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111609 Minute for November 2, 1964 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. Mills Gov. Robertson Gov. Balderston Gov. Shepardson Gov. Mitchell Gov. Daane Minutes of the Board of Governors of the Federal Reserve System on Monday, November 2, 1964. The Board met in the Board Room at 10:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Mr. Martin, Chairman Balderston Vice Chairman Mills Robertson Shepardson Mitchell Daane Mr. Sherman, Secretary Mr. Young, Adviser to the Board and Director, Division of International Finance Mr. Molony, Assistant to the Board Mr. Fauver, Assistant to the Board Mr. Brill, Director, Division of Research and Statistics Mr. Solomon, Director, Division of Examinations Mr. Holland, Associate Director, Division of Research and Statistics Mr. Koch, Associate Director, Division of Research and Statistics Mr. Sammons, Adviser, Division of International Finance Mr. Reynolds, Associate Adviser, Division of International Finance Mr. Spencer, General Assistant, Office of the Secretary Mr. Axilrod, Chief, Government Finance Section, Division of Research and Statistics Mr. Eckert, Chief, Banking Section, Division of Research and Statistics Mr. Keir, Chief, Capital Markets Section, Division of Research and Statistics Mr. Baker, Economist, Division of International Finance Money market review. Mr. Axilrod reported on recent developments in the Government securities market, after which Mr. Koch commented on bank reserves, bank credit, and the money supply. Mr. Baker 11/2/64 -2- then discussed recent foreign exchange market developments. Material distributed and referred to during the course of the money market review included tables on selected indicators of monetary policy and selected financial flows and data affording perspective on the money market during the current calendar year. In a discussion related to the foregoing review, it was generally agreed that certain studies suggested by Governor Mitchell would be useful to the Board in formulating monetary policy. He had suggested that the Federal Reserve undertake studies in two areas; namely, (1) a study of the accuracy of wholesale price indexes, and (2) a study of the feasibility of constructing consumer price indexes that would reflect the change in cost of achieving a given level of "utility" by consumers as distinguished from the change in cost of a fixed list of goods and services. All members of the staff except Messrs. Sherman, Young, Molony, Fauver, Brill, Solomon, and Spencer then withdrew from the meeting and the following entered the room: Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Hackley, General Counsel Farrell, Director, Division of Bank Operations Johnson, Director, Division of Personnel Administration Kakalec, Controller Daniels, Assistant Director, Division of Bank Operations Kiley, Assistant Director, Division of Bank Operations Goodman, Assistant Director, Division of Examinations Sprecher, Assistant Director, Division of Personnel Administration Young, Senior Attorney, Legal Division Collier, Assistant to the Director, Division of Bank Operations Egertson, Supervisory Review Examiner, Division of Examinations Furth, Consultant 11/2/64 -3Discount rates. The establishment without change by the Federal Reserve Banks of Minneapolis and San Francisco on October 29, 1964, of the rates on discounts and advances in their existing schedules was approved unanimously, with the understanding that appropriate advice would be sent to those Banks. Circulated items. The following items, copies of which are attached to these minutes under the respective item numbers indicated, were approved unanimously: Item No. Letter to Provident Tradesmens International Corporation, Philadelphia, Pennsylvania, approving an amendment to its Articles of Association changing the name of the corporation to Provident International Corporation. 1 Letter to The Pleasants County Bank, St. Marys, West Virginia, interposing no objection to a dividend declared and paid in June 1964 and approving the Payment of a dividend to be declared and paid in December 1964. 2 Application to maintain reduced reserves (Item No. 3). There had been circulated a memorandum dated October 20, 1964, from the Division of Bank Operations recommending that The Sumitomo Bank of California, San Francisco, California, be granted permission to maintain the same reserves against deposits as are required to be maintained by nonreserve city banks. Attached to the memorandum was a draft of letter to The Sumitomo Bank in which such permission would be granted. 11/2/64 -4In discussion, Governor Mills stated that he found difficulty in reconciling the character of operations conducted by the bank with the proposal that it be permitted to carry reduced reserves. If the usual standards were applied in this case--the type of business and volume of loans--the bank no doubt would fall within the conventional Classification for nonreserve city banks. However, he felt that it was necessary to look beyond these criteria to the broad operations of the bank. It was a multi-office bank. Further, there was a liquidity factor involved in granting reduced reserves that he felt should not be disregarded. Governor Mills went on to note that an advertisement for The Sumitomo Bank, Limited (Japan), which had appeared in an English publication, indicated affiliation with The Sumitomo Bank of California, listing branch offices in Los Angeles in particular. In his opinion, this was convincing evidence that the bank should be regarded as a reserve city institution so far as reserve requirements were concerned. Mr. Farrell said that The Sumitomo Bank, Limited, owned 155,000 of the 330,000 shares outstanding of The Sumitomo Bank of California. The Sumitomo Bank of California had two branches in the suburbs of Los Angeles and, in addition, one branch each in Gardena, Sacramento, and San Jose, and one branch approved but not yet in Operation in Anaheim. He then cited information with regard to the applicant's demand, time, and interbank deposits, commercial, industrial, 0 0 k) 11/2/64 -5- and real estate loan activity, and other pertinent data, figures for Which were given in the October 20 memorandum that had been circulated. Mr. Farrell also pointed out that The Sumitomo Bank of California catered primarily to customers of Japanese ancestry and that the bank's branches were all situated in districts that were largely Japanese in character. In response to a question by Governor Mills, Mr. Leavitt said that the asset position, as well as the management of the bank, had been rated as satisfactory. low side. However, the capital structure was on the The bank had sold additional capital shares, and at the end of June 1.964, its capital funds were 70 per cent of the amount indicated under the Board's form for analyzing bank capital. Following further discussion, Governor Robertson stated that he could find no basis to deny the application. The bank was primarily local in operation, performing the usual banking functions in what were largely Japanese settlements. Therefore, he would approve. Chairman Martin and Governors Balderston, Shepardson, Mitchell, and Daane also indicated that they would approve the application. Governor Mills stated that he would wish to be recorded as dissenting, and he commented that he felt there should be a general review of the criteria used in granting banks permission to maintain reduced reserves. 3698 11/2/64 -6Thereupon, the application of The Sumitomo Bank of California to maintain reduced reserves was approved, Governor Mills dissenting. A copy of the letter sent to that bank is attached as Item No. 3. Messrs. Goodman and Collier then withdrew from the meeting. Report on competitive factors (Wellsboro-Elkland-KnoxvilleLiberty, Pennsylvania). There had been distributed a draft of report to the Comptroller of the Currency on the competitive factors involved in the proposed purchase of assets and assumption of liabilities by The First National Bank of Wellsborough, Wellsboro, Pennsylvania, of The Pattison National Bank of Elkland, Elkland, Pennsylvania, The First National Bank of Knoxville, Knoxville, Pennsylvania, and The Farmers' National Bank of Liberty, Liberty, Pennsylvania. Following a discussion during which agreement was expressed With a change in the conclusion that would reflect a suggestion made by Governor Mitchell, the report was approved unanimously for transmittal to the Comptroller with the conclusion reading as follows: There is virtually no effective competition existing among the four participating banks due to their relatively small size, the considerable distance and mountainous terrain between most of their offices, and the close affiliation of long standing of two of the banks. The proposed transaction would be seriously adverse to the preservation of banking competition in Tioga County because the two largest banks in Tioga County, affiliated through common ownership, would operate, after consummation of this proposal, 60 per cent of the county's banking offices and hold 65 per cent of the deposits of individuals, partnerships, and corporations. 11/2/64 -7Messrs. Young (Adviser to the Board), Brill, Egertson, and Furth then withdrew from the meeting. Transportation of new Federal Reserve notes (Items 4 and 5). At its meeting on July 301 1964, the Board concurred in the action taken by the Conference of Reserve Bank Presidents approving the recommendation of the Subcommittee on Cash, Leased Wire, and Sundry Operations that the Federal Reserve System negotiate a three-year contract with Brink's Incorporated for the transportation of new Federal Reserve notes from Washington, D. C., to the Federal Reserve Banks and branches. In this connection, there now had been distributed a memorandum from Messrs. Young (Legal Division) and Kiley dated October 28, 19641 submitting a proposed agreement with Brink's Incorporated and describing the salient features. The memorandum noted, for the information of the Board, that in requesting reimbursement for delivery service of Federal Reserve notes, it was contemplated that Brink's would submit a monthly statement directly to the Board. The Board would then advise each Reserve Bank of its share of the total bill and request that the Bank remit directly to Brink's. At the Board's request Mr. Young discussed the proposed agreement with Brink's, his remarks being based substantially on the information presented in the memorandum of October 28. In the discussion that followed, Governor Robertson indicated that although he would not vote against entering into the agreement, .1'0 4,,,1 11/2/64 -8- he had certain reservations. He recognized that the transportation service to be performed by Brink's would result in a savings to the Federal Reserve System. However, it seemed entirely probable that at some later date Brink's might want to raise its charge. If it were found after the agreement was executed that the transportation arrangement was not working out satisfactorily, it was unlikely that the System could again utilize Government services for this purpose. Also, the Federal Reserve probably would be subjecting itself to difficulties in the event of strikes. Governor Mills remarked that he shared Governor Robertson's reservations. However, the Board had already concurred with the recommendation of the Presidents' Conference. nevertheless, he felt that the System would be losing the protective aura that came from having the United States Government as the transportation agent by Which Federal Reserve notes were delivered. To him/ this was a real loss. During further discussion it was brought out that of four Proposals made by various companies for transporting new Federal Reserve notes, the Brink's proposal was considerably lower than the Other three. In addition, Brink's was the only company with experience and facilities in all Federal Reserve Districts. At the conclusion of the discussion, the agreement with Brink's Incorporated was approved, with the understanding that it ti; I c 11/2/64 _9.. would be executed by the Secretary on behalf of the Board and that it would become effective January 1, 1965. Attached as Item No. 4 is a copy of a letter sent to Mr. Paul C. Hodge, Chairman of the Ad Hoc Subcommittee of Counsel on Brink's Contract for Currency Shipments, transmitting copies of the agreement for execution by Brink's In- corporated. Secretary's Note: With a letter dated November 5, 1964, Mr. Hodge returned one duly executed copy of the agreement, which has been placed in the Board's files. Attached as Item No. 5 is a copy of a letter subsequently sent to the Presidents of all Federal Reserve Banks. Messrs. Molony, Daniels, and Young then withdrew from the meeting. Rule of the Retirement System modified (Items 6 and 7). There had been distributed a memorandum dated October 28, 1964, from the Division of Personnel Administration recommending a certain modification of the membership provision of the Rules for the Administration of the Board of Governors Plan of the Retirement System of the Federal Reserve Banks. The modification was for the purpose of incorporating a special exception which would provide that all new employees entering Board employment directly from Government (without a break in service) having funds to their credit with the Civil Service Retirement and Disability Fund, and who also had prior service with a Federal Reserve Bank, be automatically enrolled under the Board Plan. lt-"*. 11.1 11/2/64 ,f,v -10The modification was occasioned by a case that involved the return of an employee (Maurice H. Schwartz) from the Department of Commerce to the Board of Governors. In July 1964 this individual had Withdrawn his contributions from the Retirement System of the Federal Reserve Banks (including contributions covering four years of creditable service under the Board Plan which developed from prior service in a Federal Reserve Bank before entry into the Board's employment). In order for the individual on reemployment with the Board to transfer his funds back into the Board Plan from the Civil Service Retirement and Disability Fund and thereby regain the retirement credit that he had at the Board prior to his separation in July 1964, it was necessary to modify the Rules of the Board of Governors Plan to incorporate the Special exception, or as an alternative, the individual concerned would be required to have a break in service of at least four working days between his resignation from the Government agency and his appointment to the Board's staff. If the alternative of a break in service was used, it would in every future case place the individual concerned in a status of no longer being under the Civil Service Retirement System and not yet being under the Retirement System of the Federal Reserve Banks during such a break in service. Under such conditions, the fringe benefit status of the individual might also be jeopardized, particularly if a disability arose during the break in service. kjk) 11/2/64 -11The memorandum stated that the Civil Service Commission had pointed out that in order to transfer funds from Civil Service to the Board under the circumstances involved in Mr. Schwartz's case, it would be necessary for the Commission to have on record a change in the Board's Rules that would automatically apply to all individuals who had prior Federal Reserve Bank service. Attached to the memorandum was a draft of letter to the Civil Service Commission that would reflect approval of a change in the Rules applicable to the Board of Governors Plan. Also attached was a draft of letter to the Secretary of the Retirement System advising of the change in the membership provision. Following comments by Mr. Sprecher in supplementation of the Information presented in the October 28 memorandum, there was a general discussion of the proposed modification. It was brought out that a Person having funds to his credit with the U. S. Civil Service Retirement and Disability Fund could not transfer such funds or receive credit for employment with Civil Service under present provisions of the Bank Plan of the Retirement System of the Federal Reserve Banks. It was generally the view of the Board that the Retirement System Should consider this situation with a view to possibly changing the rules of the Retirement System so as to permit the crediting of all Reserve Bank or Government service in cases where persons returned to service in the System. 6't t 11/2/64 -12At the conclusion of further discussion, the proposed modifica- tion of the membership provision of the Rules for the Administration of the Board of Governors Plan, as recommended by the Division of Personnel Administration in its memorandum of October 28, was approved unanimously. A copy of the letter sent to the U. S. Civil Service Commission in this connection is attached as Item No. 6. A copy of the letter sent to the Secretary of the Retirement System is attached as Item No. 7. The meeting then adjourned. Secretary's Notes: A letter was sent today to First National City Bank, New York, New York, granting an extension of time within which to establish a branch in Concepcion, Chile. A copy of the letter is attached as Item No. 8. Governor Shepardson approved on behalf of the Board on October 30, 1964, the following items: Letter to the Federal Reserve Bank of New York (attached Item No. 9) approving the appointment of Joseph T. Vignola as assistant examiner. Telegram to the Federal Reserve Bank of Atlanta (attached II!11121_121 approving the designation of Charles D. East as Special assistant examiner. Memoranda recommending the following actions relating to the Board's staff: Appointment Verna Hornbeck as Cafeteria Helper, Division of Administrative Services, with salary at the rate of $1.85 per hour, when actually employed, effective the date of entrance upon duty. •i • k_.) I 11/2/64 -13- Permission to engage in outside activity Marilynn Cunningham, Operator, Key Punch (Trainee), Division of Data Processing, to work for a local department store on a part-time basis. BOARD OF GOVERNORS Item No. 1 11/2/64 OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551 ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD November 2, 1964. Provident Tradesmens International Corporation, Broad & Chestnut Streets, Philadelphia, Pennsylvania. Gentlemen: Reference is made to your letter of October 16, 1964, transmitted through the Federal Reserve Bank of Philadelphia, requesting approval of an amendment, adopted at a special meeting of the shareholders of your Corporation on October 8, 1964, to change the name of your Corporation from Provident Tradesmens International Corporation to Provident International Corporation. In accordance with the request, and pursuant to the Provisions of Section 211.3(a) of Regulation K, as revised effective September 1, 1963, the Board of Governors approves the amendment to Article FIRST of your Articles of Associati on so as to read: "FIRST. The name of the Corporation shall be 'PROVIDENT INTERNATIONAL CORPORATION." Very truly yours, (Signed) Karl E. Bakke Karl E. Bakke, Assistant Secretary. t.) BOARD OF GOVERNORS -; 4I` Item No. 2 11/2/64 OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551 ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD November 2, 1964. Board of Directors, The Pleasants County Bank, St. Marys, West Virginia. Gentlemen: The Board of Governors of the Federal Reserve System has received a copy of Executive Vice President Patton's letter regarding the declaration of a dividend of $2,250 which was paid on June 20, 1964, in contravention of Section 9, paragraph 6, Federal Reserve Act, and Section 5199(b), United States Revised Statutes, and further requesting approval of a dividend of $3,750 to be declared and paid in December, 1964, pursuant to these statutes. The statutes contemplate that prior approval by the Board will be obtained before the declaration of dividends which would exceed the limitations of Section 5199(b), but prior approval cannot be given for dividends which have already been declared and paid. After consideration of the facts, however, the Board does not object to the dividend declared and paid in June, 1964, and, further, the Board approves the payment of a dividend of $3,750 to be declared and paid in December, 1964. Very truly yours, (Signed) Karl E. Bakke Karl E. Bakke, Assistant Secretary. I 1. • , t 't Item No. BOARD OF GOVERNORS 3 11/2/64 OF THE FEDERAL RESERVE SYSTEM WASHINGTON, O. C. 20551 ADDRESS orrtcsAL CORRESPONDENCE TO THE BOARD November 21 1964. Board of Directors) The Sumitomo Bank of California, San Francisco) California. Gentlemen: With reference to your request submitted through the Federal Reserve Bank of San Francisco, the Board of Governors, acting under the provisions of Section 19 of the Federal Reserve Act, grants permission to The Sumitomo Bank of California to maintain the same reserves against deposits as are required to be maintained by nonreserve city banks, effective with the first biweekly reserve computation period beginning after the date of this letter. Your attention is called to the fact that such permission is subject to revocation by the Board of Governors. Very truly yours) (Signed) Merritt Sherman Merritt Sherman, Secretary. BOARD OF GOVERNORS OF THE Item No. FEDERAL RESERVE SYSTEM L. 11/2/64 WASHINGTON, D. C. 20551 ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD November 2, 196h. Mr. Paul C. Hodge, Vice President, General Counsel, and Secretary, Federal Reserve Bank of Chicago, Chicago, Illinois. 60690 Dear Mr. Hodge: Enclosed are two executed copies of the Agreement with Brink's Incorporated for the transportation of new Federal Reserve notes. The Agreement was approved by the Board this morning. It will be appreciated if you will have the two copies properly executed by an authorized official of Brink's Incorporated and return one copy to the Board, following which copies will be prepared for transmission to each of the Federal Reserve Banks for their records. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Secretary. Enclosures BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Item No. WASHINGTON, D. C. 20551 11/2 /64 5 ADDRESS OFFICIAL CORRESPONDENCE TO THE SOARD November 19, 1964. Dear Sir: A contract between the Board of Governorc of the Federal Reserve System and Brink's, Incorporated,for the shipment of new Federal Reserve notes from the United States Bureau of Engraving and Printing or certain other places to the Federal Reserve Bank and branch offices was executed under date of November 2, 1964. For your information and files, there are enclosed copies of this contract, including in the case of Reserve Banks having branches a sufficient number to permit distribution to the branches. Also enclosed is a letter, dated November 5, 1964, from Mr. Paul C. Hodge, Chairman, Ad Hoc Subcommittee of Counsel on Brink's Contract for Currency Shipments, which contains additional information, particularly with regard to the insurance Policies that have been furnished by Brink's as required under the terms of the contract. In this connection, appropriate amendments to the Loss Sharing Agreement have been approved by the Board and, when executed copies have been received from all Reserve Banks, will become effective January 1, 1965. Very truly yours, A Merritt Sherman, Secretary. Enclosures TO THE PRESIDENTS OF ALL FEDERAL RESERVE BANKS. BOARD OF GOVERNORS Go.. •.\O1 .+ .•0 /-!:. • 'cc) Item No. 6 11/2/64 OF THE FEDERAL RESERVE SYSTEM WASHINGTON, O. C. 20551 ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD November 2, 1964 Mr. Andrew E. Ruddock, Director, Bureau of Retirement and Insurance, U. S. Civil Service Couunission, Washington, D. C. 20415. Dear Mr. Ruddock: Under the Rules for the Administration of the Board of Governors Plan of the Retirement System of the Federal Reserve Banks, any person who has funds to his credit with the Civil Service Retirement and Disability Fund is excluded from membership in the Retirement System of the Federal Reserve Banks. However, the Board has approved a special exception to tilis membership rule as regards an employee (with funds to his credit in the Civil Service Retirement and Disability Fund) who has had prior service with a Federal Reserve Bank. Under this exception, such an employee appointed to the Board's staff would become a member of the Board plan to preserve his prior service credit gained within the Federal Reserve System. Mr. Maurice H. Schwartz, who is resigning from employment with the Department of Commerce, will be appointed immediately to the staff of the Board of Governors of the Federal Reserve System. Having had prior Federal Reserve Bank service, Mr. Schwartz will fall within the cited exception and become a member of the Board plan of the Retirement System of the Federal Reserve Banks. He will deposit with our System the lump-sum credit payable from your fund. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Secretary. 111"4,1 0. 7S tfi IEta , BOARD OF GOVERNORS Item No. ••• GOv •• ' •„ .•• 419OV OF THE • 1.1/2/64 FEDERAL RESERVE SYSTEM •.°0 ...... WASHINGTON, D. C. 20551 ADDRESS OFFICIAL CORRESPONDENCE . • TO THE BOARD •.I1LRES• • •..• • November 2, 1964. Mrs. Valerie R. Frank, Secretary, Retirement System of the Federal Reserve Banks, Federal Reserve Bank of New York, New York, New York. 10045 Dear Mrs. Frank: In accordance with Section 10 (5) of the Rules and Regulations of the Retirement System of the Federal Reserve Banks, the Board has modified the Rules for the Administration of the Board of Governors Plan to preserve any prior service credit gained within the Federal Reserve System. For this purpose, the Board has approved a special exception to the membership rule as regards an employee (with funds to his credit in the Civil Service Retirement and Disability Fund) who has had prior service with a Federal Reserve Bank, so that such an employee appointed to the Board's staff will automatically become a member of the Board Plan of the Retirement System of the Federal Reserve Banks. The foregoing change is reflected in the following portion of the revised Membership provision, with the newly added wording being u nderscored: "I. MEMBERSHIP A. All new employees of the Board shall come automatically under the Board Plan as a condition of their employment, With the following exceptions: 1. Any person, other than a person with prior service with a Federal Reserve Bank, who has funds to his credit with the Civil Service Retirement and Disability Fund shall be excluded from membership in the Retirement System, and shall make contributions to the Civil Service Retirement and Disability Fund." I Mrs. Valerie R. Frank - 2 This change has been reviewed with the Civi Serv l ice Commission and also with Mr. Duncan, Counsel for the Retirement System of the Federal Reserve Bank s. There is enclosed a copy of a letter to the U. S. Civil Service Comm ission informing them of this modification of the Rules. This modification in the Board of Governors Plan is hereby filed with the Reti rement Committee and will become effective on November 2, 1964. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Secretary. Enclosure *k. Item No. BOARD OF GOVERNORS 8 11/2/64. OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551 ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD RO'. s• November 2, 1964. First National City Bank, 399 Park Avenue, New York, New YOrk. 10022 Gentlemen: Reference is made to your letter of October 21, 1964, referring to your letter of November 1, 1963 (received November 5, 1963), advising, pursuant to Regulation M, of your intention to establish a branch in Concepcion, Chile. The Board's letter of November 15, 1963, acknowledged Your letter of November 1, 1963, and stated that unless the branch is actually established and opened for business on or before December 1, 1964, it will be deemed that plans for its establishment have been abandoned, in which event authority to establish the branch under the notice furnished in your letter of November 1, 1963, will automatically terminate. It is noted from your letter of October 21, 1964, that, due to delays in the preparation of your quarters, it is not expected that you will be ready to open for business in Concepcion before March 1, 1965. Accordingly, the Board extends to June 1, 1965, the date specified in line 2 of paragraph 2 of the Board's letter of November 15, 1963. Very truly yours, (Signed) Karl E. Bakke Karl E. Bakke, Assistant Secretary. :S;110 BOARD OF GOVERNORS Item No. 9 11/2/64 OF THE FEDERAL RESERVE SYSTEM WASHINGTON, O. C. 20551 ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD November 2, 1964. Mr. Howard D. Crosse, Vice President, Federal Reserve Bank of New York, New York, New York. 10045 Dear Mr. Crosse: In accordance with the request contained in Mr. Bilby's letter of October 28, 1964, the Board approves the appointment of Joseph T. Vignola as an assistant examiner for the Federal Reserve Bank of New York, effective November 10, 1964. Very truly yours, (Signed) Elizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary. TELEGRAM LEASED WIRE SERVICE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 3C/1.6 Item No. 10 11/2/64 October 30, 1964. SHEHIR - ATLANTA Raurlet October 27, 1964, Board approves designation of Charles El. East as special assistant examiner for Federal Reserve Bank of Atlanta to participate in examinations of State member banks. (Signed) Elizabeth L. Carmichael Carmichael
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