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August 14, 1962
Minutes for
To:
Members of the Board
From.
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
1?elow. 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.
Chin. Martin
Gov. Mills
Gov. Robertson
Gov. Balderston
Gov. Shepardson
Gov. King
Gov. Mitchell
•
3100
Minutes of the Board of Governors of the Federal Reserve
SYstem on Tuesday, August 14, 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. Kenyon, Assistant Secretary
Miss Carmichael, Assistant Secretary
Mr. Young, Adviser to the Board and
Director, Division of International
Finance
Mr. Hackley, General Counsel
Mr. Noyes, Director, Division of Research
and Statistics
Mr. Conkling, Assistant Director, Division
of Bank Operations
Mr. Benner, Assistant Director, Division
of Examinations
Mr. Langham, Chief, Call Report Section,
Division of Bank Operations
Mr. McClintock, Supervisory Review
Examiner, Division of Examinations
Circulated items.
The following items, which had been circulated
to
the Board and copies of which are attached to these minutes under
the
l esPective item numbers indicated, were approved unanimously:
'
Item No.
Iktte
Trta r to The First Pennsylvania Banking and
epl st Company, Philadelphia, Pennsylvania,
:
1;°ving an extension of time to establish
at 255 East County Line Road, Warminster
To,:anch
wriShip.
tette
wise r to The Kraft State Bank, Menomonie,
in, waiving the requirement of six
raDl
"s' notice of withdrawal from membership
the ,
Peueral Reserve System.
1
2
31
8/14/62
-2Item No.
Letter to the Federal Deposit Insurance
v3rPoration regarding the application of
The Kraft State Bank, Menomonie, Wisconsin,
t°r continuation of deposit insurance after
lufithdrawal from membership in the Federal
"eserve System.
3
Le.tter to The Commercial and Savings Bank of
1411lersburg, Ohio, Millersburg, Ohio, approving
41a investment in bank premises.
4
Letter to Girard Trust Corn Exchange Bank,
iladelphia, Pennsylvania, approving the
esta
blishment of a branch in Upper Darby Town13) Delaware County.
5
Letter to The Liberty Trust Company, Cumberland,
4
land, approving the establishment of a branch
S
earstown Plaza, LaVale.
6
Letter to Comptroller regarding H. R. 7796 (Item No. 7).
There
1144 been distributed a draft of reply to a letter dated August 1, 1962,
O111the Comptroller of the Currency commenting on testimony by Chairman
14artin before Subcommittee No. 1 of the House Banking and Currency
C°14111ittee on July 19, 1962, with reference to H. R. 7796, which
amend section 24 of the Federal Reserve Act in order to liberalize
lend4
limitations on real estate and construction loans of national
8alaks.
In his letter the Comptroller quoted the following statement
°I' Chairman Martin relating to the provisions of the bill that would
Illease the alternative limit on real estate loans of national banks
rrpm e,.
°U
per cent of time and savings deposits to 70 per cent and questioned
8/14/62
-3-
the relevance of the development mentioned in the second sentence:
"Last year the Board reported to your Committee that it
had no objection to this increase. The Board adheres to that
view but desires to call your attention to the fact that in
the interim there has been a considerable increase in time and
savings deposits which may well reduce the need for relief in
this form."
The draft of reply would state that although judgments might
clifrer on whether the substantial growth in time and savings deposits
citttlirig the past year was relevant to the necessity of a change in the
Percentage of such deposits national banks could hold in mortgages,
that would
not have excused the Board from mentioning a development
8° striking as the estimated increase of $7 billion in time deposits
at national banks in the past year, which had expanded by roughly
billion the volume of mortgages national banks might hold under
e418ting law.
Also, although the Board expressed no objection to the
ir°110sed. legislation, it felt obliged not to leave a Committee of the
C°11gress with the impression that this was an urgent matter or that
41ell legislation would have any appreciable effect on mortgage lending
by b
S in the near future.
After several changes in the proposed letter, principally to
—"Ilate material considered unnecessary, had been suggested and
a€'ree
d. Upon, a letter in the form attached as Item No. 7 was approved
Mr. McClintock then withdrew from the meeting and Mr. Molony,
sistant to the Board, entered the room.
fti f
8/14/62
Request for statistical data (Item No. 8).
There had been
distributed a
memorandum from Mr. Langham (Division of Bank Operations)
41"Ir. Wilson (Division of Administrative Services) dated August 7,
1962) regarding a request from a representative of the Business
clittilament Manufacturers Association for a duplicate deck of punched
e4rds covering data in the Board's publication entitled "Distribution
(It Bank Deposits by Counties and Standard Metropolitan Areas" as of
autie
1960.
The privilege of obtaining such data for future dates was
al's° requested. The memorandum outlined factors favoring both approval
a4a di
sapproval of the request.
The Division of Administrative Services recommended that the
l ecittest be denied, mainly because of a fear that compliance with the
'
l'egilest might establish a precedent that could be troublesome in the
filtilre•
A draft of letter reflecting this view was attached to the
41cTandume
Also attached was an alternative draft that would state that
itiaGrauch
as relatively little machine time would be required to produce
the
desired, the Board would be willing to furnish the cards as of
allrle 15) 1960, and June 30, 1962, on a reimbursable basis.
In commenting on the request, Mr. Langham pointed out that
the 1,1
°rk could be done easily and quickly and that no confidential
data
"'re involved. The Board's decision in this instance might well
811 4
basis for handling similar requests in the future.
8/14/62
_5Governor Shepardson remarked that it was his understanding
that other
Government agencies provided this type of service, and Mr.
Langhorn confirmed that both the Bureau of the Census and the Bureau
ctIabor Statistics had indicated that requests of this nature were
11118111Y approved,on a reimbursable basis, by those bureaus.
Also, a
dget Bureau statement in 1959 suggested favorable consideration of
such
requests, provided this did not interfere with the regular statistical
1)rogram of the agency concerned.
Governor Shepardson then expressed the view that it would
ETPropriate to try to accommodate requests of this kind when the
tlat4 could be made available without great inconvenience.
Governor Mitchell likewise indicated that he mould favor
ni—44-ng
such data, on a reimbursable basis.
M. Conkling mentioned that although the request under consider.°tion involved only a small amount of work, problems might arise in
cohrl
.
"cLion with requests that required a larger volume of work.
Governor Mitchell noted, however, that the question could
41Vav
vB be
presented to the Board in such event, following which
G(3vell1or
Shepardson commented that any Board Jobs would of course have
Drior4,_
"Y over outside work, which would have to be scheduled at a
ec)Ilvenient time. Requests that interfered with the Board's regular
l'ic)rk could either be rejected or deferred until they could be handled
cotveniently.
-6Mr. Laugh= suggested that the Board might wish to consider
authorizing
the staff to handle, on the basis suggested by the fore0111g remarks, requests similar to the one under consideration, and
Governor Shepardson said he thought that it would be desirable to
84thorize the staff, as a matter of policy, to meet such requests
if they
could be handled conveniently within the capacity of the
Ilc)ard's equipment.
After Chairman Martin had expressed a similar view, the
letter to
the representative of Business Equipment Manufacturers
Aszociation indicating that the requested cards as of June 15, 1960,
alld-"
Ile 30, 1962, would be furnished on a reimbursable basis was
unanimously.
A copy is attached as Item No.
8.
The staff was also authorized to comply, on a reimbursable
134818, with similar requests that could be handled conveniently
1'1411014 interference to the Board's regular work.
Messrs. Conkling, Benner, and Langham then withdrew from
the meet.ne
1
and Messrs. Sammons, Adviser, and Irvine, Chief, Asia,
4*/4 a,and Latin America Section, Division of International Finance,
Iltered the
room.
Gold loan to Colombia
Item No.
9
A memorandum from Mr.
1°44g dated August 13, 1962, with reference to a request from Banco
de la
RePublica, Bogota, Colombia, for a gold loan had been distributed.
8/14/62
The Colombian central bank had inquired of the Federal Reserve
13an
of New York regarding the possibility of a gold loan of $20
to meet "specific occasional obligations."
had
The Reserve Bank
responded that, having renewed for three months a $15 million
1c)anmade to Colombia on December 20, 1961, and having made on
FebruarY 28, 1962, an additional $15 million loan for six months
(met
uring August 28), it considered that another loan of $20 million
1(3111413e a further deviation from usual gold loan policy.
Banco de la
Re13111311ea had replied that the additional loan was desired in order
t°4void a sudden decrease in its gross international reserves.
4411rance was given the Reserve Bank that the $15 million loan due
4111gt 28 would be paid at maturity.
The Colombian Ambassador to the United States had visited the
'
I?(:)rk Reserve Bank, supporting the request for a loan primarily
Nel
04 the
basis of the need for stability in the country's reserves during
the
period of transition for the new Colombian Administration.
In a telegram to Banco de la Republica dated August 2, the
?eClera.,1
Reserve Bank of New York requested additional information and
-sted that the Reserve Bank might consider submitting a request to
It8
rectors and the Board of Governors for a loan of not more than
di
$10
niillion•
Banco de la Republica, in reply, had stated that $20
11111-11°11 would be
necessary in order to maintain its reserves without
-41tial change and had emphasized that coffee exports were depressed
by 1111
certainties arising from the current negotiations on a world
c°tree
agreement.
8/14/62
-8The New York Reserve Bank, in a telegram dated August 10, had
841vi5ed the Board of its negotiations with the Colombian bank and
ndicated that the Reserve Bank's Board of Directors had authorized,
subject to the approval of the Board of Governors, a loan of $10 million.
The
telegram stated further that the International Monetary Fund, which
lgas having discussions with representatives of the Government of
C°10Inbia on possible further drawings from the Fund and on measures
that it wished Colombia to adopt with respect to foreign exchange
41114 credit policies, concurred in the view taken by the New York
.19 erva
Attached to the Division memorandum was a draft of telegram
t° the New York Reserve Bank that would indicate the Board's approval
°t
$10
million loan, with the understanding that Banco de la Republica
1411341 be advised that payment of the new loan would be expected at
411tiltY, with no request for renewal, and that the loan of $35
411-1-110/1 now outstanding would be paid on or before August 28 1962
In commPnting on the proposed loan, Mr. Irvine stated that the
'vns for approval were not particularly strong.
However, the
n bank had insisted that funds were needed to meet special
kYllieuts that
were falling due. Colombia would be required to pay in
the w
eeks ahead the $15 million gold loan due the New York Reserve
talik 0
n August 28 and possibly an instsimPnt of around $7 million on
A
-
'ale a group of United States commercial banks.
8/14/62
-9Governor Shepardson raised a question whether Colombia had
anY time indicated that a loan of $10 million would suffice, and
Mr. Irvine responded that so far as could be determined, Banco de la
RePublica had given no such indication.
In fact
in its most recent
e°1aalunication to the New York Reserve Bank, the Colombian bank had
reiterated a need for $20 million.
Mr. Irvine assumed, however, that
the bank
would be willing to accept a smaller loan if the amount
requested was not available.
Governor Mitchell inquired whether any hazard to the System
1114s involved, and Mr. /bung replied that there was none since gold
be
'
r8 held at the New York Reserve Rank would serve as collateral for
the loan.
Mr. Young also said that the New York Reserve Bank had some
ree
'
son to believe that Banco wanted to retain all of the gold it
11°11 helci in New York and also to obtain additional funds through this
loan because of a question on its part about the maintenance of
the 1.,
'
4 1*ice of gold. In any event, the Federal Reserve had followed
gillte consistently a policy of calling for repayment of gold loans
clue and making renewals a matter of concern. In these circumstances,
44d. 0
n the basis of conversations with representatives of the Inter4e.ti°rIal Monetary Fund, with which the Colombians were endeavoring to
Ilec)tlate further drawings, it seemed desirable to put some pressure
011 ecaombia to niaJe repayment of the outstanding loan due on August 28.
8/14/62
-10-
141'' Young added that Colombia had not been pursuing vigorously some
of the
measures that the International Monetary Fund had been urging.
Mr. Irvine mentioned that gold loans for Colombia had been
outstanding since December 1961, whereas System policy called for
r'ElIcLting gold loans only as a short-term accommodation to meet seasonal
ecchazige needs or to nlleviate exchange difficulties caused by factors
°f a
temporary nature.
Governor Mills stated that he would approve the loan of
rn,
•
to Colombia.
He noted, however, that there was no
114j-cation in the file that the request had been discussed with the
State
uupartment. Also, there was the matter of System gold loan policy
anc/ Pl'ocedure to be borne in mind.
He thought the New York Reserve
Ilank sho
uld have presented to the Board Colombia's original request
for a
'KO million loan; that any decision to offer a lesser amount
h°111d rest with the Board of Governors rather than the New York Bank
°11 its directors; and that there had been a breach in the understanding
l'e4checl in 1955.
In connection with Governor Mills' reference to consultation
Irith the
State Department regarding the proposed loan, Mr. Young
stated
that Vice President Sanford of the New York Reserve Bank
l'e13°ItecilY had talked with the Latin American Desk at the State
151*Irtment in this regard. The State Department had indicated that
it knew 0_
r no special considerations having a particular bearing
°11 the c
olombian request.
3i1
8/14/62
-11On the matter of procedure referred to by Governor Mills,
141'. Young said it was his understanding that in this instance the
461.1a1 procedure had been followed.
The loan had been requested by
}3anco de la Republica through the New York Reserve Bank; it had been
e°nsidered by the staff of that Bank; it had been acted upon by the
8ankt s Board
of Directors; and it had then been referred to the Board
ef Governors for approval.
Governor Mills agreed that the procedure followed in the
hatictling of gold loan requests had fallen into the pattern mentioned
Yonng, but he did not believe that this procedure was in accordance with
the 1955 agreement.
Chairman Martin commented that he did not believe there had
been arlY intention to change the procedures agreed upon earlier.
ile44evel", he thought it would be desirable to review those procedures.
After some further discussion of procedures, Governor Mitchell
14114i-red whether Colombia would accept a $10 million loan when $20
1°n had been requested.
Mr. Young responded that the answer to
thia
qUestion would not be known until after Banco de la Republica
had 1,
ueen advised of what the Federal Reserve was prepared to do.
Governor Mitchell then said it seemed to him, offhand, that if
the
'
clan was made, it should be made in the amount requested,
--ar-LY since there was no question of risk involved.
8/14/62
-12-
Re did not think that the record was particularly persuasive for
cutting back the amount of gold loan credit outstanding to the
Colombians.
Governor Mills said that in his view it would be difficult
t this stage to change from the course recommended by the New York
Reserve Bank.
In the circumstances, he would favor approval of the
$10 million
loan.
Chairman Martin agreed that it would probably be wise to
Iltirove the loan for $10 million.
Thereafter, the general procedures
11°3-lowed in considering gold loans could be reviewed, and the Board
cola(' have a
discussion with President Hayes of the New York Reserve
l k at a mutually convenient time.
'
13e
Governor Shepardson again raised the question whether Colombia
1.1°111d accept a $10 million loan if it considered that $20 million was
tieecied to meet the situation.
So far as he could see, there had been
4° indication that a loan of $10 million would be acceptable.
In the ensuing discussion, Mr. Young pointed out that Colombia
WAIld
have the option of accepting the loan and also of pursuing further
the matter
of a drawing or drawings on the International Monetary
kria
•
Also, the offering of the $10 million gold loan would not
ll'eclude Colombia from coming back to the System if it was in a
4.0n where there was a real need for an additional loan.
Yu 62
-13
After further discussion, during which reference again was made
the principles set forth in the 1955 Statement of Policy on Gold
Loans
the telegram to the Federal Reserve Bank of New York notifying it
of
B°°.'d approval of a $10 million loan to Banco de la Republica was
A copy is attached as Item No. 9.
The meeting then adjourned.
Secretary s Vote: Governor Shepardson
today approved on behalf of the Board
letters to the Federal Reserve Banks
of Cleveland and Richmond (attached
Items 10 and 11) approving the appointment of Charles Russell Danforth and
R. Rush Woodside, Jr., as assistant
examiners for the respective Banks.
,
Assistant Secretary,
BOARD OF GOVERNORS
OF THE
Item No. 1
8/14/62
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
August 14, 1962
Board of Directors,
The First Pennsylvania Banking
and Trust Company,
Philadelphia, Pennsylvania.
Gentlement
The Board of Governors of the Federal
Reserve System extends to December 20, 1962, the
time uithin which The First Pennsylvania Banking
and Trust Company may establish a branch at 255
East County Line Road, Warminster Township, Bucks
County, Pennsylvania.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael
Assistant Secretary.
I 't
BOARD OF GOVERNORS
Item No. 2
OF THE
FEDERAL RESERVE SY8TEM
8/14162
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
August 14, 3.962
Board of Directors,
The Kraft
State Bank,
Menomonie, Wisconsin.
Ge
ntlemen:
The Federal Reserve Bank of Minneapolis has forwarded
to +,„
196,ve Board of Governors a copy of your resolution dated July 10,
cl signifying your intention to withdraw from membership in
2e Federal Reserve System and your letter dated July 11, 1962,
Vquesting waiver of the six months notice of withdrawal. The
Bank has also forwarded your letter dated July 271 1962,
e
forth the reasons for withdrawal and for the waiver of six
mo
11-ths' notice
:terv
In accordance with your request, the Board of Governors
wEtiv
„, es the requirement of six months' notice of withdrawal. Upon
e ender to the Federal Reserve Bank of Minneapolis of the Federal
cas"ve Bank stock issued to your institution, such stock will be
:celled and appropriate refund will be made thereon. Under the
,
isions of Section 208.10(0 of the Board's Regulation H, your
ill
"
ti8‘itution mul accomplish termination of its membership at any
wiT! within eight months from the date the notice of intention to
"draw from membership was given.
It is requested that the certificate of membership be
returned to the Federal Reserve Bank of Minneapolis.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Item No.
3
8/14/62
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
August 14, 1962
The Honorable Erie Cocke, Sr., Chairman,
Fede1
Deposit Insurance Corporation,
"ashington 25, D. C.
Dear Mr. Cocke:
Reference is made to your letter of July 18, 1962, concerning the application of The Kraft State Bank, Menomonie,
lsconsin, for continuance of deposit insurance after withdrawal
:
from
membership in the Federal Reserve System.
In early 1960, certain alleged irregularities were dis(38ed on the part of Mr. William R. Kraft, then president and
of subject bank, and ultimately resulted in his being
replaced
t
as president of the bank. For various reasons, the United
r ates Attorney declined to prosecute. The last information
o
teceived
by the Board of Governors indicates that he continues
st serve as a member of the board of directors. Members of the
cle ff of the Board of Governors will discuss with your office
tails pertinent to the alleged irregularities on request.
There are no other unusual conditions apparent in the
134111,
and no corrective programs have been urged upon or agreed
to
inc°Y the bank which the Board of Governors believes should be
°rPorated as conditions to the continuance of deposit insurance.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Item No. 14.
8/114162
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
August 14, 1962
Board of Directors,
The
Commercial and Savings Bank
of Millersburg Ohio,
Millersburg, Ohio.
G
entlemen:
The Board of Governors of the Federal Reserve
3r8teM approves, pursuant to Section 24A of the Federal
-eserve Act, an additional investment of $170000 in bank
remises made by The Commercial and Savings Bank of Millersfor the purchase of a property for future expansion.
t
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael
Assistant Secretary.
BOARD OF GOVERNORS
OF THE
Item. No.
FEDERAL RESERVE SYSTEM
5
8/14/62
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
_a.
4 :,
*4Letst4.
4444*-
August 14, 1962
Board of Directors,
Girard Trust Corn Exchange Bank,
Philadelphia, Pennsylvania.
Gentlemen:
The Board of Governors of the Federal Reserve
System approves the establishment by Girard Trust Corn
Exchange Bank, Philadelphia, Pennsylvania, of a branch
ln the Upper Darby Shopping Center on the north side of
State Road, approximately 350 feet east of the intersection of State Road and Lansdowne Avenue in Upper Darby
Township, Delaware County, Pennsylvania, provided the
branch is established within one year from the date of
this letter.
Very truly yours,
(signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
411 I
•
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Item No.
6
8/14/62
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
August 114.1 1962
board of Directors,
The Liberty Trust Company,
Cumberland, Maryland.
Gentlemen:
The Board of Governors of the Federal Reserve
System approves the establishment of a branch by The
Liberty Trust Company in Searstown Plaza, LaVale, Allegany
County, Maryland, provided the branch is established within
One year from the date of this letter.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
311.9
BOARD OF GOVERNORS
OF THE
Item. No. 7
8/14/62
FEDERAL RESERVE SYSTEM
WASHINGTON
OFFICE OF THE CHAIRMAN
August 15, 1962
The Ho
norable James J. Saxon,
troller of the Currency,
1
Department,
"-ington 25, D. C.
)q2
-V,,,TTury
-8
Illear Mr. Saxon:
you for your letter dated August 1, which we revv14 on August 7, with regard to my testimony on H.R. 7796.
CeiThank
Whether the substantial growth in time and savings
depoo4
chm,--Lts
in the past year is relevant to the necessity of a
in the percentage of such accounts that banks can hold
(1
Itgages is a matter on which judgments may differ. This
rtie4 n°t excuse us, it seems to me, from mentioning a developdept. so atriking as the estimated increase of $7 billion in time
by 8its at national banks in the past year, which has expanded
114ughlY $4 billion the volume of mortgages national banks may
under existing law.
:
0 1°
.
As I indicated in my testimony, the Board has no objec—
hone r the proposed legislation. However, we would be less than
thatsi.
'
if we left a Committee of the Congress with the impression
'
his was an urgent matter or that action on it would have any
appr
whiariable effect in the near future on mortgage lending by banks.
sta,„ we have no way of determining the precise number, we under60
that only a small number of banks are limited by the present
r cent requirement.
Sincerely yours,
(signed) Wm. MCC. Martin, Jr.
Wm. McC. Martin, Jr.
BOARD OF GOVERNORS
WOOk 4o
OF THE
Item No. 8
8/14/62
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
August lh, 1962
14iss G. L. Meyer)
Market Research Consultant,
:
40c 820,
4000 Massachusetts Avenue, N. W.,
Washington 16, D. C.
Dear Miss Meyer:
This refers to your letter of March 15 requesting
Business Equipment Manufacturers Association be furnished
Punched card form data published in Distribution of Bank
Pots by Counties and Standard Metropolitan Areas, as of
line 15, 1960 and future dates.
thaf.
-
Inasmuch as relatively little machine time would be
red to produce the data you desire, the Board is willing
to
„, reProduce these cards as of June 15, 1960 and June 30, 1962
the cost of the cards plus a time charge for the use of the
0,Pr0duction equipment; the latter includes time of personnel
" an estimated basis.
Because of increasing demands within the Board and
the
bserve Banks for the reproduction of cards containing
1\711
4.dllg data, any subsequent requests for similar data at
dates will be considered separately. It should also be
zuerstood that
there may be some delay in reproducing the 1960
'
1 1962 cards.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
TELEGRAM
Item No. 9
LEASED WIRE SERVICE
14/62
/
8
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
August 14, 1962
SANFORD - NEW YORK
Ycnir wire of August 10.
Board approves granting a three-month loan
°11 gold up to a total of $10 million by your Bank to the Banco de la
RePublica (Colombia) on the following terms and conditions:
(a) To be made up to 98 per cent of the value of
gold bars set aside in your vaults under pledge to
you;
(b) To mature in three months from the date on which
it is made, with option to pay at any time before
maturity, in multiples of $1 million;
(c) To bear interest at the discount rate of your
Bank in effect on the date on which the loan is made;
(d)
It is
To be requested and made on or before August 31.
understood that in your cable to the Banco de la Republica, you
14111 advise them (a) that you expect the loan to be repaid at maturity
'with
to request for renewal and (b) the loan of $15 million now out-
8t4r1cling will be paid on or before August 28.
It is also understood
that the usual participation will be offered to the other Federal
48erve Banks.
(Signed) Kenneth A. Kenyon
KENYON
BOARD OF GOVERNORS
411
OF THE
FEDERAL RESERVE SYSTEM
Item No. 10
8/14/62
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
August 14, 1962
Mr. Paul C. Stetzelberger, Vice President,
Federal Reserve Bank of Cleveland,
Cleveland
1, .Ohio.
Dear Mr. Stetzelberger:
In accordance with the request contained in your
letter of August 7, 1962, the Board approves the appointment
Of Charles Russell Danforth
as an assistant examiner for the
Federal Reserve Bank of Cleveland.
Please advise the effec-
tive date of the appointment.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
BOARD OF GOVERNORS
OF THE
Item No. 32
FEDERAL RESERVE SYSTEM
8/14/62
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
August lh, 1962
,
11r. John L. Nosker, Vice President,
Federal Reserve Bank of Richmond,
R
ichmond 13, Virginia.
Dear Mr Nosker:
In accordance with the request contained in your
letter of August 8 1962, the Board approves the appointment
()e. L Rush Woodside, Jr., as an assistant examiner for the
Nem' Reserve Bank of Richmond, effective today.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
@FedFRASER