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Minutes for To: July 11, 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 fi r ,-) Gov. Balderston Gov. Shepardson Gov. King Minutes of the Board of Governors of the Federal Reserve System (In Monday, July 11, 1960. PRESENT: Mr. Mr. Mr. Mr. Mr. The Board met in the Board Room at 10:00 a.m. Martin, Chairman Balderston, Vice Chairman Mills Robertson Shepardson Sherman, Secretary Thomas, Adviser to the Board Young, Adviser to the Board Molony, Assistant to the Board Koch, Adviser, Division of Research and Statistics Mr. Furth, Associate Adviser, Division of International Finance Mrs. Semia, Technical Assistant, Office of the Secretary Mr. Keir, Chief, Government Finance Section, Division of Research and Statistics Mr. Mr. Mr. Mr. Mr. Economic review. At Chairman Martin's request Mr. Furth commented O:4reeent gold movements and their possible significance. Following his .e141/1'ka, Mr. Furth left the meeting. Mr. Keir then reported on recent developments in the Government file tar ities market and in Treasury financing, Mr. Thomas summarized bank t data and the outlook for bank reserves, and there followed a general clise ussion bearing upon the situation with respect to inventories and t41e111131°Yment. Messrs. Thomas, Young, Koch, and Keir then withdrew, and the re'llWing entered the meeting: Mr. Hackley, General Counsel Mr. Farrell, Director, Division of Bank Operations Wit -2Mr. Solomon, Director, Division of Examinations Mr. Daniels, Assistant Director, Division of Bank Operations Mr. Nelson, Assistant Director, Division of Examinations Items circulated to the Board. The following items, which had bee circulated to the Board and copies of which are attached to these tirtu+— under the respective item numbers indicated, were approved 1418411mously: Item No. Lette, to the Bound Brook Trust Company, Bound Brook, a b Jersey, approving an extension of time to establish rezch at West Union Avenue and Vosseller Avenue. tette him r to the Bank of Arkansas, Little Rock, Arkansas, WcRring an extension of time to establish a branch in --e'ski County. Iktter to the State Bank of Barnum, Barnum,Minnesota, /11tvi„ d,11 -241R the requirement of six months* notice of withfrom membership in the Federal Reserve System. Tel eR/Ialm 4.. — the Federal Reserve Bank of Atlanta authorhclte acceptance of the low bid for construction of an ()1r tion to its parking garage and a total expenditure 'PProximately $146,000. The meeting then ndjourned. Secretaryts Note: Governor Shepardson today approved on behalf of the Board a letter to the Federal Reserve Bank of Richmond (attached Item No. 5) approving the designation of Robert R. Beasley as a special assistant examiner. Secretary 1 2 4 BOARD OF GOVERNORS etoCO Cop4o0 :4/ 'I . , ri"";"•-' -S,<1.4 OF THE FEDERAL RESERVE SYSTEM * * tt WASHINGTON 25, C. C. 11. VO . ,, Item No. 1 7/11/60 ADDRESS orricIAL CORRESPONDENCE 0 TO THE 'BOARD July 11, 1960 Board of Directors, Bound Brook Trust Company, Bound Brook New Jersey. Gentlemen: Pursuant to your request submitted through the Federal Reserve Bank of New York, the Board of Governors of the Federal Reserve System extends to January 9, 1961, the time within which Bound Brook Trust Company, Bound Brook, New Jersey, may establish a branch at the southwest corner of West Union Avenue and Vosseller Avenue, Bound Brook, New Jersey. At the time of approval of the establishment of this branch, it was understood that additional capital funds of not less than $200,000 were to be provided through the sale of additional common stock. In view of the subsequent ..raprovement in the bankta capital position, the Board waives the requirement for additional capital in connection with the establishment of this branch. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Secretary. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. Item No. 2 7/11/60 ADDRESS OFFICIAL. CORRESPONDENCE TO THE BOARD „Atka "440o* July 111 1960 Board of Directors, Bank of Arkansas, Little Rock, Arkansas. G entlemen= Pursuant to your request submitted through the Federal Reserve Bank of St. Louis, the Board of Governors extends to November 19, 1960, the time within which the Bank of Arkansas, Little Rock, Arkansas, may, under the authority granted in the Board's letter of January 19, 1960, establish a branch in an unincorporated area in Pulaski „9,0unty about one-half mile south of the city limits of Little Rock, Arkansas. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Secretary. 25f; BOARD OF GOVERNORS 00** w444, OF THE FEDERAL RESERVE SYSTEM Item No. AOORSIIS orreciAL CORRESPONOCNOC TO THt •OARO * 4440* July 11, 1960 Board .of Directors, , 8t8te Bank of Barnum: zarnum, Minnesota. Gentlemen: The Federal Reserve Bank of Minneapolis has forwarded to the Board of Governors your letter of June 14, 1960, together vith the accompanying resolution signifying your intention to : /41 1 thdraw from membership in the Federal Reserve System and equesting waiver of the six months' notice of such withdrawal. In accordance with your request, the Board of Governors a-tires the requirement of six months' notice of withdrawal. Upon ; Iirrender to the Federal Reserve Bank of Minneapolis of the 1:;leral Reserve Bank stock issued to your institution, such stock rl be cancelled and appropriate refund will be made thereon. : Icier the provisions of Regulation H, your institution may nice°raPlish termination of its membership at any time within eight ,..011ths from the date the notice of intention to withdraw from ' 4`embership was given. IT It is requested that the certificate of membership be eturned to the Federal Reserve Bank of Minneapolis. 3 7/11160 WASH'NGTCN 25. O. :7,* Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Secretary. TELEGRAM LEASED WERE SERVICE Item No. 4 7/11AO BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON July 11, 1960 Bryan - Atlanta Re Mr. Patterson's letter of June 27, 1960, Board authorizes acceptance of low bid and award of contract to Barge and C°mPany for construction of addition to Atlanta parking 8arage; and total expenditure of approximately $146,000, including architect's fee and contingency allowance. (Signed) Merritt Sherman SHERMAN BOARD OF GOVERNORS OF THE Item No. 5 FEDERAL RESERVE SYSTEM 7/32/60 WASHINGTON 25. D. C. ADDRESS orrictikt. CORRESPONDENCE TO THE BOARD ,4trits% 44o*** July 11, 1960 Mr. N. L. Armistead, Vice President, Federal Reserve Bank of Richmond, Richmond 13, Virginia. Dear Mr. Armistead:. In accordance with the request' contained in Your letter. of July 7, 1960, the Board approves the gli esignation of Robert R. Beasley as. a special assistant examiner for the Federal Reserve Bank of Richmond for the purpose of participating in examinations of State Irtember banks only. Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary.
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