54636 Federal Register / Vol. 62, No. 203 / Tuesday, October 21, 1997 / Notices

St., N.W., Washington, D.C. 20424.

Joseph Lackey, Paperwork Clearance

Officer for the FLRA, Office of

Management and Budget, 725 17th St.,

N.W., Room 10235, Washington, D.C.

20503.

FOR FURTHER INFORMATION: For more

information, to submit comments or to

request a copy of the OMB submission,

please contact Nancy Speight at the

address listed above or by telephone at

202–482-6680 ext. 205. Interested

parties may also submit comments to

Joseph Lackey at the address given

above.

SUPPLEMENTARY INFORMATION:

Title: Customer Satisfaction Survey.

Needs and Uses: The Customer

Satisfaction Survey will be

disseminated to persons making use of

the services and procedures of the

FLRA, to obtain input as to the degree

of success the agency has achieved in

meeting the objective of its Strategic

Plan concerning providing high quality

services in timely resolving disputes in

the federal sector labor-management

relations community.

Respondents: Approximately 200

persons, within the meaning of 5 CFR

1320.3(k), who are representatives of

labor organizations and are not federal

employees. In addition, approximately

4500 federal employees who are either

representatives of labor organizations or

of management of various employer

agencies of the executive branch will

also receive the Survey.

Estimated Annual Burden: 30 minutes

per response; 200 respondents for the

purposes of burden calculation under

the Paperwork Reduction Act; 100 total

annual burden hours.

Dated: October 15, 1997.

Solly Thomas,

Executive Director, FLRA.

[FR Doc. 97–27733 Filed 10–20–97; 8:45 am]

BILLING CODE 6727–01–P

FEDERAL MARITIME COMMISSION

Sunshine Act Meeting

Agency Holding the Meeting: Federal

Maritime Commission.

Time and Date: 12:30 P.M.—October

17, 1997.

Place: 800 North Capitol Street,

N.W.—Room 1000, Washington, D.C.

Status: Closed.

Matter(s) to be Considered:

1. Docket No. 96–20—Port

Restrictions and Requirements in

the United States/Japan Trade

Contact Person for More Information:

Joseph C. Polking, Secretary, (202) 523–

5725.

Joseph C. Polking,

Secretary.

[FR Doc. 97–28021 Filed 10–17–97; 3:43 pm]

BILLING CODE 6730–01–M

FEDERAL RESERVE SYSTEM

Change in Bank Control Notices;

Acquisitions of Shares of Banks or

Bank Holding Companies

The notificants listed below have

applied under the Change in Bank

Control Act (12 U.S.C. 1817(j)) and §

225.41 of the Board’s Regulation Y (12

CFR 225.41) to acquire a bank or bank

holding company. The factors that are

considered in acting on the notices are

set forth in paragraph 7 of the Act (12

U.S.C. 1817(j)(7)).

The notices are available for

immediate inspection at the Federal

Reserve Bank indicated. The notices

also will be available for inspection at

the offices of the Board of Governors.

Interested persons may express their

views in writing to the Reserve Bank

indicated for that notice or to the offices

of the Board of Governors. Comments

must be received not later than

November 4, 1997.

A. Federal Reserve Bank of St. Louis

(Randall C. Sumner, Vice President) 411

Locust Street, St. Louis, Missouri 63102-

2034:

1. Rogers Family Limited Partnership

No. 2, and Doyle W. Rogers, General

Partner, Batesville, Arkansas; to acquire

voting shares of Rogers Bancshares, Inc.,

Little Rock, Arkansas, and thereby

indirectly acquire Metropolitan National

Bank, Little Rock, Arkansas.

Board of Governors of the Federal Reserve

System, October 15, 1997.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 97–27752 Filed 10–20–97; 8:45 am]

BILLING CODE 6210–01–F

FEDERAL RESERVE SYSTEM

Formations of, Acquisitions by, and

Mergers of Bank Holding Companies

The companies listed in this notice

have applied to the Board for approval,

pursuant to the Bank Holding Company

Act of 1956 (12 U.S.C. 1841 et seq.)

(BHC Act), Regulation Y (12 CFR Part

225), and all other applicable statutes

and regulations to become a bank

holding company and/or to acquire the

assets or the ownership of, control of, or

the power to vote shares of a bank or

bank holding company and all of the

banks and nonbanking companies

owned by the bank holding company,

including the companies listed below.

The applications listed below, as well

as other related filings required by the

Board, are available for immediate

inspection at the Federal Reserve Bank

indicated. The application also will be

available for inspection at the offices of

the Board of Governors. Interested

persons may express their views in

writing on the standards enumerated in

the BHC Act (12 U.S.C. 1842(c)). If the

proposal also involves the acquisition of

a nonbanking company, the review also

includes whether the acquisition of the

nonbanking company complies with the

standards in section 4 of the BHC Act.

Unless otherwise noted, nonbanking

activities will be conducted throughout

the United States.

Unless otherwise noted, comments

regarding each of these applications

must be received at the Reserve Bank

indicated or the offices of the Board of

Governors not later than November 14,

1997.

A. Federal Reserve Bank of Dallas

(Genie D. Short, Vice President) 2200

North Pearl Street, Dallas, Texas 75201-

2272:

1. WNB Bancshares, Inc., Odessa,

Texas; to acquire at least 51 percent of

the voting shares of City National Bank,

Austin, Texas, a de novo bank.

Board of Governors of the Federal Reserve

System, October 15, 1997.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 97–27753 Filed 10–20–97; 8:45 am]

BILLING CODE 6210–01–F

FEDERAL RESERVE SYSTEM

Notice of Proposals to Engage in

Permissible Nonbanking Activities or

to Acquire Companies that are

Engaged in Permissible Nonbanking

Activities

The companies listed in this notice

have given notice under section 4 of the

Bank Holding Company Act (12 U.S.C.

1843) (BHC Act) and Regulation Y, (12

CFR Part 225) to engage de novo, or to

acquire or control voting securities or

assets of a company that engages either

directly or through a subsidiary or other

company, in a nonbanking activity that

is listed in § 225.28 of Regulation Y (12

CFR 225.28) or that the Board has

determined by Order to be closely

related to banking and permissible for

bank holding companies. Unless

otherwise noted, these activities will be

conducted throughout the United States.
Federal Register / Vol. 62, No. 203 / Tuesday, October 21, 1997 / Notices 54637

1 Copies of the Minutes of the Federal Open

Market Committee meeting of August 19, 1997,

which include the domestic policy directive issued

at that meeting, are available upon request to the

Board of Governors of the Federal Reserve System,

Washington, D.C. 20551. The minutes are published

in the Federal Reserve Bulletin and in the Board’s

annual report.

Each notice is available for inspection

at the Federal Reserve Bank indicated.

The notice also will be available for

inspection at the offices of the Board of

Governors. Interested persons may

express their views in writing on the

question whether the proposal complies

with the standards of section 4 of the

BHC Act.

Unless otherwise noted, comments

regarding the applications must be

received at the Reserve Bank indicated

or the offices of the Board of Governors

not later than November 4, 1997.

A. Federal Reserve Bank of New

York (Betsy Buttrill White, Senior Vice

President) 33 Liberty Street, New York,

New York 10045-0001:

1. The Toronto-Dominion Bank,

Toronto, Canada, and Waterhouse

Investors Services, Inc., New York, New

York; to acquire Kennedy Cabot & Co.,

Beverly Hills, California, and thereby

engage in investment advisory activities

and securities brokerage and riskless

principal activities, pursuant to §§

225.28 (b)(6) and (7) of the Board’s

Regulation Y.

B. Federal Reserve Bank of St. Louis

(Randall C. Sumner, Vice President) 411

Locust Street, St. Louis, Missouri 63102-

2034:

1. Louisville Development Bancorp,

Inc., Louisville, Kentucky; to acquire

Louisville Enterprise Center, Inc.,

Louisville, Kentucky, and thereby

engage in community development

activities, pursuant to § 225.28(b)(12) of

the Board’s Regulation Y.

Board of Governors of the Federal Reserve

System, October 15, 1997.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 97–27751 Filed 10–20–97; 8:45 am]

BILLING CODE 6210–01–F

FEDERAL RESERVE SYSTEM

Federal Open Market Committee;

Domestic Policy Directive of August

19, 1997.

In accordance with § 271.5 of its rules

regarding availability of information (12

CFR part 271), there is set forth below

the domestic policy directive issued by

the Federal Open Market Committee at

its meeting held on August 19, 1997.1

The directive was issued to the Federal

Reserve Bank of New York as follows:

The information reviewed at this

meeting suggests that economic activity

is expanding at a moderate pace. In

labor markets, hiring remained robust at

midyear, and the civilian

unemployment rate, at 4.8 percent in

July, matched its low for the current

economic expansion. Industrial

production increased relatively slowly

in July, owing in part to a temporary

drop in motor vehicle assemblies. Retail

sales rose briskly in June and July after

having changed little over the preceding

three months. Housing starts rebounded

in June and July after having weakened

in May. Business fixed investment

increased substantially further in the

second quarter and available indicators

point to further sizable gains in the

current quarter. The nominal deficit on

U.S. trade in goods and services

narrowed slightly on balance over April

and May from its downward-revised

average rate in the first quarter. Price

inflation has remained subdued and

increases in labor compensation have

been moderate.

Market interest rates generally have

declined somewhat further since the

start of the Committee meeting on July

1-2, 1997. Share prices in equity

markets have increased on balance. In

foreign exchange markets, the tradeweighted value of the dollar in terms of

the other G-10 currencies rose

significantly on balance over the

intermeeting period.

After fluctuating sharply from April to

May, growth of M2 was at a moderate

pace over June and July and that of M3

picked up to a relatively rapid rate. For

the year through July, M2 expanded at

a rate near the upper bound of its range

for the year and M3 at a rate appreciably

above the upper bound of its range.

Total domestic nonfinancial debt has

continued to expand in recent months at

a rate near the middle of its range.

The Federal Open Market Committee

seeks monetary and financial conditions

that will foster price stability and

promote sustainable growth in output.

In furtherance of these objectives, the

Committee at its meeting in July

reaffirmed the ranges it had established

in February for growth of M2 and M3 of

1 to 5 percent and 2 to 6 percent

respectively, measured from the fourth

quarter of 1996 to the fourth quarter of

1997. The range for growth of total

domestic nonfinancial debt was

maintained at 3 to 7 percent for the year.

For 1988, the Committee agreed on a

tentative basis to set the same ranges as

in 1997 for growth of the monetary

aggregates and debt, measured from the

fourth quarter of 1997 to the fourth

quarter of 1998. The behavior of the

monetary aggregates will continue to be

evaluated in the light of progress toward

price level stability, movements in their

velocities, and developments in the

economy and financial markets.

In the implementation of policy for

the immediate future, the Committee

seeks conditions in reserve markets

consistent with maintaining the federal

funds rate at an average of around 5-1/

2 percent. In the context of the

Committee’s long-run objectives for

price stability and sustainable economic

growth, and giving careful consideration

to economic, financial, and monetary

developments, a somewhat higher

federal funds rate would or a slightly

lower federal funds rate might be

acceptable in the intermeeting period.

The contemplated reserve conditions

are expected to be consistent with

moderate growth in M2 and M3 over

coming months.

By order of the Federal Open Market

Committee, October 8, 1997.

Donald L. Kohn,

Secretary, Federal Open Market Committee.

[FR Doc. 97–27775 Filed 10-20-97; 8:45 am]

BILLING CODE 6210-01-P

GENERAL ACCOUNTING OFFICE

Federal Accounting Standards

Advisory Board Meeting

AGENCY: General Accounting Office.

ACTION: Notice of October meeting.

SUMMARY: Pursuant to section 10(a)(2) of

the Federal Advisory Committee Act

(Pub. L. No. 92–463), as amended,

notice is hereby given that the Federal

Accounting Standards Advisory Board

will meet on Friday, October 24, 1997,

from 9:00 a.m. to 4:00 p.m. in Room

7C13 of the General Accounting Office

building, 441 G St., N.W., Washington,

D.C.

The purpose of the meeting is to

discuss the following issues: (1) Natural

Resources; (2) Pension Costs; (3) a

request for guidance on the Property,

Plant, and Equipment (PP&E) Standard;

(4) Government-Wide Supplementary

Stewardship Reporting Exposure Draft

comments; (5) PP&E Technical

Corrections and Amendments; and (6)

Social Insurance. Any interested person

may attend the meeting as an observer.

Board discussions and reviews are open

to the public.

FOR FURTHER INFORMATION CONTACT:

Wendy Comes, Executive Director, 441

G St., N.W., Room 3B18, Washington,

D.C. 20548, or call (202) 512–7350.

Authority: Federal Advisory Committee

Act. Pub. L. No. 92–463, Section 10(a)(2), 86