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Minutes for
To:
February 20, 1961
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 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. Szymczak
Gov. Mills
Gov. Robertson
Gov. Balderston
Gov. Shepardson
Gov. King
(3.4
Minutes of the Board of Governors of the Federal Reserve System
on Monday, February 20, 1961. The Board met in the Board Room at 10:00
a.ra,
PRESENT:
Mr.
Mr.
Mr.
Mr.
Balderston, Vice Chairman
Szymczak
Mills
King
Mr. Sherman, Secretary
Mr. Kenyon, Assistant Secretary
Miss Carmichael, Assistant Secretary
Mr. Fauver, Assistant to the Board
Mr. Hackley, General Counsel
Mr. Johnson, Director, Division of Personnel
Administration
Mr. Masters, Associate Director, Division of
Examinations
Mr. O'Connell, Assistant General Counsel
Mr. Hooff, Assistant General Counsel
Mr. Sammons, Adviser, Division of International
Finance
Mr. Nelson, Assistant Director, Division of
Examinations
Mr. Sprecher, Assistant Director, Division of
Personnel Administration
Mr. Leavitt, Supervisory Review Examiner,
Division of Examinations
Discount rates.
The establishment without change by the
Federal Reserve Banks of New York, Philadelphia, Chicago, and San
'I'alleisco on February 16, 1961, of the rates on discounts and advances
in their existing schedules was approved unanimously, with the under-.
Std.
that appropriate advice would be sent to those Banks.
Items circulated or distributed to the Board. The following
itellls3 which had been circulated or distributed to the Board and copies
r which are attached to these minutes under the respective item
111/rribers indicated, were approved unanimously:
)
0#4,40
2/20/61
-2Item No.
Letter to The Chase Manhattan Bank, New York
C3
,
-tY, approving the establishment of a branch
4-C1 3 South Central Park Avenue, Town of Greenburgh.
1
ld?tter to Manufacturers Trust Company, New York
.2*tY: approving the establishment of a branch on
Ilaverdale Avenue, Riverdale,
Bronx.
2
1,etter to Chase International Investment Corporation,
18 Pine Street, New York City, approving the amendTent of the articles of association of the Corporation
,° change the location of the Home Office from 18 Pine
kAreet to One Chase Manhattan Plaza.
3
Telegram
to the Federal Reserve Bank of New York
!
Inthorizing
the opening and maintenance of an account
in the
name of Saudi Arabian Monetary Agency.
L.
Letter to The Marine Corporation, Milwaukee, Wisconsin,
rncurring in the Corporation's statement as to
;:°14Pliance with the Board's Order of November 17, 1960,
veprding acquisition of shares of Oak Creek Marine
aLional Bank.
5
tter to the Presidents of all Federal Reserve Banks
3-ting nominations for attendance at the 1961 session
(Lthe Center for Latin American Monetary Studies.
.rIth the understandin that appropriate
g
steps would be
,ken to obtain nominations for attendance by members of
-e Board's staff.)
6
j
112port on competitive factors (Chesapeake and Ironton, Ohio).
The
re had been distributed to the Board copies of a draft of report to
the Comptroller of the Currency on the competitive factors involved in
the
proposed purchase of assets and assumption of liabilities of The
Chesapeake Bank, Chesapeake, Ohio, by The First National Bank of Ironton,
40nton,
Ohio.
Governor Mills noted that the proposed report indicated that such
e°I1Tetition as had existed between the two banks was eliminated when the
2/20/61
_3
d
irectors of the applicant bank acquired control of The Chesapeake
Bank in late 1959.
He Observed that from time to time the Board had
been called upon to report on the competitive aspects of a proposed
merger where, on the basis of stock purchases prior to the passage
of the Bank Merger Act of 1960, interbank competition had already
been eliminated.
He felt, however, that the language used in the
reports should be chosen carefully, for there might be instances
where the Board would wish to express itself adversely on the competitive factors involved in a proposed merger even though a marriage
Of financial interests had already taken place.
Mr. Leavitt commented that, with only one exception that he
e°11341 recall, all of the cases of this type that had been brought
befol'e the Board to date involved transactions in stock that occurred
Pri°r to the passage of the Bank Merger Act.
The Division of Examina-
ticIns had in mind the point raised by Governor Mills, he said, and
in anY given case, particularly if the purchase of stock had taken
Place after the passage of the 1960 legislation, some other type of
11°rding might be required in the Boardts report on competitive factors.
During the discussion that followed, Governor Balderston
cated that he shared the concern reflected in the comments of
Governor Mills.
He suggested that the final sentence in the conclusion
°I* the
report, reading as follows, seemed to be irrelevant and
ce°rdingly might be deleted:
Such competition as existed between the
two banks was eliminated when the directors
of the applicant bank acquired control of The
Chesapeake Bank.
2/20/61
-4—
Mr. Hackley commented that in
SOMB
circumstances, even though
two banks were already controlled by the same interests and no competiti°4 between them existed, nevertheless a merging of the two banks
into one large institution, with increased lending limits, might have
all effect on the competitive situation in the community as a whole.
The proposed report to the Comptroller of the Currency was
thell 2U1:21/21 unanimously, with the understanding that the final
sentence of the conclusion would be deleted. With this change, the
c()nclusion read as follows:
The proposed transaction should have but
little effect on competition in Ironton. The
Chesapeake Bank as a branch of the larger resulting bank should stimulate competition
with the banks in Huntington.
Report on competitive factors (Orlando, Florida).
There had
bee,, .
dlstributed to the Board copies of a draft of report to the
scieral Deposit Insurance Corporation on the competitive factors involv
'
e 4 in the proposed acquisition of assets of Central Trust Company,
-
11149.an"A
°, Florida, a noninsured trust company, by The Citizens National
Bank
of Orlando, Orlando, Florida.
The report concluded as follows:
The proposed acquisition of assets will
have no significant effect on competition.
No objection being indicated, the report was approved unanimously
t°r tr
ansmittal to the Federal Deposit Insurance Corporation.
1,129uirfrom Pennsylvania Secretary of Banking regarding
4PPli
catlon of Dauphin Deposit Trust Company (Items 7 and 8).
On
?el
'
'
Illar7 3, 1961, the Board disapproved an application of Dauphin Deposit
2/20/61
Trust
Trust
Company, Harrisburg, Pennsylvania, to merge with Camp Curtin
Company, also of Harrisburg.
A copy of the Board's letter of
that date to
Dauphin Deposit Trust Company subsequently was sent by
the Federal Reserve Bank of Philadelphia to the Pennsylvania State
Sec
retarY of Banking for his information.
In a letter of February 8 to the Federal Reserve Bank of
Philadelphia,
the Secretary of Banking inquired whether the Board's
diea
PProval of the application constituted a final action.
Vice
President Campbell of the Federal Reserve Bank of Philadelphia, in a
letter to the Board dated February 10, suggested that the Board might
Ilish to respond directly to the letter from the Secretary of Banking
or Perhaps
send a letter to the Reserve Bank for transmittal to the
Secretary.
Mr. Campbell also suggested that, in future cases involving
iliel'gers, the Board transmit through the Reserve Bank a letter addressed
to
'le State Secretary of Banking advising him of the action taken.
Mr,
Campbell felt that from the standpoint of maintaining good relations
this step
would be desirable.
Drafts of letters to the Pennsylvania State Secretary of Banking
4rld to mr.
letter
Campbell had been circulated to members of the Board.
The
to the Secretary of Banking would confirm that the Board's dis-
aPPr°114- of the application of Dauphin Deposit Trust Company constituted
rital
action. The letter to Mr. Campbell would request that the
PhilA
a`-Lelphia Reserve Bank transmit the Board's letter to the Secretary
()1 B
4111Q-rigs It would also indicate that the Board had considered
c
ampbellis suggestion and that hereafter letters regarding action
6:A46
2/20/61
—6—
taken on bank mergers would be sent to the Reserve Bank for transmittal to the State Secretary of Banking.
Mr. Masters stated that the Division of Examinations would
Propose that hereafter all State bank supervisors be notified of
action taken on mergers in their States falling under the Board's
Ju isdiction by means of appropriate advice transmitted through the
l'esPective Reserve Banks.
The letters to the Secretary of Banking of Pennsylvania and
tO the Federal Reserve Bank of Philadelphia, copies of which are
attached as Items 7 and
8, were then approved, unanimously. It was
ood that a procedure would be established to insure that in
the future all State bank supervisors would receive appropriate notification of action taken on mergers in their States falling within
the Board's
jurisdiction.
Messrs. Hooff, Nelson, and Leavitt then withdrew from the
nieet ng
Ik2pointments at Federal Reserve Bank of Atlanta (Item No. 9)0
the basis of a letter dated February 10, 1961, from the Chairman
°f the Federal Reserve Bank of Atlanta advising of action taken by the
dire
ctors of that Bank, subject to the Board's approval, there had been
4culated to the Board a draft of reply that would approve the appointnlent of
Malcolm Bryan as President and Harold T. Patterson as First
Vie.
President and General Counsel of the Federal Reserve Bank of Atlanta,
each for a term of five years beginning March 1, 1961, and the payment
g
DA.)I
2/20/61
-7,..
Of salary to them at the rates of $35,000 and $25,000 per annum,
resPectively, for the period March 1, 1961, through December 31, 1961.
No objection being indicated, the letter was approved unaniri1°1181Y.
A copy is attached as Item No. 9.
Proposed amendment to Rules and Regulations of the Retirement
8Yetem of
the Federal Reserve Banks (Item No. 10),
On December 12, 1960,
the Conference of Presidents approved the recommendation of the Retirerilent Committee of the Federal Reserve Banks that the Rules and Regulations
°f the
Retirement System be amended to provide that any required contributions made by a member in excess of the amount which, together
with the pension portion of his retirement allowance, would provide a
retirement allowance equal to 75 per cent of his final average salary,
be
Considered excess contributions and handled in the same manner as
Prov.
lded in subdivision (4) of section 5 of the Rules and Regulations,
relating to additional contributions. The pertinent section of the
Rules
and Regulations reads as follows:
Section 31 subdivision (8)
"No retirement allowance payable under these
rules and regulations shall, before optional modification, conversion or actuarial reduction, exceed
seventy-five per centum of the member's final
average salary, except to the extent of any additional annuity provided by the member's additional
contributions."
The proposal of the Retirement Committee would involve amending
definition 16 of section 1 of the Rules and Regulations, along with
ellbc14vision (4)'' of section
5.
'alliendment be made retroactive.
The Committee did not propose that the
2/20/61
-8
A memorandum from the Division of Personnel Administration
dated January 17, 1961, had been circulated to the Board.
At the
Present time, as pointed out in the memorandum, if the pension and
annuity when added together should total more than 75 per cent of
final average salary, the pension portion would be cut back, by the
excess amount, to the actuarial advantage of the employing Federal
Reserve Bank.
Under the proposed amendment, instead of reducing the
Pension portion, a computation would be made as to the amount of the
illeniberts annuity account which had been "over contributed" and the
niertlher would be given the option of using these funds to provide an
iclitional annuity or of withdrawing the funds at retirement as excess contributions.
It was indicated in the memorandum that only nine retirees
had had their retirement allowances reduced to the 75 per cent maximum
sin's
such maximum was instituted in 1949.
Each of these retirees
had more than 39 yearst service and a high average salary of more than
410 onr,
'-%J.
8arlict
8
Only a relatively few long-service members of the Reserve
staffs now on the rolls would be expected to benefit from the
Pr°Posed amendment, and it was estimated that the cost, as reflected
&lithe actuarial rates of the Reserve Banks, would be less than oneterith of one per cent of payroll. It was unlikely that recently hired
or rIN
,4 kiure Reserve Bank employees would ever be affected by the 75 per
"flt limitation since an estimated 50 years of creditable service
Wow' A
-4-u be required under the formula in effect since 1957 to provide an
ance of such proportions.
'A
t)4;•7,
2/20/61
-9It was understood that if the amendment recommended by the
Retirement Committee should be approved by the Board of Trustees of
the Retirement System, it would then be submitted to the Internal
Revenue Service for consideration as to whether the change would affect the tax-exempt status of the plan and trust under the Internal
Revenue Code of the United States.
Attached to the memorandum was a draft of letter to Mr. Johns,
Chairman of the Conference of Presidents, that would indicate that the
8c)krd had reviewed the recommendation of the Retirement Committee and,
silhject to approval by the Board of Trustees of the Retirement System
of the
Federal Reserve Banks, had approved the technical amendments
tO the Rules and Regulations detailed in a letter dated November 28,
'from the Chairman of the Retirement Committee to the Chairman
1960
Of the
Board of Trustees.
After discussion, the Board approved unanimously the proposed
letter
to Chairman Johns, a copy of which is attached as Item No. 10.
The meeting then adjourned.
Secretary's Note: Acting in the absence of
Governor Shepardson, Governor Balderston today
approved on behalf of the Board the following
items:
Memoranda dated January 25 and February 9, 1961, from Gail E.
h --44-11,.Economist in the Division of Research and Statistics, requesting
of ,.: 831.0n to engage in the following outside activities: (1) revision
arici s doctoral dissertation entitled "Developing Issues in Savings
'
'°ansGrowth" for purpose of publication; and (2) use of a section
if.
4
'LI
0
2/20/61
—10
of the same doctoral dissertation as a reprint in a trade journal0
memoranda stated that no monetary compensation would derive from
her activity.
Letter to the Federal Reserve Bank of New York (attached Item No. 11)
roving the appointment of Harold N. Wasniewski as assistant examiner.
(' 4.1.
BOARD OF GOVERNORS
ootott**
(24/ C440.4q
OF THE
FEDERAL RESERVE SYSTEM
4
WASHINGTON 25, D. C.
Item No. 1
2/20/61
4
'
4
Yk
*;:kt kv.St
kt***
ADDRESS OFFICIAL CORRESPONDENCE
10 THE BOARD
February 20) 1961
Board of Directors,
The Chase
Manhattan Bank,
New York, New York.
Ge
ntlemen:
Pursuant to your request submitted through the
Pederal Reserve Bank of New York, the Board of Governors
2f the Federal Reserve System approves the establishment
The Chase Manhattan Bank of a branch at 3 South Central
Aark Avenue, approximately 135 feet south of Hartsdale
!
enue, Unincorporated Village of Hartsdale, Town of
G''-eenburgh, Westchester County, New York. This approval
.
48 given provided the branch is established within one
/ear from the date of this letter.
Very truly yours,
(signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
Item No. 2
2/20/61
ikooREsa arructAL
CORRESPONDENCE
TO THE BOARD
February 20, 1961
12pard of Directors,
Pian
ufacturers Trust Company,
New York, New
York.
Ge
ntlemen:
Pursuant to your request submitted through the
Federal
,
Reserve Bank of New York, the Board of Governors
the Federal Reserve System approves the establishment
'
'
250a branch on the westerly side of Riverdale Avenue,
b, jeet south of 259th Street, Riverdale, Bronx, New York,
(44,vianufacturers Trust Company, provided the branch is
'
4bliehed within one year from the date of this letter.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
• e
/0411,)
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
Item No.
3
2/20/61
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
February 20, 1961
11r.
Mortimer J. Palmer, Secretary,
laee International Investment Corporation,
-1,0 Pine
Street,
hew York 5, New York.
a
near 11r.
Palmer:
This will acknowledge receipt of your letter of January
13
) 1961, transmitted through the Federal Reserve Bank of New York,
.?
4 sing a certified copy of resolutions adopted at the annual
1.9 ;'llg of stockholders of your Corporation held on January 13,
AC4', amending the articles of association of the Corporation to
ie the location
of the Home Office from 18 Pine Street, New
thp. 3 to One Chase Manhattan Plaza, New York. It is noted that
the change of location of the Home Office is in connection with
L. Occupancy by The Chase Manhattan Bank of its new head office
ng.
Z
1/14
-In accordance with your request, and pursuant to the pro—
s of Section 211.3(d)
of Regulation K, the Board of Governors
the amendment to your articles of association.
the b_
Please advise the Board of Governors in writing, through
is el,;:e
tn.Reserve Bank of New York, when the change in location
cr
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
Item No. 4
TELEGRAM
2/20/61
LEASED WIRE SERVICE
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
February 20, 1961
SANFORD - NEW YORK
Your wire
February 16. Board approves the opening and maintenance
of an
account on your books in the name of Saudi Arabian Monetary
AgencY, subject to the usual terms and conditions upon
which your
Bank maintains accounts for
foreign central banks and governments.
It is
understood that you will in due course offer participation
in this account to the other Federal Reserve Banks.
(Signed) Merritt Sherman
SHERMAN
•f
t3tik)
oaatto0
talgolN4
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
Item No. 5
2/20/61
AC:MRCSS orriciAL. CORRIESPONOCNCIE
tiat
Tn TN( SWARD
6,4444
February 20, 1961
Tha
3 Not Corporation,
Water Street,
guabraukee 1, Wisconsin.
Attention Mr. Eliot G. Fitch, President
Gentlemen
that
This refers to your letter of February 7, 1961, advising
'Pursuant to the authority contained in the Board's Order of
A
eMber 17
1960, under section 3(a)(2) of the Bank Holding Company
ot
excec, 4956, your Corporation has subscribed to and paid for in
}lam
'
s of 80 per cent of the authorized capital stock of Oak Creek
'
Ile National Bank, Oak
Creek, Wisconsin.
Pebru
On the basis of the advice given in your letter of
the hall 7 as to the action taken by the Corporation relative to
the icquisition of the shares of Oak Creek Marine National Bank,
°ard concurs in the Corporation's statement as to its compliwith the
Board's Order of November 17, 1960.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS
,k writ'
Item No.
6
2/20/61
orricIAL
CORRESPONDENCE
TO THE BOARD
February 20, 1961.
Dear sir:
The Board has received a letter dated February 3, 1961,
PY attached) from the Center for Latin American Monetary Studies
111171
:
ting the System to designate one or more persons to participate
All Its Ninth Annual Training program to be held from May 2 through
tern 25 this year. Your Bank was advised of this program in lett,Irom the Board dated January 13, 1958 and April 30, 1957, and
sev Ystem has had at least one participant in each of the last
era'
years.
(Co
11
If your Bank would like to nominate someone to participate
0(It
7
4-1
program, please submit the nomination not later than the
res °I February. Each nomination should be accompanied by a brief
:
ill 18.0f the candidate's training and experience. As previously
larl ated, nominees should have a sufficient command of the Spanish
°enrage to be able to participate effectively in the program of the
letIrs7. While some of the courses are at a relatively elementary
NI:, Participants from the System have found the experience helpfina„e!pecially in terms of increasing their knowledge of the
and economic problems of Latin America.
in the
Very truly y
Merritt S erman
Secreta y.
?RESIDENTS OF ALL FEDERAL RESERVE BANKS.
BOARD OF GOVERNORS
040**,.1 4
AO
dge
OF THE
Q1517
;
1 44
tt
*
FEDERAL RESERVE SYSTEM
Item No. 7
WASHINGTON 25, D. C.
4,
2/20/61
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
**7
.Mat
4
'
°41;1,}
1 4•4
February 201 1961
The Honorable Robert L. Myers, Jr.,
Secretary of Banking,
Harrisburg, Pennsylvania.
Dear Mr. Myers:
8, 1961
Please refer to your letter of February
to Mr. Fenner, Assistant Vice President, Federal Reserve Bank
of Philadelphia, concerning his letter to you of February 6,
-P61. His letter enclosed a copy of a letter from this
ard to the Board of Directors of Dauphin Deposit Trust
that Bank's
°111PanY, Harrisburg, Pennsylvania, disapproving
Company.
Trust
aPPlication to merge with Camp Curtin
It
disapproval is final
You inquire whether the Board's
the Federal Reserve
and
i$ subject to further consideration,
with the thought
letter
fialc of Philadelphia has forwarded your
the Board
from
directly
Lr!at you might prefer to have a reply
letter
Board's
this
that
?.4 Governors. This will advise you
Company
Trust
Deposit
Dauphin
0 the Board of Directors of
matter.
°Iated February 3, 1961,constituted final action in this
Very truly yours,
(Signed) Merritt Merman
Merritt Sherman,
Secretary.
)
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
Item No.
2/20/61
8
ACORESS OFFICIAL CORRESPONOENCE
TO THE BOARD
February 20, 1961.
Joseph R. Campbell,
Vice
President,
Federal Reserve Bank of Philadelphia,
Phi
ladelphia 1, Pennsylvania.
Dear Mr. Campbell:
Your letter of February 10, 1961 forwarded a copy of a
from Mr. Robert L. Myers, Jr., Pennsylvania Secretary of
ba',,ing, regarding the Board's disapproval of the application of
L'Phin Deposit Trust Company to merge with Camp Curtin Trust Com13,rry
There is enclosed a reply to Mr. Myers which it will be
Preciated
if you will forward to him. An extra copy is enclosed
r Y°ur files.
letter
z
The Board has also considered your suggestion that hereletter from the Board advising the State Supervisor of
(
. )113 on merger applications be sent to you for forwarding to
the ,
'
tate Supervisor. The Board agrees with the suggestion and
he,
'
eafter will follow that' procedure.
after a
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
E4c1"uree
BOARD OF GOVERNORS
OF THE
Item No. 9
FEDERAL RESERVE SYSTEM
2/20/61
WASHINGTON
40.
OFFICE OF THE CHAIRMAN
February 20, 1961
CONFIDENTIAL
(FR
Mr. Walter
M. Mitchell,
Chairman
of the Board,
Federal Reserve Bank of Atlanta,
Atlanta 3,
Georgia.
ear Mr.
Mitchell:
The Board of Governors has approved the appointment
Malcolm Bryan as President and Mr. Harold T. Patterson
Pst Vice President and General Counsel
of the Federal
„serve Bank of Atlanta, each for a term of five years
beginMarch 1, 1961, in accordance with the action taken by the
1961,(1 of Directors as reported
in your letter of February 10,
The Board of Governors has also approved the payment
ot
$35 &ries to Messrs. Bryan and Patterson at the rates of
rAJO
, and dv25,000 per annum, respectively, for the period
"1) 1961, through December 31, 1961.
Sincerely yours,
(Signed) Win. McC. Martin, Jr.
Wm. Me. Martin, Jr.
640
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Item No. 10
2/20/61
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
February 20, 1961
Deloe C. Johns,
Conference of Presidents,
/() Federal
Reserve Bank of St. Louis,
t. Louis 66,
Missouri.
Dear Mr.
Johns:
The Board of Governors has reviewed the action taken
bY
the Co
which
nference of Presidents at its meeting on December 12, 1960,
Rettr aPProved a recommendation of the Retirement Committee of the
Replo emerit System of the Federal Reserve Banks that the Rules and
ma:ttione be amended to provide that any required contributions
per
:
8.LT a member in excess of the amount which, together with the
Dientl°n portion of his retirement allowance, would provide a retireshvn
!
llowance equal to 75 per cent of his final average salary,
be considered as excess contributions and handled in the
of s 1114nner as additional contributions as set forth in Subdivision (4)
eetion 5 of the Rules and Regulations.
Subject to the approval of the Board of Trustees of the
tje
appr rnent System of the Federal Reserve Banks, the Board of Governors
deta.ves the technical amendments to the Rules and Regulations as
the /liled in the letter of November 28, 1960, from the Chairman of
et
Committee to the Chairman of the Board of Trustees.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
G41
BOARD OF GOVERNORS
rr4
OF THE
11-5
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
Item No. 11
2/20/61
ADDRESS OFFICIAL CORRESPONDENCE
4°0"°414WAVV
444*"
TO THE BOARD
February 21, 1961
Mr. Howard D. Cross
e, Vice President,
Federal Reserve Bank of New York,
New York
45, New York.
Dear lr. Cross
e:
In accordance with the request contained in
Y°1
the
letter of February 10, 1961, the Board approves
appointment of Harold N. Wasniewski as an assistant
examiner for
the Federal Reserve Bank of New York.
?lease advise us of the effective date
of the appointment.
Very truly yours,
(signed.) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
@FedFRASER