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?it 609
10/59
Minutes for
To:
Januarv_15, 1960_
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, please initial below.
If you were present at the meeting, your initials will
indicate approval of the minutes. If you were not present,
Your initials will indicate only that you have seen the
minutes.
Chin. Martin
Gov. Szymczak
Gov. Mills
Gov. Robertson
Gov. Balderston
Gov. Shepardson
Gov. King
Minutes of the Board of Governors of the Federal Reserve System
04 Friday, January 15, 1960.
PRESENT: Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
The Board met in the Board Room at 10:00 a.m.
Martin, Chairman
Balderston, Vice Chairman
Szymczak
Mills
Robertson
Shepardson
King
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Discount rates.
Sherman, Secretary
Thomas, Adviser to the Board
Shay, Legislative Counsel
Hackley, General Counsel
Noyes, Director, Division of Research and
Statistics
Solomon, Director, Division of Examinations
Hexter, Assistant General Counsel
Chase, Assistant General Counsel
Furth, Associate Adviser, Division of
International Finance
Conkling, Assistant Director, Division of
Bank Operations
Hostrup, Assistant Director, Division of
Examinations
Nelson, Assistant Director, Division of
Examinations
Landry, Assistant to the Secretary
Achor, Review Examiner, Division of Examinations
The establishment without change by the Federal
e Banks of New York, Cleveland, Richmond, St. Louis, Kansas City,
Etild
'Dallas on
January 14, 1960, of the rates on discounts and advances
14 their
existing schedules was approved unanimously, with the under""(1-111g that appropriate advice would be sent to those Banks.
Items circulated to the Board. The following items, Which had
been .
e4rculated to the members of the Board and copies of which are
Etttkol
"to these minutes under the respective item numbers indicated,
'Were
oved unanimously:
1/15/60
-2Item No.
Latter to the Federal Reserve Bank of San Francisco
the appointment of Parker R. Smith as
844)r°ving
1
,
ederal Reserve Agent's Representative at the
Seattle Branch.
1
Letter to the Federal Reserve Bank of San Francisco
r
tegard.-Lag__
an interpretation of section 6(a)(4) of
2.7
. sank Holding Company Act requested by Firstwuerica Corporation.
2
2
Letter to Senator Robertson.
In accordance with the under-
Eitancling reached at the Board meeting yesterday, there had been
cliBtributed a redraft of letter to Senator Robertson, Chairman of the
Bailking and Currency Committee, recommending approval of S. 2609, a
bill to amend the Federal Deposit Insurance Act to revise the assessment
balle and for other purposes, discussed at the meeting on January 14, 1960.
Governor Robertson commented that he had gone back over the bill
t°11
°Iring the discussion of this question at yesterday's Board meeting.
+1,
-4ought the basic purpose of the proposal to make possible an easier
determ4
---Lnation of assessments on insured banks was laudable; but he was
e°11certled bY the language of lines 4 through 9 on page 9 of the bill
read "The Board of Directors, the Comptroller of the Currency,
-4e Board of Governors of the Federal Reserve System, or a majority
ot 4.4
'd agencies may jointly by regulation define the terms "cash items"
44a
NI
%
vl'°CeSS
a"ingslft
SUch
of collection" and shall classify deposits as "time,"
and "demand" deposits for the purpose of this section."
Provision
of the law -would permit two of the three agencies to
1/15/60
overrule the third and issue regulations in an area which fell properly
Igithin the latter's province.
He believed this to be objectionable
ana suggested the desirability of consultation between Chairman Martin
and Messrs. Gidney and Wolcott, Comptroller of the Currency and
Chairman of the Federal Deposit Insurance Corporation, respectively,
for the
purpose of discussing this feature and suggesting that the
l'ederal Deposit Insurance Corporation be given sole jurisdiction in
this area which related solely to determination of the assessment
b4se. His thought was that the Board's report on the bill should be
favorable but that the Federal Deposit Insurance Corporation might
Sularn.e
st to Senator Robertson a change in the bill on this point, if
it agreed that
a change would be desirable.
Chairman Martin said that if the Board so desired he would try
to a,_
"
-ange a luncheon meeting with Messrs. Gidney and Wolcott to discuss
the question,
although he believed that Governor Robertson might be
44ggerating
the potential dangers involved in the bill as it stood.
Mr. Hexter commented that it was his impression that the
41'r-44ement
for tri-agency control as set forth in the bill stemmed
trcft the. hope
that the proposed bill would be advantageous to the
iristIrsd
4/ellt
banks in that the certified statement of deposits for assess-
---voses would be based on data set forth in reports of condition,
arid
Conkling concurred.
Mr. Hexter went on to say that should the
Ped
Deposit Insurance Corporation be given a free hand it might
1/15/60
Prescribe a condition report form that was undesirable for the System
°r for the Comptroller of the Currency and one that mould require
smber banks to submit additional reports.
Mr. Thomas inquired whether this meant that the Board and the
Reserve Banks mould be unable to continue to get additional statistical
1,11f0rmation
from member banks, and Mr. Hexter replied that this was not
4lesnt.
Mr. Hackley said that he also was somewhat disturbed by the
Provision on page 9 of the bill to which Governor Robertson had
referred because of the completely different purposes served by the
l'el3orts, 1. .1 as a basis for deposit insurance assessments, as a
basis for administering reserve requirements of member banks, and as
Means of helping to administer the law and regulations relating to
the Payment of interest on deposits. The reports submitted should be
Illiade to serve the purposes of each of the agencies concerned, and he
Illaggested that one alternative might be to change the wording of the
d
f+
Dill
to place the authority in the hands of the Federal Deposit
oe Corporation with the proviso that there should be consultation
th the
Comptroller of the Currency and the Board of Governors to
Etellieve
maximum possible uniformity.
After discussion, it vas understood that the Chairman mould
exIde
l'or to arrange a meeting with Messrs. Wolcott and Gidney for the
1514113°8e of discussing the proposed legislatio1.
1/1)/60
-5Messrs. Conkling and Chase withdrew from the meeting at this
Point.
Limited voting permit for City Commerce Corporation, Anchorage,
1•411
-41-!LJItem No. 3). There had been distributed a memorandum dated
January 13, 1960, from the Division of Examinations recommending that
either a section 301 determination be made or a limited voting permit
be 4
.‘asued to the City Commerce Corporation, Anchorage, Alaska, to vote
the shares
it owned or controlled of the City National Bank of the same
131aca at the annual meeting of that bank to be held on January 20, 1960.
Mr. Solomon said that although the memorandum recommended that
a
Be
301 determination be made in this case, it was the present
reeling Of both the Division of Examinations and the Legal Division
that it - yould be advisable to defer such a determination and to issue
4
limited voting permit instead, pending further study of the relation-
81146 between
City Commerce Corporation and its subsidiaries engaged
the small loan business.
Governor Mills said he concurred completely with the view
ePre8aed by Mr. Solomon and he recalled that When the City National
'
148 admitted to the System before Alaska was admitted to Statehood,
there
vere certain reservations regarding its condition and management.
Issuance of a limited voting permit to City Commerce Corporation,
lizie4tage) Alaska, to vote the shares it (mans or controls of City
htiono
Eank, Anchorage, Alaska, at the annual meeting of that bank
1/15/60
-6-
to be held on January 20, 1960, was then authorized, with the understanding that a telegram containing this authorization would be
sent to the
Federal Reserve Agent at the Federal Reserve Bank of
Ben Prancisco.
A copy of this telegram is attached to these minutes
as Item
No. 3.
Mr. Hostrup withdrew from the meeting at this point.
APPlication to organize a national bank in Houston, Texas.
There had been circulated to the members of the Board a draft of
letter to the Comptroller of the Currency that would recommend
that an application to organize a national bank in Houston, Texas,
be di
--aaPproved. This recommendation of the Division of Examinations
143.8 e°naistent with the views of the Federal Reserve Bank of Dallas.
14hile
the file was in circulation, Governors Mills, Robertson, and
ilalcleraton indicated that they would recommend favorably regarding
this application since the sponsoring group was evidently quite
callalae of assuming the risks involved.
The Chairman asked if it was the wish of the Board to
-- the Dallas Reserve Bank that the Board was inclined to
recm-_
-40nerid approval
of this application and invite additional
°°41 enta.
Mr* Solomon stated that he had already held a telephone conNreraatioh
-- with Vice President Pondrom of the Dallas Bank concerning
-7character of this case, although he had not made reference
to any Position that the Board might take on the application.
In
reaP°nse to a question from Governor Mills, he said that Mr. Pondrom
Personally
was fully familiar with the application.
He had been a
ager of the Houston branch of the Dallas Reserve Bank for several
Years and he knew the individuals involved in the application, recognizing that they were wealthy men with good reputations in the community.
Re added that the sponsors would not only be able to prevent the bank
fr°111 failing but could also give it some valuable business.
On the
Other hand, Mr. Pondrom had expressed the view that Houston was
Pr°bablY at or beyond an overbanked position.
The applicant bank
14°41d be moving into a building in a less desirable part of town from
another bank had recently moved, and on balance Mr. Pondrom
c°ncluded that the application should be denied on the grounds that
there
14aa no need for another bank in Houston at this time and prospects
tOr
Pr°fitable operations were not bright.
Mr. Solomon went on to say
that he vas
althouin he
not persuaded that Houston was yet an overbanked city,
realized that within the past five years sixteen banks
h" been established there.
ri'th chair's.
However, ten of these banks were affiliated
He concluded by noting that since Mr. Pondrom felt rather
litl‘c)11glY about
the question, he had not been willing to substitute his
j144;rne
"for Mr. Pondromts.
His own view was that the application
iprillented a fairly close decision whether to approve or disapprove.
1/15/6o
-8Governor King commented that, despite Mr. Pondrom's views on
the
rundown economic character of the locality in which the proposed
bank 'would be established, the bank that had moved from the building
into
tzu the new
°Illion in three years.
would go had built up deposits from $3 to $16
He felt that this argued against the conclusion
that the local business area was not favorable for satisfactory growth
°f the
bank, especially since banks nowadays are not as highly dependent
143°4 local area business as in the past.
He said that he also was
impres .,
seu by the long list of substantial stockholders.
It was then agreed that in accordance with the usual procedure in
BUth cases, the application would be discussed further with the Dallas
Reserve Bank
in the light of the comments at this meeting, with the
Understanding
that Mr. Solomon would report back to the Board.
Messrs. Nelson and Achor then withdrew from the meeting.
Foreign-branch records.
Inider
There had been distributed to the Board
dateof January 14, 1960, a memorandum from Mr. Hexter concerning
13rckhletion in court of foreign-branch records.
Mr. Hexter commented on the memorandum which referred to an
igation by the Internal Revenue Service of the tax liability of
4 corpo
Nev.
ration that is a customer of the First National City Bank of
yo
rksa branch in the Republic of Panama. He noted that in connection
Vithth
at investigation the Federal Court of Appeals in New York recently
ordered
the bank to produce in this country records of its Panama branch
1/15/60
-9r
elating to that customer, and that the bank
had petitioned the Supreme
Court for a
writ of certiorari.
If the writ was granted the Supreme
C°4rt *would then review the decision, he said,
but if it was denied
the Court
of Appeals' decision would be final.
First
He observed that the
National City Bank was requesting the Board to inform the
Department of Justice or the Treasury Department
upon inquiry that
the Board
considered it to be in the public interest for the Supreme
CoUrt to
grant such a writ in the litigation. However, it was the
ielg
Of
the Legal Division that, in the absence of
a study of the
qtlest"n whether American banks with branches abroad should
be subject
to
subpoena in this countr
y to produce records of foreign branches,
the Board probably would not be in a position
to reach any conclusion
°n the merits
of the controversy. Accordingly, it was the recommendation
Of
the
Legal Division that, if the Board were asked for its views
regarding
the desirability of Supreme Court review in this case,
the
in
quiring
agency should be informed that in the Board's opinion the
Mel'e fact that
the law in this matter would be "settled" (subject
legislative
tO
tQ
change) by a Supreme Court decision would not appear
be
°f substan
tial benefit to American banking or to our foreign
commerce.
G°vernor Szymczak observed that after communicating with the
Lork es
R
erve Bank Mr. Wriston, Senior Vice President of Nation
al
ty Ban s
New
k, and Mr. Parlin of the bank's counse
l, had visited him and
1/15/60
-10-
Messrs. Solomon, Hexter, and Furth, on January 8, 1960.
Messrs. Wriston
and Parlin stated at that meeting that this matter was of extreme importance to their bank and to other American banks with branches abroad.
They also stated that they understood it to be the Board's position
fr°41 a provision in the Financial Institutions Act proposed in 1956
that foreign branches of American banks should be on an equal footing
l'ith domestic
banks. Governor Szymczak said he doubted the Board
ktev
enough about this question to be able to decide that the Supreme
C°Urt should grant a writ of certiorari, and he noted that the Internal
ReIrenIts Service vas apposed to the granting of such a writ by the
811111'esis Court. He added that he thought the Board should study the
1
llesti°4 and seek the views of the Comptroller of the Currency and
Qther interested
agencies on it since the First National City Bank,
*tell had more foreign branches than any other
American bank, intended
to
go to Congress
to obtain a change in the law.
the 10,,,
to
Governor Mills agreed with this suggestion but proposed that
'rd reply to any inquiry by stating that the Board had no views
Pr
e ea8 in the matter since it involved questions beyond the Board's
is.uthori
tY and interest.
Governor Robertson concurred with this view, adding that he
tliNglIt
Governor Szymczakss proposal to study the question vas a good
it
d prepare the Board for any additional legislation
tmestion.
1/15/60
-11It was then agreed that, should the Board be asked for its
vielfs regarding the desirability of Supreme Court review of this case,
the
inquiring
agency should be informed that the Board had no views
to express.
Messrs. Hexter and Furth then withdrew from the meeting, and
Mr. Molony, Assistant to the Board, entered the room.
Report on use of reserve requirements.
the
Mr. Shay recalled that
report by the House Banking and Currency Committee on the reserve
Isequirements bill (House Report No. 403, 86th Congress, let Session)
reqUested a report from the Board which would (1) make a comparison
of the
relative efficiency of changes in reserve requirements with
°Pert
market operations; and (2) consider possible improvements in
that
use as an anti-inflationary tool.
Subsequently, when asked
(141111g a hearing about this report, the Chairman replied that he would
ti"anainit a study of this question to the Committee, and when he
415Psared before the Joint Economic Committee in July 1959, Congressman
Rellas) a member of both committees, inquired as to the status of the
l'el)°rt* Mr. Shay said that he was bringing this to the Board's attention
sitee
it seemed certain that Congressman Reuss would raise a question
the report on use of reserve requirements when Chairman Martin
ePPeao.,
before that Committee on February 2, 1960.
He noted alternative
Etta f
suggestions as to whether it would be preferable to include the
Ilic)rt °A reserve requirements in the Board's Annual Report for 1959,
Or vh
ether to submit it as a separate document.
1/15/60
-12Governor Mills said that in view of the lapse of time since
the
report had been requested, he thought it should be made available
before
the Chairman appeared before the Joint Economic
Committee on
l'ebruarY 2.
Mr. Noyes noted that the request for the report had not
c/riginated with the Joint Economic Committee but rather with Chairman
SPenea ls Banking and Currency Committee and that the Joint
Economic
Committee was already apprised of the Board's position
on this subject
through the medium of responses to
previous questions.
He went on to
saY that
the report was presently in its third draft and that it took
the,
Position that the use of sinell changes in reserve requirements as
Et11 i• ns
trument of monetary policy in substitution for open market
craticms more generally than in the past was neither
desirable nor
featlible.
Chairman Martin observed that at the present time debate over
the substance
of the report should not be permitted to delay getting
It 81br•
aittad to the Congress, since the Board was open to the charge
c)r being
dilatory in this matter. The other members of the Board
e°"U rred in
this view, and it was understood that the Division of
R
•
and Statistics should present to the Board for its
consideration
as
possible a draft of report on the relative effectiveness of
QIIalles in reserve
requirements and open market operations as instruments
or naone
arY Poli y•
1/15/60
-13Publication date of Annual Report.
The Chairman then inquired
as to the status of work on the Board's Annual Report for
1959. After
reports from Messrs. Noyes and Sherman indicating that preparation of
text,
policy records, and other material was proceeding satisfactorily
with a view to publication of the printed report in March, the Chairman
atated reasons why such a program should be pressed forward.
Thereupon the meeting adjourned.
Secretary's Note: Pursuant to recommendations
contained in memoranda from appropriate individuals, Governor Shepardson today approved on
behalf of the Board the following actions
affecting the Board's staff:
E
,
Pin
A. Anderson as Economist in the Division of International
with
ee,
basic annual salary at the rate of $91890, effective
th.-',t
Qate he assumes his duties.
Chata.
atatua
11 M. Van Eckhardt, Statistical Assistant, Division of Research
Etla R,7
a44:'atistics, from a half-time basis to a full-time basis, with basic
48-1 salary at the rate of $4,340, effective January 18, 1960.
Perrai
work additional period before maternity leave
thrcm"!lan S. Barber Payroll Clerk, Office of the Controller, to work
January 220 1960, before beginning maternity leave.
Secretary
BOARD OF GOVERNORS
OF THE
Item No. 1
1/15/60
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
January 15, 1960.
F, B. Whitman, Federal Reserve Agent,
nederal Reserve Bank of San Francisco,
°an Francisco 20, California.
Dear Mr,
Whitman:
In accordance with the request contained in your letter of
.1.1!rY 4, 1960, the Board of Governors approves the appointment of
:.11
Representative at
"he Parker R. Smith as a Federal Reserve Agent's
Seattle Branch to succeed Mr. Frank J. Reff.
This approval is given with the understanding that
Ur. sm
and 4,Zith will be solely responsible to the Federal Reserve Agent
41e Board of Governors for the proper performance of his duties,
exp. '
AgeAt that, during the absence or disability of the Federal Reserve
AaelAlt or a vacancy in that office, his responsibility will be to the
-Lstant Federal Reserve Agent and the Board of Governors.
When not engaged in the performance of his duties as Federal
Ileserv
the F e Agent's Representative, Mr. Smith may, with the approval of
Seat,Veral Reserve. Agent and the Vice President in charge of the
eistZe Branch, perform such work for the Branch as will not be incon—
nt with his duties as Federal Reserve Agent's Representative.
It will be appreciated if Mr. Smith is fully informed of
the
the i,'Portance of his responsibilities as a member of the staff of
troin 71eral Reserve Agent and the need for maintenance of independence
operations of the Bank in the discharge of these responsibilities.
It
is noted from
h's appointment by
1-1811ELI
ath of Office which
:
togeth
'r with advice as to
your letter that with the approval of
the Board of Governors, he will execute the
will be forwarded to the Board of Governors
the effective date of his appointment.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Item No. 2
1/15/60
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
January 15, 1960.
MAIL
,
1,
11r• E. R. Millard, Vice President,
Pederal Reserve Bank of San Francisco,
San Francisco 20, California.
bear Mr. Millard:
This is in response to your letter of July 16, 1959, enclosing
e°Pies of correspondence between your Bank( and Firstamerica Corporation
rslatin
g to the interpretation of section 6(a)(4) of the Bank Holding
cc
mpany Act.
The Board understands that Commercial Investment Trust Co.
("Comm
iZtl
(
alelis
il: a depositor in the National Bank of Washington
which is a subsidiary of Firstamerica, has requested
10 million revolving line of credit. First National Bank of Oregon
(
leg°n"), another subsidiary of Firstamerica, wishes to furnish all
1,
Of ;
creci e loans that may be called for by Commercial under this line of
uhcielt. Washington and Oregon plan to enter into a written agreement
the r which the making of such loans will be handled by Washington,
madenotes being executed on Washington's note form. As each loan is
Washington will charge Oregon's account with the full amount of
the
ore voTicular loan and will credit Commercial's account with Washington.
ellcb n 0 account with Washington will be sufficient, at all times, to
ajt.t Washington to charge Oregon's account immediately with the full
Ighene °I' each loan that is made to Commercial under the line of credit.
•
a loan is made, Washington, as the payee of Commercial's note,
will ver
liTaehi mediately endorse the note to Oregon on a nonrecourse basis0
all cog't0n wdll service the loans and will credit Oregon's account with
Ilections
of principal and interest.
1401Qc,
The question presented is whether the procedure described
prohijiclate section 6(a)(4) of the Bank Holding Company Act, which
dis its a bank subsidiary of a holding company from making any loan,
e°4nt
corapahy.
Or extension of credit to any other subsidiary of the holding
As indicated by your General Counsel, the plan appears to be
in • m°st respects, to the first of the four factual situations
dealt'!
with In
the Board interpretation published in the September 1958
Mr. E. R. Millard
Federal Reserve Bulletin, at page 1059. However, all of the situations
lealt With in that interpretation related to arrangements under which
!
zhe
originating bank was making a part of the loan and the other bank
Illas.taking the remainder of the lean, not the entire loan. The interpretion turned on whether each arrangement constituted a "joining at the
_utset", an expression used in the Board's Statment in Matter of General
Contract Cor oration, 44 Fed. Res. Bulletin 260 (1958). In the instant
rrle originating" bank - National Bank of Washington - will not
Ba
;!! any part of the loans made under the line of credit; First National
""K of Oregon will take 100 per cent of all of such loans. Consequently,
r2ere would be no "joining at the outset", and you have requested the
i-416erd l s views as to whether the principles expressed
in the September 1958
xp
rpretation will nevertheless be applicable.
r
The decisive question, in the interpretation and application of
Z
s cion 6(a)(4), is whether there is, in fact, any "loan, discount or
i.:'eneion of credit" between subsidiaries of the same holding company.
;Waoh of the situations described in the September 1958 interpretation,
diserred to above, the Board concluded that no "intra-group" loan,
thecunt or extension of credit was involved. Under Firstamcricals plan,
00 regon bank would furnish all of the funds being borrowed by
but in all other respects the arrangement appears to be subto the first situation dealt with in the published
similar
e
pretat
rtlii.
In the opinion of the Board, it is immaterial, for the purposes
tv, on 6(a)(4), whether the second bank (1) takes only a participation
1/1 8eoti
eill,"e loan or (2) makes the entire loan. Accordingly, the Board conthat the arrangement described above would not violate the
/rleions of section 6(a) of the Bank Holding Company Act.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
Item No. 3
TELEGRAM
1/15/60
LEASED WIRE SERVICE
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
January 15, 1960.
1413:3101
SAN FRANCISCO
KEeEk
A. City
Commerce Corporation, Anchorage, Alaska.
City
86
NatiOnal
Bank of Anchorage, Anchorage, Alaska.
None.
t.
At any time prior to April 1, 1960, at the annual meeting of
shareholders
of such bank or any adjournments thereof (1) to
elect directors, and act thereat upon such matters of a
routine nature as are ordinarily acted upon at the annual
eetings of such bank; (2) to amend the by—laws to provide
for two examinations per year by the Examining Committee;
a4:1 (3)
, to increase the capital stock and take all necessary
eticias in connection therewith, provided that all actions
taken in
connection with the capital increase are in
"oordance with plans satisfactory to the Comptroller of
the
Currency STOP. Please advise Applicant that all other
ralttere
dated
outlined in the Applicant's letter to Mr. Millard
November 16, 1959, to be discussed or considered at
the annual meeting, are considered matters of a routine
riature.
(Signed) Merritt Sherman
SHERMAN
D
efinition of KECEA:
The Board authorizes the issuance of a limited
voting permit)
under the provisions of section 5144 of the Revised Statutes
of the United States) to the holding company affiliate named
below after the letter "A") entitling such organization to
vote the stock which it owns or controls of the bank(s) named
below after the letter "B“) subject to the condition(s) stated
below after the letter 'IT'. The permit authorized hereunder
is limited to the period of time and the purposes stated after
the letter "ID". Please proceed in accordance with the instructions contained in the Board's letter of March 10) 1947, (s-96)4).
@FedFRASER