Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, March 10, 1966, Volume 53, Part 3

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Minutes for March 10, 1966

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.

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

3'
Minutes of the Board of Governors of the Federal Reserve
System on Thursday, March 10, 1966.

The Board met in the Board

Room at 10:00 a.m.
PRESENT:

Mr.
Mr.
Mr.
Mr.
Mr.

Martin, Chairman
Shepardson
Mitchell
Maisel
Brimmer
Sherman, Secretary
Kenyon, Assistant Secretary
Broida, Assistant Secretary
Young, Senior Adviser to the Board and
Director, Division of International Finance
Mr. Holland, Adviser to the Board
Mr. Solomon, Adviser to the Board
Mr. Molony, Assistant to the Board
Mr. Cardon, Legislative Counsel
Mr. Fauver, Assistant to the Board
Mr. Hackley, General Counsel
Mr. Brill, Director, Division of Research
and Statistics
Mr. Farrell, Director, Division of Bank Operations
Mr. O'Connell, Assistant General Counsel
Mr. Shay, Assistant General Counsel
Mr. Reynolds, Adviser, Division of International
Finance
Mr. Kiley, Assistant Director, Division of Bank
Operations
Assistant Director, Division of
Leavitt,
Mr.
Examinations
Miss Wolcott, Secretary, Board Members' Offices
Messrs. Egertson and Maguire, Supervisory Review
Examiners, Division of Examinations
Mr.
Mr.
Mr.
Mr.

The Chairman noted the presence of Governor Andrew F. Brimmer,
Who had taken his oath of office yesterday to serve as a member of the
Board of Governors for the term ending January 31, 1980.
Discount rates.

The establishment without change by the Federal

Reserve Bank of Atlanta on March 8, 1966, of the rates on discounts and

88
3/10/66

-2-

advances in its existing schedule was approved unanimously, with the
understanding that appropriate advice would be sent to the Bank.
Approved items.

The following items were approved unanimously

after consideration of background information that had been made available to the Board and clarification of particular points about which
members of the Board inquired.

Copies of the items are attached under

the respective numbers indicated.
Item No.
Letter to Wells Fargo Bank, San Francisco,
California, approving an extension of time
to establish a branch in Monterey.

Letter to Clearfield Trust Company, Clearfield,
Pennsylvania, approving the establishment of a
branch in Lawrence Township.

Letter to The Detroit Bank and Trust Company,
Detroit, Michigan, approving the establishment
of a branch in Ferndale.

Letters to Bank of Dearborn, Dearborn, Michigan,
approving the establishment of branches at 15245
West Warren Avenue and adjacent to 22199 Michigan
Avenue.

4-5

Letter to State Savings Bank of Fenton, Fenton,
Michigan, approving retirement of its outstanding
preferred stock.

Letter to the Federal Deposit Insurance Corporation regarding the application of Bucks County Bank
and Trust Company, Perkasie, Pennsylvania, for continuation of deposit insurance after withdrawal from
membership in the Federal Reserve System.

Letter to the Federal Reserve Bank of New York
regarding 1965 operations of regional check
clearing arrangements.

S:3!
3/10/66

-3Item No.
9

Telegram to the Presidents of all Federal
Reserve Banks discontinuing certain coin
procedures.

With respect to Item No. 8, Governor Mitchell noted that the
regional check clearing arrangements in the New York District had been
instituted a number of years ago.

In view of changes in the processing

of checks brought about by automation, he wondered whether the value of
these arrangements might not have diminished.

He suggested that the

Division of Bank Operations prepare a memorandum on the subject so that

the Board would be in position to make a judgment.
With respect to Item No. 9, current developments as to the availability of coin indicated that, except for half dollars, a surplus of
coin was emerging, with an attendant storage problem, rather than a
shortage.

Although the Board, in its letter S-1924 of August 13, 1964,

(F.R.L.S. #3049), had instructed the Reserve Banks to follow certain
procedures designed to relieve the coin shortage until such time as the
Secretary of the Treasury, as provided in bill S. 2950, should determine
that adequate supplies of coin were available, the tie-in with this
terminal date was voluntary so far as the Board was concerned.

Present

indications were that it was now appropriate to change those procedures.
Report on competitive factors.

A report to the Comptroller of

the Currency on the competitive factors involved in the merger of The
Short Hills National Bank, Short Hills, New Jersey, into Montclair

H4()
3/10/66

-4-

National Bank and Trust Company, Montclair, New Jersey, was approved
unanimously for transmittal to the Comptroller.

The conclusion read

as follows:
The proposed merger of The Short Hills National Bank
into Montclair National Bank and Trust Company would have
no significant adverse effects on competition.
Financial Institutions Supervisory Act of 1966 (Item No. 10).
On February 18, 1966, the Board considered a request from the Bureau of
the Budget for a report on a proposed bill to amend the Federal Deposit
Insurance Act, the principal effect of which would have been to provide
the Federal Deposit Insurance Corporation with cease and desist and
other enforcement powers.

The Board replied that it favored the general

Purpose of such legislation, but expressed the view that any such authority should be given to each of the three Federal bank supervisory agencies
for application to the banks under their respective supervisory jurisdictions.

The Comptroller of the Currency made a similar recommendation.

There had now been distributed a memorandum from the Legal Division dated March 9, 1966, reporting on an amended legislative proposal
subsequently drafted by a working group composed of representatives of
the Federal Home Loan Bank Board, Federal Deposit Insurance Corporation,
Comptroller of the Currency, and the Board of Governors.

(The deliber-

ations of this group were discussed at the Board meeting on February 25.)
This bill, tentatively entitled "Financial Institutions Supervisory Act
of 1966", placed the proposed prohibition and enforcement powers in the

441
3/10/66

-5-

Federal Home Loan Bank Board with respect to insured savings and loan
associations and in the three Federal bank supervisory agencies for
application in dealing with banks under their supervision.

The Bureau

of the Budget had requested general clearance or approval by the respective agencies no later than March 10.
In reviewing the proposed legislation in the light of the memorandum, Mr. O'Connell noted that the main purpose of the bill was to
provide statutory authority and administrative facility for the correction of unsound and unlawful practices by banks and their officers and
directors.

The basic provisions of the proposed legislation would grant

the respective supervisory agencies authority (1) to issue cease and
desist orders requiring a respondent bank and its directors, officers,
employees, and agents to cease and desist from specified conduct and
actions, and (2) to remove after hearing, and suspend pending such
hearing, directors or officers of a bank.

A temporary cease and desist

order could be issued without a prior hearing in circumstances necessitating immediate action; a permanent order would require a hearing before
action could be taken.

The proposal specified that hearings would be

Private unless otherwise ordered for "good cause found" and would be
fixed for a date not earlier than 30 days nor later than 60 days after
service of notice of proposed agency action, unless a later date had
been requested by respondent.
Mr. O'Connell indicated that the provision giving the agencies
discretionary power in making a hearing public "for good cause found"

842
-6-

3/10/66

was opposed by the Federal Deposit Insurance Corporation, which favored
Permitting public hearings only at the request of the bank or individual involved.

The proposed language had been drafted by Mr. O'Connell

and was concurred in by the representatives of the Federal Home Loan
Bank Board and the Comptroller of the Currency.

The Department of

Justice opposed the provision requiring a hearing no later than 60 days
after service of notice, since it desired maximum working time within
Which to prepare any possible criminal case.

Mr. O'Connell favored the

60-day provision, but had taken no firm position.
Following discussion of the memorandum and of the points brought
out by Mr. O'Connell's presentation, the Board authorized Mr. O'Connell
to advise the Bureau of the Budget that the proposed legislation had
received general clearance by the Board and that a letter would be
forthcoming.

A copy of the letter subsequently sent is attached as

Item No. 10.
Open Market Committee policy record.

At the meetings on

January 20 and 25, 1966, the Board approved for inclusion in its 1965
Annual Report the record of policy actions of the Federal Open Market
Committee for the year 1965.

There had now been distributed a letter

dated March 4, 1966, from Mr. Coombs, Special Manager of the System
Open Market Account, suggesting certain deletions from the entries of
September 8 and November 23, relating to foreign currency operations
affecting the British pound and the Italian lira.

Mr. Coombs pointed

3/10/66

-7-

out that the policy record entries, as approved, contained certain
information not disclosed by the foreign central banks concerned and
that the U.S. Treasury also would prefer not to have this information
disclosed.
After discussion, it was agreed that the policy record entries
for September 8 and November 23 would be revised in accordance with
Mr. Coombs' suggestion.
The meeting then adjourned.
Secretary's Notes: On March 9, 1966,
Governor Shepardson approved on behalf
of the Board memoranda recommending the
following actions relating to the Board's
staff:
Salary increase
Lovair Dingle, Messenger-Driver, Division of Administrative Services, from $3,626 to $3,943 per annum, effective March 13, 1966.
Transfers
Louis Weiner, from the position of Chief, National Income, Labor
Force, and Trade Section, Division of Research and Statistics, to the
Position of Assistant to the Director of that Division, with an increase
in basic annual salary from $20,595 to $21,185, effective March 14, 1966.
Murray S. Wernick, from the position of Senior Economist, Division
of Research and Statistics, to the position of Chief, National Income,
Labor Force, and Trade Section, with an increase in basic annual salary
from $20,005 to $20,595, effective March 14, 1966.
Governor Shepardson today approved on
behalf of the Board the following items:
Letter to the Federal Reserve Bank of Atlanta (attached Item No. 11)
approving the appointment of Eugene C. Neithold as assistant examiner.

844
3/10/66

-8-

Letter to the Federal Reserve Bank of St. Louis (attached Item
No. 12) approving the appointment of Charles Ray Halbrook as assistant
examiner.
Letter to Mr. Scanlon, Chairman of the Presidents' Conference
Committee on Collections, interposing no objection to the continued
service of John R. Farrell and Howard H. Hackley as associate members
of the Subcommittee on Collections and the Subcommittee of Counsel on
Collections, respectively.
Letter to Mr. Strothman (in the absence of Mr. Galusha, Chairman
of the Presidents' Conference Committee on Personnel) interposing no
objection to the continued service of E. J. Johnson as associate member
of the Subcommittee on Personnel.
Memorandum from the Division of Research and Statistics dated
March 7, 1966, recommending that an additional economist position be
established in the Banking Section.
Memoranda recommending the following actions relating to the
Board's staff:
Appointment
J. William Via, Jr., as Senior Attorney, Legal Division, with
basic annual salary at the rate of $11,723, effective March 11, 1966.
Salarv increases

effective March 13

1966

Helen M. Kline, Secretary, Division of Bank Operations, from
$6,854 to $7,046 per annum.
Frank C. Guth, Jr., Review Examiner, Division of Examinations,
from $13,815 to $14,250 per annum.
Mary Ellen Miller, Stenographer, Division of Examinations, from
$4,641 to $4,797 per annum.
Clifton Johnson, Mail Clerk-Messenger, Division of Administrative
Services, from $3,943 to $4,072 per annum.
Lowell M. Glenn, Analyst, Division of Data Processing, from
$7,479 to $7,733 per annum.

Secretary

845
Item No. 1
3/10/66

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON, O. C. 20851

AOOPOLOO

COICRIMPONOENCIC
TO MC ISOARO

March 10, 1966

Board of Directors,
Wells Fargo Bank,
San Francisco, California.

94120

Gentlemen:
The Board of Governors of the Federal Reserve
System extends to September 26, 19662 the time within which
Wells Fargo Bank, San Francisco, California, may establish
a branch in the Del Monte Shopping Center on Old Capitol
Site on Carmel Hill, Monterey, California.
Very truly yours,
(Signed) Karl E. Bakke

Karl E. Bakke,
Assistant Secretary.

84.1;
Item No. 2
3/10/66

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
AOOPHEIHI

orrtaim. COREIICEPONOIENCE
TO THE !BOARD

March 10, 1966

Board of Directors,
Clearfield Trust Company,
Clearfield, Pennsylvania.
Gentlemen:
Reserve
The Board of Governors of the Federal
Trust
field
Clear
by
System approves the establishment
the
in
h
branc
a
of
Company, Clearfield, Pennsylvania,
field
Clear
on
r
Cente
Ames Department Store Shopping
hip,
Towns
nce
Lawre
322),
Curwensville Highway (U.S. Route
is
h
branc
the
ded
provi
Clearfield County, Pennsylvania,
date of this letter.
established within one year from the
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.)

847
Item No. 3
3/10/66

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON, O. C. 20581
ADONIC••

°maim. 0011011(111PONOICNCIL
TO TM( ISOARO

March 10, 1966

Board of Directors,
The Detroit Bank and
Trust Company,
Detroit, Michigan.
Gentlemen:
Reserve
The Board of Governors of the Federal
Bank
t
Detroi
System approves the establishment by The
at
branch
a
of
and Trust Company, Detroit, Michigan,
,
County
d
Oaklan
940 East Wine Mile Road, Ferndale,
ished within
Michigan, provided the branch is establ
.
six months from the date of this letter
Very truly, yours,
(Signed) Karl E. Bakke
Karl E. Bakke,
Assistant Secretary.

H48
ORS
BOARD OF GOVERN

Item No. 4
3/10/66

OF THE

STEM
FEDERAL RESERVE SY
WASHINGTON, O. C. 20551
AOORCIPO

orrussAL

OOMPICSPONOCNCL

TO TUC OOARO

March 10, 1966

Board of Directors,
Bank of Dearborn,
Dearborn, Michigan.
Gentlemen:
the Federal Reserve
The Board of Governors of
born,
establishment by Bank of Dear
System approves the
en
branch at 15245 West Warr
Dearborn, Michigan, of a
, provided the branch is
Avenue, Dearborn, Michigan
hs from the date of this
established within six mont
letter.
Very truly yours,
(Signed) Karl E. Bakke
Karl E. Bakke,
Assistant Secretary.

S49
BOARD OF GOVERNORS

Item No. 5
3/10/66

OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADORES,/

orrsaim. CORRESPONDENCE
TO THE SOAR°

March 10, 1966

Board of Directors,
Bank of Dearborn,
Dearborn, Michigan.
Gentlemen:
Reserve
The Board of Governors of the Federal
branch (drive-in)
System approves the establishment of a
Michigan Avenue, Dearborn,
to be located adjacent to 22199
Michigan,
Michigan, by Bank of Dearborn, Dearborn,
six months from
within
ished
provided the branch is establ
the date of this letter.
Very truly yours,
(Signed) Karl E. Bakke
Karl E. Bakke,
Assistant Secretary.

850
BOARD OF GOVERNORS

Item No. 6
3/10/66

OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 10551
OfIICIAL OORISCSPONOCMCIC
TO MC IBOANO

March 10, 1966

Board of Directors,
State Savings Bank of Fenton,
Fenton, Michigan.
Gentlemen:
Federal Reserve
The Board of Governors of the
ns of Section 9 of
System approves under the provisio
rement by State Savings
the Federal Reserve Act the reti
, of the $100,000
Bank of Fenton, Fenton, Michigan
preferred stock outstanding.
Very truly yours,
(Signed) Karl E. Bakke
Karl E. Bakke,
Assistant Secretary.

Sol
Item No. 7
3/10/66

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
A00111E1111

orrectm. CORREIMPONDIENCE
TO THE BOARD

March 10, 1966

Honorable K. A. Randall, Chairman,
Federal Deposit Insurance Corporation,
Washington, D. C. 20429
Dear Mr. Randall:
Reference is made to your letter of February 24, 1966,
Company,
concerning the application of Bucks County Bank and Trust
e
insuranc
deposit
Perkasie, Pennsylvania, for continuance of
System.
Reserve
after withdrawal from membership in the Federal
the
There have been no corrective programs urged upon
ted,
consumma
bank, or agreed to by it, which have not been fully
be
advise
would
and there are no such programs that the Board
membership in
incorporated as conditions of admitting the bank to
System.
Reserve
the Corporation as a nonmember of the Federal
Very truly yours,
(Signed) Karl E. Bakke
Karl E. Bakke,
Assistant Secretary.

H52
Item No. 8
3/10/66

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRCIIIPONOCNCE
TO THC SWARD

March 10, 1966
Mr. M. A. Harris, Vice President,
Federal Reserve Bank of New York,
New York, New York. 10045.
Dear Mr. Harris:
Receipt is acknowledged of your February 16 letter
reporting the 1965 operations of the check clearing bureaus of the
Long Island Bankers Association, Inc., and the Bergen County Clearing
Association.
The Board notes particularly that the two bureaus continue
to provide efficient check collection services at a saving to your
their
Bank, with significant benefits to the participating banks and
the
depositors, and sees no reason for any change at this time in
service.
this
basic agreements concerning
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.

853
Item No. 9
3/10/66

GRAM
TELE
WIRE SERVICE
LEASED

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON

March 10, 1966

TO THE PRESIDENTS OF ALL FEDERAL RESERVE BANKS:
Referring Board's letter of August 13, 1964
(F.R.L.S. #3049) and action of February 28, 1966, Presidents'
Conference regarding practices originally adopted to relieve
coin shortage, Board agrees that practice of paying transportation costs on coin shipments from nonmember banks and of accepting deposits of wrapped coin no longer serve purpose for which
intended, and that such practices should be discontinued by all
Banks as soon as appropriate notice of change can be given.
nued.
Board also agrees that rebagging of new dimes may be disconti
Board assumes that rebagging of halves will continue until further
advice.
(Signed) Merritt Sherman
SHERMAN

854
Item No. 10
3/10/66

BOARD OF GOVERNORS
OF THE

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

March 14, 1966

Mr. Phillip S. Hughes,
Assistant Director for
Legislative Reference,
Bureau of the Budget,
Washington, D. C. 20503
Dear Mr. Hughes:
By letter of February 18, 1966, the Board submitted to
the Bureau of the Budget its views on the Federal Deposit Insurance
Corporation's draft bill, "To amend the Federal Deposit Insurance
Act to authorize the issuance of cease-and-desist orders, and for
Other purposes." The Board concurred in the Corporation's opinion
as to the benefit to the banking industry and public from enactment
Of the proposed legislation, but stated that it favored conferring
the general powers of prohibition and enforcement reflected in the
Corporation's bill on the three Federal bank supervisory authorities
With regard to banks under their respective regulatory and supervisory
jurisdictions.
Subsequent to the submission of the Board's views, staff
representatives of the Federal Home Loan Bank Board, the three
Federal bank supervisory agencies, and the Bureau of the Budget have
conferred at length for the purpose of preparing a proposed bill that
would give to each of the agencies concerned the proposed supervisory
and regulatory authority over financial institutions under their respective jurisdictions. The product of these conferences, the proposed
"Financial Institutions Supervisory Act of 1966", TITLE I of which
, contains provisions relating to the Federal Home Loan Bank Board and
the Federal Savings and Loan Insurance Corporation, and TITLE II of
Which contains provisions relating to the three Federal bank supervisory agencies, appears to the Board to provide the respective
Federal supervisory agencies concerned with sufficient additional
authority and flexibility as to enforce, effectively and fairly,
existing laws, regulations, and principles of safe and sound practices.
Accordingly, the Board approves the general content and approach of
the bill, particularly the provisions of TITLE II relating to the
three Federal bank supervisory agencies.

)
SYSTEM
BOARD OF GOVERNORS OF THE FEDERAL RESERVE

Mr. Phillip S. Hughes
the
The Board understands that the language of certain of
modior
change
to
subject
and
study
bill's provisions is still under
fication. Specifically, it is understood that the Department of
Justice has raised question as to the provision in subsection (g)(4)
Of TITLE I and subsection (e)(4) of TITLE II that would require, no
later than 60 days following service of notice of intention to remove
a director, officer, or other person from office, commencement of a
may
hearing relative to such notice. A later date for such hearing
the
While
party.
affected
the
of
request
be set by the agency at the
Board favors retention of the 60-day provision, it would not object
to an amendment of that provision that would permit, at the discretion
Of the agency, an extension of the 60-day period at the request of
the Attorney General of the United States or of any State.
An additional provision of the proposed bill as to which
there appears to be lack of unanimity among the agencies concerned
is that in subsection (j)(1) of TITLE I and subsection (h)(1) of
TITLE II, which makes private any hearing conducted pursuant to the
cause
Provisions of these titles "unless otherwise ordered for good
Board
Bank
Loan
Home
Federal
the
that
advised
found". The Board is
and the Comptroller of the Currency concur in the Board's view that
the agency involved should have discretion, either at the request of
any party afforded a hearing or at its own initiative, to order the
conduct of a public hearing. It is understood that the Federal
a
Deposit Insurance Corporation opposes an agency's right to order
afforded
party
the
where
instance
single
the
Public hearing except in
the hearing so requests. The Board recognizes that the assertion can
be.made that an agency's authority to conduct a public hearing under
by the
thls Act over the objection of or in the absence of consent
respondent, in the hearing gives to the agency authority that could be
used to compel pre-hearing compliance or acquiescence on the part of
a respondent. In the opinion of the Board, the potential for such
indiscriminate agency action is no greater in the circumstances discussed than is offered with respect to numerous supervisory and
regulatory powers now available to Federal financial institutions'
.aupervisory authorities.
supervisory
It is submitted that the record of use by these
authorities of existing statutory powers offers formidable assurance
contained in the
Of judicious and reasoned use of the hearing powers
potential for
greater
a
that
Board
the
Proposed bill. It appears to
strongly
that
presented
were
nces
circumsta
harm would be offered if
Warranted a public hearing and, because the respondent opposed such
hearing, the agency was powerless to order it. Accordingly, the Board
urges retention of the present language of subsections (j)(1) and (h)(1).
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.

856
Item No. 11
3/10/66

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON, O. C. 20551
PONDENCIE
ADORES!! OFFICIAL CORRES
TO TUC BOARO

March 10, 1966

t,
Mt. R. M. Stephenson, Vice Presiden
nta,
Federal Reserve Bank of Atla
Atlanta, Georgia. 30303
Dear Mr. Stephenson:
contained in your letter
In accordance with the request
the appointment of Eugene C.
of March 7, 1966, the Board approves
of
for the Federal Reserve Bank
Neithold as an assistant examiner
t.
ntmen
appoi
tive date of the
Atlanta. Please advise the effec
.Very truly yours,

(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.

H57
Item No. 12
3/10/66

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADORES.

orriciAL

CORRICIIPOHOENCIC

TO THE SOARD

March 10, 1966

Mr. 0. 0. Wyrick, Vice President,
Federal Reserve Bank of St. Louis,
St. Louis, Missouri. 63166
Dear Mr. Wyrick:
in
In accordance with the request contained
the
ves
appro
Board
the
1966,
4,
your letter of March
tant
appointment of Charles Ray Halbrook as an assis
.
Louis
St.
of
Bank
ve
Reser
al
examiner for the Feder
t.
ntmen
appoi
the
of
date
tive
Please advise the effec
The authorization given your bank to
tant examiner
designate Mr. Halbrook as a special assis
of his
date
tive
effec
the
will be canceled as of
ner.
exami
tant
appointment as an assis
Very truly yours,
(Signed) Elizabeth L. Carmichael

Elizabeth L. Carmichael,
Assistant Secretary.

Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, March 10, 1966, Volume 53, Part 3

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