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609
9/61
Minutes for
To:
Members of the Board
From:
Office of the Secretary
November 15, 1961
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. Mills
Gov. Robertson
Gov. Balderston
Gov. Shepardson
Gov. King
Gov. Mitchell
e
kjl3_
Minutes of the Board of Governors of the Federal Reserve System on
Wednesday, November 15, 1961.
PRESENT:
Mr.
Mr.
Mr.
Mr.
Mr.
The Board met in the Board Room at 10:00 a.m.
Mills, Acting Chairman
Robertson
Shepardson
King
Mitchell
Mr. Sherman, Secretary
Mr. Kenyon, Assistant Secretary
Miss Carmichael, Assistant Secretary
Mr. Fauver, Assistant to the Board
Mr. Farrell, Director, Division of Bank
Operations
Mr. Solomon, Director, Division of Examinations
Mr. Hexter, Assistant General Counsel
Mr. O'Connell, Assistant General Counsel
Mr. Furth, Adviser, Division of International
Finance
Mr. Conkling, Assistant Director, Division of
Bank Operations
Mr. Daniels, Assistant Director, Division of
Bank Operations
Mr. Goodman, Assistant Director, Division of
Examinations
Mr. Leavitt, Assistant Director, Division of
Examinations
Mr. Potter, Senior Attorney
Mr. Veenstra, Technical Assistant, Division
of Bank Operations
Mr. Thompson, Supervisory Review Examiner,
Division of Examinations
Mr. Poundstone, Review Examiner, Division of
Examinations
Mr. Smith, Assistant Review Examiner, Division
of Examinations
Discount rates.
The establishment without change by the Federal
Reserve Bank of Boston on November 13, 1961, of the rates on discounts
and advances in its existing schedule was approved unanimously, with
the understanding that appropriate advice would be sent to that Bank.
-2-
11/15/61
Acquisition of property at Jacksonville Branch
(Item No. 1).
There had been circulated a memorandum frcm the Division of Bank Operations
dated November 2, 1961, relating to a request from the Federal Reserve Bank
Of Atlanta for Board approval to enter into a lease-purchase arrangement
for certain property adjoining the Jacksonville Branch.
On December 20,
1960, the Board had authorized the Reserve Bank to offer $175,000 for
clear title to the property, or up to $200,000 if necessary.
The present
request covered a counter proposal to the Bank's offer of $175,000.
Under the counter proposal the Reserve Bank would enter into a
long-term lease with an option to purchase the property after two years
at a price of $200,000.
During the two-year period the Reserve Bank
Would receive the rental income produced by the property and assume the
carrying costs of the property, with a resulting net expense to the Bank
Of approximately $14,000.
In effect, the Board was being requested to
approve an estimated additional expenditure of approximately $14,000
over the $200,000 previously authorized in order for the Reserve Bank
to acquire title to the property, assuming the option to purchase was
exercised as soon as possible.
Attached to the memorandum was a draft of letter that would
)prove acceptance of the proposal for acquisition of the property.
After discussion, during which Messrs. Farrell and Daniels
l'eviewed the nature of the proposal and replied to several questions
1l/15/61
-3-
concerning it, the letter was approved unanimously. A copy is attached
as Item No. 1.
Mr. Daniels then withdrew from the meeting.
Items distributed to the Board.
The following items, which had been
distributed to the Board and copies of which are attached to these minutes
under the respective item numbers indicated, were approved unanimously:
Item No.
Letter to Continental Illinois National Bank and Trust
Company of Chicago, Chicago, Illinois, approving the
organization of a corporation under section 25(a) of
the Federal Reserve Act to be known as "Continental
International Finance Corporation," with offices at
231 South LaSalle Street, Chicago, Illinois, and
transmitting a preliminary permit.
2
Letter to Continental Illinois National Bank and Trust
Company of Chicago, Chicago, Illinois, approving the
organization of a corporation under section 25(a) of
the Federal Reserve Act to be known as "Continental
International Banking Corporation," with offices at
71 Broadway, New York, New York, and transmitting
a preliminary permit.
3
Order and statement approving the application of
4 and 5
Montana Shares, Incorporated, Great Falls, Montana,
to acquire additional shares of First State Bank of
Chinook, Chinook, Montana.
With reference to Item No. 3, involving the organization of an
tdge Act banking corporation, Mr. Goodman stated reasons why there would
410Pear to be no substantial objection to the location of the corporation,
at least in its initial stages of development, in the quarters of the New
l'°rIs. Representative Office of Continental Illinois National Bank and Trust
11/15/61
Company of Chicago at 71 Broadway, New York City.
He pointed out, however,
that the letter to Continental Illinois approving the application would
Specify that the preliminary permit had been issued with the understanding
that, upon the granting of a final permit and the commencement of business
by Continental International Banking Corporation, the foreign exchange
trading activities of the parent bank in New York would be transferred to
that corporation.
Messrs. O'Connell, Furth, Goodman, Potter, Thompson, Poundstone,
and Smith then withdrew from the meeting.
Report on competitive factors (Huntington-Sag Harbor, New York).
A draft of report to the Comptroller of the Currency on the competitive
factors involved in the proposed consolidation of Security National Bank
Of Long Island, Huntington, New York, and The Peconic Bank, Sag Harbor,
New York, had been distributed under date of November 3, 1961.
The
report concluded as follows:
Because of location and the distances between offices of
the consolidating banks, there is no competition between them.
The proposed consolidation would have virtually no effect on
competition in Nassau County and there would be little, if any,
effect on the over-all competitive situation in Suffolk County.
In the central portion of the South Fork of Long Island, the
area in which Peconic competes, competition would probably be
intensified. It is believed that the competitive strength of
the larger bank, however, would not have a serious adverse
effect on the competitive position of the remaining banks in
the Sag Harbor area.
After a brief discussion, the report was approved unanimously for
transmittal to the Comptroller.
11/15/61
-5-
Report on changes in banking structure.
In a letter dated July 25,
1961, Chairman Sparkman of the Senate Select Committee on Small Business
requested that the Board's staff prepare a current study of concentration
in banking, following as closely as possible, especially with respect to
statistical data, the information contained in a study prepared at the
Board in 1952 at the Committee's request.
The 1952 study had been issued
by the Committee under the title "Concentration of Banking in the United
States."
A draft of reply to Chairman Sparkman, with an attached draft of
repo, was prepared in the Division of Bank Operations and distributed
under date of October 9, 1961.
On the basis of suggestions received
following such distribution, the report was revised in a number of
respects and the changes were outlined in a memorandum dated November 6,
1961, which also had been distributed.
During discussion of the proposed report, Governor Mitchell
expressed the view that it did not seem to present a clear interpretation
of developments in recent years.
If the data were presented somewhat
differently, he believed they would convey a much clearer impression of
"that had been happening. The subject was quite a sensitive one, he noted.
Accordingly, he thought the Board might be well advised to delay sending
the report to the Committee until further analytical work had been done.
More specifically, Governor Mitchell suggested that the title of
the report might be changed to reflect the subject matter more accurately;
•
11/15/61
-6-
a title such as "Some Recent Changes in the Banking Structure" would
seem more appropriate.
Also, he did not believe it was possible to
deal effectively with trends by putting together data from States
having different types of statutes with respect to branch banking.
Therefore, he would segregate the data according to States in which the
laws with respect to branch banking were reasonably similar.
This might
result in three categories: (1) States with unlimited branch banking;
(2) States with limited branch banking; and (3) States with no branch
banking.
Further, within each of these categories the development of
the banking structure in rural and in urban sections could be analyzed.
If this were done, he believed that some clearly established trends for
the period covered would become apparent. It might also be desirable,
he thought, to use not only the banking unit but dollar deposits as a
unit of measurement.
He added that he did not think it should be too
difficult to rearrange the statistical data that had been compiled in a
form that would lend itself more readily to analysis.
Governor Mills suggested that the approach mentioned by Governor
Mitchell could be utilized by the staff for the information and guidance
of the Board, and that, if desired, the report itself might be forwarded
to the committee as drafted.
It was possible, he thought, that the Com-
Mittee might prefer to have the report in this form, for ease of comparison,
8111Ce
1952.
it represented essentially an extension of the report submitted in
11/15/61
-7-
In this connection, Mr. Farrell mentioned that in the July 25
letter from Senator Sparkman it had been requested that the report follow
as closely as possible the one submitted in 1952.
Accordingly, the staff
had, patterned the proposed report after the earlier one, which apparently
was well regarded by the Committee.
Governor Mitchell commented that the question involved the image
Of the Board and its analytical standards.
While he would like to be
responsive to the request of the Committee, at the
in
time he would
want to present something that would contribute to a better understanding
Of developments in recent years.
It was his feeling that the report, as
drafted, might merely contribute to confusion.
Mr. Hexter remarked that perhaps the Board might wish to present
the data in a form comparable to the 1952 report and also in another form
that would give a clearer picture of recent developments, following which
Governor Mitchell indicated that his objection to the report related more
qecifically to the need for analysis of the data than to the data itself.
Governor Robertson said he was inclined to believe that the suggestion made by Governor Mitchell had merit and should be followed.
He
agreed that the Board should present as clear a picture as possible of
the changes that had been occurring in banking structure, having in mind,
48 Mr. Hexter had suggested, that the statistics should be in line with
those Presented in 1952.
He did not understand that the matter was
11/15/61
-8-
sufficiently urgent to preclude the kind of analysis mentioned by Governor
Mitchell.
Therefore, he would propose that the staff be requested to work
further on the matter under the guidance of Governor Mitchell.
After other members of the Board had expressed general agreement
with this suggestion, it was understood that such a procedure would be
followed.
Interest rates.
Governor Mills noted that it would seem desirable
that any decision by the Board relating to maximum rates of interest under
legulation Q, Payment of Interest on Deposits, be made before the first
Of December.
Accordingly, he suggested it would appear appropriate to
Place the matter on the agenda for further discussion at an early date.
It having been noted that the topic was on the agenda for the
meeting with the Federal Advisory Council on November 21, the suggestion
Ifts made that a preliminary discussion might be scheduled for the Board
meeting agenda on November 20, with the possibility of further consideration of the matter at the meeting on November 22.
Foreign currency operations.
Governor Mitchell referred to the
discussion of possible Federal Reserve operations in foreign currencies
e't the Open Market Committee meeting on November 14 and to the plan
'further consideration of the subject at the December
r01
the Committee.
5
meeting of
He indicated that it would be helpful to him if there
Could be some general discussion of the subject by the Board prior to
the December 5 meeting, and it was understood that the Secretary would
14torm Chairman Martin of this suggestion.
Ot.3.4.0c.)
11/15/61
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.
approving the designation of various employees as special assistant
examiners.
6)
Letter to the Federal Reserve Bank of Richmond (attached Item No. 7)
approving the appointment of James E. Hastings as assistant examiner.
.1
•
f
AMY'
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Item No. 1
11/15/61
WASHINGTON 25. D. C.
ADDRESS
OFFICIAL
CORRESPONDENCE
TO THE BOARD
November 15, 1961
Mr. Harold T. Patterson,
First Vice President and General Counsel,
Federal Reserve Bank of Atlanta,
Atlanta 3, Georgia.
Dear Mr. Patterson:
Referring to your letter of October 24, 1961, the
Board approves acceptance of the proposal for acquisition of
Property adjoining the Jacksonville Branch as outlined in your
letter and the attachment.
It is noted that under this proposal, the Bank. would
have to rent the property for a minimum of two years at $12,000
net per annum, at the end of which time it would have the option
to purchase the fee simple interest in the property at $200,000.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
01044)
BOARD OF GOVERNORS
OF THE
Item No. 2
11/15/61
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
November 15, 1961
Mr. John H.
Continental
and Trust
Chicago 90,
Perkins, Vice President,
Illinois National Bank
Company of Chicago,
Illinois.
Dear Mr. Perkins:
The Board of Governors has approved the Articles of
Association and the Organization Certificate, dated October 13,
1961, of Continental International Finance Corporation, and there
is enclosed a preliminary permit authorizing that Corporation to
exercise such of the powers conferred by Section 25(a) of the
Federal Reserve Act as are incidental and preliminary to its organization. As you are aware, the Corporation may not exercise
any- of the other powers conferred by Section 25(a) until it has
received a final permit from the Board authorizing it generally
to commence business. The steps which must be taken prior to
issuance of a final permit are enumerated in Section 211.3(c) of
the Boardls Regulation K.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
41010Sure
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON
November 15, 1961
Preliminary Pe_rmit
IT IS HEREBY CERTIFIED that the Board of Governors of
the Federal Reserve System, pursuant to authority vested in it
by Section 25(a) of the Federal Reserve Act, as amended, has this
day approved the Articles of Association and Organization Certificate, dated October 13, 1961, of CONTINENTAL INTERNATIONAL
FINANCE CORPORATION duly filed with said Board of Governors, and
that CONTINENTAL INTERNATIONAL FINANCE CORPORATION is authorized
to exercise such of the powers conferred upon it by said
Section 25(a) as are incidental and preliminary to its organization pending the issuance by the Board of Governors of the
Federal Reserve System of a final permit generally to commence
business in accordance with the provisions of said Section 25(a)
and the rules and regulations of the Board of Governors of the
Federal Reserve Syttem issued pursuant thereto.
BOARD OF GOVERNORS OF THE
.FEDERAL RESERVE SYSTEM
(SEAL)
By
(Signed) Elizabeth L. Carmichael
Assistant Secretary
BOARD OF GOVERNORS
rt g,
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
Item No. 3
11/15/61
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
4d.tast
0004.4
'
November 150 1961
Mr. John H.
Continental
and Trust
Chicago 90,
Perkins, Vice President, •
Illinois National Bank
Company of Chicago,
Illinois.
Dear Mr. Perkins:
The Board of Governors has approved the Articles of
Association and the Organization Certificate, dated October 13,
1961, of Continental International Banking Corporation, and
there is enclosed a preliminary permit authorizing that
Corporation to exercise such of the powers conferred by Section
25(a) of the Federal Reserve Act as are incidental and preliminary to its organization. As you are aware, the Corporation
thaY not exercise any of the other powers conferred by Section
25(a) until it has received a final permit from the Board
authorizing it generally to commence business. The steps which
must be taken prior to issuance of a final permit are enumerated
in Section 211.3(o) of the Board's Regulation K.
This preliminary permit has been issued with the understanding that, upon the granting of a final permit and the
co mmencement of business by Continental International Banking
-poration, the foreign exchange trading activities of the
Parent bank in New York will be transferred to Continental
International Banking Corporation.
Very truly yours,
411d/Cy,.
Elizabeth L. Carmichael,
Assistant Secretary.
t_JIL tit !!
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON
November 15, 1961
Preliminary Permit
IT IS HEREBY CERTIFIED that the Board of Governors
of the Federal Reserve System, pursuant to authority vested
in it by Section 25(a) of the Federal Reserve Act, as amended,
has this day approved the Articles of Association and Organization Certificate, dated October 13, 1961, of CONTINENTAL INTERNATIONAL BANKING CORPORATION duly filed with said Board of
Governors, and that CONTINENTAL INTERNATIONAL BANKING CORPORATION
is authorized to exercise such of the powers conferred upon it
by said Section 25(a) as are incidental and preliminary to its
organization pending the issuance by the Board of Governors of
the Federal Reserve System of a final permit generally to commence business in accordance with the provisions of said
Section 25(a) and the rules and regulations of the Board of
Governors of the Federal Reserve System issued pursuant thereto.
BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
BY
(SEAL)
(Signed) Elizabeth L. Carmichael
Assistant Secretary
Item No.
11/15/61
UNITED STATT,S OF AMERICA
BEFORE TIE BOARD OF GOVERNORS OF THE FED3RAL RESERVE SYSTEM
WASHINGTON, D. C.
•••
In tha matter of the application of
)11r1
SHARTS, 1NCORKRATED,
=reat 17611s, Montana
Prior anproval of the acquisition
I
bEznk shares uner section 3(0(2) of
'le Bank Holding Conipany Act of 1956
.,1
OROP11 APPROVING APPLICATION
UNDER BIM HOLDING COMPANY ACT
There has come before the Board of Governors, pursuant to
"i°n 3(a)(2) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842)
section 222.4(a)(2) of the Boardts Regulation Y (12 CFR 222.4(0(2)),
PPlication by Montana Shares, Incorporated, Great Falls, Montana,
8
registered bank holding company, for the Boardts prior approval of
'41
‘
14
ntts acquisition of an additional ii per cent of the voting shares
c't th•
e First
State Bank of Chinook, Chinook, Montana; notice of receipt
c't the
1961.
aPPlication was published in the Federal Register on August 19,
'-" F.R. 7788), which notice provided for the filing of comments
illews regarding the proposed acquisition; and the time provided by
then
°tice for filing comments and views having expired and no comments
viells having been fil3d;
4
o).
11-40‘.1ti;
-2IT IS HERZBY ORDTRED, for the reasons set forth in the
Boa2'd:8 Statement of this date, that the said application be and hereby
i8 granted, and the acquisition by Montana Shares, Incorporated, of
30 shares of the outstanding voting shares of the First State Bank of
Chinook is hereby approved, provided (1) that the acquisition shall
tlot be consummated within seven calendar days following the date of
this Crder and (2) that such acquisition shall be consummated within
three months from the date of this Order.
Dated za,-*,- Washington, D. C., this 15th day of November, 1961.
By order of the Board of Governors.
Voting for this action: Governors Hills, Robertson,
Shepardson, King, and Mitchell.
Absent and not voting:
Governor Balderston.
Chairman Martin and
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
(Stk.)
Item No. 5
11/15/61
DOLED OF GOEZNORS
OF ri2}1
FLMAAL P.E.S.FIEVE SYSTEI.I
A2PLIIIATIC.1 BY IrWAWL SHIRLS, TNCORPORATED; FOR
.1127.7.A.71, OF ACQUIS:CTION Gf VOTIMG SHITL3 OF
CHLWCI, CHOCK, 1,10KTAI:A
STATLIIIIT
iiontena
Tnnrporated, Great Falls, Aentana ("Applicant"),
a bank ho14'
n7 coLpally, has azlied, pursuant to section 3(a)(2) of the
4111t Holding Company Act of 195 ("the Act"), for the Boardts prior
PProval of Ap7licantts acqui-it'on of an additional L. per cent of the
11°.ting shares of First Stnte Beni of Chinook, Chinook, Eontana ("Bank").
Vials and reconmendations of Superintenclent of Banks. - As reby section 3(b) of the Act, the Board notified the Superintendent
I3ank8 of the State of -iontana of the rece:.rt of the ap2lication and
l'cluested his vieus thereon.
The Superintendent of Banks recomiended
.11Prova1 of the application.
Statutory factors. - Section 3(c) of the Act reQuires the Board
to
'F-e into consideration the following five factors: (1) the financial
iltE
rt°1:7 and condition of the holdfin3- corany anO the bank concerned;
(a)
their prospects; (3) the character of their manz?gerient; (4) the
etlen.ce, needs and welfare of the comunity and area concerned; and
(5)
114ether the effect of the acquisition would be to expand the size or
-2tent of the bank holding company system involved beyond limits
ecrmistent with adequate and sound banking, the public interest, and
the preservation of competition in the field of banking.
Discussion. - Ppplicant now owns, and has owned since prior
t0 the enactment of the Act, slightly in excess of 46 per cent of the
'150
outstanding shares of Bank. During the same period, Applicant has
ld voting control of Bank through ownership of more than 50 per cent
"he shares of Bank's stock voted in the annual election of Bank's
dil7ectors. Approval of this application would increase Applicant's
°I"ehip of Bank's outstanding voting shares to slightly more than
50
Per cent.
The financial history and condition, prospects, and management
"APPlicant and Bank are satisfactory. The proposed acquisition will
11°t materially affect these factors.
Bank is located in the town of Chinook, Blaine County. The
C°141t3, with a population of 8,100 in 1960, is served by three banks
0
e(21 within its boundaries. In addition to Bank, The Farmers
114tioh.,1
-a4. Bank is located in Chinook. Security State Bank is located
4 11„4,
'es east at Harlem. Neither of the latter two banks is a holding
%flIPPri
Subsidiary. While the three banks mentioned are the principal
.c5Nletit
-ors for the banking business originating in and around Chinook,
competition is also offered by two banks located 22 miles west of
sid4
°4 at Havre, Montana, one El subsidiary of Applicant, the other a suber"
4
01' First Bank Stock Corporation, also a bank holding company.
3836
—3—
Inasmuch as no significant change will occur either in
the nature or scope of Bank's operations as a result of the proposed
acquisition, it follows that there will be no material effect on the
c(117trenience, needs, and welfare of the comunity and area concerned.
Similarly, in view ar Applicant's present effective control
ot Dank, it does not ap-pear that the acouisition of an additional
30 shares of Bank's stock will have any measurable inpact on banking
ec8Vetition, or that it will produce any significant expansion in the
8i2e or extent of Applicant's holding company system.
It is the judgment of the Board that the proposed acquisition
1()111d be consistent with the general purposes of the Act and the factors
ellImierated in section 3(c) and, accordingly, that the application should
be aPprOVed.
Ikyveraber 15, 1961.
006
BOARD OF GOVERNORS
OF THE
Item No. 6
11/15/61
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
November 151 1961
Mr. B. F. Groot, Vice President,
Federal Reserve Bank of Boston,
Boston 6, Massachusetts.
Dear. Mr. Groot:
ined in your letter
In accordance with the request conta
ions heretofore given
rizat
autho
of November 1, 1961, the outstanding
al assistant examiners
speci
as
Your bank to designate various employees
and Trust Company,
Bank
t
are hereby broadened to include State Stree
to:
Boston, Massachusetts, except with respect
George A. Conley, Jr.
Walter R. Dewar
Marjorie F. Hagen
Paul V. Hughes
Alfred J. Morrissey, Jr.
Wilson S. Snow
n of Richard J. Matulis,
The Board also approves the designatio
nt assistant
prese
at
William C. Baldwin, and David Anderson, III,
al Reserve Bank
Feder
the
for
"aminers, as special assistant examiners
ns of Depositors
natio
exami
in
ing
Boaton for the purpose of participat
Bangor, Maine;
ny,
Compa
Trust
ll
rrust Company, Augusta, Maine; The Merri
t; Rhode
e Connecticut Bank and Trust Company, Hartford, Connecticu
State
and
d;
Islan
Rhode
,
dence
land Hospital Trust Company, Provi
tts.
chuse
Massa
n,
4reet Bank and Trust Company, Bosto
on our records of the
Appropriate notations have been made
al assistant examiners.
Ilanles to be deleted from the list of speci
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
383S
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
Item No.
7
11/15/61
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
November 15, 1961
Mr. John L. Nosker, Vice President,
Federal Reserve Bank of Richmond,
Richmond 13, Virginia.
Dear Mr. Nosker:
In accordance with the request contained in your letter of November 1, 1961, the
Board approves the appointment of James E.
Hastings as an assistant examiner for the Federal
Reserve Bank of Richmond, effective today.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
@FedFRASER