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F e d e r a l R e s e r v e B a n k o f S a n F r a n c i s c o March 3, 1936 O ffic e o f C h a ir m a n o f t h e B o a r d Fe d e r a l R e s e r v e A g e n t To Member Banks of Federal Reserve Bank of San Francisco. Dear Sirs: At a full meeting of the Board of Directors of the Federal Reserve Bank of San Francisco held February 20, 1936, the Board appointed the following officers for five-y^ar terms, effective March 1, 1936: Jno. U. Calkins, President Wm. A. Day, First Vice-President. The Board also, at the same time, appointed: Ira Clerk, Vice-President. Inasmuch as notice of these appointments reached you through the press, you are now informed that the Board of Governors of the Federal Reserve System approved the appointment of Wm. A. Day and Ira Clerk, but declined to approve the appointment of Jno. U. Calkins, as President, giving as its reason a policy which had been adopted by the Board of Governors not to approve, for a five-year term beginning March 1, 1936, the appointment of any one as President or First Vice-President of a Federal Reserve Bank who is seventy years or more of age, or who, before the end of the five years, will have reached that age. The Board of Directors of the Federal Reserve Bank of San Francisco has made no further appointment of a President. Yours very truly,
@FedFRASER