The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
/61
Minutes for
To:
Members of the Board
From:
Office of the Secretary
October 11, 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.
Ohm. Martin
Gov. Mills
Gov. Robertson
Gov. Balderston
Gov. Shepardson
Gov. King
Gov. Mitchell
44,4its_L
3(134
Minutes of the Board of Governors of the Federal Reserve System on
Wednesday, October 11, 1961.
PRESENT:
Mr.
Mr.
Mr.
Mr.
Mr.
The Board met in the Board Room at 10:00 a.m.
Balderston, Vice Chairman
Mills
Robertson
Shepardson
King
Mr. Sherman, Secretary
Miss Carmichael, Assistant Secretary
Mr. Farrell, Director, Division of Bank Operations
Mr. Harris, Coordinator of Defense Planning
Mr. Masters, Associate Director, Division of
Examinations
Mr. Hexter, Assistant General Counsel
Mr. Dembitz, Associate Adviser, Division of
Research and Statistics
Mr. Conkling, Assistant Director, Division of
Bank Operations
Mr. Leavitt, Assistant Director, Division of
Examinations
Mr. Young, Assistant Counsel
Mr. Collier, Chief, Current Series Section,
Division of Bank Operations
Item circulated to the Board.
The following item, which had
been circulated to the Board and a copy of which is attached to these
illinutes as Item No. 1, was approved unanimously:
Letter to Security First Bank & Trust Company,
Grand Haven, Michigan, approving the establishment of a branch in the vicinity of Englewood
Avenue and Grand Haven Road, Norton Township,
Muskegon County.
Prior to the approval of the above item, Governor Mills raised
4 cIllestion as to the need for another banking office in this area of
MIlskegon County which already appeared to be well served by banks.
Mr.
b
J-Tavitt
described the service area involved, stating that the nearest
.
41"1-king office was about two miles from the site of the proposed branch,
3=155
10/11/61
-2-
that the branch would be small, that it would serve a developing area,
that its operations were expected to be profitable within one to two
Years, and that it was felt that the establishment of the branch would
increase competition in the area.
Governor Mills indicated that, while
he considered this to be a marginal case, he would offer no objection to
the establishment of the branch.
Report on competitive factors
(Ocean City-Cape May, New Jersey).
A draft of
report to the Comptroller of the Currency on the competitive
factors involved in the proposed consolidation of The National Bank of
Ocean City, Ocean City, New Jersey, and The Merchants National Bank,
Cape May, New Jersey, had been distributed under date of October
5,
1961.
A number of changes in the wording of the conclusion of the report
lere suggested and agreed upon, including the elimination of a statement
that was considered to be in the realm of conjecture and a reference to a
sPecific individual who would be chairman of the board of the continuing
bank and president of another bank in the area.
Following discussion the report was approved unanimously for
transmittal to the Comptroller of the Currency.
The conclusion of the
l'ePort, as approved, read as follows:
The consolidation of The National Bank of Ocean City,
Ocean City, New Jersey, and The Merchants National Bank,
Cape may, New Jersey, would eliminate only a minor amount
Of competition as these institutions are not strong competitors. Boardwalk National Bank, Atlantic City, New
Jersey, and the consolidated bank, largely dominated by
the same interests, would control over 50 per cent of
deposits, loans, and offices of commercial banks in Atlantic
and Cape May Counties. Concentration of so significant an
amount of area resources into two allied institutions could
represent a trend toward monopoly.
34
10/11/61
-3-
During the foregoing discussion Messrs. Thomas, Adviser to the
Board, and Fauver, Assistant to the Board, entered the room.
Emergency utilization of examination personnel (Item No. 2).
There had been distributed a memorandum from Mr. Solomon, Director,
Division of Examinations, and Mr. Harris, Coordinator of Defense Planning,
dated October
6, 1961, with reference to a proposal developed by the staffs
of the three Federal bank supervisory agencies for the cooperative utiliz4tion of examination personnel in a postattack emergency.
The proposal,
which covered arrangements for the continuity of banking operations and
assistance to all banking institutions in a postattack emergency, had been
submitted to the Federal Reserve Banks, District Chief National Bank
Examiners, and Federal Deposit Insurance Corporation District Supervising
Xaminers for comments.
Their comments had been incorporated in a draft
joint statement from the Federal bank supervisory agencies to their
suPervisory personnel, a copy of which was attached to the October
randum.
6 memo-
The draft of joint statement had been approved by the Comptroller
Or the Currency and the Federal Deposit Insurance Corporation, and at the
Conference of Presidents of the Federal Reserve Banks held September 11,
1961,
there had been agreement with the program outlined in the statement.
It was now before the Board for approval, with the recommendation that,
lf approved by the Board, it be distributed to Federal bank supervisory
Personnel.
There being no objection, the proposed statement was approved
1.11animously.
A copy is attached as Item No. 2.
10/11/61
_L_
Secretary's Note: Upon being informed by wire
of the Board's action, Mr. Solomon, Director,
Division of Examinations, presented copies of
the approved statement to the Vice Presidents
in charge of examinations at Federal Reserve
Banks at their meeting on October 12, 1961, in
Las Vegas, Nevada, and to Mr. Hollis Burt,
Executive Director of the National Association
of Supervisors of State Banks, at the Las Vegas
meeting of the Association.
Classification of reserve cities
(Item No. 3).
distributed a draft of reply to a letter dated October
There had been
4, 1961, from
Mr. Irving Riker, Chairman of the Board, Fidelity Union Trust Company,
Newark, New Jersey, with reference to the proposed amendment to Regulation
p, Reserves of Member Banks, which, if adopted, would result in the
reclassification of Newark as a reserve city.
In the letter Mr. Riker
extended the comments made when he visited Chairman Martin on September
13) 1961, in connection with the proposed amendment.
The draft of reply to Mr. Riker would acknowledge his letter,
refer to and discuss specific points that he raised as to the basis of
the classification included in the proposed amendment to Regulation D
ana the Board's authority to classify cities for reserve purposes, and
inclicate that the Board would continue considering the best methods of
aPPlying reserve requirements and administering the provisions of the
covering statute before final adoption of any amendment to Regulation D.
Governor Mills said he was disturbed by the proposed letter since
he believed it would have the effect of engaging the Board in a prolonged
argument on this difficult subject.
His inclination would be to acknowledge
r
04,
10/11/61
-5-
the letter and indicate that the entire subject of reserve requirements
Ifas under consideration and that the views which Mr. Riker and others had
expressed would be taken into consideration by the Board.
The other members of the Board having indicated agreement with
the general position stated by Governor Mills, it was agreed that the
letter would be revised and sent when in a form satisfactory to Governor
Balderston.
Item
A copy of the letter as sent to Mr. Riker is attached as
r
Messrs. Thomas
Dembitz, Conkling, and Collier then withdrew
from the meeting.
Federal Reserve Bank fallout shelter.
Governor Balderston stated
that President Deming of the Minneapolis Reserve Bank had reported that
rePresentatives of Life and Time magazines had inquired whether they might
te.ke photographs at the Reserve Bank for possible use in articles on
tea-lout shelters.
President Deming was interested in having the Board's
views as to whether or not the requests should be granted.
In commenting on the matter Mr. Harris observed that during recent
iti°4ths the press had been active on the subject of defense preparedness.
The New
York Times, for example, had published national roundups on the
sUbJect.
In several articles appearing in various publications the Federal
Reserve System had been commended for its preparedness program.
It was
his feeling, Mr. Harris said, that this was a worthwhile project and anything that the Reserve Banks, the Board, or the System as a whole could
10/11/61
-6-
do to stimulate preparedness activity in a practical and sensible manner
was all to the good.
Accordingly, he thought there would be no reason
to prevent the taking of pictures at a Reserve Bank for use in articles
relating to fallout shelters.
So far as the Minneapolis Reserve Bank was concerned, Mr. Harris
was of the opinion that there would be little for the photographers to
do except take "before" pictures since the Bank did not yet have a fallout
shelter.
If the magazines should wish to obtain pictures of a completed
fallout shelter, it might be suggested that they get in touch with the
Pederal Reserve Banks of Boston or Cleveland.
Governor Robertson said he agreed with Mr. Harris that the
Photographers should be permitted to take the pictures and that it might
be well for Mr. Deming to steer them to the Federal Reserve Banks of
13"ton and Cleveland where fallout shelters had been completed.
Governor Mills commented that he agreed in principle with Mr.
suggestion but in final thought he did not believe that it would
be advisable to grant permission for taking the photographs.
His thought
/148 that widespread publication of such pictures might result in questions
to other Reserve Banks and branches as to their plans for fallout shelters
.ritia the possibility of undesirable comparisons being presented in the
Press.
Governor Shepardson said he recognized that, if photographs of
4 IleSerVe Bank fallout shelter were published in the magazines, other
31160
10/11/61
-7-
Reserve Banks would probably be questioned as to their plans for similar
Shelters.
However, the Federal Reserve System had approved a policy of
m°ving in the direction of providing fallout shelters and plans for them
had been made by a number of the Reserve Banks and by the Board.
Accordingly, he would be agreeable to proceeding along the lines suggested
by Mr.
Harris.
In response to a question by Governor King, Mr. Harris indicated
that Time and Life magazines in asking permission to take photographs at
the Minneapolis Reserve Bank appeared to have in mind featuring pictures
an existing building which with some modifications and at small expense
could be converted into a suitable fallout shelter.
Mr. Farrell suggested that such an approach might avoid possible
Unfavorable criticism by those members of Congress who opposed Federal
appropriations for fallout shelters.
If a completed Federal Reserve
Shelter should be featured in the press, questions might be raised as to
1411Y Federal Reserve employees were provided better protection than other
°Wernment employees.
Along this line Mr. Harris said he believed the
l'ederal Reserve System would be commended rather than criticized unfavorably
its fallout shelter programs.
He noted in response to a question that
the cost of the fallout shelter at the Federal Reserve Bank of Boston
1448 approximately $100,000.
Governor King expressed the view that it would be preferable to
let the photographers take whatever pictures they wished at the Federal
3461
10/11/61
-8-
Reserve Bank of Minneapolis and not suggest that they go to some other
Reserve Bank.
He believed, however, it would be desirable for the
Minneapolis Reserve Bank to ascertain the type of material the magazines
Planned to publish and possibly offer suggestions regarding its presentation.
Governor Balderston stated that he had told Mr. Deming that
information regarding fallout shelters at the Reserve Banks would
Undotbtedly become public knowledge.
If agreeable to other members of
the Board, he would plan to call Mr. Deming and report the various views
ex:Pressed by members of the Board during the foregoing discussion.
There being no objection, it was understood that Governor
Beaderston
would follow that procedure.
Mr. Harris then withdrew from the meeting.
Qualifications of a Class A director.
Et
There had been distributed
memorandum from the Legal Division dated October 10, 1961, with
l'eference to a telephone inquiry from Mr. Paul Breidenbach, Counsel of
the Federal Reserve Bank of Cleveland, as to whether an individual who
"
14 formerly a banker as well as an officer and director of a steel
ec)1111
'but now retired from both banking and industry could be a candi-
d4te for Class A director at a Federal Reserve Bank.
The Board in 1926 had advised the Federal Reserve Bank of Atlanta
that it was not necessary that candidates for Class A directorships be
°Pricars, directors, or stockholders of any bank and that the statute
,
10/11/61
-9-
Merely required that Class A directors be chosen by and be representative
Of the stockholding banks.
The Minneapolis Reserve Bank was similarly
advised in 1927 and again in 1939.
The memorandum indicated that, unless the Board wished to
reconsider the question, Mr. Breidenbach would be advised by telephone
of these unpublished interpretations.
Governor Mills expressed the view that the position taken in the
earlier rulings was correct and, accordingly, he believed that Mr.
Breidenbach should be informed regarding them.
There was general
------1?..1
'
€ 1 1ent with this view, and it was understood that Mr. Breidenbach
vould be so advised.
Messrs. Farrell, Masters, and Leavitt then withdrew from the
Ineeting.
Eligibility of a sinking fund trustee as a Class A director
(Item N
At the meeting on October 10, 1961, the Board considered
qUestion raised by the Federal Reserve Bank of Cleveland as to the
eligibility of Mr. G. Andrews Espey, a trustee of the sinking fund of
the City of Cincinnati, Ohio, to serve as a Class A director in view
t the Board's 1915 resolution regarding the holding of political or
PlIblte office.
It had been pointed out at the meeting that the Ohio Code
-ea that the mayor of each municipal corporation shall appoint a
-&d.es
bork,,,A
'
- 4 of four citizens designated as the "trustees of the sinking fund"
3463
10/11/61
-10-
vh1ch shall have the management and control of the city's sinking fund
and also serve as the Board of Tax Commissioners.
for terms of four years without compensation.
The trustees serve
No more than two may
belong to the same political party.
It was not clear from the information available at the October 10
fleeting whether the duties of the Cincinnati sinking fund trustees were
the same as those outlined in the Ohio Code.
If they were the same,
there was some feeling that the position occupied by Mr. Espey might be
considered political, especially in view of duties associated with the
ilcara of Tax Commissioners, to an extent that Mr. Espey would be precluded
from serving as a Class A director of the Federal Reserve Bank of Cleveland
at
the same time he had the office in question. In order to determine
Incl'e definitely the nature of the position, it had been agreed to call
Mr. Joseph B. Hall, President of the Kroger Company, Cincinnati, Ohio,
vho
was a former Class B director of the Federal Reserve Bank of Cleveland,
844 inquire whether in his judgment the Cincinnati community considered
the Position to be political.
Governor Balderston reported that he had called Mr. Hall who
hed indicated that he would be glad to look into the matter and call back.
Ball subsequently reported that, according to his information, the
cillties of the trustees of the sinking fund of Cincinnati were purely
641.3r18017 and had no connection with the Board of Tax Commissioners.
Ilrhere
was no definite information in the word from Mr. Hall as to whether
the Position was considered political.
3464
lo/11/61
-11-
Governor Mills commented that it was clear to him that Mr. Espey
should be considered eligible to serve as a Class A director without
having to relinquish his present office.
He believed the situation here
was not greatly different from other instances in which directors had
served without compensation in various appointive positions deriving from
the political party in office.
Governor Robertson said he agreed with Governor Mills' point of
view' but he thought that Governor Mills, who was not present at the
October 10 meeting, might be interested in knowing the views expressed
by Governor King at that time.
Governor King then referred to the duties of the sinking fund
trustees as outlined in the Ohio Code and asked Mr. Young if he had any
additional information as to whether the duties of the Cincinnati group
/lers the same as those set forth in the Code.
Mr. Young replied that Mr. Breidenbach of the Cleveland Reserve
1384k) who had checked a copy of the charter of the sinking fund, indicated
that the duties of the trustees were exactly as spelled out in the Ohio
Code, including service on the Board of Tax Commissioners.
He also noted
that the Cleveland Bank seemed to consider significant the fact that the
tetute itself required the mayor in making appointments to consider the
1
P°11t o5l affiliations of the prospective trustees.
It was also the feeling
14 the Reserve Bank that Mr. Espey might qualify as a candidate for a
Claas A director if the board of trustees of the sinking fund was
n°11Partisan rather than bipartisan.
10/11/61
-12-
Governor King then reiterated certain of the views that he had
expressed at the October 10 meeting.
He stated that it was his feeling
that the Board should not leave open the question as to whether the
Position was political but should come to a definite decision as to
Mr. Espey's eligibility.
He believed that in this instance service as
a trustee on the sinking fund might be considered political and, while
he was not especially opposed to having Federal Reserve directors with
some political thoughts, he believed that it would not be consistent
with the 1915 resolution to come to the conclusion that Mr. Espey was
eligible to serve as a Class A director.
Governor Shepardson said be did not see any reason to change the
Views he had expressed at the Board meeting on October 10.
The fact that
the board of trustees of the sinking fund was a bipartisan rather than
a nonpartisan group did not seem to be significant.
It had been his
und
erstanding at the October 10 meeting that, if the advice from Mr. Hall
cild not indicate that the sinking fund trusteeship was political, the
11014,1
would advise the Cleveland Bank that on the basis of the Board's
liklerstanding of the facts it would not consider that service on the
striking fund board would fall 'within the category prohibited in the 1915
Governor Robertson said it was still his view that the Board did
4(4 have sufficient information to determine definitely whether the sinking
r4415. trusteeship was political.
However, on the basis of information now
346G
10/11/61
-13
before the Board, it appeared that the position involved public service
of a kind that would not be inconsistent with service at the same time
as a Reserve Bank director.
If Mr. Espey should be elected as Class A
director and it should develop later that his position as trustee on the
sinking fund was political, the matter could be taken up again.
Governor Mills suggested that the Cleveland Bank be informed
that, on
the basis of information before the Board, it was the judgment
cr the Board that Mr. Espey was eligible to stand for election and to
serve, if elected, as Class A director at the Federal Reserve Bank of
Cleveland without relinquishing his present office.
Governor King indicated that he would not dissent from a decision
to advise the Reserve Bank along the lines suggested by Governor Mills.
Governor Balderston said that this would be understood to be
the Board's decision and that the Secretary was requested so to advise
the Federal Reserve Bank of Cleveland. A copy of the telegram sent
1)11rsu8.nt to this action is attached as Item No. 4.
The meeting then adjourned.
Secretary's Note: Governor Shepardson today
approved on behalf of the Board the following
items:
t
Memorandum from the Division of Administrative Services recommending
hat Lettie Reddick, Charwoman in that Division, be granted an additional
ativ
tat:nlee of sick leave for the duration of her hospital confinement (approxi-J-Y 10 days), effective October 9, 1961.
41:1) Letter to the Federal Reserve Bank of Boston (attached Item No. 5)
l°ving the appointment of Michael Long, Jr., as assistant examiner.
'
10/11/61
-14-
Letter to the Federal Reserve Bank of New York (attached Item No. 6)
aPProving the appointment of Osbert N. Perkins and Kenneth C. Stearn as
assistant
examiners.
Letter to the Federal Reserve Bank of Cleveland (attached Item No. 7)
roving the appointment of Robert Thornton Glover as assistant examiner.
Letters to the Federal Reserve Bank of Richmond (attached Items 8
approving the designation of Arthur N. O'Brien, Jr., and Robert E.
L.° faman as
special assistant examiners.
3468
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Item No. 1
10/11/61
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
October 11, 1961
Board of Directors,
Security First Bank & Trust Company,
Grand Haven, Michigan.
Gentlemen:
Pursuant to your request submitted through the
Federal Reserve Bank of Chicago, the Board of Governors
°f the Federal Reserve System approves the establishment
of a branch
in the vicinity of Englewood Avenue, and
urand Haven Road, Norton Township, Muskegon County, Michigan,
!)Y Security. First Bank & Trust Company, provided the branch
18 established within six months from the date of this
letter.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
3469
October 11, 1961
TO FEDERAL BANK SUPERVISORY PERSONNEL
Subject:
Item No. 2
10/11/61
Emergency Utilization of Manpower
The Board of Governors of the Federal Reserve System, the Office
corth.e kdomptroller of the Currency, and the Federal Deposit Insurance
ration, after consultation with the Federal Reserve Banks, the District
ch
lia-Lef National Bank Examiners, and the FDIC District
Supervising Examiners,
have
agreed to the following principles for the utilization of examination
onnel in the event of a nuclear attack on the United States:
1.
2.
3.
4.
5.
Bank examinations will be suspended immediately, and
examination personnel, constituting the major source
of reserve manpower to meet the most urgent needs for
the continuity of banking operations, will take such
action as may be necessary or prudent for their personal safety.
As soon as conditions permit, examination personnel
will notify their supervisors at their regular or
relocation offices where they can be reached and their
general condition of well being.
Pending the receipt of further assignments, postattack,
examination personnel will survey and report to their
supervisors the effects of the attack on banking institutions and operations in the lormlity where they are
at the time. Also, they will be familiar with emergency banking regulations and offer advice and assistance
to banking institutions on such matters.
It is contemplated that the principal continuing need for
reserve manpower will be (a) to fill vacancies and augment Reserve Banks' staffs at their regular or relocation offices, (b) to assist Cash and Check Agents,
and (c) to assist banking institutions in maintaining
or re-establishing operations.
The manpower requirements of each agency, which cannot
be readily filled from its own resources, will be made
known to the Reserve Banks' Vice Presidents in charge
of Examinations, the District Chief National Bank
Examiners, and the FDIC District Supervising Examiners,
or their representatives, for the purpose of selecting examination personnel to meet such requirements
on the basis of qualifications, availability, and
Priority of need at the time.
2
6. Provision has been made for the District Chief National
Bank Examiner and the FDIC District Supervising Examiner
to occupy the same relocation site as that of the Federal
Reserve Bank. In the event the regular office of the
District Chief National Bank Examiner or the FDIC District
Supervising Examiner should not be in operation, and
representatives of those offices should be delayed in
arriving at the relocation site, their field forces will
place themselves at the disposition of the Federal Reserve
Bank until further notice. Direct supervision of examination personnel by their respective agencies will be
continued, except as otherwise required to provide some
supervision, or when such personnel are on an agreed
assignment under the direction of another agency or
Institution. In any event all supervisory instructions
will be considered as fully coordinated and authentic,
and will be observed by examiners regardless of point
of origin.
7. The three supervisory agencies and the Federal Reserve
Banks will issue such detailed instructions and make
such pre-emergency arrangements as may be necessary to
carry out the intent and purpose of the foregoing.
8. The Federal Reserve Banks, the District Chief National
Bank Examiners, and the FDIC District Supervising
Examiners are encouraged to invite the cooperation
and participation of State banking authorities in these
arrangements for the continuity of banking operations
and assistance to all banking institutions.
William McC. Martin, Jr., Chairman
Board of Governors of the
Federal Reserve System
Ray M. Gidney,
Comptroller of the Currency
Erle Cocke, Sr., Chairman
Federal Deposit Insurance Corporation
3471
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM.
WASHINGTON
Item No. 3
1011/61
OFFICE OF THE VICE CHAIRMAN
October 12, 1961
Mr. Irving Riker,
Chairman of the Board,
Fidelity Union Trust Company,
Broad and Bank Streets,
Newark, New Jersey.
Dear Mr. Riker:
This will acknowledge your letter of October 4, 1961
addressed to Chairman Martin and extending the comments you made
when you visited him on September 13.
We appreciate receiving your views, and your letter
is being circulated to the members of the Board and interested
staff. It will, of course, be considered along with others as
the Board continues its study of the clasnification of reserve
cities.
The question as to what is the best possible method of
applying reserve requirements and administering the provisions of
the statute is a matter that has received great consideration by
the Board over the years, and it is one to which the Board will
give further thought before final adoption of any amendment to
Regulation D.
Sincerely yours,
(Signed) C. Canby Balderston
G. Canby Balderston,
Vice Chairman.
Item No. 4
TELEGRAM
113/11/61
LEASED WIRE SERVICE
BOARD
OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
October 11, 1961
i.donbach - Cleveland
Orl basis of information provided by your Bank, Board would
iaterpose no objection, in.light of Board's 1915 resolution
stated in F.R.L,S. #3151, to individual who holds position of
trustee of Sinking Fund of City of Cincinnati standing for election
and serving, if elected, as Class A director.
(Signed) Merritt Sherman
Sherman
4.1.4Y")
*Jilt dr.
BOARD OF GOVERNORS
0
00CIO*44
OF THE
44401"444{t
Vail7
'44 *
t*
FEDERAL RESERVE SYSTEM
Item No. 5
10/11/61
WASHINGTON 25. D. C.
VC,
4
*
Zt
ADDRESS OFFICIAL CORRESPONDENCE
*4%
TO THE BOARD
;
* 4ett Nkta
October 12, 1961
Hi. B. F. Groot, Vice President,
Federal Reserve Bank of Boston,
Boston 6, Massachusetts.
Dear Mi. Groot:
In accordance with the request contained in
your letter of September 27, 1961, the Board approves
the appointment of Michael Long, Jr. as an assistant
examiner for the Federal Reserve Bank of Boston. Please
advise the effective date of the appointment.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
BOARD OF GOVERNORS
ottit***4
1,30014,01,4400
OF THE
' FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
Item No.
6
10/11/61
ADDRESS OFFICIAL CORRESPONDENCE
4.
TO THE BOARD
't,4t ftstl
October 12,
1961
CONFIDENTIAL (FR)
Mr. Howard D. Crosse, Vice President,
Federal Reserve Bank of New York,
New York 45, New York.
Dear Mr. Crosse:
In accordance with the request contained in your
letter of October 4, 1961, the Board approves the appointment of Osbert N. Perkins and Kenneth C. Stearn as assistant examiners for the Federal Reserve Bank of New York.
Please advise the effective dates of the appointments.
It is noted that Mr. Perkins is indebted to The
First National City Bank of New York, New York, New York,
in the amount of $570. Accordingly, the Board's approval
of the appointment of Mr. Perkins is given with the understanding that he will not participate in examinations of
that bank until his indebtedness has been liquidated.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
c„tttlItto4
BOARD OF GOVERNORS
.)'0,t0got.
OF THE
W*
.0
Item No.
FEDERAL RESERVE SYSTEM
7
10/11/61
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
October 12, 1961
Mr. Paul C. Stetzelberger, Vice President,
Federal Reserve Bank of Cleveland,
Cleveland 1, Ohio.
Dear Mr. Stetzelberger:
In accordance with the request contained in your
letter of October 4, 1961, the Board approves the appointment of Robert Thornton Glover as an assistant examiner for
the Federal Reserve Bank of Cleveland. Please advise the
effective date of the appointment.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
BOARD OF GOVERNORS
0,S040,
OF THE
42.
FEDERAL RESERVE SYSTEM
Item No.
WASHINGTON 25, D. C.
10/11/61
8
ADDRESS. OFFICIAL CORRESPONDENCE
C:Amv.1,*.N
TO THE BOARD
October 12, 1961
CONFIDENTIAL (FR)
Mr. John C. Horigan, Chief Examiner,
Federal Reserve Bank of Richmond,
Richmond 13, Virginia.
Dear Mr. Horigan:
In accordance with the request contained in your
letter of October 4, 1961, the Board approves the designation of Arthur N. O'Brien, Jr., as a special assistant
examiner for the Federal Reserve Bank of Richmond for the
Purpose of participating in examinations of State member
banks except Southern Bank and Trust Company, Richmond,
Virginia. The authorization heretofore given your Bank
to designate Mr. O'Brien as a special assistant examiner
is hereby canceled.
Very truly yours,
(signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Item No.
WASHINGTON 25. D. C.
10/11/61
9
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
October 12, 1961
CONFIDENTIAL (FR)
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 October 5, 1961, the Board approves the designation of Robert E. Coffman as a special assistant examiner
for the Federal Reserve Bank of Richmond for the purpose
of participating in examinations of State member banks
except The Bank of Virginia, Richmond, Virginia.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
@FedFRASER