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Minutes for To: Members of the Board From: Office of the Secretary December 27, 1961 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 Wednesday, December 27, 1961. PRESENT: Mr. Mr. Mr. Mr. The Board met in the Board Room at 10:00 a.m. Balderston, Vice Chairman Mills Robertson Shepardson Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Discount rates. Sherman, Secretary Kenyon, Assistant Secretary Fauver, Assistant to the Board Hackley, General Counsel Farrell, Director, Division of Bank Operations O'Connell, Assistant General Counsel Hooff, Assistant General Counsel Sammons, Adviser, Division of International Finance Conkling, Assistant Director, Division of Bank Operations Kiley, Assistant Director, Division of Bank Operations Hostrup, Assistant Director, Division of Examinations Leavitt, Assistant Director, Division of Examinations Spencer, General Assistant, Office of the Secretary Troup, Supervisory Review Examiner, Division of Examinations The establishment without change by the Federal Reserve Bank of Boston on December 22, 1961; the Federal Reserve Bank of ileV York on December 21, 1961; the Federal Reserve Bank of Atlanta on 1)ecember 26, 1961; and the Federal Reserve Bank of San Francisco on 13eeember 21, 1961, of the rates on discounts and advances in their eM.sting schedules was approved unanimously, with the understanding that appropriate advice would be sent to those Banks. I38.9 12/27/61 -2- Items circulated or distributed to the Board. The following items, which had been circulated or distributed to the members of the Bloard and copies of which are attached to these minutes under the respective item numbers indicated, were approved unanimously: Item No. Letter to the Federal Reserve Bank of Boston laterposing no objection to the use of a revised form developed by the Massachusetts State Banking Department for the publication C/f condition reports by State member banks. 1 Letter to Chemical Bank New York Trust Company, Nell York, New York, confirming the Board's determination of November 17, 1961, with respect to that bank's holding company 2 affiliate status. Letter to the Comptroller of the Currency requesting that an order be placed for printing liederal Reserve notes of the Federal Reserve Bank of Dallas. 3 Letter to the Comptroller of the Currency lecommending favorably with respect to an ' "Plieation to organize a national bank at reen Bay, Wisconsin. 11. elegram to the Federal Reserve Bank of New York ! 11thorizing it to open an account in the name of , ; "4e Bank of Jamaica. elegram to the Federal Reserve Bank of Philadelphia „"terPosing no objection to the acquisition of certain v4.4-ectronic check-processing equipment. Messrs. Sammons, Conkling, and Hostrup withdrew from the fleeting at this point. 5 6 1 12/27/61 -3- Report on competitive factors (Anchorage-Juneau, Alaska). Copies Qf a memorandum dated December 26, 1961, from the Division of Examinations had been distributed submitting a draft of report to the Comptroller of the Currency on the competitive factors involved in the proposed purchase or assets and assumption of liabilities of The First National Bank of Juneau, Juneau, Alaska, by The First National Bank of Anchorage, Anchorage, Alaska. In discussion, Governor Mills commented that Alaska was a State that had, according to many people, suffered from monopolies, especially in the area of mercantile and shipping activities. statehood would relieve those pressures. It was hoped that In banking, however, there vas a trend, which would be aggravated by the present proposal, toward Et two-bank concentration of assets in the State. While the background circumstances seemed to justify this particular merger, this was a time in the development of the State when there should be a forewarning of the trend. With this in mind, he suggested a revision of the conclusion ot the report. Following further discussion, agreement was expressed with a chazige in the conclusion that reflected Governor Mills' suggestion and 4 subsequent suggestion by Governor Robertson. The report was then unanimously for transmittal to the Comptroller in a form in Ilhich the conclusion read as follows: 12/27/61 -4- There is virtually no competition between the two banks involved in this proposal. However, the immediate effect of the purchase of assets and assumption of liabilities of The First National Bank of Juneau by The First National Bank of Anchorage would be to intensify competition in Juneau. It would also signalize a concentration of banking resources as two banks would then hold over 50 per cent of deposits and loans held by all commercial banks in the State. Application of Citizens Commercial & Savings Bank. At the Meeting on June 19, 1961, the application of Citizens Commercial & 88.lr1ngs Bank, Flint, Michigan, to consolidate with Old Corunna State 884k, Corunna, Michigan, was denied, Governor Mills dissenting. (Chairfl Martin and Governors Robertson and Shepardson voted for denial.) Subsequent to this action, Mr. Solomon reported at the meeting on June 29, 1961, that representatives of the applicant bank had left with him a letter dated June 27, 1961, addressed to the Board which in effect indicated that the bank expected to submit additional material and to l'equest an opportunity to appear before the Board. A memorandum dated December 21, 1961,from the Division of (648ainations, had now been distributed. The memorandum stated that in 4 letter dated October 27, 1961, the President of Citizens supplied e441t1onal information through the Federal Reserve Bank of Chicago and asked that the Board reconsider the application; no oral hearing /9•8 requested by the applicant. While the Division of Examinations or . nally recommended approval of the application, it was the opinion °r that Division that the request for reconsideration contained no 43J 12/27/61 -5- important new factors which would warrant a reversal of the Board's °riginal decision. The memorandum presented an analysis of the material neldY submitted, along with the views of the other Federal bank supervisory agencies and the Department of Justice on the competitive aspects of the matter, as appraised in the light of the additional information. Commenting upon this subject, Mr. Leavitt said that when the Michigan State Banking Commissioner visited the Board's offices recently the matter had been mentioned. While not making any definite statement, the Commissioner seemed to infer that State approval of the consolidation ht not be renewed upon its expiration at the end of this year. The 41401icant, having the expiration date in mind, had expressed a desire t° have the Board reconsider the matter while the State approval was still outstanding. In view of the unusual circumstances involved, there ensued a rather lengthy discussion of the procedure that would be most appropriate. During this discussion Governor Mills expressed the opinion that in a situation of this kind, where the matter was being presented to the 13°.ard for consideration on a second occasion, a full Board should be alrailable. At the least, the members of the Board who had participated 111 the original decision should be present. there was at least one changed circumstance: In this instance, he noted, the request of the applicant 841k, pending at the time of the original decision, for permission to consolidate with the Chesaning State Bank, Chesaning, Michigan, had since 12/27/61 been -6- denied by the State banking authorities. If the request for teconsideration were to be acted upon today, he indicated that he would abstain from voting. In further comments, made subsequently during the discussion, Governor Mills noted that the Board had reconsidered several bank merger eases and bank holding company cases. In most of those instances, the °riginal decision had been reaffirmed, but in two or three cases the illdgment of the Board, upon reconsideration, ban required a reversal of the original decision. If new information was submitted in good faith 4114 the Board agreed to reconsider the matter on the basis of that lliformation, he did not feel that the way in which the decision turned 14 the light of that review was anything that would reflect on the Board's Status in the eyes of applicants. Governor Mills also said that he was not as much concerned that 4 full Board be available for reconsideration of a case as that the Iluraber of members present be greater than four and that the members who 13e-rticipated in the original decision be given an opportunity to record their votes in the light of the additional information presented. In tIlia instance, the possibility that the State approval might not be l ellewed did not alter his judgment that the request for reconsideration ' 11°1114 be held over for more mature examination at a time when additional rilembers of the Board were present. 12/27/61 -7- Governor Robertson expressed the view that it would be appropriate to act on the request for reconsideration at this time. He suggested that 4 failure to act on the matter by the end of this year, as requested by the applicant, would in effect shift the decision back to the State authorities. If the Board refrained from acting, pursuant to such request, and the State approval was not renewed, the lack of action on the Part of the Board would have the same effect as negative action on the request for reconsideration. In other words, unless the State aPProval should be extended, a lack of action today on the part of the 13°a,rd would represent a refusal to act in the only time that was available. Governor Shepardson directed to Mr. Leavitt a series of questions designed to bring out the weight that should be given to the additional taaterial that had been submitted by the applicant bank. The replies to these questions indicated that in the opinion of the Division of 1nations the management of the Corunna bank was satisfactory, though 11°.t outstanding. Further, although it might be, as indicated by the 4Pla1cant, that certain aged shareholders of the Corunna bank would relic)r the consolidation proposal, this general argument might be made 14111414Y similar cases. (In this connection, Mr. Hackley said that in lits ()Pinion the element of the right of people to get into and out of bUSilleSS might be a valid factor for the Board to take into account 14 considering the public interest in a bank merger case, even though thi, factor was not referred to in the bank merger statute. However, 12/27/61 -8- he thought it must be weighed against the consideration that was upperk)st in the mind of the Congress in enacting the legislation, namely, the concentration of banking resources. It was a point that might be 0-ven, more consideration when a proposed merger would not have a significant effect on competition.) Mr. Leavitt also said that the claim that the Corunna bank had been losing deposits since 1958 did 11°t aPpear to be borne out by a review of condition report data. In 13ThillarY0 although the Division of Examinations had original)y recommended favorably on the proposed consolidation, it did not feel that the additional Information submitted by applicant was sufficient to warrant reversal °t the Board's decision to deny the application. Governor Shepardson then indicated that he would not be too concerned about a relatively brief delay in Board action, per se, and th8o. k, he was more concerned about the implications of acting or not acting at this time. Balancing all of the considerations involved, he would leaa toward deferring action on the matter. Governor Balderston indicated that he would have some concern bout taking action to reverse the Board's original position, if that holtbi be the Board's decision upon reconsideration, just prior to the .131ration date of the State approval. Also, it seemed to him that any l'"rsal in a case of this kind should preferably be made by a full or at least a Board which included the members who had participated 111 the original decision. On balance, he was inclined to feel that the tiS -9- 12/27/61 Possible disadvantages of deferring action on the matter were of less consequence than the risk of confusion that might result from action et this time. Therefore, he would lean toward deferring action and considering the matter at a time when additional members of the Board 14ere available, if the approval of the State should be extended. Accordingly, Governor Robertson's view to the contrary having been noted, it was agreed to defer action on the request for reconsiderof the application. Mr. Leavitt was authorized to advise the Pederal Reserve Bank of Chicago informally concerning the outcome of this discussion. Messrs. Hooff, Kiley, and Troup withdrew from the meeting at this point. Record of public proceeding in the matter of Morgan New York Governor Mills referred to the document described 48 the applicant's closing memorandum that had been submitted by Morgan lielf York State Corporation in connection with its application for 41)Prova1 of actions to become a bank holding company, on which a public °1141 presentation had been heard by the Board on December 7, 1961. The rolla in which the memorandum was drafted indicated to him a definite likelihood that litigation would be instituted if the Board's action °II the application should be adverse. The memorandum would tie back to various statements that had been made at the oral presentation, and 14 this connection he had addressed this morning the following memorandum to Mr. O'Connell: 12/27/61 -10- My inspection of the stenographic transcript of the December seventh hearing indicates that the original text has been edited. If my surmise is correct, kindly supply me with a copy of the unedited text. If I am in error, I consider that the stenotypist was incompetent and should not be chosen to serve at any future Board hearings. Governor Mills added that if there had been an editing of the transcript vithout the knowledge of all concerned and if the transcript should at somne future time be brought into evidence in a contested suit, he thought there would be a very prejudicial record. Mr. O'Connell commented that on the day the transcript was received he had occasion to talk with a representative of the Board's contract reporting firm (Alderson Reporting Company), at which time he esallised that upon a first reading of the transcript it appeared that there were a number of inaccuracies. The Alderson representative 14clicated that the reporter who covered the oral presentation was not then available, but that upon his return the stenotype notes would be reviewed. Mr. O'Connell went on to say that the difficulty might have leflected a careless job of transcribing the stenotype notes. ' the transcript in its present form, it appeared that about e048isted of prepared statements. As to 75 per cent These appeared to have been included 41r4 accurately, the inaccuracies being centered primarily in the other 1)4Ilts of the transcript. As to that part of the record, the stenotypist's 11t3tes alone would control, except for the recollections of those who had 13111. Mr. O'Connell said he had made orally, and would confirm by 12/27/61 -11- letter over the Secretary's signature, a request to the reporting firm that the transcript be checked on the basis of a careful reexamination of the stenotype notes. If the difficulty was in the transcribing, a better transcript might be forthcoming from such a procedure. Governor Mills then said he believed that the stenotype record Should be impounded by the Secretary of the Board, and Mr. Sherman tioted. that there would be no difficulty in making such an arrangement, ce by the terms of the contract with the reporting firm it was stipulated that such notes were the property of the Board. There followed a discussion during which comments were made on "rors that had been noted in the transcript. It was brought out that veltatim transcripts of various proceedings were typically characterized 17 some inaccuracies, though not usually to the extent found in this sei and that the use of mutually agreed-upon errata sheets was ' ca ettst°mary. Mr. O'Connell indicated that he would be glad to have rata sheets prepared in this instance to such extent as members of the Board might desire. On the broader subject of stenographic reporting services, l'eterence was made to the fact that the Alderson firm had held the eQntract to perform services for the Board for several years on the 114818 of successful bids, that in general the firm's product has been Collsidered quite satisfactory, but the firm had bid unsuccessfully on the contract for reporting services during 1962, with the result that ' 4 12/27/61 -12- the Hoover Reporting Company, Inc., had secured the contract. Mr. °I C0nnell described the steps he had taken in connection with reported Proceedings in the past to prepare the reporter as well as possible and to assure that the reporter was placed in a position to hear the proceeding satisfactorily. It was indicated that arrangements would be made at forthcoming proceedings to install amplifying equipment. At the conclusion of the discussion, Governor Balderston referred to the suggestion that had been made that the stenotype notes of the December 7 proceeding be impounded, and the Secretary commented that, as Indicated previously, this could be done, since under the contract these " 4ere the Board's property. As had been pointed out also, however, this not necessarily assure correction of the difficulty to which Governor Mills had referred, which could be traceable to defects in the 8tenotYpist's notes rather than to errors in transcribing them. Certificates of deposit. Governor Mills requested that the Legal .4.10n favor the Board with an opinion as to whether certificates of deposit, where they were in effect sold, would come within the provisions of the Securities Exchange Act and could be issued legally by commercial banks. In this connection, he referred to current press comments l'egarding a plan of the Franklin National Bank of Long Island, Mineola, Nev York, involving the issuance of certain "time savings certificates" 14 various denominations. The certificates would be redeemable after 1 Months from issue date at stated yearly redemption values affording 1.460 -13- 12/27/61 44 effective interest rate of 3.10 per cent for the first year2 ranging urfward to a return of 3.87 per cent in the twentieth year. Interest liculd be compounded annually. Ratification of actions. Actions taken at a meeting of the 4vai1able members of the Board on December 222 1961, as recorded in the minutes of that date, were ratified by unanimous vote. The meeting then adjourned. Secretary's Note: Acting in the absence of Governor Shepardson, Governor Robertson approved on behalf of the Board on December 26, 1961, the following items: Memorandum from the Division of Research and Statistics recom41'444-01g that Frances Skehan, Statistical Assistant in that Division, be ed leave without pay from the close of business December 22, 1961, t ° January 15, 1962. Letters to the Federal Reserve Banks of Philadelphia and Cleveland (Etttached Items 7 and 8) approving the appointment of Clarence H. Roesch Richard Allen Darrah as assistant examiners for the respective Banks. Governor Shepardson today approved on behalf of the Board a letter to the Federal Reserve Bank of New York (attached Item No. 9) approving the appointment of Robert P. Hauff and Charles S. Strickler, Jr., as assistant examiners. Sec BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. Item No. 1 12/27/61 ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD December 27, 1961 B. F. Groot, Vice President, lqe‘'ez'al Reserve Bank of Boston, -0Bton 6, Massachusetts. beer Mr. Groot: This refers to your letter of November 30 transmitting a vi the revised form provided by the Massachusetts State Banking rCtment for the proposed joint publication of condition reports to red by State member banks to the State Banking Department and 0 YoUr Bank, and pointing out differences between the Massachusetts —4 s.nd the Board's Form FR 105e. eopy With respect to loans and discounts, banking house, capital /it ec)11 ella, 8, and attestation, the Massachusetts form is practically un4i:'Jed from the form that your Bank, in accordance with the Board's i r of September 17, 1946, has been accepting for publication of collcie tion reports of Massachusetts State member banks. It is noted ' thet liEtvi the revised form no longer shows the assets and liabilities of kr ,1rt8 departments separately and in this respect it is more cornto Form FR 105e than in 1946. Only in the item of corporate t has there been a substantial deviation since 1946; at that No both the Massachusetts and Board forms included the inset for rting the amount of stock of Federal Reserve Bank. The remaining differences are not substantial and result trok the re(ent revisions in the Board's form; and it is understood that koreBring Department intends to revise its form further to conform ose1y to the current Form FR 105e. to In the pircumstances, the Board will interpose no Objection 6 the Qtkt, acceptance of the publication of condition reports of Massachusetts itt"' 14ember banks in accordance with the copy transmitted with your tIrrer) or with a further revision conforming more closely with the e'lt Form FR 105e. Very truly yours, , (Signed) Merritt Sherman Merritt Sherman, Secretary. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25. D. C. Item No. 2 12/27/61 ADDRESS OFPICIAL CORRESPONDENCE TO THE BOARD 4144**** : 1961 December 27 141'. Harvey A. Basham, Jr., Vice President, Chemical Bank New York Trust Company, 30 Broad Street, New York 15, New York. Dear Mr. Basham: This refers to your letter of November 29, 1961, with respect to the determination of November 17, 1961, by the Board ct Governors, as to the status of Chemical Bank New York Trust CamPany as a holding company affiliate. The Board's determination was made upon the understandthat Chemical Bank New York Trust Company has no rights or Powers, other than fiduciary, with respect to shares of capital !uock of several banks it holds as co-trustee under a collateral ?list indenture to secure the payment of certain bonds of nancial General Corporation, except to execute and deliver Waivers of notices of stockholders' meetings, powers of attorney, ?I' proxies to persons named by Financial General Corporation, or, 44 the event of default of such bonds, to vote or give consents !itn respect to such stock as directed by the holders of a majority Principal amount of the bonds then outstanding; and that the 1 41. St Company does not in its own right own, manage, or control any uanking institution. You have cplled attention to the fact that under the 413(Ive-mentioned authority, the Trust Company, in the event of default d in the absence of direction by the bondholders, would vote or e consents in respect to such stock as required by its fiduciary Uties under the indenture. Your letter also calls attention to the , 4cact that the Trust Company owns all of the stock of a financing 3 t as_rporation and of a banking corporation, each of which is organized 'Ilcier section 25(a)erthe Federal Reserve Act. n r The Trust Company would, of course, be acting only in a rid, ,,ciary capacity under the indenture and not in its own right, on" as 44 the Board does not consider the term "banking instituti ' " HOARD OF GOVERNORS OF THE FEDERAL RFSERVE SYSTEM Xr. Harvey A. Basham, Jr. used in its determination as including foreign financing and banktag corporations. Accordingly, this letter is to confirm the Board's determination of November 17, 1961, with respect to the holding Company, c°4113e11y affiliate status of Chemical Bank New York Trust of November 29, after due regard to the facts set forth in your letter 1961. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Secretary. 1 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. Item No. 3 12/27/61 ADDRESS OFFICIAL CORRESPONDENCE TO THE 00ARD December 27, 1961 The Honorable, The Comptroller of the Currency, Treasury Department, Washington 251 D. C. Sir: It is respectfully requested that you place an order with the Bureau of Engraving and Printing, supplementing the order requested in the letter of June 16, 1961, for the printing of Federal Reserve notes of the Federal Reserve Bank of Dallas, in the amounts and denominations stated below: Denomination $ 50 awl Number of notes 1144,000 288,000 Dollar amount $ 71 200,000 28,800,000 Respectfully, (signed) Merritt Sherman Merritt Sherman, Secretary. BOARD OF GOVERNORS oto •* OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25. D. C. Item No. 4 12/27/61 ADDRESS OFFICIAL CORRESPONDENCE TO THE !WARD K 4400 December 27, 1961 Comptroller of the Currency, Treasury Department, Washington 25, D. C. Attention Mr. W. M. Taylor, Deputy Comptroller of the Currency. Dear Mr. Comptroller: office dated Reference is made to a letter from your to organize a ation dune 15, 1961, enclosing copies of an applic a recommenting reques national bank at Green Bay, Wisconsin, and approved. be should dation as to whether or not the application ation made by an A report of investigation of the applic ted that a indica o Chicag examiner for the Federal Reserve Bank of than 4350,000 rather ed capital structure of $450,000 is to be provid adequate and s appear 00 as originally proposed. The proposed $450,0 this nature of ations applic all other factors usually considered in ends recomm ors Govern of are satisfactory. Accordingly, the Board favorable consideration of the proposal. Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary. 4 JO Item No. TELEGRAM 5 12/27/61 LEASED WIRE SERVICE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON December 270 1961 81111ftRD - NEW YORK tour wire December 21. Board approves opening and maintenance °t an account in the name of the Bank of Jamaica, subject to usual term 3 and conditions. Understood that participation in account 1141 be offered to other Federal Reserve Banks. (Signed) Merritt Sherman SHERMAN TELEGRAM Item No. 6 12/'Z"t/61 BOARD OF GOVERNORS Of' THIE FEDERAL RESERVE SYSTEM· LKA•ta> WlfUC •owacc WASHINGTON December 27, 1961 Hilkert - Philadelphia Board interposes no objection to purchase or cample1'18?1t Ho. 2 of IBM electronic check handling equipment referred to in your letter December l~ am accoq>anying memorandu11. (Signed} Merritt Sherman Shennan BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. Item No. 7 12/27/61 ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD December 26, 1961. CONFIDENTIAL (FR) Mr. Joseph R. Campbell, Vice President, Federal Reserve Bank of Philadelphia, Philadelphia 10 Pennsylvania. Dear Mr. Campbell: in your In accordance with the request contained appointthe ves appro Board the letter of December 12, 1961, the for ner exami ant assist an ment of Clarence H. Roesch as the e advis e Pleas ia. Federal Reserve Bank of Philadelph effective date of the appointment. to Egg It is noted that Mr. Roesch is indebted Jersey, New City, r Harbo Egg Harbor Bank and Trust Company, dingly, Accor 0. $1,92 of t a State member bank, in the amoun is h Roesc Mr. of t ntmen appoi the Boardls approval of the e cipat parti not will he that given with the understanding has ss tedne indeb his until bank in any examination of that been liquidated. Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary. 4BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTFM WASHINGTON 25. D. C. Item No. 12/27/61 ADDRESS OrrICIAL CORRESPONDENCE TO THE BOARD December 260 1961 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 December 6, 1961, the Board approves the appointment of Richard Allen Darrah as an assistant examiner for the Federal Reserve Bank of Cleveland. Please advise us if the appointment is not made effective January 2, 1962, as planned. Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary. 8 BOARD OF GOVERNORS OF THE 4 Item No. FEDERAL RESERVE SYSTEM 12/27/61 WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD December 27, 1961 CONFIDENTIAL (FR) 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 December 15, 1961, the Board approves the appointment of Robert P. Hauff and Charles S. Strickler, Jr. as assistant examiners for the Federal Reserve Bank of New York. Please advise the effective dates of the appointments. It is noted that Mr. Hauff is indebted to The Chase Manhattan Bank, New York, New York, in the amount of $1,200. Accordingly, the Board's approval of the appointment of Mr. Hauff is given with the understanding that he Will not participate in any examination of that bank until his indebtedness has been liquidated. Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary. 9
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