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609
Minutes for
To:
Members of the Board
From:
Office of the Secretary
August 4, 1966
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. Robertson
Gov. Shepardson
Gov. Mitchell
Gov. Daane
Gov. Maisel
Gov. Brimmer
11.
;
4 "
,4*4
Minutes of the Board of Governors of the Federal Reserve
System on Thursday, August 4, 1966.
The Board met in the Board Room
at 2:20 p.m.
PRESENT:
Mr.
Mr.
Mr.
Mr.
Robertson, Vice Chairman
Shepardson
Mitchell
Daane
Sherman, Secretary
Kenyon, Assistant Secretary
Molony, Assistant to the Board
Cardon, Legislative Counsel
Fauver, Assistant to the Board
Hackley, General Counsel
Solomon, Director, Division of Examinations
Hexter, Associate General Counsel
O'Connell, Assistant General Counsel
Koch, Deputy Director, Division of Research
and Statistics
Mr. Partee, Associate Director, Division of
Research and Statistics
Mr. Leavitt, Assistant Director, Division of
Examinations
Messrs. Forrestal, Senior Attorney, and Smith,
Attorney, Legal Division
Mr. Lyon, Review Examiner, Division of Examinations
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Branch application (Item No. 1).
An application by Marine
Midland Trust Company of Western New York, Buffalo, New York, for
Permission to establish a branch in the Seneca Mall, West Seneca, was
unanimously.
A copy of the letter evidencing this action is
a ttached as Item No. 1.
Enrolled bill S. 3498 (Item No. 2).
A letter to the Bureau of
the Budget recommending favorable Presidential action on enrolled bill
S. 3498, "To facilitate the carrying out of the obligations of the
United States under the Convention on the Settlement of Investment
ocott:),,,")
8/4/66
-2-
Disputes Between States and Nationals of Other States, signed on
August 27, 1965, and for other purposes," was approved unanimously.
A copy is attached as Item No. 2.
Application of Barnett National Securities Corporation (Items 3-
Ai.
Drafts of an order and statement reflecting the Board's approval on
June 30, 1966, of the application of Barnett National Securities Corporation, Jacksonville, Florida, for permission to acquire shares of First
National Bank at Winter Park, Winter Park, Florida, had been distributed.
Issuance of the order and statement was authorized; copies of
the documents, as issued, are attached as Items 3-4.
Governor Mitchell raised the question whether it was necessary
to devote a paragraph to a standard recitation of statutory considerations in each statement of this kind, and it was understood that the
Legal Division would consider this matter.
Messrs. Forrestal, Smith, and Lyon then withdrew.
Underwriting of bonds.
There had been distributed a draft of
Possible letter to Harris Trust and Savings Bank, Chicago, Illinois,
relating to information received by the Board's staff through the bank's
counsel that a group of State member banks, including Harris Trust, were
Proposing to underwrite several issues of bonds referred to as "Colleges
of the State of Texas Constitutional Tax Bonds, Series 1966."
The draft
letter related an understanding concerning the provision being made for
payment of principal and interest on the bonds and expressed the opinion
:28 3f;
8/4/66
-3-
that the bonds were ineligible for underwriting by member banks since
they were not supported by an unconditional promise by the State of
Texas (or by any other governmental entity possessing general powers of
taxation) that the interest and principal would be paid when due.
Harris
Trust would be requested to bring the Board's views to the attention of
the other State member banks in the underwriting group.
The draft letter would note that the Board, in its Annual Report
for 1965, had reiterated its recommendation that Congress reaffirm the
existing provisions of law forbidding member banks to underwrite municipal securities unless such securities constituted "general obligations
of any State or of any political subdivision thereof."
It would bring
out that the Board's understanding of that statutory provision was reflected in the amendment recommended to Congress that would make the
meaning of the provision so clear and definite as to preclude any possibility of misinterpretation.
In discussion, reference was made to the text of the pertinent
section of the Board's Annual Report for 1965, as follows:
Underwriting of "revenue bonds." In recent years the
Office of the Comptroller of the Currency has informed national banks that (by reason of changes in interpretations of law
by that agency) they may underwrite and deal in certain types
of "revenue bonds"--that is, obligations issued by a governmental entity that are not supported by general powers of
taxation. The Board of Governors, however, believes that the
applicable provisions of the Federal banking laws cannot properly be so interpreted. As a consequence, the rules that now
govern national banks in this respect differ from those that
govern State member banks, despite the intent of Congress that
banks of both categories should have equal powers and be subject to the same limitations with respect to underwriting and
dealing in securities.
1))4_,Io r}vi
8/4/66
-4-
Bills have been introduced in recent years that were
designed to eliminate this disparity by permitting member
banks (both national and State) to underwrite and deal in
revenue bonds to a limited extent. The Board has not
favored enactment of these bills. Rather, it has recommended that Congress reaffirm and clarify existing law
on the subject, which forbids member banks to underwrite
or deal in revenue bonds. This could be effected by
adding the following sentence at the end of paragraph
Seventh of Section 5136 of the Revised Statutes:
As used in this paragraph, the term "general obligations of any State or of any political subdivision
thereof" means only obligations that are supported
by an unconditional promise to pay, directly or
indirectly, an aggregate amount which (together
with any other funds available for the purpose)
will suffice to discharge, when due, all interest
on and principal of such obligations, which
promise (1) is made by a governmental entity that
possesses general powers of taxation, including
property taxation, and (2) pledges or otherwise
commits the full faith and credit of said promisor,
said term does not include obligations not so
supported that are to be repaid only from specified
sources such as the income from designated facilities or the proceeds of designated taxes.
Because the inequality between national and State member
banks becomes increasingly detrimental to the banking system
with the passage of time, the Board considers that corrective
legislation is imperative to terminate, by one means or the
other, a situation in which divergent interpretations of a
law result in inequitable differences in the authority of
competing banks. Congress should decide whether member banks,
national and State, should be permitted to underwrite and deal
in revenue bonds and, if so, to what extent.
Question was raised by Governor Shepardson whether the text of
the Annual Report reflected the present position of a majority of the
Board in terms of the kind of legislation that should be supported.
0
. )i2 4i t
8/4/66
-5Accordingly, it was understood that this question would be
considered when additional members of the Board were present, the Legal
Division to provide appropriate documentation in advance of the Board
discussion.
As to the instant case, question was raised whether the circumstances in which the matter had come to the Board's attention (the sending to the Board's staff by the bank's counsel of a copy of the information statement that the offering institutions had furnished to prospective
bidders, and the receipt of oral information indicating that such counsel
had informed the bank that in counsel's opinion the bonds were general
Obligations) put the matter in such posture that an expression of Board
opinion to the member bank was called for.
The legal staff held the
view that the Board would be remiss and might be vulnerable if, in the
circumstances, it did not make its opinion known.
On the other hand,
some reservation was expressed at Board level, particularly about conveyan opinion to Harris Trust in the form of the draft letter and about
requesting Harris Trust to take responsibility for conveying a Board
°Pinion to other State member banks.
A further question was raised, particularly by Governor Mitchell,
whether the facts relating to the proposed bonds, including provision
made for repayment, were sufficiently clear to warrant a Board opinion
that the bonds were ineligible for underwriting by member banks.
In light of these questions the Vice Chairman suggested that,
if agreeable to the other members of the Board, he would get in touch
f)Urt,
4411R)
-6-
8/4/66
by telephone with Harris Trust to discuss the matter, with the understanding that if necessary consideration would then be given by the
Board to what kind of letter, if any, should be written.
It was agreed
that the procedure suggested by the Vice Chairman would be followed.
Secretary's Note: The Vice Chairman subsequently
advised that he had talked with an official of
Harris Trust and had been informed that the bank
did not contemplate bidding for the bonds in
question.
Competitive factor reports.
The Vice Chairman drew attention
to a memorandum from the Division of Examinations, distributed for the
information of the Board under date of August 1, 1966, relating to
receipt from the Comptroller of the Currency of requests for competitive
factor reports in bank merger cases in circumstances in which various
sections of the relevant applications apparently had been removed.
In
some cases applications had been received in incomplete form originally,
and missing sections were later furnished by the Comptroller.
After discussion, during which Mr. Solomon indicated that
applications currently being received seemed to be complete or were being
supplemented within a day or two, it was understood that if further difficulties were encountered the Division of Examinations would inform the
Board so that the Board could consider what steps should be taken.
Report on hearing.
At a hearing this morning before the Senate
Banking and Currency Committee, Vice Chairman Robertson had testified-along with Under Secretary of the Treasury Barr, the Chairman of the
(TO
8/4/66
-7-
Federal Deposit Insurance Corporation, and the Chairman of the Federal
Home Loan Bank Board--on legislation to provide flexible authority for
supervisory agencies to prescribe maximum rates of return payable on
deposit-type savings.
In his prepared statement, a copy of which has
been placed in the Board's files, the Vice Chairman noted that the Board's
Proposals in this regard were incorporated in S. 3627.
He also stated
that the Board recommended, in addition, legislation to widen the range
Within which the Board could fix reserve requirements on time and savings
deposits and to authorize the Federal Reserve System to buy and sell in
the open market obligations issued or guaranteed by agencies of the
United States, such as the Federal Home Loan Banks or the Federal National Mortgage Association.
The latter two proposals, along with the pro-
visions of S. 3627 regarding rate ceilings, were embodied in a draft bill
that had been submitted to Committee Chairman Robertson on August 2, 1966.
Vice Chairman Robertson's statement pointed out that the Board had already indicated the general nature of its support of the several proposals
in letters of July 15 and August 2 to Chairman Robertson.
At the Vice Chairman's request, Mr. Cardon summarized that part
of this morning's hearing at which the Government representatives had
testified, together with the subsequent part of the hearing at which
Savings and loan representatives appeared and objected to the providing
Of authority to regulate dividend rates of savings and loan associations.
Following a discussion based on Mr. Cardon's report, the meeting
adjourned.
2841
8/4/66
-8Secretary's Note: Governor Shepardson
today approved on behalf of the Board
the following items:
Letter to the Federal Reserve Bank of New York (copy attached as
Item No. 5) approving the appointment of Robert A. Jacobsen as examiner.
Letter to the Federal Reserve Bank of Dallas (copy attached as
ILL2allat_§
..) approving the reappointment of Richard F. Carlson as
assistant examiner.
Secre
2M2
Item No. 1
8/4/66
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, .0. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
August 4, 1966
Board of Directors,
Marine Midland Trust Company
of Western New York,
Buffalo, New York.
Gentlemen:
The Board of Governors of the Federal Reserve
System approves the establishment by Marine Midland Trust
Company of Western New York, Buffalo, New York, of a
branch in the Seneca Mall, in an unincorporated area of
West Seneca, Erie County, New York, provided the branch
is established within one year from the date of this
letter.
Very truly yours,
(Signed) Elizabeth Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
(The letter to the Reserve Bank stated that the
Board also had approved a six-month extension
of the period allowed to establish the branch;
and that if an extension should be requested,
the procedure prescribed in the Board's letter
of November 9, 1962 (S-1846), should be followed.)
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Item No. 2
8/4/66
WASHINGTON
OFFICE OF THE VICE CHAIRMAN
August 4, 1966.
Mr. Wilfred H. Rommel,
Assistant Director for
Legislative Reference,
Bureau of the Budget,
Washington, D. C. 20503
This is in response to your communication of August 2, 1966,
requesting the views of the Board on the enrolled bill, S. 3498,
It
facilitate the carrying out of the obligations of the United States
under the Convention on the Settlement of Investment Disputes Between
States and Nationals of Other States, signed on August 27, 1965, and
for other purposes."
The Board recommends that the enrolled bill be approved by
the President.
Sincerely,
(Signed) J. L. Robertson
J. L. Robertson.
2844
UNITED STATES OF AMERICA
Item No. 3
8/4/66
BEFORE THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHING -ON, D. C.
Ih the Matter of the Application of
EARNETT NATIONAL SECURITIES CORPORATION,
JACKSONVILLE, FLORIDA,
f°r approval of the acquisition of voting
shares of First National Bank at Winter
Park, Winter Park, Florida.
ORDER APPROVING APPLICATION UNDER
BANK HOLDING COMPANY ACT
There has come before the Board of Governors, pursuant to
aec
tion 3(a) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a),
48 amended by Public Law 89-485), and section 222.4(a) of Federal Reserve
Regulation Y (12 CFR 222.4(a)), an application by Barnett National
Securities Corporation, Jacksonville, Florida, a registered bank holding
s:111113anY, for the Board's approval of the acquisition of 80 per cent or
111(3re of the outstanding voting shares of First National Bank at Winter
1'4*, Winter Park, Florida.
As required by section 3(b) of the Act, the Board notified the
Corn
Ptroller of the Currency of receipt of the application and requested
ht
vtews and recommendation thereon.
aPTIroval of the application.
The Comptroller recommended
2S45
-2-
Notice of receipt of the application was published in the
Federal Register on May 28, 1966 (31 Federal Register 7720), which
Provided an opportunity for submission of comments and views regarding
the application.
Time for filing such comments and views has expired
and all comments and views filed with the Board have been considered
by it.
IT IS HEREBY ORDERED, for the reasons set forth in the Board's
Statement of this date, that said application be and hereby is approved,
Provided that the acquisition so approved shall not be consummated
(a) before the thirtieth calendar day following the date of this Order
Ot
(b) later than three months after said date.
Dated at Washington, D. C., this 4C1 day of August, 1966.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and
Governors Shepardson, Maisel, and Brimmer.
Absent and not voting:
Governors Robertson, Mitchell, and
Daane.
(signed)
Merritt Sherman
Merrit.t Sherman,
Secretary.
(stAL)
2846
BOARD OF GOVERNORS
Item No. 4
8/4/66
OF THE
FEDERAL RESERVE SYSTEM
APPLICATION BY BARNETT NATIONAL SECURITIES CORPORATION
FOR APPROVAL OF THE ACQUISITION OF VOTING SHARES OF FIRST NATIONAL
BANK AT WINTER PARK, WINTER PARK, FLORIDA
STATEMENT
Barnett National Securities Corporation, Jacksonville,
Florida ("Applicant"), a registered bank holding company, has applied
t° the Board of Governors, pursuant to section 3(a) of the Bank Holding
CeraPany Act of 1956, as amended by Public Law 39-485 ("the Act"), for
Permission to acquire 80 per cent or more of the outstanding voting
shares of First National Bank at Winter Park, Winter Park, Florida
Applicant presently owns six banks which are located in
four cities in the eastern part of Florida.
On June 21, 1966, the
Board approved Applicant's acquisition of a seventh subsidiary bank.
he
including the seventh bank (First Bank & Trust Company of Pensacola),
1/
t
otal deposits held by Applicant's banks aggregated, at year-end 1965,
413(3ut $230 million.
Bank, with deposits of about $41 million, has its sole office
14 Winter Park, a community of about 25,000 population.
The geographic
area believed to be most relevant to analysis of the competitive effects
Tr--
Unless otherwise indicated, all banking data noted are as of this date.
47
-2-
Of Applicant's proposal is that which encompasses Uinter Park and
surrounding areas within a radius of about five miles.
This area,
herein referred to as Bank's "service area", includes a major portion
Of the City of Orlando and lies wholly within the Orlando Standard
Ret
ropolitan Statistical Area.
Bank derives approximately 88 per cent
Of its
deposits of individuals, partnerships, and corporations from its
scIrvice area.
Views and recommendation of supervisory authority. - As
equired by section 3(b) of the Act, the Board notified the Comptroller
Of
the Currency of receipt of the application and requested his views
44 recommendation thereon.
The Comptroller recommended approval of
the aPpiication.
Statutory considerations. - Section 3(c) of the Act, as amended,
h°17ides that the Board shall not approve this acquisition if it will
e8ult in a monopoly, or if it is in furtherance of any combination or
445Piracy to monopolize or to attempt to monopolize the business of
batia.4
thi8
in any part of the United States.
Nor shall the Board approve
acquisition if the effect in any section of the country may be sub-
8Ittltially to lessen competition, or to tend to create a monopoly, or
the transaction in any other manner would be in restraint of trade,
tillless the Board finds that the anticompetitive effects of the proposed
tra„
"saction are clearly outweighed in the public interest by the probable
4ect of the transaction in meeting the convenience and needs of the
unity to be served.
The Board is required to take into consideration
2848
-3-
also the financial and managerial resources and future prospects of the
bank holding company and the banks concerned, and the convenience and
needs of the community to be served.
Competitive effect of proposed acquisition, - Acquisition of
Bank would give Applicant control of about 4 per cent of the commercial
bank deposits in the State, and would result in the control by the
State's seven bank holding company groups, combined, of about 25 per
cant of the deposits of all commercial banks.
Bank is the largest of three commercial banks in Winter Park
and fourth in size of the eleven commercial banks located in Bank's
8el'vice area.
these
Bank holds 11 per cent of the total deposits held by
eleven banks, only one of which, The Florida National Bank at
°I.ando (deposits of $52 million), is a subsidiary of a bank holding
ecraPanY.
The area's two largest banks, First National Bank at Orlando
and Citizens National Bank of Orlando, hold deposits of $135 million
and $64 million, respectively.
Applicant has stated its intention, assuming consummation of
its
Proposal, to e;:pand Bank's sphere of operation to encompass an enportion of the Orlando Standard Metropolitan Statistical Area.
The
l*ein, 23 commercial banks are located, with combined total deposits
cl S465 million.
Applicant presently does not have a subsidiary bank
IkAted in the Orlando metropolitan area.
Its acquisition of Bank would
'
ve Applicant control of about 9 per cent of the total deposits of the
ai
The two other banks in the area that are bank holding company
2849
-4-
subsidiaries - The Florida National Bank at Orlando and The Sanford
Atlantic National Bank, Sanford - hold in the aggregate 14 per cent of
such deposits.
It is the Board's judgment that consummation of Applicant's
PtoPosal would not result in a monopoly nor, based on the evidence of
record, be in furtherance of any combination or conspiracy to monopolize
Ot to attempt to monopolize the business of banking in any relevant area.
Considering next the probable effect of Applicant's proposal
04 existing and potential competition, the record reflects that only
t1/4 of Applicant's subsidiary banks are located within 100 miles of
44k.
One of these subsidiaries is located in DeLand, some 35 miles
44Im tinter Park; the other is 0 miles from Bank, at Cocoa.
Neither
q these banks derives deposits, loans, or trust business from Bank's
service area.
4
Located about midway between Winter Park and DeLand
the City of Sanford, in which are located three banks.
Applicant's
14144 at Cocoa is separated from Winter Park by the City of Orlando,
141 which are located 10 commercial banks.
None of Applicant's
oth
er subsidiary banks derives business from Bank's service area.
It
,
oLlows that consummation of Applicant's proposal will not result
t4 elimination of any existing competition between Bank and Applicant's
1)esent subsidiary banks.
Nor, in view of the size of Bank, the
4istances separating it from Applicant's subsidiaries, and the
-vition of several competing banks between Bank and Applicant's
2850
-5-
nearest subsidiaries, does it appear likely that any measurable
future competition between Bank and Applicant's subsidiaries will be
foreclosed.
Bank's nearest competitors are Commercial Bank at Winter
Park and Aloma National Bank, Winter Park, both of which appear to
have competed successfully with Bank.
While in the most recent five
°41endar years, Bank's deposits increased $17 million, or about 70
Per cent, the deposits of Commercial Bank increased from $11 million
to $27 million, or about la per cent.
Of
Aloma National Bank's deposits
more than $5 million have been obtained since opening for business
in the latter part of 1963.
In the remainder of its service area,
44k competes with three larger commercial banking institutions with
dePosits ranging from $52 million to $135 million, and five smaller
eQramorcial banks with deposits ranging from about $5 million to
about $16 million.
Four banks, including Alma National Bank, have
°Pened for business in Bank's service area within the last five
calendar years.
Lll of Bank's competitors, including those most
recently organized, have experienced satisfactory deposit growth.
1344k'5 affiliation with Applicant would not significantly alter the
°I1IPetitive abilities of the banks located in Bank's service area.
It is the Board's judgment, based on the foregoing
e°4siderations, that Bank's acquisition by Applicant would neither
tesult in any substantial lessening of competition nor in any manner
be in restraint of trade.
2851.
-6-
Financial and managerial resources and future prospects. The financial and managerial resources of Applicant are considered
satisfactory.
Based principally on the favorable growth and operating
records, and favorable prospects of Applicant's subsidiary banks,
4PPlicant's prospects are viewed as favorable.
Bank's financial and managerial resources are likewise
viewed as satisfactory.
Despite a substantial deposit growth in
tecent years, Bank has maintained a satisfactory capital position
through its retention of earnings.
Bank's location in the Orlando
area is a prime factor in appraising its prospects.
This area is
Ported to be the fifth fastest growing metropolitan area in the
°attar), its population having increased 121: per cent from 1950 to
1.960
. Bank's prospects for continued sound operation and growth
aPPear favorable whether under present ownership or operated as a
subsidiary of Applicant.
Bank's management is considered satisfactory.
The steady
cAJth, earnings record, and generally sound condition of Bank reflect
the management capability of Bank's chief executive officer. Uhile
retirement from active management in the near future will present
eartain succession problems, it is the Board's view that such problems
4e reasonably solvable from within Bank's present personnel. In
)11.1a cases, the immediacy with which a holding company proposal
vlow,
4.0 remedy a management succession problem has weighed affirmatively
2852
-7_
touard approval of that proposal.
The apparent potential of Bank's
t170 principal junior executive officers, both of whom are young,
capable individuals, makes substantially less significant the
affirmative weight to be given the management succession aspects
of Applicant's proposal.
Convenience and needs of community involved. - As noted,
the relevant market area contains 11 commercial banks.
The evidence
cf record establishes that these banks are serving in satisfactory
r1411ner the area's major banking requirements.
Applicant states that
the services now offered by Bank are generally those offered by its
ccmPetitors.
However, Applicant states that Bank is not effectively
serVing the credit requirements of major business concerns operating
the Orlando area.
Applicant proposes to expand Bank's service
endition to attract the area's larger accounts, particularly by
earls of prompt participation with Applicant's other banks of larger
lirles of credit.
Noting that but one of the Orlando area banks
q ers computer services to other banks in the area, including Bank,
Al/Plieant states its intention to place a computer system in Bank
that would serve not only Bank and Applicant's Cocoa and DeLand
ubaidiaries, but would also be offered to all other banks in the
4teas
Finally, Applicant proposes to expand substantially the trust
dePartment services offered by Bank, with particular emphasis to be
Ct/ierl to the demands for individual and estate trust and tax services
-3-
2853
that exist, according to Applicant, by reason of the fact that the
Tinter Park area is increasing in prominence as a retirement location
for Imalthy individuals.
In view of the proximity of the residents and businesses
Vithin Bank's service area to the large Orlando banks, the Board is
unable to conclude that existing demands for large lines of credit
°r trust services of any nature cannot be presently provided with
reasonable facility.
At most, Applicant's proposal would constitute
c>r. certain of Bank's customers a somewhat more convenient source
f°r these services. Similarly, inasmuch as Bank presently utilizes
the computer services offered by a large Orlando bank, Applicant's
PrePosal to place a computer system in Bank appears to offer but a
311ght advantage to Bank's customers.
However, an aspect of this
PtcTosal that would be beneficial to the area's banks is that it
14°uld afford alternative computer services, thus making more
e°41Petitive the cost and rendition of such services.
On the basis
c3 the foregoing, the Board concludes that considerations relating
to the convenience and needs of the communities involved, while
c°4sistent with approval of the application, offer but slight
a4irmative weight toward such approval.
Conclusion. - In the light of the factors set forth in
the
Bank Holding Company Act, and on the basis of the relevant
ts of record, it is the Board's judgment that Applicant's
Ilt°Posal is in the public interest and that the application
Mould be approved.
44a118t 4, 1966
.11
28S4
Item No. 5
8/4/66
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON,
p.
C. 20551
ADDRESS OFFICIAL. CORRESPONDENCE
TO THE HOARD
August 4, 1966
Mr. Fred W. Piderit, Jr., Vice President,
Federal Reserve Bank of New York,
New York, New York. 10045
Dear Mr. Piderit:
In accordance with the request contained in
your letter of July 27, 1966, the Board approves the
appointment of Robert A. Jacobsen as an 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.
2855
BOARD OF GOVERNORS
Item No. 6
8/4/66
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, ,13. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
August 4, 1966
Mr. Thomas R. Sullivan, Vice President,
Federal Reserve Bank of Dallas,
Dallas, Texas. 75222
Dear Mr. Sullivan:
- In accordance with the request contained in
your letter of July 28, 1966, the Board approves the
reappointment of Richard F. Carlson as an assistant
examiner for the Federal Reserve Bank of Dallas,
effective today. Please advise the salary rate.
The authorization heretofore given your
Mr. Carlson as a special assistant
designate
bank to
hereby
canceled.
is
examiner
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
@FedFRASER