412 Federal Register / Vol. 61, No. 4 / Friday, January 5, 1996 / Notices

1 Copies of the Minutes of the Federal Open

Market Committee meeting of November 15, 1995,

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.

1A concurrently filed related petition for

exemption has been filed in Finance Docket No.

32813, H. Peter Claussen and Linda C. Claussen—

Continuance in Control Exemption—Live Oak,

Perry & Georgia Railroad Company, Inc.; and a

concurrently filed related notice of exemption has

been filed in Finance Docket No. 32811, Live Oak,

Perry & Georgia Railroad Company, Inc.—

Acquisition and Operation Exemption—A Portion

of Line of Georgia Southern and Florida Railway

Company and Norfolk Southern Railway Company.

2 G&F owns and operates approximately 43.2

miles of railroad in southwestern Georgia, including

lines in Moultrie and Camilla and between Valdosta

and Nashville, GA. G&F also leases approximately

58.2 miles of railroad between Albany and Sparks,

GA, and has trackage rights on approximately 29.8

FEDERAL RESERVE SYSTEM

Federal Open Market Committee;

Domestic Policy Directive of November

15, 1995

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 November 15,

1995.1 The directive was issued to the

Federal Reserve Bank of New York as

follows:

The information reviewed at this

meeting suggests a moderation in the

expansion of economic activity after a

strong gain in the third quarter.

Nonfarm payroll employment increased

further in October and the civilian

unemployment rate edged down to 5.5

percent. Industrial production fell

somewhat in October after a moderate

rise in the third quarter. Total nominal

retail sales were little changed on

balance over September and October.

Single-family housing starts were up

considerably in the third quarter. Orders

for nondefense capital goods point to

substantial expansion of spending on

business equipment in the near term;

nonresidential construction has risen

appreciably further. The nominal deficit

on U.S. trade in goods and services

narrowed over July and August from its

average rate in the second quarter. After

increasing at elevated rates in the early

part of the year, consumer and producer

prices have risen more slowly on

average in recent months.

Short-term market interest rates have

changed little on balance since the

Committee meeting on September 26

while long-term rates have fallen

somewhat. In foreign exchange markets,

the trade-weighted value of the dollar in

terms of the other G-10 currencies has

declined slightly over the intermeeting

period.

In October, M2 was unchanged and

M3 growth moderated. For the year

through October, M2 expanded at a rate

in the upper half of its range for 1995

and M3 grew at a rate a little above its

range. Growth in total domestic

nonfinancial debt has slowed somewhat

in recent months but for the year to date

remains around the midpoint of its

monitoring 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 range it had established

on January 31-February 1 for growth of

M2 of 1 to 5 percent, measured from the

fourth quarter of 1994 to the fourth

quarter of 1995. The Committee also

retained the monitoring range of 3 to 7

percent for the year that it had set for

growth of total domestic nonfinancial

debt. The Committee raised the 1995

range for M3 to 2 to 6 percent as a

technical adjustment to take account of

changing intermediation patterns. For

1996, the Committee established on a

tentative basis the same ranges as in

1995 for growth of the monetary

aggregates and debt, measured from the

fourth quarter of 1995 to the fourth

quarter of 1996. 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 maintain the existing degree of

pressure on reserve positions. 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, slightly greater reserve

restraint or slightly lesser reserve

restraint would be acceptable in the

intermeeting period. The contemplated

reserve conditions are expected to be

consistent with moderate growth in M2

or M3 over coming months.

By order of the Federal Open Market

Committee, December 27, 1995.

Donald L. Kohn,

Secretary, Federal Open Market Committee.

[FR Doc. 96–177 Filed 1–4–96; 8:45 am]

BILLING CODE 6210–01–F

DEPARTMENT OF THE INTERIOR

Bureau of Land Management

[WY–920–06–1320–00–P]

Powder River Regional Coal Team

Activities: Announcement of

Postponement of January 10, 1996

Public Meeting

AGENCY: Department of Interior,

Wyoming.

ACTION: Notice of postponement of

public meeting.

SUMMARY: The Chairman of the Powder

River Regional Coal Team (RCT)

announces that the meeting scheduled

for Wednesday, January 10, 1996 has

been postponed due to the current

Federal budget impasse.

FOR FURTHER INFORMATION CONTACT:

Alan Pierson, Wyoming State Office,

Attn. (922), P.O. Box 1828, Cheyenne,

Wyoming 82003: telephone (307) 775–

6001.

SUPPLEMENTARY INFORMATION: The

Regional Coal Team meeting will be

rescheduled for later this spring. Public

notification will include a Federal

Register Notice, paid legal notices in the

Montana Billings Gazette and the

Wyoming Casper Star Tribune; and BLM

news releases.

A copy of the new RCT Charter can

be obtained after the partial government

shutdown is resolved from either the

Wyoming State Office; Attn 922; P.O.

Box 1828; Cheyenne, WY 82003; or the

Montana State Office; P.O. Box 36800;

Billings, Mt 59107.

Alan L. Kesterke,

Associate State Director, Wyoming.

[FR Doc. 96–150 Filed 1–4–96; 8:45 am]

BILLING CODE 4310–22–P

INTERSTATE COMMERCE

COMMISSION

[Finance Docket No. 32812]

Georgia & Florida Railroad Co., Inc.—

Operation Exemption—Live Oak, Perry

& Georgia Railroad Company

Georgia & Florida Railroad Co., Inc.

(G&F) has filed a notice of exemption to

operate over approximately 83.05 miles

of railroad owned by Live Oak, Perry &

Georgia Railroad Company (LOP&G).1

The involved trackage is as follows: (1)

From milepost GB 1.0 in Adel, GA, to

milepost 77.3 in Perry, FL, in Cook,

Lowndes and Brooks Counties, GA, and

Madison and Taylor Counties, FL; and

(2) from milepost LO 45.75 in Perry, FL,

to milepost LO 39.0 in Foley, FL, in

Taylor County. G&F shall have the right

to conduct operations between the

involved line of railroad and a line over

which it currently conducts operations.2