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Minutes for To: Members of the Board From: Office of the Secretary may 22. 1957 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. Chm. Martin Gov. Szymczak Gov. Vardaman Gov. Mills Gov. Robertson Gov. Balderston x Gov. Shepardson x In accordance with Governor Shepardson s memorandum of March 8, 1957, these minutes are not being sent to Governor Vardaman for initial. 137S Minutes of actions taken by the Board of Governors of the Federal Reserve System on Wednesday, May 22, 1957. The Board met in the Board Room at 11:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Balderston, Vice Chairman Szymczak Mills Robertson Shepardson Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Kenyon, Assistant Secretary Riefler, Assistant to the Chairman Cherry, Legislative Counsel Young, Director, Division of Research and Statistics Sloan, Director, Division of Examinations Hackley, General Counsel Noyes, Adviser, Division of Research and Statistics Masters, Associate Director, Division of Examinations Furth, Chief, International Financial Operations Section, Division of International Finance Katz, Chief, British Commonwealth, Scandinavia, and Near East Section, Division of International Finance 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, vere _ e.PProved unanimously: Item No. Letter - 00 the Federal Reserve Bank of San Francisco e11Dc'eing no objection to the service of Branch , ite, --11ntants as Federal Reserve Agent's Representatives. tette, , wo The Hanover Bank, New York, New York, approving est tr ablishment of a branch at 399 Park Avenue. (For aneal* ttal through the Federal Reserve Bank of New York.) the 1 2 5/22/57 -2Item No. letter to Davison State Bank, Davison, Michigan, approvthe establishment of a branch in Goodrich, Michigan. (ng i For transmittal through the Federal Reserve Bank of Ch icago.) 3 1L)etter to The City National Bank of Council Bluffs, Council f ilfray Iowa, granting its supplemental application for llciarY powers. (For transmittal through the Federal Reeve Bank of Chicago.) 4 ter to McAllen State Bank, McAllen, Texas, approving the sta blishment of a branch at the intersection of Broadway and Beaumont Avenues. (For transmittal through the Federal Ileserve Bank of Dallas.) 5 Letter to the Federal Reserve Bank of San Francisco extenda/1.47 the time within which California Bank, Los Angeles, fornia, may establish a branch in the Wood Shopping oquare in West Covina, California. 6 tette r to the Comptroller of the Currency recommending approv- 7 al an application for the organization of a national bank ortez, Colorado. (With a copy to the Federal Reserve Bank Kansas City.) Lette otirr r to the Chairman of the House Committee on Banking and 8 a b4encY responding to a request for a report on H.R. 6502, "To provide that abandoned deposits in certain banks 1,7'1 escheat to the respective States in which such banks are '"ated.” , kWith a copy to the Bureau of the Budget.) APplication for membership in the Federal Reserve System. -emc With randum dated April 29, 1957, the Federal Reserve Bank of New York submitt,,a -- a favorable recommendation concerning an application of the 5111 Islands National Bank, Charlotte Amalie, St. Thomas, Virgin Islands ' fQr Ille mbership in the Federal Reserve System. A memorandum from the Div& aion of Examinations dated May 13, 1957, which had been circulated to thf. members of the Board, commented on the application and expressed con'e in the Reserve Bank's recommendation. No question concerning the 5/22/57 -3- admission to membership of the applicant bank was raised in the course °f circulation to the Board, but Governor Robertson attached a note to the file inquiring whether the bank should hold stock in the Federal Reserve Bank of New York or the Federal Reserve Bank of Atlanta. In a discussion of the question which had been raised by Governor Robertson, Mr. Sloan pointed out that the Federal Reserve Act provides that a bank located in a possession or territory of the United States may be a member of any Federal Reserve District with the consent er the Board. He then referred to the traditional relationships, finan- eial and otherwise, between the Virgin Islands and New York City, and said it appeared from the file that the Virgin Islands National Bank had applied specifically for membership in the New York District in the thought that its needs would best be served in that way. Aside from finan- ial and commercial relationships, it was his understanding that the lines (3t e°mmunication and transportation were better established between New c'Isk City and the Virgin Islands than between the Islands and points in the Atlanta Federal Reserve District. With respect to a question by Governor Shepardson regarding a statement in the file that the Virgin Islands National Bank would continue to be examined by the District Chief National Bank Examiner in Atlanta, Mr. Si oan said he assumed the Comptroller's Office had instituted and desir„.. to continue this arrangement because the shorter distance involved Perm. ltted savings in terms of examiners' transportation. He noted that 5/22/57 -4- arrangements had been made whereby copies of examination reports would be sent by the District Chief National Bank Examiner in Atlanta to the Pederal Reserve Bank of New York. Governor Robertson indicated that he was concerned about the Matter principally from the standpoint of the precedent that might be established for banks located in other territories or possessions, and said that he could conceive of the Board getting into what might be an Untenable position. The mere fact that the principal lines of comnunica- tiell and commerce had been between New York and the Virgin Islands over the Years did not mean, he said, that the sane situation would necessarily c°ntinue to prevail. He also expressed the view that the decision should " 11 be based solely on the choice and convenience of the applicant bank. Governor Balderston then referred to the forthcoming Federal Ree mission to Puerto Rico which would have as one of its objectives a etlAY of the possible establishment of a Federal Reserve Bank agency in I'Lleilt° Rico. Should the findings of the mission suggest the establishment or In agency by the Federal Reserve Bank of Atlanta, a problem would arise it the bank now applying for membership in the System held membership in the P ederal Reserve Bank of New York. Despite the questions which had been raised, there was general agreeet t that action on the current application should not be delayed pending the r esults of the Puerto Rican mission, and it was suggested that one ketho, Of procedure would be to request informally the views of President 471Na Of the Atlanta Reserve Bank. If, in the opinion of Mr. Bryan, the 5/22/57 -5- applicant bank could be served best at this time by becoming a member of the Federal Reserve Bank of New York, the problem would be eliminated 1411ess the Puerto Rican mission eventuated in a decision to establish an ageneY of the Atlanta Reserve Bank in Puerto Rico. To guard against that c"tingency, it was suggested that the Board's letter to the applicant beLlak aPProving its membership application contain appropriate language tildicating that, depending on future developments, the Board might determine "some time that the bank should be a member of a Federal Reserve Bank Other than New York. In the course of the discussion, Governor Szymczak suggested that tIle general subject of membership in particular Federal Reserve Banks by banks -Located outside the continental United States might be at some time 44 4PPropriate matter for discussion by the Conference of Presidents of the l'e'deral Reserve Banks. At the conclusion of the discussion, the Secretary was requested tcl call President Bryan on the telephone and obtain his opinion as to Ikether the applicant bank could be served to better advantage by having ilit411beTahiP in the Atlanta Reserve Bank rather than the New York Bank. It vas 41 212.111Ioad that if Mr. Bryan's response was in the affirmative, the blatte,, ' 'would be brought back to the Board for further consideration, but that 0„ --erwise the staff would proceed to work out appropriate language for in the letter to the applicant bank which would indicate the 1)°841bilitY of a transfer of the bank's membership to some other Federal Reeev. *Ire District if developments in the future should make that seem • 5/22/57 -6- advisable in the Board's judgment. Unless some question was encountered by the staff in this connection and further consideration by the Board seemed deairable, the letter approving the membership application would then be 8ent to the Virgin Islands National Bank through the Federal Reserve Bank Of Neu York. Messrs. Sloan, Masters, Furth, and Katz then withdrew from the meeting and Messrs. Thomas, Economic Adviser to the Board, Molony, Special AssisttO the Board, Robinson, Adviser, Division of Research and Statistics, and Jones, Chief, Consumer Credit and Finances Section in the same Division, entered the room. Testimony before__Senate Finance Committee. Pursuant to the under- standing at the meeting on May 20, 1957, there had been sent to the members t the Board copies of a draft of statement for presentation by Chairman 144'tin before the Senate Finance Committee in connection with the forthcoming healIngs of that Committee relating to Governmental financial and monetary Policies. The draft had been prepared in the light of a statement to Chairman 14"14 by Committee Chairman Byrd that the former might be asked to testify later this week, the thought being that, in Chairman Martin's temporary a.bsellee, the other members of the Board would give preliminary consideration to th --a Proposed statement in the interest of expediting preparation of the titeo draft. However, at this meeting it was reported that developments "411 the Committee created uncertainty as to when Chairman Martin actually ''r°1441be called to testify, it now appearing that the testimony might be cleter l'ed. until next month. In the circumstances, the Board decided to post15(1' review of the draft of statement until the situation had been clarified. 5/22/57 -7Statement on consumer instalment credit. At the meeting on May 20, 1957, it was stated that the staff, under the direction of Governor Mills, had been requested to prepare for the Board's consideration a draft Of statement which might be issued by the Board in the light of the recent consumer instalment credit study. It was understood at that time that this expression of the Board's views would be released after Chairman Salanier of the Council of Economic Advisers had made a report on the study to the Cabinet next Friday. copies Such a draft subsequently was completed and thereof had been distributed to the members of the Board. The draft was reviewed by the Board and a number of changes were Ngested, mostly in the interest of emphasis and clarification of the Ilk a's views. Accordingly, it was agreed that a revised draft of 8t4tement would be sent to the members of the Board for consideration at the meeting tomorrow. With regard to procedure, it was understood that upon receipt of 14°1'd from Mr. Saulnier that the report to the Cabinet had been made, copies f the Board's statement, in the form approved by the Board, would be sent to m_ Saulnier, the Chairmen of the Banking and Currency Committees, and the ‘44a1rman of the Joint Economic Committee, with appropriate letters of t11448mittal,and that the statement would then be released to the public e411-Y Friday afternoon. Drafts of the transmittal letters were to be 131'eeented to the Board for consideration along with a draft of the press tIttement covering release of the document. It was reported that the C0114 , eJ-1 of Economic Advisers contemplated issuing a statement on the study L385 5/22/57 -8- next Monday which would indicate that the Council independently had reached conclusions similar to those of the Board with regard to the 1.egulation of consumer credit, and that the Council would find it helPfUl for drafting purposes to have in advance, if possible, a copy of the Board's statement. The view was expressed by the Board that it 110111d be appropriate to comply with the request for an advance copy. ' The members of the staff then withdrew and the Board went into executive session. Request from International Cooperation Administration for tech- ----„Lssistance (Item No. 9). 1 After the executive session, the Secretary informed by the Vice Chairman that the Board had given consideration toe- memorandum from Mr. Furth dated May 20, 1957, relating to a request fr°1/1 International Cooperation Administration for the services of a member uf the Board's research staff in connection with certain consultations to be held in Paris, France; and that, pursuant to the recommendation contained in the memorandum, the Board approved a letter to the Administration advising that Mr. Eckert, Chief of the Banking Section, Division of Research and Statistics, would be made available for this purpose for a Pelsi°d of one or two weeks, plus travel time, beginning on or about June 3 1957. ' A copy of the letter is attached to these minutes as Item No. 9. The meeting then adjourned. Secretary's Note: On May 21, 1957, Governor Shepardson approved on behalf of the Board a letter to the Federal Reserve Bank of Chicago 1386 5/22/57 -9approving the designation of Maurice M. McAninch as special assistant examiner. A copy is attached hereto as Item No. 10. BOARD OF GOVERNORS Item No. 1 5/22/57 OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD May 22, 1957 ch . n. Brawner, ' 1,111/4fl of the Board and Reserve Agent, s:eral Reserve Bank of San Francisco, "11Franc1sco 20, California. Brawner: This refers to your letter of April 5, 1957, acknowledging the s letter S-1624 of March 20, 1957 (F.R.L.S. #3161) with respect to ' the PecleaPPointments of Assistant Federal Reserve Agents, Alternate Assistant Agent's Representatives at -,chesReserve Agents, and Federal Reserve future assignIllertst You state that it would be helpful when considering Polio 0 have the Board's opinion as to the propriety of continuing the Agerrjof appointing Branch Accountants to the position of Federal Reserve 8 Representative. It is noted that the Branch Accountants at all your branches !!lorthia the active Federal Reserve Agent's Representatives) handle the th ' f,reserve account reconcilements, check departmental proofs, etc., -.4 . 4 6 no actual audits of cash or securities are made by the Branch 4ecou, =rits . and that they do not assist the Head Office audit staff in %411/; qood'Z-Lon with the regular branch audits. In this connection, it is underalPt General Auditor Armstrong has informed you that, in his opinion, ,4 functions performed by your Branch Accountants would not conflict lhitli; 'r " qcle.,:,eir regular jobs and their special responsibilities in aiding the to 1,-,cu- Reserve Agent to safeguard the currency and other assets entrusted rio On the basis of the information furnished, the Board will interVpiection to the Branch Accountants serving as Federal Reserve "ePresentatives at your branches. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Assistant Secretary. 1388 BOARD OF GOVERNORS 40,00,4 elaw001,!4.,440 OF THE Item No. 2 5/22/57 FEDERAL RESERVE SYSTEM 14* .1* WASHINGTON 25, D. C. ADDRESS. OFFICIAL CORRESPONDENCE TO THE HOARE) ,,,b260 0 May 22, 1957 Board of Directors, The Hanover Bank, New York 15, New York. Gentlemen: Pursuant to your request submitted through the Federal Reserve Bank of New York, the Board of Governors of the Federal Reserve System approves the establishment Of a branch by The Hanover Bank, New York, New York, at 399 Park Avenue in the city of New York, provided the branch is established within two and one-half years from the date of this letter, and the approval given by the State authorities is effective as of the date it is established. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Assistant Secretary. 1389 BOARD OF GOVERNORS ,;':04018101,; OF THE tiVf, Item No. FEDERAL RESERVE SYSTEM 5/22/57 WASHINGTON 25, D. C. , * AD OR orriciAL CORRESPONDENCE TO THE BOARD May 22, 1957 Board of Directors, Davison State Bank, Davison, Eichigan. Gentlemen: • Pursuant to your request submitted through the Pederal Reserve Bank of Chicago, the Board of Governors of the Federal Reserve System approves the establishment of a branch by Davison State Bank at G10248 Hegel Road in Goodrich, Atlas Township, Genesee County, Nichigan„ provided the branch is established within six months from the date of this letter, and that approval of the State Banking Department is effective as of the date the branch is established. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Assistant Secretary. 3 BOARD OF GOVERNORS OF THE Item No. 4 FEDERAL RESERVE SYSTEM 5/22/57 WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD May 221 1957 4ard of Directors, The City Nationni Bank of Council Bluffs, Council Bluffs, Iowa. Gentlemen: The Board of Governors of the Federal Reserve 6̀,!tein has given consideration to your supplemental sip. P4-leation for fiduciary powers, and, in addition to the a uthoritY heretofore granted to act as trustee, executor, administrator, registrar of stocks and bonds, guardian of atates, assignee, receiver, and committee of estates of unatics, grants you authority to act, when not in contravention of State or local law, in any other fiduciary caPacity in which State banks, trust companies, or other u_. corporations which come into competition with national !8 are permitted to act under the laws of the State rua. The exercise of all such powers shall be aub" Ct to the provisions of the Federal Reserve Act and 3 regulations of the Board of Governors of the Federal "I've System. l 7 4 A formal certificate indicating the fiduciary !Were which The City National Bank of Council Bluffs is 401/ authorized to exercise will be forwarded to you in due course. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Assistant Secretary. BOARD OF GOVERNORS Item No. 5 OF THE 5/22/57 FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. ADDRESS OrF'ICAL CORRESPONDENCE TO THE BOARD May 22, 1957 Board of Directors, McAllen State Bank, McAllen Texas• Gentlemen: Pursuant to your request submitted through the Federal serve Bank of Dallas, the Board of Governors approves the establishment of a branch by McAllen State Bank, McAllen, Texas, "the intersection of Broadway and Beaumont Avenues, diagonally :,leross the street from the main banking quarters, provided the „mranch is established within one year from the date of this -ketter. Very truly yours, (Signed) Merritt Shei Merritt Sherman, Assistant Secretary. c BOARD OF GOVERNORS OF THE Item No. 6 5/22/57 FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. ADDRESS orriciAL. CORRESPONDENCE TO THE BOARD 2 1957 11,r. E. R. Millard, Vice President, rederal Reserve Bank of San Francisco, 84n Francisco 20, California. Dear Mr. Millard: As recommended in your latter of May 80 1957, the 8card of Governors extends to February 1, 1958, the time within California Bank, Los Angeles, California, may establish 72ranch in the Wood Shopping Square at the southwest corner liforniaCalifornia Avenue and Garvey Boulevard, West Covina, 4 This extension is granted with the continuing underebk,,A., 4_--,44ng California Bank now operates that the branch which 441 West Covina, will be abandoned and its activities will be trn. -"starred to this new location when quarters are available Aor occupancy1 ry truly yours, (Signed) Merritt Sherman Merritt Sherman, Assistant Secretary. BOARD OF GOVERNORS 4 4010,44, OF THE sk,74% - 1x ' Item No. 7 5/22/57 FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. coi* 4 ADDRESS OFFICIAL CORRESPONDENCE t-0 TO THE BOARD 447A4*' May 22, 1957 Comptroller of the Currency, Treasury Department, Washington 25, D. C. Attention: Mr. W. M. Taylor, Deputy Comptroller of the Currency. Dear Mr. Comptroller: Reference is made to a letter from your office dated cu 21, 1957, enclosing photostatic copies of an application O organize a national bank in Cortez, Colorado, and requesta recommendation as to whether or not the application should ue approved. Information contained in a report of investigation 211 the application made by an examiner for the Federal Reserve Bank of Kansas City discloses generally satisfactory findings w?th respect to the factors usually considered in connection veatI.1 such proposals except as to the adequacy of the proposed 41) ?.tal structure. At the time of the investigation the orgrilzers appeared agreeable to increasing the capital structure 7:rr the bank to $250,000. However, in view of the anticipated i( jume of business to be acquired within a three-year period, ',PPears that a capital structure of $300,000 would be more aesirable. The Board of Governors recommends approval of the ' ' 4131)11cation provided arrangements are made for a capital struc'11rs satisfactory to your office. The Board's Division of Examinations will be glad to disc uss any aspects of this case with representatives of your dee if you so desire. ' Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Assistant Secretary. 394 BOARD OF GOVERNORS Item No. 8 5/22/57 OF THE Q ' i I !... FEDERAL RESERVE SYSTEM WAS OFFICE OF THE CHAIRMAN May 22, 1957 The H onorable Brent Spence, Chairman, °11ilmittee on Banking and Currency) w 8e of Representatives, aThington 25, D. C. r Dear Chairman: This is in response to your communication of April 9, 1957, request' d,eion,„ing a report on H.R. 6502, a bill "To provide that abandoned 1.411-,"s in certain banks shall escheat to the respective States in such banks are located." The bill would apply to deposits in both national banks th:t arl d St Syet a e-chartered bas banks which are members of the Federal Reserve A deposit in such banks would be considered as abandoned if N.eare no known claimants, the depositor cannot be reached by crelstersd letter, and the deposit has not been increased or deortrd, or on which interest has not been credited at the request obtar, depositor, within a 20-year period. When these circumstances -1 each bank would be required to publish in a newspaper of gellern, vith 'LL. circulation a list of all such deposits held by it, together °rthaPProPriate information which might aid in locating the owner (leponZ,deposit. Six months following such publication all unclaimed no would escheat to the State. Thereafter, the bank would have aD.ina'ility with respect to such deposits and all future claims %reL it would be paid by the appropriate public official in ac-' ne° with State law. Dormant bank deposits have been the subject of legislation flU qrale -"Luer of States, including California, Kentucky, Michigan, Ilall°ta, New York, Oregon and Pennsylvania. Some of these statutes : 1 °Irided for the escheat'to the particular State of dormant ccoll',; in both national and State-chartered banks, and the courts ilthogenerally held such statutes to be a proper exercise of State held 141tY• For example the Supreme Court of the United States has -Ln Anderson NationL. Bank v. Luckett, (1944) 321 U.S. 233, that 1,1!at statute of the State of Kentucky was enforceable against 110t11%. tlAtio ional banks and State-chartered banks so long as the consti' -a requirements regarding procedural due process are satisfied. 'L395 The Honorable Brent Spence,' —2.-. The Federal courts appear to have ruled, in some cases, that power to dispose of unclaimed deposits is vested exclusively t the several States and therefore is not within the authority of he Federal Government. (See Gorny et al. v. Trustees of Milwaukee 301114.nt Or hans Board, (C.C.A. 7th, 1937) 93 F. (2d) 107, cert. den. ee might con— 559 . In view of such decisions your Committvalidi ty of it advisable to inquire into the constitutional re— and „o 6502. The bill also would seem to impose obligations ss_ or ing usibilities on State authorities which they may be unwill t eschea Prepared to accept since it provides that, following the ls officia hef State in which the bank is located, appropriate of slich receive claims and pay them in accordance with the law order in ary to State. Thus, State legislation might be necess could be 141Plernent the Federal law. Otherwise the Federal statute in on, questi th„e°mPletely ineffective. There might also be the dormant a r e States which already have escheat statutes) whethe /11111,Int should escheat in accordance with Federal law or State law. would be ,fw. of these considerations perhaps the better policy to e3 for matter the ciet;act no Federal law on the subject and to leave ''nation by the States themselves* 4 t It has been noted that the bill would not apply to dorman °e°1-1rit S of nonmember banks which are insured by the Federal Deposit for inel 'Ince Corporation. There would appear to be as much basis of those as bill .,cling such accounts within the coverage of the rlatil(1 with true be to 1141 or State member banks. The same would seem : resn loawct to accounts in Federal credit unions and Federal savings and associations. member State Since there are many more national banks than aggregate, the in and these national banks hold more deposits ller of the Comptro the C14,re cmmittee may wish to secure the views of connection, this In IeY with regard to the proposed legislation. vie h2,, a brief filed cy Curren a8aZie observed that the Comptroller of the Luckett the ered consid --z-la curiae at the time the Supreme Court %; ) mentioned aboveo barks 6 Sincerely yours, (Signed) Wm. McC. Martin, Jr. Wm. MCC. Martin, Jr. 1396 BOARD OF GOVERNORS OF THE Item No. 9 5/22/57 FEDERAL RESERVE SYSTEM WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD May 22, 1957 Mr, Stuart H. Van Dyke, Ilsgional Director for Africa and Europe, International Cooperation Administration, Washington 25, D.C. Dear Mr. Van Dyke: This letter is in response to your request of May 17 that the Board of Governors make available a member of the Board's 'search staff to consult with financial experts in USRO and OEEC Ti Paris on U.S. banking developments and policies. I am glad to inform you that the Board of Governors has ed favorably on your request. Mr. James B. Eckert, Chief, anking Section, Division of Research and Statistics, has been selected for this assignment. r It is our understanding that the International Cooperation dministration will pay Mr. Eckert's travel expenses and per diem !I_Id that the Board of Governors will continue to pay his salary. r Eckert will be in Paris for a period of one to two weeks, plus 1 4.781 time, commencing on or about June 3. ' Z Sincerely yours, (Signed) S. R. Carpenter S. R. Carpenter, Secretary. BOARD OF GOVERNORS OF THE Item No. 10 5/22/57 FEDERAL RESERVE SYSTEM WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD May 21, 1957 Hr. W. R. Diercks, Vice President, Federal Reserve Bank of Chicago, Chicago 90, Illinois. Deer 11r Diercks: In accordance with the request contained in Your letter of May 153 1957, the Board approves the designation of Maurice M. Mckninch as a special assistant examiner for the Federal Reserve Bank of Chicago. Please advise as to the date upon which the designation is made effective. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Assistant Secretary.
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