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Minutes for To: Members of the Board Fr Office of the Secretary January 18, 1963 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 w11 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. Mills Gov,. Robertson Gov. Balderston Gov. Shepardson Gov. King Gov. Mitchell Minutes of the Board of Governors of the Federal Reserve SYstem on Friday, January 18, 1963. The Board met in the Board Room at 10:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Martin, Chairman Balderston, Vice Chairman Mills Robertson 1/ Shepardson Mitchell Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Sherman, Secretary Kenyon, Assistant Secretary Cardon, Legislative Counsel Noyes, Director, Division of Research and Statistics Koch, Associate Director, Division of Research and Statistics Brill, Adviser, Division of Research and Statistics Holland, Adviser, Division of Research and Statistics Hersey, Adviser, Division of International Finance Katz, Associate Adviser, Division of International Finance Mattras, General Assistant, Office of the Secretary Eckert, Chief, Banking Section, Division of Research and Statistics Yager, Chief, Government Finance Section, Division of Research and Statistics Axilrod, Senior Economist, Division of Research and Statistics Keir, Senior Economist, Division of Research and Statistics Reynolds, Chief, Special Studies and Operations Section, Division of International Finance Gemmill, Economist, Division of International Finance Money market review. There was distributed a table summarizing Monetary developments during the seven-week period ending January 16, 1963. -cantered meeting at point indicated in minutes. 1/18/63 -2- Mr. Yager reported on recent developments in the Government securities market and discussed Federal budget estimates. Mr. Axilrod commented on reserves, bank credit, and the money supply, after which Mr. Gemmill reported on recent developments in the foreign exchange markets. All members of the staff then withdrew except Messrs. Sherman, Kenyon, Noyes, and Mattras and the following entered the room: Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Hackley, General Counsel Farrell, Director, Division of Bank Operations Johnson, Director, Division of Personnel Administration Hooff, Assistant General Counsel Goodman, Assistant Director, Division of Examinations Leavitt, Assistant Director, Division of Examinations Young, Senior Attorney, Legal Division Doyle, Attorney, Legal Division Grimwood, Chief, Liaison Office, Office of Defense Planning Discount rates. The establishment without change by the Pederal Reserve Banks of New York, Philadelphia, Chicago, and San Francisco on January 17, 1963, of the rates on discounts and advances in their existing schedules was approved unanimously, with the th:Iderstanding that appropriate advice would be sent to those Banks. Circulated or distributed items. The following items, copies c)f vhich are attached to these minutes under the respective numbers indicated, were approved unanimously: Item No. Letter to the Federal Deposit Insurance Corporation lth respect to the Board's November 14, 1962, report !! competitive factors involved in the proposed merger The Farmers National Bank of Allentown, Allentown, c11/ Jersey, and The Central Jersey Bank and Trust 111PanY, Freehold, New Jersey. 7 1 " 1/18/63 -3Item No. Letter to Citizens State Bank of Milford, Milford, Illinois, waiving the requirement Of six months' notice of withdrawal from raerabership in the Federal Reserve System. 2 Letter to The Hermann Bank, Hermann, Missouri, 4PProving an investment in bank premises. 3 Letter to The First Pennsylvania Banking and Trust Company, Philadelphia, Pennsylvania, sPProving the establishment of a branch at 3020-3022 Market Street. 4 Letter to Industrial State Bank of Kalamazoo, Kalamaux), Michigan, approving the establishment of a branch in Mattawan. 5 L?tter to Exchange Savings Bank, Mount Pleasant, Mlchigan, approving the establishment of a branch at South Mission Avenue and Preston Road. 6 Letter to Bank of Las Vegas, Las Vegas, Nevada, 7 aPProving the establishment of a branch in Henderson. Letter to the Federal Reserve Bank of Philadelphia 8 regarding the question whether the absorption of Postage charges on weekly shipments of currency by a State member bank to a non-bank customer should be construed as an indirect payment of interest. Letter to the Bureau of the Budget commenting on a 9 Proposal to provide cargo war risk reinsurance. Letter to the Federal Reserve Bank of New York 10 n Proving (1) the payment of salaries to two cers at rates fixed by the Bank's Board of irectors, and (2) noting a reassignment of an c'fficer without change in salary or title. With reference to Item No. 8, the Federal Reserve Bank of Philadelphia bad expressed some concern that if a State member bank 1/18/63 -4- 'were permitted to absorb postage charges on shipments of currency to a n°4-hank customer, this might create a precedent and make it difficult to prevent city correspondent banks from extending the privilege to country bank customers on a broad scale. by The draft of reply considered the Board included a paragraph that would have noted this concern and Pointed out that the problem had previously received the attention of Other Reserve Banks. There was considerable doubt whether it could be established that an indirect payment of interest would be involved. Rowever, it had been suggested informally to those Banks that they confer th the member banks proposing to absorb such expenses and bring out that, regardless of its legality, the practice probably would result 14 loss of revenue. Apparently, the Reserve Banks had been able to e°4vince the member banks concerned that the practice should not be ad°131ted, and the draft would have suggested that the Philadelphia Bank Might be able to do likewise should any correspondent bank in its tlistrict propose to absorb charges on money shipments to other banks. Atter discussion at this meeting, it was the consensus of the Board that the proposed paragraph should not be included in the letter. It /1641 understood, however, that Mr. Hooff would discuss the matter Informally with Vice President Campbell of the Philadelphia Bank. Messrs. Hooff, Young, and Grimwood then withdrew from the Meeting. Time deposits of United Nations organizations. There had been distributed a memorandum from Mr. Hackley dated January 15, 1963, 1/18/63 -5- with respect to the question whether time deposits of the United Nations SPecial Fund and the United National Technical Assistance Administration were exempted by Public Law 87-827 from interest rate limitations prescribed by the Board. As described more fi11.y in an attached memorandum from Mr* Doyle dated December 4, 1962, these organizations provided technical assistance in underdeveloped countries, used funds contributed voluntarily by member nations, and made some grants for certain assistance purposes, hut did not make loans. It was the conclusion of the Legal Division that tiMs deposits of these organizations were not exempt from interest rate likitations, and it was recommended that the Federal Reserve Bank of Ns'w York be advised to such effect. However, since it seemed unlikely that questions regarding the status of the organizations would arise °Iltside of New York City, it was not thought necessary to advise the °ther Federal Reserve Banks or to publish an interpretation in the Federal Register or the Federal Reserve Bulletin. Following comments by Mr. Hackley, there ensued a general discussion during which the status and activities of the two organizati°ns were reviewed and some members of the Board expressed reservations h°Ut the proposed interpretation of the law. Mr. Hackley related that the conclusion of the Legal Division reflected agreement with views expressed by attorneys for the Treasury, the Federal Deposit Insurance C°rPoration, and the Federal Reserve Bank of New York. Reference also 741s made to the questions presented earlier with respect to time deposits the European Coal and Steel Community and the European Investment Bank, alld certain similarities were outlined. 1/18/63 -6During the discussion Governor Mitchell repeated a suggestion he had made previously that the problem could be alleviated by increasing the maximum permissible rate of interest on short-term time certificates under Regulation Q, Payment of Interest on Deposits. The possible implications of a policy of leniency in making interpretations under Public Law 87-827 were reviewed briefly, following which Mr. Hackley observed that a final decision with respect to time deposits of the European Coal and Steel Community was being withheld by the Board pending a meeting with representatives of that organization On Thursday, January 24. In his opinion there was more to be said for h°1ding that time deposits of the Coal and Steel Community were exempt than time deposits of the two United Nations organizations. Snrr". -Tbti.eStiOn It was his that the Board might want to defer a final decision as to till* deposits of the two United Nations organizations until after the )1leeting with the representatives of the Coal and Steel Community and, after discussion, there was agreement with that suggestion. Governor Robertson joined the meeting at this point and all Illenlbers of the staff except Messrs. Sherman, Noyes, and Johnson then Wi thdrew. Salary of Mr. Grove (Item No. 11). The Board approved unanimously the payment of salary at an annual rate of $25,000 to David L. Grove as Vice President of the Federal Reserve Bank of San Francisco effective that llarY 1, 1963, through December 31, 1963, with the understanding ' e'br 4 letter would be sent when formal advice concerning the appointment and the proposed salary was received from the Reserve Bank. 174 1/18/63 -7Secretary's Note: Attached as Item No. 11 is a copy of the letter sent under date of January 22, 1963, pursuant to the foregoing action. Foreign travel. The Board authorized Mr. Hersey, Adviser, Division of International Finance, to travel to Paris, France, to attend (in place of Mr. Young, Assistant to the Board and Director, Division of International Finance) the meeting on January 22-23, 1963, Of Working Party 3 of the Economic Policy Committee of the Organization for Economic Cooperation and Development. It was understood that if Mr. Young was physically able he would proceed to London, England, for sPecial discussion with officials of the Bank of England and the British Treasury under authorization heretofore granted by the Board in connection with his previous intent to attend the meeting of Working Party 3. The meeting then adjourned. Secretary's Note: Governor Shepardson today approved on behalf of the Board the following items: It Letter to the Federal Reserve Bank of Cleveland (attached No. 12) approving the designation of Leonard Olsen, Robert L. -c4ett, Ronald Pirman, and Charles Beck as special assistant examiners. e ! pi a Letter to the Federal Reserve Bank of Dallas (attached Item No. 13) 13Proving the appointment of Robert K. Scott as examiner. ve Letter to the Chairman of the Conference of Presidents of the Asd?ral Reserve Banks advising of the designation of M. B. Daniels, „sistant Director, Division of Bank Operations, to act as the Board's 441)1:esentative on the Fire Insurance Committee in connection with matters 14g under the Agreement of Federal Reserve Banks Covering Fire and ! (14 - ner Risks. 1/18/63 -.8- Letter to the Executive Secretary of the Administrative Conference of the United States, Department of Justice, advising of the designation 2r Karl E. Bakke, Senior Attorney in the Board's Legal Division, as Ile Board's representative to the Administrative Conference as successor : to G. Howland Chase. 176 Item No. BOARD OF GOVERNORS 1 1/18/63 OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. ADDRESS orrtcoAL CORRESPONDENCE TO THE BOARD -0440** January 18, 1963 Federal Deposit Insurance Corporation, Washington 25, D. C. G entlemen: ed with After consideration of the information submitt Governors of Board the 1963, 2, y Greensides' letter of Januar any justify to as such not is "a Concluded that this information on you to sent report its in change in the conclusion stated involved 1:10vember 14, 1962, with regard to the competitive factors 111 the proposed merger of The Farmers National Bank of Allentown, .9.1entown, New Jersey and The Central Jersey Bank and Trust Company, I rreehold, New Jersey. Very truly yours, (Signed) Elizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary. V77 BOARD OF GOVERNORS Item No. 2 1/18/63 OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD January 18, 1963 Board of Directors, Citizens State Bank of Milford, Milford, Illinois. G entlemen: The Federal Reserve Bank of Chicago has forwarded 0 the Board of Governors President Quin's letter dated December 31, 1962, together with the accompanying resolution dated ecember 28, 1962, signifying your intention to withdraw from membership in the Federal Reserve System and requesting waiver °f the six months' notice of such withdrawal. The Board of Governors waives the requirement of six Inonths' notice of withdrawal. Accordingly, under the provisions °f Section 208.10(c) of the Board's Regulation H, your institution 11141'Y accomplish termination of its membership at any time within ight months from the date that notice of intention to withdraw membership was given. Upon surrender to the Federal Reserve B 4411k of Chicago of the Federal Reserve Bank stock issued to your Jalatitution, such stock will be canceled and appropriate refund will be made thereon. l It is requested that the certificate of membership be returned to the Federal Reserve Bank of Chicago. Very truly yours, (Signed) Elizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary. BOARD OF GOVERNORS ' 414, Item No. 3 1/18/63 OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO T1-4E BOARD 't,,ftstrV* '4404* January 18, 1963 Hoard of Directors, The Hermann Bank, Hermann, Missouri° Gentlemen: The Board of Governors of the Federal Reserve Yetem approves, under the provisions of Section 24A of the Federal Reserve Act, an investment of $15,910.30 in ba-nk premises by The Hermann Bank for remodeling and ?nlarging bank quarters. This investment is in addition an investment of $100,000 approved by the Board on riarch 1, 1961. Very truly yours, (Signed) Elizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary, BOARD OF GOVERNORS Item No. 4 1/18/63 OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD January 18, 1963 Board of Directors, The First Pennsylvania Banking and Trust Company, Philadelphia, Pennsylvania. Gentlemen: The Board of Governors of the Federal Reserve System approves the establishment by The First Pennsylvania Banking and Trust Company, Philadelphia, Pennsylvania, of a branch at 30203022 Market Street, Philadelphia, Pennsylvania, provided the branch is established within one year from the date of this letter. Very truly yours, (Signed) Elizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary. the (The letter to the Reserve Bank stated that of extension Board also had approved a six-month and branch; that the the period allowed to establish the procedure if an extension should be requested, prescribed in the Board's letter of November 9, 1962 (S-1846), should be followed.) BOARD OF GOVERNORS Item No. OF THE 1/18/63 FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD January 18, 1963 Board of Directors, Industrial State Bank of Kalamazoo, Kalamazoo, Michigan. Gentlemen: The Board of Governors of the Federal Reserve System approves the establishment by Industrial State Bank of Kalamazoo, Kalamazoo, Michigan, of a branch at 136-148 Front Street, Mattawan, Michigan, provided the branch is established within six months from the date of this letter. Very truly yours, (Signed) Elizabeth L. 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.) 5. 181 BOARD OF GOVERNORS Item No. 6 OF THE 1/18/63 FEDERAL RESERVE SYSTEM WASHINGTON 25. D. C. ADDRESS orriciAL CORRESPONDENCE TO THE !BOARD January 181 1963 Board of Directors, Exchange Savings Bank, Mount Pleasant, Michigan. Gentlemen: The Board of Governors.of the Federal Reserve SYstem approves 'the establishment by Exchange Savings Bank, Mount Pleasant, Michigan, of an in-town branch at the southeast corner, of the intersection of South Mission. Avenue and Preston Road, provided the branch is established within six months from the date of this letter. Very truly yours, (Signed) Elizabeth L. 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.) 82 Item No. 7 BOARD OF GOVERNORS 1/18/63 OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD January 18, 1963 Board of Directors, Bank of Las Vegas, Las Vegas, Nevada. Gentlemen: The Board of Governors of the Federal Reserve System approves the establishment of a branch by Bank of Las Vegas, Las Vegas, Nevada, in the downtown business district (vicinity of Navy and Market Streets) of Henderson, Nevada, provided the branch is established within one year from the date of this letter. Very truly yours, (Signed) Elizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary. The letter to the Reserve Bank stated that the Board also 1 11d- approved a six-month extension of the period allowed 2 0 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.) 1.83 BOARD OF GOVERNORS Item No. OF THE 8 1/18/63 FEDERAL RESERVE SYSTEM WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD January 18) 1963. Joseph R. Campbell, Vice President, Ilederal Reserve Bank of Philadelphia, Phi ladelphia 1, Pennsylvania. Dear Mr. Campbell: requesting This refers to your letter of December 20, 1962, charges opinion as to whether the absorption of postage nonbank , weekly shipments of currency by a State member bank to a 4'stomer should be construed as an indirect payment of interest. It 'as understood that the customer, who maintains a deposit balance of c Proximately Si million, has moved his office to a location some tlstance from the bank and that the customer's cashier cannot safely il'ansport the money through the streets. Consequently, an arrangement postage a!! been made with the bank to ship the funds by mail. The with week, per $3.50 ti'lu insurance costs will amount to approximately e total in one month not exceeding 20.00. the r arrangeThe Board agrees with your first reaction to this in the d containe those that the circumstances closely parallel respect with #62)46), I3 ard's ruling of November 6, 1961 (S-1814; FRLS j n is attentio your Also, c°,the absorption of wire transfer charges. #62/4 FRLS ; (S-1617 4), 23, 1957 to the Board's letter of January ;u1ch covered a number of banking services, including free armored car trold messenger service. The absorption of postage charges would appear the funds b, be analogous to paying an independent company to transport armored car. charges It is the Board's view that the absorption of postage service or n functio banking normal a to t inciden Pl'esents an expense hich gly, the bank may refrain from charging to its customer. Accordin ltlh ' be not should coe absorption of such charges, in the Board's opinion, to or for thnsidered an indirect payment of interest by the member bank of bank the by for use 4..‘.6 account of the customer as compensation 4-unds constituting a deposit. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Secretary. 184 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Item No. 9 1/18/63 WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE ;Amer/ -0440*- TO THE BOARD January 18, 1963. Sam R. Broadbent, Chief, ;.:(3rl'oerce and Finance Division, ' : , 111.eat; of the Budget, Nishington 25, D. C. 1)(1441‘ Mr. Broadbent: Reference is made to your letter of December 27, 1962, requesting istrodrd's comments with respect to a proposal that the Maritime Adminlier tation furnish cargo war risk reinsurance under Title XII of the cuant Marine Act of 1936. the b _, While the Board of Governors does not have a direct interest in concerned if a situation developed in which this eouri watter' it would be trY i s foreign trade was adversely affected, or if the solvency of ancial institutions were to be threatened by a nuclear attack. this As far as exports are concerned, the existing stand-by arrangement of the Maritime Administration, which seems to be sufficient to prot the position of the exporters, has the advantage of leaving the 1.4)ii-Itive with the Maritime Administration, whereas the proposed plan sta d become effective automatically, regardless of surrounding circumflees) and would expose the Government to a large and incalculable loss. 4 With respect to the solvency of the underwriters and exporters, ustLfication for reinsurance of ships and cargoes in the past has ' beoll ever,the great danger to ships at sea during time of war, while in the of a nuclear war, the risk probably would not be primarily to 8 at sea but to ships in port. All assets at the port area and in oth : giv_r areas would be exposed to the same risk. The proposed plan would 104 the underwriters and exporters practically a full guarantee against 1,7o148 from nuclear attack which no other owner or insurer of an asset to i Possess. The Board questions whether such guarantee is necessary pos 14Isure an uninterrupted flow of exports in a period prior to a 8 ble attack. The primary effect of the proposed plan would seem to be ' Elodillet the protection of exports, but the protection of the underwriters exporters. the Mr. Sam R. Broadbent The Government currently has under active consideration plans he t r ) fc att_ financial protection of assets damaged or destroyed by nuclear 1,144ek. It may be noted that the possibility of war damage insurance idered but was discarded as not suitable under the possible c°" cir o_ cumstances. In the event of a nuclear war, underwriters and exporters Trad be treated the same as owners or insurers of any other asset. Board sees no justification at this time for preferential treatment. It is the opinion of the Board that the best interests of the Cove.. Lament would not be served by the proposed reinsurance plan. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Secretary. 18f; BOARD OF GOVERNORS Item No. 10 1/18/63 OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. ADDRESS OPFICIAL CORRESPONDENCE TO THE BOARD January 18, 1963 ZUREELTAL_SFR) Mr. William F. Treiber, First Vice President,. Federal Reserve Bank of New York, New York 45, New York. Dear Mr. Treiber: The Board of Governors approves the payment of salaries to the following officers of the Federal Reserve Bank of New York for the period January 3 through December 31, 1963, at the rates indicated, which are the rates fixed by your Board of Directors as reported in your letter of January 4: Name Thomas 0. Waage A.Thomas Combader Annual Salary Title Vice President Manager $24,000 14,000 The Board has also noted from your letter that Mr. Paul Meek has been assigned to the Securities Department Without change in his title as Manager and Assistant Secretary or in his salary. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Secretary. 1_87 BOARD OF GOVERNORS Item No. 11 1/13/63 OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. AOOREBB orricnAL CORRESPONOCNCIC TO THIC 80AR0 January 22,.1963 pONFIDENTIAL (FR) Mr. Eliot J. Swan, President, Federal Reserve Bank of San Francisco, San Francisco 20, California. Dear Mr. Swan: The Board of Governors approves the payment of following officer of the Federal Reserve Bank the salary to , for the period February 1, 1963, through Francisco of San at the rate indicated. 1963, 31, December Name Title Annual Salary David L. Grove Vice President $25,000 The rate approved by the Board is that fixed by your Board of Directors as reported in your letter of January 17, 1963. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Secretary. 1.88 BOARD OF GOVERNORS Item No. 12 1/18/63 OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25.D.C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD January 18,, 1963 AIR MAIL Pala C. Stetzelberger, Vice President, c l Reserve Bank of Cleveland, --eveland 1, Ohio. Dear Mr. Stetzelberger: In accordance with the request contained in your letter folIT'llarY 9, 1963, the Board approves the designation of the Res (21'ling employees as.special assistant examiners for the Federal ex,!:1 ve Bank of Cleveland for the purpose of participating in tl“: u-nations of State member banks except those listed opposite ezr names: Of j„, Leonard Olsen Robert L. Pickett Ronald Pirman - The Provident Bank Cincinnati, Ohio Charles Beck - The Central Trust Company Cincinnati, Ohio The authorizations heretofore given your Bank to designate Messrs. .441411 and Beck as special assistant examiners are hereby canceled. Very truly yours, (Signed)Elizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary. 189 BOARD OF GOVERNORS Item No. 13 1/18/63 OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD January 18, 1963 kaagi Mr. Thomas R. Sullivan, Vice President, Federal Reserve Bank of Dallas, Dallas 2, Texas. Dear Mr, Sullivan: In accordance with the request contained in your letter Board approves the appointment of Robert Scott, at present an Assistant Examiner, as an Examiner for the Federal Reserve Bank of Dallas effective February l$ 1963. 5 January 11, 1963, the Very truly yours, (Signed) Elizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary.
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