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INDEX TO MINUTES OF BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1965 (PART 4) http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1965 939 Pages Safekeeping of securities by FRBanks: SEE: Securities: Safekeeping by FRBanks St. Germain, Fernand J., Congressman: Bank holding company legislation: Suggestion to Board on behalf of certain mutual savings banks in Rhode Island in connection with Board's possible recommendations to Congress re Staff consensus that it should explore merits of an amendment recently suggested by, that would exempt from the "one bank" definition of a holding company mutual savings banks that, on the date of the amendment, owned a majority of the stock of a single bank, final action by the Board authorizing transmittal of proposed legislation to Senate and House Banking and Currency Committees to await results of further study by Board's staff Salaries: Baltimore: Employees, increase in salary structure, approved Birmingham Branch: Employees, increase in salary structure, approved Charlotte: Employees, increase in salary structure, approved Denver Branch: Employees, increase in salary structure, approved FRBank of Atlanta: Employees, request for certain changes in salary structures applicable to employees of head office and branches, including a special grade 16 maximum of $19,500, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/18 175 2/8 432 11/15 3663, 3679 9/29 3179, 3196 11/15 3663, 3679 9/29 3180, 3198 9/29 3179, 3196 1965 940 Pages Salaries: (continued) FRBank of Atlanta: (continued) Officers, other than Presidents and First Vice Presidents, minimum ranges in Groups A, B, and C approved, no changes requested in current ranges for Group D nor in the current maximums of Groups A, B, and C FRBank of Boston: Employees, increase in salary structure, approved FRBank of Chicago: Nonclerical employees: Payment of salaries to Head Painter and Painter above the maximum of the grades in which the positions are classified, approved Payment of salaries to Head Carpenter, Carpenters, and Plumbers above maximum of the grades in which the positions are classified, approved Payment of salary to the Marble Maintenance Man at rate approved for time spent performing Marble Setter duties, effective retroactive to June 1, 1965, approved Payment of salaries to Head Electrician and Electrician above the maximum of the grades in which the positions are classified, approved FRBank of Kansas City: Employees, letter to, approving a special grade 16 maximum of $19,500 in the salary structure applicable to head office of the Bank, effective January 1, 1965, sent under authority of Board's action of November 30, 1964 Employees, changes in salary structure, approved for grades 1 through 11, and grades 12 through 16, to be discussed with Committee on Organization, Compensation, and Building Plans which meets on October 12, 1965 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/9 4096, 4127 8/23 2754, 2759 4/14 1193, 1211 6/17 2046, 2067 6/21 2095, 2107 11/22 3771, 3788 1/5 31, 35 9/29 3180, 3198 1965 941 Pages Salaries: (continued) FRBank of Minneapolis: Employees, upward adjustment of employees' salary structure at head office approved FRBank of New York: Employees, payment of salary below minimum to eighteen employees, approved, with understanding that appropriate action will be taken effective no later than June 24, 1965 Officers, letter indicating that Board would not be receptive to a formal request for revision of officers' salary ranges, approved, decision of Board's Committee on Organization, Compensation, and Building Plans that three proposed salary increases for officers for 1966 should be eliminated, confirmed Study of salaries paid in the New York community for positions comparable to those of Reserve Bank officers supervising the eight designated functions, appointment of firm of McKinsey and Co., Washington, D. C., to assist in developing guidelines for determining appropriate salaries, with payment of fees and expenses authorized, not to exceed $15,000 FRBank of Philadelphia: Employees, revision of salary structure, approved FRBank of Richmond: Employees, increase in salary structure, approved FRBank of St. Louis: Employees in grades 1 to 16 inclusive, minimum and maximum ranges for employees salary structure approved for head office and branches http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/29 1430, 1451 3/24 957, 976 11/3 3490, 3557 6/21 2098 2/10 464, 478 11/15 3663, 3679 5/27 1782, 1793 1965 942 Pages Salaries: (continued) FRBank of San Francisco: Employees, revision of salary structure, approved FRBanks, an increase in the budgets of the FRBanks for the first half of 1966 was in part attributable to higher average salaries Officers: Committee on Organization, Compensation, and Building Plans suggested that an outside Consultant be retained to evaluate officer responsibilities at FRBanks and obtain information re salary levels for such positions, recommendation that a consultant be retained to make a study approved along with an overexpenditure in Board's budget for 1965 Guidelines for determining appropriate salary ranges: Appointment of firm of McKinsey & Company, Inc., Washington, D. C., to assist in developing, with specific objective to obtain factual information re salaries paid in New York community, with payment of fees and expenses authorized not to exceed $15,000 upon receipt of final report Letter sent to Booz, Allen & Hamilton, Inc., Cleveland, Ohio, re appointment of that firm to assist in developing, specific objective to obtain factual information re salaries in Dallas community for positions similar to those of FRBank officers supervising eight designated functions, understood professional fess 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/24 3807, 3817 12/9 4092 4/22 1362 6/21 2098 6/30 2205 1965 943 Pages Salaries: (continued) FRBanks: (continued) Officers: (continued) Guidelines for determining appropriate salary ranges: (continued) Committee on Organization, Compensation and Building Plans recommended the reestablishment of, for year 1966, letter to Chairmen and Presidents of all FRBanks, approved Reviewed results of studies made by consultant at New York and Dallas (McKinsey and Company, and Booz, Allen & Hamilton), conclusion was that at present it was not necessary to revise ranges for the officer salary groups Salaries approved for the calendar year 1966, understanding that the FRBanks would be informed Memorandum approved from Division of Personnel Administration recommending approval of salaries fixed by the Boards of Directors for, effective January 1, 1966 Presidents and First Vice Presidents: Governor Mitchell, Chairman of the Board's Committee on Organization, Compensation, and Building Plans suggested salary increase to 10 per cent of maximum for position of First Vice President applicable to each FRBank and that there be no change in maximum salary of FRBank Presidents, agreement with suggestion that Chairman of Board's Committee be authorized to advise interested FRBanks informally of a likelihood of something being done along the lines indicated http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/14 2332, 2347 11/3 3488 12/6 4029,4051-53 12/9 4096,4117-41 4/22 1362 1965 944 Pages Salaries: (continued) FRBanks: (continued) Presidents and First Vice Presidents: (continued) Memorandum from Governor Mitchell as Chairman of the Board's Committee on Organization, Compensation, and Building Plans reviewing consultants study, recommendations of Committee re, approved, letters sent to FRBanks of Boston, New York, and Dallas with letters and schedules to Chairmen of remaining banks, approved Salaries approved for the year 1966, understood that appropriate letters would be sent to Chairmen of respective FRBanks, suggestion that letter be sent to Chairmen of FRBanks to effect that, upon reaching age 65 would be expected to resign unless requested to stay Study re officers' salaries: Recommendation that consultants be retained for, approved, along with overexpenditure in Board's budget for 1965 on this account Appointment of firm of McKinsey & Company, Inc., Washington, D. C., to assist in developing guidelines for determining appropriate salaries of FRBank officers, to obtain factual information re salaries paid in New York community, payment of fees and expenses authorized not to exceed $15,000 Appointment of Booz, Allen & Hamilton, Inc. Cleveland, Ohio, to assist in developing guidelines for determining appropriate salary ranges for FRBank officers,to obtain factual information re salaries in Dallas community, understood professional fees would not exceed $7,000, with reimbursement expenses between $1,500 and $2,000 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/3 3485,3539-56 12/1 3895, 3922 4/22 1362 6/21 2098 6/30 2205 1965 945 Pages Salaries: (continued) FRBanks: (continued) Study re officers' salaries: (continued) On basis of reports by consultants, recommendations were made by Board's Committee on Organization, Compensation and Building Plans, which were approved FRSystem, request by Chairman Patman of House Banking and Currency Committee 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 Helena Branch: Employees, revision of salary structure to provide same structure for the Branch as the head office, approved Jacksonville Branch: Employees, increase in salary structure, approved Los Angeles Branch: Employees, revision in salary structure, approved Nashville Branch: Employees, increase in salary structure, approved New Orleans Branch: Employees, increase in salary structure, approved Oklahoma City Branch: Employees, increase in salary structure, approved Omaha Branch: Employees, increase in salary structure, approved Portland Branch: Employees, revision in salary structure, approved Salt Lake City Branch: Employees, revision in salary structure, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/3 3490 4/29 1433,1455-57 4/29 1430, 1451 9/29 3179, 3196 11/24 3807, 3817 9/29 3179, 3196 9/29 3179, 3196 9/29 3180, 3198 9/29 3180, 3198 11/24 3807, 3817 11/24 3807, 3817 1965 946 Pages Salaries: (continued) Seattle Branch: Employees, revision in salary structure, approved Staff of Board of Governors: Chauffeurs, increase for Assistant Supervisor, Motor Transport Unit and four chauffeurs under Rate Wage Schedule, effective December 5, 1965 Employees, revision of the Board's regular salary schedule, effective October 10, 1965, in line with "An Act to adjust the rates of basic compensation of certain officers and employees of the Federal Government", approved Lithographic positions, new Printing Grade Wage Schedule approved, effective December 5, 1965 Mechanical force (including gardener), revised rate wage schedule, approved, effective December 5, 1965 Merit increases approved Merit increases approved Nurses, Substitute, salary rate increase approved, effective January 15, 1965 Official staff, payment of salaries to members of its official staff, effective November 1, 1965, approved Orr, Lois, Special Assistant FRExaminer, Division of Examinations, transferred from position of Secretary in Division of International Finance, with an adjustment in basic annual salary Savings and loan associations: Acquisition by a national bank of a savings and loan association, letter to FRBank of Boston approved, re certain questions arising in connection with, copy of letter sent to Comptroller of the Currency http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/24 3807, 3817 12/3 3983 10/29 3433, 3456 12/3 3984 12/3 6/29 12/20 3983 2183 4312 1/14 149 10/29 3434, 3459 12/23 4385 12/7 4057, 4073 1965 947 Pages Savings and loan associations: (continued) Bank Holding Company Act of 1956, savings and loan associations to be included in giving a broader interpretation of competition in the banking field Foreign lending, proposed: Voluntary restraint program, suggestion that staff make further inquiry into credits by, to determine whether program should embrace such institutions Holding companies of: Report to Bureau of the Budget on draft bill prepared by Federal Home Loan Bank Board to amend section 408 of National Housing Act as amended, to provide for the regulation of, and their subsidiaries, favorable recommendation sent to Bureau of Budget with certain changes in wording recommended S. 2329, a bill to amend section 408 of the National Housing Act, to provide for the regulation of savings and loan holding companies, letter to Chairman Robertson of Senate Banking and Currency Coutait tee, approved Housing credit, report by Mr. Brill of Board's staff on an interagency meeting concerned with housing credit and the recent sluggishness in housing activity and reports of deterioration in the quality of credit, discussion re certain actions contemplated by the Federal Home Loan Bank Board to limit advances to savings and loan associations for purpose of carrying mortgage portfolios, expected that interagency committee would meet more frequently in the future to discuss the housing credit situation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/27 3397 2/10 475 5/21 1707, 1712 12/30 4442, 4453 4/20 1313 1965 948 Pages Savings and loan associations: (continued) Interest rates on time deposits paid by banks: Indicated that considerable pressure on the savings and loan associations would come from the offering by banks of savings certificates, savings bonds, or other forms of time certificates in smaller denominations Federal Home Loan Bank Board suggested that Board might prescribe a maximum rate of less than 5-1/2 per cent for certificates of less than a specified amount, such as $5,000 or $10,000 Discussion re impact on, from recent change in maximum rates payable on time deposits Approval given to letter to Norman Strunk, Executive Vice President of United States Savings and Loan League, re recent change in maximum rates payable on time and savings deposits at commercial banks, Governor Robertson dissenting Loans to executive officers of, question re submitting draft of legislative proposal to liberalize provisions for loans to executive officers of nonmember banks and, in connection with discussion of proposal for liberalization of provision for executive officers of member banks, consensus that Board's request should relate only to extension of limitations on loans to executive officers of member banks Schools: International Banking Summer School: Approval of travel to Melbourne, Australia, for Mr. Reed J. Irvine, Associate Adviser, Division of International Finance, during February 4-25, 1965, to attend, with stopovers in Hong Kong and Tokyo on route back to the United States http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/6 4034 12/10 4146 12/16 4228 12/21 4325 1/14 142 1/22 255 1965 949 Pages Schools: (continued) International Banking Summer School: (continued) Nomination of David G. Hayes, Economist, Division of International Finance, approved, to participate in, to be held in Bergen, Norway, June 20 - July 2, 1966, understood that during the actual time of his stay Mr. Hayes would be placed on an actual expense basis to cover any incidental expenditures, but that during the remainder of time he was in travel status he would receive per diem, Board also authorized an expenditure not exceeding $100 to cover pro rata expense incurred, if a national delegation reception should be given SEANZA Central Banking Course: Fousek, Peter, Assistant Vice President, FRBank of New York, letter to Bank approved interposing no objection to proposed travel by, involving visits to the central banks in Australia and New Zealand, and perhaps one or two other countries, in connection with an assignment to lecture at the Sixth SEANZA Banking Course to be held in Wellington, New Zealand, this fall McIntosh, James A., Technical Assistant, Division of Bank Operations, authorized to attend, Sixth, to be held in Wellington, New Zealand, September 20 - November 26, 1965, with understanding that when details on costs of course were available a recommendation by the staff would be made as to choice of travel on per diem or an actual expenses basis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/3 3982 8/19 2739, 2745 5/26 1740 1965 950 Pages SEANZA Central Banking Course: (continued) McIntosh, James A., Technical Assistant, Division of Bank Operations, authorized to attend: (continued) Memorandum from, approved relating to visits to certain central banks in connection with his trip to New Zealand to attend Sixth SEANZA Central Banking course authorized on May 26, 1965 Secret Service: Safekeeping of securities at FRBanks: SEE: Securities: Safekeeping by FRBanks 8/27 2530 2/9 452 7/20 2383 1/5 31 2/15 521, 542 Securities: Domestic, operations in, a review prepared by the Manager of the System Open Market Account for inclusion in the Board's Annual Report for 1964 Foreign, S. 1557, a bill authorizing certain investments by FRBanks in, consideration of draft of testimony to be presented by Chairman Martin before Subcommittee of Financial Institutions of Senate Banking and Currency Committee on, and five other bills, understood statement would be revised in light of suggestions and presented in final form satisfactory to the Chairman Negotiable, shipment of Federal Reserve Currency and, revision of subparagraph (a) of section 7 (Limitation on Shipments) of Loss Sharing Agreement, Mr. Farrell of Board's staff reported on initial deliveries to FRBanks Safekeeping by FRBanks: Discussion re Protection Departments, as it affects the responsibilities for examination and supervision of FRBanks, plans for Divisions of Examinations and Bank Operations to participate in the FBI surveys http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1965 951 Pages Securities: (continued) Safekeeping by FRBanks: (continued) Letter to FRBank of San Francisco re question posed by First National Bank and Trust Company of Ontario, California, whether FRBanks should assume responsibility for safekeeping of securities of member banks, with suggestion that question be submitted to Conference of Presidents for consideration, approved Report of examination of FRBank of Atlanta reviewed, agreed that President Bryan would be advised by telephone that Bank should conform to prescribed procedure for vault storage envelopes for, letter to FRBank confirming conversation Standards recouunended by Ad Hoc Subcommittee in study on custody control standards, letter to FRBank Presidents endorsing, comments re necessary broad approach with adherence to necessary safeguards, unresolved matters to be brought to attention of Divisions of Examinations or Bank Operations prior to submission to Board Survey of Protection Departments in the FRBanks, probable that Secret Service would be willing to assist in project, letter to Presidents of all FRBanks, approved Foregoing grew out of January 15, 1965, report to a staff committee that had been requested by Board to consider staff assignments re examination and supervision of FRBanks, FBI could not undertake project, request addressed to Secret Service to be acted upon favorably Secret Service on conducting Letter to surveys, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/14 1991, 2000 7/20 2385, 2396 8/4 2594, 2607 10/8 3244, 3252 10/8 3245 11/17 3737 1965 952 Pages Securities Exchange Act of 1934: Registration of stock: Exemption from, Board authorized publication in Federal Register the notice of receipt of application for exemption from registration requirements by State member banks under Regulation F and section 12(g), specific Board approval not required in individual cases with notice of application to be included in weekly H.2 release For individual bank cases SEE: Stock: Registration of (name of bank) Section 7: Margin requirements for over-the-counter securities, proposed amendment of, to extend, agreed that recommendation be included in the Board's Annual Report for 1964 Securities exchange administration: Bank securities: "Held of record" as used in section 206.2(j) of Regulation F: Governor Mitchell expressed reservations about adopting the position that the Legal Division had recommended, decision to hold over question of interpretation of Letter to FRBank of New York re question from Bank of Commerce, Newark, New Jersey, as to whether shares of stock are "held of record" by one person, or by more than one in certain circumstances, Board of opinion except in certain situations enumerated in section 206.2(j) of Regulation F that in determining holders of record it is the number of accounts that appear on the corporate records http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/12 1149 1/13 119 4/7 1126 4/14 1194, 1225 1965 953 Pages Securities exchange administration: (continued) Bank securities: (continued) Registration of: Letter to Presidents of all FRBanks re registration of equity securities by certain State member banks required under the law and Regulation F, enclosing letter to be sent by FRBanks to State member banks on same subject, approved Letter approved to Mr. Robert E. Gunn, Vice President, United Funds, Inc., Kansas City, Missouri, re registration of stock of Chase Manhattan Bank, New York, New York, for trading on New York Stock Exchange Procedures to be followed by State member banks re timing of annual stock holders meeting to enable them to comply with, letter to FRBank of Boston, approved, with similar letters to be sent to other FRBanks, except Minneapolis which received an individual letter Interpretation approved embodying the substance of proposed amendments to Federal Reserve Forms F-1 and F-5 of Regulation F, interpretation published in Federal Register, amendments to Regulation F which had been approved on November 8, 1965, were withheld because FDIC did not authorize similar action with respect to its parallel regulation Regulation F, amendments to Item 12 of Form F-1 and Items 7(e) and 7(f) of Form F-5, dealing with loans made by a bank to its officers, directors, and principal stockholders, publication of proposed amendments in Federal Register, authorized, understood if FDIC did not authorize similar action, an effort would be made to work out problems on an interpretative basis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/8 85, 97-99 1/13 117, 127 2/23 620, 633 11/29 3866, 3871 11/8 3586 1965 954 Pages Securities exchange administration: (continued) Business days, approval given to letter to Lind, Somers & Co., a broker-dealer in Portland, Oregon, re their request for an interpretation of the meaning of a "business day" as that term is used in section 220.4(c)(7) of Regulation T Extensions of credit by banks on registered nonexempted bonds, letter approved to the Securities and Exchange Commission regarding the question whether a registered broker-dealer violated the provisions of Regulation T by arranging for certain, agreed that staff submit for Board's consideration a memorandum dealing with, as described in letter to SEC Financial statements in annual reports to security holders, recommendation approved that interpretation in Federal Register indicate that when call report requirements and those of Regulation F, were not consistent, the latter should be followed in the banks' annual reports to their security holders Loans: Regulation T, loans arranged for by others in possible violation of section 220.7(a) of, 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 court case of Bronner v. Goldman, which involved issues arising out of Regulation T and the Securities Exchange Act of 1934 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/22 3778, 3801 10/21 3350, 3360 11/29 3867, 3874 2/9 448, 459 1965 955 Pages Securities exchange administration: (continued) Loans: (continued) Regulation U: Request by attorneys for Chemical Bank New York Trust Company, New York, New York, for interpretation of section 221.3(i) of, Board concurred in recommendation of Legal Division, understood bank's counsel would be advised by telephone, advice to be confirmed by letter through FRBank of New York Question re possible violation by First National Bank of Boston, Massachusetts, of, in loaning money to Triangle Corporation for the purchase of stock of Precisionware, Inc., agreed that FRBank of Boston should be requested to send to counsel for First National Bank of Boston a letter along lines of draft that had been distributed Approval given to sending of letters to First National Bank of Boston and to Comptroller of the Currency Letters sent to counsel for First National Bank of Boston and to Comptroller of the Currency Letter sent to all FRBankson November 30, 1965, relating to an apparent violation of, with copies transmitted to SEC Margin requirements: Admendment to section 7 of Securities Exchange Act of 1934 authorizing the Board to extend, to securities traded over-the-counter, agreement to include in the Board's Annual Report for 1964, understood that a bill would be drafted and that the Board would give further consideration to suggestions for possible legislative recommendations http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/6 39, 59 9/3 2844 9/20 3066 9/23 3145,3155-60 12/1 3897, 3933 1/13 119 1965 956 Pages Securities exchange administration: (continued) Margin requirements: (continued) Increase in: Governor Mitchell issued a memorandum captioned "The Federal Reserve Image," proposing consideration of a package of policy actions, including, from 70 to 80 or 90 per cent, combined with promulgation of a regulation on unregulated lenders Governor Balderston on November 4, 1965, suggested as possible components to a package of actions, not raising the 70 per cent margin requirement, but developing regulations that would effect an incidental squeeze, and of inserting in the Federal Register an extension of margin regulations to unregulated lenders Nonpurpose statements: SEE: Securities exchange administration: Purpose and nonpurpose statements "Officer," definition under Regulation F, letter to Counsel for Deposit Guaranty Bank & Trust Company, Jackson, Mississippi, approval re question whether the bank's cashier and controller were officers for purposes of section 206.2(o) of Regulation F, even though they did not participate in major policymaking functions, approval given to memorandum recommending that Board issue an interpretation relating to, copies of interpretation, as transmitted to Federal Register were sent to FRBanks for distribution to member State banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/3 3521 11/3 3537 5/10 1509,1520-22 1965 957 Pages Securities exchange administration: (continued) Over-the-counter securities: Legislation re: Memorandum recommending that Board include in its Annual Report for 1964 a proposal for an amendment to section 7 of Securities Exchange Act of 1934 that would authorize Board to extend margin requirements to, understood that a bill would be drafted and that the Board would give further consideration to suggestions for possible legislative recommendations "OTC registered" securities, question whether legislative amendment should cover all over-the-counter securities or should extend the Board's authority only to one limited class of over-thecounter securities, such as Bill to extend margin regulations to, not ready to submit with rest of proposed legislation Purpose and nonpurpose statements, question by FRBank of Boston as to whether New England Merchants National Bank of Boston, Massachusetts, could accept in good faith, within meaning of section 221. 3(a) of Regulation U, nonpurpose statements submitted by mail under a plan that the bank was advertising whereby it offered to make installment loans up to 70 per cent of the redemption value of any acceptable mutual fund shares pledged by the borrower as collateral, letter to FRBank of Boston, approved, Governor Mitchell dissenting, interpretation published in Federal Register, and FRBulletin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/13 119 1/13 121 2/9 449 3/10 838, 843 1965 958 Pages Securities exchange administration: (continued) Special cash account provisions: Amendment to section 220.4(c)(3) of Regulation T, permitting deferment of payment through, the purchase price of new securities until proceeds from redemption of old securities are available, adopted effective May 15, 1965 Request by New York Stock Exchange for reconsideration of, Board reaffirmed decision in letter to Mr. Funston, President of New York Stock Exchange Letter to Securities and Exchange Commission approved, responding to request for Board's opinion as to whether section 220.4(c)(5) of Regulation T, permits a delay of payment beyond the ordinary seven days allowed in a special cash account, Unlisted trading privileges, in regard to stock of Chase Manhattan Bank, New York, New York, applications of Boston and PhiladelphiaBaltimore-Washington Stock Exchanges pursuant to section 12(f) of Securities Exchange Act of 1934 for, draft notice and opportunity for hearing approved for transmittal to interested organizations and publication in Federal Register, similar procedure to be followed re future applications for, without specific authorization by the Board, press statement to be issued Order approving applications for, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/19 1288, 1303 5/12 1531, 1585 7/22 2413, 2424 5/6 6/9 1493, 1503 1928, 1932 1965 959 Pages Securities exchange administration: (continued) Unregulated lenders: Recommendation in Report of Special Study of Securities Markets by SEC that Board regulate extensions of credit by lenders not subject to Regulations T and U, procedural recommendation approved, letter to FRBanks, with a similar letter to SEC, and a letter to Internal Revenue Service for comment Miss Hart noted that if a regulation along the lines of the draft should be adopted an amendment to Regulation U should be adopted covering activities of banks as agents for foreign lenders Regulation re, could be put in form for consideration by Board within a short time, comments on preliminary draft had been received from FRBanks and the SEC, which indicated that there was not a large amount of unregulated credit coming into the stock market Securities and Exchange Commission: "Confidential Report of Securities Credit Extended by Lender Other than a Bank or Bankers," report filed with Board on FR 728, through the FRBank of New York by the Baird Foundation, and furnished to, as requested Service to the public: FRSystems participation in the President's program to improve the quality of, Governor Shepardson designated to direct a program aimed at improving further the quality of service to the public, understood Governor Shepardson would also pursue matter through Conference of Presidents of FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/26 267, 309 1/26 268 11/3 3530 3/24 957, 979 11/18 3758,3767-68 1965 960 Pages Signature plates: FRBank officers as fiscal agents of United States: SEE: Mutilation of plates: Signatures of FRBank officers in signing Small Business Administration: Advances by FRBanks to member banks, question re eligibility of notes reflecting loans made by banks and guaranteed by, as collateral for, under provisions of section 13 of the FRAct, agreed not eligible in light of guaranty under section 7(a) of the Small Business Administration which cannot exceed 90 per cent, advice to, with copies to FRBanks Under provisions of section 10(b), with enactment of recommended legislation, such notes might be considered eligible at primary discount rate Loans guaranteed by, letter to, approved, re treatment normally accorded by FRBank examiners to those portions of loans guaranteed by, copy of letter to,forwarded to all FRBanks for distribution to examiners Small Business Capital Bank: Legislation re, letter to Budget Bureau re views of the Board on a draft bill proposed by the Small Business Administration to create, approved Snaith, William/Lowey, Raymond, Inc., New York, New York: Approved recommendation that Board authorize a study by, re possibility of rearranging the Board's staff offices with a view to increasing the efficiency and attractiveness of the quarters, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/19 1287, 1301 4/19 1287 5/17 1610, 1623 5/28 1799, 1827 3/30 1011, 1037 1965 961 Pages Snaith, William/Lowey, Raymond, Inc., New York, New York: (continued) Meeting of Board with representative of, to discuss firm's analysis of space utilization of Board building, set for May 17, 1965 Meeting to be scheduled for afternoon of May 18, 1965, rather than the morning of May 17 Mr. William Snaith presented with the aid of a series of charts results of an analysis re feasibility of rearranging office space in Board building, understood results of study would be distributed to Board members, Board would then determine whether analysis warranted proceeding further Recommendation by Governor Shepardson re certain remodeling work including enlargement of dining facilities in present building, agreement to proceed with development of specific plans and cost estimates, such plans to cost not more than $12,500, letter to, approved, Governors Mitchell and Daane dissenting Second phase of study of space utilization in present building, implementation of proposals by, to be deferred pending the availability of space in the annex building, discussed in connection with Board's budget of 1966 Social Science Research Council: Linkages between monetary policy and aggregate demand, approval given to proposed contract with, for a research project headed by Professors Modigliani and Ando, understanding that this action also authorized any resulting overexpenditure in account of 1966 budget of Division of Research and Statistics http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/3 1463 5/6 1494 5/18 1656 6/4 1877, 1906 12/15 4175 12/27 4421 1965 962 Pages Social Science Research Council: (continued) Monetary research: Letter authorizing continuation of research papers on the impact of monetary policy, with understanding that cost of meetings and research work would be approximately $12,000,approved Social Security: Retirement systems for Federal Government employees: Letter to Executive Director of Cabinet Committee on Federal Government Staff Retirement Systems, approved, Governor Mitchell noting that request from Cabinet Committee did not call for views on integration of Federal Government staff retirement systems with Social Security but in principle he favored integration of Federal Government retirement systems with An additional letter to Executive Director of Cabinet Committee on Federal Government Staff Retirement Systems providing certain statistical and other data on retirement coverage of Board employees Social security taxes: FRBanks, increase in the budgets of FRBanks for the first half of 1966 was attributable in part to, reflecting the rise in rate and taxable salary bases Spain: Company, a nonregistered investment company to be incorporated under the laws of, letter to Chase International Investment Corporation, New York, New York, approved, granting permission to purchase shares of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/25 2161 4/5 1079 4/23 1383 12/9 4092 3/30 993, 1019 1965 963 Pages Spain: (continued) Fabrica Espanola Magnetos, S.A., Madrid, Spain, Bankers International Corporation, New York, granted permission to purchase additional shares of, with understanding that foreign loans and investments would not exceed guidelines laid down under credit restraint program Financiera Espanola de Inversiones, Madrid, Spain, application of Marine Midland International Corporation, New York, New York, to purchase shares of, approved Spanish finance company, letter to International Banking Corporation, New York, New York, approved, granting an extension of time to purchase stock of a proposed Union Industrial Bancaria, Barcelona, Spain, letter to Continental International Finance Corporation, Chicago, Illinois, granting permission to acquire shares of, understanding that guidelines established under the Voluntary Foreign Credit restraint effort will be observed Staff of Board of Governors: Bank merger and bank holding company applications: Access to, staff authorized to receive and determine requests for, assuming responsibility of reviewing the application so as to protect against release of any material considered to be confidential Request from staff related to request for copies of applications filed by First National Bank of Tampa and Union Security and Investment Company, Tampa, Fla., which request fell prior to October 30, 1965, and which request was approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/16 2020, 2040 5/12 1525, 1544 4/14 1192, 1205 9/24 3162, 3164 10/25 3369 10/25 3368, 3378 1965 964 Pages Staff of Board of Governors: (continued) 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 poisitions are held by incumbents Delegation of certain phases of Board members' work to, discussion re memorandum of Governor Mitchell in which he referred to drain imposed on working time of Board members, Governor Shepardson requested to meet with certain staff members to study situation Directives from the Board to: Responsibility for examination and supervision of FRBanks, 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-cut delineation of the areas of responsibility and methods of cooperation of part of Board's divisions having responsibilities re functions of FRBanks, draft of directives to divisions, approved, subject to changes reflecting the amendments agreed upon, with understanding that copies would be sent to FRBanks Directives now issued and copies sent to heads of divisions of Board's staff and also to FRBanks Employee Health Service Officer, letter to Chairman of the Civil Service Commission designating June E. Burnes, Administrative Assistant, Division of Personnel Administration to serve as http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/22 3778 3/30 1012 2/15 521 5/26 1742,1769-81 8/2 2530 1965 965 Pages Staff of Board of Governors: (continued) Employee training and development program: Conversational French: Letters to Mrs. Renee Mikus and Mr. Joseph Mikus, Washington, D.C., confirming arrangements for instructions in, to members of the Board's staff, with payment of $10 for each session conducted, (it developed that Mr. Mikus would not be available, accordingly Governor Shepardson approved a letter to Mr. Jean Lesceux of Washington, D.C., containing same terms) Letter to Mrs. Jacqueline M. Dockery, Arlington, Virginia, approved, confirming arrangements for her to conduct a course in Intermediate French for members of the Board's staff, with payment of a fee of $4 for each session conducted Letter to Mrs. Jacqueline M. Dockery, confirming arrangements for continuation of a course in Intermediate French for members of the Board's staff, at a fee of $4 for each session conducted Letter approved to Mrs. Renee Mikus, Washington, D.C., confirming arrangements for her to conduct a course in, for members of the Board's staff, a fee of $10 to be paid for each session conducted Economists, plan for strengthening Board's recruitment program in economic and related areas of staff work by offering assistance to selected younger persons in preparation of their doctoral dissertations, with occasional trips to be made at Board expense to their respective campuses for consultation with members of the faculty, authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/3 748 6/2 1848 11/15 3668 11/17 3737 4/27 1398 1965 966 Pages Staff of Board of Governors: (continued) Employee training and development program: (continued) Effective writing, letter to Dr. Calvin D. Linton, approved, confirming arrangements to conduct a 20hour course in, for members of Board's staff, with compensation in account of $500 to be 1/26 paid at completion of course to letter Oral communication, effective, Professor Edwin L. Stevens, Washington, D.C., approved, confirming arrangements to conduct a 24-hour course in, for members of Board's staff, a fee of $900 to be paid upon 3/30 completion of course Reading improvement, letter to Mr. George L. Stevens, approved, confirming arrangements to conduct a 24-hour course in Reading Improvement for members of the Board's staff, a fee of $40 to be paid for each participant 9/22 in the course procedure of review assignments, mission Foreign to be followed in satisfying requests for technical assis7/30 tance by System personnel in Military service: SEE: Miliary service Offices, extensive refurbishing and 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 12/15 existing furniture Outside business and teaching activities: Annual survey, recommendation approved that Board grant permission to members of staff who had reported, (as set forth in attachments to memorandum distributed by Division of Personnel Administration) to enter into or continue the reported 9/22 activities http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 273 1013 3139 2497 4179 3138 1965 967 Pages Staff of Board of Governors: (continued) 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 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 the necessary operational details could be arranged Personnel actions, responsibility vested in Governor Shepardson for internal administrative affairs of the Board including, for the year beginning August 1, 1965, approved Physical requirements waived: Burton, Robert C., Review Examiner, (with commission of FRExaminer), appointment and salary approved, understanding the normal physical requirements would be waived Presidents' Conference, subcommittees of, advice to Chairman of Presidents' Conference that Board had no objection to continued services of various members of its staff as associates of various subcommittees of, but additions or changes to present list would require Board approval http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/5 3577 11/9 3606 12/6 4026 5/27 1787 7/1 2226 3/12 855 1965 968 Pages Staff of Board of Governors: (continued) Recruitment program in economic and related areas, plan for strengthening, by offering assistance to selected younger economists in preparation of their doctoral dissertations, with occasional trips to be made at Board expense to their respective campuses for consultation with members of the faculty, authorized Rules of conduct: Hackley, Howard H., General Counsel, Legal Division, designated to provide counsel, guidance and interpretation on matters re ethical conduct of officers and employees of Board with respect to, according to instructions from Civil Service Commission in light of Executive Order No. 11222 Discussion of proposed regulation re standards of, for Board employees, as drafted by Board's Legal Division, decided not to send copies of Board's regulation to FRBanks, Governor Mitchell abstaining and Governor Daane dissenting Proposed Board regulation transmitted to Civil Service Commission by letter dated December 27, 1965 Salaries: Chauffeurs, increase for Assistant Supervisor, Motor Transport Unit and four chauffeurs under Rate Wage Schedule, effective December 5, 1965 Employees, Board approved recommendation relating to a revision of Board's regular salary schedule, in line with "An act to adjust rates of basic compensation of certain officers and employees of the Federal Government" http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/27 1398 5/26 1739 12/21 4318 12/21 4324 12/3 3983 10/29 3433, 3456 1965 969 Pages Staff of Board of Governors: (continued) Salaries: (continued) Lithographic position, new Printing Grade Wage Schedule approved, effective December 5, 1965 Mechanical force (including gardener), revised rate wage schedule approved, effective December 5, 1965 Merit increases approved Merit increases approved Nurses, Substitute, salary rate increase approved, effective January 15, 1965 Official staff, Board approved payment of salaries to members of its official staff, effective November 1, 1965 Orr, Lois, Special Assistant FRExaminer, Division of Examinations, transferred from position of Secretary in Division of International Finance, with an adjustment in basic annual salary Service to the public, memorandum from President Johnson to the heads of departments and agencies re the quality of, Governor Shepardson designated as the member of the Board who would have responsibility for directing, within the Board's organization, letter sent to Chairman Macy of Civil Service Commission reporting this designation, letter to FRBank of Boston with similar letters sent to other FRBanks Special medical consultations by Dr. Frederic D. Chapman, in connection with Board's medical program for its employees, payment approved of a consultant fee of $200 at the end of 1965 and at the end of each year thereafter http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/3 3984 12/3 6/29 12/20 3983 2183 4312 1/14 149 10/29 3434, 3459 12/23 4385 11/18 3758,3767-68 3/15 898 1965 970 Pages Staff of Board of Governors: (continued) Travel: Governor Shepardson vested with responsibility for internal administrative affairs of the Board including, for the year beginning August 1, 1965, approved Reduction in cost of, Board expressed concurrence with the objective of the President, as stated in the Bureau of the Budget memorandum of August 23, 1965, re, Board approved directives on air transportation, hotel room reimbursement, and gifts and gratuities in connection with Working at home, extension of half-time basis employment for Mary C. Wing, Technical Editor (Economics), Division of Research and Statistics, for period beginning January 1, 1965, throught March 31, 1965, with understanding that she would work at home during business week beginning January 4, 1965, and return to Board's offices on half-time basis beginning January 11, 1965, approved (Individual Divisions of Board) Board Members' Offices: Secretary to Mr. Holland, Adviser to Board, establishment of position of, approved (Individual names) Benton, Madeleine E., Secretary to Governor Mills, application for retirement noted, effective February 28, 1965 Cardon, Robert L., Legislative Counsel: Salary approved, effective November 1, 1965 To attend interagency meeting re proposed legislation on standards governing the approval of bank mergers, Messrs. Cardon and Shay to attend, and to report back to Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/27 1787 12/15 4178 1/4 11 11/17 3738 2/19 612 10/29 3434, 3459 12/17 4253 1965 971 Pages Staff of Board of Governors: (continued) Board Members' Offices: (continued) Davian, Catherine B., Secretary to Governor Maisel: Transfer from position of Secretary to Mr. Young, Adviser to the Board, with an increase in salary, approved Salary increased Dippre, Doreen, Secretary to Governor Shepardson, salary increased Fauver, Clarke L., Assistant to the Board: Letter to Vice President Massad of Central Bank of Chile approved re request for technical assistance in field of consumer credit control, suggested that, be considered for this mission Letter approved to Vice President Massad of Central Bank of Chile requesting advice re desire of services of, for technical assistance in field of consumer credit, no request for reimbursement of Mr. Fauver's services, AID to pay travel and out-ofpocket expenses for Travel authorization extended from June 12 to June 29, 1965, in order to visit South American central banks Salary approved, effective November 1, 1965 Griffin, Frances Lucile, Secretary, transferred from Division of Research and Statistics to, with no change in basic annual salary Holland, Robert C., Adviser to the Board: Change in title from Associate Director, Division of Research and Statistics Salary approved, effective November 1, 1965 Designated as member of the Editorial Committee of the FRBulletin, effective November 1, 1965 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/14 11/15 1603 3669 10/8 3249 4/1 1058, 1066 4/29 1435, 1458 5/19 1677 10/29 3434, 3459 11/29 3868 10/29 10/29 3434 3434, 3459 10/29 3435 1965 972 Pages Staff of Board of Governors: (continued) Board Members' Offices: (continued) Jordan, Walter, Jr., Messenger, transfer to Division of Administrative Services with title of CookTrainee approved and salary increased Messick, Athens J., Secretary to Governor Mitchell, salary increased Molony, Charles, Assistant to the Board, salary approved, effective November 1, 1965 Morris, Mary P., Secretary, transferred from the Office of the Secretary to, with an increase in salary Morris, Ruth Elizabeth, Secretary, salary increased Noyes, Guy E., Adviser: Letter sent to Bank for International Settlements, advising that FRSystem would be represented by, at a meeting of central bank economists to be held in Basle on March 8-10, 1965, to review generally the current and prospective economic situation To serve on a staff committee dealing with examination and supervision of FRBanks, to work out a more clear-cut delineation of the areas of responsibility and methods of cooperation of part of Board's several divisions having the responsibility re functions of FRBanks Resignation accepted, effective October 29, 1965 Saunders, Dorothy B., Secretary to Governor Daane: Salary increase approved, effective January 17, 1965 Salary increased Sharigan, Nyart S., Secretary, transfer from Division of International Finance to, with an increase in salary, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/13 1189 3/9 826 10/29 3434, 3459 12/8 4083 7/21 2406 1/28 334 2/15 522 10/8 3250 1/18 12/3 185 3985 5/19 1677 1965 973 Pages Staff of Board of Governors: (continued) Board Members' Offices: (continued) Solomon, Robert, Adviser to the Board: Change in title from Adviser, Division of Research and Statistics effective November 1, approved, Salary 1965 Designated as member of the Editorial Committee of the FRBulletin, effective November 1, 1965 Designated to serve on a task force being established by the Bureau of the Budget to review the socalled "gold budget" Steward, Hubert L., Messenger: Memorandum from Governor Maisel recommending transfer of, from position of Messenger in Division of Administrative Services to, approved, with an increase in salary Transfer to Division of Administrative Services, with an upward adjustment in basic annual salary approved Stewart, Robert I., Messenger, salary increased Tate, Henry, Messenger, salary increased Wallace, Raphael, Messenger, transferred from Division of Administrative Services to, with no change in salary Young, Ralph A., Adviser to Board and Director, Division of International Finance: Travel by, to attend the Paris meetings, on an actual expense basis including an allowance for official entertainment, authorized Reported to joint meeting of Board with Presidents' Conference on meeting of Working Party 3 of the Economic Policy Committee of the Organization for Economic Cooperation and Development http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/29 3434 10/29 3434, 3459 10/29 3435 12/15 4181 5/6 1495 12/3 3986 10/8 10/8 3249 3249 12/3 3986 2/9 457 2/18 599 1965 974 Pages Staff of Board of Governors: (continued) Board Members' Offices: (continued) Young, Ralph A., Adviser to Board and Director, Division of International Finance: (continued) Duly authorized by Board to inspect information returns made by commercial banks under Interest Equalization Tax Act in accordance with Executive Order 11213, letter to Secretary of Treasury Authorized to travel with Chairman Martin and Governor Mitchell to the Annual Conference of Central Bank Governors to be held at Punta del Este, Uruguay, during period May 2-5, 1965 Authorized to accompany Governor Balderston to the annual meeting of the Bank for International Settlements, to be held in Basle, Switzerland, in June, and to undertake such other official business, including visits to central banks, as might develop in connection with this trip To be member of the Secretariat, an 11man group, comprised of senior FRBank and Board officials plus one senior economist from Board's staff, Secretariat to serve the Steering Committee in the study of the discount mechanism Change in title from Adviser to the Board, to Senior Adviser to the Board and Director, Division of International Finance Board authorized deferment of the retirement of, until June 30, 1967 Salary approved, effective November 1, 1965 Authorized to attend meeting in Ottawa, Canada, November 19, 1965, of a joint committee, to consider problems arising between the United States and Canada in the balance of payments field http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/15 1240, 1254 4/20 1316, 1329 5/19 1676 8/5 2614 10/29 3434 10/29 10/29 3434 3434, 3459 11/9 3614 1965 975 Pages Staff of Board of Governors: (continued) Consultants: SEE ALSO: Consultants Foreign operations of U.S. banks, study re, suggestion that academic consultants might be brought in, understood that staff would look at the subject more intensively and develop a second memorandum pointing up specific tasks Need for, discussed Committee report indicated that detailed plan, upon completion, would be submitted to Salaries: Recommendation by Board's Committee on Organization, Compensation, and Building Plans, that an outside Consultant be retained to evaluate salaries and officer responsibilities, and compare with positions of other employers carrying similar responsibilities, approved, along with overexpenditure in Board's budget for 1965 Letter sent to Booz, Allen & Hamilton, Inc., Cleveland, Ohio re appointment to assist in developing guidelines for determining appropriate salary ranges for FRBank officers ,understood professional fees would not exceed $7,000 and that reimbursement expenses would be between $1,500 and $2,000 with payment to be made by Board upon receipt of final report Technical Advisory Committee, recommendation by Governor Robertson to establish a, of approximately five persons to assist Board's staff in formulating suitable guidelines for program of voluntary restraint on lending by American banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/2 8/18 1841 2722 8/25 2776 4/22 1362 6/30 2205 2/23 620 1965 976 Pages Staff of Board of Governors: (continued) Consultants: (continued) (Individual names) Allison, James W., Consultant for Office of Defense Planning, reappointed for calendar year beginning January 1, 1966 Bach, George Leland: Recommendation that payment of $200 be made to Professor Bach for services as Consultant to the Board during the month of December 1964, approved Reappointment for calendar year beginning January 1, 1966, Division of Research and Statistics Beard, Thomas R., Assistant Professor, Economics Department, Louisiana State University, appointment as Consultant in Division of Research and Statistics, on a temporary contractual basis with compensation at the rate of $44 per day for each day worked and with transportation expenses and per diem at the rate of $16 when in travel status, approved, effective to December 31, 1965 Black, Helen K.: Temporary contractual appointment effective to December 31, 1965, with rate of compensation approved, to assist in work of Financial Statistics Section Division of Data Processing, recommendation approved that the appointment of, to assist in the work of the Financial Statistics Section be extended from December 31, 1965, until June 30, 1966, on a temporary contractual basis with compensation at the rate of $19 per day http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/30 4447 1/6 49 12/30 4447 9/8 2890 7/14 2333 12/9 4099 1965 977 Pages Staff of Board of Governors: (continued) Consultants: (continued) Bloomfield, Arthur, Professor, University of Pennsylvania, to serve as FRSystem Consultant to undertake short mission to Saigon from December 25 to January 12 to advise the National Bank of Vietnam on monetary matters, if arrangement is acceptable, the Board would pay the consultant fee but would ask Bank to pay travel expenses, approval given to sending cable to Governor of National Bank of Vietnam Brady, Dorothy S.: Recommendation approved that rate of compensation for Professor, Department of Economics, Wharton School of Finance and Commerce, University of Pennsylvania, be increased to $75 for each day worked plus travel expenses Professor Brady to serve as member of the consultant group organized by Professor Kravis to explore problems of price measurement in relation to formulation of monetary policy Reappointed for calendar year beginning January 1, 1966, to work in connection with Division of Research and Statistics Case, Winthrop, reappointment, approved on a temporary contractual basis effective to December 31, 1965, to assist Economic Editing Unit of Division of Research and Statistics, with compensation at rate of $55 per day and transportation expenses and per diem of $16 when in Washington, and transportation expenses would be limited to necessary round trip from New York plus additional round trips not to exceed one per month while on duty in Washington http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/1 3890 4/22 1364 4/22 1364 12/30 4447 1/13 122 1965 978 Pages Staff of Board of Governors: (continued) Consultants: (continued) Chapman, Dr. Frederic D., payment of a 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 for its employees, approved Fair, William F., San Rafael, California, appointment as Consultant to Division of Research and Statistics on a temporary contractual basis with compensation at the rate of $75 per day for each day worked and with transportation expense and per diem when in travel status to be paid in accordance with the Board's travel regulations Fisher, Dr. Franklin M., Consultant, Division of Research and Statistics: Recommendation approved that appointment of, from Department of Economics, Massachusetts Institute of Technology on a temporary contractual basis at rate of $75 per day for each day worked and with transportation expenses and per diem when in travel status, with understanding that, would serve as member of consultant group organized by Professor Kravis to explore problems of price concepts and price measurement in relation to formulation of monetary policy Reappointment for calendar year beginning January 1, 1966, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/15 898 11/15 3668 4/22 1365 12/30 4447 1965 979 Pages Staff of Board of Governors: (continued) Consultants: (continued) Furth, J. Herbert, extension of appointment through calendar year 1966, on the same terms and conditions as current appointment, approved, steps would be taken to ascertain whether Mr. Furth wished to accept such an extension of his appointment Consultant for Division Martin, Greenberger, Processing: Data of Professor at Sloan Associate Presently School of Management, Massachusetts Institute of Technology, appointment until December 31, 1965, with compensation, transportation, and per diem approved, resultant overexpenditure in budget account of Division of Data Processing, approved Reappointed for calendar year beginning January 1, 1966, approved Griliches, Dr. Zvi, Consultant for Division of Research and Statistics: Appointment on a temporary contractual basis at rate of $75 per day for each day worked and with transportation expenses and per diem when in travel status approved, to serve as member of consultant group organized by Professor Kravis to explore problems of price concepts and price measurement in relation to formulation of monetary policy Reappointed for calendar year beginning January 1, 1966 Hall, George R., Consultant for Division of Research and Statistics: Appointment on a temporary contractual basis effective to December 31, 1965, with compensation at rate of $60 per day and necessary travel to be handled in accordance with Board's travel regulations http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/2 1848 7/14 2334 12/30 4447 4/22 1365 12/30 4447 2/12 501 1965 980 Pages Staff of Board of Governors: (continued) Consultants: (continued) Hall, George R., Consultant for Division of Research and Statistics: (continued) Reappointed for calendar year beginning January 1, 1966, for work in connection with Division of 12/30 Research and Statistics Heller, Pauline, Consultant, Legal Division, appointment and rate of fee for each day worked, on twoday week basis effective August 5 until September 1, 1965, approved, appointment as Senior Attorney on fulltime basis effective September 7/30 1, 1965, approved Jewett, John, retired Senior Vice President of Prudential Life Insurance Company of America, appointment as consultant to Division of Research and Statistics for a period not expected to exceed 20 days in 1965, with compensation at the rate of $75 per 2/8 day, approved Karfunkle, Richard D., Division of Research and Statistics: Appointment on a temporary contractual basis with compensation at the rate of $60 per day for each day worked and with transportation expenses and per diem 5/14 when in travel status, approved Reappointment for calendar year beginning 12/30 January 1, 1966 Office of for Consultant Frank J., Keeler, Defense Planning, reappointed for calendar year beginning 12/30 January 1, 1966 Division of for S., Consultant Lester Kellogg, Research and Statistics: a temporary contractual on Appointment basis at rate of $75 per day worked, with transportation and per diem when in travel 4/22 status, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4447 2499 435 1603 4447 4447 1365 1965 981 Pages Staff of Board of Governors: (continued) Consultants: (continued) Kellogg, Lester S., Consultant for Division of Research and Statistics: (continued) To serve as member of consultant group organized by Professor Kravis to explore problems of price concepts and price measurement in relation to formulation of monetary policy 4/22 Reappointed for calendar year beginning January 1, 1966 12/30 Krachenberg, A. Richard, Consultant for Division of Research and Statistics: Appointment on a temporary contractual basis with compensation at the rate of $60 per day for each day worked and with transportation expenses and per diem when in travel status, approved 5/10 Reappointed for calendar year beginning January 1, 1966 12/30 Kravis, Professor Irving, Consultant for Division of Research and Statistics: Appointment as Chairman of a consultant group to study the problems of price measurement, particularly in relation to analytic needs of the FRSystem, expenses for travel and fee of $75 per day, 1/11 approved Board authorized commissioning papers on those subjects as outlined in memorandum with overexpenditure in pertinent account of Division of Research and Statistics, approved 6/29 Reappointed for calendar year beginning January 1, 1966, to do work in connection with Division of Research and Statistics 12/30 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1365 4447 1512 4447 105, 113 2182, 2189 4447 1965 982 Pages Staff of Board of Governors: (continued) Consultants: (continued) Lipsey, Dr. Robert E., Consultant for Division of Research and Statistics: Recommendation approved that, from National Bureau of Economic Research, be appointed on a temporary contractual basis at rate of $75 per day for each day worked and with transportation expenses and per diem when in travel status, with understanding that, would serve as member of consultant group organized by Professor Kravis to explore problems of price concepts and price measurement in relation to formulation of monetary policy Reappointed for calendar year beginning January 1, 1966 Pawley, Francis R., reappointed for calendar year beginning January 1, 1966 Phillips, Almarin, Consultant for Division of Research and Statistics, reappointed for calendar year beginning January 1, 1966 Phillips, Charles F., Consultant for Division of Research and Statistics: Reappointment on temporary contractual basis effective to December 31, 1965, with compensation at the rate of $60 per day and necessary travel to be handled in accordance with the Board's travel regulations, approved Reappointed for calendar year beginning January 1, 1966 Pierce, James Lee, Associate Professor of Economics, Yale University, to join Banking Section, Division of Research and Statistics, as a visiting professor for 15 months beginning in mid-year, noted in connection with approval of request for access to certain banking data in condition and income and dividend reports of member banks needed in a proposed study re commercial bank's role in American economy http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/22 1365 12/30 4447 12/30 4447 12/30 4447 2/12 501 12/30 4447 5/5 1485 1965 983 Pages Staff of Board of Governors: (continued) Consultants: (continued) Raikes, Charles F. O., Consultant for the Office of Defense Planning, reappointed for calendar year beginning January 1, 1966 Randall, Harold E., Consultant for Division of Examinations: Appointment approved if willing to accept when retired from First National Bank of Boston, compensation to be $75 per day plus per diem for time in travel status and transportation expenses Overexpenditure in 1965 budget of the Division of Examinations authorized, if appointment is accepted by Mr. Randall Division of Examinations, reappointed for calendar year beginning January 1, 1966 Schultze, Dr. Charles L., Consultant for Division of Research and Statistics, did not accept appointment to serve as member of consultant group organized by Professor Kravis to explore problems of price concepts and price measurement in relation to formulation of monetary policy Sterkel, Ronald, Consultant for Division of Data Processing: Reappointment for year ending December 31, 1965, with compensation at rate of $50 per day plus necessary transportation expenses and a $16 per diem in lieu of subsistence allowance while in travel status, approved Reappointed for calendar year beginning January 1, 1966, approved Weiss, Gertrude, Consultant for Division of Research and Statistics, reappointed for calendar year beginning January 1, 1966 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/30 4447 4/19 1293 4/19 1293 12/30 4447 4/22 1365 1/27 322 12/30 4447 12/30 4447 1965 984 Pages Staff of Board of Governors: (continued) Consultants: (continued) Witherell, Eugene E., Consultant for Division of Bank Operations, reappointed for calendar year beginning January 1, 1966 Division of Administrative Services: Cafeteria: Employees, letter to Dr. Frederic D. Chapman, Washington, D. C., approved, confirming arrangements for the annual physical examination of all employees in Board's cafeteria, at a fee of $125 Conversion of a part-time position in, presently vacant, to a fulltime position, approved Employees annual physical examination, at fee of $125 approved, letter to Dr. Frederic D. Chapman, confirming arrangements Chauffeurs and Messenger-Drivers: Letter sent to Dr. Frederic D. Chapman on March 17, 1965 confirming arrangements to conduct annual physical examinations of, fee and method of payment agreed upon Annual physical examination of, letter to Dr. Chapman, confirming arrange ments Day laborer, memorandrum approved, recommending that the Division be authorized to employ an additional day laborer, understood that position would be established effective October 1, 1965 or after the temporary appointments under the Youth Opportunity Program had expired Directive to, re examination and supervision of FRBanks, at Board meeting of February 15, 1965, Board approved issuance of directives to some staff re responsibilities for examining FRBanks and exercis ing supervision over them, directives now issued and copies sent to head of, also to FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/30 4447 2/8 435 10/18 3327 12/22 4342 3/22 941 12/22 4342 6/9 1931 5/26 1742, 1781 1965 985 Pages Staff of Board of Governors: (continued) Division of Administrative Services: (continued) Youth Opportunity Program, memorandum relating to a special project to be set up in, to provide a limited number of summer jobs this year incident to the, recently announced by the President to provide temporary summer employment for persons 16 through 21 years of age, approved, also budget over-expenditure attributable to salary costs charged to special project, approved Appointment of five summer trainees with temporary appointments not to exceed 700 hours or extend beyond September 30, with compensation at rate of $1.25 per hour (Individual names) Allen, Harry F., Telegraph Operator, death of, noted on behalf of the Board Barnes, Quincy W., Operator (Xerox-Mimeograph), salary increased, effective December 5 Beattie, Marjorie B., Manager, Cafeteria, salary increased Berkley, Cal W., Messenger, appointment and salary approved Betts, Howard W., Messenger, resignation accepted Bishop, Eugene E., Guard, salary increased Braxton, William A., Messenger, appointment and salary approved Supply Clerk, resignation accepted Brown, Charles P., Operator (Duplicating Devices), salary increased Operator, salary increased, effective December 5 Brown, Karen A., Mailing List Clerk-Flexowriter Operator, appointment and salary approved Brown, Ruth A., Charwoman, application for retirement noted, effective May 1 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/9 1929, 1934 6/29 2182 10/6 3237 12/3 3985 10/8 3250 9/10 2949 6/25 6/28 2162 2173 6/30 11/15 2206 3668 9/24 3163 12/3 3984 6/30 2206 4/19 1295 1965 986 Pages Staff of Board of Governors: (continued) Division of Administrative Services: (continued) Buckley, Lola, Telephone Operator, salary increased Salary increased Bundy, Herbert W., Bindery Worker, increase in salary with change in title from Bindery Helper and Operator (mineograph), approved, effective June 20 Salary increased, effective December 5 Carson, Phyllis A., Secretary, transferred from position of Stenographer in Legal Division with salary increased effective June 28 Chandler, Lois A., Utility Clerk, salary increased, change in title from Clerk Chavis, Edna J., Stenographer, transferred from Division of Personnel Administration to, with no change in salary Chisolm, John C., Cafeteria Laborer, granted permission to work for a local warehouse Salary increased Clanton, Saul, Gardner, salary increased with change in title from Grounds Maintenance Worker, effective July 18 Salary increased, effective December 5 Collier, Woodard, Jr., Messenger, appointment and salary approved Collins, Wesley B., Photographer (offset): Salary increased Salary increased Salary increased, effective December 5 Crawford, Mary, Head Cook, application for retirement noted Creasey, Willard D., Chauffeur: Salary increased Salary increased, effective December 5 Cross, Edward, Photographer (Offset): Salary increased Salary increased, effective December 5 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/5 12/20 1099 4313 6/21 12/3 2099 3984 6/10 1942 9/24 3163 12/15 4182 2/15 4/5 547 1100 7/9 12/3 2266 3984 8/17 2711 3/30 12/1 12/3 1014 3898 3984 6/2 1849 6/28 12/3 2173 3983 4/23 12/3 1384 3984 1965 987 Pages Staff of Board of Governors: (continued) Division of Administrative Services: (continued) Council, Thurman E., Messenger, appointment and salary approved Damon, Karen R., Cafeteria Helper: Appointment on a part-time basis (4-hour day) and salary approved Resignation accepted Davis, Gordon M., Sr., Carpenter-Operating Engineer: Salary increased Salary increased, effective December 5 Dear, Ella M., Teletype Operator: Appointment and salary approved Granted permission to work as a flexowriter operator for the American Chemical Society Dingle, Lovair, Messenger: Appointment and salary approved Granted permission to work on weekends as a taxicab driver Salary increased Dortch, Aaron, Foreman-Operator, salary increased, effective December 5 Dyson, Nelson S., Photographer (offset), salary increased, effective December 5 Application for retirement noted, effective December 31 Edmonds, Henry, Grounds Maintenance Worker: Salary increased, with change in title from window washer Granted permission to work as manager of a local store on a part-time basis Salary increased, effective December 5 Ellis, Ruth P., Cafeteria Helper, from a part-time position to a fulltime position, with basic annual salary approved Salary increased Evans, Blanche B., Cafeteria Helper, death of, noted on behalf of Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/8 3248 4/23 10/6 1384 3236 4/23 12/3 1384 3984 1/26 273 2/23 626 3/12 857 3/22 12/20 943 4313 12/3 3984 12/3 3984 12/10 4154 7/12 2292 10/13 12/3 3293 3984 4/22 10/8 1366 3250 7/6 2252 1965 988 Pages Staff of Board of Governors: (continued) Division of Administrative Services: (continued) Evans, Charles E., Operator, Duplicating Devices (Trainee), reinstatement following military leave and salary approved Salary increased, effective December 5 Eyler, Brenda D., Stenographer, salary increased Farmer, Willie, Jr., Messenger, appointment and salary approved Finck, Edward J., Purchasing Assistant, salary increased effective July 4 Fletcher, Horace H., Summer Trainee, temporary appointment, not to exceed certain hours or extend beyond September 30, 1965, approved, under Youth Opportunity Program Resignation accepted Fletcher, Junius M., Jr., Messenger, appointment and salary approved Fling, John P., Operator (Offset Press), appointment and salary approved Salary increased Salary increased, effective December 5 Flowers, Ruth M., Charwoman, salary increased Fox, Johnny S., Jr., Messenger-Driver, salary increased, with change in title from Messenger Gallagher, Catherine, Charwoman, application for retirement noted Gaskins, John Thomas, Messenger, appointment and salary approved accepted Resignation Geris, Alice, Charwoman, appointment and salary approved Cafeteria Laborer, granted W., Graves, Walter permission to work part-time for Ourisman Chevrolet Co., Inc. Green, Edward S., Cafeteria Laborer, appointment and salary approved to work part-time for permission Granted a local hotel http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/6 12/3 3237 3985 11/18 3760 6/30 2206 6/29 2184 6/29 8/23 2182 2756 12/1 3897 1/26 8/13 12/3 10/8 273 2685 3984 3250 4/27 1400 6/2 1849 8/25 9/23 2777 3144 4/20 1317 7/6 2252 5/12 1543 8/9 2661 1965 989 Pages Staff of Board of Governors: (continued) Division of Administrative Services: (continued) Green, Marvin L., Summer Trainee, temporary appointment not to exceed a certain number of hours, or to extend beyond September 30, under Youth Opportunity Program, approved, effective June 30 Resignation accepted Greenspan, Barbara Jane, Clerk, appointment and salary approved Hackett, Edward A., Laborer, appointment and salary approved Resignation accepted Hackney, Carl S., Messenger, salary increased Harris, Mildred C., Charwoman, salary increased effective July 18 Hart, Bishop, Bindery Worker, salary increased Salary increased, effective December 5 Hart, Wilbert J., Supply Clerk, salary increased effective July 18 Resignation accepted Hartzell, Edith C., Charwoman, salary increased Harvey, Bert, Chauffeur (Station Wagon), salary increased, with change in title from Messenger-Driver Salary increased Salary increased, effective December 5 Hickman, Carroll Philip, Supervisory Clerk: Appointment and salary approved Salary increased, effective December 5 Hill, William R., Summer Trainee: Temporary appointment not to exceed a certain number of hours or to extend beyond September 30, under Youth Opportunity Program, approved, effective June 30 Resignation accepted Hirz, Lorraine T., Secretary: Salary increased Transferred to Division of Research and Statistics, with no change in salary http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/29 8/23 2182 2756 10/6 3236 7/23 8/25 6/28 2443 2778 2173 7/14 4/23 12/3 2335 1384 3984 7/14 8/16 2335 2699 10/8 3250 4/9 10/8 12/3 1138 3250 3983 7/20 12/3 2387 3984 6/29 8/23 2182 2756 1/13 123 6/9 1931 1965 990 Pages Staff of Board of Governors: (continued) Division of Administrative Services: (continued) Hollis, John S., Jr., Messenger (Driver): Salary increased, effective June 20, 1965 Resignation accepted effective the close of business August 17, 1965 Hopkins, Glenn B., Painter, salary increased, effective December 5, 1965 Hornbeck, Frances L., substitute Charwoman, resignation accepted, effective July 12, 1965 Hornbeck, Verna Ruth, Cafeteria Helper: Part-time employee, hourly rate of compensation increased Resignation accepted Houser, William T., General Mechanic-Operating Engineer: Appointment and salary approved Granted permission to work for a local construction company increased Salary Salary increased, effective December 5, 1965 Howard, Betty, Charwoman, salary increased, effective July 18, 1965 Howell, William R., Messenger, appointment and salary approved Hulen, Helen L., Chief, Publications Services, salary increased, effective July 4, 1965 Jay, William H., Mail Clerk-Messenger, resignation accepted Jaynes, William K., Guard, appointment and salary approved Jenkins, Mary, Cafeteria Helper, appointment and salary approved Johnson, Clifton, Mail-Clerk Messenger, salary increased, with change in title from Messenger Johnson, John H., Messenger, appointment and salary approved Granted permission to perform custodial services outside the Board Resignation accepted Johnson, Sanford N., Guard: Salary increased Resignation accepted, effective December 22, 1965 Resignation accepted November 29, 1965, rather than December 22, 1965 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/16 2037 8/6 2645 12/3 3984 7/14 2335 11/1 12/7 3481 4070 5/3 1464 5/28 11/22 12/3 1822 3780 3984 7/14 2335 4/29 1434 6/29 2184 2/24 654 4/22 1365 12/20 4312 3/9 827 4/23 1384 5/3 11/24 1465 3813 9/3 2846 11/17 3737 12/3 3986 1965 991 Pages Staff of Board of Governors: (continued) Division of Administrative Services: (continued) Jones, James T., Operator (Mineograph): Salary increased, effective February 14, 1965 Salary increased Salary increased, effective December 5, 1965 Jones, Johnnie D., Jr., Laborer, appointment and salary approved Jones, Theodore L., Operator (Duplicating Devices): Salary increased Salary increased, effective December 5, 1965 Jordan, James R., Operator (Offset Press and Multilith): Salary increased, effective June 20, 1965 Salary increased, effective December 5, 1965 Jordan, Walter, Jr., Cook-Trainee, transfer from position of Messenger in Board Members' Offices to, salary increased Kelleher, Joseph E., Director: Letter approved to J.M. Thayer, Jr., Cashier, FRBank of Boston, advising that, would serve as an associate of the ad hoc subcommittee of the Committee on Systems and Procedures of the Conference of Presidents that had been requested to make a study of System purchasing procedures Salary approved, effective November 1, 1965 Kern, Harry E., Assistant Director, salary approved, effective November 1, 1965 Kopfman, Thomas V., Assistant Supervisor, Duplicating, Mail, Messenger, and Supply Section, salary increased, effective December 5, 1965 Lakatos, Margie W., Mailing List Clerk, salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/4 8/13 392 2685 12/3 3985 9/20 3075 9/24 3163 12/3 3985 6/21 12/3 2099 3984 4/13 1189 8/5 10/29 2617 3434, 3460 10/29 3434, 3460 12/3 3984 4/23 1384 1965 992 Pages Staff of Board of Governors: (continued) Division of Administrative Services: (continued) Lasko, Helen M., Cafeteria Helper, salary increased, effective March 28, 1965 LeVasseur, Arthur F., Clerk, resignation accepted Logan, Hampton L., Laborer: Salary increased, effective July 4, 1965 Salary increased, with change in title from Laborer to Window Washer Salary increased, effective December 5, 1965 Lowden, James H., Messenger: Resignation accepted Rescission of resignation approved Luna, Lloyd G., Guard, resignation accepted MacVean, Grace R., Reservations Clerk, salary increased, effective March 28, 1965 Maddox, P. D., General Mechanic-Operating Engineer: Salary increased Salary increased, effective December 5, 1965 Manns, Paul T., Summer Trainee: Temporary appointment not to exceed a certain number of hours or to extend beyond September 30, 1965, under Youth Opportunity Program, approved, effective about June 30, 1965 Resignation accepted Marcey, Nina, Salad Maker, salary increased Marrow, Napoleon H., Messenger, appointment and salary approved Mayhew, Morris, Gardener, application for retirement noted McClelland, Barbara Ann, Composition Clerk, appointment and salary approved McCoy, William L., Guard, appointment and salary approved McDonald John H., Guard, salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/24 968 8/18 2729 6/29 2184 7/12 2292 12/3 3984 12/3 12/10 6/9 3986 4154 1931 3/24 968 8/23 2755 12/3 3984 6/29 8/23 5/10 2182 2756 1513 7/30 2500 6/2 1849 2/1 359 11/10 6/28 3633 2173 1965 993 Pages Staff of Board of Governors: (continued) Division of Administrative Services: (continued) McDonald, William R., Supervisory Clerk: Advance of sick leave for period not to exceed 26 days beginning April 2, 1965, approved Application for retirement for medical reasons noted Meadows, Phyllis G., Stenographer, resignation accepted Mitchell, John I., Laborer: Salary increased Resignation accepted Moffett, Bruce L., Operator (Offset Press) salary increased, effective December 5, 1965 Moon, Donald W., Supervisor, Procurement Section, salary increased Moore, Melvin E., Laborer, appointment and salary approved Myers, Arthur S., Mechanical Foreman: Salary increased Salary increased, effective December 5, 1965 Nantell, Mary K., Cafeteria Helper, salary increased O'Dell, Opal I., Charwoman, salary increased Painter, Roger M., Chauffeur (Station Wagon): Salary increased, effective March 28, 1965 Salary increased, with change in title from Chauffeur (Station Wagon) Salary increased Salary increased, effective December 5, 1965 Palmer, Ethelyn M., Secretary, salary increased Pegram, William E., Messenger, resignation accepted effective the close of business August 6, 1965 Phillips, Gerard E., Messenger, salary increased Poling, Carlton C., Chauffeur: Salary increased Salary increased, effective December 5, 1965 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/21 1333 6/1 1835 4/2 1071 6/28 8/18 2173 2729 12/3 3984 4/23 1384 12/30 4445 9/24 3163 12/3 3983 11/18 8/13 3760 2685 3/24 968 4/2 9/24 1071 3163 12/3 3983 10/8 3250 8/6 2645 12/15 4181 6/28 2173 12/3 3983 1965 994 Pages Staff of Board of Governors: (continued) Division of Administrative Services: (continued) Poole, Donald R., Operator, (Offset Press), resignation accepted Pope, John M., Guard, salary increased, effective July 4, 1965 Portnoy, Albert A., Supervisor-Inspector, salary increased Rabbitt, Bruce L., Painter, salary increased, effective December 5, 1965 Rogers, Luvenia, Teletype Operator, appointment and salary approved Rose, Abraham, Operator (Mimeograph): Salary increased Salary increased, effective December 5, 1965 Rose, Mary Ann, Clerk-Typist, transferred to Division of Data Processing, with no change in basic annual salary Roush, Hiram J., Senior Guard (change in title from Guard) salary increased Sanders, Mary E., General Assistant, salary increased, effective July 4, 1965 Schmidt, Catherine L., Secretary, application for retirement noted, effective December 21, 1965 Showalter, Park O., Electrician-Operating Engineer, salary increased, effective December 5, 1965 Simmons, Allen E., Mail Clerk, salary increased, effective May 23, 1965 Simmons, Aubrey L., Sergeant, Guard Force, salary increased Sine, Raymond R., Guard, salary increased Sloke, Charles A., Guard: Appointment and salary approved, effective June 21, 1965 Resignation accepted Smith, George William, Laborer: Appointment and salary approved Granted permission to work for a local tire company on a part-time basis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/11 107 6/29 2184 4/23 1385 12/3 3984 12/9 4099 3/30 1014 12/3 3985 10/8 3251 4/23 1385 6/29 2184 12/10 4154 12/3 3983 5/21 1709 6/28 11/5 2173 3578 6/21 10/27 2099 3407 9/22 3140 9/30 3205 1965 995 Pages Staff of Board of Governors: (continued) Division of Administrative Services: (continued) Smith, John D., Assistant to the Director, salary increased, effective March 28, 1965 Smith, Laura A., Charwoman, appointment and salary approved Steger, Karl J., Steamfitter-Operating Engineer: Salary increased, effective December 5, 1965 Application for retirement noted, effective December 31, 1965 Stephen, Roy L., Cafeteria Laborer: Granted permission to work for a local warehouse Resignation accepted, effective May 12, 1965 Steward, Hubert L., Messenger: Memorandum from Governor Maisel recommending transfer to position of Messenger in Board Members' Offices, approved, with an increase in basic annual salary Transfer from Board Members' Offices to, with an upward adjustment in basic annual salary Resignation accepted Stinson, Clayton B., Messenger: Salary increased, effective March 28, 1965 Change in title from Messenger to Lead Messenger, salary increased Sullivan, David, Guard, salary increased, effective July 4, 1965 Taylor, Franklin, Supervisor, Duplicating, Mail, Messenger, and Supply Section, salary increased, effective December 5, 1965 Taylor, Kenneth P., Messenger, appointment and salary approved Tayman, Doris M., Charwoman, appointment approved, with compensation at rate of $1.85 per hour when actually employed, effective the date of entrance upon duty http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/24 968 6/4 1889 12/3 3983 12/10 4154 2/15 547 5/5 1483 5/6 1495 12/3 12/15 3986 4180 3/24 968 4/23 1385 6/29 2184 12/3 3984 12/30 4445 8/18 2729 1965 996 Pages Staff of Board of Governors: (continued) Division of Administrative Services: (continued) Tedrow, Paul L., Operating Engineer: Salary increased Salary increased, effective December 5, 1965 Thompson, Abner, Operator (Multilith), salary increased, effective December 5, 1965 Thompson, Lee R., Guard, transferred to position of Operator, Tabulating Equipment (Trainee) in Division of Data Processing with no change in salary, effective April 25, 1965 Tobler, Herman Lee, Sergeant, Guard Force, salary increased Venable, Geraldine M., Clerk-Cashier, salary increased, effective February 28, 1965 Wallace, Raphael L., Messenger: Appointment and salary approved Transferred to Board Members' Offices, with no change in salary Ward, Charlie H., Lead Laborer: Salary increased with change in title from Laborer, effective May 23, 1965 Salary increased Salary increased, effective December 5, 1965 Wheat, William D., Supply Clerk, appointment and salary approved White, Issac, Messenger, resignation accepted White, Lloyd F., Chauffeur, application for disability retirement noted, effective March 9, 1965 Whitty, Thomas A., Guard, salary increased Wiggins, Phillip M., Messenger, appointment and salary approved Willard, Marie, Cafeteria Helper, salary increased, effective March 28, 1965 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/27 2795 12/3 3984 12/3 3984 4/19 1294 6/28 2173 2/25 703 10/8 3248 12/3 3986 5/21 11/18 1709 3760 12/3 3984 4/2 4/16 1071 1273 2/25 7/21 704 2407 2/8 435 3/24 968 1965 997 Pages Staff of Board of Governors: (continued) Division of Administrative Services: (continued) Williams, Perry, Jr., Supply Clerk: Appointment and salary approved Granted permission to work as a cab driver on a part-time basis Resignation accepted Windsor, R. A., Assistant Supervisor, Motor Transport Unit: Salary increased Salary increased, effective December 5, 1965 Witherspoon, David S., Summer Trainee: Temporary appointment not to exceed certain number of hours or to extent beyond September 30, 1965, under Youth Opportunity Program, approved, effective about June 30, 1965 Resignation accepted Worthy, Walter L., Jr., Mail Clerk, salary increased Yilek, Joseph J., Senior Supply Clerk, application for retirement noted Division of Bank Operations: Directive to, re examination and supervision of FRBanks, approved, understanding that copies would be sent to FRBanks for their information Directives now issued and copies sent to head of, and to FRBanks Grade 13, Accounting and Currency Unit, new Grade 13 position established Planning Departments of FRBanks, discussion re, as it affects the responsibilities for examination and supervision of FRBanks, agreement with suggestion made by staff committee that Division of Bank Operations be directed to give continuing attention to this function http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/19 1294 4/27 12/16 1400 4238 6/28 2173 12/3 3983 6/29 8/23 2182 2756 11/18 3760 3/4 785 2/15 521 5/26 1742, 1774 5/14 1603 2/15 521, 543 1965 998 Pages Staff of Board of Governors: (continued) Division of Bank Operations: (continued) (Individual names) Atchison, Mary Teresa, Secretary, reemployment and salary increased following maternity leave Beckham, Patricia Ann, Stenographer: Transfer from position of Clerk-Stenographer in Division of Personnel Administration, with no change in basic annual salary, approved Salary increased, effective June 20, 1965 Bubb, Doris V., Analyst, salary increased Conkling, Gerald M., Assistant Director, application for retirement noted Cook, Sandra H., Statistical Clerk, salary increased, effective February 14, 1965 Cordell, Carol Lee, Secretary, resignation accepted Daniels, M. B., Assistant Director, salary approved, effective November 1, 1965 Durkan, Mary M., Technical Assistant, salary increased, effective July 4, 1965 Farrell, John R., Director: Appointed to a staff committee dealing with examination and supervision of FRBanks, to work out a more clear-cut delineation of the areas of responsibility by Board's several divisions Discussion re purchasing by FRBanks in connection with responsibility for examination and supervision of FRBanks, agreement that Mr. Farrell be asked to prepare a list of questions that could be submitted to Conference of Presidents To be member of the Secretariat, an 11-man group, comprised of senior FRBank and Board officials plus one senior economist from Board's staff, secretariat to serve the Steering Committee in the study of discount mechanism http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/4 3224 2/1 6/16 8/13 359 2037 2684 3/31 1047 2/11 488 9/1 2826 10/29 3434, 3460 6/29 2183 2/15 522 2/15 546 8/5 2614 1965 999 Pages Staff of Board of Governors: (continued) Division of Bank Operations: (continued) Farrell, John R., Director: (continued) Salary approved, effective November 1, 1965 Faust, Ferol Ann, Stenographer: Transferred from Division of Personnel Administration to, with no change in basic annual salary Salary increased Franzoni, John C., Technical Assistant, salary increased E., Clerk-Stenographer, Patricia Gardosik, transferred to position of Secretary in Division of Personnel Administration, with increase in salary approved Statistical Assistant, Frances, Mary Gifford, salary increased Griset, Margaret C., General Assistant, salary increased B., Analyst: Robert Haycock, salary approved and Appointment witness to the multilation a as Designated of fascimile signature plates of FRBank officers in lieu of Daniel E. Lucas who had resigned Kiley, John N., Assistant Director, salary approved, effective November 1, 1965 Lucas, Daniel E., Analyst: Salary increased Resignation accepted Madigan, John T., Analyst, resignation effective on July 25, 1965, approved McIntosh, James A., Technical Assistant: Authorized to attend the Sixth SEANZA Central Banking Course, to be held in Wellington, New Zealand, from September 20 to November 26, 1965, recommendation to be made later whether travel would be authorized on per diem or an actual expense basis Request to visit certain central banks in connection with his trip to New Zealand, approved Salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/29 3460 7/12 12/16 2292 4238 10/8 3250 6/10 1942 12/20 4313 11/5 3578 10/8 3251 12/27 4424 10/29 3434, 3460 6/28 9/23 2173 3145 7/8 2259 5/26 1740 8/2 6/3 2530 1854 1965 1000 Pages Staff of Board of Governors: (continued) Division of Bank Operations: (continued) McKee, D. Lewis, Technical Assistant, salary increased, effective January 17, 1965 Omohundro, Eleanor E., Analyst, salary increased Raymond, Kevin M., Analyst, appointment and salary approved Ring, P. D., Technical Assistant, salary increased Sapsara, Peter N., Analyst: Salary increased Salary increased Thalley, W. Lucius, Clerk, transferred to position of Library Assistant, Division of Research and Statistics, with no change in salary, effective February 14, 1965 Vereb, Dorothy M., Statistical Clerk: Salary increased, effective May 23, 1965 Granted permission to work as cashier at a local theater on a parttime basis White, Edwin G , Technical Assistant, salary increased, effective January 17, 1965 Wilson, Barbara Anne, Stenographer: Transferred from Division of Personnel Administration to, with no change in annual salary, effective October 10, 1965 Transferred to Division of International Finance, with no change in salary Witherell, Eugene E., Consultant, reappointed for calendar year beginning January 1, 1966 Division of Data Processing: Digital Computer Systems Operator, position to be established in Operations Section Directive to, re examination and supervision of FRBanks, issued and copies sent to head of, and also to FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/18 185 10/20 3343 10/1 3214 4/23 1384 9/3 12/30 2846, 2874 4446 2/10 476 5/21 1709 10/20 3342 1/18 185 10/6 3237 11/18 3760 12/30 4447 8/23 2756 5/26 1742, 1778 1965 1001 Pages Staff of Board of Governors: (continued) Division of Data Processing: (continued) Draftsman, Economic Graphics Section, authorization for the dual occupancy for temporary periods, request approved Key Punch Operator, establishment of new position authorized Leased Operator Service, authorization to use approximately $5 per hour, pending the employment or training of an operator for this work Programmer, Financial Statistics Section, authorization of position to be established when programmer was actually hired Statistician, junior or intermediate level, position authorized, to be regarded as established when statistician is hired Operator, establishment Machine Tabulating of new position authorized (Individual names) Altshuler, Winofred F., Chart Machine Operator, salary increased Senior Operator (Tabulating C., Albert Bain, Equipment), resignation accepted Ball, Margaret K., Supervisor, Call Report Unit, salary increased Bergstein, Ethel Adeline, Statistical Clerk: Appointment approved Granted permission to work for "Bergstein Temporary Help Service" Black, Helen K., temporary contractual appointment effective to December 31, 1965, with rate of compensation approved to assist in work of Financial Statistics Section Brooke, Bonnie, Digital Computer Programmer, transferred from Division of Research and Statistics with title of Statistical Assistant to, with no change in basic annual salary http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/14 2334 6/10 1942 8/23 2756 1/19 216 2/23 626 6/10 1942 9/24 3163 4/5 1100 10/8 3250 2/10 476 3/10 841 7/14 2333 12/15 4182 1965 1002 Pages Staff of Board of Governors: (continued) Division of Data Processing: (continued) Butler, Barbara Joan, Draftsman: Salary increased, with change in title from Draftsman-Trainee Resignation accepted Byard, Rexanne Edith, Statistical Clerk, appointment and salary approved Chapuis, Gloria Agnes, Key Punch Operator, appointment and salary approved Condon, Daisy L., Secretary: Salary increased, effective July 4, 1965 Reemployment and salary approved following maternity leave Connor, Sandra L., Secretary, resignation accepted Craft, Robert H., Digital Computer Systems Operator, salary increased Cunningham, Marilynn S., Key Punch Operator, resignation accepted Curtis, William Wallace, Economist, appointment and salary approved Davison, Janet M., Draftsman, salary increased de Fontenay, Christine Dunlevy, Digital Computer Programmer (Trainee), appointment and salary approved Devera, John Anthony, Operator, Tabulating Equipment, appointment and salary approved Fike, Patricia Louise, Operator (Tabulating Equipment), appointment and salary approved Fitzhugh, Donald B., Data Processing Planner: Salary increased, effective July 4, 1965 Salary increased Folsom, Dorothy L., Draftsman: Salary increased Salary increased, effective July 4, 1965 Gedanken, Irving, Statistician: Designated as a member of the special ad hoc committee of the Conference of Presidents to study further sampling techniques in allocating redemption credit for all denominations of FRnotes, including those outstanding which would never be presented for redemption Salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/4 7/21 785 2407 12/1 3898 10/8 3251 6/29 2184 9/3 2847 9/23 3144 8/13 2685 10/18 3328 2/24 8/13 654 2685 12/22 4342 10/18 3328 5/21 1708 6/29 8/13 2184 2685 4/23 6/29 1385 2184 1/6 12/15 47 4182 1965 1003 Pages Staff of Board of Governors: (continued) Division of Data Processing: (continued) Glenn, Lowell M., Analyst, salary increased Goetzinger, James D., Systems Planner, transferred from position of Economist in the Division of Research and Statistics to, with no change in salary Greenberger, Martin, Consultant: Presently Associate Professor at Sloan School of Management, Massachusetts Institute of Technology, appointment until December 31, 1965, on temporary contractual basis with salary rate approved, travel and per diem in accordance with Board's regulation, approved, along with resultant overexpenditure in budget of Data Processing Reappointed for calendar year beginning January 1, 1966 Haldeman, Rosalie, Stenographer, transferred from Division of Personnel Administration to, with no change in salary Hall, Charla Jo, Draftsman, salary increased, with change in title from Draftsman-Trainee Harlow-Rao, Ramona K., Key Punch Supervisor, salary increased, with change in title from Key Punch Operator Holmes, Raymond L. M., Digital Computer Programmer, transferred to Division of Research and Statistics, with no change in salary Huber, Barry Edward, Summer Research Assistant, appointment and salary approved Resignation accepted Innocenti, Janet E., Statistical Clerk, transferred to position of Statistical Assistant in Division of Research and Statistics, with increase in salary http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/9 827 9/9 2926 7/14 2334 12/30 4447 12/30 4447 9/7 2877 7/12 2292 7/12 2292 3/30 9/3 1015 2847 4/19 1294 1965 1004 Pages Staff of Board of Governors: (continued) Division of Data Processing: (continued) Jackson, Kathryn A., Statistical Assistant: Salary increased Salary increased Johnson, Kenneth L., Draftsman-Trainee: Granted permission to work at the Corcoran Gallery of Art Granted military leave for period necessary to fulfill his military obligation beginning February 24, 1965 Kerwin, Mary Elizabeth, Key Punch Operator, appointment and salary approved Langham, Lee W., Assistant Director: Authorized to negotiate with the appropriate representative of Department of State re Department's request for 20-30 hours a week on Board's computer for the next four or five months, such negotiation to be on the basis that the rate of reimbursement would be $45 per hour Salary approved, effective November 1, 1965 Litman, Audrey L., Statistical Clerk: Salary increased Resignation accepted Lynn, Harry Emery, Draftsman: Appointment and salary approved Granted permission to work for a local store on a part-time basis Menegos, Mary Margaret, Stenographer, salary increased with change in title from Clerk-Typist Miller, Frank J., Operator, Tabulating Equipment, salary increased Senior Operator, Tabulating Equipment (change in title from Operator) salary increased Miller, James E., Operator (Tabulating Equipment): Salary increased Military leave for an anticipated twoyear tour of duty in the Armed Forces of the United States, effective August 23, 1965 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/18 12/20 3760 4313 1/6 50 2/23 626 11/1 3481 7/21 2407 10/29 3434, 3460 2/8 10/20 435 3343 8/3 2582 9/22 3140 10/4 3224 3/9 827 4/23 1385 4/5 1100 8/18 2729 1965 1005 Pages Staff of Board of Governors: (continued) Division of Data Processing: (continued) Miller, James E., Operator (Tabulating Equipment): (continued) Reemployment and salary approved (military leave had previously been granted to Mr. Miller, but he had failed to pass the Armed Forces physical examination) Transfer to permanent status, salary approved Salary increase and change in title from, to Digital Computer Programmer (Trainee) Mogerman, Kate G., Draftsman, salary increased Nobilio, Concetta M., Stenographer, salary increased Nowak, Evert, Digital Computer Programmer, salary and appointment approved, effective April 19, 1965 Osborne, Dale K., Economist: Salary increased Salary increased Peery, A. Helen, Key Punch Operator (Trainee): Appointment and salary approved on July 2, 1965 Salary increased, with change in title from, to Key Punch Operator Pepper, Darrell, Chart Machine Operator: Salary increased Salary increased Powers, Alfreda Moore, Key Punch Operator, appointment and salary approved Rao, Ramona Kay, Key Punch Operator, appointment and salary approved Rastatter, Edward H., Economist, appointment and salary approved Reeder, Ray M., Digital Computer Systems Operator, salary increased Ridgeway, Gay E., Statistical Clerk, resignation accepted Rose, Mary Ann, Clerk-Typist: Transferred from Division of Administrative Services to, with no change in basic annual salary Salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/25 2777 9/1 2825 10/6 12/15 3237 4182 1/22 256 3/22 943 7/21 10/8 2407 3251 7/6 2251 12/30 4447 12/15 12/20 4180 4313 3/30 1014 2/4 392 3/3 748 2/1 360 1/27 322 10/8 12/15 3251 4180 1965 1006 Pages Staff of Board of Governors: (continued) Division of Data Processing: (continued) Rowe, Mack R., Chief, Economic Graphics Section: Given permission to teach a course in AudioVisual Instruction at the Northern Virginia Center of the University of Virginia Salary increased Granted permission to deliver certain lectures at Concordia State Teachers College, Seward, Nebraska, in June 1966 Schaefer, Kalmann, Statistician: Appointment and salary approved Given permission to teach Hebrew at Temple Sinai Sunday School Resignation accepted Schiller, M. Carla, Statistical Clerk, appointment and salary approved Schuster, Jacqueline, Digital Computer Programmer, salary increased, with change in title from Statistical Clerk Schwartz, M. H., Director: Granted permission to conduct an orientation class for the staff of Resources for the Future Granted permission to serve without remuneration on the Editorial Board of the Journal of Data Management Salary approved, effective November 1, 1965 Slagle, Dorothy Marie, Statistical Clerk, appointment and salary approved Smith, Ruth H., Key Punch Supervisor, resignation accepted, effective April 30, 1965 Spellman, Lewis J., Economist, resignation accepted Staiger, David S., Senior Economist: Appointment and salary approved Letter to the Executive Secretary of the Interagency Committee on Automatic Data Processing advising of the designation of, to serve as alternate to M.H. Schwartz on the Interagency Committee http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/21 7/21 2100 2407 9/29 3187 7/14 2334 8/3 12/15 2582 4182 7/6 2251 10/25 3370 2/12 501 6/7 1912 10/29 3434, 3460 12/8 4083 4/19 1295 1/26 274 4/9 1137 10/29 3435 1965 1007 Pages Staff of Board of Governors: (continued) Division of Data Processing: (continued) Stansbury, Daviette Hill, Digital Computer Programmer: Reemployment and salary approved (halftime basis) following maternity leave Salary increased (half-time) Resignation accepted Steinberg, Robert M., Economist: Salary increased, effective May 23, 1965 Resignation accepted, effective July 6, 1965 Sterkel, Ronald, Consultant: Reappointment approved, for year ending December 31, 1965, with compensation at rate of $50 per day plus necessary transportation expenses and a $16 per diem in lieu of subsistence allowance while in travel status Reappointed for calendar year beginning January 1, 1966 Szillat, Lyla E., Digital Computer Systems Operator, salary increased Tharp, Russell Hardy, Programmer, salary increased, effective March 28, 1965, with change in title from Programmer-Trainee Thomasson, Bernard A., Digital Computer Systems Operator (Trainee), reinstatement following military leave and salary approved Thompson, Lee R., Operator, Tabulating Equipment (Trainee): Transferred from position of Guard in Administrative Services, effective April 25, 1965 Salary increased, with change in title to Operator, Tabulating Equipment Tweed, Adeline R., General Assistant, transferred from position of Budget and Planning Assistant in the Office of the Controller, with increase in salary, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/15 8/13 12/3 898 2685 3986 5/21 1709 6/16 2037 1/27 322 12/30 4447 12/20 4313 3/9 827 9/1 2825 4/19 1294 10/6 3237 5/12 1543 1965 1008 Pages Staff of Board of Governors: (continued) Division of Data Processing: (continued) Vander Noot, Theodore J., Chief Analyst, salary increased Vaughn, Marion Heiber, Computer Programmer: Appointment and salary approved Resignation accepted Veenstra, Theodore A., Jr., Chief, Financial Statistics Section, salary increased Walka, Ann W., Digital Computer Programmer, resignation accepted, effective at the close of business February 26, 1965 Wennemer, Bernard Michael, Clearing Assistant, appointment and salary approved Wrenn, Charles M., Digital Computer Programmer, salary increased, with change in title from Programming Assistant Zeller, Louis, Digital Computer Programmer Supervisor, salary increased and title changed from Digital Computer Programmer, effective February 28, 1965 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 Directive to, re examination and supervision of FRBanks, approved with understanding that copies would be sent to FRBanks for their information Directives issued and copy sent to head of, and copies sent to FRBanks 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 any resulting overexpenditure 1965 budget of the Division, in approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/8 3251 4/6 9/23 1121 3145 3/22 943 2/19 612 7/26 2457 2/1 360 2/25 703 4/6 1121 4/6 1121 1/6 50 2/15 521 5/26 1742, 1770 7/12 2291 1965 1009 Pages Staff of Board of Governors: (continued) Division of Examinations: (continued) Official staff, discussion of need for strengthening, with feeling that addition of at least one person with examination experience should be brought in from outside the division, further discussion between Governor Shepardson and Mr. Solomon re (Individual names) Achor, Robert F., Review Examiner, salary increased Bell, Bernice, Secretary, salary increased, with change in title from Stenographer Bergstein, Ethel, Statistical Clerk, resignation accepted Black, Helen K., recommendation approved that the appointment of, to assist in the work of the Financial Statistics Section be extended from December 31, 1965, until June 30, 1966, on a temporary contractual basis with compensation at the rate of $19 per day Bulow, Katherine M., Special Assistant Federal Reserve Examiner, transfer from position of Secretary in Division of Research and Statistics to, and salary increased Burton, Robert C., Review Examiner (with commission of FRExaminer), appointment and salary approved, (understanding that normal physical requirements would be waived) Charuhas, Jane C., Training Technician, salary increased J., Stenographer, salary Constance Comella, increased, effective April 25, 1965 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/23 625 4/5 1099 12/15 4181 12/9 4099 12/9 4099 9/1 2826 7/1 2226 2/26 716 4/19 1294 1965 1010 Pages Staff of Board of Governors: (continued) Division of Examinations: (continued) Courtney, Anna S., Supervisor, Recording and Stenographic Section, salary increased, effective July 4, 1965 Dahl, Frederick R., Chief, Special Studies and Operations Section, study re foreign operations of U.S. banks, Mr. Dahl to be given responsibility of the direction and execution of project under general supervision of Director of Division of International Finance, authorized to draw upon such personnel, records, and materials that will assist in the further planning and implementation of the project Didjunas, Fayette, Stenographer, salary increased Dittrick, E. A., Senior FRExaminer, salary increased Dobson, Brenda Irene, Stenographer, transferred from position of Stenographer in Division of Personnel Administration, with no change in salary, effective August 29, 1965 Edwards, Evelyn W., Secretary, application for retirement noted Free, Kendall R., Digital Computer Programmer (Trainee): Appointment and salary approved Salary increased, with a change in title from, to Digital Computer Programmer Salary increased Gannon, Patricia L., Secretary, salary increased Goodfellow, Allen, Review Examiner: Salary increased Salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/29 2183 8/25 2776 8/23 2775 11/18 3760 8/16 2699 5/18 1658 1/18 184 7/16 12/30 2362 4313 12/15 4180 8/13 12/20 2685 4313 1965 1011 Pages of Governors: (continued) Examinations: (continued) Glenn M., Assistant Director: in charge of personnel being sent to examine foreign branches of member banks located in London, Paris and Frankfurt, with detailed travel arrangements to be approved by Governor Shepardson on actual expense or per diem basis Salary approved, effective November 1, 1965 Greene, Sandra, Assistant Review Examiner, appointment and salary approved Halota, Enid J., Secretary, transfer from Secretary's Office to, with an increase in salary Hammons, Att W., Jr., Assistant FRExaminer, salary increased Harris, Alex J., Jr., Assistant Review Examiner, salary increased, effective June 6, 1965 Healey, Edward W., Assistant FRExaminer, salary increased Herigstad, Frank P., Assistant FRExaminer: Salary increased, effective May 23, 1965 Salary increased, effective July 4, 1965 Horan, Grace Anne, Stenographer: Transferred from Division of Personnel Administration to, with no change in salary Salary increased Hudnall, Millicent R., Stenographer, salary increased Johnson, Travis J., Senior FRExaminer: Salary increased Application for retirement noted Jordan, Rosemary, Special Assistant FRExaminer, transferred to Division of International Finance with change in title to Secretary and salary increased Joyce, James H., Assistant FRExaminer, salary increased Kilroy, Patricia, Secretary, salary increased Kline, Don Edgar, Assistant Review Examiner, transfer from position of Assistant FRExaminer (Field staff) to, with no change in salary, approved Staff of Board Division of Goodman, To be http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/26 10/29 2455 3434, 3460 11/15 3668 5/26 1742 12/3 3985 6/3 1854 7/12 2291 5/21 6/29 1709 2183 7/16 12/30 2363 4447 12/15 4180 1/13 12/9 123 4099 8/23 2755 4/23 3/9 1384 827 4/1 1059 1965 1012 Pages Staff of Board of Governors: (continued) Division of Examinations: (continued) Leavitt, Brenton C., Assistant Director, salary approved, effective November 1, 1965 Maguire, Hugh J., Supervisory Review Examiner, appointment and salary approved Manning, Frederick M., Examiner, to be assigned to the foreign banking section of, for approximately three months beginning May 24, 1965, Mr. Manning is an Assistant Examiner from the FRBank of Philadelphia, understood that the Reserve Bank will absorb salary and travel expenses Maurer, Ralph C., Review Examiner, salary increased McClelland, W. J., Assistant to Director, application for retirement noted McShane, M. Patricia, Assistant Review Examiner, salary increased Miller, Mary Ellen, Stenographer, salary increased, effective March 14, 1965 Mulcahy, Phyllis, Clearing and Recording Clerk, transfer from position of Assistant Legal File Clerk in Legal Division to, salary increased Noory, George C., Assistant Review Examiner, salary increased Orr, Lois, Special Assistant FRExaminer, transferred from the position of Secretary in the Division of International Finance to, with an adjustment in basic annual salary Pounds tone, John M., Review Examiner, salary increased Randall, Harold E., Consultant, reappointed for calendar year beginning January 1, 1966 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/29 3434, 3460 3/9 826 5/19 1677 1/13 123 6/30 2206 3/30 1015 3/12 857 4/13 1189 2/1 359 12/23 4385 4/5 1099 12/30 4447 1965 1013 Pages Staff of Board of Governors: (continued) Division of Examinations: (continued) Rayman, Alice E., Secretary, transferred from position of Assistant Supervisor, Recording and Stenographic Section to the position of Secretary, with an increase in salary, approved Riley, Jerry B., Senior FRExaminer, salary increased, effective July 18, 1965 Robinson, Irvin W., FRExaminer: Salary increased Salary increased, effective July 4, 1965 Rumbarger, William E., Review Examiner, salary increased Review Examiner, salary James K., Sanford, increased, effective March 28, 1965 Schaeffer, Lloyd M., Chief FRExaminer, salary approved, effective November 1, 1965 Accountant-Analyst: A., Sidman, Thomas salary approved and Appointment Examiner, approved Appointment as Assistant to the Director, Stanley J., Sigel, memorandum approved requesting authorization for, to attend a program organized by the Norwegian Central Statistical Office and to visit the National Bank of Denmark in Copenhagen, the Bank of Norway in Oslo, and the Bank of Sweden in Stockholm during his forthcoming trip to Norway to attend the 1965 meeting of the International Association for Research in Income and Wealth, travel authorized to cover August 26 to September 17, 1965 Slocombe, Carol Ann, Assistant Supervisor, Recording and Stenographic Section, salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/1 2226 7/14 2335 2/8 6/29 435 2183 11/18 3760 3/24 969 10/29 3434, 3460 4/5 6/24 1099 2148 7/12 2291 11/5 3578 1965 1014 Pages Staff of Board of Governors: (continued) Division of Examinations: (continued) Smith, James C., Assistant Director, salary approved, effective November 1, 1965 Smith, James R., Accountant-Analyst: Change in title from Review Examiner, salary increased Salary increased effective June 20, 1965 Transferred to position of Legal Assistant in the Legal Division, with no change in basic annual salary, effective upon assuming his new duties Solomon, Frederic, Director: Granted permission to prepare a chapter on examination of commercial banks in "Commercial Banking Handbook" to be published by R. D. Irwin, Inc. Governor Sherpardson appointed a staff committee dealing with examination and supervision of FRBanks composed of, as Chairman and Messrs. Noyes, Brill, Farrell, and Johnson to work out a more clear-cut delineation of the areas of responsibility and methods of cooperation on part of Board's several divisions having the responsibilities re functions of FRBanks Granted permission to deliver lecture on bank capital at the University of Wisconsin School of Banking, Madison, Wisconsin, in August 1965, approved Member of the Secretariat, an 11-man group comprised of senior FRBank and Board officials plus one senior economist from Board's staff, Secretariat to serve the Steering Committee in the study of the discount mechanism http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/29 3434, 3460 4/23 6/16 1384 2037 10/13 3293 1/26 274 2/15 522 7/26 2457 8/5 2614 1965 1015 Pages Staff of Board of Governors: (continued) Division of Examinations: (continued) Solomon, Frederic, Director: (continued) Attendance at Convention of National Association of Supervisors of State Banks, and meeting of officers of bank examination departments of the FRBanks to be held in Detroit, Michigan, on October 1, 1965, approved, along with payment of registration fee for, and two other officers of Division of Examinations Salary approved, effective November 1, 1965 Straub, Warren C., Examiner, letter to FRBank of New York approved, re arrangements for the assignment to the Board's Division of Examinations of, an examiner for the FRBank of New York for a period of approximately three months beginning January 10, 1966 Sundberg, Robert G., Review Examiner, salary increased, effective March 28, 1965 Thomas, Judith A., Special Assistant, Federal Reserve Examiner: Salary increased Resignation accepted Thompson, Andrew N., Assistant Director, salary approved, effective November 1, 1965 Tompros, Ann C., Secretary, resignation accepted Treimann, John A., FRExaminer, salary increased Tyndall, Linwood N., Assistant FRExaminer, resignation accepted Zidek, Louis William, Senior FRExaminer, salary increased, effective July 18, 1965 Division of International Finance: Allied Social Science Associations, four staff members of, authorized to attend at Board expense the annual meetings of, to be held in New York City, December 2830, 1965 Directive to, re examination and supervision of FRBanks, now issued and copies sent to head of, and also to FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/6 10/29 2642 3434, 3460 12/16 4238, 4241 3/24 969 8/13 12/3 2685 3986 10/29 2/12 8/13 3434, 3460 501 2685 8/23 2755 7/14 2335 12/7 4070 5/26 1742, 1777 1965 1016 Pages Staff of Board of Governors: (continued) Division of International Finance: (continued) Economist, establishment of additional position of, in the Special Studies and Operations Section, approved Statistical Assistant, Europe and British Commonwealth Section, new position of, approved (Individual names) Baker, Charles C., Jr., Economist, salary increased Bierly, Lula B., Clerk: Salary increased, effective February 28, 1965 Transferred to position of Editorial Clerk in the Division of Research and Statistics, with no change in salary Blackburn, Denise C., Statistical Assistant, transferred from position of Statistical Clerk in Division of Research and Statistics, to, with an increase in salary Brinley, Rita D., Secretary: Reemployment following maternity leave with salary approved, effective January 25, 1965 Resignation effective at the close of business, April 2, 1965 Bryant, Ralph C., Economist, appointment and salary approved Bulow, Katherine M., Clerk-Stenographer: Salary increased Transferred to position of Secretary in Division of Research and Statistics, with increase in salary, approved Cushman, Christine, Senior Clerk, transfer from poisition of Clerk in same Division with increase in salary, approved Dahl, Frederick R., Chief, Special Studies and Operations Section: Designated by Board to inspect information returns made by commercial banks under Executive Order 11213 and Treasury regulations http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/27 1400 9/13 2959 9/3 2846 2/25 703 12/1 3898 10/25 3370 1/18 185 3/24 968 5/18 1657 2/1 359 5/12 1543 5/14 1603 4/15 1240, 1254 1965 1017 Pages Staff of Board of Governors: (continued) Division of International Finance: (continued) Dahl, Frederick R., Chief, Special Studies and Operations Section: (continued) Salary increase approved, effective June 20, 1965 Commissioned as a FRExaminer Darlington, Rosemary A., Economist: Appointment and salary approved Salary increased DeCarlo, Guy R., Economist: Appointment and salary approved Given permission to teach a course in Economic Principles for the University of Maryland (at the Navy Annex in Arlington) Salary increased Emery, Robert F., Economist: Granted permission to serve as Dean of Senior Division of College of Business and Financial Administration, Southeastern University, Washington, D. C., without remuneration; and to accept royalty for an article published Salary increased Ford, Barbara, Stenographer: Transferred from Division of Personnel Administration to, with no change in salary Resignation accepted Garabedian, Levon, Administrative Assistant: Transfer from position of General Assistant in Division of Research and Statistics, with no change in salary Salary increased Gekker, Paul, Senior Economist, salary increased Gemmill, Robert F., Economist, Special Studies and Operations Section: Designated by Board to inspect information returns made by couultercial banks under Executive Order 11213 and Treasury regulations Salary increase approved, with change in title from, to Senior Economist, effective June 20, 1965 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/14 10/4 1997 3224 5/10 12/20 1513 4313 4/29 1434 6/21 11/22 2100 3780 5/5 12/3 1483 3985 5/28 11/15 1822 3668 4/22 10/8 1365 3249 10/8 3249 4/15 1240, 1254 6/14 1997 1965 1018 Pages Staff of Board of Governors: (continued) Division of International Finance: (continued) Gomez, Michael A., Economist, resignation accepted effective at close of business February 25, 1965 Grimwood, Gordon B., Assistant to the Director: Transferred from position of Chief, Liaison Office, Office of Defense Planning, to, with no change in salary Salary increased effective January 2, 1966 Title, effective January 2, 1966, Assistant to the Director, Division of International Finance Harley, Charles K., Summer Research Assistant: Appointment and salary approved Increase in salary rate, approved Resignation accepted Harper, Gloria U., Secretary, transferred from Division of Research and Statistics, to, with no change in basic annual salary Hart, Benson H., Economist: Appointment and salary approved Salary adjustment approved effective August 16, 1965, rather than at rate approved on June 21, 1965 Hayes, David G., Economist: Salary increased Salary increased, effective July 4, 1965 Travel authorized for, to spend three weeks, from October 25 to November 12, 1965, in London and Cambridge to broaden his technical understanding of British financial institutions and of current financial policies and problems, question raised re curtailing nonessential foreign travel in view of admonition by President in relation of U.S. balance of payments problems http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/19 612 12/20 12/20 4312 4313 12/20 4313 4/2 4/21 9/8 1071 1333 2890 12/30 4446 6/21 2100 8/16 2699 6/28 6/29 2173 2183 9/9 2924 1965 1019 Pages Staff of Board of Governors: (continued) Division of International Finance: (continued) Hayes, David G., Economist: (continued) Nomination of, to participate in the International Banking Summer School to be held in Bergen, Norway, June 20-July 2, 1966, approved, while in school to be placed on an actual expense basis, during travel status to receive per diem, Board also authorized an expenditure not exceeding $100 to cover pro rata expense incurred by, if a national delegation reception should be given Salary increased Hayes, Davita C., Secretary: Salary increased, effective July 4, 1965 Salary increased Helprin, Dorothy L., Economist, salary increased Hersey, Arthur B., Adviser: Travel authorized to attend a meeting of central bank economist at Bank for International Settlements, Basle, Switzerland, November 8-10, 1965 suggested that he be granted a maximum of two weeks' travel time to visit such Western European capitals as might at the time seem appropriate, question raised re curtailing nonessential foreign travel Understanding that if other visits than Basle, were made his itinerary would be cleared in advance with Governor Shepardson Salary approved, effective November 1, 1965 Hichborn, Katherine, Secretary, salary increased, effective July 4, 1965 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/3 12/30 3982 4446 6/29 10/6 2183 3236 10/8 3249 9/9 2924 9/9 10/29 2925 3434, 3460 6/29 2183 1965 1020 Pages Staff of Board of Governors: (continued) Division of International Finance: (continued) Irvine, Reed J., Associate Adviser: Foreign travel approved for, to attend International Banking Summer School in Melbourne, Australia, February 4-25, 1965, with stopovers in Hong Kong and Tokyo on route back to the United States Permission granted to teach a course in Economics at George Washington University Change in title from Associate Adviser to Adviser Salary approved, effective November 1, 1965 James, Alton C. (Mrs.), Clerk, Special Studies and Operations Section: Designated by Board to inspect information returns made by commercial banks under Executive Order 11213 and Treasury regulations issued under that order in accordance with Interest Equalization Tax Act, letter to Secretary of Treasury naming those designated Statistical Assistant, transferred from position of Statistical Clerk in Division of Research and Statistics, with increase in salary approved Jordan, Rosemary, Secretary, salary increased, with change in title from Special Assistant FRExaminer in Division of Examinations Junz, Helen B., Economist: Salary increased Travel for purpose of consulting various specialists on labor supply and wage situation in Europe, authorized travel from Amsterdam to Geneva, Paris, and Brussels and return to Amsterdam, over period of two weeks beginning September 13, 1965, with payment of transportation expenses plus per diem http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/22 255 4/7 1126 10/29 10/29 3434 3434, 3460 4/15 1240, 1254 4/19 1294 8/23 2755 3/30 1015 6/10 1940 1965 1021 Pages Staff of Board of Governors: (continued) Division of International Finance: (continued) Junz, Helen B., Economist: (continued) Request from Office of Special Representative for Trade Negotiations, Executive Office of the President, for loan of, for approximately six months beginning in early fall, reimbursement for salary and related expenses on quarterly basis, and travel in connection with her work to be borne by Office of the Special Representative, approved, with details to be worked out Katz, Samuel I., Adviser: Suggestion made re paper on Euro-dollar market presented at Money market review, with particular reference to President's program to improve U.S. balance of payments Authorized to travel to Basle, Switzerland, to attend a meeting on April 9, 1965, organized by the Bank for International Settlements to explore the question of establishing at the international level an office for the regular centralization of information on short-term credit to nonresidents, and authorization to spend week of April 12 in London at the Bank of England Report on observations concerning the Euro-dollar market, the repercussions of the voluntary foreign credit restraint program in the United States, interest rates, and the British budget and balance of payments situation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/3 2581 2/19 608 3/24 967 4/20 1315 1965 1022 Pages Staff of Board of Governors: (continued) Division of International Finance: (continued) Katz, Samuel I., Adviser: (continued) Authorized to attend a meeting on the Eurocurrency market to be held at Bank for International Settlements in Basle, Switzerland, beginning Friday, July 9, 1965, and to visit German Federal Bank Authorized to visit the Office of Eurofinance in Paris, France, during the course of his previously approved trip to Basle, Switzerland, to attend a meeting being arranged by Bank for International Settlements Salary approved, effective November 1, 1965 Klein, Thomas M., Economist, permission granted to teach an undergraduate course in micro-economic theory at the University of Maryland Lee, Henry F., Economist, salary increased Logue, Ruth, Economist, salary increased Lupo, Leonard A., Economist, resignation accepted Marlin, John A., Economist: Authorized to travel to various points in Africa from July 23 to September 19, 1965, with stopovers in London, Paris, and Rome, understood that he would pay his own transportation costs but that Board would pay him per diem for portion of his trip devoted to official business, to be on official business for 36 days out of the total 58 days that he would be absent from the Board's Offices Granted permission to deliver lectures on Contemporary Africa at the Catholic University of America Salary increased Salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/26 1741 6/7 10/29 1912 3434, 3460 6/2 9/3 10/20 1849 2846, 2874 3343 4/9 1137 6/2 1847 10/14 10/20 12/20 3316 3343 4313 1965 1023 Pages Staff of Board of Governors: (continued) Division of International Finance: (continued) Maroni, Yves, Senior Economist: Letter to Vice President Massad of Central Bank of Chile approved, re request for technical assistance in the field of consumer credit control, suggested that, be considered for this mission Suggested that Mr. Fauver, Assistant to Board, and, go on mission together To accompany Chairman Martin and Governor Mitchell to annual conference of central bank governors to be held at Punta del Este, Uruguay, during period May 25, 1965, with stopover in Rio de Janeiro en route, Board has previously approved travel to Santiago, Chile, together with Mr. Fauver of Board's staff to advise the Central Bank of Chile on consumer credit controls Understood that services would be offered to the Central Bank of Chile without reimbursement of salary or travel expenses Letter approved to Vice President Massad of Central Bank of Chile, re participation of services of Mr. Fauver of Board's staff and, for technical assistance in field of consumer credit, services of Mr. Maroni to be entirely at Board expense, understood arrangement to be discussed with Board's delegation at Punta del Este meeting Authorized to remain in Santiage, Chile, until May 27, 1965, in connection with assistance being rendered to Central Bank of Chile in formulation of consumer credit controls http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/1 1058, 1066 4/1 1058, 1066 4/20 1316, 1329 4/20 1317 4/29 1435, 1458 5/19 1677 1965 1024 Pages Staff of Board of Governors: (continued) Division of International Finance: (continued) Maroni, Yves, Senior Economist: (continued) Assignment of, to meet a request from the American Monetary Council 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 his transportation and per diem expense to be reimbursed by Central American Monetary Council Authorized to remain in Central America until November 24, 1965, to complete his study of consumer credit for Central American Monetary Council Meyer, Judith, Stenographer: Transfer from Division of Personnel Administration to, with no change in basic annual salary, approved Salary increased, effective December 5, 1965 Jr., Economist, salary inH., Rodney Mills, creased Nettles, James K., Economist: Authorized to accompany Chairman Martin and Governor Mitchell to annual conference of central bank governors at Punta del Este, Uruguay, May 2-5, 1965, with stopover in Rio de Janeiro en route, to accompany Governor Mitchell on visit to central banks of Argentina, Chile, and Peru after the conference Authorized to travel to Mexico City, to deliver certain lectures requested by Center for Latin American Monetary Studies, travel expenses with per diem authorized, assignment to take approximately one week in August http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/22 3137 11/5 3578 6/25 2162 11/18 3760 12/3 3985 4/20 1316, 1329 5/5 1482 1965 1025 Pages Staff of Board of Governors: (continued) Division of International Finance: (continued) Nettles, James K., Economist: (continued) Request by First Vice President Treiber of FRBank of New York for, to accompany him to a meeting in Mexico City of a working group appointed by the recent meeting of central bank governors at Punta del Este to study proposals for establishing a Latin American reserve pool, the meeting, expected to last for approximately one week, was to be held in July 1965, Board approved travel of, and authorized payment of actual expenses of trip Salary increased Orr, Lois, Secretary: Granted leave without pay for period December 2-31, 1964 Salary increased Salary increased approved on July 2, 1965, effective July 4, 1965 Transferred to the position of Special Assistant FRExaminer in the Division of Examination, with an adjustment in basic annual salary Promisel, Larry Jay, Summer Research Assistant: Appointment and salary approved, on behalf of the Board on March 17, 1965 Appointment approved with increase in salary rate over that approved by Board on March 17, 1965 Resignation accepted Redding, David C., Economist: Appointment and salary approved Salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/28 9/22 2172 3139 1/7 4/5 75 1099 7/6 2251 12/23 4385 3/22 942 4/21 8/25 1332 2778 3/30 4/22 1014 1365 1965 1026 Pages Staff of Board of Governors: (continued) Division of International Finance: (continued) Reynolds, John E., Associate Adviser: Authorized to attend a meeting of Working Party 2 of OECD in Paris, October 7-8, 1965, suggested that approval cover travel up to two weeks to such Western European capitals as might at the time appear appropriate, question raised re curtailing nonessential foreign travel, understanding that if, visited other than Paris itinerary would be cleared with Governor Shepardson in advance of departure Designation of, to represent the Board on the Technical Advisory Committee on Balance of Payments Statistics that would work with the Department of Commerce in implementing the recommendations contained in the Bernstein Committee Report Change in title from, to Adviser, approved Salary approved, effective November 1, 1965 Robinson, Bette L., Statistical Assistant, salary increased Roniger, George P., Economist, resignation accepted Ruckdeschel, Frederic B., Economist, Special Studies and Operations Section: Designated by Board to inspect information returns made by commercial banks under Executive Order 11213 and Treasury regulations issued under that order in accordance with Interest Equalization Tax Act, letter to Secretary of the Treasury naming those designated Salary increase approved, effective June 6, 1965 Salisbury, Diane, Stenographer, salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/9 2924 10/13 10/29 3293 3434 10/29 3434, 3460 11/5 3578 5/10 1513 4/15 1240, 1254 6/3 1854 1/13 122 1965 1027 Pages Staff of Board of Governors: (continued) Division of International Finance: (continued) Sammons, Robert L., Adviser: Permission granted to accept a minor honorarium for a lecture on U.S. balance of payments to trainees of the Business Council for International Understanding Designated by Board to inspect information returns made by commercial banks in accordance with Executive Order 11213 and Treasury regulations issued under that order, under Interest Equalization Tax Act, letter to Secretary of Treasury naming those designated Change in title from, to Associate Director with salary approved, effective November 1, 1965 Authorized to attend a meeting in Ottawa, Canada, on Friday, November 19, 1965, of a joint committee established by agreement between the United States and Canadian Governments to consider problems arising between the two countries in the balance of payments field Scully, Judith S., Secretary, transfer from Division of Personnel Administration to, with an increase in salary Shafer, Dorothy Lee, Secretary, salary increased Shaffer, Judy, Stenographer, transferred from the Division of Personnel Administration to, with no change in salary Sharigan, Nyart S., Secretary, transferred to Board Members' Offices, with an increase in salary, approved Stem, Carl H., Economist, salary increased Sullivan, Carol J., Secretary, salary increased, effective April 25, 1965 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/5 1099 4/15 1240, 1254 10/29 3434, 3460 11/9 3614 3/31 1047 6/2 1848 11/22 3780 5/19 4/9 1677 1137 4/19 1294 1965 1028 Pages Staff of Board of Governors: (continued) Division of International Finance: (continued) Swenson, Suzanne C., Clerk, appointment and salary approved Swerling, Boris C., Senior Economist: Granted permission to work on Board business up to four hours each day either at the hospital or at the Board's offices, with the remainder of the day to be charged to leave without pay, for period January 1, through not later than February 28, 1965 Application for retirement on disability noted, effective March 1, 1965 Taylor, Judy D., Secretary, transfer to Division of Research and Statistics, with salary increase, approved Thomas, Kathleen, Clerk-Stenographer: Salary increase approved effective June 6, 1965 Transferred to Division of Research and Statistics with title of Secretary, with an increase in salary, approved Thorne, Wendell E., Assistant to the Director of, application of retirement noted Vermeulen, Ann N., Senior Clerk, resignation accepted Wilson, Barbara, Stenographer, transferred from Division of Bank Operations to, with no change in basic annual salary Wood, Ralph C., Associate Adviser: Authorized to travel on actual expense basis, to Paris, France, for meeting of task group organized by Working Party 3 to make a special study of the balance of payments adjustment process http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/3 1853 1/6 50 3/1 731 6/25 2162 6/3 1854 11/22 3781 4/20 1318 4/29 1435 11/18 3760 3/24 966 1965 1029 Pages Staff of Board of Governors: (continued) Division of International Finance: (continued) Wood, Ralph C., Associate Adviser: (continued) Duty on task force expected to require additional trips to Paris between now and fall of 1965, Governor Shepardson authorized to approve Mr. Wood's travel for the additional trips Change in title from, to Adviser with salary approved, effective November 1, 1965 Young, Cynthia Y., Clerk: Salary increased Reemployment following maternity leave, effective May 4, 1965, with salary increased Young, Ralph A., Director of, and Adviser to Board: Payment authorized up to $250 toward the cost of a dinner in honor of the Under Secretary of the Treasury for Monetary Affairs, to be held in connection with meeting of Working Party 3 and OECD scheduled in Paris, February 15-18, travel to attend the Paris meetings, on an actual expense basis including an allowance for official entertainment, authorized Designated by Board to inspect information returns made by commercial banks in accordance with Executive Order 11213 and Treasury regulations issued under the order, under Interest Equalization Tax Act, letter to Secretary of Treasury Authorized to travel with Chairman Martin and Governor Mitchell to the annual conference of central bank governors to be held at Punta del Este, Uruguay, during May 2-5, 1965, to return home with Chairman Martin after the conference http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/24 966 10/29 3434, 3460 1/13 123 5/3 1464 2/9 457 4/15 1240, 1254 4/20 1316, 1329 1965 1030 Pages Staff of Board of Governors: (continued) Division of International Finance: (continued) Young, Ralph A., Director of, and Adviser to Board: (continued) Authorized to accompany Governor Balderston to the annual meeting of the Bank for International Settlements, to be held in Basle, Switzerland, in June, to undersuch other official business, including visits to central banks, as might develop in connection with this trip Appointment as Senior Adviser to the Board, with salary approved, effective November 1, 1965, Board authorized deferment of retirement of, until June 30, 1967 attend a meeting in Ottawa, to Authorized Canada, on November 19, 1965, of a joint committee established by agreement between the United States and the Canadian Governments to consider problems arising between the two countries in the balance of payments field, particularly those created by the current U.S. balance of payment program Division of Personnel Administration: Consultants, establishment of procedure for payment of fees to, and reimbursement for their travel expenses when incurred in connection with System committee activities, suggestion that Division of Personnel keep a record of fees for reference purposes, approved, letter to FRBanks Directive to, re examination and supervision of FRBanks, portion of directive that seemed susceptible to general application has been transferred to a general directive to all divisions, copies to be sent to FRBanks for their information http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/19 1676 10/29 3434, 3459 11/9 3614 6/21 2095, 2110 2/15 521 1965 1031 Pages Staff of Board of Governors: (continued) Division of Personnel Administration: (continued) Directive to, re examination and supervision of FRBanks: (continued) Directives now issued and copies sent to head of, and to FRBanks (Individual names) Beckham, Patricia Ann, Clerk-Stenographer, transfer to Division of Bank Operations with title of Stenographer, approved, with no change in salary Becton, Annie W., Substitute Maid, resignation accepted Blackman, Ruth M., Clerk (Librarian): Change in basis of employment from a 20hour week to a 16-hour week for period June 7 through October 8, 1965, and salary approved Continuation of a 16-hour work week, effective October 11, 1965, with annual salary approved (understood that this arrangement would be subject to review whenever it was felt desirable) Burns, June E., Administrative Assistant: Granted permission to engage in activities incidental to the rental of a house Letter to Chairman of the Civil Service Commission approved, advising of the designation of, to serve as Employee Health Service Officer to represent the Board in developing employee health services in accordance with the new guidelines recently approved by the President Salary increased Callahan, Virginia Ann, Secretary: Appointment and salary approved Transfer to Division of Research and Statistics, with no change in salary http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/26 1742, 1775 2/1 359 6/16 2037 6/1 1835 10/13 3292 3/10 841 8/2 8/13 2530 2685 3/22 943 5/10 1513 1965 1032 Pages Staff of Board of Governors: (continued) Division of Personnel Administration: (continued) Chapman, Susan D., Personnel Clerk: Granted permission to work as Admitting Clerk at the Washington Hospital Center Granted permission to work for a local department store on a part-time basis Salary increased Chavis, Edna Jean, Stenographer: Appointment approved along with specified salary Salary increased Transferred to Division of Administrative Services, with no change in salary Clements, Sylvia Ileen, Secretary, transferred to Secretary's Office and salary increased Cochran, Linda L., Stenographer, salary increased Dobson, Brenda Irene, Stenographer: Appointment and salary approved Transferred to position of Stenographer in Division of Examinations, with no change in salary, effective August 29, 1965 Faust, Ferol Ann, Stenographer: Appointment and salary approved Transferred to Division of Bank Operations, with no change in salary Ford, Barbara, Stenographer, transferred to Division of International Finance, with no change in salary Gander, Gena, Employee Relations Technician, salary increased Gardosik, Patricia E., Secretary, transferred from position of Clerk-Stenographer in Division of Bank Operations, with increase in salary Goodyear, Ruth Hadley, Secretary, salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/10 841 11/24 12/15 3813 4181 6/23 9/3 2127 2846 12/15 4182 12/23 4384 12/15 4181 6/1 1834 8/16 2699 6/1 1835 7/12 2292 5/28 1822 8/13 2685 6/10 1942 10/8 3250 1965 1033 Pages Staff of Board of Governors: (continued) Division of Personnel Administration: (continued) Gwinn, Constance Kay, Stenographer: Appointment and salary approved Resignation accepted Haldeman, Rosalie Gladys, Stenographer: Appointment and salary approved Transferred to Division of Data Processing, with no change in salary Hart, John J., Assistant to the Director, salary increased Heard, Julie, Stenographer: Appointment and salary approved Transferred to Legal Division, with no change in salary Hile, Joyce Marie, Secretary: Appointment and salary approved Transferred to position of Secretary in Office of the Secretary, with no change in salary Hogle, Glenn L., Personnel Technician: Salary increased Salary increased Horan, Grace Anne, Stenographer: Appointment and salary approved Transferred to Division of Examinations with no change in salary Ingram, Linda Lu, Stenographer: Appointment and salary approved Transferred to Division of Research and Statistics, with no change in salary Johnson, Edwin J., Director: To assist Central Bank of the Philippines in a study of both systems and procedures and manpower requirements and utilization for the time necessary to complete study, recommendation approved, including recommendations re transportation, living expenses, and salary To serve on a staff committee dealing with examination and supervision of FRBanks composed of Mr. Frederic Solomon as Chairman of the Committee,and, to work out a more clear-cut delineation of areas of responsibility and methods of cooperation on part of Board's several divisions having respon sibilities re functions of FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/1 8/23 1835 2756 6/1 1834 12/30 4447 10/8 3250 6/1 1835 9/20 3075 5/3 1464 6/7 1912 2/24 12/20 654 4313 6/1 1835 7/16 2363 7/30 2500 11/3 3538 2/11 487, 492 2/15 522 1965 1034 Pages Staff of Board of Governors: (continued) Division of Personnel Administration: (continued) Johnson, E. J., Director: (continued) Granted permission to install personnel program and review accounting procedures for Help for Retarded Children, Inc., Washington, D. C, without remuneration Agreed that Board would pay transportation and living expenses of Mr. and Mrs. Johnson, in connection with technical assistance mission to the Central Bank of the Philippines, with reimbursement to Board by the Central Bank, advance for travel expenses, authorized Salary approved, effective November 1, 1965 Kemp, Barbara Ann, Stenographer, appointment and salary approved Manley, Dorothy M., Substitute Maid: Appointment and salary approved, with salary at the rate of $1.68 per hour when actually employed Part-time, hourly rate of compensation increased Mason, Christine, Secretary, resignation accepted Meyer, Judith Lynne, Stenographer: Appointment and salary approved Transferred to Division of International Finance, with no change in salary Page, Ruth, Substitute Maid, part-time, hourly rate of compensation increased Raybold, Ann W., Employment Technician, salary increased Sampson, Robert G., Personnel Assistant: Salary increased, effective January 4, 1965 Salary increased Scully, Judith S., Secretary: Appointment and salary approved Permission granted to type at home for a local hotel Transferred to Division of International Finance, with increase in salary, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/9 827 3/22 10/29 939 3434, 3460 9/22 3140 7/12 2291 11/1 3481 4/19 1295 6/1 1835 6/25 2162 11/1 3481 2/8 435 1/4 12/15 11 4181 2/11 488 2/19 612 3/31 1047 1965 1035 Pages Staff of Board of Governors: (continued) Division of Personnel Administration: (continued) Shaffer, Judy Ann, Stenographer: Appointment and salary approved Transferred to Division of International Finance, with no change in salary Sprecher, H. R., Jr., Assistant Director, salary approved, effective November 1, 1965 Stokes, Constance I. Stenographer: Appointment and salary approved Transferred to Legal Division with no change in salary Taylor, Verna B., Stenographer: Appointment and salary approved Resignation accepted Tucker, Martha Jane, Stenographer: Appointment and salary approved Transferred to Legal Division with no change in salary van der Vossen, Petronella Maria, Stenographer, transferred to position of Stenographer in Office of the Secretary Wilson, Barbara Anne, Stenographer: Appointment and salary approved Transferred to Division of Bank Operations, with no change in salary Wood, Charles W., Personnel Assistant: Granted permission to work for a real estate firm on a part-time basis Salary increased Wood, Joyce J., Stenographer, transfer to Division of Research and Statistics, approved with no change in salary Division of Research and Statistics: Allied Social Science Assocations, nineteen specified members of, authorized to attend at Board's 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 6/1 1835 11/22 3780 10/29 3434, 3460 10/25 3370 12/17 4254 6/1 8/13 1835 2685 6/3 1853 6/30 2206 2/25 703 6/1 1834 10/6 3237 7/6 11/5 2251 3578 3/3 748 12/23 4384 1965 1036 Pages Staff of Board of Governors: (continued) Division of Research and Statistics: (continued) Banking Markets Unit, memorandum from Governor Shepardson re analysis of economic factors involved in bank merger and holding company cases, recommendations approved, Banking Markets Unit to be given status of a section, possibility of Mr. George Hall returning to take part in program, letter to Presidents of all FRBanks asking their cooperation Banking Section: Establishment of a new position in, to be utilized for a "visiting professorship" in the event that the position currently held by a "Visiting Professor" is not vacated Establishment of an additional economic position in, approved Additional economist position, authorized Additional economist position of, authorized Memorandum recommending that an additional economist position be established in, approved Additional economist position in, to be established, approved Business Conditions Section: Request that economist position vacancy be filled temporarily by an appointment from June 15 to September 15, 1965 Additional economist position established Establishment of additional economist position in, approved Capital Markets Section, establishment of new position authorized Dual occupancy of, for a limited period, approved Consumer Credit and Finances Section, additional position authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/8 3247, 3258 1/26 274 3/3 5/3 5/26 748 1464 1741 7/28 2489 10/4 3224 5/12 9/10 1543 2949 11/22 3780 6/11 1981 12/23 4384 7/6 2251 1965 1037 Pages Staff of Board of Governors: (continued) Division of Research and Statistics: (continued) Directive to, re examination and supervision of FRBanks, approved, understanding that copies would be sent to FRBanks for their information Directives now issued and copies sent to head of, and to FRBanks Dual occupancy authorized for a position in the Research Library for a temporary period Editorial Assistant, Economic Editing Unit, position of, authorized National Income, Labor Force, and Trade Section: Memorandum recommending that an additional economist position be established in, approved Additional economist position established in, approved Programmer, Consumer Credit and Finances Section, position authorized with understanding that existing Statistical-Clerk position (now vacant) be eliminated Secretary in the Administration grouping in, establishment of a new secretarial position approved "Visting professor," Banking Markets Unit of, position of, established (Individual names) Alperstein, Leslie M., Summer Research Assistant: Appointment and salary approved Appointment extended to February 15, 1966, with no change in salary Resignation accepted Altmann, Murray, Senior Economist: Recommendation to establish a consultant group headed by Professor Kravis of University of Pennsylvania to study the problems of price measurement, particularly in relation to analytic needs of the FRSystem, Mr. Altmann to be one of two principal Board staff participants in study group Salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/15 521 5/26 1742, 1776 11/17 3737 3/30 1015 8/17 2710 11/3 3538 7/6 2251 11/17 3738 5/18 1657 4/22 1365 10/8 12/30 3251 4448 1/11 11/18 105, 113 3759 1965 1038 Pages Staff of Board of Governors: (continued) Division of Research and Statistics: (continued) Anagnos, Ketty, Statistical Assistant, salary increased Axilrod, Stephen H., Chief, Government Finance Section: Salary increased, effective July 4, 1965 Change in title to Associate Adviser, with salary approved, effective November 1, 1965 Bach, George L., Consultant, reappointment for calendar year beginning January 1, 1966, approved Back, Julia G., Library Assistant: Salary increased Salary increased Bauman, Jacqueline, Economist, resignation accepted Baur, Helen F., Statistical Assistant, retirement noted Beard, Thomas R., Economist, resignation accepted effective January 26, 1965 Beard, Thomas R., Consultant, appointment approved, with compensation at the rate of $44 per day with transportation expenses and per diem at the rate of $16 when in travel status, effective to December 31, 1965 Economist, appointment and L., Beck, Darwin salary approved Bennett, James P., Economist: Salary increased Salary increased Bernard, Edward T., Research Assistant, appointment and salary approved Bernard, Loree D., Statistical Assistant, salary increased Bernard, Normand R. V., Economist, salary increased Bierly, Lula B., Editorial Clerk: Transfer from position of Clerk in Division of InternationalFinance to, with no change in salary Resignation accepted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/20 3343 6/29 2183 10/29 3434, 3459 12/30 4447 6/29 7/21 2183 2407 1/26 273 9/15 3030 1/18 185 9/8 2890 7/6 2251 6/29 7/21 2183 2407 6/30 2206 7/21 2407 12/20 4312 12/1 12/30 3898 4445 1965 1039 Pages Staff of Board of Governors: (continued) Division of Research and Statistics: (continued) Black, Katherine G., Statistical Assistant: Salary increased Resignation accepted Blackburn, Denise C., Statistical Clerk, transfer to Division of International Finance to position of Statistical Assistant, with an increase in salary Blumberg, Linda S., Editorial Clerk, salary increased Brady, Dorothy S., Consultant: Recommendation approved that rate of compensation for Professor, Department of Economics, Wharton School of Finance and Commerce, University of Pennsylvania, whose reappointment for 1965 as a Consultant to, had previously been approved, be increased to $75 per day for each day worked with transportation expenses and per diem when in travel status Professor Brady to serve as member of the consultant group organized by Professor Kravis to explore problems of price measurement in relation to formulation of monetary policy Reappointment for calendar year beginning January 1966, approved Breckenridge, Charlotte T., Editorial Assistant, appointment and salary approved Brill, Daniel H., Director: To participate in meetings of the Invisibles Committee of the OECD, Board authorized Governor Shepardson to approve requests by Mr. Brill and members of the staff that he might desire to accompany him to undertake foreign travel incident to attendance at meetings of Invisibles Committee Proposed that on return trip, Mr. Brill spend one or two days at the Bank of England re some aspect of current economic situation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/1 3/30 359 1015 10/25 3370 7/14 2334 4/22 1364 4/22 1364 12/30 4447 4/13 1189 1/7 65, 78 1/7 78 1965 1040 Pages Staff of Board of Governors: (continued) Division of Research and Statistics: (continued) Brill, Daniel H., Director: (continued) Governor Shepardson appointed a staff committee dealing with examination and supervision of FRBanks composed of Mr. Frederic Solomon as Chairman of the committee, and Messrs. Noyes, Farrell, Johnson, and, to work out a more clear-cut delineation of the area of responsibility and methods of cooperation on part of Board's several divisions having the responsibilities re functions of FRBanks Authorized to include a visit to Bank of Greece, for purpose of conducting certain seminars, in the trip he was making to Europe in June and July of this year re his assignment pertaining to study of foreign capital markets being conducted by OECD Salary approved, effective November 1, 1965 Designation as Chairman of the System Research Advisory Committee, effective November 1, 1965 Memorandum from, and Mr. Eckert of, re several arguments for and against limiting the issuance by banks of savings "Bonds" and "certificates" Brogan, Penny, Statistical Assistant, resignation accepted Brooke, Bonnie Jo, Statistical Assistant: Appointment and salary approved Transferred to Division of Data Processing, with title of Digital Computer Programmer, with no change in salary Bryson, Charles W., Economist, salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/15 522 6/9 10/29 1928 3434, 3459 10/29 3435 12/10 4144 5/26 1742 1/18 185 12/15 4182 2/12 501 1965 1041 Pages Staff of Board of Governors: (continued) Division of Research and Statistics: (continued) Bulow, Katherine M., Secretary: Transferred from position of Clerk-Stenographer in Division of International Finance, with increase in salary approved Division of Examinations, apTransfer to pointment as Special Assistant FRExaminer and salary increased Burgess, Caroline M., Assistant Chief Librarian, salary increased Callahan, Virginia Ann, Secretary: Transfer from Office of the Secretary to, with no change in salary Salary increased Transfer to the Legal Division with no change in salary Cannada, Jo Ann, Secretary: Salary increased Transfer to Office of the Controller, with an increase in salary approved Transfer from position of Secretary in the Office of the Controller, with adjustment in salary approved, effective August 19, 1965 Resignation accepted Case, Winthrop, Consultant, reappointment on a temporary contractural basis effective to December 31, 1965, to assist Economic Editing Unit of, with compensation, transportation expenses, and per diem, approved Clary, Ann Roane, Librarian, salary increased Cole, Catherine M., Secretary, transfer to Legal Division with no change in salary, approved Statistical Clerk, salary K., Cook, Patricia increased Cooke, Helen, Statistical Clerk: Salary increased Salary increased, with change in title to Statistical Assistant, approved, effective June 20, 1965 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/12 1543 9/1 2826 6/3 1854 5/10 12/20 1513 4312 12/30 4446 2/18 703 6/1 1835 8/16 10/18 2699 3327 1/13 12/3 122 3985 4/20 1317 12/3 3985 4/23 1384 6/21 2099 1965 1042 Pages Staff of Board of Governors: (continued) Division of Research and Statistics: (continued) Corrado, Jo Ann, Secretary, salary increased Courtright, Suzanne D., Statistical Assistant: Salary increased, effective July 4, 1965 Salary increased, effective July 18, 1965 Davis, Elsie Q., Statistical Assistant: Salary increased Salary increased Davis, William S., III, Economist: Appointment on temporary basis from June 15 to September 15, 1965, with salary approved Resignation accepted DeLawter, Jeannette R. Secretary: Salary increased, effective July 4, 1965 Salary increased deLeeuw, Frank, Economist, salary increased Dembitz, Lewis N., Associate Adviser: Salary approved, effective November 1, 1965 Application for retirement noted Dingle, Mona E., Senior Economist, resignation accepted, effective July 30, 1965 Donaldson, Madelene G., Clerk-Typist: Appointment and salary approved Salary increased Dunn, Helen M.: Statistical Assistant, salary increased Research Assistant, salary increased, with change in title from Statistical Assistant Duren, David M., Statistical Clerk: Salary increased Resignation accepted Eckert, James B., Chief, Banking Section, memorandum from Mr. Brill, Director of, and, re arguments for and against limiting the issuance by banks of savings "bonds" and "certificates" Ettin, Edward C., Economist: Granted permission to teach a course in money and banking for George Washington University http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/24 3163 6/29 7/14 2183 2334 5/10 10/27 1513 3407 5/21 9/10 1708 2949 6/29 12/1 2/25 2183 3898 703 10/29 12/30 3434, 3459 4446 7/26 2457 6/14 12/17 1996 4254 3/9 827 3/30 1014 2/8 5/10 435 1513 12/10 4144 2/9 458 1965 1043 Pages Staff of Board of Governors: (continued) Division of Research and Statistics: (continued) Ettin, Edward C., Economist: (continued) Granted permission to teach a class in Corporation Finance at the University of Maryland Salary increased Granted permission to teach courses in Money and Banking at George Wasington University and the University of Maryland Fabricant, Ruth A., Economist, appointment and salary approved Fair, William F., San Rafael, California, appointment as Consultant to, on a temporary contractual basis with compensation at the rate of $75 per day for each day worked and with transportation expenses and per diem when in travel status Fein, Lynda, Clerk-Typist: Appointment and salary approved Salary increased, effective May 23, 1965 Feliciano, Carmen H., Secretary, transferred from Legal Division to, with an increase in salary Fender, Irene M., Statistical Clerk: Request for permission to work as a hostess for a local corporation, approved Salary increased, effective June 6, 1965 Resignation accepted Fisher, Franklin M., Consultant: Appointment on a temporary contractual basis at rate of $75 per day, with transportation expenses and per diem when in travel status, approved, to serve as member of consultant group organized by Professor Kravis to explore problems of price concepts and price measurement in relation to formulation of monetary policy Reappointment for calendar year beginning January 1, 1966 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/10 7/16 1514 2362 7/21 2407 7/6 2251 11/15 3668 3/15 5/21 898 1709 12/8 4083 3/1 6/3 8/27 731 1854 2794 4/22 1365 12/30 4447 1965 1044 Pages Staff of Board of Governors: (continued) Division of Research and Statistics: (continued) Fisher, Robert M., Senior Economist: Salary increased Granted permission to teach a seminar at American University Foster, Ruth E., Statistical Assistant, salary increased, change in title from Statistical Clerk Francis, Jill D., Statistical Clerk: Salary increased Resignation accepted Freedman, Bernard N., Economist: Salary increased Salary increased Fry, Edward R., Economist: Salary increased Salary increased Garabedian, Levon, General Assistant, transfer to Division of International Finance with change in title to Administrative Assistant, approved with no change in salary Garfield, Frank R., Adviser: Board approved recommendation re establishment of a consultant group headed by Professor Kravis of of University of Pennsylvania, to study the problems of price measurement, Mr. Garfield to serve as one of the staff participants in the study group Salary approved, effective November 1, 1965 Gehman, Clayton, Chief, Business Conditions Section, salary increased Giordano, Maureen E., Stenographer, salary increased Goetzinger, James D., Economist: Salary increased Transferred to Division of Data Processing to the position of Systems Planner, with no change in salary Gordon, Daniel M., Summer Research Assistant: Appointment and salary approved Resignation accepted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/13 123 4/15 1241 9/24 3163 2/25 5/5 703 1483 10/8 12/20 3249 4312 7/21 12/20 2407 4312 4/22 1365 1/11 10/29 105, 113 3434, 3459 8/13 2684 1/8 86 6/28 2173 9/9 2926 4/22 8/27 1365 2795 1965 1045 Pages Staff of Board of Governors: (continued) Division of Research and Statistics: (continued) Gramley, Lyle E.: Senior Economist, salary increased, effective July 4, 1965 Associate Adviser, change in title from Senior Economist, salary approved Gramlich, Edward M., Economist, appointment and salary approved Greenspun, Nathaniel, Economist, salary increased Greib, Robert Frederick, Statistical Clerk: Appointment and salary approved Resignation accepted Griffin, Frances Lucile, Secretary: Appointment and salary approved Given permission to work on a temporary part-time basis at a law office Transferred to Board Members' Offices, with no change in salary Griliches, Zvi, Consultant: Appointment on a temporary contractual basis at rate of $75 per day with transportation expenses and per diem when in travel status, approved, to serve as member of consultant group organized by Professor Kravis to explore problems of price measurements and price concepts in relation to formulation of monetary policy Reappointed for calendar year beginning January 1, 1966 Hall, George R., Consultant: Appointment on a temporary contractual basis effective to December 31, 1965, with compensation at rate of $60 per day and necessary travel expenses, approved Reappointed for calendar year beginning January 1, 1966 Harper, Gloria U., Secretary: Salary increased Transferred to Division of International Finance, with no change in salary http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/29 2183 10/29 3434, 3459 7/26 2457 8/23 2755 7/12 12/9 2291 4099 1/8 86 1/18 185 11/29 3868 4/22 1365 12/30 4447 2/12 501 12/30 4447 10/20 3343 12/30 4446 1965 1046 Pages Staff of Board of Governors: (continued) Division of Research and Statistics: (continued) Hayes, Sally Louise, Secretary: Salary increased Resignation accepted Heath, Mercy M., Statistical Clerk: Salary increased Salary increased Hemminger, Teresa B., Secretary, salary increased Hendershott, Patric H., Economist, salary increased Hillard, Mary H., Research Asssistant, salary increased, with change in title from Statistical Assistant Hirz, Lorraine T., Secretary, transfer from Division of Administrative Services to, with no change in salary, approved Holland, Robert C., Associate Director: Directed by the Board to review and analyze data received currently from FRBanks for purpose of ascertaining any apparent deviations in lending practices from principles enunciated in Regulation A re administration of discount window To attend conference of Federal Reserve discount officers as Board's regularly designated representative, to consider uniform procedures for handling certain types of emergency borrowing To be Chairman of the Secretariat, an 11man group, comprised of senior FRBank and Board officials plus one senior economist from the Board's staff, to serve the Steering Committee in the study of the discount mechanism Change in title to Adviser to the Board, Board Members' Offices Salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/24 10/14 3163 3316 8/13 12/30 2684 4312 10/8 3249 3/30 1015 8/2 2530 6/9 1931 2/15 524 5/10 1507 8/5 2614 10/29 10/29 3434 3434, 3459 1965 1047 Pages Staff of Board of Governors: (continued) Division of Research and Statistics: (continued) Holmes, Raymond L. M., Digital Computer Programmer: Transferred from Division of Data Processing to, with no change in salary Given permission to work for a local grocery store on a part-time basis Holt, Marylee, General Assistant, appointment and salary approved Howell, James M., Economist, appointment and salary approved Hudgins, Marguerite T., Research Assistant: Appointment and salary approved, understood that Miss Hudgins would work on a half time basis through August 28, 1965, and that beginning August 29, she would work on a regular full-time basis Resignation accepted, effective October 8, 1965 Huff, William N., Economist: Salary increased, effective May 23, 1965, approved Resignation accepted Hurley, Evelyn M., Economist, salary increased Ingram, Linda Lu, Stenographer, transferred from Division of Personnel Administration to, with no change in salary Innocenti, Janet E., Statistical Assistant, transferred from position of Statistical Clerk in Division of Data Processing with increase in salary, approved James, Alton, Statistical Clerk, transferred to position of Statistical Assistant in Division of International Finance with increase in salary Jamison, Joyce, Librarian, appointment and salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/12 2292 8/12 2675 7/8 2259 12/1 3898 6/28 2173 10/6 3237 5/12 6/29 10/8 1709 2184 3249 11/3 3538 4/19 1294 4/19 1294 11/24 3813 1965 1048 Pages Staff of Board of Governors: (continued) Division of Research and Statistics: (continued) Jenkins, Cheryl Patricia, Statistical Clerk, appointment and salary approved Jewett, John, Consultant, retired Senior Vice President of Prudential Life Insurance Company of America, appointment as consultant to, for a period not expected to exceed 20 days in 1965, with compensation at the rate of $75 per day, approved, it being understood that Mr. Jewett would be asked to furnish a "Statement of all Other Employment and Financial Interests" prior to his appointment Johnson, Penelope, Statistical Assistant, appointment and salary approved Karfunkle, Richard D., Consultant: Memorandum recommending the appointment of, Textile Economist, E.I., Dupont de Nemours and Company, Wilmington, Delaware, as a Consultant effective to December 31, 1965, on a temporary contractual basis with compensation at the rate of $60 per day, and with transportation expenses and per diem when in travel status to be paid in accordance with Board's travel regulations, approved Reappointed for calendar year beginning January 1, 1966 Keir, Peter M., Chief, Capital Markets Section, salary increased Kellogg, Lester S., Consultant: Appointment on a temporary contractual basis at $75 per day, with transportation expenses and per diem when in travel status, approved, to serve as member of consultant group organized by Professor Kravis to explore problems of price concepts and price measurement in relation to formulation of monetary policy http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/29 3187 2/8 435 6/10 1942 5/14 1603 12/30 4447 12/20 4312 4/22 1365 1965 1049 Pages Staff of Board of Governors: (continued) Division of Research and Statistics: (continued) Kellogg, Lester S., Consultant: (continued) Reappointed for calendar year beginning January 1, 1966 King, Robert W., Economist, appointment and salary approved Koch, Albert R., Deputy Director, change in title from Associate Director to, with salary approved, effective November 1, 1965 Konomos, George J., Economist, salary increased Krachenberg, A. Richard, Consultant: Appointment effective to December 31, 1965, on a temporary contractual basis with compensation of $60 per day, with transportation expenses and per diem when in travel status, approved Reappointed for calendar year beginning January 1, 1966 Kravis, Irving, Consultant: Recommendation re establishment of a consultant group whose chairman will be, to study problems of price measurement, particularly in relation to analytic needs of the FRSystem, with expenses for travel and fee of $75 per day, approved Reappointed for calendar year beginning January 1, 1966 Krummack, Mary Janice, Economist: Salary increased effective May 23, 1965, approved Salary increased effective July 4, 1965 Lacey, Robert, Statistical Clerk, appointment and salary approved Lawrence, Robert J., Economist, appointment and salary approved, with the understanding that the Board would pay moving costs as well as transportation expenses Leavitt, Richard C., Teletype Operator, resignation accepted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/30 4447 6/17 2063 10/29 7/16 3434, 3459 2362 5/10 1512 12/30 4447 1/11 105, 113 12/30 4447 5/21 6/29 1709 2183 12/8 4083 5/28 1822 1/13 122 1965 1050 Pages Staff of Board of Governors: (continued) Division of Research and Statistics: (continued) Lindholm, R. W., Economist, resignation accepted Lipsey, Robert E., Consultant: Appointment on a temporary contractual basis at $75 per day, with transportation expenses and per diem when in travel status, approved, to serve as member of consultant group organized by Professor Kravis to explore problems of price concepts and price measurement in relation to formulation of monetary policy Reappointed for calendar year beginning January 1, 1966 MacLean, Lucile R., Librarian, salary increased Mahoney, Bette S., Economist, resignation accepted Mann, Bernice T., Secretary, transferred to Office of the Secretary, with no change in salary McCaslin, Nancy H., Technical Editor, salary increased, change in title from Editorial Assistant McCloud, Lyndall C., Economist, salary increased McGolerick, Claudia, Secretary, resignation accepted McGolerick, Paul F., Economist: Salary increased, effective March 28, 1965 Salary increased McWhirter, Adlyn E., Research Assistant, appointment and salary approved Mehall, Mary Elizabeth, Statistical Assistant, salary increased, with change in title from Statistical Clerk Melichar, Emanuel, Economist, assignment approved for, to serve on an interagency task force exploring means for providing additional capital to rural areas, this being one of the activities of the Rural Development Committee, established by Executive Order 11122, dated October 16, 1963 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/31 1047 4/22 1365 12/30 4447 12/15 4181 7/30 2500 8/30 2813 9/24 3163 10/8 3249 9/9 2926 3/24 7/16 968 2362 10/8 3251 4/9 1138 10/29 3433 1965 1051 Pages Staff of Board of Governors: (continued) Division of Research and Statistics: (continued) Messersmith, Mary G., Statistical Clerk, resignation accepted F., Chief, Division AdministraGerald Millea, tion, salary increased Moore, A. Jane, Economist, salary increased Morelle, Wilellyn, Economist, salary increased Morisse, Kathryn A., Economist, salary increased Statistical Assistant, W., Susan Morris, appointment and salary approved Moskowitz, Warren, Summer Research Assistant: Appointment and salary approved Resignation accepted Motheral, Cornelia J., Economist: (Half-time basis), salary increased Extension of working hours from a 4-hour day to a 5-hour day, with annual salary approved salary increased, effective day) our (5-h August 1, 1965 Mudarri, David H., Economist, appointment and salary approved Newman, Christian A., Economist, appointment and salary approved Ogden, Gloria J., Secretary, transferred from Secretary's Office to, with an increase in salary Ormsby, Priscilla, Economist, appointment and salary approved Orr, Wendy M., Research Assistant: Appointment and salary approved Resignation accepted Osborne, Harlow D. C., Chief, Consumer Credit and Finances Section: Granted permission to write an article for the April 1965 issue of the London Financial Times Authorized to travel to Mexico City, to deliver certain lectures requested by Center for Latin American Monetary Studies, travel expenses and per diem authorized, assignment to take approximately three weeks Salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/26 3847 11/5 6/28 3578 2173 12/30 4447 6/16 2037 3/30 1014 5/3 9/10 1464 2949 2/1 359 4/2 1071 7/26 2457 9/10 2949 4/12 1156 9/22 3140 8/17 2711 7/26 9/1 2457 2826 2/9 458 5/5 9/3 1482 2846 1965 1052 Pages Staff of Board of Governors: (continued) Division of Research and Statistics: (continued) Parry, Robert T., Economist: Appointment and salary approved Change in entrance salary approved Partee, J. Charles: Adviser in, Board authorized the nomination to Treasury and State Departments of, as U.S. Representative on a working group of OECD's Committee on Invisibles Transactions that was to study and report on proposals to improve the transformation of saving by financial intermediaries, Governor Shepardson to authorize such foreign travel by Mr. Partee as might be occasioned by this assignment Board's staff work on voluntary foreign credit restraint effort headed by, staff resources to be called upon to supplement Associate Director, change in title and salary approved, effective November 1, 1965 Patz, Marcia G., Secretary, salary increased Pawley, Francis R., Consultant, reappointed for calendar year beginning January 1, 1966 Peret, J. Cortland G., Economist, salary increased Peterson, Milo 0., Economist, salary increased Phillips, Almarin, Consultant, reappointed for calendar year beginning January 1, 1966 Phillips, Charles F., Jr., Consultant: Reappointment approved, on a temporary contractual basis effective to December 31, 1964, compensation at the rate of $60 per day and necessary travel expenses, authorized Reappointed for calendar year beginning January 1, 1966, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/6 9/9 2645 2926 5/19 1676 5/19 1676 10/29 5/28 3434, 3459 1822 12/30 4447 5/10 12/20 1513 4312 12/30 4447 2/12 501 12/30 4447 1965 1053 Pages Staff of Board of Governors: (continued) Division of Research and Statistics: (continued) Pierce, James L., Economist: Appointment approved with the understanding that the Board would pay transportation costs, including his family and household goods Memorandum approved recommending that per diem in lieu of subsistence at the rate of $16 be paid to, for time in travel status while moving from New Haven, Connecticut, to Washington and on return Granted permission to teach a graduate course in micro-economic theory at the University of Maryland Polievka, Carol, Secretary, salary increased, with change in title from Stenographer Projector, Dorothy S., Economist: Memorandum approved requesting approval of a program under which, would spend such time as was needed-probably the substantial part of an academic year--in residence at Johns Hopkins University under a research fellowship, understood that Mrs. Projector would continue on Board's payroll at full pay but that program would not involve out-of-pocket expense to Board Salary increased Quirante, Paul F., Statistical Clerk: Appointment and salary approved Granted permission to work part-time for local oil company Granted permission to work for a local music store on a part time basis Salary increased Ratcliffe, Margaret I., Clerk-Typist, salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/10 476 9/1 2826 9/24 3163 12/3 3986 6/9 12/15 1930 4181 6/9 1931 6/29 2184 10/20 12/17 3342 4254 12/15 4180 1965 1054 Pages Staff of Board of Governors: (continued) Division of Research and Statistics: (continued) Ribble, Watkins Leigh, Jr., Economist, salary increased Ridgway, Kathryn E., Statistical Clerk, salary increased Robertson, Anne T., Secretary, resignation accepted Robsinson, Harvey A., Statistical Assistant, salary increased Ruegg, Rosalie, Economist, appointment and salary approved Sarfati, Joel R., Economist, appointment and salary approved Scheirer, William K., Economist, resignation accepted Schmid, S. G., Economist, salary increased Schoen, Patricia A., Stenographer: Transferred from Legal Division to, with no change in salary Salary increased, with a change in title from, to Secretary Schoenberg, Judith Kay, Economist, salary increased Schultze, Charles L., Consultant, subsequently developed that, did not accept appointment to serve as a member of the consultant group to work on price concepts and price measurement in relation to formulation of monetary policy Schweitzer, Paul R., Economist, salary increased Seger, Martha R., Economist, salary increased Sette, Elizabeth B., Chief, Economic Editing, salary increased Sherrell, Elliott S., Statistical Clerk, resignation accepted Shipp, Royal, Economist, salary increased Shull, Bernard, Senior Economist: Appointment and salary approved Made available for full time work on study of discount mechanism http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/8 3249 5/21 1709 6/24 2148 10/8 3249 10/6 3236 7/12 2291 1/4 9/3 11 2846 9/20 3075 10/25 3370 2/1 359 4/22 1365 8/13 6/29 2684 2183 12/20 4312 6/9 12/15 1931 4181 5/21 1708 8/4 2600 1965 1055 Pages Staff of Board of Governors: (continued) Division of Research and Statistics: (continued) Shull, Bernard, Senior Economist: (continued) To be member of Secretariat, an 11-man group comprised of senior FRBank and Board officials plus one senior economist from Board's staff, Secretariat to serve the Steering Committee in the study of the discount mechanism Sigel, Stanley J.: Assistant to the Director, to attend a meeting of the International Association for Research in Income and Wealth, to be held in Norway, authorization given with understanding that Governor Shepardson was authorized to approve detailed travel arrangements when presented later Recent trip to Scandinavia by, would be undertaken on the basis of per diem prescribed by the standardized Government travel regulations Associate Adviser, change in title from Assistant to the Director Salary approved, effective November 1, 1965 Smith, Mabel Virginia, Statistical Assistant, appointment and salary approved Smith, Mary Ellen, Statistical Clerk-Typist, appointment and salary approved Smith, Stephana P., Statistical Assistant, salary increased Smith, Tynan: Senior Economist, salary increased Associate Adviser, change in title from Senior Economist to, with salary approved, effective November 1, 1965 Smith, William Paul, Economist: Salary increased Salary increased, effective July 4, 1965 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/5 2614 4/15 1240 10/29 3435 10/29 3434 10/29 3434, 3459 5/18 1657 6/7 1912 11/18 3759 6/28 2173 10/29 3434, 3459 6/28 6/29 2173 2183 1965 1056 Pages Staff of Board of Governors: (continued) Division of Research and Statistics: (continued) Solodow, Robert, Economist, resignation accepted Solomon, Robert, Associate Adviser, reported on progress of work being done by Study Group on Creation of Reserve Assets, which group had been appointed to make such a study and report to Deputies of the Group of Ten Finance Ministers Representatives of the United States on the study group were Mr. Solomon and Mr. Willis of the Treasury Stampley, Bonnie J.: Stenographer, appointment and salary approved Secretary, salary increased, with a change in title, approved Stevens, Charles G., Statistical Clerk, resignation accepted Steward, Margaret, Secretary, salary increased Strader, Natalie C., Survey Statistician, (Economics) salary increased Stroupe, Mary Ellen, Research Assistant, appointment and salary approved Sutherland, Alvern H., Chief Librarian: Salary increased Application for retirement noted, effective December 31, 1965 Swink, Dorothy E: Statistical Assistant, salary increased Research Assistant, salary increased with change in title from Statistical Assistant to Taylor, Judy D., Secretary: Transfer from Division of International Finance to, with an increase in salary, approved Resignation accepted Taylor, Stephen P., Chief, Flow of Funds and Savings Section, salary increased Teeters, Nancy H., Economist (5-hour day) salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/21 1333 1/7 69 1/7 69 4/9 1137 11/10 3633 6/23 9/3 2127 2846 6/21 2099 7/14 2334 10/8 3249 12/10 4154 4/5 1099 8/27 2795 6/25 12/30 2162 4446 8/23 2755 9/24 3163 1965 1057 Pages Staff of Board of Governors: (continued) Division of Research and Statistics: (continued) Tella, Alfred J., Economist, salary increased Thalley, W. Lucius, Library Assistant, transferred from position of Clerk in Division of Bank Operations, effective February 14, 1965, with no change in salary Thomas, Kathleen, Secretary, transferred from position of Clerk-Stenographer in Division of International Finance, to, with an increase in salary, approved Thompson, Orville K., Economist, salary increased Thomson, Thomas D., Economist, appointment and salary approved Thoresen, Erling T., Economist, salary increased Tinsley, Peter A., Economist, appointment and salary approved with understanding that if Mr. Tinsley had not essentially completed the requirements for his doctoral degree when he reported for duty, the entrance salary would be slightly decreased Trescott, Charles G., Library Assistant, salary increased Trueblood, Lorman C., Economist, salary increased Turek, Joan Lee, Economist, salary increased Turney, Peggy L., Statistical Clerk: Appointment and salary approved Died on August 3, 1965, noted on behalf of Board a memorandum advising of the death of Ulrey, E. Ann P., Economist, Capital Markets Section, six months' leave without pay beginning 1/3/66, requisitioned for work on current analyses in Washington, continued work on a part-time basis away from Board's offices for period up to the full-time equivalent of 13 weeks, on a monograph on U.S. capital markets, technical matters involved in implementation of this authorization would be worked out with, by Office of Controller, and Personnel Administration http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/28 2173 2/10 476 11/22 3781 11/18 3759 6/9 1931 7/14 2334 8/23 2755 10/8 3249 10/8 10/8 3249 3249 1/14 149 8/18 2729 12/23 4384 1965 1058 Pages Staff of Board of Governors: (continued) Division of Research and Statistics: (continued) Van Peski, Neva G., Economist, salary increased Vencill, Corwin D., Summer Research Assistant: Appointment and salary approved Resignation accepted Walker, Franklin V., Economist: Salary increased Salary increased Weaver, Mary F., Statistical Assistant, leave without pay for period of three months beginning June 22, 1965, approved, with the understanding that the Division was authorized to recall Mrs. Weaver for intermittent periods if necessary Weiss, Gertrude, Consultant, reappointed for calendar year beginning January 1, 1966 White, Carolyn C., Secretary, resignation accepted Wiles, William W., Economist, salary increased Williams, Kenneth B., Adviser, salary approved, effective November 1, 1965 Wilson, Wallace H., Summer Research Assistant: Appointment and salary approved Resignation accepted Wing, Mary C., Technical Editor (Economics): Extension of half-time basis employment for period beginning January 1, 1965, through March 31, 1965, with understanding that she would work at home during business week beginning January 4, and return to Board's offices on half-time schedule beginning January 11, 1965, approved Extension of working hours for a 4-hour day to a 6 hour day, beginning April 1, 1965, to May 15, 1965, with salary approved Authorized to return to work on a full-time basis, with salary approved Salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/13 2684 4/20 9/20 1317 3075 6/16 12/20 2037 4312 6/21 2099 12/30 4447 4/21 12/3 1333 3985 10/29 3434, 3459 4/20 8/30 1317 2813 1/4 11 3/31 1947 5/5 10/8 1483 3249 1965 1059 Pages Staff of Board of Governors: (continued) Division of Research and Statistics: (continued) Winter, Joan R., Statistical Assistant, salary increased Withers, Sylvia E., Statistical Clerk, appointment and salary approved Wood, John H., Economist: Salary increased Resignation accepted Wood, Joyce J., Stenographer: Transfer from Division of Personnel Administration to, approved, with no change in salary Salary increased Yager, Charles A., Chief, Government Finance Section, salary increased Legal Division: Directive re examination and supervision of FRBanks, issued, and copies sent to head of, and to Federal Reserve Banks FRnotes, matter of handling of unfit $1, question re possible change in procedure referred to Legal Division for study and report back to Board (Individual names) Brooke, Dorothy V., Secretary: Salary increased Application for retirement noted Callahan, Virginia Ann, Secretary, transferred from Division of Research and Statistics to, with no change in salary Carson, Phyllis A., Stenographer, transferred to position of Secretary in Division of Administrative Services, with increase in salary approved Clarkson, Eleanor J., Assistant Legal File Clerk, appointment and salary approved Cole, Catherine M., Secretary: Transfer from position of Secretary in Division of Research and Statistics to, with no change in salary, approved Salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/29 2183 5/17 1614 7/21 8/13 2407 2685 3/3 12/15 748 4180 8/23 2755 5/26 1742, 1779 1/6 49 10/8 12/8 3249 4083 12/30 4446 6/10 1942 5/5 1483 4/20 6/3 1317 1853 1965 1060 Pages Staff of Board of Governors: (continued) Legal Division: (continued) Crosby, Jean, Secretary, salary increased Entriken, Samuel E., Attorney: Salary increased Application for retirement noted Feliciano, Carmen H., Secretary: Salary increased Transferred to Division of Research and Statistics, with an increase in salary Forrestal, Robert P., Attorney: Salary increased, effective June 20, 1965 Salary increased Gillmore, Jacqueline L., Stenographer, salary increased Hackley, Howard H., General Counsel: Designated to provide counsel, guidance, and interpretation on matters re ethical conduct of officers and employees of Board, understanding that advice of designation would be sent to Chairman Macy of the Civil Service Commission To be member of the Secretariat, an 11-man group comprised of senior FRBank and Board officials plus one senior economist from Board's staff, Secretariat to serve the Steering Committee in the study of the discount mechanism Salary approved, effective November 1, 1965 Memorandum re several arguments for and against limiting the issuance by banks of savings "bonds" and "certificates," from Messrs. Brill and Eckert and memorandum from, presenting possible alternative measures the Board might take to prevent avoidance of the 4 per cent maximum rate on savings deposits by a shift into instruments that met regulatory definition of a time deposit http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/8 3249 4/23 12/8 1384 4083 11/5 3578 12/8 4083 6/16 7/23 2037 2443 3/24 969 5/26 1739 8/5 10/29 2614 3434, 3459 12/10 4144 1965 1061 Pages Staff of Board of Governors: (continued) Legal Division: (continued) Hart, Janet, Senior Attorney, salary increased Heard, Julie, Stenographer: Transferred from Division of Personnel Administration to, with no change in salary Salary increased Heller, Pauline B., Senior Attorney: Appointment and salary approved Appointment and salary approved, effective September 1, 1965, on fulltime basis, following appointment as Consultant, at rate approved, effective from August 5, 1965 to September 1, 1965 on a two-day week basis Hexter, David B., Associate General Counsel: Change in title from Assistant General Counsel Salary approved, effective November 1, 1965 Heyde, Robert D., Attorney, appointment approved with annual salary increased over that which was approved on December 8, 1964 Hooff, Wilson L., Assistant General Counsel, salary approved, effective November 1, 1965 Kopp, Robert E., Summer Law Clerk: Appointment and salary approved Resignation accepted Matile, Joyce A., Secretary, salary increased, with change in title from Stenographer to Miller, Herbert D., Jr., Summer Law Clerk: Appointment and salary approved Resignation accepted July 29, 1965, effective at close of business August 6, 1965 Mulcahy, Phyllis, Assistant Legal File Clerk: Salary increased Transfer to Division of Examinations with title of Clearing and Recording Clerk approved, salary increased http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/30 2500 9/20 12/30 3075 4445 8/25 2777 7/30 2499 10/29 10/29 3434 3434, 3459 6/3 1853 10/29 3434, 3459 1/19 8/23 217 2755 12/15 4180 1/19 217 7/30 2500 3/9 827 4/13 1189 1965 1062 Pages Staff of Board of Governors: (continued) Legal Division: (continued) Neitzey, Norma L., Secretary: Salary increased Granted permission to work for a local law office on a part-time basis O'Connell, Thomas J., Assistant General Counsel: Reply approved to Chairman Moss of Foreign Operations and Government Information Subcommittee of House Government Operations Committee, re series of questions re compliance with public information requirements of section 3 of Administrative Procedure Act; Mr. O'Connell of Board's staff designated to act as Board's liaison in event Subcommittee wished further information Agreement that Mr. O'Connell of Board's staff should go to San Francisco to assist in analyzing current examination report of Farmers and Merchants Bank of Long Beach, California, in preparation for response to request by U.S. Attorney in Los Angeles that Board issue warning pursuant to section 30 of Banking Act of 1933 based on occurrences with which certain officers of Farmers and Merchants were under indictment, also involved was a request by U.S. Attorney for permission to use documents in possession of FRBank re Farmers and Merchants Request by U.S. Attorney Manuel Real for issuance of a warning under section 30 of Banking Act of 1933, to Kenneth G. Walker, Executive Vice President, Farmers and Merchants Bank of Long Beach re certain occurrences, recommended Board decline to issue requested warning, letter to Justice Dept., with copy to U.S. Attorney Real, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/1 359 10/26 3385 3/15 889, 904 9/15 3029 9/29 3183, 3200-03 1965 1063 Pages Staff of Board of Governors: (continued) Legal Division: (continued) O'Connell, Thomas J., Assistant General Counsel: (continued) Salary approved, effective November 1, 1965 Plotkin, Robert S., Senior Attorney, salary increased Robinson, David, II, Attorney: Salary increased Salary increased Rowzie, Susan K., Secretary, resignation accepted as of April 30, 1965 Resignation effective May 7, 1965, rather than April 30, 1965, as previously approved Sanders, Robert F., Senior Attorney, salary increased Schoen, Patricia A., Stenographer, transferred to Division of Research and Statistics, with no change in salary Shay, Jerome W., Assistant General Counsel: Salary approved, effective November 1, 1965 Interagency meeting to be held to try to work out proposed legislation on standards governing the approval of bank mergers 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, to attend interagency meeting Shuter, Bruce D., Attorney: Salary increased Salary increased Smith, James R., Legal Assistant, transferred from Division of Examinations to, no change in salary Stokes, Constance I., Stenographer, transferred from Division of Personnel Administration to, with no change in salary, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/29 3434, 3459 10/8 3249 11/18 12/17 3759 4254 4/15 1241 4/29 1435 7/23 2443 9/20 3075 10/29 3434, 3459 12/17 4253 11/5 12/17 3578 4254 10/13 3293 12/17 4254 1965 1064 Pages Staff of Board of Governors: (continued) Legal Division: (continued) Tucker, Martha Jane, Stenographer: Transferred from Division of Personnel Administration to, with no change in salary Salary increased Via, J. William, Jr., Senior Attorney, salary increased Young, Walter H., Senior Attorney, application for retirement noted Office of the Controller: Disbursing Clerk, position abolished Secretary to the Assistant Controller, position re-established (Individual names) Barber, Jean S., Accounting Clerk, salary increased Bass, Sampson H., Assistant Controller: Salary approved, effective November 1, 1965 Application for retirement noted Boyd, Eunice M., Secretary, salary increased Cannada, Jo Ann, Secretary: Transferred from Division of Research and Statistics to, with an increase in salary, approved Transferred to position of Secretary in Division of Research and Statistics, with salary adjustment approved, effective August 19, 1965 Hoyle, Joseph H., Supervisor, Payroll and Disbursing: Salary increased Salary increased Kakalec, John, Controller, salary approved, effective November 1, 1965 Lee, Helen L., Payroll Clerk, appointment and salary approved McClellan, Robert S., Analyst, salary increased McGrady, Frederick C., Budget and Planning Assistant, appointment and salary approved, effective July 19, 1965 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/30 12/9 2206 4099 2/12 501 12/8 4083 4/9 1137 4/9 1137 11/18 3760 10/29 12/15 2/1 3434, 3460 4180 359 6/1 1835 8/16 2699 10/8 12/20 3250 4313 10/29 3434, 3460 12/23 4384 11/18 3760 7/14 2334 1965 1065 Pages Staff of Board of Governors: (continued) Office of the Controller: (continued) O'Connor, Kathleen J., Disbursing Clerk, application for disability retirement noted, effective April 1, 1965 Oros, Susie T., Senior Accountant, salary increased and title changed from Senior Accounting Technician, effective February 28, 1965 Powles, Peggy Jo H., Secretary: Transferred from position of Secretary in the Office of the Secretary, with no change in salary, effective August 23, 1965 Salary increased Reading, Benjamin R., Accountant, salary increased Tweed, Adeline R., Budget and Planning Assistant, transferred to position of General Assistant, Division of Data Processing, with increase in salary, approved Waller, L. Waite, Jr., Supervisory Accountant, salary increased Wilson, Jane Smith, Payroll Clerk: Salary increase approved, effective June 6, 1965 Resignation accepted Office of Defense Planning: Directive to, re examination and supervision of FRBanks, issued and copies sent to head of, and also to FRBanks (Individual names) Allison, James W., Consultant, reappointed for calendar year beginning January 1, 1966 Grimwood, Gordon B., Chief, Liaison Office: To visit central banks of England, France and Germany to discuss various aspects of voluntary credit restraint program, travel to be authorized by Governor Shepardson http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/6 1121 2/25 703 8/16 9/29 2699 3187 10/8 3250 5/12 1543 8/23 2755 6/3 12/3 1854 3986 5/26 1742, 1780 12/30 4447 7/26 2455 1965 1066 Pages Staff of Board of Governors: (continued) Office of Defense Planning: (continued) Grimwood, Gordon B., Chief, Liaison Office: (continued) Transferred to position of Assistant to the Director, Division of International Finance, with 12/20 no change in salary Harris, Innis D., Coordinator, salary approv10/29 ed, effective November 1, 1965 Keeler, Frank J., Consultant, reappointed for calendar year beginning January 1, 1966, approved 12/30 Raikes, Charles F. O., Consultant, reappointed for calendar year beginning 12/30 January 1, 1966, approved 10/8 Wolfe, Margaret M., Secretary, salary increased Office of the Secretary: Directive to, re examination and supervision of FRBanks, issued, and copies sent to head of, and also to the FRBanks 5/26 Secretarial positions, Stenographic Section of, two secretarial positions in addition to a Assistant Supervisor to be at the Grade 12/30 level of FR-6, approved (Individual names) Baird, John, General Assistant, resignation accepted, effective August 13, 8/4 1965 Bakke, Karl E., Assistant Secretary: Salary approved, effective November 1, 1965 10/29 Granted permission to engage in tax counseling and preparation of 1965 Federal and State income tax 12/22 returns Beeson, Adaline R., Records Analyst, salary increased 10/8 Broida, Arthur L., Assistant Secretary, salary approved, effective November 1, 10/29 1965 Carmichael, Elizabeth L., Assistant Secretary, salary approved, effective 10/29 November 1, 1965 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4312 3434, 3460 4447 4447 3250 1742, 1770 4445 2602 3434, 3459 4342 3249 3434, 3459 3434, 3459 1965 1067 Pages Staff of Board of Governors: (continued) Office of the Secretary: (continued) Clarke, Barbara M., Clearing Assistant, resignation accepted, effective at close of business February 19, 1965 Clements, Sylvia Ileen, Secretary, transferred from Division of Personnel Administration to, and salary increased Colwell, Grace T., Records Clerk: Salary increased Resignation accepted Cook, Helen E., Supervisor, Bank and Miscellaneous Records: Salary increased, effective July 4, 1965 Salary increased Eaton, Marjorie, General Assistant, salary increased Edgar, Mary Ann, Secretary, appointment and salary approved Elliott, Lee S., Supervisor, Clearing Unit: Salary increased Salary increased, effective July 4, 1965 Franta, Ruth W., Supervisor, Minutes, Indexing and Reference Unit, salary increased Goukler, Linda Kay, Records Clerk, appointment and salary approved Halota, Enid J., Secretary, transfer to Division of Examinations with an increase in salary, approved Hile, Joyce M., Secretary, transfer from position of Secretary in Division of Personnel Administration, with no change in salary, approved, effective June 7, 1965 Hunter, Beatrice, Chief, Records Section, salary increased Jamison, Gayle Frances, Records Clerk: Appointment and salary approved Granted permission to work for a local department store on a parttime basis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/4 392 12/23 4384 11/18 12/23 3759 4385 6/29 10/8 2183 3249 12/20 4312 10/14 3315 4/27 6/29 1400 2183 12/20 4312 8/27 2794 5/26 1742 6/7 1912 10/8 3249 9/29 3187 11/17 3738 1965 1068 Pages Staff of Board of Governors: (continued) Office of the Secretary: (continued) Jarvis, Eva Louise, Minutes Clerk: Salary increased, effective February 23, 1965 Given permission to work part-time for the Air Force Association Jones, M. Elizabeth, Technical Assistant, salary increased Keener, Sara Jane, Records Clerk: Appointment and salary approved Resignation accepted Kenyon, Kenneth A., Assistant Secretary, salary approved, effective November 1, 1965 Kray, Cleo J., Senior Records Clerk, increase in salary and change in title from Records Clerk to, approved, effective June 20, 1965 Lostaunau, Mary Anne, Secretary: Salary increased Reemployment and salary approved following maternity leave Mann, Bernice T., Secretary, transferred from Division of Research and Statistics to, with no change in salary McLean, Margaret Joan, Clearing Assistant, appointment and salary approved Moister, Margaret J., Supervisor, Subject Files: Salary increased Salary increased Morris, Mary L., Secretary, salary increased, effective June 6, 1965 Morris, Mary P., Secretary: Salary increased Transferred to Board Members' Offices, with an increase in salary, approved Myers, Dorothy G., Clerk-Stenographer, resignation accepted effective on January 4, 1965 O'Brien, Carol Marie, Secretary, appointment and salary approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/25 703 3/22 943 11/18 3759 6/17 9/9 2063 2926 10/29 3434, 3459 6/16 2036 5/10 1513 6/1 1835 8/30 2813 4/1 1059 11/18 12/20 3759 4312 6/3 1853 7/21 2406 12/8 4083 1/6 50 6/21 2099 1965 1069 Pages Staff of Board of Governors: (continued) Office of the Secretary: (continued) Oddone, Rita Dolores, Secretary, appointment and salary approved Ogden, Gloria J., Secretary: Appointment and salary approved Transferred to Division of Research and Statistics, and salary increased O'Rourke, Roberta M., Secretary: Salary increased effective July 4, 1965 Resignation accepted Pilger, Mildred E., Assistant Chief, Records Section, salary increased Powles, Peggy Jo H., Secretary, transferred to position of Secretary in the Office of the Controller, with no change in salary, effective August 23, 1965 Roberts, Gail, Secretary, resignation accepted effective at close of business March 31, 1965 Saunders, Dorothy L., Supervisor, Stenographic Section: Change in title from Assistant Supervisor, with no change in salary, effective May 23, 1965 Salary increased Scott, Mary L., Senior Indexing and Reference Assistant, salary increased, with change in title from Indexing and Reference Assistant Seay, Jewell I., Indexing and Reference Assistant: Salary increased effective July 4, 1965 Resignation accepted, effective at the close of business October 8, 1965 Semia, Jeanne Krieber, Technical Assistant, salary increased Sherman, Merritt, Secretary, salary approved, effective November 1, 1965 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/23 4384 2/26 716 9/22 3140 6/29 8/27 2183 2794 10/8 3249 8/16 2699 3/22 943 5/21 9/10 1709 2949 3/30 1014 6/29 2183 10/6 3237 11/18 3759 10/29 3434, 3459 1965 1070 Pages Staff of Board of Governors: (continued) Office of the Secretary: (continued) Spencer, George L., Jr: General Assistant, salary increased Staff Assistant, salary increased, with change in title from General Assistant Spivey, Virginia M., Assistant Supervisor, Stenographic Section: Change in title from Secretary with no change in basic salary approved, effective May 23, 1965 Salary increased Stoll, Edna L., Senior Records Clerk, salary increased Thompson, Pearl S., Senior Records Clerk, salary increased Thorley, Alberta L., Senior Records Clerk, resignation accepted, effective April 30, 1965 van der Vossen, Petronella Maria, Stenographer: Transferred from position of Stenographer in the Division of Personnel Administration, effective February 28, 1965 Salary increased Wahle, Mary William, Records Clerk, resignation accepted effective April 23, 1965 Wilson, Mary H., Minutes Clerk, salary increased Winkler, Dolores Ann, Secretary, salary increased effective February 23, 1965 Wurtzel, Priscilla E., Records Clerk, salary increased State, Department of: Board's computer, use of, by Mr. Langham, Assistant Director, Division of Data Processing authorized to negotiate with the appropriate representative of, re Department's request for 20-30 hours a week on Board's computer for next four or five months, such negotiation to be on the basis that the rate of reimbursement would be $45 per hour http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/9 826 10/8 3251 5/21 7/16 1709 2362 12/3 3985 9/3 2846 4/21 1333 2/25 3/30 703 1014 4/19 1294 1/13 123 2/19 612 11/5 3577 7/21 2407 1965 1071 Pages State, Department of: (continued) Chinese banks in Hong Kong, Governor Robertson reported on information received by State Department re difficulties experienced by certain Chinese banks in Hong Kong, agreement with suggestion that State Department be informed that 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 Credit expansion via the International Monetary Fund, letter approved to the Budget Bureau re the State Department'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 International Monetary Fund Foreign lending by U.S. banks, in line with President's voluntary restraint program to improve U.S. balance of payments position, certain guidelines would be issued for commercial and nonbank financial institutions, and State Department was also preparing a cable to all U.S. Embassies on the capital outflow restraint program with stipulation that U.S. Missions abroad should be careful to avoid any statement indicating that there would be any interference with credits of less developed countries http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/14 1199 12/9 4091, 4112 3/3 746 1965 1072 Pages State, Department of: (continued) Pascual, Armand, Systems Analyst, FRBank of San Francisco, request from State Department for technical assistance by a Spanish-speaking Federal Reserve expert for a one week period to help set up check clearing procedure in the Dominican Republic, because of urgency, Governor Shepardson authorized the services of, Reserve Bank to pay salary while State Department paid travel expenses,Board noted no objection to these arrangements program, less-develrestraint Voluntary credit including those countries, oped in Latin America, Governor Robertson reported on a meeting in the Office of the Secretary of Treasury at which representatives of, and the Agency for International Development 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 State member banks: Audit program, report by Mr. Solomon that data were being prepared for FDIC concerning audit programs, by State member banks on the problem list, with similar information on national and nonmember banks in reply to the House Banking and Currency Committee request to FDIC Bank securities, letter to Presidents of all FRBanks re registration of equity securities by certain State member banks required under the law and Regulation F, and letter to be sent by FRBanks to State member banks on same subject, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/21 2097 4/9 1136 8/12 2674 1/8 85, 97-99 1965 1073 Pages State member banks: (continued) Condition reports: SEE: Condition reports: State member banks Examinations: Foreign branches, designation of Mr. Glenn M. Goodman, Assistant Director, Division of Examinations, with appropriate staff assistance and three or four examiners from FRBank of New York, to conduct, located in London, Paris, and Frankfurt, approved Mr. Grimwood to proceed to same cities about the same time to call upon central banks and branch managers of American banks re voluntary credit restraint program Possible request for examination reports, advice received from FDIC that GAO might seek to obtain all reports of examination to which FDIC had access, which included reports of examination of, Board alerted that requests might come direct from GAO or through FDIC Income and dividend reports and condition reports, proposal by FRBank of Chicago to serve as a modified clearing house to obtain from Board basic data tapes from, for all insured commercial banks in Illinois for the period 1961-63 and process them at local computer centers for use by Mrs. Lucille Mayne, a graduate student at Northwestern University in preparing her doctoral dissertation, approval given with understanding that other requests would be weighed against Reserve Bank's experience http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/26 2455 7/26 2456 1/22 255 5/20 1697, 1704 1965 1074 Pages State member banks: (continued) Income and dividend reports and condition reports: Letter approved to Presidents of all FRBanks transmitting copies of the form (F.R. 107) to be used by, in submitting reports of income and dividends for the calendar year 1965 Money orders, private, letter to FDIC approved, re appointment of an agent to sell, at a location other than the bank, might constitute the establishment of a branch office, views of FDIC previously requested by Board Protest of establishment of branches of, by President Regan of Flushing Savings Bank, Flushing, New York, on behalf of Flushing National Bank and College Point Savings Bank, Flushing, New York, in light of the establishment by Manufacturers Hanover Trust Company, New York, New York, of a branch at 156-20 Northern Boulevard, Flusing, understood Mr. Regan would be informed that if there was additional information he wished to present, he should discuss matter with Division of Examinations, and if desire was strong enough he could appear before the Board Division memorandum recomLegal F, Regulation mending certain procedures to be followed by, re timing of annual stock holders meetings, letter to FRBank of Boston approved with similar letters to other FRBanks except Minneapolis which received an individual letter http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (continued) 12/21 4327, 4330 2/1 353, 368 6/14 1995 2/23 620, 633 1965 1075 Pages State member banks: (continued) Trust department revised examination report form for, and a revised trust report manual for use by FRBanks in reporting results of examination of trust departments of, understood that when supplies of new forms were available, a letter would be sent to FRBanks transmitting revised report form and trust report manual and authorizing their use (Individual names) Alabama Exchange Bank of Tuskegee, Alabama, letter approved to FRBank of Atlanta re alleged violation by, of Title VII of the Civil Rights Act of 1964, with understanding that Bank would reply to inquiry from Ben Zion-Wardy, Assistant Professor of Political Science at Tuskegee Institute re matter American Bank and Trust Company, Lansing, Michigan, proposed investment in bank premises by, capital position less than satisfactory, agreement that request be held in abeyance and that FRBank of Chicago be apprised of Board's concern re need for additional capital Letter to, approving proposed investment in bank premises American City Bank and Trust Company, Milwaukee, Wisconsin: Application of City Bank and Trust Company, for permission to purchase assets and assume the liabilities of American State Bank, both of Milwaukee, Wisconsin, approved, Governors Robertson and Mitchell dissenting, application of City Bank and Trust Company, Milwaukee, Wisconsin, for membership in the FRSystem approved, name of resulting bank to be http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/5 29 6/7 1909, 1923 5/17 1611 5/28 1798, 1825 2/24 649, 686 1965 1076 Pages State member banks: (continued) American City Bank and Trust Company, Milwaukee, Wisconsin: (continued) Application of City Bank and Trust Company: (continued) Issuance of order, statement and dissenting statement of Governor Mitchell in which Governor Robertson concurred, authorizing City Bank and Trust Company, Milwaukee, Wisconsin, to acquire assets of American State Bank, Milwaukee, Wisconsin, 3/12 under title of Application for permission to carry same reserves against deposits as are required to be maintained by nonreserve city banks, agreement with suggestion that matter be deferred, letter to be prepared Agreement with suggestion that President Scanlon, FRBank of Chicago, be advised of letters that had been prepared reflecting Board's decision, matter subsequently discussed by telephone with President Scanlon and letters mailed to him Approval given to letter to FRBank of Chicago and to, granting permission to carry reduced reserves, Governor Robertson dissenting American State Bank, Lubbock, Texas: Letter to FDIC re application of, for continuation of deposit insurance after withdrawal from membership in FRSystem, approved the requirement of six waiving Letter to, months' notice of withdrawal from membership in FRSystem, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 851,867, 871,876 4/16 1267 4/27 1396,1418-19 5/28 1803,1827-28 11/24 3806, 3816 12/9 4090, 4108 1965 1077 Pages State member banks: (continued) American State Bank, Milwaukee, Wisconsin: Application of City Bank and Trust Company, Milwaukee, Wisconsin, for permission to purchase assets and assume the liabilities of, approved, Governors Robertson and Mitchell dissenting, application of City Bank and Trust Company, Milwaukee, Wisconsin for membership in FRSystem, approved, (name of resulting bank to be American City Bank and Trust Company) Issuance of order, statement, and dissenting statement of Governor Mitchell in which Governor Robertson concurred, authorizing City Bank and Trust Company, Milwaukee, Wisconsin, to acquire assets of, under title of American City Bank and Trust Company, Milwaukee, Wisconsin Ann Arbor Bank, Ann Arbor, Michigan, establishment of a branch on the west side of Maple Road between Jackson Road and Dexter Road in Ann Arbor, approved, six-month extension granted Annapolis Banking and Trust Company, Annapolis, Maryland: Extension of time within which, may establish a branch at western corner of Ritchie Highway and McKinsey Road, Anne Arundel County, Maryland, approved Request for exemption from stock registration requirements of Regulation F and Securities and Exchange Act of 1934, approval given for publication in Federal Register and an opportunity to request a hearing, agreed to include in Board's weekly H. 2 release Board authorized publication in Federal Register, notices of other applications for exemptions, without specific Board approval on individual cases http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/24 649, 686-89 3/12 851,869-878 4/7 1125, 1127 1/28 330, 335 4/12 1145, 1173 4/12 1149 1965 1078 Pages State member banks: (continued) Annapolis Banking and Trust Company, Annapolis, Maryland: (continued) Request for extension of time beyond April 30, 1965, for the filing of registration statements required by the Securities and Exchange Act of 1934 and Regulation F, approved Request re limited exemption from registration requirements of the Securities and Exchange Act of 1934 and Board's Regulation F, issuance of order approving, authorized Governor Mitchell's reservations noted Arkansas Bank and Trust Company, Hot Springs, Arkansas, establishment of a branch at 2515 Malvern Road, Hot Springs, Arkansas, approved, six-month extension granted Arnold Savings Bank, Arnold, Missouri, six-months' notice of withdrawal from membership in FRSystem, waived Continuance of deposit insurance after withdrawal from membership in FRSystem, advice to FDIC 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 approved application Understood that order reflecting Board's decision would show Governor Robertson voting for approval Bank of Clarke County, Berryville, Virginia, letter to, interposing no objection to an investment in bank premises http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/22 1350, 1373 8/3 8/3 2574, 2589 2580 7/1 2210, 2228 3/22 936, 949 3/24 956, 972 7/12 2284 7/12 2286 7/14 2303 7/16 2351, 2369 1965 1079 Pages State member banks: (continued) Bank of Commerce, Newark, New Jersey, question from, as to whether shares of stock are "held of record" by one person, or by more than one in certain circumstances, Board's opinion, except in certain situations, enumerated in section 206.2(j) of Regulation F that in determining holders of record it is the number of accounts that appear on the corporate records, advice to FRBank of New York Bank of the Commonwealth, Detroit, Michigan: Borrowing record of, in reviewing the report of examination of FRBank of Chicago it was agreed that there were no matters requiring Board action, except Governor Mitchell was to seek more information re 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 Establishment of a branch at 7720-7724 Michigan Avenue, Detroit, Michigan, approved, six-month extension granted Extension of time to file registration statement pursuant to section 12(g) of Securities and Exchange Act of 1934 and Regulation F, granted Establishment of a branch in the Detroit Trade Center in the vicinity of Sixth and Howard Streets, Detroit, Michigan, approved, six-month extension granted Establishment of a branch at 6560 Cass Avenue, Detroit, Michigan, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/14 1194, 1225 1/5 31 1/21 237 2/8 418, 439 4/29 1427 6/3 1851, 1856 6/3 1851, 1857 1965 1080 Pages State member banks: (continued) Bank of the Commonwealth, Detroit, Michigan: (continued) Establishment of branches at 32919 Cherry Hill Road and in the vicinity of Ford and Newburgh Roads, both in Nankin Township, notation that proposed sale of capital debentures should be consummated at earliest possible date in order to improve capital position; six-month extension 11/10 granted Establishment of branches at 11531 Belleville Road, Van Buren Township, and at 33500 Earle Memorial Highway, Sterling Township, approv11/18 ed, six-month extension granted Bank of Downey, California: Application for membership in FRSystem, ap1/8 proved Extension of time within which to accomplish 3/3 membership in FRSystem, granted Bank of Dublin, Incorporated, Dublin, Virginia: Report by Mr. Solomon on circumstances that caused, to be placed in status equivalent to conservatorship, with prospect that it would be 5/3 placed in receivership Report by Mr. Leavitt on visit to, and agreement by Peoples Bank of Radford, Radford, Virginia, a subsidiary of First Virginia Corporation, to take over 5/5 Bank of Dublin by merger Proposed purchase of assets and assumption of liabilities of, by Peoples Bank of Radford, Virginia, report to FDIC on competitive 6/4 factors, approved Penalty for deficiency in required reserves, 6/21 waived Report by Mr. Solomon re developments, understood memorandum would be distributed to Board members 6/23 for their information http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3624, 3640 3755,3762-63 84, 91 738, 755 1463 1481 1867 2095, 2103 2127 1965 1081 Pages State member banks: (continued) Bank of Fort Walton, Fort Walton Beach, Florida, application for membership in FRSystem, approved Bank of Gueydan, Louisiana, investment in bank premises, approved Bank of Idaho, Boise, Idaho, establishment of a branch in the business district of Ketchum, Idaho, approved, six-month extension granted Bank of Illinois Valley, Cave Junction, Illinois, six-months' notice of withdrawal from membership in FRSystem, waived Bank of Lansing, Michigan, establishment of a branch at 2800 East Grand River Avenue, Lansing Township, approved, 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 Minneapolis and Trust Company, Minneapolis, Minnesota: Granted permission to maintain same reserves as non- reserve city banks Application of Bancorporation of Minnesota, Incorporated, Rochester, Minnesota, to become a bank holding company through the acquisition of shares of Olmstead County Bank & Trust Company, Rochester, Minnesota, Lake City State Bank, Lake City, Minnesota, and, denied, Governor Mitchell dissenting Issuance of order and statement denying, authorized, dissenting statement by Governor Mitchell issued http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/26 3835, 3848 2/1 353, 363 12/22 4331, 4343 12/23 4383, 4415 11/10 3624, 3642 9/1 2823, 2833 3/22 939, 948 4/22 1353 8/2 2526, 2547-71 1965 1082 Pages State member banks: (continued) Bank of New Orleans and Trust Company, New Orleans, Louisiana, letter to Counsel for, and Guaranty Bank and Trust Company, Counsel for State of Louisiana and State Banking Commissioner, and Counsel for Whitney Holding Corporation indicating that the Board would receive briefs in light of opinion of Supreme Court in case of Whitney National Bank v. Bank of New Orleans Trust Company and Saxon v. Bank of New Orleans Trust Company, decision re hearing oral argument deferred until briefs had been received Bank of New River Valley, Radford, Virginia, request by First Virginia Corporation for access to confidential sections of reports of examination of Bank of Dublin as of January 25, 1965 and May 3, 1965, and also for any other materials or documents that might support its fidelity bond claim for recovery of certain losses sustained by Bank of Dublin (earlier in 1965 Peoples Bank of Radford, Virginia, a subsidiary of First Virginia had merged with Bank of Dublin, merged institution now operated under title of), letter to First Virginia and to FBI approved Granting of access to FBI report was subsequently refused by Bureau Bank of Passaic and Clifton, Passaic, New Jersey, granted extension of time to file registration statement pursuant to section 12(g) of Securities and Exchange Act of 1934 and Regulation F http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/12 1150,1175-80 10/4 3221,3229-32 10/4 3223 4/29 1428 1965 1083 Pages State member banks: (continued) Bank of Phoebus, Hampton, Virginia, proposed merger of Merchants National Bank of Hampton, Virginia, and, into Virginia National Bank, Norfolk, Virginia, report to Comptroller of the Currency on competitive factors, approved Virginia, investment in West Bank of Romney, bank premises, approved Bank of Salem, Virginia, establishment of a branch on northwest corner of intersection of U.S. Route 220 (Franklin Road) and Townside Road, Roanoke County, Virginia, approved, six-month extension granted Bank of Silvis, Silvis, Illinois, Board determined that Blackhawk Holding Corporation, Moline, Illinois, was not a holding company affiliate of, except for purposes of section 23A of the FRAct Bank of Smithtown, New York, establishment of a branch in Kings Park, Town of Smithtown, Suffolk County, New York, approved, six-month extension granted 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 position would show Governor Robertson voting for approval Issuance of order and statement reflecting Board's approval of, the sole office of Farmers Bank of Boydton to become a branch of the resulting bank http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/26 3382 9/3 2837, 2851 9/20 3066, 3079 3/22 936, 950 9/17 3054, 3057 7/12 2284 7/12 2286 7/14 2303 8/2 2525,2541-46 1965 1084 Pages State member banks: (continued) Bank of Virginia, Richmond, Virginia: (continued) Application of Virginia Commonwealth Corporation, Richmond, Virginia, to acquire shares of Peoples Bank of Stafford, Falmouth, Virginia, approved after discussion re loan-deposit ratios and capital position of, and other subsidiary banks Issuance of order and statement approving, authorized Letter to, approving the establishment of branches at Ridge Road, new extension of Parham Road, and the new location of Quioccasin Road, and Parham Road and Broad Street Road (U.S. Route 250), both in Henrico County, understanding that consideration is being given to means of strengthening capital position, sixmonth extension granted Bank of Warwick, Newport News, Virginia, establishment of a branch on the northwest corner of Warwick Boulevard and Beechmont Drive, Newport News, Virginia, approved, six-month extension granted Bank of Waverly, Virginia, requirement of sixmonths' notice of withdrawal from membership in FRSystem, waived Bank of Waynesboro, Georgia, establishment of a branch at the intersection of Council and Commerce Streets, Waynesboro, approved, sixmonth extension granted Bank of West Blocton, Alabama, extension of time within which to accomplish membership in the FRSystem, granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/11 3264 12/22 4334,4349-59 12/20 4215, 4296 11/3 3493, 3560 12/8 4081, 4086 7/6 2250, 2253 2/1 353, 362 1965 1085 Pages State member banks: (continued) Bank of White Sulphur Springs, West Virginia, during current examination of, it had been found that a line of paper acquired through an automobile dealer appeared to have sustantial losses in it, indicated losses would wipe out bank's undivided profits and about half of its surplus, FRBank of Richmond vigorously working with State Banking Department to straighten out situation Review of further development and completeness of current examination by FRBank of Richmond, from which it appeared unlikely any shortage of funds was involved re 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 First National Bank of North Baltimore would become a branch of Bankers Trust Company, Des Moines, Iowa: Additional investment in banking premises, approved Ruan Transport Corporation of Kansas, Des Moines, Iowa, determined not to be holding company affiliate of, except for purposes of section 23A of FRAct Approval given to application of, because it fell within Board's general "one-bank" policy which was to be reviewed at an opportune time when all Board members were present Establishment of a branch at 3907-23 Merle Hay Road, Des Mointes, Iowa, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/31 1045 4/5 1081 5/17 1613 5/21 1708, 1714 4/19 1287, 1298 7/16 2360, 2377 7/16 2360 10/6 3234, 3240 1965 1086 Pages State member banks: (continued) Bankers Trust Company, New York, New York: Establishment of a branch at 333 North Broadway in the unincorporated area of Jericho, Town of 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, Borough of Queens, approved, six-month extension granted Establishment of a branch at 1541-49 Flatbush Avenue, Borough of Brooklyn, New York, New York, approved, six-month extension granted Request by Bankers International Corporation, New York, New York, that permission be given to purchase additional shares of Fabrica Espanola Magnetos, S.A., Madrid, Spain, with understanding that investment would not exceed guidelines laid down under voluntary credit restraint program, approved Governor Robertson noted that investment would be made in Swiss francs which Bankers International Corporation had borrowed through, combined credit to foreigners by bank and corporation would not exceed ceiling laid down Establishment of a branch on the northeast corner of the intersection of West 235th Street and Johnson Avenue, Bronx County, New York, New York, approved, six-month extension granted Establishment of a branch at 100 Broadway, Borough of Manhattan, New York, New York, for limited purpose of conducting operations of its Corporate Tax Division, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/23 620, 627 3/30 993, 1016 6/7 1907, 1913 6/16 2020, 2040 6/16 2020 8/17 2709, 2712 9/20 3065, 3077 1965 1087 Pages State member banks: (continued) Bankers Trust Company, New York, New York: (continued) Letter to, approving the establishment of a branch at 207 Varick Street, Borough of Manhattan, sixmonth extension granted Bay City Bank, Bay City, Michigan, establishment of a branch at the northeast corner of the intersection of Center Avenue and Harding Road, Hampton Township, Bay County, Michigan, approved, six-month extension granted 4/5 Birmingham-Bloomfield Bank, Birmingham, Michigan: Establishment of a branch in vicinity of 28700 Wixom Road, Wixom, Michigan, and an investment in bank premises, approved, six-month extension granted 4/7 Establishment of a branch at 1393 South Woodward Avenue, Birmingham, Michigan, and an investment in bank premises, approved, six-month extension granted 4/7 Six-months' notice of withdrawal from membership in FRSystem, waived 8/30 Continuance of deposit insurance after withdrawal from membership in FRSystem, advice to FDIC 8/19 Blanchard State Bank, Blanchard, Michigan, establishment of a branch at 233 West Bridge Street in unincorporated village of Six Lakes, Montcalm County, Michigan, prior to establishment of branch, capital stock of, must be increased to certain amount, sixmonth extension granted 9/20 Bremen State Bank, Tinley Park, Illinois, letter to, approving an investment in bank premises 9/20 Bucks County Bank and Trust Company, Perkasie, Pennsylvania, six months' notice of withdrawal from membership in FRSystem waived 11/10 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1077, 1101 1125, 1129 1125, 1128 2811, 2814 2738, 2741 3066, 3080 3066, 3083 3625, 3549 1965 1088 Pages State member banks: (continued) Burns State Bank, Burns, Kansas, six-months' notice of withdrawal from membership in FRSystem, waived Camden Trust Company, Camden, New Jersey, establishment of a branch at the northwest corner of ClementonErial Road and Branch Avenue, Pine Hill, Camden County, New Jersey, approved, six-month extension granted Carroll County Trust Company, Conway, New Hampshire, establishment of a branch on Route 16, Indian Mound, in the Township of Ossippee, New Hampshire, approved, six-month extension granted Cass Bank & Trust Company, St. Louis, Missouri: Six-months' notice of withdrawal from membership in FRSystem, waived Continuance of deposit insurance after withdrawal from membership in FRSystem, advice to FDIC Central Bank of Montana, Great Falls, Montana, telegram to FRAgent at Minneapolis authorizing issuance of a limited voting permit to Bancorporation of Montana, Great Falls, Montana, to vote its stock of Central Savings Bank and Trust Company, Monroe, Louisiana, establishment of a branch at 401 North Fourth Street, Monroe, Louisiana, approved Six-month extension granted Central Trust Company, Cincinnati, Ohio, granted an extension of time within which, may establish a branch at the southeast corner of Northland and Waycross Roads, Village of Forest Park, Ohio http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/28 330, 337 12/17 4244, 4258 9/10 2947, 2950 1/21 232, 242 3/24 956, 971 12/16 4227, 4240 10/25 10/25 3366, 3373 3373 3/3 738, 754 1965 1089 Pages State member banks: (continued) Central Trust Company, Rochester, New York: Establishment of an in-town branch at 314 Waring Road, approved, sixmonth extension granted Establishment of a branch in the Panorama Plaza Shopping Center (about 510 feet from your existing branch at 66 Panorama Plaza), Town of Penfield, Monroe, County, New York, approved, six-month extension granted Establishment of a branch in the Irondequoit Shopping Plaza at 2133 Hudson Avenue, Town of Irondequoit, Monroe County, New York, approved, six-month extension granted Chase Manhattan Bank, New York, New York: Letter approved to Mr. Robert E. Gunn, Vice President, United Funds, Inc., Kansas City, Missouri, re registration of stock of, for trading on New York Stock Exchange Extension of time to establish a branch at 208 Amsterdam Avenue, Borough of Manhattan, New York, approved Proposal to establish a bank holding company system consisting of itself and banks in Syracuse, Rochester, and Buffalo, New York, question whether plan would violate prohibition in section 5136 of Revised Statutes and section 9 of FRAct re prohibition against purchases of corporate stock by member banks, doubtful that an oral presentation would be profitable but if desired an opportunity would be afforded Request by, and the New York Stock Exchange for acceleration of the effective date for registration of the banks capital stock on the stock exchange, issuance of order and press statement, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/6 1492, 1497 6/17 2045, 2064 6/23 2124, 2129 1/13 117, 127 1/18 155, 186 2/24 644, 681 3/12 852,879-81 1965 1090 Pages State member banks: (continued) Chase Manhattan Bank, New York, New York: (continued) Attention re inconsistency between information contained in bank's registration statement filed pursuant to Regulation F and listing application submitted to New York Stock Exchange in registration statement, Vice President Heck was listed as principal accountant for, whereas in listing application Executive Vice President Agemian was described as Chief Accounting Officer, understood Board's staff would telephone Mr. Agemian re this matter 4/5 Request from Mr. George Champion, Chairman of, that Board recommend legislation that would exempt from the limitations of section 23A of 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 Senate Banking and Currency Committee, approved, enclosing proposed legislation along lines similar to Mr. Champion's request, similar letter to Chairman of House Banking and Currency Committee and Mr. Champion 4/27 Applications of Boston and Philadelphia-BaltimoreWashington Stock Exchanges pursuant to section 12(f) of Securities Exchange Act of 1934 for unlisted trading privileges as to capital stock of, draft notice for hearing, approved for publication in Federal Register, similar procedure to be followed for future applications without specific authorization by the Board, press statement to be issued 5/6 Order approving applications for unlisted trading privileges approved 6/9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1079 1392,1413-16 1493, 1503 1928, 1932 1965 1091 Pages State member banks: (continued) Chase Manhattan Bank, New York, New York: (continued) Notice of intent to establish an additional branch in San Juan, Puerto Rico, acknowledged Consent granted to Chase Manhattan Overseas Banking Corporation, 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 of Receipt of notice of its intent to establish an additional branch in Singapore, Malaysia, to be located at 541 Orchard Road, Singapore, with attention called to voluntary foreign credit restraint effort, acknowledged Establishment of a branch, at 1017 Pennsylvania Avenue, Borough of Brooklyn, New York, approved, six-month extension granted Granted permission to establish a branch at 47 Water Street, Georgetown, British Guiana, with note that foreign branch funds should be regarded as foreign assets for purpose of voluntary credit restraint program, six-month extension granted Establishment of a branch at 754 Manor Road, Castleton Corners, Borough of Richmond, New York, New York, approved, six-month extension granted Chemical Bank New York Trust Company, New York, New York: Report on request by attorneys for, for interpretation of section 221.3(i) of Regulation U, Board concurred in recommendation of Legal Division, understood bank's counsel would be advised by telephone and confirmed by letter sent through FRBank of New York http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/20 1700 5/21 1706, 1711 6/9 1930 6/23 2124, 2128 7/14 2302, 2336 7/20 2382, 2389 1/6 39, 59 1965 1092 Pages State member banks: (continued) Chemical Bank New York Trust Company, New York, New York: (continued) Establishment of a branch in the Baldwin Place Shopping Center, Town of Somers, Westchester County, New York, approved, six-month extension granted Establishment of a branch at 2190 White Plains Road, Borough of the Bronx, New York, New York, approved, six-month extension granted Establishment of a branch in the Dalewood Shopping Center, Hartsdale, Town of Greenburgh, Westchester County, New York, approved, six-month extension granted Establishment of a branch at Third Avenue, and East 28th Street, Borough of Manhattan, New York, New York, approved, indicated that its capital structure needed improving, six-month extension granted Establishment of a branch at 1350 Avenue of the Americas, Borough of Manhattan, New York, New York, approved, six-month extension granted Chemcial Bank and Trust Company, Midland, Michigan, establishment of a branch at an unincorporated area of Ingersoll Township, Midland County, Michigan, approved, six-month extension granted Chesterton State Bank, Chesterton, Indiana, establishment of a branch in the unincorporated community of South Haven, Portage Township, Porter County, Indiana, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 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 2/17 579, 587 1965 1093 Pages State member banks: (continued) Citizens Bank of Montana, Havre, Montana, telegram of FRAgent at Minneapolis authorizing issuance of a limited voting permit to Bancorporation of Montana, Great Falls, Montana, to its stock of Citizens Bank, Smithville, Tennessee: Application of, a newly organized bank, for membership in the FRSystem deferred, pending the obtaining of certain information from the executive committee of the FRBank of Atlanta Application approved with condition numbered 3, stipulating additional capital funds Protested by Congressman Joe L. Evins who has banking interests in DeKalb County, Tennessee Citizens Bank, Vermillion, South Dakota: Additional investment in banking premises, approved Letter to Citizens Bancorporation, Vermillion, South Dakota, granting determination that it was not a holding company affiliate of, except for purposes of section 23A of the FRAct, Governors Robertson, Mitchell and Daane dissenting Additional investment in bank premises, approved Application to consolidate under its charter and title Security State Bank, Gayville, South Dakota; Farmers State Bank, Tabor, South Dakota; and The Security State Bank, Wakonda, South Dakota, approved Question re activities of John T. Vucurevich, who controlled directly or indirectly the four banks involved along with other banks and banking interests Application to consolidate under its charter and title Security State Bank, Gayville, Farmers State Bank, Tabor and Security State Bank, Wakonda, all in South Dakota, approved, issuance of order and statement authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/16 4227, 4240 10/13 3289 10/14 3309, 3322 10/14 3309 1/4 2, 14 1/18 156, 194 3/31 1041, 1051 6/11 1970 6/11 1970 6/17 2050, 2069-79 1965 1094 Pages State member banks: (continued) Citizens Bank and Trust Company, Blackstone, Virginia, establishment of a branch at Main and Broad Streets in Blackstone, Virginia, approved, six-month extension granted Citizens Bank and Trust Company, Washington, Indiana: Six months' notice of withdrawal from membership in FRSystem, waived Continuance of deposit insurance after withdrawal from membership in FRSystem, advice to FDIC Citizens Banking Company, Sandusky, Ohio, establishment of a branch at 221225 Wayne Street, Sandusky, approved, six-month extension granted Citizens Commercial & Savings Bank, Flint, Michigan: Establishment of branches on the east side of North Saginaw Road, in Holly Township, Oakland County, Michigan, and at 2141 West Bristol Road, Flint Township, Genesee County, Michigan, approved, with notation urging that serious consideration be given to improving capital position, six-month extension granted Establishment of a branch at 1105 Robert T. Longway Boulevard, Flint, Michigan, approved, capital position should be improved, six-month extension granted Establishment of a branch at 3267 Van Slyke Road, Flint Township, with notation that capital structure is below desirable amount, matter to be discussed with FRBank of Chicago and, sixmonth extension granted Citizens Fidelity Bank and Trust Company, Louisville, Kentucky: Establishment of a branch in the St. Denis Shopping Center, Jefferson County, Kentucky, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/22 3125, 3142 3/12 850, 866 4/9 1133, 1141 7/16 2351, 2364 7/16 2351, 2365 9/20 3066, 3081 10/27 3391, 3410 2/26 710, 718 1965 1095 Pages State member banks: (continued) Citizens Fidelity Bank and Trust Company, Louisville, Kentucky: (continued) Establishment of a branch in the Westport Road Shopping Center, Jefferson County, Kentucky, approved, six-month extension granted Establishment of a branch at the Medical Towers South Building, 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 Company of Schenectady, New York, report to Comptroller of the Currency on competitive factors involved in the proposed merger of, into National Commercial Bank and Trust Company, Albany, New York, approved Citizens Trust and Savings Bank, South Haven, Michigan, application to consolidate the Fruit Growers State Bank of Saugatuck, Michigan, and to purchase the assets and assume the liabilities of Old State Bank, Fennville, Michigan, approved Issuance of order and statement authorized, as an incident to the transaction, the sole office of the Saugatuck bank to become a branch of the applicant bank City Bank and Trust Company, Milwaukee, Wisconsin: Application for membership in FRSystem and for permission to purchase the assets and assume the liabilities of American State Bank, also of Milwaukee, approved, name of resulting bank to be American City Bank and Trust Company http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/26 1721, 1743 9/15 3014, 3031 12/23 4373, 4392 5/21 1706 7/28 2486 8/13 2683,2686-92 2/24 649, 686 1965 1096 Pages State member banks: (continued) City Bank and Trust Company, Milwaukee, Wisconsin: (continued) Application for membership in FRSystem and for permission to purchase the assets and assume the liabilities of American State Bank: (continued) Governors Robertson and Mitchell dissented re consolidation application 2/24 of City Bank and Trust Company 653 American Bankshares Corporation, Milwaukee, Wisconsin, determined not to be holding company affiliate of, except for purposes of 2/24 649, 688 section 23A of FRAct Issuance of order and statement authorized, dissenting statement of Governor Mitchell in which Governor Robertson concurred, issued under title of American City Bank and Trust Company, Milwaukee, 3/12 851,869-878 Wisconsin City Trust Company, Bridgeport, Connecticut, establishment of a branch in the Hardy Shopping Center, Trumbull, Fairfield County, Connecticut, approved, six418, 436 2/8 month extension granted Clark State Bank, Clark, New Jersey, request for extension of time for the filing of registration statements required by section 12(g) of Securities Exchange Act of 1350, 1375 4/22 1934 and Regulation F, approved Clarkston State Bank, Clarkston, Michigan, proposed merger into Pontiac State Bank, Pontiac, Michigan, report to FDIC on competitive factors, 11/15 3654 approved Cleveland Trust Company, Cleveland, Ohio: Establishment of a branch at Strongsville, Cuyahoga County, Ohio, approv993, 1018 3/30 ed, six-month extension granted Reply to Chairman Patman of House Banking and Currency Committee re accuracy and sufficiency of the registration statement filed by, similar questions had been raised by 2811, 2817 8/30 Cyrus Eaton of Cleveland re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1965 1097 Pages State member banks: (continued) Coast Bank, Long Beach, California, continuance of deposit insurance after withdrawal from membership in FRSystem, advice to FDIC, notation in letter to FDIC that, has been requested to advise the Reserve Bank of its plans for increasing proprietary capital Colonial Bank and Trust Company, Waterbury, Connecticut, 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, sixmonth extension granted 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 Indirect investment in bank premises to be owned by wholly-owned affiliate, CB & T Real Estate Company, approved Extension of time to establish a branch at 1000 Fourth Avenue, branch operations at 1000 Broadway to be discontinued simultaneously with the opening of the new branch, approved Columbus Junction State Bank, Columbus Junction, Iowa, additional investment in banking premises approved Columbus Trust Company, Newburgh, New York, establishment of a branch on the east side of Union Avenue, approximately three-tenths of a mile south of the intersection of Union Avenue and State Route 17K, Town of Newburgh, Orange County, New York, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/9 2910, 2930 4/2 1069,1070-73 3/12 850, 859 3/12 850, 863 11/10 3624, 3639 3/12 850, 864 7/20 2382, 2391 1065 1098 Pages State member banks: (continued) Commerce Union Bank, Nashville, Tennessee, establishment of two branches in a shopping center to be constructed in the vicinity of Thompson Lane and Powell Avenue, operations at the bank's existing office at 602 Thompson Lane to be discontinued with the opening of the new offices, sixmonth extension granted Commercial Bank and Savings Company, Fostoria, Ohio: Application to merge with New Riegel State Bank, New Riegel, Ohio, approved Issuance of order and statement authorized, including prior approval of operation of a branch at office of New Riegel State Bank, New Riegel, Ohio Establishment of a branch at 200 South Main Street in connection with the relocation of the bank's main office at 220 Perry Street, Fostoria, Ohio, approved Commercial and Savings Bank of St. Clair County, Michigan, application of, for permission to consolidate with Yale State Bank, Yale, Michigan, approved Issuance of order and statement authorized, dissenting statement of Governor Robertson, issued, sole office of Yale to become a branch office Commercial State Bank, Boise, Idaho, application for membership in FRSystem approved subject to condition of adequate capital at time of opening and disclosure of identity of owners of bank Commercial Trust and Savings Bank, Mitchell, South Dakota, establishment of a branch at 619 South Sanborn Street, Mitchell, S.D., approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/23 4343, 4390 1/21 234 1/28 331, 341-47 9/23 3143, 3146 5/28 1813 6/14 1992,2001-06 3/24 962, 987 7/27 2466, 2472 1965 1099 Pages State member banks: (continued) Community State Bank of Beloit, Wisconsin, application for membership in FRSystem approved, subject to condition numbered 3 Extension of time to accomplish membership in FRSystem granted Trust Company, Hartford, and Bank Connecticut Connecticut: Establishment of a branch in the Crossroads Plaza Shopping Center, West Hartford, Connecticut, approved, six-month extension granted Establishment of a branch between 528 and 536 Main Street, Cromwell, Connecticut, approved, six-month extension granted Request from The Hamden National Bank to appoint Mr. Oran S. Parker as a director, who now serves as Vice President, Secretary, and Treasurer of, in light of the branch office of, in Wallingford which is contiguous to Hamden, section 8 of the Clayton Act and Regulation L would forbid the interlocking service, advice to FRBank of Boston Establishment of a branch in the Parkside Shopping Center, West Hartford, Connecticut, approved, sixmonth extension granted Establishment of a branch at 399-401 New Britain Avenue, Hartford, Connecticut, approved, sixmonth extension granted Continental Bank and Trust Company, Salt Lake City, Utah: Establishment of a branch at 70th South and 20th East, Salt Lake County, Utah, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/24 957, 974 9/16 3043, 3049 1/8 84,88 1/21 231, 238 6/25 2161, 2163 7/20 2382, 2388 8/18 2722, 2731 2/17 579, 588 1965 1100 Pages State member banks: (continued) Continental Bank and Trust Company, Salt Lake City, Utah: (continued) Establishment of a branch at 4100 South Redwood Road, Salt Lake County, Utah, approved, sixmonth extension granted Application by Commercial State Bank, Boise, Idaho, a proposed new bank, for membership in FRSystem with at least 52 per cent of stock controlled by officers and directors of Letter to Organization Committee of Committee of Commercial State Bank denying membership application, approved Ownership of Commercial State Bank by, now revealed to Idaho State Bank Commission Coopersville State Bank, Coopersville, Michigan, declaration of a dividend payable December 30, 1965, approved Corn Belt Bank, Bloomington, Illinois: Six-months' notice of withdrawal from membership in FRSystem, waived Continuation of deposit insurance after withdrawal from membership in FRSystem, advice to FDIC Corydon State Bank, Corydon, Iowa, continuance of deposit insurance after withdrawal from membership in FRSystem, bank urged to reduce loan account to proportion that could be handled by official staff or to strengthen management so the present volume could be serviced more adequately, advice to FDIC County Bank of Santa Cruz, California, granted extension of time to establish a branch at the intersection of Front and Cooper Streets, Santa Cruz, California http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/17 579, 589 2/26 712 3/10 836, 842 3/10 836, 842 12/17 4244, 4263 7/9 2264, 2269 7/23 2432, 2445 1/19 203, 225 2/26 710, 720 1965 1101 Pages State member banks: (continued) County Trust Company, Tenafly, New Jersey: Extension of time to file registration statement pursuant to section 12(g) of the Securities Exchange Act of 1934 and Regulation F, granted Extension of time to establish a branch at Franklin Street and West Clinton Avenue, granted County Trust Company, White Plains, New York, establishment of a branch at the intersection of Macy Street and Halstead Avenue, Harrison, Westchester County, New York, approved, six-month extension granted Cudahy Marine Bank, Cudahy, Wisconsin, request by Marine Corporation, Milwaukee, Wisconsin, for copies of examination reports on continuing basis of two subsidiary State member banks, Wisconsin Marine Bank, Milwaukee, and, approved, under terms outlined Dauphin Deposit Trust Company, Harrisburg, Pennsylvania: Establishment of a branch on Carlisle Pike (U.S. Route 11), Hampden Township, Cumberland County, Pennsylvania, approved, six-month extension granted Six-months' notice of withdrawal from membership in FRSystem, waived Continuance of deposit insurance after withdrawal from membership in FRSystem, advice to FDIC Report to FDIC on the competitive factors involved in the proposed merger of, and Lemoyne Trust Company, Lemoyne, Pennsylvania, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/29 1427, 1447 12/23 4373, 4393 3/8 788, 799 8/6 2642, 2646 2/4 390, 393 3/3 738, 756 3/12 850, 865 3/24 958 1965 1102 Pages State member banks: (continued) Deposit Guaranty Bank & Trust Company, Jackson, Mississippi: Letter to Counsel for, approved re question whether the bank's cashier and controller were officers for purposes of section 206.2 (o) of Regulation F, copies of interpretation, as transmitted to Federal Register were sent to FRBanks for distribution to member State banks Establishment of a branch in the Clinton Plaza Shopping Center, Clinton, Mississippi, approved, sixmonth extension granted Detroit Bank and Trust Company, Detroit, Michigan: Establishment of branches at the southwest corner of Garfield Road and Metropolitan Parkway, Clinton Township, Macomb County, Michigan, approved, six-month extension granted At the northeast corner of Dequindre and Fourteen Mile Roads, Sterling Township, Macomb County, Michigan, approved, six-month extension granted At 6846 Wayne Road, Nankin Township, branch operations at 6365 Wayne Road to be discontinued with the establishment of the new branch, six-month extension granted At Ann Arbor Road and Lilley Road, Plymouth Township, Wayne County, Michigan, approved, six-month extension granted At 7201 West Fort Street, six-month extension granted Devon Bank, Chicago, Illinois: Withdrawal from membership in FRSystem: Continuance of deposit insurance after, notice to FDIC, noted that the bank was urged to improve capital position http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/10 1509,1520-22 8/2 2525, 2535 2/14 1600, 1604 5/14 1600, 1605 11/10 3624, 3641 11/18 3754, 3761 12/23 4382, 4412 4/19 1287, 1300 1965 1103 Pages State member banks: (continued) Devon Bank, Chicago, Illinois: (continued) Withdrawal from membership in FRSystem: (continued) Requirement of six-months' notice of, waived 12/23 4382, 4410 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, approved 8/17 2710, 2712 Dunkirk Trust Company, Dunkirk, New York, report to the Comptroller of the Currency on the competitive factors involved in the proposed merger of, into Liberty National Bank and Trust Company, Buffalo, New York, approved 4/12 1143 Dutchess Bank and Trust Company, Poughkeepsie, New York, establishment of a branch on the west side of U.S. Highway 9, north of the intersection of the highway and New Hackensack Road, Village of Wappingers Falls, Dutchess County, New York, approved, six-month extension granted 3/22 935, 945 Elyria Savings and Trust Company, Elyria, Ohio: Establishment of branches: At the intersection of Walker Road and Ohio Route 76, Avon Lake, Ohio, approved, six-month extension granted 2/23 620, 630 At Station Road and Ohio Route 82 in Columbia Township, six-month extension granted 11/10 3624, 3637 Endicott Trust Company, Endicott, New York, establishment of a branch in the Endicott Plaza Shopping Center, Broome County, New York, approved, six-month extension granted 12/9 4090, 4101 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1965 1104 Pages State member banks: (continued) Etna Bank, Etna Green, Indiana, establishment of a branch in Atwood, Kosciusko County, Indiana, approved, understanding the bank's capital stock would be increased, six-month extension granted Ewing Bank and Trust Company, Ewing Township, New Jersey, permission to declare a dividend in January 1966, approved Exchange Bank and Trust Company, El Dorado, Arkansas, establishment of a branch in Olin Lumber Company Building, Huttig, Arkansas, approved, six-month extension granted Farmers Bank of Boydton, Virginia, issuance of order and statement authorized, reflecting Board's approval of application of Bank of Virginia, Richmond, to merge with, the sole office of, would become a branch of resulting bank Farmers Bank, Monroe, Georgia, investment in bank premises, approved Farmers Bank, Sunbury, Ohio, proposed merger into First National Bank of Delaware, Ohio, report to Comptroller of Currency on competitive factors, approved Farmers and Citizens Bank, Trotwood, Ohio, establishment of a branch at intersection of Shiloh Springs Road and Denlinger Road, Montgomery County, Ohio, approved, sixmonth extension granted 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, including prior approval of operation of a branch at office of Mayer State Bank, South Whitley, Indiana Farmers' and Merchants Bank, Boswell, Indiana: Withdrawal from membership in FRSystem: Six-months' notice of, waived Continuance of deposit insurance after, advice to FDIC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/17 1610, 1616 12/21 4317 9/1 2823, 2832 8/2 2525,2541-46 1/8 84, 90 3/30 996 6/30 2194, 2207 1/7 73 1/13 118,128-33 4/14 1192, 1207 5/26 1721, 1749 1965 1105 Pages State member banks: (continued) Farmers and Merchants Bank of Central California, Lodi, California: Permission to retire its outstanding preferred stock to provide a cushion for anticipated future growth, granted, agreed that a draft letter to all FRBanks dealing with the problem raised by, to be prepared for further consideration Permission for a reduction in the capital funds of, granted, advice to FRBank of San Francisco 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 Farmers and Merchants Bank of Long Beach, California: Establishment of branches: Near the southwest corner of the intersection of Woodruff and Rosecrans Avenues, Bellflower, Los Angeles, California, approved, six-month extension granted Graywood Avenue in the Lakewood Shopping Center, Lakewood, Los Angeles County, California, approved, six-month extension granted Examination report of, in light of request by U.S. Attorney Real of Los Angeles that the Board issue a warning pursuant to section 30 of the Banking Act of 1933 based on indictment of certain officers, agreed that Mr. O'Connell of Board's staff go to San Francisco to assist in analyzing, use of documents in possession of the FRBank re, also requested http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/26 710, 723 8/20 2751, 2752 6/16 2020, 2038 4/27 1389, 1404 4/27 1389, 1403 9/15 3029 1965 1106 Pages State member banks: (continued) Farmers and Merchants Bank of Long Beach, California: (continued) Examination report of, in light of request by U.S. Attorney Real: (continued) Recommendation of Mr. O'Connell that Board decline to issue requested warning, letter to Justice Department, approved with understanding that a copy be furnished to U.S. Attorney Real, letter sent to FRBank of San Francisco Farmers and Merchants Bank of Vandalia, Illinois: Letter to, interposing no objection to a recent investment in bank premises Letter to, approving an investment in bank premises Farmers State Bank of Buffalo, Illinois: Withdrawal from membership in FRSystem: Six months' notice of, waived Continuance of deposit insurance after, advice to FDIC Farmers State Bank, Englewood, Ohio, establishment of a branch at 18 on the Mall, 30 South Main Street, Dayton, Montgomery County, Ohio, approved, with the understanding that capital stock be increased, six-month extension granted Farmers State Bank of Illiopolis, Illinois, sixmonths' notice of withdrawal from membership in FRSystem, waived Farmers' State Bank, Middletown, Indiana: Withdrawal from membership in FRSystem: Six months' notice of, waived Continuance of deposit insurance after, advice to FDIC Farmers State Bank of Waupaca, Wisconsin, additional investment in banking premises, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/29 3183,3200-03 1/13 117, 124 10/27 3391, 3408 11/8 3585, 3598 12/8 4082, 4087 5/17 1610, 1617 11/24 3806, 3815 1/6 37, 54 2/26 710, 721 6/16 2020, 2039 1965 1107 Pages State member banks: (continued) 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: Application to merge with South Bay Bank, Manhattan Beach, California, agreed that a top examiner from FRBank of San Francisco be sent to Fidelity to satisfy himself that the bank was a reasonably sound institution and then the Board would give further consideration to application Application approved Issuance of order and statement authorized reflecting Board's approval of the application of, to merge with South Bay Bank, Manhattan Beach, California, letter to President Swan of FRBank of San Francisco re closer supervisory attention of, approved As an incident to merger, sole office of South Bay Bank would become a branch of the resulting bank Fidelity Bank and Trust Company, Houston, Texas: Establishment of a branch in the Humble Oil & Refining Company Building, located on Milam Avenue, between Bell and Leeland Avenues, Houston, Texas, approved, six-month extension granted Withdrawal from membership in FRSystem: Six-months' notice of, waived Continuance of deposit insurance after, advice to FDIC Fidelity-Philadelphia Trust Company, Philadelphia, Pennsylvania: Establishment of branches: Northwest corner of 10th and Snyder Avenues, Philadelphia, Pennsylvania, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/27 314, 323 12/15 12/20 4161 4296 12/22 4334,4360-67 12/22 4361 7/27 2466, 2469 10/21 3350, 3358 10/29 3426, 3439 1/27 315, 324 1965 1108 Pages State member banks: (continued) Fidelity-Philadelphia Trust Company, Philadelphia, Pennsylvania: (continued) Establishment of branches: (continued) At 1212 Lancaster Avenue, Rosemont, Lower Marion Township, Montgomery County, Pennsylvania, approved, six-month extension granted In Rosemont at the northwest corner of Castor and Solly Avenues, Philadelphia, approved, provided that the branch operation now conducted at 8344 Bustleton Avenue, Philadelphia, is discontinued simultaneously with the establishment of the new branch On the north side of Skippack Pike (route 73), south of the intersection of that road and DeKalb Pike (route 202), Whitpain Township, Montgomery County, Pennsylvania, approved, six-month extension granted In Boothwyne with an investment in bank premises, another near Limekiln Pike, and Dreshertown Road, Upper Dublin Township, with an investment in bank premises, and an extension of time to establish a branch in Rosemont with an investment in bank premises, approved, sixmonth extension granted Extension of time to relocate a branch from the Lafayette Building at Fifth and Chestnut Streets, Philadelphia, to the Rohm and Haas Building at Sixth and Ranstead Streets, Philadelphia, with understanding that operations of bank's office at Lafayette Building are to be discontinued Letter to, approving an investment in bank premises, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/7 1907, 1914 6/7 1908, 1915 9/1 2822, 2830 12/9 4090,4103-05 7/1 2210, 2230 11/10 3625, 3647 1965 1109 Pages State member banks: (continued) Fidelity Union Trust Company, Newark, New Jersey, establishment of a branch at 305-311 Wilson Avenue and an investment in bank premises, approved, six-month extension granted Fifth Third Union Trust Company, Cincinnati, Ohio, establishment of a branch in Blue Ash, six-month extension granted First Bank and Trust Company of South Bend, Indiana, establishment of a branch at 220 West Jefferson Boulevard, South Bend, Indiana, approved, six-month extension granted First Independent Bank, Vancouver, Washington: Establishment of branches: In the vicinity of the intersection of N.E. 45th Street and N.E. Saint Johns Road, Minnehaha, Clark County, Washington, approved, six-month extension granted At the intersection of N.E. Fourth Plain Boulevard, and N.E. 109th Avenue, Orchards, Clark County, Washington, approved, six-month extension granted First Michigan Bank and Trust Company, Zeeland, Michigan, establishment of a branch at the intersection of 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/10 3624, 3635 12/23 4382, 4408 8/18 2722, 2732 8/17 2710, 2715 8/17 2710, 2716 6/2 1839, 1850 1965 1110 Pages State member banks: (continued) First Pennsylvania Banking and Trust Company, Philadelphia, Pennsylvania: Establishment of branches: At the intersection of Bleigh and Bustleton Avenues, Philadelphia, Pennsylvania, approved, six-month extension granted On the south side of Red Lion Road west of Calera Road in a proposed shopping center bounded by Red Lion, Calera, Cromwell, and Academy Roads, Philadelphia, Pennsylvania, approved Extension of time beyond April 30, 1965, for the filing of registration statements required by section 12(g) of Securities Exchange Act of 1934 and Regulation F, Securities of Member Banks, approved Questions from, arising under Regulation Q, (1) whether a bank could allow a depositor a 10-day "grace" period following each redemption date within which he might withdraw his funds, (2) whether a bank could combine interest payments in a single check for certificates issued on various days in the same month, approval given to letter to FRBank of Philadelphia answering both of member bank's questions in affirmative, substance of letter sent to all FRBanks First State Bank, Bangs, Texas, continuance of deposit insurance after withdrawal from membership in FRSystem, advice to FDIC First State Bank of Decatur, Michigan, declaration of a dividend, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/19 202, 218 8/17 2709, 2713 4/22 1350, 1372 11/15 3660, 3675 1/19 202, 224 7/1 2210,2233 1965 1111 Pages State member banks: (continued) First State Bank of Green's Bayou, Houston, Texas, six months' notice of withdrawal from membership in FRSystem, waived First State Bank, Hawkins, Texas: Withdrawal from membership in FRSystem: Six-month's notice of, waived Continuance of deposit insurance after, advice to FDIC Extension of time within which to, approved First State Bank of Newcastle, Wyoming: Advice to FRAgent at Minneapolis authorizing the issuance of a limited voting permit to Schnitzler Corporation, Froid, Montana, to vote stock of Corporation, Froid, Schnitzler of Request Montana, for determination that it was not a holding company affiliate of, except for purposes of section 23A of the FRAct, granted, with Governors Robertson, Mitchell and Daane dissenting Discussion re Board's policy and possible changes in connection with 301 determinations First Trust Company of Albany, New York: Application of, to merge with The National Bank of Windham, New York, approved Issuance of order and statement authorized, including prior approval of operation of two offices of National Bank of Windham as branches of resulting bank Establishment of an in-town branch at 1215 Western Avenue, approved, sixmonth extension granted First Trust and Deposit Company, Syracuse, New York: Establishment of a branch in Administration Building of the Clarence E. Hancock Airport, Town of Dewitt (unincorporated area), Onondaga County, New York, approved, sixmonth extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/21 3350, 3357 4/14 1193, 1209 6/11 11/8 1957, 1985 3585, 3599 1/8 85, 97 1/18 156, 192 1/18 156 4/6 1116 4/14 1193, 1219 6/3 1851, 1855 7/23 2432, 2444 1965 1112 Pages State member banks: (continued) First Trust and Deposit Company, Syracuse, New York: (continued) Request for confidential treatment as provided under section 206.3(c) of Regulation F in connection with public disclosure of information required to be contained in the registration statement of, letter and order to, approved First Western State Bank of Minot, North Dakota: Establishment of a branch at Glenburn, Renville County, North Dakota, approved, six-month extension granted Six months' notice of withdrawal from membership in FRSystem, waived Continuance of deposit insurance after withdrawal from membership, advice to FDIC Fowler State Bank, Fowler, Indiana: Six months' notice of withdrawal from membership in FRSystem, waived Continuance of deposit insurance after withdrawal from membership, advice to FDIC Fruit Growers State Bank of Saugatuck, Michigan, application of Citizens Trust and Savings Bank, South Haven, Michigan, for permission to consolidate with, and purchase the assets and assume the liabilities of Old State Bank, Fennville, Michigan, approved Issuance of order and statement authorized, the sole office of the Saugatuck bank to become a branch of the applicant bank Gary-Wheaton Bank, Wheaton, Illinois: Six months' notice of withdrawal from membership in FRSystem, waived Continuance of deposit insurance after withdrawal from membership in FRSystem, advice to FDIC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/8 2885,2894-2900 5/3 1462, 1467 9/9 2910, 2931 10/14 3309, 3319 5/6 1493, 1500 5/14 1600, 1607 7/28 2486 8/13 2683,2686-92 6/7 1908, 1917 6/16 2020, 2041 1965 1113 Pages State member banks: (continued) Gaylor State Bank, Gaylor, Michigan, establishment of a branch at the intersection of East Main and Mill Streets, Vanderbilt, Michigan, with additional investment in banking premises for construction of new quarters for the proposed branch, approved, six-month extension granted Genesee Merchants Bank and Trust Company, Flint, Michigan, establishment of a branch near the intersection of Pierson Road and Elms Road in Flushing, Genesee County, Michigan, approved, six-month extension granted Georgia Railroad Bank & Trust Company, Augusta, Georgia, declaration of a dividend payable on December 31, 1965, approved Girard Trust Bank, Philadelphia, Pennsylvania: Establishment of a branch at the intersection of Lincoln Highway and Woodbourne Road, Middletown, Bucks County, Pennsylvania, approved, six-month extension granted Establishment of a branch at 5522-24 North 5th Street, Philadelphia, Pennsylvania, approved, sixmonth extension granted Establishment of a branch in the Blue Bell Shopping Center, Grovers Avenue, at 70th Street, Philadelphia, Pennsylvania, approved, sixmonth extension granted Establishment of a branch at 1380 Skippack Pike, Whitpain Township, Montgomery County, Pennsylvania, approved, six month extension granted Extension of time to establish a branch at 3549 Walnut Street, Philadelphia, Pennsylvania, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/20 2382, 2393 6/3 1852, 1860 11/18 3755, 3765 2/1 353, 361 2/23 620, 629 4/2 1069, 1073 9/1 2822, 2829 11/8 3584, 3596 1965 1114 Pages State member banks: (continued) Girard Trust Bank, Philadelphia, Pennsylvania: (continued) Establishment of a branch at 1300 Virginia Drive, Fort Washington Industrial Park, Fort Washington, Montgomery County, Pennsylvania, approved, six-month extension granted 12/9 Glasford State Bank, Glasford, Illinois, continuance of deposit insurance after withdrawal from membership in FRSystem, advice to FDIC 12/17 Glenns Ferry Bank, Limited, Glenns Ferry, Idaho: Condition of membership numbered 1, permission granted to exercise fiduciary powers under, Governors Mills and Robertson dissenting, Board approved of plan to appoint bank's legal counsel as a member of the Trust Investment Committee and urged Bank to continue efforts to improve its capital position 2/1 Establishment of a branch in Cambridge, Idaho, approved, six-month extension granted 10/21 Granite City Bank, Elberton, Georgia, additional investment in banking premises approved, including amount expended for land purchase 6/11 Grant County Bank, Sheridan, Arkansas, investment in bank premises, approved 9/23 Greenfield Banking Company, Greenfield, Indiana, application to merge with First National Bank of Fortville, Indiana, approved 11/17 Issuance of order and statement authorized, office of former bank to be operated as a branch of 12/1 Hamilton Bank, Hamilton, Missouri: Six months' notice of withdrawal from membership in FRSystem, waived 1/27 Continuance of deposit insurance after withdrawal from membership in FRSystem, advice to FDIC 3/3 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4090, 4102 4244, 4262 354, 372 3350, 3362 1956, 1983 3144, 3148 3729 3880,3900-05 315, 325 738, 757 1965 1115 Pages State member banks: (continued) Hempstead Bank, Hempstead, New York: Establishment of in-town branches at 728734 Fulton Avenue, and 265 North Franklin Street, approved, six-month 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 Home Banking Company, Saint Marys, Ohio, Celina Financial Corporation, Celina, Ohio, determined not to be a holding company affiliate of, except for purposes of section 23A of FRAct Approval given to application of, because it fell within Board's general "one-bank" policy which was to be reviewed at an opportune time when all Board members were present Home State Bank of Lawrence, Michigan, proposed purchase of assets and assumption of liabilities of, by American National Bank and Trust Company of Kalamazoo, Michigan, report to Comptroller of the Currency on competitive factors approved, Governor Mitchell disagreeing for reasons he expressed Hunterdon County Trust Company, Califon, New Jersey, establishment of a branch in the Clinton Township Municipal Building, Annandale, New Jersey, approved, comments on reasons for opening branch in advance of Board approval Imlay City State Bank, Imlay City, Michigan, establishment of a branch at 433 Imlay City Road, Imlay City, Michigan, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/8 418, 437 9/9 2910, 2927 7/16 2360, 2375 7/16 2360 4/9 1133 11/24 3807, 3829 8/18 2722, 2734 1965 1116 Pages State member banks: (continued) Indiana Lawrence Bank and Trust Company, North Manchester, Indiana, additional investment in banking premises, approved Industrial State Bank of Kalamazoo, Michigan: Establishment of a branch at 601 East Crosstown Parkway, Kalamazoo, Michigan, approved, six-month extension granted Six months' notice of withdrawal from membership in FRSystem, waived Continuation of deposit insurance after withdrawal from membership in FRSystem, advice to FDIC Establishment of a branch at 2706 West Michigan Avenue, Kalamazoo, Michigan, approved, six-month extension granted Iowa State Bank, Algona, Iowa, penalty for deficiency in reserves, waived Ireland, J. N. and Co. Bankers, Malad City, Idaho, republication of the midyear report of condition of, not required, advice to FRBank of San Francisco, approved Irving Trust Company, New York, New York, establishment of a branch at 1440 Broadway, Borough of Manhattan, New York, New York, approved, with notation re capital adequacy, advice to FRBank of New York Jackson State Bank, Jackson, Wyoming, investment in bank premises, approved Kentucky Trust Company, Louisville, Kentucky, permission to maintain reduced reserves, granted Kingston Trust Company, Kingston, New York: Application to merge with The First National Bank of Marlboro, New York, approved Issuance of order and statement authorized, office of former bank to be operated as a branch of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/14 2302, 2341 5/26 1721, 1744 6/23 2124, 2131 7/23 2432, 2446 9/9 2910, 2929 8/16 2694, 2701 9/3 2838, 2855 8/2 2524,2531-32 8/2 2525, 2537 7/27 2466, 2471 2/17 582 2/24 641, 655 1965 1117 Pages State member banks: (continued) Kingston Trust Company, Kingston, New York: (continued) Establishment of a branch on the west side of Route 9W, near its intersection with Boice's Lane, Town of Ulster, Ulster County, New York, approved, six-month 9/1 extension granted Lake City Bank, Warsaw, Indiana, establishment of a branch on First Street between King's Highway and Chestnut Avenue, Winona Lake, Indiana, and an additional investment in banking premises, approved, six-month extension 6/7 granted Pennsylvania: Lemoyne Trust Company, Lemoyne, Proposed merger with Daulphin Deposit Trust Company, Harrisburg, Pennsylvania, noted in connection with application by Daulphin Deposit Trust Company, for continuance of deposit insurance after withdrawal from 3/12 membership in FRSystem factors Report to FDIC on the competitive involved in the proposed merger of Daulphin Deposit Trust Company, Harrisburg, Pennsyl3/24 vania, and, approved Liberty Bank of Montana, Chester, Montana, issuance of a limited voting permit to Bancorporation of Montana, Great Falls, Montana, 12/16 to vote its stock of, authorized Liberty State Bank, Hamtramck, Michigan, establishment of a branch at 44474 Van Dyke Road, Sterling Township, Macomb County, Michigan, approved, six-month extension 4/27 granted Lincoln Rochester Trust Company, Rochester, New York, establishment of a branch at 4390 Buffalo Road, Town of Chili, Monroe County, New York, approved, six-month extension 4/14 granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2822, 2827 1908, 1916 850, 865 958 4227, 4240 1389, 1402 1192, 1201 1965 1118 Pages State member banks: (continued) Livingston State Bank, Livingston, Montana, investment in bank premises, approved, Board noted that continuing attention be given to strengthening bank's capital structure Long Island Trust Company, Garden City, New York, additional investment in banking premises, approved Error in figure of amount approved, corrected letter sent to member bank on March 3, 1965 Recent examination disclosed apparent violation of section 24A of the FRAct, letter to FRBank of New York Lorain County Savings & Trust Company, Elyria, Ohio, no objection interposed to establishment of a branch at intersection of 50th Street and Elyria-Lorain Boulevard, Elyria Township, Lorain County, Ohio, rather than previously approved location at 326 Griswold Road Ludington State Bank, Ludington, Michigan, establishment of a- branch at 5860 East Ludington Avenue, Pere Marquette Township, Mason County, Michigan, approved, six-month extension granted Lyon County State Bank, Rock Rapids, Iowa: Request of Dinsdale Bros., Inc., Palmer, Nebraska, determined not to be a holding company affiliate of, except for purposes of section 23A of the FRAct, granted with Governors Robertson, Mitchell and Daane dissenting Six months' notice of intent to withdraw from membership in FRSystem, waived http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/2 2525, 2538 2/4 390, 396 2/4 395 2/4 390, 394 1/8 84, 89 11/3 3493, 3562 1/18 156, 190 7/14 2303, 2343 1965 1119 Pages State member banks: (continued) Macomb County Savings Bank, Richmond, Michigan, establishment of a branch in the vicinity of the junction of Highway M-19 and Gratiot Road, Lenox Township, Macomb County, Michigan, approved, six-month extension granted Manufacturers Hanover Trust Company, New York, New York: Establishment of a branch at 24 West 57th Street, 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 Flushing Savings Bank, Flushing, New York, on behalf of Flushing National Bank and College Point Savings Bank, Flushing, re proposed establishment of a branch at 156-20 Northern Boulevard, Flushing, understood Mr. Regan would be informed that if, there were additional information he wished to present, he should discuss the matter with Division of Examinations Application to establish a branch at 156-20 Northern Boulevard, Flushing, understood that a decision on 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 by Department of Justice against, whereby branches would be sold to a New York City bank, Mr. Solomon to talk with representative of Justice Department 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 1120 Pages State member banks: (continued) Manufacturers Hanover Trust Company, New York, New York: (continued) Protest by President Regan of Flushing Savings Bank, Flushing, New York: (continued) Establishment of the branch at 156-20 Northern Boulevard, Flushing, Borough of Queens, New York, New York, approved, six-month extension granted 7/21 Governor Robertson referred to discussion by Board on June 14, 1965, and July 1, 1965, re protests on establishment of this branch, New York State Superintendent of Banks Willie, did not believe the branch would have an adverse effect on Flushing National Bank 7/21 Application to establish a branch at 111-112 William Street, Borough of Manhattan, New York, New York, approved 8/2 Confidential report based on information received from Justice Department re possible settlement of antitrust suit against 8/5 Establishment of a branch at 446-48 McDonald Avenue, Borough of Brooklyn, New York, New York, approved, six-month extension granted 8/18 Establishment of a branch at 290 Broadway, Borough of Manhattan, extension of time re, granted 10/6 Establishment of a branch at 130 Stuyvesant Place, Borough of Richmond, New York, New York, approved, six-month extension granted 11/3 Establishment of a branch at 866 Third Avenue, Borough of Manhattan, approved, six-month extension granted 12/23 Establishment of a branch in Great Neck Estates, Town of North Hempstead, approved, six-month extension granted 12/30 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2399, 2410 2399 2525, 2536 2612 2722, 2730 3234, 3241 3493, 3559 4373, 4387 4441, 4449 1965 1121 Pages State member banks: (continued) Manufacturers and Traders Trust Company, Buffalo, New York: Establishment of a branch at 525 Division Street North Tonawanda, Niagara County, New York, approved, six-month extension granted Establishment of a branch (drive-in facility) in the Transitown Plaza Shopping Center, Town of Clarence, Erie County, approved, six-month extension granted Investment in bank premises, approved 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, approved, sixmonth extension granted Establishment of a branch at 24 East Main Street, Fredonia, New York, approved, six-month extension granted Establishment of a branch in University Plaza (about 775 feet from existing branch at 46 University Plaza), 3500 Main Street, Eggertsville, Town of Amherst, Erie County, New York, approved, six-month extension granted Establishment of a branch in the Boulevard Mall Shopping Center, Town of Amherst, approved, six-month extension granted Establishment of four branches at specified locations in the Towns of Porter, Lewiston, Newfance, and Clarence, to be operated two days a week, with each two mobile units serving two of the locations, approved, indicated this was the first time the Board had been asked to approve mobile banking offices, advice to FRBank of New York and FRBanks interpretation to be published in Federal Register and Federal Reserve Bulletin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/23 620, 628 3/8 4/1 788,800 1056, 1061 4/19 1286, 1296 5/6 1492, 1496 7/ 20 2382, 2390 9/20 3066, 3078 10/21 3349, 3356 10/29 3428,3452-54 1965 1122 Pages State member banks: (continued) Manes County Bank, Vienna, Missouri, no objection interposed to a dividend declared on January 11, 1965, without prior consent of Board Marine Midland Grace Trust Company, New York, New York: Assessment of a penalty incurred by, due to deficiency in required reserves, waived Establishment of a branch at East Bay Avenue, and Whittier Street, Borough of the Bronx, New York, New York, approved, six-month extension granted Marine Midland Trust Company of Central New York, Syracuse, New York, establishment of an in-town branch at 700-730 Erie Boulevard, Syracuse, Onondaga County, New York, approved Marine Midland Trust Company, New York, New York: Access of examination reports of, requested by New York State Superintendent of Banks in light of application for the merger of Grace National Bank, New York, into, consensus that Reserve Bank should refuse request since Comptroller of the Currency had refused Application to establish an in-town branch at 107-40 Queens Boulevard, Forest Hills, Borough of Queens, New York, approved, six-month extension granted Application to acquire Grace National Bank, New York, New York, request from Chairman Celler of House Judiciary Committee for a copy of, approved after letter to, amending Board's Rules of Procedure, (and Rules Regarding Information, Submittals, and Requests) to be published in Federal Register http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/20 1308, 1321 12/17 4244, 4264 12/17 4296, 4314 4/20 1308, 1320 2/17 581 4/9 1132, 1139 4/22 1347,1369-71 1965 1123 Pages State member banks: (continued) Marine Midland Trust Company, New York, New York: (continued) Application to acquire the assets and assume the liabilities of Grace National Bank, New York, New York, under charter of the Trust Company and new name of Marine Midland Grace Trust Company of New York, New York, approved, with statements by Governors Mitchell and Balderston, and dissenting vote by Governor Robertson Letter from Judge Arnold of firm of Arnold, Fortas & Porter re application, draft of order and statement to be distributed to Board Consideration of order and statement re, understood revised draft would be submitted to Board for consideration Discussion as to what extent statement should mention allegations made in letter to Board by Mr. Arnold of law firm, Arnold, Fortas & Porter, issuance of order and statement authorized, with understanding it would be issued when Governor Robertson prepared dissenting statement Further letter from law firm which Legal Division reviewed, order, statement, and dissenting statement issued on August 10, 1965, branch approved 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 Midland Trust Company of Rockland County, Marine Nyack, New York, establishment of a branch at 340, Route 304, Bardonia (unincorporated area), Town of Clarkstown, Rockland County, New York, approved, sixmonth extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/14 2309 8/2 2528 8/4 2596 8/5 2610,2621-39 8/5 2612 6/21 2094, 2101 4/27 1389, 1401 1965 1124 Pages State member banks: (continued) Marine Midland Trust Company of Southern New York, Elmira, New York, establishment of a branch in the Conklin Shopping Plaza, Town of Conklin, approved, six-month extension granted Marine Trust Company of Western New York, Buffalo, New York: Establishment of a branch at the intersection of Main Street and Transit Road, Town of Clarence, Erie County, New York, approved, six-month extension granted Establishment of a branch near Walden Avenue and Dick Road, Village of Depew, Town of Cheektowaga, Erie County, New York, approved, six-month extension granted Mazon State Bank, Mazon, Illinois: Six months' notice of withdrawal from membership in FRSystem, waived Continuance of deposit insurance after withdrawal from membership in FRSystem, advice to FDIC McHenry State Bank, McHenry, Illinois, no objection interposed to an investment in bank premises, and a further investment in bank premises, approved Mechanics and Farmers' Bank of Albany, New York, establishment of a branch at Wolf Road and Sand Creek Road, Town of Colonie, Albany County, New York, approved, six-month extension granted Mercantile Bank and Trust Company, Kansas City, Missouri: Request for permission to carry reduced reserves, decided to hold over for further discussion FRBank of Kansas City had recommended approval if it could reasonably be expected that similar action would be taken re several other Kansas City banks, agreed to defer action pending additional information re interbank deposits Request to carry reduced reserves, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/23 4382, 4407 9/1 2822, 2828 10/4 3234, 3239 4/14 1192, 1208 5/10 1506, 1516 5/17 1610, 1619 7/12 2276, 2293 4/7 1126 4/16 4/22 1269 1360 1965 1125 Pages State member banks: (continued) Merchants & Farmers Bank, Columbus, Mississippi, establishment of a branch at the intersection of Browder Street and U.S. Highway 82, approved, six-month extension granted Merchants and Farmers Bank, Smithfield, Virginia, additional investment in banking premises, approved Merrill Trust Company, Bangor, Maine, memorandum from the Legal Division pointed out that section 206.3(c) of Regulation F, provides that any bank filing a registration statement may object to public disclosure of any information required to be contained therein, Merrill Trust Company had request for confidential treatment, approval given to letter and order to Metairie Savings Bank and Trust Company, Metairie, Louisiana, request for confidential treatment as provided by section 206.3(c) of Regulation F in connection with public disclosure of information required to be contained in registration statement, approved Metamora State Savings Bank, Metamora, Michigan: Establishment of a branch at 3521 Hadley Road, in the village of Hadley, Lapeer County, Michigan, approved, six-month extension granted Proposed merger into First National Bank of Lapeer, Michigan, report to Comptroller of the Currency on competitive factors, approved Metropolitan State Bank, Chicago, Illinois, sixmonths' notice of withdrawal from membership in FRSystem, waived http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/4 2, 12 3/12 850, 862 9/8 2885,2901-03 9/8 2885,2901-03 6/3 1852, 1858 11/29 3864 12/9 4090, 4109 1965 1126 Pages State member banks: (continued) Metropolitan State Bank, Chicago, Illinois: (continued) Continuance of deposit insurance after withdrawal from membership in the FRSystem, bank designated as a problem bank because of its 12/9 poor asset condition Midway Bank and Trust Company, Cedar Falls, Iowa, letter to FRBank of Chicago re the holding by Greater Iowa Corporation, Des Moines, Iowa, of a single share of stock in, which was disclosed in an 2/23 examination report of 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 1/21 granted Montgomery County Bank and Trust Company, Norristown, Pennsylvania: Six months' notice of withdrawal from member3/31 ship in FRSystem, waived Extension of time to file registration statement pursuant to section 12(g) of the Securities Exchange Act of 1934 and Regulation F, 4/12 granted Further extension of time until August 29, 6/29 1965, granted Establishment of a branch at the intersection of the Pennsylvania Turnpike and the Northeast Germantown Pike, Plymouth Township, Montgomery County, Pennsylvania, approved, six-month extension 4/27 granted Proposed merger of Broad Street Trust Company, Philadelphia, Pennsylvania, and, report to FDIC on competi6/9 tive factors, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4090, 4110 620, 632 231, 239 1041, 1049 1144, 1171 2182, 2192 1425, 1436 1926 1965 1127 Pages State member banks: (continued) Morgan Guaranty Trust Company of New York, New York: Acknowledging receipt of notice of its intent to establish an additional branch to be located at 82 Avenue de France, Antwerp, Belgium Establishment of a branch at 299 Park Avenue, Borough of Manhattan, New York, approved, six-month extension granted Mount Clemens Savings Bank, Mount Clemens, Michigan, establishment of a branch at 50280 Gratiot Avenue, Chesterfield Township, six-month extension granted Mountain Trust Bank, Roanoke, Virginia: Extension of time beyond April 30, 1965, requested for the filing of registration statements required by section 12(g) of Securities Exchange Act of 1934 and Regulation F, approved Exemption from registration requirements of the Securities Exchange Act of 1934 and Board's Regulation F, Securities of Member State Banks, requested by, order denying, issued, Governor Mitchell's reservations noted Establishment of a branch at 2820 Brambleton Avenue, S.W., Roanoke, Virginia, approved, six-month extension granted Telephone call from Senator Robertson of Virginia, re a problem confronting, re requirements of Regulation F, bank reported difficulties complying fully with Regulation F, financial reporting requirements at this time and would like relief until end of 1966, agreement that request would be granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/27 322 12/23 4372, 4386 11/10 3625, 3644 4/22 1350, 1374 8/3 2574, 2591 9/22 3125, 3141 12/17 4249 1965 1128 Pages State member banks: (continued) Myerstown Bank and Trust Company, Myerstown, Pennsylvania, 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, Lebanon County, Pennsylvania, approved, six-month extension granted Nashville State Bank, Nashville, Indiana: Six months' notice of withdrawal from membership in FRSystem, waived Continauance of deposit insurance after withdrawal from membership, advice to FDIC Naumkeag Trust Company, Salem, Massachusetts, declaration of a cash dividend, approved Nevada Bank of Couunerce, 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 Street and East John Street, Carson City, Nevada, sixmonth extension granted New Jersey Bank and Trust Company, Clifton, New Jersey: Extension of time in which to comply with condition numbered 3 of membership in FRSystem, approved Establishment of an in-town branch at 850 Clifton Avenue, Clifton, New Jersey, approved, six-month extension granted Application to merge with Wayne State Bank, Wayne, New Jersey, approved, Governor Maisel dissenting, with Governor Robertson concurring Issuance of order and statement authorized, dissenting statement of Governor Maisel in which Governor Robertson concurred issued, operation of branches by, at two offices of Wayne State Bank, Wayne, New Jersey, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/1 2823, 2831 3/24 956, 973 5/6 1493, 1499 7/12 2276, 2295 8/4 2593, 2603 11/22 3771, 3783 6/11 1956, 1984 8/2 2524, 2534 8/27 2789 9/3 2838,2857-71 1965 1129 Pages State member banks: (continued) Newark Trust Company, Newark, Ohio, establishment of a branch at the junction of South 30th Street and State Route 79 in the city of Heath, Licking County, Ohio, approved, with the understanding that the capital accounts of the bank will be increased by January 1, 1966, six-month 7/20 extension granted Norfolk County Trust Company, Brookline, Massachusetts: Application of, to establish a branch in Randolph, protested by Quincy Trust Company, Quincy, Massachusetts, requesting time to prepare a brief for submission to the Board, agreed to allow approximately a week for the bank to submit its views in 1/13 writing Suggestion that copies of correspondence with Quincy Trust Company be sent to President Ellis of 1/13 FRBank of Boston Establishment of the branch at 68-84 North Main Street, Randolph, approved after reasons re opposition of Quincy Trust Company had been reviewed, six-month 2/8 extension granted Commerce, Georgia, Company, Banking Northeastern investment in bank premises 11/5 approved Northern Central Bank and Trust Company, Williamsport, Pennsylvania, establishment of a branch at 405 River Avenue, Loyalsock Township, Lycoming County, Pennsylvania, and investment in bank premises approved, six-month extension 9/9 granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2382, 2392 118, 134 119 419, 446 3571, 3579 2910, 2928 1965 1130 Pages State member banks: (continued) Northern Trust Company, Chicago, Illinois, letter to FRBank of Chicago, re request by, for approval of aggregate investment in banking premises exceeding bank's capital stock, necessitated by change in accounting procedure, Board's approval not required since project was begun prior to change in accounting procedure, substance of letter to be transmitted to other FRBanks Oberlin Savings Bank Company, Oberlin, Ohio, establishment of a branch in Wellington, approved, sixmonth extension granted Old Corunna State Bank, Corunna, Michigan, report to FDIC on competitive factors re proposed consolidation of, with The Owosso Savings Bank, Owosso, Michigan, approved Old Kent Bank and Trust Company, Grand Rapids, Michigan: Extension of time to file registration statements pursuant to Section 12 (g) of Securities Exchange Act of 1934 and Regulation F, granted 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 the location to One VandenBerg Center, Grand Rapids, Michigan, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/21 2095, 2104 12/23 4382, 4409 1/4 2 4/29 1427, 1448 6/3 1852, 1861 6/23 2124, 2130 1965 1131 Pages State member banks: (continued) Old State Bank, Fennville, Michigan, application of Citizens Trust and Savings Bank, South Haven, Michigan, to consolidate with Fruit Growers State Bank of Saugatuck, Michigan, and to purchase the assets and assume the liabilities of, approved Pacific State Bank, Hawthorne, California: Extension of time to file registration statement pursuant to section 12(g) of Securities Exchange Act of 1934 and Regulation F, granted Further extension of time until August 30, 1965, granted Proposed merger of, into United States National Bank, San Diego, California, report to Comptroller of the Currency on competitive factors, approved Park State Bank, Milwaukee, Wisconsin: Six months' notice of withdrawal from membership in the FRSystem, waived Continuance of deposit insurance after withdrawal from membership in FRSystem, advice to FDIC Peninsula Bank and Trust Company, William§burg, Virginia: Application of Williamsburg State Bank, a proposed new bank acquiring membership in FRSystem, to merge with James-York Bank, James City, Virginia, and, approved, Governor Robertson dissenting, with title of resulting institution to be Issuance of order and statement authorized, and Governor Robertson's dissenting statement issued incident to merger, offices of James-York Bank and, to become branches of resulting bank with title of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/28 2486 4/29 1427, 1446 6/29 2182, 2193 6/17 2049 1/4 2, 15 1/19 202, 223 10/13 3277 12/15 4166, 4215 1965 1132 Pages State member banks: (continued) Peoples Bank of Bloomington, Illinois, additional investment in banking premises, approved Peoples-Liberty Bank and Trust Company, Covington, Kentucky, establishment of a branch at the intersection of 4th Street and Madison Avenue, Covington, Kentucky, approved, six-month extension granted People's Savings and Trust Company, Hazleton, Pennsylvania, establishment of a branch at the location of the bank's main office while main office operations are temporarily transferred to 2-10 East Broad 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 the corner of the intersection of Palisades and Barr Avenues, Teaneck, New Jersey, approved, six-month extension granted Peoples Union Bank and Trust Company, McKeesport, Pennsylvania: Extension of time to file registration statement pursuant to section 12(g) of Securities and Exchange Act of 1934 and Regulation F, granted Establishment of a branch on Route 48 and Simpson Howell Road in Elizabeth Township, Allegheny County, Pennsylvania, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/19 1287, 1299 1/26 261, 275 5/6 1492, 1498 2/8 418, 440 3/30 993, 1017 4/29 1427 9/17 3054, 3058 1965 1133 Pages State member banks: (continued) Piedmont Trust Bank, Martinsville, Virginia: Additional investment in banking premises, approved Establishment of a branch in Patrick Henry Mall at the intersection of East Church Street and Booker Road, Martinsville, Virginia, approved, six-month extension granted Potomac Valley Bank, Petersburg, West Virginia, additional investment in banking premises approved, amount including previous expenditures Princeton Bank and Trust Company, Princeton, New Jersey: Extension of time to establish a branch at U.S. Route 206 and Mt. RoseRocky Hill Road, (also known as Cherry Valley Road) approved Establishment of a branch at Premises #5, Building C, Princeton Shopping Center, North Harrison Street, Princeton Township, Mercer County, New Jersey, approved Provident Bank, Cincinnati, Ohio, additional investment in banking premises, approved Puritan Bank and Trust Company, Meriden, Connecticut, establishment of a branch in a shopping center on North Turnpike Road near the junction of Wilbur Cross Highway, Wellington, Connecticut, approved, provided the bank's capital stock is increased to the amount required by Federal law Quincy Trust Company, Quincy, Massachusetts: Protesting an application by Norfolk County Trust Company, Brookline, Massachusetts, to establish a branch in Randolph, request for time to prepare a brief for submission to the Board, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/19 202, 220 3/12 850, 858 2/17 579, 792 6/4 1867, 1890 7/26 2453, 2459 2/10 461, 477 4/14 1192, 1202 1/13 118, 134 1965 1134 Pages State member banks: (continued) Quincy Trust Company, Quincy, Massachusetts: (continued) Suggestion that copies of correspondence with, be sent to President Ellis of FRBank of Boston 1/13 Establishment of the branch at Randolph approved after discussion re reasons of opposition by 2/8 Reading Trust Company, Reading, Pennsylvania, establishment of a branch in the Shillington Shopping Center, 530 East Lancaster Avenue, Shillington, Berks County, Pennsylvania, approved, sixmonth extension, granted 2/8 Rhode Island Hospital Trust Company, Providence, Rhode Island, extension of time to establish a branch on North Main Street granted 12/17 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, six-month extension granted 10/25 Riverside Trust Company, Hartford, Connecticut, application to merge with Bristol Bank and Trust Company, Bristol, Connecticut, approved, with Governor Maisel dissenting, title of resulting bank would be United Bank & Trust Company 5/26 Issuance of order and statement, authorized, dissenting statement by Governor Maisel issued, incident to merger, five authorized offices of Bristol Bank and Trust Company to become branches of resulting bank 6/4 Roscommon State Bank, Roscommon, Michigan, establishment of a branch at 2049 North Street, Helen Road, St. Helen, Michigan, approved, plans in progress for strengthening the bank's capital position by sale of capital debentures, six-month extension 5/3 granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 119 419, 446 418, 438 4244, 4259 3366, 3372 1725 1868,1891-1900 1461, 1466 1965 1135 Pages State member banks: (continued) Rossford Savings Bank, Rossford, Ohio, proposed merger into National Bank of Toledo, Ohio, report to Comptroller of the Currency on competitive factors, approved 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, approved St. Bernard Bank and Trust Company, Arabi, Louisiana, assessment of a penalty for deficiency in reserves, waived, advice to FRBank of Atlanta St. Joseph Valley Bank, Elkhart, Indiana, establishment of a branch at 351 West Market Street, Nappanee, Indiana, approved, six-month extension granted St. Michaels Bank, St. Michaels, Maryland, investment in bank premises, approved Savannah Bank & Trust Company of Savannah, Georgia, establishment of a branch at the intersection of 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, in North Manheim Township, Schuylkill County, Pennsylvania, approved, six-month extension granted Seattle Trust and Savings Bank, Seattle, Washington, establishment of a branch in the Rose Hill Shopping Center, King County, on Northeast 85th Street between 126th and 128th Avenues, N.E., approved, sixmonth extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/27 1425 7/14 2302, 2340 11/22 3771, 3786 12/15 4160, 4183 4/1 1056, 1063 9/10 2947, 2951 2/17 579, 585 6/29 2180, 2185 1965 1136 Pages State member banks: (continued) Security Bank, Webster, South Dakota, determined that Dacotah Bank Holding Company, Aberdeen, South Dakota, is not a holding company affiliate of, except for purposes of section 23A of the FRAct Security Bank and Trust Company, Lincoln Park, Michigan: Letter to, approving request for extension of time beyond April 30, 1965, for the filing of registration statements required by section 12(g) of Securities Exchange Act of 1934 and Regulation F 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, approved, six-month extension granted Security Peoples Trust Company, Erie, Pennsylvania: Application to merge with The Girard Battles National Bank, Girard, Pennsylvania, discussion re bank management, action deferred pending additional information from Division of Examinations Application approved, Governor Robertson dissenting Draft of order and statement, and dissenting statement of Governor Robertson distributed, certain changes proposed by Governor Mitchell in majority statement, understood Legal Division would present revised draft for consideration Issuance of order and statement authorized, concurring statement of Governors Mitchell and Daane and dissenting statement of Governor Robertson, issued, operation of branches at three offices of Girard Battles National Bank, by, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/6 37, 57 4/22 1350, 1376 10/25 3366, 3374 11/10 3624, 3643 1/6 39 1/7 70 1/19 204 1/26 262, 278-288 1965 1137 Pages State member banks: (continued) Security State Bank, Harlem, Montana, determined that Harlem Corporation, Montana, is not a holding company affiliate of, except for purposes of section 23A of the FRAct, Governors Robertson, Mitchell and Daane dissenting Security Trust Company of Lexington, Kentucky, letter approved to Arnold, Fortas & Porter, counsel for merged First Security National Bank and Trust Company of Lexington, Kentucky, re proposed plan of divestiture, and that an application to organize and apply for membership in FRSystem would be made Background of this case was that in 1961 First National Bank and Trust Company and Security Trust Company (a State member bank), both of Lexington, Kentucky, merged under charter of national bank, and United States Supreme Court subsequently held merger to be unlawful Security Trust Company, Rochester, New York: Establishment of a branch at 2826-2836 Monroe Avenue, Town of Brighton, Monroe County, New York, approved, six-month extension granted Establishment of a branch at 103 Main Street East, Rochester, approved, with 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/18 156, 196 6/28 2167, 2177 6/28 2168 2/26 709, 717 7/14 2302 10/6 3234, 3238 1965 1138 Pages State member banks: (continued) Southern Arizona Bank and Trust Company, Tucson, Arizona: Considering withdrawal from membership in FRSystem as disclosed by a question in a letter from an economist for, to FRBank of Dallas, understood that copies of economist's letter and proposed reply would be distributed to Board members prior to further consideration Proposed reply to economist re question of advantages and disadvantages of status as a national bank, State member bank, or insured nonmember bank, agreed that Mr. Hexter would prepare a memorandum of comment on the proposed reply prepared by Vice President Sullivan of FRBank of Dallas, such memorandum to be forwarded to Mr. Sullivan for use in considering revisions in the draft of proposed reply Establishment of a branch at 3667 East Grant Road, Tucson, Arizona, approved, six-month extension granted Southgate Bank, Southgate, Michigan: 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, telegram to Mr. Hodge and Mr. Lamphere of Detroit Branch, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/19 2740 8/25 2773 10/25 3366, 3375 1/7 68 1965 1139 Pages State member banks: (continued) Southgate Bank, Southgate, Michigan: (continued) 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 FRBank of Chicago to designate Vice President Ross to give necessary testimony if authorized by Board Southwest Bank, St. Louis, Missouri, penalty for deficiency in reserves, waived State Bank of Albany, New York: Establishment of a branch in the Colonie Shopping Center at the intersection of Wolf Road and Central Avenue, Town of Colonie, Albany County, New York, approved, six-month extension granted Establishment of a branch at 96 South Swan Street, Albany, New York, approved, six-month extension granted State Bank of Florence, Wisconsin, continuance of deposit insurance after withdrawal from membership in FRSystem, advice to FDIC State Bank of Lebanon, Missouri, establishment of a branch (drive-in, walkup facility), in the 700 block of South Jefferson Avenue, Lebanon, Missouri, approved, six-month extension granted State Bank of Lima, Howe, Indiana, penalty for deficiency in required reserves waived State Bank of Morton, Washington, no objection interposed to an investment in bank premises http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/24 965, 990 3/24 966, 990 7/14 2302, 2342 6/14 1991, 1998 11/10 3623, 3634 1/6 37, 53 9/7 2876, 2878 5/17 1610, 1621 10/1 3213, 3215 1965 1140 Pages State member banks: (continued) 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 State-Planters Bank of Commerce and Trusts, Richmond, Virginia: Application to merge with The Tr -County Bank, Mechanicsville, Virginia, three Board members favoring approval and three favoring denial, which meant that the proposed merger failed of approval Decision to consider by Board with all members present Application approved, 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, four offices of Tr -County to become branches of resulting bank Establishment of branches at Chippenham Parkway and Forest Hill Avenue, and at 4820 Jefferson Davis Highway, both in Chesterfield County, approved, six-month extension granted of Lebanon, Missouri, declaraBank State Savings tion of a dividend in December 1965, approved and Trust Company, Boston, Bank State Street Massachusetts: Establishment of a branch in a shopping center at Dorchester Avenue and Park Street, Boston, Massachusetts, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/1 2210, 2231 4/22 1337, 1367 6/11 1965 6/17 2056, 2061 7/12 2276 7/27 2466,2473-2484 12/23 4373,4388-89 10/27 3391, 3409 5/10 1506, 1515 1965 1141 Pages State member banks: (continued) State Street Bank and Trust Company, Boston, Massachusetts: (continued) Establishment of a branch at 10 Tremont Street, Boston, Massachusetts, approved, with understanding that branch operations now conducted at 199 Washington Street would be discontinued simultaneously with establishment of the new branch, six-month extension granted Stock Growers' Bank of Wheatland, Wyoming, investment in bank premises, approved, understood combined capital and surplus of, would be increased in order to comply with Wyoming statutes Summit and Elizabeth Trust Company, Summit, New Jersey, extension of time within which to file registration statement under Regulation F and section 12(g) of the Securities Exchange Act of 1934, granted Summit State Bank of Richfield-Bloomington, Richfield, Minnesota, a bank in process of organization, application for membership in FRSystem, approved, with proviso that additional capital should be supplied if growth of bank was greater than anticipated Sumitomo Bank of California, San Francisco, California, letter to, extension of time to establish a branch at Beach Boulevard, and Ball Road, Anaheim, California, granted Sylvan State Bank, Sylvan Grove, Kansas, declaration of a dividend in December 1965, approved Teutopolis State Bank, Teutopolis, Illinois, investment in bank premises, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/1 2210, 2227 12/23 4382, 4413 4/12 1144, 1171 12/17 4245, 4269 11/1 3465, 3482 12/9 4090, 4107 7/1 2210, 2232 1965 1142 Pages State member banks: (continued) Texas Bank & Trust Company, Dallas, Texas: Extension of time to file registration statement pursuant to section 12(g) of Securities Exchange Act of 1934 and Regulation F, granted Newspaper advertisement by, purporting to guarantee an average yearly earning of 5.02 per cent on "investment savings certificates," if such certifications were not paid before five years, question re possible violation of Board's Regulation Q, letter to Federal Home Loan Bank Board, approved 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 intown branch by, at 515 Seventh Avenue, Borough of Manhattan, in connection with the removal of the bank's main office to another location, approved, sixmonth extension granted Trenton State Bank, Trenton, Michigan: Establishment of a branch at the intersection of 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/29 1428 8/2 2527, 2572 12/17 4243, 4255 2/12 499, 502 7/26 2454, 2460 12/8 4081, 4084 9/23 3143, 3147 1965 1143 Pages State member banks: (continued) Union Bank, Los Angeles, California: Establishment of a branch in the downtown business district of San Diego, California, approved, six-month extension granted Application to merge with Republic National Bank of San Diego, California, approved Issuance of order and statement authorized, operation of a branch at sole office of Republic National Bank of San Diego, California, approved Letter to Robert M. Raymond, La Jolla, California, re the Board's statement issued in connection with its order approving the application of, to merge with Republic National Bank of San Diego, California, copy of letter sent to FRBank of San Francisco Establishment of a branch at Eighth and Hill Streets, coincident with the relocation of the bank's main office from that location of Fifth and Figueros Streets, six-month extension granted Union Bank and Trust Company, Grand Rapids, Michigan: Establishment of a branch in vicinity of Leonard Street, N.E. and Plymouth Avenue, N.E., approved, with branch operations now conducted at 1225 Leonard Street, N.E., to be discontinued with the establishment of the new branch, six-month extension granted Establishment of a branch near the intersection of Ada Drive and Fulton Street in the unincorporated village of Ada, Ada Township, Kent County, Michigan, approved, noted that capital funds of, are below desirable minimum amount and Board emphasizes need for a program to provide additional capital funds, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/12 850, 861 10/13 3290 10/29 3428,3445-51 12/15 4160, 4186 12/8 4081, 4085 1/19 202, 219 8/17 2710, 2714 1965 1144 Pages State member banks: (continued) Union Bank and Trust Company, Grand Rapids, Michigan: (continued) Establishment of a branch at East Beltline, S.E., and 28th Street, S.E., Grand Rapids, Michigan, approved, adoption of a program to augment bank's capital, urged Union Bank & Trust Company, Montgomery, Alabama, letter to, approving the establishment of a branch at the intersection of McGehee, Fisk, and Carter Hill Roads, six-month extension granted Union Bank and Trust Company, Ottumwa, Iowa, establishment of a branch at the intersection of 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, at the intersection of Center Ridge Road and Wooster Road, Rocky River, Ohio, approved, six-month extension, granted Extension of time to establish two branches in Shaker Heights, approved Extension of time to establish a branch at East Ninth Street and St. Clair Avenue, Cleveland, Ohio, granted Union County Trust Company, Elizabeth, New Jersey, establishment of a branch at Walnut Avenue and Chestnut Street, Cranford Township, Union County, New Jersey, approved, six-month extension granted Union Savings & Trust Company, Warren, Ohio, establishment of a branch at Liberty Avenue and Belmont Avenue, Liberty Township, Trumbull County, Ohio, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/20 3066, 3082 12/23 4373, 4391 3/22 936, 946 2/17 579, 586 10/29 3425, 3437 12/1 3879, 3899 7/14 2302, 2338 11/3 3493, 3561 1965 1145 Pages State member banks: (continued) United Bank & Trust Company, Hartford, Connecticut: Application of Riverside Trust Company, Hartford, Connecticut, to merge with Bristol Bank and Trust Company, Bristol, Connecticut, approved, with Governor Maisel dissenting, title of resulting bank to be Issuance of order and statement authorized, dissenting statement of Governor Maisel, issued, the five offices of Bristol Bank and Trust Company to become branches of resulting bank Extension of time within which to establish a branch at 1232 Farmington Avenue, Bristol, Connecticut, granted Authority to establish this branch granted in 1964, by FDIC, to Bristol Bank and Trust Company, Bristol, Connecticut, which was subsequently merged into Riverside Trust Company, Hartford, Connecticut, and title of 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, California, approved Application to merge with Bank of Mt. Shasta, California, approved, operations and management problem discussed Issuance of order and statement authorized, office of Bank of Mt. Shasta to become a branch of Establishment of a branch at the intersection of West State Street and Orange Street, Redlands, San Bernardino County, California, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/26 1725 6/4 1868,1891-1900 9/3 2837, 2850 9/3 2850 1/28 330, 336 2/3 377 2/12 499, 504 3/3 738, 751 1965 1146 Pages State member banks: (continued) United California Bank, Los Angeles, California: (continued) Establishment of a branch at the intersection of Alosta Avenue and Grand Avenue, Glendora, Los Angeles County, California, approved, six-month extension granted 737, 749 3/3 Establishment of a branch at the intersection of Third Street and B Street, Oxnard, Ventura County, California, approved, six-month extension granted 3/3 737, 750 Extension of time to establish a branch at the intersection of Yorba Linda Boulevard and Rose Drive, 788, 802 Placentia, California, granted 3/8 Extension of time to establish a branch at the intersection of Pacific and Yokut Avenues, Stockton, 3/8 788, 801 California, 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 simultaneously with opening of the new branch, six3/24 956, 970 month extension granted Extension of time to establish a branch at Mission Center Road and U.S. Highway 80, San Diego, Cali1055, 1060 4/1 fornia, granted Continuation of the Bank's escrow operations at its present temporary branch location at 23522 Paseo deValencia, Orange County, after the permanent branch to be located near El Toro Road and Paseo deValencia has been opened for business, authorized, establishment of two branches in or near the Laguna Hills Retirement Community in an unincorporated area in Orange 1133, 1140 County, approved 4/9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1965 1147 Pages State member banks: (continued) United California Bank, Los Angeles, California: (continued) Extension of time to establish a branch at the intersection of Market and Polk Streets, San Francisco, California, granted 4/14 Extension of time to relocate a branch in Susanville, California, from the intersection of Main and Gay Streets to the intersection of Main Street and Grand Avenue, granted 4/14 Continuation of escrow operations at present temporary location at 1001 Golden Ring Road, after opening permanent branch at intersection of Tice Valley Boulevard and Rossmoor Parkway, Walnut Creek Retirement Community, Walnut Creek, Contra Costa County, California, granted 4/19 Application to merge with the Bank of Ceres, California, approved, Governor Robertson dissenting 4/22 Issuance of order and statement authorized, dissenting statement of Governor Robertson, issued 5/12 Order to reflect that Governor Maisel did not participate in the action taken by Board 5/12 Question whether the provisions of section 32 of the Banking Act of 1933 prohibited a limited partner in securities firm of Wheeler, Munger and Company, Los Angeles, California, from serving as an employee of, Board ruled that provisions of section 32 did not apply, advice to FRBank of San Francisco with substance of letter transmitted to other FRBanks 5/12 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1192, 1203 1192, 1204 1286, 1297 1351 1525,1545-54 1526, 1545 1537, 1589 1965 1148 Pages State member banks: (continued) United California Bank, Los Angeles, California:(continued) Establishment of a branch at 609 South Grand Avenue, Los Angeles, in connection with the acquisition of assets and mortgage servicing contracts of Insurance Funds Mortgage Company, approved, 5/21 six-month extension granted Request for confidential treatment of certain information in the application to merge with Feather River National Bank, Oroville, California, letter to FRBank of San Francisco reflecting a change suggested by Governor 9/14 Robertson, approved Substance of letter to FRBank to be transmitted to President of United 9/14 California Bank Establishment of a branch in the vicinity of the intersection of Tustin and Meats Avenue, Orange, California, approved, six-month extension 9/17 granted Extension of time to establish a branch at Hawthorne Avenue between Carson Street and Sepulveda Boulevard, 9/29 Torrance, California, granted Establishment of a branch at 601 California Street, San Francisco, a branch at 790 Green Street, Pasadena, and a branch at 7872 Ivanhoe Avenue, La Jolla, California, in connection with acquisition of assets and mortgage servicing contracts of Marble Mortgage Company, 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 10/29 banks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1706, 1710 2965, 3009 3009 3055, 3059 3176, 3188 3425-26,3436 1965 1149 Pages State member banks: (continued) United California Bank, Los Angeles, California: (continued) Application to merge with Feather River National Bank, Oroville, California, approved, Governor Robertson dissenting, office of former bank to be operated as a branch of 11/3 Establishment of a branch at Saratoga Avenue and Campbell Avenue, San Jose, California, six-month extension granted 11/22 Extension of time to establish a branch in Placentia,granted 12/17 Telegram approved to FRBank of San Francisco re the service of H. E. Hoover, 11, as a limited partner in Wheeler, Munger & Company, Los Angeles, California, as an 12/30 employee of Upper Main Line Bank, Berwyn, Pennsylvania, establishment of a branch at the intersection of Routes 202 and 363 in Tredyffrin Township, Chester County, Pennsylvania, approved, sixmonth extension granted 7/14 Valley Bank and Trust Company, Springfield, Massachusetts, establishment of a branch at the corner of Boston Road and Fernbank Road, Springfield, Massachusetts, approved, six-month extension granted 11/24 Victoria Bank and Trust Company, Victoria, Texas, question to FRBank of Dallas by, re restrictions of section 22(g) of FRAct and Regulation 0, applying to loans by a member bank to executive officers from funds held in trust under an employee-profit sharing plan, letter to FRBank of Dallas, copy of interpretation published in Federal Register 11/9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3512 3771, 3785 4244, 4260 4442, 4456 2302, 2339 3806, 3814 3601,3617-19 1965 1150 Pages State member banks: (continued) Vienna Trust Company, Vienna, Virginia, establishment of a branch at 1601 Washington Square, North, George Washington Plaza, Reston, Fairfax County, Virginia, approved, six-month extension granted Wachovia Bank and Trust Company, Winston-Salem, North Carolina: Application to merge with The Bank of Kernersville, Kernersville, North Carolina, approved with Governor Robertson dissenting Issuance of order and statement authorized, dissenting statement issued, sole office of former bank to become branch of resulting bank Permission to carry reduced reserves, denied Establishment of a seasonal branch in the Big Winston Warehouse at Shorefair Drive and 32nd Street, WinstonSalem, North Carolina, approved, recommended in this instance that authorization be of a continuing nature, in lieu of applicant being required to submit a new application each year Request for confidential treatment provided in section 206.3(c) of Regulation F, re public disclosure of information as required in registration statement, letter and order to, approved Permission to organize a corporation under section 25(a) of the FRAct to be known as Wachovia International Investment Corporation, Winston-Salem, North Carolina, granted Requirements completed, letter to the corporation transmitting a final permit to commence business, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/17 1609, 1615 4/19 1289 4/29 7/1 1426,1437-45 2215, 2237 8/9 2649, 2662 9/8 2885,2904-07 10/14 3309,3317-18 11/26 3847 1965 1151 Pages State member banks: (continued) Wachovia Bank and Trust Company, Winston-Salem, North Carolina: (continued) Establishment of a branch on Highway N.C. 54, in the service area of the Research Triangle Park, Durham County, approved, six-month extension granted Wells Fargo Bank, San Francisco, California: Establishment of a branch at the intersection of 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, California, approved Establishment of a branch at the intersection of Fresno and Van Ness Streets, Fresno, California, approved, provided the operations at 1440 Fulton Street are discontinued simultaneously with the opening of the new facility Establishment of a branch in the downtown area of the city of Hollister, San Benito County, California, approved, six-month extension granted Establishment of a branch at the intersection of California State Highways 89 and 28 in Tahoe City, an unincorporated area of Placer County, California, approved, six-month extension granted Establishment of a branch at the intersection of Moraga Road, Moraga Way and St. Mary's Road, Contra Costa County, California, six-month extension granted Establishment of a branch at the intersection of Divisadero, Angus and East Tulare Streets, Fresno, California, approved, six-month extension granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/10 3624, 3638 1/4 2, 13 1/6 37, 51 2/23 620, 631 2/26 710, 719 3/3 752 3/3 738, 753 3/12 850, 860 1965 1152 Pages State member banks: (continued) Wells Fargo Bank, San Francisco, California: (continued) Establishment of a branch on Blackstone Avenue at or adjacent to the intersection of Ashlan Avenue, Fresno, California, approved, six-month extension granted 3/22 Extension of time to establish a branch near Camden and Hillsdale Avenues, San Jose, California, granted 5/14 Establishment of a branch at the intersection of First Street and Shaw Avenue, Fresno, California, approved, six-month extension granted 5/17 Establishment of a branch on Main Street, Middletown, Lake County, California, approved, sixmonth extension granted 5/26 Extension of time to establish a branch at San Pablo Avenue and the Alameda-Contra Costa County line in El Cerrito, Contra Costa County, California, granted 6/10 Establishment of a branch at either the intersection of 13th and G Streets or at the intersection of 7th and G Streets, Arcata, Humboldt County, California, approved, six-month extension granted 6/14 Establishment of a branch either at the intersection of Woodside and Whiskey Hill Roads or the intersection of Woodside and Mountain Home Roads, both locations in Woodside, San Mateo County, California, approved, six-month extension granted 6/21 Establishment of a branch in the block bounded by 18th and 19th, K and L Streets, Sacramento, California, approved, six-month extension 7/1 granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 936, 947 1600, 1606 1610, 1618 1721, 1745 1937, 1943 1991, 1999 2095, 2102 2210, 2219 1965 1153 Pages State member banks: (continued) Wells Fargo Bank, San Francisco, California: (continued) Establishment of a branch in the vicinity of the intersection of East Monte Vista Avenue and Dobbins Street in Vacaville, Solana County, California, approved, sixmonth extension granted 7/6 Establishment of a branch at the intersection of Homestead Road and Kiely Boulevard, Santa Clara, California, approved, six-month extension granted 8/5 Extension of time to establish a branch in the blocks bounded by Battery, Clay, Davis, and Washington 8/16 Streets, granted Establishment of branches at the intersection of 25th Street and MacDonald Avenue, Richmond; at the Del Monte Shopping Center on Old Capitol Site on Carmel Hill, Monterey; and at the intersection of San Antonio Road and Alma Street, Mountain 9/14 View, California, approved Extension of time until March 31, 1966, to establish a branch in the Value World Shopping Center, Pleasant Hill, California, granted 9/16 Extension of time to establish a branch at the intersection of 19th Avenue and Bayshore Freeway, San Mateo, California, granted 9/16 Extension of time to establish a branch in the Almaden Village Shopping Center, San Jose, California, granted 10/18 Establishment of a branch in Menlo Park, California, approved, six11/10 month extension granted Establishment of a branch near Aptos, Santa Cruz County, six-month extension granted 11/22 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2250, 2254 2609, 2618 2694, 2700 2965,2989-91 3043, 3047 3043, 3048 3327, 3331 3625, 3645 3771, 3784 1965 1154 Pages State member banks: (continued) Wells Fargo Bank, San Francisco, California: (continued) Extension of time to relocate its TwentySecond Webster Office to Twentieth and Franklin Streets, Oakland, California, granted 12/17 Williamsburg State Bank, Williamsburg, Virginia: Application of United Virginia Bankshares Incorporated to acquire shares of, approved, Governor Robertson dissenting and Governor Maisel abstaining, application of, to merge with Peninsula Bank and Trust Company and James-York Bank, with title of Peninsula Bank and Trust Company, approved, Governor Robertson dissenting, application for 10/13 membership in FRSystem, approved Issuance of orders and statement authorized, Governor Robertson's dissenting statement re proposals also issued, incident to the merger the two offices of Peninsula Bank and Trust Company and the sole office of James-York Bank would become offices of result12/15 ing bank Wilmington Trust Company, Wilmington, Delaware: Additional investment in bank premises, 4/1 approved Establishment of a branch at 5107 Concord Pike, Brandywine Hundred, New Castle County, and an investment in bank premises, approved, 11/10 six-month extension granted 11/10 Investment in bank premises, approved Winnetka Trust and Savings Bank, Winnetka, Illinois, additional investment in bank2/17 ing premises, approved Wisconsin Marine Bank, Milwaukee, Wisconsin, request by Marine Corporation, Milwaukee, Wisconsin, for copies of reports of examinations on a continuing basis for two subsidiary State member banks, Cudahy Marine Bank, Cudahy, and Wisconsin Marine Bank, Milwaukee, both in Wisconsin, approved under 8/6 terms outlined http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4244, 4261 3277 4166,4196-4215 1056, 1062 3624, 3636 3625, 3648 579, 593 2642, 2646 1965 1155 Pages State member banks: (continued) Yale State Bank, Yale, Michigan, application of Commercial and Savings Bank of St. Clair County, Michigan, to consolidate with, approved Issuance of order and statement authorized reflecting change suggested by Governor Daane, with dissenting statement of Governor Robertson, sole office of Yale to become a branch office State of the Union Message: SEE: President of the United States: State of the Union Message Statistics: 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, United States v. Crocker-Anglo 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 deposits by counties previously sent to Justice Department Improvement of, in current program of Division of Research and Statistics, mentioned in Board budget for 1966 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/28 1813 6/14 1992,2001-06 8/17 2710 4/20 1308,1322-24 4/20 1308, 1326 12/15 4173 1965 1156 Pages Statistics: (continued) Reserves, free reserve figures, recommendation approved that country bank sample for improving reserve estimates, be continued on a permanent basis after June 30, 1965, letter to Presidents of all FRBanks on action re Retail trade: Memorandum from Mr. Sherman recommending withdrawal by FRBanks from preparation of department store sales reports, with proposal that System underwrite cost for certain cities which eventually Census would include in budget from appropriated funds, that Banks would coordinate announcement of plans by those Reserve Banks which would continue to publish weekly or monthly sales comparisons, general agreement with program as outlined, with further consideration 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 dated August 4, 1965, approved Steel: Contracts, implications of the extension of the steel labor contracts for inventory accumulation, industrial activity, prices, and wage settlements in other industries, topic for discussion with FAC Council believes full implications of extension of steel labor, cannot be forecast, high production is anticipated and high production rates putting pressure on costs, profits still good, views expressed at joint meeting with FAC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/22 2117, 2122 6/16 2028 6/17 2050,2070-90 7/30 2498,2512-21 5/3 1463, 1473 5/18 1627 1965 1157 Pages Steel: (continued) Developments in, question re significant effect on Council's views as to the general outlook for the economy, topic for discussion with FAC Recent developments in steel have not had any significant effect on general outlook except that uncertainty of strike has been eliminated, effect of steel settlement would go straight through industry generally and give further lift to prices, views expressed at joint meeting with FAC Inventories: Question of whether Council members have information based on request for bank financing of inventory build-ups in steel and auto industries, and are there indications that inventory accumulation is spreading to other industries and products, topic for discussion with FAC Strong contraseasonal demand for bank credit 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 Sales, businesses becoming uncomfortable with present inventory levels relative to, topic for discussion with FAC Council believes that there is no real evidence that businesses are becoming uncomfortable with present inventory levels relative to, continued increase in sales had held down inventory-sales ratios, views expressed at joint meeting with FAC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/27 2789, 2808 9/21 3087 1/27 315, 326 2/16 552 5/3 1463, 1473 5/18 1628 1965 1158 Pages Sterling: Value of the pound, report by Governor Daane on his visit to England and the British plans with respect to Sternlight, Peter D., formerly Assistant Vice President at FRBank of New York, letter to FRBank re service of, with the Treasury Department as Deputy Under Secretary for Monetary Affairs, Board agrees that Mr. Sternlight's service with Treasury Department is deemed to be in the public interest within the meaning of the Rules and Regulations of the Retirement System of the FRBanks Stevens, George L , reading improvement, letter confirming arrangements to conduct a 24-hour course for members of the Board's staff as an activity of the Board's Employee Training and Development Program, approved, a fee of $40 to be paid for each participant in the course Stock: Capital: Debentures and capital notes, issuance of: Policy re: Request by Farmers and Merchants Bank of Central California, Lodie, California, to provide a cushion for anticipated future growth through, agreed that a draft letter to all FRBanks dealing on a general basis with the problem be prepared Agreed that the staff would prepare a study re, which the Board could use as a basis for further discussion of a policy position http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/26 2456 12/17 4245, 4267 9/22 3139 2/26 712 3/30 1006 1965 1159 Pages Stock: (continued) Capital: (continued) Debentures and capital notes, issuance of: (continued) Prospects for further bank issuance of, next year, topic for discussion with FAC 8/27 Rapid expansion in bank assets has tightened reserve position of most banks, which are likely to result in additional issuance of capital notes and debentures during the remainder of this year and in 1966, views expressed at joint meeting with FAC 9/21 (Individual names) American Bank and Trust Company, Lansing, Michigan, capital position less than satisfactory, agreement that request for investment in bank premises be held in abeyance and that FRBank of Chicago be apprised of Board's concern re need for additional capital 5/17 Proposed investment in bank premises, approved 5/28 Bank of the Commonwealth, Detroit, Michigan, notation on letter indicating that proposed sale of capital debentures should be consummated at earliest possible date in order to improve capital position, prior to establishment of branches 11/10 Bank of Virginia, Richmond, Virginia: Notation re understanding that consideration is being given by bank to means of strengthening its capital position, in light of the establishment of branches 12/20 Bank of White Sulphur Springs, West Virginia, examination of, was found that a line of paper acquired through an auto dealer had substantial losses in it, indicated losses would wipe out bank's undivided profits and about half of its surplus, FRBank of Richmond working with State Banking Department to straighten out situation 3/31 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2789, 2808 3100 1611 1798, 1825 3640 4296, 4315 1045 1965 1160 Pages Stock: (continued) Capital: (continued) Bank of White Sulphur Springs, West Virginia, examination of: (continued) Review of further developments indicated that it was unlikely any shortage of funds was involved Blanchard State Bank, Blanchard, Michigan, capital stock must be increased to a certain amount, in light of establishment of a branch Chemical Bank New York Trust Company, New York, New York, need for strengthening capital structure, noted in light of application to establish a branch, advice to FRBank of New York Citizens Bank, Smithville, Tennessee, condition numbered 3 providing that stipulated capital funds be provided in connection with membership in FRSystem Citizens Commercial & Savings Bank, Flint, Michigan: Notation urging that serious consideration be given to improving capital position, in light of establishment of branches Reiteration of need to augment bank's capital, as indicated by Board recently in connection with approval of certain other branch applications from Notation that capital structure is somewhat below desirable amount, matter to be discussed between FRBank of Chicago and Colonial Bank and Trust Company, Waterbury, Connecticut, strengthening of capital position urged, in light of approval to establish a branch http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/5 1081 9/20 3080 9/3 2837,2848-49 10/14 3309, 3322 7/16 2351, 2365 9/20 3066 10/27 3391, 3410 4/2 1069,1070,1073 1965 1161 Pages Stock: (continued) Capital: (continued) Commercial State Bank, Boise, Idaho, application for membership in FRSystem, denied, because of inadequate capital funds, FRBank of San Francisco to be informed A newly-organized bank, another reference to inadequate capital structure, directors and officers of Continental Bank and Trust Company, Salt Lake City, Utah, hold most of stock of, a fact not revealed to Idaho State Bank Commission Membership in FRSystem approved, subject to condition of more adequate capital at time of opening and full disclosure of identity of owners of bank Etna Bank, Etna Green, Indiana, understanding that prior to establishment of branch, the bank's capital stock is to be increased Farmers & Merchants Bank of Central California, Lodi, California, permission granted for a reduction in the capital funds of, advice to FRBank of San Francisco Farmers State Bank, Englewood, Ohio, understood that prior to establishment of a branch, the capital stock of, would be increased Fidelity Bank, Beverly Hills, California, rated as a "problem bank" in 1963 and weakness of asset condition noted in June 1965, agreed that an examiner from the FRBank of San Francisco would satisfy himself that the bank was a reasonably sound institution before the Board considered the merger application Condition satisfactory, merger application approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/26 712 3/10 836, 842 3/24 962, 987 5/17 1610, 1616 8/20 2751, 2752 5/17 1610, 1617 12/15 4161 12/20 4296 1965 1162 Pages Stock: (continued) Capital: (continued) Glenns Ferry Bank, Limited, Glenns Ferry, Idaho, in letter to, Board approved of plan to appoint bank's legal counsel as a member of the Trust Investment Committee and urged to continue efforts to improve its capital position Irving Trust Company, New York, New York, noted that careful consideration should be given to capital adequacy in light of establishment of a branch, advice to FRBank of New York Livingston State Bank, Livingston, Montana, notation that continuing attention be given to strengthening bank's capital structure, in light of investment in bank premises Long Island Trust Company, Garden City, New York, recent examination disclosed apparent violation of section 24A of the FRAct, where whollyowned affiliate borrowed in order to pay for properties sold by, resulting in total indebtedness exceeding bank's capital stock Newark Trust Company, Newark, Ohio, capital accounts of the bank will be increased by January 1, 1966, in light of establishment of a branch Puritan Bank and Trust Company, Meriden, Connecticut, establishment of a branch approved, provided the bank's capital stock is increased to the amount required by Federal law Roscommon State Bank, Roscommon, Michigan, further strengthening of bank's capital position urged in addition to present plan for issuance of capital debentures, in light of establishment of a branch http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/1 354, 372 8/2 2524,2531,2532 8/2 2525, 2538 2/4 390, 394 7/20 2382, 2392 4/14 1192, 1202 5/3 1461, 1466 1965 1163 Pages Stock: (continued) Capital: (continued) Stock Growers' Bank of Wheatland, Wyoming, understood combined capital and surplus of, will be increased in order to comply with Wyoming Statutes, due to investment in bank premises Summit State Bank of Richfield-Bloomington, Richfield, Minnesota, application of, a newly-organized bank not yet in operation, for admission to membership in FRSystem, FDIC had reported unfavorably re condition and adequacy of capital structure, and had recommended denial, Governor Mitchell to discuss with FDIC and report back to Board Letter to, approving application with a proviso that additional capital would be supplied if growth of bank should be greater than anticipated Union Bank and Trust Company, Grand Rapids, Michigan: Understood that capital structure of, to be discussed in near future with President Scanlon and President Ross of FRBank of Chicago Adoption of a program to augment Bank's capital, urged in connection with the establishment of a branch Dividends, letter approved to FRBank of Chicago re the question whether a holding company affiliate may declare, based upon its equity in undistributed net income of subsidiary banks, substance of letter to be sent to all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/23 4382, 4413 11/17 3717 12/17 4245, 4269 8/17 2714 9/20 3066, 3082 12/15 4160, 4187 1965 1164 Pages Stock: (continued) Registration of, as required by Regulation F and Securities Exchange Act of 1934: Confidential treatment of statements submitted by member State banks and insured nonmember banks, letter approved to Presidents of all FRBanks re procedure for handling requests for copies of material filed by member State banks under Regulation F, and by insured State nonmember banks under the corresponding regulations of FDIC Section 206.3(c) of Regulation F provides that any bank filing a registration statement may object to public disclosure of any information required to be contained therein, to date, First Trust & Deposit Company, Syracuse, New York, Merrill Trust Company, Bangor, Maine, and Wachovia Bank and Trust Company, WinstonSalem, North Carolina, have requested certain confidential treatment, unanimous approval given to letters and orders to the three banks Exemption from: Board authorized publication in Federal Register of receipt of application for, by State member banks, specific Board approval not required in individual cases, notice of such applications to be included in weekly H.2 release Extension of time to file registration statements, authorized to grant permission re, without specific Board action, with the understanding that any future case presenting unusual circumstances would be brought to the attenof the Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/26 1741 9/8 2885,2894-2907 4/12 1149 4/29 1427 1965 1165 Pages Stock: (continued) Registration of, as required by Regulation F and Securities Exchange Act of 1934: (continued) Form F-1 (Registration Statement) and Form F-5 (Proxy Statement) dealing with loans made by a bank to its officers, directors, principal stockholders, and their associates, amendments to, suggestion adopted that the Board authorize publication of proposed amendments in Federal Register, with understanding that if FDIC did not authorize similar action on Corporation's regulation, Board's proposed amendments would be withheld and effort made to work out problems involved on an interpretative basis 11/8 3586 Interpretation embodying the substance of proposed amendments to, approved for publication in the Federal Register, amendments to Regulation F, withheld because FDIC did not authorize similar action with respect to its parallel regulation 11/29 3866, 3871 Form F-20 approved for State member banks to file amendments to Regulation F, understanding the form would be published in the Federal Register as an addition to Regulation F 11/24 3810, 3830 "Held of record" interpretation of, approval given to letter to FRBank of New York re question from Bank of Commerce, Newark, New Jersey, as to whether shares of stock are, by one person, or by more than one, in certain circumstances, Board's opinion stated, that except in certain situations enumerated in section 206.2(j) of Regulation F, that in determining holders of record, it was the number of accounts that appear on the corporate records 4/14 1194, 1225 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1965 1166 Pages Stock: (continued) Registration of, as required by Regulation F and Securities Exchange Act of 1934: (Individual names) Annapolis Banking and Trust Company, Annapolis, Maryland: Application for exemption from requirements of Regulation F and Securities Exchange Act, with respect to, approval given to publication in the Federal Register of the receipt of, and an opportunity for a hearing to be provided if requested Extension of time beyond April 30, 1965, for the filing of registration statements required by the Securities Exchange Act of 1934 and Regulation F, granted Limited exemption from registration requirements of the Securities Exchange Act of 1934 and Board's Regulation F, granted, issuance of order, authorized reservations noted Mitchell's Governor Bank of the Commonwealth, Detroit, Michigan, extension of time to file, granted and Clifton, Passaic, New Passaic of Bank Jersey, extension of time to file, granted Chase Manhattan Bank, New York, New York: Request by New York Stock Exchange and, for acceleration of the effective date for, issuance of order approving, authorized, press statement issued Attention re apparent inconsistency between information contained in bank's registration statement filed pursuant to Regulation F and listing application submitted to New York Stock Exchange, understood Board's staff would check http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (continued) 4/12 1145, 1173 4/22 1350, 1373 8/3 8/3 2574, 2589 2580 4/29 1427 4/29 1428 3/12 852, 879-81 4/5 1079 1965 1167 Pages Stock: (continued) Registration of, as required by Regulation F and Securities Exchange Act of 1934: Clark State Bank, Clark, New Jersey, extension of time beyond April 30, 1965, for the filing of, granted Cleveland Trust Company, Cleveland, Ohio, reply to Chairman Patman of House Banking and Currency Committee re accuracy and sufficiency of the registration statement filed by, approved, similar questions raised by Cyrus Eaton of Cleveland Letter approved to Chairman Patman of the House Banking and Currency Committee concerning the registration statement filed by County Trust Company, Tenafly, New Jersey, extension of time to file, granted First Pennsylvania Banking and Trust Company, Philadelphia, Pennsylvania, extension of time beyond April 30, 1965, for the filing of, granted First Trust & Deposit Company, Syracuse, New York, request for certain confidential treatment re, letter and order to, approved Merrill Trust Company, Bangor, Maine, public disclosure of any information required to be contained therein, Merrill request for certain confidential treatment re, letter and order to, approved Montgomery County Bank and Trust Company, Norristown, Pennsylvania: Extension of time to file, granted Further extension of time until August 29, 1965, to file, granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (continued) 4/22 1350, 1375 8/30 2811, 2817 10/4 3219, 3225 4/29 1427, 1447 4/22 1350, 1372 9/8 2885,2894-2900 9/8 2885,2901-03 4/12 1144, 1171 6/29 2182, 2192 1965 1168 Pages Stock: (continued) Registration of, as required by Regulation F and Securities Exchange Act of 1934: (continued) Mountain Trust Bank, Roanoke, Virginia: Extension of time beyond April 30, 1965, for the filing of, granted 4/22 1350, 1374 Application for exemption from, issuance of order denying application, authorized 8/3 2574, 2591 Governor Mitchell's reservations noted 8/3 2580 Telephone call from Senator Robertson of Virginia re a problem confronting, re requirements of Regulation F, bank reported difficulties in complying fully with Regulation F's financial reporting requirements at this time and would like relief until end of 1966, agreement that request would be granted 12/17 4249 Old Kent Bank and Trust Company, Grand Rapids, Michigan, extension of time to file, granted 4/29 1427, 1448 Pacific State Bank, Hawthorne, California: Extension of time to file, granted 4/29 1427, 1446 Extension of time until August 30, 1965, to file, granted 2182, 2193 6/29 Peoples Union Bank and Trust Company, McKeesport, Pennsylvania, extension of time to file, granted 4/29 1427 Security Bank and Trust Company, Lincoln Park, Michigan, extension beyond April 30, 1965, for the filing of, granted 4/22 1350, 1376 Summit and Elizabeth Trust Company, Summit, New Jersey, extension of time to file, granted 4/12 1144, 1171 Texas Bank & Trust Company of Dallas, Texas, extension of time to file, granted 4/29 1428 Wachovia Bank and Trust Company, WinstonSalem, North Carolina, memorandum from Legal Division, provides that any bank filing a, may object to public disclosure of any information required to be contained therein, Wachovia request for certain confidential treatment re, letter and order 2885,2904-07 9/8 to, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1965 1169 Pages Stock exchanges: Boston Stock Exchange, application of, pursuant to section 12(f) of Securities Exchange Act of 1934, for unlisted trading privileges as to capital stock of Chase Manhattan Bank, New York, New York, draft notice and opportunity for hearing approved for transmittal to interested organizations and publication in Federal Register, similar procedure to be followed re future applications for unlisted trading privileges without specific authorization by the Board, press statement to be issued Order approving applications for unlisted trading privileges, authorized New York Stock Exchange: Registration of stock of Chase Manhattan Bank, New York, New York, for trading on, letter to Mr. Robert E. Gunn, Vice President, United Funds, Inc., Kansas City, Missouri, approved Request by Chase Manhattan Bank, New York, and, for acceleration of the effective date for registration of the capital stock of Chase Manhattan Bank on the New York Stock Exchange, issuance of order and press statement, authorized Inconsistency between information, naming the Chief Accounting Officer, in the registration statement of Chase Manhattan Bank, New York, New York, and in listing application submitted to, understood Board's staff would inquire re this matter http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/6 1493, 1503 6/9 1928, 1932 1/13 117, 127 3/12 852,879,881 4/5 1079 1965 1170 Pages Stock exchanges: (continued) New York Stock Exchange: (continued) Request by, for reconsideration of amendment to section 220.4(c)(3) of Regulation T, re special cash account provisions, Board reaffirmed decision made concerning amendment, effective May 15, 1965, letter to Mr. Funston, President of, approved Philadelphia-Baltimore-Washington Stock Exchange, application of, pursuant to section 12(f) of Securities Exchange Act of 1934 for unlisted trading privileges as to capital stock of Chase Manhattan Bank, New York, New York, draft notice re opportunity for hearing and publication in Federal Register, approved, similar procedure to be followed re future applications for unlisted trading privileges without specific authorization by the Board, press statement to be issued Order approving applications for unlisted trading privileges, approved Stock market credit: Regulation of: Memorandum recommending that Board include in its Annual Report for 1964, a proposal for an amendment to section 7 of the Securities Exchange Act of 1934 authorizing extension of margin privileges and margin regulation to securities traded over the counter, approved, understood that a bill would be drafted and that the Board would give further consideration to suggestions for possible legislative recommendations included in memorandum http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/12 1531, 1585 5/6 1493, 1503 6/9 1928, 1932 1/13 119 1965 1171 Pages Stock market credit: (continued) Regulation of: (continued) Inquiry by Chairman Martin whether a draft of regulation to deal with unregulated lenders had been prepared, confirmed that the regulation could be put in form for consideration shortly, comments on preliminary draft had been received from FRBanks and the SEC, indication there was not a large amount of unregulated credit coming into the stock market Strunk, Norman, Executive Vice President of United States Savings and Loan League, letter of protest received from, re recent change in maximum rates payable on time and savings deposits at commercial banks, consensus to secure additional information on rate changes at member banks, staff to prepare information-gathering proposal for Board's consideration Letter to, approved, Governor Robertson dissenting Studies: Banking data from condition reports and earnings reports, request from Bryan A. Bailey, a Ph.D. candidate at Brown University, for access to, in connection with doctoral dissertation, approved, with Governor Mitchell dissenting, computer time at cost of $450 and additional quantity of cards to be punched, allowed Board, current program of Division of Research and Statistics, requested study mentioned in Board budget for 1966 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/3 3530 12/16 4228 12/21 4325 8/12 2670 12/15 4173 1965 1172 Pages Studies: (continued) Board building: Space utilization in connection with alterations and additions to existing: Recommendation that Board authorize a study by Raymond Loewy/William Snaith, Inc., New York, New York, re possibility of rearranging the Board's staff offices (except executive wing and food preparation and service areas) with a view to increasing efficiency and attractiveness of the quarters, 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, meeting set for May 17, 1965 To be scheduled for afternoon of May 18, 1965, rather than the morning of May 17 Meeting of Board with Mr. William Snaith, results of an analysis by the firm,of rearranging office space to accommodate a larger number, understood results of study would be distributed to Board members, Board would then determine whether analysis warranted proceeding further Recommendation by Governor Shepardson re certain remodeling work including enlargement of dining facilities, agreed Raymond Loewy/ William Snaith, Inc., New York, should be requested to proceed with development of specific plans and cost estimates for improving, not to exceed $12,500, approval given to letter to Raymond Loewy/William Snaith, Inc., Governors Mitchell and Daane dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/30 1011, 1037 5/3 1463 5/6 1494 5/18 1656 6/4 1877, 1906 1965 1173 Pages Studies: (continued) Board members, drain on working time of, in keeping abreast of domestic and international economic conditions, money and capital market developments, System operations, bank merger proposals, and Congressional activities, possibility in remedying situation through delegation of administrative decisions and use of digests and summaries for incoming information, Governor Shepardson requested to meet with certain staff members to study situation Check-clearing system, plan for a study re a check-clearing system in which Federal Reserve offices would serve as clearing centers for all fully qualified items using electronic processing and transmission, suggested by Governor Mitchell in a memorandum captioned "The Federal Reserve Image" Check collection system, FRBanks, 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 in planning for the use of computers and data communication techniques Coin and currency distribution, suggestion that a study be made for evenhanded treatment to in-city and outof-city banks in a plan re, suggested by Governor Mitchell in a memorandum captioned "The Federal Reserve Image" http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/30 1012 11/3 3523 11/22 3775, 3799 11/3 3523 1965 1174 Pages Studies: (continued) Coin distribution procedures, 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 Commercial banks' role in American economy, recommendation that designated professors from Yale University be given access to certain banking data from member banks reports of condition and reports of income and dividends in connection with a study financed by National Science Foundation, approved Computer, facility at emergency relocation site for use by Board and FRBank of Richmond: Outline as submitted and approved by Board include certain study phases to make the plan practical, Board authorized moving ahead according to understanding reached at meeting Ad hoc committee consisting of Messrs. Ellis, Chairman;Hickman, Swan and Wayne to study System-wide need, Governor Robertson designated as Board representative Recommendation that a contract be entered into with Communications Systems Inc., Paramus, New Jersey, at a cost of $19,700 for a detailed study of the feasibility of, approved, letter sent to Communications Systems Inc. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/26 3839 5/5 1477, 1485 6/11 1972 6/16 2026 11/29 3865, 3870 1965 1175 Pages Studies: (continued) Concentration in banking, 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 commited, letter to Chairman Patman, approved Credit, measuring quality of: Division of Research and Statistics working on, understanding that representatives of Division of Research and Statistics should also further explore with representatives of National Bureau of Economic Research the carrying forward of certain procedures and techniques for appraising Request from National Bureau of Economic Research for substantive and financial assistance in proposed studies on, approved, letter to National Bureau re Currency and coin services, letter to Chairman of the Conference of Presidents of the FRBanks re a proposed comprehensive review of currency and coin services to member and nonmember banks, approved Custody Control Standards: SEE: Studies: Safekeeping of securities of FRBanks Debentures and capital notes, use of as capital stock, as requested by a State member bank in California, agreed that staff would prepare a study re, that the Board would use as a basis for further discussion of a policy position http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/27 1390, 1409 3/15 897 6/24 2143, 2159 12/30 4442, 4451 3/30 1006 1965 1176 Pages Studies: (continued) Discount mechanism: Proposal that FRSystem undertake an intensive study to evaluate the current functioning of, favored, arrangements to be made to discuss with Presidents, Chairman Martin to talk with Mr. Hayes, Chairman of Committee on Discounts and Credits, about questions raised Report by Mr. Holland re developments of, agreed with Chairman Martin to move ahead with arrangements, Governor Mitchell designated as Chairman with Governors Shepardson and Maisel as members of couunittee to report back its recommendations, Chairman Martin to inform Mr. Bopp, Chairman of Presidents' Conference Organizational and staffing requirements as approved on August 4, 1965 meeting, memorandum outlining establishing Steering Committee and 11-man Secretariat and naming individuals proposed to staff those groups, discussion re, with approval of brief following FOMC meeting on August 10, 1965 Report by Chairman Martin to joint meeting with Presidents' Conference on details of establishment of committee and work outlined Equipment, purchasing or leasing of equipment for FRSystem: Letter to Chairman of Presidents' Conference approving a proposed study re Letter to J. M. Thayer, Jr., Cashier, FRBank of Boston, advising that Joseph E. Kelleher, Director, Division of Administrative Services, would serve as associate of the ad hoc subcommittee of the Committee on Systems and Procedures of the Conference of Presidents that had been requested to make a study of, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/24 2145 8/4 2600 8/5 2613 8/10 2666 6/28 2167, 2176 8/5 2617 1965 1177 Pages Studies: (continued) Federal funds, memorandum from Divisions of Research and Statistics and Administrative Services re the proposed publication of, approved, provision made in 1965 budget of Division of Administrative Services, to cover Float, Governor Robertson proposed that Board establish a committee to make a fresh appraisal of maximum deferment schedule as it is related to, suggested that Governors Daane and Maisel be asked to serve on such a committee, agreement that committee direct preparation for Board of a background document, on basis of which committee's assignment could be specified Foreign operations of U.S. Banks: Possibility of study re, to provide a broader perspective for the Board in making decisions on foreign branches of member banks, Edge corporations, and agreement corporations, as well as in executing its examining and supervisory functions, suggestion that academic consultants might be brought in, staff to develop a second memorandum re specific tasks Presentation of memorandum containing recommendations for research project to be undertaken in four stages, agreement with Chairman Martin's suggestion that Governor Mitchell serve as Chairman and Governors Shepardson and Maisel explore and recommend framework for the project http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/10 1512, 1523 5/19 1663 6/2 1841 8/18 2722 1965 1178 Pages Studies: (continued) Foreign operations of U.S. Banks: (continued) Committee recommendations presented by Governor Mitchell approved with understanding that the Committee would come back to Board after the detailed plan had been prepared, Frederick R. Dahl to direct 8/25 Draft statement on objectives of Board's Committee completed by Mr. Dahl to be distributed for Board's consideration 10/1 Statement prepared by staff on objectives and scope of research project re, distributed, staff authorized to proceed with detailed planning, statement approved and sent 10/13 along with letter to all FRBanks Liquidity, International: SEE: Studies: Reserve assets, creationof Management succession and compensation of bank officers: SEE: Surveys: Management succession and compensation Morris County, New Jersey, memorandum from Division of Research and Statistics for authorization of two contracts with the Economic Research Institute of Drew University: 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, provision made for these studies in 1965 budget of the Division 4/29 Payroll disbursement plan of Board of Governors, study being made by Office of the Controller, which would be presented shortly for Board's consideration 11/9 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2775 3214 3288,3298,3305 1434 3604 1965 1179 Pages Studies: (continued) Philippines, Central Bank of, request that Federal Reserve System furnish assistance to, for study of both Systems and procedures and manpower requirements and utilization, recommendation that Edwin J. Johnson, Director, Board's Division of Personnel Administration, Everett B. Post, FRBank of New York, and Jarvis M. Thayer, Jr., FRBank of Boston be assigned to assist, approved Price measurements: Analytic needs of the FRSystem, Board approved recommendations re establishment of a consultant group headed by Professor Kravis of University of Pennsylvania to study the problems of, Professor Dorothy Brady has promised cooperation, other scholars being considered for inclusion are Professor Griliches and Rees of Chicago, Dr. Lipsey of the National Bureau, and Dr. Dennison of Brookings Institution, Messrs. Garfield and Altmann of Division of Research and Statistics to be principal Board participants, expenses for travel and fees which may result in overexpenditure, approved Board authorized commissioning of papers of prices and price measurement outlined in memorandum from Mr. Brill, with overexpenditure in 1965 budget of Division of Research and Statistics, authorized Reserve assets, •creation of: Progress of work being done re, reported by a group appointed to make such a study and report to Deputies of Group of Ten Finance Ministers, representativesof the U.S. on the study group were Messrs. R. Solomon and Willis of Board's staff and Treasury, respectively http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/11 487, 492 1/11 105, 113 6/29 2182, 2189 1/7 69 1965 1180 Pages Studies: (continued) Reserve assets, creaton of: (continued) Report of the study group reviewed by Mr. Solomon Safekeeping of Securities at FRBanks: Letter to FRBank Presidents endorsing general standards recommended by Ad Hoc Subcommittee in study on custody control standards, comments re necessary broad approach with adherence to essential safeguards, unresolved matters to be brought to attention of Division of Examinations or Bank Operations prior to submission to Board, letter approved SEE ALSO: Surveys: Safekeeping of securities at FRBanks Salaries, officers of FRBanks: 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, approved, along with overexpenditure in Board's budget for 1965 on this account Appointment of firm of McKinsey & Co., Inc., Washington, D. C. to assist in developing guidelines for determining appropriate, with specific objective to obtain information re salaries paid in New York community, with payment of fees and expenses not to exceed $15,000, upon receipt of final report, approved Appointment of Booz, Allen & Hamilton, Inc., Cleveland, Ohio, to assist in developing guidelines for determining, specific objective to obtain information re salaries paid in Dallas community, fees not to exceed $7,000 ,payment to be made upon receipt of final report http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/17 2044 8/4 2594, 2607 4/22 1362 6/21 2098 6/30 2205 1965 1181 Pages Studies: (continued) Salaries, officers of FRBanks: (continued) Subsequently consultants were retained to obtain information on community salary levels at New York and Dallas, as planned, on basis of reports by consultants recommendations made by Board's Committee on Organization, Compensation, and Building Plans were approved Time certificates of deposit, Governor Mitchell issued a memorandum captioned "The Federal Reserve Image," suggesting that he would launch studies on what device or devices could be used to make the negotiable certificates of deposits of all member banks of equal marketability, and without a price disadvantage to nonprime banks Subpoenas: Crocker-Anglo National Bank, San Francisco, California, pending anti-trust suit against Citizens National Bank, Los Angeles, California, (now merged under title of CrockerCitizens National Bank), and, Justice Department may reluctantly resort to subpoena if requested survey information and presence of Mr. Gault Lynn, Director of Research of FRBank of San Francisco as a witness, is not provided, letters to Justice and and FRBank of San Francisco, approved Frontier Bank, Covelo, California, telegram to FRBank of San Francisco authorizing compliance by the Bank with California State Banking Department's request for certain correspondence and documents in the Reserve Bank's files re, a nonmember insured bank, placed in receivership, FDIC informed that an FDIC letter was among correspondence furnished http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/3 3490 11/3 3523 5/28 1806,1829,1831 6/22 2116, 2121 1965 1182 Pages Subpoenas: (continued) Metairie Savings Bank and Trust Company, Metairie, Louisiana, letter 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 United States v. Jules B. Hernandez et al and, approved Surplus: FRBanks: Reported on press release re earnings, expenses, and dividends that Board had concluded that surplus of, should be maintained at a level of paid-in capital rather than subscribed capital, noted that decision would add $524 million to the amount paid by Federal Reserve into Treasury in 1965 Telegram to FRBanks requesting them to pay to the Treasury on November 17, 1965, the eleventh and twelfth instalments of the special payments reflecting the Board's decision re surplus accounts Surveys: Babcock, Frederick M., of Washington, D. C, a real estate appraiser and consultant, of methods of judging and improving quality of mortgage portfolios, including loans on income-producing properties, submitted report to Board, copy sent to Mr. John Jewett, former Senior Vice President of Prudential Insurance Company, understood that the kind of work on Babcock report contemplated by suggestions of Governor Robertson and Mr. Broida of Board's staff, would be done before any decision was made re use of report http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/10 1507, 1518 1/5 30 11/15 3667 2/3 378 1965 1183 Pages Surveys: (continued) 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 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, advice to the Presidents of all FRBanks Bank merger and holding company cases, memorandum from Governor Shepardson re analysis of economic factors involved in, letter to be sent to Presidents of all FRBanks asking their cooperation in exploring use of a survey organization to get survey data in appropriate cases Banking offices in major cities, Governor Robertson suggested that it would be of interest to have current figures on the number of, in relation to population, understood that such data would be compiled by the Division of Examinations Business loans, 1955 survey re, material requested by Justice Department in connection with a pending antitrust suit, letters to Justice Department and FRBank of San Francisco http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/24 2136 6/24 2138 12/15 4160,4188-90 10/8 3247, 3258 8/17 2710 5/28 1806,1829-32 1965 1184 Pages Surveys: (continued) Chain banking, request from Chairman Patman of House Banking and Currency Committee that data from 1962 study of, be reactivated to obtain information on nominees, and perhaps brokers, identified as bank stockholders, Board to comply with request, letter to Chairman Patman, approved Check collection system, FRBanks, letter to Chairman of Presidents' Conference reflecting Board awareness of studies currently in process and giving encouragement to ad hoc Conference Committee headed by President Ellis and by its subcommittee, as reflecting a new approach by FRBanks to planning for the use of computers and data communication techniques, approved Farm loans at commercial banks, recommendation that a System survey re, be conducted in June 1966 to provide new information on characteristics of bank loans to farmers and of farm borrowers, approved, proposed survey had been approved by System Research Advisory Committee (Richmond and St. Louis dissenting) and by Presidents' Conference (Richmond dissenting) Finance companies, letter to Chairman Patman of House Banking and Currency Committee 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, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/27 1391 11/22 3799 1/26 268 8/13 2684, 2693 1965 1185 Pages Surveys: (continued) Management succession and compensation, letter to Chairman Patman of House Banking and Currency Committee, relating to a request for bank officers' compensation data, data for Committee's study of management succession were to be taken from Examination reports, agreed that complete information would be furnished to Professor Donald Jacobs who was directing the study but that there would be certain restrictions against publication of New York data and restriction of publication of certain other data One-bank holding companies, survey authorized of all banks to develop a list of, that could be furnished to Chairman Robertson of Senate Banking and Currency Committee, as requested, such companies would be brought under the Bank Holding Company Act by S. 2353 and H.R. 7371 Letter subsequently sent to chief executive officer of each U.S. commercial bank, no letter sent to Chairman Robertson at moment, advice sent to Comptroller of the Currency and to Chairman of FDIC that survey was being made Outside business and teaching activities, annual survey of staff of Board of Governors, recommendation that Board grant permission to members of staff who had reported, to enter into or continue the reported activities, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/19 1666, 1682 11/15 3658 11/15 3660, 3673 9/22 3138 1965 1186 Pages Surveys: (continued) Protection Department of FRBanks: Divisions of Examinations and Bank Operations to participate and cooperate with the FBI in surveys re, Division of Examinations to be responsible for reporting and following up on standards adopted as a result of the surveys, and Division of Bank Operations to be responsible for recommendations as to operational efficiency within the adopted standards Letter approved to Presidents of all FRBanks re Letter sent to Secret Service on conducting surveys re Salaries of officers of FRBanks: SEE: Studies: Salaries of officers of FRBanks Time and savings, Regulation Q, information to be requested of member banks re rates and terms offered on, such information to be submitted to the appropriate FRBanks Further discussion Governor Balderston related comments he had made to Interagency Coordinating Committee on Bank Regulation re status of Board's survey Further discussion Approval given to letter to all FRBanks in connection with Swap arrangements: SEE: Foreign currency operations: Swap arrangements Switzerland: International Factors A.G. Chur, Switzerland: Letter to Boston Overseas Financial Corporation, Boston, Massachusetts, approved, granting it permission to purchase additional shares of http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/15 521, 543 10/8 3244, 3252 11/17 3737 12/17 12/20 4250 4306 12/21 12/22 4325 4339 12/23 4380, 4404 10/18 3326, 3329 1965 1187 Pages Surveys: (continued) Switzerland: (continued) International Factors A. G. Chur, Switzerland: Letter to Boston Overseas Financial Corporation, Boston, Massachusetts, granting an extension of time to acquire additional shares of System Open Market Account: SEE: Committees, Federal Open Market: System Open Market Account (continued) 11/10 3625, 3646 9/3 2837, 2853 9/3 2838, 2854 1/27 315, 326 2/16 551 1/18 183 1/19 207 IITII Taiwan: China Trade and Development Corporation, Ltd., Taipei, Taiwan: Letter to Irving International Financing Corporation, New York, New York, granting permission to purchase shares of Letter to Bank of California International Corporation, San Francisco, California, granting permission to purchase shares of Taxes: Excise, importance re reduction in, as a stimulative factor to the economy, topic for discussion with FAC Reduction in, would give some stimulus to economy, but not generally regarded as an important factor Interest equalization tax: Suggestion that banks restrict foreign lending and make unnecessary the extension of, mentioned in discussion of foreign lending by U.S. banks Further discussion re possible legislation involving the extension of, Board to continue study of problem http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1965 1188 Pages Taxes: (continued) Interest equalization tax: (continued) Memorandum re program of President of the United States to help correct U.S. payments deficit, understood program would provide for a number of steps to be taken re, FRSystem to have direct influence on program to curtail foreign lending by U.S. banks Letter to Bureau of the Budget approved, reporting on bill S. 38, to repeal Letter to Secretary of Treasury requesting that information returns made by commercial banks under, be opened to inspection by six members of Board's staff, duly authorized by Board Letter to Budget Bureau reporting on H.R. 4750, an enrolled bill that would extend the interest equalization tax until July 31, 1967, approved Social Security taxes, increase in operating expenses at FRBanks attributable in part to, reflecting the rise in rate and taxable salary base Technical assistance, requests for: SEE: Foreign missions Telegraphic transfers of funds: Closing hours, Board concurred in proposal approved by Presidents' Conference for establishment by FRBanks of uniform closing hours for interdistrict telegraphic transfers of funds, letter to FRBanks, approved Television sets: Board members' offices, purchase of a suitable television set for, as individual members may desire, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/5 409 2/26 710, 722 4/15 1240, 1254 9/29 3176, 3190 12/9 4092 11/15 3656, 3670 12/15 4179 1965 1189 Pages Territory: Birmingham Branch: Alabama, proposal to extend territory of Birmingham Branch to include portion of State of Alabama now served by FRBank of Atlanta head office, approved retired from FRBank recently S., Donald Thompson, of Cleveland, was an employee of the Agents' Department at San Francisco from 1923 to 1929, letter to Civil Service Commission re status of FRAgent's Departments at several FRBanks prior to 1936, approved Action of Civil Service Commission could affect creditability for Civil Service retirement purposes for Titles: American City Bank and Trust Company, Milwaukee, Wisconsin, application of City Bank and Trust Company to purchase assets and assume the liabilities of American State Bank, both of Milwaukee, Wisconsin, approved, name of resulting bank to be Continental Bank and Trust Company, proposed merger of Broad Street Trust Company, Philadelphia, Pennsylvania, and Montgomery County Bank and Trust Company, Norristown, Pennsylvania, with resulting bank to be titled, report to FDIC on competitive factors, approved Marine Midland Grace Trust Company of New York, New York: 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, under charter of the Trust Company and title of, approved with Governor Robertson dissenting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/10 1938, 1950 1/21 247 1/21 247 2/24 649, 686 6/9 1926 7/14 2309 1965 1190 Pages Titles: (continued) National Shawmut Bank of Boston, Massachusetts, consolidation of Congress National Bank of Boston, Massachusetts, with National Shawmut Bank of Boston, under charter of former and title of latter, approved Peninsula Bank and Trust Company, Williamsburg, Virginia, application of Williamsburg State Bank to merge with Peninsula Bank and Trust Company and James-York Bank, approved, Governor Robertson dissenting, title of resulting institution to be United Bank & Trust Company, Hartford, Connecticut application of Riverside Trust Company, Hartford, Connecticut, to merge with Bristol Bank and Trust Company, Bristol, Connecti cut, approved, title of resulting bank to be Todd, Paul H., Jr., Congressman: BancOhio Corporation, Columbus, Ohio, request from, for access to the application filed by, to acquire control of First National Bank of Jackson, Ohio, agreed that upon issuance of the Board's order and statement, which might be expected shortly, the application would be made available Travel: Air transportation, in concurrence with the objective of the President, as stated in the Bureau of the Budget memorandum re reduction of travel costs, the Board indicated that less than first class accommodations will be used except in situations where first class is clearly justified as determined by guidelines to be worked out by the Controller and the Board member in charge of internal affairs http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/30 1005 10/13 3277 5/26 1725 11/24 3812 12/15 4178 1965 1191 Pages Travel: (continued) 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 Nineteen specified members of Division of Research and Statistics authorized to attend American Statistical Association, 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 the annual meeting of, at Philadelphia, Pennsylvania, September 8-11, 1965 Consultants, establishment of procedure for payment of fees and reimbursement for travel expenses of, when incurred in connection with System committee activities, approved, Division of Personnel Administration to keep a record of fees for reference purposes, letter to FRBanks, approved Economists in employee development and training program, authorization given for strengthening Board's recruitment program in economic and related areas of staff work by offering assistance to, in preparation of their doctoral dissertations, occasional trips to be made by, at Board expense to their respective campuses for consultation with members of the faculty http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/7 4070 12/23 4384 8/27 2794 6/21 2095, 2110 4/27 1398 1965 1192 Pages Travel: (continued) FRBank of New York: Foreign travel program for personnel of Bank for current year noted without objection Walter H. Rozell, Jr., Vice President, to make a trip to Ethiopa as an extension of the Bank's travel program for 1965 Regulations, Board expressed its concurrence with the objective of the President, as stated in the Bureau of the Budget memorandum of August 23, 1965, re reduction of travel cost to essential minimum, in this connection, Board approved directives on air transportation, hotel room reimbursement, and gifts and unusually large gratuities Representational allowance: Hayes, David G., Economist, Division of International Finance, an expenditure not exceeding $100 to cover pro rata expense incurred by, authorized, in case a national delegation reception is given in connection with the International Banking Summer School to be held in Bergen, Norway, June 20-July 2, 1966 Young, Ralph A., Adviser to the Board and Director, Division of International Finance, payment authorized of an amount up to $250 toward the cost of a dinner in honor of the Under Secretary of the Treasury for Monetary Affairs in connection with meetings of Working Party 3 and OECD scheduled to be held in Paris, February 15-18, 1965, also allowance for official entertainment authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/1 353, 366 10/29 3426, 3440 12/15 4178 12/3 3982 2/9 457 1965 1193 Pages Travel: (continued) Staff of Board of Governors, responsibility for internal administrative affairs of the Board including approval of travel requests for domestic and certain foreign travel vested in Governor Shepardson for the year beginning August 1, 1965, approved Technical advisory committee, recommendation re establishment approved, in connection with voluntary credit restraint program, travel expenses and fee to be paid by Board in accordance with normal fee schedules for consultants Voluntary credit restraint program, additional discussions on individual basis with members of group of bankers who served in advisory capacity to Board on problem of guidelines for, payment of travel expenses, authorized Wives accompanying System personnel: Expenses re, discussion of possible uniform procedure Board might adopt, staff to study matter prior to further Board consideration, mention of need for policy decision in connection with Mr. E. J. Johnson's mission to the Central Bank of Philippines Indicated that in cases where a Board employee is accompanied by his wife, reimbursement for hotel room shall be on basis of single occupancy cost, in cases where double occupancy rate is the same as the single rate, this fact shall be attested by attachment of a copy of hotel rate schedule or other satisfactory evidence http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/27 1787 2/23 620 5/5 1481 3/22 939 12/15 4179 1965 1194 Pages Travel: (continued) (Individual names) Beard, Thomas R., Consultant, recommendation from Division of Research and Statistics, that, Assistant Professor of Economics, Louisiana State University, be appointed as Consultant on a temporary contractual basis with compensation at the rate of $44 per day, with transportation expenses and per diem, appointment effective to December 31, 1965 Bloomfield, Arthur, Professor, University of Pennsylvania, to be hired as a FRSystem Consultant to undertake a short mission to Saigon from December 25 to January 12, to advise the National Bank of Vietnam on monetary matters, if arrangement is acceptable, the Board would pay the consultant fee but would ask Bank to pay the travel expenses, approval given to sending cable to Governor of National Bank of Vietnam Brady, Dorothy S., Consultant, Division of Research and Statistics, recommendation approved that rate of compensation for, Professor, Department of Economics, Wharton School of Finance and Commerce, University of Pennsylvania, whose reappointment for 1965 had been approved, be increased to $75 per day for each day worked plus travel expenses Brill, Daniel H., Director, Division of Research and Statistics: Participation in meetings of the Invisibles Committee of the OECD, approved, Board authorized Governor Shepardson to approve requests by, and members of the staff accompanying him http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/8 2890 12/1 3890 4/22 1364 1/7 65, 78 1965 1195 Pages Travel: (continued) Brill, Daniel H., Director, Division of Research and Statistics: (continued) Participation in meetings of Invisibles Committee of the OECD: (continued) Proposed that on return trip, Mr. Brill spend one or two days at the Bank of England discussing aspects of current economic situation Authorized to include a visit to Bank of Greece, for purpose of conducting certain seminars, in the trip he was making to Europe in June and July pertaining to a study of foreign capital markets being conducted by OECD Case, Winthrop, Consultant, Economic Editing Unit, Division of Research and Statistics, reappointment approved on a temporary contractual basis effective to December 31, 1965, with compensation at the rate of $55 per day and transportation expenses and per diem of $16 when in Washington, transportation expenses to be limited to necessary round trip from New York plus additional round trips not to exceed one per month while on duty in Washington Fair, William F., San Rafael, California, appointment as Consultant to Division of Research and Statistics, on a temporary contractual basis with compensation at the rate of $75 per day, with transportation expense and per diem when in travel status, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/7 78 6/9 1928 1/13 122 11/15 3668 1965 1196 Pages Travel: (continued) Fauver, Clarke L., Assistant to Board: Letter to Vice President Massad of Central Bank of Chile approved, re request for technical assistance in field of consumer credit control, suggested that, and Mr. Maroni, Senior Economist, Division of International Finance, be considered for this mission, travel expenses usually paid for by requesting bank Letter approved to Vice President Massad of Central Bank of Chile, requesting advice as soon as possible re desire of services of, for technical assistance in field of consumer credit, no request for reimbursement of Mr. Fauver's services, AID to pay travel and out-of-pocket expenses for Travel authorization extended from June 12 to June 29, 1965, in order to visit South American central banks Fisher, Dr. Franklin M., Consultant, Division of Research and Statistics, recommendation approved that appointment of, Department of Economics, Massachusetts Institute of Technology on a temporary contractual basis at rate of $75 per day, with transportation expenses and per diem when in travel status, approved Fousek, Peter, Assistant Vice President, FRBank of New York, no objection to proposed travel by, involving visits to the central banks in Australia and New Zealand, and perhaps one or two other countries, in connection with an assignment to lecture at the Sixth SEANZA Central Banking Course to be held in Wellington, New Zealand, this fall http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/1 1058, 1066 4/29 1435, 1458 5/19 1677 4/22 1365 8/19 2739, 2745 1965 1197 Pages Travel: (continued) Goodman, Glenn M., Assistant Director, Division of Examinations, to be in charge of personnel being sent to examine foreign branches of member banks located in Paris, London and Frankfurt, with detailed travel arrangements to be approved by Governor Shepardson on actual or per diem basis Greenberger, Martin, Consultant, Division of Data Processing, presently Associate Professor, Sloan School of Management, Massachusetts Institute of Technology, appointment on temporary contractual basis with salary, travel expenses and per diem, approved along with any resultant overexpenditure in the pertinent account of Division of Data Processing Griliches, Dr. Zvi, Consultant, Division of Research and Statistics, recommendation that, Department of Economics, University of Chicago, be appointed on a temporary contractual basis at rate of $75 per day with transportation expenses and per diem when in travel status, approved Grimwood, Gordon B., Chief, Liaison Office, Office of Defense Planning, to visit central banks in England, France and Germany to discuss voluntary credit restraint program, at same time Mr. Goodman and his staff will conduct examinations of branches of member banks located in those cities, travel arrangements to be authorized by Governor Shepardson on either actual or per diem basis http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/26 2455 7/14 2334 4/22 1365 7/26 2455 1965 1198 Pages Travel: (continued) Guttentag, Jack M., Associate Director, Department of Finance, Wharton School of Finance and Commerce, University of Pennsylvania, payment of transportation expenses and per diem, to attend a meeting at the Board on June 8, 1965, re terms of mortgage loans secured by income producing properties, approved Consultant, Division of Research Hall, George R., and Statistics, recommendation approved that, of the Logistics Department, Rand Corporation, Santa Monica, California, be appointed on a temporary contractual basis effective to December 31, 1965, with compensation at rate of $60 per day and necessary travel expenses Hayes, David G., Economist, Division of International Finance: Authorization for, to spend three weeks, October 25 to November 12, 1965, in London and Cambridge to broaden his technical understanding of British financial institutions and current financial policies and problems Nomination of, to participate in the International Banking Summer School to be held in Bergen, Norway, June 20-July 2, 1966, approved, during the time of his stay at the school to be on an actual expense basis, but during travel status to receive per diem, an expenditure not exceeding $100, to cover expense if a national delegation reception should be given, authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6/4 1889 2/12 501 9/9 2924 12/3 3982 1965 1199 Pages Travel: (continued) Hersey, Arthur B., Adviser, Division of International Finance, travel authorized for, to attend a meeting of central bank economists at Bank for International Settlements, Basle, Switzerland, November 8-10, 1965, suggested that he be granted a maximum of two weeks' travel time to visit such Western European capitals as might at the time seem appropriate Understanding that if, visited other than Basle, his itinerary would be cleared in advance of departure with Governor Shepardson Holmes, Alan R., Vice President, FRBank of New York, letter sent to Bank for International Settlements advising that FRSystem would be represented by, at a meeting of central bank economists to be held in Basle on March 8-10, 1965, to review generally the current and prospective economic situation Irvine, Reed J., Associate Adviser, Division of International Finance, travel approved for, during period February 4-25, 1965, to attend International Banking Summer School in Melbourne, Australia, with stopovers in Hong Kong and Tokyo on route back to the United States Johnson, Edwin J., Director, Division of Personnel Administration, recommendation re travel expenses, living costs and salary approved, in connection with assignment to assist Central Bank of the Philippines in study of both systems and procedures of manpower requirements and utilization http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/9 2924 9/9 2925 1/28 334 1/22 255 2/11 487, 492 1965 1200 Pages Travel: (continued) Johnson, Edwin J., Director, Division of Personnel Administration, to assist Central Bank of the Philippines in study: Agreed that Board would pay travel and living expenses of Mr. and Mrs. Johnson with reimbursement by Central Bank of Philippines to Board, advance for travel expenses authorized, discussion of possible uniform procedure Board might adopt re missions by System personnel, staff to study matter prior to further Board consideration Junz, Helen B., Economist, Division of International Finance: Travel for purpose of consulting various specialists on labor supply and wage situation in Europe, authorized, from Amsterdam to Geneva, Paris, and Brussels and return to Amsterdam, over period of two weeksbeginning September 13, 1965, with payment of transportation expenses plus per diem at prescribed rate Travel in connection with loan to Office of Special Representative for Trade Negotiations, Executive Office of the President, salary and related expenses for period of six months beginning in early fall, to be borne by that office, request approved Karfunkle, Richard D., Consultant, Division of Research and Statistics, appointment of, Textile Economist, E. I. DuPont de Nemours and Company, Wilmington, Delaware, on a temporary contractual basis with compensation at the rate of $60 per day and transportation expenses and per diem when in travel status, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (continued) 3/22 939 6/10 1940 8/3 2581 5/14 1603 1965 1201 Pages Travel: (continued) Katz, Samuel I., Adviser, Division of International Finance: Authorized to travel to Basle, Switzerland, to attend a meeting on April 9, 1965, organized by the Bank for International Settlements, with authorization to spend the week of April 12, in London at the Bank of England Authorized to attend a meeting on the Eurocurrency market to be held at the Bank for International Settlements in Basle, Switzerland, beginning Friday, July 9, 1965, and to visit German Federal Bank Authorized to visit the office of Euro-finance in Paris, France, during the course of his previously approved trip to Basle, Switzerland, to attend a meeting being arranged by Bank for International Settlements Kellogg, Lester S., Consultant, Division of Research and Statistics, appointment of, Director, Economic Research, Deere & Co., on a temporary contractual basis at rate of $75 per day, with transportation expenses and per diem when in travel status, approved Killebrew, Robert, graduate student at University of Pennsylvania, payment of transportation expenses and per diem at rate of $16 for, in connection with travel to Washington, D. C., to attend a meeting at the Board on June 8, 1965, re terms of mortgage loans secured by income producing properties, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/24 967 5/26 1741 6/7 1912 4/22 1365 6/4 1889 1965 1202 Pages Travel: (continued) Krachenberg, A. Richard, Consultant, Division of Research and Statistics, appointment of, Associate Professor of Marketing, University of Michigan, on a temporary contractual basis with compensation at the rate of $60 per day, with transportation expenses and per diem when in travel status, approved Kravis, Irving, Consultant, Division of Research and Statistics, re establishment of a consultant group whose chairman will be, Professor, University of Pennsylvania, to study problems in price measurement, expenses and fee of $75 a day for, approved Lawrence, Robert J., Economist, Division of Research and Statistics, appointment approved with understanding that the Board would pay the cost of moving Professor Lawrence's household goods and personal effects and pay his transportation expenses and those of his family to and from Washington, D. C., with Austin, Texas, as the base Lipsey, Dr. Robert E., Consultant, Division of Research and Statistics, appointment of, from National Bureau of Economic Research, on a temporary contractual basis at $75 per day, with transportation expenses and per diem when in travel status, approved Manning, Frederick M., Assistant Examiner, FRBank of Philadelphia, to be made available for a period of approximately three months beginning May 24, 1965, to the foreign banking section of the Division of Examinations, understood FRBank of Philadelphia will absorb all of, salary and travel expenses http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/10 1512 1/11 105, 113 5/28 1822 4/22 1365 5/19 1677 1965 1203 Pages Travel: (continued) Marlin, John A., Economist, Division of International Finance, authorized to travel to various points in Africa during July 23 to September 19, 1965, with stopovers in London, Paris, and Rome, understood that he would pay his own transportation costs but that the Board would pay him per diem for portions of his trip devoted to official business, to be considered on official business for 36 days out of total of 6/2 58 days Maroni, Yves, Senior Economist, Division of International Finance: Letter to Vice President Massad of Central Bank of Chile, approved, re request for technical assistance in field of consumer credit control, suggested that Mr. Fauver, Assistant to Board, and, be considered for mission, travel expenses usually paid for by requesting bank 4/1 Reference to letter to the Central Bank of Chile, even though at that time no names were mentioned, it was understood that services of, would be offered without request for reimbursement of either salary or travel expenses 4/20 Authorized to accompany Chairman Martin and Governor Mitchell to annual conference of central bank governors to be held at Punta del Este, Uruguay, May 2-5, 1965, with stopover in Rio de Janeiro en route 4/20 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1847 1058, 1066 1316, 1329 1316, 1329 1965 1204 Pages Travel: (continued) Maroni, Yves, Senior Economist, Division of International Finance: (continued) Second letter approved to Vice President Massad of Central Bank of Chile, re participation of services of Mr. Fauver of Board's staff and, for technical assistance in field of consumer credit, services of Mr. Maroni to be entirely at Board expense, understood arrangement to be discussed with Board's delegation at Punta del Este meeting Authorized to remain in Santiago, Chile, until May 27, 1965, in connection with assistance, Central Bank of Chile Assignment of, to meet a request from the Central American Monetary Council 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 his transportation and per diem expense to be reimbursed by Central American Monetary Council Authorized to remain in Central America until November 24, 1965, to complete his study of consumer credit for Central American Monetary Council McIntosh, James A., Technical Assistant, Division of Bank Operations, authorized to attend Sixth SEANZA Central Banking Course, to be held in Wellington, New Zealand, September 20-November 26, 1965, understood when details on costs were available, question re travel on per diem or an actual expenses basis, would be answered http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/29 1435, 1458 5/19 1677 9/22 3137 11/5 3578 5/26 1740 1965 1205 Pages Travel: (continued) McIntosh, James A. Technical Assistant, Division of Bank Operations: (continued) Memorandum from, approved relating to visits to certain central banks in connection with his trip to New Zealand to attend Sixth SEANZA Central Banking course Nettles, James K., Economist, Division of International Finance: Authorized to accompany Chairman Martin and Governor Mitchell to annual conference of central bank governors at Punta del Este, Uruguay, May 2-5, 1965, with stopover in Rio de Janeiro en route, to accompany Governor Mitchell on visit to central banks of Argentina, Chile and Peru, after the conference Authorized to travel to Mexico City to deliver lectures requested by Center for Latin American Monetary Studies, travel expenses with per diem authorized Request by First Vice President Treiber of FRBank of New York, for, to accompany him to a meeting in Mexico City, July, 1965, of a working group appointed at a meeting of central bank governors at Punta del Este to study proposals for establishing a Latin American reserve pool, approved, payment of expenses of trip, authorized Noyes, Guy E., Adviser, Board Members' Offices, letter sent to Bank for International Settlements advising that FRSystem would be represented by, at a meeting of central bank economists to be held in Basle on March 8-10, 1965, to review generally the current and prospective economic situation http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/2 2530 4/20 1316, 1329 5/5 1482 6/28 2172 1/28 334 1965 1206 Pages Travel: (continued) Osborne, Harlow D., Chief, Consumer Credit and Finance Section, Division of Research and Statistics, authorized to travel to Mexico City, to deliver lectures requested by Center for Latin American Monetary Studies, travel expenses with per diem authorized p rtee, J. Charles, Adviser in the Division of Research and Statistics, nomination of, as U.S. representative on a working group of OECD's Committee on Invisibles Transactions, approved, Governor Shepardson to authorize such foreign travel by, as might be occasioned by this assignment Pascual, Armand, Systems Analyst, FRBank of San Francisco, request by State Department for Spanish speaking Federal Reserve expert to help set up check clearing procedure in Dominican Republic, travel expenses to be borneby State Department with salary paid by Bank, assignment to, authorized by Governor Shepardson with no objection noted by Board Phillips, Charles F., Jr., Consultant, Division of Research and Statistics, reappointment of, Associate Professor of Economics, Washington and Lee University, Lexington, Virginia, on a temporary contractual basis with compensation at the rate of $60 per day and necessary travel expenses, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5/5 1482 5/19 1676 6/21 2097 2/12 501 1965 1207 Pages Travel: (continued) Pierce, James L., Economist, Division of Research and Statistics: Appointment approved with the understanding that the Board would pay transportation costs for, and his family and household goods to and from Washington, D. C., with New Haven, Connecticut, as the base Memorandum approved recommending that per diem in lieu of subsistance at the rate of $16 be paid to, a "Visiting Professor" appointed to an Economist position in the Banking Section, Division of Research and Statistics, for time in travel status while moving from New Haven, Connecticut to Washington and while returning to New Haven after completing his appointment Post, Everett B., Manager, Planning Department, FRBank of New York, recommendation re travel, salary, and living expenses approved for, in connection with plan to assist Central Bank of the Philippines Randall, Harold E., Vice President and Comptroller of First National Bank of Boston, Boston, Massachusetts, transportation expenses to be paid, if willing to accept appointment as consultant in Division of Examinations Reynolds, John E., Associate Adviser, Division of International Finance, authorized to attend a meeting of Working Party 2 of OECD in Paris, October 7-8, 1965, suggested that approval cover travel up to two weeks to such Western European capitals as might appear appropriate, understood that if other capitals were to be visited the itinerary should be cleared with Governor Shepardson http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/10 476 9/1 2826 2/11 487, 492 4/19 1293 9/9 2924 1965 1208 Pages Travel: (continued) Rowe, J. Z., Director of Research, FRBank of Dallas, to present a paper at the Workshop of Agricultural Financing in Latin America to be held in Vina del Mar, Chile, March 18-25, 1965, no objection to travel arrangements Rozell, Walter H., Jr., Vice President, FRBank of New York, extension of the Bank's travel program for 1965 to include a trip by, to Ethiopia, approved Sammons, Robert L., Associate Director, Division of International Finance, to attend a meeting in Ottawa, Canada, on November 19, 1965, of a joint committee established by the United States and Canadian Governments to consider the balance of payments problems, travel authorized Sigel, Stanley J., Assistant to the Director, Division of Research and Statistics: To attend a meeting of the International Association of Research in Income and Wealth to be held in Norway, attendance authorized with the understanding that Governor Shepardson was authorized to approve detailed travel arrangements Memorandum requesting authorization for, to attend a program organized by the Norwegian Central Statistical Office and to visit the National Bank of Denmark in Copenhagen, the Bank of Norway in Oslo, and the Bank of Sweden in Stockholm, during his forthcoming trip to Norway to attend the 1965 meeting of the International Association for Research in Income and Wealth, travel authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/13 121 10/29 3426, 3440 11/9 3614 4/15 1240 7/12 2291 1965 1209 Pages Travel: (continued) Sigel, Stanley J., Assistant to the Director, Division of Research and Statistics: (continued) Recent trip to Scandinavia by, would be undertaken on the basis of per diem prescribed by the standardized Government travel regulations Sterkel, Ronald, Consultant, Division of Data Processing, reappointment approved, for year ending December 31, 1965, with compensation at rate of $50 per day plus necessary transportation expenses and a $16 per diem in lieu of subsistence allowance while in travel status Straub, Warren C., Examiner, FRBank of New York, letter to Bank approved re arrangements for the assignment to the Board's Division of Examinations of, for a period of approximately three months beginning January 10, 1966 Thayer, Jarvis M., Jr., Cashier, FRBank of Boston, recommendation re travel, salary and living expenses approved in connection with plan to assist Central Bank of the Philippines Treiber, William F., First Vice President, FRBank of New York, travel to a meeting in Mexico City of a working group appointed by the recent meeting of central bank governors at Punta del Este to study proposals for establishing a Latin American reserve pool, approved Waage, Thomas W., Vice President, FRBank of New York, to act as a consultant to the Bank Markazi (central bank of Iran), in accordance with request of Agency for International Development which will defray transportation and other direct costs of assignment http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/29 3435 1/27 322 12/16 4238, 4241 2/11 487, 492 6/28 2172 1/8 84, 93 1965 1210 Pages Travel: (continued) Wood, Ralph C., Associate Adviser, International Finance, authorized to travel on actual expense basis, to Paris, France, for meeting of task group organized by Working Party 3, to make a special study of the balance of payments adjustment process Additional trips in connection with assignment, to be authorized by Governor Shepardson A.: Young, Ralph Adviser to the Board and Director, Division of International Finance: Attendance at meetings of Working Party 3 and OECD, to be held in Paris during the week of February 15-18, 1965, travel on an actual expense basis including an allowance for official entertainment, authorized Authorized to travel with Chairman Martin and Governor Mitchell to the annual conference of central bank governors to be held at Punta del Este, Uruguay, during period May 2-5, 1965 Authorized to accompany Governor Balderston to the annual meeting of the Bank for International Settlements, to be held in Basle, Switzerland, in June, and to undertake such other official business, including visits to central banks, as might develop in connection with this trip 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 the United States and Canadian Governments to consider problems in the balance of payment field http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/24 966 3/24 966 2/9 457 4/20 1316, 1329 5/19 1676 11/9 3614 1965 1211 Pages Treasury, Department of: Bank regulation, approval given to letter to Secretary of Treasury Fowler on proposed establishment of a Coordinating Committee on Bank Regulation, an elaboration of the procedure established by former Secretary of Treasury Dillon, decision re service of Governor Robertson on Coordinating Committee, deferred Coin conference, letter approved to Mr. Deming, Under Secretary of the Treasury for Monetary Affairs, re possibility of a, to be attended by representatives of, Bureau of the Mint, the Board and the FRBanks, to discuss development of better measures for future coin needs Coin shortage, proposal by Mr. Wallace, Assistant Secretary of the Treasury that a letter be sent to presidents of all commercial banks re, understood that Governor 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 Currency destruction function, agreement that, 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 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7/1 2221, 2240 3/15 886, 901 9/29 3185 6/22 2118 1965 1212 Pages Treasury Department: (continued) Deming, Frederick L., formerly President of FRBank of Minneapolis, letter to FRBank approved, agreeing that service of, as Under Secretary of the Treasury for Monetary Affairs, is for a purpose deemed in the public interest within the meaning of section 5A of the Rules and Regulations of the Retirement System of FRBanks FRnotes: Destruction of unfit: Governor Mitchell designated to discuss local, with Treasury Department provided such legislative authority should be obtained re destruction S. 1308, a bill to authorize revised procedures for, to be prescribed by the Secretary of the Treasury, letter to Chairman Robertson of Senate Banking and Currency Committee, approved Verification count: Letter to Secretary of the Treasury, authorizing a 5 per cent, of the $1 FRnotes sent to Washington (such a letter had been requested by the Treasury Department) Procedure whereby, 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 upper halves by Comptroller of Currency agreeable to Treasury, but not to the Comptroller of the Currency, consensus that if desired the Board would be willing to ask the Reserve Banks to make such a certification, otherwise it would stand on original procedures to which Secretary of Treasury had agreed http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/8 419, 443 3/9 825 3/30 999, 1032 11/26 3846 12/22 4335 1965 1213 Pages Treasury Department: (continued) Foreign lending by U. S. banks, Board had consulted, in connection with guidelines to be issued for commercial banks and nonbank financial institutions to help President's voluntary restraint program for improvement of U. S. balance of payments position, guidelines for nonbank financial institutions, which Treasury was anxious for were issued and draft guidelines for commercial banks were sent to, and authorized for issuance Gold reserve requirements: Treasury's proposal to repeal statutory, request from Bureau of the Budget for Board's position on, agreed that Mr. Hackley would inform Bureau of the Budget that majority of Board interposed no objection and suggest certain editorial changes in Treasury's letter to Congress, Mr. Hackley to advise, Governor Mills dissented from action re proposal Further discussion, understood that Mr. Hackley would suggest rephrasing of paragraph re terms of present gold cover requirements, recognizing, of course, that final decision on letter was one for Secretary of the Treasury to make Interest Equalization Tax Act, letter to Secretary of Treasury requesting that information returns made by commercial banks under, be opened to inspection by six specified members of Board's staff, duly authorized by Board http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/3 735,742-747 1/4 3 1/26 271 4/15 1240, 1254 1965 1214 Pages Treasury Department: (continued) Reserve requirements, in obtaining views re H.R. 108, a bill that would among other things, increase deposit and share account insurance coverage, the Treasury Department also wanted a general indication of present position whether proposed legislation should include provisions re, and extension of, to all commercial banks, understood Board's views would be conveyed to Roosa, Robert V., Under Secretary of the Treasury for Monetary Affairs beginning January 31, 1961, and formerly Vice President of FRBank of New York, letter to FRBank of New York, agreeing that service of, was for a purpose deemed in the public interest within the meaning of section 5A of the Rules and Regulations of the Retirement System of FRBanks Governors Mitchell and Daane abstained from voting Savings bond luncheons, question raised by Savings Bonds Division of the Treasury Department re FRBanks paying cost of, for 25th anniversary drive in 1966, agreement with suggestion that it would be appropriate for FRBanks to absorb cost of small luncheons, but inappropriate for larger luncheons arranged outside FRBanks, advice to Sternlight, Peter D., formerly Assistant Vice President at FRBank of New York, letter approved to FRBank re service of, as Deputy Under Secretary of, for Monetary Affairs, Board agrees that service with, is deemed to be in the public interest within the meaning of the Rules and Regulations of the Retirement System of FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/9 819 2/1 354, 369 2/1 352 10/26 3383 12/17 4245, 4267 1965 1215 Pages Treasury financing: Refunding, publication of "U. S. Treasury Advance Refundings, June 1960-July 1964" by Thomas R. Beard, approved Triangle Corporation: Loans in violation of sections 221.1(a), 221.3(n)(1), and 221.3(n)(3) of Regulation U, made by First National Bank of Boston, Massachusetts, in connection with their loan to, for the purchase of stock of Precisionware, Inc., agreed that FRBank of Boston, should be requested to send to counsel for First National Bank of Boston a letter along lines of draft that had been distributed Approval given to sending of letters to First National Bank of Boston and to Comptroller of the Currency Letters sent to counsel for First National Bank of Boston and to Comptroller of the Currency, letters also sent to FRBanks of Boston and New York, FDIC, and SEC Letter sent to all FRBanks on November 30, 1965 Truth in lending legislation: SEE: Legislation: Finance charges Finance charges: Consumer credit Consumer credit: Finance charges Tuskegee Institute, faculty member of, charged that a member bank was violating Title VII of the Civil Rights Act and asked what action the Federal Reserve proposed to take, reported by the FRBank of Atlanta http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11/9 3609 9/3 2844 9/20 3066 9/23 3145,3155-60 12/1 3897, 3933 5/28 1822 1965 1216 Pages United Funds Inc., Kansas City, Missouri, letter, approved to Mr. Robert E. Gunn, Vice President of, re registration of stock of Chase Manhattan Bank, New York, New York, for trading on the New York Stock Exchange United States Code: Title 28, Chapter 161, H.R. 6849 and S. 1907, companion bills to amend, by adding new section, forbidding 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, such bills a result of Supreme Court decision in "Omar" cases involving First National City Bank, New York, New York, letters favoring enactment transmitted to Senator Eastland and Congressman Celler of Judiciary Committees of Congress H.R. 6701 a bill "to amend sections 212 and 213 of title 18 of',' 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's opinion unfavorable, letter to Budget Bureau, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/13 117, 127 7/14 2304, 2344 7/28 2485, 2490 1965 1217 Pages United States Criminal Code: Loans to examiners: Draft legislative proposal to liberalize, to permit an examiner to obtain a home mortgage loan up to some specified amount from a bank which he is "authorized" to examine, agreed to make amount compatible with that being proposed in connection with proposal re loans to executive officers of member banks Question re submitting this request and proposal re loans to executive officers of member banks as one proposal, concluded proposals should be submitted separately H.R. 6701, proposed legislation re the United States Code which would amend, permitting banks to make mortgage loans not to exceed $30,000 to examiners authorized to examine such institutions, letter to Budget Bureau, approved United States Savings and Loan League: Impact on savings and loan associations due to change in maximum rates payable on time and savings, protest received from Norman Strunk, Executive Vice President of, consensus for staff to secure additional information Letter to Mr. Norman Strunk, approved, Governor Robertson dissenting Unregulated lenders: SEE: Securities exchange administration: Unregulated lenders Unsafe and unsound practices: Advertising, false: Complaints by member banks which constitute unsafe and unsound banking practices and violate provision of Federal Trade Commission Act, letter to all FRBanks, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/14 144 1/14 145 7/28 2485, 2490 12/16 4228 12/21 4325 10/11 3271, 3275 1965 1218 Pages Unsafe and unsound practices: (continued) Advertising, false: (continued) 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 Farmers and Merchants Bank of Long Beach, California: Request by U. S. Attorney Real in Los Angeles for Board to issue a warning pursuant to section 30 of the Banking Act of 1933, based on occurrences with which certain officers of, were under indictment, also requested certain documents, Mr. O'Connell to go to San Francisco to analyze Recommendation of Mr. O'Connell that 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, letter sent to FRBank of San Francisco Utah Mortgage Loan Corporation, letter approved to FRBank of San Francisco, questioning whether the activities of, proposed to be acquired by First Security Corporation, Salt Lake City, Utah, are of such a nature as to qualify for exemption under section 4(c)(1) of the Bank Holding Company Act 12/6 4026, 4049 9/15 3029 9/29 3183,3200-03 11/26 3835, 3850 4/13 1187 ftvtt Vaults: FRBank of New York, gold vault facilities at, difficulty encountered re proposed renovation and expansion of, occasioned by discovery of financial weakness of firm contracted, bids sought from other contractors, meantime Reserve Bank following temporary procedures to cope with gold storage problem http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1965 1219 Pages Vinson, Fred M., Assistant Attorney General Justice Department, letter sent to, along with unpublished documents re proposed commingled investment account of First National City Bank, New York, New York Violations: BancOhio Corporation, Columbus, Ohio, advice from Justice Department re investigation of possible violation of Sherman and Clayton antitrust laws by, agreement that Attorney General be advised re pending application of, to acquire an additional bank, Board to consider application in light of section 7 of the Clayton Act, agreed that Justice would have to make own decision re investigation Bank Holding Company Act of 1956: Navajo Bancorporation, Inc., Phoenix,Arizona: 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, which would violate the Bank Holding Company Act, request for meeting with Board to discuss proposal to rectify situation, understood Governor Robertson would meet with representatives if requested Meeting of staff with representatives of, memo placed in files, no meeting with Board requested Possibility of reconsideration after divestment of stock of Valley State Bank was accomplished, letter to counsel for, with copies to FRBanksof Kansas City and San Francisco, letter to Department of Justice re violations, Board's staff to apprise Bureau of Indian Affairs http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12/27 4422, 4438 6/4 1872 6/11 1962 6/11 1963 9/9 2911-2933-40 1965 1220 Pages Violations: (continued) Bank Holding Company Act of 1956: (continued) Section 3(a), letter to FRBank of Dallas, approved, re apparent violation of, by Briscoe Ranch, Inc., Uvalde, Texas Section 3(a) and 5(a), letter to FRBank of Dallas, approved, re certain violations of, on part of Brazoe-Tenth Street Company, Austin, Texas, which violated section 3(a)(1) of Act by becoming a bank holding company, without prior approval of Board when it acquired 32.5 per cent of voting shares of Moore State Bank, Llano, Texas, when it already owned 81.7 per cent of voting shares of Citizens State Bank, Johnson City, and violated section 5(a) by failing to register as a bank holding company Civil Rights Act of 1964: Title VII, alleged violation by Alabama Exchange Bank of Tuskegee, Alabama, letter to FRBank of Atlanta, approved, indicating that the Board understood that the FRBank would make appropriate reply to inquiry by Ben Zion-Wardy, Assistant Professor of Political Science at Tuskegee Institute Commonwealth National Bank, Boston, Massachusetts, letter to FRBank of Boston re payment by, of interest on demand deposits in violation of section 19 of FRAct and section 217.2(a) of Regulation Q, by payment of rebate on an automobile loan conditional upon the borrower's maintaining a certain balance on his demand deposit account, letter to Comptroller and substance of letter sent to all FRBanks http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8/19 2738, 2742 3/30 994, 1024 6/7 1909, 1923 5/12 1529, 1583 1965 1221 Pages Violations: (continued) Long Island Trust Company, Garden City, New York, recent examination disclosed violation of section 24A of the FRAct, noted in connection with approval of request for additional investment in banking premises Regulation U, sections 221.1(a), 221.3(n)(1),and 221.3(n)(3) of: Question re 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., agreed that FRBank of Boston should be requested to send to counsel for First National Bank of Boston a letter along lines of draft that had been distributed Approval given to sending of letters to First National Bank of Boston and to Comptroller of the Currency Letters to counsel for First National Bank of Boston and Comptroller of the Currency Letter sent to all FRBanks on November 30, 1965, relating to, at a national bank in Boston, Massachusetts Section 21 of the Banking Act of 1933: First National City Bank, New York, New York: Request for Board's opinion re a "Commingled Investment Account" established by, view that possible violation might exist, draft of letter to be prepared for Board consideration Consensus to refer facts to Justice Department for determination, to be considered at a future Board meeting Decision not to raise question with Justice Department, letter to Counsel for Letter to Debevoise, Plimpton, Lyons & Gates, counsel for http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/4 390, 394 9/3 2844 9/20 3066 9/23 3145,3155-60 12/1 3897, 3933 7/14 2326 7/16 2358 7/22 2419 9/16 3044, 3051 1965 1222 Pages Violations: (continued) Section 21 of the Banking Act of 1933: (continued) First National City Bank, New York, New York: (continued) Attorney General requested by Chairman Patman of House Banking and Currency Committee, to consider criminal action against, in view of Chairman Patman's interest, it was felt that Board should make an exception in the present case, and approval was given to furnish material to Justice Department 12/27 4422, 4438 Section 24A of the FRAct: Recent examination of Long Island Trust Company, Garden City, New York, disclosed apparent violation of, noted in connection with approval of request for additional investment in banking premises 2/4 390, 394 Procedure for handling, suggested change to permit mention of violation in examination report with FRBank forwarding letter of caution to violating bank, and instructions re cases where full expenditure of funds for banking premises had not yet been made and reporting to Board of cases where financial condition of bank had been seriously affected, letter to FRBanks, approved 5/5 1477, 1488 Section 30, Banking Act of 1933: Farmers and Merchants Bank of Long Beach, California: SEE: Unsafe and unsound practices: Farmers and Merchants Bank of Long Beach, California Section 5199(b) of the Revised Statutes, letter to FRBanks re revised procedure for handling, involving paying dividends without prior Board approval, such cases to be mentioned in examination report with letter of caution against further violations, and to be reported to Board in cases where condition of bank had been affected adversely 5/5 1477, 1488 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1965 1223 Pages Violations: (continued) Western Bancorporation International Bank, in connection with discussion of possible legislative proposals to amend the Bank Holding Company Act, it was noted that, was receiving certain deposits from banks controlled by the same bank holding company in violation of section 6 of the Bank Holding Company Act Visits to Board: Alley, James B., Counsel for Michigan National Bank, Lansing, Michigan, and Chairman of the Board of the bank, Howard J. Stoddard, met with certain Board and staff members to present reasons for Board to change adverse position on S. 308, which would permit establishment and operation of certain branches by Michigan National Bank Bilby, Harold A., Vice President, FRBank of New York, accompanied by First Vice President Treiber, attended Board meeting to discuss termination or shortening of tenancies in certain buildings across Maiden Lane from FRBank of New York, that had been acquired in connection with Bank's building program Center for Latin American Monetary Studies trainees, plans for program to be given September 13-17, 1965, for trainees and request to proceed with necessary arrangements within scope of provisions of 1965 budget of Office of the Secretary, approved Chesser, Gordon, of architectural firm of Harbeson Hough Livingston and Larson, Philadelphia, Pa., present at Board meeting for purpose of presenting plans for remodeling dining facility in FRBuilding, accompanied by two other members of the firm http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/18 177 11/9 3610 4/13 1181 8/6 2645 5/27 1789 1965 1224 Pages Visits to Board: (continued) Coin shortage situation, FRBank Presidents of Boston, Philadelphia, Chicago, Minneapolis, Kansas City, and Dallas, FRBank First Vice Presidents of New York and Atlanta, and Mr. Waage, Vice President, FRBank of New York attended Board meeting with Mr. Robert A. Wallace, Assistant Secretary of the Treasury and the Assistant Director of the Bureau of the Mint, Mr. Frederick W. Tate, to review the Dickerson, J. G., Jr., Vice President of FRBank of Richmond, attended Board meeting to discuss joint relocation facility for the Board and the Richmond Bank Ferras, Mr., General Manager, Bank of International Settlements, Basle, Switzerland, present at Board meeting for economic review Galusha, Hugh D., Jr., President, FRBank of Minneapolis: To attend coin problem meeting with Board and Assistant of Treasury Wallace To attend Board meeting Geng, Edward J., Manager, Securities Department, FRBank of New York: Attended Board meeting for Economic Review Attended Board meeting for money market review Attended Board meeting for economic and money market review Gilbert, Mr., Economic Adviser, Bank for International Settlements, Basle, Switzerland, present at Board meeting for economic review Harbeson Hough Livingston and Larson, Philadelphia, Pa., representatives William Livingston, Sr., William Livingston, Jr., and Gordon Chesser of, present at Board meeting for presentation of plans for remodeling dining facility in FRBuilding http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/1 2821 11/24 3804 3/22 934 4/27 11/22 1397 3769 5/10 1505 5/14 1598 5/21 1705 3/22 934 5/27 1789 1965 1225 Pages Visits to Board: (continued) Hayes, Alfred, President, FRBank of New York, present at Board meeting for economic review Holmes, Alan R., Vice President, FRBank of New York: Attended Board meeting to discuss curtailing foreign lending by U. S. banks Attended Board meeting Attended Board meeting International Bank for Reconstruction and Development and International Monetary Fund, Mr. Sherman authorized to arrange for the executive and alternate executive directors of, to visit the Board's offices in the near future for a program that would include an appropriate chart show presentation followed by a coffee hour to provide an opportunity for conversation with the Board members and staff Karekan, John, Economic Consultant, FRBank of Minneapolis, present at Board meeting for economic review Lee, John F., Assistant to Chairman of FDIC attended Board meeting with Chairman Randall of FDIC, and Mr. William M. Monroney, General Counsel, to discuss a draft bill re excessive interest paid on deposits Livingston, William, Sr., and William, Jr., of firm, Harbeson Hough Livingston and Larson, Philadelphia, Pennsylvania, present at Board meeting for purpose of presenting plans for remodeling dining facility in FRBuilding MacDonald, Walter H., Cashier, FRBranch Bank of Cincinnati, attended Board meeting Melnicoff, David G., Vice President, FRBank of Philadelphia: Attended Board meeting for economic review Attended Board meeting for money market review Attended Board meeting for money market review Attended Board meeting for money market review http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/1 727 2/5 2/9 2/10 408 447 461 2/24 653 6/14 1990 7/1 2223 5/27 1789 12/1 3878 4/12 4/16 4/23 5/3 1142 1255 1382 1460 1965 1226 Pages Visits to Board: (continued) Merritt, A. B., Vice President, FRBank of San Francisco, reported to Board on developments re San Francisco National Bank, San Francisco, California Monroney, William M., General Counsel, FDIC, attended Board meeting with FDIC Chairman Randall, and his assistant Mr. John Lee, to discuss draft bill re excessive interest paid on deposits Randall, Kenneth A., Chairman of FDIC, attended Board meeting with Mr. John Lee, Assistant to Chairman, and Mr. William Monroney, General Counsel to discuss draft bill re excessive interest paid on deposits Rockefeller, James S., Chairman, First National City Bank, New York, New York, represented Second District in the absence of Mr. Moore at joint meeting of Board and Federal Advisory Council Stoddard, Howard J., Chairman of Board of Michigan National Bank, Lansing, Michigan and bank's counsel, James B. Alley, met with certain Board and staff members to discuss Board's adverse position re S. 308, which would permit establishment and operation of certain branches by Michigan National Bank Strange-Boston, Donald L., of the architectural firm of Marcellus Wright & Partners, attended Board meeting re joint relocation facility for the Board and the Richmond Bank Swan, Eliot J., President, FRBank of San Francisco, reported to Board on developments re San Francisco National Bank, San Francisco, California http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/11 105, 106 7/1 2223 7/1 2223 9/21 3086 11/9 3610 11/24 3804 1/11 105, 106 1965 1227 Pages Visits to Board: (continued) Tate, Frederick W., Assistant Director of the Bureau of the Mint, accompanied Robert A. Wallace, Assistant Secretary of the Treasury, to review with Board members and Presidents of FRBanks various aspects of coin situation Treiber, William F., First Vice President, FRBank of New York, attended Board meeting to discuss termination or shortening of tenancies in certain buildings across Maiden Lane from FRBank of New York that had been acquired in connection with bank's building program Wallace, Robert A., Assistant Secretary of the Treasury, present at Board meeting to review with Board members and FRBank Presidents various aspects of coin situation Voluntary credit restraint program: Central banks of England, France and Germany, and foreign branches of member banks, visit by Mr. Gordon B. Grimwood, Chief, Liaison Office, Office of Defense Planning, to, for purpose of discussing various aspects of Concentration by banks of credits in developed countries in lieu of the lessdeveloped nations re, mentioned in discussion re request by Continental International Finance Corporation, Chicago, Illinois, for permission to purchase shares of Banca Privata Finanziaria, Milan, Italy, and a limited partnership interest in Moizzi & C., Milan http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/1 2821 4/13 1181 9/1 2821 7/26 2455 4/16 1257, 1281 1965 1228 Pages Voluntary credit restraint program: (continued) Export-Import Bank, Governor Robertson presented a proposed letter to President of, expressing concern that commercial banks might arrange loans through, with or without its guaranty, or might purchase insurance for purpose of placing credits outside target established for foreign lending by banks under the President's, Board concurred in sending proposed letter to Federal Advisory Council: Proposals made in joint meeting of Board with, concerning improvement of balance of payments of the U.S., and the responsibility of the financial community toward the President's program re Topic for discussion with: How does Council appraise results of voluntary foreign credit restraint program Program has tended to reduce outflow of funds, with doubt that priority credit needs for financing exports to less developed countries are being fully met, loans being routed through Export-Import Bank with U.S. still retaining foreign deposits, Council believes that it is inappropriate to request banks to administer revision of Guideline 13, view expressed at joint meeting with FAC How does Council appraise the results of the program to date, does it appear that priorities for export financing and for less developed countries are being met, reasonably well Results have been helpful to date, feeling that screws were little tighter on banks than industry, views expressed at joint meeting with FAC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/5 1081 2/16 560 5/3 1463, 1474 5/18 1644 8/27 2789, 2809 9/21 3107 1965 1229 Pages Voluntary credit restraint program: (continued) Federal Advisory Council: (continued) Topic for discussion with: (continued) Views on effectiveness of, since the Council met with the Board in September Belief that the program continues to be a helpful temporary measure and that there has been no lessening in its effectiveness since the Council met with the Board in September, views expressed at joint meeting with FAC First National City Bank, New York, New York, reply to question as to how the value of fixed assets and equipment of a foreign branch (in Antwerp, Kuala, Lumpur, and Santo Domingo) should be treated in relation to, approved Foreign banking corporations and foreign branches of member banks, investments of, agreement with recouunendations 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, in light of the, letter sent to all Edge Act and agreement corporations, with copies to all FRBanks Foreign lending by U.S. banks and nonbank financial institutions: Proposal by President Hayes of FRBank of New York that the System launch a moral suasion program re, by amendment of statement of general principles of Regulation A, Advances and Discounts by FRBanks, and moderate tightening of bank's reserve position, memorandum to be prepared, further discussion at next meeting http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/29 3426, 3441 11/16 3701 4/5 1077,1078,1106 3/8 788, 804 1/18 180 1965 1230 Pages Voluntary credit restraint program: (continued) Foreign lending by U.S. banks and nonbank financial institutions: (continued) Proposal that System launch a moral suasion program re: (continued) Further discussion re approaches including suggestions re amendments to Regulation A, use of moral suasion, use of discount window, possible legislation involving extension of interest equalization tax, and a slowing down of expansion rate of bank credit, consideration of purpose 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, FRSystem to have direct influence on program to curtail, moral suasion to be used, emphasis placed on what might be accomplished during 1965 Governor Robertson to head program, issuance of press release based mainly on circular to FRBanks authorized, question re establishment of technical advisory committee to be resolved as program developes Telephone conference held with FRBank Presidents re draft of letter, FRBanks would send to individual banks re plans for Circular sent to FRBanks to be sent to member and nonmember banks Draft bill to facilitate the program re, staff authorized to advise Bureau of Budget that Board would favor enactment of Mr. Hackley informed Bureau of Budget by telephone http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/19 205 2/5 414 2/10 465, 483 2/10 467 2/10 475, 479 2/17 579 2/17 581 1965 1231 Pages Voluntary credit restraint program: (continued) Foreign lending by U.S. banks and nonbank financial institutions: (continued) FRSystem to have responsibility for administration of program for, noted in joint meeting of Board with Presidents' Conference Establishment of a Technical Advisory Committee to assist Board's staff in formulating suitable guidelines for, to be made up of approximately five people from the banking community, contemplated that meeting would be held in Washington beginning March 1, 1965, recommendation by Governor Robertson that Board pay actual expenses of the committee, approved Guidelines for, understood that copies of a revised draft of press release, the Chairman's letter, and the guidelines for nonbank financial institutions would be distributed to Board members, with further understanding that Chairman's letter would be sent in the afternoon and the press statement would be issued Board authorized issuance of commercial bank guidelines for release in press on March 8, 1965 Governor Robertson reported on information received by State Department re difficulties experienced by certain Chinese banks in Hong Kong, agreed not to exempt from the foreign credit restraint program any standby credits extended by U.S. banks to the Hong Kong banks experiencing difficulty http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/18 605 2/23 620 3/3 735,760-63 3/3 744,764-82 4/14 1199 1965 1232 Pages Voluntary credit restraint program: (continued) Foreign lending by U.S. banks and nonbank financial institutions: (continued) Issuance of guidelines for use of commercial banks, approved, and sent to FRBank Presidents for transmittal to all commercial banks with a suggested covering letter, a revision of guideline 13, having to do with loans of U.S. residents and substitution of domestic credit from foreign sources, included Revision of tentative guidelines issued by Board on March 3, 1965, on foreign lending and investments by nonbank financial institutions, approved, issuance effective June 21, 1965 Recommendation of Governor Robertson that the Board approved the form devised for reports on quarterly basis requested from nonbank financial institutions holding $500,000 or more in foreign loans, investments or other financial assets, report from, approved New guidelines issued for, re their conduct in connection with the, for 1966, in cooperation with the President's balance of payments program, press release issued Franklin National Bank, Mineola, New York, request of, for permission to accept drafts or bills of exchange, possible effect from standpoint of, bank's claims on foreigners above guidelines established under, letter to, urging bank to operate within guidelines, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/27 1399, 1420 6/14 1993, 2011 6/22 2119 12/3 3982,3996-4019 11/17 3717 1965 1233 Pages Voluntary credit restraint program: (continued) Guidelines for: Extensive discussion of FRSystem's role at joint meeting of Board with Presidents' Conference, in effort to restrain foreign lending and investments in support of President's program to improve the balance of payments position, with request that all concerned should give thought and provide views re Nonbank financial institutions, guidelines for, distributed to Board members with the understanding that they would be sent out in the afternoon Revision of tentative guidelines issued by Board on March 3, 1965, approved, effective June 21, 1965, issued United States banks, guidelines for: Issuance of commercial bank guidelines for release in press on March 8, 1965, authorized Issuance of, approved, sent to FRBank Presidents for transmittal to all commercial banks, revision of guideline 13, authorized Letter sent to Presidents of FRBanks for transmittal to commercial banks re a revision of guideline 5, having to do with bank sales of foreign assets to U.S. residents Nonbank financial institutions and U.S. banks, 1966 guidelines for, re their conduct in connection with the, and in cooperation with the President's balance of payments program, press release issued http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2/18 598 3/3 735, 760-63 6/14 1993, 2011 3/3 744, 764-82 4/27 1399, 1420 7/21 2406,2411-12 12/3 3982,3996-4019 1965 1234 Pages Voluntary credit restraint program: (continued) H.R. 5280, a bill intended to implement recommendation of President made on February 10, 1965, in message to Congress on balance of payments problem to provide exemption from antitrust laws, and formulation by financial institutions a program of voluntary agreements or moral suasion, or other programs, approved by the President, his delegate, or the Attorney General, understood draft would be revised and distributed to Board for review prior to Chairman's appearance before Antitrust Subcommittee of the House Committee on the Judiciary Less-developed countries, including those in Latin America, Governor Robertson reported on a meeting in the office of the Secretary of the Treasury at which representatives of the State Department and Agency for International Development expressed concern about the effect of the voluntary foreign credit restraint effort on, to be watched closely and Governor Robertson to be informed of any complaints received Meetings: Contemplated that a meeting would be held in Washington March 1, 1965 to last from two to five days to discuss, technical advisory committee, to be established to assist Board's staff in formulating suitable guidelines on lending by American banks Governor Robertson indicated he was arranging a meeting on March 15, at Board Building for officers of FRBanks who had responsibility for administration of, another meeting planned for FRBank Presidents on March 23, 1965, re http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3/1 729 4/9 1136 2/23 620 3/10 834 1965 1235 Pages Voluntary credit restraint program: (continued) Meetings: (continued) Governor Robertson reported on his attendance yesterday at a White House meeting at which reports were received on progress being made by nonbank corporations under, and briefed meeting on status of voluntary effort as it related to banks and other financial institutions Consultation of Governor Robertson and members of Board's staff with a small group of bankers who provided technical advice in formulating guidelines for commercial banks re, additional discussions on an individual basis, which seem desirable to Governor Robertson, approved, with necessary arrangements and payment of travel expenses authorized Report by Samuel I. Katz, Adviser, Division of International Finance, who had returned from a technical meeting at the Bank for International Settlements and a visit to the Bank of England, on observations and repercussions of Voting permits: Bancorporation of Montana, Great Falls, Montana, issuance of a limited voting permit to vote the stock of Central Bank of Montana, Great Falls, Montana, Citizens Bank of Montana, Havre, Montana, and Liberty Bank of Montana, Chester, Montana, authorized C. B. Investment Corporation, Waukegan, Illinois, issuance of a limited voting permit to vote stock of Western National Bank of Cicero, Illinois, authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4/29 1433 5/5 1481 4/20 1315 12/16 4227, 4240 1/11 104, 111 1965 1236 Pages Voting permits: (continued) Capital Bancshares, Inc., Miami, Florida: Issuance of a limited voting permit to vote stock of Capital National Bank of Miami, Florida, authorized Letter approved to Economic Consultants Inc., Coral Gables, Florida, re application by, for permission to vote the shares it owns and controls of Capital National Bank of Miami, Florida Chase Manhattan Bank (National Association), New York, New York: Proposal by, to acquire shares of Liberty National Bank and Trust Company, Buffalo, New York, request for a determination not be a holding company affiliate, in case of refusal, Chase to request a voting permit to vote stock of Liberty National, letter to, approved Board to defer decision re request of, for oral argument until a memorandum on the voting permit question is submitted Letter to Chairman Patman of House Banking and Currency Committee re, in light of Board's responsibilities under section 7 of the Clayton Act, and involving a 301 determination or in lieu a voting permit Application now before Comptroller of the Currency, agreed that no action on part of Board was called for at this time Financial General Corporation, Washington, D.C., issuance of a general voting permit to vote stock of Round Hill National Bank, Round Hill, Virginia, authorized K-J Investment Company, Moline, Illinois, issuance of a limited voting permit to, to vote its stock of Farmers National Bank of Knoxville, Illinois, authorized http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/11 104, 109 2/8 419, 444 11/3 3494, 3564 12/1 3891, 3920 12/15 4161, 4192 12/27 4423 9/10 2948, 2952 12/7 4057, 4072 1965 1237 Pages Voting permits: (continued) Morris Plan Corporation, New York, New York, issuance of a general voting permit to vote stock of Round Hill National Bank, Round Hill, Virginia, authorized 9/10 Morris Plan Shares Corporation, New York, New York, issuance of a general voting permit to vote stock of Round Hill National Bank, Round Hill, Virginia, authorized 9/10 Navajo Bancorporation, Inc., Phoenix, Arizona: Issuance of a limited voting permit to vote stock of First Navajo National Bank, Holbrook, Arizona, authorized 1/11 Schnitzler Corporation, Froid, Montana, issuance of a limited voting permit to vote stock of First State Bank of Newcastle, Wyoming, authorized 1/8 Shawmut Association, Inc., Boston, Massachusetts, issuance of general voting permit authorized to vote its stock in National Bank of Plymouth County, Brockton; County Bank & Trust Company, Cambridge; Everett National Bank, Everett; Needham National Bank, Needham; Newton National Bank, Newton; MerchantsWarren National Bank of Salem, Salem; Somerville National Bank, Somerville; Waltham Citizens National Bank, Waltham; Winchester National Bank, Winchester and Congress National Bank of Boston, Boston, all located in Massachusetts, 5/3 authorized Society Corporation, Cleveland, Ohio: Issuance of a limited voting permit to vote stock of Society National Bank of Cleveland, Ohio, authorized 1/21 Issuance of a general voting permit to vote stock of Society National Bank of Cleveland, Ohio, authorized 3/8 http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2948, 2953 2948, 2953 104, 110 85, 97 1462, 1471 232, 243 788, 803 1965 1238 Pages Voting permits: (continued) Western Springs Investment Corporation, Waukegan, Illinois, issuance of a limited voting permit to vote stock of First National Bank of Western Springs, Illinois, authorized Vucurevich, John T., discussion re activities of, who controlled either directly or indirectly several banks and banking interests Withdrawals from membership in FRSystem: American State Bank, Lubbock, Texas: Continuance of deposit insurance after, advice to FDIC Six months' notice of, waived Arnold Savings Bank, Arnold, Missouri, six months' notice of, waived Bank of Illinois Valley, Cave Junction, Illinois, six months' notice of, waived Bank of Waverly, Virginia, six months' notice of, waived Birmingham-Bloomfield Bank, Birmingham, Michigan: Continuance of deposit insurance after, advice to FDIC Six months' notice of, waived Bucks County Bank and Trust Company, Perkasie, Pennsylvania, six months' notice of, waived Burns State Bank, Burns, Kansas, six months' notice of, waived Cass Bank & Trust Company, St. Louis, Missouri: Six months' notice of, waived Continuance of deposit insurance after, advice to FDIC Trust Company, Washington, and Bank Citizens Indiana: Six months' notice of, waived Continuance of deposit insurance after, advice to FDIC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/11 104, 112 6/11 1970 11/24 12/9 3806, 3816 4090, 4108 3/22 936, 949 12/23 4383, 4415 12/8 4081, 4086 8/19 8/30 2738, 2741 2811, 2814 11/10 3625, 3649 1/28 330, 337 1/21 232, 242 3/24 956, 971 3/12 850, 866 4/9 1133, 1141 1965 1239 Pages Withdrawals from membership in FRSystem: (continued) Coast Bank, Long Beach, continuance of deposit insurance after, advice to FDIC re plans to increase capital stock Corn Belt Bank, Bloomington, Illinois: Six months notice of, waived Continuation of deposit insurance after, advice to FDIC Corydon State Bank, Corydon, Iowa, continuance of deposit insurance after, bank urged to service loan accounts more adequately, advice to FDIC Dauphin Deposit Trust Company, Harrisburg, Pennsylvania: Six months' notice of, waived Continuance of deposit insurance after, advice to FDIC Devon Bank, Chicago, Illinois: Continuance of deposit insurance after, advice to FDIC, noted that bank was urged to improve its capital stock position Six months' notice of, waived Farmers and Merchants Bank, Boswell, Indiana: Six months' notice of, waived Continuance of deposit insurance, advice to FDIC Farmers State Bank of Buffalo, Illinois: Six months' notice of, waived Continuance of deposit insurance after, advice to FDIC Farmers State Bank of Illiopolis, Illinois, six months' notice of, waived Farmer's State Bank, Middletown, Indiana: Six months' notice of, waived Continuance of deposit insurance, advice to FDIC Fidelity Bank and Trust Company, Houston, Texas: Six months' notice of, waived Continuance of deposit insurance, advice to FDIC First State Bank, Bangs, Texas, continuance of deposit insurance after, advice to FDIC First State Bank, Hawkins, Texas: Six months' notice of, waived Continuance of deposit insurance after, advice to FDIC Extension of time within which to, granted http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/9 2910, 2930 7/9 2264, 2269 7/23 2432, 2445 1/19 203, 225 3/3 738, 756 3/12 850, 865 4/19 12/23 1287, 1300 4382, 4410 4/14 1192, 1207 5/26 1721, 1749 11/8 3585, 3598 12/8 4082, 4087 11/24 3806, 3815 1/6 37, 54 2/26 710, 721 10/21 3350, 3358 10/29 3426, 3439 1/19 202, 224 4/14 1193, 1209 6/11 11/8 1957, 1985 3585, 3599 1965 1240 Pages Withdrawals from membership in FRSystem: (continued) First State Bank of Green's Bayou, Houston, Texas, six months' notice of, waived First Western State Bank of Minot, North Dakota: Six months' notice of, waived Continuance of deposit insurance, advice to FDIC Fowler State Bank, Fowler, Indiana: Six months' notice of, waived Continuance of deposit insurance, advice to FDIC Gary-Wheaton Bank, Wheaton, Illinois: Six months' notice of, waived Continuance of deposit insurance, advice to FDIC Glasford State Bank, Glasford, Illinois, continuance of deposit insurance after, advice to FDIC Hamilton Bank, Hamilton, Missouri: Six months' notice of, waived Continuance of deposit insurance, advice to FDIC Industrial State Bank of Kalamazoo, Kalamazoo, Michigan: Six months' notice of withdrawal, waived Continuation of deposit insurance after, advice to FDIC Lyon County State Bank, Rock Rapids, Iowa, six months' notice of, waived Mazon State Bank, Mazon, Illinois: Six months' notice of, waived Continuance of deposit insurance after, advice to FDIC Metropolitan State Bank, Chicago, Illinois, six months' notice of, waived Continuation of deposit insurance after, advice to FDIC, bank designated as a problem bank because of its poor asset condition Montgomery County Bank and Trust Company, Norristown, Pennsylvania, six months' notice of, waived Nashville State Bank, Nashville, Indiana: Six months' notice of, waived Continuance of deposit insurance, advice to FDIC http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10/21 3350, 3357 9/9 2910, 2931 10/14 3309, 3319 5/6 1493, 1500 5/14 1600, 1607 6/7 1908, 1917 6/16 2020, 2041 12/17 4244, 4262 1/27 315, 325 3/3 738, 757 6/23 2124, 2131 7/23 2432, 2446 7/14 2303, 2343 4/14 1192, 1208 5/10 1506, 1516 12/9 4090, 4109 12/9 4090, 4110 3/31 1041, 1049 3/24 956, 973 5/6 1493, 1499 1965 1241 Pages Withdrawals from membership in FRSystem: (continued) Park State Bank, Milwaukee, Wisconsin: Six months notice of, waived Continuance of deposit insurance after, advice to FDIC Southern Arizona Bank and Trust Company, Tucson, Arizona: Possibility of, because of a letter to FRBank of Dallas as to advantages and disadvantages of status as a national bank, State member bank, or insured nonmember bank, understood that copies of economist's letter and proposed reply would be distributed to Board members prior to further consideration of subject Agreement that Mr. Hexter of Board's staff prepare a memorandum of comment on the proposed reply prepared by Vice President Sullivan of FRBank of Dallas, such memorandum to be forwarded to Mr. Sullivan for use in considering revisions in the draft of proposed reply State Bank of Florence, Florence, Wisconsin, continuance after, advice to FDIC Wright, James C., Congressman, requested that disinterested third party be permitted to examine record of FRBank of Dallas to determine truth in connection with claim that deceased father of Albert Sidney Lackey had funds deposited in FRBank of Dallas, letter to, approved, Board agreed that a review of Bank's accounts would be made during the next examination http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1/4 2, 15 1/19 202, 223 8/19 2740 8/25 2773 1/6 37, 53 6/10 1938, 1951 1965 1242 Pages fly?! Yale University Study on commercial banks' role in American economy, financed by National Science Foundation, recommendation that Professors Tobin, Brainard, Hester, and Pierce, all of, be given access to member banks' reports of condition and income and dividends, approved Youth Opportunity Program: Memorandum relating to a special project to be set up in Division of Administrative Services to provide a limited number of summer jobs this year incident to, recently announced by President to provide temporary summer employment of persons 16 through 21 years of age, approved, budget overexpenditure also approved Question whether FRBanks should participate in, a matter for each Bank to decide, with Board sympathetic with effort when productive or potentially productive, letter to FRBanks, approved Appointment of five summer trainees with temporary appointments not to exceed 700 hours or extend beyond September 30, 1965, with compensation at rate of $1.25 per hour, effective June 30, 1965 5/5 1477, 1485 6/9 1929, 1934 6/10 1941, 1953 6/29 2182 6/7 1909, 1923 Hz!! Zion-Wardy, Ben, Assistant Professor of Political Science at Tuskegee Institute, Tuskegee, Alabama, re alleged violations of Title VII of the Civil Rights Act of 1964, by the Exchange Bank of Tuskegee, Alabama, letter to FRBank of Atlanta, approved http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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