The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
INDEX TO MINUTES OF BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1965 (PART I) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis INDEX 1965 "A" 1 Pages Abrahams, Paul, graduate history student from the University of Wisconsin, memorandum dated February 2, 1965, from Mr. Sherman recommending that appropriate minutes and other Board records up to 1921 be made available to, for preparation of a doctoral dissertation on "Expansionist Influence on American Banking, 1910-1920" Acceptances: Franklin National Bank, Mineola, New York, request for permission to accept drafts or bills of exchange drawn for purpose of furnishing dollar exchange, possible effect on balance of payments, discussed, understood reply would urge bank to operate within guidelines under voluntary credit restraint program Administrative Procedure Act: Information, reply approved to Chairman Moss of the Foreign Operations and Government Information Subcommittee of the House Government Operations Committee, re series of questions concerning compliance with public information requirements of section 3 of, Mr. O'Connell, Legal Division, designated to act as Board's liaison in event the Subcommittee wished further information http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/3 376,384 11/17 3717 3/15 889,904 1965 2 Pages Administrative Procedure Act: (continued) S-1336, a bill to amend the, with provisions re rate-making actions such as establishment of discount rates, setting of stock margin requirements, and establishment of maximum rates of interest on time and savings deposits, provisions of bill opposed by Board, report transmitted to Senator Eastland, Chairman of Senate Committee on Judiciary, with copies to all FRBanks, and the American Bankers As member banks: to FRBanks Advances by or as collateral for: discount for Eligibility made by banks and guarloans reflecting Notes anteed by Small Business Administration, advice to Small Business Administration indicating that such loans were not eligible under present law, with copies to FRBanks finance company paper for and loan Consumer discount with FRBanks pursuant to section 13 of FRAct and Board's Regulation A, memorandum from Legal Division submitting a proposed interpretation on, with certain changes, approved for publication in Federal Register and FRBulletin Legislation: Revised draft of proposed letters to Chairmen of Banking and Currency Committees of Congress again recommending legislation to permit member banks to borrow from FRBanks on security without paying penalty interest, letters to be revised along line suggested and transmitted to committees of Congress along with other letters previously approved, re other changes in the law http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/12 1526,1555 4/19 1287,1301 9/9 2914,2941 1/19 205 1965 3 Pages Advances by FRBanks to member banks: (continued) Legislation: (continued) Letter to Chairman Robertson of Senate Banking and Currency Committee recommending legislation that would permit member banks to borrow from Federal Reserve Banks on the security of any sound asset without paying a "penalty" rate of interest S. 1559, consideration of draft of testimony to be presented by Chairman Martin before Subcommittee on Financial Institutions of Senate Banking and Currency Committee, on, understood statement would be presented in final form satisfactory to the Chairman Regulation A: Amendments proposed to curtail foreign lending: Consideration of possible further government action to correct U.S. balance of payments deficit, suggested alternate amendments to, either of which would indicate that an increase in a member bank's foreign loans would be taken in consideration in determining the granting of Further discussion, Board to consider problem at another date Memorandum re program of President of United States to help correct U.S. payments deficit, Board to consider at an appropriate time amendment of general principles of Study re discount mechanism: SEE: Discount mechanism: SEE ALSO: Borrowings, member banks: Discount window Advertising: "Investment savings certificates", letter approved to Federal Home Loan Bank Board, with regard to a newspaper advertisement by Texas Bank and Trust Company, Dallas, Texas, purporting to guarantee an average yearly earning of 5.02 per cent on, if such certificates were not paid before five years, question re possible violation of Regulation Q http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/15 898,921 7/20 2383 1/18 180 1/19 205 2/5 412 8/2 2527,2572 1965 4 Pages Advertising: (continued) Misleading: Letter approved to all FRBanks concerning complaints re advertising by member banks which constitute unsafe and unsound banking practices and violate provision of Federal Trade Commission Act, matter is of concern to the Board, and to the FRBanks from a bank supervisory standpoint Substance of the exchange of correspondence re, between the Board and the FRBank of Boston transmitted to the Presidents of all FRBanks for their information Affiliates: CB & T Real Estate Company, Columbus, Georgia, wholly-owned affiliate of Columbus Bank and Trust Company, Columbus, Georgia, indirect investment in bank premises by, approved Agency for International Development: Vietnam, request through, for an economist to go to, understood further thought would be given to possible candidates from within the System or otherwise for this assignment Voluntary credit restraint program, re less-developed countries, including those in Latin America, Governor Robertson reported on a meeting in the office of the Secretary of Treasury, at which representatives of the State Department and, expressed concern about the effect of the voluntary foreign credit restraint effort on lessdeveloped countries, to be watched closely and Governor Robertson to be informed of any complaints received http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/11 3271,3275 12/6 4026,4049 3/12 850,863 11/15 3666 4/9 1136 1965 5 Pages Agency for International Development: (continued) Waage, Thomas W., Vice President, FRBank of New York, letter to FRBank interposing no objection to a leave of absence with pay for, to act as a consultant to the Bank Markazi (central bank of Iran), in accordance with request from Agriculture, Department of: Agricultural Marketing Service: Regulation of, approval given to letter to Department of Agriculture re proposed amendment to, which would authorize market agencies engaged in selling or buying livestock on a commission or agency basis to "convert a reasonable portion" of certain custodial funds, now carried as demand deposits, to certificates of deposit payable to the agency as trustee of custodial funds Commodity Exchange Act, letter to Budget Bureau, approved, reporting on a proposed bill to amend, to provide the Secretary of Agriculture with authority to set margin requirements for trading in commodities Survey of insurance company loans, anticipation that a survey would be conducted by, while the FRSystem conducted a survey re farm loans at commercial banks to provide new information on characteristics of farm borrowers Alcoholism: Involuntary separation from service, letter to Presidents of FRBanks re the handling of cases of, in which alcoholism is a factor Allied Social Science Associations: Four staff members of the Division of International Finance authorized to attend at Board expense the annual meetings of, to be held in New York City, December 28-30, 1965 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/8 84, 93 7/12 2286,2296 1/28 330,340 1/26 268 2/17 583,594 12/7 4070 1965 6 Pages Allied Social Science Associations: (continued) Nineteen specified members of Division of Research and Statistics authorized to attend at Board expense the annual meetings of Allott, Gordon, Senator: Denver Branch building program, understood that a letter would be sent to, if there was a need for information re lots on which the Cochran Building stood, in connection with FRDistricts, creation of new, letter to, approved re past request for information re possible creation of a new Federal Reserve District in the Mountain States' area American Bankers Association: Salaries of officers in charge of bank examinations in FRBanks, including Vice President, Assistant Vice President, and Chief Examiner, requested by, Division of Personnel Administration authorized to furnish American Economic Association, reference made to request by Congressional Joint Economic Committee to members of, for views re System's portfolio of Government securities, recipients of letter included staff members of Board and Federal Reserve Banks, letter to FRBank Presidents advising that the Joint Economic Committee had indicated that those connected with the FRSystem need not comment, but to simply acknowledge the inquiry American Statistical Association: Meeting, memorandum approved from Mr. Holland, Associate Director, Division of Research and Statistics, recommending that five specified members of the staff of that Division be authorized to attend, at Board expense, the annual meeting, to be held in Philadelphia, Pa., September 8-11, 1965 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/23 4384 8/9 2658 8/9 2658,2665 9/29 3182 9/8 2889 8/27 2794 1965 7 Pages American Telephone and Telegraph Company: Leased Wire System: Letter to, authorizing them to proceed with instalation, in Federal Reserve leased wire system, of four new circuits as outlined, coincident with instalation, it is understood that there will be a realignment of existing circuits, General Services Administration authorized to effect a TELPAK application, copies of letter sent to Presidents of all Federal Reserve Banks Telephone lines between Board and FRBanks of New York and Philadelphia, copies of Board vouchers transmitted to General Services Administration in connection with a proceeding against Ando, Albert, Professor, University of Pennsylvania, approval given to proposed contract with Social Science Research Council for a research project on the linkages between monetary policy and aggregate demand, project to be undertaken by research team headed by Professor Franco Modigliana of M.I.T. and, understanding that this action also authorized a resulting overexpenditure in the 1966 budget of the Division of Research and Statistics Annual reports: Board of Governors, 1964: Bank Holding Company Act, legislation re, agreement that changes recommended in 1959 be included in bill to be submitted to Senate and House Banking and Currency Committees, understood that several draft bills constituting Boardls"legislative package" would not be transmitted to Committee until revised draft bill on bank holding company legislation had been prepared, also understood material re, to be placed in Annual Report for 1964 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/9 2265,2271 9/27 3174 12/27 4421 2/8 431 1965 8 Pages Annual reports: (continued) Board of Governors, 1964: (continued) Capital notes and debentures, consensus that subject should be developed more fully so that the Board would be in a better position to reach a mature judgment, would not be dealt with in the Annual Report Foreign banks, investments by member banks in, discussed in connection with legislative proposals to be submitted by Board, decision not to submit proposal re, and consensus that reference would not be made to the subject in Foreign currency operations, draft review of open market operations in foreign currencies prepared by Special Manager of System Open Market Account and proposed for inclusion in, agreement that Board's staff would work with Mr. Coombs to effect changes suggested in the review and that the revised draft would then be submitted for further consideration draft of a section on, for proposals, Legislative inclusion in, approved, subject to possible further editorial changes not affecting substance Margin requirements for over-the-counter securities, memorandum recommending that Board include in, a proposal for an amendment to sec. 7 of the Securities Exchange Act of 1934 that would authorize the Board to extend, agreement with recommendation, understood that a bill would be drafted Policy actions of FOMC covering five meetings held from Oct. 20 through Dec. 15, 1964, draft approved along with proposed prefatory statement and certain recommended editorial changes of proposed entries for inclusion in, with change in one portion of prefatory statement agreed upon, additional minor editorial changes to be directed to Mr. Broida http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/9 449 1/14 139 2/10 463 2/9 449 1/13 119 2/4 391 1965 9 Pages Annual reports: (continued) Board of Governors, 1964: (continued) Policy record: Draft entries submitted by Mr. Sherman, certain changes suggested re entry for November 23, 1964, re discount rates and maximum rates of interest under Regulation Q, additional time needed for study, action deferred, Governor Mills wished to express his general approval of entries in view of his retirement Entries approved for inclusion in Annual Report for 1964 requirements: Reserve Discussion for purpose of providing guidance to staff on material that might be included in, re, understood that a draft would be distributed to Board members prior to further discussion at tomorrow's meeting re Revised draft to be distributed for Board's consideration approved for inclusion in draft Revised to amend section 5136 proposal bonds, Revenue of the Revised Statutes, to clarify authority and avoid conflicting interpretations between the Comptroller of the Currency and the Board, agreed no proposal would be submitted at this time but a statement of the existing situation would be included in Securities, operations in domestic, a review prepared by the Manager of the System Open Market Account, approved for inclusion in, after agreement reached on certain language changes http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/25 701 3/1 729 1/26 263 1/27 1/28 315 330 1/14 139 2/9 452 1965 10 Pages Annual reports: (continued) Board of Governors, 1964: (continued) Text for sections that would precede policy records of the Board and the Federal Open Market Committee, draft approved for inclusion in, subject to changes not affecting substance of report which would be submitted directly to Mr. Molony Transmitted to Speaker of House of Representatives and copy sent to President of the Senate Antitrust laws: Balance of payments: Draft bill to facilitate a program of voluntary cooperation by financial institutions to assist in improving the, not to be construed to be within prohibition of the antitrust laws or Federal Trade Commission Act, staff authorized to advise Bureau of the Budget that Board would favor enactment of H.R. 5280, a bill to provide for an exemption from, for certain actions taken by bankers and financial institutions in pursuance of the President's program re, draft of statement to be presented by Chairman Martin before the Antitrust Subcommittee of the House Committee on the Judiciary, understood draft to be revised and distributed to Board members for review Draft of statement to be made by Chairman Martin in testifying before the Antitrust Subcommittee of the Senate Committee on the Judiciary on July 15, 1965, re, to be revised in light of views expressed and presented in a form satisfactory to Chairman Martin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/4 391 3/22 942 2/17 579 3/1 729 7/12 2290 1965 11 Pages Antitrust laws: (continued) BancOhio Corporation, Columbus, Ohio: Advice from Justice Department re investigation of possible violation of Sherman and Clayton antitrust laws by, Attorney General advised re application to acquire an additional bank, Board considering in light of section 7 of the Clayton Act, agreed that Justice would have to make own decision re investigation Application to acquire shares of The First National Bank of Jackson, Ohio, approved, discussed in light of pending investigation re violation of Bank mergers: H.R. 11489, a bank merger bill involving suits under the, request by Congressman Ashley for a report re, Ottinger amendment included in the bill, decision to await Treasury report re Reply to Chairman Fascell of the Legal and Monetary Affairs Subcommittee, re problem of bank merger cases which have been approved and dissolved by the Antitrust Division of the Department of Justice, approved Request of Chairman Patman for names of banks involved in merger since 1950, exempted by terms of pending legislative proposals from antitrust proceedings by Department of Justice, also figures showing assets of participant banks before and after each merger, Mr. Shay to inform House Banking and Currency Committee that requested information might take some time to complete http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/4 1872 10/11 3265 10/20 3338 5/12 1538,1592 10/4 3223 1965 12 Pages Antitrust laws: (continued) Bank mergers: (continued) S. 1698, a bill to amend the Bank Merger Act, exempting bank mergers from: Understood a revised draft of letter to Senator Robertson along lines suggested by Chairman Martin would be prepared for the Board's consideration Letter to Chairman Robertson of Senate Banking and Currency Committee, approved Chairman Martin to testify before House Banking and Currency Committee re, amendment added to bill requiring the Justice Department to institute action within 30 days following announcement of decision by bank regulatory agency, Governors Robertson and Mitchell asked that their action re retroactive feature of bill be checked, Governor Maisel stated he would be in opposition to retroactive feature Letter approved to Senator Proxmire re possible amendment to Report that the Treasury Department had been trying to develop an amendment to, that could be presented to Chairman of House Banking and Currency Committee as an Administration proposal, Board's views requested, particularly whether the filing of an antitrust suit should serve as an "automatic injunction" to stay consummation of an approved merger, decided to proceed on basis of recommendations contained in Cardon-Shay memorandum, Governor Mitchell dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/22 1338 4/27 1391,1410 8/9 2659 8/23 2753,2757 12/1 3885 1965 13 Pages Argentina: Roberts S.A. de Finanzas, Buenos Aires, Argentina, letter to Morgan Guaranty International Finance Corporation, granting permission to purchase additional shares of, investment not to exceed guidelines established under voluntary foreign credit restraint program Ashley, Thomas L., Congressman: Bank merger legislation, request by, for a report by the Board on H.R. 11489, with amendment by Congressman Ottinger included in the bill, decided to await developments and nature of Treasury report Assessments: FRBanks: For expenses of Board for first half of 1965, approved For expenses of Board for second half of 1965, approved Associated University Bureaus of Business and Economic Research and representatives of the FRSystem to attend a breakfast in New York City, a deduction of $1.30 to be made from the per diem paid to Board employees in attendance Auditing procedures: State member banks: Direct Verification Program: Letter to FRBanks requesting examiners to ascertain at next examination of each State member bank, whether the bank had a program of, if not, to seek views of senior management toward adopting such programs Reply to President Irons of FRBank of Dallas stating that the Board is agreeable to having direct verification inaugurated on a test basis at the Dallas Bank, if successful, the Division of Examinations probably would recommend to the Board that a similar program be placed in effect at all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/10 1507,1517 10/20 3338 1/7 65, 76 7/9 2265 11/17 3737 6/11 1963,1988 8/25 2762,2779 1965 14 Pages Auditors, FRBanks: Conference of General Auditors of FRBanks: To be held on April 21-23, 1965, with dinner for 49 persons to be given at the Shoreham Hotel on April 21, 1965, payment authorized Title of Vice President and General Auditor: Agreement with the suggestion that a paragraph be included in letter to FRBank to make it clear that designation of Mr. Metz, as Vice President and General Auditor, did not place him in line of command from the President, and that he would continue to be responsible to the Reserve Bank's Board of Directors Audits: Board of Governors: 1964, by Haskins and Sells, accepted by Board, copies transmitted to Chairman of Senate and House Banking and Currency Committees 1965, recommendation by Governor Shepardson that Haskins and Sells be given the assignment of auditing the Board's accounts for, compensation to be on basis of fee customarily charged, approved Federal Open Market Committee: Chairman Patman of House Banking and Currency Committee asked Comptroller General of the U.S. to conduct a complete physical inventory of the investment portfolio of, understood reply would be drafted to Mr. Patman Review of draft reply to Chairman Patman, revised draft to be prepared Letter to Chairman Patman approved, indicating Board's disapproval http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/12 857 12/6 4029 2/23 624,637 6/4 1875,1903 3/15 896 3/24 965 3/30 1010,1033 1965 15 Pages Audits: (continued) FRBanks: Procedures re, proposal that Haskins & Sells assist Division of Examinations in refining the revised audit programs and procedures, specifically in the development and application of statistical sampling to the examination procedures Insured banks, outside audits for all: H.R. 40 and H.R. 123, bills which would require: Comments by FRBanks re, understood that a revised draft reflecting tenor of views would be prepared for House Banking and Currency Committee Letter to Chairman Patman of House Banking and Currency Committee reporting on, approved State member banks: Report by Mr. Solomon that data were being prepared for FDIC,listing State member banks on "problem" list having audit programs, internal or external, information to be combined with similar information on national and nonmember banks in reply to House Banking and Currency Committee by FDIC Australia: International Factors (Australia) Proprietary Ltd., Melbourne, Australia, permission granted for Boston Overseas Financial Corporation, Boston, Massachusetts, to purchase additional shares of, understanding that guidelines under voluntary foreign credit restraint effort will be adhered to Automation: Borrowings by member banks from FRBanks, letter approved to the Presidents of all FRBanks re plans for automating the L.5.3 and L.5.4 reports, relating to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/4 1876 7/21 2400 7/21 2420,2429 8/12 2674 10/18 3326,3329 12/10 4151,4155 1965 16 Pages Babcock, Frederick M., of Washington, D. C., real estate appraiser and consultant, report entitled "Quality Rating of Mortgage Portfolios" submitted to Board by, understood that the kind of work on the Babcock report contemplated by Governor Robertson and Mr. Broida would be done before any decision was made re use of the report Bahamas: RoyWest Banking Corporation Limited, Nassau, Bahamas, permission granted for Morgan Guaranty International Banking Corporation, New York, New York, to acquire shares of, in exchange for shares of Trust Corporation of Bahamas Limited, Nassau, Bahamas, currently held by Morgan Guaranty International Banking Corporation, not to exceed the guidelines established under voluntary credit restraint program Letter to Morgan Guaranty International Banking Corporation, New York, New York, granting permission to purchase additional shares of, notation re not exceeding guidelines established under the voluntary foreign credit restraint effort Bailey, Bryan A., Ph. D. candidate at Brown University, request for access to condition and earnings data reported by individual banks for use in doctoral dissertation discussion re expenses involved and general policy re such requests, compliance with request approved with Governor Mitchell dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/3 378 8/3 2574,2583 12/16 4227,4239 8/12 2670 1965 17 Pages Baird Foundations: "Confidential Report of Securities Credit Extended by Lender Other Than a Bank or Banker" filed with Board through the FRBank of New York, furnished to Securities and Exchange Commission as requested in connection with Baker, Robert G (Bobby): Request from Mr. Bittman, Department of Justice, Criminal Division, for information re Redwood National Bank, District of Columbia National Bank, and, Board's search of files revealed only one letter in response to request from, for information on Edge Act corporations, Mr. O'Connell authorized to meet with Mr. Bittman Report of meeting at April 14, 1965 Board meeting indicating Board's files contained no information with reference to First National Bank of Mann, National Bank of Mann, or Mann National Bank, suggested names for Redwood National Bank Balance of Payments: Antitrust laws: Draft bill to facilitate a program of voluntary cooperation by financial institutions to assist in improving the U.S. balance of payments, staff authorized to advise Bureau of the Budget that Board would favor enactment of, Bureau of Budget informed by telephone H.R. 5280, a bill to provide exemption from, and formulation of voluntary agreements by financial institutions, revision to be distributed to Board for review prior to Chairman's appearance before Antitrust Subcommittee of the House Committee on the Judiciary http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/24 957,979 4/12 1151 4/12 1155 2/17 579-81 3/1 729 1965 18 Pages Balance of Payments: (continued) Antitrust laws: (continued) H.R. 5280: (continued) Draft of statement to be made by Chairman Martin in testifying before the Antitrust Subcommittee of the Senate Committee on the Judiciary, re, to be revised in light of views expressed and presented in form satisfactory to Chairman Martin Euro-dollar market with particular reference to President's program to improve the U.S. position, suggestion made that paper on Euro-dollar market be up-dated Federal Reserve Program: Memorandum re program of President of the United States to help correct U.S. payments deficit, discussed, Federal Reserve System to have direct influence on program to curtail foreign lending by U.S. banks Circular that might be sent by Presidents of FRBanks to member and nonmember banks re, considered, possibility of advisory committees being formed, discussion re 5 per cent limit on foreign credits of banks, circular to make reference to lending of nonbank financial institutions, understood that a revised draft would be prepared by staff on the basis of views that had been expressed at this meeting Governor Robertson to head, issuance of press statement based mainly on circular to FRBanks, authorized, telephone conference with Presidents of FRBanks, telegram to FRBanks to be mailed by FRBanks to banks and financial institutions http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/12 2290 2/19 608 2/5 409 2/9 453 2/10 466,479 1965 19 Pages Balance of Payments: (continued) Federal Reserve Program: (continued) Discussed in joint meeting of Board with Presidents' Conference Foreign banking corporations: Decided to defer action on investment requests by, until after release of the President's balance of payments message Foreign lending by U. S. banks: Consideration of possible further government action to correct U.S. balance of payments deficit, proposal by President Hayes of Federal Reserve Bank of New York that System launch a program of moral suasion, memorandum to be prepared Further discussion re approaches including suggestions re amendment to Regulation A, use of moral suasion, use of discount window, possible legislation involving extension of interest equalization tax, slowing down of expansion rate of bank credit, consideration of purposes of foreign loans, Board to continue study of problem Memorandum re program of President of the United States to help correct U.S. payments deficit directed especially to curtailment of U.S. capital outflow, Federal Reserve System to have direct influence on program to curtail foreign lending by U.S. banks Possibility of advisory committees being formed, discussion re 5 per cent limit on foreign credits of banks, circular to Presidents of Federal Reserve Banks to refer to lending of nonbank financial institutions, understood that a revised draft of the circular would be prepared http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/18 598 2/9 447 1/18 180 1/19 205 2/5 409 2/9 453 1965 20 Pages Balance of Payments: (continued) Foreign lending by U. S. banks: (continued) Governor Robertson to head System program, issuance of press statement based mainly on circular to FRBanks authorized, question re establishment of technical advisory committee to be resolved, question of provision for antitrust immunity viewed Telephone conference with Presidents of FRBanks, telegram to FRBanks to be mailed to banks and financial institutions from the FRBanks Discussion at joint meeting of Board and Presidents' Conference re guidelines for carrying out the responsibilities for the voluntary credit restraint effort intended to improve the balance of payments, particularly to attempt to keep from expanding loans more than 5 per cent beyond credits outstanding at the end of 1964 [Foreign lending by U. S. banks continued under title of: Voluntary credit restraint program: Foreign lending by U.S. banks] United States: Direct investments by American corporations abroad accounted for an outflow of funds contributing to the deficit in, mentioned as possible reason for not submitting legislative proposal to authorize direct investments by State member banks in foreign banks Question re business and financial community's reaction to recent developments re, topic for discussion with FAC Council believes that a comprehensive program of action is imperative for the continuing welfare of the economy and nation's leadership in the world with specific suggestions of factors having bearing on the program http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/10 465,483 2/10 466,479 2/18 598 1/14 138 1/27 315,327 2/16 560 1965 21 Pages Balance of Payments: (continued) United States: (continued) How does Council appraise results of voluntary foreign credit restraint effort re, topic for discussion with FAC General hope that direct capital controls would not have to be imposed, but the seriousness of problem and its implications must be emphasized, problem far from being solved, view expressed at joint meeting with FAC Question re best course of Government action in 1966, re topic for discussion with FAC Indicated need for a comprehensive plan including such factors as further reduction in U.S. economic and military aid, curtailment of defense spending in Europe, and continuation of efforts to keep wages and other costs within productivity gains, views expressed at joint meeting with FAC Question re strength of foreign demand for U.S. bank funds, topic for discussion with FAC Foreign demand is strong and exceeds the available supply, as the voluntary restraint program continues, the demand will probably increase, views expressed at joint meeting with FAC United States and Canada: Meeting in Ottawa, Canada, on November 19, 1965, of a joint committee established by agreement between, to consider problems arising in the balance of payments field, Messrs. Robert L. Sammons and Ralph A. Young, authorized to attend http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/3 1463,1474 5/18 1645 8/27 2789,2809 9/21 3112 10/29 3426,3441 11/16 3700 11/9 3614 1965 22 Pages Balance of Payments: (continued) Voluntary credit restraint program, Samuel I. Katz, Adviser, Division of International Finance, who had recently returned from a technical meeting at the Bank for International Settlements and a subsequent visit to Bank of England, reported on his observations re repercussions with respect to Bank financing: Business needs: Question re trends in demands for loans, do demands represent temporary rather than long-range plant expenses, topic for discussion with FAC Views that business activity will continue to rise, though less rapidly, Council beleives that the peak in business loans for the year has not been reached, with most members believing that recent demands have been broadly based, views expressed at joint meeting with FAC Bank holding companies: Associated Bancorporation, Milwaukee, Wisconsin: Application to become a bank holding company through acquisition of shares of Milwaukee Western Bank, Milwaukee, Wisconsin, and Menomonee Falls Bank, Menomonee Falls, Wisconsin, agreed to order a hearing re Issuance of order authorized Atlantic National Bank of Jacksonville, Florida, letter to FRBank of Atlanta, approved, re question under Bank Holding Company Act with respect to proposed transaction between Atlantic Trust Company, Jacksonville, Florida, and http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/20 1315 5/3 1463,1473 5/18 1629 9/3 9/17 2840 3056,3061 4/14 1193,1217 1965 23 Pages Bank holding companies: (continued) BancOhio Corporation, Columbus, Ohio: Telephone call from Justice Department re investigation of, indicating that the operations of, were in violation of the Sherman and Clayton antitrust laws, agreed to advise the Attorney General that an application to acquire an additional bank would be before the Board for consideration, which would be considered in light of section 7 of the Clayton Act, but that the Justice Department would have to make its own decision re the investigation Application to acquire shares of First National Bank of Jackson, Ohio, approved, after discussion re the investigation of the Justice Department Request from Congressman Paul H. Todd, Jr., for access to, agreed that upon issuance of the Board's order and statement, the application would be made available Issuance of order and statement approving, authorized, reference to investigation being conducted by Justice Department Bancorporation of Minnesota, Inc., Rochester, Minnesota: Application to become a bank holding company through acquisition of shares of Olmstead County Bank & Trust Company, Rochester, Lake City State Bank, Lake City, and Bank of Minneapolis and Trust Company, Minneapolis, denied, Governor Mitchell dissenting Issuance of order and statement authorized, with dissenting statement by Governor Mitchell http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/4 1872 10/11 3265 11/24 3812 12/1 3880,3906-17 4/22 1353 8/2 2526,2547-71 1965 24 Pages Bank holding companies: (continued) Barnett National Securities Corporation, Jacksonville, Florida: Application to acquire voting shares of Barnett First National Bank of Jacksonville, Florida, approved Issuance of order and statement authorized, with certain understanding re delay in issuance Application to acquire First National Beach Bank, Jacksonville, Fla., denied Brazos-Tenth Street Company, Austin, Texas, letter of FRBank of Dallas, approved, re violations of sections 3(a), 3(a)(1) and 5(a) of Bank Holding Company Act Bremer, Otto, Company, St. Paul, Minn., request for a determination that the activities of certain proposed nonbanking subsidiaries were of a kind described in sec. 4(c)(6) of the Bank Holding Company Act in order to make inapplicable the prohibitions of sec. 4 of the Act re acquisition of shares of nonbanking companies, arrangements for hearing approved, issuance of notice and order authorized Brenton Companies, Inc., Des Moines, Iowa: Application of, to acquire voting shares of Dallas County State Bank, Adel, Ia., and Palo Alto County State Bank, Emmetsburg, Iowa, approved Issuance of orders and statement authorized Brisco Ranch, Inc., Uvalde, Texas, letter to Federal Reserve Bank of Dallas approved, re an apparent violation of sec. 3(a) of the Bank Holding Company Act by Central Wisconsin Bankshares, Inc., Wausau, Wisc., application to acquire voting shares of Central National Bank of Stettin, Wisc., a proposed new bank, denied, Governor Mitchell dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/3 3507 12/23 4374,4397-02 12/27 4420,4425-37 3/30 994,1024 12/22 4333 11/3 11/26 3512 3836,3852-58 8/19 2738,2742 10/13 3283 1965 25 Pages Bank holding companies: (continued) Chase Manhattan Bank, New York, New York, proposal to establish a bank holding company system consisting of, and banks in Syracuse, Rochester, and Buffalo, New York, request for ruling as to whether such a proposal would violate prohibition against purchases of corporate stock by member banks in section 9 of the FRAct and section 5136 of the Revised Statutes, letter approved, stating that there was little likelihood that an oral presentation would be profitable, but if Chase wished to make such a presentation, an opportunity would be afforded Citizens & Southern Holding Company, Savannah, Georgia: Letter to FRBank of Atlanta approved re question under Bank Holding Company Act with respect to proposed transaction between, and Citizens & Southern National Bank, Savannah, Georgia Request by an officer of Bank of Indiana, National Association, Gary, Indiana, for a copy of a letter re reorganization proposal involving Citizens & Southern National Bank, Savannah, Georgia, and, both registered bank holding companies, request granted Citizens & Southern National Bank, Savannah, Georgia: SEE: Bank holding companies: Citizens & Southern Holding Company, Savannah, Georgia: Commercial Bancorp, Inc., Miami, Florida, granted an extension of time within which to become a bank holding company through the acquisition of voting shares of Commercial Bank of Miami, Merchants Bank of Miami, (West Miami) and Bank of Kendall, all in Florida http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/24 644,681 4/14 1193,1215 10/29 3431,3455 1/18 155,188 1965 26 Pages Bank holding companies: (continued) Denver U.S. Bancorporation, Inc., Denver, Colo.: Application for permission to acquire shares of Weld County Bank, Greeley, Colorado, approved, Governor Robertson noted that if Board did not call a halt, Denver U.S. Bancorporation, Inc., would eventually grow into an organization that would effectively circumvent Colorado's law prohibiting branch banking Issuance of order and statement authorized, with Governor Robertson's concurring statement Application to acquire shares of Mercantile Bank and Trust Company, Boulder, Colorado, hearing ordered re Order for hearing issued Application to acquire 17th Street National Bank of Denver, Colorado, Board prepared to act re application if the bank continued business in its present location in downtown Denver, situation complicated by fact that the national bank may seek to relocate in a new shopping center where the Colorado State banking authorities have a petition pending to relocate a State bank, in this case the application would take on a different light Equity Corporation, New York, New York, and Financial General Corporation, Washington, D. C.: Inquiry from Chairman Patman of House Banking and Currency Committee re exemption from Bank Holding Company Act of companies registered under Investment Company Act of 1940 and particularly the status of, understood revised draft would be prepared for Board's consideration Proposed letter now submitted, approved, and sent to Congressman Patman http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/27 1394 5/26 1722,1751-61 9/3 9/9 2840 2925,2943 12/30 4443 4/21 1331 4/22 1359,1377 1965 27 Pages Bank holding companies: (continued) Financial General Corporation, Washington, D.C.: SEE: Bank holding companies: Equity Corporation, New York, New York and Financial General Corporation, Washington, D.C. First National Bank of Tampa, Florida, request from Mr. James B. McDonough, Jr., an Attorney, for access to copies of applications of Union Security and Investment Company, Tampa, and, re acquisition of voting stock to be issued by Second National Bank of Tampa, Florida, a then proposed new bank, approved First National Corporation, Appleton, Wisconsin: Application to become a bank holding company through acquisition of shares of First National Bank of Appleton, Wisconsin, and Valley National Bank, Appleton, Wisconsin, a proposed new bank, approved, Governors Robertson, Shepardson, and Daane dissenting Issuance of order and statement authorized with dissenting statements of Governors Robertson and Daane, Valley National Bank to be opened for business in six months as required in, approved Order approved extending time for acquisition, and for Valley National Bank to be opened for business Issuance or order approved granting a further extension of time, letter to First National Corporation stating that the Board would not look favorably upon another extension First Oklahoma Bancorporation, Inc., Oklahoma City, Oklahoma, application for determination under section 4(c)(6) of the Bank Holding Company Act, concerning activities of proposed subsidiary, First Oklahoma Baninsurance, Inc., in view of Hearing Examiner's report, issuance of order authorized, granting determination as requested http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/25 3368,3378 2/8 421 2/24 641,661-77 6/10 1937,1944 10/8 3245,3254-56 4/15 1230,1244 1965 28 Pages Bank holding companies: (continued) First Security Corporation, Salt Lake City, Utah, reply to FRBank of San Francisco, re question whether the activities of Utah Mortgage Loan Corp. proposed to be acquired by, to qualify for exemp tion under section 4(c)(1) of the Bank Holding Company Act First Virginia Corporation, Arlington, Virginia: Issuance of order and statement authorized denying application of, to acquire shares of Loudoun National Bank of Leesburg, Virginia Application to acquire voting shares of Bank of Chesapeake, Virginia, and of Peoples Bank of Radford, Virginia, approved Issuance of orders and statement, authorized Granted an extension of time in which to acquire voting shares of Bank of Chesapeake, Virginia Request for reports of examination of Bank of Dublin, Inc., Dublin, Virginia, approved, with note of caution re disclosure of information Request for access to confidential sections of reports of examination of Bank of Dublin, and any other materials or documents that might support its fidelity bond claim for recovery of losses, indication that documents by FDIC and FBI would be helpful, letter to FBI and, approved Granting of access to FBI report was subsequently refused by Bureau Request to quote in its proof of loss, to be filed with the bonding company, a question from the officers' questionnaire concerning Bank of Dublin, granted First Wisconsin Bankshares Corporation, Milwaukee, Wisconsin, application for determination under section 4(c)(6) of the Bank Holding Company Act concerning activities of First Wisconsin Company, a nonbanking subsidiary of, issuance of order granting the determination, authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/26 3835,3850 1/26 263,289,291 3/15 4/12 896 1144,1158-62 7/6 2250,2255 8/12 2669,2676 10/4 3221,3229-32 10/4 3223 10/25 3366 4/15 1229,1242 1965 29 Pages Bank holding companies: (continued) Grace, W.R., and Company, New York, New York, a one-bank holding company, application of Marine Midland Trust Company of New York, New York, to acquire assets and assume liabilities of Grace National Bank, New York, New York, owned by, application approved with Governor Robertson dissenting Marine Corporation, Milwaukee, Wisconsin, request for copies of examination reports on a continuing basis for two subsidiary State member banks, Cudahy Marine Bank, Cudahy, and Wisconsin Marine Bank, Milwaukee, approved Corporation, Buffalo, New York, Midland Marine letter to FRBank of New York granting request of, for an extension of time to file its 1964 annual report as required by the Board's Regulation Y Mid-Continent Bancorporation, Leadville, Colorado: Question of a public hearing on application of, (a proposed Colorado Corporation) to become a bank holding company through acquisition of shares of two banks, agreed that no public hearing should be ordered at this time Application to become a bank holding company through merger with Mid-Continent Financial Corporation, which owns shares of Commercial Bank of Leadville, Colorado, and Plains States Financial Corporation, which owns shares of First National Bank of Walsenberg, Colorado, understood that the staff would assemble for Board's consideration figures comparing the debt-equity structure of, with other holding company situations Mid-Continent Financial Corporation, Leadville, Colorado: SEE: Bank holding companies: Mid -Continent Bancorporation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/14 2309 8/6 2642,2646 4/27 1389,1406 7/23 2432 11/1 3465 1965 30 Pages Bank holding companies: (continued) Navajo Bancorporation, Inc., Phoenix, Arizona: Violation of Bank Holding Company Act: Through control of First Navajo National Bank, Holbrook, Arizona, acquired by foreclosure shares of Valley State Bank, Lamar, Colorado, and acquisition of shares of Bank of Tucson, Arizona, meeting between staff and representatives of, with memorandum placed in Board's files, meeting with Board member not requested Approval given to letters to counsel for, and Justice Department, with copies to FRBanks of Kansas City and San Francisco, recommended that Board's staff apprise Bureau of Indian Affairs of Board's action Northwest Bancorporation, Minneapolis, Minnesota, letter interposing no objection to the proposed acquisition of shares of an agricultural credit corporation under Section 4(c)(4) of the Bank Holding Company Act, approved St. Joseph Agency, Inc., South Bend, Indiana, question re violation of section 3(a) (2) of the Bank Holding Company Act and section 222.4(a) of Regulation Y, re transactions with St. Joseph Bank and Trust Company, South Bend, Ind., also a bank holding company, to obtain control of American Bank and Trust Company, South Bend, Indiana, letter to FRBank of Chicago, approved St. Joseph Bank and Trust Company, South Bend, Ind.: SEE: Bank holding companies: St. Joseph Agency, Inc. Shawmut Association, Inc., Boston, Massachusetts, applications to acquire shares of twelve existing banking institutions and shares of Congress National Bank of Boston, Massachusetts, a proposed new bank, approved Issuance of order and statement authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/11 1962 9/9 2911,2933-40 2/8 419,445 4/16 1265,1282 3/30 4/16 1005 1256,1274 1965 31 Pages Bank holding companies: (continued) Society Corporation, Cleveland, Ohio, application to acquire shares of North Madison Banking Company, North Madison, Ohio, approved Union Bond & Mortgage Company, Port Angeles, Wash., approval given to letter to FRBank of San Francisco declining the request of, for Board's assistance in obtaining an amendment to the provisions of the Internal Revenue Code that impose a penalty tax on personal holding companies Union Security and Investment Company, Tampa, Florida, request from Mr. James B. McDonough, Jr., Attorney, for access to copies of applications of First National Bank of Tampa and, re acquisition of voting stock to be issued by Second National Bank of Tampa, Florida, a then proposed new bank, approved United Virginia Bankshares, Incorporated, Richmond, Virginia: Application of State-Planters Bank of Commerce and Trusts, Richmond, Virginia, an affiliate of, to merge with Tr County Bank, Mechanicsville, Virginia, approved, Governors Robertson, Mitchell, and Maisel dissenting Issuance of order and statement authorized, with dissenting statements by Governors Robertson, Mitchell and Maisel Application to acquire shares of Williamsburg State Bank, Williamsburg, Virginia, approved, Governor Robertson dissenting and Governor Maisel abstaining Issuance of order and statement authorized with Governor Robertson's dissenting statement Virginia Commonwealth Corporation, Richmond, Va.: Application to acquire shares of First National Bank of Vienna, Virginia, approved Issuance of order and statement authorized Order granting an extension of time for Virginia Commonwealth to acquire shares of First National Bank of Vienna, Virginia, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/11 3262 7/22 2413,2422 10/25 3368,3378 7/12 2276 7/27 2466,2473-84 10/13 3277 12/15 4166,4196, 4200-15 7/12 8/27 2286 2788,2796-06 10/13 3277,3296 1965 32 Pages Bank holding companies: (continued) Virginia Commonwealth Corporation, Richmond, Va.: (continued) Application to acquire shares of Peoples Bank of Stafford, Falmouth, Virginia, 10/11 3264 approved authorized 12/22 order 4334,4349-59 and statement, Issuance of Western Bancorporation, Los Angeles, California, question whether a proposed investment in Deltec Panamerica, S.A., may be made either by Western Bancorporation International Bank, an Edge corporation, or, alternatively, by Western Bancorporation, a registered bank holding company, not permissible for the Edge corporation, no objec1/21 232,244 tion for, letter approved Whitney Holding Corporation, New Orleans, Louisiana: Appeal re Board's order approving the formation of, to request the Circuit Court to remand the case to the Board for further administrative consideration, to deal with the effect and applicability of a Louisiana statute enacted after the Board's approval providing that "it shall be unlawful for any holding company to open for business any bank not now opened for business," Board concurred in the approach recommended by 357 2/1 Mr. O'Connell Issuance of order affording the applicant, the opposing banks (Bank of New Orleans & Trust Company, New Orleans, Louisiana, and Guaranty Bank & Trust Company, Lafayette, Louisiana), the opportunity to submit briefs re questions enumerated in the order, within time limits specified, Governor 2435,2447 7/23 Mitchell's reservations noted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1965 33 Pages Bank holding companies: (continued) Whitney Holding Corporation, New Orleans, La.: (continued) Order extending time for submission of brief in connection with Board's reconsideration of application to become a bank holding company by acquiring stock of Crescent City National Bank, New Orleans, and Whitney National Bank in Jeffer7/30 son Parish, Louisiana,approved view in Further extension of time approved, of disruption of facilities in New Orleans area resulting from a recent hurricane, issuance of 9/20 an order, authorized Utah, City, Zions Utah Bancorporation, Salt Lake request for determination by Board as to status of, under section 2(c) of the Bank Holding Company Act in regard to proposed acquisition of assets of Lockhart Corporation, which controls four industrial banks, interpretation and letters to counsel for, and FRBanks, approved, approval given to letters to certain corporations owning industrial banks, interpretation to be published in 10/27 Federal Register and FRBulletin 1956: of Act Bank Holding Company Amendments re, proposed for enactment by Congress: Question re exemption of family-owned bank holding companies, drafts to Chairmen of Banking and Currency Committees, Sullivan & Cromwell, Hershey Trust Co., and Congressman St Germain, staff to study further, suggestion re remedial provision covering receipt of deposits from banks controlled by same holding com1/18 pany http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2494,2504 3074,3084 3392,3411-17 174 1965 34 Pages Bank Holding Company Act of 1956: (continued) ued) Amendments re, proposed for enactment by Congress: (contin proMemorandum from Legal Division relating to visions of a bill amending, agree ment that changes recommended in 1958 be included in the bill to be submitted to Senate and House Banking and Currency Committees, understood that several draft bills constituting Board's "legislative package" would not be transmitted to Committee until revised draft bill on bank holding company legislation had been 431 2/8 prepared 1958 Draft bill along lines suggested in Board's Special Report to Congress with certain additions approved for transmission to Congress along with explanatory memorandum and letter, when other parts of Board's legislative program are 700 2/25 transmitted Letter to Chairman Robertson of Senate Banking and Currency Committee reiterating recommendations substantially along the lines recommended in 1958, with exception of Item 15 in Report, that became unnecessary upon enactment of Bank Merger Act 898,925 3/15 of 1960 the ng repeali by H.R. 7372, a bill to amend, exemption from, companies registered prior to May 15, 1955, under the Investment Company Act of 1940, approval given to letter to Chairman Patman of the House Banking and Currency Com1345,1368 4/22 mittee reporting favorably on Applications under: Access to: Request from Chm. Celler of House Judiciary Committee for a copy of application by Marine Midland Trust Co., to acquire Grace National Bank, both of N.Y. City, letter to Cong. Celler making application available, approved, language amending Board's Rules of Procedure to be 1347,1369-71 4/22 published in Federal Register http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1965 35 Pages Bank Holding Company Act of 1956: (continued) Applications under: (continued) Access to: (continued) Amendment to the Board's published Rules of Procedure (with a supporting change in the Rules Regarding Information, Submittals, and Requests) under which copies of bank merger and bank holding company applications would be made available for inspection by the public except portions determined that disclosure would not be in the public interest, approved, letter to Justice Department with similar letters to Comptroller of the Currency and FDIC Request from Mr. James McDonough, Jr., Attorney, for copies of applications filed by First National Bank of Tampa, Florida, and Union Security and Investment Company, Tampa, Florida, with respect to acquisition of voting stock to be issued by Second National Bank of Tampa, Florida, a proposed new bank in 1964, this request was subject to time prior to change in Board's Rules of Procedure re public inspection of bank holding company and merger applications, request approved Procedures in handling: Situation of a tie vote questioned, understanding that Mr. Hackley would review internal rules of procedure in light of points raised at this meeting and submit an amendment for Board's consideration that would specify that cases involving tie votes would be deferred for consideration by a full Board Agreement with Chairman Martin's suggestion that matter be held over for meeting when all members of Board were present http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/15 3019,3035-37 10/25 3368,3378 6/17 2056 7/16 2355 1965 36 Pages Bank Holding Company Act of 1956: (continued) Applications under: (continued) Procedures in handling: (continued) Length of time involved in processing and acting on bank holding and merger applicationsduring period January 1, 1964, to July 20, 1965, Governor Daane expressed some concern over time lag between receipt of applications issued, understood that staff would bear in mind Board's desire that applications be handled expeditiously Question whether hearings should be held in situations where a State Bank Commissioner recommended denial and then after consultation with representatives of the applicant, reversed his recommendation, and whether the holding of a hearing in this instance would create a precedent, Mr. O'Connell indicated that a number of hearings have been ordered on applications in situations where they were not mandatory Issuance of order authorized Memorandum from Governor Shepardson re analysis of economic factors involved in bank merger and holding company cases, discussion re work done in Banking Markets Unit, Division of Research and Statistics and implementation of proposals for change in procedures advanced by Governor Shepardson, approval given to recommendations, Banking Markets Unit to be given status of section, possibility of Mr. George Hall returning to take part in program, letter to Presidents of all Federal Reserve Banks asking their cooperation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/27 2467 9/3 9/17 2842 3056,3061 10/8 3247,3258 1965 37 Pages Bank Holding Company Act of 1956: (continued) Applications under: (continued) Question re Board's responsibility under, when an applicant accomplishes through the holding company device what a Cleveland bank would not be permitted to do under State branching law, discussed in connection with application of Society Corporation, Cleveland, Ohio, to acquire shares of North Madison Banking Company, North Madison, Ohio Condition report data to be used in preparing a holding company application, requested by Howard Crosse, Vice Chairman of Franklin National Bank, New York, New York, agreed to provide, with charge for cost of preparing data Conference at the Board on March 17, re ways for Research Department of FRBanks to improve their contributions to material prepared by Banks and submitted to Board on bank merger and bank holding company applications, authorized, letter to FRBanks was approved Debt-equity structure of bank holding companies, understood that the staff would assemble for Board's consideration figures comparing the debtequity structure of Mid-Continent Bancorporation with other holding company situations Exemption from: Inquiry by Chairman Patman of House Banking and Currency Committee re, of companies registered under Investment Company Act of 1940, involving status of Financial General Corporation, Washington, D. C. and Equity Corporation, New York, New York, understood revised draft of reply would be prepared for Board's consideration Letter approved and sent to Congressman Patman http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/11 3262 12/23 4374 2/15 518,548 11/1 3465 4/21 1331 4/22 1359,1377 1965 38 Pages Bank Holding Company Act of 1956: (continued) Exemption from: (continued) Proposed bill, of companies registered under, H.R. 7372, to amend, by repealing the exemption of companies registered prior to May 15, 1955, under the Investment Company Act of 1940, letter to Chairman Patman of House Banking and Currency Committee favoring enactment Industrial banks, request for determination by Board as to status of Zions Utah Bancorporation, Salt Lake City, Utah, under section 2(c) of, in regard to proposed acquisition of assets of Lockhart Corporation, which controls four industrial banks, interpretation to be published in Federal Register and FRBulletin One-bank cases: Discussion of Board's policy re section 301 determination requests with view toward possible amendment of, to include Survey of all banks to develop a list of, that could be furnished to Chairman Robertson of the Senate Banking and Currency Committee, authorized, advice to Comptroller of the Currency and to Chairman of FDIC that survey was being made Organization of a bank holding company, proposal under which Chase Manhattan Bank, New York, New York, would establish a bank holding company system consisting of itself and banks in Syracuse, Rochester, and Buffalo, New York, request for ruling whether proposal would violate prohibition against purchases of corporate stock by member banks, letter stating that if Chase wished to make an oral presentation an opportunity would be afforded, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/22 1345,1368 10/27 3392,3411-17 1/18 156 11/15 3658,3673 2/24 644,681 1965 39 Pages Bank Holding Company Act of 1956: (continued) Reconsideration of applications under: Whitney Holding Corporation, New Orleans, La., Governor Mitchell's reservations having been noted, the Board approved the issuance of an order affording the applicant, the opposing banks the opportunity to submit briefs re questions enumerated in the order Order extending time for submission of brief approved Section 2(c): Industrial banks, request for determination by Board as to status of Zions Utah Bancorporation, Salt Lake City, Utah, under, in regard to proposed acquisition of assets of Lockhart Corporation, which controls four industrial banks, interpretation to be published in Federal Register and Federal Reserve Bulletin Section 3(a): Violation by Briscoe Ranch, Inc., Uvalde, Texas, letter to FRBank of Dallas, approved Section 3(a)(I) and 5(a): Violations by Brazos-Tenth Street Company, Austin, Texas, letter to FRBank of Dallas, approved Section 3(a)(2): Violation by St. Joseph Agency Inc., South Bend, Indiana, letter to FRBank of Chicago, approved Section 4(c)(1): Question whether the activities of Utah Mortgage Loan Corporation proposed to be acquired by First Security Corporation, Salt Lake City, Utah, are of such a nature as to qualify for exemption under, letter to FRBank of San Francisco, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/23 2435,2447 7/30 2494,2504 10/27 3411-17 8/19 2738,2742 3/30 994,1024 4/16 1265,1282 11/26 3835,3850 1965 40 Pages Bank Holding Company Act of 1956: (continued) Section 4(c)(4): Letter to Northwest Bancorporation, Minneapolis, Minnesota, approved, interposing no objection to the proposed acquisition of shares of an agricultural credit corporation under provisions of Section 4(c)(6): Application for determination under: First Wisconsin Bankshares Corporation, Milwaukee, Wisconsin, concerning activities of First Wisconsin Company, a nonbanking subsidiary of, issuance of order granting determination as requested, authorized First Oklahoma Bancorporation, Inc., Oklahoma City, Oklahoma, concerning activities of proposed subsidiary, First Oklahoma Baninsurance, Inc., issuance of order granting determination as requested, authorized Otto Bremer Company, St. Paul, Minnesota, question re activities of certain proposed nonbanking subsidiaries, arrangements for hearing approved, issuance of notice and order authorized Section 6: Violation by Western Bancorporation International Bank, mentioned in connection with discussion of possible legislative proposals to amend Violation of: Navajo Bancorporation, Inc., Phoenix, Arizona, through control of First Navajo National Bank, Holbrook, Arizona, acquired by foreclosure shares of Valley State Bank, Lamar, Colorado, and acquisition of shares of Bank of Tucson, Ariz., request by counsel for a meeting with Board representatives, understood Governor Robertson to meet with representatives if member of Board is requested http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/8 419,445 4/15 1229,1242 4/15 1230,1244 12/22 4333,4346 1/18 177 6/11 1962 1965 41 Pages Bank Holding Company Act of 1956: (continued) Violation of: (continued) Navajo Bancorporation, Inc., Phoenix, Ariz.: (continued) Memorandum from Mr. O'Connell re staff meeting with representatives, placed in files of the Board, meeting with member of the Board 6/11 not requested Letters to counsel and Justice Department, with copies of these letters to FRBanks of Kansas City and San Francisco, recommended that Board's staff apprise Bureau of 9/9 Indian Affairs of Board's action Bank for International Settlements, Basle, Switzerland: Bossy, George, Economist, FRBank of New York, to be made available to, on the basis of a six-month leave of 10/20 absence without pay Foreign currency operations: Authority to negotiate increases in the System's standby swap arrangements with the German Federal Bank and, report of discussion contained in a memorandum to FOMC files, 7/28 dated August 2, 1965 Gilbert, Mr., Economic Adviser, present at Board meeting for economic review, for Bank for International 3/22 Settlements, Basle Internationof Division Katz, Samuel I., Adviser, al Finance: Authorized to attend a meeting on April 9, 1965, 3/24 organized by 4/20 Report on a technical meeting at the Authorized to attend a meeting on the Euro-currency market to be held at, beginning Friday, July 9, 1965, and to visit the German Federal 5/26 Bank Loans on gold, extension of the $25 million standby gold loan arrangement to, telegram to FRBank of New York, understood usual participation 10/6 offered to FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1963 2911,2933-40 3338 2488 934 967 1315 1741 3235,3242 1965 42 Pages Bank for International Settlements, Basle, Switzerland: Luncheon, payment by Board of cost of small luncheon to be given for two officials of, at the Cosmos Club on May 12, 1965, authorized Meetings at: Annual meeting, Ralph A. Young, Adviser to the Board and Director, Division of International Finance, authorized to accompany Governor Balderston to the, in June Central bank economists, November 8-10, 1965, Arthur B. Hersey authorized to attend Bank Merger Act: Antitrust laws: H.R. 11011, a bank merger bill that had been offered as a comparison to S. 1698, the bill passed by the Senate, request from Chairman Patman of House Banking and Currency Committee for a report on, memorandum from Legal Division analyzing, to be distributed to the Board H.R. 11489, a bill eliminating confusion from contradictory provisions of, request by Congressman Ashley for a report on the bill from the Board, amendment by Congressman Ottinger included in bill, decision to await developments and nature of Treasury report re Fascell of the Legal and Chairman Reply to Monetary Affairs Subcommittee of the House Committee on Government Operations re problems of bank merger cases which have been approved by banking agencies and then dissolved through efforts of the Antitrust Division of the Department of Justice, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (continued) 5/12 1542 5/19 1676 9/9 2925 9/29 3178 10/20 3338 5/12 1538,1592 1965 43 Pages Bank Merger Act: (continued) Antitrust laws: (continued) S. 1698, a bill to amend, exempting bank mergers from: Draft of reply to a request from Chairman Robertson of Senate Banking and Currency Committee for a report on, understood a revised draft of letter along lines suggested by Chairman Martin would be prepared for the Board's consideration Letter to Chairman Robertson of Senate Banking and Currency Committee approved Chairman Martin to testify on, before House Banking and Currency Committee on August 11, 1965, amendment added to bill giving Justice Department authority to institute action within thirty days following announcement of decision by appropriate bank regulatory agency, Governors Robertson and Mitchell asked that their action re retroactive feature of bill be checked, Governor Maisel stated he would be in opposition to retroactive feature Letter approved to Senator Proxmire re possible amendment to Report that the Treasury Department had been trying to develop an amendment to, that could be presented to Chairman of House Banking and Currency Committee as an Administration proposal, Board's views requested, particularly whether the filing of an antitrust suit should serve as an "automatic injunction" to stay consummation of an approved merger, decided to proceed on basis of recommendations contained in Cardon-Shay memorandum, Governor Mitchell dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/22 1338 4/27 1391,1410 8/9 2659 8/23 2753,2757 12/1 3885 1965 44 Pages Bank Merger Act: (continued) Chase Manhattan Bank (National Association) proposal to acquire stock of Liberty National Bank and Trust Company of Buffalo, cannot be consummated without approval of the Comptroller of the Currency, under the, agreed that no action on the part of the Board re a 301 determination or in lieu thereof, a voting permit, was called for at this time Bank supervision: Changes in policies: Request from Senator McClellan of Senate Permanent Subcommittee on Investigation, for information re policy changes re examination of banks and, reply tabled Revised draft of letter approved with understanding that certain changes agreed upon would be made before transmittal Coordinating Committee on Bank Regulation, letter from Secretary of the Treasury Fowler re proposed, an elaboration of procedure established by former Secretary of Treasury Dillon, new plan to cover Federal Home Loan Bank Board, understood that revised draft of reply to Secretary Fowler would be distributed Approval given to reply to Secretary Fowler, decision re service of Governor Robertson on Coordinating Committee deferred Delegation of authority: Legislation proposed to amend the FRAct to provide the Board with authority to delegate certain types of bank supervisory functions, letter to Chairman Robertson of Senate Banking and Currency Committee favoring proposal http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/27 4423 6/16 2027 7/30 2495,2509 6/30 2200 7/1 2221,2240 3/15 898,929 1965 45 Pages Bank supervision: (continued) Delegation of authority: (continued) Memorandum captioned "The Federal Reserve Image," by Governor Mitchell, suggesting that he would expedite business transactions with member banks by delegating authority to the FRBanks to process routine matters without referral to the Board, recognizing that legislation or Presidential action would be required to a certain extent Reallocation of authority: Board invited to testify before Subcommittee of House Banking and Currency Committee re bills introduced by Congressman Patman and Multer that would in different ways reallocate responsibility for bank supervision at Federal Government level, understood that Board would plan discussion for purpose of determining if it would be feasible to express a Board position at hearing or if views of individual members should be presented Lengthy discussion by Board members, Board to meet again tomorrow at 9:30 a.m. re H.R. 107 and H.R. 6885 Further discussion of possible testimony on, understood that staff would draft testimony, with Governor Robertson to present his own views to Subcommittee on Bank Supervision and Insurance of House Banking and Currency Committee, Chairman Martin to discuss subject with Secretary of the Treasury Fowler, and to indicate to Subcommittee that Board was not prepared to present definite position Chairman Martin did not appear before Subcommittee http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/3 3522 4/2 1070 4/5 1084 4/6 1117 4/6 1120 1965 46 Pages Bank supervision: (continued) Reallocation of authority: (continued) Letter to Chairman Patman of House Banking and Currency Committee approved re request for a report on H.R. 6885, which would vest Federal bank supervisory functions in the Secretary of the Treasury, and H.R. 107, which would vest them in a new Federal Banking Commission Bank supervisory agencies (Federal): Branch banks, suggestion by Governor Maisel that the interagency Coordinating Committee on Bank Regulation give consideration re the degree of protection that the bank regulatory agencies should afford a new or small bank when a large bank sought to establish a branch in the area Changes in control and ownership of insured banks: Letter to all FRBanks approved, re procedures to be followed in processing reports received under provisions of Public Law 88-593 relating to Letter to Comptroller of the Currency approved, reaffirming Board's desire to receive reports of, furnished in that office under provisions of Public Law 88-593 Condition report forms: Meeting to be held on June 23, 1965, with State and Federal, to work out a uniform report form for use in preparing reports of conditions Proposed form approved for use by State member banks, subject to comments made on real estate loan item, staff to negotiate this item with Comptroller of the Currency to safeguard against possibilities of misinterpretation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/14 1198,1227 7/1 2211 2/3 376,383 2/11 487,491 6/14 1993 9/27 3170 1965 47 Pages Bank supervisory agencies (Federal): (continued) Condition report forms: (continued) Comptroller of the Currency now decided to revert to old maturity schedule for reporting U.S. Government securities rather than to use an issue reporting schedule, agreement that an alternative be cleared with the Budget Bureau, letter to Budget Bureau requesting clearance of revised format of condition report, letter also sent to Budget Bureau requesting clearance on proposed slip sheet for national banks Form approved by Budget Bureau and transmitted to FRBanks Conflicting interpretation among, letter from Secretary of the Treasury Fowler on proposed establishment of a Coordinating Committee on Bank Regulation, an elaboration of procedure by former Secretary of Treasury Dillon, new plan to cover Federal Home Loan Bank Board, understood that revised draft of reply to Secretary Fowler would be distributed Letter to Secretary Fowler, approved Crimes against banks and savings and loan associations, reply to Chairman Barr of FDIC re formation of an interagency committee to study and develop means of combating Examination procedures used by: Draft letter to Chairman Multer of Subcommittee on Bank Supervision and Insurance in response to an inquiry as to the differences in examinations of commercial banks made by FRSystem, FDIC, Office of Comptroller of the Currency, also reexamination of savings banks and the thrift portion of a commercial bank's business, understood a revised draft would be prepared for consideration Further discussion with additional changes agreed upon, letter approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/7 4058,4075-79 12/23 4373 6/30 7/1 2200 2221,2240 1/22 254 6/2 1840 6/3 1852,1862 1965 48 Pages Banking: Concentration in, request from Chairman Patman of House Banking and Currency Committee that Board's staff bring up to date and expand studies of banking concentration made in 1952 and 1962, Board to provide material with qualifying assumption as to the amount of staff time to be committed, letter to Chairman Patman, approved Banking data: Banking offices in major cities, Governor Robertson suggested that it would be of interest to have current figures on the number of banking offices in relation to population in major cities, understood that such data would be compiled by the Division of Examinations Deposits-by-counties, in connection with antitrust suit, U.S. v. CrockerAnglo National Bank et al, request by Robert J. Archer, counsel for defendant, for data from 1964 survey of deposits of banks in California, and request by Justice Department for same data if supplied to Mr. Archer, letters approved to Justice Department and Mr. Archer complying with requests Another letter sent to Justice Department removing restrictions placed on use of 1954 and 1956 data on Study by Bryan A. Bailey, a Ph.D. candidate at Brown University, request for access to banking data from earnings and condition reports from individual banks, in connection with work on doctoral dissertation, discussion re possible usefulness to Board, request approved with Governor Mitchell dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/27 1390,1409 8/17 2710 4/20 1308,1322-24 4/20 1308,1326 8/12 2670 1965 49 Pages Banking quarters: Fallout shelters: Detroit Branch, letter to FRBank of Chicago approved, interposing no objection to an expenditure greater than originally authorized for Investments in, revision of procedure for handling violations of section 24A of the FRAct, letter to FRBanks Relocation facility for the joint use of Board and FRBank of Richmond, no final decision had yet been made as to the functions that would be performed at the proposed relocation site at Culpeper, Virginia, mentioned in connection with Board's budget for 1966 (Individual banks): American Bank and Trust Company, Lansing, Michigan: Investment in bank premises proposed, capital position less than satisfactory, agreement that request be held in abeyance and the FRBank of Chicago be apprised of Board's concern re need for additional capital Investment in bank premises, approved Bank of Clarke County, Berryville, Virginia, no objection to an investment in bank premises Bank of Gueydan, Louisiana, investment in bank premises, approved Bank of Romney, West Virginia, investment in bank premises, approved Bankers Trust Company, Des Moines, Iowa, additional investment in bank premises, approved Birmingham-Bloomfield Bank, Birmingham, Michigan: Investment in bank premises in connection with the establishment of a branch at 1393 South Woodward Avenue, Birmingham, Michigan, approved Investment in bank premises in connection with the establishment of a branch at 28700 Wixom Road, Wixom, Michigan, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/26 261,276 5/5 1477,1488 12/15 4176 5/17 5/28 1611 1798,1825 7/16 2351,2369 2/1 353,363 9/3 2837,2851 4/19 1287,1298 4/7 1125,1128 4/7 1125,1129 1965 50 Pages Banking quarters: (continued) Bremen State Bank, Tinley Park, Illinois, investment in bank premises, approved Cincinnati Branch: Construction of new building: Mr. Farrell, Director, Division of Bank Operations, to discuss Cincinnati Branch building matter with management of FRBank of Cleveland, indicating why it was Board's view that Bank should explore possibility of acquiring property in the Core Renewal Area of Cincinnati with a minimum of 90,000 square feet of space Further discussion re purchase of, report by Mr. Farrell on conference with bank officials and civic leaders and visit to site, agreed to inform FRBank of Cleveland that the Board did not regard proposed site as large enough for future expansion, letter to FRBank of Cleveland Further consideration of proposal to purchase certain properties to provide for future needs, proposal to erect building for lease, Cleveland Bank to be advised informally that the Board did not favor proposal, matter to be considered at next meeting Acquisition of Mercantile library property for, view expressed against any commitment for temporary use of property, in favor of arranging for an appraisal of the Mercantile library property for a fee in the neighborhood of $10,000 Request by FRBank of Cleveland that Board approve Bank's proposal to offer City of Cincinnati $1,012,500 for two plots of land and $900,000 for certain adjacent properties, agreed that FRBank should proceed, telegram to FRBank of Cleveland approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/20 3066,3083 2/8 425 2/25 691,705 3/12 854 3/15 892 6/11 1957 1965 51 Pages Banking quarters: (continued) Cincinnati Branch: (continued) Construction of new building: (continued) Letter to FRBank of Cleveland approving payment of $6,000 for legal fees for services rendered in connection with Bank's acquisition of real estate to be used as Letter to FRBank of Cleveland authorizing Bank to proceed with preparation of preliminary plans and outline specifications for Citizens Bank, Vermillion, South Dakota: Additional investment in bank premises, approved Additional investment in bank premises, approved Columbus Bank and Trust Company, Columbus, Georgia, indirect investment in bank premises to be owned by wholly-owned affiliate, CB and T Real Estate Company, approved Columbus Junction State Bank, Columbus Junction, Iowa, additional investment in bank premises, approved Denver Branch: Building program: Mentioned in reviewing examination report of FRBank of Kansas City Provision for construction of a sub-basement level vault in building plans, approved Letter to FRBank of Kansas City approved, authorizing Bank to proceed with the preparation of detailed plans and specifications for, notation that adequate consideration be given to security at first floor level against riot or civil commotion Vault, provision for construction of sub-basement level vault in building plans for, approved Detroit Branch: Fallout shelter, letter to FRBank of Chicago approved,interposing no objection to Bank's proceeding, at an expenditure greater than originally authorized, with provision for http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/23 3144,3150 11/15 3656,3672 1/4 3/31 2,14 1041,1051 3/12 850,863 3/12 850,864 7/22 2421 7/30 2494,2507 11/5 3574 7/30 2494,2507 1/26 261,276 1965 52 Pages Banking quarters: (continued) Farmers Bank, Monroe, Georgia, investment in bank premises, approved Farmers and Merchants Bank of Vandalia, Illinois: No objection interposed to a recent investment in bank premises Investment in bank premises, approved Farmers State Bank of Waupaca, Wisconsin, additional investment in bank premises, approved FRBank of Chicago: Vault doors and other construction work, approval given to proceed with necessary work to complete unfinished vault in head office addition, with necessary expenditure authorized City: Kansas FRBank of Building program: Request for authorization to proceed with the preparation of detailed plans and specifications for addition to Bank's building, approved, subject to suggestions submitted by Board re vault space, fallout shelter, and future expansion of garage area No objection to Bank proceeding with necessary arrangements for excavating and relocation of underground facilities, expenditure authorized Modification of proposed addition to head office building and completion of final plans and specifications, approved, noted that matter of fallout shelter specifications could be misleading Proposed arrangements for necessary street widening to accommodate trucks exiting from alley near proposed new addition, approved along with necessary costs involved Mentioned in reviewing examination report of Bank authorized to call for bids for construction of an addition to the head office building http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/8 84, 90 1/13 10/27 117, 124 3391,3408 6/16 2020,2039 7/26 2454,2462 2/19 610,615 3/24 962,986 5/27 1782,1791 7/20 2382,2394 7/22 2421 12/22 4332,4344 1965 53 Pages Banking quarters: (continued) FRBank of Kansas City: (continued) Fallout shelter, approval given for Bank to proceed with preparation of plans and specifications for addition to Bank's building subject to suggestions submitted by Board re Parking facilities, approval given for Bank to proceed with preparation of detailed plans and specifications for addition to Bank's building subject to suggestions submitted by Board re Vault space, approval given for Bank to proceed with preparation of detailed plans and specifications for addition to Bank's building subject to suggestions submitted by Board re FRBank of New York: Building program: Board concurred with Chairman Martin's view that it should not attempt to pass judgment on what action should be taken re shortening of leases, suggestion that representative from FRBank of New York meet with the Board to discuss whole problem re Messrs. Treiber and Bilby, FRBank of New York, attended Board meeting and discussed termination or substantial shortening of tenancies in certain buildings across Maiden Lane that had been acquired as a building site, reasonable flexibility given by Board to FRBank to move ahead in terminating leases, Board and Bank to concentrate on resolving the construction question later Mr. Bilby reviewed difficulty in renovation and expansion of gold vault facilities at Bank http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/19 610,615 2/19 610,615 2/19 610,615 3/31 1042 4/13 1181 4/13 1187 1965 54 Pages Banking quarters: (continued) FRBank of New York: (continued) Building program: (continued) Letter to, approved, Board to be informed in advance if termination or shortening of leases involved more than $25,000, Board would also appreciate being informed of each expenditure made in termination of a lease in connection with building program of FRBank of Richmond: Depreciation of building at Ninth and Franklin Streets at the rate of 10 per cent per annum, approved Relocation facility for the joint use of the Board and: Attendance at Board meeting of Vice President Dickerson of, and Mr. Strange-Boston of the architectural firm of Marcellus Wright & Partners, Board indicated that it would give consideration to certain suggestions made re Discussion re needs of emergency operations, to which security would be of paramount importance, and of continuous non-emergency functions, for which quality of day-to-day working conditions deserve serious consideration, staff requested to revise draft of letter to FRBank of Richmond Further discussion of the problems involved in blending the needs envisaged for emergency facilities and alternatively for continuing operations, understood letter would be sent to FRBank of Richmond FRBank of San Francisco: Parking facilities, letter concerning the possible enlargement of the Bank's parking lot, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/27 1395,1417 3/12 850,868 11/24 3804 12/9 4094 12/10 4151,4157 9/7 2876,2880 1965 55 Pages Banking quarters: (continued) Fidelity-Philadelphia Trust Company, Philadelphia, Pennsylvania: Investment in bank premises, approved Investment in bank premises in connection with the establishment of branches in Boothwyne, Upper Dublin Township, and Rosemont, approved Fidelity Union Trust Company, Newark, New Jersey, investment in bank premises in connection with the establishment of a branch at 305-311 Wilson Avenue, approved Gaylord State Bank, Gaylord, Michigan, additional investment in bank premises for construction of a new branch at East Main and Mill Streets, Vanderbilt, Michigan, approved Granite City Bank, Elberton, Georgia, additional investment in bank premises approved, including amount expended for purchase of land Grant County Bank, Sheridan, Arkansas, investment in bank premises, approved Indiana Lawrence Bank and Trust Company, North Manchester, Indiana, additional investment in bank premises, approved Jackson State Bank, Jackson, Wyoming, investment in bank premises, approved Lake City Bank, Warsaw, Indiana, additional investment in bank premises approved, in connection with establishment of a branch on First Street, Winona Lake, Indiana Little Rock Branch: Building plans: Calling for bids for construction of new building according to plans, with certain suggestions including the substitution of American marble for foreign marble, telegram to FRBank of St. Louis, authorizing Awarding of contracts for construction of the new building for the Little Rock Branch, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/10 3625,3647 12/9 4090,4103-05 11/10 3624,3635 7/20 2382,2393 6/11 1956,1983 9/23 3144,3148 7/14 2302,2341 8/2 2525,2537 6/7 1908,1916 3/22 936,952 7/1 2215,2239 1965 56 Pages Banking quarters: (continued) Livingston State Bank, Livingston, Montana, investment in bank premises, approved Long Island Trust Company, Garden City, New York: Additional investment in bank premises, approved Error in figure of amount being approved, corrected, letter correcting error sent to member bank on March 3, 1965 Manufacturers and Traders Trust Company, Buffalo, New York, investment in bank premises, approved McHenry State Bank, McHenry, Illinois, no objection to a previous investment in bank premises, and a further investment in bank premises, approved Merchants and Farmers Bank, Smithfield, Virginia, additional investment in bank premises, approved New Orleans Branch: Building, sale of old New Orleans Branch, advice from Mr. Patterson, Vice President, FRBank of Atlanta re Parking facilities, letter to FRBank of Atlanta approved re cost of preparing the recently-acquired additional property at the new building site for, approved Northeastern Banking Company, Commerce, Georgia, investment in bank premises, approved Northern Central Bank and Trust Company, Williamsport, Pennsylvania, investment in bank premises in connection with the establishment of a branch at 405 River Avenue, Loyalsock Township, Pennsylvania, approved Northern Trust Company, Chicago, Illinois, letter to FRBank of Chicago, approved, re investment in bank premises exceeding capital stock, Board's approval not required since project was begun prior to change in accounting procedure, understanding that substance of letter be transmitted to FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/2 2525,2538 2/4 390,396 2/4 395 4/1 1056,1061 5/17 1610,1619 3/12 850,862 7/30 2496 8/17 2710,2718 11/5 3571,3579 9/9 2910,2928 6/21 2095,2104 1965 57 Pages Banking quarters: (continued) Oklahoma City Branch: Counsel, special, request by FRBank of Kansas City for approval of payment of $1,125 representing 25 per cent of the Bank's share of settlement made by Oklahoma City with Kay Engineering Company in connection with the recovery of damages incurred during construction of the Oklahoma City Branch Bank Building, request approved Peoples Bank of Bloomington, Illinois, additional investment in bank premises, approved Piedmont Trust Bank, Martinsville, Virginia, additional investment in bank premises, approved Potomac Valley Bank, Petersburg, West Virginia, additional investment in bank premises, approved, amount to include that which had already been spent Provident Bank, Cincinnati, Ohio, additional investment in bank premises, approved Rittman Savings Bank, Rittman, Ohio, additional investment in bank premises in connection with a proposed new branch on North Main Street near the Rittman Shopping Center, approved St. Michaels Bank, St. Michaels, Maryland, investment in bank premises, approved State Bank of Morton, Washington, investment in bank premises, approved State Bank of Paradise, Pennsylvania, investment in bank premises, approved State Bank and Trust Company of Richmond, Kentucky, recent investment in bank premises and a further investment, approved Stock Growers' Bank of Wheatland, Wyoming, investment in bank premises, approved Teutopolis State Bank, Teutopolis, Illinois, investment in bank premises, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/27 1783,1796 4/19 1287,1299 1/19 202,220 2/17 579,592 2/16 461,477 10/25 3366,3372 4/1 1056,1063 10/1 3213,3215 7/1 2210,2231 4/22 1337,1367 12/23 4382,4413 7/1 2210,2232 1965 58 Pages Banking quarters: (continued) Wilmington Trust Company, Wilmington, Delaware: Additional investment in bank premises, approved Investment in bank premises in connection with the establishment of a branch at 5107 Concord Pike, Brandywine Hundred, New Castle County, approved Investment in bank premises, approved Winnetka Trust and Savings Bank, Winnetka, Illinois, additional investment in bank premises, approved Banking structure: "Development in the Structure of Banking in the Early 1960's," letter to Chairman Patman of the House Banking and Currency Committee transmitting a report prepared by the Board's staff and entitled Banks (Insured): Changes in control and ownership of: Letter to all FRBanks approved, re procedures to be followed in processing reports received under provisions of Public Law 88-593 relating to, agreement with Governor Robertson's suggestion that a letter be sent to the Comptroller of the Currency re Board's failure to receive copies of reports from national banks sent to the Comptroller's Office Letter to Comptroller of the Currency approved, reaffirming Board's desire to receive reports of, furnished to that office under provisions of Public Law 88-593 Beard, Thomas B., author of "U.S. Treasury Advance Refundings, June 1960 - July 1964," an analysis of the market impact of Treasury advance refundings prepared by, during the period he was employed by the Board, publication of document of, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/1 1056,1062 11/10 11/10 3624,3636 3625,3648 2/17 579,593 11/18 3755,3766 2/3 376,383 2/11 487,491 11/9 3609 1965 59 Pages Bennett, Robert F., Senator: Time certificates of deposit, use of, possibly contributed to situation which caused Comptroller of the Currency to declare San Francisco National Bank of San Francisco, California, and Brighton National Bank of Brighton, Colorado, insolvent, Chairman Martin requested that Mr. Solomon, Director, Division of Examinations, submit to Board a statement for consideration for possible use if hearings should be called by the Senate Banking and Currency Committee Bloomfield, Arthur, Professor, University of Pennsylvania, to be hired as FRSystem Consultant to undertake a short mission to Saigon to advise the National Bank of Vietnam on monetary matters, if arrangement is acceptable to Bank, the Board would pay the consultant fee but would ask Bank to pay for travel expenses, approval given to sending cable to Governor of National Bank of Vietnam Board of Governors: Administrative affairs, internal, direction of, vested in Governor Shepardson for the year beginning August 1, 1965, including matters pertaining to personnel, budget, housekeeping at the Board level, domestic travel, certain foreign travel, personnel actions of Board other than official staff, and appointment of examiners, approvals to be recorded in minutes as of the date of his approval Board Members' Offices: Secretary to Mr. Holland, Adviser to the Board, establishment of position of, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/26 270 12/1 3890 5/27 1787 11/17 3738 1965 60 Pages Board of Governors: (continued) Building: Addition or annex: Recommendation by Governor Shepardson re plans for annex building, payment to firm of Harbeson Hough Livingston & Larson for architectural services rendered to date, authorized, and approval to proceed with plans for, Governors Mitchell and Daane dissenting Work on plans for, slowed temporarily because of certain changes in the personnel of the architectural firm, hoped that within a short time a more desirable proposal would be forthcoming, mentioned in connection with Board's budget for 1966 Alterations and additions to existing building: Amendment approved to agreement made on Dec. 7, 1962, with architectural firm of Harbeson Hough Livingston & Larson, Philadelphia, Pennsylvania, that would provide for payment by Board of a fee of 9-3/4 per cent for work involving Recommendation that the Board authorize a study by Raymond Loewy/William Snaith, Inc., New York, New York, re possibility of rearranging the Board's staff offices to increase efficiency and attractiveness, agreed that letter should be sent to Raymond Loewy/ William Snaith, Inc. Discussion re timing of meeting with representatives of Raymond Loewy/ William Snaith, Inc., New York, New York, in connection with firm's analysis of space utilization in Board's building, meeting set for May 17, 1965 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/4 1877,1904 12/15 4175 1/28 332,348 3/30 1011,1037 5/3 1463 1965 61 Pages Board of Governors: (continued) Building: (continued) Alterations and additions to existing building: (continued) Understood that meeting with representatives of Raymond Loewy/William Snaith, Inc., would be scheduled for afternoon of May 18, 1965, rather 1494 5/6 than the morning of May 17 Understood that architectural firm of Harbeson Hough Livingston & Larson, which had been studying possible alterations to certain portions of Board's present building, was now prepared to make a report to Board, understood that this presentation would be scheduled 1511 5/10 tentatively for May 27, 1965 and Board meeting with Mr. William Snaith an associate of Raymond Loewy/ William Snaith, Inc., New York, New York, presented an analysis by the firm of the feasibility of rearranging office space to accommodate a larger number of staff, understood results of the study would be distributed to the Board members to determine whether analysis warranted pro1656 5/18 ceeding further Presentation by Harbeson Hough Livingston & Larson, Philadelphia, Pennsylvania, of proposed plan for remodeling Board's dining facilities, understood that members of staff would forward any comments on proposal to Governor Shepardson and matter would be considered at an early meeting of the 1788 5/27 Board should Loewy-Snaith of firm that Agreement be requested to proceed with development of specific plans and cost estimates for improving space utilization, Governors 1877,1906 6/4 Mitchell and Daane dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1965 62 Pages Board of Governors: (continued) Building: (continued) Alterations and additions to existing building: (continued) Firm of Raymond Loewy/William Snaith, Inc., was ready to present the second phase of its study of space utilization in present building, but it appeared that implementation of that firm's proposals, even if they were accepted, would have to be deferred pending the availability of space in the annex building, discussed in connection with Board's budget of 12/15 4175 1966 the including (not building of Board Cafeteria dining room area), Government Services, Inc., consulted re, suggestion that consultant for proposed remodeling be engaged, mentioned in connection with Board's budget for 1966, which was approved, understood action included authorization for re12/15 4175 modeling SpringTruesdale, Letter sent to Clifton field, Virginia, confirming arrangements for the retention of his services in developing a plan for the cafeteria expan12/15 4178 sion and modernization Grounds, program to improve appearance of Federal agencies' properties along Constitution Avenue discussed in response to request from White House, agreed that formal type landscaping already established seemed appropriate, understood reply would be made along 1239 4/15 those lines Lights, fluorescent, memorandum approved from Division of Administrative Services recommending that the fluorescent lights in the garage area be connected with the regular "house current" for everyday 3214 10/1 use at a cost of $776 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1965 63 Pages Board of Governors: (continued) Building: (continued) Parking facilities: Proposed agreement with Department of Interior, authorizing Board to proceed with underground parking area plans for Square N. 128, agreement that Secretary be authorized to sign agreement on behalf of Board, with immediate expense involving estimated $13,500 for moving utility lines Agreement executed with copy placed in Board's files Washington Gas Light Company informed that the Board was prepared to pay the cost of removal and relocation of a gas line if necessary in the construction of a garage under 20th Street, N.W. and portions of Square N. 128 Post cards, staff to confer with Governor Balderston re development of an appropriate card of the building to be supplied as a souvenir to visitors Space requirements in FDIC building, Governor Shepardson stated that FDIC indicated that no additional space could be made available or that a renewal of the present lease could be made, approval given to Harbeson Hough Livingston & Larson, and to proceed with architectural plans for Board's addition or annex, and to Raymond Loewy/William Snaith, Inc., to proceed with plans for improving space utilization in Board's present building, Governors Mitchell and Daane dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/5 1478 5/5 1480 6/2 1848 5/10 1511 6/4 1877,1904-06 1965 64 Pages Board of Governors: (continued) Building: (continued) Staff offices, extensive refurbishing or refurnishing of staff offices to be deferred until the building program is further advanced, this does not preclude first-class maintenance or necessary replacement of existing furniture Chairs: Mills, A. L., Jr., approval re letter indicating that the Board had authorized presentation to, of the chair that he had used since becoming a Board member Christmas program, responsibility for arranging, memorandum revising schedule as approved by Board in 1957 designating order of division responsibility, approved by Governor Shepardson on August 11, 1965 Classification of typing, stenographic, and secretarial positions, revised policy for, approved, not to affect certain Grade FR-8 secretarial positions in the Board Members' Offices as long as these positions are held by incumbents Delegation of authority: Proposed legislation that would authorize Board to delegate functions other than those relating to rulemaking, monetary and credit policy, and supervision of FRBanks with certain provisions for review by Board, amending section 11 of the FRAct, understood Board favored recommendation of draft bill, Governor Mills dissenting, transmittal letter would be redrafted as suggested by Governor Mitchell http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/15 4179 2/25 702 8/12 2675 11/22 3778 1/14 145 1965 65 Pages Board of Governors: (continued) Delegation of authority: (continued) Tasks of Board have substantially increased in field of bank supervision, Board believes that FRAct should be amended to provide Board with authority to delegate certain types of bank supervisory functions, letter to Chairman Robertson of the Senate Banking and Currency Committee favoring proposal re Suggestion by Governor Mitchell to delegate to staff of Board of Governors certain administrative decisions when policy guides and precedents are clearly defined, Governor Shepardson requested to meet with certain staff members to study situation Governor Mitchell issued a memorandum captioned "The Federal Reserve Image," suggesting that he would expedite business transactions with member banks by delegating authority to the FRBanks to process routing matters without referral to the Board, recognizing that legislation or Presidential action would be required to a certain extent Division of Administrative Services: Cafeteria, conversion of a part-time position in, presently vacant, to a fulltime position, approved Day laborer, memorandum recommending that the Division be authorized to employ an additional day laborer, approved Youth Opportunity Program: SEE: Staff of Board of Governors: Division of Administrative Services: Youth Opportunity Program Division of Bank Operations: Accounting and Currency Unit, new Grade 13 position established in http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/15 898,929 3/30 1012 11/3 3522 10/18 3327 6/9 1931 5/14 1603 1965 66 Pages Board of Governors: (continued) Division of Bank Operations: (continued) Planning Departments of FRBanks, appeared that no division of Board's staff had thought specifically in terms of its having responsibility with respect to, agreement with suggestion made by staff committee that Division of Bank Operations be directed to give continuing attention to this function Division of Data Processing: Economic Graphics Section, position of draftsman, authorization given for the dual occupancy for a temporary period Financial Statistics Section, authorization of position of Programmer to be established when programmer is actually hired Key Punch Operator, establishment of a new position, approved Leased Operator Service, authorization to use leased operator service, at a cost of approximately $5 per hour, pending the employment or training of an operator for this work Operations Section, new position of Digital Computer Systems Operator, approved Statistician, junior or intermediate level, position of, authorized, to be regarded as established when statistician is hired Tabulating Machine Operator, establishment of new position, approved Division of Examinations: Accountant-Analyst, establishment of two new positions, approved Clearing and Recording Clerk, establishment of new position, approved Digital Computer Programmer position established with grade to be determined in accordance with the usual classification process http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/15 521,543 7/14 2334 1/19 216 6/10 1942 8/23 2756 8/23 2756 2/23 626 6/10 1942 4/6 1121 4/6 1121 1/6 50 1965 67 Pages Board of Governors: (continued) Division of Examinations: (continued) Foreign Banking Activities Unit, electronic data processing expert, memorandum from Director of, recommending that a new position at Grade FR-14 or 15 be created to be filled by a person with extensive experience in the examination of electronic data processing in banks, and requesting approval of any resulting overexpenditure in the 1965 budget of the Division, approved Official Staff, discussion of need for strengthening, with feeling that addition of at least one person with experience should be brought in from outside the division, further discussion between Governor Shepardson and Mr. Solomon to take place nal Finance: Internatio of Division Europe and British Commonwealth Section, position of Statistical Assistant, approved Special Studies and Operations Section, establishment of an additional position of Economist, approved Division of Research and Statistics: Administration grouping in, establishment of new secretarial position, approved Banking Markets Unit: Position of "visiting professor", approved Discussion re work done in, and implementation of proposals for change advanced by Governor Shepardson, approval given to recommendations that the unit be given status of a section, and the possibility of Mr. George Hall returning to take part in the program, letter to be sent to Presidents of all FRBanks asking their cooperation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/12 2291 2/23 625 9/13 2959 4/27 1400 11/17 3738 5/18 1657 10/8 3247,3258 1965 68 Pages Board of Governors: (continued) Division of Research and Statistics: (continued) Banking Section: Position of economist approved, to be utilized for a "visiting professorship" in the event that a position currently held by a "Visiting Professor" is not vacated Position of an additional economist, approved Position of an additional economist, approved Position of an additional economist, approved Position of an additional economist, approved Position of an additional economist, approved Business Conditions Section: Request that position of economist in, be filled temporarily by an appointment from June 15 to September 15, 1965 Additional economist position, approved Capital Markets Section: Position of economist, approved Dual occupancy of economist position for a limited period, approved Consumer Credit and Finance Section: Position of economist, approved Position of Programmer, approved, with the understanding that the existing position of Statistical-Clerk (now vacant) would be eliminated Economic Editing Unit, position of Editorial Assistant, approved National Income, Labor Force, and Trade Section: Additional position of economist, approved Additional economist position, approved Research Library, dual occupancy authorized for a position in, for a temporary period of, letter to Budget Bureau ns Financial operatio approved forwarding certain schedules for calendar years 1964, 1965, and 1966, for use in making a presentation on a memorandum basis of data on the,in separate section of the 1967 Federal budget document http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/26 3/3 5/3 5/26 7/23 10/4 274 748 1464 1741 2489 3224 5/12 9/10 1543 2949 6/11 1981 12/23 4384 7/6 2251 7/6 2251 3/30 1015 8/17 11/3 2710 3538 11/17 3737 10/25 3370,3380 1965 69 Pages Board of Governors: (continued) Members: Managerial duties, direction of internal administrative affairs, vested with Governor Shepardson for the year beginning August 1, 1965, including matters pertaining to Board personnel, budget and housekeeping Television sets, purchase of a suitable television set for the Board library and such sets for Board Members' Offices as individual members may desire, approved memorandum by Governor Mitchell of, Working time re drain imposed on, involving reading to keep abreast of domestic and international economic conditions, money and capital market developments, System operations, bank merger proposals, and Congressional activities, one possibility in remedying the situation is through the delegation of administrative decisions and more widespread use of digests and summaries for incoming information, Governor Shepardson requested to meet with certain staff members to study situation (Individual names:) Balderston,C. Canby: To represent the Board at the hearings on H.R. 7539, a bill permitting banks to underwrite and deal in revenue bonds Statement in connection with application of Marine Midland Trust Company of New York, New York, to acquire assets and assume the liabilities of Grace National Bank, New York, New York Memorandum by, under date of November 4, 1965, suggesting certain steps as possible components of a package of actions re problems facing Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/27 1787 12/15 4179 3/30 1012 4/20 1315 7/14 2321 11/3 3537 1965 70 Pages Board of Governors: (continued) Members: (continued) Daane, J. Dewey: Dissented in cases of application for holding company affiliate status for Dinsdale Bros., Inc., Palmer, Nebraska, Schnitzler Corporation, Froid, Montana, Citizens Bancorporation, Vermillion, South Dakota, and the Harlem Corporation, Harlem, Montana Concurring statement issued jointly with Governor Mitchell, giving different reasons for approval of merger of Security-Peoples Trust Company, Erie, Pennsylvania, and Girard Battles National Bank, Girard, Pennsylvania Reported on meeting in Paris, France, of the Economic Policy Committee of the Organization for Economic Cooperation and Development Issuance of dissenting statement re application of First National Corporation, Appleton, Wisconsin, for permission to become a bank holding company through acquisition of shares of First National Bank of Appleton and Valley National Bank, Appleton, Wisconsin Reported on his visit to England and the British plans directed at supporting the present value of the pound sterling Statement in connection with increase in discount rate and increase in Regulation Q Maisel, Sherman J.: Noted that it was planned to have a luncheon on May 11, 1965, and an afternoon reception in the honor of Presence at meeting noted, having taken his oath of office as a member of the Board on April 30, 1965 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/18 174 1/26 262,285 2/23 625 2/24 641,676 7/26 2456 12/3 3949 4/27 1397 5/5 1476 1965 71 Pages Board of Governors: (continued) Members: (continued) Maisel, Sherman J.: (continued) Designated to serve as a member of the Board of Trustees of the Retirement System of the FRBanks, effective immediately to serve until a successor is appointed by Board, and to succeed Governor Mills as an associate of the Investment Committee of the Retirement System Issuance of dissenting statement authorized re application of Riverside Trust Company, Hartford, Connecticut, to merge with Bristol Bank and Trust Company, Bristol, Conn., title of resulting bank, United Bank & Trust Company, Hartford, Connecticut Memorandum from Governor Maisel as Trustee of the Retirement System of FRBanks, with recommendation that all existing excess earnings be distributed annually, question raised by, re Board's desire on matters under consideration, with assurance given by Chairman Martin that he (Governor Maisel) should pursue any and all problems which he considered worthwhile in matters dealing with the assignment Comments by, on need for interagency coordination of policies re competitive factor reports Dissenting statement by Governor Mitchell and, re approval of application of State-Planters Bank •of Commerce and Trusts, Richmond, Virginia, to merge with Tr -County Bank, Mechanicsville, Virginia Designated as a member of a committee established to examine arrangements for making studies related to the discount mechanism http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/27 1788 6/4 1868,1891 6/11 1978 6/17 2047 7/27 2466,2484 8/4 2600 1965 72 Pages Board of Governors: (continued) Members: (continued) Maisel, Sherman J.: (continued) Appointment on Steering Committee for study of discount mechanism, approved Suggested consideration re establishing a fund in the budget to cover expense of rendering assistance to scholarly research projects Study on foreign operations of U.S. banks, agreement with Chairman Martin's suggestion that Governor Mitchell as Chairman, and Governors Shepardson and Maisel explore and recommend framework for the conduct of the project Dissenting statement, concurred in by Governor Robertson, re approval of application of New Jersey Bank and Trust Company, Clifton, New Jersey, to merge with Wayne State Bank, Wayne, New Jersey Agreed that Governor Robertson's assignment, at Board level, for development of Board's emergency preparedness program, be taken over by Indicated that his attitude would not be "formalistic" toward many proposed rulings that would come before the Board, generally speaking he felt that lawyers could take either a formal or a liberal approach toward interpretation of statutes, and in most cases he would favor a liberal approach Memorandum by, setting forth reasons why he urged strongly that the discount rate not be changed from the existing 4 per cent rate Martin, William McC., Chairman: To represent FRSystem along with Governor Robertson, Pres. Hayes, and Pres. Scanlon, at a meeting at the White House where President Johnson will discuss with business and financial leaders, the balance of payments problem and the objectives of the voluntary credit restraint program http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/5 2613 8/12 2671 8/18 2722 9/3 2838,2868 9/20 3074 9/22 3134 12/3 3956 2/18 598 1965 73 Pages Board of Governors: (continued) Members: (continued) Martin, William McC., Chairman: (continued) Draft of statement to be presented by, before Antitrust Subcommittee on the Judiciary re H.R. 5280, a bill intended to implement one recommendation of the President made on February 10, 1965 in a message to Congress on the balance of payments problem, understood draft would be revised and distributed to Board for review prior to Chairman Martin's appearance before the Subcommittee To make statement before Permanent Subcommittee on Investigations of Senate Committee on Government Operations, statement to include description of banking problems arising from excessive or unsound use of certificates of deposit Draft of statement to be made by, before House and Banking and Currency Committee on July 6, 1965, re H.R. 7601, a bill introduced by Congressman Patman that would require the 12 FRBanks to transfer to the Secretary of the Treasury interest-bearing obligations of the United States in the aggregate principal amount of $30 billion, understood that statement would be redrafted in light of comments and presented in final form satisfactory to Draft of statement to be made by, in testifying before the Antitrust Subcommittee of the Senate Committee on the Judiciary on July 15, 1965, re H.R. 5280, providing for an exemption from antitrust laws for certain actions taken by bankers and financial institutions in pursuance of President's program re balance of payments problem of the U.S., understood that statement would be revised in light of views expressed and would be presented in form satis factory to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/1 729 3/15 890 6/30 2195 7/12 2290 1965 74 Pages Board of Governors: (continued) Members: (continued) Martin, William McC., Chairman: (continued) Consideration of draft of testimony to be presented to the Subcommittee on Financial Institutions of the Senate Banking and Currency Committee, on S. 1308, 1309, 1556, 1557, 1558, and 1559, understood statement would be revised in light of suggestions and presented in final form satisfactory to To be an ex officio member of the Steering Committee for study of the discount mechanism Reported on informal discussion that he had had with Secretary of Treasury and others re current developments in the foreign exchange situation, particularly as related to the United Kingdom To testify before House Banking and Currency Committee on S. 1698, a bill exempting bank mergers from the provisions of the antitrust laws, amendment indicating that the Justice Department would have to institute action within 30 days following announcement of the decision of appropriate bank regulatory agency Visited with the President in Texas, in company with certain Administration officials, commented on matters discussed and on the press conference, meeting took place after the Board increased the discount rate to 4-1/2 per cent Mills, A. L., Jr.: Dissenting in recommendation to submit draft legislation that would authorize the Board to delegate functions other than those relating to rulemaking, monetary and credit policy, and supervision of Federal Reserve Banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/20 2383 8/5 2613 8/5 2617 8/9 2659 12/7 4061 1/14 148 1965 75 Pages Board of Governors: (continued) Members: (continued) Mills, A. L., Jr.: (continued) Wished to express his general approval of entries of policy actions of the Board for 1964, in view of his retirement coming prior to further consideration of the matter Expressed his pleasure in his association with the Board and its staff in the years he has been a member, this being his last meeting before retirement Board approved sending a letter to, authorizing presentation of the chair he had used since becoming a Board member Mitchell, George W.: Dissented in cases of applications for holding company affiliate status for Dinsdale Bros., Inc., Palmer, Nebraska; Schnitzler Corporation, Froid, Montana; Citizens Bancorporation, Vermillion, South Dakota; and the Harlem Corporation, Harlem, Montana, in Board's discussion and review of policy in handling requests for such determinations Concurring statement issued jointly with Governor Daane re merger of Security-Peoples Trust Company, Erie, Pennsylvania, and Girard Battles National Bank, Girard, Pennsylvania, concurring statement gave different reasons for approval of merger than majority of Board Designated to discuss local destruction of unfit FRnotes with Treasury Department provided such legislative authority should be obtained for destruction http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/25 701 2/25 702 2/25 702 1/18 174 1/26 262,285 3/9 825 1965 76 Pages Board of Governors: (continued) Members: (continued) Mitchell, George W.: (continued) Dissenting statement in which Governor Robertson concurred, in connection with Board approval of application of City Bank and Trust Company, Milwaukee, Wisconsin, to acquire assets of American State Bank, Milwaukee Memorandum by, referring to drain imposed on working time of Board members in keeping abreast of domestic and international economic conditions, money and capital market developments, System operations, bank merger proposals, and Congressional activities, one possibility in remedying the situation is through delegation of administrative decisions, more widespread use of digests and summaries for incoming information, Governor Shepardson requested to meet with certain staff members to study situation Statement re application of Marine Midland Trust Company of New York, New York, to acquire the assets and assume the liabilities of Grace National Bank, New York, N.Y. Dissenting statement of Governors Maisel and, re approval of application of State-Planters Bank of Commerce and Trusts, Richmond, Virginia, to merge with Tr -County Bank, Mechanicsville, Virginia Dissenting statement re Board's denial re application of Bancorporation of Minnesota, Inc., Minneapolis, Minnesota, to become a bank holding company through acquisition of shares of Olmstead County Bank and Trust Company, Rochester; Lake City State Bank, Lake City; and Bank of Minneapolis and Trust Company, Minneapolis, Minnesota http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/12 852,876 3/30 1012 7/14 2317 7/27 2466,2484 8/2 2526,2571 1965 77 Pages Board of Governors: (continued) Members: (continued) Mitchell, George W.: (continued) Reservation noted in issuance of order approving application of Annapolis Banking and Trust Company, Annapolis, Maryland, and denying application of Mountain Trust Bank, Roanoke, Virginia, for exemption from registration requirements of the Securities Exchange Act of 1934 and Board's Regulation F Designated as Chairman of committee established to examine arrangements for making studies related to discount mechanism Appointment approved as Chairman of Steering Committee for study of discount mechanism Study on foreign operations of U.S. banks, agreement with Chairman Martin's suggestion that Governor Mitchell as Chairman, and Governors Shepardson and Maisel explore and recommend framework for the conduct of the project Committee recommendations presented by, approved with understanding that the Committee would come back to the Board after detailed plan had been prepared, Frederick R. Dahl to direct Memorandum captioned "The Federal Reserve Image" issued by Memorandum by, re discretionary expenditures of nine FRBanks, dated March 31, 1965, suggesting that there should be a consistent set of discretionary spending guidelines for Board and FRBanks, understood that copies of the memorandum would be distributed to the Conference of Chairmen of FRBanks Memorandum by Messrs. Cardon and Shay on S. 1698, a bill amending the Bank Merger Act to exempt bank mergers from Federal antitrust laws, Governor Mitchell dissented on Cardon-Shay memorandum http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/3 2580 8/4 2600 8/5 2613 8/18 2722 8/25 2775 11/3 3520 12/1 3884 12/1 3888,3889 1965 78 Pages Board of Governors: (continued) Members: (continued) Robertson, J. L.: Dissenting re applications for holding company affiliate status for Dinsdale Bros., Inc., Palmer, Nebraska, Schnitzler Corporation, Vermillion, South Dakota, The Harlem Corporation, Harlem, Montana, and Wheaton Bancorporation, Inc. Chicago Issuance of dissenting statement re merger of Security-Peoples Trust Company, Erie, Pennsylvania, and Girard Battles National Bank, Girard, Pennsylvania Designated to head Board's program on voluntary credit restraint in foreign lending by U.S. financial institutions To represent FRSystem along with Chairman Martin and Presidents Hayes and Scanlon at White House with President Johnson discussing the balance of payments problem with business and financial leaders Dissenting statement by, re application of First National Corporation, Appleton, Wisconsin, for permission to become a bank holding company through acquisition of shares of First National Bank of Appleton and Valley National Bank, Appleton, Wisconsin Recommendations of, for approach to be taken by Board re, establishment of foreign branches by member banks and corporations operating under sections 25 and 25A of the FRAct and investments by such corporations, unanimous agreement with recommendations of Concurred in Governor Mitchell's dissenting statement in connection with Board approval of application of City Bank and Trust Company, Milwaukee, Wisconsin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/18 174 1/26 262,286 2/10 465 2/18 598 2/24 641,674 3/8 788,804 3/12 852,876 1965 79 Pages Board of Governors: (continued) Members: (continued) Robertson, J. L.: (continued) To present his personal views to Subcommittee on Bank Supervision and Insurance of House Banking and Currency Committee on legislation dealing with bank supervision at the Federal level Reported on information received by State Department re difficulties experienced by certain Chinese banks in Hong Kong, agreement with suggestion that the State Department be informed that the Board was not inclined at the present time to exempt from the foreign credit restraint program any standby credits extended by U.S. banks to the Hong Kong banks experiencing difficulty, Governor Robertson to keep Board informed Dissenting statement re approval of application of Wachovia Bank and Trust Company, Winston-Salem, North Carolina, to merge with Bank of Kernersville, North Carolina Dissenting statement re application of United Bank of California, Los Angeles, California, to merge with Bank of Ceres, California Concurring statement re application by Denver U. S. Bancorporation, Denver, Colorado, for approval re acquisition of shares of Weld County Bank, Greeley, Colorado Dissenting statement re application of Commercial and Savings Bank of St. Clair County, St. Clair, Mich., to consolidate with Yale State Bank, Yale, Michigan Designated to serve as Board's representative on Ad Hoc Committee established by Presidents' Conference to study System-wide needs in areas of Data Processing, with appropriate staff participation assisting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/6 1117 4/14 1199 4/29 1426,1444 5/12 1525,1552 5/26 1722,1751-61 6/14 1992,2006 6/16 2026 1965 80 Pages Board of Governors: (continued) Members: (continued) Robertson, J. L.: (continued) Letter from Secretary of the Treasury Fowler on proposed establishment of a Coordinating Committee on Bank Regulation, suggestion that Governor Robertson be designated as alternate to Chairman Martin to serve on Coordinating Committee, indicated he would like to have until tomorrow to give matter further thought, agreeable to Board Letter to Secretary Fowler, indicating decision re service of Governor Robertson on Coordinating Committee deferred Dissenting statement re approval of application of State-Planters Bank of Commerce and Trusts, Richmond, Virginia, to merge with Tr County Bank, Mechanicsville, Virginia Concurred in dissenting statement of Governor Maisel re approval of application of New Jersey Bank and Trust Company, Clifton, New Jersey, to merge with Wayne State Bank, Wayne, New Jersey Agreement with suggestion by, that Governor Maisel take over his assignment for development of the Board's emergency preparedness program Withdrew prior to a meeting with Howard J. Stoddard, Chairman of the Board of Michigan National Bank, Lansing, Michigan, and the bank's counsel, James B. Alley, because of his association with the Office of the Comptroller of the Currency at the time of the Comptroller's ruling in 1940 that prevented Michigan National Bank from operating branches involved in the consolidation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/30 2204 7/1 2221,2240 7/27 2466,2482 9/3 2838,2868 9/20 3074 11/9 3610 1965 81 Pages Board of Governors: (continued) Members: (continued) Robertson, J. L.: (continued) Dissenting statement re approval of application of United California Bank, Los Angeles, California, to merge with Feather River National Bank, Oroville, California Verbally presented a statement against a change in the discount rate and a dissenting statement re a change in Regulation Q Dissenting statement re approval of (1) an application by United Virginia Bankshares Incorporated, Richmond, Virginia, to acquire shares of Williamsburg State Bank, Williamsburg, Virginia, a proposed new bank, and (2) an application of Williamsburg State Bank to merge with Peninsula Bank and Trust Company, Williamsburg, Virginia, and James-York Bank, James City, Virginia N.: Charles Shepardson, Authorized to approve, on behalf of the Board, requests by Mr. Brill, Director, Division of Research and Statistics, and members of the staff that he might desire to accompany him to undertake foreign travel incident to attendance at meetings relating to Invisibles Committee of OECD Authorized to approve additional trips by Ralph C. Wood, Associate Adviser, Division of International Finance, to Paris for meetings of a task group organized by Working Party 3 to make a special study of the balance of payments adjustment process Vested with direction at Board level of its internal administrative affairs, including matters pertaining to Board personnel, budget, and housekeeping http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/22 3773,3796 12/3 3942,3992 12/15 4166,4212 1/7 65, 78 3/24 966-67 5/27 1787 1965 82 Pages Board of Governors: (continued) Members: (continued) Shepardson, Charles N.: (continued) Designated as a member of a committee established to examine arrangements for making studies related to the discount mechanism Appointment approved on Steering Committee for study of discount mechanism Study on foreign operations of U.S. banks, agreement with Chairman Martin's suggestion that Governor Mitchell, as Chairman, and Governors Shepardson and Maisel explore and recommend framework for the conduct of the project Committee to come back to the Board after detailed plan had been prepared, Frederick R. Dahl to direct Designated as Board member who would have responsibility for directing a program aimed at improving further the quality of service to the public Membership dues and contributions, reply to Chairman Patman of the House Banking and Currency Committee transmitting requested listings from January 1, 1962, through Sept. 30, 1965, re Minutes: SEE: Minutes: Board of Governors Office of the Controller: Disburing Clerk, position abolished Secretary to the Assistant Controller, position re-established Payroll: Question raised by Board members as to the manner of payroll disbursement at Board's offices, staff requested to prepare a memorandum on procedure now followed, with recommendations as to any change that might be desirable, particularly the depositing of salary payable to employees in banks of their choice http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/4 2600 8/5 2613 8/18 2722 8/25 2775 11/18 3758,3767-68 12/1 3882,3918 4/9 1137 4/9 1137 11/5 3577 1965 83 Pages Board of Governors: (continued) Payroll: (continued) Study being made which would be presented shortly for Board's consideration Agreed that deposit service would be offered to employees and would be initiated as soon as necessary operational details could be arranged Policy actions: Consideration of a package of, proposed in a memorandum by Governor Mitchell, captioned "The Federal Reserve Image", agreed that problems presented should be explored, staff to investigate and present for additional consideration by the Board Memorandum from Governor Balderston suggesting steps as possible components of a package of actions Procedures: Bank merger and bank holding company applications: Request by Chairman Celler of the House Judiciary Committee for copy of application by Marine Midland Trust Company, to acquire Grace National Bank, both of New York City, request involves Board's Rules of Procedure re applications when a public hearing or public oral presentation of views is held, reply making application available, language amending Rules Regarding Information, Submittals, and Requests, to be published in the Federal Register Application of State-Planters Bank of Commerce and Trusts, Richmond, Va., to merge with the Tr -County Bank, Mechanicsville, Va., three Board members favored approval and three denial, discussion re way of avoiding such a situation, understanding that Mr. Hackley would review and submit an amendment for Board's consideration that would specify that cases involving tie votes would be deferred for consideration by a full Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/9 3606 12/6 4026 11/3 3519 11/3 3537 4/22 1347,1369-71 6/17 2056 1965 84 Pages Board of Governors: (continued) Procedures: (continued) Bank merger and bank holding company applications: (continued) Amendment proposed, to require that in event of a tie vote the application be deferred for later consideration by a full Board, agreement with Chairman Martin's suggestion that matter be held over for further consideration at a meeting when all members of Board were present, Governor Daane proposed that at least four affirmative or negative votes should be required Amendment approved, effective October 30, 1965, to the Board's Rules Regarding Information, Submittals, and Requests, under which copies of, would be made available for inspection by the public except for portions determined not to be in the public interest, advice to Justice Department, Comptroller of the Currency, and FDIC Memorandum from Governor Shepardson re analysis of economic factors involved in decisions re, with recommendations for changes, Banking Markets Unit to be given status of section, possibility of Mr. George Hall returning to take part in the program, letter to be sent to Presidents of all FRBanks asking their cooperation Examinations and supervision of FRBanks: Directives to Divisions of Examinations, Research and Statistics, Bank Operations, and Personnel Administration re responsibilities with respect to, draft approved, subject to changes agreed upon, understanding that copies would be sent to the FRBanks Directives now issued and copies sent to heads of divisions of Board's staff and to FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/16 2352 9/15 3019,3035-37 10/8 3247,3258 2/15 521 5/26 1742,1769-81 1965 85 Pages Board of Governors: (continued) Procedures: (continued) Reports on competitive factors, involving bank merger applications, approval given to recommendation that a general policy of release-uponrequest be adopted re, advice to Justice Department, Comptroller of the Currency, FDIC, Secretary of the Treasury, and the FRBanks Violations, revision of procedure for handling violations of section 24A of the FRAct, involving investment in bank premises, paying dividends without prior Board approval in violation of section 5199(b) of the Revised Statutes, and permitting cases to be handled by, mentioned in reports of examinations, with Reserve Banks notifying member banks by letter and cautioning against further violations, advice to FRBanks Reallocation of authority: Bank supervision at the Federal level: Board invited to testify before Subcommittee of House Banking and Currency Committee re bills introduced by Congressman Patman and Multer reallocating responsibility for bank supervision at Federal Government level, understood that Board would plan discussion for purpose of determining if it would be feasible to express a Board position at hearing or if views of individual members should be presented Lengthy discussion by Board members, Board to meet again tomorrow at 9:30 a.m. re H.R. 107 and H.R. 6885 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/16 2355,2373-74 5/5 1477,1488 4/2 1070 4/5 1085 1965 86 Pages Board of Governors: (continued) Reallocation of authority: (continued) Bank supervision at the Federal level: (continued) Further discussion of testimony on legislative proposals by Congressmen Patman and Multer re, Governor Robertson to present his personal views to Subcommittee on Bank Supervision and Insurance of House Banking and Currency Committee, Chairman Martin to discuss subject with Secretary of Treasury Fowler and to indicate to Subcommittee that Board was not prepared to present definite position Chairman Martin did not appear before Subcommittee Reply to Chairman Patman of the House Banking and Currency Committee re request for a report on H.R. 6885, which would vest Federal bank supervisory functions in the Secretary of the Treasury, and H.R. 107, which would vest them in a new Federal Banking Commission, approved Relocation facility for the joint use of the Board and FRBank of Richmond: Attendance at Board meeting of Vice President Dickerson of FRBank of Richmond and Mr. Strange-Boston of the architectural firm of Marcellus Wright & Partners re plans for Discussion re meeting both needs of emergency operations, to which security would be of paramount importance, and of continuous non-emergency functions, for which quality of day-to-day working conditions deserve serious consideration, staff requested to revise draft of letter to FRBank of Richmond http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/6 1117 4/6 1120 4/14 1198,1227 11/24 3804 12/9 4094 1965 87 Pages Board of Governors: (continued) Relocation facility for the joint use of the Board and FRBank of Richmond: (continued) Further discussion of the problems involved in blending the needs envisaged for emergency facilities and alternatively for continuing operations, understood letter would be sent to FRBank of Richmond No final decision made as to the functions that would be performed at the proposed, mentioned in connection with Board's budget for 1966 Rules of Procedure: SEE: Rules of Organization and Procedure of Board of Governors: Rules of Procedure Secretarial, stenographic, and typing positions, revised policy for classification of, approved Secretary's Office: Stenographic Section, two secretarial positions in addition to Assistant Supervisor of that Section to be established at the grade level of FR-6 Service to the public, memorandum from President Johnson to the heads of departments and agencies relating to a program aimed at improving the quality of, Governor Shepardson designated to direct the program within the Board's organization, letters to Chairman of Civil Service Commission and FRBank of Boston with similar letters sent to other FRBanks Stenographic, typing, and secretarial positions, revised policy for classification of, approved Travel: Cost, reduction in, Board expressed concurrence with the objective of the President, as stated in the Bureau of the Budget memorandum of August 23, 1965, re directives on air transportation, hotel reimbursement, and gifts and gratuities, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/10 4151,4157 12/15 4176 11/22 3778 12/30 4445 11/18 3758,3767-68 11/22 3778 12/15 4178 1965 88 Pages Board of Governors: (continued) Typing, stenographic, and secretarial positions, revised policy for classification of, approved Bonds: International Bank for Reconstruction and Development: Amendment to fiscal agency agreement: FRBank of N.Y. authorized to act as fiscal agent re proposed issuance of Twenty-Five Year Bonds of 1965 FRBank of N.Y. authorized to act as fiscal agent re proposed issuance of Two Year Bonds of 1965 Markets, question re FAC appraisal of current status in bond market, topic for discussion with FAG Indication of continued strengthening of interest rate structure, yields on corporate and Government securities high, spread between Government bond and corporate obligations widened, probable that the demand of banks for Government and municipal obligations will lessen, view expressed at joint meeting with FAC Municipals, evaluation of slowdown in bank acquisition of, topic for discussion with FAC No discussion of this topic at joint meeting with FAC Revenue: Amendment proposed re paragraph seventh of section 5136 of the Revised Statutes to define general obligations, clarify authority, and avoid conflicting interpretations by Comptroller of the Currency and Board, agreed not to submit at this time, but statement of existing situation would be included in Board's Annual Report, Gov. Mitchell prgerring support of legislation granting member banks underwriting privileges re revenue bonds Decision not to submit legislative proposals at this time http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/22 3778 2/1 353,367 9/13 2955,2960 8/27 2789,2808 9/21 3090 10/29 3426,3441 11/16 3700 1/14 139 2/9 449 1965 89 Pages Bonds: (continued) Revenue: (continued) H.R. 7539, a bill that would have the effect of permitting banks to underwrite and deal in, Mr. Cardon of Board's staff reported that House Banking and Currency Committee intended to hold hearings on, understood that Vice Chairman Balderston would represent the Board at the hearings and that he would present testimony reflecting the position heretofore expressed by the Board on such legislation Present confusion as to extent to which member banks could deal in and underwrite, Congressman Reuss requested Board to prepare draft amendment designed to prohibit a bank from purchasing, for any of its trust accounts, securities that it is underwriting, from selling such securities to its borrowers or correspondent banks, and to require all sales of such securities to be preceded by disclosure of the bank's position as underwriter, letter sent to Chairman Patman of House Banking and Currency Committee and copy of draft amendment and comments to Comptroller of the Currency Request from FRBank of New York for a ruling on meaning of "obligor or maker" under section 5136 of Revised Statutes in connection with an investment in New York State Dormitory Authority bonds in light of interpretation by Comptroller of the Currency, understanding that Board's staff would discuss matter further with the FRBank of New York http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/20 1315 5/19 1668,1683 9/22 3125 1965 90 Pages Bonds: (continued) Revenue: (continued) Request from Covington & Burling, counsel for the Committee for Study of Revenue Bond Financing (an association of investment banking firms engaged in revenue bond underwriting), for access to all unpublished material contained in letters, rulings, and opinions issued to commercial banks and other financial institutions relating to Board's interpretation of term "general obligations of any State or of any political subdivision thereof," agreement matter would be handled informally Letter approved to law firm of Covington & Burling, Washington, D.C., re its request for access to certain unpublished information with respect to the meaning of "general obligations" Savings: New category of, issued by commercial banks SEE: Deposits: Savings bond Savings bond luncheons: Question raised by Savings Bonds Division of the Treasury Department re Board's views with respect to assistance by FRBanks in paying cost of, for 25th anniversary drive in 1966, agreement with suggestion that it would be appropriate for Federal Reserve Banks to absorb cost of such smaller, but inappropriate for larger luncheons arranged outside the FRBanks, letter to Treasury Department with understanding that FRBanks would be informed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/26 3836 12/9 4091,4114 10/26 3383 1965 91 Pages Booz, Allen & Hamilton, Inc., Cleveland, Ohio: Appointment to assist in developing guidelines for FRBank officers salaries, to obtain factual information re salaries in Dallas community for similar positions, understood professional fees would not exceed $7,000 and that reimbursable expenses would be between $1,500 and $2,000 with payment to be made by Board upon receipt of final report Consultant firm retained by Board to make survey on community salary levels in Dallas in connection with salary ranges for First Vice Presidents and FRBank officers, on basis of report from, Board's Committee on Organization, Compensation, and Building Plans made certain recommendations which were approved Borrowings: Member banks from FRBanks: Discount window: Further discussion re approaches to problems contributing to balance of payments deficit including suggestions re possible amendment to Regulation A, and possible use of, Board to continue study of problem Governor Shepardson felt that administration of, was a function of Division of Examinations and whether the question re its efficiency was within the scope of Division of Bank Operations, felt that the broader study re establishment of discount policy should involve the Division of Research and Statistics, agreement by Board, Mr. Holland, Associate Director, Division of Research and Statistics directed to review data received from FRBanks re discount function http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/30 2205 11/3 3485 1/19 205 2/15 521,540 1965 92 Pages Borrowings: (continued) Member banks from FRBanks: (continued) Discount window: (continued) Current statistical data revealed substantial borrowing by certain banks in Sixth District, suggested that the Reserve Bank's discount officer look over the cases, agreed that a letter be sent to all FRBanks asking for data re borrowing by member banks, understood that such a letter would be drafted Agreement with Mr. Holland's suggestion that a conference of Federal Reserve discount officers be called to consider uniform procedures for handling certain types of emergency borrowing, Mr. Holland to attend conference as Board's regularly designated representative Draft letter requesting FRBanks to submit at the end of each Reserve computation period a list of banks that had been indebted in at least four of the last six periods and in the most recent period had borrowed over 10 per cent of required reserves if a reserve city bank and over 20 per cent if a country bank, understood that the letter would be held in abeyance pending discussion at conference of discount officers Proposed quarterly reports dealing with current member bank borrowings and preparation of proposed monthly statistical analysis on an experimental basis approved, Form 527, supplying reports re, and Form 527a, containing bank names, to be continued, advice to Presidents of all FRBanks Use of FRBank of Kansas City, by member banks in the Tenth District, noted in reviewing the examination report of the Bank http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/13 1188 5/10 1507 5/28 1811 6/28 2169,2178 7/22 2421 1965 93 Pages Borrowings: (continued) Member banks from FRBanks: (continued) Discount window: (continued) Report from Divisions of Examinations and Research and Statistics on member bank borrowings from FRBanks for second quarter of 1965, reviewed, suggestion that report be brought up again when other members of the Board were present, Governor Mitchell, especially, might have views on the subject Suggestion that if access of discount window was eased, it might encourage banks to go to the FRBank instead of correspondent banks, views expressed at joint meeting of Board and FAC Governor Mitchell issued a memorandum captioned "The Federal Reserve Image," proposing consideration of a package of policy actions, third proposal called for Federal Reserve discount windows to accept notes with maturities up to three months from banks having difficulty in meeting seasonal needs of customers out of their own resources Governor Balderston suggested as possible components to a package of actions an offer to accept at the discount window, notes of member banks up to three months for appropriate purposes Endorsement procedures of collateral used as security for, reply to Senator Robertson, Chairman of Banking and Currency Committee re views on suggestion by Gaylord A. Freeman, Jr., Vice Chairman of Board of First National Bank of Chicago re, letter also sent to FRBank Presidents asking for their views http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/10 2948 9/21 3118 11/3 3521 11/3 3537 8/25 2765,2780-82 1965 94 Pages Borrowings: (continued) Member banks from FRBanks: (continued) Forms L.5.3 and L.5.4, relating to, letter approved to the Presidents of all FRBanks re plans for automating National banks from FRBanks: Request from Comptroller of the Currency for information on continuing basis re loans and advances extended to, and Board agreed that matter would be discussed with discount officers of FRBanks, copies of Comptroller's letter to be sent to Presidents of FRBanks with request for their views, and comments on types of information that they would like to receive from the Regional Comptrollers, draft of reply to Comptroller would be prepared for Board's consideration Reply to Comptroller of the Currency approved Further correspondence with the Comptroller re, reply approved (Individual banks): Bank of the Commonwealth, Detroit, Michigan: In reviewing Examination Report of FRBank of Chicago, Governor Mitchell was to seek more information re circumstances surrounding recent borrowing record of Governor Mitchell said he had talked with President Scanlon of FRBank of Chicago re, understood material furnished by President Scanlon would be circulated to Board members Five Points National Bank of Miami, Florida, FRBank of Atlanta authorized to comply with request of the District Supervising Examiner of FDIC for information and data re reserve position, borrowings, and flow of return items of, for various dates, it being understood that FDIC was preparing to issue notice terminating status of, as an insured bank under the Federal Deposit Insurance Act http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/10 4151,4155 6/7 1910,1924 7/12 2289,2298 8/16 2697,2706 1/5 31 1/21 237 6/4 1888 1965 95 Pages Borrowings: (continued) Member banks from FRBanks: (continued) Orange Empire National Bank of Anaheim, Calif.: Report from Mr. Solomon re telephone conversation with President Swan of FRBank of San Francisco re borrowings by, Regional Comptroller of the Currency in San Francisco had expressed doubt re solvency of, indication that Regional Comptroller favored merger with a national bank in San Diego, Board indicated that it would like to be kept informed of developments Mr. Solomon reported at April 12, 1965 Board meeting that Bank had been placed in conservatorship Republic National Bank of Dallas, Texas, record of borrowings from FRBank of Dallas noted in examination report of the FRBank San Francisco National Bank, San Francisco, Calif.: Report on extensive borrowings by, report included possibility of a merger with another bank and commented re additional assistance to the bank through the discount window should the merger not materialize, agreed that the FRBank had been taking all steps that could reasonably be taken to cope with the situation Noted that negotiations for possible merger into the Central Valley National Bank of Oakland had been terminated, need for current and continued assistance through use of the discount window, discussed Currently in process of liquidation, proposals to reopen, Mr. Solomon of Board's staff described reasons why it did not appear realistic or feasible to reopen, also reported on borrowings from the FRBank of San Francisco and remainder of assets of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/9 1135 4/9 1136 4/15 1238 1/11 106 1/22 254 3/31 1045 1965 96 Pages Borrowings: (continued) Member banks from FRBanks: (continued) 17th Street National Bank of Denver, Colorado: Memorandum informing Board of recent developments relating to borrowings from the Denver Branch, understood that a letter to the Comptroller of the Currency would be prepared for Board's consideration, condition of bank not satisfactory Approval given to letter to Comptroller of the Currency, with understanding that copies would be sent to Secretary of the Treasury, Under Secretary Barr, and the Chairman of the FDIC Branch banks, domestic: Application to establish: H.R. 7133, a bill to amend the FRAct, FDIAct, and section 5155 of the Revised Statutes, relating to placing of authority to approve the establishment of State member bank branches, organization of new national banks, and establishment of their domestic branches, and admission of noninsured State banks to membership in FRSystem, letter to Chairman Patman of the House Banking and Currency Committee re, approved Large banks, establishment of branches by, suggestion by Governor Maisel that the interagency Coordinating Committee on Bank Regulation give consideration re the degree of protection that the bank regulatory agencies should afford a new or small bank when a large bank sought to establish a branch in the area http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/8 3588 11/9 3607 4/27 1389,1408 7/1 2211 1965 97 Pages Branch banks, domestic: (continued) Mobile branch facilities, applications by Manufacturers and Traders Trust Company, Buffalo, New York, for establishment of, approved, pointed out that this was the first time the Board had been asked to approve, FRBanks informed of Board's action, interpretation in Federal Register and FRBulletin Money orders: Appointment of an agent to sell a bank's money orders at a location other than the premises of the bank, question as to whether such would constitute the establishment of a branch, letter to FDIC requesting views to representatives of the transmitting Letter Federal banking authorities and the Treasury Department proposed ruling indicating that the selling of, does not constitute the establishment of Letters received from Treasury Department, Comptroller of the Currency, and FDIC interposing no objection to Board's interpretation re, letter to all FRBank Presidents approved, inter pretation to be published in Federal Register and FRBulletin Mortgage servicing contracts, establishment of branches by United California Bank, Los Angeles, California, approved, at 601 California Street, San Francisco, at 790 Green Street, Pasadena, and at 7872 Ivanhoe Avenue, La Jolla, California, in connection with acquisition of assets and mortgage servicing contracts of Marble Mortgage Co., provided the activities of these branches are limited to negotiating, and servicing of real estate mortgage loans, question of Board's general policy discussed in regard to acquisition of mortgage servicing contracts by State member banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/29 3428,3452-54 2/1 353,368 2/24 642,678-80 3/10 840,847 10/29 3425,3436 1965 98 Pages Branch banks, domestic: (continued) National banks: Establishment of: H.R. 7496, a bill to amend Section 5155 of Revised Statutes, relating to, letter to Chairman Patman of the House Banking and Currency Committee reporting on Case of Cheltenham National Bank, Cheltenham, Pennsylvania, technically becoming a reserve city bank when it opened a branch inside the Philadelphia city limits, memorandum from Division of Bank Operations bringing out fact that difficulty between Regional Comptroller and Federal Reserve Bank of Philadelphia (which had not been informed of branch opening) arose because of a breakdown in communications, understood matter would be discussed at next meeting of high-level interagency group on bank supervision Opening of a branch prior to Board approval by Hunterdon County Trust Company, Califon, New Jersey, comments on reasons that had prompted Hunterdon County Trust Company to open its branch in advance of approval by Board Protests by: Flushing Savings Bank, Flushing National Bank, and College Point Savings Bank, all of Flushing, N.Y., Mr. Regan, protesting for, the establishment of a branch at 156-20 Northern Blvd., Flushing, by Manufacturers Hanover Trust Co., N.Y., N.Y., understood Mr. Regan would be informed that if there was additional information he wished to present, he should discuss the matter with the Division of Examinations, and if needed, he could appear before the Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/15 3014,3034 11/10 3632 11/24 3807,3829 6/14 1995 1965 99 Pages Branch banks, domestic: (continued) Protests by: (continued) Flushing Savings Bank, Flushing National Bank, and College Point Savings Bank, all of Flushing, N.Y., Mr. Regan protesting for: (continued) Understood that a decision on the branch application would be deferred pending a request for views of State Superintendent of Banks on validity of complaints State Superintendent of Banks Wille did not feel that this branch would have any substantial adverse effect and the application was approved Quincy Trust Company, Quincy, Massachusetts, requesting a period of time to prepare a brief for submission to the Board protesting application by Norfolk County Trust Company, Brookline, Massachusetts, to establish a branch in Randolph, approval given to letter allowing Quincy Trust Company a week to submit its views in writing, suggestion that copies of correspondence be sent to President Ellis of the FRBank of Boston Seasonal branch, establishment of, by Wachovia Bank and Trust Company, WinstonSalem, North Carolina, in the Big Winston Warehouse at the intersection of Shorefair Drive and 32nd Street, Winston-Salem, North Carolina, approved, pointed out that authorization recommended in this instance was of a continuing nature, in lieu of requiring the applicant to submit a new application each year http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/1 2210 7/21 2399 1/13 118,134 8/9 2649,2662 1965 100 Pages Branch banks, domestic: (continued) (Individual banks): Ann Arbor Bank, Ann Arbor, Michigan, establishment of a branch between Jackson Road and Dexter Road in Ann Arbor, approved, six-month extension granted Annapolis Banking and Trust Company, Annapolis, Maryland, extension of time to establish a branch at the corner of Ritchie Highway and McKinsey Road, Anne Arundel County, Md., approved Arkansas Bank and Trust Company, Hot Springs, Arkansas, establishment of a branch at 2515 Malvern Road, Hot Springs, Arkansas, approved, six-month extension granted Bank of the Commonwealth, Detroit,Michigan: Establishment of a branch at 7720-7724 Michigan Avenue, Detroit, Michigan, approved, six-month extension granted Establishment of a branch in the Detroit Trade Center, Sixth and Howard Streets, Detroit, Michigan, approved, sixmonth extension granted Establishment of a branch at 6560 Cass Avenue, Detroit, Michigan, approved, six-month extension granted Establishment of branches at 32919 Cherry Hill Road and Ford and Newburgh Roads, both in Nankin Township, approved, notation that proposed sale of capital debentures should be consummated at earliest possible date in order to improve capital position, six-month extension granted Establishment of branches at 11531 Belleville Road, Van Buren Township, and at 33500 Earle Memorial Highway, Sterling Township, approved, sixmonth extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/7 1125,1127 1/28 330,335 7/1 2210,2228 2/8 418,439 6/3 1851,1856 6/3 1851,1857 11/10 3624,3640 11/18 3755,3762-63 1965 101 Pages Branch banks, domestic: (continued) Bank of Idaho, Boise, Idaho, establishment of a branch in the business district of Ketchum, Idaho, approved, sixmonth extension granted Bank of Lansing, Michigan, establishment of a branch at 2800 East Grand River Avenue, Lansing Township, six-month extension granted Bank of Leighton, Alabama, establishment of a branch at 706 South Montgomery Avenue, Sheffield, Alabama, approved, six-month extension granted Bank of Salem, Virginia, establishment of a branch on U.S. Route 220, Roanoke County, Virginia, approved, six-month extension granted Bank of Smithtown, New York, establishment of a branch in Kings Park, Smithtown (unincorporated area) Suffolk County, New York, approved, sixmonth extension granted Bank of Virginia, Richmond, Virginia: Operation of a branch at the former office of Farmers Bank of Boydton, Va., incident to its merger with, approved Establishment of branches at Ridge Road and U.S. Route 250, both in Henrico County, Virginia, approved, understanding that consideration is being given to means of strengthening capital position, six-month extension granted Bank of Warwick, Newport News, Virginia, establishment of a branch at Warwick Blvd. and Beechmont Drive, Newport News, Virginia, approved, six-month extension granted Bank of Waynesboro, Georgia, establishment of a branch at Council and Commerce Streets, Waynesboro, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/22 4331,4343 11/10 3624,3642 9/1 2823,2833 9/20 3066,3079 9/17 3054,3057 8/2 2541 12/20 4296,4315 11/3 3493,3560 7/6 2250,2253 1965 102 Pages Branch banks, domestic: (continued) Bank of Wood County Company, Bowling Green, Ohio, operation of a branch at the former office of First National Bank of North Baltimore, Ohio, incident to its merger into, approved Bankers Trust Company, Des Moines, Iowa, establishment of a branch at 3907-23 Merle Hay Road, Des Moines, Iowa, approved, six-month extension granted Bankers Trust Company, New York, New York: Establishment of a branch at 333 North Broadway, Oyster Bay, Nassau County, New York, approved, six-month extension granted Establishment of an in-town branch at 132-10-12 14th Avenue, College Point, New York, approved, six-month extension granted Establishment of a branch at 1541-49 Flatbush Avenue, New York, New York, approved, six-month extension granted Establishment of a branch at West 235th Street and Johnson Avenue, New York, New York, approved, six-month extension granted Establishment of a branch at 100 Broadway, New York, for the limited purpose of conducting operations of its Corporate Tax Division, approved, six-month extension granted Establishment of a branch at 207 Varick Street, New York, approved, six-month extension granted Bay City Bank, Bay City, Michigan, establishment of a branch at Center Avenue and Harding Road, Hampton Township, Bay County, Michigan, approved, six-month extension granted Birmingham-Bloomfield Bank, Birmingham, Michigan: Establishment of a branch at 1393 South Woodward Avenue, Birmingham, Michigan, approved with an investment in bank premises, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/21 1714 10/6 3234,3240 2/23 620,627 3/30 993,1016 6/7 1907,1913 8/17 2709,2712 9/20 3065,3077 11/22 3771,3782 4/5 1077,1101 4/7 1125,1128 1965 103 Pages Branch banks, domestic: (continued) Birmingham-Bloomfield Bank, Birmingham, Mich.: (continued) Establishment of a branch at 28700 Wixom Road, Wixom, Michigan, approved with an investment in bank premises, 4/7 six-month extension granted Blanchard State Bank, Blanchard, Michigan, establishment of a branch at 233 West Bridge Street, Six Lakes, Montcalm County, Michigan, approved, with the stipulation that the capital stock must be increased, 9/20 six-month extension granted Camden Trust Company, Camden, New Jersey, establishment of a branch at ClementonErial Road and Branch Avenue, Pine Hill, New Jersey, approved, 12/17 six-month extension granted Carroll County Trust Company, Conway, New Hampshire, establishment of a branch on Route 16, in the Township of Ossipee, New Hampshire, approved, six9/10 month extension granted Central Savings Bank and Trust Company, Monroe, Louisiana, establishment of a branch at 401 North Fourth St., 10/25 Monroe, Louisiana, approved Central Trust Company, Cincinnati, Ohio, extension of time to establish a branch at Northland and Waycross Roads, 3/3 Forest Park, Ohio, approved Central Trust Company, Rochester, New York: Establishment of an in-town branch at 314 Waring Road, approved, six-month 5/6 extension granted Establishment of a branch in the Panorama Plaza Shopping Center, Penfield, New York, approved, six-month exten6/17 sion granted Establishment of a branch in the Irondequoit Shopping Plaza at 2133 Hudson Avenue, Irondequoit, New York, approved, six-month extension 6/23 granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1125,1129 3066,3080 4244,4258 2947,2950 3373 738,754 1492,1497 2045,2064 2124,2129 1965 104 Pages Branch banks, domestic: (continued) Chase Manhattan Bank, New York, New York: Extension of time to establish a branch at 208 Amsterdam Avenue, New York, New York, approved Establishment of a branch at 1017 Pennsylvania Avenue, New York, New York, approved, six-month extension granted Establishment of a branch at 754 Manor Road, Castleton Corners, New York, New York, approved, six-month extension granted Chemical Bank New York Trust Company, New York, New York: Establishment of a branch in the Baldwin Place Shopping Center, Somers, Westchester County, New York, approved, six-month extension granted Establishment of a branch at 2190 White Plains Road, New York, New York, approved, six-month extension granted Establishment of a branch in the Dalewood Shopping Center at Central Park Ave., Greenburgh, Westchester County, New York, approved, six-month extension granted Establishment of a branch at Third Avenue and East 28th Street, New York, New York, approved, indicating that capital structure needed improving, six-month extension granted Establishment of a branch at 1350 Avenue of the Americas, New York, New York, approved, six-month extension granted Chemical Bank and Trust Company, Midland, Michigan, establishment of a branch at Gordonville and Poseyville Roads, Ingersoll Township, Midland County, Michigan, approved, sixmonth extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/18 155, 186 6/23 2124,2128 7/20 2382,2389 4/20 1308,1319 6/11 1956,1982 7/26 2453,2458 9/3 2837,2848-49 9/20 3065,3076 6/3 1852,1859 1965 105 Pages Branch banks, domestic: (continued) Chesterton State Bank, Chesterton, Indiana, establishment of a branch at McCool Road and U.S. Highway 6 of South Haven, Portage Township, Porter County, Indiana, approved, sixmonth extension granted Citizens Bank, Vermillion, South Dakota, operation of four branches at the former offices of Security State Bank, Gayville, Farmers State Bank, Tabor, and Security State Bank, Wakonda, all of South Dakota, incident to their consolidation with, approved Citizens Bank and Trust Company, Blackstone, Virginia, establishment of a branch at Main and Broad Streets, Blackstone, Virginia, approved, six-month extension granted Citizens Banking Company, Sandusky, Ohio, establishment of a branch at 221-225 Wayne Street, Sandusky, approved, sixmonth extension granted Citizens Commercial & Savings Bank, Flint, Michigan: Establishment of a branch at 1105 Robert T. Longway Blvd., Flint, Michigan, approved, need for improvement in capital position indicated, six-month extension granted Establishment of a branch at 3267 Van Slyke Road, Flint, Michigan, approved, with notation that capital structure is below desirable amount, six-month extension granted Establishment of branches at North Saginaw Rd., Holly Township, Michigan, and 2141 West Bristol Road, Flint, Michigan, approved,with notation urging that serious consideration be given to improving capital position, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/17 579,587 6/17 2069 9/22 3125,3142 7/16 2351,2364 9/20 3066,3081 10/27 3391,3410 7/16 2351,2365 1965 106 Pages Branch banks, domestic: (continued) Citizens Fidelity Bank and Trust Company, Louisville, Kentucky: Establishment of a branch in the St. Denis Shopping Center at Cane Run Road and Hartlage Avenue, Jefferson County, Kentucky, approved, six-month extension granted Establishment of a branch in the Westport Road Shopping Center on Westport Rd., Jefferson County, Kentucky, approved, six-month extension granted Establishment of a branch at the Medical Towers South Building on Floyd and Gray Streets, Louisville, Kentucky, approved, six-month extension granted Citizens State Bank of Santa Paula, California, establishment of a branch in the Santa Paula Shopping Center, approved, six-month extension granted Citizens Trust and Savings Bank, South Haven, Michigan, operation of a branch at the former office of Fruit Growers State Bank of Saugatuck, Michigan, incident to its merger with, approved City Trust Company, Bridgeport, Connecticut, establishment of a branch in the Hardy Shopping Center on Quality Street, Trumbull, Connecticut, approved, six-month extension granted Cleveland Trust Company, Cleveland, Ohio, establishment of a branch at Pearl Road and Pierce Drive, Strongsville, Ohio, approved, six-month extension granted Colonial Bank and Trust Company, Waterbury, Conn., establishment of a branch in the Watertown Plaza Shopping Center, Watertown, Connecticut, approved, Board notes that capital position of, is somewhat below desirable levels and urges that, strengthen its capital structure, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/26 710,718 5/26 1721,1743 9/15 3014,3031 12/23 4373,4392 8/13 2686 2/8 418,436 3/30 993,1018 4/2 1069,1070-73 1965 107 Pages Branch banks, domestic: (continued) Columbus Bank and Trust Company, Columbus, Georgia: Establishment of a branch at Buena Vista Road and Tennessee Drive, Columbus, Georgia, approved, six-month extension granted Extension of time to establish a branch at 1000 Fourth Avenue, approved, with branch operations at 1000 Broadway to be discontinued simultaneously Columbus Trust Company, Newburgh, New York, establishment of a branch at Union Avenue, Newburgh, Orange County, New York, approved, six-month extension granted Commerce Union Bank, Nashville, Tennessee, establishment of two branches in a shopping center to be constructed at Thompson Lane and Powell Ave., operations at the bank's existing office at 602 Thompson Lane to be discontinued simultaneously, six-month extension granted Commercial Bank and Savings Company, Fostoria, Ohio: Establishment of a branch at the former location of New Riegal State Bank, New Riegel, Ohio, incident to its merger with, approved Establishment of a branch at 200 South Main Street in connection with the relocation of the bank's main office from that location to 220 Perry Street, Fostoria, Ohio, approved Commercial and Savings Bank of St. Clair County, St. Clair, Michigan, operation of a branch at the former office of Yale State Bank, Yale, Mich., incident to its consolidation with, approved Commercial Trust and Savings Bank, Mitchell, South Dakota, establishment of a branch at 619 South Sanborn St., Mitchell, South Dakota, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/12 850,859 11/10 3624,3639 7/20 2382,2391 12/23 4373,4390 1/28 341 9/23 3143,3146 6/14 2001 7/27 2466,2472 1965 108 Pages Branch banks, domestic: (continued) Connecticut Bank and Trust Company, Hartford, Connecticut: Establishment of a branch at the Crossroads Plaza Shopping Center, North Main Street, West Hartford, Conn., approved, six-month extension granted Establishment of a branch between 528 and 536 Main Street, Cromwell, Connecticut, approved, six-month extension granted Establishment of a branch in the Parkside Shopping Center at Kane Street and Prospect Avenue, West Hartford, Connecticut, approved, six-month extension granted Establishment of a branch at 399-401 New Britain Avenue, Hartford, Connecticut, approved, six-month extension granted Continental Bank and Trust Company, Salt Lake City, Utah: Establishment of a branch at 4100 South Redwood Road in an unincorporated area of Salt Lake County, Utah, approved, six-month extension granted Establishment of a branch at 70th South and 20th East in an unincorporated area of Salt Lake County, Utah, approved, six-month extension granted County Bank of Santa Cruz, California, extension of time to establish a branch at Front and Cooper Streets, Santa Cruz, California, granted, noted that construction of branch will begin this month County Trust Company, Tenafly, New Jersey, extension of time to establish a branch at Franklin Street and West Clinton Avenue, granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/8 84,88 1/21 231,238 7/20 2382,2388 8/18 2722,2731 2/17 579,589 2/17 579,588 2/26 710,720 12/23 4373,4393 1965 109 Pages Branch banks, domestic: (continued) County Trust Company, White Plains, New York, establishment of a branch at Macy Street and Halstead Avenue, Harrison, Westchester County, New York, approved, six-month extension granted Dauphin Deposit Trust Company, Harrisburg, Pennsylvania, establishment of a branch on the Carlisle Pike, Hampden Township, Cumberland County, Pennsylvania, approved, sixmonth extension granted Deposit Guaranty Bank & Trust Company, Jackson, Mississippi, establishment of a branch in the Clinton Plaza Shopping Center, Clinton Boulevard, Clinton, Mississippi, approved, six-month extension granted Detroit Bank and Trust Company, Detroit, Michigan: Establishment of a branch at Garfield Road and Metropolitan Parkway, Clinton Township, Michigan, approved, six-month extension granted Establishment of a branch at Dequindre and Fourteen Mile Roads, Sterling Township, Michigan, approved, six-month extension granted Establishment of a branch at 6846 Wayne Road, Nankin Township, approved, with branch operations at 6365 Wayne Road to be discontinued, sixmonth extension granted Establishment of a branch at Ann Arbor Road and Lilley Road, Plymouth Township, Michigan, approved, sixmonth extension granted Establishment of a branch at 7201 West Fort Street, Michigan, approved, six-month extension granted Dothan Bank & Trust Company, Dothan, Alabama, extension of time to establish a branch in the Porter Square Shopping Center, 828 West Main Street, Dothan, Alabama, granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/8 788,799 2/4 390,393 8/2 2525,2535 5/14 1600,1604 5/14 1600,1605 11/10 3624,3641 11/18 3754,3761 12/23 4382,4412 8/17 2710,2717 1965 110 Pages Branch banks, domestic: (continued) Dutchess Bank and Trust Company, Poughkeepsie, New York, establishment of a branch at the Village of Wappinger Falls, Dutchess County, New York, approved, six-month extension granted Elyria Savings and Trust Company, Elyria, Ohio: Establishment of a branch at Walker Road and Ohio Route 76, Avon Lake, Ohio, approved, six-month extension granted Establishment of a branch at Station Road and Ohio Route 82 in Columbia Township, Ohio, approved, six-month extension granted Endicott Trust Company, Endicott, New York, establishment of a branch in the Endicott Plaza Shopping Center, Endicott, New York, approved, six-month extension granted Etna Bank, Etna Green, Indiana, establishment of a branch in Atwood, Kosciusko County, Indiana, approved, with an understanding re an increase in capital stock, six-month extension granted Exchange Bank and Trust Company, El Dorado, Arkansas, establishment of a branch in Olin Lumber Company Building, Huttig, Arkansas, approved, sixmonth extension granted Farmers and Citizens Bank, Trotwood, Ohio, establishment of a branch at Shiloh Springs Road and Denlinger Road, Madison Township, Ohio, approved, six-month extension granted Farmers' Loan and Trust Company, Columbia city, Indiana, operation of a branch at the former office of Mayer State Bank, South Whitley, Ind., incident to its merger with, approved Farmers and Merchants Bank, Huron, South Dakota, establishment of a branch (detached drive-in facility) at 18th and Dakota Avenue, Huron, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/22 935,945 2/23 620,630 11/10 3624,3637 12/9 4090,4101 5/17 1610,1616 9/1 2823,2832 6/30 2194,2207 1/13 128 6/16 2020,2038 1965 111 Pages Branch banks, domestic: (continued) Farmers and Merchants Bank of Long Beach, California: Establishment of a branch at Graywood Avenue in the Lakewood Shopping Center, Lakewood, Los Angeles County, Calif., approved, six-month extension granted Establishment of a branch at Woodruff and Rosecrans Avenues, Bellflower, Los Angeles County, California, approved, six-month extension granted Farmers State Bank of Englewood, Ohio, establishment of a branch at 18 on the Mall, 30 South Main Street, Dayton, Ohio, approved, with the understanding that the capital stock would be increased, sixmonth extension granted Federation Bank and Trust Company, New York, New York, establishment of an intown branch at 158-11 Jewel Avenue, Borough of Queens, approved, six-month extension granted Fidelity Bank, Beverly Hills, California, operation of a branch at the former office of South Bay Bank, Manhattan Beach, California, incident to its merger with, approved Fidelity Bank and Trust Company, Houston, Texas, establishment of a branch in the Humble Oil & Refining Company Building, Milam Avenue between Bell and Leeland Avenues, Houston, Texas, approved, sixmonth extension granted Fidelity-Pennsylvania Trust Company, Philadelphia, Pennsylvania, establishment of a branch at 1212 Lancaster Ave., Rosemont, Lower Marion Township, Pennsylvania, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/27 1389,1403 4/27 1389,1404 5/17 1610,1617 1/27 314,323 12/22 4361 7/27 2466,2469 6/7 1907,1914 1965 112 Pages Branch banks, domestic: (continued) Fidelity-Philadelphia Trust Company, Philadelphia, Pennsylvania: Establishment of a branch at 10th and Snyder Avenues, Philadelphia, Pennsylvania, approved, six-month extension granted Establishment of a branch in Rosemont at Castor and Solly Avenues, Philadelphia, approved, branch operations now conducted at 8344 Bustleton Ave., Philadelphia, to be discontinued Extension of time to relocate a branch from the Lafayette Building, at the northeast corner of Sixth and Ranstead Streets, Philadelphia, to the Rohns and Haas Building at the northwest corner of Sixth and Ranstead Streets, Philadelphia, approved Establishment of a branch on the north side of Skippack Pike (Route 73), Whitpain Township, Pennsylvania, approved, six-month extension granted Establishment of a branch in Boothwyne and an investment in bank premises, establishment of a branch near Limekiln Pike and Dreshertown Road, Upper Dublin Township, and an investment in bank premises, and an extension of time to establish a branch in Rosemont and an investment in bank premises, approved, six-month extension granted Fidelity Union Trust Company, Newark, New Jersey, establishment of a branch at 305-311 Wilson Avenue with an investment in bank premises, approved, six-month extension granted Fifth Third Union Trust Company, Cincinnati, Ohio, establishment of a branch in Blue Ash, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/27 315,324 6/7 1908,1915 7/1 2210,2230 9/1 2822,2830 12/9 4090,4103-05 11/10 3624,3635 12/23 4382,4408 1965 113 Pages Branch banks, domestic: (continued) First Bank and Trust Company of South Bend, Indiana, establishment of a branch at 220 West Jefferson Boulevard, South Bend, Ind., approved, six-month extension granted First Independent Bank, Vancouver, Washington: Establishment of a branch at N.E. 45th Street and N.E. Saint Johns Road, Minnehaha, Washington, approved, six-month extension granted Establishment of a branch at N.E. Fourth Plain Boulevard and N.E. 109th Avenue, Orchards, Washington, approved, six-month extension granted First Michigan Bank and Trust Company, Zeeland, Michigan, establishment of a branch at U.S. Highway 31 and Middle Street, Douglas, Michigan, approved, understood that this branch will commence operations at 170 U.S. Highway 31, Douglas, Michigan, and these operations will be terminated simultaneously with commencement of operations at approved permanent location First Pennsylvania Banking and Trust Company, Philadelphia, Pennsylvania: Establishment of a branch at Bleigh and Bustleton Avenues, Philadelphia, Pa., approved, six-month extension granted Establishment of a branch in a proposed shopping center bounded by Red Lion, Calera, Cromwell, and Academy Roads, Philadelphia, Pennsylvania, approved First Trust Company of Albany, New York: Operation of branches at the former offices of the National Bank of Windham, New York, incident to its merger with, approved Establishment of an in-town branch at 1215 Western Avenue, approved, sixmonth extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/18 2722,2732 8/17 2710,2715 8/17 2710,2716 6/2 1839,1850 1/19 202,218 8/17 2709,2713 4/14 1219 6/3 1851,1855 1965 114 Pages Branch banks, domestic: (continued) First Trust and Deposit Company, Syracuse, New York, New York, establishment of a branch in the Administration Building of the Clarence E. Hancock Airport, Town of Dewitt, New York, approved, sixmonth extension approved First Western State Bank of Minot, North Dakota, establishment of a branch at Glenburn, North Dakota, approved, six-month extension granted Gaylord State Bank, Gaylord, Michigan, establishment of a branch at East Main and Mill Streets, Vanderbilt, Michigan, approved, along with additional investment in bank premises, six-month extension granted Genesee Merchants Bank and Trust Company, Flint, Michigan, establishment of a branch at Pierson Road and Elms Road in Flushing, Michigan, approved, six-month extension granted Girard Trust Bank, Philadelphia, Pennsylvania: Establishment of a branch at Lincoln Highway and Woodbourne Road, Middletown Township, Pennsylvania, approved, six-month extension granted Establishment of a branch at 5522-24 North 5th Street, Philadelphia, Pennsylvania, approved, six-month extension granted Establishment of a branch in the Blue Bell Shopping Center, Grovers Avenue at 70th Street, Philadelphia, Pa., approved, six-month extension granted Establishment of a branch at 1380 Skippack Pike, Whitpain Township, Pennsylvania, approved, six-month extension granted Establishment of a branch at 1300 Virginia Dr., Fort Washington Industrial Park, Fort Washington, Pennsylvania, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/23 2432,2444 5/3 1462,1467 7/20 2382,2393 6/3 1852,1860 2/1 353,361 2/23 620,629 4/2 1069,1073 9/1 2822,2829 12/9 4090,4102 1965 115 Pages Branch banks, domestic: (continued) Glenns Ferry Bank, Limited, Glenns Ferry, Idaho, establishment of a branch in Cambridge, Idaho, approved, six-month extension granted Greenfield Banking Company, Greenfield, Indiana, operation of a branch at the former office of First National Bank of Fortville, Indiana, incident to its merger with, approved Hempstead Bank, Hempstead, New York: Establishment of in-town branches at 728-734 Fulton Avenue and 265 North Franklin Street, approved, sixmonth extension granted Establishment of a branch at 170 Old Country Road, Mineola, approved, branch operations at 72 East Old Country Road to be discontinued simultaneously with the opening of the new branch, six-month extension granted Hunterdon County Trust Company, Califon, New Jersey, establishment of a branch in the Clinton Township Municipal Building, Annandale, Clinton Township, New Jersey, approved, comments on reasons that had prompted its opening in advance of approval by Board Imlay City State Bank, Imlay City, Michigan, establishment of a branch at 433 Imlay City Road, Imlay City, Michigan, approved, six-month extension granted Industrial State Bank of Kalamazoo, Michigan: Establishment of a branch at 601 East Crosstown Parkway, Kalamazoo, Michigan, approved, six-month extension granted Establishment of a branch at 2706 West Michigan Avenue, Kalamazoo, Michigan, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/21 3350,3352 12/1 3900 2/8 418,437 9/9 2910,2927 11/24 3807,3829 8/18 2722,2734 5/26 1721,1744 9/9 2910,2929 1965 116 Pages Branch banks, domestic: (continued) Irving Trust Company, New York, New York, establishment of a branch at 1440 Broadway, New York, New York, approved, with notation that careful consideration be given to capital adequacy Kingston Trust Company, Kingston, New York: Operation of a branch at the former office of First National Bank of Marlboro, New York, incident to its merger with, approved Establishment of a branch on the west side of Route 9W, Town of Ulster, New York, approved, six-month extension granted Lake City Bank, Warsaw, Indiana, establishment of a branch on First Street between King's Highway and Chestnut Ave., Winona Lake, Indiana, approved, additional investment in bank premises, six-month extension granted Liberty State Bank, Hamtramck, Michigan, establishment of a branch at 44474 Van Dyke Road, Sterling Township, Michigan, approved, six-month extension granted Lincoln Rochester Trust Company, Rochester, New York, establishment of a branch at 4390 Buffalo Road, Town of Chili, New York, approved, sixmonth extension granted Lorain County Savings & Trust Company, Elyria, Ohio, no objection to location of a branch at 50th Street and Elyria-Lorain Boulevard, Elyria Township, Ohio, rather than previously approved location at 326 Criswold Road Ludington State Bank, Ludington, Michigan, establishment of a branch at 5860 East Ludington Avenue, Pere Marquette Township, Michigan, approved, sixmonth extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/2 2524,2531-32 2/24 655 9/1 2822,2827 6/7 1908,1916 4/27 1389,1402 4/14 1192,1201 1/8 84,89 11/3 3493,3562 1965 117 Pages Branch banks, domestic: (continued) Macomb County Savings Bank, Richmond, Michigan, establishment of a branch at Highway M-19 and Gratiot Road in the village of Muttonville, Lenox Township, Michigan, approved, six-month extension granted Manufacturers Hanover Trust Company, New York, New York: Establishment of a branch at 24 West 57th St., Borough of Manhattan, approved, operations to be discontinued upon completion of the remodeling program of the bank's branch at 741 Fifth Avenue Protest by President Regan of Flusing Savings Bank, Flushing, New York, on behalf of Flushing National Bank and College Point Savings Bank, Flushing, New York, re proposed establishment of a branch at 156-20 Northern Boulevard, Flushing, understood Mr. Regan would be informed that if there was additional information that he wished to present, he should discuss the matter with the Division of Examinations, and if desire was strong enough, appearance before Board could be arranged Understood that a decision of the branch application would be deferred pending a request for views of State Superintendent of Banks on validity of complaints Discussion re furnishing Board's views re proposed settlement of antitrust suit brought against, by Department of Justice, whereby certain branches would be sold to some existing bank in New York City, understood Mr. Solomon would talk with representatives of Justice Department keeping in mind the Board's views as expressed at the meeting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/18 2722,2733 3/31 1040,1048 6/14 1995 7/1 2210 7/8 2257 1965 118 Pages Branch banks, domestic: (continued) Manufacturers Hanover Trust Company, New York, New York: (continued) Establishment of a branch at 156-20 Northern Boulevard, Flushing, New York, New York, approved, six-month extension granted Establishment of a branch at 111-121 William Street, New York, New York, approved Establishment of a branch at 446-48 McDonald Avenue, New York, New York, approved, six-month extension granted Extension of time to establish a branch at 290 Broadway, New York, New York, granted Establishment of a branch at 130 Stuyvesant Place, New York, New York, approved, six-month extension granted Establishment of a branch in Great Neck Estates, Town of North Hempstead, New York, approved, six-month extension granted Establishment of a branch at 866 Third Avenue, New York, New York, approved, six-month extension granted Manufacturers and Traders Trust Company, Buffalo, New York: Establishment of a branch at 525 Division St., North Tonawanda, Niagara County, New York, approved, six-month extension granted Establishment of a branch (drive-in facility) in the Transitown Plaza Shopping Center at Main Street and Transit Road, Town of Clarence, New York, approved, six-month extension granted Establishment of a branch at 102-104 Walnut Street, Lockport, New York, approved, six-month extension granted Establishment of an in-town branch at 490-518 Dorrance Avenue, New York, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/21 2399,2410 8/2 2525,2536 8/18 2722,2730 10/6 3234,3241 11/3 3493,3559 12/30 4441,4449 12/23 4373,4387 2/23 620,628 3/8 788,800 4/19 1286,1296 5/6 1492,1496 1965 119 Pages Branch banks, domestic: (continued) Manufacturers and Traders Trust Company, Buffalo, New York: (continued) Establishment of a branch at 24 East Main St., Fredonia, New York, New York, approved, six-month extension granted Establishment of a branch in University Plaza, 3500 Main Street, Eggertsville, Town of Amherst, New York, approved, six-month extension granted Establishment of a branch in the Boulevard Mall Shopping Center, Town of Amherst, New York, approved, six-month extension granted Establishment of four branches at specified locations in the Towns of Porter, Lewiston, Newfane, and in the Town of Clarence, to be operated two days a week, with each two mobile units serving two of the locations, approved, noted that this was the first time the Board had been asked to approve establishment of mobile banking offices,FRBanks informed of Board's action, interpretation to be published in Federal Register and FRBulletin Marine Midland Grace Trust Company, New York, New York, establishment of a branch at East Bay Avenue and Whittier Street, New York, New York, approved, six-month extension granted Marine Midland Trust Company of Central New York, Syracuse, New York, extension of time to establish an in-town branch at 700-730 Erie Boulevard, Syracuse, New York, granted Marine Midland Trust Company of New York, New York: Establishment of an in-town branch at 107-40 Queens Boulevard, Forest Hills, New York, New York, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/20 2382,2390 9/20 3066,3078 10/21 3349,3356 10/29 3428,3452-54 12/20 4296,4314 4/20 1308,1320 4/9 1132,1139 1965 120 Pages Branch banks, domestic: (continued) Marine Midland Trust Company of New York, New York: (continued) Operation of a branch at the former office of Grace National Bank of New York, New York, incident to its merger with, approved, title of merged banks to be Marine Midland Grace Trust Company of New York Marine Midland Trust Company of Northern New York, Watertown, New York, establishment of a branch at 1218 Arsenal Street, Watertown, New York, approved, six-month extension granted Marine Midland Trust Company of Rockland County, Nyack, New York, establishment of a branch at 340 Route 304, Bardonia, Town of Clarkstown, New York, approved, six-month extension granted Marine Midland Trust Company of Southern New York, Elmira, New York, establishment of a branch in the Conklin Shopping Plaza, Town of Conklin, New York, approved, six-month extension granted Marine Trust Company of Western New York, Buffalo, New York: Establishment of a branch at Main Street and Transit Road, Town of Clarence, New York, approved, six-month extension granted Establishment of a branch near Walden Avenue and Dick Road, Village of Depew, Town of Cheektowaga, New York, approved, six-month extension granted Mechanics and Farmers' Bank of Albany, New York, establishment of a branch at Wolf Road and San Creek Road, Town of Colonie, New York, approved, six-month extension granted Merchants & Farmers Bank, Columbus, Mississippi, establishment of a branch at Browder Street and U.S. Highway 82, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/5 2621 6/21 2094,2101 4/27 1389,1401 12/23 4382,4407 9/1 2822,2828 10/6 3234,3239 7/12 2276,2293 1/4 2, 12 1965 121 Pages Branch banks, domestic: (continued) Metamora State Savings Bank, Metamora, Michigan, establishment of a branch at 5321 Hadley Road, in the village of Hadley, Michigan, approved, sixmonth extension granted Michigan National Bank, Lansing, Michigan: Letter approved to Chairman Robertson of the Senate Banking and Currency Committee re S. 308, a bill to permit the establishment and operation of certain branch offices by, bill is identical with S. 2883 on which both Board and FDIC submitted adverse reports in the previous Congress Request for a hearing before Board re permission for establishment and operation of certain branch offices by, question of operating branches goes back to whether an error of law was made by Comptroller of the Currency in 1940, denying the privilege of operating four branches since that time, reply approved, Governor Robertson dissenting Letter transmitted to Mr. Stoddard, Chairman of the Board of Meeting with Howard J. Stoddard, Chairman of Board of, and bank's counsel, James B. Alley, request that Board reverse position it had taken in a letter to the Chairman of the Senate Banking and Currency Committee on S. 308, Board did not feel it should pass on correctness or incorrectness of interpretation of law made by Comptroller of the Currency in 1940 re, matter thought to be legislative Milwaukee County Bank, West Allis, Wisconsin, establishment of a branch in the 1300 block of South 70th Street, West Allis, Wisconsin, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/3 1852,1858 9/8 2882,2892 10/20 3334 10/26 3384,3388 11/9 3610 1/21 231,239 1965 122 Pages Branch banks, domestic: (continued) Montgomery County Bank and Trust Company, Norristown, Pennsylvania, establishment of a branch at the intersection of the Pennsylvania Turnpike, the northeast Germantown Pike, Plymouth Township, Pennsylvania, approved, sixmonth extension granted Morgan Guaranty Trust Company of New York, New York, establishment of a branch at 299 Park Avenue, New York, New York, approved, six-month extension granted Mount Clemens Savings Bank, Mount Clemens, Mich., establishment of a branch at 50280 Gratiot Avenue, Chesterfield Township, Michigan, approved, six-month extension granted Mountain Trust Bank, Roanoke, Virginia, establishment of a branch at 2820 Brambleton Avenue, S.W., Roanoke, Va., approved, six-month extension granted Myerstown Bank and Trust Company, Myerstown, Pa., establishment of a branch in the proposed Elco Shopping Village to be located on the south side of U.S. Route 422 between Locust and College Streets, Myerstown, Pennsylvania, approved, sixmonth extension granted Nevada Bank of Commerce, Reno, Nevada: Establishment of a branch at Rancho Drive and Sahara Avenue, Las Vegas, Nevada, approved, six-month extension granted Establishment of a branch at North Carson St. and East John St., Carson City, Nevada, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/29 1425,1436 12/23 4372,4386 11/10 3625,3644 9/22 3125,3141 9/1 2823,2831 8/4 2593,2603 11/22 3771,3783 1965 123 Pages Branch banks, domestic: (continued) New Jersey Bank and Trust Company, Clifton, New Jersey: Establishment of an in-town branch at 850 Clifton Avenue, Clifton, New Jersey, approved, six-month extension granted Operation of two branches at the former offices of Wayne State Bank, Wayne, New Jersey, incident to its merger with, approved Newark Trust Company, Newark, Ohio, establishment of a branch at South 30th Street and State Route 79 in the City of Heath, Ohio, approved, with the understanding that the capital accounts of the bank will be increased, six-month extension granted Norfolk County Trust Company, Brookline, Mass.: Application of, to establish a branch in Randolph, protested by Quincy Trust Company, Quincy, Massachusetts, which requested a period of time to prepare a brief for submission to the Board, approval given to a letter to Quincy Trust Company allowing approximately a week for bank to submit its views in writing Establishment of a branch at 68-84 North Main Street, Randolph, approved, discussion re reasons of opposition by Quincy Trust Company to two additional commercial banking facilities in Randolph, sixmonth extension granted Northern Central Bank and Trust Company, Williamsport, Pennsylvania, establishment of a branch at 405 River Avenue, Loyalsock Township, Pennsylvania, and an investment in bank premises, approved,six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/2 2524,2534 9/3 2857 7/20 2382,2392 1/13 118,134 2/8 419,446 9/9 2910,2928 1965 124 Pages Branch banks, domestic: (continued) Oberlin Savings Bank Company, Oberlin, Ohio, approving the establishment of a branch in Wellington, six-month extension granted Old Kent Bank and Trust Company, Grand Rapids, Mich.: Establishment of a branch in the Kent County Airport Terminal Building, Grand Rapids, Michigan, approved, sixmonth extension granted Establishment of a branch at 72 Monroe Avenue, N.W., Grand Rapids, Michigan, coincident with the relocation of the main office from, to One VandenBerg Center, Grand Rapids, Michigan, approved, sixmonth extension granted Peninsula Bank and Trust Company, Williamsburg, Virginia, operation of branches at two offices of, and at the former office of James-York Bank, Williamsburg, Virginia, approved Peoples-Liberty Bank and Trust Company, Covington, Kentucky, establishment of a branch at 4th Street and Madison Avenue, Covington, Kentucky, approved, six-month extension granted People's Savings and Trust Company, Hazleton, Pa., establishment of a branch at the location of the bank's main office while main office operations are temporarily transferred to 2-10 East Board Street, Hazleton, Pennsylvania, during the main office remodeling program, approved Peoples State Bank of Holland, Michigan, establishment of a branch at 697 Maple Avenue, Holland, Michigan, approved, six-month extension granted Peoples Trust Company of Bergen County, Hackensack, New Jersey, establishment of a branch (drive-in facility) at Palisades and Barr Avenues, Teaneck, New Jersey, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/23 4382,4409 6/3 1852,1861 6/23 2124,2130 12/15 4198 1/26 261,275 5/6 1492,1498 2/8 418,440 3/30 993,1017 1965 125 Pages Branch banks, domestic: (continued) Peoples Union Bank and Trust Company, McKeesport, Pennsylvania, establishment of a branch on southwest corner of Route #48 and Simpson Howell Rd., in Elizabeth Township, Pennsylvania, approved, six-month extension granted Piedmont Trust Bank, Martinsville, Virginia, establishment of a branch in Patrick Henry Mall, East Church Street and Booker Road, Martinsville, Virginia, approved, six-month extension granted Princeton Bank and Trust Company, Princeton, New Jersey, establishment of a branch at Premises #5, Building C, Princeton Shopping Center, North Harrison Street, Princeton Township, New Jersey, approved Puritan Bank and Trust Company, Meriden, Connecticut, establishment of a branch in a shopping center on North Turnpike Road, Wilbur Cross Highway and North Turnpike Road, Wellington, Connecticut, approved, provided the bank's capital stock is increased to the amount required by Federal law Reading Trust Company, Reading, Pennsylvania, establishment of a branch in the Shillington Shopping Center, 530 East Lancaster Avenue, Shillington, Pennsylvania, approved, six-month extension granted Rhode Island Hospital Trust Company, Providence, Rhode Island, extension of time to establish a branch on North Main Street, Rhode Island, granted Rittman Savings Bank, Rittman, Ohio, establishment of a branch on North Main Street near the Rittman Shopping Center and an additional investment in bank premises, approved, sixmonth extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/17 3054,3058 3/12 850,858 7/26 2453,2459 4/14 1192,1202 2/8 418,438 12/17 4244,4259 10/25 3366,3372 1965 126 Pages Branch banks, domestic: (continued) Roscommon State Bank, Roscommon, Michigan, establishment of a branch at 2049 North Street, Helen Road, St. Helen, Michigan, approved, with further strengthening of Bank's capital position urged in addition to present plan for issuance of capital debentures, six-month extension granted Safe Deposit Bank and Trust Company, Springfield, Massachusetts, extension of time to establish a branch in the 300 block of East Main Street, Westfield, Massachusetts, granted St. Joseph Valley Bank, Elkhart, Indiana, establishment of a branch at 351 West Market Street, Nappanee, Ind., approved, six-month extension granted Savannah Bank & Trust Company of Savannah, Georgia, establishment of a branch at Abercorn Expressway and Stephenson Avenue, Savannah, Georgia, approved, six-month extension granted Schuylkill Haven Trust Company, Schuylkill Haven, Pennsylvania, establishment of a branch at Prince Street and Pennsylvania Highway Route 61, North Manheim Township, Pa., approved, six-month extension granted Seattle Trust and Savings Bank, Seattle, Washington, establishment of a branch in the Rose Hill Shopping Center, on Northeast 85th Street between 126th and 128th Avenues, N.E., Kirkland, Washington, approved, six-month extension granted Security Bank and Trust Company, Lincoln Park, Michigan: Establishment of a branch at 1673 Fort Street, Lincoln Park, Michigan, approved, six-month extension granted Establishment of a branch in the Village of Bingham Farms, Southfield Township, Michigan, approved, sixmonth extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/3 1461,1466 7/14 2302,2340 12/15 4160,4183 9/10 2947,2951 2/17 579,585 6/29 2180,2185 10/25 3366,3374 11/10 3624,3643 1965 127 Pages Branch banks, domestic: (continued) Security-Peoples Trust Company, Erie, Pennsylvania, operation of branches at three offices of Girard Battles National Bank, Girard, Pennsylvania, incident to merger of the two banks, approved Security Trust Company, Rochester, New York: Establishment of a branch at 2826-2836 Monroe Avenue, Town of Brighton, New York, approved, six-month extension granted Establishment of a branch at 103 Main Street East, Rochester, approved, and relocation of main office from that address to One East Avenue Establishment of a branch in the Town of Penfield, New York, approved, sixmonth extension granted Society Corporation, Cleveland, Ohio, issuance of order and statement authorized, re application of, to acquire voting shares of North Madison Banking Company, North Madison, Ohio Southern Arizona Bank & Trust Company, Tucson, Arizona, establishment of a branch at 3667 East Grant Road, Tucson, Arizona, approved, sixmonth extension granted State Bank of Albany, Albany, New York: Establishment of a branch in the Colonie Shopping Center, northeast of Wolf Road and Central Avenue (Route 5), Town of Colonie, New York, approved, six-month extension granted Establishment of a branch at 96 South Swan St., Albany, New York, approved, six-month extension granted State Bank of Lebanon, Missouri, establishment of a branch (drive-in, walk-up facility), in the 700 block of South Jefferson Avenue, Lebanon, Missouri, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/26 278 2/26 709,717 7/14 2302 10/6 3234,3238 11/24 3807,3820-28 10/25 3366,3375 6/14 1991,1998 11/10 3623,3634 9/7 2876,2878 1965 128 Pages Branch banks, domestic: (continued) State-Planters Bank of Coinaterce and Trusts, Richmond, Virginia: Operation of branches at four offices of Tr County Bank, Mechanicsville, Virginia, incident to merger of the two banks, approved Establishment of branches at Chippenham Parkway and Forest Hill Avenue and at 4820 Jefferson Davis Highway, both in Chesterfield County, Va., approved, six-month extension granted State Street Bank and Trust Company, Boston, Mass.: Establishment of a branch in a shopping center at Dorchester Avenue and Park Street, Boston, Massachusetts, approved, six-month extension granted Establishment of a branch at 10 Tremont Street, Boston, Massachusetts, approved, with understanding that branch operations now conducted at 199 Washington Street be discontinued, six-month extension granted Sumitomo Bank of California, San Francisco, Calif., extension of time to establish a branch at Beach Boulevard and Ball Road, Anaheim, California, granted Tompkins County Trust Company, Ithaca, New York, establishment of a branch at 801 West Seneca Street, New York, approved, six-month extension granted Trade Bank and Trust Company, New York, New York, establishment of an in-town branch at 515 Seventh Avenue, Borough of Manhattan, in connection with the removal of the bank's main office to another location, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/27 2473 12/23 4373,4388-89 5/10 1506,1515 7/1 2210,2227 11/1 3465,3482 12/17 4243,4255 2/12 499,502 1965 129 Pages Branch banks, domestic: (continued) Trenton State Bank, Trenton, Michigan: Establishment of a branch at King Road and Fort Street, Trenton, Michigan, approved, provided that the branch previously approved at Grange and King Roads, Trenton, is not established, six-month extension granted Establishment of a branch at 2605 West Jefferson Avenue, Trenton, Michigan, approved, six-month extension granted Trust Company of Georgia, Atlanta, Georgia, establishment of branches in the Ten Pryor Building and at Auburn Avenue and Pryor Street, approved, branch operations at these locations to be discontinued upon completion of the bank's new main office building Union Bank, Los Angeles, California: Establishment of a branch in the downtown business district of San Diego, California, approved, six-month extension granted at the office of the Rebranch of Operation public National Bank of San Diego, California, incident to its merger of the two banks, approved Establishment of a branch at Eighth and Hill Streets, coincident with the relocation of the bank's main office from that location to Fifth and Figueroa Streets, California, approved, six-month extension granted Union Bank and Trust Company, Grand Rapids, Mich.: Establishment of a branch at Leonard Street, N.E., and Plymouth Avenue, N.E., approved, with branch operations now conducted at 1225 Leonard Street, N.E., to be discontinued, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/26 2454,2460 12/8 4081,4084 9/23 3143,3147 3/12 850,861 10/29 3445 12/8 4081,4085 1/19 202,219 1965 130 Pages Branch banks, domestic: (continued) Union Bank and Trust Company, Grand Rapids, Michigan: (continued) Establishment of a branch at Ada Drive and Fulton Street, Ada Township, Mich., approved, noted that capital funds of, are below the desirable minimum amount and the Board emphasizes the need for a program to provide additional capital funds, six-month extension granted Establishment of a branch at East Beltline, S.E., and 28th Street, S.E., Grand Rapids, Michigan, and urging adoption of a program to augment bank's capital, approved Union Bank & Trust Company, Montgomery, Alabama, establishment of a branch at McGehee, Fish, and Carter Hill Roads, Alabama, approved, sixmonth extension granted Union Bank and Trust Company, Ottumwa, Iowa, establishment of a branch at Church, Vine, and Willard Streets, Ottumwa, Iowa, approved, sixmonth extension granted Union Commerce Bank, Cleveland, Ohio: Establishment of a branch in the Rockport Shopping Center, Center Ridge Road and Wooster Road, Rocky River, Ohio, approved, six-month extension granted Extension of time to establish two branches in Shaker Heights, Ohio, granted time to establish a branch at Extension of East Ninth Street and St. Clair Avenue, Cleveland, Ohio, granted Union County Trust Company, Elizabeth, New Jersey, establishment of a branch at the southeast corner of Walnut Avenue and Chestnut Street, Canford Township, New Jersey, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/17 2710,2714 9/20 3066,3082 12/23 4373,4391 3/22 926,946 2/17 579,586 10/29 3425,3437 12/1 3879,3899 7/14 2302,2338 1965 131 Pages Branch banks, domestic: (continued) Union Savings & Trust Company, Warren, Ohio, establishment of a branch at the southeast corner of Liberty Avenue and Belmont Avenue, Liberty Township, Ohio, approved, six-month extension granted United Bank & Trust Company, Hartford, Connecticut: Application of Riverside Trust Company, Hartford, Connecticut, to merge with Bristol Bank and Trust Company, Bristol, Connecticut, title of resulting bank is, as an incident to merger, the five authorized offices of Bristol Bank and Trust Company would become branches of resulting bank, approved Extension of time to establish a branch at 1232 Farmington Avenue, Bristol, Connecticut, granted United California Bank, Los Angeles, California: Extension of time to establish a branch in the area bounded by Harrison, Third, Brannan, and Fifth Streets, San Francisco, Calif., approved Operation of a branch at the office of Bank of Mt. Shasta, California, incident to merger of the two banks, approved Establishment of a branch office at southwest corner of Alosta Avenue and Grand Avenue, Clendora, Calif., approved, six-month extension granted Establishment of a branch at southwest corner of Third Street and B Street, Oxnard, California, approved, six-month extension granted Establishment of a branch at the northwest corner of West State Street and Orange Street, Redlands, Calif., approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/3 3493,3561 6/4 1891 9/3 2837,2850 1/28 330,336 2/12 504 3/3 737,749 3/3 737,750 3/3 738,751 1965 132 Pages Branch banks, domestic: (continued) United California Bank, Los Angeles, California: (continued) Extension of time to establish a branch at the southeast corner of Pacific and Yokut Avenues, Stockton, Calif., granted 3/8 Extension of time to establish a branch at Yorba Linda Boulevard and Rose Drive, Placentia, California, 3/8 granted Establishment of a branch at 5418 South Crenshaw Boulevard, Los Angeles, California, approved, provided that branch operations now conducted at 2600 West Fifty-fourth Street, Los Angeles, are discontinued with opening of new branch, 3/24 six-month extension granted Extension of time to establish a branch in vicinity of Mission Valley Center at Mission Center Road and U.S. Highway 80, San Diego, California, 4/1 granted Letter authorizing the Bank to continue escrow operations at its present temporary branch location at 23522 Paseo de Valencia, Orange County, after the permanent branch at El Toro Road and Paseo de Valencia 4/9 has been opened for business Extension of time to establish a branch at Market and Polk Streets, San Fran4/14 cisco, California, granted Extension of time to relocate a branch in Susanville, California, from Main and Gay Streets to Main Street and 4/14 Grand Avenue, granted Authorized to continue escrow operations at present temporary location at 1001 Golden Ring Road, after opening permanent branch at Retirement Community, Walnut Creek, Contra Costa County, 4/19 California http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 788,801 788,802 956,970 1055,1060 1133,1140 1192,1203 1192,1204 1286,1297 1965 133 Pages Branch banks, domestic: (continued) United California Bank, Los Angeles, California: (continued) Establishment of a branch at 609 South Grand Avenue, Los Angeles, California, in connection with the acquisition of assets and mortgage servicing contracts of Insurance Funds Mortgage Company, approved, 5/21 six-month extension granted Establishment of a branch at Tustin and Meats Avenues, Orange, California, approved, six-month extension 9/17 granted Extension of time to establish a branch in vicinity of Hawthorne Avenue between Carson Street and Sepulveda Boulevard, Torrance, Calif., 9/29 granted Establishment of branches at 601 California Street, San Francisco, 790 Green Street, Pasadena, and 7872 Ivanhoe Avenue, La Jolla, California, in connection with acquisition of assets and mortgage servicing contracts of Marble Mortgage Company, activities of these branches are limited to negotiating and servicing of real estate mortgage loans, question of Board's general policy discussed in regard to acquisition of mortgage servicing 10/29 contracts by State member banks Establishment of a branch at Saratoga Avenue and Campbell Avenue, San Jose, Calif., approved, six-month extension 11/22 granted Operation of a branch at Feather River National Bank, Oroville, California, incident to merger of the two banks, 11/22 approved branch in a establish Extension of time to 12/17 Placentia, California, granted Pennsylvania, estabUpper Main Line Bank, Berwyn, lishment of a branch at northeast corner of Routes 202 and 363 in Tredyffrin Township, Pa., approved, six-month extension 7/14 granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1706,1710 3055,3059 3176,3188 3425-26,3436 3771,3785 3789 4244,4260 2302,2339 1965 134 Pages Branch banks, domestic: (continued) Valley Bank and Trust Company, Springfield, Mass., establishment of a branch at the corner of Boston Road and Fernbank Road, Springfield, Mass., approved, six-month extension granted Vienna Trust Company, Vienna, Virginia, establishment of a branch at 1601 Washington Square, North, George Washington Plaza, Reston, Virginia, approved, six-month extension granted Wachovia Bank and Trust Company, Winston-Salem, North Carolina: Operation of a branch at Bank of Kernersville, North Carolina, incident to merger of the two banks, approved Establishment of a seasonal branch in the Big Winston Warehouse at the intersection of Shorefair Drive and 32nd Street, Winston-Salem, North Carolina, approved, pointed out that authorization recommended in this instance was of a continuing nature, in lieu of requiring the applicant to submit a new application each year Establishment of a branch on Highway N.C. 54, in the service area of Research Triangle Park, North Carolina, approved, six-month extension granted Wells Fargo Bank, San Francisco, California: Establishment of a branch at Oak Grove Road and Treat Lane, Concord, California, approved, six-month extension granted Operation of a branch at 300 Broadway, Millbrae, California, in lieu of previously approved location at 475 El Carmino Real, Millbrae, Calif., approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/24 3806,3814 5/17 1609,1615 4/29 1437 8/9 2649,2662 11/10 3624,3638 1/4 2, 13 1/6 37, 51 1965 135 Pages Branch banks, domestic: (continued) Wells Fargo Bank, San Francisco, California: (continued) Establishment of a branch at the northeast corner of Fresno and Van Ness Streets, Fresno, California, approved, provided the operations at 1440 Fulton Street are discontinued with the opening of 2/23 the new facility Establishment of a branch in the City of Hollister, San Benito County, California, approved, six-month 2/26 extension granted Establishment of a branch at California State Highways 89 and 28 in Tahoe City, California, approved, six-month 3/3 extension granted Establishment of a branch at Moraga Road, Moraga Way and St. Mary's Road, Contra Costa County, California, approv3/3 ed, six-month extension granted Establishment of a branch at Divisadero, Angus, and East Tulare Streets, Fresno, California, approved, six-month 3/12 extension granted Establishment of a branch on Blackstone Avenue at or adjacent to the intersection of Ashlan Avenue, Fresno, California, approved, six-month 3/22 extension granted Extension of time to establish a branch near Camden and Hillsdale Avenues, 5/14 San Jose, California, granted Establishment of a branch at First Street and Shaw Avenue, Fresno, California, approved, six-month extension 5/17 granted Street, MiddleMain on branch a of Establishment town, California, approved, six5/26 month extension granted San at branch a establish to Extension of time Pablo Avenue and the AlamedaContra Costa County line in El Cerrito, Contra Costa County, 6/10 California, granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 620,631 710,719 738,752 738,753 850,860 936,947 1600,1606 1610,1618 1721,1745 1937,1943 1965 136 Pages Branch banks, domestic: (continued) Wells Fargo Bank, San Francisco, California: (continued) Establishment of a branch at either the northwest corner of 13th and G Streets, or at 7th and G Streets, Arcata, Humboldt County, California, approved, six-month extension 6/14 1991,1999 granted Establishment of a branch at Woodside and Whiskey Hill Roads or at Woodside and Mountain Home Roads, both locations in Woodside, California, approved, six-month extension 6/21 2095,2102 granted Establishment of a branch in the block bounded by 18th and 19th, K and L Streets, Sacramento, California, approved, 2210,2219 7/1 six-month extension granted Establishment of a branch at East Monte Vista Avenue and Dobbins Street in Vacaville, California, approv2250,2254 7/6 ed, six-month extension granted and Road Homestead at branch a of Establishment Kiely Boulevard, Santa Clara, California, approved, six-month 2609,2618 8/5 extension granted the in branch a establish to time of Extension blocks bounded by Battery, Clay, Davis and Washington Streets, 8/16 2694,2700 California, granted Establishment of a branch at 25th Street and MacDonald Avenue, Richmond, 9/14 2965,2989 California, approved Establishment of a branch in the Del Monte Shopping Center on Old Capital Site on Carmel Hill, Monterey, 9/14 2965,2990 California, approved Road Antonio San at branch a of Establishment and Alma Street, Mountain View, 9/14 2965,2991 California, approved the in branch a establish to time of Extension Balue World Shopping Center, Pleasant Hill, California, grant9/16 3043,3047 ed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1965 137 Pages Branch banks, domestic: (continued) Wells Fargo Bank, San Francisco, California: (continued) Extension of time to establish a branch at the northwest corner of 19th Avenue and Bayshore Freeway, San Mateo, 9/16 California, granted Extension of time to establish a branch in the Almaden Village Shopping Center, 10/18 San Jose, California, granted Establishment of a branch in Menlo Park, Calif., approved, six-month extension 11/10 granted Establishment of a branch near Aptos, Santa Cruz County, California, approved, 11/22 six-month extension granted Extension of time to relocate its Twenty-Second Webster Office to Twentieth and Franklin Streets, Oakland, Calif., 12/17 granted Williamsburg State Bank, Williamsburg, Virginia, operation of branches at two offices of Peninsula Bank and Trust Company, Williamsburg, Virginia, and at the former office of James-York Bank, 12/15 Williamsburg, Va., approved Title of resulting bank to be Peninsula Bank 12/15 and Trust Company Wilmington Trust Company, Wilmington, Delaware, establishment of a branch at 5107 Concord Pike, Brandywine Hundred, New Castle County, and an investment in bank premises, approved, six-month ex11/10 tension granted Branch banks, FRSystem: Baltimore: Salaries, employees, increase in salary struc11/15 ture approved Staff: Armstrong, B. F., Assistant Cashier: 12/9 Salary approved Representative, Appointment as FRAgent's to succeed A. C. Wienert, ap12/23 proved Hagner, D. F., Vice President, salary 12/9 approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3043,3048 3327,3331 3625,3645 3771,3784 4244,4261 4198 4198 3624,3636 3663,3679 4096,4126 4383,4416 4096,4126 1965 138 Pages Branch banks, FRSystem: (continued) Baltimore: (continued) Staff: (continued) Jones, E. R., Jr., Assistant Cashier, salary approved Perry, Robert A., FRAgent's Representative, appointment approved Stewart, A. A., Jr., Cashier, salary approved Wilson, Gerald L., Assistant Cashier: Salary approved for the period December 1 through December 31, 1965 Salary approved Birmingham: Salaries, increase in structure approved, including a special grade 16 maximum of $19,500 Staff: Rainey, E. C., Vice President, salary approved Stewart, Marvin, Assistant Cashier, salary approved Thomas, William, Assistant Cashier, salary approved Waller, Wm., A., Jr., Assistant Vice President and Cashier, salary approved Territory, proposal to extend territory of Birmingham Branch to include portion of State of Alabama now served by FRBank of Atlanta head office, approved Buffalo: Staff: Curth, Harry A., Jr., Assistant Cashier: Salary approved Salary approved Gray, Ronald B., Assistant Cashier: Salary approved Salary approved Greene, Gerald H., Assistant Cashier, salary approved Henning, Sydney L., appointment approved as FRAgent's Representative http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4096,4126 6/21 2095,2106 12/9 4096,4126 10/29 3426,3444 12/9 4096,4126 9/29 3179,3196 12/9 4096,4128 12/9 4096,4128 12/9 4096,4128 12/9 4096,4128 6/10 1938,1950 6/17 12/9 2046,2068 4096,4120 8/17 12/9 2710,2719 4096,4120 12/9 4096,4120 1/28 330,338 1965 139 Pages Branch banks, FRSystem: (continued) Buffalo: (continued) Staff: (continued) Keane, John T., Cashier: Salary approved Salary approved Randall, Arthur A., Assistant Cashier: Salary approved Salary approved Smith, Insley B., Vice President, salary approved, noted that Mr. Smith will reach retirement age during 1966 Young, Edward C., appointment approved as FRAgent's Representative, to succeed Arthur A. Randall Charlotte: Salaries, employees, increase in salary structure approved Staff: Fishburne, Stuart P., Vice President and Cashier: Promoted from Assistant Vice President at FRBank of Richmond, with salary approved, effective September 1, 1965 Appointment as FRAgent's Representative, to succeed S. A. Ligon, approved Salary approved Keller, W. W., Assistant Cashier, salary approved Krueger, F. C., Jr., Assistant Cashier, salary approved MacDonald, E. F., Vice President, salary approved Mondy, E. C., Assistant Cashier, salary approved Cincinnati: Banking quarters: Mr. Farrell, Director, Division of Bank Operations, to discuss with management of FRBank of Cleveland, Board's view re exploring possibility of acquiring property in the Core Renewal Area of Cincinnati with a minimum of 90,000 square feet of space http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/17 12/9 2046,2068 4096,4120 8/17 12/9 2710,2719 4096,4120 12/9 4096,4120 8/19 2739,2747 11/15 3663,3679 7/26 2454,2463 9/23 12/9 3144,3151 4096,4126 12/9 4096,4126 12/9 4096,4126 12/9 4096,4126 12/9 4096,4126 2/8 425 1965 140 Pages Branch banks, FRSystem: (continued) Cincinnati: (continued) Banking quarters: (continued) Report by Mr. Farrell on conference with bank officials and civic leaders and visit to site, agreed to inform FRBank of Cleveland that Board did not regard proposed site as large enough for future expansion and firm offer should be made conditional upon assurance that additional adjoining property could be purchased, letter to FRBank of Cleveland Proposal to erect building for lease, understood Cleveland Bank would be advised informally that the Board did not enthusiastically view proposal, matter to be considered further at the next meeting Discussion re acquisition of Mercantile Library property for site, view expressed against any commitment for temporary use of property to be acquired, in favor of arranging for an appraisal of the Mercantile Library property for an approximate fee of $10,000 Request that Board approve proposal to offer City of Cincinnati $1,012,500 for two plots of land and $900, 000 for certain adjacent properties, agreed that FRBank should proceed, telegram to FRBank of Cleveland, approved Payment not to exceed $6,000 for legal fees to special counsel for services rendered in connection with acquisition of real estate to be used as the site for the new branch, approved FRBank of Cleveland authorized to proceed with preparation of preliminary plans and outline of specifications for the proposed new building http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/25 691,705 3/12 854 3/15 892 6/11 1957 9/23 3144,3150 11/15 3656,3672 1965 141 Pages Branch banks, FRSystem: (continued) Cincinnati: (continued) Staff: Crowley, Joseph W., Assistant Cashier, salary approved Groppe, John D., appointment as FRAgent's Representative, to succeed Richard P. Oettinger, approved Hurst, George W., Assistant Cashier, salary approved Kiel, Fred O., Vice President, salary approved Landis, Laird, to retire during January 1966, to be hired as a Consultant to the Research Department on various matters, letter to FRBank of Cleveland, approved MacDonald, Walter H., Cashier: Attended Board meeting Salary approved Morrison, W. Martin, to retire during October 1965, to be hired as a Consultant to President Hickman, FRBank of Cleveland,on matters pertaining to the Cincinnati Branch building Taylor, Howard E., Assistant Cashier, salary approved Denver: Banking quarters: Building program mentioned in reviewing examination report of FRBank of Kansas City Construction of sub-basement level vault, in building plans, approved Complaints from Mr. Hewitt Cochran re activities of Vice President Snider with Downtown Denver Improvement Association's liaison committee formed to work with Denver Urban Renewal Authority whose efforts Mr. Cochran felt were directed toward obtaining some of his land for a memorial park (near land for new Denver Branch building), Mr. Farrell to discuss matter with President Clay http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4096,4124 6/17 2046,2066 12/9 4096,4124 12/9 4096,4124 9/15 3014,3033 12/1 12/9 3878 4096,4124 9/15 3014,3033 12/9 4096,4124 7/22 2421 7/30 2494,2507 8/9 2656 1965 142 Pages Branch banks, FRSystem: (continued) Denver: (continued) Banking quarters: (continued) FRBank of Kansas City authorized to proceed with the preparation of detailed plans and specifications for the proposed Denver Branch building, with notation that adequate consideration be given to security at first floor level against riot or civil commotion Discount window, use of, by 17th Street National Bank of Denver, Colorado, memorandum informing Board of recent developments relating to, understanding that a letter to the Comptroller of the Currency would be prepared for Board's consideration (condition of bank not satisfactory) Approval given to letter to Comptroller of the Currency, with understanding that copies would be sent to Secretary of the Treasury, under Secretary Barr, and the Chairman of FDIC Salaries, employees, increase in salary structure approved Staff: Krebs, H. F., Assistant Cashier, salary approved Krieger, Richard C., appointment as FRAgent's Representative, approved Lease, James J., FRAgent's Representative, appointment approved to succeed Mr. Clare T. Roeder Snider, John W., Vice President: Complaints from Mr. Hewitt Cochran re activities of, with Downtown Denver Improvement Association's Liaison committee formed to work with Denver Urban Renewal Authority whose efforts Mr. Cochran felt were directed toward obtaining some of his land for a memorial park (near land for new Denver Branch building), discussion re activities of FRBank officer in civic affairs, Mr. Farrell to discuss matter with President Clay http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/5 3574 11/8 3588 11/9 3607 9/29 3180,3198 12/9 4096,4137 3/30 994,1021 8/16 2695,2702 8/9 2656 1965 143 Pages Branch banks, FRSystem: (continued) Denver: (continued) Staff: (continued) Snider, John W., Vice President: (continued) Salary approved Spencer, Dan S., Jr., Cashier: Salary approved through December 31, 1965 Salary approved Zahourek, J. R., Assistant Cashier, salary approved Detroit: Banking quarters: Letter to FRBank of Chicago, interposing no objection to Bank's proceeding, at an expenditure greater than originally authorized, with provision for fallout shelter facilities in Detroit Branch building Staff: Bloomfield, R. W., Assistant Vice President, salary approved Carey, P. F., Assistant Cashier, salary approved Lamphere, G. W., Assistant General Counsel, salary approved Purol, L. J., Assistant Cashier, salary approved Rickel, W. G., Assistant Cashier, salary approved Swaney, R. A., Vice President, salary approved El Paso: Staff: Arnold, T. C., Cashier, salary approved Coleman, Forrest E., Assistant Cashier, salary approved Reed, Frederic W., Vice President, salary approved Helena: Salaries, upward adjustment of employees' salary structure at head office approved Staff: Crider, Maxine M., FRAgent's Representative, appointment approved Heath, J. L., Assistant Cashier, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4096,4137 11/1 12/9 3465,3483 4096,4137 12/9 4096,4137 1/26 261,276 12/9 4096,4131 12/9 4096,4131 12/9 4096,4131 12/9 4096,4131 12/9 4096,4131 12/9 4096,4131 12/9 4096,4139 12/9 4096,4139 12/9 4096,4139 4/29 1430,1451 1/19 203,227 12/9 4096,4135 1965 144 Pages Branch banks, FRSystem: (continued) Helena: (continued) Staff: (continued) Heiber, Richard C., Assistant Cashier, salary approved Van Nice, C. A., Vice President, salary approved Houston: Staff: Cook, J. L., Vice President, salary approved Maley, Roy E., Assistant Cashier: Salary approved Salary approved Story, Rasco R., Assistant Cashier, salary approved Troy, B. J., Cashier, salary approved, will reach retirement age during 1966, noted Jacksonville: Salaries, increase in salary structure approved including a special grade 16 maximum of $19,500 Staff: Brown, Dowdell, Jr., Assistant Vice President, salary approved Clark, T. C., Assistant Vice President, salary approved Crow, Vestus, Cashier, salary approved Hargett, Billy, Assistant Cashier, salary approved Johnson, William A., Jr. FRAgent's Representative, appointment approved, to succeed Allford J. Shaw Lanford, T. A., Vice President, salary approved Watson, Jessie T., appointment as FRAgent's Representative approved, to succeed M. J. Swilley Little Rock: Banking quarters: Telegram to FRBank of St. Louis, authorizing the calling for bids for new building construction according to plans with certain suggestions including the substitution of American marble for the proposed foreign marble http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4096,4135 12/9 4096,4135 12/9 4096,4139 1/27 12/9 315,328 4096,4139 12/9 4096,4139 12/9 4096,4139 9/29 3179,3196 12/9 4096,4128 12/9 12/9 4096,4128 4096,4128 12/9 4096,4128 1/4 2, 16 12/9 4096,4128 1/4 2, 16 3/22 936,952 1965 145 Pages Branch banks, FRSystem: (continued) Little Rock: (continued) Banking quarters: (continued) Telegram approved to FRBank of St. Louis, approving the awarding of contracts for construction of the new building Staff: Breen, John F., Vice President and Manager: Salary approved for period of July 1 through December 31, 1965 Salary approved Burton, Fred, Vice President and Manager, retirement as of June 30, 1965, noted Jensen, Howard J., Assistant Cashier, salary approved Moriarty, Michael T., Assistant Cashier: Salary approved for period of July 1 through December 31, 1965 Salary approved Ward, John K., Cashier: Salary approved for period of July 1 through December 31, 1965 Salary approved Los Angeles: Salaries, employees, revision in salary structure approved Staff: Carter, W. E., Assistant Manager, salary approved Cavan, Paul W., Vice President: To be transferred from head office to Los Angeles Branch as second ranking officer and as potential successor to Vice President in charge of the Branch, salary approved Salary approved Davenport, Donald M., Vice President, currently assigned to, to be transferred to head office with responsibility for administration of the personnel function, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/1 2215,2239 5/27 12/9 1783,1795 4096,4133 5/27 1783,1795 12/9 4096,4133 5/27 12/9 1783,1795 4096,4133 5/27 12/9 1783,1795 4096,4133 11/24 3807,3817 12/9 4096,4141 4/20 12/9 1315 4096,4141 4/20 1315 1965 146 Pages Branch banks, FRSystem: (continued) Los Angeles: (continued) Staff: (continued) Davis, James M., appointment approved as FRAgent's Representative, to succeed Reid E. Newton Jones, M. A., Assistant Manager, salary approved Kelly, G. R., Assistant Manager, salary approved Parker, G. D., Assistant Manager, salary approved Robinson, J. R., Assistant Vice President: Salary approved for 1966 Salary approved Watkins, C. H., Vice President and Manager, salary approved, will reach retirement age during 1966, noted Louisville: Staff: Conrad, James E., Cashier • Appointment and salary approved Salary approved Deuser, Donald R., appointment approved as FRAgent's Representative, to succeed James E. Conrad Henry, Donald L., Vice President and Manager, salary approved Nelson, Louis A., Assistant Cashier, salary approved Woertz, Clarence J., Assistant Cashier, salary approved Memphis: Staff: Black, Paul I., Jr., Assistant Cashier, salary approved Garbarini, Joseph P., Assistant Cashier, salary approved Jones, Beryl F., appointment approved as FRAgent's Representative, to succeed Leslie H. Fowler Menges, John W., Vice President and Manager: Salary approved for 1966 Salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/16 2351,2371 12/9 4096,4141 12/9 4096,4141 12/9 4096,4141 12/6 12/9 4029,4051 4096,4141 12/9 4096,4140-41 12/6 12/9 4029,4051 4096,4133 12/30 4442,4454 12/9 4096,4133 12/9 4096,4133 12/9 4096,4133 12/9 4096,4133 12/9 4096,4133 11/24 3807,3819 12/6 12/9 4029,4051 4096,4133 1965 147 Pages Branch banks, FRSystem: (continued) Memphis: (continued) Staff: (continued) Monaghan, Benjamin B., Cashier, salary approved Ruby, James S., Jr., appointment approved as FRAgent's Representative, to succeed Michael T. Moriarty Nashville: Salaries, increase in salary structure approved, including a special grade 16 maximum of $19,500 Staff: Magee, Stuart H., Assistant Cashier, salary approved Moody, R. E., Jr., Vice President, salary approved Seeley, Warren A., Jr., appointment approved as FRAgent's Representative, to succeed Miss Ann Lou Cullom Sewell, W. H., Assistant Vice President, salary approved Starr, L. W., Cashier, salary approved New Orleans: Banking quarters: Sale of old building property, advice from Vice President Patterson, FRBank of Atlanta re Letter to FRBank of Atlanta approved re cost of preparing for automobile parking the recently-acquired additional property at the new building site for the New Orleans Branch Salaries, increase in salary structure approved, including a special grade 16 maximum of $19,500 Staff: Branan, Carson, Assistant Vice President, salary approved Chapman, L. Y., Assistant Vice President, and Assistant Manager, salary approved Junca, R. M , Assistant Cashier, salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4096,4133 6/25 2161,2165 9/29 3179,3196 12/9 4096,4129 12/9 4096,4129 9/9 2910,2932 12/9 12/9 4096,4129 4096,4129 7/30 2496 8/17 2710,2718 9/29 3179,3196 12/9 4096,4129 12/9 4096,4129 12/9 4096,4129 1965 148 Pages Branch banks, FRSystem: (continued) New Orleans: (continued) Staff: (continued) Manning, Walter J., appointment approved as FRAgent's Representative, to succeed Nicholas J. Bandi Shaw, Morgan L., Vice President, salary approved Oklahoma City: Banking quarters: Payment of $1,125 representing 25 per cent of the Bank's share of settlement made by Oklahoma City with Kay Engineering Company in connection with recovery of damages incurred during construction of, approved, per request of FRBank of Kansas City Salaries, employees, increase in salary structure approved Staff: Bowlin, Arpy B., appointment approved as FRAgent's Representative Davis, Joseph William, appointment approved as FRAgent's Representative, to succeed Jay C. Waldroup Evans, William G., Assistant Cashier: Salary approved, effective April 1, 1965, through December 31, 1965 Salary approved Farley, Edwin P., Cashier: Salary approved, effective April 1, 1965, through December 31, 1965 Salary approved Milburn, W. J., Jr., Assistant Cashier, salary approved Pritz, H. W., Vice President, salary approved Waldroup, Jay C., appointment approved as FRAgent's Representative Omaha: Salaries, employees, increase in salary structure approved Staff: Hamilton, Robert D., Assistant Cashier: Salary approved for period of December 1, through December 31, 1965 Salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/1 1056,1065 12/9 4096,4129 5/27 1783,1796 9/29 3180,3198 3/30 994,1021 8/30 2811,2816 1/26 12/9 261,277 4096,4137 1/26 12/9 261,277 4096,4137 12/9 4096,4137 12/9 4096,4137 3/30 994,1021 9/29 3180,3198 11/1 12/9 3465,3483 4096,4137 1965 149 Pages Branch banks, FRSystem: (continued) Omaha: (continued) Staff: (continued) Hennes, Elmer F., appointment approved as FRAgent's Representative Pleiss, W. L., Cashier, salary approved Rankin, G. C., Vice President, salary approved Tollander, C. C., Assistant Cashier, salary approved Pittsburgh: Staff: Aufderheide, J. Robert, Assistant Cashier, salary approved Dorn, Paul H., Assistant Cashier, salary approved Harrell, Clyde, Vice President, salary approved Houpt, Charles E., Assistant Cashier, salary approved Steinbrink, Roy J., Cashier, salary approved Portland: Salaries, employees, revision in salary structure approved Staff: Brown, W. M., Vice President and Manager, salary approved DeVries, W. G., Assistant Vice President, salary approved Grimm, F. K., Assistant Manager, salary approved Skinner, F. R., Assistant Manager, salary approved Salt Lake City: Salaries, employees, revision in salary structure approved Staff: Dunn, R. C., Assistant Manager, salary approved Holman, A. G., Assistant Manager, salary approved Price, A. L., Vice President and Manager, salary approved Simmons, T. M., Assistant Vice President, salary approved, will reach retirement age during 1966 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/30 12/9 994,1021 4096,4137 12/9 4096,4137 12/9 4096,4137 12/9 4096,4124 12/9 4096,4124 12/9 4096,4124 12/9 12/9 4096,4124 4096,4124 11/24 3807,3817 12/9 4096,4141 12/9 4096,4141 12/9 4096,4141 12/9 4096,4141 11/24 3807,3817 12/9 4096,4141 12/9 4096,4141 12/9 4096,4141 12/9 4096,4140-41 1965 150 Pages Branch banks, FRSystem: (continued) San Antonio: Staff: Moore, Carl H., Vice President, salary approved Mundt, A. E., Cashier, salary approved Russell, Alvin E., Assistant Cashier, salary approved Schmid, Frederick J., Assistant Cashier, salary approved Seattle: Salaries, employees, revision in salary structure approved Staff: Barglebaugh, E. R., Vice President and Manager, salary approved Glascock, R. P., Assistant Manager, salary approved Laiti, A. C., Assistant Manager, salary approved Sandstrom, W. R., Assistant Vice President, salary approved Branch banks, foreign: Credit extension, foreign lending by U.S. banks: Memorandum re program of President of the United States to help correct U. S. payments deficit directed especially to curtailment of U. S. capital outflow, FRSystem to have direct influence on program, problem under study at Treasury Department from standpoint of interest equalization tax Discussion re draft of circular that might be sent by Presidents of FRBanks to member and nonmember banks, possibility of advisory committees being formed, discussion re 5 per cent limit on foreign credits of banks, circular to make reference to lending of nonbank financial institutions, understood that a revised draft of circular would be prepared by staff on the basis of views that had been expressed at this meeting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 12/9 4096,4139 4096,4139 12/9 4096,4139 12/9 4096,4139 11/24 3807,3817 12/9 4096,4141 12/9 4096,4141 12/9 4096,4141 12/9 4096,4141 2/5 416 2/9 453 1965 151 Pages Branch banks, foreign: (continued) Examination of: Branches of State member banks in London, Paris, and Frankfurt: Designation of Mr. Glenn Goodman to head group with necessary staff assistance and three or four examiners from FRBank of New York Interest rate on deposits: Request from First National City Bank, New York, New York, that Regulation M, be amended to permit overseas branches to pay preferential rates of interest on deposits of their officers and employees, if consistent with local law and practice, agreed letters should be sent to all FRBanks, Comptroller of the Currency, and FDIC for comments Amendment of Regulation M approved, to be published in Federal Register Investments, Governor Robertson stated that he hoped to call a group of technicians to formulate ground rules that would be workable and acceptable in connection with activities of foreign branches of U.S. banks which bore on balance of payments problem, view expressed at joint meeting with FAC Revenue laws, H.R. 6849 and S. 1907, companion bills to amend the U.S. Code by adding a new section to forbid any U.S. court from enforcing revenue laws which restrain or enjoin banks with respect to property or rights of property situated outside the U.S. except under certain circumstances, such bills a result of Supreme Court's decision in "Omar" case involving First National City Bank, N.Y., N.Y., letter favoring enactment transmitted to Senator Eastland and Congressman Celler http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/26 2455 1/28 333 2/26 715,724 2/16 577 7/14 2304,2344 1965 152 Pages Branch banks, foreign: (continued) Voluntary credit restraint program, recommendations of Governor Robertson for approach to be taken by Board in regard to establishment of foreign branches by member banks and corporations operating under sections 25 and 25A of the FRAct, agreement that Governor Robertson's recommendations should be followed, copies of letter sent to all Edge Act and agreement corporations, and to all FRBanks for their information (Individual banks): Bank of America National Trust and Savings Association, San Francisco, Calif.: Establishment of a branch in the City of Tegucigalpa, Honduras, approved Permission to establish a branch in Antwerp, Belgium, granted Letter to, acknowledging receipt of notice of intent to establish an additional branch in Malaysia, to be located in Jurong, State of Singapore Letter to, acknowledging receipt of notice of intent to establish an additional branch in the Territory of Guam, U.S.A., to be located in Tamuning Letter to, acknowledging receipt of notice of intent to establish an additional branch at Koza, Okinawa, Ryukyu Islands Establishment of a branch in Lima, Peru, approved Letter confirming that if, should request an extension of time to establish branches in Vienna, Austria, Tegucigalpa, Honduras, Antwerp, Belgium, and Lima, Peru, the procedure prescribed in Board's letter (S-1846), would be applicable http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/8 788,804 1/6 37, 52 1/14 136,150 1/22 256 3/22 942 3/22 942 4/12 1143,1157 5/19 1676 1965 153 Pages Branch banks, foreign: (continued) Bank of America National Trust and Savings Association, San Francisco, Calif.: (continued) receipt of notice of acknowledging to, Letter intent to establish an additional branch in the Western District of Victoria, British Crown Colony of Hong Kong, notation re voluntary foreign credit restraint 7/1 effort included of Letter to, acknowledging receipt of notice intent to establish two additional branches in India, to be locat7/6 ed in Madras and New Delhi Establishment of a branch in Guayaquil, Ecuador, approved, with the understanding that funds provided will be regarded as foreign assets for the purpose of the President's program on voluntary credit restraint, six-month extension 7/9 granted Extension of time to establish a branch in 7/30 Calcutta, India, granted Letter to, acknowledging receipt of notice of intent to establish an addition8/6 al branch in Brussels, Belgium Establishment of a branch in Saigon, South 11/18 Vietnam, approved Extension of time to establish a branch in 12/23 Tegucigalpa, Honduras, granted Letter to, acknowledging receipt of notice of intent to establish an addition12/9 al branch in Colon, Panama Chase Manhattan Bank, New York, New York: Letter to, acknowledging receipt of notice of intent to establish an additional branch in the Hato Rey area 5/20 of San Juan, Puerto Rico Consent granted to Chase Manhattan Overseas Banking Corporation, New York, New York, to purchase shares of a nominee corporation to be organized under laws of Singapore, Malaysia, for the registration of securities acquired or held by the Singapore branch 5/21 of the http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2225 2250 2263,2267 2499,2522 2645 3755,3764 4383,4414 4098 1700 1706,1711 1965 154 Pages Branch banks, foreign: (continued) Chase Manhattan Bank, New York, New York: (continued) Letter to, acknowledging receipt of notice of intent to establish an additional branch in Singapore, Malaysia, at 541 Orchard Road, Singapore, Malaysia Establishment of a branch at 47 Water Street, Georgetown, British Guiana, approved, with a note that foreign branch funds should be regarded as foreign assets for the purpose of the voluntary credit restraint program, six-month extension granted Chase Manhattan Bank (National Association), New York, New York: Extension of time to establish an additional branch in the New Port section of San Juan, Puerto Rico, and an additional branch at Russell Road and Thompson Boulevard, Nassau, Bahamas, granted Letter to, acknowledging receipt of intent to establish three additional branches in the Virgin Islands, No. 24 Queens Street and Caravan Hotel, Nye Tvar Gude and Waterfront Streets, both in Charlotte Amalie, St. Thomas, and Golden Roc Shopping Center, North and Old Centerline Roads, Christiansted, St. Croix Establishment of branches in Saigon, South Vietnam and in Seoul, Korea, approved First National Bank of Chicago, Illinois, establishment of a branch at 8-10 Mansion House Place, London, England, in addition to the branch previously approved at 38 Walbrook, London, approved First National City Bank, New York, New York: Letters to, acknowledging receipt of notice of intent to establish an additional branch in Hamburg, Germany, and an additional branch in Malaysia, to be located at Jurong, State of Singapore http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/9 1930 7/14 2302,2336 9/27 3174 10/14 3309,3321 12/17 4243,4256-57 1/5 27, 32 1/22 256 1965 155 Pages Branch banks, foreign: (continued) First National City Bank, New York, New York: (continued) Letters acknowledging receipt of notice of intent to establish additional foreign branches in Antwerp, Belgium, Santo Domingo, Dominican Republic, and Kuala Lumpur, 3/12 Malaysia Letter approved, re question of how the value of fixed assets and equipment of a foreign branch (in Antwerp, Kuala Lumpur, and Santo Domingo) 4/5 should be treated in relation to Letter to, acknowledging receipt of intent to establish an additional branch in Santiago, Chile, stated that funds provided by home office (whether in the form of allocated capital, advances, or otherwise) should be regarded as foreign assets for purpose of voluntary 4/16 foreign credit restraint effort Letter to, acknowledging receipt of notice of intent to establish additional branches in Duesseldorf, Germany, 5/10 and Rome, Italy of notice of receipt acknowledging Letter to, intent to establish additional branch in Cordoba, Argentina, by retaining branch in former location at Avenida General Paz No. 1, in addition to new office located at corner of Rivadavia 7/1 and 25 de Mayo of notice of receipt Letter to, acknowledging intent to establish an additional branch in the Betania section 8/6 of Panama on branch Extension of time to establish a Avenida Central, Panama City, 8/18 Republic of Panama, granted in Extension of time to establish a branch 8/25 Cartagena, Colombia, granted Extension of time to establish a branch in 9/14 Callao, Peru, granted Establishment of a branch in Managua, 12/30 Nicaragua, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 856 1077,1106 1272 1512 2225 2644 2728 2777 2988 4442,4450 1965 156 Pages Branch banks, foreign: (continued) Mercantile Bank of Canada, Montreal, Canada, letter to International Banking Corporation, New York, New York, approved, acknowledging receipt of advice that, intended to establish an additional branch in the City of Quebec, at 580 Grande AlleaEast, discussion re Board's rules concerning establishment of this branch and the State Department's interest in the matter Morgan Guaranty Trust Company of New York, New York, letter to, acknowledging receipt of notice of intent to establish an additional branch at 82 Avenue de France, Antwerp, Belgium, approved Virgin Island National Bank, Charlotte Amalie, St. Thomas, Virgin Islands, letter granting permission for already established branch on the island of Virgin Gorda, British Virgin Islands, approved Brazil: Brasilar-Administracao e Participacoes Limitada, Rio de Janeiro: Letter to Chase Manhattan Overseas Corporation, New York, New York, interposing no objection to, utilizing cruzeiros paid as dividends by Banco Lar Brasileiro S.A., Rio de Janeiro, Brazil, to purchase shares of Banco Lar Letter to Chase Manhattan Overseas Banking Corporation, New York, New York, interposing no objection to, acquiring shares of Banco Lar Brasileiro S.A., Rio de Janeiro Breakfast: Associated University Bureaus of Business and Economic Research and representatives of FRSystem to attend a breakfast in New York City on December 30, 1965, a deduction of $1.30 to be made from the per diem paid to Board employees in attendance http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/8 3245-47,3257 1/27 322 2/17 579,590 5/3 1462,1468 11/8 3584,3597 11/17 3737 1965 157 Pages Bretton Woods Agreement Act: International Monetary Fund: Draft bill to amend the, to authorize an increase in the International Monetary Fund quota of the United States, report to Bureau of the Budget favoring enactment H.R. 6497, an enrolled bill "To amend the Bretton Woods Agreement Act to authorize an increase in the International Monetary Fund quota of the United States," letter to Bureau of the Budget, approved Section 6, letter to FRBank of New York, approved, directing that under arrangements of the, the FRBank serve as fiscal agents of the International Monetary Fund Brink's Incorporated. Shipment of currency: New FRnotes: Mr. Farrell of the Board's staff reported on initial deliveries to FRBanks of new Federal Reserve notes under the contract recently executed with Brink's Incorporated, his remarks indicating that the operations had proceeded satisfactorily Rider amending service schedule attached to contract between Brink's and Board covering the transportation of, between Washington and FRBanks and branches, letter sent to Unfit FRnotes: Rider to the present contract with, approved, permitting the use of, to return unfit FRnotes of any denomination to Washington in those cases where a bank might decide that it was more economic or otherwise desirable to use this means of transportation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/9 824,832 5/26 1722,1750 8/6 2643,2647 1/5 31 4/29 1434 11/26 3846 1965 158 Pages Brobeck, Phleger & Harrison, law firm, to represent FRBank of San Francisco in all matters relating to pending litigation involving the San Francisco National Bank, San Francisco, California, understanding that at year-end 1965, and at regularly fixed intervals thereafter a statement of costs will be rendered by, to FRBank of San Francisco and forwarded to Board for its information Bronson, Bronson & McKinnon, law firm representing FDIC re litigation involving the San Francisco National Bank, request for access to certain records pertaining to the San Francisco National Bank, letter to, approved, stating availability of documents sought, letter sent to FRBank of San Francisco Budget: Federal: Financial operations of the Board of Governors, letter to Bureau of the Budget approved forwarding certain schedules for calendar years 1964, 1965, and 1966, for use in making a presentation on a memorandum basis of data on the, in a separate section of the 1967 Federal budget document Budgets: Board of Governors, 1964: Performance report reviewed and accepted with overexpenditures in certain accounts not submitted to Board prior to December 31, 1964, approved, purchase of IBM 1410 Computer and Consumer Finance Balance Sheet Survey, principal factors contributing to overexpenditures http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/15 3663, 3680 10/27 3399, 3418 10/25 3370, 3380 2/23 623 1965 159 Pages Budgets: Board of Governors, 1965: Consultant to study FRBank officer salaries: Recommendation stated by Governor Mitchell, Chairman of the Board's Committee on Organization, Compensation, and Building Plans, that a consultant be retained to make a study re officer responsibilities, and to obtain information on community salary levels for such positions, approved, along with overexpenditure in Board's budget for 1965 on this account Division of Administrative Services: Special project to be set up in, to provide summer jobs incident to Youth Opportunity Campaign, budget overexpenditure attributable to salary costs charged to, approved Overexpenditure of $4,400 in the Furniture and Equipment Account of, for the purchase of six dictating machines and four transcribing machines for the use of the Division of Examinations, approved Overexpenditure of $3,264, in the account of the 1965 budget of, for the purpose of recaulking the exterior marble of the front portico of the Federal Reserve Building, approved Division of Data Processing: Appointment on temporary contractual basis of Dr. Martin Greenberger as Consultant in, resultant overexpenditure in pertinent account of, approved Purchase of Dataplotter System Series 3500, approved, Board's action included approval of an overexpenditure of approximately $2,305 in the pertinent account of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/22 1362 6/9 1929,1934 6/29 2182 8/23 2756 7/14 2334 9/15 3029 1965 160 Pages Budgets: (continued) Board of Governors, 1965: (continued) Division of Examinations: Overexpenditure in, authorized, if the appointment of Vice President and Comptroller Harold E. Randall of the First National Bank of Boston, as consultant is accepted Additional expenditure for a new position at Grade FR-14 or 15 resulting in overexpenditure in the, approved Division of Research and Statistics: Establishment of a consultant group headed by Professor Kravis of the University of Pennsylvania to study problems of price measurement, approved, with possible resulting overexpenditures in the Authorization of two contracts with the Economic Research Institute of Drew University, provision made for these studies in the Provision made in, that a dinner be arranged for about 50 persons at the cost of $400 in connection with the meeting of the System Research Advisory Committee Study on quality of credit, request from National Bureau of Economic Research, Inc., for substantive and financial assistance re, approved, with overexpenditure in pertinent Budget account of Commissioning of papers on pricing and price measurement as outlined in Mr. Brill's memorandum, with overexpenditure in pertinent account of, authorized Expenditures in excess of, specified overexpenditures in various accounts of the 1965 budgets for certain divisions and offices of the Board's staff, authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/19 1293 7/12 2291 1/11 105,113 4/29 1434 6/3 1853 6/24 2143,2159 6/29 2182,2189 12/10 4154 1965 161 Pages Budgets: (continued) Board of Governors, 1965: (continued) Publication of research papers, recommendation of Editorial Committee re procedure and policies for publishing and distributing, approved, with the understanding that any overexpenditure in 1965 budget would be brought to the Board for approval when costs are known Retirement System of Board: Payment of approximately $420,000 to present annuitants and their eligible survivors, in light of increased benefits under P. L. 89-205, approved, with budget overexpenditure authorized Secretary's Office: Plans for program for trainees from Center for Latin American Monetary Studies to be made within the scope of provisions of, approved s in two accounts overexpenditure Specified approved for, Board of Governors, 1966: Budget review requested by the President of the United States, memorandum to Division heads calling attention to cost reduction activities as proposed in planning the Budget, yearly for 1966 approved: Alterations and additions to existing building, firm of Raymond Loewy/ William Snaith, Inc., ready to present second phase of its study to space utilization in present building, but it appeared that implementation of that firm's proposals, would have to be deferred pending the availability of space in the annex building http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/24 2138,2152 9/30 3204,3206-11 8/6 2645 12/15 4181 9/22 3138 12/15 4170,4221-23 12/15 4175 1965 162 Pages Budgets: (continued) Board of Governors, 1966: (continued) Budget, yearly for 1966, approved: (continued) Annex building, work on plans for, slowed temporarily because of certain changes in the personnel of the architectural firm, it was hoped that within a short time a different, and more desirable, proposal would be forthcoming Cafeteria of Board building (not including the dining room area), suggestion that consultant for proposed remodeling be engaged, understood action in budget re, included authorization for remodeling Letter to Clifton Truesdale, Springfield, Virginia, confirming arrangements for the retention of his services in developing a plan for the cafeteria expansion and modernization Federal Open Market Committee, communication of staff analysis to the Board and, part of current program of Division of Research and Statistics Foreign currency operations, work involved in preparation by Division of International Finance of papers relating to the economic position of foreign countries, Governor Shepardson and Mr. Young had discussed moving to abbreviated papers, mentioned in connection with Relocation facility for the joint use of Board and FRBank of Richmond, no final decision made as to the functions that would be performed at the proposed relocation site at Culpeper, Virginia Research projects underlying certain economic and financial relationships, part of current program of Division of Research and Statistics, mentioned in discussion re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/15 4175 12/15 4175 12/15 4178 12/15 4173 12/15 4172 12/15 4176 12/15 4173 1965 163 Pages Budgets: (continued) Board of Governors, 1966: (continued) Budget, yearly for 1966 approved: (continued) Statistics, improvement of, Division of Research and Statistics, mentioned in Studies, major, requested by Board, part of current program of Division of Research and Statistics, mentioned in Division of Data Processing: An item of $25,000 for outside consultant services re computer project was contained in the tentative budget of, letter to Communications Systems Inc., Paramus, New Jersey Division of Research and Statistics: Contract with Social Science Research Council for a research project on the linkages between monetary policy and aggregate demand, approved, with the understanding that this action also authorized any resulting overexpenditure in the 1966 budget of FRBank of Dallas: 1966, first half: Management consultant survey, noted that the budget of, did not appear to reflect the savings that had been indicated would result from, suggested that President Irons be contacted FRBank of New York: 1966, first half: Equipment, budget decrease reflected a lowering of the cost of check operations through accelerated conversion to high speed processing FRBanks: 1965, second half: Accepted as submitted, detailed analysis of each budget included in report to Board, discussion of semi annual budget procedure and its advantages, letter to FRBank of Boston with similar letters to other FRBanks, mention made of computer purchase plans for FRBank of New York http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/15 4173 12/15 4173 11/29 3865,3870 12/27 4421 12/9 4093 12/9 4091 6/16 2023,2043 1965 164 Pages Budgets: (continued) FRBanks: (continued) 1966, first half of: Accepted as submitted, noted that shift to automatic check processing continued to be an important influence on System expenses, letter to FRBank of Boston with similar letters to other FRBanks Employment, downward trend in the number of Reserve Bank employees noted Equipment, noted in, that shift to automatic check processing continued to be an important influence on System expenses Salaries, an increase in operating costs was in part attributable to higher average salaries Social Security taxes, increase in operating expenses at FRBanks was attributable in part to, reflecting the rise in rate and taxable salary base "Gold budget": Designation of Robert Solomon, Adviser to the Board, to serve on a task force being established by the Bureau of the Budget to review Bureau of the Budget: Balance of payments: Draft bill to facilitate a program of voluntary cooperation by financial institutions to assist in improving the, staff authorized to advise the Bureau of the Budget re Board's favorable position Letter to Mr. Raymond T. Bowman, Assistant Director for Statistical Standards, of, advising of the designation of Mr. John E. Reynolds, Associate Adviser, Division of International Finance, to represent the Board on the Technical Advisory Committee on Balance of Payments Statistics http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4091, 4115 12/9 4092 12/9 4093 12/9 4092 12/9 4092 12/15 4181 2/17 579 10/13 3293 1965 165 Pages Bureau of the Budget: (continued) Bank lending practices, letter approved to the Budget Bureau requesting an extension of time through June 30, 1966, to use a particular questionnaire in connection with the quarterly survey of Bretton Woods Agreement Act: Approval given to transmittal of letter to, favoring enactment of a draft bill to amend the, to authorize an increase in International Monetary Fund quota of the United States H.R. 6497, an enrolled bill to amend, authorizing an increase in the International Monetary Fund quota of the United States, letter to, approved Call report forms: Clearance of revised format of condition report, and clearance on proposed slip sheet for national banks, letter requesting, approved Form approved by Budget Bureau and transmitted to FRBanks Circular No. A-44, describing policies to be observed in agency cost reduction activities Commodity Exchange Act, proposed bill to provide the Secretary of Agriculture with authority to set margin requirements for trading in commodities, report to, approved Credit expansion via the International Monetary Fund, Department of State's proposed report on S. Res. 142, requesting the Administration to study the possibility of increasing international means of payment by making available additional supplies of commercial credit via the International Monetary Fund, report to, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/15 4160, 4188 3/9 824, 832 5/26 1722, 1750 12/7 4058,4075-79 12/23 4373 9/22 3138 1/28 330, 340 12/9 4091, 4112 1965 166 Pages Bureau of the Budget: (continued) Deposit insurance bill, approval given to letter to, re Board's views concerning the Treasury Department's draft bill to increase deposit insurance, place regulation of interest rates on standby basis, and amend other provisions of law Deposits with excessive rates of interest to be considered as borrowings: Legislation to further define the term deposit and to provide for insured State Banks the same borrowing limitations applicable to national banks, report to, reiterating that the Board would not favor submitting the proposal to Congress Proposed legislation to amend the Federal Deposit Insurance Act and the FRAct to provide a penalty for payment of interest on deposits by any insured bank in violation of Federal regulations, letter to, approved Expediting Act, draft bill proposed by the Department of Justice to amend the, to relieve the Court of a portion of its present burden by restricting the right of exclusive appeal to those cases involving matters of national importance, report to, approved Farm Credit Administration, draft bill to amend various provisions of the law administered by, letter to, approved Federal Deposit Insurance Act, legislation proposed by Federal Home Loan Bank Board involving amendment of section 402 of the National Housing Act and section 14 of, letter to, approved Financial operations of the Board of Governors, letter forwarding schedules for calendar years 1964, 1965, and 1966, to, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/9 2650, 2663 4/29 1430, 1452 6/23 2125, 2132 2/12 499, 503 4/14 1193, 1212 4/27 1389, 1407 10/25 3370, 3380 1965 167 Pages Bureau of the Budget: (continued) Foreign time deposits, Treasury draft bill to continue the authority of domestic banks to pay interest on time deposits of foreign governments at rates differing from those applicable to domestic depositors, report to, approved Gold budget, designation of Robert Solomon, Adviser to the Board, to serve on a task force being established by, to review Gold reserve requirements: Board interposed no objection to Treasury's proposal to repeal statutory, understood Mr. Hackley would communicate Board's views to Treasury Department and H.R. 3818, an enrolled bill to eliminate the requirement that FRBanks maintain certain reserves in gold certificates against deposits, letter to, recommending approval H.R. 5306, a bill to continue the authority of domestic banks to pay interest on time deposits of foreign governments at rates differing from those applicable to domestic depositors, letter to, approved Interest equalization tax, H.R. 4750, an enrolled bill that would extend the, until July 31, 1967 Insurance on deposits, legislative proposal of FDIC depriving money placed with an insured bank of Federal deposit insurance, if the owner receives directly or indirectly compensation in excess of the maximum rate permitted by the regulations of FDIC and the Board of Governors, letter to, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/11 103, 108 12/15 4181 1/4 3 2/23 624, 639 7/9 2264, 2270 9/29 3176, 3190 4/16 1272, 1285 1965 168 Pages Bureau of the Budget: (continued) Loans to examiners, H.R. 6701, a bill to amend sections 212 and 213 of title 18, of the United States Code, in order to permit banks and other financial institutions to make home mortgage loans not to exceed $30,000 to examiners or assistant examiners authorized to examine such institutions, Board of the opinion that the proposed legislation should prohibit examiners to examine the bank or institution where the mortgage loan was made, letter to, approved Money orders, private, proposed legislation to regulate issuance of, by nonbanking concerns, letter to, approved National Housing Act: Amendment of section 402 of, and section 14 of the FDIAct, letter to, advising that the Board has no objection to the proposed legislation Section 408, draft bill prepared by Federal Home Loan Bank Board to amend, providing for the regulation of savings and loan holding companies and their subsidiaries, favorable report to, approved Reconciliation statement, letter to, requesting clearance of Form 83, to collect supplementary condition report statistics from all national banks in connection with the June call for report of condition Reorganization Act of 1949, letter to, indicating that the Board had no recommendation for a reorganization plan of action under, approved S. 38, a bill to repeal the Interest Equalization Tax Act, report to, approved Small Business Capital Bank, bill proposed by the Small Business Administration to create, report to, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/28 2485, 2490 7/1 2213, 2236 4/27 1389, 1407 5/21 1707, 1712 6/14 1992, 2007 9/16 3044, 3050 2/26 710, 722 5/28 1799, 1827 1965 169 Pages Bureau of the Budget: (continued) State legislation, letter to, approved, stating that the Board had no proposals to suggest for consideration by the Committee of State Officials on Suggested State Legislation of the Council of State Governments Bureau of the Census: Retail trade statistics: Memorandum from Mr. Sherman recommending withdrawal by FRBanks from preparation of department store sales reports, and outlining program, to be considered further at next meeting Program described in memorandum for discontinuing, approved, along with letter to FRBanks Letter to National Retail Merchants Association, dated July 29, 1965, concerning details of the withdrawal of the department store sales reports, approved, letter to FRBanks, approved Bureau of Engraving and Printing: FRnotes: Printing order for fiscal year 1965, supplemental: Placed with Bureau of Engraving and Printing, letter to Comptroller of the Currency, approved Placed with Bureau of Engraving and Printing for printing notes of $1 denomination of FRBanks of Minneapolis and San Francisco, approved Printing order for fiscal year ending June 30, 1966, placed with Revised printing order for fiscal year ending June 30, 1966, placed with Bureau of Indian Affairs: Navajo Bancorporation, Inc., Phoenix, Arizona, violations of Bank Holding Company Act in connection with stock acquisition involving Valley State Bank, Lamar, Colo., recommended that Board's staff advise the Bureau of the Board's action http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/28 330, 339 6/16 2028 6/17 2050,2070-90 7/30 2498,2512-21 2/5 390, 397 4/27 1400, 1422 6/29 2180, 2186 8/4 2594, 2604 9/9 2911,2933-40 1965 170 Pages Bureau of the Mint: Coin conference, letter approved to Mr. Deming, Under Secretary of the Treasury for Monetary Affairs re possibility of, to be attended by representatives of the Treasury Department, Board, FRBanks, and, to discuss development of better measures of future coin needs Business conditions: Capital outlays: Expectations with respect to, topic for discussion with FAC Expectation that business fixed capital outlays in 1966 will be higher than they were this year, although the percentage increase may be less than in 1965, no evidence at present that capital outlays in 1966 will result in overcapacity in any important industries, views expressed at joint meeting with FAC Expenditures: Possible revisions in capital expenditure or other business plans, topic for discussion with FAC Significant upward revisions in capital expenditures and other business plans, businesses being prompted to spend freely for capital improvements, views expressed at joint meeting with FAC C alifornia, State Banking Department of Frontier Bank, Covelo, California, telegram to FRBank of San Francisco authorizing compliance by Bank with request of, for certain correspondence and documents in the Reserve Bank's files re, a nonmember bank that was placed in receivership in July 1964, understood that FDIC would be informed that an FDIC letter was among correspondence furnished http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/15 886, 901 10/29 3426, 3441 11/16 3684 8/27 2789, 2808 9/21 3088 6/22 2116, 2121 1965 171 Pages California State Superintendent of Banks: Chase Manhattan Bank (National Association), New York, New York, telegram to, granting his request to submit a brief in opposition to the request of, for a section 301 determination incident to its proposal to acquire shares of Liberty National Bank and Trust Company, Buffalo, New York Canada: Andreae Equity Investment Fund Limited, Toronto, Canada, letter to International Banking Corporation, New York, New York, granting permission for its wholly-owned subsidiary, International Trust Company, Montreal, Canada, to purchase shares of H. C. Andreae & Company Limited, Toronto, Canada, and Arcturus Investment & Development, Ltd., Montreal, Canada:. Letter to Chase International Investment Corporation approved, granting permission for the Corporation or, to purchase shares of Beton Service de France, Paris, France Letter to Chase International Investment Corporation, New York, New York, granting an extension of time to make further investment in Government of: Foreign lending by U. S. banks, representatives of, expressed concern re terms of proposed guidelines for nonbank financial institutions and their possible impact from the Canadian standpoint in connection with the President's voluntary restraint program to improve U. S. balance of payments, one portion of guidelines softened somewhat http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/8 4082, 4088 4/23 1383, 1387 1/21 232, 240 2/1 353, 365 3/3 743 1965 172 Pages Canada: (continued) International Trust Company, Montreal, Canada, letter to International Banking Corporation, New York, New York, granting permission for its subsidiary, to purchase shares of H. C. Andreae & Company, Limited, Toronto, Canada, and Andreae Equity Investment Fund Limited, Toronto, Canada Kent Trust and Savings Company, Ontario, Canada, letter to Manufacturers-Detroit International Corporation, Detroit, Michigan, granting consent to purchase shares of, Governor Robertson to inquire re cutting of investments in excess of voluntary credit restraint guidelines, letter granting of consent would then be transmitted Celler, Emanuel, Congressman: Foreign branches of U. S. banks, H.R. 6849 and S. 1907, companion bills to amend the U. S. Code by adding a new section to forbid any U.S. court from enforcing revenue laws which restrain or enjoin banks with respect to property or rights of property situated outside the United States, letters to, Chairman of the House Judiciary Committee and Chairman Eastland of the Senate Juciciary Committee, recommending enactment Marine Midland Trust Company, New York, New York, request from, Chairman of House Judiciary Committee for a copy of application by, to acquire Grace National Bank, New York, New York, request involves Board's Rules of Procedure re applications when public hearing or public oral presentation of views is held, letter to Congressman Celler making application available http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/23 1383, 1387 5/20 1693, 1701 7/14 2304, 2344 4/22 1347, 1369-71 1965 173 Pages Center for Latin American Monetary Studies: Nettles, James K., Economist, Division of International Finance, to deliver lectures in Mexico as requested by, travel expenses with per diem authorized Osborne, Harlow D., Chief, Consumer Credit and Finance Section, Division of Research and Statistics, to deliver lectures in Mexico as requested by, travel expenses with per diem authorized Visits to Board by trainees from, plans for program to be given September 13-17, 1965, for trainees and request to proceed with necessary arrangements within scope of provisions of the 1965 budget of the Office of the Secretary Central American Monetary Council: Maroni, Yves, Senior Economist, Division of International Finance, request from the, for technical assistance in a study of consumer credit in the five Central American countries, agreed that services of, would be offered, to continue on Board's payroll on a nonreimbursable basis with transportation and per diem expenses to be reimbursed by Central Bank Governors of the Western Hemisphere: Annual conference of, to be held at Punta del Este, Uruguay, Messrs. Young, Maroni, and Nettles authorized to accompany Chairman Martin and Governor Mitchell Chain banking: Dinsdale Bros., Inc., Palmer, Nebraska, application for a section 301 determination, discussion re case involving chain banking situation, agreed to consider later, memoranda to be prepared by Legal and Examinations Divisions analyzing the Board's policy re 301 determinations http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/5 1482 5/5 1482 8/6 2645 9/22 3137 4/20 1316, 1329 4/16 1263 1965 174 Pages Chain banking: (continued) Survey of, request from Chairman Patman of House Banking and Currency Committee that data from the 1962 study of, be reactivated to obtain information on nominees, and brokers, identified as bank stockholders, Board to comply with request, letter to Chairman Patman Chandler, Lester V., Professor of Economics, Princeton, University: Memorandum from Mr. Sherman recommending that, be permitted access to such minutes and other Board records as might be pertinent to his study of American monetary policies in the period 1928-1940, approved Records of FRBank of St. Louis in connection with his study of American monetary policy during years 1928-40, made available to Chapman, Dr. Frederic D.: Consultant fee of $200 at the end of 1965 and at the end of each year thereafter to, for special consultations and advice rendered by him in connection with Board's medical program, approved Letter confirming arrangements to conduct annual physical examinations of chauffeurs and messenger-drivers, stating fee and method of payment, agreed to include payment for x-ray for new employees or those being transferred to such positions Letters confirming arrangements for the annual physical examinations of all employees in the Board's cafeteria at a fee of $125, and the annual physical examinations of the Board's chauffeurs and messengerdrivers at a fee of $28 for each examination http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/27 1391 2/3 376, 386 4/21 1330, 1334 3/15 898 3/22 941 12/22 4342 1965 175 Pages Charts: Gross National Product, Messrs. Brill, Weiner, Taylor, Gramley, and Sigel presented, with aid of charts, financial projections derived from the Administration's GNP model for 1965 Christmas Program: Arrangements for annual program, memorandum revising schedule as approved by Board in 1957 designating order of division responsibility, approved by Governor Shepardson on August 11, 1965 Circulars, Board of Governors: Administrative Procedures Act, report on S-1336, a bill to amend, with provisions re rate making actions such as establishment of discount rates, setting of stock margin requirements and establishment of maximum rates of interest on time and savings deposits, provisions of bill opposed by Board, report transmitted to Chairman Eastland, Senate Judiciary Committee, copies of letter and report sent to all FRBanks with letter to American Bankers Association transmitting copy of report as requested Advances by FRBanks to member banks, question re eligibility of notes reflecting loans made by banks and guaranteed by Small Business Administration as collateral for, advice to Small Business Administration that such loans were not eligible as collateral under present law, copy of letter to be sent to Presidents of all FRBanks Advertising of member banks, false: Letter approved to all FRBanks concerning complaints re Substance of the exchange of correspondence between the Board and the FRBank of Boston, re, transmitted to the Presidents of all FRBanks for their information http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/4 784 8/12 2675 5/12 1526, 1555 4/19 1287, 1301 10/11 3271, 3275 12/6 4026 1965 176 Pages Circulars, Board of Governors: (continued) Bank Holding Company Act, request for determination by Board as to status of Zions Utah Bancorporation, Salt Lake City, Utah, under section 2(c) of, in regard to proposed acquisition of assets of Lockhart Corporation, which controls four industrial banks, interpretation re applicability of, to industrial banks, letters to counsel for Zions Utah and Presidents of all FRBanks, approved Bank lending practices: Draft letter to all FRBank Presidents transmitting form of questionnaire for extending coverage of survey re, to include a number of smaller banks for one test before expiration of authorized experimental period, Governor Mitchell to work with staff on changes in questionnaire Revised form approved for use on one-time basis, letter to FRBanks re Letter to the Presidents of all FRBanks re the survey with respect to Bank merger and bank holding company cases: Letter to all FRBanks calling for proposed conference on cases re, approved Memorandum from Governor Shepardson re analysis of economic factors involved in, and implementation of proposals for change, letter to Presidents of all FRBanks asking their cooperation Banking quarters of member banks, letter to FRBanks transmitting substance of letter sent to FRBank of Chicago re a certain request for approval of investment in, resulting from a change in accounting procedure, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/27 3396 6/24 2136 6/24 2138 12/15 4160, 4188-90 2/15 518, 548 10/8 3247, 3258 6/21 2095, 2104 1965 177 Pages Circulars, Board of Governors: (continued) Borrowings by member banks from FRBanks: Letter to all FRBanks re proposed quarterly reports dealing with current bank borrowing, approved FRBank Presidents asking for their Letter to views re endorsement procedures for collateral used as security or Letter approved to the Presidents of all FRBanks re plans for automating the L.5.3 and L.5.4 reports, relating to borrowings from Reserve Banks Borrowings by national banks from FRBanks: Request from Comptroller of the Currency for information on continuing basis re, letter to FRBanks approved, requesting needed information in order to answer Comptroller, including couuttents on types of information the FRBanks would like to receive from the Regional Comptrollers, Board agreed that matter would be discussed with discount officers of FRBanks Changes in control and ownership of insured banks, letter to all FRBanks approved, re procedures to be followed in processing reports received under provisions of Public Law 88-593 relating to Civil Rights Act of 1964, Titles VI & VII, letter to Presidents of all FRBanks re applicability of, approved Coin: One -cent denomination, letter approved to Presidents of all FRBanks stating that Reserve Banks may, if they wish discontinue transfer of coin in the one-cent denomination from Mint-sealed bags to Reserve Bank bags http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/28 2169, 2178 8/25 2768 12/10 4151, 4155 6/7 1910, 1924 2/3 376, 383 6/7 1909, 1921 3/15 886, 899 1965 178 Pages Circulars, Board of Governors: (continued) Coin: (continued) Shortages, distribution procedures re, memorandum from Mr. Farrell recommending discontinuance of rebagging of nickels and pointing out that some variation exists among Federal Reserve Banks with respect to accepting coin orders from nonmember banks, memorandum also reported suggestions by joint Treasury-Federal Reserve Ad Hoc Committee, suggestion that another meeting be held with Assistant Secretary of Treasury Wallace, letters to FRBank Presidents and to Chairman of Conference of Presidents, approved and noncash items, letter to cash Collection of Presidents of all FRBanks approved, concurring in certain amendments to the cash and noncash collection circulars of FRBanks Condition reports: Government securities, letter to Presidents of all FRBanks transmitting copies of forms for submitting condition reports and schedule for reporting by issue holdings of U.S., as of next call date "Supplementary Information on Schedule FA Time Certificates of Deposit," for use along with spring condition reports for State member banks, approved, letter to FRBanks State member banks and their affiliates: Forms for next call sent to all FRBanks Fonds for next call sent to all FRBanks Forms for next call sent to all FRBanks Consultants, establishment of procedure for payment of fees and reimbursement of travel expenses when incurred in connection with System committee activities, approved, letter to all FRBank Presidents, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/16 2695,2703-05 4/14 1193, 1213 12/23 4373 4/6 1115, 1123 3/15 6/14 9/14 894, 919 1992, 2009 2988, 3010 6/21 2095, 2110 1965 179 Pages Circulars, Board of Governors: (continued) Deposits, certificates, questions under Regulation Q, re possibility of allowing a depositor a 10-day "grace" period following each redemption date within which he might withdraw his funds, and whether a bank could combine interest payments in a single check for certificates issued on various days in the same month, reply to Federal Reserve Bank of Philadelphia answering both of the member bank's questions in the affirmative, substance of letter sent to all Federal Reserve Banks, approved Earnings and expenses, Federal Reserve Banks, 1965, discontinuance of submitting year-end routine memorandum re, noted without objection, telegram approved to Presidents of all Federal Reserve Banks Examination and supervision of Federal Reserve Banks: Draft directives re areas of responsibility and methods of cooperation for Board's several divisions having responsibilities re functions of, approved, subject to changes reflecting the amendments agreed upon, with understanding that copies would be sent to all Federal Reserve Banks Procedures for, at Board meeting of February 15, 1965, Board approved issuance of directives to staff re responsibilities for examining FRBanks and excercising supervision over them, directives now issued and copies sent to heads of divisions of Board's staff and also to all Federal Reserve Banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/15 3662 12/22 4332, 4345 2/15 521 5/26 1742,1769-81 1965 180 Pages Circulars, Board of Governors: (continued) Examinations, State member banks, letter to FRBanks approved requesting them to ascertain at next examination of each State member bank whether the bank had a program of direct verification, and if not, to submit views of senior management toward adopting such a program, if program was in effect, to give brief report on nature and extent using page E of the confidential section of the examination report under caption "Direct Verification Program" Examiners, FRBanks: Conference of Representatives of Bank Examination Departments of FRBanks to be held on March 29-30, 1965, letter to Presidents of FRBanks informing them re Letter dated March 15, 1965, approved and sent to Presidents of all FRBanks, with instructions on such matters as the designation of examining personnel, use of examining personnel of other Reserve Banks, ownership of bank stock, and family relationships between examining personnel and bank personnel FRAgents' Departments prior to 1936 letter to Civil Service Commission approved re status of, at several FRBanks prior to transfer by Board of non-statutory duties of Agents to FRBanks in 1936, question had arisen because of Thomas E. Ramsey, an employee in Agent's Department at San Francisco now with Comptroller of the Currency's Office; if Mr. Ramsey's claim for creditable service is reopened the Commission may expect requests for service credit from Donald S. Thompson and Maxwell Conklin, letter to all FRBanks re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/11 1963, 1988 1/13 117, 126 2/4 390, 402 1/21 236 1965 181 Pages Circulars, Board of Governors: (continued) FRnotes: Draft of letter to Secretary of the Treasury re denominations of $500, question of continued availability of $500 and $1,000 FRnotes, transmitted to Presidents of all FRBanks for comments Letter approved to FRBanks implementing with appropriate instructions the Board's decision re destruction of unfit $1 FRnotes shipped to Washington Foreign banking corporations, agreement with recommendations of Governor Robertson for approach to be taken by Board re establishment of foreign branches by member banks and foreign banking corporations re investments by such corporations, a copy of letter sent to all Edge Act and agreement corporations, transmitted to Presidents of all FRBanks Foreign lending by U.S. banks: Draft of circular to member and non-member banks and other financial institutions with respect to, transmitted to all FRBanks Draft of guidelines for commercial banks re President's program of voluntary restraint re, sent to Presidents of all FRBanks for comments and suggestions Foreign operations of U.S. banks: Statement prepared by Board's staff on objectives and scope of a research project of study re, approved and transmitted to Presidents of all FRBanks for their information Gold reserve requirements of FRBanks amended to apply to FRnote liability alone, noted that Board's weekly condition statement of FRBanks for March 3, 1965, to be issued, should include textual reference to this fact, telegram sent to FRBanks in this regard http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/15 889, 903 11/26 3846 3/8 795 2/10 475, 479 3/3 747 10/13 3288, 3305 3/4 784, 786 1965 182 Pages Circulars, Board of Governors: (continued) Government securities, letter to Chairmen and Presidents of all FRBanks, approved, modifying Board's instructions in letter of April 12, 1933 and May 18, 1944 permitting General Auditors to use their discretion in determining the scope of postaudit of subscriptions of Government issues in order to assure that subscriptions handled by an FRBank for its directors, officers, and employees were not given favored treatment Holding company affiliates, declaration of stock dividends by, letter approved to FRBank of Chicago re the question whether a holding company affiliate may declare a stock dividend upon its equity in undistributed net income of subsidiary banks, substance of letter to be sent to all FRBanks Income and dividend reports, letter to Presidents of all FRBanks transmitting copies of the form, F.R. 107 to be used by State member banks in submitting reports of income and dividends for the calendar year 1965, approved Interlocking directorates, question of qualification for exception under section 8(4) of the Clayton Act and 212.2(d)(4) of Regulation L, question re evasion of intent of regulations, possible need for amendments to close loopholes in regulations, letters to all FRBank Presidents requesting information on such known cases Involuntary separations from service, letter to Presidents of all FRBanks advising re the handling of cases of, from, in which alcoholism is a factor http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/4 3219, 3227 12/15 4160, 4187 12/21 4327, 4330 4/15 1237, 1251 2/17 583, 594 1965 183 Pages Circulars, Board of Governors: (continued) Leased Wire System, letter to American Telephone and Telegraph Company authorizing them to proceed with installation in Federal Reserve, of 4 new circuits as outlined, coincident with installation, it is understood that there will be a realignment of existing circuits, General Services Administration to effect a TELPAK application, copies of letter sent to Presidents of all FRBanks Loans from Small Business Administration, letter to SBA approved re treatment normally accorded by FRBank examiners to those portions of loans guaranteed by SBA, copy of letter to SBA forwarded to all FRBanks for distribution to examiners Mobile branch facilities, applications by Manufacturers and Traders Trust Company, Buffalo, New York, for establishment of, pointed out that this was the first time the Board had been asked to approve, letter transmitted to FRBank of New York, and FRBanks informing re Board's approval One -bank cases, understood that it would be indicated to the FRBanks that applicants for section 301 determinations, whose applications were being held pending reappraisal of the Board's policy re, might apply for voting permits if they desired Promissory notes, agreed that Presidents of Federal Reserve Banks should be informed on confidential basis re proposed amendment of Regulation Q which would define promissory notes issued by banks as deposits http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/9 2265, 2271 5/17 1610, 1623 10/29 3431 11/17 3736 12/22 4341 1965 184 Pages Circulars, Board of Governors: (continued) Publications, recommendation of policy for pricing and distributing special publications of Board, approved with letter sent to FRBanks for their information Regulation F: Letter to Presidents of all FRBanks re registration of equity securities by certain State member banks required under the law and, approved Interpretation of Section 206.2(o) re definition of "officer," under, copies of interpretation, as transmitted to Federal Register were sent to FRBanks for distribution to State member banks Securities: of Registration Legal Division memorandum recommending certain procedures to be followed by State member banks re timing of annual stock holders meetings to enable them to comply with, letter to FRBank of Boston approved, with similar letters to be sent other FRBanks except Minneapolis which received an individual letter Registration by State member banks, and insured nonmember banks, letter to Presidents of all FRBanks re procedure for handling requests for copies of material filed by State member banks under Regulation F, and by insured State nonmember banks under the corresponding regulations of FDIC Regulation M, request from First National City Bank, New York, New York, for amendment of, in order to permit overseas branches to pay preferential rates of interest on deposits of their officers and employees if the branches were in countries where such procedure would be consistent with local law and practice, agreed that letters should be sent to all FRBanks, Comptroller of the Currency, and FDIC for comments http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/24 2142, 2156 1/8 85, 97-99 5/10 1509,1520-22 2/23 620, 633-36 5/26 1741 1/28 333 1965 185 Pages Circulars, Board of Governors: (continued) Regulation Q, question re payment of rebate on automobile loans conditional upon maintaining a certain balance in a demand deposit account, Board ruled that rebate offered involved payment of interest in violation of, letters to all FRBanks Regulations T and U, recommendation in report of "Special Study of Securities Markets" by SEC that Board regulate extensions of credit by lenders not subject to, approved, letter to Presidents of all Federal Reserve Banks Regulation U, possible violation by First National Bank of Boston, Massachusetts, in connection with their loan to Triangle Corporation for the purchase of stock of Precisionware, Inc., approval given to of letters to First National Bank and Comptroller of the Currency, with copy to Presidents of all FRBanks Relations with dealers in securities, question whether provisions of section 32 of the Banking Act of 1933 prohibited a limited partner in the securities firm of Wheeler, Munger and Company, Los Angeles, California, from serving as an employee of the United California Bank, Los Angeles, California, Board ruled that provisions did apply, advice to FRBank of San Francisco with substance of letter transmitted to other Federal Reserve Banks Reserves, free, weekly figures, recommendation approved that country bank sample for improving reserve estimates, which had been used experimentally, be continued on a permanent basis, letter to Presidents of all FRBanks on action re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/12 1529, 1583 1/26 268, 309 9/20 3073 5/12 1537, 1589 6/22 2117, 2122 1965 186 Pages Circulars, Board of Governors: (continued) Retail trade statistics on department store reporting: Discontinuance of most of FRSystem's activities in collecting department store data after completion of reports covering January 1966, memorandum describing program approved, letter and enclosure sent to all FRBanks Letter to FRBanks dated August 4, 1965, approved, adapted to individual Bank situation as to continuation of weekly reports of total department store sales Safekeeping procedures: Letter to all FRBank Presidents endorsing general standards recommended by Ad Hoc Subcommittee in study on custody control standards, approved Letter approved to Presidents of all FRBanks re a proposed survey of Protection Departments in the FRBanks, probable that Secret Service would be willing to assist in project Salaries: FRBank officers other than Presidents and First Vice Presidents, Committee on Organization, Compensation and Building Plans recommend the reestablishment for the year 1966 of the guidelines for, letter to Chairmen and Presidents of all FRBanks, approved Presidents and First Vice Presidents, recommendations approved by Board's Committee on Organization, Compensation, and Building Plans re revised guidelines for salary ranges of, letters to FRBanks of Boston, New York, and Dallas with similar letters to the remaining FRBanks with schedules reflecting the situations at particular Banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/17 2056 7/30 2498, 2515 8/4 2594, 2607 10/8 3244, 3252 7/14 2332, 2347 11/3 3490 1965 187 Pages Circulars, Board of Governors: (continued) Savings accounts, question whether a member bank may accept as a savings account a deposit made by an industrial corporation consisting of funds pledged by an individual, letter to Presidents of all FRBanks, approlYed Savings bonds luncheons, question raised by Savings Bonds Division of the Treasury Department re Board's views with respect to assistance by FRBanks in paying cost of, for 25th anniversary drive in 1966, agreed that it would be appropriate for FRBanks to absorb cost of luncheons on FRBank premises but inappropriate to pay cost of larger luncheons outside FRBanks, letter advising FRBanks re position stated in letter to the Secretary of the Treasury Service to the public, memorandum from President Johnson to the heads of departments and agencies dated Nov. 1, 1965, relating to a program aimed at improving further the quality of, Governor Shepardson designated as member of Board who would have responsibility for directing, letter to FRBank of Boston, with similar letters sent to other FRBanks Telegraphic transfers of funds, Board concurred in proposal approved by Presidents' Conference for establishment by FRBanks of uniform closing hours for interdistrict telegraphic transfers of funds, approval given to letter to FRBanks reflecting this concurrence http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/6 1493, 1501 10/26 3384 11/18 3759 11/15 3656 1965 188 Pages Circulars, Board of Governors: (continued) Time and savings deposits: Advice requested from every member bank on any changes made in rates and terms offered on, letter transmitted to all FRBanks that would be sent by the President of each FRBank to member banks in the Bank's district, telephone conference held with all FRBanks during the meeting Letter to all FRBanks requesting that they communicate with all member banks that are paying a rate of interest on deposits that might suggest a lack of prudence in view of recent change in amount of interest that can be paid on deposits under Regulation Q Trust department examination report form for State member banks, revised form and manual approved, understood that when supplies of the new forms were available, a letter would be sent to all FRBanks transmitting revised report form and trust report manual and authorizing their use Trust Examiners' Conference, to be held at FRBank of New York in February 1965, approved, letter to all FRBanks re proposed conference Violations, revision of procedure for handling, advice to Presidents of all FRBanks Voluntary credit restraint program: Foreign lending by U.S. banks: Guidelines for use of commercial banks, approved, sent to FRBank Presidents for transmission to all commercial banks with a suggested covering letter with a revision of guideline 13 Letter sent to Presidents of FRBanks for transmittal to commercial banks, re a revision of guideline 5 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/17 4249,4293-94 12/23 4381 1/5 29 1/7 65, 77 5/5 1477,1488 4/27 1399, 1420 7/21 2406,2411-12 1965 189 Pages Circulars, Board of Governors: (continued) Youth Opportunity Program, question whether FRBanks should participate in, a matter for each Bank to decide, with Board sympathetic with effort where productive or potentially productive, advice to Presidents of all FRBanks Circulars, Bureau of the Budget: Cost reduction and management improvement in Government operations as requested by the President, Board endorsed sending memorandum to Division heads calling attention to provisions of Budget Bureau Circular No. A-44, which described policies to be observed in agency cost reduction activities Circulars, FRBanks: Cash and noncash collection circulars, letter to Presidents of all FRBanks approved, concurring in certain amendments to Foreign lending by U.S. banks: Draft of Reserve Bank circular reviewed and revised in light of telephone conference of Board with Reserve Bank Presidents and in keeping with Presidents message to Congress on balance of payments problem Circular sent to FRBanks Civil rights: FRBank of New York, report by Governor Balderston re letter received from lawyer for Congress of Racial Equality (CORE) setting forth on behalf of CORE and NAACP certain allegations of discriminatory employment practices on part of, agreed to obtain all available information before Board would consider a reply, agreed that letter making interim acknowledgment should be sent, letter sent on August 17, 1965 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/10 1941, 1953 9/22 3138 4/14 1193, 1213 2/10 2/10 465 475, 479 8/12 2674, 2675 1965 190 Pages Civil rights: (continued) FRBank of New York: (continued) Understood that a revised draft of reply would be submitted for Board's consideration Letter given approval Civil Rights Act of 1964: Title VI, nondiscrimination in Federally assisted programs: Question re applicability of, to FRBanks, agreement with suggestion of Chairman Martin that matter be held over for another meeting when time would permit exploring problem fully Understood Board would consider matter more comprehensively at another meeting Letter to the Bureau of the Budget, position taken that Title VI was not applicable to the FRBanks, to be revised reflecting changes suggested at this meeting Understood that additional work would be done on Understood staff would prepare a further draft letter Further discussion and revised draft to undergo additional changes Letter to Bureau of the Budget approved, Governor Robertson dissenting, letter sent to all FRBanks, covering both Title VI and Title VII of, approved Title VII: Board concurred in conclusion of Ad Hoc Subcommittee of Counsel and the Conference Subcommittee of Counsel as approved by the Conference of Presidents that FRBanks would be subject to, re discrimination in employment practices Tuskegee Institute faculty member charged that a member bank was violating, and asked what action the Federal Reserve proposed to take, reported by FRBank of Atlanta http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/14 9/30 2988 3205 3/30 1010 4/1 1057 5/26 1728 5/28 1815 6/2 1839 6/4 1869 6/7 1909,1918-22 5/26 1731 5/28 1822 1965 191 Pages Civil Rights Act of 1964: (continued) Title VII: (continued) In accordance with understanding at the Board meeting on May 28, 1965, there had been distributed a draft of letter to Presidents of FRBanks re, understood that letter would be redrafted to accommodate certain suggestions and that revised draft would be considered at another meeting Further revised draft of letter on Title VII would be distributed Approval given to transmission of letter to all FRBanks re Title VII, with letter to FRBank of Atlanta approved, re reply to Assistant Professor Ben Zion-Wardy concerning alleged violation of, by Alabama Exchange Bank of Tuskegee, Tuskegee, Alabama Civil Service Commission: Cabinet Committee on Federal Staff Retirement Systems: Letter to Executive Director of, re Board Plan of Retirement System of Federal Reserve Banks, approved, Governor Mitchell indicated that in these circumstances he did not object to sending of letter but in principle he favored integration of Federal Government retirement systems with Social Security Letter to Executive Director of, providing certain statistical and other data on retirement coverage of Board employees Employee health services, designation of June E. Burns, Administrative Assistant, Division of Personnel Administration, to serve as Employee Health Service Officer to represent the Board in developing employee health services in accordance with the new guidelines approved by the President, advice to Chairman of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/2 1839 6/4 1872 6/7 1909,1921-23 4/5 1077, 1107 4/23 1383 8/2 2530 1965 192 Pages Civil Service Commission: (continued) Ethical conduct, standards of: Designation of Howard H. Hackley, General Counsel, to provide counsel, guidance, and interpretation on matters re, of officers and employees of the Board, letter to Chairman Macy of Proposed regulation re, for Board employees, in light of request by, approved, Governor Mitchell abstaining and Governor Daane dissenting, decided not to send copies of Board's regulation to FRBanks Transmitted to, by letter, dated December 27, 1965 Service to the public, memorandum from President Johnson to the heads of departments and agencies relating to a program aimed at improving further the quality of, Governor Shepardson designated as the member of the Board who would have responsibility for directing, within the Board's organization, advice to Chairman Macy of Clayton Act: Section 7: BancOhio Corporation, Columbus, Ohio: Call from Justice Department re investigation involving possible violation of Sherman and Clayton antitrust laws by, agreed that Attorney General be advised re pending application of, to acquire an additional bank, and that Board would consider the application in light of, also agreed that Justice should make its own decision re investigation of Application to acquire shares of The First National Bank of Jackson, Ohio, approved, discussed in light of pending investigation involving possible violation of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/26 1739 12/21 4318 12/21 4324 11/18 3758,3767-68 6/4 1872 10/11 3265 1965 193 Pages Clayton Act: (continued) Section 7: (continued) Chase Manhattan Bank (N. A.), New York, N. Y.: Application to acquire outstanding shares of Liberty National Bank and Trust Co., Buffalo, N.Y., requesting it be granted a determination not to be a holding company affiliate and if denied requesting voting permit to vote stock of Liberty National, possible violation of, re proposed transaction, letter to, approved Application before Comptroller of Currency, agreed no action by Board was called for at this time Letter to Chm. Patman of House Banking and Currency Committee re proposal by, to acquire stock of Liberty National, in light of Board's responsibilities under, approved Section 8: Exception to: Question of qualification for, concerning interlocking directorate of Maurice Connell, director of Inter National Bank of Miami, Fla., Southern Industrial Savings Bank of Miami, advice to FRBank of Atlanta that exception applied Question re evasion of intent of regulation thru such exceptions, possible need for amendments to close loopholes, letter to Presidents of all FRBanks requesting information on such known cases Question re interlocking services of H. L. Sturgeon, President of Rocky Ford National Bank, director and Cashier of First Industrial Bank, both of Rocky Ford, Colo., and services of W. E. Shelton, director of same banks, Board ruled industrial banks were "banks" for purposes of, and exceptions provided by para. 6 of, were not applicable, letter to FRBank of Kansas City and other FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/3 3494, 3564 12/27 4423 12/15 4161, 4192 4/15 1236, 1249 4/15 1237, 1251 5/12 1533, 1586 1965 194 Pages Clearing and collection: Bergen County and Nassau County clearing bureaus, 1964 operations reported by FRBank of New York, with Board agreeing that no changes in basic arrangements are necessary or desirable at this time, possibility of change in policy discussed, letter to FRBank of New York Cash and noncash collection circulars of FRBanks, letter to Presidents of all FRBanks approved, concurring in certain amendments to Check-clearing system: Plan for, in which Federal Reserve offices would serve as clearing centers for all fully qualified items using electronic processing and transmission, suggested in Governor Mitchell's memorandum captioned "The Federal Reserve Image" FRBanks, approval given to letter to Chairman of Conference of Presidents of the FRBanks reflecting Board awareness of studies currently in process and giving encouragement to an ad hoc Conference Committee headed by President Ellis and by its subcommittee, as reflecting a new approach by Federal Reserve Banks to planning for the use of computers and data communication techniques Check high speed equipment, budget decrease for first half of 1966 at FRBank of New York reflected a lowering of the cost of check operations through accelerated conversion to, noted that shift to automatic check processing continued to be an important influence on all System expenses http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/24 959, 985 4/14 1193,1213 11/3 3523 11/22 3775,3799 12/9 4092-93 1965 195 Pages Clearing and collection: (continued) Checks: H.R. 4653, a bill to authorize checks to be drawn in favor of banking organizations for the credit of a person's account under certain conditions, report approved for transmission to Chairman Dawson of House Committee on Government Operations S. 1309, a bill to authorize checks to be drawn in favor of banking organizations for the credit of a person's account, under certain conditions, report to Chairman Robertson of Senate Banking and Currency Committee, approved Draft of testimony to be presented by Chairman Martin before Subcommittee on Financial Institutions of Senate Banking and Currency Committee on, statement to be revised and presented in final form satisfactory to Chairman Martin Interdistrict Settlement Fund: Security holdings, discussion of alternate proposals for settling Interdistrict Settlement Fund clearing through security holding rather than gold certificates, to minimize frequency of reallocations avoiding deficiencies in reserves, review of FRBanks' comments re proposals Nassau County and Bergen County clearing bureaus, 1964 operations reported by Federal Reserve Bank of New York, with Board agreeing that no changes in basic arrangements are necessary or desirable at this time, possibility of change in policy discussed, letter to FRBank of New York http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/1 728, 733 3/9 826 7/20 2383 2/25 695 3/24 959, 985 1965 196 Pages Clearing and collection: (continued) Noncash and cash collection circulars of FRBanks, letter to Presidents of all FRBanks approved, concurring in certain amendments to Telegraphic transfers of funds, closing hours, Board concurred in proposal approved by Presidents' Conference for establishment by Federal Reserve Banks of uniform closing hours for interdistrict telegraphic transfers of funds, letter to FRBanks reflecting this concurrence, approved Time schedules, letter to Chairman Fascell of House Legal and Monetary Affairs Subcommittee re request for updating previous comments with regard to float, particularly in light of increased uses of automatic data processing equipment in clearing of checks, approved Clearing house associations: Bergen County and Nassau County clearing bureaus, 1964 operations reported by FRBank of New York, with Board agreeing that no changes in basic arrangements are necessary or desirable at this time, possibility of change in policy discussed, letter to FRBank of New York Clifford, A. Jerome, Assistant Professor, John Carroll University, Cleveland, Ohio, given access to certain Board minute records similar to those he had reviewed at FRBank of Cleveland Coin: One -cent denomination, letter approved to Presidents of all FRBanks stating that Reserve Banks may, if they wish discontinue transfer of coin in the one-cent denomination from Mint-sealed bags to Reserve Bank bags http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/14 1193, 1213 11/15 3656,3670 5/19 1659,1678 3/24 959, 985 4/21 1330 3/15 886, 899 1965 197 Pages Coin: (continued) Services for member and nonmember banks, letter approved to Chairman of the Conference of Presidents of the Federal Reserve Banks re a proposed comprehensive review of currency and coin Services for nonmember banks: Concern expressed by Treasury-Federal Reserve Ad Hoc Coin Committee re lack of uniformity with respect to coin orders from nonmember banks, letter to Mr. Bopp, Chairman of the Presidents' Conference, re views of Presidents with respect to Discussion re practices of FRBanks in accepting orders and making shipments of coin, consensus that FRBanks should accept coin orders directly from nonmember as well as member banks, but that pending further study the FRBanks not now accepting direct orders from nonmember banks should not be required to do so, study of coin distribution procedures should be requested through the Presidents' Conference for Board's consideration Shortages of: Draft of letter to Chairman Fascell of House Legal and Monetary Affairs Subcommittee in response to his letter of January 22, 1965, requesting views and comments on various matters relating to, discussion given to requiring member banks to report to FRSystem the amounts and denominations of coin held by them and counted as part of their reserves, letter to Chairman Fascell, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/30 4442,4451 8/16 2695, 2705 11/26 3839 2/12 499, 511 1965 198 Pages Coin: (continued) Shortages of: (continued) Distribution procedures re: Memorandum from Mr. Farrell recommending discontinuance of rebagging of nickels and pointing out that some variation exists among FRBanks with respect to accepting coin orders from nonmember banks, memorandum also reported suggestions by joint Treasury-Federal Reserve Ad Hoc Committee, letters to Presidents of all FRBanks, and to Chairman Bopp of the Presidents' Conference, approved Practices of FRBanks in accepting orders and making shipments of, consensus that FRBanks should accept coin orders directly from nonmember as well as member banks, but that pending further study, the FRBanks not now accepting direct orders from nonmember banks, should not be required to do so, study of coin distribution procedures should be requested through the Presidents' Conference for Board's consideration Meetings re: Letter approved to Mr. Deming, Under Secretary of the Treasury for Monetary Affairs re possibility of, to be attended by representatives of the Treasury Department, Bureau of the Mint, the Board and the FRBanks to discuss development of better measures for future coin needs Arrangements made for a meeting, which had been requested by Assistant Secretary of Treasury Wallace, FRBank Presidents to attend meeting re coin problem http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/16 2695,2703-05 11/26 3839 3/15 886, 901 4/27 1397 1965 199 Pages Coin: (continued) Shortages of: (continued) Meetings re: (continued) Suggestion that another meeting be held with Assistant Secretary of Treasury Wallace Secretary's note re meeting with Mr. Wallace Arrangements made for Assistant Secretary of the Treasury Wallace to meet at 9:00 a.m. on September 1, 1965, with the members of the Board and available FRBank Presidents for discussion of the current and prospective coin situation FRBank Presidents of Boston, Philadelphia, Chicago, Minneapolis, Kansas City, and Dallas, and FRBank First Vice Presidents of New York and Atlanta, and Mr. Waage, Vice President, FRBank of New York, and Messrs. Robert A. Wallace, Assistant Secretary of the Treasury and Frederick W. Tate, Assistant Director of the Bureau of the Mint, attended Board meeting to review Proposal by Mr. Wallace, Assistant Secretary of the Treasury, that a letter be sent to presidents of all commercial banks re coin situation, understood that Gov. Balderston and President Swan would discuss matter further with Mr. Wallace about transmitting Treasury letter to banks with a covering letter over signature of respective FRBank Presidents, various suggestions would also be given to Mr. Wallace re content of letter and format of questionnaire to be included http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/16 2695 8/16 2697 8/20 2751 9/1 2821 9/29 3185 1965 200 Pages Collateral: Advances by FRBanks to member banks, question re eligibility of notes reflecting loans made by banks and guaranteed by Small Business Administration as collateral for, under provisions of section 13 of the FRAct, agreed not eligible in light of guaranty under section 7(a) of the SBA which cannot exceed 90 per cent, advice to SBA with copies to FRBanks Colombia: Corporacion Financiera Colombiana de Desarrollo Industrial, Bogota, Colombia, letter to First Pennsylvania Overseas Finance Corporation, Philadelphia, Pennsylvania, approved, granting permission to purchase stock of Corporacion Financiera del Valle, Cali, Colombia, Citizens and Southern International Corporation, Atlanta, Ga., granted permission to acquire shares of, with the understanding that the total amount of foreign loans and investments of Citizens and Southern International Corporation combined with those of Citizens and Southern National Bank and its affiliates will not be affected by this transaction Commerce, Department of: Balance of payments, letter to Mr. Raymond T. Bowman, Assistant Director for Statistical Standards of the Bureau of the Budget, advising the designation of Mr. John E. Reynolds, Associate Adviser, Division of International Finance, to represent the Board on the Technical Advisory Committee on Balance of Payments Statistics that would work with the Dept. of Commerce in implementing the recommendations contained in the Bernstein Committee report http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/19 1287, 1301 4/14 1192, 1206 10/26 3381, 3386 10/13 3293 1965 201 Pages Commerce, Department of: (continued) Credit extension, memorandum re program of President of the United States, to help correct U.S. payments deficit directed especially to curtailment of U.S. capital outflow, FRSystem to have direct influence on program to curtail foreign lending by U.S. banks, and Commerce Department assigned leading role in curtailing credit by nonfinancial corporations to foreigners Money orders, private, regulation of issuance of, by nonbanking concerns, letter to Budget Bureau approved re Board's views on a proposal by, for State legislation that would regulate private money order business Commingled investment funds: First National City Bank, New York, New York: Request for Board's opinion whether section 32 of the Banking Act of 1933 forbids interlocking services between, and a "Commingled Investment Account" established by bank, and if it involved violations of section 20 and 21 of the Act, tentative acceptance of view that it did not involve violation of section 32 or 20, but possibly might violate section 21, draft of letter to be submitted to Board for further consideration Proposal by, to establish a "Commingled Investment Account" plan for its customers, possibility that plan would involve violation of prohibition in section 21 of Banking Act of 1933, against a securities firm or organization engaging in business of receiving deposits, consensus was that wisest recourse would be to refer facts to Justice Department for determination Board not to raise question with Justice Department re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/5 413 7/1 2213, 2236 7/14 2326 7/16 2358 7/22 2419 1965 202 Pages Commingled investment funds: (continued) First National City Bank, New York, New York: (continued) Letter to counsel for, approved, re proposal of, copy of letter sent to Comptroller of the Currency 7/22 Letter approved to William Everdell, III, of Debevoise, Plimpton, Lyons & Gates, legal counsel for, acknowledging most recent communication re possible application of section 21 of Banking Act of 1933, with proposed establishment of a commingled 9/16 investment account by Approval given to publication in Federal Register and FRBulletin of an interpretation in Board's letter of July 22, 1965, to counsel for, interpretation to include reference to section 21 9/29 of Banking Act of 1933 Letter approved to Chairman Patman of the House Banking and Currency Committee re the legal basis for the Board's section 32 inter12/15 pretation with respect to Exception to customary rule, unpublished documents to be released re proposal of, approval given to furnishing material to Justice Department, letter to Assistant Attorney General, Fred M. Vin12/27 son C ommittees: Antitrust Subcommittee of the House Judiciary Committee: H.R. 5280, a bill to implement the President's recommendations in his message to Congress on the balance of payments problem, statement to be presented by Chairman Martin before, understood draft would be revised and distributed to the Board for review prior to the Chairman's appearance be3/1 fore the subcommittee http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2417, 2426 3044, 3051 3176, 3191 4161, 4191 4422, 4438 729 1965 203 Pages Committees: (continued) Antitrust Subcommittee of Senate Judiciary Committee: H.R. 5280, a bill which would provide for an exemption from antitrust laws for certain actions taken by bankers and financial institutions in pursuance of the President's program relating to the balance of payments problem, understood that statement to be made by Chairman Martin before, on July 15, 1965, would be revised in light of views expressed Bernstein Committee: Balance of payments, letter to Mr. Raymond T. Bowman, Assistant Director for Statistical Standards, of the Bureau of the Budget advising of the designation of Mr. John E. Reynolds, Associate Adviser, Division of International Finance, to represent the Board on the Technical Advisory Committee on, implementing the recommendations contained in the report of Board of Governors: Editorial Committee of the FRBulletin: Distributing and publishing research papers, recommendations of, approved as a basis for experimentation, establishment of a new section in the FRBulletin to be called "Staff Economic Studies," with certain clearing and reading committees, approved, any overexpenditure in 1965 budget to be brought to Board for approval Holland, Robert C., Adviser to the Board, Board Members' Offices, designated as member of Solomon, Robert, Adviser to the Board, Board Members' Offices, designated as member of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/12 2290 10/13 3293 6/24 2138, 2152 10/29 3435 10/29 3435 1965 204 Pages Committees: (continued) Board of Governors: (continued) Float, Governor Robertson proposed that Board establish a committee to make fresh appraisal of maximum deferment schedule as it is related to, suggestion that Governors Daane and Maisel serve on such a committee, agreement that the committee direct preparation of a background document, on the basis of which the committee's assignment could be specified Foreign operations of U.S. banks: Presentation of memorandum recommending that a research project be undertaken in four stages, Governor Mitchell to serve as Chairman and Governors Shepardson and Maisel to explore and recommend framework for the conduct of the project Committee recommendations presented by Governor Mitchell approved, with the understanding that the Committee would come back to the Board after the detailed plan had been prepared, Frederick R. Dahl to direct Mr. Dahl of Board's staff completed draft statement on objectives of, to be distributed for Board's consideration Staff authorized to proceed with detailed planning, statement approved and transmitted to all FRBanks for their information Organization, Compensation, and Building Plans: Gov. Mitchell, Chairman of, suggested salary increase to 10 per cent of maximum for First Vice Presidents, with no change for Presidents, recommendation that an outside consultant be retained to evaluate officer responsibilities and salaries, approved, along with overexpenditure in Board's 1965 budget, advice to FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/19 1663 8/18 2722 8/25 2775 10/1 3214 10/13 3288,3298-05 4/22 1362 1965 205 Pages Committees: (continued) Board of Governors: (continued) Organization, Compensation, and Building Plans: Recommendation by, that the guidelines for salaries of FRBank officers other than Presidents and First Vice Presidents be reestablished for the year 1966, approved, with letter to Chairmen and Presidents of all FRBanks Recommendations of, re salaries of FRBank Presidents and First Vice Presidents approved, letters sent to Boston, New York, and Dallas, letters and schedules sent to Chairmen of remaining banks re their particular situation, question re maximum of three five-year terms for FRBank Presidents Relocation: Facility for the joint use of Board and FRBank of Richmond, memoranda from (Messrs. Farrell, Kelleher, and Harris) re Cabinet Committee: Federal Staff Retirement Systems Study: Letter to Executive Director of, re Board Plan of Retirement System of FRBanks Additional letter sent to Executive Director of, providing certain statistical and other data on retirement coverage of Board employees Discount Mechanism ,Committee on: Advisory Committee of FRBank Chairmen, formation of, to be considered further by the Steering Committee of specific appointment to be deferred for some time Guidance Committee: Proposal that the System undertake an intensive study of the discount mechanism and if desirable formulate a new policy, recommendations to establish a, with suggested membership, to discuss with Conference of Presidents and Chm. Martin to discuss matter with Mr. Hayes http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (continued) 7/14 2332, 2347 11/3 3485, 3539-56 11/24 3804 4/5 1077, 1107 4/23 1383 8/5 2615 6/24 2145 1965 206 Pages Committees: (continued) Discount Mechanism,Committee on: (continued) Guidance Committee: (continued) Governor Mitchell designated as Chairman of committee with Governors Maisel and Shepardson as members, committee to report back its recommendations, Chairman Martin to inform Mr. Bopp, Chm. of Conference of Presidents Secretariat: Establishment of, approved Report by Chairman Martin at joint meeting of Board with Presidents' Conference of details and membership of an Steering Committee: Establishment of, approved, Governor Mitchell, Chairman, Governors Shepardson, Maisel and Chairman Martin, ex officio, FRBank Presidents Bopp (Philadelphia), Clay (Kansas City), Scanlon (Chicago), and Shuford (St. Louis), making up membership of Report by Chairman Martin to Presidents' Conference joint meeting with Board, re details, membership, and work to date of Federal Open Market: Associate Economist of, request by President Galusha of FRBank of Minneapolis that Professor John Kareken now serving as Consultant to FRBank of Minneapolis, be permitted to serve as, approved Understood that Secretary of Board would advise President Galusha that Board appreciated being informed re completion of arrangements for continuing services of Mr. Kareken Discount rate increase approved, discussion re effect on Open Market Committee operations http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/4 2600 8/5 2613 8/10 2667 8/5 2613 8/10 2667 5/27 1784 6/9 1930 12/3 3967 1965 207 Pages Committees: (continued) Federal Open Market: (continued) Foreign currency operations, discussion re memorandum that Mr. Coombs, Special Manager of the System Open Market Account, proposed to send to, requesting authority to negotiate increases in the System's standby swap arrangements with the German Federal Bank and the Bank for International Settlements Meetings: Telephone conference planned for October 8, 1965, information received by Chairman Martin and Governor Daane re certain developments in the international financial area to be part of minutes of Telephone conference meeting of the FOMC was held Memorandum from Mr. Broida re possible dates for meetings of, in 1966, schedule calls for 15 meetings, spaced at either three or four-week intervals, after discussing schedule, it was noted that matter would be brought up on November 2, 1965 Possible need for a telephone conference meeting re changed conditions attributable to discount rate and Regulation Q actions, view of Account Manager that meeting should be deferred for at least a couple of days Members: Interim election of a Committee member in the event of resignation, retirement, or death, need for definite understanding of procedure to be followed in such cases http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/28 2488 9/7 2877 9/8 2889 10/20 3342 12/6 4032 10/21 3354 1965 208 Pages Committees: (continued) Federal Open Market: (continued) Members: (continued) Patterson, Harold T., President, FRBank of Atlanta, interim election of, discussed in connection. with possible election of, to fill vacancy left by Mr. Malcolm Bryan Policy record: Policy actions during 1964, covering 5 meetings held from October 20 through December 15, 1964, draft along with proposed prefatory statement and certain recommended editorial changes of proposed entries for earlier 1964 meetings approved for inclusion in Annual Report, understanding that any additional suggestions for minor editorial changes would be directed to Mr. Broida Staff: Holmes, Alan R., Manager, System Open Market Account, selected to replace Robert W. Stone Stone, Robert W., Manager, and Vice President, FRBank of New York, resigned to become an officer of a national bank System Open Market Account: Review on Operations in Domestic Securities, prepared by Manager of, approved for inclusion in Annual Report for 1964 Draft review of open market operations in foreign currencies prepared by Special Manager of, and proposed for inclusion in Board's Annual Report for 1964, agreement that Board's staff would work with Mr. Coombs to effect changes suggested in review, and revised draft would then be submitted for further consideration http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/21 3354 2/4 391 4/5 1082, 1113 4/5 1082 2/9 452 2/10 463 1965 209 Pages Committees: (continued) Federal Open Market: (continued) System Open Market Account: (continued) Allocation of, alternate proposals for settling Interdistrict Settlement Fund clearings through security holdings rather than gold certificates, review of FRBanks' comments re proposals Chairman Patman of House Banking and Currency Committee asked Comptroller General of the United States to conduct a complete physical inventory of the investment portfolio of, for purpose of reporting on status, location, and activity within investment portfolio, understood reply would be drafted to Mr. Patman Review of draft reply to Chairman Patman, understood revised draft would be prepared reflecting suggestions made Letter to Chairman Patman approved Manager: Holmes, Alan R., FRBank of New York, selected as Stone, Robert W., Vice President and Manager of, FRBank of New York, resigned to become an officer of a national bank Staff paper exploring certain aspects of System portfolio management to be supplied to Board for study purposes Discussion re question whether sufficient reason existed for an early telephone conference meeting on the Open Market Committee, Account Manager reported that he had sufficient authority under the terms of the Committee's current economic policy directive of November 23, 1965, to deal with immediate market developments, pointed out that the Manager possessed adequate authorization from Committee on a continuing basis to deal with a disorderly situation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/25 695 3/15 896 3/24 3/30 965 1010, 1033 4/5 1082, 1113 4/5 1082 9/8 2890 12/6 4032 1965 210 Pages Committees: (continued) House Banking and Currency: Advances by FRBanks to member banks: Revised draft of proposed letter to Senate and, again recommending legislation to permit member banks to borrow from FRBanks on security without paying penalty interest, identical to draft bill recommended in August 1963, understood letters would be revised along lines suggested and transmitted to committees of Congress along with other letters previously approved re other changes in the law Transmittal of letters to Chairmen of Senate and, approved Audits: Audit of Board's account for 1964 by firm of Haskins and Sells accepted by Board, copies transmitted to Chairmen of Senate and H.R. 40 and H.R. 123, bills which would require outside audits of all insured banks, comments by FRBanks reviewed, understood that a revised draft report would be prepared for Transmittal of letter to, approved Report by Mr. Solomon involving list being prepared for FDIC re type of audit programs of problem State member banks, information to be combined with similar information on national and nonmember banks in reply being prepared by FDIC to answer request from http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/19 205 3/15 898, 921 2/23 624, 638 7/21 7/22 2400 2420, 2429 8/12 2674 1965 211 Pages Committees: (continued) House Banking and Currency: (continued) Bank Holding Company Act of 1956: Memorandum from the Legal Division relating to provisions of a bill amending, that the Board might recommend to Congress, agreement that changes recommended in 1958 be included in the bill to be submitted to the Senate Banking and Currency Committee and, understood that several draft bills constituting the Board's "legislative package" would not be transmitted to the Committees until the revised draft bill on bank holding company legislation had been prepared Amendments proposed, letters to Chairmen of Senate and Inquiry from Chairman Patman of, re exemption from, of companies registered under Investment Company Act of 1940 and particularly the status of Financial General Corporation, Washington, D.C.,and Equity Corporation, New York, New York, understood revised draft would be prepared for Board's consideration Proposed letter now submitted was approved and sent to Congressman Patman H.R. 7372, a bill to amend, by repealing the exemption from that Act of companies registered prior to May 15, 1955, under the Investment Company Act of 1940,favorable report approved for transmittal to Chairman Patman of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/8 431 3/15 898, 925 4/21 1331 4/22 1359, 1377 4/22 1345, 1368 1965 212 Pages Committees: (continued) House Banking and Currency: (continued) Bank merger legislation: S. 1698: Chairman Martin to testify before, on, a bill exempting bank mergers from the provisions of the antitrust laws Report that the Treasury Department has been trying to develop an amendment to, that could be presented to the Chairman of, as an Administration proposal, Board's views requested, decided to proceed on basis of recommendations contained in Cardon-Shay memorandum, Governor Mitchell dissenting H.R. 11011, a bank merger bill that had been offered as a comparison to S. 1698, request from Chairman Patman of the, for a report on, memorandum analyzing bill to be distributed to the Board Bank mergers, request on behalf of Chairman Patman of, for names of approximately 2,200 banks that had been involved in mergers since 1950 and would be exempted by terms of certain pending legislative proposals from antitrust proceedings by the Department of Justice, also requested were figures showing assets of participant banks before and after each merger, both in dollar amounts and in terms of percentages of local market, understood that Mr. Shay of Board's staff would inform Counsel of, that requested information might take some time to complete http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/9 2659 12/1 3885 9/29 3178 10/4 3223 1965 213 Pages Committees: (continued) House Banking and Currency: (continued) Bank supervision, legislation re, tasks of Board have substantially increased in field of, Board believes FRAct should be amended to provide Board with authority to delegate certain types of bank supervisory functions, letters to Chairmen of Senate Banking and Currency Committee and, favoring proposal to delegate authority Bank supervision at the Federal level: Noted Board had been invited to testify before Subcommittee of, re bills introduced by Congressmen Farman and Multer that would in different ways reallocate responsibility for, understood that Board would plan discussion for purpose of determining if it would be feasible to express a Board position at the hearing or if views of individual members should be presented re Lengthy discussion by Board members re bills introduced by Congressmen Patman and Multer of, Board to meet again tomorrow at 9:30 a.m. re H.R. 107 and H.R. 6885 Further Board discussion of possible testimony on legislative proposals re, understood that staff would draft testimony, Governor Robertson to present his own views to the Subcommittee on Bank Supervision and Insurance of, Chairman Martin to discuss subject with Secretary Fowler and to indicate to Subcommittee that Board was not prepared to present a definite position Chairman Martin did not appear before Subcommittee of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/15 898, 929 4/2 1070 4/5 1084 4/6 1117 4/6 1120 1965 214 Pages Committees: (continued) House Banking and Currency: (continued) Bank supervision at the Federal level: (continued) Letter to Chairman Patman of, approved, re request for a report on H.R. 6885, which would vest Federal bank supervisory functions in the Secretary of the Treasury, and H.R. 107, which would vest them in a new Federal Banking Commission Branches of national banks, H.R. 7496, a bill to amend Section 5155 of Revised Statutes, relating to the establishment and operation of branches by national banks, letter approved to Chairman Patman of House Banking and Currency Committee re H.R. 7496 Chase Manhattan Bank, N.A., New York, New York, and Liberty National Bank and Trust Company of Buffalo, New York, letter approved to Chairman Patman of, re proposal by Chase Manhattan to acquire the stock of Liberty National in light of Board's responsibilities under section 7 of the Clayton Act Cleveland Trust Company, Cleveland, Ohio, reply to Chairman Patman of, re accuracy and sufficiency of the registration statement filed by, pursuant to section 12(g) of the Securities Exchange Act of 1934 and Regulation F, approved Patman of, re the regChairman Letter to istration statement filed by "Commingled Investment Account," letter to Chairman Patman of, re the legal basis for the Board's section 32 interpretation with respect to First National City Bank of New York's proposed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/14 1198, 1227 9/15 3014, 3034 12/15 4161, 4192 8/30 2811, 2817 10/4 3219, 3225 12/15 4161, 4191 1965 215 Pages Committees: (continued) House Banking and Currency: (continued) Concentration in banking, request from Chairman Patman of, that Board's staff bring up to date and expand studies made in 1952 and 1962 re, Board to provide material with qualifying assumption as to the amount of staff time to be committed, letter to Chairman Patman approved "Developments in the Structure of Banking in the early 1960's," letter to Chairman Patman of, transmitting a report prepared by the Board's staff re Examination procedures used by Federal bank supervisory agencies, draft letter to Chairman Multer of Subcommittee on Bank Supervision and Insurance of, in response to an inquiry of April 23, 1965, as to the differences in examinations of commercial banks made by Federal Reserve System, the FDIC, and the Office of the Comptroller of the Currency, understood that a revised draft would be prepared for consideration Further discussion with additional changes agreed upon, letter approved Federal Open Market investment portfolio, Chairman Patman of, asked Comptroller General of the United States to conduct a complete physical inventory of, understood reply would be drafted to Mr. Patman Review of draft reply to Chairman Patman, understood revised draft would be prepared reflecting suggestions made Letter to Chairman Patman approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/27 1390, 1409 11/18 3755, 3766 6/2 1840 6/3 1852, 1962 3/15 896 3/24 3/30 965 1010, 1033 1965 216 Pages Committees: (continued) House Banking and Currency: (continued) Finance companies, letter approved to Chairman Patman of, responding to a telephone request by Committee's staff for a list of major finance companies included in the sample being used in the current quinquennial survey of finance companies Foreign banking corporations, proposed legislation that would exempt from the limitations of section 23A of the FRAct loans or extensions of credit by a member bank to any subsidiary of an Edge or agreement corporation subsidiary of the bank, letter to Chairman Robertson of the Senate Banking and Currency Committee, with a similar letter to Chairman Patman of the Government securities, H.R. 7601, a bill introduced by Chairman Patman of, that would require the 12 Federal Reserve Banks to transfer to the Secretary of the Treasury interestbearing obligations of the United States, understood that statement to be made by Chairman Martin before the Committee would be redrafted and presented in final form satisfactory to Chairman Martin H.R. 7133, a bill to amend the FRAct, FDIAct, and section 5155 of the Revised Statutes, relating to placing of authority to approve the establishment of State member bank branches, organization of new national banks, and establishment of their domestic branches, and admission of noninsured State banks to membership in FRSystem, letter to Chairman Patman of, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/13 2684, 2693 4/27 1392, 1413 6/30 2195 4/27 1389, 1408 1965 217 Pages Committees: (continued) House Banking and Currency: (continued) Loans to executive officers, letters to Chairmen of Senate and, recommending certain amendments to provisions of section 22(g) of the FRAct re loans by State member banks to their executive officers Membership dues and contributions, request from Chairman Patman of, that listings be prepared re, understood that the listings received from the FRBanks would be transmitted to Chairman Patman Promissory notes, letter to Chairman Patman of, with respect to issuance of short-term promissory notes by national banks Relations with dealers in securities, letter approved to Chairman Patman of, re request for Board's views on the legality under section 32 of the acquisition by a national bank of the controlling stock of a securities business engaged in dealing in underwriting, purchasing, and selling securities Revenue bonds, H.R. 7539, a bill permitting banks to underwrite and deal in: Vice Chairman Balderston to represent the Board at the hearings of, reflecting the position heretofore expressed by the Board on such legislation Letter to Chairman Patman of, re draft amendment with respect to Salaries, request by Chairman Patman of, for a list of positions in the FRSystem that as of March 31, 1965, were being compensated at a rate of $22,500 or more per annum, agreed information should be furnished http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/15 898, 931 12/1 3882, 3981 12/15 4167, 4219 12/15 4161, 4192 4/20 1315 5/19 1668, 1683 4/29 1433, 1455-57 1965 218 Pages Committees: (continued) House Banking and Currency: (continued) Salary figures from bank examination reports, letter to Chairman Patman of, relating to a request for bank officers' compensation data, agreed to furnish to Professor Donald Jacobs who was directing the study with certain restrictions against publication House Foreign Operations and Government Information Subcommittee: Administrative Procedure Act, requirements of, reply approved to Chairman Moss of, re series of questions re compliance with public information requirements of section 3 of, Mr. O'Connell of Board's staff designated to act as Board's liaison in event subcommittee wished further information House Government Operations: H.R. 4623, a bill to provide the President with permanent authority under the Reorganization Act of 1949, report approved for transmission to Chairman Dawson of H.R. 4653, a bill to authorize checks to be drawn in favor of banking organizations for the credit of a person's account under certain conditions, report approved for transmission to Chairman Dawson of House Committee on Government Operations H.R. 5012 through 5021, and H.R. 5237, each identical with the others and all of which would amend section 161 of Revised Statutes with respect to authority of Federal officers and agencies to withhold information and limit availability of records, approval given to transmittal of letter to Chairman Dawson of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/19 1666, 1682 3/15 889, 904 3/1 728, 732 3/1 728, 733 3/9 818, 829 1965 219 Pages Committees: (continued) House Judiciary: Antitrust Subcommittee of: H.R. 5280, a bill to implement recommendation of the President in his message to Congress on the balance of payments problem, draft of statement to be presented by Chairman Martin before, to be revised and distributed to the Board for review prior to the Chairman's testimony before Foreign branches of U.S. Banks, H.R. 6849 and S. 1907, companion bills to amend the U.S. Code by adding a new section to forbid any U.S. court from enforcing revenue laws which restrain or enjoin banks with respect to property or rights of property situated outside the United States, except under certain circumstances, letter favoring enactment transmitted to Senator Eastland and Congressman Celler of the Loans to examiners, letter to Chairman of, recommending introduction and enactment of appropriate amendments to Criminal Code that would authorize an insured bank to make a home mortgage loan to an examiner up to an amount not exceeding $30,000 Marine Midland Trust Company, New York, New York, application to acquire Grace National Bank, New York City, reply to request by Congressman Celler of, making application available http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/1 729 7/14 2304, 2344 3/15 898, 933 4/22 1347, 1369-71 1965 220 Pages Committees: (continued) House Legal and Monetary Affairs Subcommittee: Bank mergers, reply to Chairman Fascell of, re problem of bank merger cases which have been approved by banking agencies and then dissolved through efforts of the Antitrust Division of the Department of Justice, approved Coin shortage, draft of letter to Chairman Fascell of, in response to his request for views and comments on various matters relating to, approved Float, reduction in, letter to Chairman Fascell of, re his request for updating of our previous comments with regard to, approved H.R. 5305, letter approved to Chairman Fascell of, re status of plans for eliminating sorting and local destruction of unfit FRnotes Time certificates, negotiable, approval given to letter to Chairman Fascell of, re certain questions he raised about increased use of, by banks Interagency: Automatic Data Processing: Staiger, David S., Senior Economist, Division of Data Processing, designated to serve as alternate to M. H. Schwartz on Coordinating Committee on Bank Regulation: Establishment of, letter from Secretary of the Treasury Fowler on proposed, an elaboration of procedure by former Secretary Dillon, new plan to cover Federal Home Loan Bank Board, revised draft of reply to Secretary Fowler to be distributed to Board Letter to Secretary Fowler approved, decision re service of Governor Robertson on committee deferred http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/12 1538, 1592 2/12 499, 511 5/19 1659, 1678 3/15 886, 900 3/15 890, 915 10/29 3435 6/30 2200 7/1 2221, 2240 1965 221 Pages Committees: (continued) Interagency: (continued) Coordinating Committee on Bank Regulation: (continued) Large banks, establishment of branches by, suggestion by Governor Maisel that committee might give consideration to a policy that would protect small banks in connection with, discussed in connection with application by Manufacturers Hanover Trust Company, New York, New York, to establish a branch at Flush2211 7/1 ing Bank of Operations Division from Memorandum re difficulty between Regional Comptroller and FRBank of Philadelphia with respect to, Cheltenham National Bank, Cheltenham, Pennsylvania, becoming a reserve city bank due to the opening of a branch inside the Philadelphia City limits, understood matter would be discussed at next meeting 11/10 3632 of to Promissory notes, proposed amendments Regulations Q and D to include: Advice to be sent to, prior to publishing proposed amendments in the 12/17 4252 Federal Register with members Further discussion, Board the exception of Governor Maisel favor sending proposed amendments to Federal Register, Gov12/20 4301 ernor Balderston to report to Understood that publication in the Federal Register of proposed amendments would be withheld for 10 business days for further 12/21 4326 study by Opinion expressed in favor of letting the committee know the nature of the proposals under consideration but another view favored not disclosing until a greater degree of agreement had been achieved among the 12/22 4338 Board members http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1965 222 Pages Committees: (continued) Interagency: (continued) Coordinating Committee on Bank Regulation: (continued) Crimes: Reply to Chairman Barr of FDIC re formation of an interagency committee to study and develop means of combating crimes against bank1/22 ing institutions Housing credit, report by Mr. Brill on an interagency meeting concerned with housing credit and the recent sluggishness in housing activity and reports of deterioration in the quality of credit, expected that interagency committee would meet more frequently in the future to 4/20 discuss for approved assignment Rural Development, Emanuel Melichar, Division of Research and Statistics, to serve on an interagency task force exploring means for providing additional capital to 10/29 rural areas on: Subcommittee Permanent Investigations, Examination reports of four national banks, memorandum from Division of Examinations recommending denial of an informal request by two FRBank examiners assigned to, for access to, view that such reports should be requested 3/3 from Comptroller of the Currency Joint Committee on Defense Mobilization: Defense mobilization activities, letter approved to Chairman Robertson of Joint Committee on Defense Production transmitting an annual report on mobilization activi9/14 ties http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 254 1313 3433 739 2965, 2992 1965 223 Pages Committees: (continued) Permanent Subcommittee on Investigations: Closed banks, request that one or two examiners be loaned to, on a nonreimbursable basis for a period of about 60 days to review, agreed to comply, Mr. Solomon authorized to work out an arrangement with one of the FRBanks Chief Examining Officer James P. Giacobello and Examiner William J. McCuen of the FRBank of Philadelphia to be loaned to the Subcommittee Presidents' Conference: Ad Hoc Committee: Allocating redemption credit for higher than $1 denomination notes with the view toward developing procedure which would permit calculating amounts of FRnotes outstanding which would never be presented for redemption, application of sampling techniques for, to be studied by, committee to be composed of Harry W. Roeder, Vice President, FRBank of Philadelphia, Madeline H. McWhinney, Manager, FRBank of New York, and Mr. Irving Gedanken, Statistician, Data Processing, Board, letter approved to Chairman of Presidents' Conference Data Processing, establishment of an, to study System-wide needs in areas of, committee to consist of President Ellis, as Chairman, and Messrs. Hickman, Swan, and Wayne, Governor Robertson designated to serve as Board representative, understood staff participation would be arranged http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/15 547 2/15 547 1/6 6/16 47, 62 2026 1965 224 Pages Committees: (continued) Presidents' Conference: (continued) Cash, Leased Wire and Sundry Operations, letter to American Telephone and Telegraph Company authorizing them to proceed with installation of four new circuits as recommended by, and approved by Presidents' Conference, General Services Administration authorized to effect a TELPAK application, copies of letter sent to Presidents of all FRBanks Cash, Leased Wire and Sundry Operations Subcommittee, Board concurred in action of Presidents' Conference in approving recommendation of, that canvas pouches and wire hasp padlock seals be purchased and used in shipment of new FRnotes from Washington to various FRBanks and branches letter to Mr. Bopp, Chairman of Presidents' Conference, approved Check collection system, ad hoc conference committee re, approval given to letter to Chairman of the Conference of Presidents reflecting the Board's awareness of studies currently in process and giving encouragement to, the new approach by FRBanks in planning for the use of computers and data communication techniques Coin shortage, memorandum from Mr. Farrell reporting suggestions by joint Treasury-Federal Reserve Ad Hoc Committee re the appointment of a Presidents' Conference Committee to develop rationing procedures due to the, letters to FRBank Presidents and to Chairman of the Presidents' Conference, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/9 2265, 2271 6/16 2022, 2042 11/22 3775, 3799 8/16 2695, 2703-05 1965 225 Pages Committees: (continued) Presidents' Conference: (continued) Discounts and Credits Committee: Memorandum from Mr. Holland of Board's staff proposed that President Hayes of FRBank of New York as Chairman of the, be requested to call a conference of Federal Reserve discount officers to consider uniform procedures for handling certain types of emergency borrowing, agreement with Mr. Holland to attend conference as Board's regularly designated representative Proposal that System undertake intensive study of discount mechanism and if desired to formulate new policy, recommendation that a guidance committee be established with suggested membership, opinion favorable to study, understood arrangements would be made to discuss proposal with Conference of Presidents and Chairman Martin to endeavor to talk with Mr. Hayes, Chairman of Safekeeping procedures, Ad Hoc Subcommittee on Custody Control Standards, letter to FRBank Presidents endorsing general standards recommended by, in study of custody control standards, cbmments re necessary broad approach with adherence to essential safeguards, unresolved matters to be brought to the attention of Divisions of Examinations and Bank Operations prior to submission to Board, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/10 1507 6/24 2145 8/4 2594, 2607 1965 226 Pages Committees: (continued) Presidents' Conference: (continued) Subcommittees of, advice to Presidents' Conference Chairman that Board had no objection to continued services of various members of its staff as associates of, but additions or changes to present list of associates, would require Board approval System purchasing or leasing of equipment, Committee re: Letter to Chairman of Conference of Presidents of FRBanks approved re a proposed committee to study System purchasing procedures Letter to J. M. Thayer, Jr., Cashier, FRBank of Boston, advising that Joseph E. Kelleher, Director, Division of Administrative Services, would serve as an associate of the ad hoc subcommittee of the Prices and price measurement, consultant committee on: Establishment of, approved, Professor Kravis, University of Pennsylvania, to serve as Chairman, Committee to study the problems of price measurement particularly in relation to analytic needs of the FRSystem Papers on, commissioning of, authorized, as recommended in Mr. Brill's memorandum with overexpenditure in pertinent account of Division of Research and Statistics, approved Retirement System of FRBanks: Investment Committee of, Governor Sherman J. Maisel, designated to succeed Governor Mills as an Associate Member of, in which capacity he would attend meetings of that Committee http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/12 855 6/28 2167, 2176 8/5 2617 1/11 105, 113 6/29 2181, 2189 5/27 1788 1965 227 Pages Committees: (continued) Revenue Bond Financing, Committee for Study of: General obligations: Request from Covington & Burling, counsel for, for access to all unpublished material contained in letters, rulings, and opinions issued to commercial banks and other financial institutions relating to Board's interpretation of the term, any State or of any political subdivision thereof, agreed that matter would be handled informally Letter to Covington & Burling approved, further review of the Legal Division with the law firm resulted in a narrowing of the request to terms less burdensome Rural Development: Melichar, Emanuel, Economist, Division of Research and Statistics, assignment approved to serve on an interagency task force exploring means for providing additional capital for Senate Banking and Currency: Advances by FRBanks to member banks: Revised draft of proposed letter to House and, again recommending legislation to permit member banks to borrow from FRBanks on security without paying penalty interest, identical to draft bill recommended in August 1963, understood letters would be revised along lines suggested and transmitted to committees of Congress along with other letters previously approved re other changes in the law Letter to Chm. Robertson of, recommending legislation that would permit member banks of FRSystem to borrow from FRBanks on the security of any sound assets without paying a "penalty" rate of interest http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/26 3836 12/9 4091, 4114 10/29 3433 1/19 205 3/15 898, 921 1965 228 Pages Committees: (continued) Senate Banking and Currency: (continued) Audit of Board's account for 1964 by firm of Haskins and Sells accepted by Board, copies transmitted to Chairman Robertson of Bank holding company legislation: Memorandum from Legal Division relating to provisions of a bill amending the Bank Holding Company Act of 1956, that Board might recommend to Congress, agreement that changes recommended in 1958 be included in bill to be submitted to House Banking and Currency Committee and to Letter to Chairman Robertson of, reiterating recommendations substantially along the lines recommended in 1958 with exception of Item 15 in 1958 Report that became unnecessary upon enactment of Bank Merger Act of 1960 Bank Merger Act, S. 1698, a bill to amend, to exempt bank mergers from Federal antitrust laws, discussion re reply to a request from Chairman Robertson of, for a report on S. 1698, understood a revised draft of letter along lines suggested by Chairman Martin would be prepared Letter to Chairman Robertson of, approved Bank merger and bank holding company applications, processing of, noted by Governor Daane that there was circulating among the Board a copy of a letter that had been sent on July 20, 1965, to Chairman Robertson of, in response for information re length of time involved in processing and acting on, Governor Daane expressed concern over time lag between receipt of applications and date on which Board's order on, was issued http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/23 624, 639 2/8 431 3/15 898, 925 4/22 4/27 1338 1391, 1410 7/27 2467 1965 229 Pages Committees: (continued) Senate Banking and Currency: (continued) Bank Supervision, legislation re, Board believes FRAct should be amended to provide Board with authority to delegate certain types of bank supervisory functions, letter to Chairman Robertson of, favoring proposal to delegate authority Deposits, excessive rates of interest on, letter and enclosure approved to Chairman Robertson of, re views on S. 2354, a bill to amend the Federal Deposit Insurance Act and the FRAct with respect to FRnotes, destruction of unfit, S. 1308, a bill to authorize revised procedures for the destruction of, letter to Chairman Robertson of, approved Foreign banking corporations, request from Mr. George Champion, Chairman of Chase Manhattan Bank, New York City, that Board recommend legislation that would exempt from the limitations of section 23A of the FRAct loans or extensions of credit by a member bank to any subsidiary of an Edge Act or agreement corporation subsidiary of the bank, letter to Chairman Robertson of, approved Foreign currency operations, letter to Chairman Robertson of Senate Banking and Currency Committee recommending amendment of section 14(e) of FRAct that would specifically authorize an FRBank to buy and sell securities with maturities not exceeding 12 months that are issued or guaranteed by foreign governments http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/15 898, 929 9/13 2956, 2961 3/30 999, 1032 4/27 1392, 1413-16 3/15 898, 927 1965 230 Pages Committees: (continued) Senate Banking and Currency: (continued) Hearings re S. 1308, 1309, 1556, 1557, 1558, and 1559, consideration of draft of testimony to be presented by Chairman Martin before the Subcommittee on Financial Institutions of Loans to executive officers, letter to Chairman Robertson of, recommending amendments to provisions of section 22(g) of FRAct re loans by member banks of FRSystem to their executive officers Michigan National Bank, Lansing, Michigan, letter approved to Chairman Robertson of, re S. 308, a bill to permit the establishment and operation of certain branch offices by National Housing Act, S. 2329, a bill to amend section 408 of, to provide for the regulation of savings and loan holding companies, letter to Chairman Robertson of, approved One-bank holding companies, survey by all banks to develop a list of, to be furnished to Chairman Robertson of, as requested Letter subsequently sent to chief executive officer of each U. S. commercial bank, no letter sent to Chairman Robertson at the moment S. 1227, a bill to continue the authority of domestic banks to pay interest on time deposits of foreign governments at rates differing from those applicable to domestic depositors, letter approved, to Senator Robertson of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/20 2383 3/15 898, 931 9/8 2882, 2892 12/30 4442, 4453 11/15 3658, 3673 11/15 3660 3/9 817, 828 1965 231 Pages Committees: (continued) Senate Banking and Currency: (continued) S. 1309, a bill to authorize checks to be drawn in favor of banking organizations for the credit of a person's account, under certain conditions, letter sent to Chairman Robertson of S. 1354, Housing and Urban Development Act of 1965, to provide low and moderate income families with housing, promote urban development and improve living environment by extending and amending laws dealing with housing, urban renewal, transportation and community facilities, report to Chairman Robertson of Senate Government Operations: S. 1052, letter to Chairman McClellan of, approved, reporting on S. 1052, a bill to establish an Office of Consumers Senate Judiciary: Administrative Procedures Act, report on S. 1336, a bill to amend, with provisions re rate making actions such as establishment of discount rates, setting of stock margin requirements and establishment of maximum rates of interest on time and savings deposits, provisions of bill opposed by Board, report transmitted to Senator Eastland, Chairman of Foreign branches of U.S. banks, H.R. 6849 and S. 1907 companion bills to amend the U.S. Code by adding a new section to forbid any U.S. court from enforcing revenue laws which restrain or enjoin banks with respect to property or rights of property situated outside the United States, letter favoring enactment transmitted to Senator Eastland of, and Congressman Celler, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/9 826 4/15 1231, 1246 3/3 738, 759 5/12 1526, 1555 7/14 2304, 2344 1965 232 Pages Committees: (continued) Senate Judiciary: (continued) Loans to examiners, letter to Chairman Eastland of, recommending introduction and enactment of appropriate amendments to the Criminal Code that would authorize an insured bank to make a home mortgage loan to an examiner up to an amount not exceeding $30,000 Senate Permanent Subcommittee on Investigation: Examination and supervision of banks, changes in administrative procedures and regulation with respect to, request for information from Senator McClellan of, agreed with suggestion that reply be delayed for two weeks Revised draft of letter approved with understanding that certain changes agreed upon would be made before transmittal Staff of Board of Governors: FRBank functions, supervision of, Governor Shepardson appointed a staff committee composed of Mr. Solomon as Chairman and Messrs. Noyes, Brill, Farrell, and Johnson to work out a more clear delineation of the areas of responsibility of the Board's divisions having responsibilities re, draft of directives to Divisions concerned approved, with understanding that copies would be sent to FRBanks State Officials on Suggested State Legislation of the Council of State Governments: No proposals to be submitted to the Bureau of the Budget for State legislation to be considered by System: Publication, ad hoc reading committee, recommedations of Editorial Committee re setting up of, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/15 898, 933 6/16 2027 7/30 2495, 2509 2/15 521 1/28 330, 339 6/24 2138, 2152 1965 233 Pages Committees: (continued) System: (continued) Real estate appraisal study by Mr. Frederick Babcock, System committee to study, coimuittee might be made up of representatives from bank examination field competent in area of mortgage credit, along with persons from research function, which would include people from Board and the FRBanks System research: Consultants, establishment of procedure for payment of fees and travel expenses for, when incurred in connection with activities of System Research Advisory: Brill, Daniel H., Director, Division of Research and Statistics, designated as Chairman of, effective November 1, 1965 Dinner, recommendation that a dinner be arranged for about 50 persons at a cost of approximately $400, set for June 15, 1965, in connection with the meeting of, approved Farm loans at commercial banks, recommendation that a System survey be conducted in June 1966 to provide new information on characteristics of, approved Reserves, free, weekly figures, recommendation that the country bank sample for improving reserve estimates, be continued on a permanent basis after June 30, 1965, approved, letter to Presidents of all Federal Reserve Banks on action re Technical Advisory: Balance of payments, letter to Mr. Raymond T. Bowman, Assistant Director for Statistical Standards, of the Bureau of the Budget advising of the designation of John E. Reynolds, Associate Adviser, Division of International Finance, to represent Board on the,that would work with Dept. of Commerce in implementing recommendations contained in the Bernstein Committee report http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/3 379 6/21 2095, 2110 10/29 3435 6/3 1853 1/26 268 6/22 2117, 2122 10/13 3293 1965 234 Pages Committees: (continued) Technical Advisory: (continued) Foreign lending by U.S. banks: Question of establishing, to be resolved as the program of voluntary restraint proceeds Request by Governor Robertson in joint meeting of Board with the Presidents' Conference that the Presidents supply names of persons particularly well qualified to serve on Recommendation to establish, approved, contemplated that meetings would be held in Washington beginning March 1, 1965, to last from two to five days with expenses to be paid by Board and compensation to members in accordance with normal fee schedule for consultants United States and Canada: Balance of payments, Robert L. Sammons, Associate Director, Division of International Finance, and Ralph A. Young, Senior Adviser to the Board and Director, Division of International Finance authorized to attend a meeting in Ottawa, Canada, on November 19, 1965, of a joint committee established by agreement between the United States and Canada, to consider problems arising between the two countries re Commodity Exchange Act: Margin requirements, letter to Budget Bureau approved, reporting on a proposed bill to amend, to provide the Secretary of Agriculture with authority to set margin requirements for trading in commodities Communications Systems Incorporated, Paramus, New Jersey, recommendation approved that a contract be entered into with, for a detailed study of the feasibility of a shared on-line remote computer operation at the proposed relocation site of the Board and the FRBank of Richmond http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/10 465 2/18 602 2/23 620 11/9 3614 1/28 330, 340 11/29 3865, 3870 1965 235 Pages Comptroller of the Currency: Borrowings by national banks from FRBanks: Request from, for information on continuing basis re, letter to FRBanks approved requesting needed information in order to answer request and asking for columents on types of information the FRBanks would like to received from the Regional Comptrollers, to discuss matter with discount officers of FRBanks Letter to the Comptroller, approved Further information re, to the Comptroller Call report forms: "Compromise" uniform format, memorandum from Messrs. Partee and Veenstra reporting on results of negotiations by representatives of Federal and State bank supervisory authorities to achieve a uniform format of, adoption of proposed form approved for use by State member banks, subject to comments made on real estate loan item, staff authorized to negotiate this item with the Comptroller to safeguard against possibilities of misinterpretation Comptroller of the Currency now decided to revert to old maturity schedule for reporting U.S. Government securities rather than to use an issue reporting schedule, agreement that an alternative be cleared, letters to the Budget Bureau approved requesting clearance of revised format and clearance of proposed slip sheet for national banks Form approved by Budget Bureau and transmitted to FRBanks Changes in control of bank management of insured banks: Letter to all FRBanks approved, re procedures to be followed in processing reports received under provisions of Public Law 88-593 relating to http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/7 7/12 8/16 1910, 1924 2289, 2298 2697, 2706 9/27 3170 12/7 4058, 4075-79 12/23 4373 2/3 376, 383 1965 236 Pages Comptroller of the Currency: (continued) Changes in control of bank management of insured banks: (continued) General agreement with Governor Robertson's suggestion that a letter be sent to the Comptroller of the Currency inquiring re failure of Federal Reserve to receive copies of reports from national banks to CompOffice pursuant to provisions of Public Law 88-593 Letter to, approved, reaffirming Board's desire to receive reports of, furnished to the Comptroller's office under provisions of Public Law 88-593 Collective investment funds, Board request in letter to, to be notified officially concerning rulings dealing with Condition reports for national banks, noted that the Comptroller was prepared to reinstate questionnaire on emergency preparedness measures in national bank examination reports, Board's staff to consider form which would provide data most useful for Board's purposes, and should endeavor to work on interagency basis Conflicting viewpoints: Relationship with, Chairman Martin stated that he reviewed with the Secretary of the Treasury a number of the points brought out in Governor Mitchell's memorandum captioned "The Federal Reserve Image," and that although the situation may have improved somewhat, there was far from a meeting of the minds open account, question raised time, Deposits, by national bank in Springfield, Virginia, whether interest could be paid at rate of 4-1/2 per cent on deposits of an individual where deposit contract provided that the depositor was required to give written notice of 90 days prior to any withdrawal, understood memorandum re, would be sent to FDIC for interagency discussion and to Chairman of Home Loan Bank Board and, for comments http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/3 376 2/11 487, 491 3/24 963, 989 4/6 1116 11/3 3523 1/5 27 1965 237 Pages Comptroller of the Currency: (continued) Examination reports of Edge Act and agreement corporation subsidiaries of national banks and of State member banks, letter to, approved re his request for all, discussion brought out that Comptroller of the Currency Saxon had made only one request, eighteen months ago, for, and it was agreed that the reply should make reference to that fact 7/12 2289, 2297 Examination reports of national banks, supplementary confidential sections of, letter of March 16, 1965, sent to, requesting, approved by Chairman Martin, Governors Balderston, Robertson, Shepardson and Mitchell 3/22 937, 953 FRnotes: Supplemental printing order for fiscal year 1965 placed with Bureau of Engraving and Printing, letter to, approved 2/4 390, 397 Verification count, procedure whereby verification count of lower halves of unfit $1 FRnotes, received by Treasurer of the United States, would be on a 5 per cent basis, with a package count of the upper halves by the Comptroller of the Currency, agreeable to the Treasury, but not agreeable to, consensus to indicate that the Board continue to be willing to ask the Reserve Banks to make such a certification, otherwise it would stand on the original procedure to which the Secretary of the Treasury had agreed 12/22 4335 Grace National Bank, New York, New York, request by New York State Superintendent of Banks for access to examination reports in light of proposed merger into Marine Midland Trust Company, New York, New York, consensus that Reserve Bank should refuse the request since the Comptroller had refused 2/17 581 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1965 238 Pages Comptroller of the Currency: (continued) Promissory notes, Comptroller of the Currency had already ruled on, and no immediate reversal seemed likely, in the event of the Board's issuance of a different ruling re, there would be an area of controversy, Governor Robertson did not believe the Board should continue for long to close its eyes to the use of promissory notes by banks Regulation M, request from First National City Bank, New York, New York, for an amendment to, permitting overseas branches to pay preferential rates of interest on deposits of their officers and employees if consistent with local law and practice, agreed that letters should be sent to all FRBanks, FDIC, and, for comments Rulings by, Board's request to be officially notified re rulings or interpretations dealing with collective investment funds, and others of a general nature 17th Street National Bank of Denver, Colorado: Approval given to letter to, re unsatisfactory condition of, and pointing out excessive borrowing from Denver Branch of FRBank of Kansas City, understanding that copies would be sent to Secretary of the Treasury, Under Secretary Barr, and the Chairman of the FDIC Condition reports: Access to: Recommendation that designated professors from Yale University be given access to member banks, in connection with a study financed by National Science Foundation, dealing with role of commercial banks in the American economy, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/3 3523 1/28 333 3/24 963, 989 11/9 3607 5/5 1477, 1485 1965 239 Pages Condition reports: (continued) Access to: (continued) Request by FRBank of Chicago to serve as a clearing house to obtain from the Board basic data tapes from, for all insured commercial banks in Ill. for the period 1961-63 and process them at local computer centers for use by Mrs. Lucille Mayne, Northwestern University, for use in preparing her doctoral dissertation, approval given Request from Bryan A. Bailey, Ph.D. candidate at Brown University, for, banking data from, in connection with doctoral dissertation, approved, with Governor Mitchell dissenting Call report forms: June call, advice that collection of reconciliation statement from national banks would be necessary, draft of letter to FRBanks approved for transmittal and letter to Bureau of the Budget requesting clearance of the reconciliation statement, approved Memorandum from Messrs. Partee and Veenstra reporting on results of negotiations by representatives of Federal and State bank supervisory authorities to achieve a uniform format for, did not appear possible to achieve complete uniformity between national and State banks, adoption of proposed form approved for use by State member banks, subject to comments made on real estate loan item, staff authorized to negotiate with Comptroller to safeguard against misinterpretation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/20 1697, 1704 8/12 2670 6/14 1992,2007-09 9/27 3170 1965 240 Pages Condition reports: (continued) Call report forms: (continued) Report by staff member that plans were going ahead for compatible report forms for use by the several classes of banks at year end, there had been one setback due to the fact that the proposal to have Government securities reported by issue was rejected by the Comptroller of the Currency, but plans were still being made for compatible, though not identical, report forms Report that Comptroller of the Currency had decided to revert to old maturity schedule for reporting U.S. Government securities rather than to use an issue reporting schedule, letters to Budget Bureau, approved, requesting clearance of revised format of, and clearance on proposed slip sheet for national banks Form approved by Budget Bureau and transmitted to FRBanks Data tapes, request by FRBank of Chicago to serve as a modified clearing house to obtain from Board basic, containing condition and earnings data from individual banks in Illinois, and process them at a local computer center for use by Mrs. Lucille Mayne, a graduate student at Northwestern University, for use in doctoral dissertation, approval given with understanding that other requests would be weighed against Reserve Bank's experience FRBanks: Weekly statement, noted that, included a textual reference that the gold certificate reserve requirements of FRBanks were amended to apply to FRnotes liability alone, rather than to both note and deposit liabilities, telegram sent to FRBanks in this regard http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/3 3533 12/7 4058, 4075-79 12/23 4373 5/20 1697, 1704 3/4 785 1965 241 Pages Condition reports: (continued) Foreign banking corporations: Call as of December 31, 1964 Call as of June 30, 1965 Call as of December 31, 1965 Insured nonmember banks: Call as of December 31, 1964 Call as of April 26, 1965 Call as of October 13, 1965 Ireland, J.N. and Co. Bankers, Malad City, Idaho, letter to FRBank of San Francisco, approved, stating that republication of the midyear report of condition of, would not be required Metairie Savings Bank and Trust Company, Metairie, Louisiana, letter approved to FRBank of Atlanta relating to a subpoena demand to produce in testimony, the April 1961 condition report of, in connection with the alleged criminal acts re funds of Metairie Savings Bank National banks: Call as of December 31, 1964 Call as of April 26, 1965 Call as of October 13, 1965 17th Street National Bank of Denver, Colorado: Report of, as of October 13, 1965, and sanctioned by the Office of the Comptroller of the Currency, may have given misleading impression of bank's condition, reported by Governor Shepardson, steps being taken by Messrs. Hackley and Solomon of Board's staff to obtain clarification Year-end condition report of, to be published in early January 1966 would reflect an impairment of capital funds, if current negotiations were unsuccessful whereby Denver U.S. Bancorporation, Inc., would acquire under such conditions, it appeared probable that, would be declared insolvent by Comptroller of the Currency http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/4 7/1 12/30 11, 19, 25 2225,2242-48 4446,4460-68 1/4 4/27 10/14 10 1397 3314 9/3 2838, 2855 5/10 1507, 1518 1/4 4/27 10/14 10 1397 3314 11/18 3756 12/30 4443 1965 242 Pages Condition reports: (continued) State member banks: Call as of December 31, 1964 Forms for next call sent to all FRBanks for use by State member banks and their affiliates Supplementary information, use of Schedule FASupplementary Information on Time Certificates of Deposit, for use along with spring condition reports for, approved, letter to Chairman Martin suggested that staff proceed with consideration of form most useful to Board, and work out problems on interagency basis Call as of April 26, 1965 Forms for next call sent to all FRBanks for use by, and their affiliates Call as of June 30, 1965 Forms for next call sent to all FRBanks for use by, and their affiliates Forms for call reports, adoption of proposed form approved for use by State member banks, subject to comments made on real estate loan item, staff authorized to negotiate with Comptroller to safeguard against misinterpretation Call as of October 13, 1965 Forms for call reports, report that Comptroller of the Currency had decided to revert to old maturity schedule for reporting U.S. Government securities rather than to use an issue reporting schedule, letters to Budget Bureau approved requesting clearance of revised format of, and clearance on proposed slip sheet for national banks Form approved by Budget Bureau and transmitted to FRBanks Forms for next call sent to all FRBanks for use by, and their affiliates Time certificates of deposit, use of Schedule FA Supplementary Information on, for use along with spring condition reports for State member banks, approved, letter to FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/4 10 3/15 894, 919 4/6 1115, 1123 4/6 4/27 1116 1397 6/14 7/6 1992, 2009 2249 9/14 2988, 3010 9/27 10/14 3170 3314 12/7 4058, 4075-79 12/23 4373 12/23 4373, 4394 4/6 1115, 1123 1965 243 Pages Conferences: Auditors of FRBanks, General: Conference to be held on April 21-23, 1965, with cost of dinner for 49 persons, authorized Bank merger and bank holding company applications, proposed one-day conference at the Board on March 17, re ways for Research Departments of Federal Reserve Banks to improve their contributions to material prepared by Banks and submitted to Board on, authorized, letter to FRBanks, approved Central Bank Governors of the Western Hemisphere, annual conference of, to be held at Punta del este, Uruguay, Messrs. Young, Maroni, and Nettles authorized to accompany Chairman Martin and Governor Mitchell Coin, letter approved to Mr. Deming, Under Secretary of the Treasury for Monetary Affairs, re possibility of a conference to be attended by representatives of the Treasury Department, Bureau of the Mint, the Board, and the FRBanks to discuss development of better measures of future coin needs Counsel of FRBanks, memorandum from Mr. Hackley, General Counsel, recommending that Board authorize the holding of a conference of, on October 18 and 19, 1965, along with a dinner on October 18, provision for which had been made in 1965 budget, recommendation approved Discount officers of FRBanks, memorandum from Mr. Holland of Board's Staff, proposing that President Hayes of FRBank of New York, be requested to call a conference of, to consider uniform procedures for handling certain types of emergency borrowing, agreement with Mr. Holland's suggestion, Mr. Holland to attend conference as Board's representative http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/12 857 2/15 518, 548 4/20 1316, 1329 3/15 886, 901 9/22 3138 5/10 1507 1965 244 Pages Conferences: (continued) Examiners, annual conference of Representatives of Bank Examination Departments of FRBanks: Held on March 29 and 30, 1965, dinner provided at a local hotel during conference, approved, understood that Board attendance would be submitted to Governor Shepardson for approval and that appropriate restrictions be placed on number invited List of 48 persons from Board and Board's staff to attend a dinner at a local hotel in connection with, approved Examiners' meeting in connection with the annual convention of the National Association of Supervisors of State Banks, Mr. Solomon and two other officers of the Division of Examinations, authorized to attend, payment of the convention registration fee of $40 for each Board representative, approved Presidents: Balance of payments: Telephone conference held with, to discuss, draft of Reserve Bank circular to be reviewed and revised in light of comments and President's message to Congress on, final draft to be sent to FRBanks for transmittal to member and nonmember banks and other financial institutions Guidelines for carrying out responsibilities for the voluntary credit restraint program by financial institutions in an effort to improve, discussed at joint meeting with Check collection system, FRBanks, approval given to letter to Chairman of, reflecting Board awareness of studies currently in process and giving encouragement to an ad hoc Conference Committee headed by President Ellis, reflecting new approach by FRBanks to planning for use of computers and data communications techniques http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/24 968 8/6 2642 2/10 466, 479 2/18 598 11/22 3775, 3799 1965 245 Pages Conferences: (continued) Presidents: (continued) Coin shortage, distribution procedures re: Discountinuance of rebagging of nickels and pointing out that some variation exists among FRBanks with respect to accepting coin orders from nonmember banks reported in memorandum from Mr. Farrell, also reported suggestion that another meeting be held with Assistant Secretary of Treasury Wallace, letters to FRBank Presidents and to Chairman of, approved Discussion re practices of FRBanks in accepting orders and making shipments of coin, consensus that FRBanks should accept coin orders directly from nonmember as well as member banks, study of, should be requested through the Presidents' Conference for Board's consideration Credit, bank, curtailment of, in effort to curb loans to not more than 5 per cent beyond credit outstanding at end of 1964, discussion in connection with plans for voluntary credit restraint program for FRSystem in joint meeting of Board with Credit, export, not to be curtailed in connection with System effort to implement President's balance of payments program improvement plan, discussion re, in joint meeting of Board with Discount mechanism study: Proposal that System undertake an intensive study to evaluate the current functioning of the discount mechanism and if desirable to formulate a new policy re discounting and related open market operations, understood arrangements would be made to discuss proposal with, Chairman Martin to talk with Mr. Hayes, Chairman of Committee on Discounts and Credits about questions raised http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/16 2695,2703-05 11/26 3839 2/18 602 2/18 602 6/24 2145 1965 246 Pages Conferences: (continued) Presidents: (continued) Discount mechanism study: (continued) Report by Mr. Holland re developments of, Chairman Martin to inform Mr. Bopp, Chairman of Suggestion by Chairman Martin that it would be desirable to have a brief joint meeting of the Board and, following the FOMC meeting on August 10, to acquaint the Presidents fully with the steps being taken to implement Report by Chairman Martin re joint meeting of Board with, on details of establishment of committee and work outlined Discretionary spending guidelines for Board and FRBanks, memorandum by Governor Mitchell re discretionary expenditures of nine FRBanks, suggestion by Governor Mitchell that there should be a consistent set of discretionary spending guidelines for Board and FRBanks, understood that copies of Governor Mitchell's memorandum would be distributed to FRnotes: Proposal by, that redemption credit for unfit $1 FRnotes be allocated on basis of previous year's issues, and recommendation that a special ad hoc committee of, study further application of sampling techniques with a view toward developing procedure which would permit calculating amount of FRnotes outstanding which would never be presented for redemption, approved, letter to Chairman of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/4 2600 8/5 2613 8/10 2666 12/1 3885 1/6 47, 62 1965 247 Pages Conferences: (continued) Presidents: (continued) FRnotes: (continued) Single issue, question re timing of seeking to substitute, discussed in connection with consideration of alternate proposals for settling Interdistrict Settlement Funds clearing through security holdings rather than gold certificates, understood that question would be renewed with Denominations of $500 and over, possibility of having FRBanks that wished to have large denomination bills available, purchase such stocks from other FRBanks having sufficient supplies, letter to Chairman Bopp of, requesting topic to be placed on agenda at next meeting of Board concurred with action of, in approving recommendation of Subcommittee on Cash, Leased Wire and Sundry Operations, that canvas pouches and wire hasp padlock seals be purchased and used in shipment of new FRcurrency from Washington to various FRBanks and branches, letter to Chairman Bopp, of, approved Leased Wire System, letter to American Telephone and Telegraph Company authorizing them to proceed with installation of four new circuits and realignment of existing circuits as approved by, copies of letter sent to Presidents of all FRBanks Meeting with Board Meeting with Board Regulation A, clarifying interpretation on the eligibility of consumer loans and finance company paper for discount with the FRBanks under, as requested by, approved, for publication in the Federal Register and FRBulletin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/25 700 5/26 1722, 1762 6/16 2022, 2042 7/9 2/18 8/10 2265, 2271 597 2666 9/9 2914, 2941 1965 248 Pages Conferences: (continued) Presidents: (continued) Study re currency and coin services, letter approved to Chairman of, re a proposed comprehensive review of currency and coin services to member and nonmember banks Subcommittee, advice to, that Board had no objection to continued services of various members of its staff as associates of various, of, but additions or changes would require Board approval System purchasing or leasing of equipment, letter to Chairman of, re a proposed study of procedures re, approved Technical advisory committee, Governor Robertson requested that the Presidents supply the names of persons who seem qualified to provide technical assistance in formulating and executing the Federal Reserve System program for voluntary restraint at joint meeting with Topics for discussion: FRnotes, denominations of $500 and over, agreed to request that, discuss the possibility of having Reserve Banks that lacked the necessary stocks of, purchase such stocks from other FRBanks that had sufficient supplies, letter sent to Chairman Bopp of Conflict of interest: Directors, FRBanks, discussion re, as it affects responsibility for examination and supervision of FRBanks, no division of Board's staff appeared to have any direct responsibility for reviewing the adequacy of arrangements by FRBanks for avoiding, staff committee recommended that Legal Division be directed to give continuing attention to, including possible development of further statements or instructions that the Board might issue, agreement expressed by Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/30 4442, 4451 3/12 855 6/28 2167, 2176 2/18 602 5/26 1722, 1762 2/15 521, 543 1965 249 Pages Conflict of interest: (continued) Legislation, letter to Budget Bureau re Board's views concerning the draft bill to strengthen safeguards against conflicts of interest, and for other purposes Conklin, Maxwell R., an employee of Agent's Department at San Francisco from 1929 until the spring of 1935, presently an employee of the Census Bureau, letter to Civil Service Commission approved re status of FRAgents' Departments at several FRBanks prior to 1936, action of Civil Service Commission could affect creditability for Civil Service retirement purposes for Consolidations: Bank merger applications: Access to: Marine Midland Trust Company, New York, New York, request from Chairman Celler of the House Judiciary Committee for a copy of the application by, to acquire Grace National Bank, New York City, approved, request involves proposed amendment to Board's Rules of Procedure re, amendment to be published in Federal Register Rules of Procedure, amendment approved, with a supporting change in the Rules Regarding Information, Submittals, and Requests, under which copies of bank merger and bank holding company applications would be made available, letter transmitted to Justice Department re amended rules, similar letters sent to Comptroller of the Currency and FDIC Request from James McDonough, Jr., for copies of applications by First National Bank of Tampa, Fla., and Union Security and Investment Company, Tampa, Fla., with respect to acquisition of voting stock to be issued by Second National Bank of Tampa, Fla., a proposed new bank, approved, advice to Mr. McDonough http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/9 2650, 2663 1/21 247 4/22 1347, 1369-71 9/15 3019, 3035-37 10/25 3368, 3378 1965 250 Pages Consolidations: (continued) Bank merger applications: (continued) Conference on, draft of letter to FRBanks indicating that a one-day conference at the Board was planned for Mar. 17, proposed conference, authorized, letter to FRBanks, approved Processing of: Discussion re letter sent to Chairman Robertson of Senate Banking and Currency Committee in response for certain information re length of time involved in, Governor Daane expressed concern over time lag between receipt of application and date of issuance of Board's order, understood that staff would bear in mind Board's desire that applications be handled expeditiously Memorandum from Governor Shepardson re analysis of economic factors involved in bank merger and holding company cases, discussion re work done in Banking Markets Unit of Division of Research and Statistics and implementation of proposals for change advanced by Governor Shepardson, approval given to recommendations, Banking Markets Unit to be given status of section, possibility of Mr. George Hall returning to take part in program, letter to be sent to Presidents of all FRBanks asking their cooperation Bank mergers: Antitrust laws: H.R. 11489, a bill eliminating confusion from contradictory provisions of Bank Merger Act of 1960, request by Congressman Ashley for a report on a bill from the Board, amendment by Congressman Ottinger included in bill, decision to await developments and nature of Treasury report re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/15 518, 548 7/27 2467 10/8 3247, 3258 10/20 3338 1965 251 Pages Consolidations: (continued) Bank mergers: (continued) Antitrust laws: (continued) Reply to Chairman Fascell of the Legal and Monetary Affairs Subcommittee of the House Committee on Government Operations re problem of bank merger cases which have been approved by banking agencies and then dissolved through efforts of the Antitrust Division of the Department of Justice, with note that in such cases little significance was attached to banking factors, letter approved Request on behalf of Chairman Patman for names of approximately 2,200 banks that had been involved in mergers since 1950 and would be exempted by terms of certain pending legislative proposals from antitrust proceedings by Department of Justice, also requested were figures showing assets of participant banks before and after each merger, both in dollar amounts and in terms of percentages of local market, understood that Mr. Shay of Board's staff would inform Counsel of House Banking and Currency Committee, that requested information might take some time to complete S. 1698, a bill that would amend the Bank Merger Act to exempt bank mergers from Federal antitrust laws, discussion re possible draft of reply to a request from Chairman Robertson of Senate Banking and Currency Committee for a report re, understood a revised draft would be prepared for the Board's consideration Letter to Chairman Robertson of Senate Banking and Currency Committee, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/12 1538, 1592 10/4 3223 4/22 1338 4/27 1391, 1410 1965 252 Pages Consolidations: (continued) Bank mergers: (continued) Antitrust laws: (continued) S. 1698: (continued) Chairman Martin to testify on, before the House Banking and Currency Committee on August 11, 1965, amendmend added to bill to effect that Justice Department would have to institute action within 30 days following announcement of decision of appropriate bank regulatory agency, Governors Robertson and Mitchell asked that their action re retroactive feature of bill be checked, Governor Maisel stated he would be in opposition to retroactive feature Letter approved to Senator Proxmire re possible amendment to Report that Treasury had been trying to develop an amendment to, that could be presented to Chairman of the House Banking and Currency Committee as an Administration proposal, Board's views requested, decided to proceed on basis of recommendations, Governor Mitchell dissenting Legislation, interagency meeting held to try to work out proposed legislation on standards governing the approval of, that would have the support of the administration, meeting to be held primarily to consider a new proposal from the Justice Department, Messrs. Cardon and Shay to attend interagency meeting and to make a report to the Board reviewed difficulties re interMr. Cardon agency agreement, concluded that no action on the part of Board was needed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/9 2659 8/23 2753, 2757 12/1 3885 12/17 4253 12/21 4318 1965 253 Pages Consolidations: (continued) Bank mergers: (continued) Statement, majority, format discussed in connection with merger of United California Bank, Los Angeles, California, such changes in format to be followed in preparing statements on 11/22 future merger cases Votes, tie: Discussion re way of avoiding the situation of, in handling merger and holding company applications, understanding that Mr. Hackley would review internal rules of procedure in light of points raised at this meeting and submit an amendment for Board's consideration that would specify that cases involving tie votes would be deferred for consideration by a 6/17 full Board Further discussion, agreement with Chairman Martin's suggestion that matter be held over for further consideration at meeting when all members of Board were present, Governor Daane proposed that at least four affirmative or negative votes should be required 7/16 in all cases factors: competitive Reports on Interagency coordination of policies re, brought up by Governor Maisel in report to Comptroller of the Currency on proposed merger of First National Bank of Long Beach, into Bank of California, National Association, San Francisco, 6/17 California Release of, approval given to recommendation that a general policy of release-uponrequest be adopted on, and approval given to adoption of amendment to "Internal Board Procedures with Respect to Holding Company and Merger Applications" concerning reports on competitive factors, letters sent to Justice Department, Comptroller of Currency, FDIC, 7/16 Secretary of Treasury and FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3773 2056 2352 2047 2355, 2373-74 1965 254 Pages Consolidations: (continued) Reports on competitive factors: (continued) (Individual reports under name of cities): Advance-Lebanon, Indiana, report to FDIC on proposed purchase of assets and assumption of liabilities of State Bank of Advance, by Boone County State Bank, Lebanon, approved Aiken-Charleston, South Carolina, report to FDIC on proposed purchase of assets and assumption of liabilities of Graniteville and North Augusta offices of Citizens and Southern National Bank of South Carolina, Charleston, by Farmers & Merchants Bank, Aiken, approved Albany-Schenectady, New York: Report to FDIC on the proposed merger of Industrial Bank of Schenectady, with Industrial Bank of Commerce of Albany, approved Report to the Comptroller of the Currency on the proposed merger of The Citizens Trust Company of Schenectady, New York, into National Commercial Bank and Trust Company, Albany, approved Alexandria-Arlington, Virginia, report to Comptroller of the Currency on proposed merger of Shirlington Trust Company, Incorporated, Arlington, into First and Citizens National Bank of Alexandria, approved Alexandria-Huntingdon, Pennsylvania, report to Comptroller of the Currency on proposed merger of First-Grange National Bank of Huntingdon, with First National Bank of Alexandria, approved Altoona-Bellefonte, Pennsylvania, report to FDIC on proposed merger of Altoona Central Bank and Trust Company, with First Bellefonte Bank and Trust Company, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/29 3427 3/3 738 1/18 155 5/21 1706 4/1 1056 10/4 3218 9/3 2838 1965 255 Pages Consolidations: (continued) Reports on competitive factors: (continued) Appalachia-Roanoke, Virginia, report to the Comptroller of the Currency on the proposed merger of The First National Bank of Appalachia, into The First National Exchange Bank of Virginia, Roanoke, approved Archer-Sheldon, Iowa, report to FDIC on the proposed merger of State Bank of Archer, and the Security State Bank, Sheldon, approved Arlington-Alexandria, Virginia, report to Comptroller of the Currency on the proposed merger of Shirlington Trust Company, Incorporated, Arlington, into the First and Citizens National Bank of Alexandria, approved Arnold-Pittsburgh, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of The National Deposit Bank of Arnold, into Western Pennsylvania National Bank, Pittsburgh, approved Asheville-Swannanoa, North Carolina, report to FDIC on the proposed merger of Swannanoa Bank and Trust Company, and The Bank of Asheville, approved Avalon-Pittsburgh, Pennsylvania, report to the Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of the Avalon Bank, by Western Pennsylvania National Bank, Pittsburgh, approved Baltimore-Lancaster, Ohio, report to the Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of Bank of Basil Company, Baltimore, by Fairfield National Bank of Lancaster, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/16 2021 1/6 38 4/1 1056 6/24 2135 6/7 1909 7/9 2264 5/14 1601 1965 256 Pages Consolidations: (continued) Reports on competitive factors: (continued) Bath-Portland, Maine, report to the Comptroller of the Currency on the proposed consolidation of Bath National Bank, and Canal National Bank, Portland, approved Bellefonte-Altoona, Pennsylvania, report to FDIC on proposed merger of Altoona Central Bank and Trust Company, and First Bellefonte Bank and Trust Company, approved Beverly Hills-Los Angeles, California, report to Comptroller of the Currency on proposed merger of Commonwealth Bank, Los Angeles, into City National Bank, Beverly Hills, approved Beverly Hills-South Gate, California, report to the Comptroller of the Currency on the competitive factors involved in the proposed merger of First National Bank of South Gate, into City National Bank, Beverly Hills, approved Beverly Hills-Torrance, California, report to Comptroller of the Currency on the proposed merger of Guaranty Bank, Torrence, into City National Bank, Beverly Hills, approved Big Rapids -Stanwood, Michigan, report to Comptroller of the Currency on proposed merger of Stanwood State Savings Bank, into First National Bank of Big Rapids, approved Binford-Cooperstown, North Dakota, report to FDIC on the proposed merger of Security Trust Company, Cooperstown, and Binford State Bank, approved Blackstone -Lynchburg, Virginia, report to Comptroller of the Currency re proposed merger of First National Bank of Blackstone, into Fidelity National Bank, Lynchburg, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/19 1287 9/3 2838 10/13 3277 1/18 156 3/1 728 9/1 2824 6/29 2181 9/1 2823 1965 257 Pages Consolidations: (continued) Reports on competitive factors: (continued) Boone-Jacksonville, North Carolina, report to Comptroller of the Currency on proposed merger of First National Bank of Boone, into First National Bank of Eastern North Carolina, Jacksonville, approved Boston, Massachusetts, report to the Comptroller of the Currency on the proposed consolidation of Congress National Bank of Boston and The National Shawmut Bank of Boston, approved Brooklyn, New York, report to FDIC on proposed merger of Lafayette National Bank of Brooklyn, into King's County Trust Company, Brooklyn, approved Brooklyn-Mineola, New York, report to FDIC on the proposed merger of County National Bank of Long Island, Mineola, into Kings County Trust Company, Brooklyn, approved Indiana, report to FDIC on the proBrownstown, consolidation of Brownsposed and Company and Trust town Loan BrownsBank of The First National town, approved Bryson City-North Wilkesboro, North Carolina, report to FDIC on the proposed merger of Bryson City Bank, into The Northwestern Bank, North Wilkesboro, approved Buffalo-Dunkirk, New York, report to Comptroller of the Currency on the proposed merger of Dunkirk Trust Company, into Liberty National Bank and Trust Company, Buffalo, approved Carbondale-Dalton, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of Central State Bank, Dalton, into The First National Bank of Carbondale, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/27 4420 3/12 851 10/18 3327 4/12 1144 8/6 2641 7/20 2382 4/12 1143 3/22 936 1965 258 Pages Consolidations: (continued) Reports on competitive factors: (continued) Carrolltown-Johnstown, Pennsylvania, report to Comptroller of the Currency on the proposed consolidation of United States National Bank in Johnstown, and Cambria County National Bank, Carrolltown, approved Charleston-Aiken, South Carolina, report to FDIC on proposed purchase of assets and assumption of liabilities of Graniteville and North Augusta offices of Citizens and Southern National Bank of South Carolina, Charleston, South Carolina, by Farmers & Merchants Bank, Aiken, approved Charlotte-Tryon, North Carolina, report to the Comptroller of the Currency on the proposed merger of Tryon Bank and Trust Company, into North Carolina National Bank, Charlotte, approved Chicago, Illinois: Report to Comptroller of the Currency on the proposed merger of Live Stock National Bank of Chicago, into Central National Bank in Chicago, approved Report to Comptroller of the Currency on proposed purchase of assets and assumption of liabilities of Century Bank of Chicago, by National City Bank in Chicago, approved Clarkston-Pontiac, Michigan, report to FDIC on proposed merger of Clarkston State Bank, into Pontiac State Bank, approved Clarksville-Laurel, Maryland, report to Comptroller of the Currency on proposed merger of Central Bank of Howard County, Maryland, into Citizens National Bank of Laurel, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/8 3585 3/3 738 2/19 609 1/21 233 10/26 3382 11/15 3654 2/24 640 1965 259 Pages Consolidations: (continued) Reports on competitive factors: (continued) Clover-Greenville, South Carolina, report to the FDIC on the proposed merger of Bank of Clover, into Southern Bank and Trust Company, Greenville, approved Coaldale-Reading, Pennsylvania, report to the FDIC on the proposed merger of American Bank and Trust Co., of Pennsylvania, and First National Bank of Coaldale, approved Colby, Wisconsin, report to the FDIC on the proposed consolidation of Colby State Bank and Security State Bank of Colby, approved Coldwater-Union City, Michigan, report to the Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of The Union City National Bank, by The Southern Michigan National Bank of Coldwater, approved Columbia-Lexington, South Carolina, report to the Comptroller of the Currency on the proposed merger of Bank of Lexington, into First Commercial National Bank of South Carolina, Columbia, approved Cooperstown-Binford, North Dakota, report to FDIC on the proposed merger of Security Trust Company, Cooperstown, and Binford State Bank, approved Corunna-Owosso, Michigan, report to FDIC on the proposed consolidation of The Old Corunna State Bank, and The Owosso Savings Bank, approved Dalton-Carbondale, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of Central State Bank, Dalton, into The First National Bank of Carbondale, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/22 937 9/9 2910 10/29 3427 7/9 2264 11/3 3483 6/29 2181 1/4 2 3/22 936 1965 260 Pages Consolidations: (continued) Reports of competitive factors: (continued) Delaware-Galena, Ohio, report to FDIC on the proposed merger of The Bank of Galena Company, into The Delaware County Bank, approved Delaware-Sunbury, Ohio, report to the Comptroller of the Currency on the proposed merger of Farmers Bank, Sunbury, into First National Bank of Delaware, approved Denver, Colorado, report to the FDIC on the proposed acquisition of assets and assumption of liabilities of Citizens Savings Bank, Denver, by Colorado State Bank of Denver, approved Derby-New Haven, Connecticut, report to the Comptroller of the Currency on the proposed merger of The Birmingham National Bank, Derby, and The Home Trust Company, Derby, into The Second National Bank of New Haven, approved Dillon-Lancaster, South Carolina, report to FDIC on the proposed merger of First National Bank of Lancaster, into Anderson Bank of Dillon, approved Dublin-Radford, Virginia, report to FDIC on the proposed purchase of assets and assumption of liabilities of Bank of Dublin, Incorporated, by Peoples Bank of Radford, approved Report by Mr. Solomon re developments, understood memorandum would be distributed to Board members for their information Dunkirk-Buffalo, New York, report to the Comptroller of the Currency on the proposed merger of Dunkirk Trust Company, into Liberty National Bank and Trust Company, Buffalo, approved Elmira, New York, report to FDIC on the proposed merger of Elmira Savings Bank, and Mechanics Savings Bank, Elmira, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/6 1114 3/30 996 6/30 2194 2/10 462 12/6 4025 6/4 1867 6/23 2127 4/12 1143 1/13 118 1965 261 Pages Consolidations: (continued) Reports on competitive factors: (continued) Englewood-Leonia, New Jersey, report to Comptroller of the Currency on the proposed merger of Leonia Bank & Trust Company, into Citizens National Bank of Englewood, approved Erie, Pennsylvania, report to FDIC on the proposed merger of The Bank of Erie, into Union Bank and Trust Company, Erie, approved Fargo, North Dakota, report to FDIC on the proposed acquisition of assets and assumption of liabilities of Bankers State Bank and Trust Company by Fargo State Bank, approved Farmville-Norfolk, Virginia, report to the Comptroller of the Currency on the proposed merger of Peoples National Bank of Farmville, into Virginia National Bank, Norfolk, approved Fords-Highland Park, New Jersey, report to the Comptroller of the Currency on the proposed merger of The First National Bank of Highland Park, into First Bank and Trust Company, National Association, Fords, approved Forty Fort-Wilkes-Barre, Pennsylvania, report to Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of Forty Fort State Bank, by Miners National Bank of Wilkes-Barre, approved New York, report to Comptroller -Utica, Frankfort of the Currency on the proposed merger of Citizens First National Bank of Frankfort, and Oneida National Bank and Trust Company of Central New York, Utica, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/9 815 8/16 2695 6/22 2116 3/10 835 6/7 1908 3/30 995 10/13 3277 1965 262 Pages Consolidations: (continued) Reports on competitive factors: (continued) Freehold-Keyport, New Jersey, report to FDIC on the proposed merger of People's National Bank of Keyport, into Central Jersey Bank and Trust Company, Freehold, approved Consideration of additional information with no change in conclusion with FDIC re Freeport-Rockwood, Pennsylvania, report to FDIC on the proposed merger of Union National Bank of Rockwood, into Keystone Bank, Freeport, approved Galena-Delaware, Ohio, report to FDIC on the proposed merger of The Bank of Galena Company, into The Delaware County Bank, Delaware, approved Galeton-Wellsboro-Lawrenceville-Westerfield, Pennsylvania, report to FDIC on the proposed merger of Tioga County Savings and Trust Company, Wellsboro, with National Bank of Galeton, First National Bank of Lawrenceville, and Farmers and Traders National Bank of Westerfield, approved Gate City-Norfolk, Virginia, report to Comptroller of the Currency on the proposed merger of First National Bank of Gate City, into Virginia National Bank, Norfolk, approved Glasgow-Roanoke, Virginia, report to Comptroller of the Currency on the proposed merger of Bank of Glasgow, Inc., into First National Exchange Bank of Virginia, Roanoke, approved Gloster-Greenville-McComb-Tylertown-Jackson, Mississippi, report to Comptroller of the Currency on the proposed merger of Amite County Bank, Gloster, Commercial National Bank of Greenville, First National Bank of McComb City, and Tylertown Bank, into First National Bank of Jackson, approved, Governor Robertson dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/16 2352 7/30 2494, 2506 8/23 2753 4/6 1114 1/22 253 3/10 835 8/20 2750 11/17 3714 1965 263 Pages Consolidations: (continued) Reports on competitive factors: (continued) Gratz-Owenton, Kentucky, report to FDIC on the proposed merger of The First National Bank of Owenton, and Gratz Deposit Bank, with the Farmers Bank, Owenton, Kentucky, Inc., approved Greenfield-Willow Branch, Indiana, report to FDIC on the proposed merger of Greenfield Citizens Bank, with Hancock County Bank, Willow Branch, approved Greenville, Ohio, report to Comptroller of the Currency on the proposed merger of Peoples Savings Bank of Greenville, into Second National Bank of Greenville, approved Greenville-Clover, South Carolina, report to FDIC on the proposed merger of Bank of Clover, into Southern Bank and Trust Company, Greenville, approved Greenville-Gloster-McComb-Tylertown-Jackson, Mississippi, report to the Comptroller of the Currency on the proposed merger of Amite County Bank, Gloster, Commercial National Bank of Greenville, First National Bank of McComb City, and Tylertown Bank, into First National Bank of Jackson, approved, Governor Robertson dissenting Greenville-Leland, Mississippi, report to the Comptroller of the Currency on the proposed merger of First National Bank of Leland, into The Commercial National Bank of Greenville, approved Greenville-McComb-Monticello-Jackson, Mississippi, report to Comptroller of the Currency on the proposed merger of Greenville Bank and Trust Company, Mechanics-State Bank, McComb, and Lawrence County Bank, Monticello, into Deposit Guaranty National Bank, Jackson, approved, Governor Robertson dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/30 995 7/1 2212 11/22 3772 3/22 937 11/17 3714 6/14 1991 11/18 3755 1965 264 Pages Consolidations: (continued) Reports on competitive factors: (continued) Greenville-Piedmont, South Carolina, report to FDIC on the proposed merger of Bank of Piedmont, into Southern Bank and Trust Company, Greenville, approved Greenwood-Newberry, South Carolina, report to FDIC on the proposed merger of Newberry County Bank, into State Bank and Trust Company, Greenwood, approved Greenwood-Saluda, South Carolina, report to FDIC on proposed merger of Saluda County Bank, into State Bank and Trust Company, Greenwood, approved Hampton-Norfolk, Virginia, report to Comptroller of the Currency on proposed merger of Merchants National Bank of Hampton, and Bank of Phoebus, into Virginia National Bank, Norfolk, approved Hanover-Harrisburg, Pennsylvania, report to FDIC on proposed merger of Peoples National Bank of Hanover, into Dauphin Deposit Trust Company, Harrisburg, approved Harrisburg-Hanover, Pennsylvania, report to FDIC on proposed merger of Peoples National Bank of Hanover, into Dauphin Deposit Trust Company, Harrisburg, approved Harrisburg-Lemoyne, Pennsylvania, report to FDIC on the proposed merger of Dauphin Deposit Trust Company, Harrisburg, and Lemoyne Trust Company, approved Hawthorne-San Diego, California, report to Comptroller of the Currency on proposed merger of Pacific State Bank, Hawthorne, into United States National Bank, San Diego, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/9 1926 12/1 3879 6/1 1834 10/26 3382 12/16 4227 12/16 4227 3/24 958 6/17 2049 1965 265 Pages Consolidations: (continued) Reports on competitive factors: (continued) Highland Park-Fords, New Jersey, report to Comptroller of the Currency on the proposed merger of the First National Bank of Highland Park, into First Bank and Trust Company, National Association, Fords, approved Hollister-San Francisco, California, report to Comptroller of the Currency on the proposed merger of Hollister National Bank, into Bank of California, National Association, San Francisco, approved Hollywood-Los Angeles, California, report to FDIC on the proposed merger of Manufacturers Bank, Los Angeles, with Guardian Bank, Hollywood, under the charter and title of the former, approved Hudson, Michigan, report to FDIC on the proposed consolidation of Thompson Savings Bank, and Hudson State Savings Bank, approved Huntingdon-Alexandria, Pennsylvania, report to Comptroller of the Currency on the proposed merger of FirstGrange National Bank of Huntingdon, and First National Bank of Alexandria, approved Huntingdon-Petersburg, Pennsylvania, report to Comptroller of the Currency on proposed merger of Union National Bank and Trust Company of Huntingdon, and First National Bank of Petersburg, approved Irvington-Newark, New Jersey, report to FDIC on the proposed acquisition of assets and assumption of liabilities of Irvington State Bank, by Howard Savings Institution, Newark, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/7 1908 1/21 233 6/30 2194 6/29 2181 10/4 3218 4/5 1079 3/30 995 1965 266 Pages Consolidations: (continued) Reports on competitive factors: (continued) Jackson, Greenville-McComb-Monticello, Mississippi report to Comptroller of the Currency on proposed merger of Greenville Bank and Trust Company, Mechanics-State Bank, McComb, and Lawrence County Bank, Monticello, into Deposit Guaranty National Bank, Jackson, approved, Governor Robertson dissenting Jacksonville-Boone, North Carolina, report to Comptroller of the Currency on proposed merger of First National Bank of Boone, into First National Bank of Eastern North Carolina, Jacksonville, approved Johnstown-Carrolltown, Pennsylvania, report to Comptroller of the Currency on proposed consolidation of United States National Bank in Johnstown, and Cambria County National Bank, Carrolltown, approved Kalamazoo-Lawrence, Michigan, report to Comptroller of the Currency on proposed purchase of assets and assumption of liabilities of Home State Bank of Lawrence, by American National Bank and Trust Company of Kalamazoo, approved, Governor Mitchell disagreeing for reasons he expressed Kalamazoo-Martin, Michigan, report to Comptroller of the Currency on proposed purchase of assets and assumption of liabilities of Martin State Bank by First National Bank and Trust Company of Kalamazoo, approved Keyport-Freehold, New Jersey, report to FDIC on proposed merger of People's National Bank of Keyport, into Central Jersey Bank and Trust Company, Freehold, approved Consideration of additional information with no change in conclusion, letter to FDIC re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/18 3755 12/27 4420 11/8 3585 4/9 1133 3/10 836 7/16 2352 7/30 2494, 2506 1965 267 Pages Consolidations: (continued) Reports on competitive factors: (continued) Lancaster-Baltimore, Ohio, report to Comptroller of the Currency on proposed purchase of assets and assumption of liabilities of Bank of Basil Company, Baltimore, by Fairfield National Bank of Lancaster, approved Lancaster-Dillon, South Carolina, report to FDIC on proposed merger of First National Bank of Lancaster, into Anderson Bank of Dillon, approved Lapeer-Metamora, Michigan, report to Comptroller of the Currency on the proposed merger of Metamora State Savings Bank, Metamora, into First National Bank of Lapeer, approved Laurel-Clarksville, Maryland, report to Comptroller of the Currency on the proposed merger of Central Bank of Howard County, Maryland, into Citizens National Bank of Laurel, approved Lawrence-Kalamazoo, Michigan, report to Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of Home State Bank of Lawrence, by American National Bank and Trust Company of Kalamazoo, approved, Governor Mitchell disagreeing for reasons he expressed Lawrenceville-Wellsboro-Galeton-Westfield, Pennsylvania, report to FDIC on the proposed merger of Tioga County Savings and Trust Company, Wellsboro, and First National Bank of Galeton, First National Bank of Lawrenceville, and Farmers and Traders National Bank of Westfield, approved Lebanon-Advance, Indiana, report to FDIC on proposed purchase of assets and assumption of liabilities of State Bank of Advance, by Boone County State Bank, Lebanon, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/14 1601 12/6 4025 11/29 3864 2/24 640 4/9 1133 1/22 253 10/29 3427 1965 268 Pages Consolidations: (continued) Reports on competitive factors: (continued) Leesburg-Richmond, Virginia, report to the Comptroller of the Currency on the proposed merger of The Loudoun National Bank of Leesburg, into First and Merchants National Bank, Richmond, approved Leland-Greenville, Mississippi, report to the Comptroller of the Currency on the proposed merger of First National Bank of Leland, into The Commercial National Bank of Greenville, approved Lemoyne-Harrisburg, Pennsylvania, report to FDIC on the proposed merger of Dauphin Deposit Trust Company, Harrisburg, and Lemoyne Trust Company, Lemoyne, approved Leonia-Englewood, New Jersey, report to Comptroller of the Currency on proposed merger of Leonia Bank & Trust Company, Leonia, into Citizens National Bank of Englewood, approved Lexington-Columbia, South Carolina, report to Comptroller of the Currency on proposed merger of Bank of Lexington, into First Commercial National Bank of South Carolina, Columbia, approved Lexington-Roanoke, Virginia: Report to Comptroller of the Currency on proposed merger of Peoples National Bank of Lexington, into First National Exchange Bank of Virginia, Roanoke, understood that Division of Examinations would review draft conclusion and resubmit report to Board for further consideration Report to the Comptroller of the Currency on the proposed merger of The Peoples National Bank of Lexington, into The First National Exchange Bank of Virginia, Roanoke, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/6 2641 6/14 1991 3/24 958 3/9 815 11/3 3493 2/8 421 2/10 462 1965 269 Pages Consolidations: (continued) Reports on competitive factors: (continued) Long Beach-San Francisco, California, report to Comptroller of the Currency on proposed merger of First National Bank of Long Beach, into Bank of California, National Association, San Francisco, approved Los Angeles, California: Report to Comptroller of the Currency on the proposed merger of Wilshire National Bank, into Heritage National Bank, both of Los Angeles, approved Report to FDIC on proposed merger of Peoples Bank, Los Angeles, into Manufacturers Bank, Los Angeles, held over for further consideration by the Board Since information had not yet been received from FRBank of San Francisco as to why the applications were denied, the report on, was held over for further consideration after such information had become available Approval given to competitive factor report to FDIC Los Angeles-Beverly Hills, California, report to Comptroller of the Currency on proposed merger of Commonwealth Bank, Los Angeles, into City National Bank, Beverly Hills, approved Los Angeles-Hollywood, California, report to FDIC on proposed merger of Manufacturers Bank, Los Angeles, with Guardian Bank, Hollywood, under the charter and title of the former, approved Los Angeles-San Diego, California, report to Comptroller of the Currency on proposed merger of United States National Bank, San Diego, and Bank of Los Angeles, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/17 2046 9/14 2965 11/8 3585,3601-55 11/9 3601 11/15 3655 10/13 3277 6/30 2194 12/22 4332 1965 270 Pages Consolidations: (continued) Reports on competitive factors: (continued) Lumberton-Rockingham, North Carolina, report to Comptroller of the Currency on proposed merger of Farmers Bank and Trust Company, Rockingham, into Southern National Bank of North Carolina, Lumberton, approved Lumberton-Sanford, North Carolina, report to Comptroller of the Currency on proposed merger of National Bank of Sanford, into Southern National Bank of North Carolina, Lumberton, approved Lynchburg-Blackstone, Virginia, report to Comptroller of the Currency on proposed merger of First National Bank of Blackstone, into Fidelity National Bank, Lynchburg, approved Martin-Kalamazoo, Michigan, report to Comptroller of the Currency on proposed purchase of assets and assumption of liabilities of Martin State Bank, Martin, by First National Bank and Trust Company of Kalamazoo, approved Martinsville-Stuart, Virginia, report to Comptroller of the Currency on proposed merger of Patrick County Bank, Stuart, into the First National Bank of Martinsville and Henry County, Martinsville, approved McAlisterville-Port Royal-Mifflintown, Pennsylvania, report to Comptroller of the Currency on proposed merger of Farmers' National Bank of McAlisterville, The First National Bank of Port Royal, and The Port Royal National Bank, Port Royal, into The Juniata Valley National Bank, Mifflintown, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/9 816 5/17 1612 9/1 2823 3/10 836 10/25 3366 1/8 85 1965 271 Pages Consolidations: (continued) Reports on competitive factors: (continued) McComb-Greenville-Monticello-Jackson, Mississippi, report to Comptroller of the Currency on proposed merger of Greenville Bank and Trust Company, Greenville, Mechanics-State Bank, McComb, and Lawrence County Bank, Monticello, into Deposit Guaranty National Bank, Jackson, approved, Governor Robertson dissenting Medina-Sharon Center, Ohio, report to Comptroller of the Currency on proposed merger of Old Phoenix National Bank of Medina, and Sharon Center Banking Company, Sharon Center, approved Metamora-Lapeer, Michigan, report to Comptroller of the Currency on the proposed merger of Metamora State Savings Bank, Metamora, into First National Bank of Lapeer, approved Michigan City-Westville, Indiana, report to FDIC on the proposed purchase of assets and assumption of liabilities of the State Bank of Westville, by Citizens Bank of Michigan City, approved Middletown-Washingtonville, New York, report to Comptroller of the Currency on the proposed merger of Central National Bank of Washingtonville, into County National Bank, Middletown, approved Middletown-Winchester, Virginia, report to the Comptroller of the Currency on the proposed merger of Middletown State Bank, Inc., into Farmers and Merchants National Bank, Winchester, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/18 3755 9/27 3168 11/29 3864 6/24 2136 3/30 995 3/24 959 1965 272 Pages Consolidations: (continued) Reports on competitive factors: (continued) Mifflintown-Port Royal-McAlisterville, Pennsylvania, report to Comptroller of the Currency on proposed merger of Farmers' National Bank of McAlisterville, The First National Bank of Port Royal, and The Port Royal National Bank, into The Juniata Valley National Bank, Mifflintown, approved Millvale-Pittsburgh, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of Bank of Millvale, into Western Pennsylvania National Bank, Pittsburgh, approved Mineola-Brooklyn, New York, report to the FDIC on the proposed merger of County National Bank of Long Island, Mineola, into Kings County Trust Company, Brooklyn, approved Montgomery, Pennsylvania, report to the Comptroller of the Currency on proposed merger of Farmers and Citizens National Bank of Montgomery, into the First National Bank of Montgomery, approved Monticello-Greenville-McComb-Jackson, Mississippi, report to Comptroller of the Currency on proposed merger of Greenville Bank and Trust Company, Greenville, Mechanics-State Bank, McComb, and Lawrence County Bank, Monticello, into Deposit Guaranty National Bank, Jackson, approved, Governor Robertson dissenting Morristown-Whippany, New Jersey, report to Comptroller of the Currency on the proposed merger of First National Bank of Whippany, into the First National Iron Bank of Morristown, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/8 85 3/24 959 4/12 1144 12/16 4227 11/18 3755 8/9 2649 1965 273 Pages Consolidations: (continued) Reports on competitive factors: (continued) New Haven-Derby, Connecticut, report to the Comptroller of the Currency on the proposed merger of The Birmingham National Bank, Derby, and The Home Trust Company, Derby, into The Second National Bank of New Haven, approved New York, New York, report to FDIC on proposed merger of Empire Safe Deposit Company, into Empire Trust Company, both of New York, approved Newark-Irvington, New Jersey, report to FDIC on acquisition of assets and assumption of liabilities of Irvington State Bank, by Howard Savings Institution, Newark, approved Newberry-Greenwood, South Carolina, report to FDIC on proposed merger of Newberry County Bank, into State Bank and Trust Company, Greenwood, approved Norfolk-Farmville, Virginia, report to Comptroller of the Currency on the proposed merger of Peoples National Bank of Farmville, into Virginia National Bank, Norfolk, approved Norfolk-Gate City, Virginia, report to Comptroller of the Currency on proposed merger of First National Bank of Gate City, into Virginia National Bank, Norfolk, approved Norfolk-Hampton, Virginia, report to Comptroller of the Currency on proposed merger of Merchants National Bank of Hampton, and Bank of Phoebus, Hampton, into Virginia National Bank, Norfolk, approved Norlina-Rocky Mount, North Carolina, report to FDIC on proposed merger of Peoples Bank, Norlina, into Peoples Bank & Trust Company, Rocky Mount, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/10 462 11/29 3864 3/30 995 12/1 3879 3/10 835 3/10 835 10/26 3382 12/6 4025 1965 274 Pages Consolidations: (continued) Reports on competitive factors: (continued) Norristown-Philadelphia, Pennsylvania, report to FDIC on proposed merger of Broad Street Trust Company, Philadelphia, and Montgomery County Bank and Trust Company, Norristown, (resulting bank to be titled Continental Bank and Trust Company), approved North Wilkesboro-Bryson City, North Carolina, report to FDIC on the proposed merger of Bryson City Bank, into The Northwestern Bank, North Wilkesboro, approved Omaha, Nebraska: Report to Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of South Omaha Bank, Omaha, by Stock Yards National Bank of South Omaha, approved, both banks are subsidiaries of Northwest Bancorporation, Minneapolis, Minnesota Report to FDIC on proposed purchase of assets and assumption of liabilities of The Center Bank, Omaha, by The South Omaha Bank, Omaha, approved Owenton-Gratz, Kentucky, report to FDIC on the proposed merger of First National Bank in Owenton, and Gratz Deposit Bank, Gratz, with Farmers Bank, Owenton, Kentucky, Inc., Owenton, approved Owosso-Corunna, Michigan, report to FDIC on the proposed consolidation of The Old Corunna State Bank, Corunna, and The Owosso Savings Bank, Owosso, approved Pearisburg-Roanoke, Virginia, report to Comptroller of the Currency on the proposed merger of Bank of Giles County, Pearisburg, into First National Exchange Bank of Virginia, Roanoke, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/9 1926 7/20 2382 1/21 233 1/26 261 3/30 995 1/4 2 6/28 2167 1965 275 Pages Consolidations: (continued) Reports on competitive factors: (continued) Petersburg-Huntingdon, Pennsylvania, report to Comptroller of the Currency on proposed merger of Union National Bank and Trust Company of Huntingdon, and First National Bank of Petersburg, approved Philadelphia-Norristown, Pennsylvania, report to FDIC on proposed merger of Broad Street Trust Company, Philadelphia, and Montgomery County Bank and Trust Company, Norristown, (resulting bank to be titled Continental Bank and Trust Company), approved Piedmont-Greenville, South Carolina, report to FDIC on the proposed merger of Bank of Piedmont, into Southern Bank and Trust Company, Greenville, approved Pittsburgh-Arnold, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of The National Deposit Bank of Arnold, into Western Pennsylvania National Bank, Pittsburgh, approved Pittsburgh-Avalon, Pennsylvania, report to the Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of the Avalon Bank, Avalon, by Western Pennsylvania National Bank, Pittsburgh, approved Pittsburgh-Millvale, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of Bank of Millvale, into Western Pennsylvania National Bank, Pittsburgh, approved Pontiac-Clarkston, Michigan, report to FDIC on the proposed merger of Clarkston State Bank, into Pontiac State Bank, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/5 1079 6/9 1926 6/9 1926 6/24 2135 7/9 2264 3/24 959 11/15 3654 1965 276 Pages Consolidations: (continued) Reports on competitive factors: (continued) Port Royal-McAlisterville-Mifflintown, Pennsylvania, report to Comptroller of the Currency on the proposed merger of Farmers' National Bank of McAlisterville, The First National Bank of Port Royal, and The Port Royal National Bank, into The Juniata Valley National Bank, Mifflintown, approved Portland-Bath, Maine, report to the Comptroller of the Currency on the proposed consolidation of Bath National Bank, and Canal National Bank, Portland, approved Portland-Roseburg, Oregon, report to Comptroller of the Currency on the proposed merger of Douglas County State Bank, Roseburg, into the First National Bank of Oregon, Portland, approved Pottsville-Schuylkill Haven, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of the Pennsylvania National Bank and Trust Company, Pottsville, and The First National Bank and Trust Company, Schuylkill Haven, approved Radford -Dublin, Virginia, report to FDIC on proposed purchase of assets and assumption of liabilities of Bank of Dublin, Incorporated, by Peoples Bank of Radford, approved Report by Mr. Solomon re developments, understood memorandum would be distributed to Board members for their information Rangeley-Rumford, Maine, report to FDIC on the proposed purchase of assets and assumption of liabilities of Rangeley Trust Company, Rangeley, by Rumford Bank and Trust Company, Rumford, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/8 85 4/19 1287 11/17 3716 6/24 2135 6/4 1867 6/23 2127 2/12 499 1965 277 Pages Consolidations: (continued) Reports on competitive factors: (continued) Reading-Coaldale, Pennsylvania, report to FDIC on proposed merger of American Bank and Trust Company of Pennsylvania, and First National Bank of Coaldale, approved Richmond-Leesburg, Virginia, report to the Comptroller of the Currency on the proposed merger of The Loudoun National Bank of Leesburg, into First and Merchants National Bank, Richmond, approved Richmond-Virginia Beach, Virginia, report to Comptroller of the Currency on proposed merger of Bank of Virginia Beach, into First & Merchants National Bank, Richmond, approved Roanoke-Appalachia, Virginia, report to the Comptroller of the Currency on the proposed merger of The First National Bank of Appalachia, into The First National Exchange Bank of Virginia, Roanoke, approved Roanoke-Glasgow, Virginia, report to Comptroller of the Currency on the proposed merger of Bank of Glasgow, Inc., into First National Exchange Bank of Virginia, Roanoke, approved Roanoke-Lexington, Virginia: Report to Comptroller of the Currency on the proposed merger of Peoples National Bank of Lexington, into the First National Exchange Bank of Virginia, Roanoke, understood that Division of Examinations would review draft conclusion and resubmit report to Board for further consideration Report to the Comptroller of the Currency on the proposed merger of The Peoples National Bank of Lexington, into The First National Exchange Bank of Virginia, Roanoke, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/9 2910 8/6 2641 11/22 3771 6/16 2021 8/20 2750 2/8 421 2/10 462 1965 278 Pages Consolidations: (continued) Reports on competitive factors: (continued) Roanoke-Pearisburg, Virginia, report to Comptroller of the Currency on proposed merger of Bank of Giles County, Pearisburg, into First National Exchange Bank of Virginia, Roanoke, approved Roanoke-St. Paul, Virginia, report to Comptroller of the Currency on the proposed merger of St. Paul National Bank, into First National Exchange Bank of Virginia, Roanoke, approved Rockingham-Lumberton, North Carolina, report to Comptroller of the Currency on the proposed merger of Farmers Bank and Trust Company, Rockingham, into Southern National Bank of North Carolina, Lumberton, approved Rockwood-Freeport, Pennsylvania, report to FDIC on the proposed merger of Union National Bank of Rockwood, into Keystone Bank, Freeport, approved Rocky Mount-Norlina, North Carolina, report to FDIC on the proposed merger of Peoples Bank, Norlina, into Peoples Bank & Trust Company, Rocky Mount, approved Roseburg-Portland, Oregon, report to Comptroller of the Currency on the proposed merger of Douglas County State Bank, Roseburg, into First National Bank of Oregon, Portland, approved Rossford-Toledo, Ohio, report to Comptroller of the Currency on the proposed merger of Rossford Savings Bank, into National Bank of Toledo, approved Rumford -Rangeley, Maine, report to FDIC on the proposed purchase of assets and assumption of liabilities of Rangeley Trust Company, by Rumford Bank and Trust Company, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/28 2167 8/13 2682 3/9 816 8/23 2753 12/6 4025 11/17 3716 4/27 1425 2/12 499 1965 279 Pages Consolidations: (continued) Reports on competitive factors: (continued) St. Louis, Missouri, report to Comptroller of the Currency on the proposed merger of Security Trust Company, St. Louis, into Mercantile Trust Company, National Association, St. Louis, approved St. Paul-Roanoke, Virginia, report to the Comptroller of the Currency on the proposed merger of St. Paul National Bank, into First National Exchange Bank of Virginia, Roanoke, approved Saluda-Greenwood, South Carolina, report to FDIC on the proposed merger of Saluda County Bank, into State Bank and Trust Company, Greenwood, approved San Diego-Hawthorne, California, report to the Comptroller of the Currency on the proposed merger of Pacific State Bank, Hawthorne, into United States National Bank, San Diego, approved San Diego-Los Angeles, California, report to Comptroller of the Currency on the proposed merger of United States National Bank, San Diego, and Bank of Los Angeles, California, approved San Francisco-Hollister, California, report to Comptroller of the Currency on the proposed merger of Hollister National Bank, into Bank of California, National Association, California, approved San Francisco-Long Beach, California, report to Comptroller of the Currency on the proposed merger of First National Bank of Long Beach, into Bank of California, National Association, San Francisco, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/9 1927 8/13 2682 6/1 1834 6/17 2049 12/22 4332 1/21 233 6/17 2046 1965 280 Pages Consolidations: (continued) Reports on competitive factors: (continued) Sandborn-Vincennes, Indiana, report to the Comptroller of the Currency on the proposed merger of The Sandborn Banking Company, Sandborn, into The American National Bank of Vincennes, approved Sanford-Lumberton, North Carolina, report to Comptroller of the Currency on the proposed merger of National Bank of Sanford, into Southern National Bank of North Carolina, Lumberton, approved Schenectady-Albany, New York: Report to FDIC on the proposed merger of Industrial Bank of Schenectady, and Industrial Bank of Commerce of Albany, approved Report to the Comptroller of the Currency on the proposed merger of The Citizens Trust Company of Schenectady, into National Commercial Bank and Trust Company, Albany, approved Schuylkill Haven-Pottsville, Pennsylvania, report to the Comptroller of the Currency on the proposed merger of Pennsylvania National Bank and Trust Company, Pottsville, and The First National Bank and Trust Company, Schuylkill Haven, approved Seattle-Tacoma, Washington, report to the Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of Central Bank, National Association, Tacoma, by Peoples National Bank of Washington in Seattle, approved -Medina, Ohio, report to the CompSharon Center troller of the Currency on the proposed merger of Old Phoenix National Bank of Medina, and Sharon Center Banking Company, Sharon Center, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/3 1462 5/17 1612 1/18 155 5/21 1706 6/24 2135 7/9 2264 9/27 3168 1965 281 Pages Consolidations: (continued) Reports on competitive factors: (continued) Shelbyville-Waldron, Indiana, report to the Comptroller of the Currency on the proposed merger of The State Bank of Waldron, into The Shelby National Bank of Shelbyville, approved Sheldon-Archer, Iowa, report to FDIC on the proposed merger of State Bank of Archer, with Security State Bank, Sheldon, approved South Gate-Beverly Hills, California, report to the Comptroller of the Currency on the proposed merger of First National Bank of South Gate, into City National Bank, Beverly Hills, approved Springfield -Woodbridge, Virginia, report to FDIC on the proposed merger of Guardian National Bank of Fairfax County, Springfield, into The Bank of Prince William, Woodbridge, approved Difficulty in operation of Guardian National revealed through process of application for discount window accommodations noted in discussion Stanwood-Big Rapids, Michigan, report to the Comptroller of the Currency on the proposed merger of Stanwood State Savings Bank, into First National Bank of Big Rapids, approved Stuart-Martinsville, Virginia, report to the Comptroller of the Currency on the proposed merger of Patrick County Bank, Stuart, into First National Bank of Martinsville and Henry County, approved Sunbury-Delaware, Ohio, report to the Comptroller of the Currency on the proposed merger of Farmers Bank, Sunbury, into First National Bank of Delaware, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/20 2383 1/6 38 1/18 156 4/15 1229 4/15 1229 9/1 2824 10/25 3366 3/30 996 1965 282 Pages Consolidations: (continued) Reports on competitive factors: (continued) Swannanoa-Asheville, North Carolina, report to FDIC on the proposed merger of Swannanoa Bank and Trust Company, and The Bank of Asheville, approved Tacoma-Seattle, Washington, report to the Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of Central Bank, National Association, Tacoma, by Peoples National Bank of Washington in Seattle, approved Toledo-Rossford, Ohio, report to the Comptroller of the Currency on the proposed merger of Rossford Savings Bank, into National Bank of Toledo, approved Torrance-Beverly Hills, California, report to the Comptroller of the Currency on the proposed merger of Guaranty Bank, Torrance, into City National Bank, Beverly Hills, approved Troy-West Milton, Ohio, report to the Comptroller of the Currency on the proposed merger of Citizens National Bank in West Milton, into First Troy National Bank and Trust Company, Troy, approved Tryon-Charlotte, North Carolina, report to the Comptroller of the Currency on the proposed merger of Tryon Bank and Trust Company, Tryon, into North Carolina National Bank, Charlotte, approved Turtle Lake-Washburn, North Dakota, report to FDIC on proposed acquisition of assets and assumption of liabilities of Farmers Security Bank of Washburn, by Bank of Turtle Lake, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/7 1909 7/9 2264 4/27 1425 3/1 728 11/29 3864 2/19 609 4/27 1390 1965 283 Pages Consolidations: (continued) Reports on competitive factors: (continued) Union City-Coldwater, Michigan, report to the Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of The Union City National Bank, by The Southern Michigan National Bank of Coldwater, approved Utica-Frankfort, New York, report to Comptroller of the Currency on the proposed merger of Citizens First National Bank of Frankfort, and Oneida National Bank and Trust Company of Central New York, Utica, approved Valley Falls, Kansas, report to FDIC on the proposed consolidation of Kendall State Bank, Valley Falls, and The Citizens State Bank, Valley Falls, approved Vincennes-Sandborn, Indiana, report to the Comptroller of the Currency on the proposed merger of The Sanborn Banking Company, into The American National Bank of Vincennes, approved Virginia Beach-Richmond, Virginia, report to the Comptroller of the Currency on the proposed merger of Bank of Virginia Beach, into First & Merchants National Bank, Richmond, approved Waldron-Shelbyville, Indiana, report to the Comptroller of the Currency on the proposed merger of The State Bank of Waldron, into The Shelby National Bank of Shelbyville, approved Washburn-Turtle Lake, North Dakota, report to FDIC on the proposed acquisition of assets and assumption of liabilities of Farmers Security Bank of Washburn, by Bank of Turtle Lake, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/9 2264 10/13 3277 3/12 851 5/3 1462 11/22 3771 7/20 2383 4/27 1390 1965 284 Pages Consolidations: (continued) Reports on competitive factors: (continued) Washingtonville-Middletown, New York, report to the Comptroller of the Currency on the proposed merger of Central National Bank of Washingtonville, into County National Bank, Middletown, approved Webster-Worcester, Massachusetts, report to FDIC on the proposed consolidation of First National Bank of Webster, into Guaranty Bank & Trust Company, Worcester, approved Wellsboro-Galeton-Lawrenceville-Westfield, Pennsylvania, report to FDIC on the proposed merger of Tioga County Savings and Trust Company, Wellsboro, with First National Bank of Galeton, First National Bank of Lawrenceville, and Farmers and Traders National Bank of Westfield, approved West Milton-Troy, Ohio, report to the Comptroller of the Currency on the proposed merger of Citizens National Bank in West Milton, into First Troy National Bank and Trust Company, Troy, approved Westfield-Wellsboro-Galeton-Lawrenceville, Pennsylvania, report to FDIC on the proposed merger of Tioga County Savings and Trust Company, Wellsboro, with First National Bank of Galeton, First National Bank of Lawrenceville, and Farmers and Traders National Bank of Westfield, approved Westville-Michigan City, Indiana, report to FDIC on the proposed purchase of assets and assumption of liabilities of State Bank of Westville, by Citizens Bank of Michigan City, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/30 995 8/19 2739 1/22 253 11/29 3864 1/22 253 6/24 2136 1965 285 Pages Consolidations: (continued) Reports on competitive factors: (continued) Whippany-Morristown, New Jersey, report to the Comptroller of the Currency on the proposed merger of First National Bank of Whippany, into the First National Iron Bank of Morristown, approved Wilkes-Barre-Forty Fort, Pennsylvania, report to the Comptroller of the Currency on the proposed purchase of assets and assumption of liabilities of Forty Fort State Bank, by Miners National Bank of WilkesBarre, approved Willow Branch-Greenfield, Indiana, report to FDIC on the proposed merger of Greenfield Citizens Bank, and Hancock County Bank, Willow Branch, approved Winchester-Middletown, Virginia, report to the Comptroller of the Currency on the proposed merger of Middletown State Bank, Incorporated, into Farmers and Merchants National Bank, Winchester, approved Worcester-Webster, Massachusetts, report to FDIC on the proposed consolidation of First National Bank of Webster, into Guaranty Bank & Trust Company, Worcester, approved Woodbridge-Springfield, Virginia, report to FDIC on the proposed merger of Guardian National Bank of Fairfax County, Springfield, into The Bank of Prince William, Woodbridge, approved Difficulty in operation of Guardian National revealed through process of application for discount window accommodations noted in discussion http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/9 2649 3/30 995 7/1 2212 3/24 959 8/19 2739 4/15 1229 4/15 1229 1965 286 Pages Consolidations: (continued) (Names of individual banks) American City Bank and Trust Company, Milwaukee, Wisconsin, application of City Bank and Trust Company, to purchase assets and assume liabilities of American State Bank, both of Milwaukee, Wisconsin, under title of, approved, Governors Robertson and Mitchell dissenting Issuance of order and statement authorized, dissenting statement of Governor Mitchell in which Governor Robertson concurred, issued American State Bank, Milwaukee, Wisconsin, application of City Bank and Trust Company, Milwaukee, Wisconsin, to purchase assets and assume the liabilities of, under title of American City Bank and Trust Company, approved, Governors Robertson and Mitchell dissenting Issuance of order and statement authorized, dissenting statement of Governor Mitchell in which Governor Robertson concurred, issued Bank of Dublin, Incorporated, Dublin, Virginia: Report by Mr. Leavitt on his visit to, in connection with difficulties being experienced by that bank, and agreement of Peoples Bank of Radford, Virginia, a subsidiary of First Virginia Corporation, to take over the bank, noted that merger would be subject to approval of FDIC and would not be effective until 30 days after the agreement in accord with Virginia law Report by Mr. Solomon of developments leading up to purchase of assets and assumption of liabilities of, by Peoples Bank of Radford, Va., understood memorandum would be distributed to Board members for their information http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/24 649, 686 3/12 851, 869-76 2/24 649, 686 3/12 851, 869-76 5/5 1481 6/23 2127 1965 287 Pages Consolidations: (continued) Bank of Virginia, Richmond, Virginia, application to merge with Farmers Bank of Boydton, Virginia, approved, Governor Robertson dissenting Governor Robertson stated that on further consideration he would vote to approve application Understood that order reflecting Board's decision would show Governor Robertson voting for approval Issuance of order and statement authorized, incident to merger of the sole office of Farmers Bank of Boydton would become a branch of the resulting bank Bank of Wood County Company, Bowling Green, Ohio, application to merge with First National Bank of North Baltimore, Ohio, approved Issuance of order and statement authorized, incident to merger, the sole office of The First National Bank of North Baltimore would become a branch of Central Valley National Bank, Oakland, California, possible merger with San Francisco National Bank, San Francisco, California, question whether the resulting bank would be granted status as a nonreserve city bank, suggestion that the Board be prepared to grant such application with the understanding that the bank's status be reviewed at the end of a year Citizens Bank, Vermillion, South Dakota, application to consolidate with Security State Bank, Gayville, South Dakota, Farmers State Bank, Tabor, South Dakota, and The Security State Bank, Wakonda, South Dakota, approved, activities of John T. Vucurevich, who controlled directly or indirectly the four banks involved along with other banks and banking interests, questioned http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/12 2284 7/12 2286 7/14 2303 8/2 2525, 2541-46 5/17 1613 5/12 1708, 1714 1/7 65 6/11 1970 1965 288 Pages Consolidations: (continued) Citizens Bank, Vermillion, South Dakota: (continued) Issuance of order and statement authorized, incident to the consolidation, the four offices of the Gayville, Tabor, and Wakonda banks would be operated as branches of Citizens Trust and Savings Bank, South Haven, Michigan, applications to consolidate with the Fruit Growers State Bank of Saugatuck, Mich., and to purchase the assets and assume the liabilities of Old State Bank, Fennville, Michigan, approved Issuance of order and statement authorized, incident to the transaction, the sole office of the Saugatuck bank would become a branch of the applicant bank City Bank and Trust Company, Milwaukee, Wisconsin, application to purchase assets and assume liabilities of the American State Bank, Milwaukee, Wisconsin, approved, Governors Robertson and Mitchell dissenting, name of resulting bank to be American City Bank and Trust Company Issuance of order and statement authorized, dissenting statement of Governor Mitchell in which Governor Robertson concurred, issued Commercial Bank and Savings Company, Fostoria, Ohio, application to merge with New Riegel State Bank, New Riegel, Ohio, approved and statement authorized, order Issuance of operation of a branch at the former office of New Riegel State Bank, New Riegel, Ohio, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/17 2050,2069-76 7/28 2486 8/13 2683,2686-92 2/24 649, 686 3/12 851, 869-76 1/21 234 1/28 331, 341-47 1965 289 Pages Consolidations: (continued) Commercial and Savings Bank of St. Clair County, St. Clair, Michigan, application to consolidate with Yale State Bank, Yale, Michigan, approved, with Governor Robertson dissenting Issuance of order and statement authorized, reflecting change suggested by Governor Daane, dissenting statement of Governor Robertson, issued, sole office of Yale to become a branch office Farmers Bank of Boydton, Virginia, application of Bank of Virginia, Richmond, Virginia, to merge with, approved, Governor Robertson dissenting Governor Robertson stated that on further consideration he would vote to approve application Understood that order reflecting Board's decision would show Governor Robertson voting for approval Issuance of order and statement authorized, incident to merger of the sole office of, would become a branch of the resulting bank Farmers' Loan and Trust Company, Columbia City, Indiana, application to merge with Mayer State Bank, South Whitley, Indiana, approved Issuance of order and statement authorized, operation of a branch at the office of Mayer State Bank, South Whitley, Indiana, approved Fidelity Bank, Beverly Hills, California, application to merge with South Bay Bank, Manhattan Beach, California, weakness of asset condition noted, agreed that an examiner from the FRBank of San Francisco be sent to, then the Board would give further consideration to the application http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/28 1813 6/14 1992,2001-06 7/12 2284 7/12 2286 7/14 2303 8/2 2525,2541-46 1/7 73 1/13 118, 128-33 12/15 4161 1965 290 Pages Consolidations: (continued) Fidelity Bank, Beverly Hills, California, application to merge with South Bay Bank, Manhattan Beach, Calif.: (continued) 12/20 4296 Application approved Issuance of order and statement authorized, letter approved to President Swan of FRBank of San Francisco re closer supervisory attention of, operation of a branch at the office of the South Bay 12/22 4334,4360-67 Bank, approved First Trust Company of Albany, New York, application to merge with The National Bank of Windham, New 1116 4/6 York, approved Issuance of order and statement authorized, operation of two offices of National Bank of Windham as branches of resulting bank, 1193, 1219 4/14 approved Michigan, of Saugatuck, Fruit Growers State Bank application of Citizens Trust and Savings Bank, South Haven, Michigan, to consolidate with, 2486 7/28 approved Issuance of order and statement authorized, sole office of, to become a 2683,2686-92 8/13 branch of the applicant bank Greenfield Banking Company, Greenfield, Indiana, application to merge with First National Bank of Fort11/17 3729 ville, Indiana, approved Issuance of order and statement authorized, operation of a branch at the sole office of the First National Bank of Fortville, 3880,3900-05 12/1 Indiana, approved Kingston Trust Company, Kingston, New York, application to merge with The First National Bank of Marl2/17 582 boro, New York, approved Issuance of order and statement authorized, operation of a branch at the sole office of the First National Bank of Marlboro, 2/24 641, 655 approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1965 291 Pages Consolidations: (continued) Marine Midland Grace Trust Company of New York, application of Marine Midland Trust Company of New York, N.Y., to acquire assets and assume liabilities of Grace National Bank, New York, N.Y., under charter of the Trust Company and new name of, approved, with Governor Robertson dissenting, statements by Governors Balderston and Mitchell Letter from Judge Arnold of firm of Arnold, Fortas & Porter re application, draft of order and statement to be distributed to Board Issuance of order and statement authorized, to be issued with Governor Robertson's dissenting statement Further letter from Arnold, Fortas & Porter law firm reviewed by Legal Division, order, statement, and dissenting statement issued on Aug. 10, 1965, branch approved Marine Midland Trust Company, New York, N.Y., application to acquire assets and assume liabilities of Grace National Bank, New York, N.Y., under charter of the Trust Company and new name Marine Midland Grace Trust Company of New York, N.Y., request from Chm. Celler of the House Judiciary Committee for copy of application, involves Board's Rules of Procedure when public hearing or public oral presentation is held, letter to Chairman Celler re Application approved with Gov. Robertson dissenting, statements by Governors Balderston and Mitchell Letter from Judge Arnold of firm of Arnold, Fortas & Porter re application, draft of order and statement to be distributed to Board Revised draft of order and statement to be submitted for consideration Issuance of order and statement authorized, to be issued with Gov. Robertson's dissenting statement Branch approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/14 2309 8/2 2528 8/5 2610 8/5 2621-39 4/22 1347, 1369 7/14 2309 8/2 2528 8/4 2596 8/5 8/5 2610 2612,2621-39 1965 292 Pages Consolidations: (continued) National Bank of Windham, New York, application of First Trust Company of Albany, N.Y., to merge with, approved Issuance of order and statement authorized, operation of two offices of, as branches of resulting bank, approved New Jersey Bank and Trust Company, Clifton, N.J., application to merge with Wayne State Bank, Wayne, N.J., approved, with Governors Robertson and Maisel dissenting Issuance of order and statement authorized, dissenting statement of Gov. Maisel in which Governor Robertson concurred issued, operation of branches at the two offices of Wayne State Bank, Wayne, N. J. , approved Old State Bank, Fennville, Michigan, application of Citizens Trust and Savings Bank, South Haven, Michigan, to consolidate with Fruit Growers State Bank of Saugatuck, Mich., and to purchase the assets and assume the liabilities of, approved Issuance of order and statement authorized Peninsula Bank and Trust Company, Williamsburg, Va., application of Williamsburg State Bank a proposed new bank, to merge with, and JamesYork Bank, approved, Governor Robertson dissenting, title of resulting institution to be Issuance of order and statement authorized, Gov. Robertson's dissenting statement issued, operation of branches at offices of, and James-York Bank, approved Peoples Bank of Radford, Virginia, proposed purchase of assets and assumption of liabilities of Bank of Dublin, Inc., Dublin, Va., with report by Mr. Solomon re developments leading up to pending purchase, understood memorandum would be distributed to Board members for their information http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/6 1116 4/14 1193, 1219 8/27 2789 9/3 2838,2857-71 7/28 8/13 2486 2683,2686-92 10/13 3277 12/15 4166,4196-15 6/23 2127 1965 293 Pages Consolidations: (continued) cut, Riverside Trust Company, Hartford, Connecti with e merg to ion applicat Bristol Bank and Trust Company, Bristol, Connecticut, approved, with Governor Maisel dissenting, title of resulting bank would be United Bank & Trust Company Issuance of order and statement authorized, dissenting statement of Governor Maisel issued, operation of branches at the five offices of Bristol Bank and Trust Company, approved t Company, Erie, Pennsylvania, Trus les -Peop Security application to merge with The Girard Battles National Bank, Girard, Pennsylvania, action deferred pending additional information from Division of Examinations manageAfter discussion re condition and bank , oved appr tion lica ,app ment ng enti diss n rtso Robe rnor Gove rtRobe rnor Gove and t Draft of order, statemen t emen stat ng enti son's diss distributed, certain changes proposed by Governor Mitchell in majority statement, understood Legal Division would present revised draft for consideration orized, Issuance of order and statement auth of t emen stat concurring Governors Mitchell and Daane, and dissenting statement of Governor Robertson issued, operation of branches at the three offices of the Girard Battles National Bank, approved of Commerce and Trusts, Bank ers State-Plant Richmond, Virginia, application to merge with The TrCounty Bank, Mechanicsville, Va., discussion re, with three members of the Board approving and three members denying, which meant that proposed merger failed approval http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/26 1725 6/4 1868,1891-1900 1/6 39 1/7 70 1/19 204 1/26 262, 278-88 6/11 1965 1965 294 Pages Consolidations: (continued) State-Planters Bank of Commerce and Trusts, Richmond, Virginia, application to merge with The Tr -County Bank, Mechanicsville, Virginia: (continued) Motion that the application be reconsidered by the Board with all members present prior to announcement of decision, carried unanimously Application approved (at the time when all members of the Board were present), Governors Robertson, Mitchell, and Maisel dissenting Issuance of order and statement authorized, dissenting statement of Governor Robertson, and dissenting statement of Governors Mitchell and Maisel issued, operation of branches at the four offices of The Tr County Bank, approved Union Bank, Los Angeles, California, application to merge with the Republic National Bank of San Diego, California, approved Issuance of order and statement authorized, operation of a branch at the sole office of the Republic National Bank of San Diego, California, approved Letter to Mr. Robert M. Raymond, La Jolla, California, re the Board's statement issued in connection with its order approving the application of, copy of the letter sent to the Federal Reserve Bank of San Francisco http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/17 2056, 2061 7/12 2276 7/27 2466,2473-84 10/13 3290 10/29 3428,3445-51 12/15 4160, 4186 1965 295 Pages Consolidations: (continued) United Bank & Trust Company, Hartford, Connecticut, application of Riverside Trust Company, Hartford, Conn., to merge with Bristol Bank and Trust Company, Bristol, Conn., with title of, approved, with Governor Maisel dissenting Issuance of order and statement authorized, statement of Governor Maisel issued, operation of branches at the five offices of Bristol Bank and Trust Company, approved United California Bank, Los Angeles, California: Application to merge with Bank of Mt. Shasta, Mount Shasta, California, approved Issuance of order and statement authorized, operation of a branch at the only office of Bank of Mt. Shasta, approved Application to merge with Bank of Ceres, California, approved, Governor Robertson dissenting Issuance of order and statement authorized, dissenting statement of Governor Robertson issued, order to reflect that Governor Maisel did not participate in the action taken by the Board Application to merge with Feather River National Bank, Oroville, California, approved, Governor Robertson dissenting Issuance of order and statement authorized, dissenting statement of Governor Robertson issued Changes made in majority statement in light of questions by Governor Maisel, issued later in the day, operation of a branch at Feather River National Bank, Oroville, California, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/26 1725 6/4 1868,1891-1900 2/3 377 2/12 499, 504 4/22 1351 5/12 1525,1545-54 11/3 3512 11/22 3773 11/22 3774,3789-98 1965 296 Pages Consolidations: (continued) Wachovia Bank and Trust Company, Winston-Salem, North Carolina, application to merge with Bank of Kernersville, North Carolina, approved, with Governor Robertson dissenting Issuance of order and statement authorized, dissenting statement of Governor Robertson issued, operation of a branch at the sole office of Bank of Kernersville, approved Williamsburg State Bank, Williamsburg, Virginia, application to merge with Peninsula Bank and Trust Company and James-York Bank with title of, approved, Governor Robertson dissenting Issuance of order and statement authorized, Governor Robertson's dissenting statement issued, operation as branch offices of Peninsula Bank and Trust Company and the sole office of James-York Bank, approved Yale State Bank, Yale, Michigan, application of Commercial and Savings Bank of St. Clair County, Michigan, approved, with Governor Robertson dissenting Issuance of order and statement authorized, with dissenting statement of Governor Robertson issued, operation of a branch at the sole office of, approved Consultants: Fees, establishment of procedure for payment of, to, and reimbursement for their travel expenses when incurred in connection with System committee activities, approved, along with suggestion that Board's Division of Personnel Administration keep a record of fees paid for reference purposes, letter to FRBanks, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/19 1289 4/29 1426,1437-45 10/13 3277 12/15 4166,4196-15 5/28 1813 6/14 1992,2001-06 6/21 2095, 2110 1965 297 Pages (continued) Staff of Board of Governors: Consultants FRBanks: Consultants Consumer credit: Meeting on Wednesday, June 23, 1965, with members of Board and recognized experts in the field of Consumer credit control: Technical assistance: Central Bank of Chile: Suggested that Messrs. Fauver, Assistant to the Board, and Maroni, Senior Economist, Division of International Finance, be considered for this mission Letter approved to Vice President Massad of, re plans for Mr. Fauver's services, no request for reimbursement of Mr. Fauver's services, AID to pay travel and out-of-pocket expenses, services of Yves Maroni to be entirely at Board expense, understood arrangement for Mr. Maroni to be discussed with Board's delegation at Punta del Este meeting Assignment of Yves Maroni, Senior Economist, Division of International Finance, to remain in Santiago, Chile, until May 27, 1965, in connection with, authorized, in addition foreign travel authorization of Clarke L. Fauver, Assistant to the Board, was extended from June 12 to June 29, 1965, to enable him to visit a number of South American central banks following completion of his assignment at Consultants: SEE ALSO: http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/21 2097 4/1 1058, 1066 4/29 1435, 1458 5/19 1677 1965 298 Pages Consumer credit control: (continued) Technical assistance: (continued) Central American Monetary Council: Study in five Central American countries, agreed that services of Mr. Maroni would be offered, to continue on Board's payroll on a nonreimbursable basis with his transportation and per diem expense to be reimbursed by Consumers, Office of: S. 1052, a bill to establish, letter to Chairman McClellan of the Senate Committee on Government Operations reporting on, approved Contracts: Brink's Incorporated, Chicago, Illinois: Contract between Brink's and Board covering the transportation of new FRnotes between Washington and FRBanks and branches, letter transmitting rider to amend schedule so that shipments might be made to FRBranch Bank in Baltimore on any Wednesday and Friday instead of on any Wednesday Rider to contract with, that would permit the return of unfit FRnotes of any denomination to Washington in those cases where a FRBank might decide that it was more economic or otherwise desirable to use this means of transportation Communications Systems Incorporated, Paramus, New Jersey, recommendation approved that a contract be entered into with, at a cost of $19,700 for a detailed study of the feasibility of a shared online remote computer operation at the proposed relocation site of the Board and FRBank of Richmond http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/22 3137 3/3 738, 759 4/29 1434 11/26 3846 11/29 3865, 3870 1965 299 Pages Contracts: (continued) Economic Research Institute of Drew University, memorandum from Division of Research and Statistics for authorization of two contracts with a $4,000 contract for a study of sample methods to determine the attitude of Morris County, New Jersey, residents toward commercial banking services in the county, and a $1,000 contract for a study of the penetration of the Morris County market area by banks located outside the county, approved, memorandum stated that provision was made for these studies in the 1965 budget of the Division Harbeson Hough Livingston & Larson, Philadelphia, Pennsylvania, architectural firm, recommendation that Board authorize an amendment to an agreement made on December 7, 1962, with, providing for payment by the Board of a fee of 9-3/4 per cent for work involving alterations and additions to the Board's existing building, approved Social Science Research Council, proposed contract with, for a research project on the linkages between monetary policy and aggregate demand, project to be undertaken by research team headed by Professor Franco Modigliani of M.I.T. and Professor Albert Ando of University of Pennsylvania, approved, understanding that this action also authorized any resulting overexpenditure in the 1966 budget of the Division of Research and Statistics http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/29 1434 1/28 332, 348 12/27 4421 1965 300 Pages Conversions: Information re reasons for State member banks converting to national banks, reply to William Kester, Financial Editor, of the St. Louis Post Dispatch, in reference to a statement by the FDIC re the conversion of the Mercantile Trust Company to a national bank, presenting this kind of information to a journalist, questioned Council of Economic Advisers: Arena, John J., Senior Economist, FRBank of Boston, to serve on the staff of, not to exceed one year Council of State Governments: Money orders, private, nonbank, letter approved to Legal Counsel for, transmitting a summary of information obtained from the FRBanks re the operation and regulation of Counsel, special: FRBank of Cleveland, payment not to exceed $6,000 for legal fees to, for services re acquisition of real estate, for the new Cincinnati branch, approved FRBank of Kansas City, request for payment of $1,125 for legal services by, re recovery of damages incurred during construction of the Oklahoma City Branch Bank building, approved FRBank of San Francisco, telegram to, authorizing employment of, to represent the Bank and its officers in litigation (Involving the San Francisco National Bank) between the Federal Deposit Insurance Corporation and A.M.R., Inc., et al http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/25 2768, 2783 5/27 1782, 1792 11/22 3780, 3802 9/23 3144, 3150 5/27 1783, 1796 11/5 3575 1965 301 Pages Court cases: Bronner v. Goldman, approval given to letter to FRBank of Boston re request from Mr. Peter R. Tritsch of law offices of Mark M. Horblit, Boston, Massachusetts, re, relating to loans arranged for by others in possible violation of 220.7(a) of Regulation T and issues involving the Securities Exchange Act of 1934 2/9 Crocker-Anglo National Bank, et al, United States v.: Request by Robert J. Archer, counsel for defendant, for data from 1964 survey of deposits of banks in California, and request by Justice Department for same data, in connection with antitrust suit re, letters to Justice Department and Mr. Archer complying with requests, approved, another letter sent to Justice Department removing restrictions previously placed on use of 1954 and 1956 data 4/20 Requests by Justice Department suit against Crocker-Anglo National Bank, San Francisco, and Citizens National Bank, Los Angeles, California, (now merged under title of Crocker-Citizens National Bank), Justice Department wished to be able to rebut any evidence introduced by defendants (United States v. Crocker-Anglo National Bank) involving a 1955 survey on business loans and wished for Mr. Gault Lynn, Director of Research of FRBank of San Francisco as a witness, and names of banks in California with certain deposits, approved 5/28 Request from Department of Justice for 1962 deposit data from Bank of California, N.A., compliance with request and information furnished to counsel for defending banks 6/10 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 448, 459 1308,1322-26 1806,1829-31 1938,1946-49 1965 302 Pages Court cases: (continued) Farmers and Merchants Bank of Long Beach, Calif.: Agreement that Mr. O'Connell of Board's staff should go to San Francisco to assist in analyzing the current examination report of, in preparation for response to a request by the U.S. Attorney in Los Angeles that the Board issue a section 30 warning based on occurrences resulting in the indictment of certain officers, also involved was a request by U.S. Attorney for permission to use documents in possession of the FRBank Recommendation of Mr. O'Connell that the Board decline to issue requested warning, approval given to letter to Justice Department with understanding that a copy be furnished to U.S. Attorney Real, in Los Angeles, letter sent to FRBank of San Francisco Federal Deposit Insurance Corporation v. A. M. R., Inc., et al: Request made of FRBank of San Francisco by Bronson, Bronson & McKinnon, a law firm representing, for certain records pertaining to San Francisco National Bank, San Francisco, California, letter to law firm approved, stating availability of documents sought, letter sent to FRBank of San Francisco Telegram to FRBank of San Francisco, approved, re request for authorization to employ outside counsel to represent the Bank and its officers in litigation (involving the San Francisco National Bank) between http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/15 3029 9/29 3183,3200-03 10/27 3399,3418-20 11/5 3575 1965 303 Pages Court cases: (continued) Federal Deposit Insurance Corporation v. A. M. R., Inc., et al: (continued) Approval given to letter to FRBank of San Francisco authorizing retention of law firm of Brobeck, Phleger & Harrison to represent the Bank in litigation entitled, and involving the San Francisco National Bank, San Francisco, California Involving the San Francisco National Bank, San Francisco, California, (which had been closed earlier this year), understood that the Board would be kept informed of further developments in regard to the litigation Hernandez, Jules B., et al, United States v., letter approved to FRBank of Atlanta relating to a subpoena demand requiring appearance of George W. Sheffer, Jr., Chief Examiner and Assistant Vice President of FRBank of Atlanta to testify in case of, and, in connection with such testimony to produce the April 1961 condition report of Metairie Savings Bank, understood trial in question is concerned with alleged criminal acts re funds of Metairie Savings Bank Manufacturers Hanover Trust Company, New York, New York, discussion re furnishing Board's views re proposed settlement of antitrust suit brought by Department of Justice against, whereby a certain number of branches would be sold to some existing New York City Bank, understood Mr. Solomon would talk with representative of Justice Department keeping in mind with Board's views as expressed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/15 3663,3680 11/24 3809 5/10 1507, 1518 7/8 2257 1965 304 Pages Court cases: (continued) Manufacturers Hanover Trust Company, New York, New York: (continued) To be indicated to Justice Department informally that there might be some question if a proposal should come before the Board for approval that involved a financing element such as reportedly was under consideration Omar case: SEE: Legislation: H.R. 6849 and S. 1907 Rinieri, Antoine B., United States v., telegram approved to FRBank of San Francisco authorizing Assistant FRAgent Pascual to produce certain records in connection with a tax proceeding against Southgate Bank v. Slay, Michigan Commissioner of Banking: Request from Mr. Hodge, Vice President and General Counsel of FRBank of Chicago for instructions relating to incident that had risen in connection with desire of, to move its main office from Wayne County to Macomb County, which application had been denied by Banking Commissioner Slay, and suit had been brought to compel Mr. Slay to grant request which was denied because of certain information in work papers of FRBank Examiner, telegram to Mr. Hodge and Mr. Lampher of Detroit Branch, approved Request by Assistant Attorney General of State of Michigan on behalf of Michigan Banking Commission that personnel of examination department of FRBank of Chicago testify concerning, agreed to interpose no objection, Board's staff to give assistance in preparation needed, advice to FRBank of Chicago http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/5 2612 12/15 4180, 4224 1/7 68 3/24 965, 990 1965 305 Pages Court cases: (continued) Whitney Holding Corporation, New Orleans, Louisiana: Recommendation by Mr. O'Connell of Board's staff that Justice Department be urged to file an opposition to any remand that would include consideration of the branch banking laws concurred in by the Board, and that the remand relate only to consideration of validity and effect of Louisiana bank holding company statute and then only section 3(5) of that statute Letters to Counsel for Bank of New Orleans and Trust Company, Guaranty Bank and Trust Company, Counsel for State of Louisiana, State Banking Commissioner, and Counsel for Whitney Holding Corporation, indicating that Board would receive briefs in light of opinion of Supreme Court in case of Whitney National Bank v. Bank of New Orleans and Trust Company and Saxon v. Bank of New Orleans and Trust Company, decision re hearing oral arguments deferred until briefs have been received Issuance of an order affording the applicant, (Whitney Holding Corporation), the opposing banks, (Bank of New Orleans and Trust Company, New Orleans, Louisiana, and Guaranty Bank and Trust Company, Lafayette, Louisiana), the opportunity to submit briefs re questions enumerated in the order, within the time limits specified, authorized of disruption of faciliview Request by, in ties in New Orleans area resulting from a recent hurricane, for a 10-day extension of time for filing reply brief in matter of Board's reconsideration of its application to become a bank holding company, counsel for opposing banks had no objec tion, approval given to issuance http://fraser.stlouisfed.org of an order Federal Reserve Bank of St. Louis 2/1 357 4/12 1150,1175-80 7/23 2435, 2447 9/20 3074, 3084 1965 306 Pages Court cases: (continued) Covington & Burling, Washington, D. C. : Counsel for the Committee for study of Revenue Bond Financing, request for access to all unpublished material contained in letters, rulings, and opinions issued to commercial banks and other financial institutions relating to Board's interpretation of term "general obligations of any State or of any political subdivision thereof," agreement matter would be handled informally Letter re request, approved Credit: Bank: Question re requests for bank financing of inventory build-ups in steel and auto industries, are there indications that inventory accumulation is spreading to other industries and products? Topic for discussion with FAC Strong contraseasonal demand for, suggests inventory build-ups particularly in steel and autos, with rise in bank loans indicating possibility of spread to other industries, although no satisfactory information is available, indicated a joint meeting with FAC Curtailment of, in an effort to curb loans to not more than 5 per cent beyond credit outstanding at the end of 1964, discussed in connection with plans for voluntary credit restraint program for FRSystem in an effort to improve balance of payments, noted in minutes of joint meeting of Board with Presidents' Conference http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/26 12/9 3836 4091, 4114 1/27 315, 326 2/16 552 2/18 602 1965 307 Pages Credit: (continued) Bank: (continued) Question whether business demands this fall will be substantially in excess of usual seasonal needs and what is anticipated in connection with interest rates and lending terms, topic for discussion with FAC Anticipation that business demands for bank credit will be somewhat in excess of usual seasonal demands, strength and persistence of loan demand of banks, combined with somewhat tighter reserve position is exerting upward pressure on interest rates and lending terms and conditions, view expressed at joint meeting with FAC What is anticipated as to year-end business demands for, in relation to usual seasonal needs, topic for discussion with FAC Most members of the Council expect that year-end business demands for, will be somewhat above the usual seasonal pattern, Council not completely unanimous in its statement, views expressed at joint meeting with FAC Export, not to be curtailed in effort to improve balance of payments problem and to limit loans by U.S. banks to foreign interests, noted in discussion re voluntary credit restraint effort in joint meeting of Board with the Presidents' Conference Extension of: Proposed amendment to provide that section 23A of the FRAct shall not apply to "any extension of credit by a member bank to a holding company of which such bank is a subsidiary or to another subsidiary of such bank holding company", no action taken on proposal http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/27 2789, 2808 9/21 3098 10/29 3426, 3441 11/16 3692 2/18 602 1/18 176 1965 308 Pages Credit: (continued) Extension of: (continued) Western Pennsylvania National Bank, Pittsburgh, Pennsylvania, report re line of credit extended, information furnished through staff of FDIC, understood that Division of Examinations would ascertain whether FDIC had furnished information to the Comptroller of the Currency Determined that information had been furnished and discussed with the Comptroller of the Currency by FDIC International Monetary Fund, letter approved to the Budget Bureau re the Department of State's proposed report on S. Res. 142, a resolution that would request the Administration to study the possibility of increasing international means of payment by making available additional supplies of commercial credit via the Study re quality of: Division of Research and Statistics working on, understanding that representatives of, should also further explore with representatives of the National Bureau of Economic Research the carrying forward of certain procedures and techniques for appraising Request from National Bureau of Economic Research, Inc., for substantive and financial assistance in, approved, overexpenditure in pertinent budget account of Division of Research and Statistics in the amount of $30,000 approved, letter to National Bureau of Economic Research re System policy: See: Monetary and credit policy http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/14 1996 6/14 1996 12/9 4091, 4112 3/15 897 6/24 2143, 2159 1965 309 Pages Crimes: Closed banks, request from Permanent Subcommittee on Investigations of the Senate Committee on Government Operations that one or two examiners be loaned to Subcommittee on a nonreimbursable basis for a period of about 60 days to review, possibility of tiein with underworld elements questioned, agreed that steps should be taken to comply with Subcommittee's request, Mr. Solomon authorized to work out arrangement with one of FRBanks, Chief Examining Officer James P. Giacobello and Examiner William J. McCuen of the Federal Reserve Bank of Philadelphia to be loaned to Subcommittee Examination reports of four national banks, memorandum from Division of Examinations recommending denial of an informal request by two FRBank examiners assigned to the Permanent Subcommittee on Investigations of the Senate Committee on Government Operations for access to, in light of possible criminal involvement, opinion that access to requested examination reports should be requested from Comptroller of the Currency Metairie Savings Bank and Trust Company, Metairie, Louisiana, letter to FRBank of Atlanta, approved, relating to a subpoena requiring George W. Sheffer, Jr., Chief Examiner and Assistant Vice President of FRBank of Atlanta, to testify in the case of United States v. Jules B. Hernandez et al, and to produce the April 1961 condition report of, in connection with alleged criminal acts re funds of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/15 547 3/3 739 5/10 1507, 1518 1965 310 Pages Crimes: (continued) Preventive measures in connection with crimes against banks and savings and loan associations, approval given to reply letter to Chairman Barr of FDIC re formation of an interagency committee to study and develop means of combating crimes against banking institutions Currency: Coin and currency: Distribution, Governor Mitchell issued a memorandum captioned "The Federal Reserve Image," suggesting that he would give evenhanded treatment to in-city and out-of-city banks in a plan re, and he would launch a study on Services, letter approved to Chairman of the Conference of Presidents of the FRBanks re a proposed comprehensive review of, to member and nonmember banks Denominations of $500 and over: Agreement with suggestion that question re continued availability of $500 to $1,000 FRnotes be tabled pending an inquiry of Presidents of FRBanks for information they might have re use of, and as to their views re possibility of calling in outstanding notes of high denominations for redemption as well as discontinuing issuance of new notes, letter sent to FRBank Presidents Discussion re, agreed to request that Conference of Presidents discuss the possibility of having Reserve Banks that wished to have large denomination bills available, but lacked the necessary stocks, purchase such stocks from FRBanks that had sufficient supplies, letter to Chairman Bopp of Conference of Presidents http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/22 254 11/3 3523 12/30 4442, 4451 3/15 886, 903 5/26 1722, 1762 1965 311 Pages Currency: (continued) Destruction function, agreement that Treasury Department be allowed access to portions of reports of examination of FRBanks re, Treasury had been requested by Chairman Patman of House Banking and Currency Committee to furnish information on recommendations made by the Treasury to the FRBanks for use in connection with consideration of proposed legislation providing for destruction of unfit FRnotes at FRBanks Exhibits, new specimens obtained from Bureau of Engraving and Printing without charge to replace notes in Board's currency exhibit in poor condition, recommendations approved that $1 FRnotes be placed in separate panel, that specimens be obtained of 1957 Series $1 silver certificates, and, as available, 1963 Series $2 and $5 U.S. notes, 1963 Series $5-$100 FRnotes, and that a suitable method of lighting the exhibit be devised Records in connection with a tax proceeding against Antoine B. Rinieri, telegram approved to FRBank of San Francisco, authorizing Assistant FRAgent Pascual to 'produce certain Services for member and nonmember banks, letter approved to the Chairman of the Conference of Presidents re a proposed comprehensive review of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/22 2118 3/31 1041 12/15 4180, 4224 12/30 4442, 4451 1965 312 Pages Currency: (continued) Shipments of: Coin, discussion re practices of FRBanks in accepting orders and making consensus that FRBanks should accept coin orders directly from nonmember as well as member banks, but that pending further study the FRBanks not now accepting direct orders from nonmember banks should not be required to do so, study of coin distribution procedures should be requested through the Presidents' Conference for Board's consideration FRnotes: New: Mr. Farrell of the Board's staff reported on initial deliveries to FRBanks of, under the contract recently executed with Brink's Incorporated, his remarks indicated that the operations had proceeded satisfactorily Letter sent to Brink's Incorporated, Chicago, Illinois, with rider amending service schedule attached to contract between Brink's and Board covering the transportation of, between Washington and FRBanks and branches, effect of rider was to amend schedule so that shipments might be made to FRBranch in Baltimore on any Wednesday and Friday instead of any Wednesday Board concurred with action of Presidents' Conference in approving recommendation that canvas pouches and wire hasp padlock seals be purchased and used in, letter to Mr. Bopp, Chairman of Presidents' Conference re Board's action, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/26 3839 1/5 31 4/29 1434 6/16 2022, 2042 1965 313 Pages Currency: (continued) Shipments of: (continued) FRnotes: (continued) Unfit, $1: Instructions to FRBanks re, letter approved to Secretary of the Treasury authorizing a 5 per cent verification count of $1 FRnotes and a rider approved to present contract with Brink's, Inc., re return of unfit FRnotes of any denomination to Washington Procedure whereby count of lower halves of, received by the Treasurer of the United States would be on a 5 per cent basis, with a count of the upper halves by the Comptroller of the Currency, Treasury agreeable, Comptroller not, consensus that Board ask the Reserve Banks to make such a certification, otherwise stand on original procedures to which the Secretary of the Treasury had agreed 11/26 3846 12/22 4335 12/23 4374 3/1 728, 732 II1D11 Data processing services: Board of Governors: Guidelines for, Board concurred re charge for preparing data for outside use unless staff could use, decision made in connection with request from Howard Crosse, Franklin National Bank, New York, New York Dawson, William L., Representative: H.R. 4623, a bill to provide the President with permanent authority under the Reorganization Act of 1949, report to, Chairman of the House Committee on Government Operations, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
@FedFRASER