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609
'9161
Minutes for
To:
Members of the Board
From:
Office Of the Secretary
December 11, 1962
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.
Chin. Martin
Gov. Mills
Gov. Robertson
Gov. Balderston
Gov. Shepardson
Gov. King
Gov. Mitchell
Minutes of the Board of Governors of the Federal Reserve System
On
Tuesday, December 11, 1962.
PRESENT:
Mr.
Mr.
Mr.
Mr.
Mr.
The Board met in the Board Room at 10:00 a.m.
Martin, Chairman
Balderston, Vice Chairman
Mills
Robertson
Shepardson
Sherman, Secretary
Kenyon, Assistant Secretary
Molony, Assistant to the Board
Cardon, Legislative Counsel
Fauver, Assistant to the Board
Hackley, General Counsel
Farrell, Director, Division of Bank
Operations
Mr. Solomon, Director, Division of
Examinations
Mr. Johnson, Director, Division of Personnel
Administration
Mr. Hexter, Assistant General Counsel
Mr. Shay, Assistant General Counsel
Mr. Holland, Adviser, Division of Research
and Statistics
Mr. Leavitt, Assistant Director, Division
of Examinations
Mr. Mattras, General Assistant, Office of
the Secretary
Miss Hart, Senior Attorney, Legal Division
Mr. Langham, Chief, Call Report Section,
Division of Bank Operations
Mr. Veenstra, Technical Assistant, Division
of Bank Operations
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Discount rates.
The establishment without change by the Federal
4serve Bank of Boston on December 10, 1962, of the rates on discounts
44(1 advances in its existing schedule was approved unanimously, with
the understanding that appropriate advice would be sent to that Bank.
12/11/62
Circulated items.
-2The following items, copies of which are
attached to these minutes under the respective item numbers indicated,
were approvd unanimously:
Item No.
Letter to Citizens State Bank, Hempstead, Texas,
waiving the requirement of six months' notice of
withdrawal
from membership in the Federal Reserve System.
1
Letter to First State Bank of Odem, Odem, Texas, waiving
the
requirement of six months' notice of withdrawal from
membership in the Federal Reserve System.
2
Letter to Houston Bank & Trust Company, Houston, Texas,
granting permission to maintain reduced reserves.
3
f
etters to the Federal Reserve Banks of New York, St.
Dallas, and San Francisco approving revised officer
salarY structures..
4-7
11.44tters to the Federal Reserve Ban13of Chicago and
lflnespolis approving the payment of salaries to certain
°xficers at rates fixed by the Boards of Directors.
8-9
Bank holding company investment in stock of small business
inve
----1
.atIpent companies (Item No. 101. There had been distributed a
memorandum from the Legal Division dated November 27, 1962, submitting
a Proposed interpretation of (1) section 4(c)(4) of the Bank Holding
Company Act, which permits a bank holding company to acquire shares of
Ti°4bank corporations "which are of the kinds and amounts eligible for
i4vestment" by national banks, and (2) section 302(b) of the Small
Ilusiness Investment Act, which permits a national bank to invest "2 per
ent of its capital and surplus" in the stock of small business investment
enmPanies.
A
-3-
12/11/62
In an interpretation published in the Federal Reserve Bulletin
of March 1959, the Board had held that a bank holding company could
lawfully invest in stock of small business investment companies up to
1 per cent of the holding company's capital and surplus, with surplus
to be
determined in accordance with generally accepted accounting and
re porting
procedures applicable to the holding company.
In 1961, however, First Bank Stock Corporation of Minneapolis,
Minnesota, asked the Board's advice as to the amount that it and its
subsidiaries could invest in stock of small business investment corporaIn attempting to answer this inquiry, certain questions arose
that caused a reexamination of the 1959 interpretation.
As a result,
the Legal Division had now concluded that the 1959 interpretation did
11°t fully effectuate the apparent intent of the Congress.
Accordingly,
the Division proposed that the 1959 interpretation be superseded and
that the Board issue a new interpretation which would provide that total
direct and indirect investments of a bank holding company in stock of
small business investment companies might not exceed 2 per cent of the
caPital and surplus of a subsidiary bank if such stock was owned or
trolled by the subsidiary bank, or 2 per cent of the capital and
surPlus of the holding company, if itself a bank, if the stock was owned
°r controlled by such bank.
A holding company that was not a bank would
he allowed to invest up to 2 per cent of its proportionate interest in
1/
The Small Business Investment Act was amended in 1961 to increase
from 1 per cent to 2 per cent the permissible investment by a
national bank in stock of small business investment companies.
f4
r
12/11/62
-4-
the capital and surplus of each subsidiary bank less that bank's direct
investment in stock of small business investment companies.
The Legal Division felt that the proposed interpretation would
avoid the shortcomings of the earlier interpretation and would give
greater effect to the apparent legislative intent of the Bank Holding
Company Act and the Small Business Investment Act.
The proposed
interpretation would permit all banks, even though subsidiaries of bank
holding companies, to invest up to the full amount permitted by the Small
Business Investment Act without creating a situation where a holding
e°14pany could invest a greater amount in small business company stock
than the aggregate of the banks in its system.
A staff review indicated
that no holding company system had invested in the aggregate more than
that
permitted under the proposed interpretation.
After discussion, the Board approved unanimously the issuance
Of
the
proposed interpretation, with the understanding that it would be
Published in the Federal Register and the Federal Reserve Bulletin and
that a copy would be sent to each registered bank holding company. A
Co
PY of the interpretation, as subsequently published, is attached to
these minutes as Item No. 10.
The meeting then adjourned.
Secretary's Note: Governor Shepardson today approved
on behalf of the Board the following items:
12 11 62
Letters to the Federal Reserve Bank of Philadelphia (attached
Item _11, 12,
and 13) approving the appointment of Robert A Dobie,
uonald J McAneny, and William F. Walsh as examiners.
Letter to the Federal Reserve Bank of Chicago (attached Item No
Proving the appointment of John K. Saphir as assistant examiner.
14)
Letter to the Federal Reserve Bank of Dallas (attached Item No. 15)
dPProving the appointment of Melvin W. Pollock as assistant examiner.
,
Letter to the Federal Reserve Bank of San Francisco (attached
412
-1k-N24_1.9 approving the appointment of James W. Stacey as assistant
e)taminer.
z
Secretary
N
BOARD OF GOVERNORS
Item No. 1
12/11/62
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
December 11, 1962
Board of
Directors,
Cltizens State Bank,
Hempstead,
Texas.
Gentlemen:
The Federal Reserve Bank of Dallas has forwarded to the
of Governors a letter dated October 25, 1962, signed by
"Zecutive Vice President T.,„ W. Weatherred, together with the
i011?anYing resolution dated October 11, 1962, signifying your
aria-r"ion to withdraw from membership in the Federal Reserve System
requesting waiver, of the six months' notice of such withdrawal.
BO a
LL
The Board of Governors waives the requirement of six ,
s!
month
41,
notice
of withdrawal. Under the provisions of Section 208.10(c)
Of
atCie Board's Regulation H, your institution may accomplish termin:of its membership at any time tthin eight months from the date
.41
,n°tice of intention to withdraw from membership was given. Upon
aux
to the Federal Reserve Bank of Dallas of the Federal Reserve
Stock
an, issued to your institution, such stock will be canceled and
Priate refund will be made thereon.
ot
It is requested that the certificate of membership be
lied to the Federal Reserve Bank of Dallas.
Very truly yours,
(signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
BOARD OF GOVERNORS
Item NO. 2
12/11/62
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
December 11, 1962
Board of
Directors,
First State Bank of Odem,
Odera, Texas.
Oentlemon
:
The Federal Reserve Bank of Dallas has forwarded to the
Doard of
4.
Governors a letter dated November 16, 1962, signed by
th;CtitiVe Vice President and Cashier Zack H. Pruett, together with
accompanying resolution dated November 14, 1962, signifying
intention to withdraw from membership in the Federal Reserve
Lsta and
"
six months' notice of such
vtithdrawa requesting waiver of the
l.
The Board of Governors waives the requirement of six torrq,
:Is' notice of withdrawal. Under the provisions of Section 208.10(0
ai.'hs
Board's Regulation H, your institution may accomplish terminfrom the date
t1'1' n of its membership at any time within eight months
given. Upon
was
membership
;v n°tioe of intention to withdraw from
s4
wt(')rsrlder to the Federal Reserve Bank of Dallas of the Federal Reserve
ck issued to your institution, such stock will be canceled and
scl'ircPriate refund will be made thereon.
It is requested that the certificate of membership be
tetlIrr,
"ed to the Federal Reserve Bank of Dallas.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
4'7
(
)
2
BOARD OF GOVERNORS
Item No.
OF THE
12/11/62
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
December 11, 1962
Board of Directors,
RoUston Bank 8: Trust Company)
rfoUston„ Texas.
Geritlemen:
Pursuant to your request submitted through the
Reserve Bank of Dallas, the Board of Governors,
Eteting
Ths.
under the provisions of Section 19 of the Federal
Ileserve Act, grants permission to the Houston Bank & Trust
C°41x4y to maintain the same reserves against deposits as
are
required to be maintained by nonreserve city banks,
ef
fective with the first biweekly reserve computation
Period beginning after the date of this letter.
Fed,.
Your attention is called to the fact that such perIlltssion is subject to revocation by the Board of Governors.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
3
BOARD OF GOVERNORS
Item No. 4
OF THE
•
12/11/62
FEDERAL RESERVE SYSTEM
WASHINGTON 25. O. C.
•
ADORESa
orrisim. conacsposocmce
TO THE SOAPIO
December 11, 1962
2911_12
.1DAIIEL4 (FR)
111. Alfred Hayes, President,
Paderal Reserve Bank
of New
York,
'Jew York
45 New York.
Hayest
The Board of Governors has approved, effective January 1,
the following minimum and maximum ranges for the respective
1-esalary groups at the Federal Reserve Bank of New York, as
lumated in your letter of November 150 1962:
19613
Group
Minimum
Maximum
A
$261000
221500
19,000
16,500
140500
3,3,000
$37,500
32,000
26,500
22,000
19,000
17,000
Very truly yours„,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
BOARD OF GOVERNORS
Item No. 5
OF THE
12/11/62
FEDERAL RESERVE SYSTEM
WASHINGTON 25. O. C.
•
A0041E116 orriciAL (201tRIEOPONOICHCIE
TO ?NC BOARD
•
December 11, 1962
;
11,r. Harry
A. Shuford, President,
ederal Reserve Bank of St. Louis,
I 0. Box 442,
4. Louis
66, Missouri.
Dear
Mr. Shuford:
!
The Board of Governors has approvedo effective January 1,
0
19
p, the following minimum and maximum ranges for the respective
N leer salary groups at the Federal Reserve Bank of St. Louis, as
q4ested in your letter of November 9, 1962t
Group
Minimum
Maximum
A
$18,500
15,000
12,500
11,000
$27,500
22,500
lb,ro
105$.500
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
BOARD OF GOVERNORS
iis"':3•Ti .dv:•
0
°..e4'47'.
. 0%
gg
Vi ise:;V; ,
t \
,f
:„#,
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
Item No.
6
12/11/62
ADORERS orrictm. CORRESPONDENCE
TO THE ROAR°
,ot It i•
r'
.,..(11
December 11, 1962
2°11FIDEy_--_____T_IAL (FR)
Mr. Watrous H. Irons,
President,
Federal Reserve Bank of Dallas,
411aa 21 Texas.
Dear Mr.
Irons:
The Board of Governors has approved, effective January 10
1961
J, the following minimum and maximum ranges for the
respective
(31,fricer salary groups at the Federal Reserve Bank
of Dallas, as
l
'quested in your letter of November 9, 1962:
Group
Minimum
Maximum
A
$182500
15,000
11,500
9,000
$27,500
22,500
17,500
13,500
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
Item No. 7
101/62
BOARD OF GOVERNORS
000
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25. O. C.
ADORES* ornoim. CORRESPONDENCE
TO THE BOARD
December 11, 1962
'.„,„_____CONPIDENTIAL (FR)
14r
'F. B. Whitman,
Chairman
of the Board,
Federal Reserve Bank of
San Francisco,
8411 Francisco 20, California.
I) az. 14_
r Whitman
ri.
1,
The Board of Governors has approved, effective January
respective
the
for
ranges
1963, the following minimum and maximum
'
cafficer salary groups at the Federal Reserve Bank of San Francisco,
requested in your letter of November 7, 1962:
Group
Minimum
Maximum
A
$20,000
17,000
14,000
11,000
$30,000
,25,000
21,000
16,500
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
BOARD OF GOVERNORS
3
OF THE
Item No. 8
12/11/62
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDREas orriciAL
CORRESPONDENCE
TO THE HOARD
December 11, 1962
CONFIDENTIAL (FR)
11r. Charles J. Scanlon, President,
Federal Reserve Bank of Chicago,
Chicago 90, Illinois.
Dear Mr, Scanlon:
The Board of Governors approves the payment of salaries to the following officers of the Federal Reserve Bank
of Chicago for the period January 1 through December 31, 1963,
at the rates indicated:
Annual
Salary
Title
Name
George W. Cloos
Lynn A. Stiles
Senior Economist
Senior Economist
$15,500
14,500
The rates approved by the Board are those fixed
Your Board of Directors as reported in your letter of
November 8, 1962.
b
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
.1
y21;
BOARD OF GOVERNORS
Item No.
OF THE
12/11/62
9
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADORtalli orriciAL CORReePONDENCC
TO THE BOARD
December 11, 1962
.9.22IPENTIAL (FR)
Mr. Frederick L. Deming, President,
Federal Reserve Bank of Minneapolis,
Minneapolis 2, Minnesota.
Dear Mr. Deming:
The Board of Governors approves the payment of sala!:ies to the following officers of the Federal Reserve Bank
Minneapolis for the period January 1 through December 31,
1963, at the rates indicated:
Annual
Salary
Title
Name
Ralph J. Dreitzler
MIristopher Bjork
Assistant General Auditor
Assistant General Auditor
$13,000
12,000
The rates approved by the Board are those fixed by
:3,°"r Board of Directors as reported in your letter of
mlomber 8, 1962.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
Item No. 10
12/11/62
TITLE 12 - BANKS AND BANKING
M
CHAPTER II - FEDERAL RESERVE SYSTE
OF
SUBCHAPTER A - BOARD OF GOVERNORS
M.
SYSTE
THE FEDERAL RESERVE
[Reg. 11
PART 222 -BANK HOLDING COMPANIES
ny System
Limit on Investment by Bank Holding Compa
nies
Compa
tment
Inves
in Stock of Small Business
Section 222.111 is revised to read as follows:
a 222.111
system
Limit on investment by bank holding company
nies.
compa
tment
in stock of small business inves
Act of
(a) In an interpretation of the Bank Holding Company
interpre1956 published in 1959 at 25 F.R. 15811*(superseded by this
that a bank holding
tation) the Board of Governors expressed the view
investcompany could lawfully invest, in stock of small business
Merit companies, up to 1 per cent of "the holding company's capital
41d surplus". That interpretation was based on two statutory pro'visions:
ny Act (12 U.S.C.
(1) section 4(c)(4) of the Holding Compa
nonbank
1843), which permits a holding company to acquire shares of
for investcorporations "which are of the kinds and amounts eligible
Business
Illentm by national banks, and (2) section 302(b) of the Small
bank to
Investment Act (15 U.S.C. 682), which permitted a national
surplus" in SBIC stock. (In
flVest ul per cent of its capital and
1961, this provision of the SBI Act was amended to increase the per)
Missible investment from 1 per cent to 2 per cent.
Published in 1959 at 25 F.R. 257.
A
.P
-2(b) Further study of the effects of the 1959 interpretation,
as it would apply to actual situations, has disclosed that it produces results inconsistent with basic Congressional purposes embodied
in the Holding Company Act and the SBI Act and therefore requires modification and refinement.
(c) In adopting section 4(c)(4) of the Holding Company Act,
Congress intended, broadly speaking, to permit a holding company to
invest in corporate stock to the same extent as if it were a national
154ak and its subsidiaries were branches. Viewed from another angle, s
the Congressional intent was to allow a holding company system to
invest in corporate stock (whether held by the holding company or by
subsidiaries) to the extent that the banking interests represented
by the holding comPanY would permit such investment if those interests
were embodied in a national bank rather than a bank holding company.
With respect to the SBI Act, section 302(b) thereof clearly was intended to permit every national bank to invest up to a specified
Percentage, now 2 per cent, of its capital and surplus in SBIC stock,
l cgardless of whether or not the bank was a subsidiary in a holding
'
company system.
((I) In some situations the 1959 interpretation would thwart these
C°ngressionai objectives. In the case of a holding company that awned
111°st of the stock of its subsidiary banks and wrote up its asset
4°c.ounts to reflect the full underlying book value of its bank stocks,
the holding company could invest in SBIC stock a substantially larger
4
..31/
-ut than could its subsidiary banks in the aggregate.
This result
11°111d be even more noticeable in the case of a holding company- with
1-113stantiaa. nonbanking interests, permitted by the exceptions proNed
in section 4(c) of the Holding Company Act, since such interests
further increase the "capital and surplus" of the holding company.
It
Unreasonable to assume that Congress intended, by enacting sec-
4prilt(c)(10
/3 to increase the authority of holding companies to purchase
e°rPorate stock because of the magnitude of the holding company's
ing interests.
(e) In other situations, the Congressional purpose reflected by
O
302(b) of the SBI Act would be defeated. Under section 4 of
ell01ding Company Act, SBIC stock owned directly by subsidiary banks
4311Tied indirectly by the holding company.
In the case of a holding
Co
that owns only a slight majority (or a minority) of its banks'
ztock
3 the capital and surplus of the holding company sometimes is
cli
'4,Y amailer than the aggregate capital and surplus of its sub-
Y banks. In such a case, the Board's
1959
interpretation would
example may clarify this statement. If the banks in a holding
Y system were national banks with aggregate capital of ,pl0 million,
Nd-? Of $10 million, and undivided profits of $5 million, those banks
'400,000
(i.e., 2 per cent of
i
20 17,vest in SBIC stock no more than :
j-11
if the holding
However,
surplus).
on, the banks' capital and
a
,
,!°rlip--it on its
and
showed
banks
owned all of the stock of those
at total underlying value--the capital, surplus, and undivided
Sonv 8 of the subsidiary banks--the holding company could invest
%Trs,' VO In SBIC stock (i.e., 2 per cent of $25 million, the holding
N.-vat-Art
N'oril 41 3 capital and surplus). The difference results, of course,
ot '"e fact that, in the case of banks, "capital and surplus" does
elise the entire capital structure, whereas in the case of other
%rpe
t1 5
surplus" usually
t148 it " (such as holding companies) "'capital and
elude practically the entire capital structure.
V
-4extent
Prevent subsidiary banks from investing in SBIC stock to the
e the legislative
Permitted by section 302(b) of the SBI Act, despit
law, that even holding
intent, reflected by the 1960 amendment of that
c°111Pany banks should be able to invest in SBIC stock up to the limit
2/
there prescribed:(f) For these reasons, the
1959
interpretation is superseded.
It is the position of the Board that, under the provisions of sections 4(a)(1) and 4(c)(4) of the Bank Holding Company Act, the total
direct and indirect investments of a bank holding company in stock of
araall business investment companies may not exceed:
(1) with respect to such stock awned or controlled by a
l
subsidiary bank, 2 per cent of that bank's capita
and surplus;
(2) with respect to such stock awned directly by a holding
company that is a bank, 2 per cent of that bank's
capital and surplus; and
lled
(3) with respect to such stock otherwise owned or contro
per
2
y,
g
compan
holdin
the
by
ctly
directly ar indire
cent of its proportionate interest in the capital and
surplus of each subsidiary bank (that is, the holding
company's percentage of the bank's stock times the
ment
bank's capital and surplus) less that bank's invest
in stock of small business investment companies.
presented in footnote 1/, if the holding company
!wiled 60 per cent of its banks' stock, -Tose banks could invest in
tBIC stock only $300,0001 rather than the $400,0°0 permitted by sec.°
,()n 302(b). The holding company's capital and surplus would be l,
million (i.e., 60 per cent of $25 million, the aggregatepercapita
cent of
:IrPlus, and undivided profits of the subsidiary banks), 2
lves
themse
banks
w_nich would be $300,000. Accordingly, the subsidiary
awned
stock
since
,eculd not invest more than this amount in SBIC stock,
.
and
y
compan
g
subsidiary banks is indirectly awned by the holdin
therefore the aggregate investment by the subsidiary banks may not
exceed 2 per cent of the holding company's capital and surplus.
4• e
-5-comings of the earlier
(g) This interpretation avoids the short
full
illtex"pretation. It permits every bank to invest up to the
alkma permitted by section 302(0 of the SBI Act, despite the fact
this
that a particular bank may be a subsidiary of a holding company;
same time, in no
8ecc)rds with the intent of section 302(b). At the
'
t a greater amount
Caeewill it permit a holding company system to inves
banks
SBIC stock than could be invested, in the aggregate, by the
banks; this is
111 the holding company system if they were national
believed to accord with the general purpose (actual or reasonably
Act.
PreaLlmed) of section 4(c)(4) of the Holding Company
(12 U.S.C. 1844)
ber, 1962.
Dated at Washington, D. C., this 11th day of Decem
( AL)
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
,r)
OCWO
BOARD OF GOVERNORS
Item No. 11
12/11/62
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25, O. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
December 11, 1962
Mr. Joseph R. Campbell, Vice President,
Federal Reserve Bank of Philadelphia,
Philadelphia 1, Pennsylvania.
Dear Mr. Campbell:
In accordance with the request contained in
the
Your letter of December 5, 1962, the Board approves
ant
assist
t
an
presen
at
appointment of Robert A. Dobie,
Bank
e
l
Reserv
Federa
the
examiner, as an examiner for
of Philadelphia, effective December 31, 1962«
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
BOARD OF GOVERNORS
Item No. 12
12/11/62
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS
orricsAt
CORRESPONDENCE
TO THE BOARD
December 110 1962
Hr, Joseph R. Campbell, Vice President,
,
Federal Reserve Bank of Philadelphia
.
ania
Philadelphia 1, Pennsylv
Dear Mr. Campbell:
contained in
In accordance with the request
Board approves
your letter of December 5, 19625 the
at present an
the appointment of Donald J. McAneny,
for the Federal
assistant examiner, as an examinerctive December 31,
effe
Reserve Bank of Philadelphia,
1962.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
BOARD OF GOVERNORS
OF THE
Item No. 13
12/11/62
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
December 11, 1962
Mr. Joseph R. Campbell, Vice President,
Federal Reserve Bank of Philadelphia,
Philadelphia 1, Pennsylvania.
Dear Mr. Campbell:
In accordance with the request contained in
Your letter of December 5, 1962/ the Board approves
the appointment of William F. Walsh, at present an
assistant examiner, as an examiner for the Federal
Reserve Bank of Philadelphia, effective December 31,
1962.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Item No. iii.
12/11/62
WASHINGTON 25. O. C.
ADDRESS orricim. CORRESPONDENCE
TO THE ODARD
December 111 1962
Mre Leland Ross Vice President,
Federal Reserve Bank of Chicago,
Chicago 90, Illinois*
Dear Mr. Ross:
In accordance with the request contained in your
letter of December 5, 1962, the Board approves the appointment of John M. Saphir as an assistant examiner for the
Federal Reserve Bank of Chicago. Please advise the effective
date of the appointment*
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary*
A7:1
BOARD OF GOVERNORS
OF THE
Item No. 15
12/11/62
FEDERAL RESERVE SYSTEM
WASHINGTON 25, O. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
December 11, 1962
Mr. Thomas R. Sullivan, Vice President,
Federal Reserve Bank of Dallas,
Station K,
Dallas 2, Texas.
Dear Mr. Sullivan:
In accordance with the request contained in
es
Your letter of December 6, 1962, the Board approv
ant
an
assist
as
k
the appointment of Melvin W. Polloc
.
examiner for the Federal Reserve Bank of Dallao
tment.
of
appoin
date
Please advise as to effective
It is noted that Mr. Pollock is indebted to
the Texas National Bank, Houston, Texas, in the amount
al of the
of $1,000. Accordingly, the Board's approv
underthe
with
given
appointment of Mr. Pollock is
examination
any
in
ipate
partic
standing that he will not
is
edness
indebt
his
Of the Texas National Bank until
liquidated.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
A .I ayrit•-•Lo
(
BOARD OF GOVERNORS
Item No. 16
12/11/62
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25, 0. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
December 11, 1962
Mr. E. H. Galvin, Vice President,
Federal Reserve Bank of San Francisco,
San Francisco 20, California.
Dear Mr. Galvin:
In accordance with the request contained in your
letter of December 3, 1962, the Board approves the appointment of James W. Stacey as an assistant examiner for the
Federal Reserve Bank of San Francisco. Please advise the
effective date of the appointment.
It is noted that Mr. Stacey's father is a director
of the First State Bank of Salina, Salina, Utah, a State
member bank. Accordingly, the Board's approval of the appointment of Mr. Stacey is given with the understanding that he
will not participate in any examination of First State Bank
of Salina as long as his father is an officer or director of
that institution.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
@FedFRASER