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BAKER, WATTS & CO. v. SAXON

Civ. A. No. 97-66.

261 F.Supp. 247 (1966)

BAKER, WATTS & CO. et al., Plaintiffs, v. James J. SAXON, Comptroller of the Currency, Defendant.

United States District Court District of Columbia.

December 14, 1966.

Attorney(s) appearing for the Case

Gerhard A. Gesell, Washington, D. C., for plaintiffs.

Irwin Goldbloom, Dept. of Justice, for defendant.

David Hexter, Associate Gen. Counsel, Board of Governors, Federal Reserve System, amicus curiae.

Daniel Goldberg, New York City, for defendant intervenor, Port of New York Authority.

Ralph Huck, Chicago, Ill., for Harris Trust & Savings Bank, amicus curiae.

OPINION

HOLTZOFF, District Judge.

The subject matter of this action relates to an aspect of the authority of commercial banks to underwrite and deal in securities issued by States and political subdivisions. This litigation presents an unusual situation in that two agencies of the Government,—the Federal Reserve System and the Comptroller of the Currency,—that administer the pertinent statutes adopt and apply divergent interpretations of a...

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