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Minutes for
To:
Members of the Board
From:
Office Of the Secretary
January 4 1963
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.
Ohm. Martin
Gov. Mills
Gov. Robertson
Gov. Balderston
Gov. Shepardson
Gov. King
Gov. Mitchell
Minutes of a meeting of the available members of the Board
of Governors of the Federal Reserve System.
The meeting was held
in the Board Room at 10:00 a.m. on Friday, January 4, 1963.
PRESENT:
Mr. Mills, Acting Chairman
Mr. Robertson
Mr. Sherman, Secretary
Mr. Kenyon, Assistant Secretary
Mr. Young, Adviser to the Board and Director,
Division of International Finance
Mr. Molony, Assistant to the Board
Mr. Fauver, Assistant to the Board
Mr. Noyes, Director, Division of Research
and Statistics
Mr. Koch, Associate Director, Division of
Research and Statistics
Mr. Brill, Adviser, Division of Research
and Statistics
Mr. Holland, Adviser, Division of Research
and Statistics
Mr. Solomon, Associate Adviser, Division of
Research and Statistics
Mr. Hersey, Adviser, Division of International
Finance
Mr. Sammons, Adviser, Division of International
Finance
Mr. Mattras, General Assistant, Office of the
Secretary
Mr. Eckert, Chief, Banking Section, Division of
Research and Statistics
Mr. Yager, Chief, Government Finance Section,
Division of Research and Statistics
Miss Dingle, Senior Economist, Division of
Research and Statistics
Mr. Keir, Senior Economist, Division of Research
and Statistics
Mr. Goldstein, Economist, Division of International
Finance
Money market review.
There were distributed tables relating to
the dealer holdings of Treasury bills and dealer financing for recent
December-January periods, along with a table summarizing monetary developments during the five-week period ended January 2, 1963.
1/4/63
-2Mr. Keir discussed recent developments in the Government
securities market, and Mr. Eckert reported on reserves, bank credit,
and the money supply.
Mr. Goldstein then discussed recent developments
in the foreign exchange market.
All members of the staff then withdrew except Messrs. Sherman,
Kenyon, Young, Molony, Fauver, and Mattras and the following entered
the room:
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Hackley, General Counsel
Farrell, Director, Division of Bank Operations
Solomon, Director, Division of Examinations
Johnson, Director, Division of Personnel Administration
Hooff, Assistant General Counsel
Leavitt, Assistant Director, Division of Examinations
Thompson, Assistant Director, Division of Examinations
Smith, Review Examiner, Division of Examinations
Lyon, Review Examiner, Division of Examinations
The following actions were taken subject to ratification at the
next meeting at which a quorum was present:
Discount rates.
The establishment without change by the
Federal Reserve Bank of Atlanta on December 21, 1962; Boston on
December 24, 1962; New York, Cleveland, Richmond, St. Louis, Minneapolis,
and Dallas on December 27, 1962; Kansas City on January 2, 1963; and
New York, Philadelphia, Chicago, and San Francisco on January 3, 1963)
of the rates on discounts and advances in their existing schedules was
approved
unanimously, with the understanding that appropriate advice
would be sent to those Banks.
1/4/63
-3Items circulated or distributed to the Board.
The following
items, copies of which are attached to these minutes under the respective
item numbers indicated, were approved unanimously:
Item No.
Letter to the Federal Reserve Bank of New York
interposing no objection to an extension of the leave
of absence with pay granted Francis H. Schott, Manager,
Foreign Department, to permit him to continue to
serve in the office of the Under Secretary of the
Treasury for Monetary Affairs.
1
Letter to Richmond National Bank and Trust Company,
Richmond, Virginia, granting permission to maintain
reduced reserves.
2
Letter to The Middle Tennessee Bank, Columbia,
Tennessee, denying a further extension of time to
establish a branch in the Columbia Plaza Shopping
Center on West 7th Street.
3
Letter to Miles City Bank, Miles City, Montana, granting
permission to exercise fiduciary powers.
4
Letter to First Independent Bank, Vancouver, Washington,
granting permission to exercise fiduciary powers.
5
Telegram to the Federal Reserve Bank of Dallas interposing
no objection to the rental, under lease-purchase agreement,
of a Burroughs B-270 high-speed electronic check processing
system.
6
Letter to The Marine Midland Trust Company of New York,
New York, New York, approving the establishment of a branch
at 555 Madison Avenue, Borough of Manhattan.
7
Letter to The Exchange Bank of Luckey, Luckey, Ohio,
approving the establishment of a branch in the Village
of Walbridge.
8
Letter to The Cortland Savings and Banking Company, Cortland,
Ohio, approving the establishment of a branch in Brookfield
Township.
9
1/4/63
-4Item No.
Letter to Bank of Indiana, Gary, Indiana, approving
the establishment of a branch at 2020 Broadway.
10
Letter to The Detroit Bank and Trust Company, Detroit,
Michigan, approving the establishment of a branch in
Redford Township.
11
Letter to Carbon Emery Bank, Price, Utah, approving the
establishment of a branch in Castle Dale.
12
Letter to Union Bank, Los Angeles, California, approving
the establishment of a branch at 12160 Victory Boulevard,
North Hollywood.
13
Letter to Wells Fargo Bank, San Francisco, California,
approving an extension of time to establish a branch at
20th and Franklin Streets, Oakland, operations now
conducted at 22nd and Webster Streets to be discontinued
simultaneously with the establishment of the new branch.
14
Telegram to the Federal Reserve Agent at Richmond
authorizing the issuance to Virginia Commonwealth
Corporation, Richmond, Virginia, of a limited permit
to vote its stock of specified banks in Virginia.
15
Telegram to the Federal Reserve Agent at Richmond
authorizing the issuance to The First Virginia
Corporation, Arlington, Virginia, of a limited permit
to vote its stock of specified banks in Virginia.
16
Telegram to the Federal Reserve Agent at Chicago
authorizing the issuance to The Greater Iowa
Corporation, Des Moines, Iowa, of a limited permit
to vote its stock of First National Bank, Cedar Falls,
Iowa, Cedar Falls, Iowa.
17
Letter to the Federal Reserve Agent at Chicago granting
an extension until March 12, 1963, of the authority to
issue to The Marine Corporation, Milwaukee, Wisconsin,
a general permit to vote its stock of Marine National
Bank of Waukesha, Waukesha, Wisconsin.
18
1/4/63
-5Item No.
Telegrams to the Federal Reserve Agents at Richmond and
Chicago authorizing the issuance of limited permits to
Financial General Corporation, Washington, D. C., American
Installment Credit Corporation, Washington, D. C., and
National Insurors & Credit Corporation, Des Moines,
Iowa, to vote their stock of The Peoples National Bank
Of Leesburg, Leesburg, Virginia.
19-20
Telegrams to the Federal Reserve Agents at New York and
Richmond authorizing the issuance of limited permits to
The Morris Plan Corporation, New York, New York,
Distributors Discount Corporation, New York, New York,
and Financial General Corporation, Washington, D. C.,
to vote their stock of Citizens National Bank in Pocomoke
City, Pocomoke City, Maryland.
21-22
Letter to the Federal Reserve Bank of San Francisco
with respect to a request from Wells Fargo Bank,
San Francisco, California, for permission to acquire
and hold stock in Wells Fargo Bank International
Corporation, San Francisco, California.
23
Report on competitive factors (Cumberland, Maryland).
There
had been distributed a draft of report to the Comptroller of the
Currency on the competitive factors involved in the proposed merger
of The Second National Bank of Cumberland, Cumberland, Maryland, into
The First National Bank and Trust Company of Cumberland, Cumberland,
Maryland.
The report was approved unanimously for transmission to the
Comptroller of the Currency, the conclusion reading as follows:
The two banks involved in this proposal (each
with deposits of approximately $18,000,000) operate in
the same service area, and consummation of the merger
would eliminate substantial competition between them.
1/4/63
-6-
The merger would probably not have serious adverse competitive effects on other banks operating in the
resulting institution's service area and might enable the
continuing bank to compete more effectively with the other
downtown bank; these factors, however, do not appear to
offset the elimination of competition existing between the
two banks to be merged and the reduction in the number of
alternative banking sources conveniently available to the
Cumberland community which has a population of about 33,000.
The meeting then adjourned.
#04-s
BOARD OF GOVERNORS
OF THE
Item No. 1
1/4/63
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
January
4, 1963
Mr. Thomas M. Timlen, Jr., Secretary,
Federal Reserve Bank of New York,
New York 45, New York.
Dear Mr. Timlen:
The Board of Governors will interpose no objection
to the extension in leave with pay granted to Mr. Francis H.
Schott, Manager, Foreign Department, as reported in your
will
letter of December 17. It is noted that this leave
the
of
office
the
allow Mr. Schott to continue to serve in
and
Affairs,
Monetary
Under Secretary of the Treasury for
will terminate on or about January 31, 1963.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
Item No. 2
1/4/63
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
January
4, 1963
Board of Directors,
Richmond National Bank and Trust Company,
Richmond, Virginia.
Gentlemen:
Pursuant to your request submitted through the
Federal Reserve Bank of Richmond, the Board of Governors,
acting Under the provisions of Section 19 of the Federal
Reserve Act, grants permission to the Richmond National
Bank and Trust Company to maintain the same reserves
against deposits as are required to be maintained by nonreserve city banks, effective as of the date it was admitted to membership under a national bank charter.
Your attention is called to the fact that such
Governors.
permission is subject to revocation by the Board of
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,.
Secretary.
Item No. 3
BOARD OF GOVERNORS
1/4/63
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
January 4, 1963
.Board of Directors,
The Middle Tennessee Bank,
Columbia, Tennessee.
Gentlemen:
Reference is made to your request for an additional extension of 90 days within which The Middle
Tennessee Bank, Columbia, Tennessee, may establish a
7th
branch in the Columbia Plaza Shopping Center on West
granted
Street, Columbia, Tennessee, under the authority
1961:
6,
November
on
rs
Governo
by the Board of
The Board of Governors feels that the circumin which
stances do not justify a further extension of time
ents
arrangem
this branch may be established. When definite
glad
be
will
for a branch site have been concluded the Board
bank.
your
from
to give consideration to a branch application
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant, Secretary.
BOARD OF GOVERNORS
Item No. 4
OF THE
1/4/63
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS
orrtciAL
CORRESPONDENCE
TO TI-SE BOARD
January 4, 1963
Board of Directors,
Miles City Bank,
Miles City, Montana.
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 Miles City Bank to exercise
the fiduciary powers now or hereafter authorized by its
articles of incorporation and the laws of the State of
Montana.
Very truly yours,
(Signed) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.
Item No.
BOARD OF GOVERNORS
5
1/4/63
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
January 4, 1963
,Board of Directors,
First Independent Bank,
Vancouver, Washington.
Gentlemen:
permission,
This refers to your request for
condition of memunder applicable provisions of your
ciary powers.
fidu
ise
bership numbered 1, to exerc
information
Following consideration of the
the Federal Reserve
submitted, the Board of Governors of
Independent Bank to
System grants permission to First
or hereafter authorized
exercise the fiduciary powers now
the laws of the State
by its articles of incorporation and
of Washington.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
TELEGRAM
Item No. 6
LEASED WIRE SERVICE
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
1/4/63
January 4, 1963.
Irons - Dallas
Burroughs
Board interposes no objection to acquisition of
B-270 high-speed check processing equipment under lease-purchase
20.
agreement as proposed in Cauthents letter of December
(Signed) Merritt Sherman
SHERMIN
Item No.
BOARD OF GOVERNORS
7
1/4/63
OF THE
FEDERAL RESERVE SYSTEM
4,:r4$,v, \'
1. 441
%.,,.
*o
•-n
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
January
4, 1963
Board of Directors,
The Marine Midland Trust Company of New York,
New York, New York.
Gentlemen:
The Board of Governors of the Federal Reserve
System approves the establishment of a branch by The
Marine Midland Trust Company of New York at 555 Madison
Avenue, Borough of Manhattan, New York, New York, provided the branch is established within six months from
the date of this letter.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
(The letter to the Reserve Bank stated that the Board also
had approved a six-month extension of the period allowed
to establish the branch; and that if an extension should be
requested, the procedure prescribed in the Board's letter
of November 9, 1962 (S-1846), should be followed.)
BOARD OF GOVERNORS
Item No.
OF THE
8
1/4/63
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
January
4, 1963.
Board of Directors,
The Exchange Bank of Luckey,
Luckey, Ohio.
Gentlemen:
The Board of Governors of the Federal Reserve
System approves the establishment of a branch by The
,
Exchange Bank of Luckey in the Village of Walbridge
six
within
Ohio, provided the branch is established
months from the date of this letter.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
(The letter to the Reserve Bank stated that the Board also
had approved a six-month extension of the period allowed
to establish the branch; and that if an extension should be
requested, the procedure prescribed in the Board's letter
of November 9, 1962 (S-1846), should be followed.)
BOARD OF GOVERNORS
Item No.
OF THE
FEDERAL RESERVE SYSTEM
9
1/4/63
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
January
4, 1963
Board of Directors,
The Cortland Savings and Banking Company,
Cortland, Ohio.
Gentlemen:
The Board of Governors of the Federal Reserve
System approves the establishment of a branch by The
Cortland Savings and Banking Company in the vicinity of
the intersection of Old State Route 82 and Valley View
Road in an unincorporated area of Brookfield Township,
Trumbull County, Ohio, provided the branch is established
within one year from the date of this letter.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assist-nt Secretary.
(The letter to the Reserve Bank stated that the Board also had
approved a six-month extension of the period allowed to establish
the branch; and that if an extension should be requested, the
procedure prescribed in the Board's letter of November 9, 1962
(S-1846), should be followed.)
BOARD OF GOVERNORS
Item No. 10
1/4/63
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D.
AOOREØB OFFICIAl. CORRESPONDENCE
TO THE
aoAnp
uary 14, 1963
Board of Directors,
Bank of Indiana,
Gary, Indiana.
Gentlemen:
The Board of Governors of the Federal Reserve
System approves the establishment of an in-town branch
at 2020 Broadway by Bank of Indiana, provided the branch
is established within six months from the date of this
letter.
Very truly yours,
(Signed) Elizabeth L Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
(The letter to the Reserve Bank stated that the Board also had
approved a six-month extension of the period allowed to establish
the branch; and that if an extension should be requested, the
procedure prescribed in the Board's letter of November 9, 1962
(S-1846), should be followed.)
4 4
,
Item No. 11
1/4/63
BOARD OF GOVERNORS
•
*********
4`.•
'
41.C.),N4
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
.AL RESt.
.•
•.....•
January 4, 1963
Board of Directors,
The Detroit Bank and Trust Company,
Detroit, Michigan.
Gentlemen:
ve
The Board of Governors of the Federal Reser
The
by
h
branc
a
of
System approves the establishment
gan, at
Detroit Bank and Trust Company, Detroit, Michi
County,
Wayne
hip,
27367 Schoolcraft Road, Redford Towns
n
withi
d
lishe
Michigan, provided the branch is estab
six months from the date of this letter,
Very truly yours,
(Signed) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.
d that the Board also
(The letter to the Reserve Bank state
period allowed
had approved a six-month extension of the
sion should
an
exten
to establish the branch; and that if
Board's letter
the
in
be requested, the procedure prescribed
wed.)
follo
of November 9, 1962 (S-1846), should be
BOARD OF GOVERNORS
Item No. 12
1/4/63
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25. O. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE SOARO
January
4, 1963
Board of Directors,
Carbon Emery Bank,
Price, Utah.
Gentlemen:
The Board of Governors of the Federal Reserve
System approves the establishment of a branch in
Castle Dale, Utah, by Carbon Emery Bank, provided the
branch is established within one year from the date of
this letter.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
(The letter to the Reserve Bank stated that the Board also
had approved a six-month extension of the period allowed to
establish the branch; and that if an extension should be requested,
the procedure prescribed in the Board's letter of November 9, 1962
(S-1846), should be followed.)
Item No. 13
1/4/63
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
January
4, 1963
Board of Directors,
Union Bank,
Los Angeles, California.
Gentlemen:
The Board of Governors of the Federal Reserve
System approves the establishment of a branch by Union
Bank, Los Angeles, at 12160 Victory Boulevard, North
Hollywood, California, provided the branch is established
within six months from the date of this letter.
Very truly yours,
(Signed) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.
(The letter to the Reserve Bank stated that the Board also
had approved a six-month extension of the period allowed to
establish the branch; and that if an extension should be
requested, the procedure prescribed in the Board's letter
of November 9, 1962 (S-1846), should be followed.)
BOARD OF GOVERNORS
Item No. 14
1/4163
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 254 D. C.
ADamtes orriciAL
OCIPMCOPO
TO THC NOAPIO
January
4, 1963
Board of Directors,
Wells Fargo Bank,
San Francisco, California.
Gentlemen:
The Board of Governors of the Federal Reserve System
extends to December 30, 1963, the time within which Wells Fargo
Bank may establish a branch at the southwest corner of 200 and
Franklin Streets, Oakland, provided that branch operations now
conducted at 22nd and Webster Streets, Oakland, are discontinued
simultaneously with the establishment of the above branch.
Very truly yours,
(Signed) Elizabeth L. Cachael
Elizabeth L. Carmichael,
Assistant Secretary.
°CHOC
TELEGR AM
LE:ASKE)dRE SCRVICE
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
Item No. 15
1/4/63
January 4, 1963.
HYDE -- RICHMOND
KECEA
A.
Virginia Commonwealth Corporation, Richmond, Virginia.
B.
Bank of Warwick, Newport News, Virginia.
The Bank of Virginia, Richmond, Virginia.
The Bank of Salem, Salem, Virginia.
C.
None.
D.
At any time prior to April 1, 1963, at the annual meetings of
shareholders of such banks, or any adjournments thereof, to
elect directors for the ensuing year and act thereat upon such
matters of a routine nature as are ordinarily acted upon at the
annual meetings of such banks.
STOP.
In addition, in the case
of The Bank of Salem, Salem, Virginia, to act upon a proposal
that the number of directors be increased from sixteen to twenty.
(Signed) Elizabeth L. Carmichael
CARMICHAEL
Definition of KECEA:
voting permit,
The Board authorizes the issuance of a limited
Revised Statutes
the
of
5144
section
of
provisions
under the
affiliate named
company
holding
the
to
States,
United
of the
to
organization
such
entitling
below after the letter
named
bank(s)
the
of
controls
or
owns
it
vote the stock which
stated
condition(s)
the
to
subject
"B",
letter
below after the
hereunder
authorized
below after the letter "C". The permit
purposes stated after
is limited to the period of time and the
with the instrucaccordance
in
proceed
please
the letter "D".
10, 1947, (5-964).
tions contained in the Board's letter of March
"fir,
TELEGRAM
Le*sera
WIRE SERVICE
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
22
Item No. 16
1/4/63
January 4, 1963.
HYDE -- RICHMOND
KECEA
A.
The First Virginia Corporation, Arlington, Virginia.
B. Shenandoah County Bank and Trust Company, Woodstock, Virginia.
Richmond National Bank and Trust Company, Richmond, Virginia.
Peoples' Bank, Mount Jackson, Virginia.
C.
None.
D.
At any time prior to April 1, 1963, at the annual meetings of
shareholders of such banks, or any adjournments thereof, to
elect directors for the ensuing year and act thereat upon such
matters of a routine nature as are ordinarily acted upon at the
annual meetings of such banks.
(Signed) Elizabeth L. Carmichael
CARMICHAEL
Definition 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 "e, 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 "C". The permit authorized hereunder
is limited to the period of time and the purposes stated after
the letter "D". Please proceed in accordance with the instructions contained in the Board's letter ,of March 10, 1947, (8-964).
AM
TELEGR
SERV CE
LEA3ED WIRL:
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
Item No. 17
1/4/63
January 4, 1963
BRIGGS -- CHICAGO
Icecu
A. The Greater Iowa Corporation, Des Moines, Iowa.
B. First National Bank, Cedar Falls, Iowa, Cedar Falls, Iowa.
C.
None.
D. At any time prior to April 1, 1963, at the annual meeting of
(1) to
shareholders of such bank, or any adjournments thereof,
elect directors, (2) to amend the Articles of Association to
increase the capital stock of such bank from $175,000 to
$200,000 by a stock dividend and take all action necessary
in connection therewith, provided that all actions taken with
respect to the capital increase are in accordance with plans
(3) to
satisfactory to the Comptroller of the Currency, and
act thereat upon such matters of a routine nature as are
ordinarily acted upon at the annual meetings of such bank.
(Signed) Elizabeth L. Carmichael
Ci1RMICHAEL
Definition of KECEA:
voting permit,
The Board authorizes the issuance of a limited
the
Revised Statutes
of
5144
section
of
under the provisions
affiliate named
company
holding
the
to
States,
of the United
ation to
such
organiz
ng
below after the letter "A", entitli
named
ball
the
of
s
control
or
owns
vote the stock which it
stated
(s)
on
conditi
the
to
subject
"B",
below after the letter
er
hereund
ed
authoriz
permit
The
"C".
letter
below after the
after
stated
s
purpose
the
in limited to the period of time and
ce with the instructhe letter "D". Please proceed in accordan
10, 1947, (S-964).
March
of
letter
Board's
the
in
tions contained
BOARD OF GOVERNORS
1 OP Gov q4,,
,p
'
,;4,1
OF THE
FEDERAL RESERVE SYSTEM
.
*4
*
Item No. 18
1/4/63
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
January 4, 1963.
Mr. Robert P. Briggs,
Chairman and Federal Reserve Agent,
Federal Reserve Bank of Chicago,
Chicago 90, Illinois.
Dear Mr. Briggs:
This refers to the letter from Mr. Leland Ross, Vice
President of
your Bank, dated December 18, 1962, regarding the
ssuance of a general voting permit to The Marine Corporation,
Milwaukee, Wisconsin, to vote the stock which it awns or controls of
Marine National Bank of Waukesha, Waukesha, Wisconsin. The requests
contained
in the letter are as follows:
(1) That the time within which the general voting
permit may be issued to The Marine Corporation
be extended until at least March 12, 1963; and
(2) That your Bank be authorized to advise The Marine
Corporation that it does not need a voting permit
to vote the stock of the Marine National Bank of
Waukesha until the institution becomes a member
bank upon issuance of Federal Reserve Bank stock;
or
(3) If the premise as stated in (2) is determined
to be incorrect, that The Marine Corporation be
granted a limited permit to vote the bank's stock
at the annual meeting to be held January 15, 1963.
reIt is the Board's opinion that the extension of time
is
above
(2)
in
stated
premise
ested is reasonable, and that the
aorrect
to
extension
requested
the
granted
. Therefore, the Board has
The
advise
i2nd including March 12, 1963, and has authorized your Bank to
stock
the
ine Corporation that it does not need a voting permit to vote
a
becomes
institution
_ the Marine National Bank of Waukesha until the
member bank upon issuance of Federal Reserve Bank stock.
r
T
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
I ELEGR AM
LEASED WIRE
SERVICE
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
Item No.
l/4/63
January 4, 1963.
HYDE -- RICHMOND
KECEA
A. Financial General Corporation, Washington, D. C.
American Installment Credit Corporation, Washington, D. C.
B.
The Peoples National Bank of Leesburg, Leesburg, Virginia.
C.
None.
4. At any time prior to April 1, 1963, at the annual meeting of
shareholders of such bank, or any adjournments thereof, to elect
directors for the ensuing year and act thereat upon such matters
of a routine nature as are ordinarily acted upon at the annual
meetings of such bank.
STOP.
Simultaneously, a limited voting
Permit is being authorized through the Chicago Reserve Bank to
National Insurors & Credit Corporation, Des Moines, Iowa, for
the same bank and purposes.
Please forward copies of the permits
issued by your Bank to the Chicago Reserve Bank.
(Signed) Elizabeth L. Carmichael
CARMICHAEL
Definition 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 "AP, entitling such organization to
vote the stock which it owns or controls of the bank(s) named
below after the letter",
subject to the condition(s)
Jr
s stated
below after the letter "C". The permit authorized hereunder
is limited to the period of time and the purposes stated after
the letter "D". Please proceed in accordance with the instructions contained in the Board's letter of March 10, 1947, (8-964).
TELEGRAM
LEASED WIRE SERVICE
Item No. 20
1/4/63
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
January
4, 1963
BRIGGS -- CHICAGO
KECEA
A. National Insurors & Credit Corporation, 1017 Walnut Street,
Des Moines, Iowa.
B. The Peoples
National Bank of Leesburg, Leesburg, Virginia.
C.
None.
D. At any time prior to April 1, 1963, at the annual meeting of
shareholders of such bank, or any adjournments thereof, to elect
directors for the ensuing year and act thereat upon such matters
of a routine nature as are ordinarily acted upon at the annual
meetings of such bank. STOP. Simultaneously, limited voting
permit
are being authorized through the Richmond Reserve Bank
to Financial General Corporation and American Installment Credit
Corporation, both of Washington, D. C., for the same bank and
Purposes. Please forward a copy of the permit issued by your
Bank to the Richmond Reserve Bank.
(signed) Elizabeth L. Carmichael
CARMICHAEL
Definition of KECEA:
limited voting permit,
The Board authorizes the issuance of a
of the Revised Statutes
5144
section
of
under the provisions
ompany affiliate named
of the United States, to the.holding'c
organization to
such
entitling
below after the letter "All,
the bank(s) named
of
controls
or
owns
it
vote the stock which
s stated
condition
the
below after the letter "IO, subject to
hereunder
authorized
permit
The
below after the letter "C".
and the purposes stated after
is limited to the period of time
accordance with the instructhe letter "D". please proceed in
of March 10, 1947, (5-964).
letter
tions contained in the Board's
•
Item No. 21
1/4/63
IELEGRAM
LEASED WIRE SERVICE
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
January
4, 1963
REED -- NEW YORK
imaRA
A. The Morris Plan Corporation, New York City, New York.
Distributors Discount Corporation, New York City, New York.
B.
C.
Citizens National Bank in Pocomoke City, Pocomoke City, Maryland.
None.
D. At any time
prior to April 1, 1963: at the annual meeting of
shareholders of such bank, or any adjournments thereof, to elect
directors for the ensuing year and act thereat upon such matters
of a routine nature as are ordinarily acted upon at the annual
meetingsof such bank. STOP. Simultaneously, a Limited voting
permit i8 being authorized through the Richmond Reserve Bank to
Financial General Corporation, Washington, D. C., for the same
bank and purposes. Please forward copies of the permits issued
by- Your Bank to the Richmond Reserve Bank.
(Signed) Elizabeth L. Carmichael
CARMICHAEL
B.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 "r, 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 "C". The permit authorized hereunder
in limited to the period of time and the purposes stated after
the letter "D". Please proceed in accordance with the instructions contained in the Board's letter of March 10, 1947, (S-964).
TELEGft AM
LEASED rilkE SERVICE
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
Item No. 22
1/4/63
January 4, 1963.
• HYDE --
RICHMOND
.KECEA
A.
Financial General Corporation, Washington, D. C.
B.
Citizens National Bank in Pocomoke City, Pocomoke City, Maryland.
C.
None.
D.
At any time prior to April 1, 1963, at the annual meeting of
shareholders of such bank, or any adjournments thereof, to elect
directors for the ensuing year and act thereat upon such matters
of a routine nature as are ordinarily acted upon at the annual meetings of such bank.
STOP.
Simultaneously, limited voting
permits are being authorized through the New York Reserve Bank
to The Morris Plan Corporation and Distributors Discount Corporation, both in New York City, for the same bank and purposes.
Please forward copy of the permit issued by your Bank to the
New York Reserve Bank.
(Signed).Elizabeth L. Carmichael
CARMICHAEL
Definition of KECEA:
issuance of a limited voting permit,
The Board authorizes the
5144 of the Revised Statutes
under the provisions of section
the holding company affiliate named
of the United States, to
entitling such organization to
below after the letter "e,
or controls of the bank(s) named
owns
vote the stock which it
to the condition(s)stated
subject
"B",
below after the letter
permit authorized hereunder
below after the letter "C". The
the purposes stated after
and
time
is limited to the period of
with the instrucaccordance
in
proceed
please
the letter "D".
letter of March 10, 1947, (S-964).
tions contained in the Board's
Item No. 23
1/4/63
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
January 4, 1963.
Mr. E. H. Galvin,
Vice President,
Federal Reserve Bank of San Francisco,
San Francisco 20,
California.
Dear Mr. Galvin:
This is in reference to the application dated November 21,
1962, of
Wells Fargo Bank, San Francisco, California, for permission
under the provisions of
Section 25 of the Federal Reserve Act, to invest approximately
$2,000,000 in the stock of a corporation to be known
as 'Wells Fargo Bank International Corporation" ("WFBIC") to be organized
under the laws of the State of California to engage principally in international or foreign banking.
The Board of Governors is prepared to grant the requested perlission upon condition that WFBIC shall deliver to you, within ninety
days from the
date of this letter, two copies of the enclosed agreement
°
,111Y executed by the appropriate officers of WFBIC. Upon receipt of a
duly executed
copy of such agreement, the Board will forward the requested
Permission directly to Wells Fargo Bank with a copy to you for your information and files. Accordingly, please have two copies of the enclosed
a greement
executed on behalf of WFBIC by its appropriate officers and
forward_
the original executed copy thereof to the Board of Governors.
The other
copy of the agreement should be retained for the records of
the Reserve Bank.
In connection with the request for informal consent of the
Board of Governors for WFBIC to invest an amount up to $200,000 in the
ommon stock of a corporation to be formed under the laws of the Philippines
!
L.2 be known as
"Private Development Corporation of the Philippine Islands",
the Board, as
you have been informed, has been advised informally that a
number of
Foreign Banking and Financing Corporations are interested in
Similar
investments in the Philippine corpordtion. Upon receipt of appropriate documentation regarding the proposed Philippine corporation by both
the Reserve
Banks concerned and the Board, and the receipt of your recomt.lIendation after having reviewed the material, the Board will be pleased
to consider the request of Wells Fargo Bank on behalf of WFBIC.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
@FedFRASER