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Minutes for June 24, 1958 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, if you were present at the meeting, please initial in column A below to indicate that you approve the minutes. If you were not present, please initial in column B below to indicate that you have seen the minutes. A Chm. Martin Gov. Szymczak Gov. Vardaman Gov. Mills Gov. Robertson Gov. Balderston Gov. Shepardson 1848 Minutes of the Board of Governors of the Federal Reserve System on Tuesday, June 24, 1958. The Board met in the Board Room at 10:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Mr. Martin, Chairman 1/ Balderston, Vice Chairman Szymczak Vardaman Mills Robertson Shepardson Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Carpenter, Secretary Kenyon, Assistant Secretary Thomas, Economic Adviser to the Board Leonard, Director, Division of Bank Operations Young, Director, Division of Research and Statistics Johnson, Director, Division of Personnel Administration Hackley, General Counsel Masters, Director, Division of Examinstions Connell, Controller Molony, Special Assistant to the Board Shay, Legislative Counsel Daniels, Assistant Director, Division of Bank Operations Noyes, Adviser, Division of Research and Statistics Hostrup, Assistant Director, Division of Examinations Goodman, Assistant Director, Division of Examinations Bass, Assistant Controller Items circulated to the Board. The following items, which had been circulated to the members of the Board and copies of which are attached to these minutes under the respective item numbers indicated were approved unanimously: Item No. Letter to Bank of America, New York, New York, transmitting reports of examination of its Beirut and Singapore branches made as of March 4 and March 5, 1958, respectively. (With copies of the examination reports to the Federal Reserve Banks of New York and San Francisco) a' Withdrew from meeting at point indicated in minutes. 1 1849 6/24/58 -2Item No. Letter to The City Bank Company, Lorain, Ohio, approving the establishment of a branch on Pearl Road between East 40th Street and Homewood Drive. (For transmittal through the Federal Reserve Bank of Cleveland) 2 Letter to the Security. Bank, Lincoln Park, Michigan, extending the time within which it may establish a branch in Taylor Center. (For transmittal through the Federal Reserve Bank of Chicago) 3 Letter to the First-Peoples State Bank, Traverse City, Michigan, approving the establishment of a branch at the intersection of Munson Avenue and Cochlin Street. (For transmittal through the Federal Reserve Bank of Chicago) 4 Letter to the Federal Reserve Bank of Chicago regarding the proposal of a member bank to give away a coin bank vith each new $50 savings account. (With edited copies to all Federal Reserve Banks) 5 Telegram to the Federal Reserve Bank of Dallas authorizing acceptance of the low bids for general construction and for the vaults in connection with an addition to and alterations Of the head office building; and authorizing a total expenditUre of $7,766,000 for the project. 6 Letter to the Comptroller of the Currency concerning the Federal Reserve note printing order for fiscal year 1959. 7 Discount rates. Unanimous approval was given to a telegram to the Federal Reserve Bank of Atlanta approving the establishment without Change by that Bank on June 23, 1958, of the rates on discounts and advances in its existing schedule. Messrs. Leonard, Daniels, and Goodman then withdrew from the Ineeting. Assessment to cover estimated expenses. to There had been distributed the members of the Board copies of a memorandum from the Controller 1850 6/24/58 -3- dated June 23, 1958, recommending that an assessment of two hundred in forty-two thousandths of one per cent (.00242) of the total paidcapital and surplus (section 7 and section 13b) of the Federal Reserve Banks as of June 30, 1958, be levied upon the Banks to provide for the estimated expenses of the Board for the second half of 1958. It was anticipated that the foregoing rate would produce a total of about $2,877,380. Submitted with the memorandum was an analysis indicating that approximately $2,870,000 would have to be obtained through assessment to cover the Board's expenses for the second half of 1958. During a discussion of the proposed assessment, Governor Mills analysis as inquired concerning the amount of $50,000 identified in the ons. relating to Board sponsorship of current surveys of buying intenti It was his recollection that the Board's decision earlier this year with come respect to the suggested surveys contemplated that the matter would back to the Board for determination of the appropriate budget requirement conducted following exploration of the feasibility of having such surveys by the Bureau of the Census. r Following a discussion of the project in the light of Governo d in Mills' comments during which it was stated that the figure include the analysis presented by the Controller was intended to provide against the year rather Possible expense requirements during the second half of than to imply the establishment of a continuing budget for the surveys of check the pertinent consumer expectations, the Secretary was requested to Board. minutes to verify the scope of the action taken by the 1851 6/24/58 _14... Thereupon, it was agreed unanimously to levy an assessment upon the Federal Reserve Banks at the rate recommended in the memorandum from the Controller. Messrs. Connell and Bass then withdrew from the meeting. Report on H.R. 12785. With a memorandum from Mr. Young dated June 20, 1958, there had been distributed to the members of the Board a draft of letter to the Chairman of the House Committee on Government Operations commenting on H.R. 12785, a bill which would amend the Employment Act of 1946 "to provide for the inclusion of recommendations concerning monetary policies in the President's program, and to bring to bear an informed public opinion upon proposed inflationary price increases." The Board's comments had been requested by Friday, June 27. At the request of the Chairman, Mr. Shay reviewed the circumstances PUrsuant to which the bill had been introduced by Congressman Reuss. He Pointed out also that during May the Committee on Government Operations had written to various Government agencies and individuals asking for °Pinions about the Employment Act of 1946 and any recommended changes; however, it was understood that oniy one recommendation for change had been received. The request for views regarding H.R. 12785 was understood to have been sent to a number of Government agencies, including the Bureau of the Budget, and it appeared that upon receipt of the replies the Committee might decide to schedule hearings on the bill. Comments with regard to the draft of proposed letter were generally favorable. However, Governor Mills and Mr. Thomas suggested certain ad- ditional material which might be inserted and there were a number of other 1852 6/24/58 -5- suggestions with regard to phraseology and the sequence of paragraphs. A principal point of discussion was whether, and if so to what extent, the letter should include comments on the section of the bill relating to price and wage matters. At the conclusion of the discussion, it was understood that a revised draft of letter reflecting suggestions made at this meeting would be submitted for the Board's consideration. During the preceding discussion Chairman Martin withdrew from the meeting and at its conclusion Messrs. Thomas, Young, Molony, Shay, and Noyes also withdrew. Request from Congressman Sheehan. Governor Szymczak stated that he had received a letter from Congressman Sheehan of Illinois inquiring as to what companies would be affected by Congressionnl action along the lines of the Board's recent recommendation that the definition of a "bank holding company" in the Bank Holding Company Act be changed to cover companies that control only one bank. After discussion with members of the staff, Governor Szymczak had informed the Congressman by letter that certain statistical data supplied to a Subcommittee of the Senate Banking and Currency Committee in 1955 would now be out of date, and in any event could not be considered complete because of lack of sufficient information. However, Mr. Sheehan had written again under date of June 17, 1958, indicating that he would like to have the names and locations of the 163 companies included in the 1955 list. 3 5 18 6/24/58 -6The issues presented by Congressman Sheehan's request were summarized in a memorandum from Mr. Hackley dated June 24, 1958, copies Of which were distributed during a discussion of the matter. Among Other things, the memorandum brought out that the current inquiry was from an individual Congressman rather than a Committee and that the 1955 data had been compiled in large part from reports of examination. At this meeting it was stated that the sources of information included not only reports of examinations made by the Federal Reserve Banks but also reports of examinations by the other Federal bank supervisory agencies. After discussion of various aspects of the matter, agreement was expressed with the suggestion that there be prepared for the Board's consideration a draft of reply to Congressman Sheehan, in the form of a letter from the Board, which would explain that a list of the companies included in the 1955 tabulation would be incomplete and currently inaccurate, that the list was compiled in large part from confidential sources of information, and that the Board was not in a position to supply an accurate current list of companies that would be affected by a change in the law to a "one-bank" definition of a bank holding company. All of the members of the staff except Mr. Johnson then withdrew from the meeting. Major medical insurance (Item No. 8). The Secretary later was informed by Governor Shepardson that during the executive session the 13oard approved the recommendations relating to major medical insurance 1854 -7- 6/24/58 for retired Board employees which were contained in a memorandum from Mr. Johnson that had been distributed under date of June copy of the memorandum is attached as Item No. 8. 31 1958. A This action, the Secretary was advised, was taken with the understanding that if the coverage were availed of by members of the Board of Governors at the conclusion of service in that capacity, the full premium cost of the insurance would be paid by them. The meeting then adjourned. Secretary's Note: Governor Shepardson today approved on behalf of the Board the following items: Letter to the Federal Reserve Bank of Boston (attached Item No.9 ) approving the designation of David Kent Sheppard as special assistant examiner. Letter to Headquarters, 140th Engineer Battalion, District of Columbia National Guard, Washington, D. C., advising that the Board would s staff, have no objection to Manros A. Nickens, a member of the B es Guard,Rederv serving in the District of Columbia National Secretary 1 R55 BOARD OF GOVERNORS OF THE i'• -.'"---N;.'0,: s., , , wo r* " ji; , kt Jo V FEDERAL RESERVE SYSTEM Item No. 1 6/24/58 WASHINGTON 25. D. C. ADDRESS arrictAL CORRESPONDENCE TO THE BOARD f t!4141t,:0 1' 1 U4kUplr'''''' June 24, 1958 REGISTERED MAIL Ni. Jesse W. Tapp, Chairman of the Board of Directors, Bank of America, to Wall Street, New York 15, New York. DrJar Mr. Tapp: There are enclosed two copies each of the reports of examination of the Beirut, Lebanon, and Singapore, Colony of Singapore, branches of Bank of America made as of March 4, 1958, and March 5, 1958, respectively, by examiners for the Board of Governors. The second copy of each of the reports is for the information and files of the officer in charge of the respective branch. It is requested that the Board of Governors be advised as to the actions taken or contemplated with respect to the various correnents„ recommendations, and suggestions of the examiners, particillarly as set forth in the report on the Beirut Branch. in Examiner's Comments-page 6, Other Loans Specially Mentioned-page 16, Audit Frocedure-page 25, Litigation-page 26, and Insurance CoveragePage 27; and in the report on ths Singapore Branch in Examiner's k-orrments-page 9. In the Beirut report, the examiner reported that the overof the Tokyo, Osaka, and Kobe branches of Bank of America NTEBA wIth the Beirut Branch in the aggregate amount of E Sterling 1 506,022-17-10 (or US$4,201,800) were ;0_141,800 in excess of the limitation provided by Section 10 of Regulation K,(pages 6 and 12). It was indicated that these overdrafts financed transactions on 1:1hich the Japanese branches held £ Sterling trade bills covering Imports and exports. The examiner was informed that a change in Procedure would be made in that trade bills would be purchased and carried on the books of the Beirut Branch as Drafts Purchased. It I111 be appreciated if you will advise whether the changed procedure nas been made effective and the apparent violation of Regulation K corrected. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Mr. Jesse W. Tapp 2 Please advise also as to the manner in which provision Will be made for the removal of the classified loss of 1.13780,446.40 (or US$260,149) in the report on the Singapore Branch, consisting Of the overdraft in Blocked Income account and representing net Operating losses of prior years, (pages 9 and 10). Very truly yours, (Signed) S. R. Carpenter S. R. Carpenter, Secretary. Enclosures. I856 BOARD OF GOVERNORS OF THE Item No. 2 6/24/58 FEDERAL RESERVE SYSTEM It . 11 4a1 ia 4:*,,, WASHINGTON 25. D. C. v. ta bo a ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD V,44.404: OtiAt*** June 24, 1958 Board of Directors, The City Bank Company, Lorain, Ohio. Gentlemen: Pursuant to your request submitted through the Federal Reserve Bank of Cleveland, the Board of Governor of the Federal Reserve System approves the establishment of a branch on Pearl Road between Past 40th Street and Homewood Drive, Lorain, Ohio, by The City Bank Comnpny, provided the branch is established within nine months from the date of this letter, and approval of the State authorities is effective as of the date the branch is established. Very truly yours, (Signed) S. R. Carpenter S. R. Carpenter Secretary. 1858 BOARD OF GOVERNORS OF THE Item No. FEDERAL RESERVE SYSTEM 3 6/24/58 WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD June 24, 1958 Board of Directors, Security Bank, Lincoln Park, hichigan. Gentlemen: Pursunnt to your request submitted throligh the Federal Reserve Bank of Chicago, the Board of Governors of the Federal Reserve System extends to October 10, 1958, the time within which Security Bank, under the authority grante0 in the Board's letter of liJarch 19) 1958, may establith a branch at 2231!3 Ecorse Road (previous)y described as 2233!)-43 Ecorse Road), Taylor Center, Wayne County, hichigan. Very truly yours, (Signed) S. R. Carpenter S. R. Carpenter, Secretary. BOARD OF GOVERNORS OF THE Item No. 4 6/24/58 FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD June 24, 1958 Board of Directors, First-Peoples State tank, Traverse City, hichigan. Gentlemen: Pursuant to your request submitted through the Federal Reserve Bank of Chicago, the Board of Governors of the Federal :escrve System ap7roves the establishment of a branch at the intersection of Eunson Avenue and Cochlin Street, Traverse City, lichigan, by the First-Peoples State Dank, provided the branch is established ithin six months from the date of this letter and the approval of the State flanking Lepartment Is in effect as of the date of the establishment of the branch. Very truly yours, (Signed) S. R. Carpenter 3. P. Carpenter, Secretary. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Item No. 5 6/24/58 WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD June 24, 1958 Mr. Carl E. Allen, President, Federal Reserve Bank of Chicago, Chicago 901 Illinois. Dear Mr. Allen: There is enclosed a copy of a letter from American State Bank, Milwaukee, 4isconsin, requesting advice as to whether the Board would approve the action of such bank in giving away coin banks (costing a.25 each) for each new 60.00 savings account. The Board does not look with favor upon the practice on the Part of member banks in giving articles of value to depositors as an inducement for the opening of deposit accounts, particularly because Of the difficulty in drawing a dollar-and-cents distinction between • involve 'give-aways" that represent mere advertising and those that may howcase, present the In deposits. on aa indirect payment of interest and involved article the of value ant ever, because of the insignific because it is understood that they will be given to depositors only in disposed connection with the opening of a new account, the Board is not an inas ces circumstan such in articles such to consider the giving of deposits. on interest direct payment of In accordance with the Board's policy of referring to the aPPropriate Federal Reserve Bank requests by member banks for interpretation of the Board's regulations, the bank's request is being referred to your Bank for reply. Very truly yours, (Signed) S. R. Carpenter S. R. Carpenter, Secretary. Enclosure TELEGRAM LEASED WIRE SERVICE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Item No. 6/24/58 June 24, 1958 Irons - Reurlet June 12, Board authorizes acceptance of general construction bid cf zobert E. McKee General (ontractor, Inc. together with • alternates B, D, F(a), K, L, and M in amount of ;„60730,)401,, as subscouently adjusted; of low bids for vault, doors and vault interi,or equipment, of ,1;99,895 and 89,193, respectively; and total expenditure ' approximately 0,766,000 for addition to and remodeling head office building, which amount includes architect's fees and contingency alloidance of V431,336. (Signed) S. R. Carpenter Carpenter 6 BOARD OF GOVERNORS OF THE Item No. 7 6/24/58 FEDERAL RESERVE SYSTEM WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONOCHCC TO THE BOARD June 24, 1958 The Honorable, The Comptroller of the Currency, Treasury Department, Washington 25, D. C. Sir: It is respectfully requested that you place an order With the Bureau of Engraving and Printing for printing 452,280,000 Federal Reserve notes (single units) of the 1950 Series during the fiscal year ending June 30, 1959, in the amounts and denominations shown below for the various Federal Reserve Banks: Boston Denomination Number of notes Dollar Amount $5 15,1400,000 23,320,000 1,800,000 432,000 288,000 $77,000,000 233,200,000 36,000,000 21,600,000 28,8000000 25,200,000 11,520,000 4,3240,000 3,168,000 2,016,000 126,000,000 115,200,000 86,400,000 158,400,000 201,600,000 14,680,000 4,320,000 720,000 1432,000 23,400,000 43,200,000 14,400,000 21,600,000 7,920,000 114,760,000 12,960,000 1,152,000 11414,000 39,600,000 147,600,000 259,200,000 57,600,000 14,4000000 10 20 50 100 New York 5 10 20 50 100 Philadelphia 5 10 20 50 Cleveland 5 10 20 50 100 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Thu Comptroller of the Currency. -2 nation Nuntber of Number notes Dollar Amount lo 50 4,6801000 7,920,000 1,0081000 $23,4000000 79,2001000 50,400,000 Atlanta 5 lo 20 15,120,000 17,640l000 14,760l000 75,600,000 176,400,000 295,200,000 Chicago 5 lo 20 50 100 37,4140l000 69,4801000 25,200,000 1,584:000 1,h40,000 187,200,000 694,800,000 504,000,000 79,200,000 11414,000,000 St. Louis 5 lo 20 50 41 680,000 17,2001000 11,880,000 144,000 23,400,00o 1721000,000 237,600,000 7,200,000 Minneapolis 5 lo 20 4,680l000 360,000 1,800,000 23,4000000 3,600,000 36,000,000 Kansas City 5 lo 20 50 100 4,320l000 71200l000 4,68o,000 288,000 1114,000 21160000o 72,000,000 93,600,000 114,1400,000 114,400,000 Dallas 5 lo 20 50 loo 10,800,000 6,840,000 4,320,000 1)414,000 432,000 514,000,000 68,1400,000 86,1400,000 7,200,000 143,200,000 10 20 103 8,280,000 20,150,000 12,960,000 V141C00 41,400,000 201,600,000 259,200,000 14,1100,000 Richmond San Francisco 1863 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM The Comp oiler of the Currency. Denomination Totals $5 10 20 50 100 Number of notes Dollar Amount 1430200l000 $716,000,000 2000720,000 2,007,200,000 9,b00,000 1,908,000,000 8,32,000 417,600,000 I&,608,000 4600800o000 4520280,000 S,09,600,000 Respectfun (Signed) S. R. Carpenter S. R. Carpenter, Secretary. 18 1865 BOARD OF GOVERNORS OF THE Item No. 8 FEDERAL RESERVE SYSTEM Coneespandence :face (1tp rnor Shepardson 0 E• J. John-on Ewe 6/24/58 June 3, 1958 Subject: Lajor medical insurance for Board's retired employees. In my memorandum to you of August 12, 1957 recommending major leciical insurance coverage for the Board's active employees, it was also r_ecomraended that we continue negotiations with the insuring company in 'rider to obtain major medical insurance coverage for our retired employees. Accordingly, discussions have been carried on with the Prudential ComPany which have resulted in Prudential's submission of the proposal ri : escribed in Attachment 1. The proposal would provide major medical ' 1,°verage for employees who retired after November 17, 1957 and for future , etirees. hvery effort has been made to include all of the Board's 4t1red employees under this coverage, but Prudential is hot, under any Nlreumstances, willing to assume risk for employees who retired prior to °I/ember 17, 1957 (The effective date of our major medical program). Although the proposed coverage for retired employees is not as eral as that for active employees, it is judged that this coverage ;!Presents an excellent value at the rates quoted by Prudential, and that Would provide a very worthwhile increase in the medical insurance ce,ram of our retired employees. The following recommendation is therere submitted: lib r 1. That the Board enter into an agreement with the Prudential ret7ance Company of America to supply major medical insurance coverage to th lred employees in accordance with the proposal outlined in Attachment 1, 4J,Premium rate for such coverage to be the same as premium rates for 'life employees, but the extent of coverage to be somewhat reduced. 2. That the Board contribute toward the premium cost of this ‘ :allce in an amount equal to one-third of the cost of the coverage, as At,,L101 done for active employees. (See comments on premium payments in ''achment 1). ATTACHMENT I OUTLINE OF PROPOSED MAJOR MEDICAL COVERAGE FOR RETIRED EMPLOYEES The Prudential Insurance Company of America has submitted the ollowing proposal providing major medical insurance for our retired em ployees: 1. Coverage for retired employees and their dependents will be ..xact-LY as in our present plan with the exception that the maximum benefit 'Jr any one sickness or injury is reduced from 45,000 to $2,000. Or, in ,ue case where a retiring employee has received more than $3,000 in major 'ectical coverage for any one illness or injury before his retirement, the jiginal maximum of $5,000 would apply for that specific claim. (This ta-/rdts any specific claim to $5,000 regardless of the employee's active retired status) 2. The rate for this coverage will remain the same as for present fe°verage to active employees, i.e., $1.04 for individual coverage and $2.37 -(31" family coverage. 3. The claims experience for retired employees will be kept neeParately from the active employee group and rates will be adjusted as -cessary in future years. 4. All employees who have retired since November as future retirees will be eligible for coverage. 17, 1957 as It is further understood that, after the first year's experience, 4 it appears desirable, the rates for retired employees could be combined th'u rates for active employees. Therefore, if experience should disclose th” it is necessary to greatly increase the rates for retired employees, rate increase could, to a considerable extent, be absorbed by combina' 11 with rates for active employees. PAYMENTS Prudential has strongly recommended that the Board continue its ZZribution of one-third of the cost of major medical insurance for retired part?Yees in order to encourage the maximum number of retired employees to lcipate in the plan. 1867 —2— (Attachment I) To a certain extent, the Board would be pioneering in providing this coverage for retired employees. However, a recent study by the United States Department of Labor shows a limited trend in private industry toward !1.1ch employer participation. Also, recent proposed legislation (Eighty8th Congress) would have provided major medical coverage for retired Civil sz.vice employees without any contribution by the employee. PREMIUM COLLECTIONS Premium payments for this retired group would have to be handled bY the Board's Office of the Controller and submitted to Prudential in the ,raariner as the regular monthly remittance for active employees. The Federalsame ,eserve System retirement office in New York has agreed to make premium ; eductions for employees retired under the Board's plan directly from (prement checks, forwarding these deductions directly to the Board's reljce of the Controller. The employee contribution for those employees Used under the Civil Service Retirement Plan would have to be collected rectly from the individual retiree by the Board's Office of the "ontroller. CLAIlis HANDLING All claims for retired employees would be processed by the Division ersonnel Administration in the same manner in which claims are handled ' era active employees, except that, in most cases, contact with the retired 131°Yee would be by mail. V SIZIoOF RETIRED GROUP ELTGIBLE FOR COVERAGE At the present time, there are 8 employees who have retired since 14()l'eb %ra jer 171 1957. All of these employees are under the Board's retirement eli "I. It is expected that no more than 10 or 12 employees would be or b1e for this insurance by the end of 1958. Over the years, the number pl,se'-igible retired employees would probably increase to 50 or 75 individuals dependents. This would mean that the cost of this program to the Board be quite small during the first few years and in the long run would e-LY not exceed $500 to $600 per year assuming present rates. 1868 BOARD OF GOVERNORS ttutt**4 LI 4040CO Gois: .. 40 •*^.. --7-, !°.:. 4* kt -(;77' , t4 0' ia OF THE Item No. 9 FEDERAL RESERVE SYSTEM • ** 6/24/58 WASHINGTON 25, D. C. * ago, ADDRESS OFFICIAL CORRESPONDENCE ;0 TO THE BOARD June 24, 1958 Mr. B. F. Groot, Vice President, Federal Reserve Bank of Boston, Boston 6, Massachusetts. Dear Mr. Groot: In accordance with the request contained in your letter of June 19, 1958, the Board approves the designation of David Kent Sheppard as a special assistant examiner for the Federal Reserve Bank of Boston for the purpose of participating in the examination of State member banks only. Very truly yours, (Signed) S. R. Carpenter S. EL Carpenter, Secretary.
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