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INDEX TO MINUTES
OF
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
1964
(PART 2)
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1964
334
Pages
Davenport, William (Professor), comment by Mr.
Noyes re work done on consulting basis by Miss Susan S. Burr
and, in developing a simplified
version of a booklet dealing
with purposes and functions of
the FRSystem, agreement with
the suggestion that Mr. Noyes
attempt to further draft a
more limited dimension edition with Professor Davenport
editing the revision
Dawson, William L., Congressman:
Crimes against banking institutions, report to
Chairman Dawson of the House
Committee on Government Operations, on actions taken to
implement the recommendations
made in the Committee's report on "Crimes against Banking Institutions", letter to
Chairman Dawson,approved
to authorize checks to be
bill
a
H.R. 11911,
drawn in favor of certain
organizations for the credit
of a person's account under
certain conditions, allowing
Government agencies to draw
single checks in favor of
banking organizations for the
credit of accounts of persons
who regularly receive Government checks, report to, Chairman of the House Committee on
Government Operations, approved
Window dressing by commercial banks, letters to,
Chairman of House Committee on
Government Operations, Chairman
Fascell of House Legal and monetary Affairs Subcommittee, and
Miss McKelvey of Mid-Continent
Banker, re results of FRSystem
efforts to eliminate practice
of, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/6
2368
6/23
2232, 2245
7/9
2394
3/9
757, 771-74
1964
335
Pages
Dayton, Campbell & Love, Charleston, West Virginia,
letter to, approved, re eligibility of West Virginia industrial loan associations for
membership in FRSystem
Deaths:
Hunter, Thomas L., Jr., Supervisory Review Examiner, death on March 12, 1964,
noted on behalf of the Board
Johnson, Claiborne, Operator (Offset Press),
Division of Administrative
Services, death on August 22,
1964, noted on behalf of the
Board
Surguy, Robert, Clerk (Composition), Division
of Administrative Services,
death on July 14, 1964, noted
on behalf of the Board
Debentures:
Issuance of, Comptroller of the Currency in a
published interpretation ruled
that notes and, may be regarded
as part of a national bank's
capital stock and surplus in
applying statutory limitations
on loans by national banks,
reply to Chairman Fascell of
the House Legal and Monetary
Affairs Subcommittee, indicating that the Board has taken
an opposite position
Regulation F, discussion re how to reflect capital notes and debentures in
reports under new, in connection with Board's examination
of points of difference between, and a similar regulation to be issued by FDIC
Use of, as capital stock:
Recommendation that a statement of policy
views as well as legal considerations involved be issued as
a press release and a formal
interpretation be published in
Federal Register and FRBulletin,
staff to prepare revised draft
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/26
3636, 3651
3/18
913
8/28
2982
7/27
2599
2/10
438
12/17
4444
1/8
38
1964
336
Pages
Debentures: (continued)
Use of, as capital stock: (continued)
Further discussion in light of ruling by the
Comptroller of the Currency,
press statement on legal aspect of, approved, discussion
re possibility of preparing
an article exploring the subject, that might be published
in the FRBulletin
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
should be sent to Mr. Sturdy
Governor Daane stated that he would like
to study proposed letter further, letter sent
Request by Chairman Patman for a list of
points of disagreement between Board and Comptroller
of the Currency, reply approved
United California Bank, Los Angeles, Calif.,
letter to, re capital structure, stressing desirability
to resort to issuance of common stock rather than further
sale of capital notes and,
approved
Defense, Department of:
Logistics Management Institute, Malcolm Bryan,
President, FRBank of Atlanta,
asked to serve on Board of
Trustees of the, a non-profit
organization organized by, no
objection expressed to Mr.
Bryan's acceptance to trusteeship
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/9
64, 70
4/9
1238
4/28
1490
4/28
1492
9/3
3048,3064-69
11/9
3792, 3797
5/7
1655
1964
337
Pages
Defense Production Act of 1950:
S. 2506, a bill to extend, Board has no objection to part of bill relating
to Government guaranteed loans
for defense production, which
is considered by Office of
Emergency Planning to be useful in securing working capital for defense contracts, report to Chairman Robertson of
Senate Banking and Currency
Committee, approved
Deitrick, Max C., Director, Bank Management Committee, of the American Bankers
Association, New York, New
York, designated as Secretary
of the committee to examine
the question of uniform bank
accounting procedures
Department of Justice:
See: Justice, Department of:
Deposits:
Absorption of exchange charges:
American Bankers Association, representatives of Federal Legislative
Committee of, reported that
bankers 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
Board's position re, views of FAC expressed
at special joint meeting with
the Board
Current status of problem re, topic for discussion with FAC
Federal Advisory Council favors continuation
of Board's interpretation re,
does not believe long-held
position should be abandoned,
views expressed at joint meeting with FAC
Question re points of conflict between Board
and FDIC with respect to, understood Chm. Martin would talk
to Chm. Barr of FDIC about appropriateness of sending letter
along suggested lines
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/6
1142, 1154
10/6
3404
1/31
313
2/18
575
3/30
1056, 1068
4/23
1399, 1405
4/28
1480, 1501
1964
338
Pages
Deposits: (continued)
Absorption of exchange charges: (continued)
Question re points of conflict between Board
and FDIC: (continued)
Letter sent to Chairman Barr of the Federal Deposit Insurance Corporation
Borrowed money account:
Wachovia Bank and Trust Company, WinstonSalem, North Carolina, practice by member banks of transferring portion of customer's
demand deposit account to,
where payment of interest is
received without note or paper
transaction, inquiry from, as
to permissibility under Regulation Q and section 19 of
the FRAct, agreed to solicit
views of FRBanks before con—
sulting with other bank supervisory agencies, letter sent
to all FRBanks
Memorandum from Legal Division transmitting a summary of responses
from FRBanks re proposed reply to, understood copies of
letter to bank and of letters
to two other banking agencies
would be sent to the General
Counsel of the Treasury Department for information
Reply to, approved, Board concludes that
transactions of the kind described in letter would not
involve violations of section 19 of the FRAct or Regulation Q, copy of Board's
interpretation sent to Federal Register and FRBulletin
Branch banks:
Deposit data:
Letter to Comptroller re proposed collection of, approved, details to
be worked out by staff, Board
willing to tabulate and publish
data, letter to FDIC
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/28
1487
2/17
521, 538
5/27
1878, 1895
7/27
2595,2607-11
5/8
1669, 1679
1964
339
Pages
Deposits: (continued)
Branch banks: (continued)
Deposit data: (continued)
Request for clearance by Bureau of the
Budget of form for collection
of deposit data by city for
member banks operating branches outside head office city
rather than county totals as
previously collected, letter
sent to FRBanks with draft
form, and to Bureau of the
Budget with request for a
clearance
Contracts, letter to Mr. Charles A. Baker, Vice
President and Counsel for
Union Commerce Bank, Cleveland, Ohio, questioning compliance with Regulation Q of
a proposed form of deposit
contract, understood that an
interpretation would be published in the Federal Register and FRBulletin
Daily data from reports of net demand and time,
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 of deposits from punched cards to magnetic tape for
storage and machine access,
letter to all FRBanks setting
forth procedures, approved,
along with a letter to the
Treasury Department
Demand:
Sec. 217.2 prohibiting member banks from paying interest on, with listed
exceptions, recommendation 11
in Legal Division's memorandum
re proposed revision of Reg. Q,
recommending the elimination of
all but one exception, consensus
to expand recommendation to
eliminate all exceptions
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/18
2137,2157-66
6/15
2114,2117-18
10/8
3454,3464-69
5/12
1707
1964
340
Pages
Deposits: (continued)
Demand: (continued)
Topic for discussion with FAC, question re
changes of more than seasonal
proportions in demand balances
maintained by large corporate
customers since midyear
Demand deposits have increased slightly
more than seasonally in recent
months but not conclusive that
trend will persist, views expressed at joint meeting with
FAC
Indirect payment of interest:
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, a
measure to relieve the coin
shortages at the bank, Board
agreed that this would not
constitute a payment of interest under Regulation Q, advice
to FRBank of Philadelphia
Cross Armored Carrier Corporation, Bayside,
New York, questioned whether
free armored car service provided by member banks to their
depositors, constituted, Board
concluded that it did not
Interbank, question re practice of considering
the volume and ratio of,
carried by livestock banks
as a basis for determining reduced reserves discussed in
connection with application of
Livestock National Bank of
Kansas City, Missouri, and
Stock Yards National Bank of
South Omaha, Nebraska
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/29
3686, 3689
11/17
3865
7/9
2394, 2408
8/14
2836, 2848
1/22
234
1964
341
Pages
Deposits: (continued)
Interest payment on:
Recommendations in Legal Division's memorandum re proposed revision of
Regulation Q:
Nine, recommending that the Regulation include in the section defining
"payment of interest", a statement indicating that such payment or absorption of expenses
in connection with the furnishing of customary banking services to the depositor, should
be considered, agreed not to
adopt
Ten, recommending that premiums used as
promotional devices involving
cash or articles given on an
irregular basis, not exceeding
$5, should be excluded from
the definition of, consensus
to accept after redraft
Eleven, recommending that the sentence defining, be transferred to an
appropriate place in sec. 217.1
f, with such expansion of the
definition as the Board might
eventually approve
Maximum rates of interest under Regulation Q:
Amendment to supplement to Regulation Q, approved, to provide, 4-1/2 per
cent on time deposits of 90
days or more, and 4 per cent
on time deposits of less than
90 days, Governor Robertson
dissenting, 4 per cent on savings, Governors Robertson and
Shepardson dissenting, notice
of action released to the press
concurrently with announcement
of increase in discount rates,
notice to all FRBanks and
branches, to be published in
the Federal Register, press
release issued
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/12
1705
5/12
1705
5/12
1707
11/23
3956,3979,3986
1964
342
Pages
Deposits: (continued)
Maximum rates of interest under Regulation Q: (continued)
Draft of statement of interpretation answering certain questions re
recent changes in, approved,
understood statement would be
issued as a press release and
published in the FRBulletin
and Federal Register
11/27 4056, 4076
Savings:
Coin deposited in, bonus of 2 cents to be
paid for each 98 cents of,
advertisement by a national
bank in Cape May, New Jersey,
Board agreed that this would
not constitute a payment of
interest under Regulation Q,
advice to FRBank of Phila7/9
2394, 2408
delphia
Corporations:
Memorandum from Legal Division with respect to letter from FRBank
of New York commenting on recouunendation by New Jersey
Bankers Association that regulations of Board and FDIC be
amended to permit any person
or organization to maintain
savings deposits with insured
banks up to $50,000, letter
to FRBank of New York, ap340, 362
2/3
proved
Reply to Chairman Fascell of House Legal
and Monetary Affairs Subcommittee, reaffirming Board's
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
in light of interpretation by
2/10
439
the Comptroller of the Currency
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1964
343
Pages
Deposits: (continued)
Savings: (continued)
Corporations: (continued)
Recommendation 1 in Legal Division's memorandum re proposed revision
of Regulation Q, recommending
that savings deposits could
be made available to individuals and to nonprofit organizations regardless of their
nature with an amount limit
of $10,000, majority view of
Board favored recolimiendation
with a change of limitation
to $25,000
Reply to Chairman Patman re request for
list of points of disagreement between Board and the
Comptroller of the Currency
in light of the Comptroller's
interpretation re
Improper use of, recommendations 5 and 6 in
Legal Division's memorandum
re proposed revision of Regulation Q, recommending that
paragraphs (2) and (3) of
section 217.1(e) of Regulation Q, be amended to restore
certain provision dropped in
1962, so as to preclude certain practices deemed to constitute improper use of, general agreement by Board
Maximum rate of interest under Reg. Q, re:
Recommendation 17, in Legal Division's
memorandum re proposed revision of Regulation Q, recommending an amendment to the
Supplement to Regulation Q,
permitting payment of interest on, at a rate not in excess of 4 per cent per annum,
irrespective of the period of
time the deposit has remained
with the bank, recommendation
accepted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/12
1697
9/3
3048,3064-68
5/12
1695
5/12
1710
1964
344
Pages
Deposits: (continued)
Savings: (continued)
Maximum rate of interest under Reg. Q, re: (continued)
Request from Chase Manhattan Bank, New
York, that a maximum rate of
4 per cent be permitted to be
paid by member banks on all
savings deposits, agreement
with suggestion that Board
deal with this proposal as a
part of the pending revision
7/13
of Regulation Q
Letters to Chairman of FDIC, Comptroller
of the Currency, and to Presidents of all FRBanks, seeking
their views re proposed revision of Regulation Q, including question whether it would
be desirable to establish a
single 4 per cent maximum rate
of interest for, rather than a
"split" rate for deposits of
less than 12 months, Governor
Mills recording dissent re
10/15
revision of Regulation Q
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 Regula11/25
tion Q
treatment
Postal, question raised by FDIC of
to be accorded, in connection
with the raising of the maximum rate of interest, no objection to deleting specific reference to, in amended supplement to Regulation Q being pro11/23
posed
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2446
3528,3563-66
4024, 4050
3973
1964
345
Pages
Deposits: (continued)
Savings: (continued)
Requirement of notice, recommendation 19 in
Legal Division's memorandum
re proposed revision of Regulation Q, recommending that
sec. 217.5, relating to the
statutory requirement that no
member bank shall waive any
requirement of notice except
as to all savings deposits
having the same requirement,
be condensed and simplified
by substitute language suggested in the memorandum, general agreement by the Board
Survey re origin and uses of, from University
of Michigan's Survey Research
Center, regarded as part of
proposed 1965 program of the
Division of Research and Statistics' Consumer Credit and
Finances Section, program and
estimated expenditures, approved
Transfers of credit, recommendation 7 in the
Legal Division's memorandum re
proposed revision of Regulation Q, recommending certain
additional exceptions to the
exemptions provided under section 217.1(e) of Regulation Q,
re periodic, recommendation
accepted by the Board
Trust funds, deposited in a savings account
in Palmer First National Bank
and Trust Company of Sarasota,
Florida, letter to bank approved, after last paragraph
of letter was revised so as
to describe in part a pertinent ruling of Board published
in FRBulletin in 1959 re
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/12
1695
12/8
4226
5/12
1703
5/15
1777, 1784
1964
346
Pages
Deposits: (continued)
Savings: (continued)
Trustees in bankruptcy, recommendation 2 in
Legal Division's memorandum
re proposed revision of Regulation Q, recommending that
no specific amendment be
adopted for the purpose of
making deposits of trustees
in bankruptcy eligible as,
suggestion by Gov. Robertson
that trustees in bankruptcy
be specifically allowed such
deposits, with a maximum of
$25,000, consensus in favor
of suggestion with Governor
Mills agreeing reluctantly
"United Security Accounts," letter to Matthew
Hale, Chief of Staff, Senate
Banking and Currency Committee, re advertisement in Wall
Street Journal on, of Citizens
Bank (Park Ridge), Chicago,
Illinois, where persons from
out-of-town could maintain
savings accounts at maximum
rate of interest and the bank
would simultaneously open a
separate check-credit account
secured only by the deposits
in the savings account at that
time, letter to Mr. Hale with
copies to FDIC, Comptroller of
the Currency, and Presidents
of all FRBanks
Withdrawal:
Definition relating to notice of, recommendation 3, in Legal Division's memorandum re proposed
revision of Regulation Q, recommending that the Regulation
be amended to prohibit, that
are payable at a specified
maturity, general agreement
by the Board
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/12
1701
11/6
3769, 3787
5/12
1694
1964
347
Pages
Deposits: (continued)
Savings: (continued)
Withdrawal: (continued)
Recommendation 8, re transferring of paragraph (2) and (3) of section
217.1(e) to last section of
Regulation Q, relating to
withdrawal of savings deposits, general agreement by
the Board
Time:
Legal Division's memorandum recommending proposed revisions for Regulation
No. 13, recommending that no action be
taken to prohibit time deposits with alternative maturities, general agreement by
the Board
No. 14, recommending a clarifying footnote and suggesting a liberalization of Board's previous
position with respect to applicable maximum rate of interest re, Board concurs
No. 15, recommending that the Regulation
be amended to provide a reduction in the maximum rate
of interest applicable to
outstanding contracts, except
as exempted by the Board, including deposit contracts
entered into before the effective date of the proposed
amendment and deposits with
maturities of less than one
year, general agreement by
the Board
No. 16, recommending that subsection (e)
of sec. 217.3 of Regulation Q,
providing that a time deposit
continues to be such until
its maturity, be omitted from
the Regulation as no longer
necessary, general agreement
by the Board
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/12
1695
5/12
1695
5/12
1709
5/12
1695
5/12
1695
(2:
1964
348
Pages
Deposits: (continued)
Time: (continued)
Legal Division's memorandum recommending proposed revisions for Reg. Q: (continued)
No. 18, recommending that sec. 217.4(d) of
Regulation Q, relating to payment of, before maturity in
case of need, be changed to
conform to the corresponding
provisions of the comparable
regulation of the FDIC, gen5/12
eral agreement by the Board
Letter to Union Commerce Bank, Cleveland,
Ohio, re proposed deposit of
funds of a political subdivision as a, with stated maturity of three months and provisions for automatic renewal
under provisions outlined, approved, appears to comply with
5/13
requirements of Regulation Q
Letter to Mr. Charles A. Baker, Vice President and Counsel for Union
Commerce Bank, Cleveland,
Ohio, with regard to a question whether a proposed form
of deposit contract would
comply with the requirements
of Regulation Q, Board enclosed an interpretation with
regard to a deposit contract
providing for three months'
maturity with option to withdraw on 90 days' notice, understood that interpretation
would be published in Federal
5/15
Register and FRBulletin
Question re changes of more than seasonal
proportions in time balances
maintained by large corporate
customers since midyear, topic
10/29
for discussion with FAC
Total time deposits of corporations have
increased more than seasonally
but there is evidence of reduced totals, views expressed
11/17
at joint meeting with FAC
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1695
1732, 1741
2114,2117-18
3686, 3689
3865
1964
349
Pages
Deposits: (continued)
Time certificates:
Definition of:
Recommendation 4, in Legal Division's memorandum re proposed revision
of Regulation Q, recommending
that, be amended to exclude
any deposit that qualifies as
a savings deposit, general
agreement by the Board
Time deposits, open account, and, as defined in section 217.1 of
Regulation Q, recommendation
12, in the Legal Division's
memorandum re proposed revision of Regulation Q, recommending elimination of separate definitions for, objection raised by Governor
Mitchell,answered by staff,
no further objection expressed
Interest after maturity, question re payment
of, reply to Edward W.
Schietinger, indicating that
the certificate automatically
becomes a demand deposit after
maturity payable to the depositor or his successor at
any time and without any form
of notice
Negotiable:
Ability of many banks to issue negotiable
time certificates of deposit
being restricted by current
interest rate ceilings under
Regulation Q, topic for discussion with FAC
banks
restricted because certifiSome
cate of deposit rates were
so close to 4 per cent ceiling, banks of $100-$500 million outside New York, Chicago,
and West Coast, were not interested in certificates, views
of FAC expressed at joint
meeting
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/12
1694
5/12
1708
5/12
1694, 1719
1/31
313, 322
2/18
559
1964
350
pages
Deposits: (continued)
Time certificates: (continued)
Negotiable: (continued)
Expanded use of:
Recommendation by the FRBank of New
York that no immediate action
be called to adjust rates,
agreed steps should be taken
to expand scope of information
available to Board re
Item on agenda, further consideration
when Chairman Martin could be
present at meeting
Discussion re, unnecessary at this juncture, Governor Mills suggested
staff endeavor to provide breakdown of banks issuing negotiable
certificates not only by location but by size, and Governor
Mitchell noted Board had not
yet pursued study of various
provisions of Regulation Q
that it had begun last fall
Reporting by weekly reporting member banks
of outstanding, coverage and
timing of surveys modified,
instructions and forms transmitted to Presidents of all
FRBanks
Council members comments on recent developments in regard to the issuance
of, topic for discussion with
FAC
Some concern about the impact of volume
of, consensus that ceiling
should not be raised at this
time, although interest rates
paid are pressing the 4 per
cent ceiling, views expressed
at joint meeting with FAC
Question re shifts in demand for, on the
one hand, and other domestic
and foreign money market instruments (including time deposits in Euro-dollar market)
on the other, topic for discussion with FAC
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/11
798
3/20
933
3/23
954
3/20
925, 935
3/20
1056, 1068
4/23
1399
8/25
2940, 2956
1964
351
Pages
Deposits: (continued)
Time certificates: (continued)
Negotiable: (continued)
Question re shifts in demand for: (continued)
No significant shift in patterns of
demand by customers between,
and other domestic and foreign
money market instruments, except report of movement of
funds to Canada, views of FAC
expressed at joint meeting
Letter to Comptroller of the Currency and
FDIC, with copy to National
Association of Supervisors of
State banks, transmitting proposed format and procedure for
reports of conditions including all items requested by the
Federal and State bank supervisory authorities, approved,
omission of item reporting
amount of, noted by Governor
Mitchell
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 deposits, 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 FRBanks
Savings and loan associations:
Misuse of certificates of deposit by, concern expressed by Federal Home
Loan Bank Board in request for
information that the Board
might have confirming such reports and advice re corrective
actions the Board might be prepared to take, letter to Federal
Home Loan Bank Board approved,
with reservations by Gov. Mitchell,
FRBanks' comments requested
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/22
3229
12/2
4101,4122-24
12/23
4518, 4532
5/6
1618,1638-40
1964
352
Pages
Deposits: (continued)
Time certificates: (continued)
Savings and loan associations: (continued)
Letter and memorandum from Chairman Barr
of FDIC inviting comments re
certain litigation proposed
to be instituted by FDIC re
First National Bank of Marlin,
Texas, which bank had been
recently closed, question was
whether certain certificates
of deposit issued by the bank
to, represented insured deposits or uninsured borrowed
funds "by reason of illegal
amount of interest paid thereon," memorandum and letter
picked up by FDIC messenger,
it being indicated that the
FDIC would like to consider
the matter further
Petitions filed by FDIC re, reviewed
Dubious transactions involving the use of
certificates of deposit by,
discussion in light of concern shown by Federal Home
Loan Bank Board, understood
that Mr. Solomon would advise
Home Loan Bank Board informally of the general nature
of the information furnished
by the FRBanks to the Board
Discussion re the effect of Federal Home
Loan Bank Board's amended regulation with respect to renewal
of maturing time certificates
of deposit by, with possible
effect on member banks borrowings, request for additional
reports from FRBanks re
Statistics re, supplemental to accompany fall
call form for purpose of collecting information on, issued
to certain classification of
depositors, letter to Presidents of all FRBanks, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/15
6/2
1781
1915
7/30
2666
8/13
2811, 2830
9/28
3312, 3323
1964
353
Pages
Deposits: (continued)
Time certificates: (continued)
Violations of Regulation Q by San Francisco
National Bank, San Francisco,
California:
Record noted re payment of time certificates before maturity in violation of Regulation Q, letter to Comptroller of the
Currency, approved
FRBank of San Francisco instructed to remind the national bank that
unless it discontinued its
practice of paying interest
on, before maturity date,
such deposits would be reclassified as demand deposits
and reserve requirements would
be raised accordingly
Withdrawal of deposits, letter to Citizens
National Bank, Tell City,
Indiana, re payment of certificate of deposit before maturity in emergency arising from
a strike under exception provided for in Regulation Q,
section 217.4(d), letter approved
Time and savings:
Maximum rates of interest on:
Request from Chairman Robertson of Senate
Banking and Currency Committee, for views on merits of
Regulation Q, and on general
policy of regulating maximum
interest rates payable on savings deposits at commercial
banks, and interest rates payable on, Board agreed that the
staff would continue to work
on issues involved in Chairman
Robertson's inquiry
Staff to redraft letter to Chairman
Robertson
Reply to Chairman Robertson,approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/16
1323, 1335
5/6
1608,1629-30
12/2
4098, 4118
4/13
1277
4/29
5/12
1518
1712, 1721
1964
354
Pages
Deposits: (continued)
Time and savings: (continued)
Maximum rates of interest on: (continued)
Amendment to supplement of Regulation Q
approved, to provide, 4-1/2
per cent on time deposits of
90 days or more, unanimous
approval of Board; 4 per cent
on time deposits for less than
90 days, Governor Robertson
dissenting; 4 per cent on savings, Governors Robertson and
Shepardson dissenting; to be
published in Federal Register,
press release issued, letter
to all FRBanks and branches
Draft of statement of interpretation
answering questions re changes
in, approved, issuance as a
press release authorized, understood statement would be
published in FRBulletin and
the Federal Register
Regulation of interest rates on, proposal to
put on a standby basis, question re attitude toward, topic
for discussion with FAC
Views of FAC expressed at joint meeting
Union Commerce Bank, Cleveland, Ohio, letter to
Mr. Charles A. Baker, Vice
President and Counsel for, with
regard to a question whether a
proposed form of deposit contract would comply with the
requirements of Regulation Q,
understood that interpretation
would be published in the Federal Register and FRBulletin
Window dressing:
Condition reports of commercial banks:
Reference to an editorial in the American
Banker re, question re publication of semi-annual listings,
Board's decision not to suggest discontinuance of publication of listings
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/23
3979,3986-87
11/27
4056, 4076
1/31
2/18
313, 323
553
6/15
2114, 2117
1/2
2
1964
355
Pages
Deposits: (continued)
Window dressing: (continued)
Condition reports of cowercial banks: (continued)
Inquiry from Mid-Continent Banker, St.
Louis, Missouri, re program
of FRSystem and FDIC, to persuade banks to end practice
of, reply approved, copies to
be sent to Presidents of all
FRBanks
Letters to Chairman Fascell of the 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 Federal
Reserve System efforts to eliminate practice of, approved
Misuse of certificates of deposit by savings
and loan associations, referred to as a type of intersystem window dressing, 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 Home Loan Bank Board approved with reservations by
Governor Mitchell noted, letter to all FRBanks inviting
suggestions, approved
Digitronies Corporation, question from FRBank of
St. Louis as to whether acquisition of stock of, by Mercantile-Commerce Company, an
affiliate of Mercantile Trust
Company, St. Louis, Missouri,
constituted a violation of
section 5136 of the Revised
Statutes and section 9 of the
FRAct, letter to FRBank of St.
Louis, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/4
115, 124
3/9
757, 771-74
5/6
1618,1638-40
10/8
3450, 3463
1964
356
Pages
'Dillon-procedure,
so-called after Secretary of
the Treasury Douglas Dillon,
procedure to send draft of
proposed reply letter to designated representatives of
Secretary of the Treasury and
of the other two Federal bank
supervisory agencies for comments they might care to make
re rules' and regulations'
conflicts
Dinners:
Academic economists, payment of cost of a dinner
on April 30, 1964, for group
of, who were to meet with the
Board on May 1, 1964, authorized
Auditors Conference, payment for cost of dinner
for representatives attending
authorized, along with overexpenditures in Board's budget
for 1964, letter to Chairman
Bean of the Conference of
Chairmen
Directors' Day:
Agreed that annual program for newly-appointed FRBank Directors and Branch
directors would be held on
Thursday, March 19, preceded
by a dinner on Wednesday,
March 18
Governors Mills, Shepardson, and Daane
named as a committee of the
Board to work with staff in
formulating program
Indicated that plans for dinner and program were satisfactory
Agreed that annual program for newly-appointed FRBank Directors and Branch
Directors would be held on
Thursday, March 25, 1965, preceded by a dinner on Wednesday,
March 24, 1965
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/29
1491
4/6
1152
4/24
1427, 1441
1/9
67
2/14
478
3/18
911
12/9
4259
1964
357
Pages
Dinners: (continued)
Examiners' Conference of Representatives of
Bank Examination Departments
of FRBanks to be held on
March 9 and 10, 1964, including payment of cost of dinner
in connection with, approved,
letter to all FRBanks
FRBank expenditures for theater parties and,
during 1962 and 1963:
Draft of letter to Chairman Patman of the
Subcommittee on Domestic
Affairs of House Banking and
Currency Committee, in answer
to questions re, and why such
expenditures were not queried
by FRExaminers, agreement with
suggestion of Chairman Martin
that staff examine letter to
make sure wording would leave
the Board on sound grounds
Reply letter approved, Governor Mills dissenting
FRSystem personnel, discussion re arranging dinners for representatives of
other FRBanks in connection
with meetings of System committees and subcommittees
when such personnel could
claim reimbursement for their
own expenses, agreement with
suggestion that subject be
discussed when FRBank Presidents were in Washington
Directors:
FRBank of Atlanta:
Cheatham, J. M., Deputy Chairman, designation
for 1965
Board
meeting
Present at
serving as Boardcurrently
D.,
Holt, Andrew
appointed director of the Nashville Branch of, understood
that it would be ascertained
that if Dr. Hunter could not
accept appointment as Class C
director of Atlanta, Dr. Holt
would be asked to serve, determined that Dr. Hunter could serve,
and Dr. Holt was not asked
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/24
256, 267
4/30
1557
5/7
1652, 1663
7/14
2473
10/28
12/4
3673
4130
1/8
42
1964
358
Pages
Directors: (continued)
FRBank of Atlanta: (continued)
Hunter, John A., Class C, appointment for unexpired portion of three-year
term ending December 31, 1966,
to be tendered if willing to
accept, ascertained that Dr.
Hunter would accept, and appointment was made
Tarver, Jack, Class C, reappointment for
three-year term approved
Chairman and FRAgent, designation for
year 1965
Present at Board meeting
FRBank of Boston:
Canham, Dr. Erwin D., to head committee to
review problem of System publications
Class C, reappointment for three-year
term approved
Chairman and FRAgent, designation for
year 1965
Fey, John T., Class C, resignation from unexpired term ending Dec. 31,
1965, approved
McCormack, James, Class C, appointment to be
made if willing to accept, unexpired term of John T. Fey,
who had resigned
Appointment as Class C director, accepted
Webster, William, Deputy Chairman, designation for the year 1965
FRBank of Chicago:
Briggs, Robert P., Chairman, indicated that
he would tender his resignation in connection with his
acceptance of the nomination
to political office, Board
agreed that Chairman Martin
could inform Mr. Briggs he
should resign in view of the
political nature of his
candidacy
Hilton, James H., Deputy Chairman, designation for year 1965, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/8
42
10/28
3671
10/28
12/4
3672
4130
1/9
60
10/28
3671
10/28
3672
8/19
2875
8/19
9/1
2875
2994
10/28
3673
9/21
3215
10/28
3673
1964
359
Pages
Directors: (continued)
FRBank of Chicago: (continued)
Lunding, Franklin J., Class C, Chairman, and
FRAgent, appointment and designation to be made if willing
to accept, advice received re
willingness to accept, appointment telegram sent on Dec. 8,
1964
FRBank of Cleveland:
Hall, Joseph B., Class C, reappointment for
three-year term approved
Chairman and FRAgent, designation for year
1965
To meet with Board on afternoon of Dec. 2,
1964, to discuss proposed plans
for new building for Cincinnati
branch
Present at afternoon session of Board meeting on Wednesday, December 2,
1964
Johnston, Logan T., Deputy Chairman, designation for year 1965
FRBank of Dallas:
Classification for purpose of electing Class A
and Class B directors in the
Eleventh District believed to
be satisfactory, Board concurs
that no change should be made
at this time
Anderson, Robert 0., Chairman and FRAgent,
designation for 1965
Thomasen, C. J., Class C, reappointment for
three-year term approved
Deputy Chairman for the year 1965, approved
FRBank of Kansas City:
Scott, Homer A., Chairman and FRAgent, designation for 1965
Simons, Dolph, Class C, reappointment for
three-year term approved
Deputy Chairman for the year 1965, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/28
3674
10/28
3671
10/28
3672
11/23
3971
12/2
4107
10/28
3673
3/26
1022, 1036
10/28
3672
10/28
3671
10/28
3673
10/28
3672
10/28
3671
10/28
3673
1964
360
Pages
Directors: (continued)
FRBank of Minneapolis:
Bean, Atherton, Chairman and FRAgent, designation for 1965
Bemis, Judson, Deputy Chairman for year 1965,
approved
Reeve, Byron W., Class C, appointment for
three-year term beginning
January 1, 1965, to be tendered if willing to accept, acceptance ascertained, appointment telegram sent on Nov. 27,
1964
FRBank of New York:
Bell, Elliott V., Class C Director, nominated
for three-year term beginning
January 1, 1965, with the understanding that if it were
found that he would accept,
the appointment would be made,
not available for appointment
Case, Everett N., Deputy Chairman, designation for year 1965
Hester, Dr. James M., Class C, appointment
to be made if willing to accept, advice received re willingness to accept, appointment
telegram sent on December 11,
1964
Reed, Philip D., Chairman and FRAgent, designation for 1965
FRBank of Philadelphia:
Bevan, David C., Deputy Chairman, designation
for year 1965
Indicated informally that he expected to
submit resignation as a director at the end of 1964, Gov.
Balderston authorized to explore matter further re possible successors
Resignation as Class C Director, effective
December 31, 1964
Hoadley, Walter E., Chairman and FRAgent,
designation for 1965
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/28
3672
10/28
3673
11/24
3999
10/28
3673
10/28
3673
11/19
3927
10/28
3672
10/28
3673
11/12
3819
12/9
4258
10/28
3672
1964
361
Pages
Directors: (continued)
FRBank of Philadelphia: (continued)
Winn, Willis J., Class C, reappointment for
three-year term approved
Deputy Chairman, designation for year
1965, appointment telegram
sent on December 10, 1964
Yarnall, D. Robert, Jr., Class C, appointment approved for unexpired
portion of three-year term
ending December 31, 1965, appointment telegram sent on
December 10, 1964
FRBank of Richmond:
Grier, William H., Deputy Chairman, designation for year 1965
Hyde, Edwin, Class C, reappointment for threeyear term approved
Chairman and FRAgent, designation for year
1965
FRBank of St. Louis:
Classification for purpose of electing Class
A and B directors, present
classification satisfactory
at this time
Broadbent, Smith D., Jr., Class C, appointment for three-year term beginning January 1, 1965, to
be tendered if willing to accept, acceptance ascertained,
appointment telegram sent on
December 4, 1964
Deputy Chairman, designation for year 1965
Telegram sent on December 10, 1964
Rebsamen, Raymond, Chairman and FRAgent, designation for 1965
FRBank of San Francisco:
Fredericks, John D., Deputy Chairman, designation for year 1965
Hirschler, Frederic S., Class C, reappointment for three-year term
approved
Whitman, F. B., Chairman and FRAgent, designation for 1965
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/28
3671
12/9
4259
12/9
4259
10/28
3673
10/28
3671
10/28
3672
9/3
3044, 3060
11/24
12/9
12/9
3999
4258
4258
10/28
3672
10/28
3673
10/28
3671
10/28
3672
1964
362
Pages
Directors: (continued)
FRBanks, Class A and B:
Nomination and election of:
Discussion re memorandum from Legal Division which pointed out that
there was nothing in the law
or the Board's instructions
that would prohibit practice
where names of candidates
were recommended to voting
member banks by a nonstatutory nominating committee,
understood revised draft of
letter to be prepared encouraging rotation of directors and
stating that FRBank officials
should not seem to dictate
selection of directors
Discussion re revised draft of letter,
which would be sent to the
Chairmen of all FRBanks and for
the use of nominating committees, designated by member
banks through their respective
banker associations, to consider and recommend names of
possible candidates for nomination of, understood a new
draft letter to FRBank Chairmen would be prepared for
consideration
Further discussion, understood that a revised draft would be prepared
for consideration at another
meeting
Letter to Chairmen of all FRBanks approved,
Governor Mills' reservations
being noted, comment with regard to use of nominating advisory committee
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/28
1475
5/4
1584
5/6
1621
5/11
1688, 1692
1964
363
Pages
Directors: (continued)
FRBanks:
Political affiliations, request for reaction
as to whether an acceptance
by a Class A director of the
FRBank of New York of an appointment to a committee to
advise Presidential candidates
on sound fiscal policy would
run counter to the Board's
1915 resolution
Chairman Martin contacted by telephone
and agreed that there was no
legal prohibition against service by an FRBank director as
a member of such a committee
FRBanks and branches:
Appointments and reappointments:
List of names with respect to appointments
of Chairmen, Deputy Chairmen,
and Class C directors at Federal Reserve Banks and the appointment of directors at
FRBank branches, for terms
beginning January 1, 1965
Meeting, annual Directors' Day:
March 19, 1964, Thursday, preceded by a
dinner on Wednesday, March 18,
agreed on for, with invitations to be sent to, about
the middle of February
Governors Mills, Shepardson, and Daane
named as a committee of the
Board to work with staff in
formulating program
Governors Mills, Shepardson, and Daane,
Messrs. Fauver, Noyes, Brill,
Sammons, and Morgan evolved
format for, Governor Robertson
to speak on "Current Issues
in Bank Supervision," and Mr.
Cardon, Legislative Counsel,
to make comments on hearings
before Subcommittee on Domestic Finance of House Banking
and Currency Committee, understood proposed program would
be acceptable for basis to
make final arrangements
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/21
2912
8/21
2912
10/28
3671
1/9
67
2/14
478
2/28
676
1964
364
Pages
Directors: (continued)
FRBanks and branches: (continued)
Meeting, annual Directors' Day: (continued)
March 19, 1964: (continued)
Indicated that plans for dinner and
program were satisfactory
Evaluation of Directors' Day activities
from Mr. Morgan of Board's
staff contained in a memorandum of April 3, 1964, distributed to Board, suggestion that
if there were comments, they
be discussed at another meeting of the Board
Request for determination of suitable time
for, suggestion that March 1718, 1965, be considered, Chm.
Martin suggested memorandum be
circulated to members of the
Board to determine whether
those dates would be convenient
March 25, 1965, Thursday, Preceded by a
dinner on Wednesday, March 24,
1965, agreed on for
Vacancies, agreed that each Board member
would give thought to names
of possible candidates to replace four Class C directors
and nine branch directors
whose terms were expiring and
who appear not to be eligible
for reappointment, matter to
be brought up at Board meeting early in June
FRBranch banks:
Appointments, understood that respective members of Board would assume responsibility for making inquiry
as to appointment possibilities
at designated FRBranch banks,
including consultation with
Chairmen of such banks, and
that appointments to be made
would then be considered by
the Board
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/18
911
4/13
1283
11/24
3999
12/9
4259
3/10
778
10/28
3674
1964
365
Pages
Directors: (continued)
FRBranch banks: (continued)
Baltimore:
Crewe, Leonard C., Jr., reappointment for
three-year term beginning
January 1, 1965, approved
Birmingham:
Gwaltney, Eugene C., Jr., Vice President
and General Manager, Russell
Mills, Inc., Alexander City,
Alabama, appointment to be
made if willing to accept,
advice received re willingness to accept, appointment
telegram sent
Marks, C. Caldwell, reappointment for
three-year term beginning
January 1, 1965, approved
Montgomery, Mays E., General Manager,
Dixie Home Feeds Company,
Athens, Alabama, appointment
to be made if willing to accept for unexpired portion
of term ending December 31,
1966, advice received re willingness to accept, appointment
telegram sent
Buffalo:
Bennett, Robert S., General Manager, Lackawanna Plant, Bethlehem Steel
Corporation, Buffalo, New York,
appointment to be made if wiling to accept, advice received
re willingness to accept, appointment telegram sent
Charlotte:
McGuire, William B., appointment for threeyear term beginning January 1,
1965, to be tendered if willing to accept, appointment
telegram sent on November 27,
1964
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/28
3672
11/30
4090
10/28
3672
2/3
340
11/30
4089
11/24
3999
1964
366
Pages
Directors: (continued)
FRBranch banks: (continued)
Cincinnati:
Laing, R. Stanley, appointment for unexpired term ending December 31,
1965, effective November 30,
1964, to be tendered if willing to accept, appointment
telegram sent on November 27,
1964
Tucker, Barney A., reappointed for threeyear term beginning January 1,
1965, approved
Whitaker, Howard E., resignation as director, effective October 31,
1964
Denver:
Burghart, R. A., reappointment for twoyear term beginning January 1,
1965, approved
Detroit:
Miller, James William, reappointment for
three-year term beginning
January 1, 1965, approved
El Paso:
Foster, Gordon W., appointment for threeyear term beginning January 1,
1965, approved, with the understanding that if Mr. Foster
would accept, the appointment
would be made, acceptance ascertained, appointment telegram sent
Helena:
McClave, C. G., reappointment for twoyear term beginning January 1,
1965, approved
Houston:
Hudgins, Edgar H., reappointment for threeyear term beginning January 1,
1965, approved
Jacksonville:
Vaughn, Harry T., reappointment for threeyear term beginning January 1,
1965, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/24
3998
10/28
3672
11/24
3998
10/28
3672
10/28
3672
12/9
4258
10/28
3672
10/28
3672
10/28
3672
1964
367
Pages
Directors: (continued)
FRBranch banks: (continued)
Little Rock:
Ritchie, Reeves E., appointment for threeyear term beginning January 1,
1965, to be tendered if willing to accept, appointment
telegram sent
Los Angeles:
Halgren, S. Alfred, reappointment for twoyear term beginning January 1,
1965, approved
Louisville:
Smith, Richard T., reappointment for threeyear term beginning January 1,
1965, approved
Memphis:
Williams, James S., appointment for threeyear term beginning January 1,
1965, to be tendered if willing to accept, appointment
telegram sent on November 30,
1964
Nashville:
Holt, Andrew D., currently serving as
Board-appointed director of
Nashville Branch of FRBank of
Atlanta, understood that if
Dr. Hunter could not serve as
Class C director at Atlanta
Bank, Dr. Holt would be asked
to serve, determined that Dr.
Hunter could serve
Williams, Robert M., President, ARO, Inc.,
Arnold Engineering Development Center, Tullahoma, Tenn.,
appointment to be made if willing to accept, advice received
re willingness to accept, appointment telegram sent
New Orleans:
Giddens, Kenneth R., reappointment for
three-year term beginning
January 1, 1965, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/24
3999
10/28
3672
10/28
3672
11/24
3999
1/8
42
11/30
4090
10/28
3672
1964
368
Pages
Directors: (continued)
FRBranch banks: (continued)
Oklahoma City:
Barby, Otto C., reappointment for twoyear term beginning January 1,
1965, approved
Omaha:
Hardin, Clifford M., reappointment for
two-year term beginning
January 1, 1965, approved
Pittsburgh:
Dickey, Robert, III, appointment for threeyear term beginning January 1,
1965, to be tendered if willing to accept, appointment
telegram sent on November 27,
1964
Portland:
Dwyer, Robert Francis, Director, nominated
for two-year term beginning
January 1, 1965, with the understanding that if it were
found that he would accept,
the appointment would be made,
ascertained that Mr. Dwyer
would accept, appointment telegram sent on December 4, 1964
Salt Lake City:
Marble, Peter E., Director, nominated for
two-year term beginning Jan. 1,
1965, with the understanding
that if he would accept, the
appointment would be made, ascertained that Mr. Marble would
accept, appointment telegram
sent
San Antonio:
Herndon, Harold D., reappointment for threeyear term beginning January 1,
1964, approved
Seattle:
O'Brien, Robert D., reappointment for twoyear term beginning January 1,
1965, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/28
3672
10/28
3672
11/24
3999
10/28
3673
10/28
3673
10/28
3672
10/28
3672
1964
369
Pages
Directors: (continued)
Insured banks:
Changes in chief executive officers and, letter to Budget Bureau reporting
on draft legislation proposed
by FDIC, approved, Governor
Mills' reservations being
noted
National banks:
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 Budget Bureau, approved, copy of
letter sent to Treasury Department,General Counsel Belin
Discount officers of FRBanks:
Meetings, use of discount window of FRBanks,
might be appropriate for consideration at a meeting of
Discount window:
FRBank of Atlanta, comment by Governor Mitchell
in light of frequent borrowing by three member banks in
the Sixth District revealed
in the examination report of,
Governor Mills noted increase
in credit requirements raised
by bankers associations in
Kansas and Nebraska, agreed
Mr. Holland of Board's staff
would submit memorandum re
questions raised by Governors
Mitchell and Mills
FRBank of Kansas City, attention called to certain problems connected with
borrowings from, by member
banks in the District, interest expressed in how over-all
appraisal of practices in discount administration was progressing, indicated that a
System-wide program would be
proposed
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/31
2696, 2706
3/31
1074, 1084
3/25
981
3/25
979
12/11
4298
1964
370
Pages
Discount window: (continued)
FRBank of Richmond, frequent use by three reserve city banks noted in examination report of, request
that statement for the record
be obtained as constituting a
justification
FRBanks, discussion re use of discount window
at, in view of proposed legislation, agreed that staff
would put proposal for legislation relating to advances
by FRBanks in form for submission to the Congress early
in 1965
Dividends:
First State Bank, Chinook, Montana, request for
permission to declare an additional dividend of $10,000,
discussion re previous payments of dividends without
prior approval of Board and
generous dividends and service fees paid Bancorporation
of Montana, the holding company owning controlling interest of, understood matter
would be studied by the staff
Letter denying request to pay additional dividends, and taking no action
with respect to dividends paid
in 1963 and early 1964, approved
First State Bank of Decatur, Michigan, memorandum from Division of Examinations recommending approval
of request of, for permission
to declare a cash dividend
under the provisions of section 9 of the FRAct and section 5199(b) of the Revised
Statutes, request approved,
Governor Mills hoped that this
was not a practice that the
Board would encourage, letter to
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/16
871, 876
11/18
3898
6/8
1974
7/1
2325, 2337
6/29
2291, 2306
1964
371
Pages
Dividends: (continued)
Manes County Bank, Vienna, Missouri, Board interposes no objection to dividend paid on January 13, 1964,
without prior consent of the
Board
Pleasants County Bank, St. Marys, West Virginia:
Letter re payment of dividends in contravention of provisions of the
FRAct, Board does not object
to dividends declared and paid
in 1963
No objection to dividend declared and paid in
June 1964, payment of dividend
to be declared and paid in
December 1964, approved
Sylvan State Bank, Sylvan Grove, Kansas, no objection to dividends declared
and paid in January and July
1964 which were paid without
prior approval of the Board,
declaration and payment of
dividend in December 1964,
approved
Dominion Bureau of Statistics, Clayton Gehman,
Chief, Business Conditions
Section, Division of Research
and Statistics, travel to
Ottawa, Canada, during period
September 10-11, 1964, for purpose of meeting with representatives of, and Bank of Canada,
authorized
Douglas, Paul H., Senator, policy record of actions
taken by Board and Federal
Open Market Committee approved
for inclusion in Board's Annual Report and transmitted
in advance of publication in
the Annual Report, to, Chairman of Joint Economic Committee, copies also sent to the
Senate and House Banking and
Currency Committees
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/27
1447, 1462
7/9
2375, 2404
11/2
3695, 3707
12/14
4301, 4318
9/1
3006
1/29
292, 308
1964
372
Pages
Dow -Jones Financial News Service Ticker:
SEE: News service ticker:
Dow-Jones Financial
IlEt1
Earnings:
FRBanks:
Discussion re level at which surplus accounts
should be maintained, with
Board approval of amount
equal to each Bank's paid-in
capital, effective December 31,
1964, and until further action
by Board, Governor Mills dissenting, noted in discussion
that loss incurred by FRBanks
would be chargeable to surplus
and Bank earnings would be
used to restore surplus as in
present circumstances, agreed
that public announcement of
action would be made as part
of year-end statement of Federal Reserve Bank earnings,
advice to all FRBank Presidents
Draft of press statement to be released on
or about January 5, 1965, re
FRBank earnings during 1964,
statement to include information re payments to be made
to Treasury, calling for maintenance of surplus accounts of
FRBanks at an amount equal to
their paid-in capital, understood press statement to be
brought to Board's attention
when year-end figures become
available, statement telegraphed to FRBank Presidents
requesting no distribution or
announcement prior to official
release
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/16
4342, 4398
12/22
4502
1964
373
Pages
Earnings: (continued)
FRBanks: (continued)
Further discussion re surplus accounts with
agreement that payment to
Treasury Department should be
made in 12 monthly instalments
beginning January 1965, understood that press statement
would not indicate in detail
the manner that payment was
to be made except to be clear
that it related to the calendar year of 1964
Further discussion re method of payment to
Treasury Department from surplus account of FRBanks, Gov.
Balderston to attend meeting
with Treasury Department officials and discuss matter
Treasury Department stated preference for
pro rata monthly payments of
freed surplus as agreed upon
at Board meeting on Dec. 23,
1964
Earnings and expenses:
FRBanks, understood that FRBanks would be advised by telegram that Board
had noted without objection
the proposed 1964 year-end
entries shown by statements
accompanying their respective
communications, but with the
understanding that such entries would be revised to reflect action described in
Board's telegram of Dec. 16,
1964, re surplus accounts of
FRBanks and payments to Treasury Department, telegram
sent to all FRBanks following Board meeting
Economic conditions:
Domestic:
Question re probable course for remainder of
1964, topic for discussion
with FAC
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/23
4522
12/28
4537
12/28
4541
12/21
4470, 4496
1/31
313, 322
1964
374
Pages
Economic conditions: (continued)
Domestic: (continued)
Question re probable course for remainder
of 1964: (continued)
Level of domestic economic activity will
continue to rise during remainder of this year, views
of FAC expressed at joint
meeting
Question re probable course for remainder of
year, topic for discussion
with FAC
Anticipates continued strong economic expansion, views expressed at
joint meeting with FAC
Question re probable course for remainder of
1964, topic for discussion
with FAC
Business and economic activity in next
six months will continue to
expand, views of FAC expressed at joint meeting
What is general outlook for U. S. economy
over the next six months,
topic for discussion with
FAC
Favorable outlook for U. S. economy for
next six months, although
there are some factors of the
economy such as housing that
are not expanding, views expressed at joint meeting with
FAC
Economic Stabilization Task Force:
Alaskan banking situation, from earthquakes and
tidal waves, letter to Senator
Clinton P. Anderson, Chairman
of Federal Reconstruction and
Development Commission for
Alaska, suggesting Messrs.
Noyes and Harris of Board's
staff to work with, being appointed by Federal Reconstruction and Development Committee
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/18
544
3/30
1056, 1067
4/23
1397, 1418
8/25
2940, 2956
9/22
3224
10/29
3686, 3689
11/17
3860
4/8
1217, 1227
1964
375
Pages
El Salvador:
Financiera de la Pequena Empresa, S. A., San
Salvador, El Salvador, restrictions rescinded as per
revision of Regulation K re
purchase of shares of, by
Chase International Investment Corporation, New York,
New York
Emergency plans:
Alaska:
Banking situation following recent earthquakes:
Report made to Board by Mr. Solomon on an
interagency meeting on reports
from the Office of Emergency
Planning re the extent of devastation in Alaska, FRBank
of San Francisco planning to
send a bank examiner and an
officer of the Seattle Branch
to study the situation
Report by Mr. Solomon re recent meeting
at Treasury Department with
respect to, Board questioned
whether it would be appropriate to consider granting
relief through relaxation of
reserve requirements if a request of that kind were made
Frederic Solomon, Director, Division of
Examinations, designated to
serve on Financial Institutions Task Force,being appointed by Federal Reconstruction and Development Commission for Alaska,of which Senator Clinton P. Anderson was
Chairman, letter to Chairman
Anderson
Letter to Chairman Anderson suggesting
Messrs. Noyes and Harris as
possibilities to work with
Economic Stabilization Task
Force
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/4
1594, 1604
4/1
1104
4/6
1141
4/8
1216, 1226
4/8
1217, 1227
1964
376
Pages
Emergency plans: (continued)
Alaska: (continued)
Banking situation following recent earthquakes: (continued)
Authorization for FRBank of San Francisco,
for remainder of 1964, to waive
penalties for reserve deficiencies of Alaskan member banks,
approved, Governor Mitchell
dissenting, telegram to Federal Reserve Bank of San Francisco and letters to Messrs.
Rasmuson and Cuddy, Presidents of banks in Anchorage,
and issuance of press statement on Board's action
Birmingham Branch:
Fallout shelter:
Board interposes no objection ro proceeding with, and authorizes the
necessary expenses as described
Draft of telegram to FRBank of Atlanta
indicating Board approval of
Bank's proceeding with construction of, on basis of
guaranteed cost estimates,
approved, Governor Mitchell
dissenting
Board of Governors:
Defense mobilization activities, reply to
Chairman Patman of Joint Committee on Defense Production,
requesting a summary of, for
past year, approved
Board's Liaison Office, letter to Presidents of
all FRBanks re suggested schedule for FRBank representation
at, during 1965, approved
FRBank of Atlanta:
Fallout shelter, Board interposes no objection to proceeding with project, noted that completion is
comprehended in contract for
the west addition now under
construction
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/13
1271,1285-87
2/27
663, 671
12/21
4468, 4495
9/15
3133, 3139
11/12
3819
2/27
663, 671
1964
377
Pages
Emergency plans: (continued)
FRBank of Chicago:
Fallout shelter, Board interposes no objection to proceeding with revised program for
Federal radio transmitting frequency, letter
to, approved, informing it of
the assignment of a, for selective tone signaling and one-way
voice communications to certain
personnel on the head office
premises
FRBank of Dallas:
Fallout shelter, plans to be abandoned in
view of increase in estimated
cost, noted by Board, understood entire program to be reappraised
Jacksonville Branch:
Fallout shelter:
Board interposes no objection to proceeding with, and authorizes necessary expenses as described
Draft of telegram to FRBank of Atlanta indicating Board approval of
Bank's proceeding with construction of, on basis of
guaranteed cost estimates,
approved, Governor Mitchell
dissenting
Nashville Branch:
Fallout shelter:
Board interposes no objection to proceeding with, and authorizes necessary expenses as described
Draft of telegram to FRBank of Atlanta indicating Board approval of
Bank's proceeding with construction of, on basis of
guaranteed cost estimates,
approved, Governor Mitchell
dissenting
Relocation facility for joint use of Board and
FRBank of Richmond:
Computer support for, discussed in consideration of purchase of IBM 1410
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/12
2078, 2094
4/20
1360, 1365
1/22
234, 246
2/27
663, 671
12/21
4468, 4495
2/27
663, 671
12/21
4468, 4495
5/21
1831
1964
378
Pages
Emergency plans: (continued)
Relocation facility for joint use of Board and
FRBank of Richmond: (continued)
Governor Robertson's recommendations to proceed with planning of, to use
for currency storage and communications center during normal times with possible use as
a data processing center, to
complete a study by the Division of Data Processing and
FRBank of Richmond re computer
operations, and to initiate 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 & Son, to prepare plans
for
England:
M. Samuel & Co. Limited, London, England, letter
to International Banking Corporation, New York, New York,
re consent previously granted
to purchase and hold shares of
M. Samuel & Co. Limited, Board's
further consideration grants
certain stated liberalizations
of condition previously stated
in letter of January 30, 1963
New York London Trustee Co. Limited, London,
England, letter to International Banking Corporation,
New York, New York, granting
consent to purchase shares of
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/23
2234
9/21
3209, 3218
9/18
3185, 3202
5/21
1828, 1850
1964
379
Pages
Equipment:
Board of Governors:
Computers:
Memorandum reviewing increasing use Board's
staff had made of, since first
installation in 1958, IBM 1410
leased in 1962 with a purchase
option expiring on May 31,
1964, purchase of, approved,
Governor Mitchell dissenting
Letter to International Business Machines
confirming a verbal agreement
of April 7, 1964, by which the
Board was placed in line on
the production schedule for an
IBM 360 model 50 electronic
computer, understood no obligation would be incurred as a result of letter to
Recommendation that a fifth tape be leased
for remaining time the 1410
system is the primary computer
at the Board's offices, and
that the lease order be for
Model 729 IV, at a monthly
rental of $900, approved
Recommendation,resulting from a study made
by Governor Robertson in connection with the relocation
facility for the joint use of
the Board and FRBank of Richmond, that the Division of
Data Processing and the Richmond Bank be requested to complete studies of the feasibility and cost of operating a
computer remotely along lines
set forth, approved
Headline Photo Composing Machine, Model 840,
memorandum recommending the
purchase of an additional, for
use in Economic Graphics Section of the Division of Data
Processing, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/21
1831
6/10
2002, 2018
6/12
2090
6/23
2237
10/12
3482
1964
380
Pages
Equipment: (continued)
Board of Governors: (continued)
Keypunch machine, acquisition of an additional, at a monthly rental
of $60, approved
VariTyper, Model 660-F, purchase of, authorized, with approval of resultant overexpenditure in
the Division of Administrative
Services' budget
Federal department and agencies:
Data processing equipment, proposed amendment
to H.R. 5171 that would authorize Administrator of General
Services to coordinate acquisition and utilization of automatic data processing equipment by, Chairman McClellan
of Senate Government Operations Committee, invited the
Board to comment and also
asked if the Board desired to
have a representative testify
at hearings that might be
held before the Committee,
agreement with suggestion
that no letter be submitted
or appearance requested before the Committee
FRBank of Boston:
Electronic check processing equipment, report by Messrs. Farrell and
Kiley of findings during
visit to, subsequent to the
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
FRBank of New York:
Currency counting machine, letter to, re use
of high-speed currency counting machines to verify deposits of $1 and $5 bills by tickometers and De La Rue machines
during New York World's Fair,
counterfeit problem did not develop, no objection to use of
high-speed equipment, copies of
letter sent to Presidents of
http://fraser.stlouisfed.org
all FRBanks
Federal Reserve Bank of St. Louis
8/25
2946
6/18
2155
7/14
2466
2/4
375
6/10
2002, 2016
1964
381
Pages
Equipment: (continued)
FRBank of Philadelphia:
Currency counting machine:
Memorandum from Division of Bank Operations describing developments
following an observation by
Stanford Research Institute
during a study of the possibility of developing electronic
equipment for currency handling,
adopted by, with substantial
operating economies but little
opportunity for detection of
counterfeits, agreement with
suggestion between Board and
President Bopp of, with Messrs
Farrell and Schwartz present
Practice of limiting the use of, to incoming deposits of $1 bills in
line with recommendations of
the Subcommittee on Cash,
Leased Wire, and Sundry Operations, in which the Division
of Bank Operations had concurred, agreed that meeting
with President Bopp was no
longer necessary, letter to
Chairman Hayes of the Conference of Presidents
FRBank of Richmond:
Computer, recommendation resulting from study
made by Governor Robertson in
connection with the relocation
facility for the joint use of
the Board and, that the Division of Data Processing and
the Richmond Bank be requested
to complete studies of the
feasibility and cost of operat
ing a computer remotely along
lines set forth, approved
FRBanks:
Electronic check processing, situation cloudy
during period of transition to
electronic equipment, costs continuing to rise at some, interpretation difficult re budgets
of FRBanks
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/23
949
4/22
1379, 1389
6/23
2237
1/9
57
'
1964
382
Pages
Equipment: (continued)
FRBanks: (continued)
Memorandum prepared per request of Governors
Balderston and Daane stating
that FRBanks were considering
ways to improve collection of
checks which depended to a
large extent on the greater
use that could be made of
high-speed equipment
Ethiopia, Addis Ababa:
Library, Janet Bogardus, Chief Librarian, Research Department, FRBank of
New York, to advise on establishment of a comprehensive
library in, and to act as consultant to the Ford Foundation's Middle East and Africa
program, letter to FRBank of
New York, interposing no objections
Examinations:
Crimes against banking institutions:
Questionnaire developed by FRSystem and FDIC,
in light of recommendations by
House Legal and Monetary Affairs Subcommittee, to be
used in the examination of
banks and would provide 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 to implement the
recommendations made in the
Committee's report on, approved,
letter to FRBank Presidents with
revised page 16 of examination
report, Form F.R. 410 and questionnaire re, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/12
1713, 1729
10/2
3365, 3372
5/28
1902, 1908
5/28
1903
6/23
2232, 2245
1964
383
Pages
Examinations: (continued)
FRBanks:
Examining services, Chairman Martin suggested
Board review examination reports, and Mr. Solomon suggested that it would help the
Division of Examinations if
the Board would comment on
what in examination reports
could best serve the Board
Expenditures of:
Closer scrutiny in examination and more
detailed reporting of discretionary expenditures of
FRBanks, agreed that Division
of Examinations be instructed
to bring to Board's attention
periodically for review and
consideration questionable expenditures of any significance
that examiners might note in
course of examination
Dinners and theater parties during 1962
and 1963, draft of letter to
Chairman Patman of Subcommittee on Domestic Affairs of
House Banking and Currency
Committee, in answer to question, as to why, expenditures
re, were not queried by the
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
Governor Mills dissentapproved,
Reply
ing
Governor Mills observed that it seemed to
him unusual that a FRBank of
such size could function without some expenditure worthy of
comment, understood list of expenditures noted by examiners
would be distributed to Board
members, bank stock owned by
Philip Vachon, employee, FRBank
of New York, questioned
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/19
591
2/26
648
4/30
1557
5/7
1652, 1663
9/1
2989
1964
384
Pages
Examinations: (continued)
FRBanks: (continued)
Procedures:
Supervision and examination, Governor
Shepardson noted that Haskins
& Sells, in auditing Board's
accounts for 1963, submitted
review of, which contained a
number of suggestions to which
Board would want to give careful consideration, memorandum
of comment from Division of
Examinations after which the
Board might want to request
Haskins & Sells to come in
and discuss its report
Comprehensive review and detailed discussion of report by Haskins
& Sells supplemented by comments of Messrs. Robertson
and Larkin, Partners of Haskins & Sells, who were in
attendance at Board meeting
Recommendations submitted in memorandum
by Governor Shepardson, approved, including draft of
proposed directive to the Division of Examinations, letters
to all FRBanks except Boston
and Philadelphia, re changes
in reports of FRBanks with
branches, letter to Haskins &
Sells re assignment for 1964
review of examinations of
FRBanks
Memorandum re changes in the examination
report form, agreed that the
Division of Examinations
should review further in light
of suggestions made during discussion and should consult
with other divisions before
further consideration by the
Board
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/19
588
3/5
718
4/1
1094, 1123
6/18
2141
1964
385
Pages
Examinations: (continued)
FRBanks: (continued)
Procedures: (continued)
Memorandum from Mr. Solomon re changes
proposed to be made in form
of report of examination of
FRBanks, ensuing discussion
indicated consensus in favor
of using proposed examination
report on trial basis, after
which further consideration
could be given to matter
against a background of experience with proposed revisions
Report form:
Revision of:
Discussion re changes in, agreed that
Division of Examinations should
review further in light of suggestions made during discussion and should consult with
other divisions before further
considerations by Board
Memorandum from Mr. Solomon re changes
proposed to be made in light
of Board's earlier discussion
of a pro forma report that had
accompanied and been commented
on in an earlier memorandum of
Mr. Solomon, consensus in favor
of using proposed examination
report on trial basis, after
which further consideration
could be given to the matter
against a background of experience with proposed revisions
Suggestion by Chairman Martin that form
of report should be considered
further at a time when all members of the Board were present
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/29
2646
6/18
2141
7/29
2646
11/27
4059
1964
386
Pages
Examinations: (continued)
Foreign banking corporations:
Establishment of a uniform procedure of valuation of shares of, held for
balance sheet and examination
purposes, understood that subject would be discussed further at another meeting
Understood that an effort to arrive at a
principle of general application would continue, with
forthcoming cases to be considered on their individual
merit, letter to Bankers International Corporation, New
York, New York, approved
National banks:
Increased charges for reports of examination
of, purchased by FRBanks from
the Office of the Comptroller
of the Currency, letter sent
to Chairman Fascell of the
Legal and Monetary Affairs
Subcommittee of House Committee on Government Operations
re
Copy of letter furnished to FDIC
Disagreement between Board and Comptroller
of the Currency re, letter to
Chairman Patman of House Banking and Currency Committee, in
reply to request for a list of
points of disagreement between
Board and Comptroller of the
Currency
from Professor Donald
request
Salary figures,
Jacobs of House Banking and
Currency Committee staff, for
certain detailed tabulations
of data re compensation of
bank officers, for use re
Committee's study of management succession, granted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/12
2084
6/23
2224, 2243
4/1
5/6
1088, 1109
1624
9/3
3048,3064-65
9/28
3314
1964
387
Pages
Examinations: (continued)
Uniformity of reports of, FDIC advised Board
that Chairman of FDIC and
Comptroller of the Currency
were in favor of establishing
a committee to work toward obtaining uniformity of computer
usage in the examination process, along with uniformity
of examining reports and call
reports, Board agreed participation in such a study was
warranted
Comptroller not willing to enter into joint
effort looking toward uniform
call or examination reports,
nothing for Board to consider
at this time
Vietnam examiner training program, request from
State Department for three
FRBank examiners to go to
Saigon, Vietnam, to conduct
one or two examinations and
to give advice re banking program, understood FRSystem to
be reimbursed by Agency for
International Development for
expenses, agreement that Federal Reserve Banks would be
contacted re personnel for
State Department subsequently advised that
it was obtaining requested
personnel from another source
(Individual banks):
Bank of Powhatan, Virginia:
Request from Assistant U. S. Attorney General, for access to reports
of examination of, dated
November 18, 1961, May 7,
1962, June 3, 1963, and Aug. 3,
1963, for use re criminal action, United States v. James
Lovelace Tribble, telegram to
FRBank of Richmond, authorizing access to reports of examination
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/31
317
2/12
458
4/6
1151
4/6
1152
11/12
3801, 3822
1964
388
Pages
Examinations: (continued)
Bank of Powhatan, Virginia: (continued)
Request from Assistant U. S. Attorney General
for access to reports of examination of: (continued)
Governor Mills thought examination report
could be released under subpoena without violation of
confidentiality
Board authorized Messrs. Nosker, Porter and
Beducian of FRBank of Richmond, to appear in court in
response to subpoena calling
for testimony concerning contents of examination reports
in connection with case U. S.
v. James Lovelace Tribble
Farmers and Merchants Bank of Long Beach,
California:
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
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 Mr.
Kenneth G. Walker, approved,
Governor Mills dissenting
Further request for release of two letters
from examination reports, approved
FRBank of Atlanta:
Report reviewed:
Discussion re resistance of, to certain recommendations made by Peat, Marwick, Mitchell & Co., re sampling techniques, suggestion
that Board encourage FRBanks to
accept greater use of these techniques, arrangements to be made
for General Auditors' Conference
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/12
3803
11/27
4063, 4082
4/3
1133, 1139
8/27
2964, 2975
11/25
4008,4028-30
3/25
976
1964
389
Pages
Examinations: (continued)
FRBank of Cleveland:
Proposed new report of examination form used
on trial basis at FRBank of
Minneapolis and, agreement
with suggestion of Chairman
Martin that form should be
considered further at a time
when all members of the Board
were present
Report reviewed
FRBank of Dallas:
Report reviewed:
Discussion re possible speculative aspect
of the borrowings and indebtedness of four members of the
Bank's staff for the purpose
of purchasing stock, letter
to President Irons re steps
taken or proposed by management in light of Board's instructions concerning financial transactions of FRBank
officers and employees
Kansas
City:
FRBank of
Report reviewed:
Construction of new quarters at Denver
Branch, need for expressed,
general management problem
reviewed, understood Governor
Shepardson to discuss problems
with President Clay of
Contribution of $400 to Kansas City Crime
Commission, brought out in,
agreed that check would be
made into files, including
record of budget committee,
prior to further consideration
Report reviewed:
Attention called to problems connected
with borrowings from, by two
member banks, interest in appraisal of current policies
and practices in discount administration, indicated Systemwide program in this area would
be proposed to Board after the
first of the year
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/27
11/27
4059
4062
6/9
1985, 1995
2/19
589
2/19
592
12/11
4298
1964
390
Pages
Examinations: (continued)
FRBank of Kansas City: (continued)
Report reviewed: (continued)
Disappearance of $4,900 in currency in
Omaha Branch noted, conclusion
by FRBank of Kansas City that
disappearance resulted from
inadvertent error and did not
reflect malfeasance by any employee
FRBank of Minneapolis:
Report reviewed:
Memorandum distributed re types of matters
reviewed by Board's examiner
but not considered of such importance as to warrant inclusion in a report of examination
Review of proposed new report form used on
trial basis at FRBank of
Cleveland and, according to
previous understanding, agreement with suggestion of Chairman Martin that form should be
considered further at a time
when all members of the Board
were present
Report reviewed
FRBank of New York:
Report reviewed:
Governor Mills observed that it seemed
unusual that a FRBank of such
size could function without
some expenditure worthy of
comment, understood list of
expenditures noted by examiners would be distributed to
Board members, bank stock
owned by Philip Vachon, employee of, questioned
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/11
4299
1/8
41
11/27
11/27
4059
4062
9/1
2989
1964
391
Pages
Examinations: (continued)
FRBank of Philadelphia:
Report reviewed:
Understood that Governor Balderston would
discuss with President Bopp
an expenditure consisting of
payment of $1,700 to the Research Institute of America,
Inc., for annual membership
dues for officers and selected employees of the FRBank,
observed that management of
the Bank had agreed to review
appropriateness of continued
holding of shares of two national banks by Head of Bank
and Public Relations Department, no other items regarded
as warranting action
FRBank of Richmond:
Report reviewed:
Notation made of continuous borrowings
from, by three reserve city
banks and of five cases of indebtedness incurred by Reserve
Bank's staff in order to finance the purchase of securities, letters discussing these
problems, approved
FRBank of St. Louis:
Report reviewed
FRBank of San Francisco:
Report reviewed:
Emphasis on difficulties in the coin function at the Los Angeles Branch
and remedial steps taken by
management of the Bank, no action warranted
Report form for examination report changed in
style, effective as of March
23, 1964
Report reviewed
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/30
1561
3/16
871, 876-77
7/15
2496
2/6
406
6/18
6/18
2141
2152
1964
392
Pages
Examinations: (continued)
Hightstown Trust Company, East Windsor Township,
New Jersey, authorization given
for Federal Bureau of Investigation agent to open sections
of two reports of examinations
of, to be accompanied by representative of FRBank of Philadelphia
Warren Bank, Warren, Michigan:
Access to certain documents relating to examination report of, 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,
Governor Mills dissenting
Board authorizes the 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
Examiners:
Board of Governors:
FRBank of Boston, references to Board examiners' work which Mr. Solomon
thought might be susceptible
to misinterpretation, contained in report of examination of,
memorandum on these points furnished to the Board
(Individual names):
Farrell, Walter 0., Examiner, FRBank of Boston,
assignment for period of approximately two months to Board's
Division of Examinations, with
travel and expenses paid by
FRBank of Boston, to be designated as FRExaminer while in
Washington, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/2
4098, 4120
3/12
807, 819-23
5/6
1626, 1641
2/4
377
1/31
318, 328
1964
393
Pages
Examiners: (continued)
Board of Governors: (continued)
Goodfellow, Allen F., Review Examiner, Division of Examinations, appointment and salary approved with
approval of reimbursement for
moving expenses from San Francisco, California, to Washington, D. C., including transportation and per diem while
in travel status
Haskell, Roger A., Assistant Federal Reserve
Examiner, change in headquarters from Washington, D. C. to
Seattle, Washington, effective
immediately, approved
Kleppe, Martin I., Assistant Examiner, FRBank
of Philadelphia, assignment to
Board for a period of approximately three months beginning
May 18, 1964, understood Board
will absorb all of Mr. Kleppe's
salary and travel expenses in
connection with the assignment,
Mr. Kleppe will be designated
as FRExaminer while on assignment in Washington
Conference:
Agreed to follow usual procedure of holding,
in conjunction with the 1964
convention of The National
Association of Supervisors of
State Banks, although it necessitated travel outside the continental United States, letter
to Presidents of all FRBanks
counseling restraint in the
designation of participants
Conference of Representatives of the Bank Examination Department of FRBanks
to be held on March 9 and 10,
1964, letter to all FRBanks re,
action included approval of payment of cost of the dinner in
connection with
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/26
2271
5/28
1904
5/12
1717, 1730
4/9
1234, 1246
1/24
256, 267
1964
394
Pages
Examiners: (continued)
Conference of Representatives of the Bank Examination Department of FRBanks: (continued)
Committee on Government OpHouse
from
Report
erations concerning "Crimes
Against Banking Institutions"
discussed at March 1964 con5/7
ference of
FDIC:
Lindsey, Thomas E., request for certain documents relating to Warren Bank,
Warren, Michigan, from Department of Justice on behalf of,
who is currently serving as an
agent of a Federal grand jury
in Eastern Michigan, approved,
3/12
Governor Mills dissenting
FRBanks:
Appointment of examiners, assistant examiners,
and special or special assistant examiners, Governor Shepardson vested with authority
7/29
to approve
Crimes against banking institutions:
Questionnaire re, to be submitted to Federal Reserve Bank examiners
in present form unless modifications are suggested by
Comptroller within a reason5/28
able time
Report to Chairman Dawson of House Committee on Government Operations,
in actions taken to implement
the recommendations made in
the Committee's report on, approved, letter to FRBank Presidents enclosing revised page 16
of the report of examination,
Form F.R. 410, and questionnaire entitled "Security and
Control against External
6/23
Crimes," approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1647, 1661
807,819-23
2648
1903
2232, 2245
1964
395
Pages
Examiners: (continued)
FRBanks: (continued)
Family relationships:
Hegi, John Jacob, Assistant Examiner, Federal Reserve Bank of Dallas,
appointment approved with the
understanding that he will not
participate in the examination
of The First National Bank of
Tahoka, Texas, as long as his
father is an officer of that
bank
Higgerson, Richard J., Assistant Examiner,
FRBank of Richmond, appointment approved with the understanding that he not participate in examination of Central
National Bank of Richmond, Va.,
as long as his father is an officer of that bank
Kindwall, Richard C., Assistant Examiner,
FRBank of San Francisco, appointment approved, not to
participate in examination
of Albert City Savings Bank,
Albert City, Iowa, a nonmember bank, as long as his father
is an officer of that bank
Reed, Donald S., Assistant Examiner, Federal Reserve Bank of Chicago,
appointment approved with the
understanding that he not participate in examination of the
department in which his wife
is a secretary at the Continental Illinois National Bank
and Trust Company, Chicago,
Illinois
Yeadon, G. Read, Jr., Assistant Examiner,
FRBank of San Francisco, appointment approved, not to participate in examination of The
Bank of California, N.A., San
Francisco, California, of which
his father is Trust Officer
and Assistant Secretary
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/2
4116, 4128
6/29
2304, 2310
5/6
1627, 1645
11/25
4025, 4051
3/6
749, 755
1964
396
Pages
Examiners: (continued)
FRBanks: (continued)
Vietnam examiner training program, request
from State Department for
three FRBank examiners to go
to Saigon, Vietnam, to give
advice on banking program,
understood FRSystem to be reimbursed by Agency for International Development for expenses, agreement that Federal Reserve Banks be contacted re personnel for
State Department subsequently advised that
it was obtaining requested
personnel from another source
Inter-agency training program for:
Dallas to hold, with the cooperation of the
FRBank of Dallas, suggested
by the Inter-Agency Committee
on Automation that a basic twoweek regional training program
be given several times each
year and that consideration
be given to an advanced program relating specifically to
examination procedures
Memorandum from Governor Robertson suggesting
that Mr. Glenn Goodman serve
as Board's liaison with Mr.
E. J. Roddy of FDIC in planning
the training of examiners in
electronic data processing of
applications in the banks, understood proposed program would
be handled in manner suggested,
letter to all FRBanks,approved
Executive Orders (proposed):
Interest Equalization Tax Act:
Canadian stock or debt obligations, exclusion
of new or original issues from,
no need indicated for comments
as requested by the Bureau of
the Budget
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/6
1151
4/6
1152
1/13
95
9/25
3298, 3307
8/25
2942
1964
397
Pages
Executive Orders (proposed): (continued)
No. 11176, Board requests that information returns made by commercial banks
under section 6011(d)(2) of
the Internal Revenue Code of
1954, as added by section 3(a)
of the Interest Equalization
Tax Act, be opened to inspection at the Treasury Offices
by Messrs. Ralph Young, Robert
Gemmill, Frederick Dahl, and
Frederick Ruckdeschel of the
Board's staff
Expenses:
Board of Governors:
Academic economists:
Payment of fee at $75 a day with travel in
accordance with Board's travel
regulations, authorized, Board
previously authorized costs of
seminar meetings in the Special
Project Budget for 1964
Payment for a dinner on April 30, 1964,
for group of, who were to meet
with the Board on May 1, 1964,
authorized
Auditing firms, 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
at the Conference of General
Auditors of FRBanks on June
25, approved, understood the
Board's action included authorization for such payments to
the accounting firms as might
be required in connection with
their participation, letter to
Mr. Bean, Chairman of Conference of Chairmen
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/16
3163, 3177
2/27
666
4/6
1152
6/3
1939, 1947
1964
398
Pages
Expenses: (continued)
Board of Governors: (continued)
Auditors' Conference, payment for cost of
dinner for representatives
attending, authorized, along
with overexpenditure in the
Board's budget for 1964
Bad debt reserves, Board agrees to pay $450
to Evert F. Nowak to program
a Treasury study of commercial
banks' bad debt reserves for
tax purposes
Central bank heads of the American Continent,
payment to Center for Latin
American Monetary Studies 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
Computer operations and administrative assistance needed for processing
data from condition reports
for use in study being made
for Chairman Patman estimated
to be about $1,000, letters to
FDIC and Comptroller of the
Currency approved to determine
if they are agreeable to the
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, approved
Computers:
Purchase of 1410 computer, approved, Gov.
Mitchell dissenting
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/24
1427, 1441
4/15
1300
6/4
1953
3/17
889
4/24
1432
5/21
1831
1964
399
Pages
Expenses: (continued)
Board of Governors: (continued)
Computers: (continued)
Recommendation that a fifth tape be leased
for remaining time that the
1410 system is the primary
computer at the Board's offices, and that the lease
order be for Model 729 IV, at
a monthly rental of $900, approved
Computers for Industry and Business, Inc.,
New York, New York, to process
data reported in 1962 questionnaire, "Schedule of Stockholders, Directors, Officers, and
Loans Secured by Stock of Other
Banks," to satisfy request of
Chairman Patman of House Banking and Currency Committee for
data on chain banking, Board
agreed to pay $7,000 for work
and authorized resultant overexpenditure in the 1964 budget
of Division of Data Processing
Conference of scholars re use of Board's
records:
Conversations of Messrs. Young and Sherman
of Board's staff, with officers
of Social Science Research
Council re scholarly use of
materials in question, consensus that conference of
fifteen university scholars
with Board paying expenses
could meet at the Board, understood that Messrs. Young
and Sherman would explore matter and report to the Board
Understood necessary arrangements and appropriate provision would be
made in the 1965 budget to
cover expenses re, letter to
Social Science Research Council advising that the Board
had authorized the conference
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/12
2090
4/30
1543, 1568
10/13
3495
11/3
3728, 3738
1964
400
Pages
Expenses: (continued)
Board of Governors: (continued)
Consumer debt and purchases data from Bureau
of Labor Statistics Survey of
Consumer Expenditures and Income, program of Division of
Research and Statistics' Consumer Credit and Finances Section, and expenditures were
approved
Consumer finance surveys:
Chairman Heller of Council of Economic
Advisers urged additional, 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 undertaking, understood firm
cost estimate from the Census
Bureau for balance sheet survey would be brought back to
Board for approval
Contract with Census Bureau authorized
on basis of estimate that survey would cost $186,500, understanding this action also
approved resulting overexpenditures in Board's 1964 budget,
letter to Chairman Heller of
Council of Economic Advisers
re
Interview survey in spring of 1965 requested by Council of Economic Advisers, program of Division of
Research and Statistics' Consumer Credit and Finances Section and expenditures it was
estimated would be involved,
were approved
Annual data from, conducted by Survey Research Center of University of
Michigan, regarded as part of
proposed 1.965 program of Div.
of Research and Statistics' Consumer Credit and Finances Section, program and expenditures
it was estimated would be involved, were approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/8
4226
4/8
1211
4/13
1283, 1290
12/8
4226
12/8
4226
1964
401
Pages
Expenses: (continued)
Board of Governors: (continued)
Contractual Professional Services account,
overexpenditure of an additional $2,500 for outside
graphic work, authorized
Data processing and punched cards, memorandum from Division of Data
Processing with reference to
proposed letter to FRBanks re
conversion of individual bank
reports of deposits from
punched cards to magnetic
tape for storage and machine
access, cost of work to be
absorbed by Board, letter to
FRBanks setting forth procedures approved, along with
letter to Treasury Department
Directors' Day:
Thursday, March 19, 1964, meeting of newly
appointed directors of FRBanks
and branches, preceded by a
dinner on Wednesday, March 18,
with letters of invitation to
be sent about middle of February
Thursday, March 25, 1965, meeting of newly
appointed directors of FRBanks
and branches, preceded by a
dinner on Wednesday, March 24,
1965
Dow-Jones Financial News Service Ticker, recommendation to install in the
FDIC Building for the joint
use of Board's staff and FDIC
staff, with costs to be shared
equally •by Board and FDIC, approved, with authorization for
any resultant overexpenditure
in Research and Statistics
Division's All Other Account
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/12
3482
10/8
3454,3464-69
1/9
67
12/9
4259
5/8
1669, 1678
1964
402
Pages
Expenses: (continued)
Board of Governors: (continued)
Employees Training and Development Program:
Conversational French:
Arrangements for instructions in, as
an activity of, approved,
course to continue approximately 12 weeks with Board
paying fee and furnishing any
materials and references needed, Mrs. Renee Mikus to be primarily responsible, with Mrs.
Germaine Grebil assisting
Letters to Mrs. Renee Mikus and Mr.
Jean Lesceux of Washington,
D. C., confirming arrangements for them to give instruction in, to members of
Board and Board's staff, approved, Board to pay $10 for
each session conducted
Effective Oral Communication course to be
conducted by Professor Edwin
L. Stevens for Board's staff
beginning March 18, 1964,
Professor Stevens to provide
own materials and references,
Board to pay $750 at the completion of the course
Equipment:
Electronic computer, purchase of 1410 computer approved, Governor
Mitchell dissenting
Headliner Photo Composing Machine, Model
840, memorandum recommending
the purchase of an additional,
for use in Economic Graphics
Section of Division of Data
Processing, approved
Keypunch machine, acquisition of an additional keypunch machine at a
monthly rental of $60, approved
VariTyper, Model 660-F, purchase of, at a
cost of $3,250, authorized for
Division of Administrative Services
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/9
1242
10/8
3459
2/26
653
5/21
1831
10/12
3482
8/25
2946
6/18
2155
1964
403
Pages
Expenses: (continued)
Board of Governors: (continued)
Examiners, annual conference of representatives of Bank Examination Departments of FRBanks to be
held on March 9 and 10, 1964,
letter to Presidents of all
FRBanks, approved, action included approval of payment of
cost of dinner in connection
with
Federal Open Market Committee Minutes, 19361960, Board authorized Secretary to arrange for purchase
of as many as 100 fascimile
sets of, 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, authorized
Financial operations of the Board of Governors, letter to Director of
the Bureau of the 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 as
was done last year, approved
Flow of Funds Accounts, supplement to, issuance approved, with approval
for resultant overexpenditure
in Printing and Binding Account of 1964 budget of the
Division of Administrative
Services
Glaucoma survey, memorandum from Division of
Personnel Administration, recommending that the Division be
authorized to conduct a second
glaucoma survey of all employees
over 40 years of age, approved,
budget overexpenditure in Medical Services Account, authorized
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/24
256, 267
7/29
2645
5/4
1594, 1607
2/7
417
9/9
3096
1964
404
Pages
Expenses: (continued)
Board of Governors: (continued)
Leased wire system:
Changes in 81-D-1:
Letters to the American Telephone and
Telegraph Company and General
Services Administration, authorizing two new circuits and realignment of stations, understood that the cost to the
Board would be reflected in
its pro rata share of the cost
of the Leased Wire System
for two new cirauthorization
Further
cuits from Washington to Richmond in accordance with Plan
III, costs approved, letters
to American Telephone and Telegraph Company and General Services Administration with copies to FRBanks
Monetary research:
Seminar for monetary economists sponsored
by Economic Stability Committee of Social Science Research
Council, Board to provide financial assistance, a place to
meet, and luncheon in the staff
dining room during meetings,
staff to proceed with necessary arrangements, unbudgeted
expenditures approved within
limit of estimate
Letter to Social Science Research Council,
embodying a contract for collaboration between Board's research staff and scholars designated by the Council for a
series of papers, Board to pay
the Council a sum of $9,000
recommendation by Mr. Morgan
picture,
Motion
of Board's staff that three
prints of FRSystem film entitled "Money on the Move" be
furnished to U. S. Information
Agency at a cost of $380, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/26
653, 660-61
10/12
3482,3490-92
2/14
476, 483
3/13
830, 858
4/6
1152
1964
405
Pages
Expenses: (continued)
Board of Governors: (continued)
Moving expenses reimbursed to FRBank 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 Federal government, Board to pay taxes for
employees and assist them with
their amended returns
Physical examinations, recommendation that
all employees who operate
Board's motor vehicles as
part of official duties be
required to have annual physical examination conducted by
Board's examining physician,
approved
Reimbursements received by FRBanks during
1963 for the fiscal agency
function and other expenses,
request for supplementary
material from 50th Annual Report of the Board of Governors,
in response to inquiry from
Chairman Patman of House Banking and Currency Committee, a
letter to Chairman Patman approved with enclosure re
on, memorandum from
statistics
trade,
Retail
Messrs. Noyes and Brill of
Board's staff recommending arrangements be completed with
Bureau of the Census to draw
probability sample for new national report on departmental
sales at department stores at
estimated cost of $2,500, approved, action constituted approval of resulting overexpenditure in Contractual Professional Services Account of 1964
budget of Division of Research
and Statistics
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/7
1647
12/16
4380
5/27
1883, 1896
4/3
1135
1964
406
Pages
Expenses: (continued)
Board of Governors: (continued)
Retirement system, letter to Secretary of Retirement System re payment by
the Board of cost of increased
retirement benefits as provided
in Public Law 87-793, request
that Board be billed on pay-asyou go basis, for the period
July 1, 1964 through June 30,
1965, with cost in the neighborhood of $26,000
Stonier Graduate School of Banking, memorandum from Division of Personnel
Administration, recommending
revised procedure regarding the
payment of fees for students
attending, approved, effective
immediately
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, with fee of $7,500
payable on delivery and acceptance of the report
Surveys:
Management succession and compensation,
and correspondent banking, request from Congressman Wright
Patman, Chairman of House Banking and Currency Co if
that Board undertake the financial responsibility for key
punching and programming of
data for surveys being undertaken by his committee, agreed
that out-of-pocket expenses
incident to surveys should be
borne by Board in compliance
with Chairman Patman's request
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/18
2154, 2170
6/3
1940
5/18
1792, 1818
1/6
21, 29
1964
407
Pages
Expenses: (continued)
Board of Governors: (continued)
Surveys: (continued)
Origin and uses of savings deposits from
a survey by the University of
Michigan's Survey Research
Center, regarded as part of
proposed 1965 program for Consumer Credit and Finances Section of Division of Research
and Statistics, program and
expenditures it was estimated
would be involved, were approved
FRBank of Boston:
Counsel, special, request for approval of payment of fee to, for negotiation or litigation re possible
abatement of 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 fee to special counsel authorized
Hospitalization, program of increased benefits at additional cost for
active and retired employees
along with the absorption of
two-thirds of the premium
costs, approved
FRBank of Kansas City:
Counsel, special, request for Board's approval of action re fees for
construction of Oklahoma City
Branch building, letter to,
approved, understood that letter would be sent to all FRBank
Presidents with Board's interpretation
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/8
4226
1/6
19
1/8
34, 47
10/9
3472, 3475
11/12
3811,3826-27
1964
408
Pages
Expenses: (continued)
FRBank of New York:
Counsel, special, request for authority to
engage, in connection with
pending litigation in which
the 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 to
discuss with the Reserve Bank
and the Branch
Matter satisfactorily resolved, letter to
FRBank of New York, authorizing certain legal fees to firm
of Ohlin, Damon, Morey, Sawyer
and Moot
Dinner and theater parties during 1962 and
1963, expenses questioned by
Mr. Patman, Chairman of House
Banking and Currency Committee, reply approved, Governor
Mills dissenting
FRBanks:
Death benefit, post retirement:
Memorandum submitted re proposed letter to
Chairman of Conference of Presidents, approving a 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,
annual cost of which would be
$124,000, letter to Chairman
of Conference of Presidents,
approved, Governor Mitchell
abstaining, advice to all
FRBanks
Further discussion re costs, FRBank of
Chicago authorized to execute
an amendment to the group insurance policy
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/28
2979
9/9
3095, 3104
5/7
1652, 1663
10/23
3617, 3632
12/22
4500, 4512
1964
409
Pages
Expenses: (continued)
FRBanks: (continued)
Expenditures:
In various categories, letter to Chairman
Patman of House Banking and
Currency Committee, re questions which he submitted on,
it appears from responses by
FRBanks, that reports for all
FRBanks will be in Washington
by the first half of February
and will be delivered as
promptly as assembling of
information can be completed
Appearance of FRBank Presidents at a hearing re, before the Subcommittee
on Domestic Finance of House
Banking and Currency Committee, agreed that FRBank Presidents would be advised that
Board had no objection to compliance with request for 1962
and 1963 reports of examination
of FRBanks, in addition it was
agreed that introduction of
Board's S-letters into hearing
record would not be inappropriate
Release of information by Congressman Patman posed question re satisfaction with Board's examination reports on discretionary
expenditures of FRBanks, responsibility of Division of
Examinations to bring to the
Board's attention expenditures
which conflict with guidelines
set out in letter to FRBanks,
question of tightening guidelines, and requiring more regular reporting on, matter to
be considered further
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/2
1, 7
1/24
257
2/4
377
1964
410
Pages
Expenses: (continued)
FRBanks: (continued)
Expenditures: (continued)
Understood Division of Bank Operations
would prepare for Board's consideration a proposal to require periodic reports from
FRBanks on various categories
of, including membership dues
and contributions
Discussion re closer scrutiny in examination and more detailed reporting of, agreed that Division
of Examinations be instructed
to bring to Board's attention
periodically for review and
consideration questionable
expenditures of any significance that examiners might
note in course of examination
Dinners and theater parties during 1962
and 1963, discussion re draft
of letter to Chairman Patman
of Subcommittee on Domestic
Affairs of House Banking and
Currency Committee, in answer
to questions re, agreement
with suggestion of Chairman
Martin that staff examine letter to make sure wording would
leave Board on sound grounds
Reply approved, Governor Mills dissenting
Examination report of FRBank of New York
reviewed, Governor Mills observed that it seemed unusual
that a FRBank of such size
could function without some
expenditure worthy of comment,
understood list of expenditures
noted by examiners would be
distributed to Board members
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/19
592
2/26
648
4/30
1557
5/7
1652, 1663
9/1
2989
1964
411
Pages
Expenses: (continued)
FRBanks: (continued)
FRnotes, shipment of new, by Brink's Incorporated, agreement approved with
reimbursement for delivery services to be submitted monthly
to the Board, which would advise each Bank of its share of
the total bill
Executed copies of agreement returned to
Board's files, letter sent to
Presidents of all FRBanks enclosing copies of contract and
letter from Mr. Hodges, Chairman of Ad Hoc Committee
FRSystem personnel, discussion re arranging
dinners for representatives of
other FRBanks on such occasions
as holding of meetings of System
committees and subcommittees
when such personnel could claim
reimbursement for their own expenses, agreement with suggestion that subject be discussed
when FRBank Presidents were in
Washington
National bank examination reports, increased
charges for, purchased by Federal Reserve Banks from the
Office of the Comptroller of
the Currency, letter sent to
Chairman Fascell of Legal and
Monetary Affairs Subcommittee
of House Committee on Government Operations re, agreed to
include in letter, 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
11/2
3699, 3709
11/2
3701, 3710
7/14
2473
4/1
1088, 1109
1964
412
Pages
Exports:
Financing of, letter to Mr. Daniel L. Goldy, National Export Expansion Coordinator, Department of Commerce
Building, advising of designation of Mr. Glenn M. Goodman,
Assistant Director of Division
of Examinations, to participate as representative of
Board in work of interagency
working group on, approved
Farm Credit Act of 1933:
Amendment of Federal Farm Loan Act and, 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 Department objects to
amendments of, agreed that report to Bureau of the Budget
would be deferred pending development of further information
Letter to Bureau of the Budget approved, making no comment since it involved Treasury-Farm credit
relations which were not in
the Board's area of responsibility
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/27
2598
6/30
2311
7/1
2328, 2338
1964
413
Pages
Fascell, Dante B., Congressman:
Bank merger applications, processing of, letter
from, Chairman of House Legal
and Monetary Affairs Subcommittee presenting five questions re Board activities under the Bank Merger Act of
1960,in light of decisions of
the Supreme Court re Philadelphia National Bank and
Trust Company of Lexington,
Kentucky, discussion re including list of applications
approved by the Comptroller
and FDIC when the Board submitted adverse reports, agreed
to redraft reply and bring
back to Board for further discussion
Revised draft of letter approved
Coin shortage:
Invitation by Chairman Fascell of House Legal
and Monetary Affairs Subcommittee of the House Committee
on Government Operations, to
Chairman Martin and such representatives as he might designate to testify at hearings
re, understood that Chairman
Martin and one or more FRBank
Presidents would testify
Letters to Chairman Fascell of the House
Legal and Monetary Affairs
Subcommittee, responding to a
request for information re
bases for computation of estimates furnished to the Bureau
of the Mint for coin required
in fiscal 1965 and 1966, and
re procedures used by FRBanks
in distributing coins to commercial banks and preparing
estimates of coin needs previously furnished to the Subcommittee, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/8
4/15
1209
1298, 1314
6/23
2239
7/29
2640,2652-55
1964
414
Pages
Fascell, Dante B., Congressman: (continued)
Conflicting interpretations of banking laws and
regulations of Board and Comptroller of the Currency, reply
to inquiry from Chairman Fascell of House Legal and Monetary Affairs Subcommittee, approved, to be accompanied by
memorandum analyzing the Comptroller's position on corporate
savings deposits
Copy of letter furnished to FDIC
Float:
Reduction of, by raising maximum deferment
time for check credits, reply
to Chairman Fascell of House
Legal and Monetary Affairs
Subcommittee, approved, generally agreed that subject deserved continuing attention by
the Board in light of developments
Further reply to, 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 float-based
reserves
International operations of national banks, question whether copy of Board's
letter to Comptroller of the
Currency expressing Board's
views re Comptroller's proposed
regulation dealing with, should
be sent to, Board to consider
question further
Revised draft of letter to Comptroller approved, and copy sent to
National banks, increased charges for reports of
examination of, purchased by
FRBanks from Office of Comptroller of Currency, letter
sent to, Chairman of House
Legal and Monetary Affairs
Subcommittee
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/10
5/6
426, 437-49
1624
3/12
809, 824
6/12
2080, 2106
1/27
276
1/29
281, 296
4/1
1088, 1109
1964
415
Pages
Fascell, Dante B., Congressman: (continued)
Reports, no objection to furnishing to FDIC copies of Board's letters to,
dated February 13, 1964, re
conflicting interpretations
of banking laws and regulations, and April 1, 1964, re
increased charges for reports
of examination of national
banks
Warehouse receipts and securities, inquiry from,
Chairman of the 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
approved
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 to Miss McKelvey of
Mid-Continent Banker, re results of FRSystem efforts to
eliminate practice of, approved
Federal Advisory Council:
Absorption of exchange charges:
Question whether Board should or should not
change its position re, views
expressed at joint meeting with
Council strongly favors continuation of Federal Reserve's interpretation
re, does not believe long-held
position should be abandoned,
views expressed at joint meeting with
Accounting, uniformity of procedures of member
banks, vast majority of banks
wanted to make adequate disclosure of financial affairs
but they hoped this could be
accomplished without hampering
them in their community, views
expressed at joint meeting with
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/6
1624
4/16
1330, 1338
3/9
757, 771-74
2/18
575
4/23
1399, 1405
9/22
3243
1964
416
Pages
Federal Advisory Council: (continued)
Advances by FRBanks to member banks, Chairman
Martin commented that Board
would appreciate any support
that the FAC might feel was
warranted for proposed legislation to broaden base of Federal Reserve Bank lending to
member banks, views expressed
at joint meeting with
Agenda topics, draft of:
SEE: Federal Advisory Council:
Topics for discussion:
Agenda
Balance of payments, United States:
Some feeling abroad that if the U. S. did
strike a payments balance,
it might contribute to a depression in certain other
countries, views of, expressed at joint meeting
Commercial banks could help re, if they
tended to limit the extension
of credit abroad to the shortterm financing of exports,
views expressed at joint meeting with
Problem continues to be difficult, demand for
credit from foreign borrowers
is strong and banks are under
continuing pressure to accommodate this demand, views expressed at joint meeting with
evidence of an increased use
little
Bank credit,
of, to finance precautionary
inventory accumulation, views
expressed at joint meeting
with
Bank financing, anticipation that business demands for, 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
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/19
577
2/18
551
9/22
3231
11/17
3885, 3886
11/17
3864
11/17
3864
1964
417
Pages
Federal Advisory Council: (continued)
Bank securities, proposed form of registration
(new Regulation F) for member
banks would allow uniformity
of comparison and analysis of
financial statements for protection of investors, while at
same time not imposing an undue burden on banks, views expressed at joint meeting with
Credit:
System policy:
No discussion of this topic, noted that
several aspects of it had been
covered in discussion of preceding topics at joint meeting
with
recent monetary and credit
believes
Council
policy has been a major factor
in economic expansion to its
present high level, members
believe policy should now move
gradually in direction of restraint, views expressed at
joint meeting with
Deposits:
Demand, increase slightly more than seasonal
in recent months but not conclusive that trend will persist, views expressed at joint
meeting with
Maximum permissible rates of interest, no
unanimity that rates should
be raised, views expressed at
joint meeting with
Time certificates, negotiable:
Some banks restricted because certificate
of deposit rates were so close
to 4 per cent ceiling, banks
of $100-$500 million outside
New York, Chicago, and West
Coast, were not interested in
certificates, views expressed
at joint meeting with
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/22
3241
2/18
575
4/23
1399, 1416
11/17
3865
9/22
3238
2/18
559
1964
418
Pages
Federal Advisory Council: (continued)
Deposits: (continued)
Time certificates, negotiable: (continued)
Concern about the impact of volume of,
consensus that ceilings should
not be raised at this time,
although interest rates paid
are pressing the 4 per cent
ceiling, views expressed at
joint meeting with
No significant shift in patterns of demand
by customers between negotiable
time certificates of deposit
and other domestic and foreign
money market instruments, except report of movement of
funds to Canada, views expressed at joint meeting with
Time and savings:
Banks, particularly small banks are vulnerable if they try to compete to reach higher ceilings
under Regulation Q, views expressed at joint meeting with
Corporations have apparently increased
more than seasonally but there
is some evidence of reduced
totals of, views expressed at
joint meeting with
Discount rate, question re an increase in, to
offset tendency toward inflation, views expressed at joint
meeting with
Economic conditions, domestic:
Level of domestic economic activity will continue to rise during remainder
of this year, views expressed
at joint meeting with
Anticipates continued strong economic expansion, views expressed at joint
meeting with
Business and economic activity in next six
months will continue to expand, views expressed at joint
meeting with
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/23
1399
9/22
3229
2/18
553
11/17
3865
9/22
3234
2/18
544
4/23
1397, 1418
9/22
3224
1964
419
Pages
Federal Advisory Council: (continued)
Economic conditions, domestic: (continued)
Favorable outlook for U. S. economy for next
six months, although there are
some factors of the economy
such as housing that are not
expanding, views expressed at
joint meeting with
Executive Committee members, election of Messrs.
Moorhead, Aston, Martin, McRae,
and Breidenthal
Government securities, proposal at joint meeting
with, to substitute a bookentry procedure for that currently followed by FRBanks in
holding, in safekeeping, or as
collateral, discussed, views
re gradual working out of procedure and optional participation on the part of member
banks, general reaction favorable
Industrial production, expansion of, output generally is not pressing against
the "most desired use of capacity," however, in steel, furniture, and in some areas of textile industries, output is
pressing on capacity and some
marginal plants are being
brought into use, views expressed at joint meeting with
Inflation, tendency toward, recent wage settlements and negotiations now taking place in auto industry,
and soon to take place in
steel, point to growing pressures on costs that may be reflected in prices, recent rises
in prices of nonferrous metals
and in spot commodity price index are further evidence of inflationary tendency, views expressed at joint meeting with
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/17
3860
2/18
543
4/23
1391
9/22
3225
11/17
3888
1964
420
Pages
Federal Advisory Council: (continued)
Interest rates on funds:
Demand for funds will rise during rest of
1964, interest rates in foreign money might force rate
structure higher, views expressed at joint meeting with
Members of Council anticipate upward drift
in months ahead, under given
circumstances interest rate
structure would be under upward pressure, views expressed at joint meeting with
Inventories, other than automobile, few signs
of build-up in anticipation
of higher prices or because
of strikes, acceleration in
accumulation will occur if
businessmen anticipate rising
prices in months immediately
ahead, views expressed at
joint meeting with
Investments, no indication of widespread speculative tendencies, some evidence of excessive use of
credit, particularly in land
and certain types of construction in various areas, views
expressed at joint meeting
with
years there have been a
recent
in
Legislation,
number of exhaustive studies
of banking and the credit
system which might be used as
a basis for considering changes
in banking legislation or regulations in order to promote
sounder, more progressive, and
more efficient banking operations, views expressed at joint
meeting with
Liquidity of banking system, there had been a
change in make-up of bank assets, volume of time money had
led to lower liquidity standards, views expressed at
joint meeting with
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/18
544
4/23
1398
4/23
1398
4/23
1397, 1402
11/17
3876
2/18
553
1964
421
Pages
Federal Advisory Council: (continued)
Loans:
Bank, anticipation that demand for bank loans
will be somewhat more seasonal
over rest of year, reflecting
some acceleration in consumer
buying and better than average
holiday trade, views expressed
at joint meeting with
Commercial and industrial, no attempt to specify any particular expected
rate of increase, views expressed at joint meeting with
Domestic and foreign, domestic loan demand
somewhat below expectation,
demand for foreign loans currently strong, views expressed
at joint meeting with
Foreign lending by U. S. banks, strong foreign demand for loans from
U. S. banks, however, should
domestic demand for credit expand as level of business activity rises, resulting pressure on bank reserves may make
banks in U. S. less willing to
expand foreign loans, views
expressed at joint meeting
with
Mortgage, incentive to keep going because of
abundance of mortgage funds
available, feeling that mortgage and real estate market
was a potential danger spot,
views expressed at joint meeting with
Term:
Members have observed no change in willingness of banks to grant such
credit, some report more intense competition with tendency for rates and terms to
soften, views expressed at
joint meeting with
Demand for, continues, but there has been
no strong upward push to finance plant expansion, views
expressed at joint meeting
with
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/22
3229
2/18
553
4/23
1398, 1413
2/18
571
2/18
553
4/23
1398, 1413
11/17
3864
1964
422
Pages
Federal Advisory Council:
Meeting with Board
(continued)
Meetings:
April 22-23, 1964, next to be held
September 21-22, 1964, next to be held
November 16-17, 1964, next to be held
February 15-16, 1965, next to be held
Meetings with Board, procedure, Council proposed a modification of, in
the discussion of agenda topics, the Board indicated it
was agreeable to revised procedure
Members:
Aston, James W., elected Vice President
Moorhead, John A., elected President
Monetary and credit policy of FRSystem:
Recent policy has been effective, domestic
business activity continues
to rise while balance of payments situation has been maintained since mid-1963, views
expressed at joint meeting
with
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 direction of restraint, views expressed at
joint meeting with
expansion of economy
of
light
continuing
In
since the tax cut, it is the
opinion that monetary and
credit policy should be restrained, due to increasing
evidence of inflationary pressures on prices, views expressed at joint meeting with
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/18
4/23
9/22
11/17
543
1419
3246
3889
2/18
4/23
9/22
11/17
577
1419
3246
3889
4/23
1399
2/18
2/18
543
543
2/18
575
4/23
1399, 1416
9/22
3233
1964
423
Pages
Federal Advisory Council: (continued)
Monetary and credit policy of FRSystem: (continued)
Volume of excess reserves has been steadily
reduced with gradual lessening of credit ease, which is
in accord with previously expressed views of, and with
broad objectives outlined in
policy statement adopted by
ABA's 90th Annual Convention,
views expressed at joint meeting with
Notes, short-term, anticipation of an expansion
in issuance of, to secure
loanable funds, particularly
if interest rates rise above
ceilings imposed on time deposits, growing use of this
technique probably will be
confined to larger banks in
major money centers, views
expressed at joint meeting
with
Prices:
Increases in:
Some upward pressure on prices developing,
doubtful that price stability
of past few years will continue, views expressed at
joint meeting with
Sensitive raw materials, such increase
does not necessarily signify
the beginning of a broader
and more cumulative price advance although this is more of
a possibility now in view of
wage-cost developments, views
expressed at joint meeting
with
Rises in prices of primary materials seem
likely to be followed by possible increases in prices of
machinery, industrial equipment, and consumer goods,
views expressed at joint meeting with
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/17
3888
11/17
3865
4/23
1397,1402-18
9/22
3224
11/17
3889
1964
424
Pages
Federal Advisory Council: (continued)
Production capacity:
Most members believe there is capacity available in most major industries,
the gap between output and
capacity is narrowing, views
expressed at joint meeting
with
Some problems have developed, but there are
no significant changes with
respect to plant utilization
and/or production bottlenecks
since September, views expressed at joint meeting with
Rates, Discount, Chairman Martin noted that
there was a good deal of discussion currently as to whether
the discount rate move had
exerted anything more than a
psychological effect, views
expressed at joint meeting
with
Regulation Q, revision of, relative to deposits
with a maturity of more than
one year, feeling that such
rates should be raised, views
expressed at joint meeting
with
Securities:
Safekeeping of United States Government, substitution of book-entry procedure for handling, consensus
that views of, re substitution,
should be requested, letter to
Tax-exempt, evidence that banks that had not
used municipals historically
were now using them effectively,
while some banks had gone overboard, so outlook is fairly
mixed, views expressed at the
joint meeting with
Staff:
Korsvik, William J., elected Assistant Secretary
Prochnow, Herbert V., elected Secretary
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/23
1398
11/17
3860
2/18
552
9/22
3238
4/8
1217, 1228
2/18
553
2/18
2/18
543
543
1964
425
Pages
Federal Advisory Council: (continued)
Taxes:
Legislation:
Concern re added stimulus of tax cut during period of good business,
views expressed at joint meeting with
No significant effect other than psychological, fixed investment
plans have not experienced a
step-up in business, tax increases at state and local
levels have only slightly
offset tax cut, views expressed at joint meeting
with
Unlikely that second stage of reduction
in Federal taxes to take place
in 1965 will have marked impact on economic activity,
views expressed at joint meet
ing with
Topics for discussion:
Absorption of exchange charges, question re
current status of the problem
Agenda, revision of, letter to Secretary of,
reflected certain changes suggested by members of the Board
in the draft agenda topics that
had been distributed, question
raised particularly re consideration of recent monetary and
credit policy
Balance of payments, United States:
Opinions as to appropriateness of recent
policies re, and possible contributions of commercial banking practices and policies regarding the solution of, in
light of impact on deficit of
capital outflows
Evaluation of current and prospective problem, particularly the bank
credit component
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/18
544
4/23
1397,1400-19
11/17
3860
3/30
1056, 1068
8/25
2940
8/25
2940, 2957
10/29
3686, 3690
1964
426
Pages
Federal Advisory Council: (continued)
Topics for discussion: (continued)
Bank credit, is there increasing use of bank
credit to finance precautionary inventory accumulation?
Bank financing, judgment as to business demands for bank financing during the latter part of 1964
and the first half of 1965
Banking legislation, are there any changes
in, that are believed needed
at this time in order to promote sounder, more progressive, or more efficient banking operations?
Credit and monetary policy, what are Council's
views regarding the appropriate
ness of recent System?
Deposits:
Demand and time, have there been noted any
changes of more than seasonal
proportions in the demand and
time balances maintained by
large corporate customers
since midyear?
Time certificates, negotiable:
Comments on recent developments re the
issuance of
Question re shifts in demand for, on
the one hand, and other domestic and foreign money market
instruments (including time
deposits in Euro-dollar market) on the other
Time and savings, what is the attitude
toward a proposal that regulation of interest rates on, be
put on a standby basis?
Economic conditions, domestic:
Probable course for remainder of 1964?
Possible outlook for remainder of 1964?
Probable course for remainder of 1964?
General outlook for U. S. economy over the
next six months?
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/29
3686, 3689
10/29
3686, 3689
10/29
3686, 3690
3/30
1056, 1068
10/29
3686, 3689
3/30
1056, 1068
8/25
2940, 2956
1/31
313, 323
1/31
3/30
8/25
313, 322
1056, 1067
2940, 2956
10/29
3686, 3689
1964
427
Pages
Federal Advisory Council: (continued)
Topics for discussion: (continued)
Industrial production, is factory output beginning to press against "most
desired use of capacity" for
any industrial corporations
with which FAC members are
familiar? Have members noted
any tendencies for production
bottlenecks to delay or obstruct the consummation of
expansion plans of larger industrial companies?
Inflation, what evidence, if any, is seen of
inflationary tendencies developing in the economy?
Interest rates on funds:
What does FAC expect the forces of supply
and demand in markets for funds
to have on interest rates during the rest of 1964?
What are observations regarding the likely
trend of, during the rest of
1964?
Inventory stockpiling, are there indications
of, in anticipation of higher
prices and possible strikes?
Investments, are there signs of speculative
tendencies in credit markets,
land, common stocks, other
capital assets, and commodities?
Liquidity of banking system, have Council members observed any changes in
the standards banks are employing in judging their own liquidity positions?
List sent to Mr. Prochnow
List sent to Mr. Prochnow, reflecting minor
changes as approved at meeting of Board
List sent to Mr. Prochnow
List sent to Mr. Prochnow
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/25
2940, 2956
10/29
3686, 3690
1/31
313, 322
3/30
1056, 1068
3/30
1056, 1067
3/30
1056, 1067
1/31
1/31
312, 323
312, 322
3/30
8/25
10/29
1056, 1067
2940, 2955
3686, 3689
1964
428
Pages
Federal Advisory Council: (continued)
Topics for discussion: (continued)
Loans:
Bank, judgment re demand for, during rest
of year
Commercial and industrial, judgment re demand for, over next six months
Foreign demand for loans from U. S. banks,
what is anticipated with respect to such demand in coming months?
Foreign and domestic, judgment re demand
for, over the rest of the
year
Mortgage, judgment re demand for, over
next six months
Term:
Have members observed any change in demands for, or in willingness
of banks to grant such loans?
Is there evidence of increasing use of
term loans being used to finance plant expansion?
Monetary and credit policy:
Question re effectiveness of recent monetary and credit policy
Council's views regarding the appropriateness of recent System
Appropriateness of recent, questioned,
prior to November meeting of
FAC, the Board's staff would
attempt an alternative approach for Board's consideration
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 in this matter specifically?
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/25
2940, 2956
1/31
313, 322
1/31
313, 323
3/30
1056, 1068
1/31
313, 322
3/30
1056, 1068
10/29
3686, 3689
1/31
313, 323
3/30
1056, 1068
8/25
2940, 2957
10/29
3686, 3690
1964
429
Pages
Federal Advisory Council: (continued)
Topics for discussion: (continued)
Negotiable time certificates, do FAC members
believe that the ability of
many banks to issue, is being
restricted by current interest rate ceilings under Regulation Q?
Notes, short-term, current views as to prospects for issuance of shortterm capital notes to secure
loanable funds
Prices:
Stability of, how does Council view prospects for continuing?
Does FAC believe that recent increases in
prices of sensitive raw materials signal the beginnings of
a broader and more cumulative
price advance?
Appraisal as to price prospects for consumer goods, machinery, and
industrial equipment, and
primary materials
Production:
Question re ample capacity in most major
industries
Question re production bottlenecks since
September meeting of FAC, and
possible indications of developing problems in these areas
Regulations, are there any changes in, that
are believed needed at this
time in order to promote
sounder, more progressive, or
more efficient banking operations?
Savings and loan associations, does FAC have
any views as to possible effects on banks of the recent
regulation of Federal Home
Loan Bank Board limiting savings and loan association ownership of individual bank certificates of deposit?
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/31
313, 322
10/29
3686, 3690
3/30
1056, 1067
8/25
2940, 2956
10/29
3686, 3690
3/30
1056, 1067
10/29
3686, 3689
10/29
3686, 3690
8/25
2940, 2956
1964
430
Pages
Federal Advisory Council: (continued)
Topics for discussion: (continued)
Securities, tax-exempt, has FAC observed any
recent change in willingness
of banks to continue to add to
their portfolios of longerterm tax-exempt securities?
Taxes:
To what extent are views re economic outlook influenced by tax legislation now pending in Congress?
Has recently enacted tax cut had any significant effect on consumer
spending or on business fixed
investment spending or plans,
to what extent does it appear
that the tax cut is likely to
be offset by State and local
tax increases?
Views with respect to probable impact on
the economy of the second
stage Federal tax reduction
to take place in 1965
Unemployment, one of major problems of domestic
economy at this time, question remained as to how help
could be given, debate as to
whether problem was primarily
cyclical or structural and as
to impact of tax cut, further
question whether monetary
policy could be used effectively in restraining price
movements in present circumstances, views expressed at
joint meeting with FAC and
Board
Federal Bureau of Investigation:
Activities of a group of persons who had gained
control of Farmers Bank of
Lincoln, Missouri, and Citizens Bank of Windsor, Missouri,
and at least two nonmember banks
and one national bank, information from FRBank of St. Louis
to
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/31
313, 322
1/31
313, 322
3/30
1056, 1067
10/29
3686, 3689
2/18
545
1/31
317
1964
431
Pages
Federal Bureau of Investigation: (continued)
Farmers and Merchants Bank of Long Beach, California:
Request from, for access to portions of certain reports of examination of,
telegram to FRBank of San Francisco, authorizing discussion
and information requested
Request by Special Agent Kintz of, for copies of certain letters in
files of FRBank re, requested
information leading to indictment and preparation for
trial of G. A. Walker, Kenneth
Walker, and C. A, Walker of,
comments by Governor Mills re
release of information from
examination reports of, two
letters to FRBank of San Francisco, approved
Hightstown Trust Company, East Windsor Township,
New Jersey, authorization
given for FBI agent to open
sections of two reports of
examination of, to be accompanied by FRBank of Philadelphia representative
Federal Deposit Insurance Corporation:
Absorption of exchange charges, further consideration re 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 Chairman Barr of FDIC
Borrowed money account, payment of interest on,
further discussion re inquiry
from Wachovia Bank and Trust
Company as to permissibility
under Regulation Q and section 19 of FRAct re, copies
of proposed letter to bank
sent to Comptroller of Currency and FDIC for comments
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/3
1133, 1139
11/25
4008,4028-30
12/2
4098, 4120
4/28
4/28
1480, 1501
1487
5/27
1878, 1895
1964
432
Pages
Federal Deposit Insurance Corporation: (continued)
Branch banks deposit data, letter re proposed
collection of, under expanded
program of individual branch
bank data, approved for transmittal to Comptroller of the
Currency and
Call reports:
Form for fall call, letter to, re use of a
short form report of condition
for 1964 fall call date, in
response to letter from Chairman Barr of, in which he indicated that FDIC planned to
print a form identical with
statement used for the April
call, approved
Letter transmitting proposed format for reports of conditions,including
all items expressly requested
by the three Federal bank supervisory agencies and State
bank supervisors,and proposed
procedure pertaining to timing
and content of call for reports of condition of banks,
letter to Comptroller of the
Currency and, with copy to
National Association of Supervisors of State Banks
Changes in control of bank management:
Letter to Budget Bureau reporting on draft
legislation proposed by FDIC
to provide for notice of, approved, Governor Mills' reservations being noted
Procedure in reporting as agreed by Board and,
letter to Comptroller of the
Currency, seeking to clarify
difference in procedure in submitting reports
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/8
1669, 1679
9/1
2987,3009-10
12/2
4101, 4122
7/31
2696, 2706
10/21
3602, 3611
1964
433
Pages
Federal Deposit Insurance Corporation: (continued)
Condition reports, request for certain data from
condition reports for use in
the study re "The Impact of
Financial Institutions on Competitive Banking" being made
by Professor Sawhill and Professor Polakoff for Chairman
Patman of the House Banking
and Currency Committee, letter to Comptroller of the Currency and, 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 that they
had no objection, letter to
Chairman Patman, approved
Conflicting interpretations by Board, Comptroller of the Currency, and,
criticism by Mr. 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 reply such as he
deemed appropriate, understood Mr. Hackley would revise draft letter in the form
of a statement for use in replying to such inquiries
Continuance of deposit insurance after withdrawal
from membership in FRSystem,
advice to:
Bank of Gering, Nebraska
Bank of Menomonie, Wisconsin
Bremen State Bank, Bremen, Indiana
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/17
889
4/24
1432
1/15
133
1/16
150
6/19
9/16
4/22
2174, 2189
3157, 3173
1379, 1385
1964
434
Pages
Federal Deposit Insurance Corporation: (continued)
Continuance of deposit insurance after withdrawal
from membership in FRSystem,
advice to: (continued)
Burns State Bank, Burns, Kansas
Chippewa Trust Company, St. Louis, Missouri
Englewood State Bank, Englewood, Colorado
Farmers and Merchants Bank, Greenwood,
Wisconsin
Farmers' State Bank of Chadwick, Illinois
First State Bank of King City, Missouri
First State Bank, Loraine, Texas
First State Bank, Monahans, Texas
First State Bank, Morton, Texas
Greenfield State Bank, Bakersfield, California
Marion State Bank, Marion, Texas
Moffat County State Bank, Craig, Colorado
Mont Alto State Bank, Mont Alto, Pennsylvania
Northtown Bank of Decatur, Illinois
Old Capital Bank and Trust Company, Corydon,
Indiana
Bank, Reading, Pennsylvania
Trust
City
Peoples
Bank, Green Bay,
Savings
Trust
and
Peoples
Wisconsin
Peru Trust Company, Peru, Indiana
State Bank of Fox Lake, Wisconsin
Dow-Jones Financial News Service Ticker, recommendation that a, be installed
in the FDIC Building for the
joint use of Board's staff and
FDIC's staff, with costs to be
shared equally,approved, any
resultant overexpenditure in
Research and Statistics Division's All Other Account, authorized
Fascell, Chairman of House Legal and Monetary
Affairs Subconunittee, no objection to furnishing to FDIC
copies of Board's letters to,
dated February 13, 1964, re
conflicting interpretations of
banking laws and regulations,
and April 1, 1964, re increased
charges for reports of examinations of national banks
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/24
6/3
4/6
2915, 2929
1936, 1944
1142, 1153
11/19
6/10
5/8
6/19
4/29
9/23
3/31
9/25
3/26
10/16
5/27
3924,
2002,
1669,
2174,
1516,
3248,
1074,
3297,
1022,
3570,
1874,
3/26
10/16
1022, 1033
3570, 3586
2/4
6/12
11/6
364, 384
2078, 2091
3768, 3785
5/8
1669, 1678
5/6
1624
3932
2013
1677
2190
1538
3272
1082
3305
1034
3588
1890
1964
435
Pages
Federal Deposit Insurance Corporation: (continued)
Interagency usage of computers by bank supervisory agencies, proposal by
Chairman Barr of, that the
bank supervisory agencies establish a committee to work
toward uniformity of the examination process along with
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
Litigation proposed to be instituted by FDIC re
First National Bank of Marlin,
Texas, a bank which has recently been closed, question
whether certain certificates
of deposit issued by, to savings and loan associations
represented insured deposits
or uninsured borrowed funds
"by reason of illegal amount
of interest paid thereon,"
letter and memorandum from
Chairman Barr of FDIC inviting
comments re, indicated that
the FDIC would like to consider
the matter further
Mr. Hackley reviewed petitions filed by the
FDIC re
Money orders issued by an authorized agent of a
State member bank, draft of
letter to FRBank of Cleveland
expressing opinion that this
would not involve the operation of a branch, Governors
Robertson and Mills concurred
in recommendation, proposed
letter approved as a draft to
be submitted to Comptroller
of the Currency and FDIC
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/12
458
5/15
1781
6/2
1915
6/22
2200
1964
436
Pages
Federal Deposit Insurance Corporation: (continued)
Regulation F, meeting between Chairman Barr of,
and representatives of American Bankers Association, who
had requested that, be published in the Federal Register
again for comment rather than
final form, mentioned in connection with discussion concerning Board's answer to request by American Bankers Association for postponement of
issuance of
to Chairman of, ComptrolQ,
letters
Regulation
ler of the Currency, and to
Presidents of all FRBanks,
seeking their views re proposed revision of, Governor
Mills recording dissent re
program for revision of
Reports on competitive factors, letter to Chairman of, re proposals under consideration by Board with respect to release of
Time limit for comments deleted from letter,
Governor Mills felt proposals
involved the adoption of policies concerning which he continued to have reservations
Time and savings deposits, amendment to FDIC regulation specifying maximum rate
of interest on, to coordinate
with Board's action in amending Regulation Q supplement
Trading in bank securities:
Regulation re:
Governor Balderston to contact Chairman
Barr of, to obtain clarification of procedure under consideration by FDIC which conflicts with contemplated Board
procedure for State member
banks in connection with proposed Regulation F re
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/23
4519, 4533
10/15
3528,3563-66
4/1
1088, 1113
4/1
1090
11/23
3979
9/3
3054
1964
437
Pages
Federal Deposit Insurance Corporation: (continued)
Trading in bank securities: (continued)
Regulation re: (continued)
Request by Chairman Barr that the Board
delay for one week the publication of proposed Regulation F for comment to enable
staffs of Board and, to discuss points of concern, agreed
that Governor Robertson would
advise Chairman Barr that the
Board concurs
Section 206.7(d) of Regulation F re, covering instructions for preparation of reports of condition
and reports of income and dividends involving, decision to
delete before publication for
comment in light of difference
of opinion with
Draft of regulation by, for insured nonmember banks, similar to Regulation F, both regulations
being developed through close
cooperation between the two
agency staff groups, eight
points of difference to be resolved through conferences by
Governor Robertson with FDIC's
Director, Chairman, and staff
Point by point review of differences between Board's regulation and
FDIC's draft with certain adjustments and changes called
for by Governor Robertson's
negotiations with FDIC
Governor Robertson reported on meetings
held with Chairman Barr and
Director Randall of FDIC,
agreement reached on all
points of difference with respect to, expected that the
two agencies would issue identical regulations to become
effective January 1, 1965
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/4
3074
9/9
3087
12/16
4353
12/17
4437
12/21
4471
1964
438
Pages
Federal Deposit Insurance Corporation: (continued)
Trading in bank securities: (continued)
Regulation re: (continued)
Further consideration of Board's press release to accompany release of
Regulation F in its final
form, with counterpart release to be issued by, in connection with their similar regulation, Governor Robertson to
consult with Board's staff and
FDIC
Transactions through accounts of certain customers of Chase Manhattan
Bank and Chemical Bank New
York Trust Company, both of
New York City, information
wanted by, in connection with
the liquidation of Chatham
Bank, Chicago, Illinois, Mr.
Solomon to contact
Federal Farm Loan Act:
Amendment of, 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 Department objects to amendment
of, agreed that report to the
Bureau of the Budget would be
deferred pending development
of further information
Letter to Bureau of the Budget approved, making no comment since it involved Treasury-Farm credit
relations which were not in
Board's area of responsibility
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/28
4541
1/29
279
6/30
2311
7/1
2328, 2338
1964
439
Pages
Federal funds:
Borrowed money account:
Transactions by member banks where portion of
customer's demand deposit account is transferred to, practice seems compatible with Federal funds transactions generally followed by banks with
correspondent banks and large
corporations, question posed
by Wachovia Bank and Trust Company, Winston-Salem, North
Carolina
Further discussion, pointed out that the
transaction described would
be indistinguishable from Federal funds transactions, copies of proposed letter to bank
sent to Comptroller of the Currency and FDIC for comments,
with copies sent to the General Counsel of the Treasury
Department
Reply indicating no violation, approved,
copy of interpretation sent
to Federal Register and the
FRBulle tin
Foreign banking corporations, question whether
corporations operating under
provisions of Regulation K
must maintain reserves against
deposits as specified in sec.
211.7(c), reply to corporations,approved, ruling on
question to be published in
Federal Register and FRBulletin
Federal funds market:
Transactions re:
Collection of statistics, proposal to revise
program for, approved, cleared
by System Research Advisory
Committee, letter to Bureau of
Budget, requesting clearance of
revised form F.R. 716 and F.R.
716a, instructions to Presidents of all FRBanks
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/17
521, 538
5/27
1878, 1895
7/27
2595,2607-11
10/26
3637,3654-55
7/24
2578,2589-90
1964
440
Pages
Federal funds market: (continued)
Transactions re: (continued)
Ruling by Comptroller of the Currency that,
are not subject to statutory
lending and borrowing limitations applicable to national
banks, reversing previous rulings by Comptroller and contrary to Board's position,
holding that sales and purchases of Federal funds actually constitute loans and borrowings, reply to Chairman
Fascell of House Legal and
Monetary Affairs Subcommittee
Letter to Chairman Patman in reply to request for list of points of
disagreement between Board
and Comptroller of the Currency re
Federal Home Loan Bank Board:
Federal savings and loan associations, letter
to Budget Bureau 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
Mutual savings banks:
H.R. 258, a bill to authorize Federal chartering of:
revised version giving
suggested
on
Report
regulatory authority over investment powers re mortgages
and corporate common stock to,
provisions over which the Board
expressed concern in earlier reports, letter to Budget Bureau,
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/10
437
9/3
3048,3064-68
7/13
2438, 2459
1/14
106
1964
441
Pages
Federal Home Loan Bank Board: (continued)
Mutual savings banks: (continued)
H.R. 258, a bill to authorize Federal chartering of: (continued)
Request from Bureau of the Budget for the
Board's views re House Committee Print and certain revisions proposed by, letter to
Bureau of the Budget, approved
National Housing Act, draft bill to amend section 408 of the, to provide
for the regulation of savings
and loan association holding
companies and subsidiary companies, generally favorable
report sent to Bureau of the
Budget
Time certificates of deposit:
Misuse of, by savings and loan associations,
concern expressed by, in request for any information the
Board might have confirming
such reports and advice re
corrective measures the Board
might be prepared to take,
question re proving violation
of Regulation Q, letter to,
approved, with reservations
by Governor Mitchell noted,
letter to FRBanks inviting
suggestions, approved
Understood that Mr. Solomon would advise
Home Loan Bank Board informally of the general nature
of the information furnished
by the FRBanks to the Board
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 and possible effect on member banks' borrowings, request for additional
reports from FRBanks with respect to
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/20
928, 939
8/17
2857, 2860
5/6
1618,1638-40
7/30
2666
8/13
2811, 2830
1964
442
Pages
Federal Limited Profit Mortgage Corporation:
S. 2468, proposed amendment to omnibus housing
bill to create, with authority
to make mortgage loans to help
provide housing for moderateincome and elderly people, reply letter to Chairman Robertson of Senate Banking and Currency Committee re
Federal mutual savings banks:
SEE: Mutual savings banks:
Federal
Federal National Mortgage Association:
Fiduciary powers, a draft bill authorizing the
Federal National Mortgage Association to invest itself with,
to facilitate the financing of
its own mortgages, immediate
reply requested, letter to
Bureau of the Budget submitting views, approved
and Development Commission
Reconstruction
Federal
for Alaska:
Designation of Frederic Solomon, Director, Division of Examinations, to serve
on Financial Institutions Task
Force, being appointed by, of
which Senator Clinton P. Anderson is Chairman, letter to
Chairman Anderson, approved
Federal Register:
Bank holding companies, transactions involving
interest-bearing deposits between holding company banks as
loans or extensions of credits,
letter to FRBank of San Francisco, approved, with Governor
Mitchell abstaining from voting, interpretation published
in
Bank services, question presented by Central
Bank of Montana, Great Falls,
Montana, re performance of
bank services for a State
member bank by another State
member bank, Board's interpretation to be published in, and
FRBulletin, advice to FRBank
of Minneapolis
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/13
1276, 1288
1/21
223, 231
4/8
1216,1226-27
4/6
1144
4/8
1204,1223-25
1964
443
Pages
Federal Register: (continued)
Borrowed money account, question from Wachovia
Bank and Trust Company, Winston-Salem, North Carolina,
whether it would be permissible for member banks to
borrow at agreed rate of interest, from correspondent
banks and other deposits by
means of transfers from deposits to bills payable, copy
of Board's interpretation sent
to FRBulletin and
Citizens and Southern National Bank, and Citizens and Southern Holding Company, both of Savannah, Georgia, applications for additional shares of American National Bank of Brunswick,
Georgia, approved, with the
Board's order not issued until after thirty days of date
on which notice of receipt of
applications was published in
Collection of cash and noncash items, certain
changes in FRBank circulars
and proposed amendments to
Board's Regulations G and J
to be published for comment
in
Data processing services, question from First
Virginia Corporation, Arlington, Virginia, whether its
wholly-owned nonbanking subsidiary, First Service Company
can without losing its "exempt
status" under section 4(c)(1)
of the Bank Holding Company
Act of 1956, provide data processing services for customers
of First Virginia's subsidiary
banks, understood substance of
draft reply to be published as
Board's interpretation in
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/27
2595,2607-11
7/27
2597
7/14
2466,2477-85
8/19
2871,2884-88
1964
444
Pages
Federal Register: (continued)
Discount rates:
Increase to 4 per cent at FRBanks of Boston,
New York, Philadelphia, Chicago,
and St. Louis, notice to be
published in
Increase to 4 per cent at FRBank of Atlanta,
notice to be published in
Increase to 4 per cent at FRBanks of Cleveland, Richmond, Dallas, and
San Francisco, notice to be
published in
Increase to 4 per cent at FRBanks of Minneapolis and Kansas City, notice to be published in
Federal funds transactions, question whether
corporations operating under
provisions of Regulation K
must maintain reserves against
deposits as specified in section 211.7(c) of the Regulation, understood ruling on the
question would be published in
Foreign banks, domestic branches of, and private
banks, interpretations under
the FRAct as to whether such
institutions may open and maintain nonmember clearing accounts, and whether indebtedness by an executive officer
of a member bank must be reported, to be published in
Investments in stock of foreign banks by member
banks:
Direct acquisition and holding of, not permissible under present law,
copy of Board's statement sent
to
Loans to executive officers of foreign branches
of National banks, request by
Morgan Guaranty Trust Company,
New York, for ruling re granting of mortgage loans up to
$20,000 for, interpretation
approved with understanding
that it would be published in
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/23
3978
11/24
4000
11/25
4025
11/27
4064
10/26
3638, 3655
1/29
290, 301
7/15
2494, 2509
2/3
337
1964
445
Pages
Federal Register: (continued)
Messenger service, 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, approved, with
Governor Robertson dissenting,
to be published in
Notes, short-term, negotiable, request by Discount Corporation of New York,
and Aubrey G. Lanston & Company, Incorporated, New York,
primary dealers in U. S. Government securities, and having
interlocking directorates with
member banks, for a ruling that
they might deal in, issued by
commercial banks, without the
prohibition of section 32 of
the Banking Act of 1933 and
Regulation R, interpretation
to be published in
Regulation D, amendment permitting a member bank,
in estimating its required reserve balances, to deduct the
amounts of balances due from
private banks, approved, published in
Regulation F:
Draft (partially completed) of new, and draft
of registration statement,
(Form F-1), to be published
in, for comment
Drafts of two further sections re reports of
directors, officers, and principal stockholders of banks,
and form and content of financial statements, to be published for comment in
Governor Balderston to contact Chairman
Barr to obtain clarification
of procedure under consideration by FDIC which would depart from that contemplated by
Board re release of draft sections of
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/9
1992, 1997
11/25
4022
1/29
291,298-306
8/20
2905, 2907
9/2
3022
9/3
3054
1964
446
Pages
Federal Register: (continued)
Regulation F: (continued)
Drafts of two further sections re: (continued)
Request by Chairman Barr that Board delay
for one week publication for
comment in, to enable staffs
of Board and FDIC to discuss
points of concern, agreed to
accede to request
Final sections of, as modified at Board meeting, were approved for publication in, for comment, proposed
additional sections of, were
published in
Extension until November 23, 1964, within
which banks might submit comments on Board's proposed regulation re, and form for registration, notice filed in
Regulation Q:
Deposit contract, proposed form of, question
re compliance with interpretation providing for three months'
maturity with option to withdraw on 90 days' notice, to
be published in
Amendment to supplement of, approved, to provide maximum permissible rates
of: 4-1/2 per cent on time
deposits of 90 days or more,
with unanimous Board approval,
4 per cent on time deposits
for less than 90 days, Governor Robertson dissenting, 4
per cent on savings, Governors
Robertson and Shepardson dissenting, notice to all FRBanks
and branches, to be published
in
Statement of interpretation answering certain
questions re changes in maximum permissible rates of interest under revision of,
Board approved statement and
its issuance as press release,
with understanding that it
would be published in
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/4
3074
9/9
3093
10/6
3405, 3411
6/15
2114,2117-18
11/23
3956,3979-86
11/27
4056, 4076
1964
447
Pages
Federal Register: (continued)
Revenue bonds:
Request for ruling re the eligibility of ten
designated Georgia State Authorities for underwriting by State
member banks as "general obligations" within the meaning of
section 5136 of Revised Statutes, agreed to publish interpretation in
Fargo Bank, San FranWells
from
Inquiries
cisco, California, and Bankers
Trust Company, New York, New
York, 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 the meaning of section 5136 of the Revised Statutes, interpretation
for comment to be published in
FDIC advised it had no comment, and no
word received from Comptroller
of the Currency and Treasury
Department via "Dillon procedure," interpretation issued
and sent to
Section 32 of the Banking Act of 1933, question
whether, would prohibit interlocking service of Mr. Robert
W. Winthrop as a director of
the First National City Bank
of New York and as a partner
in the firm of Wood Struthers
& Winthrop, New York City,
copy of ruling finding that
Mr. Winthrop's service as a
director was prohibited by
law, to be published in
Undivided profits, an interpretation concluding
that undivided profits are not
part of a bank's "capital
stock" was approved for transmittal to FRBanks and for publication in
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/30
1552, 1576
7/13
2443
7/29
2650,2660-63
4/7
1188,1194-98
6/11
2029, 2069
1964
448
Pages
Federal Register: (continued)
Unsecured notes, issuance by member commercial
banks, statement re, to be
published in
FRAct:
Section 2, sixth paragraph:
Loans to executive officers, memorandum from
Legal Division re Comptroller
of the Currency's ruling on
loans by national banks to
their executive officers,
Board's only recourse (other
than calling attention to
Comptroller, Secretary of
Treasury, or Congressional
committees) would be to direct Comptroller to institute
proceeding for termination of
franchise of bank concerned,
under
Section 9:
International operations of national banks,
Comptroller's proposed regulation would not relieve national banks of legal necessity for obtaining Board's
approval for any transaction
requiring such approval under,
draft of reply to Comptroller
of the Currency included analysis of duplication and conflict between proposed regulation and authority vested in
Board by
Mercantile Trust Company, St. Louis, Missouri,
view of majority of the Board
that continuation of loan activities through branch offices of Mercantile Mortgage
Company, a subsidiary of, constituted a violation of section 5155 of the Revised Statutes and, Governor Mitchell
dissenting
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/9
3094, 3103
1/9
52
1/27
271
10/6
3393, 3408
1964
449
Pages
FRAct: (continued)
Section 10b, request for Board's views re member
bank's borrowings on collateral
of customer's notes, inquiry
re applicability of section
201.5(a) of Regulation A, section 10b, and section 13 of
the FRAct, letter to FRBank
of St. Louis stating that both
sections of the FRAct apply
Section 13:
Branches in the U. S. of foreign banks and
private banks, interpretation
as to whether such institutions may open and maintain
nonmember clearing accounts,
transmitted to Presidents of
all FRBanks, letter to FRBank
of New York
, partnerships, and
individuals
for
Discount
corporations, possible use of,
in Alaskan banking situation
stemming from earthquakes and
tidal waves in Alaska
Request for Board's views re member bank's
borrowings on collateral of
customer's notes, inquiry re
applicability of section
201.5(a) of Regulation A, section 10b and, letter to FRBank
of St. Louis, stating that
both sections of the FRAct
apply
Section 14(b):
Authority for FRBanks to purchase U. S. obligations from the Treasury:
Bill proposed by Treasury Department to
amend, which would extend for
two years, agreed that Board
favored proposal and would so
advise Bureau of the Budget
H.R. 11499, an enrolled bill to amend, extending for two years the, letter to Bureau of the Budget
recommending approval, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/9
3472, 3476
1/29
287, 298-305
4/13
1275
10/9
3472, 3476
5/19
1820, 1826
6/30
2312, 2317
1964
450
Pages
FRAct: (continued)
Section 19:
"Borrowed money" account, practice by member
banks of transferring portion
of customer's demand deposit
account to, where payment of
interest is received without
note or paper transaction, inquiry from Wachovia Bank and
Trust Company, Winston-Salem,
North Carolina, as to permissability under Regulation Q
and, agreed to solicit views
of FRBanks before consulting
with other bank supervisory
agencies, letters to all Federal Reserve Banks
Review of comments from FRBanks, copies of
proposed letter to bank sent
to Comptroller of the Currency and FDIC for comments, copies of letters sent to General
Counsel of Treasury Department
for information
Reply to Wachovia Bank and Trust Company,
Winston-Salem, North Carolina,
indicating that transactions
would not involve violations
of, or Regulation Q, approved,
copy of Board's interpretation
sent to Federal Register and
FRBulletin
Demand deposits, payment of interest on, prohibited by, suggestion by Governor Balderston that a recommendation to clarify the
word "indirectly" be included
in a reply to be made to Chairman Robertson of the Senate
Banking and Currency Committee
Reply approved, suggested recommendation
to clarify the word "indirectly"
deferred
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/17
521, 538
5/27
1878, 1895
7/27
2595,2607-11
4/29
1530
5/12
1712, 1721
1964
451
Pages
FRAct: (continued)
Section 19: (continued)
Loans to dealers in Government obligations
upon security of such obligations by nonbanking corporations, question re prohibition
under eighth paragraph of, for
a member bank to act as agent
for nonbanking concerns,
agreed to hold for further
consideration of the Board
Suggested that FRBank of New York be requested to supplement its letter with further information
relating to market practices
before the Board took action
on the question, general agreement that this procedure should
be followed
Reserve requirements of member banks, interpretation under, indicating
that the term "other banks"
would include private banks,
therefore balances due from
such banks may be deducted in
accordance with the provisions
of the statute, transmitted to
Presidents of all FRBanks,
letter to FRBank of New York
Section 22(g):
Loans to executive officers:
Question whether indebtedness of executive
officers resulting from the
bank's purchase of department
store's retail customer accounts must be approved by directors of the bank in order
to fall within the exception
to the prohibition contained
in, Board to make general review of Regulation 0, letter
to FRBranch of Detroit also
sent to FRBanks as guidance
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/26
2269
6/29
2293
1/29
287, 298-305
1/8
35, 48
1964
452
Pages
FRAct: (continued)
Section 22(g): (continued)
Loans to executive officers: (continued)
Memorandum from Legal Division re Comptroller of the Currency's ruling
on loans by national banks to
their executive officers, in
violation of, understood no
action would be taken by Board
at this time
Draft of letter to Congressman Patman re
possible violation of, in case
of Serge Semenenko, officer
and director of First National
Bank of Boston and The Baird
Foundations of New York, discussed
Letters to Chairman Patman and Securities and Exchange Commission,
approved
Request by Morgan Guaranty Trust Company,
New York, for Board's ruling
under, as to whether officers
of State member banks stationed
at foreign branches might be
granted mortgage loans up to
$20,000 by parent banks, as
enjoyed by executive officers
stationed at foreign branches
of national banks, revised
draft of letter to be presented for consideration
Revised draft discussed, interpretation approved, with understanding that it would be published
in Federal Register and Federal Reserve Bulletin, letter
to FRBank of New York
Indebtedness to branches in U. S. by executive officers of foreign and
private banks, interpretation
under, indicating that such indebtedness must be reported,
transmitted to Presidents of
all FRBanks, letter to FRBank
of New York
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/9
51
1/15
129
1/16
147, 162-66
1/29
281
2/3
337, 359-61
1/29
287,298-305
1964
453
Pages
FRAct: (continued)
Section 23A:
Revision of, to cover transactions re loans
and discounts by subsidiary
banks, in proposed bill to
amend section 6 of the Bank
Holding Company Act of 1956
and re
Section 24:
Loans by national banks on forest tracts,
letter to Bureau of the Budget offering no objection to
the President's approving the
enrolled bill, H.R. 8230, to
amend, liberalizing the conditions of
Real estate loans:
H.R. 11218, a bill to amend, to permit national banks to make more liberal loans to individuals for
redeveloping real property to
further rehabilitation of urban areas, understood Legal
Division would advise Bureau
of the Budget by telephone
that the Board was not in
favor of bill but if support
was given, consideration
should be given to tightening
some of its provisions
cited as Housing Act of 1964,
bill
a
S. 3049,
to amend, to liberalize the
powers of national banks with
respect to conventional home
mortgage loans, letter to
Budget Bureau approved
Section 25:
Amendment proposed, under which the Board
would have authority to permit national banks, as well
as State member banks, to acquire and hold directly controlling stock interests in
foreign banks, subject to certain limitations, proposed
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/18
3898, 3905
6/24
2251, 2263
7/1
2327
8/24
2918, 2922
4/28
1498
1964
454
Pages
FRAct: (continued)
Section 25: (continued)
Amendment proposed: (continued)
Agreed that proposal to amend, be held in
abeyance and that Legal Division prepare legislative proposals that the Board could
consider recommending to
Congress at end of year or
in early 1965
Report to Bureau of Budget on a Treasury
draft bill re
Foreign branches of national banks:
Request by Morgan Guaranty Trust Company,
New York City, for Board's
ruling under, to permit officers of State member banks
stationed at foreign branches
to be granted mortgage loans
up to $20,000 by parent banks,
as enjoyed by executive officers stationed at foreign
branches of national banks,
as permitted under revised
Regulation M, revised draft
of letter to be presented for
consideration
Revised draft discussed, interpretation
approved with understanding
that it would be published in
Federal Register and FRBulletin,
letter to FRBank of New York
Sections 25 and 25(a):
Amendments of, proposed, that would limit
aggregate stock investments
under, to 10 per cent of a
member bank's capital and
surplus
International operations of national banks,
Comptroller's proposed regulation would not relieve national
banks of the legal necessity for
obtaining Board's approval, reply to Comptroller of Currency
included analysis of conflict
between proposed regulation
and authority vested in
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/11
1681
6/12
2078, 2095
1/29
281
2/3
337, 359-61
5/11
1682
1/27
271
1964
455
Pages
FRAct: (continued)
Undivided profits:
Proposed interpretation stating that it is
the Board's opinion that undivided profits do not constitute capital, capital
stock, or surplus for the
purposes of the provisions of
the FRAct, general agreement
to follow "Dillon procedure"
prior to publication of interpretation
Approved for transmittal to FRBanks and
publication in Federal Register and FRBulletin
FRAgents:
Anderson, Robert 0., FRBank of Dallas, designation for 1965
Bean, Atherton, FRBank of Minneapolis, designation for 1965
Canham, Erwin D., FRBank of Boston, designation
for 1965
Hall, Joseph B., FRBank of Cleveland, designation for 1965
Hoadley, Walter E., FRBank of Philadelphia, designation for 1965
Hyde, Edwin, FRBank of Richmond, designation
for 1965
Lunding, Franklin J., FRBank of Chicago, designation for 1965
Rebsamen, Raymond, FRBank of St. Louis, designation for 1965
Reed, Philip D., FRBank of New York, designation
for 1965
Scott, Homer A., FRBank of Kansas City, designation for 1965
Tarver, Jack, FRBank of Atlanta, designation for
1965
Whitman, F. B., FRBank of San Francisco, designation for 1965
PRAgents, Assistant:
Ahern, Joseph M., Alternate Assistant, FRBank
of Boston, appointment approved
effective January 1, 1964, to
succeed Mr. John J. Barrett
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/21
1842
6/11
2029, 2069
10/28
3672
10/28
3672
10/28
3672
10/28
3672
10/28
3672
10/28
3672
10/28
3674
10/28
3672
10/28
3672
10/28
3672
10/28
3672
10/28
3672
1/10
74, 88
1964
456
Pages
FRAgents, Assistant: (continued)
Barrett, John J., FRBank of Boston, succeeded by
Mr. Joseph M. Ahern as Alternate Assistant FRAgent
Alternate Assistant, FRBank
A.,
Crouch, Robert
of Cleveland, appointment approved, to succeed Mr. Donald
Clink
Gainor, Thomas E., Alternate Assistant, FRBank
of Minneapolis, appointment
approved to succeed Theodore
J. Vander Noot, Jr.
Griffin, J. Lero, Alternate Assistant, FRBank
of Dallas, appointment approved
Howell, Leo T., FRBank of Dallas, appointment to
succeed James R. Benton, approved as Assistant FRAgent
Jones, James L., Jr., Alternate Assistant, Federal Reserve Bank of Atlanta,
appointment approved, to succeed Eric B. Hingst
Lisk, Robert E., Alternate Assistant, FRBank of
New York, appointment approved,
to succeed Mr. Heid and to
handle an increased work load
Smith, Leo J., Alternate Assistant, FRBank of
New York, appointment approved,
to succeed Mr. Heid and to
handle an increased work load
Walls, Charles B., Alternate Assistant, FRBank
of Dallas, appointment approved
FRAgent's Representatives:
Anderson, Paul S., Financial Economist, FRBank
of Boston, appointment approved
Appointed for sole purpose of maintaining
custody of FRnotes stored at
cash agent banks
Angney, D. Harry, Vice President, FRBank of
Boston, appointment approved
Appointed for sole purpose of maintaining
custody of FRnotes stored at
cash agent banks
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/10
74, 88
2/25
619, 636
6/3
1937, 1945
3/13
829, 850
1/21
223, 228
3/25
966, 995
8/25
2940, 2954
8/25
2940, 2954
3/13
829, 850
11/19
3924, 3933
11/19
3933
11/19
3924, 3933
11/19
3933
1964
457
Pages
FRAgent's Representatives: (continued)
Aubrey, Lee J., Assistant Vice President, Federal Reserve Bank of Boston,
appointment approved
Appointed for sole purpose of maintaining
custody of FRnotes stored at
cash agent banks
Cline, Marvin D., El Paso Branch of FRBank of
Dallas, appointment approved
Cincinnati Branch, apJ.,
Comarata, Vincent
pointment to succeed Robert
P. Shafer, approved
Vice President,
Assistant
Wallace,
Dickson,
FRBank of Boston, appointment
approved
Appointment for sole purpose of maintaining
custody of FRnotes stored at
cash agent banks
Eisenmenger, Robert W., Director of Research,
FRBank of Boston, appointment
approved
Appointment for sole purpose of maintaining
custody of FRnotes stored at
cash agent banks
Hoyle, Luther M., Jr., Vice President, FRBank
of Boston, appointment approved
Appointed for sole purpose of maintaining
custody of FRnotes stored at
cash agent banks
Mitiguy, Harry R., Bank Relations Officer, Federal Reserve Bank of Boston,
appointment approved
Appointment for sole purpose of maintaining
custody of FRnotes stored at
cash agent banks
Moriarty, Michael T., Memphis Branch, appointment to succeed Frank Roberts,
approved
Newton, Reid E., Los Angeles Branch, appointment
to succeed Mr. D. Carlotti,
approved
Robertson, Thomas H., FRBranch Bank of El Paso,
appointment to succeed Marvin
D. Cline, Jr., approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/19
3924, 3933
11/19
3933
12/9
4247, 4263
7/23
2542, 2557
11/19
3924, 3933
11/19
3933
11/19
3924, 3933
11/19
3933
11/19
3924, 3933
11/19
3933
11/19
3924, 3933
11/19
3933
7/23
2542, 2558
7/2
2354, 2359
3/13
829, 849
1964
458
Pages
PRAgent's Representatives: (continued)
Schlaikyer, Oscar A., Vice President and General
Counsel, FRBank of Boston, appointment approved
Appointment for sole purpose of maintaining
custody of FRnotes stored at
cash agent banks
Stone, Laurence H., Secretary and Associate General Counsel, FRBank of Boston,
appointment approved
Appointment for sole purpose of maintaining
custody of FRnotes stored at
cash agent banks
Swiental, Clarence, Louisville Branch, appointment to succeed John E. Bald,
approved
Swilley, M. J., FRBranch Bank of Jacksonville,
appointment to succeed J. R.
Moser, Jr., approved
Turner, Charles E., Vice President, FRBank of
Boston, appointment approved
Appointment for sole purpose of maintaining
custody of FRnotes stored at
cash agent banks
Willis, Parker B., Vice President and Economic
Adviser, FRBank of Boston, appointment approved
Appointed for sole purpose of maintaining
custody of FRnotes stored at
cash agent banks
FRBank of Atlanta:
Audit of, examination report reviewed, discussion re resistance to certain
recommendations made by Peat,
Marwick, Mitchell and Company,
concerning sampling techniques
used in internal audit of
FRBanks, suggestion that the
Board should encourage FRBanks
to accept greater use of sampling techniques, understood
arrangements would be made
convening General Auditors
to discuss this subject
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/19
3924, 3933
11/19
3933
11/19
3924, 3933
11/19
3933
7/23
2542, 2558
7/13
2438, 2458
11/19
3924, 3933
11/19
3933
11/19
3924, 3933
11/19
3933
3/25
976
1964
459
Pages
FRBank of Atlanta: (continued)
Banking quarters, fallout shelter plans for the
head office and the Birmingham,
Jacksonville, and Nashville
Branches, Board interposes no
objection to proceeding with
project
Discount window, too frequent use of, by three
member banks in Sixth District
revealed in examination report
of, possible violation of Regulation A, agreed that Mr.
Holland, Associate Director,
Division of Research and Statistics, would submit memorandum to Board covering questions raised by Governors
Mitchell and Mills
Examinations, report reviewed, discussion re
resistance to certain recommendations made by Peat, Marwick, Mitchell and Company,
concerning sampling techniques
PRnotes, supplemental printing order for fiscal
year 1964, placed with Bureau
of Engraving and Printing,
approved
, adjustment in salary strucemployees
Salaries,
ture applicable to employees
at the head office and branches, approved
Staff:
Examiners, Special Assistant:
Designation of T. E. Davis, Jr., and Larry
J. Milam, approved
Designation of Lawrence E. Logan and Kent
B. Lynch, approved
Designation of five individuals, approved
Appointment of Charles D. East, approved
President:
Management succession plan discussed in
connection with proposal by
Directors Tarver and Cheatham
to bring in Mr. M. Monroe
Kimbrel during 1965, with a
view to eventual succession to
President some time after retirement of President Bryan
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/27
663, 671
3/25
979
3/25
976
4/8
1204, 1220
4/21
1368, 1374
6/8
1978, 1981
9/11
10/6
11/2
3110, 3117
3405, 3413
3704, 3716
12/4
4130
1964
460
Pages
FRBank of Atlanta: (continued)
Staff: (continued)
President: (continued)
Proposal that Mr. Patterson be appointed
to serve as President between
time of Mr. Bryan's retirement
and Mr. Patterson's attainment
of the age of 65 in May 1968,
with arrangement for Mr.
Kimbrel to become Senior Vice
President with the understanding that if the Bank were satisfied, he would become President in 1968, Chairman Martin
to indicate that Board would
go along with plan
FRBank of Atlanta advised of Board's
decision
(Individual names)
Adams, DeWitt, General Auditor, salary approved
Branan, Carson, Assistant Cashier, salary
approved
Brandt, Harry, Vice President, salary approved
Breck, Fred I., Assistant Cashier, salary
approved
President:
Malcolm,
Bryan,
Asked to serve on Board of Trustees of
the Logistics Management Institute, a nonprofit organization organized by Defense Department, no objection expressed to Mr. Bryan's acceptance of trusteeship
Question raised re possible increase in
salary of, in view of retirement plans, understood Chairman Martin would advise Chairman of FRBank of Atlanta that
while Board had considered proposal for increasing salary of,
such action would not be consistent with established guidelines and Board was not prepared to approve request
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/10
4282
12/10
4286, 4295
12/7
4201
12/7
4201
12/7
4201
12/7
4201
5/7
1655
11/12
3817
1964
461
Pages
FRBank of Atlanta: (continued)
Staff: (continued)
Bryan, Malcolm, President: (continued)
Question raised re possible increase in
salary of: (continued)
Chairman Martin talked by telephone
with Chairman Tarver of, who
responded that he might wish
to discuss matter further when
in Washington for Chairmen's
Conference
Salary approved
Davis, W. M., Assistant Cashier:
Assignment to the Board's offices for a
period of approximately six
months to occupy a Statistician-Economist position in
the Division of Data Processing, approved by Governor
Shepardson on April 30, 1964,
including travel expenses for
himself and family and other
expenses in connection with
his stay at the Board, letter
to FRBank of Atlanta
Recommendation that Board designate Mr.
Davis as Acting Director of
Division of Data Processing,
effective June 11, 1964,
through the remainder of 1964
or until a new director is appointed, approved, agreeable
with President Bryan of FRBank
of Atlanta
Salary approved
Present at Board meeting on December 2,
1964
Salary approved
Drennan, John M., Assistant Examiner, appointment approved, not to participate in examination of a nonmember bank to which he is indebted
Forbes, James B., Assistant General Auditor,
salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/19
12/7
3927
4182
5/4
1593, 1602
6/11
6/26
2060
2266, 2280
12/2
12/7
4097
4201
1/24
264, 268
12/7
4201
1964
462
Pages
FRBank of Atlanta: (continued)
Staff: (continued)
Ford, C. Mason, Assistant Vice President,
salary approved
Lyle,
Assistant Chief Examiner:
Hardin, J.
Salary approved
Salary approved
Harris, J. T., Assistant Vice President,
salary approved
Hibbert, George, Assistant Counsel, salary
approved
Hingst, Eric, Assistant Cashier, salary
approved
Hoover, Duane, Assistant Cashier, salary
approved
Howard, Beyrl E., Assistant Vice President,
salary approved
Jones, James L., Jr., Alternate Assistant
Federal Reserve Agent, appointment approved, to succeed Mr.
Eric B. Hingst
Kantner, Arthur, Assistant Cashier, salary
approved
Kimbrel, M. Monroe, proposal by Directors
Tarver and Cheatham to appoint,
as Senior Vice President, to
become First Vice President
upon Mr. Bryan's retirement
and later President upon Mr.
Patterson's retirement, discussion re management succession plan for FRBank of Atlanta
and the disposition of certain
bank stocks held by
Further discussion, Chairman Martin to indicate that Board would concur with plan
FRBank of Atlanta advised of Board's
decision
Martin, F. H., Assistant Vice President,
salary approved
McCorvey, J. E., Vice President and Cashier,
salary approved
Mitchell, Harold, Examiner, attended Board
meeting on April 27, 1964
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7
4201
6/26
12/7
2266, 2280
4201
12/7
4201
12/7
4201
12/7
4201
12/7
4201
12/7
4201
3/25
966, 995
12/7
4201
12/4
•
4130
12/10
4282
12/10
4286, 4295
12/7
4201
12/7
4201
4/27
1447
1964
463
Pages
FRBank of Atlanta: (continued)
Staff: (continued)
Patterson, Harold T., First Vice President
and General Counsel:
Discussion re management succession plan
providing for, to succeed Mr.
Bryan as President in view of
President Bryan's retirement
at the end of 1965
Further discussion, Chairman Martin to
indicate that Board would concur with plan
FRBank of Atlanta advised re Board's
decision
Salary approved
Raisty, Lloyd B., Vice President, salary
approved to date of retirement
during 1965
Rawlings, Brown R., Vice President, salary
approved
Sanders, Richard A., Associate General Auditor, salary approved
Sheffer, George, Chief Examiner and Assistant Vice President:
Salary approved
Salary approved
Smith, Howard Terry, Jr., Assistant Examiner,
appointment approved
Snell, Donald J., Assistant Examiner, appointment approved, with understanding that he not participate in
examination of a certain national bank
Stephenson, Robert M., Vice President in
charge of Bank Examinations:
Appointment and salary approved
Salary approved
Sturtevant, Carleton W., Examiner, appointment approved
T., Vice President and DiCharles
Taylor,
rector of Research, salary
approved
M., Assistant Vice President,
Edgar
Vallette,
salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/4
4130
12/10
4282
12/10
12/7
4286, 4295
4182
12/7
4201
12/7
4201
12/7
4201
6/26
12/7
2266, 2280
4201
8/5
2721, 2737
8/19
2876, 2889
6/26
12/7
2266, 2280
4201
6/2
1917, 1934
12/7
4201
12/7
4201
1964
464
Pages
FRBank of Atlanta: (continued)
Staff: (continued)
Wapensky, Basil A., Assistant Cashier, salary
approved
Wells, Jeffrey, Assistant Cashier, salary
approved
FRBank of Boston:
Check Collection Department, report by Messrs.
Farrell and Kiley of findings
during visit to, 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
Report contained certain references to Board's
examiners work which Mr.
Solomon thought might be susceptible to misinterpretation,
memorandum on these points
furnished to Board
Counsel, special, request for approval of payment of fees to, for negotiation or litigation, re possible abatement of real estate
taxes for 1963, assessed by
City of Boston, Bank proposed
to engage Edward B. Hanify of
law firm of Ropes and Gray,
action deferred pending discussion with President Ellis
to clarify certain points
Payment of fee to special counsel authorized
Hospitalization, program of increased benefits
at additional cost for active
and retired employees approved,
along with the absorption of
two-thirds of the premium costs
in connection therewith
Staff:
Examiners, Special Assistant:
Designation of 32 individuals, approved
Designation of Lucien S. Thalheimer,
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7
4201
12/7
4201
2/4
375
2/4
377
1/6
1/8
19
34, 47
10/9
3472, 3475
4/6
1152
11/19
3928, 3936
1964
465
Pages
FRBank of Boston: (continued)
Staff: (continued)
(Individual names)
Ahern, Joseph M., FRAgents' Alternate Assistant, appointment approved,
effective January 1, 1964, to
succeed Mr. John J. Barrett
Anderson, Paul S., Financial Economist, salary approved
Angney, D. Harry, Vice President, salary
approved
Aquilino, Daniel, Assistant Cashier:
Salary approved
Salary approved
Aubrey, Lee J., Assistant Vice President,
salary approved
Assistant Cashier, salary
J.,
John
Barrett,
approved
Bebel, Bernard I., Assistant Examiner, appointment approved
Berge, Ansgar R., Vice President, salary
approved
Question re loan of Mr. Berge for a period of one week to assist with
credit analysis in connection
with contract which Arthur D.
Little, Inc., had with Providence of Manitoba, Canada, and
the Manitoba Development Fund,
no objection on leave-withoutpay basis
Brady, Charles H., Assistant Vice President,
salary approved
Dickson, Wallace, Assistant Vice President,
salary approved
Eisenmenger, Robert W., Vice President and
Director of Research, salary
approved
Ellis, George H., President, salary approved
Farrell, Walter 0., Examiner, assignment to
Board's Division of Examinations for period of approximately two months, with travel and expenses paid by, Mr.
Farrell will be designated as
FRExaminer while in Washington
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/10
74, 88
12/7
4190
12/7
4190
1/15
12/7
127, 144
4190
12/7
4190
12/7
4190
11/24
4001, 4005
12/7
4190
12/30
4576
12/7
4190
12/7
4190
12/7
12/7
4190
4177
1/31
318, 328
1964
466
Pages
FRBank of Boston: (continued)
Staff: (continued)
Hoyle, Luther M., Jr., Vice President, salary
approved
Keating, Ripley M., Assistant Cashier, salary
approved
Lacks, Stanley B., General Auditor, salary
approved
Latham, Earle O., First Vice President, salary approved
Mitiguy, Harry R., Assistant Vice President,
salary approved
Nye, Loring C., Assistant Vice President,
salary approved
Phelps, William Davies, appointment as assistant examiner, approved
Porter, Donald G., Assistant Examiner, appointment approved
Radford, Richard M., Assistant Cashier, salary approved
Oscar
A., Vice President and GenSchlaikjer,
eral Counsel, salary approved
Shea, Maurice P., Examiner, appointment approved, with understanding
that he will not participate
in the examination of a certain nonmember bank
Stone, Lawrence H., Secretary and Associate
General Counsel, salary approved
Suckfull, Francis J., Examiner, appointment
approved, with understanding
that he will not participate
in the examination of a certain nonmember bank
Tangney, Eugene M., Assistant Vice President,
salary approved
Thayer, Jarvis M., Jr., Cashier, salary approved
Turner, Charles E., Vice President, salary
approved
Turner, Curtis L., Assistant Examiner, appointment approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7
4190
12/7
4190
12/7
4190
12/7
4177
12/7
4190
12/7
4190
9/30
3331, 3346
5/6
1627, 1643
12/7
4190
12/7
4190
1/13
98, 103
12/7
4190
1/13
98, 103
12/7
4190
12/7
4190
12/7
4190
7/6
2369, 2371
1964
467
Pages
FRBank of Boston: (continued)
Staff: (continued)
Walker, Richard A., Assistant Vice President,
salary approved
Watts, G. Gordon, Vice President, salary
approved
Willis, Parker B., Vice President and Economic
Adviser, salary approved
FRBank of Chicago:
Banking quarters:
Fallout shelter, Board interposes no objection to proceeding with revised plan for
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
Death benefit of $1,000, post-retirement to be
provided through Connecticut
General Life Insurance Company, which handled group insurance policy of FRSystem,
in order to make arrangements
effective, it was necessary
that Board and each FRBank
authorize FRBank of Chicago
to execute an amendment to
group insurance policy, letter to FRBank of Chicago approved, Governor Mitchell
abstaining
Radio transmitting frequency (Federal), letter
to, approved, informing, of
the assignment of a, for selective tone signalling and
one-way voice communications
to certain personnel on the
head office premises
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7
4190
12/7
4190
12/7
4190
6/12
2078, 2094
7/15
2491, 2502
12/22
4500, 4512
4/20
1360, 1365
1964
468
Pages
FRBank of Chicago: (continued)
Salaries:
Employees, increase in salary structure approved for FRBank of Chicago
and Detroit Branch, Governor
Mitchell dissenting because
of the small adjustment involved
First Vice President, Chairman Martin to discuss matter of First Vice
President Helmer's salary
with President Scanlon of,
because of possible misunderstanding, agreement with
Chairman Martin's suggestion
that Board adhere to guidelines without exceptions,
with thought of review of operation of salary administration plan and guidelines in
next several months
Nonclerical employees:
Payment of salaries to Bank's plumbers
and carpenters at specified
rates, approved
Payment of salary to the Bank's marble
maintenance man at a specified
rate for time spent in performing marble setter duties, approved
Payment of salaries to Head Painter and
Painters above the maximum of
the grades in which the positions are classified, approved
Change in the effective date of increase
in salary rate for the Bank's
painters, approved
Staff:
Examiners, Special Assistant:
Designation of Roby L. Sloan, approved
Designation of Jess Dennis, approved
(Individual names)
Anschutz, A. J., Assistant Cashier, salary
approved
Baughman, E. T., Vice President, salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/3
3044, 3063
11/18
3910
5/14
1759, 1774
6/15
2114, 2120
6/19
2175, 2193
9/3
3044, 3062
1/16
12/22
157, 169
4503, 4515
12/7
4204
12/7
4204
1964
469
Pages
FRBank of Chicago: (continued)
Staff: (continued)
Bierbauer, C. E., Assistant Vice President,
salary approved
Buell, H. C., Assistant Chief Examiner, salary approved
Capouch, J. J., Assistant Cashier, salary
approved
Cloos, G. W., Senior Economist, salary approved
Davis, L. A., Assistant Vice President, salary approved
Dawson, L. W., Assistant Vice President, salary approved
Dons, F. A., Assistant General Auditor, salary approved
Doyle, D. M., Assistant Vice President, salary approved
Edler, F. C., Assistant Cashier, salary approved
Endres, J. J., General Auditor, salary approved
Feld, Dennis M., Assistant Examiner, appointment approved
Fults, E. 0., Assistant Vice President, salary approved
Gohr, L. A., Assistant Cashier, salary approved
Gustayson, A. M., Vice President, salary
approved
Hansen, V. A., Assistant Vice President,
salary approved
Heath, E. A., Assistant Vice President and
Assistant Secretary, salary
approved
Helmer, Hugh J., First Vice President:
Request for an increase in salary for,
under guidelines set forth
with respect to salary progression for Presidents and First
Vice Presidents, not eligible
for increase until January
1966
Chairman Martin to discuss matter with
President Scanlon, agreement to
adhere to guidelines without exceptions, with thought of review later
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7
4204
12/7
4204
12/7
4204
12/7
4204
12/7
4204
12/7
4204
12/7
4204
12/7
4204
12/7
4204
12/7
4204
1/31
318, 327
12/7
4204
12/7
4204
12/7
4204
12/7
4204
12/7
4204
11/12
3815, 3828
11/18
3910
1964
470
Pages
FRBank of Chicago: (continued)
Staff: (continued)
Helmer, Hugh J., First Vice President: (continued)
Salary approved
Hodge, P. C., Vice President, General Counsel
and Secretary, salary approved
Hume, W. 0., Assistant Cashier, salary approved
Jones, L. H., Vice President and Cashier,
salary approved
Cashier, salary apAssistant
Kroll, E. K.,
proved
Laibly, C. T., Vice President, salary approved
Larson, W. J., Assistant Counsel and Assistant Secretary, salary approved
Mearkle, Mendal C., Examiner, appointment
approved
Minster, David W., Examiner, appointment approved, with understanding
that he not participate in
examination of a certain nonmember bank
Moffatt, R. A., Vice President, salary approved
Morrison, J. R., Chief Examiner, salary
approved
Newman, H. J , Vice President, salary approved
Reed, Donald S., Assistant Examiner, appointment approved, with understanding that he not participate in
examination of the department
in which his wife is a secretary at the Continental Illinois National Bank and Trust
Company, Chicago, Illinois
Ross, L. M., Vice President, salary approved
Scanlon, Charles J., President:
To attend a monthly meeting of Bank for
International Settlements in
Basle, Switzerland, and to
visit a number of European
central banks, letter to
Chm. Briggs of, approved,
noting action
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7
4183
12/7
4204
12/7
4204
12/7
4204
12/7
4204
12/7
4204
12/7
4204
7/29
2650, 2665
7/29
2650, 2665
12/7
4204
12/7
4204
12/7
4204
11/25
12/7
4025, 4051
4204
4/16
1331, 1343
1964
471
Pages
FRBank of Chicago: (continued)
Staff: (continued)
Scanlon, Charles J., President: (continued)
Salary proposal for, is in keeping with
guidelines and will be acted
upon by Board early in December
Salary approved
Scheider, R. M., Assistant Cashier, salary
approved
Scheld, K. A., Assistant Vice President, salary approved
Schultz, H S., Vice President, salary approved
Smyth, B. L., Vice President, salary approved
Sorg, R. E., Assistant Vice President, salary
approved
Srp, J. J., Assistant Vice President, salary
approved
Stiles, L. A., Senior Economist, salary approved
Vilchinsky, Robert J., Examiner, appointment
approved
Weiskopf, C. W., Assistant Chief Examiner,
salary approved
Whitmer, James F., Assistant Examiner, appointment approved, not to
participate in examination of
a State member bank to which
he is indebted
Wright, C. G., Assistant Vice President, salary approved
PRBank of Cleveland:
Banking quarters:
Food service facility, Board interposes no
objection to expenditure for
renovation of, requiring additional expenditure to the
amount initially authorized
Check processing operations, report by Governor
Balderston that during his
recent visit to, he had been
shown indications of substantial improvement in
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/12
12/7
3828
4183
12/7
4204
12/7
4204
12/7
12/7
4204
4204
12/7
4204
12/7
4204
12/7
4204
4/28
1500, 1514
12/7
4204
4/13
1284, 1291
12/7
4204
8/17
2857, 2863
9/16
3162
1964
472
Pages
PRBank of Cleveland: (continued)
Examinations:
New report form used on trial basis at Federal Reserve Bank of Minneapolis and, agreement with
suggestion of Chairman Martin
that form should be considered further at a time when
all members of the Board were
present
Examination report reviewed
Salaries:
Employees:
Special Grade 16 maximum of $17,500 applicable to head office only,
approved, letter to
Revision in salary structure applicable
at head office and branches,
approved
Protection departments of head office and
branches, attention called to
seemingly high classification
of supervisory positions in,
Board requests further study
on these positions before action is taken
Letter to, concurring in grade classifications recommended for
supervisory positions in, and
approving payment of salaries
on such a basis
Staff:
Examiners, Special Assistant:
Designation of five employees approved,
one not to participate in the
examination of a certain State
member bank
Designation of three individuals approved,
with understanding that two
individuals not participate
in examination of two particular State member banks to which
they are indebted
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Federal Reserve Bank of St. Louis
11/27
11/27
4059
4062
3/26
1030, 1043
4/27
1448, 1472
4/27
1473
7/13
2437, 2456
2/6
406, 410
3/31
1078, 1086
1964
473
Pages
FRBank of Cleveland: (continued)
Staff: (continued)
Examiners, Special Assistant: (continued)
Designation of Edward W. Mohr, approved,
with understanding that he
not participate in examination of a certain State member bank
Designation of eleven persons, three of
whom are not to participate
in the examination of particular State member banks
Designation of John A. Regel and Warren H.
Frey, approved
Designation of six persons, approved
Designation of Francis Hofstot and Brady
Weaver, approved
Designation of Mrs. E. Y. Roberts, approved
Designation of Patrick Cost, approved
Designation of John W. Mitchell, Jr., approved, not to participate in
examination of Provident Bank,
Cincinnati, Ohio
(Individual names)
Beach, Oscar, agreement re arrangements for,
to spend one or two days a
week at the Board for a threemonth period in connection
with a pilot project for collection of data on small samples of consumer loans, Board
to pay travel expenses
Benjamin, Donald G., Assistant Cashier:
Salary approved
Salary approved
Booth, George E., Jr., Vice President and
Cashier:
Salary approved
Salary approved
Breidenbach, Paul, Counsel, salary approved
Bricker, David E., Examiner, appointment approved
Campbell, James H., Assistant General Auditor,
salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/20
1361, 1366
8/5
2720, 2736
8/7
8/28
2741, 2762
2981, 2984
9/30
3331, 3349
10/14
10/29
3524, 3526
3688, 3692
12/22
4503, 4514
8/12
2791
1/21
12/7
223, 230
4197
8/27
12/7
12/7
2962, 2970
4197
4197
6/2
1917, 1933
12/7
4197
1964
474
Pages
FRBank of Cleveland: (continued)
Staff: (continued)
Clouse, Roger R., Vice President and Secretary, salary approved
Crouch, Robert A., FRAgents' Alternate Assistant, appointment approved, to
succeed Mr. Donald Clink
Cutler, Addison T., Assistant Vice President
and Economist:
Change in title and continuation of current salary rate, approved
Salary approved
Didham, Phillip B., Assistant Vice President,
salary approved
Duggan, Robert D., Assistant Cashier:
Salary approved, effective April 1, 1964
Salary approved
Ermer, James, Assistant Examiner, appointment approved
Erste, Anne J., Assistant Cashier, salary
approved
Farrell, Ivan B., Assistant Examiner, appointment approved, with the
understanding that he will not
participate in the examination
of a certain nonmember bank
Fink, Edward A., First Vice President:
Promoted from Vice President, effective
April 1, 1964, for unexpired
portion of five-year term
ending February 28, 1966,
with salary approved
Salary approved
Fricek, Elmer F., Vice President, salary
approved
Ginnane, R. Joseph, Assistant Vice President:
Salary approved
Salary approved
Hackett, John T., Assistant Vice President
and Economist:
Salary approved, effective April 1, 1964
Salary approved
Hendricks, William H., Assistant Cashier,
salary approved
Title change to Assistant Vice President,
salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7
4197
2/25
619, 636
4/30
12/7
1562, 1581
4197
12/7
4197
1/14
12/7
116, 125
4197
7/21
2517, 2539
12/7
4197
2/26
653, 656
1/14
12/7
116, 125
4180
12/7
4197
8/27
12/7
2962, 2970
4197
1/14
12/7
116, 125
4197
12/7
4197
12/17
4436, 4462
1964
475
Pages
FRBank of Cleveland: (continued)
Staff: (continued)
Hickman, W. Braddock, President:
Salary approved, exception made to the
Board's general policy toward
increases in salary for Presidents and First Vice Presidents
Salary approved
Hoover, Robert G., Assistant Vice President,
salary approved
Hoy, John J., Vice President:
Salary approved, effective April 1, 1964
Salary approved
Huning, Harry W., Vice President in charge
of Bank Examinations:
Appointment and salary approved
Salary approved
Kelly, Frederick S., Vice President:
Salary approved
Salary approved
Mann, Maurice, Vice President and General
Economist:
Change in title and continuation of current salary rate, approved
Present at Board meeting
Title change to Vice President and General
Auditor, salary approved
Meredity, Robert T., Assistant Examiner, appointment approved, with the
understanding that he will
not participate in the examination of a certain member
bank
Miller, Clifford G., Vice President, salary
approved
General Auditor, salary
B.,
Miller, Elfer
approved
Morrison, William Martin, Vice President:
Present at afternoon session of Board
meeting on Wednesday, December 2, 1964
Salary approved
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Federal Reserve Bank of St. Louis
1/15
12/7
133, 145
4180
12/7
4197
1/14
12/7
116, 125
4197
8/27
12/7
2962, 2970
4197
8/27
12/7
2962, 2970
4197
4/30
8/17
1562, 1581
2956
12/7
4197
9/16
3163, 3176
12/7
4197
12/7
4197
12/2
12/7
4107
4197
1964
476
Pages
FRBank of Cleveland: (continued)
Staff: (continued)
Murray, John A., Examiner, appointment approved
Ormiston, Thomas E., Jr., Assistant Cashier,
salary approved
Pugh, Harry Milton, Assistant Chief Examiner:
Salary approved
Salary approved
Quast, George T., Chief Examiner, salary approved
Selby, Lester M., Assistant Secretary, salary approved
Thompson, Donald S., First Vice President,
retiring at end of March 1964,
to be succeeded by Edward A.
Fink, presently Vice President
Williamson, Mark, appointment as assistant
examiner, approved
FRBank of Dallas:
Automation, regional training program for examiners re electronic data processing in banks, to be held
in Dallas with the cooperation
of, Mr. Goodman of Board to
proceed with necessary arrangements
Banking quarters, fallout shelter plans to be
abandoned in view of increase
in estimated cost noted by
Board, understood entire program to be reappraised
Examinations, report reviewed, discussion re
possible speculative aspect of
the borrowings and indebtedness
of four members of the Bank's
staff for the purpose of purchasing stock, letter to President Irons re steps taken or
proposed by management in light
of Board's instructions concerning financial transactions
of FRBank officers and employees
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/16
4381, 4433
12/7
4197
8/27
12/7
2962, 2970
4197
12/7
4197
12/7
4197
1/14
116, 125
5/15
1782, 1789
1/13
96
1/22
234, 246
6/9
1985, 1995
1964
477
Pages
FRBank of Dallas: (continued)
Management consultant, question of employment
by, to review operations and
make suggestions for improving
efficiency, Board favorable,
Governor Mitchell to pass on
to Mr. Irons suggestions of
type and scope of agreement
which would give assurance of
maximum assistance to Bank by
firm employed
Salaries:
Employees, increase in salary structure
approved
Staff:
Examiners, Special Assistant, designation of
four individuals for the purpose of participating in examination of Southern Arizona
Bank and Trust Company, Tucson,
Arizona, approved
(Individual names)
Berg, E. H., Assistant Cashier, salary approved until retirement age,
which will be reached in 1965
Bohne, Roy E., Vice President:
Reassignment to head office from El Paso
Branch with no change in title
or salary, effective November
1, 1964, approved
Salary approved
Boykin, Robert H., Assistant Vice President
and Assistant Secretary, salary approved
Cauthen, James L., Vice President, salary
approved
Coldwell, Philip E., First Vice President,
salary approved
Cowan, Leon W., Assistant Vice President,
salary approved
Daniel, Ted A., Assistant Examiner, appointment approved
Garner, Ted, Assistant Examiner, letter
authorizing FRBank to continue designation of, after
noting probable criminal violation, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/4
3759
12/8
4216, 4242
7/9
2397
12/7
4212
10/19
12/7
3593, 3599
4212
12/7
4212
12/7
4212
12/7
4187
12/7
4212
12/8
4237, 4245
8/3
2708, 2714
1964
478
Pages
FRBank of Dallas: (continued)
Staff: (continued)
Gilbert, John J., Assistant Examiner, appointment approved
Green, Ralph T., Vice President:
Borrowings and indebtedness of, for purpose of purchasing stock, letter to President Irons re
steps taken or proposed by
management in light of Board's
instructions concerning financial transactions of FRBank
officers and employees
Salary approved
Griffin, J. Lero, FRAgents' Alternate Assistant, appointment approved
Hegi, John Jacob, Assistant Examiner, appointment approved, with the
understanding that he will not
participate in the examination
of The First National Bank of
Tahoka, Texas, as long as his
father is an officer of that
bank
Howell, Leo T., Assistant FRAgent, appointment to succeed James R.
Benton, approved
Hutton, Charles H., Teller, CVU, borrowings
and indebtedness of, for purpose of purchasing stock, discussion re possible speculative
aspect, letter to President
Irons, FRBank of Dallas, re
Irons, Watrous H., President, salary approved
Lang, Arthur H., General Auditor, salary approved
Murff, G. R., Vice President and Secretary,
salary approved
Parker, James A., Vice President, salary approved
Plant, T. W., Vice President and Cashier,
salary approved
Pritchett, W. M., Vice President, salary approved
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Federal Reserve Bank of St. Louis
12/2
4116, 4128
6/9
12/7
1985, 1995
4212
3/13
829, 850
12/2
4116, 4128
1/21
223, 228
6/9
12/7
1985, 1995
4187
12/7
4212
12/7
4212
12/7
4212
12/7
4212
12/7
4212
1964
479
Pages
FRBank of Dallas: (continued)
Staff: (continued)
Reed, Frederic W., Vice President, in charge
of the El Paso Branch, salary
approved, effective November 1,
1964
Salary 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
Rowe, J. Z., Director of Research, salary
approved
Rudy, George F., General Counsel, salary approved
Russell, James O., Chief Examiner, salary
approved
Salvaggio, Tony J., Assistant Cashier, salary
approved
Sullivan, Thomas R., Vice President, salary
approved
Jr., Assistant Cashier, salA.,
Thaxton, E.
ary approved
Vick, Coy Lynn, Assistant Manager, Accounting
Department, borrowings and indebtedness of, for purpose of
purchasing stock, discussion
re possible speculative aspect,
letter to President Irons re
Vorlop, E. W., Jr., Assistant Cashier, salary
approved
Walls, Charles B., FRAgents' Alternate Assistant, appointment approved
Williams, Dewey C., Examiner, appointment approved with the understanding
that he will not participate
in the examination of a certain nonmember bank
Williamson, James F., General Clerk, Transit
Department, borrowings and indebtedness of, for purpose of
purchasing stock, discussion
re possible speculative aspect, letter to President
Irons of FRBank of Dallas re
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Federal Reserve Bank of St. Louis
10/19
3593, 3599
10/19
3593
12/7
4212
12/7
4212
12/7
4212
12/7
4212
12/7
4212
12/7
4212
6/9
1985, 1995
12/7
4212
3/13
829, 850
2/26
653, 659
6/9
1985, 1995
1964
480
Pages
FRBank of Kansas City:
Banking quarters:
Building program, Board interposes no objection to purchase of property
adjoining Bank building on
which was located a structure
which could be used as temporary service building during
construction of addition to
Bank building for which plans
were already in progress
Coin distribution, 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 Department prior to
dispatch to Mr. Stone
No objection by Treasury Department, reply
sent to Mr. Stone
Counsel, special, request from, for Board's approval re fees for legal services involving damages incurred during construction of
Oklahoma City Branch Building,
letter to, approved, understood that letter would be
sent to all FRBank Presidents
with Board's interpretation
re fees for
Examinations:
Report reviewed:
Construction of new quarters at Denver
branch, general management
problem, understood Governor
Shepardson would discuss with
President Clay
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Federal Reserve Bank of St. Louis
9/23
3251, 3278
9/23
3251, 3279
9/23
3254
11/12
3811,3826-27
2/19
589
1964
481
Pages
FRBank of Kansas City: (continued)
Examinations: (continued)
Report reviewed: (continued)
Indicated that a $400 contribution had
been made to Kansas City Crime
Commission, agreed that check
would be made into files, including record of budget committee, prior to further consideration of the matter
Attention called to certain problems connected with borrowings by two
member banks from,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 Board shortly after
first of year
Disappearance of $4,900 in Omaha Branch
noted, conclusion by FRBank
of Kansas City that disappearance resulted from inadvertent
error and did not reflect malfeasance by any employee
Membership dues and contributions, an amount of
$400 given to Kansas City
Crime Commission by, Board
agreed that check would be
made into files, including
record of budget committee,
prior to further consideration
of the matter
Consensus in favor of suggesting to, that the
next time funds were solicited
for Kansas City Crime Commission, that the Bank decline to
contribute, advice to
Staff:
Examiners, Special Assistant, designation of
62 employees, approved
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Federal Reserve Bank of St. Louis
2/19
592
12/11
4298
12/11
4299
2/19
592
3/13
831, 859
8/25
2946, 2960
1964
482
Pages
FRBank of Kansas City: (continued)
Staff: (continued)
(Individual names)
Andrews, Stanley J., Cashier:
Salary approved
Salary approved
Billington, Wilbur T., Vice President and
Senior Economist, salary approved
Blair, John N., Assistant Vice President:
Salary approved
Salary approved
Boysen, John T., Vice President, salary approved
Brauninger, Theodore F., Assistant Cashier,
salary approved
Clay, George H., President, salary approved
Cornelison, Richard Dan, Assistant Examiner,
appointment approved
Craig, J. C., Assistant Vice President, salary approved
Doll, Raymond J., Vice President and Senior
Economist, salary approved
Euans, J. R., Vice President, salary approved
Fairley, W. F., General Auditor, salary approved
Griswold, Carl F., Assistant Vice President,
salary approved
Knipp, Edwin Andrew, Assistant Examiner, appointment approved
Koppang, Henry 0., First Vice President, salary approved
Martin, Wayne W., Assistant Cashier, salary
approved
Mathews, Floyd J., Assistant Cashier and
Assistant FRAgent:
Salary approved
Authorization to comply with subpoena calling for the production of all
books and documents re receipts
and issue of certain FRnotes,
in connection with litigation,
U. S. v. William Merle Canaday,
with authorization to testify
if required, ratification by
Board of telegram sent on
November 25, 1964
Salary approved
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Federal Reserve Bank of St. Louis
1/17
12/7
173, 185
4210
12/7
4210
1/17
12/7
173, 185
4210
12/7
4210
12/7
12/7
4210
4186
5/22
1857, 1861
12/7
4210
12/7
12/7
4210
4210
12/7
4210
12/7
4210
10/21
3606, 3614
12/7
4186
12/7
4210
1/17
173, 185
11/27
12/7
4062, 4081
4210
1964
483
Pages
FRBank of Kansas City: (continued)
Staff: (continued)
Moore, William D., Examiner, appointment
approved
Mothersead, Marvin L., Director of Personnel,
salary approved
Royer, George D., Jr., Vice President in
charge of the Bank Examination
Department:
Appointment and salary approved
Salary approved
Smith, Lewis W., Assistant Cashier:
Salary approved
Salary approved
Thomas, R. E., Assistant Vice President,
salary approved
Tow, Clarence W., Senior Vice PresidentEconomics Research, salary
approved
White, Donald I., Assistant Cashier:
Salary approved
Salary approved
Wilkinson, George R., Chief Examiner:
Salary approved
Salary approved
FRBank of Minneapolis:
Budget, 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
Examinations:
Report reviewed, memorandum distributed re
types of matters reviewed by
Board's examiners but not considered of such importance as
to warrant inclusion in a report of examination
New report form used on trial basis at FRBank
of Cleveland and, agreement
with suggestion of Chm. Martin
that form be considered further
when all Board members were
present
Report reviewed
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7
4453, 4463
12/7
4210
1/17
12/7
173, 185
4210
1/17
12/7
173, 185
4210
12/7
4210
12/7
4210
1/17
12/7
173, 185
4210
1/17
12/7
173, 185
4210
1/9
61
1/8
41
11/27
11/27
4059
4062
1964
484
Pages
FRBank of Minneapolis: (continued)
Staff:
Bach, Daryl G., Assistant Examiner, appointment approved
Beeth, E. 0., Assistant Vice President, salary approved
Assistant Cashier, salary
E.,
Bergquist, C.
approved
Bjork, C. E., Assistant General Auditor, salary approved
Assistant Vice President,
C.,
W.
Bronner,
salary approved
Cramer, F. J., Assistant Vice President, salary approved
L., President, salary apFrederick
Deming,
proved
Dreitzler, R. J., General Auditor, salary
approved
Vice President, salary apK.,
Fossum, K.
proved
Gable, L. G., Chief Examiner, salary approved
Gainor, Thomas E., FRAgents' Alternate Assistant, appointment approved, to
succeed Theodore J. Vander
Noot, Jr.
Gerber, Phil Carl, Assistant Examiner, appointment approved
Gillette, John J., Vice President:
Salary approved
Salary approved
Graham, R D., Assistant Counsel and Assistant Secretary, salary approved
Grobel, R. K., Vice President, salary approved
Groth, C. W., Vice President and Cashier,
salary approved
Cashier:
Assistant
0.,
H.
Hallin,
Salary approved
Salary approved
Holmgren, M. B., Vice President, salary approved
Johnson, Ervin Eugene, Assistant Examiner,
appointment approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/26
653, 658
12/7
4208
12/7
4208
12/7
4208
12/7
4208
12/7
4208
12/7
4185
12/7
4208
12/7
4208
12/7
4208
6/3
1937, 1945
9/15
3134, 3155
5/25
12/7
1863, 1872
4208
12/7
4208
12/7
4208
12/7
4208
5/25
12/7
1863, 1872
4208
12/7
4208
6/2
1917, 1935
1964
485
Pages
FRBank of Minneapolis: (continued)
Staff: (continued)
Johnson, Steven J., Examiner, appointment
approved, with the understanding that he not participate in
examination of certain national bank and a certain nonmember bank to which he is indebted
Knous, Howard L., Assistant Vice President:
Salary approved
Salary approved
Litterer, 0. F., Assistant Vice President,
salary approved
MacDonald, J. A., Assistant Vice President,
salary approved
Harold
G., Vice President, salary
McConnell,
approved through month of
March 1964, it is noted Mr.
McConnell will be working one
month beyond normal retirement date after his attainment of age 65 during February
O'Brien, W. A., Assistant Cashier, salary approved
Olin, J. P., Assistant Vice President and
Secretary, salary approved
Parsons, F. L., Vice President, salary approved
Sather, M. O., Assistant Cashier, salary approved
Schrank, John August, appointment as assistant examiner, approved
Strothman, M. H., Jr., First Vice President,
salary approved
FRBank of New York:
Banking quarters:
Building program, discussion re proposed program designated to provide
additional space in vicinity
of present FRBank building,
no objections to Bank's taking option on either site
described and hiring real estate agent, additional needs
to be requested by Mr. Farrell,
advice to
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/27
2598, 2629
5/25
12/7
1863, 1872
4208
12/7
4208
12/7
4208
2/28
675, 686
12/7
4208
12/7
4208
12/7
4208
12/7
4208
6/10
2011, 2024
12/7
4185
4/30
1553, 1580
1964
486
Pages
FRBank of New York: (continued)
Banking quarters: (continued)
Building program: (continued)
Further discussion including contemplated
increase in personnel, noted
that no action by the Board
was necessary at this time
Letter to, interposing no objection to
the exercise of options on
property including execution
of lease-purchase agreement
on property at 35-39 Maiden
Lane, and to engaging Horace
S. Ely & Company to manage
properties acquired, not to
be construed as approval for
No objection to New York Reserve Bank exercising option to purchase
property at 68-70 Nassau
Street for $536,000, telegram
to
Vault, gold facilities, upward revision in
total estimated costs for proposed alterations to, noted
without objection
Certain questions raised by Governor Shepardson were dealt with in the
memorandum prepared by Mr.
Daniels
Central bank cooperation, request that Stephen
V. 0. Clarke of, be allowed
access to Board files for
period of 1924-1926 concerning relations between the Federal Reserve and the central
banks of England, France and
Germany, in connection with
official bank study re, agreed
to furnish information with
the understanding that the
Board would review manner any
material was to be used prior
to its issuance as a publication
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/9
2375
10/26
3639, 3657
11/25
4022, 4049
7/24
2561, 2584
7/24
2562
4/21
1368
1964
487
Pages
FRBank of New York: (continued)
Clearing and collection:
Bergen County and Nassau County Clearing
Bureaus, continued efficient
check collection service at,
noted, consensus that no
change in basic agreement
covering this service is
necessary or desirable at
this time, advice to Reserve
Bank
Subsidy of other clearing house associations discussed
Counsel, special, request for authority to hire
in connection with pending
litigation in which the Reserve Bank was seeking reduction of assessed valuation of
its Buffalo Branch real estate and recovery of taxes re
lated to overassessment of
four or more years, agreed
that representatives of the
FRBank of New York and the
Buffalo Branch would be asked
to discuss matter with Board
Matter satisfactorily resolved, letter to
FRBank of New York authorizing certain legal fees to the
firm of Ohlin, Damon, Morey,
Sawyer and Moot re reduction
of tax assessment at Buffalo
Branch, approved
Equipment:
Currency counting machines, question re use
of, to verify deposits of $1
and $5 bills by tickometers
as well as De La Rue machines
during the time of the New
York World's Fair, Secret Service advised Board that as long
as a counterfeit problem did
not develop, there was no objection, advice to, with copies of letter sent to Presidents of all FRBanks
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/16
867, 875
3/16
868
8/28
2979
9/9
3095, 3104
6/10
2002, 2016
1964
488
Pages
FRBank of New York: (continued)
Examinations, report reviewed, Governor Mills
observed that the examination
report seemed to give a "clean
bill of health" to expenditures
made by, and stated that it
seemed unusual that a FRBank
of such size could function
without some expenditure
worthy of comment, understood
list of expenditures would be
distributed to Board members,
bank stock owned by Philip
Vachon, an employee of, questioned, letter to, re continued concern over ownership
of bank stock by FRBank employee
Expenses:
Dinner and theater parties during 1962 and
1963 and reasons why parties
were not queried by Board's
examiners, explanation requested by Mr. Patman, Chairman of House Banking and Currency Committee, reply letter
approved, Governor Mills dissenting
Fiscal agency operations:
Inter-American Development Bank, amendment to
fiscal agency agreement authorizing FRBank of New York to
act as Fiscal Agent re proposed issuance of Twenty-Year
Bonds of 1964 by, approved
Amendment to fiscal agency agreement authorizing FRBank of New York to
act as Fiscal Agent re proposed issuance of Twenty-Year
Bonds of 1964 by, approved
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
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/1
2989
5/7
1652, 1663
3/23
949, 963
10/23
3617, 3631
9/28
3311, 3322
1964
489
Pages
FRBank of New York: (continued)
Foreign accounts:
Bank du Royaume du Burundi, opening approved
Bank of Zambia, opening approved
Banque Nationale du Congo, opening approved
Banque Nationale du Rwanda, opening approved
Reserve Bank of Malawi, opening approved
Reserve Bank of Rhodesia, opening approved
Foreign travel program for personnel of Bank
for current year noted without objection
Loans:
Banco Central de Costa Rica, telegram to
FRBank of New York, approved,
indicating affirmative action
of Board re $2 million gold
loan to, for a period of three
months
Banco de la Republica, Colombia, loan on gold,
request for $30 million, comments on circumstances on
which request was based, not
submitted for recommendations
or action at this time, to be
brought before the Board when
information was more complete
Approval of loan or loans up to $30 million
as requested, telegram to the
FRBank of New York
Bank for International Settlements, extension
of gold loan arrangements for,
approved
Central Bank of the Philippines, loan on
gold, request for loan of $15
million for three months, approved, telegram to FRBank of
New York
Monthly Review:
System Open Market Account, possible publication in FRBulletin and Monthly
Review of FRBank of New York
of Report of the Manager of
the System Open Market Account
to FOMC covering operations in
1963, Gov. Daane outlined reservations, subject to be considered at FOMC meeting
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1957
4027
2796
1956
3821
4241
6/4
11/25
8/12
6/4
11/12
12/8
1949,
4007,
2771,
1949,
3801,
4216,
2/13
467, 473
9/15
3128
12/2
4106
12/10
4273, 4291
10/12
3477, 3483
12/10
4276, 4292
5/4
1594
1964
490
Pages
FRBank of New York: (continued)
Safekeeping of securities, letter to President
Hayes of, re problem encountered in following through with
recommendations made by the
Ad Hoc Subcommittee of the
Presidents' Conference on
Safekeeping Procedures which
were approved as a standard
guide to be followed by the
FRBanks, letter to President
Hayes, approved
Salaries:
Employees, clerical and nonclerical, increase
in structure, letter granting
consent to New York Bank's
proposal, approved
Increase in special maximum for professional level positions (Grade
16 only) from $17,500 to
$19,500 approved, agreed that
same maximum should be allowed to other FRBanks, letter to
Presidents of all FRBanks
Officers, other than President and First Vice
President:
General guidelines for administration of,
to be effective for year 1965,
advice to
Revised salary schedule approved
Staff:
Examiners, Special Assistant:
Designation of five individuals as, approved
Designation of Robert Meyer as, with the
understanding that he will
not participate in the examination of a certain State member bank
Increase in number, comments about the contemplated increase in personnel, noted that no action was
necessary by the Board at this
time
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/13
1735, 1753
11/30
4087, 4093
11/30
4087, 4095
10/2
11/27
3369, 3375
4054, 4075
3/17
894, 901
11/27
4065, 4084
7/9
2375
1964
491
Pages
FRBank of New York: (continued)
Staff: (continued)
(Individual names)
Beach, Gerald E., Manager:
Salary approved
Salary approved
Bennetts, Leonard I., Assistant General
Auditor, salary approved
Bergin, Martin W., Manager, salary approved
Bilby, Harold A., Vice President, salary
approved
Blanchette, Ernest E., Manager, salary approved
Bogardus, Janet, Chief Librarian, Research
Department, to act as consultant to the Ford Foundation's
Middle East and African program and to advise on the
establishment of a comprehensive library in Addis Ababa,
Ethiopia, letter to FRBank of
New York, interposing no objections to arrangements for
Braun, William H., Jr., Assistant Vice President, salary approved
Brereton, Bruce D., Assistant Examiner, appointment approved
Brown, Lyman, III, Examiner, reappointment
approved, with understanding
that he not participate in
examination of a certain State
member bank to which he is indebted
Burleson, Charles A., Jr., Examiner, appointment approved
Castro, Arthur L., appointment as assistant
examiner,approved, with the
understanding that he not
participate in the examination
of a certain State member and
nonmember bank
Clarke, John J., Vice President and General
Counsel, salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/17
12/7
173, 184
4192
12/7
12/7
4192
4192
12/7
4192
12/7
4192
10/2
3365, 3372
12/7
4192
7/9
2397, 2409
10/16
3577, 3591
7/1
2333, 2340
3/4
707, 717
12/7
4192
1964
492
Pages
FRBank of New York: (continued)
Staff: (continued)
Clarke, Stephen V. 0., Special Assistant, request for access to Board files
for use of materials dated
1924-1926 concerning relations between the Federal Reserve and the central banks of
England, France, and Germany,
in connection with official
bank study re central bank
cooperation, agreed to furnish information with the understanding that the Board
would review any material
prior to publication
Combader, A. Thomas, Manager, salary approved
Coombs, Charles A., Vice President, salary
approved
Cooper, Robert L., Manager:
Change in duties noted
Salary approved
Crawford, James V., Assistant Examiner, appointment approved
Crosse, Howard D., Vice President:
Leave without pay for period of three
weeks between June 29 and
August 7, 1964, to participate
in seminar on bank management
at University of Buenos Aires,
Argentina, offered by Columbia
Graduate School of Business in
accordance with contract with
Agency for International Development, approved
Salary approved
Crowley, Robert J., Assistant Counsel, salary approved
Danley, Lawrence E., appointment as Assistant
Examiner approved, not to participate in examination of two
national banks to which he is
indebted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/21
1368
12/7
4192
12/7
4192
1/17
12/7
184
4192
7/9
2397, 2409
2/4
12/7
365, 386
4192
12/7
4192
3/27
1050, 1052
1964
493
Pages
PRBank of New York: (continued)
Staff: (continued)
Davis, Felix T., Assistant Vice President,
salary approved
Davis, Norman P., Assistant Vice President,
special service retirement
noted
Debs, Richard A., Assistant Counsel:
Salary approved
Salary approved
Duncan, Richard A., Examiner, appointment
approved
Ege, Karl L., Manager:
Change in duties noted
Salary approved
Egli, Arnold A., appointment as assistant
examiner approved, with the
understanding that he not
participate in examination
of a certain national bank
Foley, Jerome P., Assistant Examiner, appointment approved
Fousek, Peter, Assistant Vice President:
Salary approved
Salary approved
French, Martin, Manager, salary approved
Garvy, George, Economic Adviser:
Attendance at meeting of central bank
economists to be held at Bank
for International Settlements,
Basle, Switzerland, March 79, 1964, approved,along with
necessary travel
Attendance at meeting of central bank
economists at Bank for International Settlements in Basle,
Switzerland, on November 9-11,
1964, approved
Salary approved
Geng, Edward J., Manager:
Salary approved for period July 2 through
December 31, 1964
Salary approved
Goggins, John J., Examiner, appointment approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7
4192
1/17
184
1/17
12/7
173, 184
4192
7/1
2333, 2340
1/17
12/7
184
4192
8/14
2837, 2855
7/9
2397, 2409
1/17
12/7
12/7
173, 184
4192
4192
2/3
341
10/15
12/7
3528, 3562
4192
7/15
12/7
2491, 2504
4192
9/1
3006, 3013
1964
494
Pages
FRBank of New York: (continued)
Staff: (continued)
Grant, Roger B., Assistant Examiner, appointment approved
Grider, Liston M., appointment as Assistant
Examiner, approved
Guy, Edward G., Assistant General Counsel,
salary approved
Halpern, Joseph M., Senior Examiner, Bank Examinations Department, Board
interposes no objection to a
leave of absence without pay
for one year for, to enable
him to serve the GovernorDesignate of the Central Bank
of Trinidad and Tobago in an
advisory capacity
Harris, Marcus A., Vice President, salary
approved
Hayes, Alfred, President, letter to, salary
approved for 1965
Holmes, Alan R., Vice President, salary approved
Jensen, John P., General Auditor, salary
approved
Kaker, C. Frank, Assistant Examiner, appointment approved
Klopstock, Fred H., Manager, Research Department:
To be one of the FRSystem representatives
who will attend the meeting of
experts of the Euro-currency
market to be held at the Bank
for International Settlements
in Basle, Switzerland, on
July 6-7, 1964
Salary approved
Kotsonis, Diosyssios, Economist, Research Department, Board offers no objection to leave of absence
without pay for a period of
four months, while aiding the
Bernstein Committee in preparation of material relating to
U. S. balance of payments, Budget Bureau to pay the travel
expenses
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/6
1627, 1644
3/4
707, 717
12/7
4192
7/13
2437, 2457
12/7
4192
12/7
4141, 4178
12/7
4192
12/7
4192
9/25
3299, 3309
6/2
12/7
1916
4192
1/17
173, 183
1964
495
Pages
FRBank of New York: (continued)
Staff: (continued)
Lang, Peter P., Adviser, salary approved
Lawrence, Roger, Economist, Foreign Research
Division, Board interposes no
objection to leave of absence
without pay to permit him to
serve on the staff of the Bank
for International Settlements,
for a period of approximately
one year
Leinster, Bruce E., Assistant Examiner, appointment approved
Lewis, Harold W., Manager, pending special
service retirement noted
Link, Robert G., Adviser:
Salary approved
Salary approved
Lisk, Robert E., Alternate Assistant Federal
Reserve Agent, appointment approved, to succeed Mr. Heid
and to handle an increased
work load
Luchtenberg, William R., Examiner, appointment approved, with understanding that he not participate in examination of a nonmember bank to which he is
indebted
MacInnes, Angus A., Jr., Assistant Vice President, salary approved
MacLaury, Bruce K., Manager, salary approved
Malovany, Gerald M., Assistant Examiner, appointment approved
Marple, William E., Manager, salary approved
Marsh, Spencer S., Jr., Assistant Vice President, salary approved
McKenna, James C., Assistant Examiner, appointment approved, with the
understanding that he will not
participate in the examination
of a certain national bank because of indebtedness, and will
sell shares held in another national bank prior to his employment
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7
4192
10/28
3664, 3682
7/9
2397, 2409
1/17
184
1/17
12/7
173, 184
4192
8/25
2940, 2954
3/13
844, 865
12/7
12/7
4192
4192
2/20
12/7
611, 615
4192
12/7
4192
7/9
2397, 2409
1964
496
Pages
FRBank of New York: (continued)
Staff: (continued)
McKeown, Frank A., Examiner, appointment approved
H., Manager, salary apMadeline
McWhinney,
proved
Meek, Paul, Manager and Assistant Secretary:
Change in duties noted
Salary approved
Monica, Corbett J., Assistant Examiner, appointment approved
Nash, Leo F., Assistant Examiner, appointment approved with the understanding that he will not participate in the examination
of a certain member bank
Niles, Donald C., Manager, salary approved
Noa, Arthur H., Manager, salary approved
Oltman, James H.:
Assistant Counsel, salary approved
Manager, salary approved for period July 2
through December 31, 1964
Appointment as examiner approved, with
the understanding that he not
participate in examination of
a certain national bank
Salary approved
Pardee, Scott E., Economist, in Foreign Research Division of, attendance at Twelfth Technical
Training Program of Center
for Latin American Monetary
Studies from May 4 to August
28, 1964, approved
Parmelee, David W., Assistant Examiner, appointment approved
Patterson, Owen G., Semi-Senior Auditor, payment of salary above maximum,
approved
Piderit, Fred W., Jr., Assistant Vice President, salary approved
Pierce, John F., Chief Examiner, service as
Governor of Central Bank of
Trinidad deemed to be in the
public interest, same retirement allowance to be continued,
to serve for approximately two
years, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/1
2333, 2340
12/7
4192
1/17
12/7
184
4192
7/9
2375, 2409
8/11
12/7
12/7
2767, 2769
4192
4192
1/17
173, 184
7/15
2491, 2504
8/14
12/7
2837, 2854
4192
2/19
579, 599
7/9
2375, 2409
9/16
3157, 3174
12/7
4192
2/3
330, 342
1964
497
Pages
FRBank of New York: (continued)
Staff: (continued)
Post, Everett B., Manager, Planning Department:
Leave of absence without pay granted to
permit him to undertake an
assignment with the Central
Bank of the Philippines, no
objection interposed
Salary approved
Pricher, Charles R., Manager, salary approved
Quackenbush, Lawrence E., Assistant Vice
President:
Reappointment as examiner,approved
Salary approved
Quarrier, John C., Assistant Examiner, appointment approved with the
understanding that he will
not participate in examinations of a certain member
bank and a nonmember bank
Rafanello, Benedict, Examiner, reappointment
approved, with understanding
that he will not participate
in examination of a certain
nonmember bank
Randall, Michael, Assistant Examiner, appointment approved
Realini, Joseph F., Assistant Examiner, reappointment approved
Regan, Mary Cordia, Administrative Secretary
to President Hayes,to retain
in active service for one
year beyond March 1, 1965,
her normal service retirement
date, agreed to interpose no
objection, provided review
made by Governor Shepardson
and Division of Personnel Administration
Following review of matter, a letter was
sent to FRBank of New York
with Governor Shepardson's
approval
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/10
12/7
12/7
2002, 2015
4192
4193
7/21
12/7
2517, 2537
4192
7/24
2580, 2591
9/30
3331, 3347
6/12
2090, 2113
7/21
2517, 2538
7/29
2649
7/29
2649, 2656
1964
498
Pages
PRBank of New York: (continued)
Staff: (continued)
Ringen, John P., Manager, salary approved
only to date of retirement
which will be reached during
1965
Ritchie, Robert, Senior Examiner, to be
loaned to the Board's Division of Examinations, with
the designation of Federal
Reserve Examiner for a period
of approximately three months
salary and travel expenses to
be absorbed by the FRBank of
New York
Roche, Thomas J., Senior Foreign Exchange
Officer, salary approved
Rose, Robert F., Assistant Examiner, appointment approved
Rothman, Edwin S., Manager, salary approved
Rozell, Walter H., Jr., Vice President, salary approved
Rushmore, Walter S., Manager, change in duties
noted
Salary approved
Ruskin, Charles W., Examiner, appointment approved
Sandvoss, Dr. Herman G., retention in active
service after age of retirement, approved
Sanford, Horace L., Vice President, salary
approved
Schiff, Frank W., Assistant Vice President:
Board interposes no objection to leave of
absence without pay for a period of one year beginning
September 1, 1964, in order
that he might serve as a senior
staff member of the Council of
Economic Advisers
Salary approved
Schott, Francis H., Manager, salary approved
Schultz, William M., Manager, salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7
4191, 4193
10/6
3405, 3414
12/7
4192
7/9
12/7
2375, 2409
4193
12/7
4192
1/17
12/7
184
4193
7/1
2333, 2340
1/17
172, 182
12/7
4192
7/21
12/7
12/7
12/7
2513, 2525
4192
4193
4193
1964
499
Pages
FRBank of New York: (continued)
Staff: (continued)
Sidberry, Edward J., Jr., Assistant Examiner,
appointment approved, with the
understanding that he not participate in the examination of
a State member bank to which
he is indebted
Sloane, Thomas C., Assistant General Counsel,
salary approved
Small, Kenneth E., Manager, salary approved
Smedley, Frederick L., Assistant Vice President, salary approved
Smith, George C., Manager, salary approved
Smith, Leo J., Alternate Assistant Federal
Reserve Agent, appointment
approved, to succeed Mr. Heid
and to handle an increased
work load
Speagle, Richard E., Chief, Public Information Division, Board interposes no objection to an extension of a leave of absence
without pay previously granted
to, allowing him to complete
the teaching of a course at
the Peruvian Institute of Public Administration in Lima,
Peru
Springman, David C., Assistant Examiner, appointment approved, with the
understanding that he will not
participate in the examination
of certain State member banks
Stanton, Aloysius J., Manager, salary approved
Sternlight, Peter D., Assistant Vice President:
Salary approved
Salary approved
Stone, Robert W., Vice President, salary approved
Thoman, Robert C., Manager:
Change in duties noted
Manager and Assistant Secretary, salary
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/13
844, 865
12/7
12/7
4192
4193
12/7
12/7
4192
4193
8/25
2940, 2954
7/13
2437, 2457
12/28
4544, 4560
12/7
4193
1/17
12/7
173, 184
4192
12/7
4192
1/17
184
12/7
4193
1964
500
Pages
FRBank of New York: (continued)
Staff: (continued)
Timlen, Thomas M., Jr., Secretary and Assistant Counsel, salary approved
Treiber, William F., First Vice President:
Increase in salary requested under guidelines set forth with respect
to salary progression for
Presidents and First Vice
Presidents, the increase proposed for Mr. Treiber would
exceed the amount specified
Discussion re salary of, Board agreement
to adhere to 1962 guidelines,
letter to, salary approved
for 1965
Vachon, Philip, supervisory employee in Foreign Department of, question
re bank stock owned by, letter to FRBank of New York re
continued concern over ownership of bank stock by FRBank
employee
Vignola, Joseph T., Assistant Examiner, appointment approved, effective
November 10, 1964
Waage, Thomas 0., Vice President, salary approved
Wahl, William W., Examiner, reappointment approved, with understanding
that he not participate in
examination of a certain nonmember bank
Wasniewski, Harold N., Examiner, appointment
approved
Wessel, Harold M., Assistant Vice President,
salary approved
Wolek, Thomas A., Assistant Examiner, appointment approved, not to participate in examination of a certain national bank to which he
is indebted
Young, Robert, Jr., Assistant Counsel, salary
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7
4193
11/12
3816
12/7
4142, 4178
9/1
2992, 3011
11/2
3704, 3715
12/7
4192
9/30
3331, 3348
7/1
2333, 2340
12/7
4192
3/27
1050, 1052
12/7
4193
1964
501
Pages
FRBank of New York: (continued)
Staff: (continued)
Zabriski, Peter A., appointment as assistant
examiner, approved
Zunic, Walter W., appointment as assistant
examiner, approved, with the
understanding that he not
participate in examination of
a State member and a member
bank to which he is indebted
Staff development program, Board interposes no
objection of Bank's proposal
to extend its program for advanced education of its personnel through the "Research
Fellows" program, letter to,
approved
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, in reply to proposal
Survey re use of funds obtained through the issuance of negotiable time certificates, conducted by Examinations Department of, referred to in connection with
discussion of proposal to increase maximum rate of interest on time deposits
PRBank of Philadelphia:
Bank and Public Relations Department, Head of,
in connection with review of
examination report of, it was
observed that the management
of the Bank had agreed to review appropriateness of continued holding of shares of
two national banks by
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/10
2011, 2023
3/13
844, 865
5/13
1732, 1744
7/2
2343, 2357
3/11
802
4/30
1562
1964
502
Pages
FRBank of Philadelphia: (continued)
Banking quarters:
Alterations designed to improve cash department facilities located in the
basement, Board interposes no
objection to proceeding with
plan for, and authorizes expenditures of about $125,000,
including architects' fee for
purpose
Board's Committee on Organization, Compensation, and Building Plans
had reviewed proposed plans
and had no objections
Equipment:
Currency counting machine:
Memorandum from Division of Bank Operations, describing developments following an observation by Stanford Research
Institute during study of
possibility of developing
electronic equipment for currency handling, adopted by,
with substantial operating
economies but little opportunity for detection of counterfeits, agreement with suggestion that meeting be arranged
between Board and President
Bopp with Messrs. Farrell and
Schwartz present
Practice of limiting use of its high-speed
currency counting equipment to
incoming deposits of $1 bills
in line with recommendation
of Subcommittee on Cash, Leased
Wire, and Sundry Operations in
which Division of Bank Operations concurred, agreed that
proposed meeting with President Bopp was no longer necessary, letter to Chm. Hayes of
Presidents' Conference re operations of all FRBanks
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/6
3768, 3786
11/6
3771
3/23
949
4/22
1379, 1389
1964
503
Pages
FRBank of Philadelphia: (continued)
Examinations, report reviewed, understood that
Governor Balderston would discuss with President Bopp an
expenditure consisting of payment of $1,700 to the Research
Institute of America, Inc.,
for annual membership dues
for officers and selected employees of the FRBank, observed that management of
Bank had agreed to review appropriateness of continued
holding of shares of two national banks by Head of the
Bank and Public Relations Department, no other items regarded as warranting action
Membership dues and contributions, payment of
$1,700 to the Research Institute of America, Inc., for
annual membership dues for
officers and selected employees of, discussed, Governor
Balderston to discuss with
President Bopp
Staff:
Examiners, Special Assistant, designation of
sixteen individuals approved,
with understanding that one
is not to participate in the
examination of a certain State
member bank
(Individual names)
Aff, Edward A., Assistant Vice President,
salary approved
Agnew, James A., Jr., Assistant Cashier,
salary approved
Alderfer, Evan B., Economic Adviser, salary
approved
Anderson, Clay J., Economic Adviser, salary
approved
Baker, William L., Assistant Examiner, appointment approved with the
understanding that he not participate in examination of a
certain national bank
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/30
1561
4/30
1562
4/24
1433, 1445
12/7
4195
12/7
4195
12/7
4195
12/7
4195
5/6
1626, 1642
1964
504
Pages
FRBank of Philadelphia: (continued)
Staff: (continued)
Barrie, Hugh, Vice President, salary approved
Besse, Jack P., Assistant Vice President,
salary approved
Bopp, Karl R., President:
To meet with Messrs. Farrell and Schwartz
of Board's staff to discuss
high-speed counting machine
at
Salary approved for 1965
Campbell, Joseph R., Vice President, salary
approved
Case, Joseph M., Assistant Vice President,
salary approved
D'Antonio, N. J., Assistant Examiner, not to
engage in examination of a
State member bank because of
indebtedness as a result of
the merger of a nonmember bank
with a State member bank
Dash, Norman G., Vice President, salary approved
Desch, T. K., Examining Officer, salary approved
Eastburn, David P., Vice President:
Understood to be one of the representatives of the FRSystem who will
attend the meeting of experts
of the Euro-currency market
to be held at the Bank for
International Settlements in
Basle, Switzerland, on July 67, 1964
Salary approved
Ensor, William L., Examining Officer, salary
approved
Fondots, C. L., Assistant Examiner, not to
engage in the examination of
a State member bank because
of indebtedness as a result
of the merger of a nonmember
bank with a State member bank
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7
4195
12/7
4195
3/23
12/7
949
4141, 4179
12/7
4195
12/7
4195
2/14
481, 515
12/7
4195
12/7
4195
6/2
12/7
1916
4195
12/7
4195
2/14
482, 515
1964
505
Pages
FRBank of Philadelphia: (continued)
Staff: (continued)
Giacobello, James P., Chief Examining Officer,
salary approved
Goodwin, Murdoch K., Vice President, General
Counsel and Assistant Secretary, salary approved
Haas, Ralph E., Assistant Vice President,
salary approved
Hilkert, Robert N., First Vice President:
Request for increase in salary of, under
guidelines set forth with respect to salary progression
for Presidents and First Vice
Presidents, agreed not eligible for an increase until
January 1966
Salary approved for 1965, in light of
agreement to adhere to 1962
guidelines
Request by Chairman Hoadley for reconsideration of Board's action in
denying salary increase for,
Board reaffirmed earlier decision with agreement that
letter would indicate Board's
plans for an early 1965 review of the 1962 guidelines,
reply approved
James, Jack H., Examining Officer, salary
approved
James, William A., Assistant Vice President,
salary approved
Kleppe, Martin I., Assistant Examiner, assignment to Board's Division of
Examinations for a period of
approximately three months
beginning May 18, 1964, approved, Reserve Bank to absorb all salary and travel expenses in connection with the
assignment
Luckett, Dudley G., Economist, salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7
4195
12/7
4195
12/7
4195
11/12
3816
12/7
4141, 4179
12/23
4524, 4534
12/7
4195
12/7
4195
5/12
1717, 1730
2/20
606, 613
1964
506
Pages
FRBank of Philadelphia: (continued)
Staff: (continued)
Magee, A. Lamont, Assistant General Auditor,
salary approved
Markford, Leonard E., Examining Officer,
salary approved
Melnicoff, David C., Vice President:
Payment of salary from the date of assuming office through December
31, 1964, approved
Salary approved
Metz, G. William, General Auditor, salary
approved
Moll, Warren R., Assistant Vice President,
salary approved
Murdoch, Lawrence C., Assistant Vice President and Assistant Secretary,
salary approved
Murray, Fred A., Director of Plant, salary
approved
Nelson, Henry J., Assistant Vice President,
salary approved
Persick, Lawrence D., Assistant Examiner,
appointment approved with the
understanding that he will not
participate in the examination
of a certain State member bank
and nonmember bank to which he
is indebted
Sanfelice, Louis N., Assistant Examiner, appointment approved
Roeder, Harry W., Vice President, salary approved
Rothwell, Jack C., Economist, salary approved
Shore, Warren Irvin, Assistant Examiner, appointment approved
Shumaker, V. H., Examiner, not to engage in
examination of a certain State
member bank because of indebtedness as a result of the
merger of a nonmember bank
with a State member bank
Snader, Kenneth M., Assistant Vice President,
salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7
4195
12/7
4195
5/15
12/7
1782, 1788
4195
12/7
4195
12/7
4195
12/7
4195
12/7
4195
12/7
4195
3/6
749, 754
6/4
1954, 1959
12/7
12/7
4195
4195
10/2
3370, 3380
2/14
481, 515
12/7
4195
1964
507
Pages
FRBank of Philadelphia: (continued)
Staff: (continued)
Sudders, Russell P., Assistant Vice President, salary approved
Vergari, James V., Vice President and Cashier:
Salary approved for 1965
Designation along with Robert L. Sammons,
Adviser, Division of International Finance of Board, to
undertake a mission for a period of three to four weeks
beginning January 18, 1965,
to the Central Bank of Honduras, to evaluate policies
and systems of operation, approved, with request that
necessary travel and hotel
costs be paid by the Central
Bank, letter to the Central
Bank of Honduras, approved
Wilgus, Richard G., Vice President and Secretary, salary approved
Zumeta, Bertram W., Economist, salary approved
PRBank of Richmond:
Account of Board, letter to, advising that instructions regarding authorized signers of checks drawn
on Board's General and Payroll
Funds have been revised to
permit either manual or machine signing, specimen impression of autograph plate
signature of the Controller,
Mr. Kakalec, enclosed
Banking quarters:
Building site, purchase of the Goldberg property at a price not to exceed
$400,000, authorized, letter
advising
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7
4195
12/7
4141, 4194
12/30
4572, 4584
12/7
4195
12/7
4195
8/14
2838
12/2
4099, 4121
1964
508
Pages
MBank of Richmond: (continued)
Banking quarters: (continued)
Relocation facility for joint use of the
Board and:
Recommendations by Governor Robertson that
the facility be used for currency storage and a communications center during normal
times with possible use as a
data processing center, and
that a study re computer operations be made by the Division of Data Processing and,
with a program to train Richmond Bank personnel re Board
functions, approved
Board approves exercising option to purchase property for, Richmond
Reserve Bank to ask the Richmond architectural firm of
Marcellus Wright & Sons to
prepare plans for facility
Discount window, frequent use of, by three reserve city banks noted in examination report, request
that statement of justification be made for the record
Equipment:
Computer, recommendation resulting from study
made by Governor Robertson in
connection with relocation
facility for the joint use of
Board and FRBank of Richmond,
that Division of Data Processing and the Richmond Bank be
requested to complete studies
of the feasibility and cost of
operating a computer remotely
along lines set forth, approved
Examination report reviewed, notation made of
continuous borrowings from, by
three reserve city banks and of
five cases of indebtedness incurred by Reserve Bank's staff
in order to finance purchase of
securities, letters discussing
these problems, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/23
2234
9/21
3209, 3218
3/16
871, 876
6/23
2237
3/16
871, 876-77
1964
509
Pages
FRBank of Richmond: (continued)
Staff:
Examiners, Special Assistant:
Designation of James R. T. Hodgson, approved
Designation of six individuals, approved
Designation of William T. Cunningham, Jr.,
approved, with the understanding that he will not participate in the examination of a
certain State member bank
Designation of four individuals, one of
whom is not to participate in
examination of Citizens Bank
of Darlington, South Carolina,
approved
Designation of William F. Evenson, approved
Designation of five employees, approved
Designation of Robert C. Duffer, approved
Designation of two individuals, approved
Designation of Robert L. Powell, Jr., approved
(Individual names)
Allin, J. L., Jr., Assistant Cashier, salary
approved
Beavers, C. B., Assistant Cashier, salary
approved
Beducian, John M., Examiner, authorized to
appear in court in response
to subpoena calling for testimony concerning records in
the case of U. S. v. James
Lovelace Tribble
Bennett, E. L., Examining Officer:
Salary approved for the period July 1
through December 31, 1964
Salary approved
Black, R. P., Vice President, salary approved
Blanton, Jackson L., Assistant Examiner, appointment approved, not to
participate in examination of
a certain State member bank
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/13
2/14
98, 104
481, 516
2/26
653, 657
3/27
1051, 1054
7/6
9/4
9/23
9/23
2369,
3081,
3264,
3264,
11/30
4090
12/7
4199
12/7
4199
11/27
4063, 4082
6/3
12/7
1937, 1946
4199
12/7
4199
7/29
2650, 2664
2372
3085
3281
3282
1964
510
Pages
FRBank of Richmond: (continued)
Staff: (continued)
Campbell, James B., Assistant Examiner, reappointment approved
Deitrick, J. G., Assistant Vice President,
salary approved
Dickerson, J. G., Jr., Vice President, salary approved
Dickinson, Floyd M., Jr., Assistant Examiner,
appointment approved, not to
participate in the examination
of a certain nonmember bank
and national bank
Farmer, W. S • , Vice President and General
Counsel, salary approved
Fishburne, . P., Assistant Vice President,
salary approved
Ford, H. E., Assistant Vice President, salary approved
Friend, J. E • , Assistant Cashier, salary approved
Gee, Lloyd B • , Supervisor, Accounting Division, Money Department, and
Special Assistant Examiner,
indebtedness for the purpose
of purchasing securities and
the maintenance of brokerage
accounts, noted in examination
report, letter requesting assurance of review, approved
Harrison, W. B., III, Assistant Vice President, salary approved
Heflin, Aubrey N., First Vice President,
salary approved
Riggerson, Richard J., Assistant Examiner,
appointment approved, not to
participate in examination of
Central National Bank of Richmond, Virginia, as long as his
father is an officer of that
bank
Horigan, J. C., Chief Examiner:
Salary approved for the period July 1
through December 31, 1964
Salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/27
1051, 1053
12/7
4199
12/7
4199
7/10
2431, 2435
12/7
4199
12/7
4199
12/7
4199
12/7
4199
3/16
871, 877
12/7
4199
12/7
4181
6/29
2304, 2310
6/3
12/7
1937, 1946
4199
1964
511
Pages
FRBank of Richmond: (continued)
Staff: (continued)
Kraemer, Charles Phillips, Assistant Examiner:
Appointment approved
Reappointment approved
Marsh, Fenton L., Supervisor, City and County
Checks, Transit Department, indebtedness for the purpose of
purchasing securities, noted
in the examination report of,
letter requesting assurance
of review, approved
Martin, U. S., Vice President, salary approved
Miller, R. L., Assistant Cashier, salary approved
Murphy, Robert G., Examiner, appointment approved
Myers, A. V., Jr., Assistant Vice President,
salary approved
Nosker, John L., Vice President:
Authorized to appear in court in response
to subpoena calling for testimony concerning records in
case of U. S. v. James Lovelace Tribble
Salary approved
Nowlan, J. M., Vice President and Cashier,
salary approved
Parthemos, J., Assistant Vice President,
salary approved
Pearce, Wenifred 0., Assistant Examiner, appointment approved, with the
understanding that he will
not participate in the examination of a certain member
bank
Porter, Chester D., Jr.:
Senior Examiner, indebtedness for the purpose of purchasing securities,
noted in examination report of,
letter requesting assurance of
review, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/22
11/6
2203, 2220
3772, 3789
3/16
871, 877
12/7
4199
12/7
4199
12/23
4525, 4535
12/7
4199
11/27
12/7
4063, 4082
4199
12/7
4199
12/7
4199
6/22
2203, 2220
3/16
871, 877
1964
512
Pages
FRBank of Richmond: (continued)
Staff: (continued)
Porter, Chester D., Jr.: (continued)
Examining Officer:
Salary approved for the period July 1
through December 31, 1964
Authorized to appear in court in response to subpoena calling
for testimony concerning
records in case of U. S. v.
James Lovelace Tribble
Salary approved
Pregeant, V. E., III, Assistant Vice President and Secretary, salary
approved
Ratchford, Benjamin U., Vice President and
Senior Adviser:
Indebtedness for the purpose of purchasing
securities, noted in examination report, letter requesting
assurance of review, approved
Salary approved
Sanders, R. E., Jr., Vice President, salary
approved
Schad, R. P., Assistant General Auditor,
salary approved
Smart, R. H., Examining Officer:
Salary approved for the period July 1
through December 31, 1964
Salary approved
Snead, G. H., General Auditor, salary approved
Upshaw, Robert B., Examiner, appointment approved, not to participate in
the examination of a certain
nonmember bank
Valley, R. Bruce, Assistant Examiner, reappointment approved, not to
participate in the examination of a certain State member bank
Viverette, J. F., Assistant Vice President,
salary approved
Wayne, Edward A., President, salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/3
1937, 1946
11/27
12/7
4063, 4082
4199
12/7
4199
3/16
12/7
871, 877
4199
12/7
4199
12/7
4199
6/3
12/7
1937, 1946
4199
12/7
4199
12/23
4525, 4535
3/27
1051, 1053
12/7
12/7
4199
4181
1964
513
Pages
FRBank of Richmond: (continued)
Staff: (continued)
Wyatt, Jack H.:
Senior Bank Relations Representative and
Special Assistant Examiner,
indebtedness for the purpose
of purchasing securities,
noted in examination report
of, letter requesting assurance of review, approved
Assistant Cashier, salary approved
FRBank of St. Louis:
Advances to member banks, letter to, re member
bank's borrowings under section 13 of the FRAct on collateral of customer's notes,
Board holds that both sections
10b and 13 of the FRAct apply
along with section 201.5(a)
of Regulation A
Examinations, report reviewed
Staff:
Averett, Larry J., Assistant Examiner, appointment approved
Bennett, Marvin L., Vice President, salary
approved
Bowsher, Norman N., Assistant Vice President, salary approved
Chapin, Earl H., Assistant Chief Examiner,
salary approved
Dennison, George W., Assistant Vice President, salary approved
Denton, William F., Assistant Examiner,
Board interposes no objection
to the continuance of a loan
to, made by a nonmember bank
now converted to a national
bank, not to participate in
the examination of that bank
so long as the indebtedness
remains
Dunne, Gerald T., General Counsel and Assistant Secretary, salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/16
12/7
871, 877
4199
10/9
7/15
3472, 3476
2496
3/26
1030, 1044
12/7
4206
12/7
4206
12/7
4206
12/7
4206
9/21
3215, 3221
12/7
4206
1964
514
Pages
FRBank of St. Louis: (continued)
Staff: (continued)
Francis, Darryl R., First Vice President,
salary approved
Geiger, Janes M., Assistant Vice President,
salary approved
Gilmore, Woodrow W., Planning Officer, salary approved
Hirshman, George W., General Auditor, salary
approved
Hofer, John J., Assistant Vice President,
salary approved
Isbell, Wilbur H., Chief Examiner, salary
approved
Johns, Willis L., Assistant Vice President,
salary approved
Jones, Homer, Vice President, salary approved
Kaley, Richard O., Assistant Vice President,
salary approved
Koptis, Stephen, Assistant Vice President,
salary approved
Lewis, Dale M., Vice President, salary approved
Miller, Francis M., Assistant Examiner, reappointment approved
Russell, F. Garland, Jr., Assistant Counsel,
salary approved
Saltzman, Paul, Assistant Vice President,
salary approved
Shuford, Harry A., President, salary approved
Walker, William E., Assistant Vice President,
salary approved
Weigel, Howard H., Vice President and Secretary, salary approved
Welman, Joseph C., Jr., Assistant Chief Examiner, salary approved
Wotawa, Joseph C., Vice President, salary
approved
Wyrick, Orville 0., Vice President, salary
approved
Territory,
proposed transfer of eleven counties
along northwestern edge of
State of Arkansas from head
office zone of, to Little
Rock Branch zone, approved,
advice to
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7
4184
12/7
4206
12/7
4206
12/7
4206
12/7
4206
12/7
4206
12/7
12/7
4206
4206
12/7
4206
12/7
4206
12/7
4206
6/30
2314, 2323
12/7
4206
12/7
4206
12/7
4184
12/7
4206
12/7
4206
12/7
4206
12/7
4206
12/7
4206
4/30
1549, 1572
1964
515
Pages
PRBank of San Francisco:
Alaskan banking situation:
Report by Mr. Solomon on an interagency meeting on reports from the Office
of Emergency Planning re the
extent of devastation from
recent earthquakes in Alaska,
FRBank of San Francisco is
planning to send a bank examiner and an officer of Seattle
Branch to study the situation
Waiving of penalties for reserve deficiencies
of Alaskan member banks attributable to credit extended for
disaster relief, authorized,
Governor Mitchell dissenting
Disappearance of Treasury certificates in 1962
at, inquiry by Mr. Schremp of
House Banking and Currency
Committee re possibility of
any similar incident in 1963
or 1964 to the, agreed that
Mr. Schremp be informed that
there were none, reference
made to the government securities previously reported
missing at State Street Bank
and Trust Company, Boston,
Massachusetts
Examination function:
Employees of, Board noted in its letter accepting budget for last half
of 1964 that it would be
highly desirable to acquire
the needed additions to the
staff and it is hoped that
increased efforts at recruit
ment can result in filling
these positions
Exa minations:
Report reviewed, emphasis on difficulty in
the coin function at the Los
Angeles Branch and remedial
steps taken by management of
the Bank, no action warranted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/1
1104
4/13
1271,1285-87
5/13
1736
6/10
2006, 2022
2/6
406
1964
516
Pages
PRBank of San Francisco: (continued)
Examinations: (continued)
Report form, memorandum from Mr. Solomon re
change in style made effective with report of examination of March 23, 1964
Report reviewed, no action warranted
Salaries:
Employees:
Increase in salary structure for, and its
branches, with special Grade
16 maximum of $17,500 for
head office employees only,
approved
Governor Mitchell raised question re
approval of salary structure
revision without knowing budgetary impact
Grade 16 maximum of $19,500 applicable to
head office of the Bank, approved
Staff:
Examiners, Special Assistant:
Designation of twenty-six individuals approved, including six who are
excluded from participation
in the examination of certain
State member banks
Designation of nine individuals, approved,
three of whom are not to participate in the examination
of certain State member banks
(Individual names)
Barbonchielli, J. L., Vice President, salary
approved
Barrett, T. W., Assistant Cashier, salary
approved
Beeching, Creighton, Examiner, appointment
approved
Bernstein, E. E., Assistant Cashier, salary
approved
Bieser, Leonard V., Assistant Examiner, appointment approved, not to
participate in examination
of a certain member bank and
a nonmember bank
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/18
6/18
2141
2152
1/16
155, 167
1/16
155
12/28
4544
1/22
243, 252
7/21
2518, 2540
12/7
4214
12/7
4214
11/16
3838, 3858
12/7
4214
12/16
4381, 4434
1964
517
Pages
PRBank of San Francisco: (continued)
Staff: (continued)
Blanchard, William J., Examiner, appointment
approved
Burke, W. M., Senior Economist, salary approved
Cavan, P. W., Vice President, salary approved
Cibula, Alvin M., Jr., Assistant Examiner,
appointment approved, not to
participate in the examination
of a particular member bank
Condon, Wayne N., Examiner, appointment approved, not to participate in
the examination of a certain
nonmember bank because of indebtedness
Cooper, W. L., Assistant General Counsel,
salary approved
Crane, Ronald S., Assistant Examiner, appointment approved
Dean, Bruce E., Assistant Examiner, appointment approved, not to participate in the examination of a
certain national bank until
indebtedness is liquidated
Fox, Robert B., Assistant Examiner, appointment approved, not to participate in the examination of
certain member and nonmember
banks
Galvin, E. H., Vice President:
Scheduled for retirement at the end of
February 1965, Board prepared
to approve retention in service for one year beyond normal retirement, if requested
by the Bank
Retention in service until March 1,
1966, approved
Salary approved
Garcia, Jon E., Assistant Examiner, appointment approved, not to participate in examination of a national bank to which he is
indebted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/16
3838, 3858
12/7
12/7
4214
4214
12/22
4503, 4516
3/20
934, 947
12/7
4214
7/6
2369, 2372
6/18
2155, 2171
1/29
293, 309
11/27
4058, 4079
11/27
12/7
4059, 4080
4214
5/27
1885
1964
518
Pages
PRBank of San Francisco: (continued)
Staff: (continued)
Grove, David L., Vice President:
To visit Bank of Israel to advise re monetary problems and to visit
several other countries on
return trip, approved
To lecture during period July 28-August 7,
1964, at Twelfth Technical
Training Program of the Center for Latin American Monetary Studies in Mexico City,
FRBank to assume travel expenses, Board interposes no
objection
Salary approved
Hartlin, G. D., General Auditor, salary approved
Hemmings, H. E., First Vice President, salary approved
Hook, W. W., Examiner, appointment approved,
not to participate in the examination of a certain nonmember bank because of indebtedness
Jamison, H. B., Chief Examiner:
Appointment and salary approved, effective
December 1, 1964
Salary approved
Kindwall, Richard C., Assistant Examiner, appointment approved, not to
participate in examination of
Albert City Savings Bank,
Albert City, Iowa, as long as
his father is an officer of
that bank
Lewis, William H., Examiner, appointment approved, not to participate in
the examination of a certain
nonmember bank because of
indebtedness
Livingston, E. E., Assistant Cashier, salary
approved
Lynn, G. W., Director of Research, salary
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/16
147, 160
3/26
12/7
1022, 1035
4214
12/7
4214
12/7
4188
3/20
934, 947
11/27
12/7
4057, 4079
4214
5/6
1627, 1645
3/20
934, 947
12/7
4214
12/7
4214
1964
519
Pages
PRBank of San Francisco: (continued)
Staff: (continued)
Mah, Lynn, Economist, present at Board meeting for economic review
Martens, E. J., Cashier, salary approved
Masten, D. V., Assistant Cashier:
Salary approved for period February 1
through December 31, 1964
Salary approved
Maurer, Rix, Jr., Assistant Vice President,
salary approved
McKendry, R. E., Assistant General Auditor,
salary approved
Merritt, A. B., Vice President, salary approved
Nicolaus, Edward A., III, Assistant Examiner,
appointment approved
Nylander, Wilbert M., Assistant Examiner,
appointment approved
Pilara, Andrew P., Jr., Assistant Examiner,
appointment approved
Assistant Cashier, salary
G.,
Retallick, R.
approved
Scott, W. F., General Counsel, salary approved
Smith, Cecil G., Assistant Examiner, appointment approved
Stevens, Paul W., Assistant Examiner, appointment approved, not to participate in examination of a certain national bank
Swan, Eliot J., President, salary approved
Thomas, Eugene A., Examiner, appointment
approved
Throndson, Roy T., Examiner, appointment
approved
Van Etten, Paul W., Examiner, appointment
approved
Vilchinsky, Robert J., Examiner, appointment
approved, not to participate
in the examination of a certain nonmember bank because
of indebtedness
Wells, E. A., Assistant Vice President, salary approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/25
12/7
1862
4214
1/20
12/7
189, 204
4214
12/7
4214
12/7
4214
12/7
4214
7/14
2474, 2489
9/21
3215, 3222
9/3
3054, 3073
12/7
4214
12/7
4214
1/22
243, 251
8/25
12/7
2946, 2961
4188
11/16
3838, 3858
11/16
3838, 3858
11/16
3838, 3858
3/20
934, 947
12/7
4214
1964
520
Pages
FRBank of San Francisco: (continued)
Staff: (continued)
Whitworth, C. H., Administrative Assistant,
salary approved until retirement
Williams, J. B., Assistant Vice President,
salary approved
Yeadon, G. Read, Jr., Assistant Examiner,
appointment approved, not
to participate in any examination of a certain State
member bank to which he is
indebted and of which his
father is Trust Officer and
Assistant Secretary
Violations of officers of Farmers and Merchants
Bank of Long Beach, California,
request by one of the officers,
who had been indicted along
with other officers for the
alleged statutory violations
in connection with certain
loan transactions, that the
Federal Reserve Bank of San
Francisco issue a statement
to the effect that the indictment in no way affected the
soundness of the bank, Federal Reserve Bank had refused,
Board upheld the decision
'NBanks:
Assessments:
For expenses of the Board for the first half
of 1964, increase approved by
the Board at the rate adjusted to cover the minimum estimate of out-of-pocket expenses
involved in processing two
surveys of the House Banking
and Currency Committee
For expenses of the Board for the second
half of 1964, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7
4214
12/7
4214
3/6
749, 755
3/11
804
1/6
23
7/9
2377
1964
521
Pages
PRBanks: (continued)
Audits:
Procedures re:
Resistance to certain recommendations of
Peat, Marwick, Mitchell & Co.,
re use of sampling techniques
in internal audit of FRBank
of Atlanta, noted, arrangements to be made for convening General Auditors to discuss problem of encouraging
use of sampling in internal
audit of FRBanks
Letter to Chairman Bean of the Conference
of Chairmen re agenda for proposed special conference of
General Auditors, to discuss,
approved, payment for cost of
dinner authorized, along with
overexpenditure in Board's
budget for 1964
Authority to purchase government securities direct from the Treasury:
SEE: Government securities:
Authority for FRBanks to purchase,
direct from the Treasury
Banking quarters:
SEE: Banking quarters:
FRBanks
Condition statements:
Weekly, telegram to all FRBanks 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
Counsel, special:
Request from FRBank of Boston for approval of
payment of fee to, for negotiation and possible litigation re
abatement of real estate taxes
for 1963 assessed by City of
Boston, Bank proposed to engage
Edward B. Hanify of law firm of
Ropes and Gray, action deferred
pending discussion with President Ellis
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/25
976
4/24
1427, 1441
12/31
4586, 4596
1/6
19
1964
522
Pages
FRBanks: (continued)
Counsel, special: (continued)
Request from FRBank of Boston re: (continued)
Payment of fee to special counsel, authorized
Request from FRBank of New York to engage,
in connection with pending
litigation in seeking reduction of assessed valuation of
its Buffalo Branch real estate
and recovery of taxes related
to overassessment for four or
more years, agreed that representatives of FRBank and
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, approved
Request from FRBank of Kansas City for approval of fees for legal services re damages incurred during construction of Oklahoma
City Branch building, letter
to FRBank of Kansas City, approved, understood that letter would be sent to all Federal Reserve Bank Presidents
with Board's interpretation
re fees for
Dinners for FRSystem.personnel given by, agreement with suggestion that subject be discussed when FRBank
Presidents are in Washington
Discount officers, subject of use of discount
window at FRBanks might be
appropriate for consideration
at a meeting of
Earnings:
Maintenance of surplus accounts at an amount
equal to each Bank's paid-in
capital, approved, Governor
Mills dissenting, to be announced on year-end statement
re FRBank earnings, FRBank
Presidents advised
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/8
34, 47
8/28
2979
9/9
3095, 3104
11/12
3811,3826-27
7/14
2473
3/25
981
12/16
4342, 4398
1964
523
Pages
PRBanks: (continued)
Earnings: (continued)
FRBanks to be advised by telegram that the
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 and payments to
Treasury, telegram sent to
all FRBanks
Press statement to be released on or about
January 5, 1965, re FRBank
earnings during 1964, statement to include information
re payments to be made to
Treasury reflecting action by
Board on December 16, 1964,
calling for maintenance of
surplus accounts of FRBanks
at an amount equal to their
paid-in capital, understood
draft of press statement to
be brought to Board's attention when year-end figures
become available
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
Surplus accounts discussed further, with
agreement that payment to
Treasury should be made in 12
monthly instalments beginning
January 1965, with understanding that press statement would
not indicate in detail the
manner payment was to be made
except to be clear that it related to calendar year 1964
at FRBanks
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/21
4470, 4496
12/22
4502
12/22
4502
12/23
4522
1964
524
Pages
FRBanks: (continued)
Earnings: (continued)
Treasury Department, further discussion re
method of payment to, Governor
Balderston to attend meeting
with Treasury officials and
discuss matter
Treasury stated preference for pro rata
monthly payments of freed surplus as agreed by Board on
December 23, 1964
Examinations:
SEE: Examinations:
FRBanks
Federal Open Market Committee Minutes, 19361960, Board authorized Secretary to arrange for purchase
of as many as 100 sets of, 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
Fiscal agency operations:
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, provided that the Banks
would be reimbursed if cost of
handling became significant,
transmittal of proposed letter
to Chairman of Presidents' Conference, approved
°.
noraria, policy re, revised draft of letter to
Presidents of all FRBanks re,
to revise further for Board's
consideration
Letter approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/28
4537
12/28
4541
7/29
2645
4/9
1236, 1247
2/5
2/10
393
427, 450
1964
525
Pages
FRBanks: (continued)
ospitalization, major medical and surgical insurance for active and retired
employees, letter to Presidents of all FRBanks re, including recent revision of
eligibility requirements with
respect to service retired employees, special service retirees, and disability retirees, approved
Indebtedness and outside business activities of
FRBank officers and employees,
revised draft of letter to
Presidents of all FRBanks
setting forth Board's views
on principles applicable to
teaching activities outside
Bank, receipt of payments for
publications, receipt of compensation for public speaking
appearances, purchase of stock
of any bank, and restrictions
on financial transactions of
persons having access to information re open market activities and changes in margin
requirements, understood that
further revised draft of letter would be prepared re
Letter to all FRBanks Presidents incorporating
in a single communication the
Board's views re, approved
Major medical insurance program, amendment to
increase benefits under Federal Reserve Banks contract
with Prudential Insurance Company of America, with no immediate increase in premium approved as requested by the
Chairman of the Conference of
Presidents, letter to Chairman
Hayes, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/11
2026, 2066
2/5
391
2/10
427, 450
7/1
2330, 2339
1964
526
Pages
PRBanks: (continued)
Management consultant, question of employment
by FRBank of Dallas of a, to
review operations and improve
its efficiency, Board members
favorable, Governor Mitchell
to suggest type or scope of
agreement which would give
assurance of maximum assistance by firm employed
Presidents:
Oath of Office, advised Mr. Robert A. Schremp,
a staff member 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 President
of a FRBank
Presidents and First Vice Presidents:
FRBank of Cleveland, Edward A. Fink, First
Vice President, promoted from
Vice President, new position
effective April 1, 1964, for
unexpired portion of five-year
term ending February 28, 1966,
with annual salary approved,
Mr. Fink to succeed Donald S.
Thompson, who is retiring at
the end of March
Reserves:
Deficiencies in gold:
Procedure for allocation of System Open
Market Account to avoid, possible settlement of clearing
through Interdistrict Settlement Fund through security
holdings, and avoiding deficiencies if combined Banks
have sufficient gold to meet
statutory requirements, Gov.
Mills' objections noted, letter to FRBanks requesting
comments
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/4
3759
5/11
1689
1/14
116, 125
10/7
3426, 3447
1964
527
Pages
FRBanks: (continued)
Reserves: (continued)
Deficiencies in gold: (continued)
Discussion among Board members of ways of
meeting mounting gold losses
and what should be done about
gold reserve requirements,
possibility of removing the
gold reserve against deposits,
leaving the reserve against
currency, discussed
Chairman Martin requested Messrs.
Young, Director, Division of
International Finance, and
Hackley, General Counsel, to
prepare some material re gold
certificate reserve requirements to be distributed to
members of Board shortly
Consideration of drafts of proposed letters to be sent to the Congress by the Treasury Department recommending enactment
of a proposed bill to eliminate the present 25 per cent
gold reserves required against
deposits, to discuss further
when Bureau of the Budget's
request for comment was received
Safekeeping of securities by:
SEE: Securities:
Safekeeping of
Salaries:
SEE: Salaries:
FRBanks
12/7
4146
12/7
4155
12/30
4573
5/7
1647
Staff:
Moving expenses reimbursed to FRBank 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
Federal Government, Board to
pay taxes for employees and
assist them with their amended
returns
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1964
528
Pages
FRBanks: (continued)
Staff development program:
FRBank of New York, Board interposes no objection to Bank's proposal to
extend its program for the advanced education of its personnel through the "Research
Fellows" program, letter to,
approved
Surplus:
SEE: Surplus:
FRBanks
Bulletin:
Bank holding companies, transactions 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, Governor Mitchell abstaining from voting, interpretation approved, to be
published in
Bank services, question by Central Bank of
Montana, Great Falls, Montana,
as to whether section 5 of
the Bank Service Corporation
Act and Regulation S require
that assurances satisfactory
to the Board be furnished,
when a State member bank performs services for another
State member bank, Board's
interpretation to be published in the
Bor rowed money
account, question re member banks
borrowing at an agreed rate of
interest from correspondent
banks by means of transfers
from "deposits" to "bills payable", would not violate Reg.
Q, interpretation to be published in
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/13
1732, 1744
4/6
1144
4/8
1204,1223-25
7/27
2595,2607-11
1964
529
Pages
FRBulletin: (continued)
Federal funds transactions, question whether
corporations operating under
provisions of Regulation K
must maintain reserves against
deposits as specified in section 211.7(c), understood
ruling on question would be
published in
Foreign banking corporations, noted that there
were plans for publishing in,
statistics relating to Edge
and agreement corporations,
in connection with approval
of letter to Morgan Guaranty
Company of New York, New York,
furnishing information re
aggregate assets on those
corporations, based on call
reports for December 31, 1956
and June 30, 1964
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
section 22(g), as to whether
indebtedness to, by an executive officer of a member bank
must be reported, to be published in
Loans to executive officers of foreign branches
of National banks, request by
Morgan Guaranty Trust Company,
New York, New York, for a ruling in the matter of granting
mortgage loans up to $20,000
for its executive officers at
foreign branches, in light of
Comptroller of the Currency's
ruling re, interpretation approved with understanding that
it would be published in, letter to FRBank of New York,
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/26
3638
12/9
4247, 4261
1/29
290, 301
2/3
337
1964
530
Pages
FRBulletin: (continued)
Messenger service, question re use of, constituting the operation of a
branch bank, decision that
determination would have to
be on a case by case basis,
Governor Robertson dissenting, to be published in the
Notes, short-term, negotiable, issued by commercial banks, request by Discount Corporation of New York,
and Aubrey G. Lanston & Co.
Inc., both of New York City,
for a ruling re dealing in,
without contravening prohibition of section 32 of the
Banking Act of 1933 and Regulation R, interpretation to
be published in the
Open market transactions of the FRSystem, table
showing gross purchase and
sales of U.S. Government securities by maturity category,
with similar data for repurchase agreements and net transactions in bankers' acceptances,
proposal to publish in Federal
Reserve Bulletin with a twomonth lag, approved with the
understanding that consideration would be given to the
possibility of publishing
figures with only one-month
lag in time
Private banks, interpretation under section 19,
FRAct, indicating that the
term "other banks" would include, therefore balances due
therefrom may be deducted in
accordance with the provisions of the statute, to be
published in the
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/9
1986, 2000
11/25
4022
7/24
2579
1/29
290, 301
1964
531
Pages
PRBulletin: (continued)
Regulation D, amendment to section 204.2(b) to
conform with interpretation
of section 19, paragraph 11,
of the FRAct, permitting a
member bank, in estimating
its required reserve balances,
to deduct the amounts of balances due from private banks,
approved, to be published in
Regulation Q:
Question by Mr. Charles A. Baker, Vice President and Counsel for Union
Commerce Bank, Cleveland,
Ohio, whether a proposed form
of deposit contract providing
for three months' maturity
with an option to withdraw on
90 days' notice, would comply
with the requirements of, understood that interpretation
would be published in the
Statement of interpretation answering certain
questions re changes in maximum permissible rate of interest under revision of, approved, to be published in
Reserves, publication of an article in the June
1964 FRBulletin re granting
banks in reserve cities permission to carry reduced reserves, authorized
Revenue bonds:
Agreed to publish in, interpretation re underwriting of public Authority bonds payable from rents
under lease with governmental
entity having general taxing
powers, in light of request
re eligibility of ten designated Georgia State Authorities for underwriting by State
member banks
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/29
298, 306
6/15
2114,2117-18
11/27
4056, 4076
6/5
1964
4/30
1552, 1576
1964
532
Pages
FRBulletin: (continued)
Revenue bonds: (continued)
Inquiries from Wells Fargo Bank, San Francisco, California and Bankers
Trust Company, New York, New
York, as to whether California
Bond Anticipation Notes payable solely from proceeds of
anticipated sale of general
obligation bonds of that State
would comply with section 5136
of the Revised Statutes, view
that interpretation should be
published in the
Section 32 of the Banking Act of 1933, question
whether, would prohibit interlocking service of Robert W.
Winthrop as a director of
First National City Bank of
New York and as a partner in
the firm of Wood Struthers &
Winthrop, New York City,
agreed service was prohibited,
to be published in the
U ndivided profits, an interpretation concluding
that, are not a part of a
bank's capital stock was approved for transmittal to
FRBanks and for publication
in the next issue of
Unsecured
notes issued by member banks, statement indicating that such
issuance must be determined
by Federal and State laws,
and assuming that bank borrowings by means of, must be
authorized, statement to be
published in the
FROistricts:
Eighth District, proposed transfer of eleven
counties along northwestern
edge of the State of Arkansas
from the head office zone of
FRBank of St. Louis to the
Little Rock Branch zone, approved, letter to FRBank of
St. Louis
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/13
2443
4/7
1188,1194-98
6/11
2029, 2069
9/9
3094, 3103
4/30
1549, 1572
1964
533
Pages
PRnotes:
Canaday, William Merle, U.S. v., ratification
of telegram to Floyd J.
Mathews, Assistant Cashier
and Assistant FRAgent at the
FRBank of Kansas City, authorizing him to comply with a
subpoena calling for the production of all books and documents re receipts and issue of
certain, in connection with
litigation re, telegram sent
on November 25, 1964
Destruction of unfit:
Legislation re:
Branch of First National City Bank of New
York in San Juan, Puerto Rico,
local destruction by, Treasury
Department interested in possibility, discussion of possible conflict of the proposal
with draft legislation re, Mr.
Farrell to accompany Treasury
Department representatives if
inspection trip is decided
upon
Draft bill to provide for, at locations
designated by Secretary of the
Treasury, and to permit allocation of credit for destroyed
notes among FRBanks as determined by the Board to transfer
functions performed by Comptroller of the Currency re,
to Secretary of the Treasury,
and to repeal the requirement
that the System maintain a
gold redemption fund on deposit with the Treasury Department, favorable report to
Budget Bureau, approved
Report from Division of Bank Operations re
legislation drafted by Treasury
Department, agreed report be
submitted to Presidents' Conference for discussion, also
sent to all FRBank Presidents
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/27
4062, 4081
1/22
237
3/25
972, 1016
9/2
3016, 3040
1964
534
Pages
FRnotes: (continued)
Destruction of unfit: (continued)
Legislation re: (continued)
Alternative draft letters to Chairman of
Presidents' Conference re handling of unfit FRnotes, Board
approved transmittal of first
of alternative draft letter
which stated that the Board
would reopen discussions with
the Treasury Department and
urge that proposed legislation re redemption and local
destruction of unfit FRnotes
be presented to Congress as
soon as the new session opens
Sixth legislative proposal for 1965 was
in regard to, agreed that the
proposal for local destruction of FRnotes should be
ready for submission to the
Congress after the first of
the year
Sorting by Bank of issue:
Report from Division of Bank Operations
on a study of the problems
involved in avoiding the necessity of, consensus to study
further the possibility of
using a sampling procedure
rather than negotiating for
a scanning machine, staff to
prepare a draft of letter to
the Chairman of the Presidents' Conference
Approval of reply to Chairman of Presidents' Conference re their
recomthendation that Board
should consider engaging the
Stanford Research Institute
to study possibilities of a
simplified electronic scanning
machine able to count notes by
Bank of issue, Board stated it
would like to have an ad hoc
committee study a sampling procedure to allocate credit for
redemption of, and suggesting
Irving Gedanken, Division of
Data Processing, as a member
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/3
3723, 3736
11/18
3898, 3907
10/16
3570
11/3
3723, 3736
1964
535
Pages
FRnotes: (continued)
Destruction of unfit: (continued)
Sorting by Bank of issue: (continued)
Report by Mr. Swan at joint meeting of
Board with the Presidents'
Conference that the ad hoc
subcommittee requested that
each FRBank make an actual
sort by Bank of issue of all
unfit, by January 8, 1965,
Governor Mitchell to discuss
with ad hoc subcommittee operating problems
Advice to FRBanks that further compliance with subcommittee's
earlier request for the sampling test would be unnecessary since the cost would be
greater than the results
would justify
Five hundred dollar denomination and over, question whether discontinuing
issuance of, would impair service to public, Board of the
opinion that any legitimate
needs can be met with notes
now being printed, letter to
Secretary of the Treasury re
O ne -dollar denomination:
Low -numbered, telegram to all FRBank Presidents stating that the Board
would interpose no objection
to action by Conference of
Presidents with respect to
distribution of, approved
Printing
order for:
Fiscal year 1964, supplemental, placed with
Bureau of Engraving and Printing for printing notes of Federal Reserve Bank of Atlanta,
1950 series
Fiscal year ending June 30, 1965, placed with
Bureau of Engraving and Printing
Fiscal year 1965 adjusted, letter to Comptroller of Currency re, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/15
4336
12/15
4339
2/5
388, 399
4/3
1131, 1137
4/8
1204, 1220
6/24
2251, 2260
8/14
2836, 2845
1964
536
Pages
FRnotes: (continued)
Printing and shipping schedule for denominations higher than $1, design
of the 1963 Series includes
motto "In God We Trust" on the
back, letter to Presidents of
all FRBanks re schedule, approved
Shipment of new, from Washington, D. C., to the
FRBanks and branches by Brink's,
Inc.:
Recommended by the Subcommittee on Cash,
Leased Wire, and Sundry Operations, and approved by Presidents' Conference, concurrence
by Board re negotiations of
three-year contract, advice
to Chairman of Presidents'
Conference
Designation of Walter H. Young, Senior Attorney, to serve on ad hoc subcommittee re negotiations of
contract with Brink's, Inc.
Agreement with Brink's Incorporated, approved
with the understanding that
it would be executed by the
Secretary and become effective
January 1, 1965, letter and
copies of agreement sent to
Paul C. Hodge, Chairman of
Ad Hoc Subcommittee of Counsel on Brink's Contract for
Currency Shipments
Executed copies of agreement returned by
Mr. Hodge and placed in the
Board's files, letter sent to
Presidents of all FRBanks enclosing copies of contract
and letter from Mr. Hodge
Revision of subparagraph (A) of section 7
(Limitation on Shipments) of
Loss Sharing Agreement so that
it would be consistent with
$15 million limitation on each,
and revision of subparagraph (D)
to remove reference to "registered air mail," approved, advice to all FRBanks
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/9
757, 768
7/30
2674, 2689
8/7
2741
11/2
3699, 3709
11/2
3701, 3710
11/19
3924, 3935
1964
537
Pages
PRnotes: (continued)
Single issue of, legislative proposal for 1965,
decided that although a recommendation for, would be desirable, it was agreed that instead the proposal for local
destruction of FRnotes should
be put in form for submission
to Congress after first of
the year
Studies, establishment of an ad hoc committee
consisting of System statisticians and operating personnel to study problems relating to handling of unfit, and
that the name of Irving Gedanken, Statistician, Division of
Data Processing, be suggested
to serve as Board's representative on the committee, advice to Presidents' Conference
RS tern:
Fiftieth anniversary observance, 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
Hearings:
Bills introduced by Chairman Patman of the
House Banking and Currency
Committee, whose Subcommittee
on Domestic Finance will hold
hearings on the, Board members
and FRBank Presidents will be
invited to testify at hearings
Report by Mr. Cardon re date when members
of Board and Presidents of
FRBanks would be invited to
appear
Request by Chairman Patman that reports of
examination of FRBanks for
1962 and 1963 be furnished
for, no objection, also agreed
that furnishing Board's S-letters would be appropriate
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/18
3898, 3907
11/3
3723, 3736
1/9
58
1/14
113
1/16
156
1/24
257
1964
538
Pages
PRSystem: (continued)
Motion picture:
SEE: Motion pictures:
FRSystem
"Review of Federal Reserve Policy in the Fifteen
Years 1949-1963," by Arthur B.
Hersey, Adviser, Division of
International Finance, discussion re possible inclusion
in Board's Fiftieth Annual Report, understood that Governors
Mitchell and Deane would review an edited draft of the
article to ascertain if it was
suitable for inclusion in the
Annual Report
Agreed that Review would be omitted from the
Annual Report, manuscript sent
to Board members for review
with possible adaptation for
use in FRBulletin or other
purposes, problem of how to
present story of System policy should be studied further
Simplified version of System booklet:
Recommendation by Mr. Noyes, Adviser to the
Board, that Professor William
Davenport of Harvey Mudd College, Claremont, California,
rewrite initial draft of
pamphlet presenting a simplified explanation of the
FRSystem at rate of $50 a day
for about 10 days work, either
on contractual or consultant
basis, approved
Suggestion that Mr. Noyes attempt a further
draft of more limited dimensions to be edited by Professor Davenport, Governors Robertson and Daane to read drafts
and pass along suggestions
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/12
459
2/20
609
4/6
1152
7/6
2368
1964
539
Pages
FRSystem: (continued)
Structure of, Chairman Martin referred to a letter from President Hayes of
the FRBank of New York, dated
August 7, 1964, that would be
distributed to members of the
Board for their review, understood that Board would continue
to give thought to development
of possible legislation re
Technical assistance assignments in foreign
countries for employees of,
sponsored by International
Monetary Fund:
Memorandum from Mr. Young recommending the
System's participation and
suggesting guidelines, tentative approval given by Board,
letter to FRBank requesting
list of possible candidates
for assignment and letter to
International Monetary Fund,
approved
Letter to International Monetary Fund re
FRBank personnel selected for
inclusion in the panel of experts being established by
the Fund, letter enclosing
personal history statements
for persons nominated, approved
Federai
savings and loan associations:
F ASEE: Savings and loan associations
eueral Trade Commission:
Finance charges:
S. 750:
A bill to assist in promotion of economic
stabilization by requiring
disclosure of, in connection
with extension of credit, request for report on eightythree questions re, from
Chairman Robertson of Senate
Banking and Currency Committee, Federal Trade Commission
also submitted answers to same
questions, staff to draft answers for Board's consideration
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/19
2875
2/6
403, 407-09
6/22
2203, 2216
2/13
471
1964
540
Pages
Federal Trade Commission: (continued)
Finance charges: (continued)
S. 750: (continued)
A bill to assist in promotion of economic
stabilization by requiring disclosure of: (continued)
Letter and replies to questions approved for transmittal to
Senator Robertson, recommendation that administration of
such legislation be assigned
to
Further report to Chairman Robertson
of Senate Banking and Currency Committee, again recommending that the administrative responsibility for
the bill be placed with
Pees:
Academic economists, specific rate for payment
of fee authorized at $75 a
day plus travel, Board had
previously authorized costs
of seminar meetings in Special Project Budget in budget for 1964
Counsel, special:
FRBank of Boston, request for approval of
payment of fee to, for negotiation or, if necessary, litigation, re real estate taxes
for 1963, Bank's proposal to
engage Mr. Edward B. Hanify
of law firm of Ropes and Gray,
question re use of Bank's own
counsel, deferred action pending discussion with President
Ellis
Payment of fee to, authorized
PRBank of Kansas City, request for legal services of, for damages incurred
during construction of Oklahoma
City Branch building, letter to,
approved, understood letter
would be sent to all FRBanks
re fees for
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/17
528, 539
3/30
1058, 1071
2/27
666
1/6
1/8
19
34, 47
11/12
3811,3826-27
1964
541
Pages
Fees:
(continued)
Counsel, special: (continued)
FRBank of New York, request for authority to
engage, in connection with
pending litigation seeking
reduction of assessed valuation of Buffalo Branch real
estate and recovery of taxes
related to overassessment for
four or more years, agreed
that representatives of FRBank
of New York and Buffalo Branch
would be asked to discuss the
matter with the Board
Matter satisfactorily resolved, letter
authorizing legal fees to the
firm of Ohlin, Damon, Morey,
Sawyer and Moot, approved
Employee Training and Development Program:
Conversational French:
Arrangements for instructions in, approved,
course to continue approximately twelve weeks with the
Board paying fee and furnishing any materials and references needed, Mrs. Renee Mikus
to be primarily responsible
with Mrs. Germaine Grebi1
assisting
Letters to Mrs. Renee Mikus and Mr. Jean
Lesceux of Washington, D. C.,
confirming arrangements for,
with Board paying $10 for
each session conducted, approved
Effective Oral Communication course to be
conducted by Professor Edwin
L. Stevens, beginning March
18, 1964, Professor Stevens
to provide own materials and
references, Board to pay $750
at the completion of the
course
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/28
2979
9/9
3095, 3104
4/9
1242
10/8
3459
2/26
653
1964
542
Pages
Fees: (continued)
Harrod, Sir Roy, University of Pennsylvania,
one-day visit for consultation on international financial problems, with fee of
$75 per day and transportation costs, authorized, overexpenditure in the 1964 budget of the Division of International Finance, authorized
Stonier Graduate School of Banking, memorandum
from Division of Personnel Administration, recommending revised procedure regarding the
payment of fees and per diem
for students attending, approved, effective immediately
Study proposed by Frederick M. Babcock of Washington, D. C., re methods for
judging and improving portfolios pertaining to mortgage
loans on income producing
properties, approved, with
provision for delivery of
final report by October 15,
1964, and fee of $7,500, payable on delivery and acceptance of the report
Piduciary powers:
Merchants and Farmers State Bank of Weatherford,
Texas, granted permission to
exercise
Pinence charges:
Consumer credit:
Extensions of credit, S. 750, a bill to assist in promotion of economic
stabilization by requiring
disclosure of, in connection
with extensions of credit, request for report on eightythree questions re, from Chm.
Robertson of Senate Banking
and Currency Committee, Federal Trade Commission also to
submit answers to same questions, staff to draft answers
for Board's consideration
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/2
694
6/3
1940
5/18
1792, 1818
9/21
3208, 3217
2/13
471
1964
543
Pages
Finance charges: (continued)
Consumer credit: (continued)
Extensions of credit, S. 750: (continued)
Letter and replies to questions approved
for transmittal to Senator
Robertson
Further report to Chairman Robertson re,
approved
Letter concerning Senator Javits' request
and proposal re, approved for
transmittal to Chairman Robertson, reaffirming Board's
previously stated views
Financial Analysts Federation:
Regulation F, trading in bank securities, Governor Robertson reported on
certain arrangements made by
staff to meet with representatives of, to discuss Board's
proposed Regulation F, FDIC
representatives invited to
attend meetings
Financial Institutions Task Force:
Alaskan banking situation, Frederic Solomon,
Division of Examinations, designated to serve on, letter
to Senator Anderson, Chairman
of, approved
Pirst
Oklahoma Baninsurance, Inc., proposed nonbanking subsidiary of First
Oklahoma Bancorporation, Inc.,
Oklahoma City, Oklahoma, order
approved for hearing re request
of First Oklahoma Bancorporation, Inc., for determination
that activities planned to be
undertaken by, were of the
kind described in section 4
(c)(6) of the Bank Holding
Company Act, so as to make inapplicable prohibitions of section 4 of the Act, David London
of National Labor Relations
Board, selected as Hearing
Examiner
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/17
528, 539
3/30
1058, 1071
4/27
1448, 1468
11/3
3733
4/8
1216, 1226
9/30
3329, 3340
1964
544
Pages
Firs t Participating Fund, Inc.:
SEE: Mutual funds:
First Participating Fund, Inc.
First Wisconsin Company:
Determination under sections 4(c)(1) and 4(c)(6)
of Bank Holding Company Act of
1956:
Request by First Wisconsin Bankshares Corporation, Milwaukee, Wisconsin,
for, with respect to, a nonbanking subsidiary, advice to
First Wisconsin Bankshares
Corporation, approved
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, David London
selected as Hearing Examiner
by Civil Service Commission
Fiscal agency operations:
PRBank of New York:
Inter -American Development Bank, Washington,
D. C.:
Amendment to fiscal agency agreement to
cover proposed issuance of
Twenty-Year Bonds of 1964,
due April 1, 1984, approved
Amendment to fiscal agency agreement to
cover proposed issuance of
Twenty-Year Bonds of 1964,
due November 1, 1984, approved
International Bank for Reconstruction and
Development, amendment to
fiscal agency agreement to
cover proposed issuance of
Two-Year Bonds of 1964,
approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/19
581, 601
4/17
1346, 1358
9/30
3330, 3343
3/23
949, 963
10/23
3617, 3631
9/28
3311, 3322
1964
545
Pages
Fiscal agency operations: (continued)
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, transmittal of proposed letter to the
Chairman of Presidents' Conference, approved
Safekeeping of negotiable items, report of the
Ad Hoc Subcommittee on Safekeeping Procedures, approved
as a guide for FRBanks, advice to Presidents of all
FRBanks, letter to Chairman
of the Presidents' Conference
re initiating similar studies
to develop standards for, and
fiscal agency and noncash collection operations, approved,
letter to President Hayes of
FRBank of New York re problem
encountered with recommendations made by the Ad Hoc Subcommittee, approved
Ploat:
Reduction of:
Possibility of raising maximum deferment
time for check credits, reply
to Chairman Fascell of House
Legal and Monetary Affairs
Subcommittee, approved
Reply to Chairman Fascell of House Legal and
Monetary Affairs Subcommittee,
discussing, with unfavorable
view re possibility of defining a point at which float
could be considered too high
and the possibility of levying
a charge on member banks for
float-based reserves
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/9
1236, 1247
5/13
1733,1748-53
3/12
809, 824
6/12
2080, 2106
1964
546
Pages
Plow of funds:
Analysis of projected financial development consistent with Federal budget
for fiscal year 1965 and impact of tax reducing legislation presented using a series
of charts
Issuance of supplement to Board's Flow of Funds
Accounts, approved, with approval for resultant overexpenditure in Printing and
Binding Account of the 1964
budget of the Division of Administrative Services
Ford Foundation, Janet Bogardus, Chief Librarian
in Research Department, FRBank
of New York, to act as consultant to, in their Middle East
and Africa program and to advise on establishment of a
comprehensive library in Addis
Ababa, Ethiopia, letter to the
FRBank of New York, interposing no objection to arrangements
2/27
664
2/7
417
10/2
3365, 3372
11/25
4007, 4027
8/12
2771, 2796
6/4
1949, 1956
6/4
1949, 1957
11/12
3801, 3821
12/8
4216, 4241
12/9
4247, 4261
Foreign accounts:
Bank of Zambia, opening by FRBank of New York,
approved
Banque Nationale du Congo, opening by FRBank of
New York, approved
Banque Nationale du Rwanda, opening by FRBank
of New York, approved
Banque du Royaume du Burundi, opening by FRBank
of New York, approved
Reserve Bank of Malawi, opening by FRBank of
New York, approved
Reserve Bank of Rhodesia, opening by FRBank of
New York, approved
Foreign banking corporations:
Capital stock and aggregate assets of, request
by Morgan Guaranty Trust Company of New York, New York, for
information on statistics relating to, information furnished based on call reports for
December 31, 1956 and June 30,
1964
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1964
547
Pages
Foreign banking corporations: (continued)
Capital stock and aggregate assets of: (continued)
Noted that there were plans for publishing
in FRBulletin statistics relating to sections 25 and 25A
corporations
Condition reports:
Call as of December 31, 1963
Call as of December 31, 1963, advice to International Bank of Detroit,
Michigan
Call as of June 30, 1964
Conditions pertaining to foreign stock acquisitions:
Opinions expressed re possible reconsideration of, agreed that a list
of restrictions previously imposed in various cases, plus
the general restrictions imposed by Regulation K, be
prepared for further consideration at tomorrow's meeting
Consideration of revised draft of letter to
Chairman Rockefeller, 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 Company (Bahamas) Limited, understood draft would be revised
and reconsidered at next
meeting
Agreement amended to conform with revised
Regulation K, granting exception to conditions imposed on
acquisitions of First National
City Trust Company (Bahamas)
Limited, Governors Robertson,
Mitchell, and Daane dissenting
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/9
4247
1/2
5, 8-14
1/10
7/2
81, 89
2356,2360-66
9/1
2998
10/6
3383
10/7
3416,3443-45
1964
548
Pages
Foreign banking corporations: (continued)
Edge Act corporations:
Conduct of business in the United States by
a foreign financial institution or a subsidiary or affiliate of such institution,
agreed to liberalize limitations of activity to comply
with the type of activity
allowed by, in the United
States
Restriction re deposit-type business, staff
to review authorizations granted under Regulation K prior to
the September 1963 revision
and advise recipients that the
restrictions on, was rescinded
under revision of Regulation K
Subsidiaries of State member banks, Governor
Mills expressed view that the
trend was developing where
corporations organized under
the Edge Act were not being
used for the purpose intended
by the Act
Transactions involving business unconnected
with banking and finance, question whether Edge Act corporations should engage in, in regard to application of Mellon
Bank International, Pittsburgh,
Pennsylvania, for permission
to purchase shares of HIKoppers Cement Corporation,
Makati, Rizal, Philippines, a
joint undertaking between
Koppers International C.A.
and House of Investments, Inc.,
agreed to defer action for additional information
Application approved, Governor Robertson
dissenting
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/18
3182,3194-3205
4/9
1230
4/8
1204
9/15
3126
9/16
3157, 3175
1964
549
Pages
Foreign banking corporations: (continued)
Federal funds transactions, question whether
corporations operating under
provisions of Regulation K
must maintain reserves against
deposits as specified in section 211.7(c), letter to corporations operating under Regulation K approved, understood
ruling would be published in
the Federal Register and the
FRBulle tin
Interlocking employment relationships, question
whether a partner, officer, or
employee of an investment company can at the same time serve
in some capacity with a, which
is wholly-owned by a State member bank, discussed in connection with Morgan Guaranty International Finance Corporation
Investment in:
Comptroller of the Currency proposed regulation requiring national banks
to obtain Comptroller's approval re, in reply letter to
Chairman Fascell of House
Legal and Monetary Affairs
Subcommittee, Board pointed
out that Congress specifically
authorized Board to regulate
activities of national and
State member banks in this
field
Question re continuing to invite Comptroller's
comments on applications by
Edge Act or agreement subsidiaries of national banks to
make, discussed in connection
with application of Bank of
America National Trust and
Savings Association, San Francisco, California, staff requested to draft letter to
Comptroller re continuation
of inviting his views
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/26
3637, 3654
2/12
454
2/10
438
3/26
1022
1964
550
Pages
Foreign banking corporations: (continued)
Investment in: (continued)
Question re continuing to invite Comptroller's
comments on applications by
Edge Act or agreement subsidiaries of national banks to
make: (continued)
Understood certain suggestions made by
Governor Balderston would be
reflected in new draft letter
to be considered tomorrow
Consensus that Board should continue to
invite comments
Pattern for requesting comments from Comptroller in handling such applications, agreement re, at
least for time being
Proposal to require prior notification
despite procedure under which
Comptroller of the Currency
receives such notification of
principal proposals, letter to
Chairman Patman in reply to
request for list of points of
disagreement between Board and
Comptroller
Subsidiaries of:
Request by Treasury Department for Board's
views on proposed regulation
by Internal Revenue Service
relating to taxes on certain
types of income of controlled,
and Board's position under
Regulation K concerning the
acquisition by Edge or agreement corporations of more than
50 per cent of the voting
stock of a foreign subsidiary,
agreed that staff should study
subject further
Further discussion, understood that further revised draft of letter
to Treasury Department would
be prepared for Board's consideration
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/31
1076
4/1
1089, 1116
4/16
1329
9/3
3048, 3070
6/19
2175
7/10
2415
1964
551
Pages
Foreign banking corporations: (continued)
Subsidiaries of: (continued)
Request for Board's views on proposed regulation by Internal Revenue Service relating to taxes on certain types of income of controlled foreign corporations,
and Board's position under
Regulation K, letter to the
Treasury Department approved,
with Governor Robertson's
reservations noted, copy of
letter sent to all FRBanks
with request that copies be
transmitted to Edge and agreement corporations
Request from Chairman J. S. Rockefeller of
First National City Bank, New
York City, for removal or revision of restrictions on
loan operations of subsidiaries of International Banking Corporation, New York,
which would not be applicable,
understood a revised reply
and staff memorandum on points
raised by First National would
be prepared for consideration
at another meeting of Board
Understood list of restrictions imposed
re acquisition of shares of
foreign banks in various cases
would be prepared for consideration at tomorrow's Board
meeting
To be considered further at another meeting, Governor Mitchell to
work with staff on problems
discussed and those relating
generally to Regulation K
area
Understood draft would be revised and reconsidered at next meeting
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/24
2569,2585-87
7/24
2563
9/1
2995
9/2
3022, 3041
10/6
3383
1964
552
Pages
Foreign banking corporations: (continued)
Subsidiaries of: (continued)
Request from Chairman Rockefeller of First
National City Bank, New York
City, re removal of loan operation restrictions: (continued)
Agreement amended to conform with revised
Regulation K, granting exception to conditions imposed on
acquisition of First National
City Trust Company (Bahamas)
Limited, Governors Robertson,
Mitchell and Daane dissenting
Tax avoidance through, aspect brought out in
Board's discussion of request
from Chemical International
Finance, Ltd., New York, to
permit its subsidiary, Chemical Overseas Finance Corporation, Hamilton, Bermuda, to
amend its charter and be given
certain separate treatment
from the parent organization
Valuation of shares of foreign corporations on
books of Edge and agreement
corporations:
Discussion re the establishment of a uniform
procedure of, understood that
subject would be discussed
further at another meeting
Discussion re general principle for determining, for balance sheet and
examination purposes, understood that efforts to arrive
at principle of general application would continue, with
forthcoming cases to be considered on their individual
merit, letter to Bankers International Corporation, New
York, New York, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/7
3416,3443-45
12/30
4567
6/12
2084
6/23
2224, 2243
1964
553
Pages
Foreign banking corporations: (continued)
(Individual names)
Bamerical International Financial Corporation,
New York, New York:
Granted consent to purchase shares of Promotora de Inversiones, S.A.,
Barcelona, Spain, in excess
of 10 per cent of Bamerical's
capital and surplus
Request by, to purchase stock of a reorganized German instalment finance
bank to be known as Curt
Briechle (G.m.b.H.), Moenchengladbach, Germany, pointed
out that the German institution was a finance company,
consensus that letter of consent should retain form used
for an investment in a banking institution, letter approved
Bank of America, New York, New York, letter to,
amending consents of March 23,
1961, and April 3, 1962, for
Bank of America and Banca d'
America e d'Italia to acquire
and hold shares of United
Overseas Corporation (now
known as Societe Financiere
pour les Pays d'Outre-Mer, or
Financial Corporation for
Overseas Countries), approved,
wording of letter changed in
accordance with suggestion
made by Governor Mitchell
Bank of Boston International, New York, New York,
amendment of corporation's
Articles of Association, approved
Noted that no reply had been received from
Comptroller of Currency inviting his views re, agreed
to continue requesting views
on proposed foreign operations
of national banks or subsidiaries
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/24
1422, 1438
11/16
3832, 3843
12/23
4518, 4531
5/4
1583, 1598
5/4
1583
1964
554
Pages
Foreign banking corporations: (continued)
Bankers International Corporation, New York,
New York:
Request for rescission of condition numbered
1 prescribed by Board in granting consent to purchase shares
of l'Union des Mines-La Henin,
Paris, France, that shares not
be carried at a net amount in
excess of book capital accounts, understood alternate
draft of letter would be prepared for Board's consideration and subject of valuation
of shares to be discussed at
another meeting
Agreed not to require adherence to condition but requested that net
earnings be set aside into
valuation reserve until gap
between cost and market value
had been closed, letter approved
Letter re consent previously granted to
purchase shares of l'Union
des Mines-La Henin, Paris,
France, Board's further consideration grants certain
stated liberalized conditions
to that condition previously
imposed in the letter of
September 3, 1963
Granted permission to acquire assets and assume the liabilities of Bankers
International Financing Company, Inc., New York, under
title of Bankers International
Corporation, and rescinds the
stated provisions in letter
of June 23, 1964, with respect to setting aside net
earnings of, into valuation
reserves against shares of
l'Union des Mines-La Henin,
Paris, France
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/12
2084
6/23
2224, 2243
9/18
3185, 3201
12/30
4562, 4579
1964
555
Pages
Foreign banking corporations: (continued)
Bankers International Financing Company, Inc.,
New York, New York:
A subsidiary of Bankers Trust Company, New
York, New York, request for
permission to increase its investment in Corporacion Financiera Nacional, view expressed
by Governor Mills that this
application was an illustration that a trend was developing where corporations organized under the Edge Act
were not being used for the
purpose intended by the Act
Granted permission to invest in additional
shares of Corporacion Financiera Nacional, Medellin,
Colombia, and shares in Industrias Metalicas de Palmira,
S.A., Palmira, Colombia, with
the understanding that the
condition previously imposed
on Corporacion Financiera Nacional would be rescinded in
light of the revision of Regulation K
Restrictions imposed in letter of consent to
purchase shares of InterAfrica (Liberia) Limited, Monrovia, Liberia, rescinded in
view of revision of Board's
Regulation K
Granted permission to purchase and hold
shares of The Industrial
Credit and Investment Corporation of India, Limited,
Bombay, India
Granted permission to purchase shares of
Bancom Development Corporation, Makati, Rizal, Philippines, in excess of ten per
cent of corporation's capital
and surplus
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/8
1204
4/9
1229, 1244
4/21
1369, 1376
8/13
2807, 2822
8/28
2978, 2983
1964
556
Pages
Foreign banking corporations: (continued)
Bankers International Financing Company, Inc.,
New York, New York: (continued)
Granted permission to purchase additional
shares of Bancom Development
Corporation, Makati, Rizal,
Philippines
Permission given to Bankers International
Corporation, New York, to
purchase assets and assume
liabilities of, approval given
to amend Articles First and
Second of Articles of Association of
Boston Overseas Financial Corporation, Boston,
Massachusetts:
Consent granted to purchase shares of Banco
Europeo de Negocios, Madrid,
Spain
Consent granted to purchase and hold shares
of Industrial Credit and Investment Corporation of India
Limited, Bombay, India
Consent granted to purchase shares of Corporacion Financiera Nacional,
Medellin, Colombia
Consent granted to purchase additional shares
of International Factors A.G.,
Chur, Switzerland
Chase International Investment Corporation, New
York, New York:
Question re possible violation of section 32
of the Banking Act of 1933, in
connection with Andre Meyer,
a senior partner of Lazard
Freres & Co., New York, serving on the Board of Directors
of, consensus that no action
would be taken, Governor Robertson expressing some reservations, question re handling
of inquiries by Morgan interests if they refer to the Chase
matter
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/2
3365, 3373
12/30
4562, 4579
6/8
1973, 1980
8/13
2808, 2823
10/23
3617, 3627
12/7
4138, 4164
2/12
455
1964
557
Pages
Foreign banking corporations: (continued)
Chase International Investment Corporation, New
York, New York: (continued)
Extension of time granted to make further investments in Arcturus Investment & Development, Ltd., Montreal, Canada
Rescission of a condition imposed by Board's
Regulation K when it originally authorized certain investments in Iranian Industrial Credit and Investment
Corporation (now known as Industrial and Mining Development Bank of Iran, Teheran,
Iran) and shares of Financiera de la Pequena Empresa,
S.A., San Salvador, El Salvador, advice to
Consent granted to purchase and hold either
directly or through its subsidiary Arcturus Investment
& Development, Ltd., Montreal,
Canada, stock of Transamerican Trailer Ferry, Inc., San
Juan, Puerto Rico
Letter amending Board's consent for, to
acquire either directly or
indirectly, shares of Transamerican Trailer Ferry, Inc.,
San Juan, Puerto Rico
Granted extension of time to acquire shares
of Banque Ivoirienne de Developement Industriel, Abidjan,
Ivory Coast
Chase Manhattan Overseas Banking Corporation,
New York, New York:
Consent granted to the purchase by Chase Manhattan Trust Corporation Limited, Nassau, N.P., Bahamas,
all the shares of nominee corporation to be known as Chase
Manhattan Trust Corporation
(Nominees) Limited, advice to
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/28
675, 683
5/4
1594, 1604
7/13
2437, 2455
11/6
3768, 3782
9/16
3157, 3172
4/27
1447, 1461
1964
558
Pages
Foreign banking corporations: (continued)
Chase Manhattan Overseas Banking Corporation,
New York, New York: (continued)
Letter to, acknowledging receipt of notice
of intention of Banco Mercantil y Agricola, Caracas,
Venezuela, to establish additional branches in Venezuela
at Los Palos Grandes Business
Center, Sucre District, State
of Miranda, and Edificio Ponta,
Puerto Ordaz, State of Bolivar
Consent granted to purchase all of the shares
of a nominee corporation to be
organized under the laws of
the Colony of Hong Kong
Consent granted to purchase and hold shares
of Banco Continental, Lima,
Peru
Request to amend Article Seventh of the
Articles of Association approved, authorizing the increase in capital stock
Chemical International Finance, Ltd., New York,
New York:
Resolution to amend Article Fifth of the
Articles of Association of
the Corporation, approved
Consent granted to purchase stock of a French
Corporation ("Vendome") organized for the sole purpose of
holding a lease for certain
quarters at 12 Place Vendome,
Paris, France, to be occupied
by Paris Representative of
Chemical Bank New York Trust
Company, New York, New York
In September 1962,shares of Development Underwriting Limited, Sydney,
Australia, transferred from
Chemical Overseas Finance Corporation to, certain restrictions rescinded, in light of
revision of Regulation K, letter to, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/8
1671
8/12
2771, 2795
11/20
3939, 3945
12/16
4341, 4385
1/21
223, 229
1/24
255, 266
5/4
1594, 1605
1964
559
Pages
Foreign banking corporations: (continued)
Chemical International Finance, Ltd., New York,
New York: (continued)
Consent granted for Chemical Overseas Finance Corporation to move its
head office from Huntley Towers,
Paget, Bermuda, to the Belvedere Building, Hamilton, Bermuda, and to do business in
New York as a foreign corporation
Consent granted to purchase shares of ADELA
Investment Company, S.A.,
Luxembourg
Consent granted to Chemical Overseas Finance
Corporation, Hamilton, Bermuda,
a subsidiary of, to amend its
charter to permit acceptance
of time and demand deposits,
and to base its lending limits to any one borrower and
limitations on its total liabilities on the capital and
surplus of, with certain conditions, request denied that
limitations be removed on
amount that might be invested
by, in Chemical Overseas Finance with Board retaining
right to review future proposals to increase capital,
Governors Robertson and
Mitchell dissenting, question of tax avoidance discussed
Company for Investing Abroad, Philadelphia,
Pennsylvania:
Consent granted to purchase stock of ADELA
Investment Company, S.A.,
Luxembourg, with inclusion
that ADELA will not maintain
any branch, agency, office,
or representative in U.S.,
and that ADELA will not engage in the securities business in the U.S.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/23
3248, 3273
12/28
4537, 4545
12/30
4562, 4583
6/5
1962, 1972
1964
560
Pages
Foreign banking corporations: (continued)
Company for Investing Abroad, Philadelphia,
Pennsylvania: (continued)
Consent granted to purchase stock of ADELA
Investment Company, S.A.,
Luxembourg: (continued)
Further consideration granting liberalized
conditions to that condition
previously imposed in last
paragraph of letter of June 5,
1964
Consent granted re purchase of additional
shares of Corporacion Financiera de Caldas, S.A., Manizales, Colombia, but also
requesting an explanation of
the difference in the carrying value as reported in call
report and the cost reported
in quarterly report, amount
invested in the Corporacion
Financiera de Caldas by, is
in excess of amount permitted
by general consent
Continental International Finance Corporation,
Chicago, Illinois:
Restrictions rescinded as previously made in
granting consent to purchase
shares of Corporation Financiera de Fomento Industrial y
Agropecuario, Cali, Colombia,
in light of revision of Regulation K, advice to,
Consent granted to purchase shares of The
Pakistan Industrial Credit
and Investment Corporation
Limited, Karachi, Pakistan
Consent granted to amend articles of association to provide for increase
in capital
Consent granted to purchase shares of ADELA
Investment Company, S.A.,
Luxembourg
Liberalized conditions granted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/18
3185, 3197
11/16
3832, 3841
4/21
1369, 1377
6/19
2174, 2185
7/10
2413, 2432
9/15
9/18
3126, 3136
3185, 3198
1964
561
Pages
Foreign banking corporations: (continued)
Continental International Finance Corporation,
Chicago, Illinois: (continued)
Consent granted to purchase shares of Nederlandse Overzee Bank N.V., Amsterdam, Holland, with certain
stated liberalized conditions
Crocker-Citizens International Corporation, San
Francisco, California:
Application from Crocker-Citizens National
Bank, San Francisco, California,
for permission to organize a
corporation known as, under
section 25(a) of the FRAct approved, preliminary permit issued
Final permit transmitted
Consent granted to purchase shares of ADELA
Investment Corporation, S.A.,
Luxembourg
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
occasioned by misunderstanding, proposed procedure to
correct discussed, letter to,
approved, Governor Mills' reservations being noted
First Chicago International Finance Corporation,
Chicago, Illinois:
No objections interposed to the proposed financing of a Barcelona store
building for the Spanish subsidiary of Sears Roebuck and
Company by, understood that
capital stock would be increased before making the
loan
Consent granted to purchase shares of ADELA
Investment Company, S.A.,
Luxembourg
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/18
3182, 3194
9/16
10/12
3157,3169-71
3482
11/24
3989, 4004
5/14
1754, 1762
3/20
925, 938
11/24
3989, 4003
1964
562
Pages
Foreign banking corporations: (continued)
First National City Overseas Investment Corporation, New York, New York:
Request to cede its interests in a proposed
investment in a Spanish finance company to International
Banking Corporation, New York,
New York, approved
Previous consent for this investment, cancelled
Consent granted to purchase shares of Credit
Corporation of the Philippines, Manila, and approving
purchase of shares of Credit
Corporation of the Philippines in excess of 10 per
cent of the corporation's
paid-in capital
Consent granted to purchase stock of Forjas
de Colombia, S.A., Colombia
Consent granted to purchase stock of ADELA
Investment Company, S.A.,
Luxembourg, with the understanding that ADELA will not
maintain any branch, agency,
office, or representative in
U.S. or engage in the U.S.
securities business
Board's further consideration grants certain stated liberalized conditions to condition previously imposed
Consent granted to purchase shares of Australasia Investments Ltd., a
corporation to be formed in
the United Kingdom
Consent granted to purchase shares of The
Hong Kong Finance Company,
Ltd., Hong Kong, and approves
the purchase and holding of
shares of the finance company
within the terms of the consent in excess of ten per cent
of the capital and surplus of
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/20
925, 937
3/20
925
4/10
1262, 1265
6/5
1962, 1969
6/5
1962, 1970
9/18
3185, 3195
11/16
3832, 3840
11/23
3970, 3979
1964
563
Pages
Foreign banking corporations: (continued)
First Pennsylvania Overseas Finance Corporation,
Philadelphia, Pennsylvania:
Request for ruling as to whether a proposed
acquisition of shares of
Rayonhil, Industria Nacional
de Rayon S.A., Santiago,
Chile, in connection with
extension of credit by the
Corporation to Industrias
Chilenas de Poliester S.A.,
a wholly-owned subsidiary of
Rayonhil, would be covered under the general consent provisions of Regulation K,
agreed to advise that proposed acquisition would be
covered, Governor Mills dissenting, advice to, approved
Consent granted to purchase shares of ADELA
Investment Company, S.A.,
Luxembourg
International Bank of Commerce, Seattle, Washington, consent granted for
an extension of time to establish a branch in Hong Kong,
Colony of Hong Kong
International Bank of Detroit, Michigan, consent
granted to purchase and hold
shares of ADELA Investment
Company, S.A., Luxembourg
International Banking Corporation, New York,
New York:
Consent granted to purchase shares of Banco
de Financiacion Industrial,
Madrid, Spain, Board cautioned
by Governor Mills to be alert
to activities of investment of
foreign financial institutions
Letter acknowledging receipt of advice that
The Bank of Monrovia, Liberia,
intended to establish a branch
in Harbel, Liberia, such branch
to replace its Harbel Agency
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/30
1544, 1569
12/7
4138, 4165
4/15
1293, 1305
10/27
3658, 3662
2/20
606, 614
2/20
611
1964
564
Pages
Foreign banking corporations: (continued)
International Banking Corporation, New York,
New York: (continued)
Consent granted to the purchase by the Bank
of Monrovia, Liberia, of capital stock of the Liberian
Bank for Industrial Development and Investment, Monrovia
Consent granted to purchase stock in a proposed Spanish finance company
from First National City Overseas Investment Corporation,
New York, New York, under provisions of Section 25 of the
FRAct
Consent cancels previous consent given by
Board to the First National
City Overseas Investment Corporation, New York, New York,
re investment
Notice of intention of the Mercantile Bank
of Canada, Montreal, Canada,
to establish branches in
Calgary, Alberta, and in
Winnipeg, Manitoba, letter
acknowledging sent to
Consent granted to purchase shares of New
York London Trustee Co. Limited, London, England
Consent granted to make further advances to
Mercantile Bank of Canada,
Montreal, Canada, either in
form of capital or as subordinate loans to include contingency reserves in computing book value of bank's
shares
Question by, a subsidiary of First National
City Bank, New York, New York,
re valuation of foreign shares
held by them, discussed
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/4
705, 714
3/20
925, 937
3/20
925
4/27
1459
5/21
1828, 1850
6/12
2084, 2112
6/23
2224
1964
565
Pages
Foreign banking corporations: (continued)
International Banking Corporation, New York,
New York: (continued)
Consent granted to acquire stock in proposed
new Banque de l'Afrique Occidentale, Paris, France, with
stated conditions, Board's
consent of December 10, 1962,
to acquire stock of proposed
French holding company, rescinded
Request for reconsideration of conditions
of Board's letter of July 23,
1964, discussed, memorandum
to be prepared as a basis for
further consideration
Reconsideration of conditions approved,
Governor Robertson dissenting, letter to, with Governor
Mitchell verifying that documentation as needed to verify
that the conditions prescribed
were being met
Board rescinds certain conditions and prescribes new ones with certain
liberalizations, letter approved
Request from Chairman J. S. Rockefeller of
First National City Bank, New
York, New York, for removal or
revision of restrictions on
loan operations of subsidiaries of, which would not be
applicable to operations of
direct foreign branches of
First National City Bank, understood a revised reply and
staff memorandum on points
raised by First National would
be prepared for consideration
at another meeting
First National City Trust Company (Bahamas)
Ltd., a subsidiary of, restrictions re acquisition of shares
of foreign banks in various
cases would be prepared for
Board's consideration
Further discussion re restrictions
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/23
2542, 2554
9/1
2998
9/2
3022, 3041
9/18
3185, 3202
7/24
2563
9/1
9/2
2995
3022, 3041
1964
566
Pages
Foreign banking corporations: (continued)
International Banking Corporation, New York,
New York: (continued)
Request re removal of restrictions on loan
operations: (continued)
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, involving
previously imposed conditions
on transactions of First National City Trust Company
(Bahamas) Limited, understood
that draft would be revised
and reconsidered at next meeting
Agreement amended to conform with revised
Regulation K, granting exception to conditions imposed on
acquisitions of First National
City Trust Company (Bahamas)
Limited, Governors Robertson,
Daane, and Mitchell dissenting
Consent granted to purchase additional shares
of First National City Trust
Company of Canada, Montreal,
Canada (formerly Mercantile
Trust Company)
Letter to, re consent previously granted to
purchase and hold shares of
M. Samuel & Co. Limited, London, England, Board's further
consideration grants certain
stated liberalizations to
that condition previously
stated in letter of January 30,
1963
Consent granted to purchase additional shares
of The First National City
Bank of New York (South Africa)
Limited, Johannesburg, Republic
of South Africa
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/6
3383
10/7
3416,3443-45
9/15
3126, 3135
9/18
3185, 3202
9/18
3180, 3190
1964
567
Pages
Foreign banking corporations: (continued)
International Banking Corporation, New York,
New York: (continued)
Consent granted to increase its investment in
First National City Trust Company (Bahamas) Limited, Nassau,
Bahamas
Consent granted to First National City Bank,
New York, New York, to increase the amount it may invest in stock of
Consent granted to purchase and hold additional stock of The First National City Bank of New York
(South Africa) Limited, Johannesburg, Republic of South
Africa
Letter to, acknowledging receipt of notice
of intent of Bank of Monrovia,
Liberia, to establish a branch
in Bomi Hills, Liberia
Irving International Financing Corporation, New
York, New York:
Consent granted to purchase stock of ADELA
Investment Company, S.A.,
Luxembourg, with the condition that ADELA will not maintain a branch, agency, office,
or representative in the U.S.
or engage in the securities
business in the U.S.
Further consideration grants stated liberalized conditions to the condition previously imposed
Consent granted to purchase shares of Uganda
Crane Industries Limited, Kampala, Uganda
Ma nufacturers-Detroit International Corporation,
Detroit, Michigan:
Consent granted to purchase and hold shares
of ADELA Investment Company,
S.A., Luxembourg, a proposed
corporation, approved
Board's further consideration grants certain stated liberalized conditions to that condition previously imposed in letter of
June 19, 1964
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10/23
3617, 3628
12/7
4139, 4166
12/9
4247, 4260
12/11
4299
6/5
1962, 1971
9/18
3185, 3196
9/25
3297, 3306
6/19
2174, 2184
9/18
3185, 3199
1964
568
Pages
Foreign banking corporations: (continued)
Manufacturers-Detroit International Corporation,
Detroit, Michigan: (continued)
Consent granted to purchase and hold shares
in Corporacion Financiera de
Caldas, S.A., Manizales, Department of Caldas, Colombia
Manufacturers Hanover International Banking
Corporation, New York, N. Y.:
Request by, to amend Articles Fifth and Sixth
of its Articles of Association,
approved
Granted permission to purchase shares of Commercial Credit Bank, Athens,
Greece
Manufacturers Hanover International Finance Corporation, New York, New York:
Request by, to amend Articles Fifth and Sixth
of its Articles of Association,
approved
Marine Midland International Corporation, New
York, New York:
Request by, to amend Article Seventh of its
Articles of Association, approved
Request by, to amend Article Fifth of its
Articles of Association so
that the Board of Directors
of, shall consist of not less
than eight nor more than
twelve members, approved,
noted without objection that
ninth director of, was elected
February 19, 1964
Request for consent to purchase outstanding
capital stock of Traders
Credit Bank, Athens, Greece,
approved
Request to amend Article Second of its Articles of Association, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/24
2251, 2258
3/23
949, 961
12/8
4216, 4240
3/23
949, 962
7/31
2692, 2702
8/24
2915, 2930
11/4
3752, 3762
11/6
3768, 3781
1964
569
Pages
Foreign banking corporations: (continued)
Mellon Bank International, New York, New York:
Application of Mellon International Finance
Corporation, Pittsburgh, Pennsylvania, to amend its articles
of association to change its
name and the location of its
home office to, and to specify
corporate powers to encompass
both international banking
and international financial
operations, approved
Pittsburgh office of:
Application of, for permission to purchase
shares of HI-Koppers Cement
Corporation, Makati, Rizal,
Philippines, a joint undertaking between Koppers International C.A. and House of
Investments, Inc., appropriateness of transaction
questioned, agreed to defer
action for additional information
Application approved, Governor Robertson dissenting (Home office
New York)
Granted permission to purchase shares of
ADELA Investment Company, S.A.,
Luxembourg
Mellon International Finance Corporation, Pittsburgh, Pennsylvania, application for permission to amend
its articles of association
approved, letter to, title
and location of home office
changed to Mellon Bank International, New York, New York
Morgan Guaranty International Banking Corporation, New York, New York:
Liberalized conditions granted to previous
consent to purchase shares
of Bankierscompagnie, N.V.,
The Hague, advice to
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/16
1328, 1336
9/15
3126
9/16
3157, 3175
11/24
3989, 4002
4/16
1328, 1336
9/18
3185, 3200
1964
570
Pages
Foreign banking corporations: (continued)
Morgan Guaranty International Banking Corporation, New York, New York: (continued)
Granted consent to purchase additional shares
of Credito Bursatil, S.A.,
9/30
Mexico, D.F., Mexico
CorporaFinance
Morgan Guaranty International
tion, New York, New York:
Proposals to permit Morgan Stanley & Co., to
acquire stock interest in
Morgan & Cie., S.A., Paris,
France, and to allow the person serving as a partner or
employee of Morgan Stanley to
be represented on the board
of Morgan & Cie, question re
possible violation of section
32 of the Banking Act of 1933,
and inappropriate under section 25A of the FRAct, proposals withdrawn„letter of
2/12
acknowledgement to be sent
a
conLetter to, relating to rescission of
dition imposed by Board's Regulation K when it originally
authorized certain investments in Banco del Desarrollo,
Madrid, Spain, Australian
United Corporation Limited,
Melbourne, Australia, and
Euramerica Finanziaria, S.p.A.,
5/4
Rome, Italy, by
Consent granted to participate in underwriting and acquiring shares of
Compania Fundidora de Fierro
y Acero de Monterrey S.A., a
7/29
Mexican corporation
Consent granted to purchase stock of Banco
del Desarrollo Economico
8/19
Espanol S.A., Madrid, Spain
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3327, 3338
454, 466
1594, 1606
2631, 2651
2867, 2882
1964
571
Pages
Foreign banking corporations: (continued)
Morgan Guaranty International Finance Corporation, New York, N. Y.: (continued)
Consent previously granted in Board's letter
of January 31, 1963, to purchase and hold shares of Australian United Corporation
Limited, Melbourne, Australia, further consideration
grants certain stated liberalizations to conditions previ9/18
ously stated, advice to
Consent previously granted in Board's letter
of January 31, 1963, to purchase and hold shares of
Euramerica Finanziaria Internazionale, S.p.A., Rome,
Italy, further consideration
grants certain stated liberalizations to conditions pre9/18
viously stated, advice to
Consent granted to purchase additional shares
of Peruano-Suiza de Fomento e
Inversiones Sociedad Anonima,
11/25
Lima, Peru
Request that Board authorize purchase of
twice the number of shares
originally authorized, because
the amount of paid-in capital
was to be approximately dou12/31
bled, previous consent amended
Northwest International Bank, New York, New York:
Consent granted to purchase and hold shares
of ADELA Investment Company,
10/27
S.A., Luxembourg
Philadelphia International Investment Corporation, Philadelphia, Pennsylvania:
Consent granted to purchase stock of Mitsubishi
Chemical Industries Limited,
7/13
Tokyo, Japan
Pittsburgh International Finance Corporation,
Pittsburgh, Pennsylvania:
Application from Pittsburgh National Bank,
Pittsburgh, Pa., to organize a
corporation under sec. 25(a) of
FRAct, approved, preliminary
5/18
permit issued
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3185, 3204
3185, 3205
4006, 4026
4586, 4595
3658, 3661
2437, 2454
1790,1800-01
1964
572
Pages
Foreign banking corporations: (continued)
Pittsburgh International Finance Corporation,
Pittsburgh, Pennsylvania: (continued)
Application from Pittsburgh National Bank
to organize: (continued)
Governor Robertson expressed the view that
the Board should at some point
take a close look at the whole
picture of American bank lend5/18
ing abroad
Final permit to cotILLItence business transmitted
9/15
to
Provident International Corporation, Philadelphia,
Pennsylvania:
Amendment to Articles of Association of Provident Tradesmens International
Corporation, changing its name
11/2
to, approved
Provident Tradesmens International Corporation,
Philadelphia, Pennsylvania:
Specific consent granted to purchase stock of
International Leasing Corporation, Limited, Sydney, Austra4/8
lia
View expressed by Governor Mills that he
saw a trend developing where
corporations organized under
the Edge Act were not being
used for purposes intended by
the FRAct, agreed not to publish in the Federal Register
and FRBulletin an interpretation as to whether such a
transaction should come under
the general consent of Regu4/8
lation K
Reconsideration of request to acquire 15 per
cent of the ordinary voting
shares of International Leasing Corporation, Limited,
Sydney, New South Wales, Australia, Board rescinds specific consent previously granted, Governor Mills dissenting,
concluding that proposal would
fall within provision of gen4/30
eral consent
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1791
3134
3695, 3706
1204, 1221
1204, 1220
1548, 1571
1964
573
Pages
Foreign banking corporations: (continued)
Provident Tradesmens International Corporation,
Philadelphia, Pennsylvania: (continued)
Amendment to its Articles of Association
changing the name of the corporation to Provident Inter11/2
national Corporation, approved
State Street Bank Boston International, New. York,
New York, application of State
Street Bank and Trust Company,
Boston, Massachusetts, for
permission to organize, under
section 25(a) of the FRAct,
approved, preliminary permit
transmitted to State Street
11/23
Bank and Trust Company
Wells Fargo Bank International Corporation, San
Francisco, California:
Consent granted to purchase and hold shares
in Corporacion Financiera de
Caldas S.A., Manizales,
6/24
Colombia
Request for permission to convert from an
agreement corporation into a
corporation organized under
section 25(a) of the FRAct to
be known as, preliminary per8/3
mit transmitted to
Noted that Board's letter contained a
statement that section 25(a)
of the FRAct and any rules
and regulations of the Board
issued pursuant thereto would
govern in the event of conflict with provision of the
California Financial Code and
any administrative action in
8/3
connection therewith
Consent granted to purchase shares of ADELA
Investment Company, S.A.,
9/18
Luxembourg
Consent granted subject to certain liber9/18
alized conditions as outlined
Final permit to organize under sec. 25(a) of
FRAct, transmitted to, through
9/18
FRBank of San Francisco
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3695, 3706
3970, 3984
2251, 2259
2708,2710-13
2708
3180, 3191
3185
3188, 3206
1964
574
Pages
Foreign banking corporations: (continued)
Western Bancorporation International Bank, New
York, New York:
Consent granted to purchase shares of Industrial Finance Corporation of
Thailand, Bangkok, Thailand
Possibility that there be additional requests for permission to invest in Industrial Finance
Corporation of Thailand, no
objection to such requests
being processed administratively by the staff
to increase its capital
granted
Consent
stock and an amendment to
Article Seventh of its Articles of Association, approved
Foreign banks:
Acquisition of stock of, directly by member banks:
Draft bill which would permit member banks to
purchase and hold directly
stock interest in, report to
Bureau of the Budget, approved
Memorandum distributed re newspaper story of
July 14, carrying reports of
ruling by Comptroller of the
Currency that national banks
could acquire stock of, directly, issuance of statement
by Board approved, expressing
the opinion that such direct
acquisition and holding by
member banks of stock in, is
not permissible under present
law, copy of Board's statement
sent to Federal Register
Acquisition of stock of, directly by national
banks:
Comptroller of the Currency proposed a ruling
that would permit national
banks to acquire and hold directly stock interests in, approval given to reply letter
to Mr. Faulstich, Administrative Assistant to Comptroller
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/3
330, 343
2/3
331
9/3
3044, 3056
6/12
2078, 2095
7/15
2492,2508-10
4/28
1498, 1511
1964
575
Pages
Foreign banks: (continued)
Acquisition of stock of, directly by national
banks: (continued)
Memorandum distributed for consideration of
a draft letter to Chairmen of
Congressional Committees on
Banking and Currency re proposed amendment to section 25
of the FRAct to permit, agreed
that proposal be held in abeyance and that Legal Division
prepare legislative proposals
that Board could consider recommending to Congress at end
of the year or in early 1965
Ruling of Comptroller of the Currency that
national banks may acquire
and hold stock interests in,
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
Comptroller of the Currency
Branches in the U. S.:
Interpretations under the FRAct re, section
13, as to whether such institutions may open and maintain
nonmember clearing accounts,
section 22(g), whether indebtedness to, by an executive
officer of a member bank must
be reported, to be published
in the FRBulletin and the Federal Register, transmitted to
Presidents of all FRBanks,
letter to FRBank of New York
Decision not to follow suggestion of Mr.
Hayes of FRBank of New York,
to further amend section 204.2
(b) of Regulation D, deleting
the exception covering
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/11
1681
9/3
3048,3064-71
1/29
287,298-305
1/29
299
1964
576
Pages
Foreign banks: (continued)
Branches in the U. S.: (continued)
Banco do Brasil, proposed establishment of a
New York City branch by, Board
in accord with FRBank of New
York in advising New York State
Banking Department of lack of
objection
Investments by member banks in, Governor Robertson suggested that in connection with Board's legislative
program that proposal re, be
deleted
(Individual banks)
Banca d'America e d'Italia, letter to Bank of
America, New York, New York,
and, amending consent of
March 23, 1961 and April 3,
1962, to acquire and hold
shares of United Overseas Corporation, Geneva, Switzerland,
(now known as Societe Financiere pour les Pays d'
Outre-Mer, or Financial Corporation for Overseas Countries), approved
Banco do Brasil, proposed establishment of a
New York City branch by, Board
was in accord with FRBank of
New York in advising New York
State Banking Department of
lack of objection
Banco Central de Costa Rica, telegram to FRBank
of New York, approved, indicating affirmative action of the
Board re $2 million gold loan
to, for a period of three
months
Banco Continental, Lima, Peru, consent granted
to Chase Manhattan Overseas
Banking Corporation, New York,
New York, to purchase and hold
shares of
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/25
967
6/11
2043
12/23
4518, 4531
3/25
967
9/15
3128
11/20
3939, 3945
1964
577
Pages
Foreign banks: (continued)
Banco del Desarrollo Economico Espanol S.A.,
Madrid, Spain, consent granted to Morgan Guaranty International Finance Corporation,
New York, New York, to purchase stock of
Banco Espanol del Desarrollo, Madrid, Spain,
letter to Morgan Guaranty International Finance Corporation, New York, New York, relating to rescission of a condition imposed by Board's Regulation K when it originally
authorized certain investments
by Morgan Guaranty in
Banco Europeo de Negocios, Madrid, Spain, consent granted to Boston Overseas Financial Corporation,
Boston, Massachusetts, to purchase approximately ten per
cent of shares of
Banco de Financiacion Industrial, Madrid, Spain,
consent granted to International Banking Corporation,
New York, New York, to purchase shares of, Board cautioned by Governor Mills to
be alert to activities of investment of foreign financial
institutions with a view of
trying to reach judgement as
to whether such participation
is in the public interest of
the United States
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, Avenida Macklake, Puerto Ordaz, State of
Bolivar
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/19
2867, 2882
5/4
1594, 1606
6/8
1973, 1980
2/20
606, 614
5/8
1671
1964
578
Pages
Foreign banks: (continued)
Banco de la Republica, Colombia, receipt of request for loan on gold of $30
million, comments on circumstances on which request was
based, not submitted for recommendations or action at this
time, to be brought before the
Board when information was more
complete
Approval of loan or loans up to $30 million
as requested, telegram to
FRBank of New York
Bank of Canada, Ottawa, Canada:
Gehman, Clayton, Chief, Business Conditions
Section, Division of Research
and Statistics, travel to
Ottawa, Canada, during period
September 10-11, 1964, for purpose of meeting with representatives of, and Dominion Bureau
of Statistics, authorized
Swerling, Boris, Senior Economist, Division
of International Finance, to
spend a period of up to two
weeks under auspices of, studying Canadian markets and banking problems, approved, proposed Mr. Swerling be allowed
per diem in lieu of expenses
prescribed by Standardized
Government Travel Regulations
Taylor, Stephen, authorized to travel to
Ottawa during period October
27-30, 1964, to present a talk
at a meeting of economists at
the Bank of Canada
Bank of England:
Luncheon for Messrs. Lucius Thompson-McCausland of the, and David Hubback
of the British Treasury, to be
given at the Cosmos Club with
Board paying costs, recommendation by Mr. Ralph Young, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/2
4106
12/10
4273, 4291
9/1
3006
2/25
619, 635
10/27
3659
2/7
417
1964
579
Pages
Foreign banks: (continued)
Bank of England: (continued)
O'Brien, Leslie K., Director of Bank of England, present at Board meeting for economic review
Review by Chairman Martin of communications
between British and American
officials re increase from 5
to 7 per cent in the discount
rate of the, with discussion
of appropriate action to be
taken by Board in raising
domestic discount rates
Sigel, Stanley J., Assistant to the Director,
Division of Research and Statistics, authorized to travel
to Paris, France, and London,
England, during period Nov.
6-15, 1964, to attend meeting
of Working Party 2 of Organization for Economic Cooperation and Development and confer with staff members of
Bank of Israel, David L. Grove, Vice President,
FRBank of San Francisco, to
advise, on some of its monetary problems, and to visit
several other countries on return trip, approved, noted that
Mr. Grove's itinerary will be
furnished as soon as it is
prepared
Bank of Monrovia, Monrovia, Liberia:
Letters to International Banking Corporation,
New York, New York:
Acknowledging receipt of advice that, intended to establish a branch
in Harbel, Liberia, such
branch to replace its Harbel
Agency
Granting consent to the purchase by, of
capital stock of Liberian Bank
for Industrial Development and
Investment, Monrovia, approved
Acknowledging receipt of notice of intent
of, to establish a branch in
Bomi Hills, Liberia
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/27
269
11/23
3953
10/21
3606, 3612
1/16
147, 160
2/20
611
3/4
705, 714
12/11
4299
1964
580
Pages
Foreign banks: (continued)
Bank of Zambia:
Opening of account by FRBank of New York,
approved
Bankierscompagnie, N.V., The Hague, The Netherlands, letter to Morgan Guaranty International Banking
Corporation, New York, New
York, re consent previously
granted to purchase shares of,
Board's further consideration
grants certain stated liberalized conditions to that previously imposed in letter of
January 16, 1963
Occidentale, Paris, France:
l'Afrique
de
Banque
International Banking Corto
granted
Consent
poration, New York, New York,
to acquire stock in proposed
new, with stated conditions
Reconsideration of conditions requested,
understood list of restrictions imposed re acquisition
of shares of foreign banks in
various cases would be prepared for consideration at
tomorrow's Board meeting
Further discussion including question re
right to examine, modification
of conditions substantially
similar to those prescribed
for acquisition of shares of
M. Samuel & Co., Limited, London, England, approved with
Governor Robertson dissenting,
advice to International Banking
Corporation with two revised
conditions
Further reference to modified conditions
Banque Nationale du Congo:
Opening of account by FRBank of New York,
approved
Banque Nationale du Rwanda, opening of account
by FRBank of New York, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/25
4007, 4027
9/18
3185, 3200
7/23
2542, 2554
9/1
2998
9/2
3023, 3041
9/18
3202
8/12
2771, 2796
6/4
1949, 1956
1964
581
Pages
Foreign banks: (continued)
Banque du Royaume du Burundi, opening of account by FRBank of New York,
approved
Central Bank of The Dominican Republic, Mr.
James K. Nettles, Economist,
Division of International Finance, authorized to assist,
for a period of six weeks in
connection with problems relating to construction of the
Bank's balance of payments
and national income statistics, with per diem authorized in lieu of expenses,
authorized
Central Bank of Honduras, Messrs. Robert L.
Sammons, Adviser, Division of
International Finance, and
James Vergari, Vice President,
FRBank of Philadelphia, designated to undertake a mission to evaluate policies and
systems of operation of, for
a period of three or four
weeks beginning January 18,
1965, necessary costs of hotel
and travel to be paid by the
Central Bank, and reimbursement for actual expenses and
official entertainment authorized, letter to, approved
Central Bank of Nigeria, Frederick R. Dahl,
Chief, Special Studies and
Operations Section of Division of International Finance,
presented report on recent
assignment with, where he had
served for two years as adviser on various problems, including development on research function following report, Mr. Dahl responded to
questions re Nigerian affairs
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/4
1949, 1957
7/2
2341
12/30
4572, 4584
8/5
2715
1964
582
Pages
Foreign banks: (continued)
Central Bank of the Philippines:
Leave of absence without pay for Everett B.
Post, Manager, Planning Department, FRBank of New York,
to permit him to undertake an
assignment with, no objection
interposed
Request for loan on gold of $15 million for
three months, approved, telegram to FRBank of New York
Central Bank of Trinidad, John F. Pierce, Chief
Examiner, Bank Examinations
Department, FRBank of New
York, service as Governor of,
approved, deemed to be in public interest, same retirement
allowance to be continued, to
serve for approximately two
years
Central Bank of Trinidad and Tobago, leave of
absence without pay for one
year for Joseph M. Halpern,
Senior Examiner, FRBank of
New York, to enable him to
serve as Governor-Designate
of, in an advisory capacity,
no objection interposed
recommendation that
Venezuela,
Central Bank of
time of Mr. Michael
travel
the
Caracas, Venezuela,
in
Gomez
A.
for a period of
prolonged
be
to enable
days
three
two or
approved
the,
visit
to
him
Central Banks of India and United Kingdom, Mr.
A. B. Hersey, Adviser, Division of International Finance,
authorized to visit, in connection with his previously
approved trip to Pakistan in
February 1964, per diem for
travel outside Pakistan, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/10
2002, 2015
12/10
4276, 4292
2/3
330, 342
7/13
2437, 2457
11/16
3836, 3847
1/2
5
1964
583
Pages
Foreign banks: (continued)
Commercial Credit Bank, Athens, Greece, permission granted to Manufacturers
Hanover International Banking
Corporation, New York, New
York, to purchase shares of
Curt Briechle (G.m.b.H.), Moenchengladbach,
Germany, request by Bamerical
International Financial Corporation, New York, New York,
to purchase 80 per cent of
the capital stock of a reorganized German instalment finance bank to be known as,
pointed out that the German
institution was a finance company, consensus that letter
of consent should retain form
used for an investment in a
banking institution, letter
to, approved
First National City Bank of New York (South
Africa) Limited, Johannesburg,
Republic of South Africa:
Letter to International Banking Corporation,
New York, New York, granting
permission to purchase additional shares of
for International Banking
granted
Permission
Corporation, New York, New
York, to purchase and hold
additional stock of
First National City Trust Company (Bahamas)
Limited, Nassau, Bahamas:
Loans by, restrictions on:
Exclusion from, as related to section
211.9(b) of Regulation K, suggested as proposal for consideration by Board
Further reference to
Revised draft of letter to Chairman Rockefeller, First National City
Bank, New York, re removal of,
understood draft would be revised and reconsidered at
next meeting
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/8
4216, 4240
11/16
3832, 3843
9/18
3180, 3190
12/9
4247, 4260
9/1
9/2
2996
3032
10/6
3383
1964
584
Pages
Foreign banks: (continued)
First National City Trust Company (Bahamas)
Limited, Nassau, Bahamas: (continued)
Loans by, restrictions on: (continued)
Agreement amended to conform with revised
Regulation K, granting exception to conditions imposed on
acquisitions of, Governors
Robertson, Daane,and Mitchell
10/7
dissenting
Permission granted to International Banking
Corporation, New York, New
York, to increase its invest10/23
ment in
First National City Trust Company of Canada,
Montreal, Canada, (formerly
Mercantile Trust Company),
consent granted to International Banking Corporation,
New York, New York, to pur9/15
chase additional shares of
Industrial and Mining Development Bank of Iran,
Teheran, Iran, (formerly known
as Iranian Industrial Credit
and Investment Corporation),
Board's letter of April 29,
1958, granting consent for
Chase International Investment Corporation, New York,
New York, to purchase and
hold shares of capital stock
of proposed Iranian Industrial
Credit and Investment Corporation now known as, restrictions rescinded as per revi5/4
sion of Regulation K
Liberian Bank for Industrial Development and
Investment, Monrovia, letter
to International Banking Corporation, New York, New York,
granting consent for the Bank
of Monrovia, Liberia, to purchase capital stock of, ap3/4
proved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3416,3443-45
3617, 3628
3126, 3135
1594, 1604
705, 714
1964
585
Pages
Foreign banks: (continued)
Mercantile Bank of Canada, Montreal, Canada:
Notice of the intention given by International Banking Corporation,
New York, New York, re 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
Request of International Banking Corporation,
New York, New York, for permission to make further advances to, either in form of
capital or as subordinate
loans to include contingency
reserves in computing book
value of bank's shares, approved
Overzee
Bank N.V., Amsterdam,
Nederlandse
Holland, consent granted to
Continental International Finance Corporation, Chicago,
Illinois, to purchase shares
of, with certain liberalized
conditions stated
Reserve Bank of Malawi, opening of account by
FRBank of New York, approved
Reserve Bank of Rhodesia, opening of account by
FRBank of New York, approved
Traders Credit Bank, Athens, Greece, request by
Marine Midland International
Corporation, New York, New
York, for consent to purchase
outstanding capital stock of,
approved
Foreign borrowers:
Credit, extended to, letter to all FRBank Presidents, asking that arrangements
be made to retabulate and summarize reports received from
banks in District re bank credit extended to, on Treasury
forms B-2 and B-3, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/27
1459
6/12
2084, 2112
9/18
3182, 3194
11/12
3801, 3821
12/8
4216, 4241
11/4
3752, 3762
6/4
1949, 1958
1964
586
Pages
Foreign currency operations:
Legislation re, to be considered in connection
with Board's legislative program
Special Manager of System Open Market Account,
reporting in connection with,
proposed for inclusion in
Board's Annual Report, 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 in Annual
Report
Foreign missions:
Honduras, request by Central Bank of, for mission to evaluate policies and
systems of operation with view
to improving services of that
institution, recolimendation
that Robert L. Saumons, Adviser, Division of International Finance and James
Vergari, Vice President of
FRBank of Philadelphia, be
designated to undertake mission for a period of three to
four weeks, approved, with
travel costs and reimbursement for actual expenses including official entertainment to be paid by the Central
Bank, letter to, approved
Foreign relationships of FRSystem:
Bank for International Settlements, Basle,
Switzerland:
Meeting of central bank economists at, on
March 7-9, 1964, attendance
by Guy E. Noyes, Adviser,
Board Members' Offices, and
George Garvy, Economic Adviser,
FRBank of New York, meeting approved along with necessary
travel
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/11
2043
2/20
608
12/30
4572, 4584
2/3
341
1964
587
Pages
Foreign relationships of FRSystem: (continued)
Bank for International Settlements, Basle,
Switzerland: (continued)
Meeting for experts on the Euro-currency market to be held at, on July 67, 1964, with the understanding that the FRSystem would
be represented by Mr. Samuel
I. Katz, Associate Adviser,
Division of International
Finance, Mr. Fred H. Klopstock, Manager, Research Department, FRBank of New York,
and Mr. David P. Eastburn,
Vice President, FRBank of
Philadelphia
Messrs. Young and Hersey of Board's staff
and George Garvy, Economic
Adviser, FRBank of New York,
to attend meeting of central
bank economists at, on Nov.
9-11, 1964, approved
Central bank heads of the American Continent,
Messrs. Sammons, Adviser,
Division of International Finance, and Nettles, Economist
in that Division, authorized
to travel to Antigua, Guatemala, to attend conference
of, as assistants to Chairman
Martin and Governor Mitchell,
per diem in lieu of expenses
to be paid
FRBank of New York, foreign travel program for
personnel of Bank for current
year noted without objection
Technical assistance assignments in field of
central banking, sponsored by
International Monetary Fund:
Memorandum from Mr. Young recommending System's
participation and suggesting
guidelines, tentative approval
given by Board, letter to Federal Reserve Banks requesting
list of possible candidates for
assignment, and letter to International Monetary Fund,approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/2
1916
10/15
3528, 3562
3/27
1050
2/13
467, 473
2/6
403, 407-09
1964
588
Pages
Foreign relationships of FRSystem: (continued)
Technical assistance assignments in field of
central banking, sponsored by
International Monetary Fund: (continued)
Monetary Fund re
International
to
Letter
FRBank personnel selected for
inclusion in the panel of experts being established by the
Fund in connection with, ap6/22
proved
(Names of individual people)
Bogardus, Janet, Chief Librarian in Research Department, FRBank of New York,
to act as consultant to the
Ford Foundation's Middle East
and Africa program and to advise on the establishment of
a comprehensive library in
Addis Ababa, Ethiopia, letter
to FRBank of New York, inter10/2
posing no objection
Crosse, Howard D., Vice President, FRBank of
New York, granted leave without pay for three weeks to
participate in seminar on
bank management at the University of Buenos Aires, Argen2/4
tina
Furth, J. Herbert, Adviser, Division of International Finance, to attend a
meeting on June 10, 1964, in
Paris, France, of a working
group of the Deputies of the
Group of Ten, with reimbursement on basis of actual necessary travel expenses, to serve
as adviser to U.S. representative, Mr. George Willis of the
Treasury, and as an observer
on behalf of the Federal Re6/5
serve
Gehman, Clayton, Chief, Business Conditions Section, Division of Research and
Statistics, travel to Ottawa,
Canada, to meet with representatives of Dominion Bureau of
Statistics and Bank of Canada,
9/1
authorized
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2203, 2216
3365, 3372
365, 386
1965
3006
1964
589
Pages
Foreign relationships of FRSystem: (continued)
Gomez, Michael, Economist, Division of International Finance:
Attendance at Eighth Operating Conference of
Center for Latin American Monetary Studies in Caracas, Venezuela, approved, per diem in
lieu of expenses authorized,
to be accompanied by Yves
Maroni of Board's staff
Extension of time to attend later meetings approved, also authorized
to visit the Central Bank of
Venezuela after the meetings
Goodman, Glenn M., Assistant Director, Division
of Examinations, travel to attend Bankers Association for
Foreign Trade meeting to be
held in Quebec, Canada, May
24-28, 1964, approved
Grove, David L., Vice President, FRBank of San
Francisco:
To visit Bank of Israel to advise on monetary problems, and to visit
several other countries on
return trip, approved, noted
that Mr. Grove's itinerary
will be furnished as soon as
it is prepared
To lecture from July 28-August 7, 1964, at
the Twelfth Technical Training Program of the Center for
Latin American Monetary Studies in Mexico City, FRBank to
assume travel expenses, Board
interposes no objection
Halpern, Joseph M., Senior Examiner, FRBank of
New York, Board interposes no
objection to a leave of absence without pay for one year
for, to enable him to serve
the Governor-Designate of the
Central Bank of Trinidad and
Tobago in an advisory capacity
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/30
3327, 3339
11/16
3836, 3847
1/24
262
1/16
147, 160
3/26
1022, 1035
7/13
2437, 2457
1964
590
Pages
Foreign relationships of FRSystem: (continued)
Hersey, A. B., Adviser, Division of International Finance, to visit central
banks of India and United Kingdom in February 1964, in connection with his previously
approved trip to Pakistan, per
diem for travel outside Pakistan, approved
Irvine, Reed J., Associate Adviser, Division of
International Finance, recommended nomination of, to attend the International Banking Summer School to be held
in Melbourne, Australia,
February 7-20, 1965, approved,
if accepted for participation,
Board approval would be requested to visit central banks
in Japan and other Australasian
countries, and for travel and
other expenses in connection
with the trip
Junz, Helen B., Economist, Division of International Finance, authorized to
engage in official travel in
Europe from June 29 through
July 17, on per diem and that
her transportation expenses
be paid from Amsterdam where
she will be vacationing, to
visit central banks in Frankfurt, Bonn, Brussels, The
Hague and return to Amsterdam,
approved
Katz, Samuel I., Associate Adviser, Division of
International Finance, to attend meetings of Economic
Policy Committee in June and
Working Party 3 in June and
July, to be held in Paris,
France, travel expenses and
per diem authorized
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/2
5
8/12
2790
3/4
705, 711
5/25
1868
1964
591
Pages
Foreign relationships of FRSystem: (continued)
Katz, Samuel I.: (continued)
Understood Mr. Katz would not attend meeting
of Working Party 3 in order
to attend meeting of experts
on Euro-currency market at
Bank for International Settlements in Basle, Switzerland,on
July 6-7, 1964
Maroni, Yves, Senior Economist, Division of International Finance:
Attendance at Eighth Operating Conference of
Center for Latin American Monetary Studies in Caracas, Venezuela, approved, to receive
per diem in lieu of expenses,
to be accompanied by Michael
Gomez of Board's staff
Extension of time to attend later meetings,
approved, authorized to return
by way of Mexico to pay visit
to Bank of Mexico
Nettles, James K., Economist, Division of International Finance, authorized
to assist the Central Bank of
The Dominican Republic for a
period of six weeks in connection with problems relating to
construction of the Bank's
balance of payments and national income statistics, with
per diem authorized in lieu
of expenses
Osborne, Harlow D., Chief, Consumer Credit and
Finance Section, Division of
Research and Statistics, to
be made available to Center
for Latin American Monetary
Studies for week of July 6-10,
1964, for the national accounts training course and as
a lecturer, Board to pay expenses
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/2
1916
9/30
3327, 3339
11/16
3836, 3847
7/2
2341
2/27
663, 672
1964
592
Pages
Foreign relationships of FRSystem: (continued)
Pardee, Scott E., Economist, Foreign Research
Division of FRBank of New
York, attendance at Twelfth
Technical Training Program of
the Center for Latin American
Monetary Studies from May 4 to
August 28, 1964, approved
Pierce, John F., Chief Examiner, Bank Examinations Department, FRBank of
New York, service as Governor
of Central Bank of Trinidad,
deemed to be in public interest, same retirement allowance to be continued, service
for approximately two years,
approved
Post, Everett B., Manager, Planning Department,
FRBank of New York, leave of
absence without pay granted,
in order to undertake an assignment with the Central
Bank of the Philippines, no
objection interposed
Reynolds, John E.:
Chief, Special Studies and Operations Section, Division of International Finance:
Attendance at meeting of OECD countries'
experts on balance of payments in Paris, France, on
February 10 and 11, 1964,
with necessary expenses to
be borne by the Board, approved
Recommendation to extend travel through
February 14, 1964 to attend
International Monetary Fund's
balance of payments meeting,
approved
Title now Associate Adviser:
Travel to Paris, France,for meeting of
Esteva Group, (Group of Ten's
working party), approved, to
receive per diem in lieu of
expenses
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/19
579, 599
2/3
330, 342
6/10
2002, 2105
1/13
98, 102
2/5
388, 402
10/15
3528, 3562
1964
593
Pages
Foreign relationships of FRSystem: (continued)
Sammons, Robert L., Adviser, Division of International Finance:
Authorized 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-December 2, 1964
Designated along with James Vergari, Vice
President of FRBank of Philadelphia, to undertake a mission for a period of three or
four weeks to the Central Bank
of Honduras to evaluate their
policies and systems of operation, travel costs and reimbursement for actual expenses
including official entertainment to be paid by the Central
Bank
Scanlon, Charles J., President, FRBank of Chicago,
to attend a monthly meeting of
the Bank for International Settlements in Basle, Switzerland,
and to visit a number of European central banks, letter to
Chairman Briggs of FRBank of
Chicago, noting action of the
Chicago Bank's directors in
authorizing trip of, approved
Sigel, Stanley J., Assistant to the Director of
Division of Research and Statistics:
Attendance at a meeting of Working Party 2 of
the Organization for Economic
Cooperation and Development at
Paris, France, on April 13-18,
1964, expenses to be paid by
Board, approved
Authorized to travel to Paris, France, and
London, England, during period
November 6-15, 1964, to attend
meeting of Working Party 2 of
Organization for Economic Cooperation and Development and
per diem to be paid in accordance with regulations
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/12
3801
12/30
4572, 4584
4/16
1331, 1343
4/13
1283
10/21
3606, 3612
1964
594
Pages
Foreign relationships of FRSystem: (continued)
Solomon, Robert, Associate Adviser, Division of
Research and Statistics:
Recommendation that, represent both the Board
and the Council of Economic
Advisers on a subgroup of
technicians being organized
to carry out a study to provide reserve assets to supplement gold in meeting the monetary requirements for financing growth in international
trade, with meetings in Paris,
France, and with Board bearing the expense, approved,
subject to verification of
stated points by Governor
Daane, later confirmed, Governor Shepardson authorized
to approve travel requests
submitted by Mr. Solomon in
connection with his continuing
assignment
Request to attend a meeting of the study committee associated with the
Group of Ten to be held in
Rome, Italy, October 22 thru
October 30, 1964, approved
Board member having the assignment for
the direction at Board level
of its internal administrative affairs to approve requests for foreign travel for
Mr. Solomon when he is to attend these overseas meetings
Speagle, Richard E., Chief, Public Information
Division, FRBank of New York,
extension of a leave of absence without pay previously
granted to, allowing the completion of a teaching course
at the Peruvian Institute of
Public Administration in Lima,
Peru, no objection interposed
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/4
1592
10/6
3403
10/6
3403
7/13
2437, 2457
1964
595
Pages
Foreign relationships of FRSystem: (continued)
Swerling, Boris, Senior Economist, Division of
International Finance, to address annual meeting of the
Canadian Political Science
Association at Charlottetown,
Prince Edward Island, Canada,
June 11-13, 1964, and to spend
up to two weeks under auspices
of the Bank of Canada, studying Canadian markets and banking problems, approved, with
per diem in lieu of expenses
Taylor, Stephen, Chief, Flow of Funds Section,
Division of Research and Statistics, authorized to travel
to Ottawa, Canada, during period October 27-30, 1964, to
present a talk at a meeting
of economists at the Bank of
Canada
Vergari, James, Vice President of FRBank of Philadelphia, designated along with
Robert L. Sammons, Adviser,
Division of International Finance, to undertake a mission
for a period of three to four
weeks to the Central Bank of
Honduras to evaluate their
policies and systems of operation, travel costs and reimbursement for actual expenses
including official entertainment, to be paid by the Central
Bank of Honduras
Yager, Charles A., Chief of Government Finance
Section in Division of Research
and Statistics:
Recommendation to serve as Director of National Accounts and Statistics Branch of Organization
for Economic Cooperation and
Development, from February
1964 to February 1966, approved, Board authorized that
salary and allowances be paid
by Board and reimbursed by OECD
where possible
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/25
619, 635
10/27
3659
12/30
4572, 4584
1/9
66
1964
596
Pages
Foreign relationships of FRSystem: (continued)
Yager, Charles A., Chief of Government Finance
Section in Division of Research
and Statistics: (continued)
Confirmation received of appointment of, to
position of Director of National Accounts and Statistics
Branch of Organization for
Economic Cooperation and Development, approval of arrangements as outlined by
Governor Shepardson
Young, Ralph A., Adviser to the Board and Director, Division of International Finance:
Attendance at annual meeting of the Bank for
International Settlements and
meetings of the Organization
for Economic Cooperation and
Development and Working Party
3, approved
Authorized to travel to London, England, during August 24-27, 1964, to
meet with officials of Bank
of England to discuss developing gold market problems with
understanding that reimbursement would be made on the basis
of actual expense incurred with
allowance for official entertainment
Forms:
B-2 and B-3, letter to Presidents of all FRBanks
asking that arrangements be
made to retabulate and summarize reports received re
bank credit extended to foreign borrowers on Treasury
forms, approved
Branch bank deposit data survey, request to
Bureau of Budget re clearance
of form for data collection by
city for member banks with
branches outside head office
city, rather than county totals, advice to FRBanks with
draft form
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/24
261
5/25
1867
8/20
2905
6/4
1949, 1958
6/18
2137,2157-66
1964
597
Pages
Forms: (continued)
Budget report forms for FRBanks, using current
six-months period rather than
same period of previous year,
effective with budgets for
first half of 1965, letter
and new forms sent to all
FRBank Presidents, use of new
form encouraged for second
half of 1964
Condition reports:
Call for fall 1964, letter to FDIC re use of
a short form 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 statement used
for April call and letter to
Comptroller of the Currency
re, approved
Call reports, letter transmitting proposed
format for, including all
items expressly requested by
the three Federal supervisory
authorities and State bank
supervisors, letters to Comptroller of the Currency, FDIC,
and copy to National Association of Supervisors of State
Banks, approved
Earnings and dividends reports:
SEE: Forms:
Income and dividends reports
Examination report form for FRBanks:
Memorandum by Mr. Solomon re proposed changes
in, agreed that Division of
Examinations review further
in light of suggestions and
consult with other divisions
before further consideration
by Board
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/26
1025, 1037
9/1
2987,3009-10
12/2
4101,4122-24
6/18
2141
1964
598
Pages
Forms: (continued)
Examination report form for FRBanks: (continued)
Memorandum from Mr. Solomon re proposed
changes to be made in, in
light of Board's earlier discussion of a pro forma report
that had accompanied and commented on in an earlier memorandum of Mr. Solomon, consensus in favor of using proposed examination report on
trial basis, after which further consideration could be
given to matter against a
background of experience with
proposed revisions
Review of proposed new report form on trial
basis with examination reports
for FRBanks of Minneapolis and
Cleveland, prepared in accordance with prior agreement,
concurred with suggestion of
Chairman Martin that report
form should be considered
further at a time when all
members of the Board were
present
F-1, draft of registration statement, and partially completed draft of new
Regulation F implementing
Board's responsibilities under S. 1642, which amends the
Securities Exchange Act to
require disclosure of bank
stocks traded over-the-counter,
approved for publication in
Federal Register for comment
with understanding that a
press release would be issued
F.R. 34, telegram to all FRBanks concerning manner in which special payments
to Treasury from surplus for
1964 should be shown on, in
published statement of condition of FRBanks
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/29
2646
11/27
4059
8/20
2900, 2907
12/31
4586, 4596
1964
599
Pages
Forms: (continued)
F.R. 105, 105e, 105e-1:
Copies sent to all FRBanks for use by State
member banks and their affiliates in submitting reports
of condition at next call date
Copies sent to all FRBanks for use by State
member banks and their affiliates in submitting reports
of condition at next call
date
Agreed to advise FRBanks to delay transmitting forms to national as
well as State member banks
and to print a supply of,
that could be forwarded to
national banks in case the
Comptroller's report form was
more abbreviated than had been
contemplated
Copies sent to all FRBanks for use by State
member banks and their affiliates in submitting reports
of condition at next call
date
Copies sent to all FRBanks for use by State
member banks and their affiliates in submitting reports
of condition at next call
date
F.R. 107, copies to Presidents of all FRBanks
to be used by State member
banks in submitting reports
of income and dividends for
calendar year 1964
F.R. 220, 220a:
Copies sent to all FRBanks for use by State
member banks and their affiliates in submitting reports
of condition at next call
date
Copies sent to all FRBanks for use by State
member banks and their affiliates in submitting reports
of condition at next call
date
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/18
910, 921
6/18
2137, 2157
7/1
2331
9/28
3312, 3323
12/22
4499, 4504
12/21
4473
3/18
910, 921
6/18
2137, 2157
1964
600
Pages
Forms: (continued)
F.R. 220, 220a: (continued)
Copies sent to all FRBanks for use by State
member banks and their affiliates in submitting reports
of condition at next call
date
Copies sent to all FRBanks for use by State
member banks and their affiliates in submitting reports
of condition at next call
date
F.R. 410, report of examination, revised page
16 of, forwarded to FRBanks
for use from date of receipt,
instructing examiner to "comment generally about the adequacy of security and control
against external crimes and
specifically on any deficiencies noted"
F.R. 412, drive-in facility of a branch of a
national bank, letter approved to FRBank of Cleveland
advising not to report on, as
in case of State member banks,
where facility would be considered establishment of an
additional branch
F.R. 416b, revised form to be used for survey
by weekly reporting member
banks in reporting outstanding negotiable time certificates of deposit beginning
May 20, 1964, instructions
and forms transmitted to the
Presidents of all FRBanks
F.R. 716 and F.R 716a, proposal to revise program for collection and release of daily Federal funds
statistics, cleared by Systems
Research Advisory Committee,
approved by Board, letter to
Bureau of Budget requesting
clearance of revised form, instructions to Presidents of
all FRBanks
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/28
3312, 3323
12/22
4499, 4504
6/23
2233, 2249
12/23
4518, 4530
3/20
925, 935
7/24
2578,2589-90
1964
601
Pages
Forms: (continued)
F.R. OT, reconciliation statement that was sent
to all national banks in connection with reports of condition as of June 30, 1964, reply to Mr. C. H. Hosler, President of Fullerton National
Bank, Fullerton, Nebraska, approved, understanding that
same type of reply would be
made to any similar inquiries
and that substance of Board's
letter would be sent to all
FRBanks for information
F.R. Y-6, letter to FRBank of Dallas stating
Board's view re status of
Fort Worth National Bank,
Fort Worth, Texas, after divestment of certain bank
stocks, such divestment would
make it unnecessary to file,
for the fiscal year in which
the divestment occurs
H.2, consensus that no mention of Board's action
re Franklin National Bank,
Franklin Square, New York, be
made in H.2 release (Applications Received or Acted on by
the Board)
Income and dividend reports, letter to Presidents of all FRBanks transmitting copies of Form F.R.
107 to be used by State member banks in submitting reports of, for the calendar
year 1964
L.5.6, revised confidential release, revision
of the series on Federal
funds with summaries of the
totals distributed to the
FRBanks and the Board to be
reported on
Reconciliation of Current National Bank call Report, (Form 2130-A), to collect
supplementary condition information from national banks, request for clearance by Budget
Bureau
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/27
2594, 2605
5/21
1853
5/15
1780
12/21
4473
7/24
2578, 2590
6/18
2137, 2159
1964
602
Pages
Forms: (continued)
Registration of bank stocks:
Draft of registration statement, Form F-1, implementing Board's responsibilities under S. 1642, which
amends Securities Exchange Act
to require disclosure of bank
stocks traded over-the-counter,
approved for publication in
Federal Register for comment
with understanding that a
press release would be issued
Staff recommended handling in the report
forms of operations of bank's
trading department with item
on proposed balance sheet and
statement of income, neither
of which was included in statistical forms, no strong support for any other than proposed treatment
W-2, moving expenses of FRBank employees who
transferred to Board and were
reimbursed, Internal Revenue
Service determined that reimbursements should have been
reflected on, and that these
employees now owed back taxes,
Board to pay tax for these
employees and assist employees with amended returns
France:
French holding company, letter to International
Banking Corporation, New York,
rescinding consent of Dec. 10,
1962, to purchase stock of
proposed
l'Union des Mines-La Heflin, Paris, France:
Request by Bankers International Corporation,
New York, N. Y., for rescission of condition prescribed
by Board in granting consent
to purchase shares of, alternate draft and subject of valuation of shares to be discussed at another meeting
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
8/20
2900, 2907
12/17
4445
5/7
1647
7/23
2542, 2554
6/12
2084
1964
603
Pages
France: (continued)
l'Union des Mines-La Henin, Paris, France: (continued)
Request by Bankers International Corporation,
New York, for rescission of
condition: (continued)
Agreed not to require adherence to condition but requested that net
earnings be set aside into
valuation reserve until gap
between cost and market value
has been closed, letter to
Bankers International Corporation, approved
6/23
2224, 2243
Board rescinds provisions of letter of
June 23, 1964, to Bankers International Corporation with
respect to setting aside net
earnings of that corporation
into valuation reserves against
shares of
12/30 4580
Letter to Bankers International Corporation,
New York, New York, re consent previously granted to
purchase shares of, Board's
further consideration grants
stated liberalized conditions
to that imposed in letter of
September 3, 1963
3185, 3201
9/18
Morgan and Cie, S.A., Paris, France:
Question re interlocking relationships in
connection with proposed acquisition by Morgan Stanley &
Co., of stock in, letter to
Morgan Guaranty International
Finance Corporation, acknowledging request to disregard
proposal to acquire
2/12
454, 466
Review of case re Morgan Guaranty International Finance Corporation's
investment in, and question
re rescinding the restrictive
conditions in light of revision of Regulation K
1231
4/9
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1964
604
Pages
France: (continued)
"Vendome", Paris, France, consent granted for
Chemical Bank New York Trust
Company, New York, New York,
to purchase and hold 100 per
cent of the capital stock of,
a French corporation organized
for the purpose of holding a
lease for quarters at 12 Place
Vendome for their Paris representative
1/24
255, 266
3/18
911
8/14
2838
/ICU
Geist, Harvey W.:
Board documents, access to, request from Chairman Patman of House Banking
and Currency Committee re
mechanism through which Federal Reserve bought and sold
Government securities in 1900's
and 1920's, Messrs. Schremp and,
working on Mr. Patman's request,
suggested that Mr. Sherman be
authorized to use his discretion in making available, as
appeared relevant to study
General Fund Account:
Board of Governors:
Revision of, instructions to FRBank of Richmond, regarding authorized
signers of checks drawn on
Board's General and Payroll
Funds that have been revised
to permit either manual or
machine signing of checks and
enclosing a specimen impression of the autograph plate
signature of the Controller,
Mr. Kakalec
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1964
605
Pages
General Services Administration:
Leased wire system:
Installation of two new circuits and realignment of stations, approved,
American Telephone and Telegraph Company and, authorized
to proceed with changes
Letters to American Telephone and Telegraph
Company and, authorizing them
to proceed with certain changes
in Federal Reserve 81-D-1
Leased Wire System, implementing authorization given by the
Presidents' Conference, copies
of letters sent to all FRBanks
Georgia, State of:
State Authorities revenue bonds:
Request for ruling re eligibility of ten, for
underwriting by State member
banks as "general obligations"
within the meaning of section
5136 of Revised Statutes,
agreed to publish in Federal
Register and FRBulletin an
interpretation re underwriting of public Authority bonds
payable from rents under lease
with governmental entity having general taxing powers
Agreement not to follow "Dillon procedure"
Stone Mountain Memorial Association bonds, request by the Georgia State
Auditor for ruling re eligibility of, for underwriting by
State member banks, since bonds
seem to qualify as such according to previously published interpretations, agreed that the
Board should decline to rule
on this issue of bonds and
adopt a general policy of ruling only on those issues where
resolution would add materially to the development of
clearer guidelines
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2/26
653, 661
10/12
3482, 3492
4/30
4/30
1550, 1573
1552
7/30
2672, 2686
1964
606
Pages
Germany:
Curt Briechle (G.m.b.H.), Moenchengladbach, Germany, request by Bamerical International Financial Corporation, New York, New York, to
purchase 80 per cent of the
capital stock of a reorganized
German instalment finance bank
to be known as, pointed out
that the German institution
was a finance company, but
agreed that letter of consent
should retain form used for
an investment in a banking
institution, reply approved
Gillespie, Robert W., Professor, University of
Illinois, request from, along
with Professors Hodgman and
Yancey for access to call reports for the period of December 1959-June 1963 in connection with a study of commercial bank behavior, request
approved
Gold:
Loans on:
Extension of gold loan arrangements for the
FRBank of New York to make
loans for Bank for International Settlements, approved
Receipt of request from Banco de la Republica,
Colombia, for loan on gold of
$30 million, comments on circumstances on which request
was based, not submitted for
recommendations or action at
this time, to be brought before the Board when information was more complete
Approval of loan or loans up to $30 million as requested, telegram to
FRBank of New York
Request from Central Bank of the Philippines
for loan of $15 million for
three months, approved, telegram to FRBank of New York
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/16
3832, 3843
9/24
3285
10/12
3477, 3483
12/2
4106
12/10
4273, 4291
12/10
4276, 4292
1964
607
Pages
Gold: (continued)
Market, travel authorized for Ralph A. Young,
Adviser to the Board and Director, Division of International Finance, to proceed to
London, England, during period
August 24-27, 1964, to meet
with officials of Bank of
England to discuss problems
re, reimbursement would be
made on basis of actual expense incurred with allowance for official entertainment
Reserves:
Allocation of System Open Market Account to
avoid deficiencies in, request
for comment by FRBanks re suggestion for settlement of clearing through 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' objections noted, letter to FRBanks requesting comment
Discussion among Board members of ways of
meeting mounting gold losses
and what should be done about
gold reserve requirements,
some of the discussion touched on removing gold reserves
against deposits, leaving the
reserve against currency
Messrs. Young, Director, Division of International Finance, and Hackley,
General Counsel, to prepare
some material re gold certificate reserve requirements to
be distributed to members of
the Board shortly
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8/20
2905
10/7
3426, 3447
12/7
4146
12/7
4155
1964
608
Pages
Gold: (continued)
Reserves: (continued)
Proposed letters to be sent to Congress by
the Treasury Department recommending enactment of proposed bill to eliminate present 25 per cent gold reserve
requirement against deposits,
Board's position discussed,
to be considered further when
Bureau of the Budget's request
for cowent was received
Gold redemption fund:
Elimination of:
Draft bill to provide for repeal of requirement that FRSystem maintain,
on deposit with Treasury Department, favorable report to
Budget Bureau, approved
Report from Division of Bank Operations re
legislation drafted by Treasury Department that would repeal requirement that the
System maintain a, on deposit
with the Treasury Department,
agreed that report be submitted to Presidents' Conference
for discussion, report submitted to FRBank Presidents
with accompanying letter
Gore, Albert, Senator:
Private money orders, request from, for information relating to the regulation re sale of, agreed to
furnish information as requested
Government Employees Salary Reform Act of 1964,
general pay increase adopted
by the Board, to correspond
with rates established by,
and to be retroactive to
July 5, 1964
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/30
4573
3/25
972, 1016
9/2
3016, 3040
9/14
3121, 3123
8/14
2836
1964
609
Pages
Government grants to colleges and universities:
Distribution of, 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, provided that the Banks
would be reimbursed if costs
of handling became significant, transmittal of proposed
letter to Chairman of Presidents' Conference, approved
Government securities:
Authority for FRBanks to purchase, directly from
the Treasury Department:
Draft bill to extend for two years the, in
aggregate amount not to exceed five billion dollars at
one time, agreed that Board
favored proposal and would so
advise the Bureau of the Budget
Report on S. 2891, a bill to extend for another
two years the, approved for
transmittal to Chairman Robertson of the Senate Banking and
Currency Committee
Report on H.R. 11499, an enrolled bill extending for two years the,
transmitted to the Budget
Bureau recommending approval,
approved
Book-entry procedure for handling United States:
Proposal for adoption of a, agreed to send to
Federal Advisory Council for
discussion at their joint meeting with the Board, consensus
that views of FAC re, should
be requested, letter approved
General reaction favorable in joint meeting with FAC
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/9
1236, 1247
5/19
1820, 1826
6/11
2060, 2075
6/30
2312, 2317
4/8
1217, 1228
4/23
1391
1964
610
Pages
Government securities: (continued)
Disappearance of:
Reported by State Street Bank and Trust Company, Boston, Massachusetts,
agreed that violations be reported to the Department of
Justice
Request by Mr. Schremp of House Banking and
Currency Committee, for information re similar incidents
in 1963 and 1964 to the disappearance of securities from
the FRBank of San Francisco in
1962, agreed that there were
none other than the incident
of reported missing securities at State Street Bank and
Trust Company, Boston, Massachusetts, reported to Justice
Department in April 1964
Further information concerning securities
reported missing by State
Street Bank and Trust Company, Boston, Massachusetts,
requested by Mr. Schremp,
letter to FRBank of Boston
approved, memorandum from Mr.
Solomon to Mr. Schremp indicating Board's action re furnishing information
Agreed that Reserve Bank's Audit Department report should be furnished to Mr. Schremp as requested
Interdistrict Settlement Fund, procedure for allocation of System Open Market
Account to avoid deficiencies
in reserves, request for comment by FRBanks re suggestion
for settlement of clearing
through, 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'
objections noted
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/1
1105
5/13
1736
5/28
1900, 1906
6/18
2152
10/7
3426, 3447
1964
611
Pages
Government securities: (continued)
Loans to dealers in:
Question re, upon the security of such obligations by nonbanking concerns, involving prohibition,
under Section 19, paragraph 8
of the FRAct, for a member
bank to act as agent for nonbanking concerns, agreed to
hold reply to FRBank of New
York for further consideration
Suggested that FRBank of New York be requested to supplement its letter with further information
relating to market practices
before Board took action on
question, general agreement
that this procedure should be
followed
"Loans by National Banks Secured by Direct Obligations of the United States,"
memorandum re notice published
in Federal Register by Comptroller of the Currency, letter to the Comptroller stating
Board's views concerning further liberalizations without
limitation on amount of such
loans, approved
Mechanism, through which Federal Reserve bought
and sold Government securities in the 1900's and 1920's,
request for information by
Messrs. Schremp and Geist for
Chairman Patman of House Banking and Currency Committee,
access to diaries of former
Board member Charles S. Hamlin, documents at Columbia
University, and certain meetings of Governors' Conference
in 1923 on rediscounting and
open market operations, approved, Mr. Sherman authorized
to make relevant minutes and
other records available
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/26
2269
6/29
2293
10/28
3665, 3683
3/18
911
1964
612
Pages
Government securities: (continued)
Mechanism, through which Federal Reserve bought
and sold Government securities
in the 1900's and 1920's: (continued)
Request by Mr. Schremp to talk to Board's
staff re Committee paper, the
staff advised to be careful to
avoid any suggestion indicat7/14
ing approval of paper
Statistics re gross purchases and sales of, with
similar data for repurchase
agreements and net transactions in bankers' acceptances,
proposal to publish in FRBulletin with a two-month lag, approved, with understanding
that consideration would be
given to the possibility of
publishing figures with only
7/24
one-month time lag
Grace, W. R. & Co., New York, New York, a diversified industrial corporation,
proposed transaction with
C. J. Devine being incorporated (Devine Corporation)
with stock acquired by, which
owns 80 per cent of stock of
Grace National Bank of New
York, New York, thereupon
Grace & Co., would transfer
stock to Devine Corporation,
letter to, advising that proposed arrangement would be
prohibited by section 20 of
2/28
Banking Act of 1933, approved
Grebil, Germaine:
Conversational French, arrangements for instructions in, approved, course to
continue approximately 12
weeks with Board paying fees
and furnishing any materials
or references needed, Mrs.
Renee Mikus to be primarily
responsible with the assis4/9
tance of
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2473
2579
677, 687
1242
1964
613
Pages
Group of Ten Finance Ministers:
Deputies of:
Study re reserve assets to supplement gold
in meeting the monetary requirements for financial growth
in international trade, proposed at meeting of, Mr. Robert Solomon to represent the
Board and Council of Economic
Advisers at meeting in Paris
Report by Governor Daane re meeting of, relating to further work on
assignment to study the outlook for functioning of the
international monetary system
and its probable future needs
for liquidity
Furth, J. Herbert, Adviser, Division of International Finance, authorized to travel to Paris to
attend a meeting of a working
group of, reimbursement on
basis of actual travel expenses, Mr. Furth to serve as
adviser to Mr. George Willis
of Treasury Department, U.S.
representative at the meeting,
and also to serve as an observer for the Federal Reserve
Board briefed by Governor Daane on nature of
forthcoming Ministerial Statement of Group of Ten, including the annex prepared by, to
be distributed through the
Treasury to members of FOMC
and other FRBank Presidents,
including the press summary
of the Nineteenth Annual Report of the International
Monetary Fund
Governor Deane reported on recent meeting of,
which was held in Paris, France
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/4
1592
5/28
1904
6/5
1965
8/5
2719
12/21
4465
1964
614
Pages
Group of Ten Finance Ministers: (continued)
Esteva Group, John E. Reynolds, Associate Adviser, Division of International Finance, to travel to
Paris, France, for meeting of
Esteva Group (the Group of
Ten's working party) on "liquidity creation" and balanceof-payments settlements, approved, to receive per diem
in lieu of expenses
Meeting of the study committee associated with,
request that Robert Solomon,
Associate Director, Division
of Research and Statistics,
attend, to be held in Rome,
Italy, October 22 through 30,
1964, approved
10/15
3528, 3562
10/6
3403
1/6
1/8
19
34, 47
6/19
2179, 2194
uHn
Hanify, Edward B.:
Counsel, special, of law firm of Ropes and Gray
of Boston, FRBank of Boston
requests approval of payment
of fee to, for purpose of
negotiation or, if necessary,
litigation looking forward to
abatement of real estate taxes
for 1963 assessed by City of
Boston, question re use of
Bank's own counsel, deferred
action pending discussion with
President Ellis
Payment of fee to special counsel, authorized
Harbeson Hough Livingston & Larson, Philadelphia,
Pennsylvania:
Amendment to the agreement of December 7, 1962,
that would provide for payment
by the Board of $200 for each
visit to the site during construction by Consulting Engineers of, as may be required,
no objection interposed
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1964
615
Pages
Harbeson Hough Livingston & Larson, Philadelphia,
Pennsylvania: (continued)
Board meeting with Messrs. Livingston and Chesser
of, to discuss plans for annex
to present building, including
discussion of parking facilities, understood that architects would study problems
dealing with eating facilities
and conference rooms, and develop plans for triangular
area adjacent to present parking lot on C Street
Harris, Oren, Congressman:
H.R. 8499, a bill to provide for the regulation
of collective investment funds
maintained by banks, revised
draft of report on, and report
on companion bill S. 2223 approved and sent to, Chairman
of House Interstate and Foreign Commerce Committee and
Chairman Robertson of Senate
Banking and Currency Committee, with copies to the General Counsel of the Treasury,
the Comptroller of the Currency, and FDIC for information
Harrod, Sir Roy, presently at the University of
Pennsylvania, approval given
for one-day visit to Washington for consultation on international financial problems,
fee of $75 per day and transportation costs authorized,
overexpenditure of the necessary amount in the pertinent
account of the 1964 budget of
the Division of International
Finance, authorized
Haskins & Sells:
Audit of Board's accounts for 1963, accepted by
the Board
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/23
3255
3/26
1026, 1038
3/2
694
2/19
588
1964
616
Pages
Haskins & Sells: (continued)
Audit of Board's accounts for 1964, recommendation in memorandum from Governor Shepardson that, be
given the assignment for, on
basis of fee customarily
charged, approved
Examination and supervision of FRBanks:
Governor Shepardson noted that Haskins &
Sells submitted review of
procedures followed in examining FRBanks, which contained
a number of suggestions to
which the Board would want to
give careful consideration,
memorandum of comment from
Division of Examinations distributed, after which Board
might want to request, to
come in and discuss its report
Report and detailed discussion of report by,
re procedures with respect to,
supplemented by comments by
Messrs. Robertson and Larkin,
partners of, who were in attendance at Board meeting
Sampling techniques used, suggestion by Governor Mills that one step in
direction of getting FRBanks
to use sampling in internal
auditing would be to transmit
to FRBanks pertinent portions
of recent report to Board by,
on procedures followed by the
Board's examining staff in
examinations of FRBanks
Submitted recommendations by Governor Shepardson reviewed in light of report on, made by Haskins &
Sells including plans for
future assignments, recommendations approved, including directive to Division of Examinations and the assignment to,
for the 1964 review of procedures re, based on regular fee
rates
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/1
1104,1124-28
2/19
588
3/5
718
3/25
979
4/1
1094, 1123,
1128, 1129
1964
617
Pages
Haskins & Sells: (continued)
Examination and supervision of FRBanks: (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 at Conference
of General Auditors of FRBanks
on June 25, understood Board's
action included authorization
for payment, letter to Mr.
Bean, Chairman of Conference
of Chairmen of FRBanks
Operating costs for head FRBank office buildings,
report re survey by Division
of Bank Operations re, agreed
to submit report to Presidents
of all FRBanks and to, for review and recommendations
Headquarters:
Haskell, Roger A., Assistant Federal Reserve
Examiner, change in headquarters from Washington, D. C.,
to Seattle, Washington, effective immediately, approved
Hearings:
Bank Holding Company Act of 1956:
Section 4(c)(6), request by First Wisconsin
Bankshares Corporation, Milwaukee, Wisconsin, that the
Board determine without a
hearing the addition of mortgage redemption and disability
income insurance to the business activities of First Wisconsin Company, a nonbanking
subsidiary of First Wisconsin
Bankshares Corporation, letter
to FRBank of Chicago indicating that the Board is without
authority to accede to request
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/3
1939, 1947
4/15
1299, 1320
5/28
1904
4/17
1346, 1358
1964
618
Pages
Hearings: (continued)
Bank of Powhatan, Virginia, Board authorized
Messrs. Nosker, Porter, and
Beducian of FRBank of Richmond, to appear in court in
response to subpoena calling
for testimony concerning contents of certain records of,
including examination reports
in connection with the case,
U.S. v. James Lovelace Tribble,
authorization not to include
production by witnesses of
any documents from FRBank
files
Bank Supervision and Insurance Subcommittee (House):
H.R. 9548, a bill to prohibit banks from performing certain nonbanking services, Chairman Multer of, requested Board representative
to testify on
H.R. 9822, a bill to prohibit banks from engaging in personal property
leasing business, Chairman
Multer of, requested Board
representative to testify on
Baystate Corporation, Boston, Massachusetts, application for Board approval
of acquisition of voting 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 after views from hearing were expressed
Merle,
William
Canaday,
United States v., Mr.
Floyd J. Mathews, FRBank of
Kansas City, authorized to
comply with subpoena re access
to books and documents re receipt and issue of certain
FRnotes and to testify if required, telegram approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11/27
4063, 4082
2/19
589
2/19
589
2/13
470
3/16
868
11/27
4062, 4081
1964
619
Pages
Hearings: (continued)
Economic Statistics, Subcommittee on:
Government economic statistics, accuracy of,
may be subject of hearings
next year before, consensus
that Board not disposed toward
making a study at this time,
but may contribute to study
made by Budget Bureau, Mr.
Bowman of Budget Bureau to be
so informed
FRSystem:
SEE: Hearings:
House Banking and Currency Counitittee:
FRSystem
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 the
kind described in section 4(c)
(6) of the Bank Holding Company Act, so as to make inapplicable prohibitions of
section 4 of the Act, David
London selected as Hearing
Examiner
First Wisconsin Bankshares Corporation, Milwaukee, Wisconsin, order for
hearing approved re request
of, for determination that
proposed additions to activi
ties of its subsidiary First
Wisconsin Company, were of
kind described in section
4(c)(6) of Bank Holding Company Act, so as to make inapplicable prohibitions of
section 4 of the Act, David
London selected as Hearing
Examiner
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/6
1146
9/30
3329, 3340
9/30
3330, 3343
1964
620
Pages
Hearings: (continued)
Hearing examiners:
London, David:
First Oklahoma Bancorporation, Inc., Oklahoma City, Oklahoma, for determination under section 4
(c)(6) of the Bank Holding
Company Act of 1956
First Wisconsin Bankshares Corporation,
Milwaukee, Wisconsin, for determination under section 4
(c)(6) of the Bank Holding
Company Act of 1956
House Banking and Currency Committee:
FRSystem:
Group of certain bills introduced by Chairman Patman of, whose Subcommittee on Domestic Finance, is
holding hearings on FRSystem,
members of Board and FRBank
Presidents would be invited
to testify at hearings
Report by Mr. Cardon re date when members of Board and Presidents
of FRBanks would be invited
to appear
Request by Chairman Patman that examination reports of FRBanks for
1962 and 1963 be furnished to,
no objection to compliance
with request, in addition it
was also agreed to introduce
Board's S-letters into hearing
record, in order to defend
propriety of particular expenses not listed in examination reports
S-letters, agreed that Board's S-letters may
be introduced at hearing where
FRBank Presidents appeared
before Subcommittee on Domestic Finance of, S -letters
would be introduced into hearing record to defend propriety
of particular expenses not
listed in examination reports
of FRBanks
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/30
3329, 3340
9/30
3330, 3343
1/14
113
1/16
156
1/24
257
1/24
259
1964
621
Pages
Hearings: (continued)
House Interstate and Foreign Conanerce Conunittee:
H.R. 8499, a bill that would provide for regulation of collective investment funds 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 Federal bank supervisory agencies, agreement with
suggestion that statement presented before Subcommittee on
Commerce and Finance of, concentrate on view that Securities Exchange Commission,
should regulate collective
investment funds maintained
by banks
House Legal and Monetary Affairs Subcommittee:
Coin shortage, invitation extended by Chairman Fascell of, 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
Regulation F, suggestion that Board assent to
removing from its new, the
provision for hearings, bringing the new regulation into
accord with the similar regulation being issued by FDIC
Hodgman, Donald R., Professor, University of
Illinois, request from, along
with Professors Gillespie and
Yancey for access to call reports for period December 1959June 1963 for use in a study of
commercial bank behavior, request for assistance, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/4
1949
6/23
2239
12/17
4449
9/24
3285
1964
622
Pages
Holding company affiliates:
Determination of holding company affiliate status, request from Professor
Vernon A. Mund, University of
Washington, Seattle, for information re status of Marine
Bancorporation, Seattle, the
Board's letter to Professor
Mund would disclose previously
unpublished information, question whether there would be
objection to publishing in
weekly H.2 release actions
taken on applications for,
along with actions taken on
applications for voting permits, understood actions would
be announced in weekly H.2 release
One-bank cases:
Contradiction noted by Governor Mills in
case of Hy-Vee Food Stores,
Inc., Chariton, Iowa, and National Bank and Trust Company
of Chariton, Iowa, where in
301 determinations, a corporation might be considered as
being in the business of holding bank stocks even though
it did not control more than
one bank, while under the Bank
Holding Company Act,a corporation could avoid definition
as a bank holding company by
holding just under 25 per
cent of stocks of several
banks
Determination requested by American Financial
Corporation, Cincinnati, Ohio,
for exemption from all holding
company affiliate requirements
except for Section 23A of FRAct,
questioned by Governor Robertson, difference of opinion
noted, to be considered later
after review by Governor Daane
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
5/13
1732
1/6
17
1/6
18
1964
623
Pages
Holding company affiliates: (continued)
One-bank cases: (continued)
Determination requested by American Financial
Corporation, Cincinnati, Ohio: (continued)
Determined not to be a holding company
affiliate of Athens National
Bank, Athens, Ohio, except for
purposes of section 23A of FRAct
31, 45
1/8
Determinations re, view expressed that solution lay in obtaining legislation that would repeal holding
company affiliate provisions
of the Banking Act of 1933 and
amend the Bank Holding Company
Act of 1956
1/10
75, 86
Discussion re, in connection with Union Financial Corporation, determined not to be a holding company affiliate of Port Clinton
National Bank, Port Clinton,
Ohio, letter to Corporation,
approved
11/16 3834, 3845
Holding company affiliate provisions of the
Banking Act of 1933, proposed
bill to amend the Bank Holding
Company Act of 1956, adopting
a one -bank definition and repealing the, understood that
exemptive power re one-bank
cases would be studied further before proposal was submitted to Congress
11/18 3898, 3905
Stock acquisition by a Nebraska company in a
Colorado national bank with
the loan for purchasing the
stock obtained in Denver, Colorado, while not illegal, Governor Robertson did not feel
that the company should be exempted from holding company
affiliate requirements
12/21 4467
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1964
624
Pages
Holding company affiliates: (continued)
(Individual names)
American Financial Corporation, Cincinnati, Ohio:
Request for determination not to be a holding
company affiliate except for
section 23A of the FRAct, question by Governor Robertson
whether case fell within the
Board's policy on one-bank
cases, since the corporation
owned three savings and loan
associations as well as stock
in the national bank, agreed
that case would be considered
at another meeting after review by Governor Daane
Determined not to be a holding company
affiliate of the Athens National Bank, Athens, Ohio, except for purposes of section
23A of the FRAct, Governor
Robertson dissenting
Associates Investment Company, South Bend,
Indiana, determined not to be
a holding company affiliate
of the First Bank and Trust
Company of South Bend, Indiana,
except for purposes of section
23A of the FRAct
Governor Robertson's opinion was that complications of case warranted
an unfavorable determination
Bancorporation of Montana, Great Falls, Montana:
Issuance of a limited voting permit to vote
stock of Liberty County Bank,
Chester, Montana, authorized
Issuance of a limited voting permit to vote
stock of Liberty County Bank,
Chester, Montana, Citizens
Bank of Montana, Havre, Montana, and Central Bank of Montana, Great Falls, Montana,
authorized
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/6
18
1/8
31, 45
1/10
74, 86
1/10
74
8/24
2916, 2931
12/22
4499, 4506
1964
625
Pages
Holding company affiliates: (continued)
Baystate Corporation, Boston, Massachusetts,
issuance of a general voting
permit to vote stock in Merrimack Valley National Bank,
Haverhill, Massachusetts,
authorized
Beaver Securities Co., Inc., New York, New York,
determined not to be a holding
company affiliate of American
Trust Company, New York, New
York, except for purposes of
section 23A, similar determinations given to Exchange
Place Corporation, New York,
New York, Swiss-Israel Trade
Bank, Geneva, Switzerland,
memorandum from Division of
Examinations, pointed out
that, was owned by Exchange
Place Corporation which, in
turn, was majority owned by
Swiss-Israel Trade Bank
Brenton Companies, Inc., Des Moines, Iowa, issuance of a general voting permit to vote the stock of First
National Bank of Davenport,
National Bank of Des Moines,
Northwest Des Moines National
Bank, South Des Moines National Bank, The Poweshiek
County National Bank of
Grinnell, and First National
Bank of Perry, all in Iowa,
authorized
Buckeye Corporation, New York, New York:
SEE: Holding company affiliates:
Mount Clemens Industries Corporation
Central West Corporation, Davenport, Iowa, determined not to be a holding
company affiliate of Dyersville National Bank, Dyersville, Iowa, except for purposes of section 23A of the
FRAct
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/2
1910, 1918
3/4
706, 715
3/16
867, 874
6/23
2222, 2241
1964
626
Pages
Holding company affiliates: (continued)
Chesapeake Shares Corporation, New York, New York:
Issuance of a limited voting permit to vote
stock in Chesapeake National
Bank, Towson, Maryland, authorized
Issuance of a general voting permit to vote
stock of Chesapeake National
Bank, Towson, Maryland, authorized
D B, Inc , Council Bluffs, Iowa, determined not
to be a holding company affiliate of First National Bank of
Fremont, Nebraska, except for
purposes of section 23A of
the FRAct
Governor Robertson's opinion was that complications of case warranted
an unfavorable determination
Denver U.S. Bancorporation, Inc., Denver, Colorado, issuance of a general
voting permit to vote stock
of Denver United States National Bank, Denver, Colorado, authorized
Dinsdale Bros., Inc., Palmer, Nebraska, request
for determination not to be a
holding company affiliate of
Lyon County State Bank, Rock
Rapids, Iowa, except for purposes of section 23A of the
FRAct, discussion re other
holdings of Dinsdale family,
action deferred pending review of other 301 determinations, understood request
would be considered further
at another meeting
Etex Banco, Inc., Tyler, Texas, determined not
to be a holding company affiliate of First National Bank
of Winnsboro, Texas, except
for purposes of section 23A
of the FRAct, Governor Robertson abstaining
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/15
127, 141
9/9
3087, 3100
1/10
74, 84
1/10
74
9/18
3180, 3192
12/31
4587
10/8
3450, 3461
1964
627
Pages
Holding company affiliates: (continued)
Exchange Place Corporation, New York, New York,
determined not to be a holding
company affiliate of American
Trust Company, New York, New
York, except for purposes of
section 23A of the FRAct, similar determinations given to
Beaver Securities Co., Inc.,
which owns and holds majority
shares of American Trust Company, and Swiss-Israel Trade
Bank, Geneva, Switzerland,
which owns the majority of
stock of
Financial Data Corp., Gary, Indiana, determined
not to be a holding company
affiliate of Bank of Indiana,
Gary, Indiana, except for purposes of section 23A of FRAct
Financial General Corporation, Washington, D.C.:
Issuance of limited voting permit to vote
stock in Chesapeake National
Bank, Towson, Maryland, authorized
Issuance of limited voting permit to vote
stock in First National Bank
of Lexington, Virginia, authorized
Issuance of a general voting permit to vote
stock of First National Bank
of Lexington, Virginia, and
Chesapeake National Bank,
Towson, Maryland, authorized
First of Burlington Agency, Inc., Burlington,
Colorado, determined not to
be a holding company affiliate
of First National Bank at Burlington, Colorado, except for
purposes of section 23A of
the FRAct
First Capital, Lander, Wyoming, determined not
to be holding company affiliate
of First National Bank of
Lander, Wyoming, except for
purposes of section 23A of
FRAct
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3/4
706, 715
1/17
172, 180
1/15
127, 139
1/15
126, 136
9/9
3086, 3097
11/18
3892, 3920
12/7
4139, 4168
1964
628
Pages
Holding company affiliates: (continued)
First Colorado Bankshares, Inc., Englewood,
Colorado:
Issuance of a limited voting permit to vote
stock of Security National
Bank, Denver, Colorado, authorized
Issuance of a general voting permit to vote
shares of Security National
Bank, Denver, Colorado, authorized
First Finance Company, Nevada, Missouri, determined not to be a holding company affiliate of The First
National Bank of Golden City,
Missouri, except for purposes
of section 23A of FRAct, Governor Robertson dissenting
Governor Robertson expressed opinion that
consumer finance companies
should not be allowed to buy
control of banks without restrictions being imposed
First National Bank of Pueblo, Colorado, and
Solar Investment Company, Inc.,
Pueblo, Colorado, determined
not to be holding company affiliates of Park National
Bank of Pueblo, except for
purposes of section 23A of
the FRAct, Governor Robertson
dissenting
First National Bank of Tampa, Florida, issuance
of general voting permits to
Union Security and Investment
Company, and, both of Tampa,
Florida, to vote stock owned
in Second National Bank of
Tampa and Broadway National
Bank, both of Tampa, Florida,
authorized
First Oklahoma Bancorporation, Inc., Oklahoma
City, Oklahoma, issuance of a
limited voting permit to vote
stock of Idabel National Bank,
Idabel, Oklahoma, authorized
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/14
106, 121
6/2
1910, 1919
2/12
453, 464
2/12
454
11/20
3942, 3951
6/2
1917, 1931
12/7
4139, 4167
1964
629
Pages
Holding company affiliates: (continued)
First Plaza Company, Lincoln, Nebraska, determined not to be a holding
company affiliate of First
National Bank, Westminster,
Colorado, except for purposes
of section 23A of FRAct, Governor Robertson recorded as
disapproving
First Wisconsin Bankshares Corporation, Milwaukee, Wisconsin, issuance
of a general voting permit to
vote stock of Brookfield National Bank, Brookfield, Wisconsin, authorized
Flour Mills of America, Inc., Kansas City,
Missouri, and Inland Investment Company, Fort Worth,
Texas, determined not to be a
holding company affiliates of
The Poudre Valley National
Bank of Fort Collins, Colorado, except for purposes of
section 23A of the FRAct
Approval subject to no basic change in information, if the facts received from the FRBank of
Kansas City and the Division
of Examinations warrant, the
matter will be brought back
to the Board for reconsideration
No change in information
Greater Iowa Corporation, Des Moines, Iowa, issuance of a limited voting
permit to vote stock of First
National Bank, Cedar Falls,
Iowa, authorized
Guaranty Development Company, Livingston, Montana, determined not to be a
holding company affiliate of
Livingston State Bank, Livingston, Montana, except for purposes of section 23A of the
FRAct
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/21
4467, 4493
8/13
2808, 2826
1/13
91, 99
1/13
1/13
93
94
1/2
1, 6
12/22
4499, 4510
1964
630
Pages
Holding company affiliates: (continued)
Hy-Vee Food Stores, Inc., Chariton, Iowa, determined not to be a holding company affiliate of National
Bank and Trust Company of
Chariton, Iowa, except for
purposes of section 23A of
the FRAct
Possible contradiction noted by Governor
Mills where in 301 determinations, a corporation might be
considered as being in the
business of holding bank
stocks even though it did not
control more than one bank,
while under the Bank Holding
Company Act, a corporation
could avoid definition as a
bank holding company by holding just under 25 per cent of
stock of several banks
Industrial Bank of the West, Arvada, Colorado,
letter approved to Midwestern
Financial Corporation, New
York, New York, re status of,
under the Bank Holding Company
Act of 1956, and the holding
company affiliate statute,
substance of letter transmitted to all FRBanks
Inland Investment Company, Fort Worth, Texas,
and Flour Mills of America,
Inc., Kansas City, Missouri,
determined not to be holding
company affiliates of The
Poudre Valley National Bank
of Fort Collins, Colorado, except for purposes of section
23A of the FRAct
to no basic change in inforsubject
Approval
mation, if the facts received
from FRBank of Kansas City and
Division of Examinations warrant, matter will be brought
back to the Board for reconsideration
No change in information
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/6
16, 27
1/6
17
11/18
3891, 3919
1/13
91, 99
1/13
1/13
93
94
1964
631
Pages
Holding company affiliates: (continued)
Lexington Shares, Inc., New York, New York:
Issuance of a limited voting permit to vote
stock in First National Bank
of Lexington, Virginia, authorized
Issuance of a general voting permit to vote
stock of First National Bank
of Lexington, Virginia, authorized
Lincoln Liberty Life Insurance Company, Houston,
Texas, determined not to be a
holding company affiliate of
The First National Bank of
Raymondville, Texas, reference
to violation of the Bank Holding Company Act by, in connection with their ownership of
certain bank stocks
Marine Bancorporation, Seattle, Washington, letter to Professor Mund of the
University of Washington,
Seattle, Washington, approved,
re his request for information
re status of, which controls
the National Bank of Commerce,
Seattle, Washington
Understood that actions re holding company
affiliate status would be published in the weekly H.2 release
Massachusetts Mohair Plush Co., Inc., New York:
SEE: Holding company affiliates:
Mount Clemens Industries Corporation
Metropolitan Investments Corporation, Chicago,
Illinois, determined not to
be a holding company affiliate
of Metropolitan State Bank,
Chicago, Illinois, except for
purposes of section 23A of
the FRAct
Montana Corporation, Great Falls, Montana, determined not to be holding company affiliate of Commerce Bank
and Trust Company, Helena, Montana, except for purposes of
section 23A of the FRAct
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/15
126, 138
9/9
3087, 3099
4/17
1356
5/13
1732, 1742
5/13
1732
8/12
2771, 2793
4/21
1367, 1370
1964
632
Pages
Holding company affiliates: (continued)
Montana Corporation, Great Falls, Montana: (continued)
Governor Robertson pointed out that a situation of this kind would be
prohibited under the proposed
amended definition of a bank
holding company that had been
recommended by the Board to
Congress
4/21
Morris Plan Corporation, New York, New York:
Issuance of a limited voting permit to vote
stock in Chesapeake National
Bank, Towson, Maryland, autho1/15
rized
Issuance of a limited voting permit to vote
stock in First National Bank
of Lexington, Virginia, authorized
1/15
Issuance of a general voting permit to vote
stock of First National Bank
of Lexington, Virginia, and
Chesapeake National Bank,
9/9
Towson, Maryland, authorized
Mount Clemens Industries Corporation, BalaCynwyd, Pennsylvania, proposal to acquire stock of
Miami National Bank, Miami,
Florida, presently owned by
The Buckeye Corporation, New
York, New York, which is owned
by Massachusetts Mohair Plush
Co., Inc., New York, New York,
determined not to be a holding company affiliate of Miami
National Bank, Miami, Florida,
except for purposes of sec11/20
tion 23A of the FRAct
Letter to FRBank of New York stating that the
favorable determinations with
respect to Miami National Bank,
previously granted The Buckeye
Corporation and Massachusetts
Mohair Plush Co., Inc., would
remain in force, approved
11/20
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1368
127, 140
126, 137
3086, 3098
3940, 3947
3941, 3949
1964
633
Pages
Holding company affiliates: (continued)
Navajo Bancorporation, Inc., Phoenix, Arizona:
Issuance of a limited voting permit to vote
shares in First Navajo National Bank, Holbrook, Arizona,
authorized
In connection with proposed acquisition of
shares of Valley State Bank,
Lamar, Colorado, noted that a
"section 301" determination
for, was being processed by
the Board's staff
Proposed acquisition of shares of Valley
State Bank, Lamar, Colorado,
through acquisition by, a
holding company affiliate of
First Navajo National Bank,
Holbrook, Arizona, move would
be barred by section 3(d) of
the Bank Holding Company Act
because such acquisition would
be across State lines, suggestion that matter be pursued by
staff of FRBank of San Francisco for possible alternate
course by which Navajo Bancorporation might accomplish objective
Osceola Insurance, Inc., Osceola, Nebraska, determined not to be a holding
company affiliate of First
National Bank of Osceola,
Nebraska, except for purposes
of section 23A of the FRAct
Observation made by Governor Robertson that
case pointed up need for legislation such as recommended
by Board to bring one-bank
cases within purview of Bank
Holding Company Act
Quinter Insurance Service, Inc., Quinter, Kansas,
determined not to be a holding
company affiliate of First National Bank of Quinter, Kansas,
except for purposes of section
23A of the FRAct
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/29
278, 295
10/19
3596
10/19
3594
6/2
1910, 1920
6/2
1910
3/4
705, 712
1964
634
Pages
Holding company affiliates: (continued)
Ranchers Security Corporation, Winner, South
Dakota, determined not to be
a holding company affiliate
of Ranchers National Bank of
Winner, South Dakota, except
for purposes of section 23A
of the FRAct
Rochester TV Rentals, Inc., Rochester, Minnesota, determined not to be a
holding company affiliate of
Oakdale State Bank, Owatonna,
Minnesota, except for purposes
of section 23A of the FRAct
Royal Properties, Inc., Phoenix, Arizona, determined not to be a holding company affiliate of American National Bank of Cheyenne, Wyoming, except for purposes of
section 23A of the FRAct
Shelby Insurance, Inc., Shelby, Nebraska, determined not to be a holding company affiliate of The First
National Bank of Shelby,
Nebraska, except for purposes
of section 23A of the FRAct
Discussion re chain banking, 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
Sierra Petroleum Co., Inc., Wichita, Kansas, determined not to be a holding
company affiliate of Stockyards National Bank, Wichita,
Kansas, except for purposes
of section 23A of the FRAct
Governor Robertson commented that case fell
within the so-called one-bank
cases, and he would not oppose
the request in spite of his
disagreement with the policy
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1/15
127, 142
10/12
3478, 3485
12/22
4499, 4508
3/2
691, 700
3/2
691
7/24
2561, 2582
7/24
2561
1964
635
Pages
Holding company affiliates: (continued)
Society Corporation, Cleveland, Ohio, letter
rescinding Board's 1959 determination re holding company
affiliate status approved, to
be effective if and when
Society Corporation acquires
bank holding company status
by virtue of its acquisition
of stock of Fremont Savings
Bank Company, Fremont, Ohio
Solar Investment Company, Inc., Pueblo, Colorado,
and First National Bank of
Pueblo, Colorado, determined
not to be holding company affiliates of Park National Bank
of Pueblo, except for purposes
of section 23A of the FRAct,
Governor Robertson dissenting
Stege Insurance Agency, Inc., Fonda, Iowa, determined not to be a holding
company affiliate of First National Bank of Fonda, Iowa,
except for purposes of section 23A of the FRAct
Swiss-Israel Trade Bank, Geneva, Switzerland,
determined not to be a holding company affiliate of American Trust Company, New York,
New York, except for purposes
of section 23A of the FRAct,
similar determinations given
to Beaver Securities Co., Inc.,
which owns and holds majority
shares of American Trust Company and Exchange Place Corporation, which, in turn, was
majority owned by
Tenneco Corporation, and Tennessee Gas Transmission Company, both of Houston,
Texas, determined not to be
holding company affiliates of
Tennessee Bank and Trust Company, Houston, Texas, except
for purposes of section 23A
of the FRAct
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/3
3044, 3058
11/20
3942, 3951
2/26
647, 654
3/4
706, 715
4/6
1142, 1155
1964
636
Pages
Holding company affiliates: (continued)
Tenneco Corporation, and Tennessee Gas Transmission Company, both of Houston,
Texas: (continued)
Governor Robertson abstained from voting,
comments by Governor Mills re
so-called one-bank cases, with
which Governor Shepardson concurred
Tennessee Gas Transmission Company, Houston,
Texas:
company
affiliates:
SEE: Holding
Tenneco Corporation
Union Financial Corporation, Cleveland, Ohio,
determined not to be a holding
company affiliate of Port
Clinton National Bank, Port
Clinton, Ohio, except for purposes of section 23A of the
FRAct, discussion re one-bank
rule
Union Security and Investment Company, Tampa,
Florida, issuance of general
voting permits to First National Bank of Tampa, Florida,
and, to vote stock owned in
Broadway National Bank, Tampa,
Florida, and Second National
Bank of Tampa, Florida, authorized
United Corporation, Denver, Colorado, determined not to be a holding company affiliate of Alameda National Bank, Jefferson County
(post office Denver), Colorado,
except for purposes of section
23A of the FRAct
United Virginia Bankshares Incorporated, Richmond,
Virginia, issuance of general
voting permit to vote stock of
First and Citizens National Bank
of Alexandria, First National
Trust and Savings Bank of Lynchburg, State-Planters Bank of
Commerce and Trusts, Richmond,
and Vienna Trust Company, Vienna,
all of Virginia, authorized
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4/6
1143
11/16
3834, 3845
6/2
1917, 1931
9/2
3015, 3040
1/8
31, 44
1964
637
Pages
Holding company affiliates: (continued)
Virginia Commonwealth Corporation, Richmond,
Virginia, issuance of a general voting permit covering
its stock in The Peoples National Bank of Pulaski, Virginia, approved
Whitmore Company, Inc., Corning, Iowa, determined not to be a holding company affiliate of Okey-Vernon
National Bank of Corning, Iowa,
except for purposes of section
23A of the FRAct
Yampa Valley Corporation, Littleton, California,
determined not to be a holding
company affiliate of Moffatt
County State Bank, Craig, Colorado, except for purposes of
section 23A of the FRAct
Home Loan Bank Board:
SEE: Federal Home Loan Bank Board
Hong Kong:
Chase Manhattan Overseas Banking Corporation,
New York, New York, granted
consent to purchase all of
the shares of a nominee corporation to be organized under the laws of the Colony of
Hong Kong Finance Company, Ltd., letter to First
National City Overseas Investment Corporation, New York,
New York, granting permission
to purchase shares of, and approving the purchase and holding of shares of the finance
company in excess of ten per
cent of the Corporation's capital and surplus
Honoraria:
FRBank officers and employees, policy re, revised
draft of letter to Presidents
of all FRBanks re views on payments for publications and public speaking appearances, further revision of letter to be
prepared
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/1
2324, 2336
3/25
966, 993
10/7
3441
8/12
2771, 2795
11/23
3970, 3979
2/5
393
1964
638
Pages
Honoraria: (continued)
FRBank officers and employees, policy re: (continued)
2/10
Letter to all FRBank Presidents, approved
Staff of Board of Governors, memorandum from
Division of Personnel Administration, dated September 18,
1964, presenting information
re outside business and teaching activities that had been
reported by Board's staff, recommendation that Board grant
permission to continue or enter into activities reported,
with the understanding that
any individual reporting a
writing activity would be informed of Board's policy re
honoraria and royalties, ap9/30
proved
Swerling, Boris C., Senior Economist, Division
of International Finance,
granted permission to engage
in specified literary activities of a professional or
semi-professional character,
approved with the stipulations
that he would not accept an
honorarium from the University
of Pennsylvania for a paper,
that he would accept a set of
International Encyclopedia of
Social Sciences rather than
honorarium for an article,
and that no office time be
involved in preparation of a
8/5
proposed book
Hospitalization:
FRBank of Boston, program of increased benefits
in Blue Cross coverage at additional cost for active and
retired employees, approved,
along with absorption of twothirds of the premium costs
10/9
in connection therewith
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
427, 450
3331
2720
3472, 3475
1964
639
Pages
Hospitalization: (continued)
FRBanks, letter to Presidents of all FRBanks re
hospitalization, surgical,
and major medical coverage
for active and retired employees, including recent revision
of eligibility requirements
with respect to service retired employees, special service retirees, and disability
retirees, approved
Housing:
Legislation:
Federal National Mortgage Association, draft
bill to invest the association with fiduciary powers to
facilitate the financing of
its own mortgages, provide
sales of and investments in
beneficial interests or participation in such mortgages,
immediate reply requested,
letter to Bureau of Budget
submitting views, approved
Housing and Community Development Act of 1964,
proposed housing bill, request
from Bureau of the Budget for
Board's views re, to be considered at next day's meeting
Board's views on proposed bill transmitted
to Bureau of the Budget
National Housing Act, as amended, draft bill
to amend section 408 of, to
provide for the regulation of
savings and loan association
holding companies, generally
favorable report sent to the
Bureau of the Budget
S. 2468, proposed amendment to housing bill
to create Federal Limited Profit Mortgage Corporation with
authority to make mortgage
loans providing housing for
moderate-income and elderly
people, report to Chairman Robertson of Senate Banking and
Currency Committee, approved
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6/11
2026, 2066
1/21
223, 231
1/21
223
1/22
242, 249
8/17
2857, 2860
4/13
1276, 1288
1964
640
Pages
Housing: (continued)
Legislation: (continued)
S. 2468: (continued)
Letter to Budget Bureau commenting on proposed Federal Home Loan Bank
Board's letter to Senate Banking and Currency Committee re
proposals by United States
Savings and Loan League re,
which, if enacted, would become the Housing and Community
Development Act of 1964, approved, Governor Mills' reservations noted
S. 3049, cited as Housing Act of 1964, letter
to Budget Bureau approved, reexpressing reservations re,
but also indicating that since
bill had been enacted by Congress, Board saw no reason for
President to withhold approval
Housing Act of 1964:
S. 3049, cited as, letter to Budget Bureau reexpressing reservations re,
approved
Housing and Community Development Act of 1964:
Draft bill re, request from Bureau of the Budget
for Board's views re, to be
considered at next day's meeting
Report to Bureau of the Budget, approved
S. 2468, letter to Budget Bureau 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,
which, if enacted, would become the, approved, Governor
Mills' reservations being
noted
Hoyle, Roy C., Surveyor, District of Columbia, approval of letter to, re possible acquisition of property
northeast of Federal Reserve
Building for underground
parking
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7/13
2438, 2459
8/24
2918, 2922
8/24
2918, 2922
1/21
1/22
223
242, 249
7/13
2438, 2459
5/4
1590
@FedFRASER