone, Manager of, understood procedure would not preclude consideration of publishing more complete record in the FRBulletin and Monthly Review of the FRBank of New York Possible publication in FRBulletin and Monthly Review of FRBank of New York, Governor Daane outlined reservations re, subject of publication to be considered at meeting of FOMC May 5, 1964 Investment portfolio of, copy of the 1963 audit of accounts and holdings of, by the Board's examiners, transmitted to Chairman Patman of the House Banking and Currency Committee, per his request Question re bank loans to dealers in government securities, Governor Daane reported that Mr. Stone, Manager of, was of the view that aside from legal question such loans might have a substantial market impact, general agreement with suggestion that the FRBank of New York submit further information prior to Board action http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/20 608 2/25 624 5/4 1594 5/27 1883, 1896 6/29 2293 1964 208 Pages Committees: (continued) Federal Open Market: (continued) System Open Market Account: (continued) Allocation of, procedure to avoid deficiencies in reserves, request for comment by FRBanks re suggestion for settlement of clearing through Interdistrict Settlement Fund directly through security holdings, and adoption of policy of avoiding deficiencies in reserves at individual FRBanks as long as combined Banks have sufficient gold certificates to meet statutory requirements, Governor Mills' objection noted, letter to FRBanks requesting comments Financial Institutions: Regulation Q: Request from Chairman Robertson of the Senate Banking and Currency Committee for the Board's views re merits of, and general policy of regulating interest rates payable on time and savings deposits, draft letter to support Recommendations 4 and 5 of April 1963 report of President's Committee on, agreed that staff would continue work on issues involved in Chairman Robertson's inquiry Further discussion re request for views on, majority of Board seeing merit in Recommendation 5 of the Committee on, which favored moving toward standby control, staff to redraft reply to Chairman Robertson Letter to Chairman Robertson re, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/7 3426, 3447 4/13 1277 4/29 5/12 1518 1712, 1721 1964 209 Pages Committees: (continued) Financial Institutions: (continued) Reserves: Agreed that no statement of position necessary in reply letter to Malcolm Ruth, Chairman of Board of Directors of Peoples Trust City Bank, Reading, Pennsylvania, re Board's endorsement in 1963, report to the President by Committee on, for a uniform system of graduated House Banking and Currency: Annual Report of Board of Governors, request from Chairman Patman of, for supplementary material re, transmittal of material, approved Audit of Board's accounts for 1963, by Haskins & Sells, copy sent to Chairman Patman of Bank Holding Company Act of 1956: Recommendation of Legal Division against reversal of Board's action in withdrawing recommendation re amendment of, to cover mergers involving bank holding company banks, approved, agreed to send letters to Senate and House Banking and Currency Committees Amendment of, proposed by H.R. 10668 and S. 2561, which would bring within scope of, certain testamentary trusts and charitable and educational foundations which control bank assets of $100 million or more, approval given to letter to Chairman Patman of, with similar letter to Chairman Robertson of the Senate Banking and Currency Committee http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/25 975 5/27 1883, 1896 2/19 588 2/3 331,344-55 4/28 1497,1507-09 1964 210 Pages Committees: (continued) House Banking and Currency: (continued) Bank Holding Company Act of 1956: (continued) Amendment proposed by H.R. 10872, a bill to amend the, agreed to send to Chairman Patman of, lists and tables showing additional bank holding companies which would be subject to regulation under, should bill be enacted Bank merger applications: Request from Chairman Patman of, for information submitted to Board and Board's actions since enactment of the Bank Merger Act, letter approved subject to changes agreed upon at meeting and transmitted with enclosure containing statistical data re Letter from, requesting names of continuing banks and merged banks for years 1956 through 1960, also requested was identification by names of banks and location, of code numbers representing certain banks as of December 1960 and 1961, understood that requested information would be supplied Board documents, access to: Messrs. Schremp and Geist pursuing request from Chairman Patman re mechanism through which Federal Reserve bought and sold government securities in 1900's and 1920's, Mr. Sherman authorized to use his discretion in making relevant minutes and other records available Open Market Operations of FRBanks during period of 1920's and earlier, advised by Robert A. Schremp, a staff member of, that the Committee had prepared a document re, requesting the Board's staff to check, care to be given not to suggest approval of paper by the Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/12 2082, 2110 3/30 1057, 1069 5/7 1654, 1666 3/18 911 7/14 2473 1964 211 Pages Committees: (continued) House Banking and Currency: (continued) Condition reports, request for certain banking data from, for use in study "The Impact of Financial Institutions on Competitive Banking," being made by Professors Polakoff and Sawhill for Chairman Patman of, letter to Comptroller of the Currency and FDIC approved, to determine if they are agreeable to Board's furnishing data for proposed study under conditions outlined Advice from other Federal bank supervisory agencies indicated that they had no objection, 'letter to Chairman Patman of, approved Disappearance of government securities: Inquiry by Mr. Schremp of, of any similar incidents in 1963 and 1964 to the disappearance of securities from the FRBank of San Francisco in 1962, agreed that Mr. Schremp be informed that there were none, except the incident reported at the State Street Bank and Trust Company, Boston, Massachusetts Request by Mr. Robert A. Schremp on assignment from General Accounting Office to, for further information concerning securities reported missing by State Street Bank and Trust Company, Boston, Massachusetts, letter to Federal Reserve Bank of Boston re, approved, memorandum from Mr. Solomon to Mr. Schremp indicating Board's action re furnishing information, approved Agreed that Reserve Bank's Audit Department report should be furnished Mr. Schremp as requested http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/17 889 4/24 1432 5/13 1736 5/28 1900, 1906 6/18 2152 1964 212 Pages Committees: (continued) House Banking and Currency: (continued) Expenditures of FRBanks: Letter to Chairman Patman of, on his questions re, on basis of responses from FRBanks For dinners and theater parties during 1962 and 1963, discussion re draft of letter to Chairman Patman of Subcommittee on Domestic Affairs of, in answer to questions re certain, and why some were not queried by FRExaminers, agreement with suggestion of Chairman Martin that staff examine last paragraph of draft letter to make sure wording would leave Board on sound grounds Reply approved, Governor Mills dissenting FRSystem hearings: Bills introduced by Chairman Patman of, re FRSystem, members of Board and FRBank Presidents to be invited to testify at hearings Report by Mr. Cardon re date when members of Board and Presidents of Federal Reserve Banks would be invited to appear before Subcommittee on Domestic Finance in connection with forthcoming hearings re Appearance of FRBank Presidents before Subcommittee on Domestic Finance of, request by Chairman Patman of, that examination reports of FRBanks for 1962 and 1963 be furnished, no objection to compliance with request International operations of national banks, copy of Board's revised letter to Comptroller of the Currency re his proposed regulation dealing with, also sent to the Chairman of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/2 1, 7 4/30 1557 5/7 1652, 1663 1/14 113 1/16 156 1/24 257 1/29 281, 296 1964 213 Pages Committees: (continued) House Banking and Currency: (continued) Loans and bank ownership secured by bank stock: Request for further processing of data reported in 1962 questionnaire, "Schedule of Stockholders, Directors, Officers, and Loans Secured by Stock of Other Banks," used in Committee's study of, Board understands that Professor Pontecorvo of Columbia University, has been retained by Committee to carry on analyses, if Committee is to start work in the near future, the Board will hire an outside firm to work on the request, advice to Chairman Patman Letter to Chairman Patman of, re further processing of data reported in 1962 questionnaire, to be processed by Computers for Industry and Business, Inc., New York, New York, in consultation with Professor Pontecorvo of Columbia University, Board agreed to pay $7,000 for work, report by Mr. Langham re details of arrangements Policy record of actions taken by Board and Federal Open Market Committee, request by Congressman Reuss of Joint Economic Committee, for record in advance of publication in the Annual Report, draft subject to certain editorial changes approved for inclusion in Report and for transmittal to Joint Economic Committee, also sent to Retirement salaries: Request from Chairman Patman of, for information on cases under Federal Reserve Retirement System where benefits were being paid at rates of $10,000 per annum or more, agreed that information should be furnished http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/18 903, 920 4/30 1543,1567-68 1/29 292, 308 3/9 760 1964 214 Pages Committees: (continued) House Banking and Currency: (continued) Retirement salaries: (continued) Request from Chairman Patman of: (continued) Letter transmitted to Chairman Patman of Salaries: List requested by Chairman Patman of House Banking and Currency Committee for 50 highest-paid members of Board's organization and 25 highest-paid at each FRBank, material transmitted to Chairman Patman of Figures from examination reports, requested by Professor Donald Jacobs of staff of, re compensation of bank officers, granted Study of Board and Bank Plans of Federal Reserve Retirement System, Byron Johnson engaged by, as consultant to make, agreed that full disclosure to be made to, re proposed changes in Bank Plan of Retirement System of FRBanks, the Board's staff to make it clear that Board had not committed itself with respect to proposals Surveys, request from Congressman Patman, Chm. of, that Board undertake the financial responsibility for the key punching and programming of data for the bank management and correspondent banking surveys being conducted by, agreed that out-of-pocket expenses incident to the survey should be borne by the Board in compliance with request of Chairman Patman House committee on Government Operations: Crimes against banking institutions: Recommendations in the report of, re preventive measures with respect to, letter to Presidents of all Federal Reserve Banks, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/20 933, 945 1/20 189, 205 9/28 3314 3/9 759 1/6 21, 29 5/7 1647, 1661 1964 215 Pages Committees: (continued) House Committee on Government Operations: (continued) Crimes against banking institutions: (continued) Report to Chairman Dawson of, on actions taken to implement recommendations made in the Committee's report on, approved 6/23 H.R. 11911, a bill allowing Government agencies to draw single checks in favor of banking organizations for the credit of accounts of persons who regularly receive Government checks, letter approved for transmittal to Chm. Robertson of Senate Banking and Currency Committee, favoring enactment, similar letter sent to Chairman Dawson of 7/9 Window dressing by commercial banks, letters to Chairman Dawson of, Chairman Faseell of House Legal and Monetary Affairs Subcommittee, and Miss McKelvey of Mid-Continent Banker, re results of FRSystem efforts to eliminate practice of, approved 3/9 House Committee on Interstate and Foreign Commerce: H.R. 8499, a bill to provide for the regulation of collective investment funds maintained by banks: Request for report on, draft of reply discussed with full background information, understood draft would be revised in light of comments and considered further 3/17 Revised draft of report on, approved, and sent to Chairman Harris of 3/26 S. 1642, a bill to extend coverage of Securities Exchange Act of 1934, question re presenting testimony before, no decision yet made by Chm. Martin, recommended that staff be authorized to confer with other bank supervisory agen cies and present recommendations 5/6 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2232, 2245 2394 757,771-74 880 1026, 1038 1617 1964 216 Pages Committees: (continued) House Committee on Interstate and Foreign Commerce: (continued) S. 1642: (continued) Agreement with view that it would be inadvisable for Board to write a letter to, re legislation on bank stocks House Judiciary Committee: H.R. 10506, a bill to amend section 8 of the Clayton Act, to extend the prohibition of present law with respect to interlocking relationships between financial institutions and to prohibit some if not all chain banking, Board favors objectives of bill but opposes enactment in its present form, letter to Chm. Celler of, approved House Legal and Monetary Affairs Subcommittee: Bank merger applications, processing of, letter from Chairman Fascell of, presenting five questions re Board activities under the Bank Merger Act of 1960, in light of decisions of Supreme Court re Philadelphia National Bank and First National Bank and Trust Company of Lexington, Kentucky, agreed redrafted letter should be brought back to the Board for further discussion Revised draft of letter approved Coin shortage, letter to Chairman Fascell of, responding to request for information re bases for computation of estimates furnished to Bureau of the Mint of coin required in fiscal years 1965 and 1966, approved, and another letter to Chm. Fascell re procedures used by FRBanks in distributing coins to commercial banks, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/7 1653 6/2 1912, 1922 4/8 4/15 1209 1298, 1314 7/29 2640,2652-55 1964 217 Pages Committees: (continued) House Legal and Monetary Affairs Subcommittee: (continued) Conflicting interpretations by Board and Comptroller of the Currency re banking laws and regulations: Draft of reply to Chairman Fascell of, to be revised along lines indicated in memorandum by Mr. Hackley and considered further at another meeting 2/7 Letter to Chairman Fascell, approved, accompanied by memorandum analyzing Comptroller's position on corporate savings deposits 2/10 Copy of letter furnished to FDIC 5/6 Float: Reduction of, by raising maximum deferment time for check credits, reply letter to Chairman Fascell of, approved, generally agreed that subject deserved continuing attention by Board in light of 3/12 developments Reply to Chairman Fascell of, discussing reduction of, with an unfavorable view re the possibility of defining a point at which float could be considered too high and the possibility of levying a charge on member banks for float6/12 based reserves International operations of national banks, question whether copy of Board's letter to Comptroller of the Currency re his proposed regulation dealing with, should also be sent to Chairman Fascell of, Board to consider question 1/27 further Revised draft of letter to Comptroller approved, copy sent to Chairman Fascell of 1/29 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 415 426,437-49 1624 809, 824 2080, 2106 276 281, 296 1964 218 Pages Committees: (continued) House Legal and Monetary Affairs Subcommittee: (continued) National banks: Increase charges for reports of examinations of, purchased by FRBanks from the Office of the Comptroller of the Currency, letter sent to Chairman Fascell of, of the House Committee on Government Operations 4/1 Copy of letter furnished to FDIC 5/6 Warehouse receipts and securities, inquiry from Chairman Fascell of House Legal and Monetary Affairs Subcommittee, re role of Federal bank supervisory agencies in connection with large loan transactions in banks based on collateral such as, reply letter to, approved 4/16 Window dressing by commercial banks, letters to Chairman Fascell of House Legal and Monetary Affairs Subcommittee, Chairman Dawson of House Committee on Government Operations, and Miss McKelvey of Mid-Continent Banker, re results of FRSystem efforts to 3/9 eliminate practice of, approved House Select Committee on Small Business, Subcommittee of: Tax-exempt foundations and charitable trusts: Study published by, includes case of complex financial dealings between Baird Foundations, New York, and Serge Semenenko, officer and director, First National Bank of Boston, Massachusetts, Board asked by Chairman Patman to review case and advise concerning possible violation of FRIaw or regulations 1/15 Letters to Chairman Patman and Securities and Exchange Commission, approved 1/16 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1088, 1109 1624 1330, 1338 757,771-74 128 147,162-66 1964 219 Pages Committees: (continued) Housing, Subcommittee on: Banking structure of the United States, request by Chairman Rains of, for comments re questions, transmitted by the Publisher of the Decatur Daily, Decatur, Alabama, which had been raised by Lester H. Smith, Executive Vice President of the First National Bank of Decatur, understood draft of letter and memorandum would be brought back to Board for consideration Reply to Congressman Rains, approved Insurance Committee of FRBanks: Loss sharing agreement, section 7 revision of subparagraph A of, to provide for a $15.million limitation on each shipment of new FRnotes under agreement between Brink's and Board, revision of subparagraph D to remove reference to "registered air mail," approved, advice to FRBanks Interagency: Automatic Data Processing Committee: Davis, W. M., Acting Director, Division of Data Processing, designated as Board's representative on Schwartz, M. H., Director, Division of Data Processing, designated as the Board's representative on, replacing Mr. W. M. Davis Automation: Final report of Interagency Committee on, no action taken re establishment of permanent committee, no objections to continuation of regional training program on application of electronic data processing in examinations of banks, regional program planned for Dallas, Mr. Goodman of Board to make necessary arrangements http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/16 1/20 151 189,193-200 11/19 3924,3935 7/23 2547 12/2 4116 1/13 95 1964 220 Pages Committees: (continued) Interagency: (continued) Automation: (continued) Goodman, Glenn, to serve as Board's liaison with E. J. Roddy, FDIC, in planning and coordinating efforts in training examiners in electronic data processing applications in banks, understood proposed program would be handled in manner suggested in memorandum by Governor Robertson, letter to all FRBanks re program Bank merger policy: Agreed that decision on staff proposal for releasing reports to be held in abeyance until views of interagency committee on bank merger matters could be ascertained Analysis of past merger decisions by bank supervisory agencies contained in research monograph prepared for Board by Professors Hall and Phillips, Messrs. Shay and Leavitt of the Board's staff to serve on, Board to resolve questions of distribution and publication of monograph Export financing, working group: Designation of Glenn M. Goodman, Assistant Director of Division of Examinations, to participate as representative of the Board in work of, approved Uniformity of Federal supervisory agencies re reports of condition, examination, and computer usage: Board agrees re participation with FDIC and Comptroller of the Currency in a study re Committee proposed by Chairman of FDIC in discussion stage at this time Comptroller not willing to enter into any joint effort looking toward call or examination reports, nothing for Board to consider at this time http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/25 3298, 3307 3/25 972 3/31 1077 7/27 2598 1/31 317 2/5 390 2/12 458 1964 221 Pages Committees: (continued) Interagency: (continued) Youth Committee: Johnson, E. J., Director, Division of Personnel Administration, designated as Board's point of contact for the Interdepartment Radio Advisory Committee: Federal radio transmitting frequency, letter to FRBank of Chicago, informing it of the assignment of a, for selective tone signalling and one-way voice communications to certain personnel on the head office premises Interdepartmental Savings Bond Committee: Johnson, Edwin J., Director, Division of Personnel Administration, designated as an alternate member for Federal Reserve Board on, approved Interdepartmental Committee on Status of Women: Board's report on Program for Equal Employment and Advancement Opportunities for Women at the Federal Reserve Board Joint Economic Committee: Government economic statistics, request from Mr. Bowman of Budget Bureau, in light of request from Congressman Curtis of, for comment on the accuracy of an article by Professor Morgenstern of Princeton University in Fortune Magazine, Board unfavorable toward doing a study, but might contribute if formulated by the Budget Bureau Policy records of Board of Governors and FOMC, agreed to submit to the Senate and House Banking and Currency Committees and, in advance of their publication in the Fiftieth Annual Report as requested http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/15 135 4/20 1360, 1365 2/12 463 2/28 682, 689 4/6 1145 1/29 292, 308 1964 222 Pages Committees: (continued) Joint Defense Production Committee: Defense mobilization activities, reply to letter from Chairman Patman of, requesting a summary for past year, approved, attached memorandum summarized developments in preparedness programs relating to FRSystem, banking institutions, and V-loans Member banks: Nominating advisory committee: Memorandum from Legal Division pointing out that there was nothing in the law or the Board's instructions that would prohibit practice under which names of candidates were recommended to the voting member banks by a nonstatutory nominating advisory committee, understood revised draft of letter to Chairmen of FRBanks be prepared encouraging rotation of directors and stating that FRBank officials should not seem to dictate selection of directors Understood a new draft letter to FRBank Chairmen would be prepared for consideration Understood that a further revision of draft would be made and presented for consideration at another meeting of the Board Letter approved to Chairmen of FRBanks, Governor Mills' reservations being noted National Capital Park and Planning Commission: Report re meeting of Messrs. O'Connell and Kelleher, with, on status of negotiations to acquire triangular shaped lot next to present parking lot, agreement with Governor Shepardson's recommendation to proceed with plans as worked out at meeting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/15 3133, 3139 4/28 1475 5/4 1584 5/6 1621 5/11 1688, 1692 12/14 4308 1964 223 Pages Committees: (continued) Personnel Subcommittee: Retirement system, FRBank plan, suggestion that letter be sent to President Deming, Chairman of Board of Trustees of, indicating without commitment that the Board would be willing to take a look at a proposal for distribution of excess earnings of, if such a proposal were submitted in company with specific examples of its application, there was general agreement with this suggested approach, letter to President Deming, approved Presidents' Conference: Ad Hoc Committee re Safekeeping of Securities at FRBanks: Designation of Messrs. John C. Farrell, Director of Division of Bank Operations, and James C. Smith, Assistant Director of the Division of Examinations, to serve as associates of the subcommittee of Ad Hoc Subcommittee of Counsel of Miscellaneous Operations: Young, Walter H., Senior Attorney, designated to serve on, to negotiate contract with Brink's Inc., for currency shipments between Washington, D. C. and FRBanks Ad Hoc Subcommittee re FRnotes: Report by Mr. Swan, Chairman of Committee on Miscellaneous Operations of, re joint meeting with Board, question re urgency of completing sort by bank of issue as requested, Governor Mitchell to discuss with, operating problems faced by FRBanks in destruction of unfit Advice to FRBanks re compliance with earlier request of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/29 1531, 1541 6/22 2203, 2219 8/7 2741 12/15 4336 12/15 4339 1964 224 Pages Committees: (continued) Presidents' Conference: (continued) Bank Supervision, Committee on: Ad Hoc Subcommittee of, new committee designated to study implications of new methods banks are using to tap sources of loanable funds outside purview of transactions subject to Regulation Q, Mr. Frederic Solomon designated to serve as the Board's liaison with Cash, Leased Wire and Sundry Operations: Coin service by FRBanks to the public, concern noted over rejection by Presidents' Conference of recommendation by, re restrictions with respect to currency payments and, in light of present coin shortage, Board requests that question be reconsidered at upcoming Presidents' Conference, advice to Chairman Hayes of Presidents' Conference FRnotes, shipment of new, from Washington, D. C. to FRBanks and branches by Brink's Incorporated, recommended by, and approved by Presidents' Conference, concurrence by Board re negotiations of three year contract, advice to Chairman of Presidents' Conference Mr. Farrell reported a conversation with Assistant Postmaster General Nicholson and Deputy Treasurer Howell re Board's position Designation of Walter H. Young, Senior Attorney, to serve on ad hoc subcommittee re negotiations of contract with Brink's Inc. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/18 3187 5/13 1732, 1745 7/30 2674, 2689 7/30 2680 8/7 2741 1964 225 Pages Committees: (continued) Presidents' Conference: (continued) Cash, Leased Wire and Sundry Operations: (continued) FRnotes, shipment of new, from Washington, D. C. to FRBanks and branches by Brink's Incorporated: (continued) Proposed agreement with Brink's Inc., approved, letter sent to Paul C. Hodges, Chairman of Ad Hoc Subcommittee of Counsel on Brink's Incorporated Contract for Currency Shipments, with copies of agreement for execu11/2 tion by Brink's Incorporated Cash,Leased Wire and Sundry Operations, Subcommittee: Leased wire system, changes in, installation of two new circuits and realignment of stations, Board authorization implementing approval by Reserve Bank Presidents of a report by, advice 2/26 to AT&T Electronic money handling equipment, discussion re use of, by FRBanks, Presidents' Conference concurs with recommendation of, that FRSystem recognize responsibility of distributing currency without counterfeits, and avoid position of prescribing specific 3/23 types of Collections, Subcommittee on: Government grants to colleges and universities, agreed that Board would offer no objection to Treasury Department's proposal that Reserve Banks would act as disbursing agents for, noted that agreement between Treasury Department and the Subcommittee on Collections provided that the Banks would be reimbursed if cost of handling became significant, transmittal of proposed letter to Chairman of 4/9 Presidents' Conference approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3699, 3709 653,660-61 949 1236, 1247 1964 226 Pages Committees: (continued) Presidents' Conference: (continued) Collections, Subcommittee on: (continued) Collection of Cash and Noncash items, certain changes in circulars of FRBanks re, and proposed amendments to Regulations G and J as made by the Subcommittee of Counsel on Collections and, approved by the Board Fiscal Agency Operations, Committee of: Book-entry procedure for handling U. S. government securities, Governor Balderston suggested that copies of a letter dated Sept. 26, 1963, from Mr. Wayne, Chairman of Couunittee on, to the Fiscal Assistant Secretary of the Treasury, submitting for consideration a proposal for the adoption of, be sent to FAC as background for discussion at joint meeting with the Board Personnel, Subcommittee on: Retirement system proposals by, effecting certain changes in benefits under FRBank plan, approved by Conference of Presidents, and the Board's staff to make it clear that Board had not committed itself with respect to proposals by proposals accepted and stated Certain others rejected, Governors Mitchell and Daane abstaining from voting, advice to Chairman of the Presidents' Conference Safekeeping Procedures, Ad Hoc Subcommittee on: Report of, approved, as a standard guide to be followed by FRBanks, advice to Reserve Bank Presidents, with letter to Chairman of Presidents' Conference, letter to President Hayes of FRBank of New York, re problem encountered at that Bank in following through with recommendations made by, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/14 2466,2477-85 4/8 1217, 1228 3/9 759 4/7 1168, 1191 5/13 1733,1748-53 1964 227 Pages Committees: (continued) Presidents' Conference: (continued) Safekeeping Procedures, Ad Hoc Subcommittee on: (continued) Study of control standards which would tend to assure the safekeeping of negotiable items of value of all types while they are in the custody of FRBanks, Messrs. John C. Farrell, Director of Division of Bank Operations and James C. Smith, Assistant Director of the Division of Examinations, designated to serve as associates of Subcommittees of, advice to Secretary of the Presidents' Conference that the Board approved continued service of designated members of its staff as associates of various subcommittees of the Conference Senate Banking and Currency: Audit of Board's accounts for 1963, by Haskins & Sells, copy sent to Chairman Robertson of Bank Holding Company Act of 1956: Recommendation of Legal Division against reversal of Board's action in withdrawing recommendation to amend, in order to cover mergers involving bank holding company banks, accepted, agreed to send letters to House Banking and Currency Committee and Proposed amendment to, through S. 2561 and H.R. 10668, identical bills, agreed that draft of letter would be revised to incorporate certain suggestions and considered at next meeting of Board Letters to House and Senate Banking and Currency Committees, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/22 2203, 2219 3/25 981 2/19 588 2/3 331,344-55 4/27 1456 4/28 1497,1507-09 1964 228 Pages Committees: (continued) Senate Banking and Currency: (continued) Finance charges, S. 750, the "truth in lending bill" requiring disclosure of: Request for report on 83 questions re, from Chairman Robertson of, understood that staff would draft answers for Board's consideration Letter and replies to questions approved for transmittal to Senator Robertson Request by, for Board's comments on any amendments to reported bill that would be felt desirable if Board remained the administering agency, draft of letter revised and approved for transmittal to Chairman Robertson of Letter concerning Senator Javits' request and proposal re, approved for transmittal to Chairman Robertson of, and reaffirming Board's previously stated views re its designation as administrator of International operations of national banks, a copy of Board's revised letter to Comptroller of the Currency, re his proposed regulation dealing with, also sent to Chairman of Policy record of actions taken by Board and Federal Open Market Committee, transmitted to, Congressman Reuss of the Joint Economic Committee, and Senator Robertson of, in advance of publication in Annual Report Private money orders: Request from Chairman Robertson of, for information re recent failure of a company in Los Angeles that engaged in the issuance of, letter to FRBank Presidents for information re, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/13 471 2/17 528, 539 3/30 1058, 1071 4/27 1448, 1468 1/29 281, 296 1/29 292, 308 4/3 1132, 1138 1964 229 Pages Committees: (continued) Senate Banking and Currency: (continued) Private Money orders: (continued) Replies to inquiries from Senator Long and Senator Robertson of, re issuance of, by nonbanking concerns, expressing view that Board would not recommend Federal supervision of the issuance of, summary of information from FRBanks approved for transmittal to Senators Robertson and Long S. 2223, a bill to regulate collective investment funds maintained by banks: Draft of reply discussed, understood revisions would be made in light of comments and considered further Revised draft of report on, approved and sent to Chairman Robertson of S. 2468: Proposed amendment to omnibus housing bill to create Federal Limited Profit Mortgage Corporation with authority to make mortgage loans to help provide housing for moderate-income and elderly people, reply letter to Chairman Robertson of, approved Letter to Budget Bureau commenting on a proposed Federal Home Loan Bank Board letter to, re certain proposals made by the United States Savings and Loan League to amend, which, if enacted, would become the Housing and Community Development Act of 1964, approved, Governor Mills' reservations being noted S. 2506, a bill to extend the Defense Production Act of 1950, no objection to part of bill relating to Government guaranteed loans under Board's Reg. V, no comment re other provisions, report to Chm. Robertson of, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/12 2078,2100-05 3/17 880 3/26 1026, 1040 4/13 1276, 1288 7/13 2438, 2459 4/6 1142, 1154 1964 230 Pages Committees: (continued) Senate Banking and Currency: (continued) S. 2671, a bill to redefine the silver content of silver coins, report sent to Senator Robertson, Chairman of, approved S. 2883, a bill to permit establishment and operation of certain branch offices by Michigan National Bank, Lansing, Michigan, unfavorable report to Chairman Robertson of, approved S. 2891, a bill to extend for another two years the authority of the FRSystem to purchase up to $5 billion of special securities direct from the Treasury Department, concurrence with Chairman Martin's suggestion that he send a report to Chairman Robertson of S. 2937, a bill to authorize Government agencies to draw single checks in favor of banking organizations for the credit of accounts of persons who regularly receive Government checks, letter approved for transmittal to Chm. Robertson of, favoring enactment S. 2950, a bill to authorize the Mint to continue to inscribe the 1964 mintage date on coins until adequate supplies of coin are available, letter to Chairman Robertson of, strongly urging favorable consideration of, approved Silver, S. 2716, a bill to require the Treasury Department to redeem silver certificates with silver dollars not silver bullion, and S. 2717, a bill to double the monetary value of silver, unfavorable report approved for transmittal to Chairman Robertson of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/1 1089, 1119 7/27 2593, 2600 6/11 2060, 2075 7/9 2392, 2407 7/13 2442, 2460 4/21 1368, 1372 1964 231 Pages Committees: (continued) Senate Banking and Currency: (continued) Time and savings deposits: Request from Chairman Robertson of, for views on merits of Regulation Q, and on general policy of regulating, Board agreed that staff would continue work on issues involved in Chairman Robertson's inquiry Further discussion and views expressed, with majority of Board seeing merit on standby authority but not at present, staff to redraft letter to Chairman Robertson Reply letter to Chairman Robertson of, approved "United Security Accounts", letter to Matthew Hale, Chief of Staff of, re advertisement in Wall Street Journal on, of Citizens Bank (Park Ridge), Chicago, Illinois, approved for transmittal, with copies to FDIC, Comptroller of the Currency, and Presidents of all Federal Reserve Banks Senate Government Operations: H.R. 5171, proposed amendment to, that would authorize Administrator of General Services to coordinate acquisition and utilization of automatic data processing equipment by Federal departments and agencies, Chairman McClellan of, invited Board to comment and send representative to testify at hearings if desired, agreement with suggestion that no letter be submitted or appearance requested S. 2969, a bill to establish a Department of Consumer Affairs, letter to Senator McClellan, Chairman of, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/13 1277 4/29 1518 5/12 1712, 1721 11/6 3769, 3787 7/14 2466 7/15 2492, 2507 1964 232 Pages Committees: (continued) Senate Judiciary: S. 1663, a bill to amend the Administrative Procedures Act, report to Chm. Long of Subcommittee on Administrative Practices and Procedures of, on certain changes made by the Subcommittee re, approved with the understanding that the staff would follow closely and request a hearing if necessary in the event that objectionable features were not remedied Senate Post Office and Civil Service Committee: Positions at Board excepted from Civil Service rules and regulations under law, information requested by, after checking with Stanley Berg of the Civil Service Commission, it was felt that the Committee did not desire information on all positions at Board, information provided on positions classified in Grade 12 and above and also on salaries of officer positions State Officials on Suggested State Legislation of the Council of State Governments, letter to Budget Bureau replying that Board has no proposals for State legislation which it would desire to present Subcommittee on Pennsylvania Avenue, S. E.: Parking facilities, report by Mr. O'Connell on meeting with, attended by Messrs. O'Connell and Kelleher, re status of negotiations to acquire triangular shaped lot next to present parking lot, agreement with Governor Shepardson's recommendation to proceed with plans as worked out at meeting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/22 2196, 2208 11/3 3730, 3744 2/19 580, 600 12/14 4308 1964 233 Pages Cftmittees: (continued) System ad hoc committee: FRnotes, proposed establishment of, consisting of System statisticians and operating personnel to study problems relating to handling of unfit, suggestion that Irving Gedanken, Statistician, Division of Data Processing, serve as Board's representative with committee System Research Advisory Committee: Federal funds statistics, proposal to revise program for collection and release of daily Federal funds statistics, cleared by, approved by the Board, letter to Bureau of the Budget requesting clearance of revised form F.R. 716 and F.R. 716a, instructions to Presidents of all FRBanks Time certificates, negotiable, recommendation of, that coverage and timing of survey of outstanding negotiable time certificates of deposit by weekly reporting member banks be modified, approved by Board, instructions and forms transmitted to Presidents of all Federal Reserve Banks Commodity Exchange Act: Margin requirements, proposed bill to amend, for purpose of giving Secretary of Agriculture authority to set margin requirements for trading in commodities, recent incidents in the market for vegetable oils emphasized need for legislation, letter to Budget amending of, approved Bureau C°IriPtroller of the Currency: A dvances by FRBanks to member banks, substitute proposed by, for a bill recommended in 1963 by Board to liberalize authority of FRBanks to extend credit to member banks, no action required at this time on Comptroller's substitute proposal http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/3 3736 7/24 2578,2589-90 3/20 925, 935 1/20 189,201-03 7/29 2642 1964 234 Pages Comp troller of the Currency: (continued) Bank Merger Act of 1960, protest filed with, by two competing banks and copy transmitted to Board by counsel for protestants re proposed merger of First Security Bank of Twin Falls, Idaho, into First Security Bank of Idaho, N. A., Boise, Idaho, agreed that no supplemental report be made to Comptroller as doubtful that submission of such a report would be consistent with terms of, in absence of request from Comptroller Branch banks deposit data, letter to, re proposed collection of, under expanded program of individual branch bank data, approved, Board urges collection on same basis as in 1962, early advice of decision requested, details to be worked out at staff level, Board willing to tabulate and publish branch data Call reports: Letter to, making clear the System's policies with respect to a uniform call report, both in general and with special reference to the forthcoming June call, approved Board advised that, would use their own form for June call, decision to collect supplementary condition information directly from national banks, letter to FRBanks transmitting forms for next call and copies of draft reconciliation statement and draft form for collection of branch deposit data, letter to Bureau of the Budget requesting approval of forms http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/23 3618 5/8 1669, 1679 5/27 1875, 1893 6/18 2137,2157-67 1964 235 Pages Comp troller of the Currency: (continued) Call reports: (continued) Difficulty encountered re obtaining agreement with, for a call date and steps that might be taken to obtain consistent statistical data for all commercial banks as of the date ultimately decided upon, reported by Governor Robertson Decision of FDIC and, to delay announcement of the midyear call until July 10, agreed to advise FRBanks to delay transmitting forms to national as well as State member banks and to print a supply of F.R. 105 forms that could be forwarded to national banks in case the report form from, was more abbreviated than had been contemplated Request from staff of, that Board tabulate certain information from call reports, suggestion that request be submitted in writing with information distributed to Board on the magnitude and complexity of the task Comptroller's Office to be informed that the Board was not in a position to undertake the work necessary in processing data as requested, memorandum placed in files Form for 1964 fall call, letter to FDIC and, re use of a short form identical with statement used for April call, approved National banks, letter to, informing him of Board's plan to use proposed supplementary schedule to accompany fall call report form, for purpose of collecting from State member banks information on time certificates of deposit issued to certain classifications of depositors, similar schedule to be used by FDIC for insured nonmember banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/30 2313 7/1 2331 7/23 2546 7/24 2570 9/1 2987,3009-10 9/28 3312, 3325 1964 236 Pages Comptroller of the Currency: (continued) Call reports: (continued) Letter transmitting proposed format for, including all items expressly requested by the three Federal bank supervisory authorities, and State bank supervisors sent to FDIC and, with a copy to National Association of Supervisors of State Banks Changes in control of bank management, procedure in reporting as agreed by Board and FDIC, letter to, seeking to clarify difference in procedure in submitting reports to the Comptroller Coins as collateral for bank loans, request by Mr. Belin, General Counsel for the Treasury Department, for Board's reaction to proposal by, which would prohibit national banks from making loans on coins in excess of 70 per cent of the face value of the coins, understood that Mr. Hexter would indicate Board's doubt that proposal would relieve coin shortage and that the Board questioned the advisability of such a prohibition Co ndition reports: Data requested from, for use in the study "The Impact of Financial Institutions on Competitive Banking", being made by Professors Sawhill and Polakoff for Chairman Patman of the House Banking and Currency Committee, letters to, and FDIC approved to determine if they are agreeable to Board's furnishing data for proposed study under conditions outlined Advice from other Federal bank supervisory agencies indicating no objection, letter to Chm. Patman http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/2 4101, 4122 10/21 3602, 3611 7/24 2577 3/17 889 4/24 1432 1964 237 Pages Comp troller of the Currency: (continued) Conflicting interpretations between Board and: Criticism by E. M. Todd, Executive Vice President and Cashier of National Bank of Alamance, Graham, North Carolina, discussion whether reply should be made from Board, agreed to hold matter for further study and consideration at another meeting Agreed President Wayne, FRBank of Richmond, would make such reply as he deemed appropriate, understood Mr. Hackley would revise draft letter in form of statement for use in replying to such inquiries Agreed that memorandum from Mr. Hackley re, with respect to banking laws and regulations, would provide an excellent basis for replying to Congressman Fascell's inquiry re, agreed that alternative draft would be adapted for Board's consideration Draft to be revised along lines indicated, further consideration at another meeting Letter to Chairman Fascell of House Legal and Monetary Affairs Subcommittee approved, accompanied by memorandum analyzing Comptroller's position on corporate savings deposits Copy of letter furnished to FDIC Appointment by President of American Bankers Association of Eugene H. Adams, President of First National Bank of Denver, Colorado, as Chairman of a Committee to study problems that have arisen from current conflicts between bank supervisory agencies http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/15 133 1/16 150 2/5 388 2/7 415 2/10 5/6 426,437-49 1624 5/27 1874, 1891 1964 238 Pages Comptroller of the Currency: (continued) Conflicting interpretations between Board and: (continued) Bonds, revenue, revised regulation of, redefining term "general obligation" and in effect allowing national banks to operate under broader authority for underwriting municipal issues than is permissible for State member banks, letter to Chairman Patman in reply to request for list of points of disagreement between Board and 9/3 Conflict between other bank supervisory agencies and, on format of form used by national banks for condition reports, letter approved for transmittal to Chairman Patman in reply to request for list of points of disagreement between Board and other bank supervisory agencies 9/3 Debentures, published rulings by, that subordinated notes, undivided profits, and, could be regarded as part of a bank's capital and surplus in applying the statutory limitations on loans by national banks, contrary to Board's view, letter to Chairman Patman in reply to request for list of points of disagreement between Board and 9/3 Examination reports of national banks, disagreement re cost of, letter to Chairman Patman in reply to request for list of points of disagreement 9/3 Federal funds transactions, ruling by Comptroller of Currency that, are not subject to statutory lending and borrowing limitations applicable to national banks, letter to Chm. Patman in reply to request for list of points of 9/3 disagreement between Board and http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3048,3064-71 3048,3064-66 3048,3064-69 3048,3064-65 3048,3064-68 1964 239 Pages Comp troller of the Currency: (continued) Conflicting interpretations between Board and: (continued) International operations of national banks, under proposed regulation published for comment, requiring national banks to obtain prior approval of, in order to engage in, through direct branches or Edge or agreement corporations, contrary to authority centered in the Board under the FRAct, letter to Chairman Patman in reply to request for list of points of disagreement between Board and 9/3 Investments in foreign banks, ruling of, that national banks may acquire and hold stock interests in foreign banks contrary to Board's opinion that such is not permissible under present law, letter to Chairman Patman in reply to request for list of points of disagreement between Board and 9/3 Loans to executive officers of national banks, interpretation published by, that national banks are not bound by the Board's definition of the term "executive officer" as set forth in Regulation 0, which implements section 22 of the FRAct, against the making of loans to executive officers of all member banks, including national banks, letter to Chm. Patman in reply to request for list of points of disagreement between Board and 9/3 Savings accounts, corporate, view of Comptroller of Currency that national banks may accept deposits from business corporations, contrary to statutory authority expressed in sec. 19 of FRAct, letter to Chm. Patman in reply to request for list of points of disagreement between Board and 9/3 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3048,3064-70 3048,3064-71 3048,3064-69 3048,3064-68 1964 240 Pages Comp troller of the Currency: (continued) Debentures, use of as capital stock: Statement of policy views and legal aspects involved in Comptroller's ruling re, issuance of a press release and a formal interpretation for the Federal Register and FRBulletin, recommended, staff to prepare Issuance of press statement on legal aspects of Comptroller's interpretation re, approved, possibility of preparing an article exploring subject in some depth, might be published in Federal Reserve Bulletin Request by Herbert F. Sturdy, an attorney of Los Angeles, California, for an exception of the Board for a ruling published in January 1964 FRBulletin indicating that notes and debentures of banks may not be regarded as "capital stock" or "surplus," proposed reply sent to, for comment, agreement expressed that proposed letter would be sent to Mr. Sturdy Governor Daane stated that he would like to study proposed letter further, letter sent Reply to Chairman Fascell of House Legal and Monetary Affairs Subcommittee re Board's position re ruling by, with respect to Federal funds, transaction of, not subject to limitations prescribed by national banking laws on loans made by national banks, ruling by, reply to Chairman Fascell of House Legal and Monetary Affairs Subcommittee, indicating Board's position re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/8 38 1/9 64, 70 4/28 1490 4/28 1492 2/10 438 2/10 437 1964 241 Pages Comp troller of the Currency: (continued) FRnotes: Draft bill to provide for destruction of unfit FRnotes at locations designated by Secretary of the Treasury, permit allocation of credit for destroyed notes among FRBanks as determined by Board and transfer of functions performed by, to Secretary of Treasury, favorable report to Budget Bureau, approved Presidents' Conference recommended representatives of Office of the Comptroller not to be at FRBanks to assume responsibility for verification of unfit FRnotes Letter to Chairman of Presidents' Conference stating that Board agrees with Conference recommendations that representatives of, not be stationed at FRBanks and Branches to assume responsibilities for verification and destruction of, and that no change be made in proposed legislation Foreign branches of national banks, establishment of, and investment in foreign banking or financing corporations, proposed regulation by, that would require national banks to obtain Comptroller's approval for, in reply to Chin. Fascell of House Legal and Monetary Affairs Subcommittee, pointing out that the Congress specifically authorized Board to regulate activities of national and State member banks in this field http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/25 972, 1016 10/16 3570 11/3 3723, 3736 2/10 438 1964 242 Pages Comptroller of the Currency: (continued) Interagency usage of computers by bank supervisory agencies, proposal by Chm. Barr of FDIC, that the bank supervisory agencies establish a committee to work toward uniformity of examination report and call report forms, Comptroller not willing to enter into any joint effort looking toward uniform call or examination reports, nothing for Board to consider at this time International operations of national banks: Proposed regulation requiring approval by, including establishment of a foreign branch, investment in an Edge Corporation, or acquisition of stock in a foreign bank or corporation, consensus that adoption would be unwise, understood that a revised draft reply would be prepared for consideration Revised letter approved, copies to House Legal and Monetary Affairs Subcommittee, Senate and House Banking and Currency Committee, Treasury Department, and national banks engaged in such activities, Messrs. Molony and Fauver to answer press queries Question re continuing to invite comments of, re applications with respect to: Staff requested to draft letter to Comptroller re practice of inviting his views Understood certain suggestions made by Governor Balderston would be reflected in new draft to be considered at tomorrow's meeting Letter to, approved, reflecting consensus that Board should continue to invite comments of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/12 458 1/27 270 1/29 280,296 3/26 1022 3/31 1076 4/1 1089, 1116 1964 243 Pages Comptroller of the Currency: (continued) International operations of national banks: (continued) Question re continuing to invite comments of, re applications with respect to: (continued) Again questioned, in light of handling application for Bank of America National Trust and Savings Association, San Francisco, Calif., to establish a foreign branch, Board agreed to continue, at least for the time being 4/16 1329 Noted that no reply had been received from Comptroller of the Currency inviting his views on Bank of Boston International, New York, New York, owned by First National Bank of Boston, general view that for the time being, the Board should continue to request Comptroller's views 5/4 1583 Loans: Executive officers of national banks: Memorandum from Legal Division re ruling of, violating section 22(g) of FRAct, and Regulation 0, understood no action would be taken by Board at this time on matter of Comptroller's interpretation Interpretation published by, intimated that national banks are not bound by definition of term "executive officer," as set forth in the Board's Regulation 0, in reply letter to Chairman Fascell of House Legal and Monetary Affairs Subcommittee, Board also stated that until the Regulation is changed the present definition of "executive officer" is applicable to all member banks Limitation of, memorandum re notice published in Federal Register by, re revision of Comptroller's regulation on "Loans made by National Banks secured by Direct Obligations of the U.S.," letter to, approved, stating Board's views http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/9 51 2/10 438 10/28 3665, 3683 1964 244 Pages Comptroller of the Currency: (continued) Messenger service: Ruling by, permitting national banks to provide, by means of armored car or otherwise, to meet the requirement of their customers, ruling made without informing Board, understood that after staff check, if circumstances warranted requesting a copy of ruling as issued, a letter could be drafted for Board's consideration Suggested by Governor Robertson that Board be briefed in memorandum form re, and it was understood that this would be done, FDIC issued similar ruling Agreed to hold a meeting of counsel of the three Federal bank supervisory agencies Memorandum recommending that the Board publish an interpretation holding that the use of, under certain circumstances would not constitute the operation of a branch bank, while under other circumstances, determination would have to be made on a case by case basis, prompted by recent ruling by, interpretation approved with Governor Robertson dissenting, to be published in Federal Register, letter to FRBank of Richmond Money orders: Ruling by, permitting national banks to sell money orders at nonbanking outlets, made without informing Board, understood that after a staff check, if circumstances warranted requesting a copy of ruling as issued, a letter could be drafted for Board's consideration http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/6 1625 5/14 1760 5/21 1843 6/9 1986, 1997 5/6 1625 1964 245 Pages Comptroller of the Currency: (continued) Money orders: (continued) Issued by an authorized agent of a State member bank, draft of letter to FRBank of Cleveland, expressing the opinion that this would not involve the operation of a branch, Governors Robertson and Mills concurred in the recommendation,proposed letter approved as a draft to be submitted to the Comptroller of the Currency and FDIC for comments National banks: Branch banking, decision of Walker Bank & Trust Company v. Saxon, it would appear that if State banks could establish branches, within certain geographical limits, the Comptroller of the Currency could authorize national banks to establish branches anywhere in the State, further information needed from official sources re court decision Examination reports of, increased charges for, purchased by FRBanks from the Office of the Comptroller of the Currency, letter sent to Chairman Fascell of House Legal and Monetary Affairs Subcommittee of the House Committee on Government Operations, agreed to include in the letter an estimate of costs of reproducing copies if originals of reports were available for that purpose, also comments indicating that these higher charges had the effect of reducing Reserve Bank annual payments to the Treasury Department http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/22 2200 10/2 3370 4/1 1088, 1109 1964 246 Pages Comptroller of the Currency: (continued) Regulation Q, letters to Chairman of FDIC, Presidents of all FRBanks, and, seeking their views re proposed revision of, Governor Mills recording dissent re program for revision of Reports on competitive factors, letter to Chairman of FDIC re proposals under consideration by Board with respect to release of, in connection with applications under the Bank Merger Act of 1960, copies of letter also sent to Department of Justice, Treasury Department, and Rules and Regulations: Proposed ruling by, permitting national banks to acquire and hold directly stock interests in foreign banks: Reply to Mr. Faulstich, Administrative Assistant to, approved Possibility of Board considering a proposal re legislation, such as a possible amendment to section 25 of the Federal Reserve Act San Francisco National Bank, San Francisco, California, application for permission to carry reduced reserves questioned by Board, letter to Comptroller requesting comments, approved Savings deposits, definition of, interpretation by Comptroller expressed the view that national banks may accept deposits from business corporations as, in reply to Chairman Fascell of House Legal and Monetary Affairs SubcomAttee, Board reaffirmed its position that under its present regulations deposits of business corporations may not be classified or treated as savings deposits either by national or State member banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/15 3528,3563-66 4/1 1088, 1113 4/28 1498, 1511 5/11 1682 4/16 1323, 1335 2/10 439 1964 247 Pages Comptroller of the Currency: (continued) Section 32 of Banking Act of 1933, question re national banks under, letter to FRBank of New York approved, re a recent ruling by, involving an interlocking relationship of George L. Degener, director of Millerton National Bank, Millerton, New York, who served also as a special partner in Chaplin, McGuiness & Co., Pittsburgh, Pennsylvania, which has an office in New York City, understanding that substance of letter would be sent to all Federal Reserve Banks Undivided profits: Ruling by, for purposes of lending limitations of national banks, undivided profits could be treated as part of capital stock and surplus funds, a ruling was made without informing Board, understood that after staff check, if circumstances warranted requesting copy of rulings as issued, a letter could be drafted for Board's consideration Board to send letter re, to Federal bank supervisory agencies for comment Proposed interpretation stating that in the Board's opinion undivided profits do not constitute capital, capital stock, or surplus for the purposes of the provisions of the FRAct..., discussion disclosed general agreement that interpretation should be published, but that prior to publication it would be advisable to follow the "Dillon procedure" http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/5 2716, 2730 5/6 1625 5/14 1760 5/21 1842 1964 248 Pages Comp troller of the Currency: (continued) Undivided profits: (continued) Ruling by: (continued) Board approved for transmittal to FRBanks and for publication in the Federal Register and the FRBulletin an interpretation concluding that undivided profits are not a part of a bank's capital stock Computers for Industry and Business, Inc., New York, New York: Processing of data reported in 1962 questionnaire, "Schedule of Stockholders, Directors, Officers, and Loans Secured by Stock of Other Banks," Board authorized payment of $7,000 to, for work in connection with request from Chairman Patman for further processing of data re chain banking, action included authorization for resultant overexpenditure in the 1964 budget of the Division of Data Processing Co ndition reports: Access to call reports for period December 1959 through June 1963, requested by Professors Hodgman, Gillespie, and Yancey at the University of Illinois in connection with a study of commercial bank behavior, project would involve access to call report data reported by member banks in Illinois, request approved, Governor Daane suggested looking into whole question of nondisclosure of bank data Banking data requested from condition reports for use in study "The Impact of Financial Institutions on Competitive Banking", being made by Professors Polakoff and Sawhill for Chairman Patman of the House Banking and Currency Committee, letter to Comptroller and FDIC approved re Board's furnishing data for proposed study http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/11 2028, 2069 4/30 1543, 1568 9/24 3285-86 3/17 889 1964 249 Pages Condition reports: (continued) Banking data: (continued) Advice from other Federal bank supervisory agencies indicated that they had no objection, letter to Chairman Patman Branch bank deposit data: Letter to Comptroller of the Currency and FDIC re proposed collection of, approved Request for clearance of form for collection of, letter to FRBanks with draft form, and to Bureau of the Budget with request for clearance Call reports: Interagency uniformity of computer usage, FDIC advised Board that Chairman of FDIC and Comptroller of the Currency were in favor of establishment of a committee to work toward, for examination reports and, Board agreed participation in such a study was warranted Comptroller not willing to enter into any joint effort looking toward uniform call or examination reports, nothing for Board to consider at this time Spring call, problems due to the difference in forms used by national banks, discussed, memorandum by Division of Bank Operations recommending tabulation of call report data in spite of difficulties in light of proposed program for collecting bank condition data, arrangements authorized, advice to FRBanks Uniformity of: Letters to Bureau of the Budget and Comptroller of Currency making clear the System's policies with respect to uniform call report, both in general and with special reference to forthcoming June call approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/24 1432 5/8 1669, 1679 6/18 2137,2157-66 1/31 317 2/12 458 3/18 905 5/27 1875,1892-93 1964 250 Pages Condition reports: (continued) Call reports: (continued) Uniformity of: (continued) Advised that Comptroller of the Currency would use own form for June report, recommended collection of supplementary condition information directly from national banks, letter to Federal Reserve Banks transmitting forms for next call and copies of draft reconciliation statement and draft form for collection of branch deposit data, letter to Bureau of the Budget requesting approval of reconciliation statement and branch deposit survey form Proposal by FDIC that representatives of State and Federal bank supervisory agencies participate in conference on banking condition reporting problems, letter to FDIC listing representatives and enclosing memorandum outlining Board's needs for statistical information and plans for a data collection system built around condition report series Governor Robertson reported difficultues encountered in obtaining an agreement with the Comptroller of the Currency to a date for the call, and possible steps to obtain consistent statistical data for all commercial banks as of date decided upon Decision of Comptroller and FDIC to delay announcing midyear call until July 10, agreed to advise FRBanks to delay transmitting forms to national banks and State member banks and to print a supply of F.R. 105 forms to be forwarded to national banks in case Comptroller's form was more abbreviated than expected http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/18 2137,2157-67 6/22 2195, 2206 6/30 2313 7/1 2331 1964 251 Pages Condition reports: (continued) Call reports: (continued) Document for determination of the midyear call date signed by Chairman Martin, telegram to be sent to Presidents of all FRBanks requesting that a call be made Form for 1964 fall call, letter to FDIC and Comptroller of the Currency re use of short form report of condition for, in response to letter from Chairman Barr of FDIC, in which he indicated that FDIC planned to print a form that would be identical with the statement used for the April call and letter to Comptroller of the Currency re, approved Conflicting viewpoints between Comptroller of the Currency and Board on format of form used by national banks in responding to call for condition reports, letter approved for transmittal to Chairman Patman of House Banking and Currency Committee in reply to request for list of points of disagreement between Board and other Federal bank supervisory agencies Supplemental to accompany fall call form for purpose of collecting information on time certificates of deposit issued to certain classification of depositors, letter to all FRBanks re, approved Letter transmitting proposed format for, including items expressly requested by three Federal supervisory authorities and State bank supervisors, and proposed procedure pertaining to timing and content of, Gov. Mitchell noted the omission re reporting amounts of certificates of deposits owned by individuals and corporations, letter to Comptroller, FDIC, and National Association of Supervisors of State Banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/2 2355 9/1 2987,3009-10 9/3 3048,3064-66 9/28 3312, 3323 12/2 4101,4122-24 1964 252 Pages Condition reports: (continued) FRBanks, weekly statement, telegram to all Federal Reserve Banks concerning manner in which special payments to Treasury Department from surplus for 1964 should be shown on Form FR 34 in published statement of condition of FRBanks Foreign banking corporations: Call as of December 31, 1963 Call as of December 31, 1963, advice to International Bank of Detroit, Mich. Call as of June 30, 1964 Insured nonmember banks: Call as of April 15, 1964 Call as of June 30, 1964 Call as of October 1, 1964 National banks: Call as of April 15, 1964 Call as of June 30, 1964 Call as of October 1, 1964 Call report data, request from the staff of the Comptroller of the Currency that the Board tabulate certain information from, suggestion that request be submitted in writing with information distributed to the Board on the magnitude and complexity of the work Comptroller's Office to be informed that the Board was not in a position to undertake the work necessary in processing data as requested, memorandum placed in Board's files "Reconciliation of Current National Bank Call Report": Form 2130-A, to collect certain supplementary condition information directly from national banks, request for clearance by Bureau of the Budget http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/31 4586, 4596 1/2 5, 8-14 1/19 7/2 81, 89 2356,2360-66 4/16 7/2 10/6 1331 2356 3382 4/16 7/2 10/6 1331 2356 3382 7/23 2546 7/24 2570 6/18 2137, 2159 1964 253 Pages Condition reports: (continued) National banks: (continued) "Reconciliation of Current National Bank Call Report": (continued) Reply to Mr. C. H. Hosier, President of Fullerton National Bank, Fullerton, Nebraska, re request for statement of, in connection with reports of condition as of June 30, 1964, approved, with understanding that same type of reply would be made to any similar inquiries, and that substance of the Board's letter would be sent to all Federal Reserve Banks for information Regulation F, section 206.7(d) of, covering the applicability of instructions for preparation of, since this was a point of difference between Board and FDIC with respect to the new Regulation F, decided to delete before publication for comment, final sections as modified were approved for publication in the Federal Register for comment, with understanding that a press release would be issued State member banks: Forms for next call, sent to all FRBanks for use by State member banks and their affiliates Call as of April 15, 1964 Forms for next call sent to all FRBanks with copies of draft of reconciliation statement form and draft form for collection of branch deposit data Forms for next call, agreed to advise FRBanks to delay transmittal of, in view of decision of FDIC and Comptroller of Currency to delay announcing the midyear call until July 10 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/27 2594, 2605 9/9 3087 3/18 4/16 910, 921 1331 6/18 2137, 2157 7/1 2331 1964 254 Pages Condition reports: (continued) State member banks: (continued) Call as of June 30, 1964 Letter to all Federal Reserve Banks transmitting fall call report forms and a proposed supplementary schedule for the purpose of collecting information on time certificates of deposit issued to certain classification of depositors, approved, Federal Deposit Insurance Corporation to use same short call format as the Board, understood Comptroller of the Currency would use report identical to that used for national banks at April 15 call date Call as of October 1, 1964 Call as of January 6, 1965, expected to be announced as per telephone conversation between Governor Mills and Chairman Barr of the Federal Deposit Insurance Corporation Forms for next call sent to all Federal Reserve Banks for use by State member banks and their affiliates Window dressing by commercial banks: Semi-annual listings published in American Banker showing banks in U. S. according to deposit size at mid-year and year-end dates, Board decided not to send draft letter suggesting possibility of discontinuing publication of such listings Copy of letter from Mid-Continent Banker, St. Louis, Missouri, inquiring as to results of program of Federal Reserve System and FDIC to persuade banks to end practice of, approved, with copies to be sent to Presidents of all Federal Reserve Banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/2 2356 9/28 10/6 3312,3323-25 3382 12/21 4471 12/22 4499, 4504 1/2 2 1/14 115, 124 1964 255 Pages Condition reports: (continued) Window dressing by commercial banks: (continued) Letters to Chairman Fascell of House Legal and Monetary Affairs Subcommittee, Chairman Dawson of the House Committee on Government Operations, and Miss McKelvey of Mid-Continent Banker re results of FRSystem efforts to eliminate, approved Co nferences: Administrative Conference of the United States, request from Bureau of the Budget for up-to-date comments on recommendations by, to the President of the United States, reply indicated that Board could adopt "code of behavior" rule sometime later as a token of cooperation, letter to Budget Bureau ,approved Auditors of FRBanks: Special meeting of General Auditors to be arranged to discuss greater use of sampling techniques for internal audit of FRBanks Further discussion, letter to Chairman Bean of the Conference of Chairmen re agenda for proposed, approved, payment for cost of dinner for representatives attending, authorized, along with overexpenditures in Board's budget for 1964 Letter sent to Chairmen of all FRBanks advising that Chairman of the Conference of Chairmen concurred in the Board's proposal to hold special conference of, scheduled for June 25-26, 1964, in the Board's offices http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/9 757,771-74 3/13 831, 859 3/25 976 4/24 1427, 1441 5/19 1823 1964 256 Pages Conferences: (continued) Auditors of FRBanks: (continued) Special meeting of: (continued) Suggestion that representatives of three firms that had been retained by FRBanks to review their auditing procedures would be invited to participate and answer questions, Mr. Frederic Solomon authorized to arrange a panel discussion on June 25, understood Board's action included authorization for payments to the public accounting firms as might be required Letter to Mr. Bean, Chairman of Conference of Chairmen re Conference of, in March or April 1965 (actual date to be determined), approved To be held in Board's offices on April 2123, 1965, cleared with Chairman of Chairmen's Conference Examiners: Annual conference: March 9 and 10, 1964, dates for, each Federal Reserve Bank will be represented by vice presidents in charge of examinations and chief examiners, letter to all FRBanks, approved, action included approval of payment of cost of dinner in connection with Conference in conjunction with the 1964 convention of The National Association of Supervisors of State Banks, agreed to follow usual procedure of holding the, although it necessitated travel outside the continental United States, letter to the Presidents of all FRBanks counseling restraint in the designation of participants http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/3 1939, 1937 6/3 1947 11/18 3892 12/10 4289 1/24 256, 267 4/9 1234, 1246 1964 257 Pages Conferences: (continued) Presidents': Board's Liaison Office, approval of Governor Robertson's letter sent to all FRBank Presidents re suggested schedule for FRBank representation at, during 1965 Civil Rights Act of 1964, Title VI, Nondiscrimination in Federally -assisted programs, questions re application to FRSystem, report to the Bureau of the Budget, copy to Justice Department, letter with enclosures to Presidents of all FRBanks and Chairman of Coin service by FRBanks to the public: Concern noted over rejection by, of recommendation by Subcommittee on Cash, Leased Wire and Sundry Operations re restrictions with respect to, in light of present coin shortage, Board requests that question be reconsidered at, advice to Chairman Hayes, of Presidents'Conference No objection to policy approved at, re coin service by FRBanks to the public and employees of FRBanks, but favors a less restrictive policy for Bank employees, advice to Chairman of Currency, use by FRBanks of high-speed electronic equipment: Presidents' Conference concurs with recommendation of Subcommittee on Cash, Leased Wire, and Sundry Operations that FRSystem recognize responsibility of distributing, without counterfeits, and avoid position of prescribing specific types of money-handling equipment Letter to Chairman Hayes of Conference of Presidents re operations of all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/12 3819 7/21 2516, 2536 5/13 1732, 1745 7/21 2513, 2526 3/23 949 4/22 1379, 1389 1964 258 Pages Conferences: (continued) Presidents': (continued) Death benefit, post retirement, letter to Chairman of, approving a postretirement death benefit of $1,000 for present and future retirees of FRBanks, to be provided for on a group insurance basis through Connecticut General Life Insurance Company, approved, Governor Mitchell abstaining, advice sent to all FRBank Presidents FRnotes: One dollar denomination, low numbered, telegram to all FRBank Presidents stating that Board would interpose no objection to action by, with respect to distribution of, approved Shipment of new, from Washington, D. C. to FRBanks and branches by Brink's Inc., recommended by Subcommittee on Cash, Leased Wire and Sundry Operations, and approved by, concurrence by the Board re negotiation of a three year contract, advice to Chairman of Destruction of unfit $1 FRnotes by Bank of issue, problem of, report from Division of Bank Operations re legislation, to be submitted to Letter approved for transmittal to Report by Mr. Swan, Chairman of Committee on Miscellaneous Operations of, in joint meeting with Board and, question re urgency of completing sort by bank of issue as requested, Governor Mitchell to discuss with ad hoc subcommittee, operating problems faced by FRBanks in destruction of unfit http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/23 3617, 3632 4/3 1132, 1137 7/30 2674, 2689 9/2 11/3 3016, 3040 3723, 3736 12/15 4336 1964 259 Pages Conferences: (continued) Presidents': (continued) FRnotes: (continued) Report by Mr. Swan, Chairman of Conunittee on Miscellaneous Operations of: (continued) Advice to FRBanks that further compliance with subcommittee's earlier request would be unnecessary since cost of completing sort would be greater than the results would justify 12/15 4339 Foreign loans and commitments by commercial banks, Interest Equalization Tax Act making mandatory reports on, to be collected by FRBanks for forwarding to Treasury Department, agreed to discuss at joint meeting with the, written notice to be sent to Treasury Department re Board personnel entitled to have access to reports, FRBank Presidents to inform Board of personnel designated by them 3079 9/4 Government grants to colleges and universities, agreed that Board would offer no objection to Treasury Department's proposal that Reserve Banks act as disbursing agents for, noted that agreement between Treasury Department and Presidents' Conference Subcommittee on Collections provide that the Banks would be reimbursed if costs of handling became significant, transmittal of proposed letter 1236, 1247 to Chairman of, approved 4/9 Hospitalization, surgical, and major medical coverage, proposal by, approved, a revision of the Board's outstanding letters to FRBanks, as contained in the loose leaf service is being prepared for distribution, letter to Chairman of 4/7 1168, 1191 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 260 Pages Conferences: (continued) Presidents': (continued) Leased wire system, letters to American Telephone and Telegraph Company and General Services Administration, authorizing them to proceed with certain changes in Federal Reserve 81-D-1 Leased Wire System, implementing authorization given by, copies of letters sent to all Federal Reserve Banks Major medical insurance program, amendment to increase benefits under FRBanks contract with Prudential Insurance Company of America, with no immediate increase in premium approved, as requested by the Chairman of, letter to Chm. Hayes,approved Meeting with Board Membership dues in NABAC, Association for Bank Audit, Control and Operations, Board noted without objection the action of, in approving proposed increase in, for Federal Reserve Banks and Branches proposal by, at a joint meeting Regulation F, with the Board, to find an alternative to certification of financial statements by certified public accountants and to postpone issuance of proposed, Board felt that the Regulation should be issued in final form in the near future and that it would not require certified financial statements Retirement system: Study of, recommendations approved Certain changes in benefits under FRBank plan, approved by http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/12 3482 7/1 12/15 2330, 2339 4320 6/23 2222, 2242 12/15 4333 2/17 529, 541 3/9 759 1964 261 Pages Conferences: (continued) Presidents': (continued) Retirement system: (continued) Recommendations for changes in, of FRBanks, approved by, and referred to Board, request that Board expedite study if possible so recommendations could become effective on July 1, 1964, and persons about to retire could be retained in service long enough to qualify for an increase in benefits Proposals amending the rules and regulations of the FRBank plan, as recommended by the Subcommittee on Personnel and approved by, discussed, certain stated proposals accepted and others rejected, advice to Chairman of Letter to Chairman of, re Board's action to retain the 80 per cent limitation on retirement allowances Board approved the use of so-called excess earnings to cover accrued liabilities, and deferment of a decision on any further distribution at this time, notice of this action included in the letter to Chairman of Safekeeping of securities of FRBanks: Report of the Ad Hoc Subcommittee on Safekeeping Procedures, approved as a standard guide to be followed by the FRBanks, letter to Chairman of the, re initiating similar studies to develop standards for custody of all types of negotiable items, approved Subcommittees of, advised that Board approved continued service of designated members of its staff as associates of various subcommittees of the Conference http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/26 1029 4/7 1168, 1191 6/11 2045, 2073 6/11 2054, 2073 5/13 1733, 1750 3/25 981 1964 262 Pages Conferences: (continued) Presidents': (continued) Surplus accounts of FRBanks, topic for discussion at joint meeting of Board with, individual views of members concerning policy re level of surplus account each FRBank should maintain Topics for discussion, coin service by Federal Reserve Banks to the public to be reconsidered at next, advice to Chairman Hayes Records of FRBoard, use of: Consensus that conference of 15 university scholars with Board paying expenses could meet at Board to discuss, understood that Messrs. Young and Sherman would explore matter and report to Board re implementation of such a meeting Understood necessary arrangements and appropriate provision would be made in 1965 budget to cover expenses re conference of scholars to discuss, letter to Social Science Research Council advising that Board had authorized conference Co nnecticut General Life Insurance Company: Death benefit: Memorandum re implementation of post-retirement death benefit of $1,000, to be provided through, discussion re, letter to Chairman of Conference of Presidents approved, Governor Mitchell abstaining, advice to all Federal Reserve Banks Indication that in order to make arrangements effective it was necessary that Board and each Federal Reserve Bank authorize the FRBank of Chicago to execute an amendment to the group insurance policy, letter to FRBank of Chicago approved, Governor Mitchell dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/15 4321 5/13 1732, 1745 10/13 3495 11/3 3728, 3738 10/23 3617, 3632 12/22 4500, 4512 1964 263 Pages Consolidations: (continued) Bank merger applications: Concentration of banking resources, various theories and philosophies expressed re House Banking and Currency Committee requesting names of continuing banks and merged banks for years 1956-1960, also identification by names of banks and location of code numbers representing certain banks as of December 1960 and 1961, understood that requested information would be supplied Interagency Committee re, Messrs. Shay and Leavitt of Board's staff on, Board to resolve distribution and publication of monograph prepared by Professors Hall and Phillips, view that monograph would be useful to members of interagency committee whose function is to establish better relationships between bank supervisory agencies in administering the Bank Merger Act of 1960 Procedure suggested by FRBank of New York, whereby the processing of, would be done at the regional level and only submitted to Board for decision in unusual circumstances, discussed in connection with consideration of reports on competitive factors in the proposed consolidation of The Canal National Bank, Portland, Maine, and The Bath National Bank, Bath, Maine Processing of, reply to Chm. Fascell of House Legal and Monetary Affairs Subcommittee re Board activities under Bank Merger Act in light of Supreme Court decisions re Philadelphia National Bank and First National Bank and Trust Co. of Lexington, Kentucky, agreed to redraft reply http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/2 2351 5/7 1654, 1666 3/31 1077 4/17 1346 4/8 1209 1964 264 Pages Consolidations: (continued) Bank merger applications: (continued) Processing of: (continued) Revised draft of letter approved Reconsideration of, letters to Camden Trust Company, Camden, New Jersey, and Merchantville National Bank and Trust Company, Merchantville, New Jersey, approved, advising that Board had concluded against reconsideration of action denying application for permission to merge the two banks Rejections of, question whether size of bank should be reason for rejection of merger and whether weight should be given to property interests of shareholders in merging banks, memorandum discussing these questions distributed to Board in connection with the Chemical Bank New York Trust Company merger application Studies of concentration of banking by Reserve Banks and State Supervisory authorities aimed at establishing guidelines to govern decisions with respect to bank mergers and bank holding company applications, letter to FRBank of New York in reply to proposal indicating Board favors studies to enlarge knowledge but does not encourage projects to establish explicit guidelines Submitted to Board, request from Chairman Patman of House Banking and Currency Committee for certain information re, and Board's actions thereof since the enactment of the Bank Merger Act, letter approved subject to the changes agreed upon at meeting and transmitted with enclosures containing statistical data re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/15 1298, 1314 8/5 2717,2732-35 2/4 366 7/2 2343, 2357 3/30 1057, 1069 1964 265 Pages Co nsolidations: (continued) Bank mergers: Bank holding company subsidiary banks: Memorandum from Legal Division re draft of material suggested for inclusion in Board's Annual Report for 1963 re amendments to the Bank Holding Company Act of 1956, understood that the Legal Division would redraft a recommendation to reinstate the withdrawn recommendation that the Bank Holding Company Act be amended to cover mergers re, and that the Legal Division would also draft a letter to be sent to the House Banking and Currency Committee Recommendation of the Legal Division against reversal of the Board's action in withdrawing their recommendation that the Bank Holding Company Act of 1956 be amended to cover mergers involving bank holding company banks, accepted by a majority of the Board, agreed to send letters to the House and Senate Banking and Currency Committees Policy re: Research monograph, "Comparative Analysis of Administrative Policy under the Bank Merger Act of 1960," prepared by Professors George R. Hall and Charles R. Phillips, Jr., recomutendation to publish, approved, overexpenditure in the 1964 budget authorized, copies to be sent to Mr. Belin, General Counsel of the Treasury, for distribution to interagency committees Memorandum from the Division of Research and Statistics re proposed printing and distribution of, approved, action includes authorization of resulting overexpenditure in the budget http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/10 77 2/3 331, 344-55 4/1 1091 7/30 2681, 2690 1964 266 Pages Consolidations: (continued) Bank mergers: (continued) Reports re change in control of bank management, letter to Kingston Trust Company, Kingston, New York, approved, answering question whether Public Law 88-593, which requires, would be applicable in situations where the change occurs as an incident to a merger Reports on competitive factors: Content, discussion re complacency about development in banking structure in State of Maine, concentration of banking resources, and the handling of bank merger applications at the regional level, in connection with reports to the Comptroller of the Currency on the competitive factors involved in the proposed consolidation of The Canal National Bank, Portland, Maine, and Bath National Bank, Bath, Maine List of, letter from Chairman Fascell of House Legal and Monetary Affairs Subcommittee presenting five questions re Board activities under Bank Merger Act of 1960 in light of decisions of Supreme Court re Philadelphia National Bank and First National Bank and Trust Company of Lexington, Kentucky, discussion re listings to be included with letter to Chairman Fascell re, approved by Comptroller and FDIC where Board submitted adverse reports, agreed redrafted letter should be brought back to the Board for further discussion Revised draft letter approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/26 3636, 3653 4/17 1346 4/8 4/15 1209 1298, 1314 1964 267 Pages Consolidations: (continued) Reports on competitive factors: (continued) Release of information on: Question of relaxing present practice re, request from Manufacturers & Traders Trust Company, Buffalo, New York, for report from Justice Department and another from Professor Goodman, Northwestern University, for reports on Lorain County Savings & Trust Company, and Fidelity-Philadelphia Trust Company, agreed to discuss further after receiving views from Comptroller and the FDIC, clearance obtained from agencies concerned, reports transmitted Request by Mr. Slay, Michigan State Banking Commissioner, for Board's report to Comptroller of the Currency on competitive factors involved in the proposed purchase of assets and assumption of liabilities of Grand Ledge State Bank and Loan and Deposit State Bank, Grand Ledge, by Michigan National Bank, Lansing, proposed that a new memorandum re releasing of, be considered and that the report not be furnished to Commissioner Slay Agreed to make report available to Mr. Slay, Governor Mills joining in approval due to changes in circumstances in the case Memorandum from the Legal and Examinations Divisions distributed re, agreed that decision on staff proposal for releasing to public,be held in abeyance until views of inter-agency committee on bank merger matters could be ascertained http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/17 517, 536-37 3/23 955 6/2 1914, 1930 3/25 971 1964 268 Pages Consolidations: (continued) Reports on competitive factors: (continued) Release of information on: (continued) Letter to Chairman of FDIC re proposals under consideration by Board with respect to release of, approved, copies to Comptroller of the Currency and Department of Justice, additional letter to Secretary of the Treasury with copy of letter to FDIC Letter expressing the views of the Department of Justice received, matter discussed informally with representatives of FDIC, expected Board would hear from FDIC soon, no word from Comptroller of the Currency Letter to Peoples Trust & Savings Bank, Green Bay, Wisconsin, responding to a request for copy of Board's report to FDIC on competitive factors involved in the bank's proposed acquisition of assets and assumption of liabilities of Bank of Green Bay, Wisconsin Request by City Bank and Trust Company, Jackson, Michigan, for, in connection with the denied application for consolidation with Calhoun State Bank, Homer, Michigan, sending of reports from Justice Department and FDIC authorized, report from the Comptroller of the Currency to be released when consent is received, consent received from Comptroller Request by representatives of Camden Trust Company, Camden, New Jersey, for release of, with respect to two different mergers, compliance with requests authorized subject to appropriate clearance http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/1 1088, 1113 4/24 1422, 1423 4/24 1422, 1440 5/18 1797, 1819 7/9 2396 1964 269 Pages Consolidations: (continued) Reports on competitive factors: (continued) Release of information on: (continued) Letter from Secretary of Banking, State of Pennsylvania, in connection with proposed merger application of First National Bank of Mount Holly Springs, Pennsylvania, to merge with Cumberland County National Bank and Trust Company, New Cumberland, Pennsylvania, letter approved, enclosing a copy of report on competitive factors submitted by the Board to the Comptroller of the Currency Request from Mr. Robert D. LeMense, Counsel for The City Bank and Trust Company, Milwaukee, Wisconsin, for copies of, in connection with the application to acquire assets and assume liabilities of American State Bank, Milwaukee, Wisconsin, no objections by FDIC to release of report, compliance with request authorized subject to appropriate clearance with Comptroller of the Currency and Department of Justice, letter to FRBank of Chicago, approved (Individual reports under name of cities): Albany-Oneonta, New York, report to Comptroller of the Currency on proposed merger of Citizens National Bank and Trust Company of Oneonta, and National Commercial Bank and Trust Company, Albany, approved Aliquippa -McKeesport, Pennsylvania, report to Comptroller of the Currency on proposed merger of Western Pennsylvania National Bank, McKeesport, and Citizens State Bank, Aliquippa, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/30 2673, 2688 12/14 4306, 4319 9/1 2986 10/14 3522 1964 270 Pages Consolidations: (continued) Reports on competitive factors: (continued) Allegan-Kalamazoo, Michigan, report to Comptroller of the Currency on proposed merger of Allegan State Bank, and First National Bank and Trust Company of Kalamazoo, approved Allentown-Macungie, Pennsylvania, report to the Comptroller of the Currency on proposed merger of The Macungie Bank, into the First National Bank of Allentown, approved Appomattox-Lunchburg, Virginia, report to Comptroller of the Currency on proposed merger of Bank of Appomattox, and Fidelity National Bank, Lynchburg, approved Arlington -Seattle, Washington, report to Comptroller of the Currency on proposed purchase of assets and assumption of liabilities of The Citizens State Bank of Arlington, by Seattle-First National Bank, Seattle, approved Ashland-Pottsville, Pennsylvania, report to Comptroller of the Currency on the proposed merger of The Ashland National Bank, and the Pennsylvania National Bank and Trust Company, Pottsville, approved Barnesboro-Ebensburg, Pennsylvania, report to Comptroller of the Currency on proposed purchase of assets and assumption of liabilities of First National Bank of Barnesboro, by First National Bank of Ebensburg, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/15 2115 5/25 1865 9/11 3108 11/6 3771 7/10 2413 11/12 3805 1964 271 Pages Consolidations: (continued) Reports on competitive factors: (continued) Bath-Portland, Maine, report to the Comptroller of the Currency on the proposed consolidation of Canal National Bank, Portland, and The Bath National Bank, discussion re complacency about developments in banking structure in State of Maine, concentration of banking resources, and the handling of bank merger applications at the regional level, agreed that draft of report would be referred back to Division of Examinations for further study and resubmission to the Board Report to Comptroller of Currency approved Bay City-Linwood, Michigan, report to Comptroller of the Currency on the proposed merger of State Bank of Linwood, and Peoples National Bank & Trust Company of Bay City, approved Beaver-McKeesport, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of The Fort McIntosh National Bank of Beaver, and Western Pennsylvania National Bank, McKeesport, approved Beaver Falls-McKeesport, Pennsylvania, report to Comptroller of the Currency on the proposed consolidation of Western Pennsylvania National Bank, McKeesport, and Citizens National Bank of Beaver Falls, approved Beaverton-Milwaukie-Gresham, Oregon, report to FDIC on proposed merger of Peoples Bank of Oregon, Beaverton, and Gresham State Bank, into the First State Bank of Oregon, Milwaukie, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/17 4/24 1346 1426 3/27 1049 12/16 4341 8/11 2763 6/4 1949 1964 272 Pages Consolidations: (continued) Reports on competitive factors: (continued) Belfast-Wellsville, New York, report to FDIC on proposed merger of Belfast National Bank, and The First Trust Company of Allegany County, Wellsville, approved Bicknell-Vincennes, Indiana, report to the Comptroller of the Currency on the proposed mergers of First National Bank of Bicknell, Bicknell Trust and Savings Company, and The Citizens State Bank, all of Bicknell, into The American National Bank of Vincennes, approved Bloomsburg -Wilkes-Barre, Pennsylvania, report to Comptroller of the Currency on proposed merger of Miners National Bank of Wilkes-Barre, and Farmers National Bank of Bloomsburg, approved Blue Ridge Summit-Waynesboro, Pennsylvania, report to Comptroller of the Currency on proposed merger of First National Bank of Blue Ridge Summit, and First National Bank and Trust Company of Waynesboro, approved Boise-Kendrick, Idaho, report to Comptroller of the Currency on proposed purchase of assets and assumption of liabilities of The Farmers Bank, Kendrick, by the First Security Bank of Idaho, N. A., Boise, approved Boise-Pocatello, Idaho, report to Comptroller of the Currency on proposed merger of Pocatello National Bank, and Idaho First National Bank, Boise, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/23 2222 1/17 174 10/29 3685 4/8 1206 7/9 2379 8/5 2717 1964 273 Pages Consolidations: (continued) Reports on competitive factors: (continued) Boise-Twin Falls, Idaho, report to Comptroller of the Currency on proposed merger of First Security Bank of Twin Falls, and First Security Bank of Idaho, (National Association), Boise, approved Memorandum re copy of protest filed with Comptroller of the Currency by two competing banks, agreed to accept the recommendation that no supplemental report be made to the Comptroller of the Currency Branford-New Haven, Connecticut, report to Comptroller of the Currency on proposed merger of The Branford Trust Company, into The First New Haven National Bank, approved Brattleboro-Windsor, Vermont, report to Comptroller of the Currency on the proposed merger of Windsor County National Bank of Windsor, and Vermont National and Savings Bank, Brattleboro, approved report to FDIC on the proYork, Brooklyn, New posed merger of the Greater New York Savings Bank, Brooklyn, and The City Savings Bank of Brooklyn, approved Buena Vista-Norfolk, Virginia, report to Comptroller of the Currency on the proposed merger of The First National Bank of Buena Vista, and the Virginia National Bank, Norfolk, approved Buffalo-Hamburg, New York, report to Comptroller of the Currency on the proposed merger of Peoples Bank of Erie County, Hamburg, and Liberty National Bank and Trust Company, Buffalo, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/24 3284 10/23 3618 8/27 2963 12/17 4436 4/17 1348 3/2 692 2/14 475 1964 274 Pages Consolidations: (continued) Reports on competitive factors: (continued) Callicoon-Narrowsburg, New York, report to Comptroller of the Currency on proposed consolidation of First National Bank in Callicoon, and First National Bank of Narrowsburg, approved Camden-Cherry Hill Township, New Jersey, report to the Comptroller of the Currency on the proposed merger of Cherry Hill National Bank, and First Camden National Bank and Trust Company, approved Centerville, Iowa, report to FDIC on proposed merger of First National Bank of Centerville with Iowa Trust and Savings Bank, Centerville, approved Mississippi, report to Comb, Centreville-Mc FDIC on proposed merger of Farmers Exchange Bank, Centreville, and Mechanics -State Bank, McComb, approved Charleston-Darlington, South Carolina, report to Comptroller of the Currency on proposed merger of Citizens Bank of Darlington, and Citizens and Southern National Bank of South Carolina, Charleston, approved Charleston-Graniteville, South Carolina, report to Comptroller of the Currency on the proposed merger of Carolina Bank, Graniteville, into The Citizens and Southern National Bank of South Carolina, Charleston, approved Charleston-Rock Hill, South Carolina, report to Comptroller of the Currency on proposed merger of The Peoples National Bank of Rock Hill, and The Citizens and Southern National Bank of South Carolina, Charleston, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/10 1264 4/15 1295 12/8 4216 9/11 3108 4/24 1424 4/15 1296 7/2 2342 1964 275 Pages Consolidations: (continued) Reports on competitive factors: (continued) Charlottesville-Stuarts Draft, Virginia, report to Comptroller of the Currency on the proposed merger of The Peoples Bank of Stuarts Draft, Inc., and the National Bank and Trust Company at Charlottesville, approved Cherry Hill Township-Camden, New Jersey, report to the Comptroller of the Currency on the proposed merger of Cherry Hill National Bank, and the First Camden National Bank and Trust Company, approved Chicago, Illinois, report to Comptroller of the Currency on the proposed merger of the National Bank of Commerce of Chicago, and the Central National Bank in Chicago, approved, Governor Robertson dissenting Christiana-Lancaster, Pennsylvania, report to Comptroller of the Currency on proposed merger of Christiana National Bank, into Lancaster County Farmers National Bank, approved Circleville -Commercial Point, Ohio, report to Comptroller of the Currency on proposed merger of First National Bank of Circleville, and Scioto Bank, Commercial Point, approved Clarion-Galt, Iowa, report to FDIC on proposed purchase of assets and assumption of liabilities of Bank of Galt, by Wright County State Bank, Clarion, approved Clayton-Watertown, New York, report to Comptroller of the Currency on proposed merger of First National Exchange Bank of Clayton, and National Bank of Northern New York, Watertown, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/11 2764 4/15 1295 6/2 1910 9/11 3107 11/25 4007 12/11 4297 12/7 4139 1964 276 Pages Consolidations: (continued) Reports on competitive factors: (continued) Collinsville-Decatur, Alabama, report to the Comptroller of the Currency on the proposed merger of The Peoples Bank, Collinsville, and the State National Bank of Alabama, Decatur, approved Columbia-Darlington, South Carolina, report to Comptroller of the Currency on proposed merger of Darlington County Bank and Trust Company and the National Bank of South Carolina of Columbia, approved Columbia-Spartanburg, South Carolina, report to Comptroller of the Currency on proposed merger of Commercial National Bank of Spartanburg, and the First National Bank of South Carolina of Columbia, approved Commercial Point-Circleville, Ohio, report to Comptroller of the Currency on proposed merger of First National Bank of Circleville, and Scioto Bank, Commercial Point, approved Corry-Erie, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of the Citizens National Bank of Corry, and The Marine National Bank of Erie, approved Council Bluffs-McClelland, Iowa, report to FDIC on proposed purchase of assets and assumption of liabilities of McClelland Savings Bank, by Council Bluffs Savings Bank, approved Covington-Roanoke, Virginia, report to Comptroller of the Currency on the proposed merger of Citizens National Bank of Covington, and First National Exchange Bank of Virginia, Roanoke, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/9 1234 2/25 620 11/16 3834 11/25 4007 9/4 3077 8/24 2916 11/3 3722 1964 277 Pages Consolidations: (continued) Reports on competitive factors: (continued) Danville-Norfolk, Virginia, report to Comptroller of the Currency on the proposed merger of Southern Bank of Commerce, Danville, and Virginia National Bank, Norfolk, approved Darlington -Charleston, South Carolina: Report to Comptroller of the Currency on the proposed merger of Darlington County Bank and Trust Company, and First National Bank of South Carolina of Columbia, approved Report to Comptroller of the Currency on the proposed merger of Citizens Bank of Darlington, and Citizens and Southern National Bank of South Carolina, Charleston, approved Davis-Sacramento, California, report to FDIC on the proposed merger of Bank of Sacramento, and Bank of Davis, approved Dayton-Lafayette, Indiana, report to Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of Bank of Dayton, by Lafayette National Bank, approved to Comptroller of the report Dayton, Ohio, Currency on the proposed merger of Community Bank, Dayton, and the National Bank of Dayton, approved Decatur -Collinsville, Alabama, report to the Comptroller of the Currency on the proposed merger of The Peoples Bank, Collinsville, and the State National Bank of Alabama, Decatur, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/4 705 2/25 620 4/24 1424 9/28 3311 4/8 1208 5/27 1874 4/9 1234 1964 278 Pages Consolidations: (continued) Reports on competitive factors: (continued) Decatur-Gadsden, Alabama, report to the Comptroller of the Currency on the proposed merger of the First National Bank in Gadsden, and the State National Bank of Alabama, Decatur, approved Delton-Kalamazoo, Michigan, report to the Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of The Delton State Bank, by First National Bank and Trust Company of Kalamazoo, approved East Wenatchee-Ephrata, Washington, report to FDIC on the proposed merger of Security State Bank of Ephrata, with Douglas County Bank, East Wenatchee, approved Ebensburg-Barnesboro, Pennsylvania, report to Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of First National Bank of Barnesboro, by First National Bank of Ebensburg, approved Edison-Milltown, New Jersey, report to FDIC on the proposed merger of The First National Bank of Milltown, into The Edison Bank, approved Elkhart-Nappanee, Indiana, report to Comptroller of the Currency on the proposed merger of State Bank of Nappanee, into The First National Bank of Elkhart, approved Elkland-Knoxville-Liberty-Wellsboro, Pennsylvania, report to Comptroller of Currency on proposed purchase of assets and assumption of liabilities of The Pattison National Bank of Elkland, The First National Bank of Knoxville, and The Farmers' National Bank of Liberty, by The First National Bank of Wellsborough, Wellsboro, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/4 3753 3/11 793 9/30 3328 11/12 3805 6/9 1983 7/24 2562 11/2 3698 1964 279 Pages Consolidations: (continued) Reports on competitive factors: (continued) Endicott-Seattle, Washington, report to Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of Bank of Endicott, by The National Bank of Commerce of Seattle, approved Englewood-Hackensack, New Jersey, report to Comptroller of the Currency on the proposed merger of Hackensack Trust Company, into Citizens National Bank of Englewood, approved Ephrata-East Wenatchee, Washington, report to FDIC on the proposed merger of Security State Bank of Ephrata, with Douglas County Bank, East Wenatchee, approved Erie-Corry, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of The Citizens National Bank of Corry, into The Marine National Bank of Erie, approved Exeter-Newmarket, New Hampshire, report to the Comptroller of the Currency on the proposed merger of The New Market National Bank, and the Rockingham National Bank of Exeter, approved Fair Lawn-Rutherford, New Jersey, report to the Comptroller of the Currency on the proposed merger of Fair Lawn -Radford Trust Company, Fair Lawn, into National Community Bank of Rutherford, approved Fords-Woodbridge, New Jersey, report to Comptroller of the Currency on the proposed merger of Woodbridge National Bank, and the First Bank and Trust Company, N. A., Fords, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/10 1263 9/2 3015 9/30 3328 9/4 3077 3/6 744 7/2 2342 4/24 1424 1964 280 Pages Consolidations: (continued) Reports on competitive factors: (continued) Fort Wayne-Hoagland, Indiana, report to the Comptroller of the Currency on the proposed merger of Lincoln National Bank and Trust Company of Fort Wayne, and First State Bank of Hoagland, approved Fountain Inn-Greenville, South Carolina, report to FDIC on the proposed merger of Citizens Bank, Fountain Inn, into Southern Bank and Trust Company, Greenville, approved Franklin, Indiana, report to FDIC on the proposed merger of The Johnson County National Bank of Franklin, and the Farmers Trust Company, Franklin, approved Fredericktown-West Alexandria, Pennsylvania, report to Comptroller of the Currency on the proposed merger of Peoples National Bank of West Alexandria, into the First National Bank of Fredericktown, approved Gadsden-Decatur, Alabama, report to the Comptroller of the Currency on the proposed merger of The First National Bank in Gadsden, into State National Bank of Alabama, Decatur, approved Galt-Clarion, Iowa, report to FDIC on the proposed purchase of assets and assumption of liabilities of Bank of Galt, by Wright County State Bank, Clarion, approved Georgetown, Kentucky, report to Comptroller of the Currency on the proposed merger of Georgetown National Bank, into the First National Bank and Trust Company, Georgetown, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/25 4007 11/30 4086 9/25 3297 5/8 1670 11/4 3753 12/11 4297 4/8 1207 1964 281 Pages Consolidations: (continued) Reports on competitive factors: (continued) Glade Spring-Norfolk, Virginia, report to the Comptroller of the Currency on the proposed merger of Bank of Glade Spring, into Virginia National Bank, Norfolk, approved Grand Rapids-Lansing, Michigan, report to the Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of Citizens Industrial Bank, Grand Rapids, by Michigan National Bank, Lansing, approved Graniteville-Charleston, South Carolina, report to Comptroller of the Currency on the proposed merger of Carolina Bank, Graniteville, into The Citizens and Southern National Bank of South Carolina, Charleston, approved Green Bay, Wisconsin, report to FDIC on the proposed consolidation of Peoples Trust and Savings Bank, Green Bay, and Bank of Green Bay, approved Letter to Peoples Trust and Savings Bank, Green Bay, responding to a request for Board's report to FDIC Greenville-Fountain Inn, South Carolina, report to FDIC on the proposed merger of Citizens Bank, Fountain Inn, into Southern Bank and Trust Company, Greenville, approved Greenville-West Middlesex, Pennsylvania, report to Comptroller of the Currency on the proposed merger of The First National Bank of West Middlesex, into The First National Bank of Mercer County, Greenville, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/29 3685 5/4 1584 4/15 1296 2/7 413 4/24 1422, 1440 11/30 4086 6/26 2266 1964 282 Pages Consolidations: (continued) Reports on competitive factors: (continued) Gresham-Milwaukie-Beaverton, Oregon, report to FDIC on the proposed merger of Peoples Bank of Oregon, Beaverton, and Gresham State Bank, into the First State Bank of Oregon, Milwaukie, approved Guilford -New Haven, Connecticut, report to Comptroller of the Currency on the proposed merger of Guilford Trust Company, into Second National Bank of New Haven, approved Hackensack-Englewood, New Jersey, report to Comptroller of the Currency on the proposed merger of Hackensack Trust Company, into Citizens National Bank of Englewood, approved Hagerman-Roswell, New Mexico, report to the Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of The First National Bank of Hagerman, by The First National Bank of Roswell, approved Hallstead-Hop Bottom, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of The Hop Bottom National Bank, and The First National Bank of Hallstead, approved Hamburg-Buffalo, New York, report to the Comptroller of the Currency on the proposed merger of Peoples Bank of Erie County, Hamburg, into Liberty National Bank and Trust Company, Buffalo, approved Hampton-Newport News, Virginia, report to FDIC on the proposed merger of Citizens National Bank of Hampton, into Citizens Marine Jefferson Bank, Newport News, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/4 1949 10/13 3493 9/2 3015 6/9 1983 12/30 4571 2/14 475 8/19 2867 1964 283 Pages Consolidations: (continued) Reports on competitive factors: (continued) Hanover-York, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of First National Bank and Trust Company of Hanover, into National Bank and Trust Company of Central Pennsylvania, York, approved Harrisburg-New Bloomfield, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of The First National Bank of New Bloomfield, into the Harrisburg National Bank and Trust Company, approved Hartford-Putnam, Connecticut, report to the Comptroller of the Currency on the proposed merger of the Cargill Trust Company, Putnam, into Hartford National Bank and Trust Company, approved Hazelwood-North Wilkesboro, North Carolina, report to FDIC on the proposed merger of First State Bank, Hazelwood, into Northwestern Bank, North Wilkesboro, approved Highland-Milton, New York, report to the Comptroller of the Cureency on the proposed consolidation of First National Bank of Milton, and the First National Bank of Highland, approved Hoagland-Fort Wayne, Indiana, report to the Comptroller of the Currency on the proposed merger of Lincoln National Bank and Trust Company of Fort Wayne, and First State Bank of Hoagland, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/20 3939 1/13 90 10/6 3382 9/30 3327 12/30 4571 11/25 4007 1964 284 Pages Consolidations: (continued) Reports on competitive factors: (continued) Holland-Norfolk, Virginia, report to Comptroller of the Currency on the proposed merger of Farmers Bank of Holland, Incorporated, into Seaboard Citizens National Bank, Norfolk, approved Michigan, report to the CompHomer-Jackson, troller of the Currency on the proposed consolidation of the City Bank and Trust Company, N. A., Jackson, and the Calhoun State Bank, Homer, approved Hop Bottom-Hallstead, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of The Hop Bottom National Bank, and The First National Bank of Hallstead, approved Hope-Page, North Dakota, report to FDIC on the proposed purchase of assets and assumption of liabilities of First State Bank of Hope, by the Page State Bank, approved Houston, Texas, report to the Comptroller of the Currency on the proposed merger of Tennessee Bank and Trust Company, Houston, and the Houston National Bank, approved Hyattsville-La Plata, Maryland, report to the FDIC on the proposed merger of The Southern Maryland National Bank of La Plata, into Suburban Trust Company, Hyattsville, approved Jackson-Homer, Michigan, report to the Comptroller of the Currency on the proposed consolidation of City Bank and Trust Company, N. A., Jackson, and Calhoun State Bank, Homer, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/10 76 10/12 3478 12/30 4571 11/6 3771 10/12 3479 10/21 3602 10/12 3478 1964 285 Pages Consolidations: (continued) Reports on competitive factors: (continued) Jefferson-Rock Creek, Ohio, report to FDIC on the proposed merger of The Citizens Banking Company of Rock Creek, into The Jefferson Banking Company, approved Kalamazoo-Allegan, Michigan, report to the Comptroller of the Currency on the proposed merger of Allegan State Bank, into the First National Bank and Trust Company of Kalamazoo, approved Kalamazoo-Delton, Michigan, report to the Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of The Delton State Bank, by First National Bank and Trust Company of Kalamazoo, approved Keene-Winchester, New Hampshire, report to the Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of The Winchester National Bank, by The Cheshire National Bank of Keene, approved Kendrick-Boise, Idaho, report to the Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of the Farmers Bank, Kendrick, and the First Security Bank of Idaho, N. A., Boise, approved Knoxville, Tennessee, report to FDIC on the proposed merger of FidelityBankers Trust Company, Knoxville, and The Tennessee Valley Bank, Knoxville, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/6 2368 6/15 2115 3/11 793 3/20 926 7/9 2379 1/17 174 1964 286 Pages Consolidations: (continued) Reports on competitive factors: (continued) Knoxville-Liberty-Wellsboro-Elkland, Pennsylvania, report to the Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of The Pattison National Bank of Elkland, The First National Bank of Knoxville, and The Farmers' National Bank of Liberty, by The First National Bank of Wellsborough, Wellsboro, approved La Plata-Hyattsville, Maryland, report to the FDIC on the proposed merger of The Southern Maryland National Bank of La Plata, into Suburban Trust Company, Hyattsville, approved Lacona-Syracuse, New York, report to the Comptroller of the Currency on the proposed merger of First National Bank of Lacona, into Merchants National Bank and Trust Company of Syracuse, approved Lafayette-Dayton, Indiana, report to the Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of Bank of Dayton, by Lafayette National Bank, approved Lake Oswego-Portland, Oregon, report to the Comptroller of the Currency on the proposed merger of Citizens Bank of Oregon, Lake Oswego, into United States National Bank of Oregon, Portland, approved Lake Ronkonkoma -Patchogue, New York, report to the Comptroller of the Currency on the proposed merger of The National Bank of Lake Ronkonkoma, into the Peoples National Bank of Long Island, Patchogue, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/2 3698 10/21 3602 1/9 50 4/8 1208 6/5 1963 10/14 3520 1964 287 Pages Consolidations: (continued) Reports on competitive factors: (continued) Lancaster-Christiana, Pennsylvania, report to Comptroller of the Currency on the proposed merger of the Christiana National Bank, into Lancaster County Farmers National Bank, approved Lansing-Grand Rapids, Michigan, report to the Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of Citizens Industrial Bank, Grand Rapids, by Michigan National Bank, Lansing, approved Lebanon-Roanoke, Virginia, report to the Comptroller of the Currency on the proposed merger of First National Bank of Lebanon, into The First National Exchange Bank of Virginia, Roanoke, approved Lewistown-Mifflin, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of the Peoples-Farmers National Bank, Mifflin, into The Russell National Bank of Lewistown, approved Liberty-Elkland-Wellsboro-Knoxville, Pennsylvania, report to the Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of The Pattison National Bank of Elkland, The First National Bank of Knoxville, and The Farmers' National Bank of Liberty, by The First National Bank of Wellsborough, Wellsboro, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/11 3107 5/4 1584 4/9 1233 6/12 2080 11/2 3698 1964 288 Pages Consolidations: (continued) Reports on competitive factors: (continued) Liberty-Poughkeepsie, New York, report to the Comptroller of the Currency on the proposed merger of Community National Bank, Liberty, and the Marine Midland National Bank of Southeastern New York, Poughkeepsie, approved Linwood-Bay City, Michigan, report to the Comptroller of the Currency on the proposed merger of State Bank of Linwood, into Peoples National Bank & Trust Company of Bay City, approved Lumberton-Rowland, North Carolina, report to Comptroller of the Currency on the proposed merger of Bank of Rowland, into Southern National Bank of North Carolina, Lumberton, approved Lynchburg-Appomattox, Virginia, report to the Comptroller of the Currency on the proposed merger of Bank of Appomattox, into Fidelity National Bank, Lynchburg, approved Macungie-Allentown, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of The Macungie Bank, into The First National Bank of Allentown, approved Mahanoy City -Pottsville, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of Union National Bank of Mahanoy City, into the Pennsylvania National Bank and Trust Company of Pottsville, approved McClelland -Council Bluffs, Iowa, report to FDIC on the proposed purchase of assets and assumption of liabilities of McClelland Savings Bank, by Council Bluffs Savings Bank, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/9 2377 3/27 1049 4/20 1360 9/11 3108 5/25 1865 3/27 1046 8/24 2916 1964 289 Pages Consolidations: (continued) Reports on competitive factors: (continued) McComb -Centreville, Mississippi, report to FDIC on the proposed merger of Farmers Exchange Bank, Centreville, and MechanicsState Bank, McComb, approved McKeesport-Aliquippa, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of Western Pennsylvania National Bank, McKeesport, and the Citizens State Bank, Aliquippa, approved McKeesport-Beaver, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of The Fort McIntosh National Bank of Beaver, into Western Pennsylvania National Bank, McKeesport, approved McKeesport-Beaver Falls, Pennsylvania, report to Comptroller of the Currency on the proposed consolidation of Western Pennsylvania National Bank, McKeesport, and Citizens National Bank of Beaver Falls, approved McKeesport-New Brighton, Pennsylvania, report to Comptroller of the Currency on the proposed consolidation of Western Pennsylvania National Bank, McKeesport, and Beaver County Trust Company, New Brighton, approved Mifflin-Lewistown, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of The Peoples -Farmers National Bank, Mifflin, into The Russell National Bank of Lewistown, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/11 3108 10/14 3522 12/16 4341 8/11 2763 1/10 76 6/12 2080 1964 290 Pages Consolidations: (continued) Reports on competitive factors: (continued) Milltown-Edison, New Jersey, report to FDIC on the proposed merger of The First National Bank of Milltown, into The Edison Bank, approved Milton-Highland, New York, report to the Comptroller of the Currency on the proposed consolidation of First National Bank of Milton, and the First National Bank of Highland, approved Milwaukie-Beaverton-Gresham, Oregon, report to FDIC on the proposed merger of Peoples Bank of Oregon, Beaverton, and Gresham State Bank, into First State Bank of Oregon, Milwaukie, approved Minoa-Syracuse, New York, report to the Comptroller of the Currency on the proposed merger of First National Bank of Minoa, into Lincoln National Bank and Trust Company of Central New York, Syracuse, approved Monterey-Owenton, Kentucky, report to FDIC on the proposed acquisition of assets and assumption of liabilities of The First State Bank, Monterey, by Peoples Bank and Trust Company, Owenton, approved Moundsville, West Virginia, report to the Comptroller of the Currency on the proposed merger of the Marshall County Bank, Moundsville, into The First National Bank at Moundsville, approved Mount Holly Springs-New Cumberland, Pennsylvania, report to Comptroller of the Currency on the proposed merger of First National Bank of Mount Holly Springs, into Cumberland County National Bank and Trust Company, New Cumberland, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/9 1983 12/30 4571 6/4 1949 1/10 77 11/27 4055 9/18 3186 6/29 2292 1964 291 Pages Consolidations: (continued) Reports on competitive factors: (continued) Mt. Vernon-New York-Pelham, New York, report to FDIC on the proposed merger of First National Safe Deposit Company of Pelham, N. Y., Inc., and First National Safe Deposit Company of Mt. Vernon, into Chemical Bank of New York Trust Company, approved Muncie-Yorktown, Indiana, report to FDIC on the proposed merger of Industrial Trust and Savings Bank, Muncie, and Yorktown State Bank, approved Mystic-Pawcatuck, Connecticut, report to FDIC on the proposed purchase of assets and assumption of liabilities of Stonington Savings and Loan Association, Pawcatuck, by the Groton Savings Bank, Mystic, approved Nappanee-Elkhart, Indiana, report to the Comptroller of the Currency on the proposed merger of State Bank of Nappanee, into The First National Bank of Elkhart, approved Narrowsburg-Callicoon, New York, report to Comptroller of the Currency on the proposed consolidation of First National Bank in Callicoon, and First National Bank in Narrowsburg, approved Nashville, Tennessee, report to the Comptroller of the Currency on the proposed merger of Nashville Bank and Trust Company, into Third National Bank in Nashville, approved New Bloomfield -Harrisburg, Pennsylvania, report to Comptroller of the Currency on the proposed merger of The First National Bank of New Bloomfield, into The Harrisburg National Bank and Trust Company, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/9 3087 11/27 4055 4/30 1549 7/24 2562 4/10 1264 5/28 1899 1/13 90 1964 292 Pages Consolidations: (continued) Reports on competitive factors: (continued) New Brighton -McKeesport, Pennsylvania, report to Comptroller of the Currency on the proposed consolidation of Western Pennsylvania National Bank, McKeesport, and Beaver County Trust Company, New Brighton, approved Holly Springs, PennsylCumberland-Mount New vania, report to Comptroller of the Currency on the proposed merger of First National Bank of Mount Holly Springs, into Cumberland County National Bank and Trust Company, New Cumberland, approved New Haven-Branford, Connecticut, report to the Comptroller of the Currency on the proposed merger of The Branford Trust Company, into The First New Haven National Bank, approved New Haven-Guilford, Connecticut, report to the Comptroller of the Currency on the proposed merger of Guilford Trust Company, into Second National Bank of New Haven, approved Newmarket-Exeter, New Hampshire, report to the Comptroller of the Currency on the proposed merger of The New Market National Bank, with The Rockingham National Bank of Exeter, approved New Philadelphia -Pottsville, Pennsylvania, report to FDIC on the proposed merger of Silver Creek State Bank, New Philadelphia, into Union Bank and Trust Company, Pottsville, approved Newport News -Hampton, Virginia, report to FDIC on proposed merger of Citizens National Bank of Hampton, into Citizens Marine Jefferson Bank, Newport News, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/10 76 6/29 2292 8/27 2963 10/13 3493 3/6 744 9/24 3283 8/19 2867 1964 293 Pages Consolidations: (continued) Reports on competitive factors: (continued) New York, New York, report to FDIC on the proposed merger of The Bowery Savings Bank, New York, into The Manhattan Savings Bank, New York, approved Letter to FDIC indicating that the Board had no further comments to add to the previous report New York-Mt. Vernon-Pelham, New York, report to FDIC on the proposed merger of the First National Safe Deposit Company of Pelham, N. Y., Inc., and First National Safe Deposit Company of Mt. Vernon, into the Chemical Bank New York Trust Company, approved Norfolk-Buena Vista, Virginia, report to the Comptroller of the Currency on the proposed merger of The First National Bank of Buena Vista, into Virginia National Bank, Norfolk, approved Norfolk-Danville, Virginia, report to the Comptroller of the Currency on the proposed merger of the Southern Bank of Commerce, Danville, into Virginia National Bank, Norfolk, approved Norfolk-Glade Spring, Virginia, report to the Comptroller of the Currency on the proposed merger of Bank of Glade Spring, into Virginia National Bank, Norfolk, approved Norfolk-Holland, Virginia, report to Comptroller of the Currency on the proposed merger of Farmers Bank of Holland, Incorporated, into Seaboard Citizens National Bank, Norfolk, approved North Wilkesboro-Hazelwood, North Carolina, report to FDIC on the proposed merger of First State Bank, Hazelwood, into Northwestern Bank, North Wilkesboro, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/10 2413 9/4 3077, 3083 9/9 3087 3/2 692 3/4 705 10/29 3685 1/10 76 9/30 3327 1964 294 Pages Consolidations: (continued) Reports on competitive factors: (continued) North Wilkesboro-Rutherfordton, North Carolina, report to FDIC on the proposed merger of Security Bank and Trust Company, Rutherfordton, into The Northwestern Bank, North Wilkesboro, approved Norton-Wise, Virginia, report to the Comptroller of the Currency on the proposed consolidation of The First National Bank of Norton, and The First National Bank of Wise, approved Oneonta-Albany, New York, report to Comptroller of the Currency on the proposed merger of Citizens National Bank and Trust Company of Oneonta, into National Commercial Bank and Trust Company, Albany, approved Owenton-Monterey, Kentucky, report to FDIC on the proposed acquisition of assets and assumption of liabilities of The First State Bank, Monterey, by Peoples Bank and Trust Company, Owenton, approved Page-Hope, North Dakota, report to FDIC on the proposed purchase of assets and assumption of liabilities of First State Bank of Hope, by Page State Bank, approved Pasco-Spokane, Washington, report to Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of Tr -Cities National Bank, Pasco, by the Old National Bank of Washington, Spokane, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/22 1856 6/24 2251 9/1 2986 11/27 4055 11/6 3771 5/21 1828 1964 295 Pages Consolidations: (continued) Reports on competitive factors: (continued) Patchogue-Lake Ronkonkoma, New York, report to Comptroller of the Currency on the proposed merger of The National Bank of Lake Ronkonkoma, into the Peoples National Bank of Long Island, Patchogue, approved Pawcatuck-Mystic, Connecticut, report to FDIC on the proposed purchase of assets and assumption of liabilities of Stonington Savings and Loan Association, Pawcatuck, by the Groton Savings Bank, Mystic, approved Indiana, report to FDIC on the Pekin-Salem, proposed acquisition of assets and assumption of liabilities of The Citizens Bank, Pekin, by The Farmers-Citizens Bank, Salem, approved Pelham-Mt. Vernon-New York, New York, report to FDIC on the proposed merger of First National Safe Deposit Company of Pelham, N. Y., Inc., and First National Safe Deposit Company of Mt. Vernon, into Chemical Bank New York Trust Company, approved Pittsburgh, Pennsylvania, report to Comptroller of the Currency on the proposed consolidation of Union National Bank of Pittsburgh and Commonwealth Bank and Trust Company, Pittsburgh, approved Pocatello-Boise, Idaho, report to Comptroller of the Currency on the proposed merger of Pocatello National Bank, into Idaho First National Bank, Boise, approved Poland-Utica, New York, report to Comptroller of Currency on proposed merger of Citizens National Bank of Poland, into Oneida National Bank and Trust Company, Utica, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/14 3520 4/30 1549 5/25 1865 9/9 3087 1/31 313 8/5 2717 9/11 3107 1964 296 Pages Consolidations: (continued) Reports on competitive factors: (continued) Portland-Bath, Maine, report to the Comptroller of the Currency on the proposed consolidation of the Canal National Bank, Portland, and the Bath National Bank, discussed, agreed that draft of report would be referred back to the Division of Examinations for further study and resubmission Report to Comptroller of the Currency approved Portland-Lake Oswego, Oregon, report to the Comptroller of the Currency on the proposed merger of Citizens Bank of Oregon, Lake Oswego, into United States National Bank of Oregon, Portland, approved Pottsville-Ashland, Pennsylvania, report to Comptroller of the Currency on the proposed merger of The Ashland National Bank, and Pennsylvania National Bank and Trust Company, Pottsville, approved Pottsville-Mahanoy City, Pennsylvania, report to Comptroller of the Currency on the proposed merger of Union National Bank of Mahanoy City, into Pennsylvania National Bank and Trust Company of Pottsville, approved Pottsville-New Philadelphia, Pennsylvania, report to FDIC on the proposed merger of Silver Creek State Bank, New Philadelphia, into Union Bank and Trust Company, Pottsville, approved Pottsville-Reading, Pennsylvania, report to FDIC on the proposed merger of Schuylkill Trust Company, Pottsville, into Berks County Trust Company, Reading, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/17 1346 4/24 1426 6/5 1963 7/10 2413 3/27 1046 9/24 3283 3/27 1046 1964 297 Pages Consolidations: (continued) Reports on competitive factors: (continued) Poughkeepsie-Liberty, New York, report to the Comptroller of the Currency on the proposed merger of Community National Bank, Liberty, and Marine Midland National Bank of Southeastern New York, Poughkeepsie, approved Pullman-Spokane, Washington, report to Comptroller of the Currency on the proposed merger of First National Bank of Pullman, and Old National Bank of Washington, Spokane, approved, Gov. Robertson dissenting Putnam-Hartford, Connecticut, report to the Comptroller of the Currency on the proposed merger of the Cargill Trust Company, Putnam, into Hartford National Bank and Trust Company, approved Ramsey-Ridgewood, New Jersey, report to the Comptroller of the Currency on the proposed merger of First National Bank and Trust Company of Ramsey, into Citizens First National Bank of Ridgewood, approved Reading -Pottsville, Pennsylvania, report to FDIC on the proposed merger of Schuylkill Trust Company, Pottsville, into Berks County Trust Company, Reading, approved Richlands-Roanoke, Virginia, report to the Comptroller of the Currency on the proposed merger of The First National Bank of Richlands, into The First National Exchange Bank of Virginia, Roanoke, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/9 2377 1/20 187 10/6 3382 12/21 4466 3/27 1046 4/9 1233 1964 298 Pages Consolidations: (continued) Reports on competitive factors: (continued) Richmond-Waynesboro, Virginia, report to the Comptroller of the Currency on the proposed merger of First National Bank of Waynesboro, into First and Merchants National Bank, Richmond, approved Ridgewood-Ramsey, New Jersey, report to the Comptroller of the Currency on the proposed merger of First National Bank and Trust Company of Ramsey, into Citizens First National Bank of Ridgewood, approved Ridgway-St. Marys, Pennsylvania, report to FDIC on the proposed merger of The Elks County National Bank of Ridgway, into The St. Marys Trust Company, approved Roanoke-Covington, Virginia, report to Comptroller of the Currency on the proposed merger of Citizens National Bank of Covington, into First National Exchange Bank of Virginia, Roanoke, approved Roanoke-Lebanon, Virginia, report to the Comptroller of the Currency on the proposed merger of The First National Bank of Lebanon, into The First National Exchange Bank of Virginia, Roanoke, approved Roanoke-Richlands, Virginia, report to the Comptroller of the Currency on the proposed merger of First National Bank of Richlands, into The First National Exchange Bank of Virginia, Roanoke, approved Rock Creek-Jefferson, Ohio, report to FDIC on the proposed merger of The Citizens Banking Company of Rock Creek, into The Jefferson Banking Company, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/15 1777 12/21 4466 5/6 1610 11/3 3722 4/9 1233 4/1 1233 7/6 2368 1964 299 Pages Consolidations: (continued) Reports on competitive factors: (continued) Rock Hill-Charleston, South Carolina, report to the Comptroller of the Currency on the proposed merger of The Peoples National Bank of Rock Hill, into the Citizens and Southern National Bank of South Carolina, Charleston, approved Rollinsford-Somersworth, New Hampshire: Report to FDIC on the proposed merger of Rollinsford Savings Bank, into Somersworth Savings Bank, approved Report to the Comptroller of the Currency on the proposed merger of Salmon Falls Bank, Rollinsford, into The First National Bank of Somersworth, approved Roswell-Hagerman, New Mexico, report to the Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of The First National Bank of Hagerman, by The First National Bank of Roswell, approved Rowland-Lumberton, North Carolina, report to the Comptroller of the Currency on the proposed merger of Bank of Rowland, into Southern National Bank of North Carolina, Lumberton, approved Rutherford-Fair Lawn, New Jersey, report to the Comptroller of the Currency on the proposed merger of Fair Lawn-Radburn Trust Company, Fair Lawn, into National Community Bank of Rutherford, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/2 2342 3/30 1056 4/15 1294 6/9 1983 4/20 1360 7/2 2342 1964 300 Pages Consolidations: (continued) Reports on competitive factors: (continued) Rutherford-Teaneck, New Jersey, report to the Comptroller of the Currency on the proposed merger of Garden State National Bank of Teaneck, into National Community Bank of Rutherford, approved Rutherfordton-North Wilkesboro, North Carolina, report to FDIC on the proposed merger of Security Bank and Trust Company, Rutherfordton, into The Northwestern Bank, North Wilkesboro, approved Sacramento-Davis, California, report to FDIC on the proposed merger of Bank of Sacramento, and Bank of Davis, approved St. Marys-Ridgway, Pennsylvania, report to FDIC on the proposed merger of The Elks County National Bank of Ridgway, and The St. Marys Trust Company, approved Salem-Pekin, Indiana, report to FDIC on the proposed acquisition of assets and assumption of liabilities of The Citizens Bank, Pekin, by Farmers-Citizens Bank, Salem, approved San Bernardino-San Francisco, California, report to Comptroller of the Currency on the proposed merger of American National Bank of San Bernardino, into the Bank of California, N. A., San Francisco, approved San Francisco-San Bernardino, California, report to Comptroller of the Currency on the proposed merger of American National Bank of San Bernardino, into the Bank of California, N. A., San Francisco, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/12 3805 5/22 1856 9/28 3311 5/6 1610 5/25 1865 4/10 1263 4/10 1263 1964 301 Pages Consolidations: (continued) Reports on competitive factors: (continued) Seattle-Arlington, Washington, report to the Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of The Citizens State Bank of Arlington, by SeattleFirst National Bank, approved Seattle-Endicott, Washington, report to the Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of the Bank of Endicott, by the National Bank of Commerce of Seattle, approved Seattle-Spokane, Washington, report to FDIC on the proposed consolidation of Washington Mutual Savings Bank, Seattle, and the Citizens Savings and Loan Society of Spokane, upon the latter institution's conversion into the Citizens Mutual Savings Bank, Spokane, approved Seattle-Yakima, Washington, report to FDIC on the proposed consolidation of Washington Mutual Savings Bank, Seattle, and the Liberty Savings and Loan Association of Yakima, upon the latter institution's conversion into Liberty Mutual Savings Bank, Yakima, approved Sebastopol, California, report to FDIC on the proposed merger of Sebastopol National Securities Company, Wilmington, Delaware, into The Bank of Sonoma County, Sebastopol, California, approved, noted in discussion that merger was purely an internal operation and was consummated on June 18, 1963 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/6 3771 4/10 1263 10/8 3449 12/7 4140 3/20 927 1964 302 Pages Consolidations: (continued) Reports on competitive factors: (continued) Sharon-Sharpsville, Pennsylvania, report to the Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of The First National Bank of Sharpsville, by the McDowell National Bank of Sharon, discussed, staff requested to review report in light of questions raised prior to further consideration by the Board Report to Comptroller of the Currency approved Somersworth-Rollingsford, New Hampshire: Report to FDIC on the proposed merger of Rollingsford Savings Bank, into Somersworth Savings Bank, approved Report to the Comptroller of the Currency on the proposed merger of Salmon Falls Bank, Rollingsford, into The First National Bank of Somersworth, approved South Charleston -Springfield, Ohio, report to FDIC on the proposal that The Savings Commercial Bank, Springfield, would merge with The First State Bank, South Charleston, and the resulting institution would purchase the assets and assume the liabilities of The Springfield Savings Society of Clark County, Ohio, approved Spartanburg -Columbia, South Carolina, report to Comptroller of the Currency on the proposed merger of Commercial National Bank of Spartanburg, into First National Bank of South Carolina of Columbia, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/11 792 3/17 879 3/30 1056 4/15 1294 12/2 4098 11/16 3834 1964 303 Pages Consolidations: (continued) Reports on competitive factors: (continued) Spokane-Pasco, Washington, report to Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of Tr -Cities National Bank, Pasco, by Old National Bank of Washington, Spokane, approved Spokane-Pullman, Washington, report to the Comptroller of the Currency on the proposed merger of First National Bank of Pullman, into Old National Bank of Washington, Spokane, approved, Governor Robertson dissenting Spokane-Seattle, Washington, report to FDIC on the proposed consolidation of Washington Mutual Savings Bank, Seattle, with Citizens Savings and Loan Society of Spokane, upon the latter institution's conversion into Citizens Mutual Savings Bank, Spokane, approved Spokane-Tacoma, Washington, report to Comptroller of the Currency on the proposed merger of Spokane National Bank, into National Bank of Washington, Tacoma, approved Springfield-South Charleston, Ohio, report to FDIC on the proposal under which The Savings Commercial Bank, Springfield, would merge with The First State Bank, South Charleston, and the resulting institution would purchase the assets and assume the liabilities of The Springfield Savings Society of Clark County, Ohio, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/21 1828 1/20 187 10/8 3449 8/24 2916 12/2 4098 1964 304 Pages Consolidations: (continued) Reports on competitive factors: (continued) Stuarts Draft-Charlottesville, Virginia, report to Comptroller of the Currency on the proposed merger of The Peoples Bank of Stuarts Draft, Inc., into the National Bank and Trust Company at Charlottesville, approved Syracuse-Lacona, New York, report to Comptroller of the Currency on the proposed merger of the First National Bank of Lacona, into Merchants National Bank & Trust Company of Syracuse, approved Syracuse-Minoa, New York, report to the Comptroller of the Currency on the proposed merger of First National Bank of Minoa, into Lincoln National Bank and Trust Company of Central New York, Syracuse, approved Tacoma-Spokane, Washington, report to Comptroller of the Currency on the proposed merger of Spokane National Bank, into National Bank of Washington, Tacoma, approved Teaneck-Rutherford, New Jersey, report to the Comptroller of the Currency on the proposed merger of Garden State National Bank of Teaneck, into National Couununity Bank of Rutherford, approved Twin Falls-Boise, Idaho: Report to Comptroller of the Currency on the proposed merger of First Security Bank of Twin Falls, into First Security Bank of Idaho, N. A., Boise, approved Memorandum re protest filed with Comptroller of the Currency by two competing banks and transmitted to Board, agreed to accept recommendation that no supplemental report to Comptroller be made http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/11 2764 1/9 50 1/10 77 8/24 2916 11/12 3805 9/24 3284 10/23 3618 1964 305 Pages Consolidations: (continued) Reports on competitive factors: (continued) Utica-Poland, New York, report to Comptroller of Currency on proposed merger of Citizens National Bank of Poland, into Oneida National Bank and Trust Company, Utica, approved Vincennes-Bicknell, Indiana, report to Comptroller of Currency on proposed mergers of First National Bank of Bicknell, Bicknell Trust and Savings Company, and The Citizens State Bank, all of Bicknell, into The American National Bank of Vincennes, approved Watertown-Clayton, New York, report to Comptroller of Currency on proposed merger of the First National Exchange Bank of Clayton, into National Bank of Northern New York, Watertown, approved Waynesboro-Blue Ridge Summit, Pennsylvania, report to Comptroller of Currency on proposed merger of First National Bank of Blue Ridge Summit, into First National Bank and Trust Company in Waynesboro, approved Waynesboro-Richmond, Virginia, report to Comptroller of Currency on proposed merger of First National Bank of Waynesboro, into First and Merchants National Bank, Richmond, approved Wellsboro-Elkland-Knoxville-Liberty, Pennsylvania, report to Comptroller of Currency on proposed purchase of assets and assumption of liabilities of The Pattison National Bank of Elkland, The First National Bank of Knoxville, and The Farmers' National Bank of Liberty, by The First National Bank of Wellsborough, Wellsboro, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/11 3107 1/17 174 12/7 4139 4/8 1206 5/15 1777 11/2 3698 1964 306 Pages Consolidations: (continued) Reports on competitive factors: (continued) Wellsville-Belfast, New York, report to FDIC on the proposed merger of Belfast National Bank, into The First Trust Company of Allegany County, Wellsville, approved West Alexandria-Fredericktown, Pennsylvania, report to Comptroller of the Currency on the proposed merger of Peoples National Bank of West Alexandria, into the First National Bank of Fredericktown, approved West Middlesex-Greenville, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of The First National Bank of West Middlesex, into The First National Bank of Mercer County, Greenville, approved Westboro-Worcester, Massachusetts, report to FDIC on the proposed consolidation of First National Bank of Westboro, into Guaranty Bank and Trust Company, Worcester, approved Wilkes-Barre -Bloomsburg, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of Miners National Bank of Wilkes-Barre, and Farmers National Bank of Bloomsburg, approved Williamsport, Pennsylvania, report to the Comptroller of the Currency on the proposed consolidation of The First National Bank of Williamsport, and Williamsport National Bank, approved Winchester-Keene, New Hampshire, report to Comptroller of Currency on proposed purchase of assets and assumption of liabilities of The Winchester National Bank, by The Cheshire National Bank of Keene, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/23 2222 5/8 1670 6/26 2266 5/8 1669 10/29 3685 11/20 3940 3/20 926 1964 307 Pages Consolidations: (continued) Reports on competitive factors: (continued) Windsor-Brattleboro, Vermont, report to Comptroller of the Currency on the proposed merger of Windsor County National Bank of Windsor, into Vermont National and Savings Bank, Brattleboro, approved Virginia, report to the ComptrolWise-Norton, ler of the Currency on the proposed consolidation of The First National Bank of Norton, with the First National Bank of Wise, approved Woodbridge-Fords, New Jersey, report to Comptroller of the Currency on the proposed merger of Woodbridge National Bank, and the First Bank and Trust Company, N. A., Fords, approved Worcester, Massachusetts, report to Comptroller of the Currency on the proposed merger of Industrial City Bank and Trust Company, Worcester, into The Mechanics National Bank of Worcester, approved Worcester-Westboro, Massachusetts, report to FDIC on the proposed consolidation of the First National Bank of Westboro, into the Guaranty Bank and Trust Company, Worcester, approved Yakima-Seattle, Washington, report to FDIC on the proposed consolidation of Washington Mutual Savings Bank, Seattle, with the Liberty Savings and Loan Association of Yakima, upon the latter institution's conversion into the Liberty Mutual Savings Bank, Yakima, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/7 4436 6/24 2251 4/24 1424 6/18 2132 5/8 1669 12/7 4140 1964 308 Pages Consolidations: (continued) Reports on competitive factors: (continued) York-Hanover, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of First National Bank and Trust Company of Hanover, into the National Bank and Trust Company of Central Pennsylvania, York, approved Yorktown-Muncie, Indiana, report to FDIC on the proposed merger of Industrial Trust and Savings Bank, Muncie, and Yorktown State Bank, approved individual banks): (Names of Bank of Amador County, Jackson, California, application of Wells Fargo Bank, San Francisco, California, to merge with, approved, Governor Robertson dissenting Issuance of order and statement authorized, with dissenting statement of Governor Robertson, incident to the merger, the three offices of, to become branches of Wells Fargo Bank Bank of Arkansas, Little Rock, Arkansas, application of Worthen Bank & Trust Company, Little Rock, Arkansas, to merge with, approved Issuance of order and statement authorized, including prior approval of operation of the two offices of, as branches of Worthen Bank & Trust Company Bank of Tazewell County, Tazewell, Virginia, application of Farmers Bank of Clinch Valley, Tazewell, Virginia, to merge with Bank of Graham, Bluefield, Virginia, under charter of Farmers Bank of Clinch Valley and title of, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/20 3939 11/27 4055 12/10 4277 12/16 4342,4386-97 11/25 4013 12/7 4140,4170-72 6/9 1985 1964 309 Pages Consolidations: (continued) Bank of Tazewell County, Tazewell, Virginia: (continued) Issuance of order and statement authorized, incident to the merger, two offices of Bank of Graham, 6/16 would become branches of Bankers International Corporation, New York, New York, granted permission to acquire assets and assume liabilities of Bankers International Finance Company, New 12/30 York, under title of New Bordentown Banking Company, Bordentown, Jersey, application to merge with First National Bank and Trust Company of Roebling, New 2/19 Jersey, approved Issuance of order and statement authorized, including prior approval of operation of a branch at the sole office of First National Bank and Trust Company of 2/25 Roebling, New Jersey Camden Trust Company, Camden, New Jersey: Application to merge with Merchantville National Bank and Trust Company, Merchantville, New Jersey, 6/10 denied Order and statement denying application discussed, staff requested to redraft statement and resubmit it to the Board for fur6/23 ther consideration Issuance of order and statement denying, 6/26 authorized Request for reports on competitive factors received by the Board in connection with, approved subject to clearance with other agencies concerned 7/9 Reconsideration of Board's action denying, 8/5 denied http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2121,2124-26 4562, 4579 580 620,637-43 2003 2223 2269,2281-83 2396 2717,2732-35 1964 310 Pages Consolidations: (continued) Cape Cod Bank and Trust Company, Hyannis, Mass., application of Hyannis Trust Company, Hyannis, Massachusetts, for consent to consolidate with Cape Cod Trust Company, Harwichport, Massachusetts, under charter of Hyannis Trust Company, and with title of, approved, Governors Robertson, Mitchell, and Daane dissenting Issuance of order, statement, and dissenting statement authorized, including approval for main office and branch of Cape Cod Trust Company to be operated as branches incident to the merger Chemical Bank New York Trust Company, New York, New York: Application to acquire the assets and assume the liabilities of The Bensonhurst National Bank of Brooklyn in New York, approved,with Governors Robertson and Daane dissenting Issuance of order and statement approving, authorized, establishment of two branch banks incident to, approved Application to merge with The First National Bank of Mount Vernon, New York, approved, Governor Robertson dissenting Issuance of order and statement approving, and dissenting statement of Governor Robertson, authorized, incident to the merger, the main office and three branches of First National Bank of Mount Vernon to be operated as branches of City Bank and Trust Company, Jackson, Michigan: Application to consolidate with Calhoun State Bank, Homer, Michigan, denied, Governor Mitchell dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/13 839 3/25 966,996-1003 2/4 365 2/14 477, 485 2/4 372 2/14 477, 503 5/6 1612 1964 311 Pages Consolidations: (continued) City Bank and Trust Company, Jackson, Michigan: (continued) Application to consolidate with Calhoun State Bank, Homer, Michigan: (continued) Issuance of order and statement denying, authorized, dissenting statement of Governor Mitchell issued, office of Calhoun State Bank to be operated as branch 5/14 of 1757,1763-71 Request for copy of report on competitive factors received by Board, approved,after authorization by 5/18 1797, 1819 other agencies County Trust Company, Tenafly, New Jersey, application to merge with First National Bank of Park Ridge, 4/29 1516 approved Issuance of order and statement approving, authorized, the three offices of The First National Bank of Park Ridge to be operated as branch5/6 1614,1631-33 es of County Trust Company, White Plains, New York, application to merge with The Peoples Bank of Rockland County, New City, New York, approved, Governors Mills and 12/16 4348 Robertson dissenting Issuance of order and statement authorized, dissenting statement of Gov. Mills in which Gov. Robertson concurred issued, the three offices of Peoples Bank to 12/28 4543,4550-58 become branches of Cumberland County National Bank and Trust Company, New Cumberland, Pennsylvania, letter from Secretary of Banking for Pennsylvania re inconsistencies in handling bank merger applications and requesting that Board disapprove proposed merger application of First National Bank of Mount Holly Springs, Pa., with, reply enclosing copy of report 7/30 2673, 2688 on competitive factors,approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 312 Pages Consolidations: (continued) Elizabethport Banking Company, Elizabeth, New Jersey, application of Summit Trust Company, Suuullit, New Jersey, to merge with, under charter of Summit Trust Company and title of Summit and Elizabeth Trust Company, approved Farmers Bank of Clinch Valley, Tazewell, Virginia, application to merge with Bank of Graham, Bluefield, Virginia, under charter of former and title of Bank of Tazewell County, Tazewell, Virginia, approved Issuance of order and statement authorized, incident to merger, two offices of Bank of Graham (one of which has been approved but not yet opened) would become branches of Bank of Tazewell County Girard Trust Bank, Philadelphia, Pennsylvania: SEE: Girard Trust Corn Exchange Bank Girard Trust Corn Exchange Bank, Philadelphia, Pennsylvania, application for permission to merge with First National Bank of Riegelsville, Pennsylvania, approved Change in title of, to Girard Trust Bank in connection with issuance of order and statement re merger, operation of a branch at the sole office of the First National Bank of Riegelsville incident to the merger, approved Hyannis Trust Company, Hyannis, Massachusetts, application for consent to consolidate with Cape Cod Trust Company, Harwichport, Mass., under charter of, and title of Cape Cod Bank and Trust Company, approved, Governors Robertson, Mitchell, and Daane dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4247 6/9 1985 6/16 2121,2124-26 3/6 745 3/13 829,851-53 3/13 839 1964 313 Pages Consolidations: (continued) Hyannis Trust Company, Hyannis, Massachusetts: (continued) Issuance of order, statement and dissenting statement authorized, including approval for main office and branch of Cape Cod Trust Company to be operated as a 3/25 branch, incident to the merger Monon Bank, Monon, Indiana, application of State and Savings Bank, Monticello, Indiana, for consent to merge 7/9 with, approved Statement of Governor Mills supporting his 7/9 approval of application 7/21 Issuance of order and statement authorized National Bank of South Dakota, Sioux Falls, South Dakota, letter approved to Attorney General for the State of South Dakota re merg4/29 er of three State banks into Provident Tradesmens Bank and Trust Company, Philadelphia, Pennsylvania, application to merge with Second National Bank of Philadelphia, Pennsylvania, approved, with Governors Mills, Robertson, 7/29 and Mitchell dissenting Issuance of order, statement, and dissenting statements of Governors Mills, Robertson and Mitchell, autho8/7 rized Rhode Island Hospital Trust Company, Providence, Rhode Island, application to purchase the assets of Wickford Savings Bank, Wickford, 2/4 Rhode Island, approved Issuance of order and statement authorized, including prior approval of operation of a branch at the office of Wickford Savings 2/10 Bank to application York, State Bank of Albany, New merge with First National Bank of Cairo, New York, approved, with Governor Robertson dis10/6 senting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 966,996-1003 2382 2389 2513, 2527 1516, 1539 2631 2739,2742-54 373 425, 430 3398 1964 314 Pages Consolidations: (continued) State Bank of Albany, New York: (continued) Issuance of order, statement and dissenting statement authorized, including approval of operation of branches at two offices of First National Bank of Cairo, New York State and Savings Bank, Monticello, Indiana, application for consent to merge with The Monon Bank, Monon, Indiana, approved Statement of Governor Mills in connection with his approval Issuance of order and statement authorized Summit and Elizabeth Trust Company, Elizabeth, New Jersey, application of Summit Trust Company, Summit, New Jersey, to merge with The Elizabethport Banking Company, Elizabeth, New Jersey, under the charter of Sunatiit Trust Company, and title of, approved Issuance of order and statement authorized, incident to merger, three offices of each bank to become offices of resulting bank Summit Trust Company, Summit, New Jersey: SEE: Summit and Elizabeth Trust Company Wells Fargo Bank, San Francisco, California, application to merge with Bank of Amador County, Jackson, California, approved, with Governor Robertson dissenting Issuance of order and statement authorized, along with dissenting statement of Governor Robertson, incident to the merger, the three offices of Bank of Amador County to become branches of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/15 3527,3550-61 7/9 2382 7/9 7/21 2389 2513, 2527 12/9 4247 12/17 4436, 4455 12/10 4277 12/16 4342,4386-97 1964 315 Pages Consolidations: (continued) Wheeling Dollar Savings & Trust Company, Wheeling, West Virginia, application to purchase assets and assume the liabilities of South Wheeling Bank and Trust Company, Wheeling, West Virginia, approved, Governor Robertson dissenting order, statement, and dissenting Issuance of statement of Governor Robertson authorized Trust Company, Little Rock, Worthen Bank & Arkansas, application to merge with Bank of Arkansas, Little Rock, Arkansas, approved Issuance of order and statement authorized, including approval of operation of the two offices of Bank of Arkansas as branches of Worthen Bank & Trust Company Consumer Affairs, Department of: S. 2969, a bill to establish a, unfavorable report to Senator McClellan, Chairman of Committee on Government Operations, approved Consumer credit: Finance charges: S. 750, a bill to require disclosure of, (truth in lending bill): Request for report on eighty three questions re, from Chairman Robertson of the Senate Banking and Currency Committee, staff to draft answers to questions for Board's consideration Letter and replies to questions approved for transmittal to Senator Robertson Request from Chairman Robertson of Senate Banking and Currency Committee for Board's comments on any amendments to reported bill that would be desirable if the Board remained administering agency, draft of letter revised and approved for transmittal to Chairman Robertson http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/12 3806 11/25 4013,4033-45 11/25 4013 12/7 4140,4170-72 7/15 2492, 2507 2/13 471 2/17 528, 539 3/30 1058, 1071 1964 316 Pages Consumer credit: (continued) Finance charges: (continued) S. 750, a bill to require disclosure of, (truth in lending bill): (continued) Letter concerning Senator Javits' request and proposal re the "truth in lending" bill, approved for transmittal to Chairman Robertson of the Senate Banking and Currency Committee, reaffirming Board's previously 4/27 stated views Consumer finances: Survey of: Chairman Heller of the Council of Economic Advisers urged an additional pair of surveys on, understood Board would agree to sponsor a balance sheet survey in 1964, on a basis whereby analysis of data would be deferred, Gov. Mills opposed, understood a firm cost estimate from the Census Bureau would be brought 4/8 back to the Board for approval Contract with Census Bureau authorized on the basis of estimate that the survey would cost $186,500, understanding this action also' approved resulting overexpenditure in Board's 1964 budget, letter to Chairman Heller of the Council of Economic Ad4/13 visers, approved Division of Research and Statistics requested authorization to collaborate with Cornell University on a consumer credit research project involving analysis of the University of Michigan's annual Survey of Consumer Finances data on instalment borrowers for the years 19561964, approved, understood no direct expenditures by the 11/12 Board were anticipated http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1448, 1468 1211 1283, 1290 3819 1964 317 Pages Consumer finances: (continued) Survey of: (continued) Program for 1965 for the Consumer Credit and Finances Section of the Division of Research and Statistics, five items of contractual and special statistical services estimated at $345,000, approved Contracts: Brink's, Incorporated: Shipment of new FRnotes from Washington, D.C., to FRBanks and branches by, recommended by the Subcommittee on Cash, Leased Wire, and Sundry Operations, and approved by the Presidents' Conference, concurrence by Board re negotiation of a three year contract, advice to Chairman of Presidents' Conference Designation of Walter H. Young, Senior Attorney, to serve on an ad hoc subcoumdttee to negotiate a contract with Brink's, Inc. Proposed agreement with, approved with understanding it would be executed by the Secretary and become effective January 1, 1965, letter sent to Paul C. Hodges, Chairman of the Ad Hoc Subcommittee of Counsel on Brink's Contract for Currency Shipments, with copies of agreement for execution by Executed copies of agreement returned by Mr. Hodges and placed in Board's files, letter sent to Presidents of all FRBanks enclosing copies of contract and letter from Mr. Hodges Harbeson Hough Livingston & Larson, Philadelphia, Pennsylvania, amendment to agreement of December 7, 1962, between the Board and, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/8 4226 7/30 2674, 2689 8/7 2741 11/2 3699, 3709 11/2 3701, 3710 6/19 2179, 2194 1964 318 Pages Contracts: (continued) International Business Machines, computer, purchase of 1410 computer under contract with, approved, Gov. Mitchell dissenting Prudential Insurance Company of America, amendment to increase major medical insurance program benefits under FRBank's contract with, approved, with no increase in premium, as requested by the Chairman of the Conference of Presidents, letter to Chairman Hayes, approved Contributions: Kansas City Crime Commission, examination of FRBank of Kansas City indicated that a $400 contribution had been made by FRBank of Kansas City to, agreed that files would be checked including record of the budget committee, prior to further consideration of the matter Consensus in favor of suggesting to the Federal Reserve Bank of Kansas City, that the next time funds were solicited for Kansas City Crime Commission, that the Bank decline to contribute, letter conveying this suggestion, approved Conversions: Midway National Bank of Cedar Falls, Iowa, application made by, on behalf of Midway Bank & Trust, Cedar Falls, Iowa, the State bank into which, proposed to convert for membership in Federal Reserve System, approved Governor Mills noted that the primary motive of conversion was to take advantage of an Iowa law for State banks that provides 20 per cent limit on loans to a single borrower rather than 10 per cent limit allowed for national banks, question of Board inconsistency noted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/21 1831 7/1 2330, 2339 2/19 592 3/13 831, 859 1/31 312, 320 1/31 312 1964 319 Pages Cooper, G. Edward: Executive Vice President, Philadelphia National Bank, designated as a member of the committee set up by the American Bankers Association to examine the question of uniform bank accounting procedures Cornell University: Consumer finances, request from Division of Research and Statistics for authorization to collaborate with, on a consumer credit research project, approved, understood no direct expenditures by Board were anticipated Council of Economic Advisers: Consumer finances survey: Chairman Heller of, urged making an additional pair of surveys on, understood Board would agree to sponsor a balance sheet survey in 1964, on a basis whereby analysis of data would be deferred, Governor Mills opposed to the undertaking, understood firm cost estimate undertaking re, understood firm cost estimate from Census Bureau for balance sheet survey would be brought back to the Board for approval Contract with Census Bureau authorized on basis of estimate that survey would cost $186,500, understanding this action also approved resulting overexpenditure in Board's 1964 budget, letter to Chairman Heller Schiff, Frank W., Assistant Vice President, FRBank of New York, Board interposes no objection to leave of absence without pay for a period of one year beginning September 1, 1964, to serve as a senior staff member of the Council of Economic Advisers http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/6 3404 11/12 3819 4/8 1211 4/13 1283, 1290 7/21 2513, 2525 1964 320 Pages Council of Economic Advisers: (continued) Solomon, Robert, Associate Adviser, Division of Research and Statistics, presently on loan to, recommendation that he represent both the Board and, as one of the technicians to carry out study of possible means of providing reserve assets to supplement gold in meeting monetary requirements for financing growth in international trade, approved Ascertained that loan of Mr. Solomon to the Council would terminate by September 1, 1964 Counsel, special: FRBank of Boston, request for approval of payment of fee to, for negotiation and possible litigation re real estate taxes for 1963 assessed by the City of Boston, proposal to engage Edward B. Hanify of law firm of Ropes and Gray, action deferred pending discussion with President Ellis Payment of fees, authorized FRBank of Kansas City, request for approval of fees for legal services re damages incurred during construction of Oklahoma City Branch building, approved, understood that a letter would be sent to all FRBank Presidents re fees for FRBank of New York, request for authority to engage, in connection with pending litigation re reduction of assessed valuation of the Buffalo Branch real estate and recovery of taxes for past overassessment, agreed to discuss with representatives of FRBank of New York and Buffalo Branch http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/4 1592 5/4 1593 1/6 1/8 19 34, 47 11/12 3811,3826-27 8/28 2979 1964 321 Pages Counsel, special: (continued) FRBank of New York: (continued) Matter satisfactorily resolved, legal fees to firm of Ohlin, Damon, Morey, Sawyer, and Moot, approved Court cases: Bank of Powhatan, Powhatan, Virginia: Assistant U. S. Attorney General Samuel W. Phillips, requested access to reports of examination of, dated November 18, 1961, May 7, 1962, June 3, 1963, and Aug. 3, 1963, for use in case of United States v. James Lovelace Tribble, defendant charged with unauthorized use of bank's funds and extension of credit, telegram to FRBank of Richmond, authorizing Mr. Phillips access to the reports of examination at the FRBank of Richmond Board authorized Messrs. Nosker, Porter, and Beducian of FRBank of Richmond to appear in court in response to the subpoena calling for testimony concerning contents of certain records of, including examination reports in connection with the case of U. S. v. James Lovelace Tribble, authorization not to include production by witnesses of any documents from the FRBank files Merle, United States v., authoCanaday, William rization for Floyd J. Mathews, Assistant Cashier and Assistant FRAgent, FRBank of Kansas City, to comply with subpoena calling for the production of all books, documents, receipts and issues of certain FRnotes in connection with litigation, authorized to testify if required, reply sent on Nov. 25, 1964, action ratified http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/9 3095, 3104 11/12 3801, 3822 11/27 4063, 4082 11/27 4062, 4081 1964 322 Pages Court cases: (continued) Farmers and Merchants Bank of Long Beach, Calif.: Request from Federal Bureau of Investigation for access to portions of certain reports of examination of, telegram to FRBank of San Francisco authorizing discussion and if necessary showing certain information as specifically identified re loans of, to the FBI Request by FBI and U. S. Attorney for Southern District of California, for authorization to review examination reports of, for period of 1955-1961, for trial preparation purposes in connection with recent indictment of Kenneth G. Walker, alleging a conspiracy to misapply bank funds involving loans by, to Fred M. Reidman and Linda Vista Developments, approved with Governor Mills dissenting Request by Special Agent Kintz of FBI (presumably on behalf of U. S. Attorney for Southern District of California) for copies of certain letters in files of the FRBank in connection with litigation re loans by, comments by Governor Mills re release of information from examination reports of, two letters to FRBank of San Francisco approved First National Bank of Marlin, Texas, letter and memorandum from Chairman Barr of FDIC, inviting comments re certain litigation proposed to be instituted by FDIC re, a recently closed bank, memorandum and letter picked up by FDIC messenger, indicating that the FDIC would like to consider the matter further Mr. Hackley reviewed petitions filed by FDIC re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/3 1133, 1139 8/27 2964, 2975 11/25 4008,4028-30 5/15 6/2 1781 1915 1964 323 Pages Court cases: (continued) Hightstown Trust Company, East Windsor Township, New Jersey, authorization given for FBI agent to open sections of two reports of examinations of, to be accompanied by representatives of FRBank of Philadelphia Michigan National Bank v. Gidney, denial by Comptroller of the Currency for a branch of Michigan National Bank to be established in Saginaw, Michigan, upheld in 1956, by Federal Circuit Court, letter to Chairman Robertson of Senate Banking and Currency Committee reporting unfavorably on S. 2883, a bill to permit the establishment and operation of certain branch offices by Michigan National Bank at Lansing, approved Society Corporation, Cleveland, Ohio: An appeal filed seeking reversal of Board's order of July 27, 1964, approving application of, to become a bank holding company through acquisition of stock of Fremont Savings Bank Company, Fremont, Ohio, opposition filed by Justice Dept., motion to dismiss appeal filed by, report on motions Extension of time to January 27, 1965, granted to, within which to comply with provision re date by which proposed acquisition was required to be consummated Order approved granting an extension of time in matter of application of, for permission to become a bank holding company by acquiring stock of Fremont Savings Bank Company, Fremont, Ohio http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/2 4098, 4120 7/27 2593, 2600 10/13 3497 10/13 3498 10/23 3617, 3629 1964 324 Pages Court cases: (continued) Tribble, James Lovelace, United States v.: Request from Assistant U. S. Attorney General Samuel W. Phillips, for access to reports of examination of Bank of Powhatan, Virginia, dated November 18, 1961, May 7, 1962, June 3, 1963, and Aug. 3, 1963, for use re criminal action entitled, defendant was charged with unauthorized use of bank's funds and extension of credit, telegram to FRBank of Richmond approved, authorizing Mr. Phillips access to reports of examination at Federal Reserve Bank of Richmond re Bank of Powhatan Walker Bank & Trust Company v. Saxon, a Federal District Court in Utah rendered a decision in the case of, that had significant implications re authority of Comptroller of the Currency to permit national banks to establish branches, decision would appear to hold that if the State law permits State banks to establish branches, in certain geographical limits, then national banks may be authorized to establish branches anywhere in that State, further information needed from official sources re decision Warren Bank, Warren, Michigan: Request for access to certain documents relating to, from Department of Justice, request made on behalf of FDIC Examiner Thomas E. Lindsey, who was currently serving as an agent of a Federal grand jury in Eastern Michigan, approved, Gov. Mills dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/12 3801, 3822 10/2 3370 3/12 807,819-23 1964 325 Pages Court cases: (continued) Warren Bank, Warren, Michigan: (continued) Board authorizes FRBank of Chicago to make available to FDIC Examiner Thomas E. Lindsey the open and confidential sections of March 16, 1964 report of examination together with related loan slips and correspondence Credit: Bank loans: Extended to foreign borrowers, letter to the Presidents of all FRBanks asking that arrangements be made to retabulate and summarize reports received from banks in their Districts on Treasury forms B-2 and B-3, approved Question re increasing use of bank credit to finance precautionary inventory accumulation, topic for discussion with FAC Little evidence of an increased use of bank credit to finance precautionary inventory accumulation, views expressed at joint meeting with FAC Survey of changes in bank practices re terms and conditions specified on loans to business borrowers including finance companies, authorized by Board that the System conduct a quarterly survey,on an experimental basis Letter to Presidents of all FRBanks re, approved Mortgage: SEE: Mortgage credit System policy: Question re effectiveness of, topic for discussion with FAC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/6 1626, 1641 6/4 1949, 1958 10/29 3686, 3689 11/17 3864 8/19 2873 9/24 3288, 3292 1/31 313, 323 1964 326 Pages Credit: (continued) System policy: (continued) Question re effectiveness of: (continued) No discussion of this topic, it being noted that several aspects of it had been covered in discussion of preceding topics Question re appropriateness of recent monetary and credit policy, topic for discussion with FAC Council believes recent monetary and credit policy has been a major factor in economic expansion to its present high level, members believe policy should now move gradually in the direction of restraint, views expressed at joint meeting with FAC Prior to November meeting with FAC, Board's staff would attempt an alternative approach for Board's consideration re, topic for discussion with FAC Credit policy should move gradually in direction of restraint, views of FAC expressed at joint meeting Views re appropriateness of current monetary and credit policy accord with those expressed in policy statement adopted by ABA's 90th annual convention, what tendencies in economy would FAC cite in support of its views, topic for discussion with FAC Volume of excess reserves has been steadily reduced with gradual lessening of credit ease, which is in accord with FAC, and with broad objectives outlined in policy statement adopted by ABA's 90th Annual Convention, views expressed at joint meeting with FAC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/18 575 3/30 1056, 1068 4/23 1399, 1416 8/25 2940, 2956 9/22 3233 10/29 3686, 3690 11/17 3888 1964 327 Pages Crime: Control of banks by organized, Governor Robertson reported that Assistant Director of FBI had made a speech in which he referred to, understood that representatives of Legal Division and Division of Examinations would contact Chief of Organized Crime Section of Justice Department to establish liaison to get all available information Preventive measures: In connection with crimes against banks and savings and loan associations, letter to Presidents of all FRBanks requesting comments on recommendations in the report of the House Committee on Government Operations on Crimes against Banking Institutions, approved Questionnaire developed by FRSystem and FDIC, in light of recommendations by House Legal and Monetary Affairs Subcommittee, for use in the examinations of banks, providing certain information on crimes against banking institutions, letter to Comptroller of the Currency requesting participation, approved, questionnaire to be submitted to FRBank examiners in present form unless modifications are suggested by Comptroller within a reasonable time Report to Chairman Dawson of House Committee on Government Operations, on actions taken re, approved, letter to FRBank Presidents enclosing revised page of Form F.R. 410, and questionnaire entitled "Security and Control against External Crimes," approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/23 3621 5/7 1647, 1661 5/28 1902, 1908 6/23 2232, 2245 1964 328 Pages Cross Armored Carrier Corporation, Bayside, New York, letter to, approved, re question whether free armored car service provided by member banks to their depositors constitutes a payment of interest on demand deposits, Board concluded that it does not Cuddy, D. H., President, First National Bank of Anchorage, Alaska, attended meeting on April 7, at the Treasury Department to discuss banking situation in Alaska due to recent earthquakes and tidal waves, letter to, noting that for 1964, penalties for reserve deficiencies of Alaskan member banks were waived Currency: Coin service by FRBanks: Concern noted over rejection by Presidents' Conference of recommendation by Subcommittee on Cash, Leased Wire and Sundry Operations re restrictions with respect to currency payments and, in light of present coin shortage, Board requests that question be reconsidered at upcoming Presidents' Conference, advice to Chairman Hayes of the Presidents' Conference To the public and employees of FRBanks, the Board does not object to policy approved at the Presidents' Conference, but favors a less restrictive policy for FRBank employees, advice to Chairman of Presidents' Conference Counting machine used at FRBank of Philadelphia: Memorandum from Division of Bank Operations describing developments following use of, adopted by FRBank of Philadelphia, with substantial operating economies but little detection of counterfeits, meeting to be arranged between Board and Pres. Bopp with Messrs. Farrell and Schwartz present http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/14 2836, 2848 4/13 1271,1285-87 5/13 1732, 1745 7/21 2513, 2526 3/23 949 1964 329 Pages Currency: (continued) Counting machine used at FRBank of Philadelphia: (continued) Practice of limiting the use of its highspeed currency counting equipment to incoming deposits of $1 bills in line with recommendation of Subcommittee on Cash, Leased Wire, and Sundry Operations, in which the Division of Bank Operations had concurred, agreed that meeting with President Bopp of FRBank of Philadelphia is no longer necessary, letter to Chairman Hayes of Conference of Presidents re operations of all 4/22 1379, 1389 FRBanks York New Counting machines used during the World's Fair, letter to Federal Reserve Bank of New York re use of, to verify deposits of $1 and $5 bills by tickometers as well as De La Rue machines, Secret Service advised Board that as long as a counterfeit problem did not develop, there was no objection to use of high-speed equipment, copies of letter sent to Presidents of all 2002, 2016 6/10 FRBanks whether Denominations of $500 and over, question discontinuing issuance of, would impair service to public, Board of the opinion that any legitimate needs for, can be met with notes of denominations now being printed, letter to Secretary of the Trea388, 399 2/5 sury re Destruction of unfit, by branch of First National City Bank of New York in San Juan, Puerto Rico, Treasury Department interested in possibility of, agreed Mr. Farrell would accompany Treasury representatives if an inspection 1/22 237 trip was needed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1964 330 Pages Currency: (continued) Omaha Branch: Disappearance of $4,900 in currency at, noted in the examination report of the Federal Reserve Bank of Kansas City, conclusion that disappearance resulted from an inadvertent error and did not reflect malfeasance by any employee Shipment of coin, report by Governor Daane re proposed special shipment of nickels to a nonmember bank in Las Vegas, Nevada, through a national bank in Los Angeles California, concern expressed by President Swan of the Federal Reserve Bank of San Francisco re questions of equity, agreed that proposed letter should be sent to Secretary of the Treasury stating that if shipments were made, the Board hoped that they would go directly from the Bureau of the Mint, and not involve Federal Reserve Banks, copy of letter to Secretary of the Treasury sent to the Presidents of all FRBanks Shipment of negotiable securities and, revision of subparagraph (A) of section 7 of Loss Sharing Agreement to be consistent with $15 million limitation on each shipment of new Federal Reserve notes under agreement between Brink's Inc., and the Board, and revision of subparagraph (D) to remove reference to "registered mail," approved, advice to all Federal Reserve Banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/11 4299 4/28 1492, 1506 11/19 3924, 3935 1964 331 Pages Currency: (continued) Shipment of new FRnotes from Washington, D. C. to the FRBanks and branches by Brink's, Incorporated: Recommended by the Subcommittee on Cash, Leased Wire, and Sundry Operations, approved by the Presidents' Conference, and concurred by Board re negotiations for a three year contract, advice to Chairman of Presidents' Conference, Mr. Farrell reported conversations with Assistant Postmaster General Nicholson and Deputy Treasurer Howell re Board's position Designation of Walter H. Young, Senior Attorney, to serve on ad hoc subcommittee re negotiations of contract with Brink's Inc. approved, effective Jan. 1, agreement Proposed 1965, letter to Paul C. Hodges, Chairman of the Ad Hoc Subcommittee of Counsel on Brink's Contract for Currency Shipments, transmitting copies of agreement for execution by Brink's Inc. Executed copies of agreement returned by Mr. Hodges and placed in the Board's files, letter sent to Presidents fo all FRBanks enclosing copies of contract and letter from Mr. Hodges Shipments of, printing and shipment schedule for denominations higher than $1, design of the 1963 Series includes motto "In God We Trust" on back, letter to Presidents of all FRBanks re schedule for Curtis, Frederic A., Vice President and Comptroller, Continental Illinois Bank and Trust Company, Chicago, member of ABA committee, to study uniform bank accounting procedures http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/30 2674, 2689 8/7 2741 11/2 3699, 3709 11/2 3701, 3710 3/9 757, 768 10/6 3404 1964 332 Pages Curtiss, Robert S., Building program, FRBank of New York, Board interposes no objection to hiring of, a real estate agent, at a flat fee of $25,000 for purpose of assembling the desired property for proposed building program designed to alleviate the space problem at the FRBank of New York Data processing: Daily data from reports of net demand and time deposits submitted by member banks for reserve purposes, memorandum from Division of Data Processing with reference to proposed letter to FRBanks re conversion of individual bank reports to deposits from punched cards to magnetic tape for storage and machine access, cost of work done by Treasury Department to be absorbed by the Board, letter to FRBanks setting forth procedures, approved, along with letter to Treasury Dept. Examinations: Continuation of regional training program on application of electronic data processing in connection with, no objections re program planned for Dallas with the cooperation of the FRBank, Mr. Goodman of the Board to make necessary arrangements, final report of Inter-Agency Committee on Automation distributed by Governor Robertson, no action taken re establishment of permanent committee http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/30 1553, 1580 10/8 3454,3464-69 1/13 95 1964 333 Pages Data processing: (continued) Examinations: (continued) Memorandum from Governor Robertson re InterAgency Committee on Automation, Mr. Glenn Goodman to serve as Board's liaison with Mr. E. J. Roddy representing FDIC in planning and coordinating efforts in training examiners in electronic data processing of applications in banks, understood proposed program would be handled in manner suggested in memorandum, letter to all FRBanks re program Interagency Committee on Automatic Data Processing: Davis, W. M., Acting Director, Division of Data Processing, designated as Board's representative on Schwartz, M. H., Director, Division of Data Processing, designated as the Board's representative on, replacing Mr. W. M. Davis Data processing services: Board of Governors, request from the staff of the Comptroller's Office that the Board tabulate data from national bank call reports, consensus that the Comptroller's Office should be informed that the Board was not in a position to undertake the processing of the information as requested First Service Company, a subsidiary of First Virginia Corporation, Arlington, Virginia, question from First Virginia whether its wholly-owned nonbanking subsidiary can, without losing its "exempt status" under section 4(c)(1) of the Bank Holding Company Act of 1956 provide, for customers of First Virginia's subsidiary banks, draft letter to FRBank of Richmond approved, with substance published in Federal Register http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/25 3298, 3307 7/23 2547 12/2 4116 7/24 2570 8/19 2871,2884-88
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