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Minutes for To: February 28, 1958 Members of the Board From: Office of the Secretary Attached is a copy of the minutes of the Board of Governors of the Federal Reserve System on the above date. It is not proposed to include a statement with respect to any of the entries in this set of minutes in the record of policy actions required to be maintained pursuant to section 10 of the Federal Reserve Act. Should you have any question with regard to the minutes, it will be appreciated if you will advise the Secretary's Office. Otherwise, if you were present at the meeting, please initial in column A, below to indicate that you approve the minutes. B If you were not present, please initial in column s. minute the seen have you below to indicate that Chm. Martin Gov. Szymczak Gov. Vardaman 1/ Gov. Mills Gov. Robertson Gov. Balderston Gov. Shepardson 1/ In accordance with Governor Shepardson's memo7.andum of March 8, 1957, these minutes are not being sent to Governor Vardaman for initial. Minutes of the Board of Governors of the Federal Reserve System on Friday, February 28, 1958. The Board met in the Board Room at 10:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Martin, Chairman Balderston, Vice Chairman Szymczak Mills Shepardson Mr. Mr. Mr. Mr. Mr. Carpenter, Secretary Kenyon, Assistant Secretary Fauver, Assistant Secretary Thomas, Economic Adviser to the Board Molony„ Special Assistant to the Board Messrs. Young, Garfield, Noyes, Robinson, Dembitz, Brill, Eckert, Gehman, Jones, Miller, Weiner, Tamagna, Trueblood, Wernick, and Wood of the Division of Research and Statistics Messrs. Marget, Furth, Hersey, Sammons, Bangs, Reynolds, and Summers of the Division of International Finance Economic review. Following a summary by the Division of International inance of economic and financial developments in selected areas, with mphasis on the relationship of such developments to United States foreign trade, the Division of Research and Statistics presented a review of the domestic economy which revealed a continuation of the downward trend in Most lines of activity. However, both wholesale and retail prices were moving forward to new peak levels. All of the representatives of the Research and International Finance Divisions the Molony. withdrew from the meeting, along '4th Messrs. Thomas and Messrs. Hackley, General Counsel, Masters, Director, Division of txaminations, Shay, Legislative Counsel, and Solomon and Hexter„ Assistant Oeneral Counsel, entered the room at this point. 2/28/58 -2Items circulated to the Board. The following items, which had been circulated to the members of the Board and copies of which are attached to these minutes under the respective item numbers indicated, were approved unanimously: Item No. Letter to Marine Midland Corporation, Buffalo, New York, granting an extension of time within which it may retain indirect control of shares of Knovlton Brothers, Inc. (For transmittal through the Federal Reserve Bank of New York) 1 Letter to the Federal Reserve Bank of Philadelphia extending the time for The First Pennsylvania Banking and Trust Company, Philadelphia, Pennsylvania, to establish a branch in the Pennsylvania Railroad Station at Ardmore, Pennsylvania. 2 Letter to the Federal Reserve Bank of Cleveland waiving six monthst notice of withdrawal from membership in the Federal Reserve System for The Citizens Bank and Savings Company of Leesburg, Leesburg, Ohio. 3 Letter to BancOhio Corporation, Columbus, Ohio, extending the time within which it may retain indirect control of Shares of Prairie Land Company. (For transmittal through the Federal Reserve Bank of Cleveland) 4 Letter to First State Bank, Belmond, Iowa, granting its 5 Letter to the Commissioner of Savings and Loan Associations, City Madison, Wisconsin, regarding an advertisement by The stating that Wisconsin, Bank and Trust Company, Milwaukee, the bankts interest rate on deposits is guaranteed. (With a copy to the Federal Reserve Bank of Chicago) 6 Letter to the Federal Reserve Bank of Dallas approving an investment in bank premises by Bank of the Mainland, La Marque, 7 request for permission to exercise fiduciary powers. (For transmittal through the Federal Reserve Bank of Chicago) Texas, t'INF -3- 2/28/58 Item No. Letter to the Presidents of all Federal Reserve Banks transmitting forms for use by State member banks in submitting reports at the next call date. (With the understanding that the letter you'd be sent when the forms were printed) 8 Letter to the Federal Reserve Bank of New York regarding the foreign travel program for personnel of that Bank for the current year. 9 Discount rates. Unanimous approval was given to telegrams to the Federal Reserve Banks of New York, Cleveland, Richmond, St. Louis, Kansas City, and Dallas approving the establishment without change by those Banks on February 27, 1958, of the rates on discounts and advances in their existing schedules. Regulation of common trust funds. In a memorandum dated February 260 19580 copies of which had been sent to the members of the Board, Mr. Masters discussed the problem arising out of the fact that although the authority Of the Board, pursuant to section 11(k) of the Federal Reserve Act, to grant trust polders to national banks and to regulate the exercise of such Powers would be transferred to the Comptroller of the Currency under the Proposed Financial Institutions Act, there is no specific reference in the proposed Act to the regulation of common trust funds. While it vas understood that the Congressional administrative staff vas suggesting a Change in the language of section 581 of the Internal Revenue Code giving recognition to the transfer of the section 11(k) functions to the Comptroller Of the Currency, it did not appear that any clarifying change had yet t -4- 2/28/58 been proposed with respect to section 584 of the Code, which provides certain tax immunities for common trust funds and defines a common trust fund for this purpose as one maintained "in conformity with the rules and regulations prevailing from time to time of the Board of Governors of the Federal Reserve System pertaining to the collective investment of trust funds of national banks." Furthermore, the legislative history of the Financial Institutions Act was not clear on the question of the transfer Of regulation of common trust funds. In testifying on behalf of the Board, Governor Robertson had expressed the view that it would be unfortunate to leave the regulation of common trust funds with the Board if other functions in connection with the granting and regulating of trust powers were transferred to the Comptroller. However, the advisory committee of commercial bankers appointed in connection with Congressional consideration Of the Financial Institutions Act had taken an opposite view, and its recommendation was reflected in the Senate Report on the Act. Furthermore, It was known that spokesmen for the Trust Division of the American Bankers Association favored retention of the common trust fund regulatory authority in the Board. Mr. Masters' memorandum indicated that he agreed with the Point of view expressed by Governor Robertson. Mr. Hackley stated that he had received from a staff member of the House Banking and Currency Committee a list of technical amendments to the Financial Institutions Act, one of which would make an appropriate Change in section 581 of the Internal Revenue Code. However, the list of 71S -5- 2/28/58 amendments contained no reference to section 584 of the Code, and Mr. Hackley felt it only proper to call attention to the necessity for some change in that section. While he had in mind that his comment would be of a neutral character, this probably would serve to bring into question the point covered in Mr. Masters' memorandum and the Board might be called upon to express its opinion. There folloved a series of questions by members of the Board, to 'which Messrs. Masters and Hackley replied, concerning various aspects of common trust fund regulation, including the effects from a supervisory standpoint of a transfer of regulatory authority over such funds to the Comptroller of the Currency, particularly from the point of view of State member banks which maintain common trust funds in conformity with the provisions of section 17 of the Board's Regulation F in order to gain the tax immunities provided by section 584 of the Internal Revenue Code. At the conclusion of this discussion it was agreed that Mr. Rackley would call to the attention of the Banking and Currency Committee staff the need for a clarifying change in section 584 of the Internal Revenue Code, with the understanding that in so doing he would not express any opinion on the basic question involved and that the Board 'would ,consider that point further when and if inquiry should be made regarding its views. Such an inquiry, it as noted, might not be received until alter Governor Robertson's return, in 'which event the Board 'would have the benefit of his thinking. 2/28/58 ring the foregoing discussion Mr. Young returned to the room and at its conclusion Mr. Hexter vithdrew. Meeting on bank holding company legislation. At the meeting Yesterday it vas agreed to extend an invitation to Mr. Joseph Colman and other bank holding company representatives to meet with the Board on March 19 or 20, 19580 and express their views on possible changes in existing bank holding company legislation. Chairman Martin nov reported that Mr. Colman could not assemble his group on the dates suggested but that March 17 vould be satisfactory. Part of the Board, the Secretary There being no objection on the as requested to get in touch vith Mr. Colman and make the necessary arrangements for a meeting on the afternoon of March 17. Request of Otto Bremer Company (Items 10 and 11). February 24, 1958, Counsel for Otto Bremer Company By letter dated St. Paul, Minnesota, l'equested a further extension until April 30, 1958, of the time for sUbmission to the Hearing Examiner of proposed findings and conclusions and supporting brief in connection with the applications of that Company for determinations under section 4(0(6) of the Bank Holding Company Act '4th respect to certain nonbanking subsidiaries. The reason given was the fact that a bill was pending in the Congress which would exempt Otto Bremer Company from the provisions of the Bank Holding Company Act. A eXPlained in a memorandum from Mr. Solomon dated February 27, 1958, copies Of which had been distributed to the members of the Board, this referred (4, 2/28/58 -7- to bills introduced in the Senate and the House which would amend section 2(b) of the Act to exclude certain corporations whose entire income is turned over to exempt organizations. While this reason was not regarded as particularly persuasive, Mr. Solomon nevertheless recommended granting the request for an extension of time because (1) the Company would be the principal party to gain by expeditious action or lose by unnecessary delay, (2) the Hearing Examiner had indicated informally that he would have no objection to such an extension of time, and (3) the Hearing Examiner had suggested the desirability of considering as concurrently as possible certain issues which had arisen in this case and also in the case involving First Bank Stock Corporation. Following comments by Mr. Solomon, Mr. Hackley noted that the Board was on record as opposing exemptive legislation such as mentioned by Counsel for Otto Bremer Company. At least, the Board had stated, it Should be considered in conjunction with other possible amendments to the Act which would be considered by the Congress two years after the date of enactment of the Act. It was suggested, therefore, that if the requested extension of time should be approved by the Board, the letter to Otto Bremer Company state that the granting of the request should tot be interpreted as meaning that the Board was in agreement with the Pending legislation referred to by Counsel for the Company. Agreement having been expressed with this suggestion, unanimous I lkkr2n1 was given to the order of which a copy is attached as Item No. 191 Idth the understanding that copies would be sent to the appropriate parties. 2/28/58 -8- A copy of the letter sent to Counsel for Otto Bremer Company pursuant to this action is attached as Item No. 11. Mr. Shay then withdrew from the meeting. Appraisal of directors' day program. In a memorandum to Governor Shepardson dated February 26, 1958, Mr. Fauver submitted comments which might be useful in a review or appraisal by the Board of the program given last week for newly appointed or elected directors of the Federal Reserve Banks and branches. At the Governor's suggestion, copies of the memorandum had been sent to the other members of the Board. There was a general discussion of various aspects of the directors' day program, following which it vas agreed that arrangements for next Year's program should follow a similar pattern. Acoustical qualities of Board Room. Certain auditory difficulties encountered during the directors* day program led to a discussion of the acoustical qualities of the Board Room, and in this connection it was reported that a member of the architectural firm that designed the Federal Reserve Building recently visited the building and expressed the view that it should be possible to improve the acoustics in the Board Room without injury to the appearance of the room. At Governor Shepardson's suggestion, it was agreed that he vbuld ask the architectural firm to submit recommends.-tions for the Board's consideration, with the understanding that use could be made by the firm of the studies conducted tvo years ago under the direction of Governor Balderston. The members of the staff then withdrew and the Board vent into executive session. 722 -9- 2/28/58 European travel. Governor Balderston later informed the Secretary that during the executive session he presented a memorandum dated February 27, 19581 setting forth his plan to attend the annual meeting of the Bank for International Settlements in Basle, Switzerland, and then to visit for a short time each of the central banks of Switzerland, Germany, France, and England. Governor Balderston advised that, pursuant to his suggestion, the Board authorized John Reynolds, Economist in the Division of International Finance, to accompany him, with the understanding that Mr. Reynolds would join him in Basle on or about June 61 19581 and travel with him until about June 22, 1958, and that the Board would pay Mr. Reynolds' actual expenses on the trip except for such time as might be used for vacation. The meeting then adjourned. Secretary's Note: Pursuant to recommendations contained in memoranda from appropriate individuals concerned, Governor Shepardson today approved on behalf of the Board increases in the amounts indicated in the basic annual salaries of the following members of the Board's staff, effective March 91 1958: Margaret C. Caldow, Secretary, Office of the Secretary, from $41 345 to $4,480. Kathleen Barnes Draftsman, Division of Research and Statistics, from $31175 to $3,2&:). Theodore G. Flechsig, Economist, Division of Research and Statistics, from $5,980 to $61390. Margaret V. Hastings, Research Assistant, Division of Research aro Statistics, from $31805 to $3,940. Georgine Winslett, Clerk-Typist, Division of Research and Statistics, from $1,630 to $10673 (half-time basis). 723 2/28/58 -10.- Reed Jo Irvine, Economist, Division of International Finance, from $7,570 to $7,785. Richard M. Westebbe, Economist, Division of International Finance, from $7,570 to $70785. , Division of Karl P. Wendt, Senior Federal Reserve Examiner. Examinations, from $7,570 to $7,7850 Robert N. Westmoreland, Jr., Assistant Federal Reserve Examiner, Division of Examinations, from $4,660 to $41795. i-04$14. I BOARD OF GOVERNORS OF THE Item No. 1 2/28/58 FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C ADDRESS OFFiCIAL CORRESPONDENCE • TO THE BOARD February 28, 1958 Mr. Edward C. Gruen, Vice President, Marine Midland Corporation, Marine Trust Building, Buffalo 5, New York. Dear Mr. Gruen: This refers to Marine Midland Corporation's application, pursuant to section 4(a) of the Bank Holding Company Act of 1956, for an extension, for one year from May 9, 1958, of the period within which it may retain its indirect control, through The Northern New York Trust Company and Marine Midland Trust Company of Central New York, the owners thereof, of 2,500 shares of Knowlton Brothers, Inc. In accordance with the provisions of section 4(a) of the Act, the Board has granted the requested extension. Very truly yours (Signed) S. R. Carpenter S. R. Carpenter, Secretary. 725 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Item No. 2 2/28/58 WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD February 28, 1958 Mr. E. C. Hill, Vice President, Federal Reserve Bank of Philadelphia, Philadelphia 1, Pennsylvania. Dear Mr. Hill: Reference is made to your letter of February 17, 1958, regarding the request of First Pennsylvania Banking and Trust Company, Philadelphia, Pennsylvania, for a six months extension of time to establish a branch in the Pennsylvania Railroad Station at Ardmore, Montgomery County, Pennsylvania. It is noted that due to delays in the building construction program the bank will not be able to establish the branch within the time specified in the Board's authorization dated October 3, 1957, and in view of these circumstances the Board concurs in your recommendation and extends until October 3, 1958, the time within which the bank may establish the branch. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Assistant Secretary. BOARD OF GOVERNORS OF THE ,e0 6 -4! ' '1/ FEDERAL RESERVE SYSTEM Item No. 3 2/28/58 WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD February 28, 1958 Mr, Paul C. Stetzelberger, Vice President, Federal Reserve Bank of Cleveland, Cleveland 1, Ohio. Dear Mr. Stetzelberger: Reference is made to your letter of February 17, 1958, enclosing a resolution adopted by the board of directors of The Citizens Bank and Savings Company of Leesburg, Leesburg, Ohio, signifying its intention to withdraw from membership in the Federal Reserve System and a letter requesting waiver of the six months' notice of such withdrawal and setting forth reasons therefor. In accordance with the bank's request, the Board of Governors waives the requirement of six months' notice of withdrawal. Accordingly, upon surrender of the Federal Reserve Bank stock issued to the bank, you are authorized to cancel such stock and make appropriate refund thereon. Under the provisions of section 10(c) of Regulation H, as amended effective September 1: 1952: the bank may accomplish termination of its membership at any time within eight months after notice of intention to withdraw is given. Please advise when cancellation is effected and refund is made. The certificate of membership issued to the bank should be obtained, if possible, and forwarded to the Board. The State banking authorities should be advised of the bank's proposed withdrawal from membership and the date such withdrawal becomes effective. It is noted that the Federal Deposit Insurance Corporation has been contacted with respect to continuance of deposit insurance after withdrawal of the bank from membership. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Assistant Secretary. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Item No. 4 2/28/58 WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD February 28, 1958 Mr. Derrol R. Johnson, President, BancOhio Corporation, 51 North High Street, Columbus 15, Ohio. Dear Mr. Johnson: This refers to BancOhio Corporation's application, pursuant to section 4(a) of the Bank Holding Company Act of 1956, for an extension, for one year from May 9, 1958, of the period within which it may retain its indirect control, through Real Estate Service, Inc., the owner thereof, of 250 shares of the Prairie Land Company. In accordance with the provisions of section 4(a) extension. of the Act, the Board has granted the requested Very truly yours, (Signed) So R. Carpenter S. R. Carpenter, Secretary. 728 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Item No. 5 2/28/58 WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE SWARD February 28, 1958 Board of Directors, First State Bank, Belmond, Iowa. Gentlemen: This refers to your request for permission, under applicable provisions of your condition of membership numbered 1, to exercise fiduciary powers. Following consideration of the information submitted, the Board of Governors of the Federal Reserve System grants permission to the First State Bank to exercise the fiduciary powers now or hereafter authorized under the terms of its charter and the laws of the State of Iowa. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Assistant Secretary. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Item No. 6 2/28/58 WASHINGTON 25, D. C. ADDRESS OFF ICIAL CORRESPONDENCE TO THE GUARD February 28, 1958 Mr. C. P. Diggles, Commissioner of Savings and Loan Associations, Room 1150, One West Wilson Street, Madison 2, 4isconsin. Dear Mr. Diggles: This refers to your letter of January 28, 1958, enclosing photocopies of an advertisement by The City Bank and Trust Company, Milwaukee, disconsin, which states that the bank's interest rate is guaranteed. Your letter inquires whether a banking institution can guarantee a certain and specified rate of interest to be paid depositors. The City Bank and Trust Company is not a member of the Federal Reserve System and, therefore, is not subject to regulations of the Board of Governors with respect to the payment of interest on time deposits by member banks. However, that bank's deposits arc insured by the Federal Deposit Insurance Corporation, and, therefore, the bank is subject to a somewhat similar regulation by that Corporation. A member bank may guarantee a certain interest rate on its deposits insofar as that term signifies a contractual obligation. This is distinguished from dividends paid by a mutual organization which vary with the earnings of the institution and, therefore, may not be contracted for in advance. The so-called guarantee of interest on deposits, of course, is dependent upon the solvency of the company and is not insured by any Federal agency. If you have any further questions with respect to this subject, it is suggested that you address them to the Federal Reserve Bank of Chicago. Very truly yours, (Signed) Merritt Sherman lierritt Sherman, Assistant Secretary. 730 BOARD OF GOVERNORS OF THE Item No. FEDERAL RESERVE SYSTEM 7 2/28/58 WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE SOAR° February 28, 1958 Mk'. L. G. Pondrom, Vice President, Federal Reserve Bank of Dallas, Dallas 13, Texas. Dear Mr. Pondrom: Reference is made to your letter of February 18, 1958, recommending that the Board approve, under the provisions of Section 24A of the Federal Reserve Act, an investment by Bank of the Mainland, La Marque, Texas, in bank premises in excess of the capital stock of the bank. After consideration of all available information, the Board of Governors concurs in your recommendation and approves an investment of not to exceed $295,000 for land and construction of new bank premises. It is noted that upon completion carrying value of bank premises is to be reduced $25,000 by charge-off and that, in addition to regular depreciation, $51000 will be charged off during each of the next four years. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Assistant Secretary. 73 Item NO, 8 BOARD OF GOVERNORS 2/28/58 OF THE FEDERAL RESERVE SYSTEM • WASHINGTON 25. D. C. Z(On office copies only) ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD Dear Sir: The indicated number of copies of the following forms are being forwarded to your Bank under separate cover for use of State member banks and their affiliates in submitting reports as of the next call date. A copy of each form is attached. Number of copies Form F.R. 105 (Call No. 147)) Report of condition of State member banks. Form F.R. 105e (Revised November 1955), Publisher's copy of report of condition of State member banks. Form F.R. 105e-1 (Revised November 1955), Publisher's copy of report of condition of State member banks. Form F.R. 105e-2 (Revised November copy supplement. 1955), Publisher's Form F.R. 220 (Revised March 1952), Report of affiliate or holding company affiliate. Form F.R. 220a (Revised March 1952), Publisher's copy of report of affiliate or holding company affiliate. All of the forms are the same as those used on December 31, 1957. Very truly yours, (Signed) S. R. Carpenter S. R. Carpenter, Secretary. Enclosures TO THE PRESIDENTS OF ALL FEDERAL RESERVE BANKS BOARD OF GOVERNORS OF THE Item No. 9 FEDERAL RESERVE SYSTEM 2/28/58 WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE • TO THE BOARD February 28, 1958 Mr. Alfred Hayes, President, Federal Reserve Bank of New York, New York 45, New York. Dear Mr. Hayes: Your letter of February 14 regarding foreign travel plans of officers and members of the staff of your Bank during the current year has been brought to the attention of the Board of Governors. The Board has no objections to the plans as approved by your directors. Very truly yours, (Signed) S. R. Carpenter S. R. Carpenter, Secretary. 733 Item No. 10 2/28/58 UNITED STATES OF AMERICA BEFORE THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D. C. IN THE Witt( OF TBE APPLICATIONS OF OTTO BREMER COMPANY DOCKET NUMBERS BHC - 29, 31-33,35 ORDER EXTENDING TIME WITHIN WHICH APPLICANT MAY SUBMIT TO HEARING EXAMINER PROPOSED FINDINGS AND CONCLUSIONS) AND SUPPORTING BRIEF Additional time having been requested by the Applicant, 'Otto Bremer Company, within which to submit to the Hearing Examiner Proposed findings and conclusions, and supporting brief, and it appearing to the Board that such request should be granted, it is hereby ORDERED that the time within which the Applicant may file mach proposed findings and conclusions, and supporting brief, be, and the same hereby is, extended to and including April 30, 19584 This 28th day- of February, 1958. By order of the Board of Governors. (Signed) S. R. Carpenter S. R. Carpenter, Secretary. It3p4A.L) 734 BOARD OF GOVERNORS OF THE vel Viti• FEDERAL RESERVE SYSTEM WASHINGTON 25, 0. C. Item No. 11 2/28/58 ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD ?: February 28, 1958 AIR MAIL - REGISTERED RE1URN RECEIPT REQUESTED Milton H. Altman, Esq., Lipschultz„ Altman, Geraghty & Mulally, Attorneys and Counsellors at Law, 530 Minnesota Building, St. Paul 1, Minnesota. Dear Mr. Altman: In connection 'with the matter of the applications of Otto Bremer Company (Docket Nos. BHC-291 31-33, 35), there is enclosed a copy of the Board's "Order Extending Time Within Which Applicant May Submit to Hearing Examiner Proposed Findings and Conclusions, and Supporting Brief". You will note that the Order extends the time for such filing to and including April 30, 1958. In granting additional time as requested in your letter of February 24, 1958, the Board considered that Otto Bremer Company would be the principal party to gain by expeditious determination or lose by unnecessary delay in this matter; and the issuance by the Board of its Order is not to be interpreted as meaning that it is in agreement with the pending legislation referred to in your letter as the reason for your request for additional time. Very truly yours, (Signed) S. R. Carpenter S. R. Carpenter, Secretary. Enclosure
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