39876 Federal Register / Vol. 63, No. 142 / Friday, July 24, 1998 / Notices

1 Copies of the Minutes of the Federal Open

Market Committee meeting of May 19, 1998, 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.

must be received not later than August

10, 1998.

A. Federal Reserve Bank of Dallas

(W. Arthur Tribble, Vice President) 2200

North Pearl Street, Dallas, Texas 75201-

2272:

1. Fred A. Moore, Laura H. Moore,

Bonita B. Moore, all of Lockhart, Texas;

to acquire additional shares of Lockhart

Bankshares, Inc., Lockhart, Texas, and

thereby indirectly acquire voting shares

of First Lockhart National Bank,

Lockhart, Texas. In addition, O. T.

Moore, III, Lockhart, Texas, has applied

to retain voting shares of Lockhart

Bankshares, Inc., Lockhart, Texas, and

thereby indirectly retain voting shares of

First Lockhart National Bank, Lockhart,

Texas.

Board of Governors of the Federal Reserve

System, July 21, 1998.

Robert deV. Frierson,

Associate Secretary of the Board.

[FR Doc. 98–19882 Filed 7–23–98; 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, including the

companies listed below, 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.

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 August 7, 1998.

A. Federal Reserve Bank of New

York (Betsy Buttrill White, Senior Vice

President) 33 Liberty Street, New York,

New York 10045-0001:

1. Barclays PLC and Barclays Bank

PLC, both of London, England; to

acquire The LongView Group, Inc.,

Boston, Massachusetts, and thereby

engage in data processing activities

developing institutional portfolio

management and trading desk software,

pursuant to § 225.28(b)(14) of

Regulation Y.

Board of Governors of the Federal Reserve

System, July 20, 1998.

Robert deV. Frierson,

Associate Secretary of the Board.

[FR Doc. 98–19708 Filed 7–23–98; 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, including the

companies listed below, 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.

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 August 10, 1998.

A. Federal Reserve Bank of St. Louis

(Randall C. Sumner, Vice President) 411

Locust Street, St. Louis, Missouri 63102-

2034:

1. Arvest Bank Group, Inc.,

Bentonville, Arkansas, and its wholly

owned subsidiary, First Bancshares,

Inc., Bartlesville, Oklahoma; to acquire

Ameritrust Corporation, Tulsa,

Oklahoma, and thereby engage in

performing functions or activities that

may be performed by a trust company,

pursuant to § 225.28(b)(5) of Regulation

Y; and thereby indirectly acquire

Americorp Investment Advisors, Inc.,

Tulsa, Oklahoma, and Investment

Management, Inc., Tulsa, Oklahoma,

and thereby engage in providing

financial and investment advisory

services, pursuant to § 225.28(b)(6) of

Regulation Y.

Board of Governors of the Federal Reserve

System, July 21, 1998.

Robert deV. Frierson,

Associate Secretary of the Board.

[FR Doc. 98–19881 Filed 7–23–98; 8:45 am]

BILLING CODE 6210–01–F

FEDERAL RESERVE SYSTEM

Federal Open Market Committee;

Domestic Policy Directive of May 19,

1998.

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 May 19, 1998.1 The

directive was issued to the Federal

Reserve Bank of New York as follows:

The information reviewed at this

meeting suggests that economic activity

has continued to grow rapidly in 1998.

Nonfarm payroll employment registered

another substantial increase in April

after a slight decline in March, and the

civilian unemployment rate fell to 4.3

percent in April. However, factory

output has changed little on balance in

recent months. Retail sales grew

appreciably in April, and consumer

spending as a whole has been very

strong this year. Residential sales and

construction also have strengthened this

year. Business fixed investment

rebounded sharply in the first quarter

after having declined slightly in the

fourth quarter, and available indicators

point to continuing strength over

coming months. Business inventories

appear to have increased very rapidly in

the first quarter. The nominal deficit on

U.S. trade in goods and services

widened substantially in January and

February from its average monthly rate

in the fourth quarter. Despite

indications of persisting pressures on

employment costs associated with tight

labor markets, price inflation has