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The original documents are located in Box B1, folder "American Bankers Association (5)"
of the Arthur F. Burns Papers at the Gerald R. Ford Presidential Library.
Copyright Notice
The copyright law of the United States (Title 17, United States Code) governs the making of
photocopies or other reproductions of copyrighted material. Gerald R. Ford donated to the United
States of America his copyrights in all of his unpublished writings in National Archives collections.
Works prepared by U.S. Government employees as part of their official duties are in the public
domain. The copyrights to materials written by other individuals or organizations are presumed to
remain with them. If you think any of the information displayed in the PDF is subject to a valid
copyright claim, please contact the Gerald R. Ford Presidential Library.
Some items in this folder were not digitized because it contains copyrighted
materials. Please contact the Gerald R. Ford Presidential Library for access to
these materials.
FEDERAL AGENCY RELATIONS
THE AMERICAN BANKERS ASSOCIATION 1120 CONNECTICUT AVENUE, N.W., WASHINGTON, D.C. 20036
FEDERAL ADMINISTRATIVE ADVISER
HAMPTON A. RABON
202/467-4200
March 9, 1973
Mrs. Catherine Mallardi
Secretary to Chairman Burns
Board of Governors of the
Federal Reserve System
Washington, D.C. 20551
Dear Mrs. Mallardi:
There is enclosed for your information a copy of the agenda
for the next meeting of the Government Borrowing Committee. Please
call to Chairman Burns' attention that the Committee will be meeting
in our offices at 1120 Connecticut Avenue, N.W. The building (Bender)
has another entrance on L Street, near 18th. Our board room is on
the 7th floor.
The Committee will look forward, as usual, to meeting
with Chairman Burns at 4:00 p.m. on Tuesday, April 24, 1973.
I am also enclosing for Chairman Burns' information a list of
the members of the Government Borrowing Committee.
Sincerely,
Hampton A. Rabon
HAR:fmm
Enclosures
Attended GERALD R. FORD VIBRABA
AGENDA
GOVERNMENT BORROWING COMMITTEE
The American Bankers Association
April 24-25, 1973
Tuesday, April 24, 1973
LISEARY GERALD GERALD R. FORD
9:00 a.m.
Committee meets in Board Room of
The American Bankers Association
1120 Connecticut Avenue, N.W.
(7th floor)
1/
10:00 a.m.
Committee to review slides in Room 2334
of the Treasury building
2/
11:00 a.m.
Committee to meet with Under Secretary
for Monetary Affairs, Mr. Paul Volcker
in Room 4426 of the Treasury building for
backgrounding.
3/
12:30 p.m.
Refreshments. Virginia Room, Mayflower
Hotel (2nd floor)
1:00 p.m.
Luncheon. Maryland Room, Mayflower
Hotel (2nd floor)
2:30 p.m.
Committee to assemble in Board Room of
The American Bankers Association
1120 Connecticut Avenue, N.W. (7th floor) 1/
Chairman Burns (Federal Reserve Board) will
meet with the Committee at 4:00 p.m.
6:30 p.m.
Cocktails
7:00 p.m.
Dinner
New York Room, Mayflower Hotel (2nd floor)
Wednesday, April 25, 1973
9:00 a.m.
Committee to assemble in Board Room of
The American Bankers Association
1120 Connecticut Avenue, N.W. (7th floor) 1/
9:45 a.m.
Committee to report its recommendations to
Secretary Shultz and the Treasury Financing
Group in Room 4426 of the Treasury building 3/
1/ This location is on Connecticut Avenue across from the Mayflower Hotel.
2/ Treasury will use the regular projection room on the second floor in southwest
corner of building (corner facing the Mall and the White House)
3/ Conference with Under Secretary for Monetary Affairs and report to the Secretary
of the Treasury will be held in the 4th floor Conference Room on west side of building
near the center elevators opposite the White House.
GOVERNMENT BORROWING COMMITTEE
Chairman:
Robert M. Surdam
Chairman and Chief Executive Officer
National Bank of Detroit
RPA Box 116
Detroit, Michigan 48232
Alfred Brittain III
Donald M. Graham
President
Chairman and Chief Executive Officer
Bankers Trust Company
Continental Illinois National Bank
P. O. Box 318, Church Street Station
and Trust Company
New York, New York 10015
Lock Box H
Chicago, Illinois 60693
Robert E. Bryans
William M. Jenkins
President
Chairman
First National Bank of Casper
Seattle-First National Bank
P. O. Box 40
P. O. Box 3586
Casper, Wyoming 82601
Seattle, Washington 98124
Willard C. Butcher
Ben F. Love
President
Chairman and Chief Executive Officer
The Chase Manhattan Bank, N.A.
Texas Commerce Bank, N.A.
One Chase Manhattan Plaza
P. O. Box 2558
New York, New York 10015
Houston, Texas 77001
A.W. Clausen
John A. Moorhead
President and Chief Executive Officer
Chairman and Chief Executive Officer
Bank of America, N. T. & S. A.
Northwestern National Bank
P. O. Box 37000
Seventh and Marquette
San Francisco, California 94137
Minneapolis, Minnesota 55440
Richard P. Cooley
John A. Oulliber
President and Chief Executive Officer
Chairman of the Board
Wells Fargo Bank, N.A.
First National Bank of Commerce
464 California Street
P. O. Box 60279
San Francisco, California 94120
New Orleans, Louisiana 70160
Gaylord Freeman
Howard C. Petersen
Chairman of the Board
Chairman of the Board
The First National Bank
The Fidelity Bank
P. O. Box A
Broad and Walnut Streets
Chicago, Illinois 60670
Philadelphia, Pennsylvania 19109
Robert J. Gaddy
Robert V. Roosa
Chairman and President
Partner
Tower Grove Bank and Trust Company
Brown Brothers Harriman & Company
3134 S. Grand Boulevard
59 Wall Street
St. Louis, Missouri 63118
GERALD LIBRARY
New York, New York 10005
Government Borrowing Committee - page two
Thomas I. Storrs
EX OFFICIO
President and Chief Executive Officer
North Carolina National Bank
Eugene H. Adams
P.O. Box 120
President
Charlotte, North Carolina 28201
The First National Bank
P.O. Box 5808, Terminal Annex
D. Thomas Trigg
Denver, Colorado 80217
Chairman and Chief Executive Officer
(President, ABA)
National Shawmut Bank of Boston
P.O. Box 2176
Willis W. Alexander
Boston, Massachusetts 02106
Executive Vice President
The American Bankers Association
Walter B. Wriston
1120 Connecticut Avenue, N.W.
Chairman
Washington, D.C. 20036
First National City Bank
399 Park Avenue
Rex J. Morthland
New York, New York 10022
Chairman of the Board
The Peoples Bank and Trust Company
of Selma
ADVISORY MEMBERS
P.O. Box 799
Selma, Alabama 36701
John J. Larkin
(President-Elect, ABA)
Senior Vice President
First National City Bank
Douglas R. Smith
P.O. Box 850, Wall Street Station
President and Chairman of the Board
New York, New York 10015
National Savings & Trust Company
Washington, D.C. 20005
Donald C. Miller
(Chairman, ABA Savings Bond Committee)
Executive Vice President
Continental Illinois National Bank
Allen P. Stults
and Trust Company
Chairman and Chief Executive Officer
Lock Box H
American National Bank & Trust Company
Chicago, Illinois 60693
P.O. Box DD
Chicago, Illinois 60690
Leland S. Prussia, Jr.
(Past President, ABA)
Senior Vice President
Bank of America, N.T. & S.A.
P.O. Box 37000
San Francisco, California 94137
Hampton A. Rabon
A.B.A. Director (202/467-4200)
James R. Sheridan
Senior Vice President
North Carolina National Bank
P.O. Box 120
Charlotte, North Carolina 28201
April 1973
FORD & LIBRARY 076870
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
THE AMERICAN BANKERS ASSOCIATION
MAR NE TAVENUE,
N.
W.,
WASHINGTON,
D.C.
20036
PRESIDENT
OFFICE RECEIVE CHAIRMAN
EUGENE H. ADAMS
March 15, 1973
PRESIDENT
THE FIRST NATIONAL BANK
DENVER, COLORADO 80217
The Honorable Wright Patman
Chairman, Joint Economic Committee
Room G 133 - New Senate Office Building
Washington, D. C. 20510
Dear Mr. Patman:
This letter is being submitted in response to your recent request for comments
from The American Bankers Association on the 1973 Economic Report of the President.
We were pleased to note that the Report suggests that a range of goals rather than
a single value is desirable at the present time as a guide to governmental economic
policies. To adopt a "range of values" recognizes both the practical difficulties
of "fine tuning" and the fact that in the economic environment of the 1970's it
may at times be necessary to accept a lower level of achievement in one area while
striving for a higher level in another.
We believe the Administration will continue its efforts to curb inflation. The
danger is still very great that unacceptable inflationary pressures will reappear
as the result of budgetary deficits, excessive wage settlements, the rising prices
of imported goods (especially raw materials not available in the U.S.) and, finally,
the belated effect of past expansionary monetary policies. Any relaxation in the
government's anti-inflationary posture is certain to rekindle an inflationary
psychology that will be much more difficult to deal with as the economy approaches
full employment.
We wish also to emphasize the special importance of implementing a sound fiscal
policy. We strongly urge the Congress and the Administration to work together to
control Federal spending within the limits suggested in the Report. Monetary
policy of course can make a contribution toward curbing inflation, but it cannot
shoulder the burden alone.
In summary, we believe inflation still remains the most important problem con-
fronting our nation, and we wish to emphasize again the importance of adopting
and adhering to anti-inflationary policies. The spending policies outlined in
the Economic Report, in our judgment, provide an appropriate guide for governmental
expenditures for the present and for the 1973-1974 fiscal year.
Sincerely,
Puper
GERALD FORD
Dry
THE AMERICAN BANKERS ASSOCIATION 1120 CONNECTICUT AVENUE, N.W. WASHINGTON, D.C. 20038
PRESIDENT
EUGENE H. ADAMS
PRESIDENT
THE FIRST NATIONAL BANK
DENVER, COLORADO 80217
April 18, 1973
Dear Fellow Banker:
By this time you probably are familiar with the "dual prime rate"
and profit margin guidelines issued April 16 by the Committee on
Interest and Dividends. I am enclosing a copy of the complete CID
guidelines for your further information.
After a careful study of the guidelines, I would like to share with
you my views on what they mean to the banking industry. I believe
they contain, for us, both an opportunity and an obligation.
Quite simply, the new program places banking on a footing similar
to that of other businesses in the Administration's efforts to
combat persistent inflationary forces in the nation's economy.
The guidelines can go a long way toward easing what had become an
increasingly difficult situation for banks. Had the intense pres-
sures of recent months been continued, we might well have seen
the return of critical conditions similar to those of 1969-70 --
a situation ultimately injurious to all banks.
We are strongly urged by the guidelines to continue supplying
adequate funds to small businesses, consumers, homebuyers, and far-
mers, at reasonably statle rates of interest. We are also asked to
keep a tight rein on our over-all profit margins.
We should recognize the dual-prime system for what it is. It is an
effort to minimize the distortions in the money market caused by
regulatory action. And it might help to show more accurately the
role of the widely misunderstood prime rate, whose fluctuations al-
ways have had far less impact on small business and consumer loans
than has been generally believed.
There will likely be some annoyances -- perhaps another reporting
requirement, for example. However, I am convinced our industry can
operate within the framework of the new CID guidelines. And just as
banking gave its support to Phases I and II of the Administration's
economic program, I am confident the industry will accept its share
of the burden under this temporary program aimed at restoring
stability to the economy.
GERAUGA FORD LIBRARY
Sincerely,
Gene adams
Eugene H. Adams
COMMITTEE ON INTEREST AND DIVIDENDS
WASHINGTON, D. C. 20551
Criteria Established by the Committee on Interest
and Dividends for Interest Rates Charged by
Commercial Banks
1. A major purpose of the criteria described below is to protect
small business and farm borrowers against burdensome increases in interest
rates, and yet make it possible for rates on loans to large national firms
to respond flexibly to changes in money market conditions. It is not
intended, however, either in the case of loans to large firms or to small
firms, to interfere with normal business practices relating to differentials
in interest rates that reflect credit risk and similar factors.
2. Major corporations ordinarily have extensive banking relation-
ships across the country. The "large-business prime rate" is to be under-
stood as the rate charged by a commercial bank on short-term loans to large
businesses with the highest credit standing. This rate, which corresponds
to what is now usually termed the prime rate, generally will apply to
borrowers who have access to national money and capital markets.
3. Small businesses and farms normally are restricted to local
banking sources and do not have access to national money markets. The
"small-business prime rate," which will apply to such borrowers, is to be
understood as the best rate charged by a bank to its most credit-worthy
local customers. This rate may vary from bank to bank.
4. The interest rate charged by a commercial bank on a business
loan, whether to a large or small firm, is part of its structure of rates
reflecting degree of risk, size of loan, and other factors. This structure
is to be based on the "large-business prime rate" in the case of large
borrowers, and on the "small-business prime rate" in the case of small
businesses and farms.
5. For present purposes, a small business is any domestic --
commercial, industrial, or agricultural --- borrower whose total borrowings
outstanding at any one time over the preceding 12 months (exclusive of long-
term real estate mortgage debt) did not exceed $350,000 and whose assets do
not exceed $1 million. This definition covers the great majority of
business establishments and farms.
6. Banks may extend application of the small business rate
structure to any firm regardless of size.
GERALD FORD LIBRARY
7. Rates charged by a commercial bank on loans to large firms
may respond flexibly to changes in open market interest rates. By keeping
the "large-business prime rate" consistent with the cost of borrowing from
alternative market sources, the recent large diversion of financing from
the commerical paper market to banks would be halted and tendencies toward
excessive and unhealthy expansion of bank credit would be moderated.
-2-
8. If an increase in the "large-business prime rate" occurs, it
should be made in moderate steps in order to avoid disruptive market effects.
y
Rates charged by a commercial bank to small business and farm
borrowers should remain at levels no higher than those prevailing on the
date these criteria are issued unless an increase can be fully justified
by increases in costs. If increases in these rates occur, they are to be
decidedly smaller, and are also to be made less frequently, than changes
in rates on loans to large firms.
10. Interest rates charged by banks on home mortgage loans and
consumer loans should remain under special restraint. They are to continue
relatively stable even if the "large-business prime rate" and associated
rates move up significantly.
11. Any increase in rates to small business and farm borrowers,
to home mortgage borrowers, and to consumer borrowers must be justified by
increases in the cost of lendable funds and other operating costs related
to the commercial banking function, to the extent that such increased costs
are not offset by higher earnings on large business loans and other loans
and investments. Any increase in rates justified by costs should not be
unduly concentrated in any single category of loans.
12. Since under the current economic stabilization program, all
segments of our society -- business firms and wage earners alike -- are
called upon to forego for the sake of the general welfare some of the
earnings that they might otherwise have realized, banks should accept
similar restraints. While present criteria provide for flexibility in the
"large-business prime rate, increases in a bank's entire structure of lend-
ing rates must in no instance lead to undue increases in the bank's profit
margin.
13. If increases in interest rates on loans occur, they shall
not raise the bank's over-all profit margins on domestic operations (exclud-
ing revenues from service functions such as trust departments and data
processing) above the average of the best two years in the four preceding
calendar years. For purposes of this test, the profit margin is defined
as the ratio of net operating income, on a fully taxable equivalent basis
before income taxes and securities gains or losses, to gross operating
income on a fully taxable equivalent basis.
14. Commercial banks are to continue to meet legitimate credit
needs of home buyers, consumers, small business, and farmers. Periodic
reports will be required to assure that these needs are being met.
April 16, 1973
LIBRAR LIBERTY GERALD FORD
THE AMERICAN BANKERS ASSOCIATION 1120 CONNECTICUT AVENUE, N.W. WASHINGTON, D.C. 20036
PRESIDENT
EUGENE H. ADAMS
PRESIDENT
THE FIRST NATIONAL BANK
DENVER, COLORADO 80217
April 18, 1973
Dear Fellow Banker:
By this time you probably are familiar with the "dual prime rate"
and profit margin guidelines issued April 16 by the Committee on
Interest and Dividends. I am enclosing a copy of the complete CID
guidelines for your further information.
After a careful study of the guidelines, I would like to share with
you my views on what they mean to the banking industry. I believe
they contain, for us, both an opportunity and an obligation.
Quite simply, the new program places banking on a footing similar
to that of other businesses in the Administration's efforts to
combat persistent inflationary forces in the nation's economy.
The guidelines can go a long way toward easing what had become an
increasingly difficult situation for banks. Had the intense pres-
sures of recent months been continued, we might well have seen
the return of critical conditions similar to those of 1969-70 --
a situation ultimately injurious to all banks.
We are strongly urged by the guidelines to continue supplying
adequate funds to small businesses, consumers, homebuyers, and far-
mers, at reasonably stable rates of interest. We are also asked to
keep a tight rein on our over-all profit margins.
We should recognize the dual-prime system for what it is. It is an
effort to minimize the distortions in the money market caused by
regulatory action. And it might help to show more accurately the
role of the widely misunderstood prime rate, whose fluctuations al-
ways have had far less impact on small business and consumer loans
than has been generally believed.
There will likely be some annoyances -- perhaps another reporting
requirement, for example. However, I am convinced our industry can
operate within the framework of the new CID guidelines. And just as
banking gave its support to Phases I and II of the Administration's
economic program, I am confident the industry will accept its share
of the burden under this temporary program aimed at restoring
stability to the economy.
Sincerely,
FORD LIBRART
Gene adams
Eugene H. Adams
COMMITTEE ON INTEREST AND DIVIDENDS
WASHINGTON, D. C. 20551
Criteria Established by the Committee on Interest
and Dividends for Interest Rates Charged by
Commercial Banks
1. A major purpose of the criteria described below is to protect
small business and farm borrowers against burdensome increases in interest
rates, and yet make it possible for rates on loans to large national firms
to respond flexibly to changes in money market conditions. It is not
intended, however, either in the case of loans to large firms or to small
firms, to interfere with normal business practices relating to differentials
in interest rates that reflect credit risk and similar factors.
2. Major corporations ordinarily have extensive banking relation-
ships across the country. The "large-business prime rate" is to be under-
stood as the rate charged by a commercial bank on short-term loans to large
businesses with the highest credit standing. This rate, which corresponds
to what is now usually termed the prime rate, generally will apply to
borrowers who have access to national money and capital markets.
3. Small businesses and farms normally are restricted to local
banking sources and do not have access to national money markets. The
"small-business prime rate," which will apply to such borrowers, is to be
understood as the best rate charged by a bank to its most credit-worthy
local customers. This rate may vary from bank to bank.
4. The interest rate charged by a commercial bank on a business
loan, whether to a large or small firm, is part of its structure of rates
reflecting degree of risk, size of loan, and other factors. This structure
is to be based on the "large-business prime rate" in the case of large
borrowers, and on the "small-business prime rate" in the case of small
businesses and farms.
5. For present purposes, a small business is any domestic --
commercial, industrial, or agricultural -- borrower whose total borrowings
outstanding at any one time over the preceding 12 months (exclusive of long-
term real estate mortgage debt) did not exceed $350,000 and whose assets do
not exceed $1 million. This definition covers the great majority of
business establishments and farms.
6. Banks may extend application of the small business rate
structure to any firm regardless of size.
GERALD
LIBRARY
7. Rates charged by a commercial bank on loans to large firms
may respond flexibly to changes in open market interest rates. By keeping
the "large-business prime rate" consistent with the cost of borrowing from
alternative market sources, the recent large diversion of financing from
the commerical paper market to banks would be halted and tendencies toward
excessive and unhealthy expansion of bank credit would be moderated.
-2-
8. If an increase in the "large-business prime rate" occurs, it
should be made in moderate steps in order to avoid disruptive market effects.
9.
Rates charged by a commercial bank to small business and farm
borrowers should remain at levels no higher than those prevailing on the
date these criteria are issued unless an increase can be fully justified
by increases in costs. If increases in these rates occur, they are to be
decidedly smaller, and are also to be made less frequently, than changes
in rates on loans to large firms.
10. Interest rates charged by banks on home mortgage loans and
consumer loans should remain under special restraint. They are to continue
relatively stable even if the "large-business prime rate" and associated
rates move up significantly.
11. Any increase in rates to small business and farm borrowers,
to home mortgage borrowers, and to consumer borrowers must be justified by
increases in the cost of lendable funds and other operating costs related
to the commercial banking function, to the extent that such increased costs
are not offset by higher earnings on large business loans and other loans
and investments. Any increase in rates justified by costs should not be
unduly concentrated in any single category of loans.
12. Since under the current economic stabilization program, all
segments of our society -- business firms and wage earners alike -- are
called upon to forego for the sake of the general welfare some of the
earnings that they might otherwise have realized, banks should accept
similar restraints. While present criteria provide for flexibility in the
"large-business prime rate, increases in a bank's entire structure of lend-
ing rates must in no instance lead to undue increases in the bank's profit
margin.
13. If increases in interest rates on loans occur, they shall
not raise the bank's over-all profit margins on domestic operations (exclud-
ing revenues from service functions such as trust departments and data
processing) above the average of the best two years in the four preceding
calendar years. For purposes of this test, the profit margin is defined
as the ratio of net operating income, on a fully taxable equivalent basis
before income taxes and securities gains or losses, to gross operating
income on a fully taxable equivalent basis.
14. Commercial banks are to continue to meet legitimate credit
needs of home buyers, consumers, small business, and farmers. Periodic
reports will be required to assure that these needs are being met.
April 16, 1973
Executive Report
April 23, 1973
Good Morning!
Inflation is rubbing raw the public's sensitive "pocketbook
nerve"--and inflation has become as much a political as an economic
issue. Congress is acting to extend the President's power to impose
controls on much of the national economy. With final action still
to come, it looks as though the new law to be adopted will stick
close to the measure consistently advocated by your ABA in telegrams
and other communications to Congress: a one-year extension that gives
the President broad discretion.
Political concern about inflation is having a direct impact on
banks. Creation of the dual prime rate by the Committee on Interest
and Dividends is a political response to an economic problem. The CID,
confronted by the thankless and probably hopeless task of explaining
to the public where the customary prime rate fits into the economic
spectrum, chose instead to restrict the impact of the free prime rate
to our large corporate customers. In addition, it created a second
base lending rate for loans to small business, farmers, and consumers.
Needless to say, representative bankers were consulted in the deliber-
ations that led to this temporary solution.
Quick federal action in finding and approving the two-tier prime
rate underscores the fact that government acts faster when prodded by
a crisis. Solutions devised in a crisis atmosphere are often expedient,
but they do not necessarily take into account all the long-range
considerations.
Both the House and Senate Banking Committees have approved legis-
lation that would not prohibit mutual savings banks in Massachusetts
and New Hampshire from offering NOW accounts, subject to potential
rate regulation by FDIC. Chairman Thomas J. McIntyre (D-N.H.) of the
Senate Financial Institutions Subcommittee says candidly: "I haven't
encountered such intense interest in such a localized issue for
several years."
I question whether NOW accounts are truly a local issue. If, or
when, NOW accounts spread to other states their impact will increase
--and it will touch many aspects of the nation's financial system.
Availability of these interest-bearing checking accounts from MSBs and
cooperative banks could prompt a shift of funds out of checking
accounts as people find they can enjoy the fruits of their savings and
the convenience of checking in a NOW account. Widespread NOW accounts
could also make it more difficult for the Federal Reserve to adjust
the money supply. If thrift institutions offer the more liquid NOW
accounts, would reserve requirements be imposed on a fair basis? Even
if they were, thrifts would continue to have a significant competitive
FORD
Route to:
LIBRARY
THE AMERICAN BANKERS ASSOCIATION 1120 CONNECTICUT AVENUE, N.W., WASHINGTON, D.C. 20036
advantage over commercial banks. Their taxes are lower, under today's
rules they can pay higher interest rates on savings, and their
regulatory burdens are lighter.
Piecemeal legislation tends to create as many problems as it solves.
Over the years, bankers have consistently asked Congress to pass laws
that foster fair and equal competition--the heart of the Hunt Com-
mission's recommendations, which strongly urged that they be considered
as a package.
Congress is already considering some-but not all--of the Commis-
sion's recommendations. Sen. McIntyre points out that it will be
difficult for the lawmakers to consider a single legislative package:
the tax recommendations will go before different committees from those
that deal with financial structure. We hope Congress can be convinced
that even though insurmountable jurisdictional problems preclude con-
sideration of the Hunt report as a "package," it is essential to co-
ordinate legislative handling of the tax and structural recommendations.
It is possible that the tax aspects of the legislation based on the
Hunt report could be considered along with the tax reform proposals
now before the House Ways and Means Committee.
Both the Senate and House are expected to vote on the NOW account
issue (and extending Reg. Q ceilings) early in May.
Sen. McIntyre anticipates that his subcommittee will "get more
and more involved with the Hunt Commission study." Later this year
or early next year, he expects the subcommittee to "be holding compre-
hensive hearings and moving toward the implementation of a number of
the Commission's recommendations."
Sen. McIntyre believes that "there are clear indications that the
movement within the financial community is toward more competition
between commercial banks and thrift institutions." He says he is "sure"
a central issue to be dealt with "in the near future is the question
of third party payments systems, whether they are in the form of demand
deposits, electronic transfer systems, or an expansion of the NOW
account concept."
I believe it is of utmost importance to all the nation's finan-
cial institutions to persuade the Administration and the federal
banking regulatory agencies that Congressional consideration of the
full range of Hunt Commission recommendations must be fully coordi-
nated, and that this merits priority.
grasing Waln WL/SHE feilethmer,
Sincerely,
if Willis Alexanden 1450
3) Adminis-
Willis W. Alexander
C.I.D.
Executive Vice President
FR,
4) educations spps-
GOVERNMENT BORROWING COMMITTEE
The American Bankers Association
Report to the Secretary of the Treasury
The Honorable George P. Shultz
Washington, D.C.
April 25, 1973
In response to your request, the Committee was pleased to consider the
refinancing of the $3.8 billion, 4 3/4% and $5.8 billion, 7 3/4% Treasury notes maturing
May 15, 1973, of which $4.3 billion are privately held.
We recommend a three part program as follows:
1. The offering through a cash auction of $750 million of 24 year, 7% bonds due
May 15, 1997;
2. The offering on a rights basis of a new 6 year, 6 7/8% note due May 15, 1979
to the holders of the:
7 3/4% notes due May 15, 1973,
4 3/4% notes due May 15, 1973,
and as a prerefunding, to the holders of the:
4% bonds due August 15, 1973,
4 1/8% bonds due November 15, 1973,
4 1/8% bonds due February 15, 1974, and
4 1/4% bonds due May 15, 1974.
3. The reactivation at an early date of the 2 year note cycle for such further
cash as may be needed for any May 15 attrition or additional cash needs.
This recommendation reflects a concensus of all members present except for a
reservation on the part of a minority of our members as to the wisdom of the inclusion
of the two issues maturing in 1974.
FORD & LIBRARY GERALD
-2-
In recommending this program, the Committee was mindful of:
a) the Treasury's presentation suggesting a comfortable cash position,
b) the unlikelihood of any immediate major cash requirements,
c) the flatness of the present interest rate curve,
d) the reasonably healthy technical state of the market,
e) the need for further progress in reactivating a viable long-term market, and
£) the anti-inflationary effect of such an extension.
All this suggests that some reasonable debt extension may be achieved with
this package without causing a major market disruption.
The background briefing by the Treasury staff was most helpful to the
Committee. We hope that our recommendations will be useful to you and your associates
in reaching your decision.
GERALD R.FORD LIBRARY
FEDERAL AGENCY RELATIONS
THE AMERICAN BANKERS ASSOCIATION 1120 CONNECTICUT AVENUE, N.W., WASHINGTON, D.C. 20036
FEDERAL ADMINISTRATIVE ADVISER
HAMPTON A. RABON
202/467-4200
June 18, 1973
Mrs. Catherine Mallardi
Secretary to Chairman Burns
Board of Governors of the
Federal Reserve System
Washington, D.C. 20551
Dear Mrs. Mallardi:
There is enclosed for your information a copy of the agenda
for the next meeting of the Government Borrowing Committee. Please
call to Chairman Burns' attention that the Committee will be meeting
in our offices at 1120 Connecticut Avenue, N.W. The building (Bender)
has another entrance on L Street, near 18th. Our Board Room is on
the 7th floor.
The Committee will look forward, as usual, to meeting with
Chairman Burns at 4:00 p.m. on Tuesday, July 24, 1973.
I am also enclosing for Chairman Burns' information a list of
the members of the Government Borrowing Committee.
Sincerely,
Hampton Ci. Jahon
Hampton A. Rabon
HAR:fmm
Enclosures
Afterded
GERALD FORD CLORABY
GOVERNMENT BORROWING COMMITTEE
Chairman:
Robert M. Surdam
Chairman and Chief Executive Officer
National Bank of Detroit
RPA Box 116
Detroit, Michigan 48232
Alfred Brittain III
Donald M. Graham
President
Chairman and Chief Executive Officer
Bankers Trust Company
Continental Illinois National Bank and
P.O. Box 318, Church Street Station
Trust Company
New York, New York 10015
Lock Box H
Chicago, Illinois 60693
Robert E. Bryans
President
William M. Jenkins
First National Bank of Casper
Chairman
P.O. Box 40
Seattle-First National Bank
Casper, Wyoming 82601
P.O. Box 3586
.. Seattle, Washington 98124
Willard C. Butcher
President
Ben F. Love
The Chase Manhattan Bank, N.A.
Chairman and Chief Executive Officer
One Chase Manhattan Plaza
Texas Commerce Bank, N.A.
New York, New York 10015
P.O. Box 2558
Houston, Texas 77001
A.W. Clausen
President and Chief Executive Officer
C. Coleman McGehee
Bank of America, N.T. & S.A.
President and Chief Executive Officer
P.O. Box 37000
First and Merchants National Bank
San Francisco, California 94137
P.O. Box 27025
Richmond, Virginia 23261
Richard P. Cooley
President and Chief Executive Officer
John A. Moorhead
Wells Fargo Bank, N.A.
Chairman and Chief Executive Officer
464 California Street
Northwestern National Bank
San Francisco, California 94120
Seventh and Marquette
Minneapolis, Minnesota 55440
Gaylord Freeman
Chairman of the Board
John A. Oulliber
The First National Bank
Chairman of the Board
P.O. Box A
First National Bank of Commerce
Chicago, Illinois 60670
P.O. Box 60279
New Orleans, Louisiana 70160
Robert J. Gaddy
Chairman and President
Ellmore C. Patterson
Tower Grove Bank and Trust Company
Chairman of the Board
3134 South Grand Boulevard
Morgan Guaranty Trust Company
FORD
&
St. Louis, Missouri 63118
23 Wall Street
New York, New York 10015
GERALD
LIBRARY
Government Borrowing Committee
-2-
Howard C. Petersen
EX OFFICIO
Chairman of the Board
The Fidelity Bank
Eugene H. Adams
Broad and Walnut Streets
President
Philadelphia, Pennsylvania 19109
The First National Bank
P.O. Box 5808, Terminal Annex
Robert V. Roosa
Denver, Colorado 80217
Partner
(President, ABA)
Brown Brothers Harriman & Company
59 Wall Street
Willis W. Alexander
New York, New York 10005
Executive Vice President
The American Bankers Association
D. Thomas Trigg
1120 Connecticut Avenue, N.W.
Chairman and Chief Executive Officer
Washington, D.C. 20036
National Shawmut Bank of Boston
P.O. Box 2176
Rex J. Morthland
Boston, Massachusetts 02106
Chairman of the Board
The Peoples Bank and Trust Company
ADVISORY MEMBERS
of Selma
P.O. Box 799
John J. Larkin
Selma, Alabama 36701
Senior Vice President
(President-Elect, ABA)
First National City Bank
P.O. Box 850, Wall Street Station
Douglas R. Smith
New York, New York 10015
President and Chairman of the Board
National Savings & Trust Company
Donald C. Miller
Washington, D.C. 20005
Executive Vice President
(Chairman, ABA Savings Bonds Committee
Continental Illinois National Bank
and Trust Company
Allen P. Stults
Lock Box H
Chairman and Chief Executive Officer
Chicago, Illinois 60693
American National Bank & Trust Company
P.O. Box DD
Leland S. Prussia, Jr.
Chicago, Illinois 60690
Senior Vice President
(Past President, ABA)
Bank of America, N.T. & S.A.
P.O. Box 37000
San Francisco, California 94137
Hampton A. Rabon
James R. Sheridan
A.B.A. Director (202/467-4200)
Senior Vice President
North Carolina National Bank
P.O. Box 120
Charlotte, North Carolina 28201
June 1973
GERALD FORD LIBRARY
AGENDA
GOVERNMENT BORROWING COMMITTEE
The American Bankers Association
July 24-25, 1973
Tuesday, July 24, 1973
9:00 a.m.
Committee meets in Board Room of
The American Bankers Association
1120 Connecticut Avenue, N.W.
(7th Floor)
1/
10:00 a.m.
Committee to review slides in Room 2334
of the Treasury building
2/
11:00 a.m.
Committee to meet with Under Secretary
for Monetary Affairs, Mr. Paul Volcker
in Room 4426 of the Treasury building for
backgrounding
3/
12:30 p.m.
Refreshments
1:00 p.m.
Luncheon
Cabinet & Pan American Rooms, Mayflower Hotel
2:30 p.m.
Committee to assemble in Board Room of
The American Bankers Association
1120 Connecticut Avenue, N.W. (7th Floor)
1/
Chairman Burns (Federal Reserve Board) will
meet with the Committee at 4:00 p.m.
6:30 p.m.
Cocktails
7:00 p.m.
Dinner
Cabinet & Pan American Rooms, Mayflower Hotel
Wednesday, July 25, 1973
9:00 a.m.
Committee to assemble in Board Room of
The American Bankers Association
1120 Connecticut Avenue, N.W. (7th Floor)
1/
9:45 a.m.
Committee to report its recommendations to
Secretary Shultz and the Treasury Financing
Group in Room 4426 of the Treasury building
3/
1/ This location is on Connecticut Avenue across from the Mayflower Hotel.
2/ Treasury will use the regular projection room on the second floor in southwest
corner of building (corner facing the Mall and the White House).
3/ Conference with Under Secretary for Monetary Affairs and report to the Secretary
of the Treasury will be held in the 4th floor Conference Room on west side of building
near the center elevators opposite the White House.
GERALD LIBRARY
BOARD OF GOVERNORS
#1837
OF THE
FEDERAL RESERVE SYSTEM
NB
THE AMERICAN BANKERS ASSOCIATION
1126973
AUG
AMENO!
N.W.,
WASHINGTON,
D.C.
20036
07
PRESIDENT
OFFICE OF RECEIVED THE CHAIRMAN
EUGENE H. ADAMS
PRESIDENT
THE FIRST NATIONAL BANK
July 31, 1973
DENVER, COLORADO 80217
Mr. Donald Macdonald
Senior Vice President
Dow Jones & Company, Inc
Wall Street Journal
22 Cortlandt Street
New York, New York 10007
Dear Mr. Macdonald:
As a long time reader and admirer of your great newspaper, Iam writing this
letter to you to call your attention to an error in fact which appeared in your
July 25th edition.
I am enclosing a copy of an article by one of your staff reporters in regard to
the changes in the loan interest rates published each month by the Federal
Reserve Board, which instituted in January of 1972 a monthly survey of some
400 banks (I believe this is approximately the right number) asking them to
report the average interest rate charged by them in the first five business days
of the previous month on a total of eight types of bank loans.
The staff reporter who wrote the article of July 25 must be familiar with the
publication to which I am referring and his article had to be based on the
July 23 release by the Fed.
I take particular exception to the statement in the third paragraph of the news item
which states as follows: "It was the fourth consecutive month during which the
rates on small business loans had risen substantially. In January the rate was
7.31%."
I am enclosing herewith for your perusal a copy of the July 23, 1973 Federal Reserve
release, and I call your attention to the fact that the 7.31% rate quoted in your
paper as applying to January of this year actually was the average January, 1972
rate; the rate in January, 1973 was 7.70%. The rate in June this year was 8.19%,
so the change in the last six months amounts to 49 basis points, which is less
than one-half of one percent, and the change in the 18-month period, from January,
1972 through June, 1973 was 88 basis points, which, while representing a 12%
increase over the January, 1972 rate, was nevertheless not even a base rate
increase of one percent.
In the last four reported months, March, April, May and June, this small business
loan rate changed from 7.83% in March, to 7.95% in April, to 8.10% in May, and
8.19% in June. I realize I am editorializing, but I do not consider those increases
"substantial. "
GERALD FORD STBRART
Mr. Donald Macdonald
July 31, 1973
Page 2
In the 18-month period covered by the Fed's ongoing survey, it is my
personal opinion that the American commercial banking industry has
shown very considerable restraint in loan rate increases. Particularly
do I think this is true in the consumer loan area.
The final paragraph of your news article contains this sentence: "The average
rate on loans to buy new automobiles climbed to 10.08% last month from
10.05% in May. Some climb .03%.
It would be much fairer to point out that, in two of the five consumerate
categories used by the Fed, there has been in the last 18 months either a
decline in the average rate or no change at all, and the only reason there
has been an increase in the bank credit card rate (and here only 13 basis
points) is the fact that, in the intervening period during which the Fed has
been making these surveys, several states of our nation have amended their
usury laws to allow a higher interest rate on bank credit cards.
I don't know what you will conclude to do, if anything, about this letter,
and I am well aware of the fact that it is difficult to argue with a newspaper
unless you have one of your own. Nevertheless, in the interest of accuracy
and in fairness to the American commercial banking industry, I would hope
very much indeed that you would ask your staff reporter to cover the whole
area embraced in the Federal Reserve's survey and to point out, as I have
tried to do herein, if you agree with me, that banks of our nation have been
pretty good citizens in trying to provide most American consumers with the
loan funds they want at reasonable and virtually unchanged rates throughout
this period.
Very truly yours,
Eugene H. Adams
EHA:p
Enclosures
bc: The Honorable Arthur F. Burns
GERALD FORD LIBRARY
Loan Interest Rates
For Small Concerns
Rose Again in June
Average Bank Fee on Short-Term,
Noninstallment Borrowing Hit
8.19%, Up From May's 8.10%
By a WALL STREET JOURNAL Staff Reporter
WASHINGTON - Interest rates on bank
loans for small businesses continued to rise in
BOARD :
OF
COMMONWEALTH
COVER
FEDERAL RESERVE
OF
THE
statistical release
THE
For immediate release
G.10
July 23, 1973
INTEREST RATES CHARGED ON SELECTED TYPES OF BANK LOANS
Type of Loan
Interest rate (per cent per annum)
January
May
June
Charge
in
1972
1973
1973
18 mos.
1)
Small short-term noninstalment
loans to businesses
7.31
8.10
8.19
+12%
2) Farm production loans (one
year or less maturity)
a)
Feeder cattle operations
7.55
8.13
8.20
+8%
b)
Other farm production
operating expenses
7.63
8.06
8.13
+ 6%
3) Consumer instalment credit for:
a.)
New automobiles (36 months)
10.26
10.05
10.08
- 2%
b) Mobile homes (84 months)
10.94
10.84
10.57
- 3%
a.)
Other consumer goods
(24 months)
12.57
12.48
12.57
SAme
d)
Other personal expenditures
(12 months)
12.74
12.78
12.78
Virtually Sucharged
Credit card plans
17.11
17.22
17.24
+ .007
NY Prime RATe
5.00
7.00
850
+ 70%
Note: The interestrates shown on this release are based on a survey
conducted jointly by the Federal Reserve System and the Federal Deposit
Insurance Corporat ion of loans made during the first full calendar week
of each month by a sample of 370 insured commercial banks. They represent
simple unweichted iverages of the "most common" effective annual rate re-
ported by respondents in each loan category. The "most common" rate is
defined as the rate charged on the largest dollar volume of loans in the
particular cateegory during the week covered in the survey. Consumer
instalment Loan rates are reported on a Truth-in-Lending basis as specified
in the Federal Reserve Board's Regulation= %.
1/ Loans of $10.000 to $25,000 maturing in one year or less.
1 GERALD PORD
BOARD OF GOVERNORS
FEDERAL
NB
THE AMERICAN BANKERS ASSOCIATION
1972
112000
AVENUE
WASHINGTON,
DC
20036
07
PRESIDENT
OFFICE OF RECEIVED THE CHAIRMAN
EUGENE H ADAMS
PRESIDENT
THE FIRST NATIONAL BANK
July 31, 1973
DENVER, COLORADO 80217
Mr. Donald Macdonald
Senior Vice President
Dow Jones & Company, Inc
Wall Street Journal
22 Cortlandt Street
New York, New York 10007
Dear Mr. Macdonald:
As a long time reader and admirer of your great newspaper, I am writing this
letter to you to call your attention to an error in fact which appeared in your
July 25th edition.
I am enclosing a copy of an article by one of your staff reporters in regard to
the changes in the loan interest rates published each month by the Federal
Reserve Board, which instituted in January of 1972 a monthly survey of some
400 banks (I believe this is approximately the right number) asking them to
report the average interest rate charged by them in the first five business days
of the previous month on a total of eight types of bank loans.
The staff reporter who wrote the article of July 25 must be familiar with the
publication to which I am referring and his article had to be based on the
July 23 release by the Fed.
I take particular exception to the statement in the third paragraph of the news item
which states as follows: "It was the fourth consecutive month during which the
rates on small business loans had risen substantially. In January the rate was
7.31%."
I am enclosing herewith for your perusal a copy of the July 23, 1973 Federal Reserve
release, and I call your attention to the fact that the 7.31% rate quoted in your
paper as applying to January of this year actually was the average January, 1972
rate; the rate in January, 1973 was 7.70%. The rate in June this year was 8.19%,
so the change in the last six months amounts to 49 basis points, which is less
than one-half of one percent, and the change in the 18-month period, from January,
1972 through June, 1973 was 88 basis points, which, while representing a 12%
increase over the January, 1972 rate, was nevertheless not even a base rate
increase of one percent.
In the last four reported months, March, April, May and June, this small business
loan rate changed from 7.83% in March, to 7.95% in April, to 8.10% in May, and
8.19% in June. I realize I am editorializing, but I do not consider those increases
"substantial."
FORD LIBRARY
Mr. Donald Macdonald
July 31, 1973
Page 2
In the 18-month period covered by the Fed's ongoing survey, it is my
personal opinion that the American commercial banking industry has
shown very considerable restraint in loan rate increases. Particularly
do I think this is true in the consumer loan area.
The final paragraph of your news article contains this sentence: "The average
rate on loans to buy new automobiles climbed to 10.08% last month from
10.05% in May.' Some climb!-- .03%.
It would be much fairer to point out that, in two of the five consumer rate
categories used by the Fed, there has been in the last 18 months either a
decline in the average rate or no change at all, and the only reason there
has been an increase in the bank credit card rate (and here only 13 basis
points) is the fact that, in the intervening period during which the Fed has
been making these surveys, several states of our nation have amended their
usury laws to allow a higher interest rate on bank credit cards.
I don't know what you will conclude to do, if anything, about this letter,
and I am well aware of the fact that it is difficult to argue with a newspaper
unless you have one of your own. Nevertheless, in the interest of accuracy
and in fairness to the American commercial banking industry, I would hope
very much indeed that you would ask your staff reporter to cover the whole
area embraced in the Federal Reserve's survey and to point out, as I have
tried to do herein, if you agree with me, that banks of our nation have been
pretty good citizens in trying to provide most American consumers with the
loan funds they want at reasonable and virtually unchanged rates throughout
this period.
Very truly yours,
Eugene H. Adams
EHA:p
Enclosures
bc: The Honorable Arthur F. Burns
GERALD FORD LIBRARY
7/25/73
Loan Interest Rates
For Small Concerns
Rose Again in June
Average Bank Fee on Short-Term,
Noninstallment Borrowing Hit
8.19%, Up From May's 8.10%
By a WALL STREET JOURNAL Staff Reporter
WASHINGTON - Interest rates on bank
loans for small businesses continued to rise in
June, the Federal Reserve Board said.
OF
OF
COMMONWEALTH
COVER
FEDERAL RESERVE
OF
THE
statistical release
For immediate release
G.10
July 23, 1973
INTEREST RATES CHARGED ON SELECTED TYPES OF BANK LOANS
Type of Loan
Interest rate (per cent per annum)
January
May
June
Charge
1972
1973
1973
18 mos.
1)
Small short-term noninstalment
loans to businesses 1/
7.31
8.10
8.19
+ 12%
2)
Farm production loans (one
year or less maturity)
a)
Feeder cattle operations
7.55
8.13
8.20
+8%
b)
Other. farm production
operating expenses
7.63
8.06
8.13
+ 6%
3) Consumer instalment credit for:
a.) New automobiles (36 months)
10.26
10.05
10.08
- 2%
b) Mobile homes (84 months)
10.94
10.84
10.57
- 3%
a.)
Other consumer goods
(24 months)
12.57
12.48
12.57
d)
SAme
Other personal expenditures
(12 months)
12.74
12.78
12.78
(d) Credit card plans
Virtually Sucharged
17.11
17.22
17.24
+ .007
NY Prime RATe
5.00
7.00
850
+ 70%
Note: The interest rates shown on this release are based on a survey
conducted jointly by the Federal Reserve System and the Federal Deposit
Insurance Corporat ien of loans made during the first full calendar week
of each month by a sample of 370 insured commercial banks. They represent
simple unweighted iverages of the "most common" effective annual rate re-
ported by respondents in each bean category. The "most common" rate is
defined as the rate charged on the largest dollar volume of loans in the
particular cateegors during the week covered in the survey. Consumer
instalment Lean rates are reported on a Truth-in-Lending basis as specified
in the Federal Reserve Board's Regulation :.
1/ Loans of $10.000 to $25,000 maturing in one year or less.
GERALD FORD LIBRARIA
FEDERAL AGENCY RELATIONS
THE AMERICAN BANKERS ASSOCIATION 1120 CONNECTICUT AVENUE, N.W., WASHINGTON, D.C. 20036
FEDERAL ADMINISTRATIVE ADVISER
HAMPTON A. RABON
202/467-4200
October 1, 1973
Mrs. Catherine Mallardi
Secretary to Chairman Burns
Board of Governors of the
Federal Reserve System
Washington, D.C. 20551
Dear Mrs. Mallardi:
There is enclosed for your information a copy of the agenda for the
next meeting of the Government Borrowing Committee. Please call to Chairman
Burns' attention that the Committee will be meeting in our offices at
1120 Connecticut Avenue, N.W. The building (Bender) has another entrance
on L Street, near 18th. Our Board Room is on the 7th floor.
The Committee will look forward, as usual, to meeting with Chairman
Burns at 4:00 p.m. on Tuesday, October 23, 1973.
I am also enclosing for Chairman Burns' information a list of the
members of the Government Borrowing Committee as it is expected to be
constituted at the time of the meeting.
Sincerely,
Hampton a
Hampton A. Rabon
HAR:fmm
Enclosures
GERALD FORD FIBRARY
AGENDA
GOVERNMENT BORROWING COMMITTEE
The American Bankers Association
October 23-24, 1973
BERALD FORD LIBRARY
Tuesday, October 23, 1973
9:00 a.m.
Committee meets in Board Room of
The American Bankers Association
1120 Connecticut Avenue, N.W.
(7th Floor)
1/
10:00 a.m.
Committee to review slides in Room 2334
of the Treasury building
2/
11:00 a.m.
Committee to meet with Under Secretary
for Monetary Affairs, Mr. Paul Volcker
in Room 4426 of the Treasury building for
backgrounding
12:30 p.m.
Refreshments. Maryland Room, Mayflower
Hotel
1:00 p.m.
Luncheon. New York Room, Mayflower Hotel
2:30 p.m.
Committee to assemble in Board Room of
The American Bankers Association
1120 Connecticut Avenue, N.W. (7th Floor)
1/
Chairman Burns (Federal Reserve Board) will
meet with the Committee at 4:00 p.m.
6:30 p.m.
Cocktails
7:00 p.m.
Dinner
New York Room, Mayflower Hotel
NOTE: The Honorable James E. Smith,
Comptroller of the Currency, will attend the
dinner.
Wednesday, October 24, 1973
9:00 a.m.
Committee to assemble in Board Room of
The American Bankers Association
1120 Connecticut Avenue, N.W. (7th Floor)
1/
9:45 a.m.
Committee to report its recommendations to
Secretary Shultz and the Treasury Financing
Group in Room 4426 of the Treasury building
This location is on Connecticut Avenue across from the Mayflower Hotel.
Treasury will use the regular projection room on the second floor in southwest corner of
building (corner facing the Mall and the White House).
Conference with Under Secretary for Monetary Affairs and report to the Secretary of the
Treasury will be held in the 4th floor Conference Room on west side of building near the
center elevators opposite the White House.
GOVERNMENT BORROWING COMMITTEE
Chairman: Robert M. Surdam
Chairman and Chief Executive Officer
National Bank of Detroit
RPA Box 116
Detroit, Michigan 48232
Andrew Benedict
Robert J. Gaddy
Chairman of the Board
Chairman and President
First American National Bank
Tower Grove Bank and Trust Company
P.O. Box 1351
3134 South Grand Boulevard
Nashville, Tennessee 37202
St. Louis, Missouri 63118
Alfred Brittain III
William M. Jenkins
President
Chairman
Bankers Trust Company
Seattle-First National Bank
P.O. Box 318, Church Street Station
P.O. Box 3586
New York, New York 10015
Seattle, Washington 98124
Robert E. Bryans
Ben F. Love
President
Chairman and Chief Executive Officer
First National Bank of Casper
Texas Commerce Bank, N.A.
P.O. Box 40
P.O. Box 2558
Casper, Wyoming 82601
Houston, Texas 77001
Willard C. Butcher
C. Coleman McGehee
President
President and Chief Executive Officer
The Chase Manhattan Bank, N.A.
First and Merchants National Bank
One Chase Manhattan Plaza
P.O. Box 27025
New York, New York 10015
Richmond, Virginia 23261
A.W. Clausen
John A. Moorhead
President and Chief Executive Officer
Chairman and Chief Executive Officer
Bank of America, N.T. & S.A.
Northwestern National Bank
P.O. Box 37000
Seventh and Marquette
San Francisco, California 94137
Minneapolis, Minnesota 55440
Richard P. Cooley
Ellmore C. Patterson
President and Chief Executive Officer
Chairman of the Board
Wells Fargo Bank, N.A.
Morgan Guaranty Trust Company
464 California Street
23 Wall Street
San Francisco, California 94120
New York, New York 10015
Gaylord Freeman
John H. Perkins
Chairman of the Board
President
The First National Bank
Continental Illinois National Bank and Trust Co.
P.O.BoxA
Lock Box H
Chicago, Illinois 60670
Chicago, Illinois 60693
GERALD FORO LIBRARY
-2-
Government Borrowing Committee
EX OFFICIO
Howard C. Petersen
Chairman of the Board
Eugene H. Adams
The Fidelity Bank
President
Broad and Walnut Streets
The First National Bank
Philadelphia, Pennsylvania 19109
P.O. Box 5808, Terminal Annex
Denver, Colorado 80217
Robert V. Roosa
(Past President, ABA)
Partner
Brown Brothers Harriman & Company
Willis W. Alexander
59 Wall Street
Executive Vice President
New York, New York 10005
The American Bankers Association
1120 Connecticut Avenue, N.W.
D. Thomas Trigg
Washington, D.C. 20036
Chairman and Chief Executive Officer
National Shawmut Bank of Boston
W. Jarvis Moody
P.O. Box 2176
President
Boston, Massachusetts 02106
American Security and Trust Company
15th and Pennsylvania Avenue, N.W.
ADVISORY MEMBERS
Washington, D.C. 20013
(Chairman, ABA Savings Bonds Committee)
John J. Larkin
Rex J. Morthland
Senior Vice President
Chairman of the Board
First National City Bank
The Peoples Bank and Trust Company of Selma
P.O. Box 850, Wall Street Station
P.O. Box 799
New York, New York 10015
Selma, Alabama 36701
(President, ABA)
Donald C. Miller
Executive Vice President
George L. Whyel
Continental Illinois National-Bank & Trust Co.
Vice Chairman of the Board
Lock Box H
Genessee Merchants Bank and Trust Company
Chicago, Illinois 60693
Flint, Michigan 48502
(President-Elect, ABA)
Leland S. Prussia, Jr.
Senior Vice President
Bank of America, N.T. & S.A.
P.O. Box 37000
Hampton A. Rabon
San Francisco, California 94137
ABA Director (202-467-4200)
James R. Sheridan
Senior Vice President
North Carolina National Bank
P.O. Box 120
Charlotte, North Carolina 28201
FORD & LIBRARY GERALD
October 10, 1973
GERALD
An Invitation
The First National Bank of Miami, a Southeast Bank,
invites you, your associates and ladies
to our traditional Florida Cracker Breakfast
8 to 10:00 a.m., Sunday, October 7, 1973
at the ABA Convention,
The Ninety- Fifth, John Hancock Building
Chicago, Illinois
Harry Hood Bassett
Charles J. Zwick
J. B. Shumate
David W. Brillhart
Bernard F. Bischoff III
Robert E. White
RSVP
BOARD OF
FEDERAL RESERVE SYSTEM
19730CT PM12: 15
OFFICE
THE AMERICAN BANKERS ASSOCIATION 1120 CONNECTICUT AVENUE, N. W., D.C. 20036
PRESIDENT
REX J. MORTHLAND
CHAIRMAN OF THE BOARD
THE PEOPLES BANK S TRUST COMPANY
SELMA, ALABAMA 36701
# 2290
October 25, 1973
M/R
asa
Dr. Arthur F. Burns, Chairman
Board of Governors of the Federal Reserve System
Washington, D.C. 20551
Dear Dr. Burns:
Thank you very much for your October 16 letter of
congratulations on my recent election as President of the
American Bankers Association. Having you take the time out
of your busy schedule to write means much to me because of
my strong admiration for your scholarship and for your great
contributions to our nation in a most responsible and difficult
position.
I hope we shall be able to continue discussions with you
in a manner that will be helpful to you and to the Board of
Governors. The leadership of the American Bankers Association
is anxious to do whatever it can to promote an effective banking
system in a sound economy for our nation. We shall welcome any
opportunity to work with you, any of the Governors, or the staff
of the Federal Reserve System whenever you believe that we may
be of assistance.
Sincerely yours,
Rex J. Morthland
RJM:k1
CC: Mr. Eugene H. Adams
Mr. Willis W. Alexander
BERALD R. FORD
#.
October 16, 1973
Dear Mr. Morthland:
I want to congratulate you on your recent
election as president of the American Bankers
Association and to wish you well as you undertake
important new responsibilities on behalf of the
banking community. I look forward to continuing
with you the constructive dialogue which I have
enjoyed with your immediate predecessors.
Sincerely yours,
(signed) Arthur F. Burns
Arthur F. Burns
Mr. Rex J. Morthland
Chairman
Peoples Bank & Trust Company
Selma, Alabama 36701
CC: Mrs. Mallardi (2)
NB:slc
N.B.
GERALD FORD
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
#2510
1973DEC 13 PM 48
TRUST DIVISION
RECEIVED
THE AMERICAN BANKERS ASSOCIATION 1120 CONNECTICUT AVENUE, N.W., WASHINGTON, D.C. 20036
PRESIDENT
CHALKLEY J. HAMBLETON
PRESIDENT
HARRIS TRUST AND SAVINGS BANK
P. O. BOX 755
CHICAGO, ILLINOIS 60690
VICE PRESIDENT
December 10, 1973
WILLIAM W. GRAULTY
EXECUTIVE VICE PRESIDENT
THE CONNECTICUT BANK AND TRUST COMPANY
ONE CONSTITUTION PLAZA
HARTFORD, CONNECTICUT 06115
M
DIRECTOR
The Honorable Arthur F. Burns
L.A. CAPALDINI
Chairman
202/467-4020
Board of Governors of the Federal Reserve System
ASSOCIATE DIRECTORS
Federal Reserve Building/Constitution Avenue
JAMES D. McLAUGHLIN
Washington, D.C. 20551
202/467-4027
MARY C. SMITH
202/467-4025
Dear Mr. Burns:
Complimentary Registration -- 55th National Trust Conference
On behalf of the officers of the ABA Trust Division, I cordially invite
you to attend our 55th National Trust Conference to be held at the
San Francisco Hilton on February 3-6, 1974.
Preliminary information about the conference is enclosed, including
a hotel reservation form for your use. Please complete the
complimentary conference registration form and return it directly
to me to ensure proper registration for the conference.
You should make your own reservation directly with the hotel as soon
as possible to be sure that you get the accommodations of your choice.
If you need assistance in any way, please let us know.
I hope very much that you can be with us in San Francisco in February.
Cordially yours,
L.A. Capaldini
Enclosure
LAC/hk
Called 12/1/19
GERALD FORD LIBRARY
regam
February
President
3-6, 1974
ABA Trust Division
BOARD OF GOVERNORS
OF THE
San Francisco Hilton
FEDERAL RESERVE SYSTEM
Chalkley J. Hambleton
and Tower
1973DEC 13 PM 47
President
Harris Trust and
San Francisco
RECEIVED
Savings Bank
OFFICE OF THE CHAIRMAN
Chicago
TRUST
Today/Tomorrow
November 1973
Your interest in
the trust business
prompts me to write to you about the ABA 55th National Trust
Conference. As Division President, I particularly want you to have
preliminary information about a conference that is being designed especially
for you.
Last year the Executive Committee of the ABA Trust Division decided to begin
moving the conference to various sites around the country. I know you are
pleased to see our upcoming conference located in the beautiful and interest-
ing city of San Francisco. We will be in session February 3-6, 1974, at the
San Francisco Hilton.
The theme for this year's conference is "Trust: Today/Tomorrow." It is
intended to provide you with a means of focusing upon the opportunities and
issues facing the trust business now and the trends and events that will
profoundly affect all of us in the future.
As you look over the enclosed preliminary program, you will see that we are
providing a conference that includes outstanding and interesting speakers
with something to say. You will hear Chet Huntley, ABA President Morthland
and other thought leaders. In addition, the concurrent workshop sessions
will allow you to choose from more than 25 different speakers and topics
according to your professional interests and needs. Also, you'll note there
will be a special program for spouses.
After looking over the enclosed program, we hope you will decide to make the
National Trust Conference a part of your schedule for next year. We have
included conference and spouse registration forms and hotel reservation
information so that you can conveniently plan and schedule now for what I
believe will be a highly informative and interesting conference.
Looking forward to seeing you in San Francisco.
Cordially,
e.J.Hambletin
Chalkley J. Hambleton
GERALD FORD LIBRARY
THE AMERICAN BANKERS ASSOCIATION 1120 CONNECTICUT AVENUE, N.W., WASHINGTON, D.C. 20036
So that this registration will receive
priority processing, return it directly to:
L. A. Capaldini
Director/Trust Division
The American Bankers Association
1120 Connecticut Avenue, N. W.
Washington, D. C. 20036
Please! TYPE this form to ensure that all copies are clearly legible. This will enable us to serve you
more efficiently. Detach the last copy (blue) for your files.
VIII
CONFERENCE REGISTRATION
COMPLIMENTARY
FULL NAME First Middle initial Last
First Name or Nickname for BADGE
TRUST
Arthur F. Burns
Today/Tomorrow
BANK or ORGANIZATION
MAILING ADDRESS
CITY, STATE, ZIP
TRUST TITLE $ ASSETS size , 000, per last 000.00 call report
AREA CODE
TELEPHONE
SPOUSE REGISTRATION
COMPLIMENTARY
FULL NAME First Middle Initial Last
First Name or Nickname for BADGE
ABA
Mrs. Arthur F. Burns
HOME MAILING ADDRESS Note: HOME Mailing Address
55th
National
CITY, STATE, ZIP
Trust
Conference
Additional registrants may be submitted on a separate sheet. Fees are same as stated on this form.
REGISTRATION FEES
Detach the last copy (blue) for your files. Mail top 5 copies
CONFERENCE
$125
to: Miss Bonnie Kennedy
Trust Conference Registration Coordinator
SPOUSE
$45
The American Bankers Association
1120 Connecticut Avenue, N.W.
Total enclosed $
Washington, D.C. 20036
February 3-6, 1974
Please make check payable to:
San Francisco
The American Bankers Association
Any questions? Phone Miss Kennedy at 202/467-4882.
Hilton and Tower
CANCELLATION: Full registration will be refunded if written notice is postmarked no later than
San Francisco
January 15, 1974. After January 15, $25.00 per person processing fee. No refunds
after March 6, 1974.
Your name will appear on advance registration list if received by January 15, 1974.
TRUST
Today/Tomorrow
Preliminary Program
This "preliminary program" contains only basic
information relating to this conference. It is subject to
GERALD LIBRARY
modifications. Registrants will receive a final and
complete program in San Francisco.
TRUST
Today/Tomorrow
ABA 55th
National Trust
Conference
February 3-6, 1974
"Trust: Today/Tomorrow," the theme
San Francisco Hilton and Tower
of the ABA 55th National Trust
Conference, reflects the concerns of
trust officers today. This dynamic and
pragmatic conference will provide you
with a means of focusing upon the
opportunities and issues facing the trust
business now and the trends and events
that will profoundly affect us in the
future.
The general sessions feature such
thought leaders as Chet Huntley, ABA
President Morthland, and economists
Solomon and Sprinkel who will talk
about investment strategies in a
changing economy.
These and other leaders will help
trust officers prepare profitably for the
days ahead in an increasingly dynamic
and responsive manner.
THE AMERICAN BANKERS ASSOCIATION
Spouses Program
The Spouses Program will feature happenings
created especially for spouses by knowledge-
able convention planners and San Franciscans
in the know.
The headquarters for these activities will
be a special host suite at the San Francisco
Hilton. Spouses of San Francisco bankers will
serve as hostesses and be on hand to offer
advice on where to shop, where to eat, and
what to see.
A special representative will provide you
and your spouse with complete details shortly
after your spouse's registration is received.
Registered spouses will be admitted to all
sessions and open receptions.
Sign up your spouse now.
TRUST
Today/Tomorrow
General Sessions
These will take place on Monday, Tuesday
and Wednesday mornings.
The talks will feature discussions on
those opportunities and issues all trust
officers, whether from large or small banks,
need to address.
Chalkley J. Hambleton
William W. Graulty
Speakers
Chalkley J.
President
William W.
Executive Vice President
Harris Trust and Savings
The Connecticut Bank
Hambleton
Bank
Graulty
and Trust Company
Chicago, Illinois
Hartford, Connecticut
and
and
President
Vice President
ABA Trust Division
ABA Trust Division
Rex J. Morthland
Chet Huntley
Dr. Ezra Solomon
Dr. Beryl W. Sprinkel
Rex J.
Chairman of the Board
Chet Huntley
Private Citizen
Morthland
Peoples Bank & Trust
Bozeman, Montana
Company
and
Selma, Alabama
Former NBC Newscaster
and
President
The American Bankers
Association
Dr. Ezra
Dean Witter Professor
Dr. Beryl W.
Senior Vice President
of Finance
and Economist
Solomon
Stanford University
Sprinkel
Harris Trust and
Stanford, California
Savings Bank
Chicago, Illinois
Chalkley J. Hambleton
William W. Graulty
Presiding
Chalkley J.
President
William W.
Executive Vice President
Harris Trust and
The Connecticut Bank
Hambleton
Savings Bank
Graulty
and Trust Company
Chicago, Illinois
Hartford, Connecticut
and
and
President
Vice President
ABA Trust Division
ABA Trust Division
John M. Cookenbach
Stetson B. Harman
Joseph Schmedding
John M.
Executive Vice President
Stetson B.
Senior Vice President
and Secretary
and Executive Trust
Cookenbach
Harman
The First Pennsylvania
Officer
Banking and Trust
First National Bank
Company
of Oregon
Philadelphia, Pennsylvania
Portland, Oregon
and
and
Past President
Past President
ABA Trust Division
ABA Trust Division
Joseph
Senior Vice President
and Senior Trust Officer
Schmedding
Bank of America NT&SA
San Francisco. California
and
Chairman of Trust Group
California Bankers
Association
TRUST
Today/Tomorrow
Concurrent
Workshops
There will be a total of 16 workshop
The workshops will be on a "track"
sessions during the conference-four
basis. The four "track" subject areas are:
during each of these periods:
Community Banks
Monday afternoon, February 4
Investments
Tuesday morning, February 5
Marketing
Tuesday afternoon, February 5
Strategies
Wednesday morning, February 6
You will be able to move from session
to session, depending on your interest or
you can stay on one track during the four
periods given above.
Varying levels of sophistication-from
basic "how to" to newest theory-will be
utilized in order to address your level of
interests and needs.
John R. Bermingham
Richard P. Brown
Moderators
John R.
Senior Vice President
Richard P.
Senior Vice President
Irving Trust Company
and Executive Trust
Bermingham
Brown
New York, New York
Officer
The First National Bank
of Denver
Denver, Colorado
William G. Brown
Paul F. Butler
Donald S. Buzard
William J. Copeland
William G.
Executive Vice President
Paul F.
Vice President
American National Bank
State Street Bank &
Brown
Butler
& Trust Company
Trust Company
Chattanooga, Tennessee
Boston, Massachusetts
Donald S.
First Vice President and
William J.
Vice Chairman of the
General Counsel
Board
Buzard
First Wisconsin Trust
Copeland
Pittsburgh National Bank
Company
Pittsburgh, Pa.
Milwaukee, Wisconsin
Van R. Gathany
Robert L. Landau
Ray F. Myers
Moderators
(continued)
Van R.
Senior Vice President
Robert L.
Vice President
The Northern Trust
Bankers Trust Company
Gathany
Landau
Company
New York, New York
Chicago, Illinois
Ray F. Myers
Executive Vice President
Continental Illinois
National Bank and
Trust Company
Chicago, Illinois
Fred E. Seibert
Arthur V. Toupin
Gerald V. Weigle
James Wood
Fred E.
Vice President
Arthur V.
Executive Vice President
Bank of America NT&SA
Bank of America NT&SA
Seibert
San Francisco, California
Toupin
San Francisco, California
Gerald V.
Senior Vice President
James Wood
Vice President
The First National Bank
The Bank of New York
Weigle
of Cincinnati
New York, New York
Cincinnati, Ohio
L.A. Capaldini
James D. McLaughlin
Miss Mary C. Smith
Staff
L. A.
Director/Trust Division
James D.
Associate Director/
Trust Division
Capaldini
McLaughlin
Miss Mary C.
Associate Director/
Trust Division
Smith
Suggested
Concerning Sunday 3rd:
Arrival/Departure Times
Opening Reception starts at 6:00 p.m.,
closes at 8:00 p.m. You'll find it a good
Rule of thumb:
gatherin' place. The Conference Registra-
tion and Spouse Registration desks open
Arrive afternoon on Sunday, February 3.
10:00 a.m., close 8:00 p.m.
Depart afternoon on Wednesday, February 6.
Of course, you may wish to arrive earlier
Concerning Wednesday 6th:
and/or stay later to enjoy the city of San
Francisco, also for your own special side
You can't afford to miss the morning's
trips.
four workshop sessions and the general
session (some of the best was saved for the
last). It all closes before noon, enabling you
to catch early afternoon flights where
necessary.
Fill out and send this addressed and postage paid form directly to hotel. If you wish to call in your
reservation, phone Hilton Reservation Service Office in your city. Or phone San Francisco
415/771-1400.
San Francisco
Hilton and Tower
Date mailed
HOTEL RESERVATION
All reservations cancelled after
6 p.m. unless a deposit has
For ABA
February
been received or payment
55th National
3-6, 1974
guaranteed for late check-in.
If guest guarantees reservation
Trust Conference
San Francisco
and does not arrive, room will
Hilton and Tower
be billed for one night and the
reservation cancelled.
If a room at the rate requested
is unavailable, one at the nearest
Mr. Salazar, please confirm the following in writing:
available rate will be reserved.
TRUST
The above are current rates. In
Today/Tomorrow
the event of any change, the rates
Main
ACCOMMODATIONS
Tower
prevailing at the time of the con-
Building
vention will apply. All requests
must be received 30 days prior
Single Bedded
$24-40
$33-49
to the starting date of the con-
vention. Roomsheld for this meet-
Double Bedded
$33-49
$43-58
ing that are not reserved by that
Twin Bedded
$33-49
$43-58
Arrival Date
Time
time automatically revert to the
Suite with 1 bedroom and parlor
$80-up
$80-up
hotel.
Suite with 2 bedrooms and parlor
$120-up
$155-up
All rooms subject to
current city room tax.
Departure Date
Time
Children in same room with parents: no charge,
Name
Company
Address
City-State-Zip
Additional Occupants (Names)
To make your hotel reservation, use the card
To effect your conference and spouse registra-
below or write on your letterhead to:
tions, use the enclosed forms and mail them
in the postage paid envelope to:
Mr. Tony Salazar
Front Office Manager
Miss Bonnie Kennedy
San Francisco Hilton and Tower
Trust Conference Registration
Mason and O'Farrell
Coordinator
San Francisco, California 94102
The American Bankers Association
1120 Connecticut Avenue, N.W.
Washington, D.C. 20036
If you wish to call in your reservations, phone Hilton Reser-
Any questions? Telephone Miss Kennedy in
vation Service Office in your city. Or phone San Francisco
415/771-1400.
Washington at 202/467-4882.
FIRST CLASS
Permit No. 15042
San Francisco
California
BUSINESS REPLY CARD
No postage necessary if mailed in the United States
Postage will be paid by
Mr. Tony Salazar
Front Office Manager
SAN FRANCISCO HILTON and TOWER
MASON and O'FARRELL
SAN FRANCISCO, CALIFORNIA 94102
TRUST
Today/Tomorrow
DA
THE AMERICAN BANKERS ASSOCIATION
1120 CONNECTICUT AVENUE, N.W., WASHINGTON, D.C. 20036
FEDERAL AGENCY RELATIONS
THE AMERICAN BANKERS ASSOCIATION 1120 CONNECTICUT AVENUE, N.W., WASHINGTON, D.C. 20036
FEDERAL ADMINISTRATIVE ADVISER
HAMPTON A. RABON
202/467-4200
December 18, 1973
Mrs. Catherine Mallardi
Secretary to Chairman Burns
Board of Governors of the
Federal Reserve System
Washington, D.C. 20551
Dear Mrs. Mallardi:
There is enclosed for your information a copy of the agenda for the next meeting
of the Government Borrowing Committee. Please call to Chairman Burns' attention
that the Committee will be meeting in our offices at 1120 Connecticut Avenue, N.W.
The building (Bender) has another entrance on L Street, near 18th. Our Board Room is
on the 7th floor.
The Committee will look forward, as usual, to meeting with Chairman Burns at
4:00 p m. on Tuesday, January 29, 1974.
300
I am also enclosing for Chairman Burns' information a list of the members of
the Government Borrowing Committee.
Sincerely,
Hampton a. John
Hampton A. Rabon
HAR:fmm
Enclosures
BERALD R. FORD LIBRARY
AGENDA
GOVERNMENT BORROWING COMMITTEE
The American Bankers Association
January 29-30, 1974
Tuesday, January 29, 1974
9:15 a.m.
Committee meets in Board Room of
The American Bankers Association
1120 Connecticut Avenue, N.W.
(7th Floor)
1/
10:00 a.m.
Committee to review slides in Room 2334
of the Treasury building
2/
11:00 a.m.
Committee to meet with Under Secretary
for Monetary Affairs, Mr. Paul Volcker,
in Room 4426 of the Treasury building for
backgrounding
3/
12:30 p.m.
Refreshments
1:00 p.m.
Luncheon. Presidential Room, Mayflower Hotel
2:30 p.m.
Committee to assemble in Board Room of
The American Bankers Association
1120 Connecticut Avenue, N.W. (7th Floor)
1.
Chairman Burns (Federal Reserve Board) will
meet with the Committee at 4:00 p.m.
6:00 p.m.
Reception
7:00 p.m.
Dinner. Monroe Room, Washington Hilton Hotel
NOTE: Members of the Government Relations
Council will attend the reception and dinner.
Wednesday, January 30, 1974
9:00 a.m.
Committee to assemble in Board Room of
The American Bankers Association
1120 Connecticut Avenue, N.W. (7th Floor)
1/
9:45 a.m.
Committee to report its recommendations to
Secretary Shultz and the Treasury Financing
Group in Room 4426 of the Treasury building
3,
1/ This location is on Connecticut Avenue across from the Mayflower Hotel.
2/ Treasury will use the regular projection room on the second floor in the southwest corner of
the building (corner facing the Mall and the White House)
Conference with Under Secretary for Monetary Affairs and report to the Secretary of the
Treasury will be held in the 4th floor Conference Room on west side of the building near the
center elevators opposite the White House.
QERALD FORD LIBRARY
GOVERNMENT BORROWING COMMITTEE
Chairman: Robert M. Surdam
Chairman and Chief Executive Officer
National Bank of Detroit
RPA Box 116
Detroit, Michigan 48232
Andrew Benedict
Robert J. Gaddy
Chairman of the Board
Chairman and President
First American National Bank
Tower Grove Bank and Trust Company
P.O. Box 1351
3134 South Grand Boulevard
Nashville, Tennessee 37237
St. Louis, Missouri 63118
Alfred Brittain III
William M. Jenkins
President
Chairman
Bankers Trust Company
Seattle-First National Bank
P.O. Box 318, Church Street Station
P.O. Box 3586
New York, New York 10015
Seattle, Washington 98124
Robert E. Bryans
Ben F. Love
President
Chairman and Chief Executive Officer
First National Bank of Casper
Texas Commerce Bank, N.A.
P.O. Box 40
P.O. Box 2558
Casper, Wyoming 82601
Houston, Texas 77001
Willard C. Butcher
C. Coleman McGehee
President
President and Chief Executive Officer
The Chase Manhattan Bank, N.A.
First and Merchants National Bank
One Chase Manhattan Plaza
P.O. Box 27025
New York, New York 10015
Richmond, Virginia 23261
A.W. Clausen
John A. Moorhead
President and Chief Executive Officer
Chairman and Chief Executive Officer
Bank of America, N.T. & S.A.
Northwestern National Bank
P.O. Box 37000
Seventh and Marquette
San Francisco, California 94137
Minneapolis, Minnesota 55480
Richard P. Cooley
Ellmore C. Patterson
President and Chief Executive Officer
Chairman of the Board
Wells Fargo Bank, N.A.
Morgan Guaranty Trust Company
P.O. Box 44000
23 Wall Street
GERALD FORD LIBRARY
San Francisco, California 94144
New York, New York 10015
Gaylord Freeman
John H. Perkins
Chairman of the Board
President
The First National Bank
Continental Illinois National Bank and Trust Co.
P.O. Box A
231 South LaSalle Street
Chicago, Illinois 60670
Chicago, Illinois 60693
-2-
Government Borrowing Committee
EX OFFICIO
Howard C. Petersen
Chairman of the Board
Eugene H. Adams
The Fidelity Bank
President
Broad and Walnut Streets
The First National Bank
Philadelphia, Pennsylvania 19109
P.O. Box 5808, Terminal Annex
Denver, Colorado 80217
Robert V. Roosa
(Past President, ABA)
Partner
Brown Brothers Harriman & Company
Willis W. Alexander
59 Wall Street
Executive Vice President
New York, New York 10005
The American Bankers Association
1120 Connecticut Avenue, N.W.
D. Thomas Trigg
Washington, D.C. 20036
Chairman and Chief Executive Officer
National Shawmut Bank of Boston
W. Jarvis Moody
P.O. Box 2176
President
Boston, Massachusetts 02106
American Security and Trust Company
15th and Pennsylvania Avenue, N.W.
ADVISORY MEMBERS
Washington, D.C. 20013
(Chairman, ABA Savings Bonds Committee)
John J. Larkin
Rex J. Morthland
Senior Vice President
Chairman of the Board
First National City Bank
The Peoples Bank and Trust Company of Selma
95 Wall Street--23rd Floor
P.O. Box 799
New York, New York 10015
Selma, Alabama 36701
(President, ABA)
Donald C. Miller
Executive Vice President
George L. Whyel
Continental Illinois National Bank & Trust Co.
Vice Chairman of the Board
231 South LaSalle Street
Genessee Merchants Bank and Trust Company
Chicago, Illinois 60693
Flint, Michigan 48502
(President-Elect, ABA)
Leland S. Prussia, Jr.
Senior Vice President
ABA Staff:
Bank of America, N.T. & S.A.
Hampton A. Rabon
P.O. Box 37003
Director (202-467-4200)
San Francisco, California 94137
Lawrence Banyas
James R. Sheridan
Economic Consultant (202-467-4382)
Senior Vice President
North Carolina National Bank
P.O. Box 120
Charlotte, North Carolina 28201
FORD is LIBRARY 038470
December 1973