Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, June 21, 1965, Volume 52, Part 6

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Minutes for

To:

Members of the Board

From:

Office of the Secretary

June 21, 1965

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
°n1Y that you have seen the minutes.

Chm. Martin
Gov. Robertson
Gov. Balderston
Gov. Shepardson
Gov. Mitchell
Gov. Daane
Gov. Maisel

Minutes of the Board of Governors of the Federal Reserve System
On Monday, June 21, 1965.
PRESENT:

Mr.
Mr.
Mr.
Mr.

The Board met in the Board Room at 10:00 a.m.

Martin, Chairman
Robertson
Shepardson
Daane
Sherman, Secretary
Kenyon, Assistant Secretary
Noyes, Adviser to the Board
Molony, Assistant to the Board
Brill, Director, Division of Research and
Statistics
Mr. Farrell, Director, Division of Bank Operations
Mr. Solomon, Director, Division of Examinations
Mr. Kakalec, Controller
Mr. Hexter, Assistant General Counsel
Mr. Hooff, Assistant General Counsel
Mr. Sprecher, Assistant Director, Division of
Personnel Administration
Mrs. Semia, Technical Assistant, Office of the
Secretary
Mr. McClintock, Supervisory Review Examiner,
Division of Examinations
Mr.
Mr.
Mr.
Mr.
Mr.

Discount rates.

The establishment without change by the Federal

Reserve Banks of New York, Philadelphia, Chicago, and San Francisco on
jtille

17, 1965, of the rates on discounts and advances in their existing

schedules was approved unanimously, with the understanding that approPtiate advice would be sent to those Banks.
Circulated or distributed items.

The following items, copies

c)f which are attached to these minutes under the respective item numbers
itld;

--kcated, were approved unanimously:
Item No.
tettA
-r to Marine Midland Trust Company of Northern
e t,
11_°rk, Watertown, New York, approving the
1"lishment of a branch at 1218 Arsenal Street.

1

6/21/65

-2Item No.

Letter to Wells Fargo Bank, San Francisco, California,
aPPrnving the establishment of a branch at either of
47° specified locations in Woodside.

2

Letter to the Federal Reserve Bank of Richmond
iving the assessment of a penalty incurred by
a nk of Dublin, Inc., Dublin, Virginia, because
of a
deficiency in its required reserves.

3

Letter to the Federal Reserve Bank of Chicago
egarding an investment in bank premises by The
Northern
Trust Company, Chicago, Illinois. (The
letter as approved reflected certain changes
suggested by the Legal Division. It was understood that the substance of the letter would be
sent to all Federal Reserve Banks.)

4

Laetter to the Federal Reserve Bank of Richmond
,Pr°ving the appointment of Robert A. Perry as
'a" additional Federal Reserve Agent's Representative
t the Baltimore Branch.

5

L
aetter to the Federal Reserve Bank of Chicago
/1113Pr°ving the payment of salary to the marble
salntenance man at a specified rate for the time
Pent Performing marble setter duties.

6

r

2

Le tter

to the Federal Reserve Bank of Kansas City
aPProving the payment of salary to Maurice J. Swords
:
t Assistant Chief Examiner at the rate fixed by the
Ilk's Board of Directors.
Lett
n er to the Federal Reserve Bank of San Francisco
81:7:(3ving the payment of salary to J. Howard Craven
a'
to vice President at the rate fixed by the Bank's
aril of Directors.

7

8

Messrs. Hooff and McClintock then withdrew from the meeting.
Consultant fees (Item No. 9).

There had been distributed a

Inettlesrandum dated June 11, 1965, from Mr. Noyes regarding a question

6/21/65

-3-

raised by Vice President Baughman of the Federal Reserve Bank of Chicago
as to the payment of fees to academic consultants in connection with the
work of various System research committees.

These fees had been paid

by the
Board or by the Reserve Bank at which a particular meeting was
held in which a consultant had participated.

Awkwardness had arisen,

however, in various circumstances such as when a committee met at a
Place other than the home office of the committee chairman.

Vice Presi-

dent Baughman suggested that the costs of such consultants be handled
as a
Board expense, with proration among the Reserve Banks.
After discussion with several Board staff members, however,
Noyes suggested in his memorandum a procedure under which the Board
or any of the Reserve Banks at which meetings were held would bear the
c°a rs of consultants appearing at the meetings.

In cases where con-

stiltants advised individuals on behalf of committees or advised comInittee
working groups at other than full committee meetings, the System
Office (Board or Bank) of the individual or the chairman of the

1441tking group would bear the expense. It was believed that such a
Procedure would have the advantage of spreading the administrative

Paper work among the Banks and the Board as well as, in the longer run,
Prorating costs.

It was also suggested that the Board's Division of

l'ersonnel Administration keep a record of fees paid, which would insure

that any Bank considering the use of a particular consultant would be

6/21/65

-4-

able to ascertain the going rate.

Mr. Noyes' recommendations were

reflected in a draft of letter to the Presidents of the Federal Reserve
Ranks that was attached to the memorandum.
After discussion during which the relative simplicity of the
PrcTosed arrangement was indicated to be one of the principal advantages,
the letter to the Federal Reserve Banks was approved unanimously, subject to editorial changes.

A copy of the letter in the form transmitted

is attached as Item No. 9.
Consumer credit meeting.

Mr. Brill invited members of the

Board to
attend a meeting to be held in the Board Room on Wednesday
elternoon, June 23, at which a number of recognized experts in the
field of consumer credit would be present for discussion of developMents in that area.
Mission to the Dominican Republic.
reported

Governor Shepardson

that the Department of State had indicated an urgent need

for
technical assistance in setting up procedures for clearing checks
the Dominican Republic and had asked that the services of a SpanishsPeaking Federal Reserve expert be made available for about one week
be
.ginning June 22, 1965, to help devise a solution to the problem.
The
D ivision of International Finance had determined that Armand Pascual,
SYst
ems Analyst at the Federal Reserve Bank of San Francisco, would be
Lable for such an assignment.

Since the need was urgent, Governor

6/21/65

-5-

S hepardson had authorized the Division to proceed with the necessary
arrangements, it being understood that the Department of State would
bear the cost of Mr. Pascual's travel expenses and that the Federal
Reserve Bank of San Francisco would continue to pay his salary.
The Board noted without objection the arrangements that had
been described.
The meeting then adjourned.
Secretary's Notes: Pursuant to the general
authorization given at the meeting on April 22,
1965, there was sent on June 18, with the approval of Governor Shepardson, a letter to
McKinsey & Company, Inc., Washington, D. C.,
advising of the appointment of that firm to
assist in developing guidelines for determining
appropriate salary ranges for Federal Reserve
Bank officers. As indicated by a statement
of terms and conditions enclosed with the
letter, the specific objective was to obtain
factual information regarding salaries paid
in the New York community for positions
comparable to those of Reserve Bank officers
supervising eight designated functions.
Charges for the study, including professional
fees and expenses, were not to exceed $15,000,
with payment to be made by the Board upon receipt
of the final report.
On June 18, 1965, Governor Shepardson approved
on behalf of the Board the following items:
kes Letter to the Secretary of the Retirement System of the Federal
pleerve Banks (attached Item No. 10) regarding continuation of supntal retirement benefits to retirees under the Board Plan; letter
to
eorl'ue Federal Reserve Bank of Richmond (attached Item No. 11) regarding
/retinuation of the supplemental retirement benefit payable to Mrs.
e 14' Flagg, widow of Maurice P. Flagg.

6/21/65

-6-

Letter to the Federal Reserve Bank of Minneapolis (attached Item
approving the appointment of William V. Fischer as examiner.
Memoranda recommending the following actions relating to the
Board's staff:
li..azalatztaL
.
Charles A. Sloke as Guard, Division of Administrative Services,
with basic annual salary at the rate of $4,005, effective June 21, 1965.
--l
al.a.a_Increases

effective June 20, 1965

Helen Cooke, Statistical Clerk, Division of Research and Statistics
L
y-i
,930 to $5,330 per annum, with a change in title to Statistical
4s
sistant.
from
A
—

,
Natalie C. Strader, Survey Statistician (Economics), Division of
'‘esearch and Statistics, from $8,445 to $8,945 per annum.
Herbert W. Bundy, Bindery Helper and Operator (Mimeograph), Division
nistrative Services, from $5,616 to $5,907 per annum, with a
Admi
ange in title to Bindery Worker.

Of

„
Of

James R. Jordan, Operator (Offset Press and Multilith), Division
Administrative Services, from $5,346 to $5,616 per annum.

Leave without

a

Mary F. Weaver, Statistical Assistant, Division of Research and
st
(Iatt istics,
for a period of three months beginning June 22, 1965.
was
TA
understood
that the Division was authorized to recall Mrs.
,Yea—
ver for intermittent periods of work if necessary.)
Governor Shepardson today approved on behalf
of the Board memoranda recommending the following actions relating to the Board's staff:
o
intments
bas4 carol Marie O'Brien as Secretary, Office of the Secretary, with
ellt
'
e annual salary at the rate of $5,660, effective the date of
ra nee upon duty.

"00
6/21/65

-7-

-PaLltataL! (continued)
.
Benson H. Hart as Economist, Division of International Finance,
With basic annual salary at the rate of $10,250, effective the date
°f entrance upon duty.
T.t1..Vssion to engllge in outside activities
Guy R. DeCarlo, Economist, Division of International Finance,
co teach a course in Economic Principles for the University of Maryland
(at the Navy Annex in Arlington).
Mack R. Rowe, Chief, Economic Graphics Section, Division of Data
f:r0oessing, to teach a course in Audio-Visual Instruction at the
Northern Virginia Center of
the University of Virginia.

Secretary

Item No. 1
6/21/65

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRESPONCENCE
TO THE BOARD

June 21, 1965

Board of Directors,
Marine Midland Trust Company of
Northern New York,
Watertown, New York.
Gentlemen:
The Board of Governors of the Federal
Reserve System approves the establishment by
Marine Midland Trust Company of Northern New
York, Watertown, New York, of a branch at 1218
Arsenal Street, Watertown, New York, provided
the branch is established within one year from
the date of this letter.
•

Very truly yours,

(Signed) Kenneth A. Kenyon

Kenneth A. Kenyon,
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. 2
6/21/65

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD

June 21, 1965

Board of Directors,
Wells Fargo Bank,
San Francisco, California.
Gentlemen:
The Board of Governors of the Federal Reserve System
approves the establishment by Wells Fargo Bank, San Francisco,
California, of a branch either at the intersection of Woodside
and Whiskey Hill Roads or in the vicinity of the intersection of
Woodside and Mountain Home Roads, both locations in Woodside,
San Mateo County, California, provided the branch is established
Within one year from the date of this letter.
Very truly yours,
(Signed) Kenneth A. Kenyon

Yenneth A. Kenyon,
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. 3
6/21/65

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551 •
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD

June 21, 1965

Mr. Edward A. Wayne, President,
Federal Reserve Bank of Richmond,
Richmond, Virginia. 23213
Dear Mr. Wayne:
This refers to your letter of June 7, 1965, regarding
the penalty of $9.21 incurred by the Bank of Dublin, Inc., Dublin,
Virginia, on a 2.17 per cent deficiency in its required reserves
for the biweekly computation period ended May 12, 1965.
It is noted that (1) your Bank believes that assessment
of this penalty would not be consistent with its interest in preventing the failure of the Bank of Dublin, Inc., and (2) the deficiency could be waived by your Bank under Paragraph E of the Board's
instructions (F.R.L.S. #6120) if a small penalty had not been
waived under this provision less than two years ago, in 1964.
In the circumstances, the Board authorizes your Bank to
waive the assessment of the penalty of $9.21 for the period ended
IlaY 12, 1965.
Very truly yours,
(Signed) Merritt Sherman

Merritt Sherman,
Secretary.

Item No. 4
6/21/65

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS

OFFICIAL

CORRCIIIPONDIENCIE

TO THIE SOAR°

June 29, 1965.

Mr

4,lCland

M. Ross, Vice President,
cederal Reserve Bank of Chicago,
Chicago,
Illinois. 60690
b I

tlear

*. Ross:

This refers to your letter of May 27, 1965, enclosing a
Illinois, requesting
Da er from The Northern Trust Company, Chicago,
24A of the Federal
section
."lon, pursuant to the provisions of
Res
ye Act, for aggregate investments in bank premises exceeding
the
capital stock of the bank.
lett

Prior to January 1, 1965, the bank followed the practice of
off investments in bank premises by amounts sufficient to
Nu
e
bitalt the carrying value of such premises to an amount less than the
d either by a direct
that 8 capital stock. That was accomplishe
undivided profits
the
4Q ge to or creation of a reserve from
e°unt.
The write-down of the asset, or the accumulated balance of
represented an accelerated eaerve that was deducted from the asset,
"Securities of Member
F,
Regulation
Because
Stilt reduction of value.
subsequent to
acquired
assets
fixed
all
that
hBanican, prescribes
:
bece
depreciation
31, 1959, shall be stated at cost less accumulated
a
or :"
thelDrtization based upon the useful economic life of the property,
Ink is restating its premises account to that basis. As a result,
the '
11et book value of bank premises will be in excess of the amount of
the )
has bank's capital stock account, and Board approval under section 24A
en requested.

the r

for a
The Board is of the opinion that, if submission to the Board
batrI PProval was not necessary under the accounting procedure formerly
resjfollowed, such approval is not now required because of the
raelitaitsement of fixed assets in a manner consistent with this requiretortlpi'Y Regulation F. As the bank's investments in bank premises
eted or begun prior to the change in accounting procedure would

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Mr. Leland M. Ross

-2-

not have required the Board's prior approval under the method of
accounting then in use, the Board's approval in this case is not
necessary. With respect to any projects begun after the change
tn accounting, the necessity for Board approval will, of course,
depend upon the status of the bank premises account aó it then
appears on the books of the bank.
Very truly yours,
(Signed) Merritt Sherman

Merritt Sherman,
Secretary.

Item No. 5
6/21/65

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS

orrictAL

CORRESPONDENCE

TO THE BOARD

June 21, 1965

Mr. Edwin Hyde,
Federal Reserve Agent,
Federal Reserve Bank of Richmond,
Richmond, Virginia 23213.
Dear Mr. Hyde:
As requested in your letter of June 10, 1965, the Board
1 Governors approves the appointment of Mr. Robert A. Perry as an
:
d ditional Federal Reserve Agent's Representative at the Baltimore
tranch.
This approval is given with the understanding that Mr. Perry
41-11 be solely responsible to the Federal Reserve Agent and the Board
'
:f Governors for the proper performance of his duties, except that,
vuring the absence or disability of the Federal Reserve Agent or a
bacancy in that office, his responsibility will be to the Assistant
ederal Reserve Agent and the Board of Governors.
When not engaged in the performance of his duties as Federal

Reserve Agent's Representative, Mr. Perry may, with the approval of

1.311e Federal Reserve Agent and the Vice President in charge of the
'
ialtimore Branch, perform such work for the Branch as will not be
Ileonsistent with the duties as Federal Reserve Agent's Representative.
of
It will be appreciated if Mr. Perry is fully informed
of
staff
the
of
member
a
as
importance of his responsibilities
ce
independen
of
e
maintenanc
for
i" Federal Reserve Agent and the need
lities.
responsibi
these
of
discharge
the operations of the Bank in the

thee

of this
It is noted from your letter that with the approval
apt,
the usual
execute
will
Perry
Mr.
roimtment by the Board of Governors,
and
Governors
of
Board
vath
the
to
forwarded
0, of Office which will be
time.
that
at
effective
"at his appointment will became
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.

211117
Item No. 6
6/21/65

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS

OFFICIAL collate

ONDIENCE

TO THE BOARD

June 21, 1965

gONFIDENTIAL 1FR)
Mr. C. J. Scanlon, President,
Federal Reserve Bank of Chicago,
Chicago, Illinois 60690.
Dear Mr. Scanlon:
In accordance with the request contained in your
letter of June 10, 1965, the Board of Governors approves
the payment of salary by the Federal Reserve Bank of Chicago
to the incumbent of the position Marble Maintenance Man at
the rate of $4.95 per hour for the time spent performing
Marble Setter duties, effective retroactive to June 1, 1965.
Very truly yours
(Signed)Merritt Sherman

Merritt Sherman,
Secretary.

BOARD OF GOVERNORS

Item No. 7
6/21/65

OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON, 0. C. 20551
ADDRESS OFFICIAL CORRESPONOEND
TO THE BOARD

June 21, 1965

CONFIDENTIAL (FR)
Mr. Homer A. Scott, Chairman,
Federal Reserve Bank of Kansas City,
Kansas City, Missouri 64106.
Dear Mr. Scott:
The Board of Governors approves the payment of
salary to Mr. Maurice J. Swords as Assistant Chief Examiner,
Federal Reserve Bank of Kansas City, at the rate of $13,000
per annum, for the period July 1 through December 31, 1965.
The rate approved is that fixed by your Board of Directors,
a reported in your letter of June 2, 1965.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.

1,

BOARD OF GOVERNORS

•

Item No. 8

OF THE

6/21/65

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD

June 21, 1965

CONFIDENTIAL (FR)
Mr. Eliot J. Swan, President,
Federal Reserve Bank of San Francisco,
San Francisco, California 94120.
Dear Mr. Swan:
The Board of Governors approves the payment of
salary to Mr. J. Howard Craven as a Vice President of the
Federal Reserve Bank of San Francisco at the rate of $25,000
per annum, for the period July 1 through December 31, 1965.
The rate approved is that fixed by your Board of Directors
as reported in your !letter of June 4, 1965.
Very truly yours,
(Signed) Merritt Sherman

Merritt Sherman,
Secretary.

Item No. 9
6/21/65

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM

S-1963

WASHINGTON, D. C. 20551
ADDRESS

OFFICIAL

CORRESPONDENCE

TO THE BOARD

July 23, 1965.

near Sir:
As a result of the recent increase in the use of consultants
research committees, question has been raised with the Board
the adoption of uniform procedures for payment of fees to conante and reimbursement for their travel expenses when incurred
" co nnection with committee activities.
0

n
'
oYstem

Procedure
:The

Board has reviewed the matter and suggests the following

The costs of consultants who appear at System committee
meetings held at a Reserve Bank should be borne by the Bank
at which the meeting is held. The costs of consultants who
advise or perform functions for committees, subcommittees,
Or working groups but who do not attend a meeting of such
of the
body should be borne by the Bank of the chairman
group. If meetings are held at the Board, or if a member
of the Board's staff serves as chairman of a working group,
the costs of consultants would be borne by the Board.
The Board assumes that a decision to use a consultant for a
"r4mit
of t tee activity would be made only after discussion with the chairman
with the
gen he committee and through the appropriate person familiar
of
case
the
in
example,
For
work.
al
s
reser
area of the consultant'
made
be
would
arrangement
the
groups
thr04rch committees and working
System Research Advisory
Co ugh Mr. Guy E. Noyes, Chairman of the
41mittee.
In order that fees for such consultants may bear some
res°h
pers a b le relationship to each other, the Board's Division of
mlie(,)nnel Administration will maintain a record of the fees paid,
0 record will be available to any Reserve Bank in setting an

S 10.63
-2-

aPPropriate rate for a consultant used by a committee. So that this
appreciated
lece'rd may Le maintained on a current basis, it will be
1 you will advise the Briard of the rate paid whenever a consultant
:
40 engaged for a comnittee use.
Very truly yours,

Merritt Sherman,
Secretary.

it° IRE PRESIDENTS OF ALL FEDERAL RESERVE BANKS.

'v

BOARD OF GOVERNORS
OF THE

krkt

Item No. 10
6/21/65

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD

June 18, 1965

Mrs. Valerie R. Frank,
-Secretary, Retirement System of the
Federal Reserve Banks,
Pederal Reserve Bank of New York,
11%7 York, New York.
10045
Dear Mrs. Frank:
Referring to the Board's letter of May 31, 1963, incorporating
into the Board Plan certain benefits for retirees, it is requested
ot at the Retirement System bill the Board of Governors for the cost
continuing the supplementary benefits provided by Public Law 87-793
n dune 30, 1966, for those retirees on the rolls as of June 30, 1965.
ct is understood that this cost will be in the neighborhood of $27,000
the period involved.

i

It is further requested that the Retirement System continue
ill the Board at the time of retirement for the individual cost
cle'f Providing this supplemental benefit to those members of the Board's
taff who retire between July 1, 1965, and June 30, 1966.

tob

We are assured by Civil Service officials that appropriations
:!! the fiscal year ending June 30, 1966, to continue these benefits
another fiscal year will be forthcoming, probably in the form of
°fleurrent Resolution of both Houses of Congress just prior to the
!
en
en °f this month. We will forward a copy of such Resolution or other
'
484bling legislation for your records and confirmation of this action
, Boon as received.
Very truly yours,
(Signed) Merritt Sherman

Merritt Sherman,
Secretary.

SOARED OF GOVERNORS

Item No. 11

OF THE

6/21/65

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS

OFFICIAL

CORRESPONDENCE

TO THE BOARD

June 18, 1965

Mr. Edward A. Wayne,
P
resident,
Federal Reserve Bank of Richmond,
Ilichmond, Virginia
23213
bear Mi. Wayne:
Please refer to our letter of June 30, 1964, concerning
supplemental retirement benefit payable to Mrs. Irene H. Flagg,
?ow of Maurice P. Flagg, under Public Laws 87-793 and 88-25.
Board authorizes the Federal Reserve Bank of Richmond to pay
th
Retirement System of the Federal Reserve Banks $72 to cover
;Ile cost of continuing this supplemental benefit through June 30,
4966.
the

The Civil Service Commission has requested the necessary
furiA
f4"us from Congress to extend this supplemental benefit for another
i41.8eal year. The Retirement Office has been requested to continue
:
lae payments to Board Plan retirees to June 30, 1966, and submit
Oill to the Board covering the cost.

i

It is understood that the Retirement Office will bill
the Pederal Reserve Bank of Richmond in the near future for the
c°8t of continuing the supplemental benefit to Mrs. Flagg.
Very truly yours,
(Signed) Merritt Sherman

Merritt Sherman,
Secretary.
Valerie R. Frank,
Secretary, Retirement System
of the Federal Reserve Banks,
Federal Reserve Bank of New York,
New York, New York.
10045

*8.

4

Item No. 12
6/21/65

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS

orriciAL

CORRESPONDENCE

TO THE BOARD

June 18, 1965

Mr. Hugh D. Galusha, Jr., President,
Federal Reserve Bank of Minneapolis,
Minneapolis, Minnesota. 55440
Dear Mr. Galusha:
In accordance with the request contained in
Your letter of June 16, 1965, the Board approves the
appointment of William V. Fischer, at present an
assistant examiner, as an examiner for the Federal
Reserve Bank of Minneapolis, effective July 5, 1965.
Very truly yours,
(Signed) Kenneth A. Kenyon

Kenneth A. Kenyon,
Assistant Secretary.