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PR 609 Minutes for To: Members of the Board From: Office of the Secretary November 4, 1966 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 Minutes of the Board of Governors of the Federal Reserve System on Friday, November 4, 1966. The Board met in the Board Room at 10:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Robertson, Vice Chairman Daane Maisel Brimmer Mr. Kenyon, Assistant Secretary Mr. Bakke, Assistant Secretary Mr. 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. Hackley, General Counsel Mr. Solomon, Director, Division of Examinations Mr. O'Connell, Assistant General Counsel Mr. Leavitt, Assistant Director, Division of Examinations Mr. Forrestal, Senior Attorney, Legal Division Messrs. Brill, Koch, Axilrod, Eckert, Keir, Bernard, Ettin, Fry, Kelty, and Rosenblatt, and Mrs. Peskin of the Division of Research and Statistics Messrs. Sammons, Katz, Gemmill, Baker, and Ruckdeschel of the Division of International Finance Money market review. Mr. Kelty commented on the money and capital markets, and Mr. Fry discussed projections of bank reserve utilization. Copies of tables and statistical material distributed in connection with these presentations have been placed in the Board's files. Mr. Ruckdeschel reviewed developments concerning the gold and foreign exchange markets, the Italian and French balance of payments -2- 11/4/66 position, activity under "swap" agreements, and the liabilities of U.S. banks to their foreign branches. All members of the staff except Messrs. Kenyon, Bakke, Molony, Cardon, Hackley, Solomon (Examinations), O'Connell, Leavitt, and Forrestal then withdrew and the following entered the room: Mr. Smith, Assistant Director, Division of Examinations Mr. Egertson, Supervisory Review Examiner, Division of Examinations Discount rates. The establishment without change by the Federal Reserve Banks of New York, Philadelphia, Chicago, Kansas City, and San Francisco on November 3, 1966, 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. Approved letters. The following letters, copies of which are attached under the respective item numbers indicated, were approved unanimously following consideration of background materials that had been made available to the members of the Board: Item No. Letter to Hagerstown Trust Company, Hagerstown, Maryland, approving the establishment of a branch in Village Downs, Washington County. 1 Letter to American Bank & Trust Company, New York, New York, granting an extension of time to establish a branch at 562 Fifth Avenue. 2 Letter to the Federal Deposit Insurance Corporation regarding the application of Moore State Bank, Llano, Texas, for continuation of deposit insurance after withdrawal from membership in the Federal Reserve System. 3 k 11/4/66 -3Item No. Letter to First National City Bank, New York, New York, granting an extension of time to establish a branch in Managua, Nicaragua. Report on competitive factors. 4 A report to the Comptroller of the Currency on the competitive factors involved in the proposed merger of of Timbermens National Bank, Hoquiam, Washington, into National Bank transmittal, Washington, Tacoma, Washington, was approved unanimously for the conclusion reading as follows: Little or no competition now exists between Timbermens National Bank of Hoquiam and National Bank of Washington, Tacoma, a subsidiary of Western Bancorporation, Los Angeles, California, a registered bank holding company. Consummation of the proposal would, however, increase the already high level of banking concentration in the State of Washington, and in this respect the competitive effect of the proposal is adverse. Mr. Egertson then withdrew from the meeting. Fiscal agency services for Asian Development Bank (Item No. 5). There had been distributed a memorandum from the Legal Division dated of November 1, 1966, regarding a letter from the Federal Reserve Bank New York of October 21 advising that the Bank had been authorized by the Secretary of the Treasury to open an account, as fiscal agent of the United States, in the name of the Secretary General of the United Nations as trustee for the Asian Development Bank. This account had paid to been opened for the purpose of receiving subscription payments the the Secretary General by member countries pending organization of Asian Development Bank as an operating institution. -4- 11/4/66 The New York Reserve Bank also advised that it expected the Asian Development Bank to request that an account be opened in its name after the inaugural meeting of that Bank, scheduled to be held in Tokyo on November 24-26, 1966. The new account would be opened in the first instance for the purpose of receiving all assets held by the New York Reserve Bank in the account of the Secretary General of the United Nations as trustee for the Asian Development Bank. The account opened for the Secretary General of the United Nations as trustee for the Asian Development Bank was authorized and requested, pursuant to section 15 of the Federal Reserve Act (which provides that the Reserve Banks shall act as fiscal agents of the United States when required to do so by the Secretary of the Treasury), in a letter to the President of the New York Reserve Bank from the Treasury Department dated September 16, 1966. The authorization for Reserve Banks to act as depositories or fiscal agents for the Asian Development Bank is contained in section 6 of the Asian Development Bank Act (Public Law 89-369, approved March 16, 1966), which provides that "Any Federal Reserve bank which is required to do so by the [Asian Development] Bank shall act as its depository or as its fiscal agent, and the Board of Governors of the Federal Reserve System shall supervise and direct the carrying out of these functions by the Federal Reserve banks." The fiscal agency functions to be performed for the Asian Development Bank would be similar to those presently carried on by the -5- 11/4/66 New York Reserve Bank for the International Monetary Fund, the International Bank for Reconstruction and Development, and the Inter-American Development Bank. The proposed fiscal agency agreement between the New York Reserve Bank and the Asian Development Bank would contain provisions for reimbursing the New York Reserve Bank for all of the usual charges and necessary out-of-pocket expenses incurred in connection with the operation of the account. The Asian Development Bank also would agree to indemnify the New York Reserve Bank and to hold it harmless from and against all liabilities, charges, losses, costs, damages, and expenses arising out of or in connection with the account of the Bank on the books of the New York Reserve Bank or any other transactions. Attached to the memorandum was a draft of letter expressing approval of the New York Reserve Bank acting as depository and fiscal agent of the Asian Development Bank. The letter was approved unanimously. A copy is attached as Item No. 5. Mr. Forrestal then withdrew from the meeting. Biennial conference of Auditors. There had been distributed a memorandum from the Division of Examinations dated November 1, 1966, requesting approval for a conference of General Auditors of the Federal Reserve Banks during March or April 1967, the specific dates to be fixed at a later time. The meeting would afford an occasion for comprehensive review of auditing practices in the Reserve Banks and provide the General Auditors I -6- 11/4/66 an opportunity to exchange views among themselves and with Board personnel on current and prospective developments of interest in their field. The "statement of principles" adopted by the Chairmen's Conference in October 1942 provided that conferences of General Auditors shall be called by the Chairmen's Conference, or the Chairman thereof, or the Board of Governors after consultation with each other. The memorandum stated that if the Board approved the calling of the conference, an opportunity would be afforded Chairman Tarver of the Chairmen's Conference to express his views before any further action was taken. The proposed conference was authorized, subject to consultation with Chairman Tarver. Mr. Smith then withdrew from the meeting. Bank of Dublin matter (Item No. 6). By order dated April 12, 1965, the Board approved an application under the Bank Holding Company Act by The First Virginia Corporation, Arlington, Virginia, a registered bank holding company, for permission to acquire 80 per cent or more of the voting shares of Peoples Bank of Radford, Radford, Virginia, a nonmember insured State bank. On or about April 26, 1965, it became known to Federal and State supervisory authorities that assets in excess of $700,000 on the books of Bank of Dublin, Incorporated, Dublin, Virginia, a member State bank, were worthless, being largely based upon fraudulent notes, collateral paper, and other documents. These loans represented more than one-third -7- 11/4/66 of the total loans of Bank of Dublin, and in order to prevent the bank's closing, the Federal Reserve Bank of Richmond and the Federal Deposit Insurance Corporation approached First Virginia Corporation with a proposal for merger between Peoples Bank of Radford and Bank of Dublin, Pending consummation of which First Virginia Corporation would protect the solvency of Bank of Dublin by depositing $730,000 for that bank's account with Peoples Bank of Radford. The proposal was accepted by First Virginia Corporation, and the deposit of funds made. On or about June 28, 1965, acquisition of shares of Peoples Bank of Radford by First Virginia Corporation was consummated and the bank assumed the status of a subsidiary of the holding company. On or about July 1 the proposed merger between Peoples Bank of Radford and Bank of Dublin was consummated, pursuant to prior approval of the Federal Deposit Insurance Corporation under the emergency provisions of the Bank Merger Act, under the charter of the former and with the new title Bank of New River Valley. Thereafter, First Virginia Corporation, on behalf of its subsidiary Bank of New River Valley, commenced preparation of a claim under the bankers blanket bond that had been issued to Bank of Dublin by Fidelity and Deposit Company of Maryland, Baltimore, Maryland. In this connection, First Virginia Corporation submitted a request to the Board for access to the confidential sections of reports of examination of Bank of Dublin as of January 25 and May 3, 1965, and also any other materials or documents 412P -8- 11/4/66 that might support its claim. A search of the Board's files incident to this request had indicated that two particular documents might be useful to First Virginia Corporation's purpose; the first (notes of a meeting on May 1, 1965, among representatives of the Federal Deposit Insurance Corporation, the Richmond Reserve Bank, and Bank of Dublin) had been prepared by the Federal Deposit Insurance Corporation and the second by the Federal Bureau of Investigation. The staff of the Corpo- ration had advised informally that there would be no objection to the Board making a copy of the first document available for inspection by First Virginia Corporation; the Federal Bureau of Investigation, however, had asked that its authorization for inspection of the second document (which was subsequently denied) be requested in writing. At its meeting of October 4, 1965, the Board authorized representatives of First Virginia Corporation to read, at the Board's offices, the confidential sections of the requested reports of examination and the Federal Deposit Insurance Corporation document. Following submission of the claim to the bonding company, counsel for the company submitted a request to the Federal Reserve Bank of Richmond, dated March 17, 1966, for permission to inspect the reports of examination of Bank of Dublin as of April 2, 1962, February 11, 1963, May 30, 1964, and January 25, 1965, as well as "other documents" relating to Bank of Dublin and its successor, Bank of New River Valley. This request was forwarded to the Board, and by letter of April 13, 1966, the Richmond -9- 11/4/66 Reserve Bank was authorized to allow the bonding company's counsel access to the open sections of the first three reports of examination cited, the open and confidential sections of the fourth, and the notes of the May 1, 1965, meeting among representatives of the Federal Deposit Insurance Corporation, the Richmond Reserve Bank, and Bank of Dublin. Thereafter, on April 22, 1966, the Richmond Reserve Bank forwarded to the Board a letter from the bonding company's counsel requesting access to the open and confidential sections of the May 3, 1965, report of examination of Bank of Dublin and to documents related thereto, including examiners' work papers. Under date of June 21, 1966, the Richmond Reserve Bank was authorized to comply with the request. Mr. O'Connell now reported that the claim under the bankers blan- ket bond had been disallowed by the bonding company, and suit had been filed against the company seeking recovery of the amount claimed. In this connection, counsel for the claimant has caused a subpoena to be issued to Vice President Nosker of the Richmond Reserve Bank directing him to appear on Monday, November 7, at the offices of counsel for the matters of claimant for the purpose of giving his deposition concerning and to personal knowledge relative to the subject matter of the suit, Mr. bring with him all materials in the Reserve Bank's files relating to R. L. Evans, formerly Executive Vice President of the Bank of Dublin, to Bank of Dublin itself, and to the successor Bank of New River Valley. to Mr. O'Connell stated that this subpoena had been forwarded the Board by counsel for the Richmond Reserve Bank. In discussions with 1I; -10- 11/4/66 Reserve Bank counsel Mr. O'Connell had expressed the opinion that the subpoena was cast in sweeping terms and that counsel for the claimant should be requested to withdraw it and substitute a subpoena demanding only reports of examination of Bank of Dublin from 1962 through the time of its merger with Peoples Bank of Radford, copies of correspondence period, between the Richmond Reserve Bank and Bank of Dublin during this and testimony concerning statements that may have been made to Mr. Nosker by Mr. Evans regarding the contents of the above-mentioned reports of examination. Mr. O'Connell also commented that he had suggested an than attempt be made to have the deposition rescheduled for a date later November 7. a letMr. O'Connell requested permission to prepare and transmit ter to the Richmond Reserve Bank authorizing Mr. Nosker to appear for the have deposition on November 7 or such other date as might be fixed; to in his possession examination reports and related work papers of Bank of quesDublin for the period 1962-65; to allow inspection of, and to answer such tions concerning, the open sections and associated work papers of all confidential reports, but to limit inspection of and comments concerning the sections to those previously made available to the parties--i.e., personal reports of January 25 and May 3, 1965; to testify as to his contents of knowledge of any statements made by Mr. Evans concerning the the examination reports in question; and to have in his possession the representatives of the document concerning the May 1, 1965, meeting among _tt -11- 11/4/66 Richmond Reserve Bank, the Federal Deposit Insurance Corporation, and Bank of Dublin. In the event counsel for the claimant could not be induced to recast the subpoena to limit its scope to the testimony and documents mentioned above, Mr. O'Connell recommended that Mr. Nosker appear as directed at the time set for the deposition and decline to be examined or to produce documents requested, thereby laying the foundation for a judicial determination whether the scope of the subpoena should not Properly be narrowed. In conclusion, Mr. O'Connell indicated that counsel for the claimant had also stated the intention to subpoena for deposition the Federal Reserve examiner-in-charge at the May 3, 1965, examination of Bank of Dublin. This man was presently hospitalized with a serious illness, and therefore Mr. O'Connell recommended that the Board inform the Richmond Reserve Bank that his testimony would not be authorized at this time. Following brief discussion, preparation and transmittal of a letter to the Reserve Bank embodying the points suggested above was authorized unanimously. A copy of the letter in the form transmitted Is attached as Item No. 6. The meeting then adjourned. Secretary's Notes: On November 3, 1966, Governor Robertson, acting in the absence of Governor Shepardson, approved on behalf of the Board the following items: -12- 11/4/66 Letter to Mrs. Marie Francoise ing arrangements for her to conduct for members of the Board's staff as Training and Development Program at ducted. Irion, Washington, D. C., confirma course in Conversational French an activity of the Board's Employee a fee of $8 for each session con- Telegram to the Federal Reserve Bank of Atlanta (copy attached as Item No. 7) approving the appointment of Warren A. Kohn as assistant examiner. Letter to the Federal Reserve Bank of St. Louis (copy attached as Item No. 8) approving the appointment of Kenneth P. Spencer as assistant examiner. Acting in the absence of Governor Shepardson, Governor Robertson today approved on behalf of the Board memoranda recommending the following actions relating to the Board's staff: Appointments Jan W. Karcz as Economist, Division of International Finance, with basic annual salary at the rate of $9,851, effective the date of entrance Upon duty. Carthell H. Taliaferro as Messenger, Division of Administrative Services, with basic annual salary at the rate of $3,609, effective the date of entrance upon duty. Salary increases _Name and title effective November 6 1966 Division Basic annual salary To From Research and Statistics Judith A. Ziobro, Research Assistant $ 7,516 $ 7,957 5,331 5,507 14,217 6,263 15,629 6,461 International Finance Denise C. Blackburn, Statistical Assistant Examinations Jerry B. Riley, Senior Federal Reserve Examiner Carol Ann Slocombe, Assistant Supervisor, Recording and Stenographic Section -13- 11/4/66 r increases effective November 6 1966 (continued) Division Name and title Basic annual salary To From Administrative Services Raymond R. Sine, Guard James T. Stewart, Senior Mail Clerk $4,557 5,896 $4,701 6,056 4,776 4,936 Data Processing John A. Devera, Control Clerk klaternity leave Linda Kay Goukler, Records Clerk, Office of the Secretary, beginning the close of business November 18, 1966. Acceptance of resignation Charlene Gail Roberts, Secretary, Division of Research and Statistics, effective the close of business November 21, 1966. Permission to engage in outside activity. Eleanor J. Stockwell, Senior Economist, Division of Research and Statistics, to prepare an article on corporate wealth for Finance Magazine. Assistant Secretary 1135 Item No. 1 11/4/66 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, O. C. 20551 ADOREEIII ornetAL COPIREEPONOCHBE TO THE •0A11/0 November 4, 1966 Board of Directors, Hagerstown Trust Company, Hagerstown, Maryland. Gentlemen: The Board of Governors of the Federal Reserve System approves the establishment by Hagerstown Trust Company, Hagerstown, Maryland, of a branch on Maryland Route 632 at Village Downs in Washington County, Maryland, provided the branch is established within one year from the date of this letter. 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.) I BOARD OF GOVERNORS Item No. 2 11/4/66 OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20851 AOORCIIIII OFFICIAL CORRCIIIPONOCNCC TO THE SOAR° November 4, 1966 Board of Directors, American Bank & Trust Company, New York, New York. Gentlemen: The Board of Governors of the Federal Reserve System extends to July 12, 1967, the time within which American Bank & Trust Company, New York, New York, may establish a branch at 562 Fifth Avenue,. Borough of Manhattan, New York, New York.. Very truly yours, (Signed) Karl E. Bakke Karl E. Bakke, Assistant Secretary. I Item No. 3 11/4/66 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, O. C. 20551 AOOPIC•111 orrtoiAL CORPICSPONOCNCE TO THIC 110A1110 November 4, 1966 The Honorable K. A. Randall, Chairman, Federal Deposit Insurance Corporation, Washington, D. C. 20429 Dear Mr. Randall: Reference is made to your letter of October 27, 1966, concerning the application of Moore State Bank, Llano, Texas, for continuance of deposit insurance after withdrawal from membership in the Federal Reserve System. There have been no corrective programs urged upon the bank, or agreed to by it, which have not been fully consummated, and there are no programs that the Board would advise be incorporated as conditions of admitting the bank to membership in the Corporation as a nonmember of the Federal Reserve System. Very truly yours, (Signed) Karl E. Bakke Karl E. Bakke, Assistant Secretary. BOARD OF GOVERNORS Item No. 4 11/4/66 OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551 ^DORM °maim. CONRCIMPONOIENCE TO THE EDAIRO November. 4, 1966 First National City Bank, 399 Park Avenue, New York, New York. 10022 Gentlemen: As requested in your letter of October 5, 1966, the Board of Governors extends to July 1, 1967, the time within which your bank may establish the branch in Managua, Nicaragua, authorized in the Board's letter of December 10, 1965. Please inform the Board of Governors, through the Federal Reserve Bank of New York, when the branch is opened for business, furnishing information as to the exact location of the branch. Very truly yours, (Signed) Karl E. Bakke Karl E. Bakke,. Assistant Secretary. 1139 BOARD OF GOVERNORS Item No. 5 11/4/66 OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551 ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD November 4, 1966. Mr, B. K. MacLaury, Assistant Vice President, Federal Reserve Bank of New York, New York, New York. 10045 Dear Mr. MacLaury: This refers to your letter of October 21, 1966, in which you advised the Board that, pursuant to authorization of the Secretary of the Treasury under section 15 of the Federal Reserve Act, you have opened an account, as fiscal agent of the United States, in the name of the Secretary General of the United Nations as trustee for the Asian Development Bank. It is understood that this account has been established in connection with subscription payments paid to the Secretary General by member countries, including the United States, pending organization of the Asian Development Bank as an operating institution. The Board was further advised that, on the basis of information received by you from representatives of the Treasury Department and the United Nations, it is expected that the Asian Development Bank will request you to open an account on your books and instruct you to receive all assets held at that time in the account of the Secretary General of the United Nations as trustee for the Asian Development Bank. The Board is entirely agreeable to your Bank acting as depository and fiscal agent of the Asian Development Bank pursuant to section 6 of the Asian Development Bank Act (Public Law 89-369, approved March 16, 1966; 80 Stat. 71). The Board also approves the execution by your Bank of an agreement substantially in the form of the draft dated October 17, 1966, enclosed with your letter. It is understood, of course, that any subsequent amendment to the agreement will be made only with the approval of the Board, and we Will appreciate your keeping the Board informed of any significant developments in connection with the exercise of the depository or fiscal agency functions performed for the Asian Development Bank. Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary. 1140 BOARD OF GOVERNORS Item No. 6 11/4/66 OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551 ADDRESS orriciAL CORRESPONDENCE TO THE BOARD November 4, 1966 Mr. W. S. Farmer, Vice President and General Counsel, Federal Reserve Bank of Richmond, Richmond, Virginia. 23213 Re: Bank of Dublin, Inc., et al. v. Fidelity & Deposit Company of Maryland, No. 4045 Dear Mr. Farmer: This acknowledges your letter of October 31, 1966, enclosing a subpoena issued on behalf of plaintiff in the above case requiring Vice President Nosker of your Bank to appear on November 7, 1966, at 10 a.m., in the State-Planters Bank Building, Richmond, to testify and to produce the documents specified in the subpoena under discussion. Mr. O'Connell of the Board's legal staff has advised of conversations with you in this matter and of the understanding reached l'egarding the extent to which counsel for plaintiff has now informally agreed response to the subpoena may be narrowed. On the basis of this understanding, the Board authorizes Mr. Nosker to appear in response to the subpoena, to testify at the taking of the deposition, and to Produce in connection therewith open portions of reports of examination of the Bank of Dublin of April 2, 1962, February 11, 1963, and 1.!ay 30, 1964, as well as the open and confidential portions of the annary 25, 1965, and May 3, 1965 reports of examination of Dublin : ank. Mr. Nosker is also authorized to produce at deposition such ' work papers as may be determined to relate to the portions of the tePorts of examination authorized to be produced. The Board further authorizes the production on November 7 of the notes of a conference onducted on May 1, 1965, in the Richmond District Office of the ! t'ederal Deposit Insurance Corporation attended by representatives °f the FDIC, your Bank, and the Bank of Dublin. Mr. Nosker is further authorized to produce at deposition correspondence and other written riorlaterials originated between 1960 and May 1965 that were exchanged etween your Bank and the Bank of Dublin. BOARD Mr. W. S. Farmer OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM -2- You will note that the response authorized by the Board is more narrow than the demand for production contained in the subject subpoena. It is requested that you or Assistant General Counsel Upshaw accompany Mr. Nosker on November 7 at the taking of the deposition for the explicit purpose of stating on the record that the material Produced by Mr. Nosker is responsive to the oral modification of the subpoena made by plaintiff's counsel, and that such response is directly pursuant to, and reflects the extent of, the Board's authorization. It is assumed that you or Mr. Upshaw will take whatever additional steps may appear appropriate to protect fully Mr. Nosker's interests and those of your Bank and the Board. Mr. O'Connell has advised the Board of a possible continued date for the taking of Mr. Nosker's deposition, and of the fact that Plaintiff's counsel has made known his intention to subpoena Mr. E. L. Bennett of your Bank's Examination Department for the purpose of taking his deposition in this matter. The Board's authorization herein granted will apply to any continued date that may be set for Mr. Nosker's deposition. In view of Mr. Bennett's present illness it is assumed that you will take any necessary action to defer response by him to any subpoena that may be issued. A copy of this letter is enclosed for Mr. Nosker's information. Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary. I1:1 TELEGR AM LICASEID WINE INLIRVICE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON November 3, 1966. STEPHENSON - ATLANTA Reurlet October. 31, 1966, Board approves appointment of Warren A. Kohn as assistant examiner for Federal Reserve Bank of Atlanta. . Please advise effective date appointment. (Signed) Elizabeth L. Carmichael .CARHICHAEL Item No. 7 11/4/66 Item No. 8 11/4/66 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551 ADDRESS OFTICIAL CORRESPONDENCE TO THE BOARD November 4, 1966 Mr. 0. O. Wyrick, Vice President, Federal Reserve Bank of St. Louis, 63166 St. Louis, Missouri. Dear Mr. Wyrick: In accordance with the request contained in your letter of October 31, 1966, the Board approves the appointment of Kenneth P. Spencer as an assistant examiner for the Federal Reserve Bank of St. Louis. Please advise the effective date Of the appointment. It is noted that Mr. Spencer owns ten shares of stock of Peoples Bank and Trust Company, Russellville, Arkansas. Accordingly, the Board's approval of the appointment Of Mr. Spencer is given on the condition that he dispose of the stock prior to employment by your bank. Very truly yours, (Signed) Elizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary.
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