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Minutes for
To:
Members of the Board
From:
Office of the Secretary
July 31, 1958
Attached is a copy of the minutes of the
Board of Governors of the Federal Reserve System on
the above date.
nt
It is not proposed to include a stateme
of
set
with respect to any of the entries in this
to
minutes in the record of policy actions required
Federal
be maintained pursuant to section 10 of the
Reserve Act.
Should you have any question with regard
to the minutes, it will be appreciated if you will
you
advise the Secretary's Office. Otherwise, if
colin
were present at the meeting, please initial
.
minutes
the
umn A below to indicate that you approve
B
column
in
If you were not present, please initial
.
below to indicate that you have seen the minutes
A
Chm. Martin
Gov. Szymczak
Gov. Vardaman
Gov. Mills
Gov, Robertson
Gov. Balderston
Gov. Shepardson
95
Minutes of the Board of Governors of the Federal Reserve System
Thur8day, July 31, 1958.
PRESENT: Mr.
Mr.
Mr.
Mr.
The Board met in the Board Room at 10:30 a.m.
Balderston, Vice Chairman
Vardaman
Mills
Robertson
Mr. Kenyon, Assistant Secretary
Fauver, Assistant Secretary
Mr. Thurston, Assistant to the Board
Pa% Riefler, Assistant to the Chairman
Mr. Thomas, Economic Adviser to the Board
Ma.. Johnson, Director, Division of Personnel
Administration
Mr. Masters, Director, Division of Examinations
Mr. Molopy, Special Assistant to the Board
Mr. Shay, Legislative Counsel
Mr. Conkling, Assistant Director, Division of
Bank Operations
Mr. Solomon, Assistant General Counsel
Mr. Hooff, Assistant Counsel
Items 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
221 unanimously:
Item No.
Lett r +,
the- -, the Federal Reserve Bank of Boston
Tizing that Bank to waive assessment of a
---"T incurred by the Merchants-Warren National
detiP,Selems Massachusetts, because of a
e4.encY in its required reserves.
Letter to
The Provident Savings Bank and Trust
Nitu42,r, Cincinnati, Ohio, extending the time
Tol6m4.11.mhich it may establish a branch in Delhi
(For transmittal through the Federal
- rve Bank of Cleveland)
1
2
2196
7/31/58
-2Item No.
Letter to National Savings and Trust Company,
Washington, D. C., approving an investment in
1,;a4k premises. (For transmittal through the
,ederal Reserlie Bank of Richmond)
3
Letter to the South Des Moines National Bank,
13
,?s Moines, Iowa, approving its application for
duciary powers. (For transmittal through the
ederal Reserve Bank of Chicago)
fter to Bank of Encino, Encino, California,
an extension of time within which to
atablish a
branch in Thousand Oaks. (For
ranamittal through the Federal Reserve Bank
Of
San Francisco)
5
z
i.etter to the Seattle Trust and Savings Bank,
oeLs
attie, Washington, approving the establishment
,
4 a branch in an unincorporated area near Renton,
Ga
shington.
L
. etter to the Federal Tieserve Bank of San Francisco
:
neerning the application of Seattle Trust and
--,vings Bank.
teetter to
the Federal Reserve Bank of Richmond
BcTellrring in the view that Washington, D. O., and
m:uheada, Maryland, are "adjacent" within the
8,Taning of section 8 of the Clayton Act and the
-aril's Regulation L.
14/
7
8
1Lt was noted that the Comptroller of the Currency. had denied an
a
;!PPlication from the Peoples National Bank of Washington for
Trust
Seattle
of
application
:ranch in the same location. The
,1(
1. 1 Savings Bank therefore was approved by the Board subject to
Comptroller
Division of Examinations ascertaining that the
the
that
ground
the
denied the competing application on
than
on the
rather
priority,
State member bank's application had
in
question.
location
P-s01-Ind that a branch was not needed at the
oubsequently, Mr. Masters ascertained that the Comptrollers
b verse action was based on the priority of the State member
ank's application.
21_97
7/31/58
Item No.
Letter to the Federal Reserve Bank of Chicago
41garding the applicability of section 24A of
r
e Federal Reserve Act to a mutual savings bank
-Gnat is a member of the Federal Reserve System.
(With copies to the Presidents of all Federal
Reserve Banks)
9
Mr. Hooff then withdrew from the meeting and Mr. Young, Director,
Division of Research and Statistics, entered the room.
Etely to letter from Congressman Patman (Item No. 10).
Under
date of July 21, 1958, Congressman Patman wrote to Chairman Martin
l'egarding borrowingsfrom the Federal Reserve Bank of Boston by the
Pilgrim Trust Company of Boston, Massachusetts, as noted in the 1956
arld 1957 reports of examination of the Boston Reserve Bank, and called
at
tention to the fact that recent hearings before the House Subcommittee
°11 Legislative Oversight had disclosed that some $776,000 in treasurer's
and cashier's checks drawn on the Pilgrim Trust Company by Mr. Bernard
Go
lafine or his companies had remained uncashed for long periods. Mr.
P Illan raised several questions regarding the effect on a State member
"
1144k of long outstanding checks of this kind and asked whether this
illUstrated a way in which the banking limitations might be evaded,
esPecially those relating to the amount of indebtedness which a State
rileillber bank may incur. A draft of reply had been prepared and distributed
t° the members of the Board along with copies of the incoming letter.
Following discussion of the questions raised by Mr. Patman and
the
rePlY proposed to be made, certain changes in the draft were suggested
7/31/58
-4-
for the purpose of clarification. Unanimous approval then was given
t° a letter to Congressman Patman in the form attached under Item No. 10.
E2p17 to letter from Congressman Multer (Item No. 11). There
had been distributed to the members of the Board copies of a proposed
l'ePly to a letter from Congressman Multer dated July 21, 1958, requesting
information about member banks that are currently permitted to carry
'
leduced reserves and the basis and procedures for granting permission
t° member banks to maintain reduced reserves.
Following a brief discussion of the proposed reply which, it
lias noted, consisted entirely of material of a factual nature, unanimous
was given to the letter to Congressman Multer of which a copy
la attached
as Item No. U.
Additional items circulated to the Board.
The following
additional items, which had been circulated to the members of the Board
4401 copies of which
are attached to these minutes under the respective
item
numbers indicated, were approved unanimously:
Item No.
Lettar to
cit
the Federal Reserve Bank of Kansas
ya4 aPproving the payment of salary to Homer
as Assistant Cashier at the Denver Branch,
K,he rate fixed by the Board of Directors.
12
IVT:t?r to the Tappan Zee National Bank of Nyack,
New York, approving its application for
fiduciary powers. (For transmittal through
the-uederal Reserve Bank of New York)
13
2199
7131/58
Item No.
Letter to The Cheboygan State Savings Bank,
C
heboygan, Michigan, extending the period each
rear within which it may operate a seasonal banking
°trice in Indian River, Michigan. (For transmittal
through the Federal Reserve Bank of Chicago)
114
T:let r to the Comptroller of the Currency recommendunfavorably with regard to an application to
°rganize a national bank at Tampa, Florida. (With
a °°)Y to the Federal Reserve Bank of Atlanta)
15
!,tter to the Presidents of 331 Federal Reserve
fanke transmitting forms for use of State member
uanks and their affiliates in subaitting reports
!
!
I, of the next call date. (With the understanding
,
k at the
letter would be sent when the forms were
Printed)
The meeting then adjourned.
t/..;
Assistant Secreta
16
2200
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Item No. 1
7/31/58
WASHINGTON 25, D. C.
AOORE535 OFFICIAL CORRESPONDENCE
TO THE BOARD
July
31, 1958
11 * e - Gilbody, Assistant Vice President,
'ederal
Reserve Bunk of Boston,
/1°8ton 6,
Massachusetts.
bear mr. Gabody:
y $365.8 This refers to your letter of July 10, regarding the penalty
,ktaelch 5 incurred by the Merchants-Warren National Bank, Salem,
reserves for the semi111(3nthb,u8etts, on a deficiency in its required
period ended June 30, 1958.
It is noted that the deficiency resulted from an unusual
(
:,
11erat'
consolidating
1)0,,
situation at a time when the member bank was
- of its Peabody office and Salem office in Salem and
the tr-4Keepint!,
caused a delay
tran Bit departments of both offices in Peabody; this
of a
because
kkelay,
flitting cash letters to the Reserve Bank and,
its
that
:
1 general ledger postings, the bank was not aware
reserv
',
,t;
late
count was not being credited in the normal manner until too
correct
Inore
running
the deficiency; the bank's operations are now
the
over
record
i
r normal; and the bank has had an excellent
Years e
maintaining its legal reserves.
thie asses In the circumstances, the Board authorizes your Bank to waive
sment of this penalty.
Very truly yours,
(Signed) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.
2201
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Item No. 2
58
'
7/311
WASHINGTON 25. D. C.
ADDRESS
arriciAL
CORRESPONDENCE
TO THE BOARD
July 31, 1958
Board of Directors,
The Provident Savings Bank and Trust Company,
Cincinnati, Ohio.
Gentlemen:
through the
Pursuant to your request submitted
Fed
Governors
eral Reserve Bank of Cleveland, the Board of
The
which
n
;:ends to December 13, 1958, the time withi
a
lish
estab
2vident Savings Bank and Trust Company may
son
Ander
and
'nch at the southeast corner of Delhi pike
rrY Road, Delhi Township, Hamilton County, Ohio.
'
1,r
Very truly yours,
(Signed) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.
2202
BOARD OF GOVERNORS
Ott t.14 444
4 IO W 00k:4
OF THE
FEDERAL RESERVE SYSTEM
A.
Item No, 3
7/31/58
WASHINGTON 25, D. C.
ADDRESS
tarrtciAL
ti4t OLS1,0:14
CORRESPONDENCE
TO THE BOARD
St44****
July 31, 1958
Board of Directors,
National Savings and Trust Company,
Wa
shington 5, D. C.
Gentlemen
:
the
Pursuant to your request submitted through
rs
Governo
Pede
of
Board
„ ral Reserve Bank of Richmond, the
ons
provisi
the
under
:1 the Federal Reserve System approves,
of
onal
Section 24A of the Federal Reserve Act, an additi
estment in bank premises by National Savings and Trust
th:PallY, Washington, D. C., of not to exceed $15,000 for
operation
purpose of preparing temporary quarters for
a branch at 3715 Newark Street, N. W., Washington, D. C.
87
Very truly yours,
(Signed) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.
21- 0e
BOARD OF GOVERNORS
OF THE
Item No. 4
7/31/58
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADORES'S Ot.FtCIAL CORRESPONDENCE
TO THE BOARD
July 31, 1958
Board of Directors,
South Des Moines National Bank,
Des Moines,
Iowa.
G
entlemen:
The Board of Governors of the Federal Reserve
S
ilrem has given consideration to your application for
104.4ciarY powers and grants you authority to act, when
;
fl
contravention of State or local law, as trustee,
exec
4:2t°r, admininstrator, registrar of stocks and bonds,
lan of estates, assignee, receiver, committee of
esi'
in ates of lunatics, or in any other fiduciary capacity
t, which State banks, trust companies or other corpora
which COMB into competition with national banks
are
i_!
permitted to act under the laws of the State of
the exercise of all such rights to be subject to
the
4:13t,
provisions of section 11(k) of the Federal Reserve
and Regulation F of the Board of Governors of the
,'%teral Reserve
System.
A formal certificate indicating the fiduciary
Powers which South Des Moines National Bank is now authori,„,
to exercise will be forwarded to you in due course.
Very truly yours,
(Signed) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.
2201
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
Item No, 5
7/31/58
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
July 31, 1958
Board
of
DTitk of Directors,
Encino,
1(031 Ventura
Boulevard,
ricino, California.
Gentlemen:
contained in a letter
clated j Reference is made to the request
San Francisco,
,une 10, 1958, to the Federal Reserve Bank of S
for a
brancl: extension of time in which Bank of Encino may establish a
Thousand Oaks, Ventura County, California.
approved by
the
Establishment of this branch was originally
Board
),rd of Governors on January 14, 1958, provided the branch
was et̀,
that prior
—
to (446ablisLlied
within six months. The Board understood
by
increased
be
a
would
t1 hlishment of the branch, capital funds
would
authorities
State
t: than $750,000 and that approval of
be obe
silrp14;-Lned if fixed assets exceeded 50 per cent of capital and
It does not appear that definite arrangements for establi8hinp
the branch have progressed sufficiently that it is yet
13"Bibi:
to estimate with some accuracy when the branch can be
'or
resolv
business, and neither has the capital situation
branc,
ed- In view of this lack of progress in establishing Zhel
the Hu and in formulating a definite plan for augmenting capital,
:
11
tilae =i of Governors does not feel justified in extending ihi
However,
established.
theso--'"in which this branch may be
Board would
be wiiTatters have
been resolved satisfactorily, the
in the
branch
,1-ng
to
or co,„1
consider an application for the
ons existing at that time.
Very truly yours,
(Signed) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
Item No. 6
7/31/58
ADDRESS OMCiAl. CORRESPONDENCE
TO THE [WARD
July 310 1958
Board of Directors,
Seattle Trust and Savings Bank,
Seattle 4, Washington,
G
entlemen:
h the
Pursuant to your request submitted throug
of
Board
ederal Reserve Bank of San Francisco, the
Governors of the Federal Reserve System approves the
?stablishment of a branch in an unincorporated area in
the vicinity of Rainier Avenue and Sunset Boulevard,
2ear Renton, King County, Washington, by the Seattle
Trust and Savings Bank, provided the branch is established
approval
within six months from the date of this letter and
of the
date
the
°f the State authorities is in effect as of
establishment of the branch.
y 1,
It is understood that on or before Januar
not
19540
sed
increa
be
capital structure of the tank will
of
4.ess
shares
onal
than $125,000 by the sale of additi
atock for cash.
al, under
With respect to the request for approv
the provisions of Section 24A of the Federal Reserve Act,
of
, an investment in bank premises in excess of capital
SLoc
involve
IC, it appears that the transaction did not
ay
ore,
theref
and,
additional investment by the bank
'PAroval of the Board is not required.
Very truly yours,
(Signed)
Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.
BOARD OF GOVERNORS
OF THE
Item No. 7
FEDERAL RESERVE SYSTEM
7/31/58
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
July 31, 1958
E. R. Mill. d, Vice President,
seleral Reserve Bank of San Francisco,
ttil ltmcisco 20, California.
0 Mr.
Millard!
Reference is made to your letter of June 26, 1958,
withr
)3e4k, sgard to the request of the Seattle Trust and Savings
zit Seattle, Washington, to establish a branch near Renton,
P°unty, Washington. The bank also requested approval,
Federal Reserve
kter the provisions of Section 24A of theexcess of the capital
)2f an investment in bank premises in
sto,
Of the bank.
the
130ard
After consideration of the information submitted,
approves
and
recommendation
the °f Governors concurs in your
to beetablishment of the branch as shown in the enclosed letter
Two
com e forwarded to the board of directors of the bank.
"es are enclosed for your use.
It is understood that Counsel for the Reserve Bank
14111, r
steps
take,!view and satisfy himself as to the legality of all
'
Lo establish the branch.
the trans..
From the information available, it appears that
an
41[1114 involving the transfer of certain banking premises to increase
'
l3"-Ette and the mortgaging of certain of these premises to
the
banking prem.&see nk ls surplus, has the same effect as a write-up in
tax p
excess of the depreciated value for Federal income
the t) which, as you know, is contrary to the Board's policy. Since
investment by
the bransaction did not involve any actual additional
4Qti allk in banking premises, approval under the provisions of
reacrl 241 of the Federal Reserve Act is not required. However, as
'
banking prem:
1 1t of the transaction, the bank's investment inexceeds the
°gether with the mortgage indebtedness thereon
klar40;
banking premises
would- capital and any subsequent investments in
require approval of the Board.
act4011
Very truly yours,
LIT?
onuaies 3
Kenneth A. Kenyon,
Assistant Secretary.
6E1ARD tfr GOVEM\IORS
OF
THE
FEDERAL RESERVE SYSTEM
Item No. 8
7/31/58
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
July 31, 1958
!lit:. Aubrey
N. Heflin,
,Ate P
resident and General Counsel,
Federal
Reserve Bank of Richmond,
Ille4111°nd 13, Virginia.
tear Mr.
Heflin:
Reference is made to your letter of July 2, 1958,
relating to the question whether Mr. J. B. Morrison may legally
eonttnue
at the same time as a director of the Riggs
R
toainl
Bank
anK and the Bank of Bethesda, in view of the provisions
Of
section 8 of the Clayton Act.
You state that, on the basis of investigation made by
Y°4r
Bank
adP
are
your Bank is of the view that Washington and Bethesda
ae,„Jacento within the meaning of the statute and the Boards
.L(J-ation L.
The Board is of the same opinion.
Very truly yours,
(Signed) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.
2208
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
uui
'he
f
4 0
0
4
42E47"..i/40
Item No. 9
7/31/58
WASHINGTON 25, D. C.
ADDRESS OFFICIAL, CORRESPONDENCE
TO THE SOARO
t;
41
.Mt
July 312 1958
W. ft.
Diercks, Vice President,
zederai
230 sou Reserve Bank of Chicago,
un LaSalle Street,
Chica g° 90, Illinois.
Dear Mr.
Biercks:
This refers to your letter of July 11, 1958, requesting
Resj“-Lon as to the applicability of section 214A of the Federal
Act to a mutual savings bank that is a member of the
Feder"
Federal
Reserve System.
Section 9 of the Federal Reserve Act provides that a
Issavings bank may be admitted to membership in the System
amount
or
.1T8 Surplus and undivided profits not less than the
13"Ltal required for the organization of a national ban-: in
the ;
11111st T
t, Place, Section 24A provides that a State member bank
which .aln the Board s approval for investments in bank premises
exceed the capital stock of the bank. As the surp
conn111:111
---vided profits of a mutual savings bank are capital in
Board
ie 0;T°11 with admission to membership in the System, the
capit,.;"e ()Pinion that these funds should be regarded as the
an„_*L-L stock of the
oval
bank in determining whether the board's
4
is necessary under section 24A.
if it
Very truly yours,
(Signed) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.
2209
BOARD OF GOVERNORS
OF 1H—
FEDERAL RESERVE SYSTEM
Item No. 10
7/31/58
WASHINGTON
OFFICE
or
THE
VICE CHAIRMAN
July 31, 1958
7he Honorable
Wright Patman,
House of
Representatives,
Washington 25, D. C.
Dear Mr. Patman:
This will acknowledge your letter of July 21, 1956,
cone
(4-.114fle Pilgrim Trust Company, Boston, Massachusetts.
pilgrim
Your letter comments first on the borrowings of
The
Trust Company from the Federal Reserve Bank of Boston.
withrecords of the Reserve Bank indicate repeated discussions
with rofficers and directorsof this former member State bank
-esPect to its borrowings. Following a final meeting at
vhich
pil j-u-ks subject was discussed with representatives of
Truet Company, the indebtedness of the member bank to
tile Reserv:
Bank ceased in August 19571 and no further borrowre made,
Tru , As of the close of business April 18, 1958, Pilgrim
'
341151sny was converted into a national bank. On May 91
194
cIepojt maior portion of its assets was acquired and its
o
liabilities were assumed by the Merchants National Bank
The Pilgrim National Bank is now in process of
quidation.
You have also requested answers to four questions in
and these are answered in the same numerical order
Ilasd be"er'
Y You, as follows:
YbUr
,
check ls Outstanding and uncashed certified and officers'
the are reported in item 18 ("Other deposits") on the face
(fts0,
72eport of condition and on the reverse side in item 6
amon:''ule E - Demand Deposits").
Such checks are included
l
demand deposits as defined by Federal Reserve Regution-%u ("Reserves of Member Banks") for purposes of computaditi,°4 required reserves. A copy of the form of report of con-n is enclosed for your convenience.
etj
The Honorable Wright Patman
rm, 2. We have no knowledge of any circumstances under which
.uatanding:uncashed officers' checks of Pilgrim Trust Company
uld have had the effect of a loan to the bank rather than a
ao81t4 It is not impossible, but most unlikely in our opinion,
411P
t such transactions would be used as a means of member bank
uorrowings.
Z
34 There are no Massachusetts statutes or regulations
-chartered
inThereg limitations upon the indebtedness of a State
of a
liabilities
'except certain limitations on the aggregate
t
drawn
drafts
of
Itlet company in connection with the acceptance
n it. Section 5202 of the Revised Statutes (12 U.S.C. 82) im+3,2
E 0E1 limitations on the total indebtedness of national banks, but
banks
;77.Federa1 Reserve Act does not impose on member State
indebtedness.
'unllar or other limitations respecting
tir
r
we are not
4/10 4. From the point of view of bank supervision, use of
the
with
otfie of abuses or improprieties in connection
cent checks that call for legislative correction.
in
If there is additional information needed by you
e
thi regard, please let me know.
Sincerely yours,
(Signed) C. Canby Balderston
C. Canby Balderston.
'1103.081.1re
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Item No* 11
7/31/58
WASHINGTON
OFFICE or THE VICE CHAIRMAN
July 31, 1958
Ihe Honorable
Abraham J. Multer,
l!cluile of Representatives,
washington 25, D.
C.
Ile4V Mr. Multert
we
Pursuant to the request contained in your letter of July 21,
ce_,t* enclosing the following items regarding member banks located in
reral reserve and reserve cities granted permission to maintain
reserves, numbered as shown in your letter:
1. Table 1, names and addresses of all member banks in
central reserve cities granted permission to maintain
lower reserves than normally required of central
1958.
reserve city banks, as of June
30,
Table II, names and addresses of all member banks in
reserve cities granted permission to maintain the same
reserves as banks located outside central reserve and
reserve cities, as of June 30, 1958.
3,
A ooPy of a memorandum furnished the House Committee
on Banking and Currency on August 28, 1957, describing
the basis and procedure under which actions are taken
by the Board in granting permission to member banks in
central reserve and reserve cities to maintain reduced
reserves, and a copy of the Board's Regulation D.
I trust that this will supply the information you desire.
Sincerely yours,
(Signed) C. Canby Balderston
C. Canby Balderston.
tnolosures.
2212
BOARD OF GOVERNORS
OF THE
214
tNYt
'
.44
‘31kY
t4
FEDERAL RESERVE SYSTEM
4,41'
4
Item No. 12
7/31158
WASHINGTON 25, 0. C.
ti
*apneas arrictad. CORRESPONOENCE
TO THE 1110^140
lk
Ot
'
'
400V
°
JOT 31, 1958
coNFIDENTLAL
H. G. Leedy
t,.r.
ederal
President,
Reservel Bank of Kansas City,
Kansas City
6,
Missouri'
Dattr Mr. Leedy:
The Board of Governors approves the payment of salary
to the
Blimp
e f0110Wing newly appointed officer of the Federal Reserve
thi; °t Kansas City, Denver Branch, for the period July 11
rate, December 31, 1958, at the rate indicated, which is the
nt 4ixed by your Board of Directors, as reported in your letter
"I".Y 18, 1958:
Name
Homer Krebs
Title
Annual Salary
Assistant Cashier
$8,000
Very truly yours,
(Signed) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.
2213
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
Item No. 13
7/31/58
ADDRESS OFFICIAL. CORRESPONDENCE
TO THE OCIARO
July 31, 1958
Board of Directors,
Tappan Zee National Bank of Nyack,
Nyack, New York.
Gentlemen:
The Board of Governors of the Federal Reserve
System has given consideration to your Application for
fiduciary powers and grants you authority to act, when
not in contravention of State or local law, as executor,
administrator, and trustee or agent for any municipality,
body politic, or corporation, to the extent that State
banks, trust companies, or other corporations which come
into competition with national banks are permitted to act
under the laws of the State of New York. The exercise of
all such powers shall be subject to the provisions of sec—
tion 11(k) of the Federal Reserve Act and Regulation F of
the Board of Governors of the Federal Reserve System.
A certificate covering such authorization is
enclosed.
Very truly yours,
(Signed) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.
Enclosure
BOARD OF GOVERNORS
W40;44
OF THE
FEDERAL RESERVE SYSTEM
Item No, 14
7/31/58
WASHINGTON 25, D. C.
4
ADDRESS OFFICIAL CORRESPONDENCE
,:ktftst
TO THE BOARD
44440
July 31, 1958
Board of Directors,
The
Cheboygan State Savings Bank,
C
heboygan, Michigan.
G
entlemen:
Reference is made to the Board's letter of
December 16, 1957, approving the establishment by The
9h
eboygan State Savings Bank of a seasonal banking office
14-11 Indian River, Michigan, from June 1 to September 15,
each year, and a subsequent letter dated
tune 23, 1958, approving the operation of the office
r0m June 1 to October 1, each year.
We have been advised by the Federal Reserve
Bank of
Chicago that you desire to extend the period of
°Aeration
of this office from October 1 to November 30,
each Year.
The Board of Governors approves the operation
agency in Indian River, Michigan, from
3!'Ile_the1 seasonal
to November 30, inclusive, each year.
Very truly yours,
(Signed) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.
2215
BOARD OF GOVERNORS
A,,,>
0,0txtttr,
qt-g,
:0
OF THE
FEDERAL RESERVE SYSTEM
11
WASHINGTON 25, D. C.
z}
Item No. 15
7/31158
ADDRESS orriciAL CORRESPONDENCE
,
}0.#
TO THE BOARD
tkvaa
July 31, 1958
CoMptroller
of the Currency,
TrelsurY Department,
Washington 251 D. C.
Attention Mr. W. M. Taylor,
Deputy Comptroller of the Currency.
tear W.
Comptroller:
Reference is made to a letter from your office dated
Pebrunv.
a tat7LY 13, 1958, enclosing copies of an application to organize
as ,lmlal bank at Tampa, Florida, and requesting a recommendation
60 whether or not the application should be approved.
A report of investigation of the application made by an
exam4_
,Lner for the Federal Reserve Bank of Atlanta indicates that the
Po
v'aspta
-- capital structure of the bank would be adequate. However,
it
sati-„rePorted that the prospects for profitable operations are unverslactory and that the general character of the management is not
dire
Y favorable in view of the lack in banking experience of proposed
and the advanced age of the principal operating officer.
There
area licss not appear to be a sufficient need for the bank in the
Stat 4'd this time, and the recent approval of the organization of a
by
bank
about 1-3/4 miles to the northeast of the site selected
posadelyroponents would adversely affect the prospects of the prouank- In view of the unfavorable factors in this situation,
the B,
ard
of Governors does not feel justified in recommending ap;
va
Pro
4- of the application.
cuss a
The Board's Division of Examinations will be glad to disnY aspects of this case with representatives of your office if
you
so
desire.
Very truly yours,
(Signed) Kenneth A. Kenyon
Kennetn A. Kenyon,
Assistant Secretary.
2216
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
On office
2copies only)
Item No. 16
ADORESS OFFICIAL CORRE7EINE5N8CE
TO THE BOARD
,Atatsst
'40v,tpvv"
Dear sir:
of the following forms are
being f. The indicated number of copies
inent4"Trwarded to your Bank under separate cover for use of State
Ilext uanks and their affiliates in submitting reports as of the
call date s A copy of each form is attached.
Niltber of
Form P.R. 105 (Call No. 149),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 1955), Publisher's
copy supplement.
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 June 23, 1958.
Very truly yours,
(Signed) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary,
11'0 THE
PRESIDENTS
OF ALL FEDERAL RESERVE BANKS
@FedFRASER