[Federal Register Volume 59, Number 107 (Monday, June 6, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-13645]


[[Page Unknown]]

[Federal Register: June 6, 1994]


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FEDERAL RESERVE SYSTEM
 

J.P. Morgan & Co. Incorporated, et al.; Acquisitions of Companies 
Engaged in Permissible Nonbanking Activities

    The organizations listed in this notice have applied under Sec.  
225.23(a)(2) or (f) of the Board's Regulation Y (12 CFR 225.23(a)(2) or 
(f)) for the Board's approval under section 4(c)(8) of the Bank Holding 
Company Act (12 U.S.C. 1843(c)(8)) and Sec.  225.21(a) of Regulation Y 
(12 CFR 225.21(a)) to acquire or control voting securities or assets of 
a company engaged in a nonbanking activity that is listed in Sec.  
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.
    Each 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.
    Unless otherwise noted, comments regarding each of these 
applications must be received at the Reserve Bank indicated for the 
application or the offices of the Board of Governors not later than 
June 20, 1994.
    A. Federal Reserve Bank of New York (William L. Rutledge, Senior 
Vice President) 33 Liberty Street, New York, New York 10045:
    1. J.P. Morgan & Co. Incorporated, New York, New York; to make a 
$100,000 investment in the non-voting preferred stocks of Big City 
Forest, Inc., Bronx, New York, and to facilitate bridge financing for 
Big City Forest, Inc., a corporation designed primarily to promote 
community welfare, such as the economic rehabilitation and development 
of low income areas pursuant to Sec.  225.25(b)(6) of the Board's 
Regulation Y.
    B. Federal Reserve Bank of Minneapolis (James M. Lyon, Vice 
President) 250 Marquette Avenue, Minneapolis, Minnesota 55480:
    1. Norwest Corporation, Minneapolis, Minnesota; to acquire First 
Insurance Agency of Detroit Lakes, Inc., Detroit Lakes, Minnesota, and 
thereby engage in general insurance agency activities pursuant to Sec.  
225.25(b)(8)(vii) of the Board's Regulation Y. These activities will be 
conducted in Detroit Lakes, Minnesota.

    Board of Governors of the Federal Reserve System, May 31, 1994.
Jennifer J. Johnson,
Associate Secretary of the Board.
[FR Doc. 94-13645 Filed 6-3-94; 8:45 am]
BILLING CODE 6210-01-F