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Minutes for January 21, 1965.
To:
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. Mills
Gov. Robertson
Gov. Balderston
Gov. Shepardson
Gov, Mitchell
Gov. Daane
Minutes of the Board of Governors of the Federal Reserve
SYEtem on Thursday, January 21, 1965.
The Board met in the Board
Room at 10:00 a.m.
PRESENT:
Mt.
Mt.
Mt.
Mt.
Mt.
Mt.
Martin, Chairman
Mills
Robertson
Shepardson
Mitchell
Lane
Sherman, Secretary
Kenyon, Assistant Secretary
Noyes, Adviser to the Board
Molony, Assistant to the Board
Fauver, Assistant to the Board
Hackley, General Counsel
Solomon, Director, Division of Examinations
Johnson, Director, Division of Personnel
Administration
Mr. Shay, Assistant General Counsel
Mr. Goodman, Assistant Director, Division
of Examinations
Mr. Leavitt, Assistant Director, Division
of Examinations
Miss Hart, Senior Attorney, Legal Division
Mr. Forrestal, Attorney, Legal Division
Messrs. Egertson and McClintock, Supervisory
Review Examiners, Division of Examinations
Messrs. Goodfellow, Lyon, and White, Review
Examiners, Division of Examinations
Mr. Gemmill, Economist, Division of International
Finance
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Circulated or distributed items.
The following items, copies
/.111ith are attached to these minutes under the respective item numbers
cated, were approved unanimously:
Item No.
tetter to
The Connecticut Bank and Trust Company,
Connecticut, approving the establishment
- °ranch between 528 and 536 Main Street, Cromwell.
4tter
0 Milwaukee County Bank, West Allis, Wisconsin,
,
the establishment of a branch in the 1300
ving
°
1Y.6,1,
°f South 70th Street.
2
1/21/65
-2Item No.
Letter to Chase International Investment Corporation,
New York, New York, granting permission for either the
Corporation or Arcturus Investment & Development, Ltd.,
Montreal, Canada, to purchase shares of Beton Service
de France, Paris, France.
3
Letter to Manufacturers Hanover International Finance
Corporation, New York, New York, granting permission to
Purchase shares of ADELA Investment Company, S. A.,
Luxembourg.
4
Letter to Cass Bank & Trust Company, St. Louis, Missouri,
waiving the requirement of six months' notice of withdrawal from membership in the Federal Reserve System.
5
r elegram to the Federal Reserve Agent at Cleveland authorizIng the issuance to Society Corporation, Cleveland, Ohio, of
4 limited permit to vote its stock of Society National Bank
°f* Cleveland, Cleveland, Ohio.
6
Letter to Western Bancorporation, Los Angeles, California,
regarding the question whether a proposed investment in
ltec Panamerica, S. A., may be made either by Western
fleorporation International Bank, an Edge corporation,
Or, alternatively, by Western Bancorporation, a registered
an holding company.
7
Itetter to the Federal Reserve Bank of New York approving
Lhe Payment of salary to six officers at rates fixed by
Ole Bank's Board of Directors.
8
In connection with the two proposed stock investments by
'cl.ge corporations (Items 3 and
4), Governor Robertson stated that he
11°ul4 not object to approval of these particular items.
However, in
view of recent discussions concerning the role of foreign investments
by
U. S. corporations as an element contributing to the U. S. balance
payments deficit, he suggested that consideration be given to the
Possibility of putting Edge corporations and their parent corporations
p
1/21/65
-3-
on notice that in present circumstances the Board would intend to
review proposed investments carefully from the balance of payments
Point of view, and there was general agreement that this procedure
Should be considered.
Reports on competitive factors.
After discussion, reports
to the Comptroller of the Currency on the competitive factors involved
in the following proposed mergers or similar transactions were approved
Unanimously for transmittal to the Comptroller in a form in which the
conclusions were stated as follows:
Merger of The Live Stock National Bank of Chicago,
2hicago, Illinois, into Central National Bank in
'412.19_ago, Chicago Illinois
Consummation of the proposed merger of The Live Stock National
/lank of Chicago into Central National Bank in Chicago would eliminate
4 unit bank and a banking office in the stockyards area. The Chicago
area, however, is served by a large number of banks, some of which are
111411Y times as large as the continuing bank.
Purchase of assets and assumption of liabilities
The South Omaha Bank, Omaha, Nebraska, by Stock
Lards National Bank of South Omaha) Omaha/ Nebraska
'
The proposed acquisition and assumption of liabilities of The
South Omaha Bank, Omaha, by Stock Yards National Bank of South Omaha,
°I.lialla, both subsidiaries of Northwest Bancorporation, Minneapolis,
14
lnnesota, a registered bank holding company, would have little effect
°n competition.
Irlerger of The Hollister National Bank, Hollister,
‘;41ifornia, into The Bank of California, National
Issociation, San Francisco, California
'
Consummation of the proposed merger of The Bank of California,
Nati
-°nal Association, and The Hollister National Bank would further the
134)nce1 trati0n of banking resources in a few large banks in California
.
would not have an adverse effect on the competitive situation in
'4e trade area of the resulting institution.
1/21/65
Application of Commercial Bank and Savings Company.
randum from the Division of Examinations dated January
A memo-
14, 1965, and
Other pertinent papers had been distributed in connection with an
aPPlication by The Commercial Bank and Savings Company, Fostoria, Ohio,
for
permission to merge with The New Riegel State Bank, New Riegel,
°h10.
The Division's recommendation was favorable.
Following comments by Mr. Egertson in supplementation of the
material that had been distributed, the application was approved
Unanimously, with the understanding that an order and statement reflectthis decision would be drafted for the Board's consideration.
Status of Agents' Departments (Item No.
culated a memorandum dated January
9). There had been cir-
6, 1965, from Messrs. Sherman and
SPreeher (Personnel Administration) regarding the status of Federal
Reserve Agents' Departments at the several Federal Reserve Banks prior
to the transfer by the Board of the nonstatutory duties of the Agents
to the Reserve Banks in 1936. The question had arisen because an
eMPloyee in the Agent's Department at San Francisco.from
1930 to 1936
(Mr. Thomas E. Ramsey) was seeking credit in the Civil Service RetireMent System for that service.
Upon leaving the San Francisco Bank he
4841 become a staff member of the Office of the Comptroller of the Currency,
\there he was still employed. A representative of the Civil Service
C°Mmission had indicated in a telephone conversation that a reopening
Of
Mr. Ramsey's earlier unsuccessful application for service credit
c.t
1/21/65
-5-
for the period he was employed in the San Francisco Agent's Department
would appear to rest on whether he was hired as an employee of the
Federal Reserve Board or by the Federal Reserve Agent at San Francisco
acting under Board authorization.
he
Mr. Ramsey had called upon Mr. Sherman to inquire how
might obtain an official statement from the Board as to the authority
vested in the Federal Reserve Agent by the Board during the period in
Which Mr. Ramsey was employed at San Francisco.
He transmitted a
letter he had obtained from Mr. Allan Sproul dated January 22, 1963,
concerning the latter's recollection of the Federal Reserve Agent's
i'llnction prior to 1936, and a copy of Mr. Sproul's letter was attached
to the memorandum from Messrs. Sherman and Sprecher.
Also attached
Iras a detailed study by Mr. Bakke, Assistant Secretary, of the status
°I' the Federal Reserve Agent and the nature of the functions performed
bY the Agent's Department prior to 1936, on the basis of which analysis
Mr.
Bakke concluded that personnel in the Agent's Department prior to
1936 were in fact employees of the Board.
Messrs. Sherman and Sprecher
c°ncurred in the view, after discussion with the Legal Division, that
Mr.
ts
Ramsey and others having similar status in the Agents' Departmen
1311-or to 1936 should be regarded as employees of the Board appointed by
the Federal Reserve Agents for the purpose of performing work for the
rci.
'
la°8
forth
A draft of letter to the Civil Service Commission setting
thi5 view was attached.
'k)k)
-6-
1/21/65
The memorandum noted that the decision on whether Mr. Ramsey's
application would be reopened and credit allowed was entirely a matter
for the Civil Service Commission.
The memorandum also noted that if
the decision should be favorable, two other former employees of the
San Francisco Agent would appear eligible to claim retroactive credit,
that service credit had been granted by the Commission to a few such
Persons in the past, but that no other potential claims for such credit
were known.
It was proposed that if the Board approved the draft letter
to the Civil Service Commission, copies be furnished to Mr. Ramsey and
also the two other persons who had informally raised questions.
Following comments by Mr. Sherman supplementing the material
that had been circulated to the Board, Mr. Hackley said he concurred
in the legal conclusion reached in the memorandum.
In response to a question, it was confirmed that service of
Persons in the Agents' Departments prior to 1936 was creditable under
the Retirement System of the Federal Reserve Banks except in cases
where service credit was granted under the Civil Service Retirement
SYstem.
The letter to the Civil Service Commission was then approved
Unanimously, with the understanding that the Secretary of the Board
1'14
authorized to communicate its substance to all Federal Reserve Banks
t43r their information.
A copy of the letter is attached as Item No. 9.
1/21/65
-7Borrowing record of member bank.
Governor Mitchell recalled
that in connection with the discussion by the Board on January 5, 1965,
of the report of examination of the Federal Reserve Bank of Chicago made
would seek additional
48 of October 2, 1964, it had been understood that he
ng record of
information on the circumstances surrounding the borrowi
Bank of the Commonwealth, Detroit, Michigan.
Governor Mitchell said
he had talked with Reserve Bank President Scanlon, that the member bank
had continued to borrow until the end of 1964 but had now stopped borrowing and was not expected to resume its earlier practice, and that
President Scanlon had subsequently sent him further information in
vriting concerning the circumstances involved.
nt
It was understood that the material furnished by Preside
Scanlon would be circulated to the members of the Board for their
information.
The meeting then adjourned.
Secretary's Note: Governor Shepardson today
approved on behalf of the Board the following
items:
ed Item No. 10)
Letter to the Federal Reserve Bank of New York (attach
r.
examine
as
.
Smith
E
n
843Proving the appointment of Frankli
ed Item
Letter to the Federal Reserve Bank of Philadelphia (attach
nt
assista
special
as
es
2.1) approving the designation of 12 employe
Xaminers.
Item No. 1
1/21/65
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE •OARD
January 21, 1965.
Board of Directors,
The Connecticut Bank and Trust Company,
Hartford, Connecticut.
Gentlemen:
The Board of Governors of the Federal Reserve
System approves the establishment by The Connecticut Bank
and Trust Company, Hartford, Connecticut, of a branch
between 528 and 536 Main Street, Cromwell, Connecticut,
provided the branch is established within eighteen months
from the date of this letter.
It is noted that the Bank Commissioner of the
State of Connecticut approved this branch with the condition that it not be established prior to February 1, 1966.
Very truly yours,
(Signed) Karl E. Bakke
Karl E. Bakke,
Assistant Secretary.
the
(The letter to the Reserve Bank stated that
on
extensi
th
six-mon
a
d
Board also had approve
of the period aJlowed 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.)
Item No. 2
1/21/65
BOARD OF GOVERNORS
OF THE
,.p0f Got,•
.0
4%
Til"
"4
r
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
V •
,V.k•
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
REstx-.•
•
January 211 1965.
Board of Directors,
Milwaukee County Bank,
West Allis, Wisconsin.
Gentlemen:
The Board of Governors of the Federal
Reserve System approves the establishment of a
branch by Milwaukee County Bank, West Allis,
Wisconsin, in the 1300 block of South 70th Street,
West Allis, Wisconsin, provided the branch is
established within six months from the date of
this letter.
Very truly yours,
(Signed) Karl E. Bakke
Karl E. Bakke,
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.)
Item No.
BOARD OF GOVERNORS
3
1/21/65
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE SOAR°
January 21, 1965.
Chase International Investment Corporation,
I Chase Manhattan Plaza,
New York 5, New York,
Gentlemen:
In accordance with the request and on the basis of the
information furnished in your letter of December 2, 1964, transmitted through the Federal Reserve Bank of New York, the Board
Of Governors grants its consent for Chase International Investment
Corporation or Arcturus Investment & Development, Ltd., Montreal,
Canada, to purchase and hold 14,000 shares of the common stock of
Beton Service de France ("BSF"), Paris, France, at a cost of approximately US$500,000, provided such stock is acquired within one year
from the date of this letter.
With respect to your request that the Board also grant
ite consent "to exercise any pre-emptive rights running to these
Shares to acquire additional common shares of BSF", the Board would
Prefer to give consideration to the acquisition of any such additional shares, as they may become available from time to time, upon
applications indicating the number of shares to be acquired and the
cost of such shares.
Very truly yours,
(Signed) Karl E. Bakke
Karl E. Bakke,
Assistant Secretary.
fi_
BOARD OF GOVERNORS
Item No. 11.
1/21/65
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, O. C. 20551
ADDRESS OFFiCIAE CORRESPONDENCE
TO THE SOAR°
January 21, 1965.
Manufacturers Hanover International
Finance Corporation,
44 Wall Street,,
New York, New York 10015.
Gentlemen:
In accordance with the request contained in your
application of January 14, 1965, transmitted through the Federal
Reserve Bank of New York, the Board of Governors grants consent
to your Corporation's purchase and holding of 50 ordinary shares,
Par value, US$10,000 each, of ADELA Investment Company, S.A.,
Luxembourg, at a cost of approximately US$500,000, provided such
stock is acquired within one year from the date of this letter.
The Board also approves the purchase and holding of
shares of ADELA Investment Company, S.A. within the terms of the
above consent in excess of 10 per cent of your Corporation's
capital and surplus.
Very truly yours,
(Signed) Karl E. Bakke
Karl E. Bakke,
Assistant Secretary.
BOARD OF GOVERNORS
Item No.
5
1/21/65
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
January 21, 1965.
Board of Directors,
Cass Bank & Trust Company,
St. Louis, Missouri.
Gentlemen:
The Federal Reserve Bank of St. Louis has forwarded
to the Board of Governors your letter dated December 30, 1964,
together with the accompanying resolution signifying your
Intention to withdraw from membership in the Federal Reserve
System and requesting waiver of the six-months' notice of
such withdrawal.
In accordance with your request, the Board of Governors
waives the requirement of six-months' notice of withdrawal.
Upon surrender to the Federal Reserve Bank of St. Louis of the
Federal Reserve Bank stock issued to your institution, such stock
Will be canceled and appropriate refund will be made thereon.
Under the provisions of Section 208.10(c) of the Board's Regulation H, your institution may accomplish termination of its
membership at any time within eight months from the date the
notice of intention to withdraw from membership was given.
It is requested that the certificate of membership be
returned to the Federal Reserve Bank of St. Louis.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
TELEGRAM
LEASED WIRE SERVICE
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
Item No.
6
1/21/65
January 21, 1965.
HALL -- CLEVELAND
KECEA
A.
Society Corporation, Cleveland, Ohio
B.
Society National Bank of Cleveland, Cleveland, Ohio
C.
None
D.
At any time prior to May 1, 1965, at the annual meeting
of shareholders of such bank, or any adjournments thereof,
to elect directors for the ensuing year and act thereat
upon such matters of a routine nature as are ordinarily
acted upon at the annual meetings of such bank.
(Signed) Karl E. Bakke
BAKKE
Definition of KECEA:
The Board authorizes the issuance of a limited
voting permit,
under the provisions of section 5144 of the Revised
Statutes
of the United States, to the holding company
affiliate named
below after the letter "AP, entitling such
organization to
vote the stock which it owns or controls of the bank(s)
named
below after the letter "B", subject to the condition(s)
stated
below after the letter "C". The permit authorized
hereunder
is limited to the period of time and the purposes stated
after
the letter "D". Please proceed in accordance with the
instructions contained in the Board's letter of March 10,
1947, (5-964).
Item No.
BOARD OF GOVERNORS
..."" • •.
)(31- Got,•.
7
1/21/65
OF THE
FEDERAL RESERVE SYSTEM
:0
WASHINGTON, D. C. 20551
[EH
IL
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
•St.REsN'-••
January 21, 1965.
Mr. Frank L. King,
Chairman of the Board,
Western Bancorporation,
600 South Spring Street,
Los Angeles 14, California.
Dear Mr. King:
This is in reply to your letter of September 14, 1964,
addressed to the Board of Governors, in which you requested a
ruling as to whether a proposed investment in Deltec Panamerica,
S. A. ("Deltec"), may be made either by Western Bancorporation
International Bank ("WBIB"), an Edge corporation, or, alternatively,
by
Western Bancorporation ("WBC"), a registered bank holding company.
You state in your letter that Deltec is offering securities
t° investors in units consisting of $35,000 principal amount, 5 per
cent Second Subordinated Debentures due 1983, and 15,000 shares of
c?mmon stock. It is our understanding that Deltec is a holding company
wi-th some 12 affiliated corporations, several of which are engaged in
the business of distributing securities in South America and in Europe.
.•
;
C11,e of these affiliates, the wholly-owned Frederic H. Hatch & Co., Inc.
Hatch"), is principally engaged in the distribution of securities
Ifom offices in New York. According to your letter and from informalc'n made available to the Board subsequent to your letter, Deltec ls
estment in Hatch appears to be over 12 per cent of its investment
affiliates, and the percentage of income derived by Deltec from
iLdtch was between 2 and 10 per cent for the years 1963-1964.
r
You further state that, in the event the Board should detertilline that the proposed investment in Deltec is inappropriate for WBIB
,Inder the provisions of section 211.8(c) of Regulation K, WBC, itself,
eslres to make the investment pursuant to section 4(c)(5) of the Bank
w°1ding Company Act of 1956, provided that WBC in making the investment
°41d not be in violation of its voting permit issued pursuant to
section 5144 R. S.
ii
Section 211.8(c) of Regulation K provides that an Edge
Poration shall dispose of shares of stock in a corporation as
'
l'
I°mPtly as practicable if "such corporation should engage in the
usiness of underwriting, selling, or distributing securities in the
Car
i
SYSTEM
BOARD OF GOVERNORS OF THE FEDERAL RESERVE
Mr. Frank L. King
-2-
United States". This provision of the regulation has consistently
been interpreted as applying to the shares of stock of corporations
Which are engaged in the types of business mentioned in the regulation either directly or indirectly through a subsidiary. In this
case, the activities of the wholly-owned Frederic H. Hatch & Co.,
s of
Inc., must be considered as the activities of Deltec for purpose
ent
investm
the
that
re,
therefo
es,
the regulation. The Board conclud
for
WBIB.
ible
permiss
be
not
would
in the shares of Deltec's stock
is of
With reference to the alternative proposal, the Board
ute
constit
not
would
Deltec
in
the opinion that the investment by WBC
conThis
S.
R.
5144
section
and
a violation of WBC's voting permit
not principally
clusion is based on the determination that Deltec is
securities
the
in
time
engaged in the United States at the present
ngly, subAccordi
S.
business within the meaning of section 5144 R.
and
1956,
of
Act
ject to the provisions of the Bank Holding Company
er
14,
Septemb
based on the information contained in your letter of
1964, the Board will interpose no objection to the investment in
Deltec by WBC.
These views, of course, are subject to the Board's undermaterial change
standing of the facts as they presently exist, and any
in the situation might require a review thereof and different concluexample, in the event
si°ns. This would be particularly true, for
significantly altered
were
tes
affilia
its
that Deltec's investments in
discontinued or subc't if the activities of Deltec's affiliates were
stantially changed in any manner.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
4(
1
Item No.
BOARD OF GOVERNORS
......
•
•
O Govi4:..
8
1/21/65
OF THE
FEDERAL RESERVE SYSTEM
t:**
WASHINGTON, D. C. 20551
ADDRESS
.
46
4,
orricim. CORRESPONDENCE
TO THE OOARD
*ist'LlkE
January 21, 1965.
CO1VIDENTIAL
FR
William
F. Treiber,
;,1rst
Vice President,
Nederal Reserve Bank of New York,
'47Yark, New York 10045.
44 Mr.
Treiber:
The Board of Governors has approved the payment of salary to officers
Of the
Jallua
Reserve Bank of New York listed below for the period of
toardrY 7 through December 31, 1965, at the following rates fixed by your
(If Directors, as reported in your letter of January 8, 1965.
Name
1)ortald C. Niles
kettrieth E. Small
11°bert Meyer
Richard
G. Davis
touts J.
Brendel
1.1,011ard Lapidus
Title
Assistant Vice President
Assistant Vice President
Assistant Counsel
Senior Economist
Manager
Manager
Annual
Salary
$21,000
21,000
12,500
18,500
15,000
18,000
l'rto,
The Board has noted the change in duties for Managers Post and
d 4er arid
special service retirement of Assistant Vice Presiseel. the pending
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
Item No.
BOARD OF GOVERNORS
9
1/21/65
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
January 22, 1965.
Mr. Joseph G. Crunkilton,
Technical Advisor,
Bureau of Retirement and Insurance,
United States Civil Service Commission,
Washington, D. C. 20415.
Re:
RL:JGC:em
CSR-1 949-676
Dear Mr. Crunkilton:
With regard to the above-captioned matter, this is to
advise that the Board of Governors of the Federal Reserve System has
reviewed both the legal and factual aspects of the status of Federal
Reserve Agents' Departments at the several Federal Reserve Banks
in
I rlor to the transfer by the Board to the Federal Reserve Banks,
'
Board
the
for
performed
::936, of the nonstatutory duties formerly
°Y the Federal Reserve Agents.
prior to said
On the basis of this study, it is clear that
ts were
Departmen
ansfer, personnel of the Federal Reserve Agents'
Reserve
Federal
the
by
aPloyees of the Board, having been appointed
of
purpose
the
for
Board,
gent, acting under authorization of the
Performing duties for the Board.
tr
r
upon your
The foregoing determination may have a bearing
lity,
creditabi
of
question
s decision whether to reopen the
E.
Thomas
of
service
the
of
Civil service retirement purposes,
at
t
Departmen
Agent's
,,,a_msaY as an employee in the Federal Reserve
to
1930,
1,
March
from
1,Z
Reserve Bank of San Francisco
(including a week's terminal vacation).
1936
26,
Y
a va
should Mx. Ramsey's
It should also be pointed out that,
expect
.111 for creditable service be reopened, the Commission may
F -4
ls
individua
other
two
- receive requests for service credit from
4
retired
recently
Thompson,
f lilarly situated: (1) Mr. Donald S.
:
0111 the Federal Reserve Bank of Cleveland, who was an employee of
'
Mr. Joseph G. Crunkilton
the Agent's Department at San Francisco from 1923 to 1929; and (2)
Mr. Maxwell R. Conklin, presently chief of the Industry Section of
the Bureau of the Census, who was an employee of the Agent's Department at San Francisco from 1929 until the spring of 1935. So far as
i8 known, the above-named individuals are the only former employees
cl a Federal Reserve Agent's Department with respect to whom the
question of creditable service for Civil Service retirement is
Presented.
It is hoped that the foregoing information will be helpful
to
You.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Item No. 10
1/21/65
WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
January 21, 1965.
CONFIDENTIAL (FR)
Mr. Howard D. Crosse, Vice P:esident,
Federal Reserve Bank of New York,
New York, New York. 10045
Dear Mr. Crosse:
In accordance with the request contained in your letter
Of January 14, 1965, the Board approves the appointment of
Franklin E. Smith as an examiner for the Federal Reserve Bank of
New York. Please advise the effective date of the appointment.
It is noted that Mr. Smith is indebted to The Greater
New York Savings Bank, Brooklyn, New York, a nonmember bank.
Accordingly, the Board's approval of Mr. Smith's appointment is
given with the understanding that he will not participate in any
examination of that bank so long as his indebtedness remains
unliquidated.
It is further noted that Mr. Smith owns 110 shares of
Manufacturers Hanover Trust Company, New York, New York, a State
member bank, under its profit sharing plan. Accordingly, the
Board's approval of the appointment of Mr. Smith is given on the
condition that he will dispose of the stock no later than 30 days
after receipt of the certificates and that he will not be
Permitted to participate in any examination of that bank so long
as he owns stock of that institution.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
BOARD OF GOVERNORS
Item No. 11
1/21/65
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
January 21, 1965.
Mr. Joseph R. Campbell, Vice President,
Federal Reserve Bank of Philadelphia,
Philadelphia, Pennsylvania.
19101
Dear Mr. Campbell:
In accordance with the request contained in your letter
of January 4, 1965, and your amended list of special examining
Personnel of January 12, 1965, the Board approves the designation
of the following employees as special assistant examiners for the
Federal Reserve Bank of Philadelphia for the purpose of participating in examinations of State member banks:
Joseph P. Mullen
James J. Rodgers
Joseph Scott, Jr.
Martin J. Joyce
Peter A. Roberts
William H. Smith
Samuel J. Culbert, Jr.
George C. Haag
Adam R. Smith
Donald B. Whitney, Jr.
The Board also approves the designation of the following
employees as special assistant examiners for your bank for the purPose of participating in examinations of State member banks except
those listed opposite their names:
Henry J. Martino
James W. Lewis
The First Pennsylvania Banking
and Trust Company,
Philadelphia, Pennsylvania.
Fidelity-Philadelphia Trust
Company,
Philadelphia, Pennsylvania.
BOARD
or
IlUVERNORS OF THE FEDERAL RESERVE SYSTEM
Mr. Joseph R. Campbell
-2-
It is noted that Salvatore G. Forte changed his name from
Samuel C. Forte as shown on your previous list of special examining
personnel.
names
Appropriate notations have been made on our records of the
to be deleted from the list of special assistant examiners.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
@FedFRASER