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Minutes for
To:
Members of the Board
From:
Office Of the Secretary
June 7, 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 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. King
Gov. Mitchell
,Q
I 01
IAPt
Minutes of a meeting of the available members of the Board
Of Governors of the Federal Reserve System on Friday, June 7, 1963.
The
meeting was held in the Board Room at 10:00 a.m.
PRESENT:
Mr. Martin, Chairman
Mr. Balderston, Vice Chairman
Mr. Mills
Mr. Sherman, Secretary
Mr. Kenyon, Assistant Secretary
Mr. Young, Adviser to the Board and Director,
Division of International Finance
Mr. Molony, Assistant to the Board
Mr. Cardon, Legislative Counsel
Mr. Noyes, Director, Division of Research and
Statistics
Mr. Koch, Associate Director, Division of
Research and Statistics
Mr. Solomon, Associate Adviser, Division of
Research and Statistics
Mr. Hersey, Adviser, Division of International
Finance
Mr. Katz, Associate Adviser, Division of
International Finance
Mr. Yager, Chief, Government Finance Section,
Division of Research and Statistics
Mr. Axilrod, Senior Economist, Division of
Research and Statistics
Miss Dingle, Senior Economist, Division of
Research and Statistics
Mr. Keir, Senior Economist, Division of
Research and Statistics
Mr. Wyand, Economist, Division of Research
and Statistics
Mr. Goldstein, Economist, Division of
International Finance
Money market review.
Mr. Yager reported on developments in the
Government securities market, including announced and prospective Treasury financing operations, following which Mr. Axilrod discussed bank
reserves, bank credit, the money supply, and related matters.
Goldstein commented on foreign exchange developments.
Mr.
-2-
6/7/63
All of the members of the staff except Messrs. Sherman and Kenyon
then withdrew from the meeting and the following entered the room:
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Hackley, General Counsel
Solomon, Director, Division of Examinations
Johnson, Director, Division of Personnel Administration
Hooff, Assistant General Counsel
Leavitt, Assistant Director, Division of Examinations
Doyle, Attorney, Legal Division
ation at the
The following actions were taken subject to ratific
next meeting of the Board at which a quorum was present:
Discount rates.
The establishment without change by the Federal
d, Chicago,
Reserve Banks of New York, Philadelphia, Cleveland, Richmon
co on June
St. Louis, Minneapolis, Kansas City, Dallas, and San Francis
6,
g schedules
1963, of the rates on discounts and advances in their existin
iate advice
was approved unanimously, with the understanding that appropr
would be sent to those Banks.
Circulated or distributed items.
The following items, copies of
item numbers
which are attached to these minutes under the respective
indicated, were approved unanimously:
Item No.
Letter to Boston Overseas Financial Corporation, Boston
e
Massachusetts, granting an extension of time to purchas
shares of International Factors A. G., a new Swiss
holding company.
1
Letter to the Federal Reserve Bank of Boston regarding
whether a note held by a member bank, participations
in which have been issued by such bank to correspondent
banks, would be eligible for rediscount by, or as
security for an advance to, the member bank.
2
6/7/63
-3Item No.
Letter to the Federal Reserve Bank of Boston regarding
whether banks may pay a finder's fee for moneys
referred to them by a third party for certificates
of deposit.
3
Letter to The Sterling State Bank, Mount Sterling, Ohio,
approving the declaration of a dividend payable June 30,
1963.
Letter to the Federal Reserve Bank of Minneapolis
regarding whether a funeral home may deposit in a
savings account moneys deposited with the home by
various individuals to cover the cost of future funeral
services.
5
Letter to the Federal Reserve Bank of Kansas City
approving the appointment of Joseph M. Pope as Alternate
Assistant Federal Reserve Agent.
6
Letter to Long Island Trust Company, Garden City, New York,
approving the establishment of a branch at Jericho Turnpike
and Woodland Gate, Town of Oyster Bay, and urging study of
the bank's capital position.
7
Letter to Manufacturers and Traders Trust Company, Buffalo,
New York, approving the operation of a temporary branch at
762 Main Street pending resumption of full operations at
715 Main Street.
8
Letter to Citizens Commercial & Savings Bank, Flint, Michigan,
approving the establishment of a branch in Flint Township.
9
Letter to Seattle Trust and Savings Bank, Seattle, Washington,
approving an investment in bank premises.
10
Report on competitive factors (Columbia-Denmark, South Carolina).
There had been distributed a draft of report to the Comptroller of the
Currency on the competitive factors involved in the proposed merger of
The Edisto Bank, Denmark, South Carolina, into The First National Bank
of South Carolina of Columbia, Columbia, South Carolina.
4_2:1 1
-4-
6/7/63
After discussion the report, in which the conclusion read as
follows, was approved unanimously for transmittal to the Comptroller:
The nearest offices of The First National Bank of South
Carolina of Columbia and The Edisto Bank are 50 miles apart and
they are not directly competitive. Consummation of the proposed
merger would not significantly alter First National's competitive
capabilities in the areas in which it currently operates, nor
alter its position in relation to other banks in the State. While
the other banks in the Edisto Bank's service area would be confronted with the competitive capabilities of a much larger bank,
it is not believed that they would suffer significant adverse
effects because of the localized nature of their operations and
the distances by which they are separated from the merging bank.
All of the members of the staff who were present except Mr. Sherman
then withdrew from the meeting, and Messrs. Young and Noyes returned to
the room.
Travel by Mr. Hersey.
Pursuant to the request in a memorandum
from Mr. Young dated June 7, 1963, Mr. Hersey, Adviser, Division of International Finance, was authorized to attend the meeting in Paris of the
Economic Policy Committee of the Organization for Economic Cooperation and
Development on July 10 and 11, 1963, and the meeting of Working Party 3 that
might be scheduled for July 12.
In connection with this trip, Mr. Hersey
also was authorized to visit the German Federal Bank and the Bank of Italy
for two or three days each.
The meeting then adjourned.
Secretary's Notes: The requirements contemplated
by the Board's action on May 1, 1963, in approving
the issuance of a preliminary permit to Mellon
International Finance Corporation, Pittsburgh,
Pennsylvania, having been completed, a letter was
sent to that corporation on June 5, 1963, transmitting a final permit to commence business.
d
-5-
6/7/63
Pursuant to recommendations contained in
memoranda from appropriate individuals
concerned, Governor Balderston, acting
in the absence of Governor Shepardson,
approved on behalf of the Board on June 5,
1963, the following actions relating to
the Board's staff:
Appointments
Diane Quick as Secretary, Office of the Secretary, with basic annual
salary at the rate of $5,045, effective the date of entrance upon duty.
Daniel Edward Lucas as Analyst, Division of Bank Operations, with
basic annual salary at the rate of $5,910, effective the date of entrance
upon duty.
Jo Ann Corrado as Clerk-Stenographer, Division of Personnel
Administration, with basic annual salary at the rate of $4,110, effective the date of entrance upon duty.
Salary. increases
Margaret C. Caldow, from $5,685 to $6,055 per annum, with a change
in title from Secretary to Assistant Supervisor, Stenographic Section,
Office of the Secretary, effective June 30, 1963.
Claudia Ann Mahoney, Secretary, Division of Research and Statistics,
from $5,045 to $5,375 per annum, effective July 7, 1963.
Acceptance of resignation
Sam M. VatHook, Guard, Division of Administrative Services, effective
at the close of business June 7, 1963.
Acting in the absence of Governor Shepardson,
Governor Balderston noted on behalf of the
Board on June 5, 1963, a memorandum advising
that application for retirement on disability
had been filed by Ann Marie Peters, Statistical
Assistant, Division of Research and Statistics,
effective June 15, 1963. In noting this retirement, Governor Balderston approved on behalf of
the Board an advance of sick leave for Mrs. Peters
until the retirement date indicated.
-6-
6/7/63
Acting in the absence of Governor Shepardson,
Governor Balderston a proved on behalf of the
Board on June 6, 1963, a letter to the Federal
Reserve Bank of Chicago (attached Item No. 11)
approving the appointment of Charles A. Roloff,
Jr., as assistant examiner.
Acting in the absence of Governor Shepardson,
Governor Balderston today approved on behalf
of the Board the following items:
Letter to the Federal Reserve Bank of Richmond (attached Item No. 12)
approving the appointment of Arthur J. Zohab, Jr., as assistant examiner.
Letter to the Federal Reserve Bank of Dallas (attached Item No. 13)
approving the appointment of Duane B. Cretsinger as assistant examiner.
Memoranda from appropriate individuals concerned recommending the
following actions relating to the Board's staff:
Salary increase
Alex J. Harris, Jr.,Assistant Review Examiner, Division of Examinations,
from $7,350 to $8,045 per annum, effective June 9, 1963.
Outside activity
Norma L. Neitzey, Secretary, Legal Division, to do part-time
stenographic work for Alderson Reporting Co., Washington, D.C.
BOARD OF GOVERNORS
Item No. 1
6/7/63
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE HOARD
RESt .6*
*otio**
June
7, 1963
Boston Overseas Financial Corporation,
67 Milk Street,
Boston 6, Massachusetts.
Gentlemen:
This will acknowledge your letter of May 17, 1963, transmitted
through the Federal Reserve Bank of Boston, referring to the Board's
letter of July 23, 1962, which among other things, granted consent for
Boston Overseas Financial Corporation to•
"(2) Purchase and hold stock of International Factors A, G.
('IFAG'), a new Swiss holding company to be incorporated in the Canton of Zug in Switzerland, which will
hold stock in various factoring companies, at a cost
not to exceed US$250,000;"
subject to certain conditions and provided the shares were acquired
within one year.
It is noted that you have purchased 141 shares of IFAG at a
cost of $32,648.55; that you propose to make additional investment in
IFAG which will ultimately bring your purchase of shares of IFAG up to,
or close to, $250,000; but that you do not believe the program can be
completed by July 23. In the circumstances, you have requested a six
month extension of the time within which to exercise the consent previously granted.
In accordance with your request and on the basis of the
information furnished, the time within which the shares of IFAG may
be acquired is hereby extended to January 23, 1964.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
(.1
BOARD OF GOVERNORS
Item No. 2
6/7/63
OF THE
•
/1
- IN
,,, ;
FEDERAL RESERVE SYSTEM
''' N •
WASHINGTON 25, D. C.
..0
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
44'..
.ititREs0:•*
...ft...
June
7, 1963
Mr. 0. A. Schlaikjer, Vice President
and General Counsel,
Federal Reserve Bank of Boston,
Boston 6, Massachusetts.
Dear Mr. Schlaikjer:
and earlier
This refers to your letter of November 21, 1962,
by a member
held
note
correspondence, regarding the question whether a
to
bank
by such
bank, participations in which have been issued
redisfor
13
n
sectio
correspondent banks, would be eligible under
member bank.
the
to,
e
advanc
an
for
ty
count by, or as securi
ented by a
While an equitable interest in a note, repres
(1917 Federal
ount
le for redisc
participation certificate, is not eligib
been
have
ns
participatio
Reserve Bulletin 949), a note as to which
note
the
g
holdin
bank
issued is eligible for rediscount by the member
ise
otherw
note
or as security for an advance to such bank, if the
of Regulation A.
complies with the requirements of section 13 and
is that the
tion
One of the requirements prescribed by the Regula
e must be
advanc
an
paper offered for discount or as security for
, meet this
course
of
not,
negotiable; and the note in question would
note
the
of
y
abilit
negoti
requirement if under applicable law the
ns
ipatio
partic
held
banks
would be impaired by the fact that other
in the note.
a Federal
Even if such a note is eligible for rediscount,
or as
ount
redisc
for
it
accept
Reserve Bank obviously should not
satisfied
is
l
Counse
Bank's
security for an advance unless the Reserve
Bank would
e
Reserv
the
bank,
that, in the event of default by the member
ded
preclu
be
not
would
and
course
have the rights of a holder in due
extent
full
the
to
note
the
upon
from enforcement of and realization
of the Reserve Bank's interest therein.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
;
BOARD OF GOVERNORS
P776r.
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
June
7, 1963
Mr. Luther M. Hoyle, Jr., Vice President,
Federal Reserve Bank of Boston,
Boston 6, Massachusetts.
Dear Mr. Hoyle:
ing a
This refers to your letter of May 10, 1963, enclos
husetts,
Massac
,
Boston
letter from The B. C. Morton Organization, Inc.,
for
fee
's
finder
a
pay
requesting advice as to whether a bank may
certificates of deposit.
moneys referred to them by a third party for
be referred to the
As to national banks, the inquirer should
chartered banks,
State
to
as
Office of the Comptroller of the Currency;
banking authorState
iate
the inquiry should be directed to the appropr
ity.
Federal
There appears to be no statute, administered by the
such
of
t
paymen
the
r,
Howeve
on.
Reserve, that deals with this questi
or
unsafe
an
red
conside
be
fees under certain circumstances might
to criticism and
unsound practice and, accordingly, subject the bank
of the finder's
part
if
,
course
appropriate disciplinary action. Of
have to be treated
will
n
portio
that
tor,
fee is passed on to the deposi
whether excessive
ning
determi
in
ration
as interest and taken into conside
t.
interest is being paid on the deposi
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
BOARD OF GOVERNORS
Item No.
OF THE
6/7/63
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
June 7, 1963
Board of Directors,
The Sterling State Bank,
Mount Sterling, Ohio.
Gentlemen:
The Board of Governors has received from the
Federal Reserve Bank of Cleveland copies of President
R. G. Webber's letters dated May 14 and 22, 1963, in
which he requests permission for the declaration of a
dividend by The Sterling State Bank of $2,4001 payable
.June 30, 1963. The Board's permission for the declaration of this dividend is required by the provisions of
paragraph 60 Section 9 of the Federal Reserve Act and
Section 5199(b), United States Revised Statutes.
After consideration of the facts, the Board
approves the declaration of a dividend of $20400 payable June 300 1963. This letter does not authorize
the declaration of any other dividend in 1963 or later.
Very truly yours,
(Signed) tlizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
Item la).
BOARD OF GOVERNORS
5
6/7/63
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
June
7, 1963
Mr. M. H. Strothman, Jr.,
Vice President and General Counsel,
Federal Reserve Bank of Minneapolis,
Minneapolis 2, Minnesota.
Dear Mr. Strothman:
This refers to your letter of May 20, 1963, enclosing a
g
letter from First National Bank in Worthington, Minnesota, presentin
account
the question whether a funeral home may deposit in a savings
moneys deposited with the home by various individuals to cover the
cost of future funeral services.
It is stated that these funds are kept in a separate account,
home, and there
apparently not commingled with the funds of the funeral
funds
Will be no withdrawals except at the death of a client when such
Will be withdrawn and used toward funeral services for that person.
It is assumed that any part of the deposit in excess of the cost of
not
services rendered will become part of the deceased's estate and
benefit the funeral home.
Upon these conditions, it seems clear that the funds would
qualify as a savings deposit under section 217.1(e)(1)(i) of Regulation
Q as they consist of funds "in which the entire beneficial interest is
held by one or more individuals".
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
BOARD OF GOVERNORS
.•''' ••
• °of (.01,4, •
(10'
Item No. 6
OF THE
6/7/63
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
•
•.&AL nst,%'
June 7, 1963
Mr. Homer A. Scott, Chairman,
Federal Reserve Bank of Kansas City,
Kansas City 6, Missouri.
Dear Mr. Scott:
Mathews'
In accordance with the request contained in Mr.
approves the appointment
letter of May 23, 1963, the Board of Governors
e Agent to
of Mr. Joseph M. Pope as Alternate Assistant Federal Reserv
of Mr. Self.
fill the vacancy on your staff resulting from the death
that Mr. Pope
This approval is given with the understanding
the Board
and
will be solely responsible to the Federal Reserve Agent
duties, except that,
of Governors for the proper performance of his
Reserve Agent or a
during the absence or disability of the Federal
will be to the Assistant
vacancy in that office, his responsibility
Federal Reserve Agent and the Board of Governors.
as Alternate
When not engaged in the performance of his duties
al of the
approv
the
with
Assistant Federal Reserve Agent, Mr. Pope may,
the Bank
for
work
Federal Reserve Agent and the President, perform such
ant
Assist
ate
as will not be inconsistent with his daties as Altern
Federal Reserve Agent.
ed of the
It will be appreciated if Mr. Pope is fully inform
the
of
staff
the
importance of his responsibilities as a member of
ndence
indepe
of
Federal Reserve Agent and the need for maintenance
responsibilities.
from the operations of the Bank in the discharge of these
Office which
Please have Mr. Pope execute the usual Oath of
notification
with
Should be forwarded to the Board of Governors along
of the effective date of his appointment.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
1850
BOARD OF GOVERNORS
Item No. 7
6/7/63
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
June 7, 1963
Board of Directors,
Long Island Trust Company,
Garden City, New York.
Gentlemen:
The Board of Governors of the Federal Reserve System
approves the establishment of a branch at the southeast corner
of Jericho Turnpike and Woodland Gate (Unincorporated Area), Town
of Oyster Bay, Nassau County, New York, by Long Island Trust
Company, provided the branch is established within one year from
the date of this letter.
At the time of the July 27, 1962, examination the capital
structure of Long Island Trust Company was below desirable levels,
and the March 18, 1963, Report of Condition indicated further
deterioration in the bank's capital position. The Board urges
the directors of the bank to study carefully the bank's capital
position in relation to its responsibilities and risks. An
adequate capital structure is important if the Long Island Trust
Company is to grow so that it may better serve this expanding
community.
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.)
BOARD OF GOVERNORS
Item No.
8
6/7/63
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS orriciAL CORRtSPONONCL
TO THE BOARD
June
7, 1963
Board of Directors,
Manufacturers and Traders Trust Company,
Buffalo, New York.
Gentlemen:
The Board of Governors of the Federal
Reserve System approves the operation of a
temporary branch at 762 Main Street, Buffalo,
New York, by Manufacturers and Traders Trust
Company until such time as full operations at
715 Main Street may be resumed.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
BOARD OF GOVERNORS
Item No. 9
June 7, 1963
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS orriciAL CORRESPONDENCE
TO THE BOARD
June 7, 1963
Board of Directors,
Citizens Commercial & Savings Bank,
Flint, Michigan.
Gentlemen:
The Board of Governors of the Federal Reserve
System approves the establishment by Citizens Commercial
& Savings Bank, Flint, Michigan, of a branch at G-3023
Miller Road, Flint Township, Genesee County, Michigan,
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.
that the
( The letter to the Reserve Bank stated
ion
extent
nth
six-mo
a
ed
Board also had approv
;
branch
the
ish
establ
to
d
of the period allowe
ted,
be
reques
should
and that if an extension
s letter
the procedure prescribed in the Board'
followed.)
be
should
6),
of November 9, 1963 (S-184
1.
Item No. 10
6/7/63
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
June 7, 1963.
Board of Directors,
Seattle Trust and Savings Bank,
Seattle, Washington.
Gentlemen:
The Board of Governors of the Federal Reserve System
approves, under the provisions of Section 24A of the Federal
Reserve Act, an investment of $435 0000 in bank premises by Seattle
Trust and Savings Bank, Seattle, Washington, for the purpose of
Purchasing property, adjoining the head office building.
The proposed investment will increase the need for
and the Board is therefore pleased to note that
funds,
capital
the bank plans to provide additional capital funds during the
latter part of 1963.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
BOARD OF GOVERNORS
Item No. 11
6/7/63
OF THE
•
ov cove *.
d? •
1iiiii Q..
FEDERAL RESERVE SYSTEM
.•
•
1..1•
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
.
•.kALRE.ss.•
June
7, 1963
AIR MAIL
CONFIDENTIAL (FR)
Mr. Leland Ross, Vice President,
Federal Reserve Bank of Chicago,
Chicago 90, Illinois.
Dear Mr. Ross:
In accordance with the request contained in your letter
of June 3, 1963, the Board approves the appointment of Charles A.
of
Roloff, Jr. as an assistant examiner for the Federal Reserve Bank
nt.
the
of
date
appointme
Chicago. Please advise the effective
It is noted that Mr. Roloff owns four shares of common
stock of The District National Bank of Chicago, Chicago, Illinois.
is
Accordingly, the Board's approval of the appointment of Mr. Roloff
any
in
te
participa
not
he
will
that
ding
given with the understan
examination of The District National Bank of Chicago so long as he
owns stock in that bank.
Very truly yours,
(Signed) Elizabeth L. Carmichael
' Elizabeth L. Carmichael,
Assistant Secretary.
.r 4 -
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Item No. 12
6/7/63
WASHINGTON 25. D. C.
CE
ADDRESS OFFICIAL CORRESPONDEN
TO THE BOARD
June 101 1963
CONFIDENTIAL (FR)
Mr. John L. Nosker, Vice President,
Federal Reserve Bank of Richmond,
Richmond 13, Virginia.
Dear Mr. Nosker:
contained in your letter
In accordance with the request
ntment of Arthur J.
appoi
of June 5, 1963, the Board approves the
al Reserve Bank
Feder
for the
Zohab, Jr. as an assistant examiner
of Richmond.
ted to Virginia Trust
It is noted that Mr. Zohab is indeb
Accordingly, the
bank.
mber
Company, Richmond, Virginia, a nonme
is given with the
Zohab
Mr.
of
t
Board's approval of the appointmen
examination of
any
in
e
cipat
parti
understanding that he will not
.
dated
liqui
been
has
ss
that bank until his indebtedne
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
BOARD OF GOVERNORS
Item No. 13
OF THE
6/7/63
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
June 10, 1963
AIR MAIL
CONFIDENTIAL
(FR)
Mr. Thomas R. Sullivan, Vice President,
Federal Reserve Bank of Dallas,
Dallas 2, Texas.
Dear Mr. Sullivan:
ned in your letter
In accordance with the request contai
of Duane B.
tment
appoin
the
of June 4, 1963, the Board approves
Reserve Bank
l
Federa
the
for
Cretsinger as an assistant examiner
of Dallas.
indebted to The Graham
It is noted that Mr. Cretsinger is
Board's approval
the
ingly,
Accord
National Bank, Graham, Texas.
the understanding
with
given
is
of the appointment of Mr. Cretsinger
that bank until
of
ation
examin
that he will not participate in any
his indebtedness has been liquidated.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
@FedFRASER