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Minutes for
To:
Members of the Board
From:
April 25, 1962
Office of the Secretary
Attached is a copy of the minutes of the
Board of Governors of the Federal Reserve System on
the above date.
It is not proposed to include a statement
With respect to any of the entries in this set of
minutes in the record of policy actions required to
be maintained pursuant to section 10 of the Federal
Reserve Act.
Should you have any question with regard to
the minutes, it will be appreciated if you will advise
the Secretary's Office. Otherwise, please initial
below. If you were present at the meeting, your
initials will indicate approval of the minutes. If
You were not present, your initials will indicate
only that you have seen the minutes.
Chm. Martin
Gov. Mills
Gov. Robertson
Gov. Balderston
Gov. Shepardsoh
Gov. King
Gov. Mitchell
Minutes of the Board of Governors of the Federal Reserve
SYstem on Wednesday, April 250 1962. The Board met in the Board
ROOM at 10:00 a.m.
PRESENT: Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Martin,Chairman
Balderston, Vice Chairman
Mills
Shepardson
King
Mitchell
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Sherman, Secretary
Kenyon, Assistant Secretary
Fauver, Assistant to the Board
Solomon, Director, Division of
Examinations
Hexter, Assistant General Counsel
O'Connell, Assistant General Counsel
Koch, Adviser, Division of Research and
Statistics
Daniels, Assistant Director, Division of
Bank Operations
Leavitt, Assistant Director, Division of
Examinations
Thompson, Assistant Director, Division of
Examinations
Landry, Assistant to the Secretary
Collier, Chief, Current Series Section,
Division of Bank Operations
Circulated items. The following items, which had been circu14ted to the Board and copies of which are attached to these minutes
the respective item numbers indicated, were unanimously approved:
Item No.
utter to the Federal Reserve Bank of Richmond
orizing the Bank to waive assessment of a
4116-.1.tY incurred by Mountain Trust Bank, Roanoke,
,.4ginia, because of a deficiency in its required
1
—;8erves,
1
tetter to Cherokee State Bank, Cherokee, Iowa,
'13Proving an investment in bank premises.
2
4 25/62
/
-2Item No.
Letter to Commercial Security Bank, Ogden,
rtah approving the establishment of a
)
uranch at approximately 3700 Wall Avenue,
South Ogden.
3
Letter to Walker Bank & Trust Company,
Salt Lake City, Utah, approving the
establishment of a branch in the vicinity
35oo South Street ond 2800 West Street,
Granger.
4
Messrs.Daniels and Collier then withdrew.
Request of Union Bank, Los Angeles (Item No. 5). There had
been circulated a draft of letter to Union Bank, Los Angeles, Calir°1111-ay approving its request for an extension of time within which to
establish
a branch in the vicinity of the intersection of First Avenue
414 "A" Street, San Diego,
When the file was in circulation, Governors
and Robertson had indicated some question concerning the request.
Governor Mills noted that although Governor Robertson was
absent, he
(Governor Mills) was reasonably certain that Governor
Robe
4us0ni s question was the same as his.
Governor Mills then referred to the Board's approval on
April
201 1961, of an application to establish the branch concerned,
131 Qvided the office was established within one year. The bank's failure
'
to Inake arrangements within a year's time for either temporary quarters
°r 4 site for the construction of a permanent branch building raised
.
4
estion whether the hank should have further time in which to reach
a decision on
this matter.
62
4/25/
-3Mr. Leavitt replied that it had been the policy of Union Bank
to
expand its operations principally through the establishment of
"regional" offices at strategic locations rather than through many
scattered branches.
The proposed branch in San Diego would be located
a business area where several other large banks had offices, so
the question of pre-emption of a site did not enter the picture.
Several
locations reportedly had been investigated, but they were not considered
"ce
8 ePtable for branch quarters.
e;
Governor Mills commented that the explanation seemed persuasiv
nevertheless, he believed that the letter to Union Bank granting the
l'equeat for an extension of time should indicate that the Board felt that
Ilerinite steps looking toward establishment of the proposed branch should
be taken prior to the expiration of the extension of time.
There being agreement with this suggestion, a letter in the
f0rIns
of the attached Item No.
5
was approved unanimously.
Mr. Molony, Assistant to the Board, joined the meeting during
the foregoing discussion.
First Colorado Bankshares (Item No.
made
6).
Distribution had been
under date of April 20, 1962, of a draft of wire to the Federal
Reserye
Agent at Kansas City authorizing issuance to First Colorado
1kR},
1341
general voting permit
--ares, Inc., Englewood, Colorado, of a
,
erititling it to vote its stock of The First National Bank of Englewood
-wood, Colorado, and Lakeside National Bank, Lakeside, Colorado.
4/25/62
-4-
As pointed
out in an accompanying memorandum from the Division of
ce/iiinations, First Colorado Bankshares became a bank holding company
44a a holding company affiliate on January 15, 1962, when it acquired
94 Per cent or more of the outstanding voting shares of The First
National Bank of Englewood, Lakeside National Bank, and University
Rills Bank, Denver (a nonmember bank). The memorandum noted that the
factors required to be considered by the Board in connection with an
application for a general voting permit had been encompassed in the
factors considered when Bankshares was granted permission (by the Board's
°rder of October 27, 1961) to become a bank holding company of the
above-named banks;
and that no information had come to the Division's
attention which would alter the favorable conclusions with respect
to those
factors.
Consequently, it was recommended that the general
lic>tillg permit be issued.
The Federal Reserve Bank of Kansas City had
also recommended favorably on the application.
There being no objection, the application for a general voting
"was approved unanimously.
A copy of the telegram sent to the
Reserve Agent in Kansas City pursuant to this action is attached
hereto as
Item Nb. 6.
Mr. Thompson withdrew from the meeting at this point.
Time of sending Board reports on competitive factors to Justice
De
krtraent Item No, 7). Copies of a memorandum from Mr. Solomon dated
April L
241 1962, had
been distributed with reference to the time of furto the Department of Justice copies of the Board's reports on
42
/ 5/62
-5-
competitive factors in bank merger cases.
As noted in the memorandum,
the Board on August 3, 1960, adopted the practice of furnishing copies
cI such reports to the Justice Department following action on each
alPlication by the deciding agency.
)
On or about the same date, this
1/Meedure also was adopted by the Comptroller of the Currency and the
P
ederal Deposit Insurance Corporation.
On a recent occasion, however,
Assistant Attorney General Loevinger indicated to Chairman Martin that
it 'would be helpful if the Justice Department could have the benefit
or the
Board's reports on competitive factors at an earlier date.
It was Mr. Solomon's view, as expressed in his memorandum,
that it 'would
be appropriate to cooperate with Justice in the manner
Ngested. The Board's competitive factor reports ordinarily were
4c4tranftitted to the deciding agency until about the end of the
statutoz7 period of 30 days, by which time Justice presumably would
have almost always completed and transmitted its own report to the
1.eciding agency. Even should Justice receive the Board's report
1111°i' to the completion and transmission of its own report, it seemed
11114
Y that the Department's report would be influenced by that
Or the It
,
-oard, For these reasons, it was Mr. Solomon's recommendation
that
the Board's procedure in this matter be changed to provide for
torw
to Justice copies of reports on competitive factors when
allehl ePorts were sent to the deciding agency instead of waiting until
'
the cases
had been determined.
Jr/25/62
-6At the request of the Chairman, Mr. Solomon commented on his
memorandum, noting
that during initial discussions of this question
with the Federal Deposit Insurance Corporation and the Office of the
Comptroller of the Currency preliminary indications were that each
°I' those offices was favorably inclined toward the revised procedure.
The matter had been left at a stage where additional interagency
discussion was anticipated, but the representative of the Comptroller's
°frice had not been available for a further meeting.
Governor Mills stated that although he had no objection to
the suggested procedure, it would seem desirable to him, in the interest
uniformity of practice, to notify the other two agencies of the
8°4rdi s intention to take the action indicated and wait for a few
d4Ys to get
their reaction.
In discussion of this point, it was stated that the Comptroller
%14s now including in a weekly publication the fact that certain competitive
r4etor reports had been sent to the other agencies, together with his
c°4clusimis. This publication appeared to include information on reports
thai
.
- had been sent during the period covered by the publication. It
Etiso
Qlopeared possible that the Federal Deposit Insurance Corporation
ha4 al
readY decided to make its competitive factor reports available
to th
e Justice Department without waiting for the deciding agency to
take
action. on a merger.
It was then decided, in view of the foregoing discussion, to
send c
Pies of the Board's reports on competitive factors to the
°
4/25/62
DePartment of Justice at the same time that they were sent to the agency
having Jurisdiction.
A copy of the letter sent to the Justice Department
Pursuant to this action is attached as Item No.
7.
Messrs, Hexter, O'Connell, and Leavitt then withdrew from the
sleeting.
Department store statistics program. There had been distributed
u4der date of
April 23, 1962, a draft of letter to the Chairman of the
Cc/II-Terence of Presidents of the Federal Reserve Banks attaching for
ec
"nlent a draft of letter to the President of the National Retail Merchants
Association regarding the Federal Reserve department store reports. The
letter to the
President of the Association had been prepared in the light
Of the action of the Presidents' Conference at its meeting on March 50
1962 and had been redrafted in the light of discussion by the Board
:
Orj
Mal'oh 16. It was proposed to send a copy to each Reserve Bank Presiet
'with a request for written comments on the draft letter by May 3,
1962.
The letter to the Conference of Presidents would point out
thEct tu_
Board's primary concern in the department store reports was
,
tvotol
(a) the Federal Reserve should not be a source for economic
data, k,
0
Wa
to be seriously inadequate or unreliable in measuring the
field
PurPorted to be covered; (b) the Federal Reserve was interested
14
alering the production of good current information regarding
coal:11114e
takings, and whatever the System might continue to do in the
4pn--witalent store field should be directed toward improving such data.
4/25/62
-8-
The Board would not be unhappy if all work relating to department
store data could be transferred to the Bureau of the Census under
a
Program that would provide improved information on consumer takings.
This seemed a reasonable prospect within the next few years, but
such
a transfer
was not of pressing importance provided the work that might
be carried on in the meantime fitted the primary objectives stated
earlier.
Furthermore, a transfer of this work to the Census Bureau
Shod be
brought about in a manner that would not needlessly impair
rielations with an important segment of the business community.
At the Chairman's request, Mr. Sherman commented that it
Se"lec appropriate at this stage to canvass the views of the Presidents
l
°lithe draft of
letter to the trade. The letter had not been discussed
vith he
members of the Committee of Five representing the trade, but
it co
,,
L&-Ld. be given to them should the Board decide to transmit it to
the
eserve Bank Presidents. The letter had been framed in such a
1411Y as to avoid placing the Federal Reserve in the position of arguing
'41tb the trade regarding the ultimate disposition of the department
store
series, yet it made no commitment that the System would continue
lrj thi
8 reporting
field indefinitely. A fairly good flag was put up,
114t the letter
would not take an arbitrary, unilateral stand.
traA„
.
take
the
Governor Mitchell stated that in his opinion the letter to the
as not
worded strongly enough.
In his view the letter should
the Position clearly that the System did not intend to continue
Present departmental series.
An estimated $200,000 was being
4/25/62
-9-
Spent annually by the System on these reports, which were not used
for economic
analysis.
He suggested that the letter be changed to
state that the System was considering the adoption of a national
monthly
department store sales report, provided the trade was willing
to cooperate in furnishing the data, and that when such a new series
/4e8 initiated, presumably on January 1, 1963, the System intended to drop
the present
departmental series.
The Chairman commented that the problem appeared to be largely
°Ile of mechanics.
The System almost decided in 1959 to adopt a course
c)f action
similar to that suggested by Governor Mitchell.
However,
foil-Owing discussion of the subject with some 35 to 40 representatives
Of the trade who visited the Board's building early in 1960/ the decision
hedbeen made
to adopt a more conciliatory approach.
That decision
having been made, it would seem inadvisable to change horses in the
1111ddle of the stream.
In further discussion, Mr. Sherman called attention to a
atatem
-ent in the draft letter to the trade that the Federal Reserve
-Prepared to undertake a national monthly departmental sales report
the tYpe referred to in the February 27, 1962, report of the Committee
Five.
provided the trade demonstrated its willingness to furnish the
baste
data needed for the proposed consolidated national report. The
letter
- would go on to state that if such a report was developed, the
Of
Dre8
ent
Stocks
--- lanai and Federal Reserve District reports of sales and
,
for about
100 departments, based on figures reported by a
V25/62
-10-
liMited number of independent department stores, would be discontinued
as soon as the new national departmental was well established.
The
letter would also express the System's intention to take a hard look
at
the current city comparisons of sales and stocks by departments,
lrith an indication that curtailment, and perhaps discontinuance, would
be anticipated.
This language was quite strong, and he thought it was
41)(Art as strong as the System would be well advised to use at this
tt a. At the meeting with representatives of the trade in 1960,
12
"icmed previously by the Chairman, the trade representatives requested
a three-Year
period for study of the whole question before the position
°f the Federal Reserve was finally decided. In the period of a little
c)ver two years since that meeting, the atmosphere had improved. There
4E4 been a change in the attitude within the trade toward the city
dePartmental series, which formerly was considered a "sacred cow",
'13*I'tlY because the channels of trade had been changing.
tlialie
Also the
representatives on the Committee of Five now understood more
learlY the statistical defects of the several department store series,
EIC41
of which had been discontinued early in 1961 following studies by
the C
ommittee. It would be somewhat disruptive should unilateral action
4N.
"ba taken by the System several months before the end of the threehal" Period.
In the discussion that followed, several suggestions were
11lade
or modification
of the draft letter to the trade. In the course
4/25/62
-11-
of this discussion, Governor Mitchell reiterated the views he had
expressed earlier regarding the deficiencies of the current series
and the
firmness of tone that he thought was called for in the
Proposed letter.
Governor Mills referred to the two specific recommendations
in the
report of the Committee of Five dated February 27, 1962, namely,
(1 initiation by the System of a new national departmental report of
)
4Partnent store sales and (2) initiation by the Bureau of the Budget
alid the Bureau of the Census of plans for a new merchandise line series
or .1-,
1311,.
-.eau
retail trade.
He noted that the possibility of getting a Census
appropriation apparently was still uncertain.
Further, there
vas no strong reporting system for the Census Bureau to take over unless
the Federal Reserve work progressed along the lines indicated. In 1959,
vhey,
vord got around that the Board was desirous of withdrawing from the
deDartment
store field in favor of the Census Bureau, a storm of such
ilr°13°rt1ons was raised by the trade that the plans were shelved.
Mr. Sherman replied that the Census Bureau had now been allocated
some f‘
,unds for this kind of work and was preparing to publish some new
clata.
He added that Mr. Bowman, the Budget Bureau representative on
the 0
°Illmittee of Five, had called recently regarding the question of
Pre s
,
for additional funds in the fiscal 1963 budget of the Census
114reau.
Ystem
His reply had been, Mr. Sherman said, that he felt sure the
would be sympathetic, and the two trade representatives on the
tee had
previously indicated that they would be willing to seek
4
/25/62
-12-
the support of the trade for Census Bureau appropriations to accomplish
further work in the retail trade field.
After further discussion, it was decided to redraft for consi
deration by the Board at a later meeting the letter to the President of the National Retail Merchants Association.
At this point all of the members of the staff except Mr. Sherman
arid Mr. Fauver withdrew from the meeting.
Appointment of directors.
At Governor Balderston's request,
141 ' Fauver reported a discussion with Chairman Hall of the Federal
'
Reserve Bank of Cleveland when he was in the Board's building last
leek./. at
which time there was a discussion of the appointment of a
successor to Deputy Chairman Thompson when he has completed
6 years
°f 8ervice as a director at the head office at the close of 1962, There
Va.8
a discussion of a question that Mr. Hall raised as to whether
he
ht be ineligible for reappointment to a second term when his
Pl'esent term expires at the end of 1964 on the grounds either of age
°r of
"ls ceasing to be an active officer in a business concern. At
Chai—
Martin's suggestion, it was the consensus that the Board
811o10
,
proceed on the assumption that Mr. Hall would be eligible for
l'eaDD0
intment as a Class C director if that otherwise seemed desirable
)
el en though
'
he might cease to occupy his present position as President
Of
the Kroger Comp
of Cincinnati.
There was also a discussion of a suggestion that Chairman
had
made regarding steps that might be taken to bring directors
•
4/25/62
S.
-13-
of branches of Federal Reserve Banks more actively into discussions
of Fede-ml Reserve matters.
While no specific conclusions were
reached, interest was expressed in a suggestion by Governor Mills
that careful selection and training of Vice Presidents in charge of
Pe
deral Reserve Bank branches
and
provision of assistants who have
tr°ad training in economics and policy matters might help in causing
directors
of Federal Reserve branches to participate more actively
in System affairs.
The meeting then adjourned.
Secretary's Note: Governor Shepardson
today approved on behalf of the Board
the following items:
Letter to the Federal Reserve Bank of New York (attached
ite
ZiZ-Itt_ci) approving the appointment of Gary R. Morgan as assistant
-
4miner.
Memoranda from appropriate individuals concerned recommending
110wing actions relating to the Board's staff:
°
Saln— .
flcrearease
,
the 4
*Om
M. Patricia McShane, Training Assistant, Division of Examinations,
'P°,345 to $6,600 per annum, effective April 29, 1962.
TrAh
Iola B. Morgan, from the position of Secretary to the position
-Lrainin
g Technician in the Division of Examinations, with no
In basic annual salary at the rate of $5,820, effective April
9
.
'1962
or
Perti
3sion for outside activities
gervi_
Theodore L. Jones, Cafeteria Laborer, Division of Administrative
`'es, to work part time as a gasoline station attendant.
42
/ 5/62
for outside activities (continued)
Walter Jordan, Jr" Cafeteria Laborer, Division of Administmive
Services, to work part time as a restaurant porter.
BOARD OF GOVERNORS
44
P
CO Cop
OF THE
'lo
t%
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
Item No, 1
4 2
/ 5/62
ADDRESS OFFICIAL. CORRESPONDENCE
TO THE BOARD
%t Ittaitat''
tt
4
April 250 1962
AubreY N. Heflin,
Vice President,
ae 13 1 Reserve Bank of Richmond,
,.
±
—44wIella 13, Virginia.
1/e84 Mr.
"
Heflin:
1P)411 er
.
This refers to your letter of April 10 recommending the
1108,401,. c/f a Penalty of $753.72 incurred by the Mountain Trust Bank,
rese
Virginia, for a deficiency of 17.5 per cent in its required
riles for the biweekly computation period ended April 4.
circumst It
is noted that the deficiency resulted from a series of
(11ancas which involved—
4
\ ) A * 00,178.14 payment for a cash letter, which should
have been charged against the reserve account of the
Mountain Trust Bank, being erroneously charged by
the Reserve Bank on March 22 against the account of
another member bank.
The failure to discover the error by any of the parties
concerned until it was brought to the Reserve Bank's
attention on April 4 by the bank whose account had been
improperly charged.
A lack of care on the part of the Mountain Trust Bank
in checking the daily statements furnished to it by the
Reserve Bank.
Insufficient time, once the error had been discovered, to
permit the Mountain Trust Bank to build up its reserve
account high enough to offset the deficiency.
PlEor
In view of the underlying circumstances and of the part
'
4441t to J the Reserve Bank in the matter, the Board authorizes your
ellatea Ilaive assessment of the penalty of $753.72 for the period
,
APril 4, 1962.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Item No. 2
4 5/62
/2
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
'4kFaticee'
TO THE (MARC.
April 25, 1962
Board of Directors,
Cherokee State Bank,
Cherokee, Iowa.
Gentlemen:
Pursuant to your request submitted through the
Federal Reserve Bank of Chicago, the Board of Governors
Of the
Federal Reserve System approves, under the provisions
of Section 24A of the Federal Reserve Act, an investment
in bank premises by Cherokee State Bank of $63,000 for the
?,11r1110se of completing the erection of a new bank building.
,
- 11J-8 approval is in addition to $180,000 approved by the
board of Governors
on April 4, 1961.
It is understood that the amount of the investment in excess
of $180,000 will be charged off.
Very truly yours,
(Signed) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.
1488
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Item No, 3
4/25/62
WASHINGTON 25. D. C.
ADDRESS orriciAL CORRESPONDENCE
TO THE BOARD
April 25, 1962
Board of Directors,
Commercial Security Bank,
Ogden, Utah.
G
entlemen:
The Board of Governors of the Federal
,,eserve System approves the establishment of a branch
I
y Commercial Security Bank at approximately 3700
'
7211 Avenue, South Ogden, Utah, provided the branch
LS
' e stablished within one year from the date of this
letter.
Very truly yours,
(Signed) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.
BOARD OF GOVERNORS
011**, 4
1
.
eCt Gap:"40
5
OF THE
FEDERAL RESERVE SYSTEM
Item No. 4
4 5/62
/2
WASHINGTON 25. D. C.
a
a
ADORESS OFFICIAL CORRESPONDENCE
TO THE 00A120
4*17,, 1 Ltitt
-4
April 25, 1962
Board of Directors,
Walker Bank & Trust Company,
Salt Lake City, Utah.
Gentlemen:
The Board of Governors of tre 2ederal Reserve
System approves the establishment of a branch by Walker
Bank & Trust Company in the vicinity of 3500 South Street
and 2800 West Street, Granger, Salt Lake County, Utah,
Provided the branch is established within one year from
the date of this letter.
Very truly yours,
(Signed) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.
90
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Item No. 5
/2
4 5/62
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORM111111PONOCNCC
TO THC °CARO
April 25, 1962
Board of Directors,
Union Bank,
Los Angeles, California.
Gentlemen:
The Board of Governors of the Federal Reserve
System extends to April 26, 1963, the time within which
Union Bank may establish a branch in the vicinity of the
intersection of First Avenue and flAn Street, San Diego,
California. The Board feels that definite steps looking
toward establishment of the proposed branch should be
taken prior to the expiration of the extension of time.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
Item No ,6L
4/25/62
TELEGRAM
SERVICE
LEASED WIRE
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
April 25, 1962
SCOTT - KANSAS CITY
KEBJE
'Al' First
Colorado Bankshares, Inc., Englewood, Colorado.
The First National Bank of Englewood, Englewood, Colorado
Lakeside National Bank, Lakeside, Colorado.
C.
Prior to issuance of permit authorized herein, Applicant shall
execute and deliver to you in duplicate an agreement in form
accompanying Board's letter S-964 (F.R.L.S. #7190).
(signed) Elizabeth L. Carmichael
CARMICHAEL
S 1.11 1I12n of KEBJE
11 2
The
Board authorizes the issuance of a general voting permit, under
' 110 provisions of section 5144 of the Revised Statutes of the
United States, to the holding company affiliate named below
after the letter "A", entitling such organization to vote the
stock which it owns or controls of the bank(s) named below
5_tfter the letter ”Bu at all meetings of shareholders of
such
Dank(s), subject to the condition(s) stated below after the
letter oCo. The period within which a permit may be issued
pursuant to this authorization is limited to thirty days from
date of this telegram unless an extension of time is granted
f the Board. Pleaso proceed in accordance with the instrucons contained in
the Board's letter of March 10, 1947, (S-964)4
q
oltitiftc,0
,
04 tolt(0{;,P
BOARD OF GOVERNORS
OF THE
Item No. 7
FEDERAL RESERVE SYSTEM
/2
4 5/62
WASHINGTON
OFFICE OF THE CHAIRMAN
April 251 1962
Mr. Lee Loevinger,
Assistant Attorney General,
Antitrust Division,
Department of Justice,
Washington 25, D. C.
Dear Judge Loevinger:
You will recall that at one of our luncheons there
was discussion of the arrangement, followed since the Board's
letter of August 31 1960, to Mr. Bias, by which copies of
the Board's reports on competitive factors in bank merger
eases are sent to you when the cases have been decided by
the deciding agency. You indicated that it would be helpful
to you to receive these copies earlier.
er
The Board has reviewed this matter and hereaft
when the reports
Copies of these reports will be sent to you
are sent to the deciding agencies.
With
all good wishes,
Sincerely yours,
(Signed) Wm. McC. Martin, Jr.
Wm. McC, Martin, Jr.
BOARD OF GOVERNORS
0
00;;;,
44
OF THE
FEDERAL RESERVE SYSTEM
t
oast
4
4
4
0
Item NO. 8
42
/ 5/62
WASHINGTON 25. O. C.
ADDRESSOFFICIAL CORRESPONDENCE
TO THE BOARD
4440*
April 26, 1962
Mr. Howard D. Crosse, Vice President,
Federal Reserve Bank of New York,
New York 45, New York.
Dear Mr. Crosse:
In accordance with the request contained in your
letter of April 20, 1962, the Board approves the appointment
of Gary R. Morgan as an assistant examiner for the Federal
Reserve Bank of New York. Please advise the effective date
of the appointment.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary..
@FedFRASER