2600 Federal Register / Vol. 60, No. 6 / Tuesday, January 10, 1995 / Notices

currencies was essentially unchanged

on balance over the intermeeting period,

though it was weaker through much of

the period.

M2 contracted further in October

while M3 expanded at a moderate pace,

buoyed by continued rapid growth in

large-denomination time deposits. For

the year through October, M2 grew at a

rate at the bottom of the Committee’s

range for 1994 and M3 at a rate in the

lower half of its range for the year. Total

domestic nonfinancial debt has

continued to expand at a moderate rate

in recent months.

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 0 to 4 percent

respectively, measured from the fourth

quarter of 1993 to the fourth quarter of

1994. The Committee anticipated that

developments contributing to unusual

velocity increases could persist during

the year and that money growth within

these ranges would be consistent with

its broad policy objectives. The

monitoring range for growth of total

domestic nonfinancial debt was

maintained at 4 to 8 percent for the year.

For 1995, the Committee agreed on

tentative ranges for monetary growth,

measured from the fourth quarter of

1994 to the fourth quarter of 1995, of 1

to 5 percent for M2 and 0 to 4 percent

for M3. The Committee provisionally set

the associated monitoring range for

growth of domestic nonfinancial debt at

3 to 7 percent for 1995. 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 to increase significantly the

existing degree of pressure on reserve

positions, taking account of a possible

increase in the discount rate. 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, somewhat greater reserve

restraint or somewhat lesser reserve

restraint would be acceptable in the

intermeeting period. The contemplated

reserve conditions are expected to be

consistent with modest growth in M2

and M3 over coming months.

By order of the Federal Open Market

Committee, January 4, 1995.

Donald L. Kohn,

Secretary, Federal Open Market Committee.

[FR Doc. 95–531 Filed 1–9–95; 8:45 am]

BILLING CODE 6210–01–F

Banque Nationale de Paris, Paris,

France; Change in Bank Control

Notices; Acquisitions of Shares of

Banks or Bank Holding Companies;

Correction

This notice corrects a notice (FR Doc.

95-25273) published on page 51977 of

the issue for Thursday, October 13,

1994.

The entry for Banque Nationale de

Paris, Paris, France (BNP), is revised to

include acting, through BNP/Cooper

Neff, Inc., Radnor, Pennsylvania

(Company), as a specialist on the

Philadelphia Stock Exchange with

respect to options on the Deutsche

mark. BNP maintains that the Board

previously has determined by order that

the proposed activity, when conducted

within the limitations established by the

Board in previous orders, is closely

related to banking. See Societe Generale,

75 Federal Reserve Bulletin 580

(1989)(acting as a specialist on Deutsche

mark options traded on the Philadelphia

Stock Exchange). BNP states that

Company would conduct this

previously approved activity in

conformance with the conditions and

limitations previously established by

the Board.

Any comments or requests for hearing

should be submitted in writing and

received by William W. Wiles,

Secretary, Board of Governors of the

Federal Reserve System, Washington,

D.C. 20551, not later than January 26,

1995. Any request for a hearing on this

application must, as required by §

262.3(e) of the Board’s Rules of

Procedure (12 CFR 262.3(e)), be

accompanied by a statement of the

reasons why a written presentation

would not suffice in lieu of a hearing,

identifying specifically any questions of

fact that are in dispute, summarizing the

evidence that would be presented at a

hearing, and indicating how the party

commenting would be aggrieved by

approval of the proposal.

This application may be inspected at

the offices of the Board of Governors or

the Federal Reserve Bank of San

Francisco.

Board of Governors of the Federal Reserve

System, January 4, 1995.

Jennifer J. Johnson,

Deputy Secretary of the Board.

[FR Doc. 95–524 Filed 1–9–95; 8:45 am]

BILLING CODE 6210–01–F

Gillmor Financial Services, Inc.; Notice

of Application to Engage de novo in

Permissible Nonbanking Activities

The company listed in this notice has

filed an application under § 225.23(a)(1)

of the Board’s Regulation Y (12 CFR

225.23(a)(1)) for the Board’s approval

under section 4(c)(8) of the Bank

Holding Company Act (12 U.S.C.

1843(c)(8)) and § 225.21(a) of Regulation

Y (12 CFR 225.21(a)) to commence or to

engage de novo, either directly or

through a subsidiary, in a nonbanking

activity that is listed in § 225.25 of

Regulation Y as closely related to

banking and permissible for bank

holding companies. Unless otherwise

noted, such activities will be conducted

throughout the United States.

The application is available for

immediate inspection at the Federal

Reserve Bank indicated. Once the

application has been accepted for

processing, it will also be available for

inspection at the offices of the Board of

Governors. Interested persons may

express their views in writing on the

question whether consummation of the

proposal can ‘‘reasonably be expected to

produce benefits to the public, such as

greater convenience, increased

competition, or gains in efficiency, that

outweigh possible adverse effects, such

as undue concentration of resources,

decreased or unfair competition,

conflicts of interests, or unsound

banking practices.’’ Any request for a

hearing on this question must be

accompanied by a statement of the

reasons a written presentation would

not suffice in lieu of a hearing,

identifying specifically any questions of

fact that are in dispute, summarizing the

evidence that would be presented at a

hearing, and indicating how the party

commenting would be aggrieved by

approval of the proposal.

Comments regarding the application

must be received at the Reserve Bank

indicated or the offices of the Board of

Governors not later than January 24,

1995.

A. Federal Reserve Bank of Cleveland

(John J. Wixted, Jr., Vice President) 1455

East Sixth Street, Cleveland, Ohio

44101:

1. Gillmor Financial Services, Inc.,

Old Fort, Ohio; to engage de novo

through its subsidiary The Old Fort Real

Estate Company, Old Fort, Ohio, in