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Minutes for
To:
October 21, 1960
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. Szymczak
Gov. Mills
Gov. Robertson
Gov. Balderston
Gov. Shepardson
Gov. King
Minutes of the Board of Governors of the Federal Reserve System
on Friday, October 21, 1960. The Board met in the Board Room at 10:00 a.m.
PRESENT:
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Balderston, Vice Chairman
Szymczak
Mills
Robertson
Shepardson
King
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Sherman, Secretary
Kenyon, Assistant Secretary
Thomas, Adviser to the Board
Young, Adviser to the Board
Shay, Legislative Counsel
Molony, Assistant to the Board
Fauver, Assistant to the Board
Noyes, Director, Division of Research and
Statistics
Marget, Director, Division of International
Finance
Koch, Adviser, Division of Research and
Statistics
Sammons, Associate Adviser, Division of
International Finance
Landry, Assistant to the Secretary
Keir, Chief, Government Finance Section,
Division of Research and Statistics
Report on money market conditions and the international gold
Market.
Messrs. Thomas and Keir presented a report on current conditions
in the money market, and Mr. Marget made a statement on the recent speculative activity in the international gold market.
Following these reports all members of the staff with the exception
c't Messrs. Sherman, Kenyon, and Landry withdrew and the following entered
the room:
Hackley, General Counsel
Solomon, Director, Division of Examinations
Hexter, Assistant General Counsel
Goodman, Assistant Director, Division of
Examinations
Mt. Leavitt, Supervisory Review Examiner, Division
of Examinations
Mr. Poundstone, Supervisory Review Examiner,
Division of Examinations
Mr.
Mr.
Mr.
Mt.
39
10/21/60
-2-
Discount rates.
The establishment without change by the Federal
Reserve Banks of New York, Philadelphia, Kansas City, and San Francisco on
October 20, 1960, 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.
Items circulated to the Board.
The following items, which had been
Circulated to the Board and copies of which are attached to these minutes
under the respective item numbers indicated, were approved unanimously:
Item No.
Letter to The First Pennsylvania Banking and
Trust Company, Philadelphia, Pennsylvania,
aPproving the establishment of a branch in
Tullytown Borough, Bucks County.
Letter to First National Bank in Waycross,
WaIrcross, Georgia, approving its application
for permission to exercise fiduciary powers.
2
Letter to the Federal Reserve Bank of New York
..,nterposing no objection to an extension of Mr.
I leetwoodis assignment in Venezuela.
'
3
Boston Overseas Financial Corporation (Item No. 4).
Copies had
been distributed of a draft of letter to Boston Overseas Financial Corpor4tion, Boston, Massachusetts, enclosing a final permit from the Board
granting it authority to commence business as a corporation organized under
the provisions of section 25(a) of the Federal Reserve Act, and granting
e°11sent and approval, subject to certain prescribed conditions, for:
(a)
Overseas to purchase and hold shares of capital stock of a
corporation to be formed under the laws of the Republic of
Panama and to be known as Massnat Corporation, provided the
aggregate investment (including all loans to such subsidiary)
may not exceed USS1,500,000; and
10/21/60
-3-
(b) Massnat to purchase and hold shares of capital stock of a
corporation to be formed under the laws of the Republic of
Argentina to be known as Corporacion Financiera de Boston,
provided the aggregate investment (including all loans to
such subsidiary) may not exceed USS1,500,000.
In discussion of the matter, Mr. Goodman said that a memorandum
waS in process, and would be ready shortly for the Board's consideration,
concerning the question of limitations on loans by foreign subsidiaries
of Edge Act Corporations.
The letter to Boston Overseas Financial Corporation was then
aPproved unanimously.
A copy is attached as Item No. 4.
Investment by International Banking Corporation (Item No. 5).
There had been distributed under date of October 17, 1960, a memorandum
from the Division of Examinations recommending approval of an application
by
International Banking Corporation, New York City, for permission to
Purchase and hold substantially all the stock of First National City Trust
C°mPanY (Bahamas), Ltd., a trust company organized under the laws of the
8ah2mas.
Attached to the memorandum, which indicated that the Federal
Reserve Bank of New York recommended approval and that the State Department
411c1 Comptroller's Office saw no objection, was a draft letter to InterBanking Corporation approving such investment in an approximate
alllount of U4280,000.
The letter would stipulate certain conditions upon
the Board's consent to the proposed purchase and holding of stock
1
11O1I d be predicated.
-
-4-
lo/21/60
Following comments by Mr. Goodman, the letter to International
Banking Corporation was approved unanimously.
Item NO.
A copy is attached as
5.
,=
Messrs. Sammons, Goodman, and Pou astone then withdrew from the
meeting.
Application of Deposit Guaranty Bank & Trust Company.
Mr. Solomon
referred to yesterday's meeting of the staff with representatives of Deposit
Guaranty Bank and Trust Company, Jackson, Mississippi, during which
additional information was presented in support of the request of Deposit
Guaranty for reconsideration by the Board of its adverse decision on
October 12, 1960, with respect to the application of the bank to merge
With Bank of Hazlehurst, Hazlehurst, Mississippi.
After the meeting with
the staff, Mr. W. P. McMullan, Chairman of the Board of Deposit Guaranty,
had- indicated to Mr. Solomon that he would appreciate an opportunity to
Present his views to the Board itself.
In reply to a question, Mr. Solomon said that the staff had reached
4° conclusion as yet with respect to the weight that should be given to
the new material presented by Deposit Guaranty, but that an analytical
memorandum would be prepared.
Mr. Hackley indicated that he would see no legal objection if the
Board should wish to afford Mr. McMullan an opportunity to appear.
He
4(3ted that a year or so ago, in a holding company case, the Board disting4ished between a request for reconsideration of one of its decisions and
10/21/60
-5-
reconsiderati3n itself.
It was pertinent to ask, therefore, whether the
Board, if it heard Mr. McMullan, would be listening to a request for
reconsideration of the case or would be reconsidering its October 12
decision.
However, even if the Board should decide to reconsider the
application itself, Mr. Hackley felt that there would still be no reason
IThY the Board should not grant Mr. McMullan an audience if it so desired.
Should the Board be inclined thereafter to reverse its decision on the
Deposit Guaranty application, it would be appropriate, though not legally
necessary, to consider the request of the other bank in Hazlehurst for a
hearing.
Should such a hearing be decided upon, the Board might wish to
consider whether to notify the Justice Department although, in this instance
also) there was no legal necessity for such notification.
Governor Mills stated that in his opinion the Board should not
indicate to Mr. McMullan whether or not it would grant him an audience until
after a memorandum was available from the staff concerning the additional
4 .0
-n.L
ormation
submitted by Deposit Guaranty.
He noted that if the Board should
decide not to grant Mr. McMullan's request, despite the new information
Provided, and should maintain its previous position on the merger application,
the applicant would not be deprived of its legal right to carry its case
to the courts.
On the other hand, if Mr. McMullan should be granted an
alldience, the Board would be moving into an indeterminate area in which
evidence was being submitted without hearing the views of parties opposed
to
merger.
10/21/6o
-6-
Governor Robertson agreed that it might be desirable to review
the new information presented by Deposit Guaranty, as analyzed by the
Board's staff, before deciding whether to grant Mr. McMullan's request to
make an oral presentation to the Board.
To do otherwise would necessitate
Making a decision to hear Mr. McMullan without knowing the nature of the
information that had been presented to the staff.
Should the Board decide,
after studying the staff analysis, to afford Mr. McMullan an opportunity
to be heard, it was his view that the same opportunity should be provided
for those opposing the merger.
A possible alternative procedure, if the
Board should determine that there was a sufficient basis for reconsideration
Of the application by Deposit Guaranty, would be to order a hearing before
a designated hearing officer.
After further discussion, it was decided to follow a procedure
whereby the Board would first consider the new information presented by
Deposit Guaranty, as analyzed by the staff, before making any further
decision on procedure.
Governor King, who had abstained from voting on the merger application, did not participate in the foregoing discussion or the decision
reached by the Board on procedure.
Mr. Farrell, Director, Division of Bank Operations, entered the
l'°0m during the foregoing discussion and Messrs. Hackley, Solomon, Hexter,
allcl
Leavitt withdrew at this point.
ie?
viq eq?
—7—
10/21/60
Leasing of space at Federal Reserve Bank of Chicago.
Governor
Balderston referred to the decision reached at the Board meeting on July 7,
1960, not to interpose objection to use by the Federal Reserve Bank of
Chicago of a real estate agent to locate suitable tenants for space in the
head office building.
He said that President Allen of the Reserve Bank
called him yesterday and advised that the activities of the agent had
disclosed interest in leasing space on the part of a public accounting
firm, a life insurance company, and a firm engaged in activities such as
investment counseling and the sale of shares in mutual funds.
President
Allen had inquired whether any objection would be seen to the acceptance
c)f such parties as tenants.
As a result of discussion of this question, it was decided to
advise President Allen informally that no objection was seen to accepting
the accounting firm and the insurance company as tenants, but that on the
basis of precedent it was thought inadvisable to furnish space in the
Reserve Bank building to the investment firm, notwithstanding the superior
reputation of the particular firm in question.
Comparative operational cost study.
Governor King referred to a
Illethod of cost analysis devised by a director of the Omaha Branch of the
KatIsas City Reserve Bank.
This method of analysis, which covered all
Inajor operations at the three branches of the Kansas City Bank, was used
as the basis for a presentation at a recent branch directors' meeting that
Governor King had attended, and he felt that it might be useful to other
-8-
10/21/60
Reserve Banks as well.
Accordingly, he had retained a copy of the data
Presented at the directors' meeting.
Mr. Farrell commented on the methods followed by the Division of
Bank Operations and the Federal Reserve Banks in making cost analyses,
and it was understood that the Division would review the material referred
to by Governor King in order to appraise its value as a supplementary
aPproach.
The meeting then adjourned.
Secretary's Notes: Governor Shepardson today
approved on behalf of the Board the following
items:
Memorandum dated October 4, 1960, from Mr. Hackley, General Counsel,
recommending a salary increase for Paula G. Hauprich, Secretary in that
Division, from $4,840 to $5,160 per annum, effective October 30, 1960.
Memorandum dated September 2, 1960, from Mr. Solomon, Director,
sion at Examinations, recommending a salary increase for Patricia R.
Baker, Secretary in that Division, from $4,675 to $4,995 per annum,
effective October 30, 1960.
Letter to the Federal Reserve Bank of Minneapolis (attached Item
Z26) approving the designation of Roland D. Graham as special assistant
examiner.
Secretary
BOARD OF GOVERNORS
OF THE
Item No. 1
10/21/60
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C .
ADDRESS OfFICIAL CORRESPONDENCE
TO THE *WARD
October 21, 1960
Board of Directors,
The First Pennsylvania Banking
and Trust Company,
Philadelphia, Pennsylvania.
Gentlemen:
Pursuant to your request submitted through the
Federal Reserve Bank of Philadelphia, the Board of
Governors of the Federal Reserve System approves the
establishment of a branch at the northeast corner of
U.S. Route 13 and Levittown Parkway, Tullytown Borough,
Bucks County, Pennsylvania, by The First Pennsylvania
Banking and Trust Company, provided the branch is established
within one year from the date of this letter.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
1,707, ***
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Item No. 2
10/21/60
WASHINGTON 25, D. C.
ADDRESS
arramm. CORRESPONDENCE
TO THE •0ARD
October 21, 1960
Board of Directors,
First National Bank
in Waycross,
Waycross, Georgia.
Gentlemen:
The Board of Governors of the Federal Reserve
Qystem has given consideration to your application for
fiduciary powers and grants First National Bank in Waycross
authority to act, when not in contravention of State or
local law, as trustee, executor, administrator, registrar
of stocks and bonds, guardian of estates, assignee,
receiver, committee of estates of lunatics, or in any
other fiduciary capacity in which State banks, trust
companies, or other corporations which come into competition
With national banks are permitted to act under the laws of
the State of Georgia. The exercise of such rights shall
be subject to the provisions of Section 11(k) of the Federal
Reserve Act and Regulation F of the Board of Governors of
the Federal Reserve System.
A formal certificate indicating the fiduciary
Powers that your bank is now authorized to exercise will
be forwarded in due course.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichael,
Assistant Secretary.
4"0
BOARD OF GOVERNORS
4.iitzt**4
44'40
, to goy *a
Of
OF THE
FEDERAL RESERVE SYSTEM
Item No. 3
10/21/60
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
4
o
:Oat *tP
TO THE HOARD
October 21, 1960
TAilliam H. Braun, Jr.,
Secretary,
Federal Reserve Bank of New York,
New York 45, New York.
Dear 1.1r. Braun:
This letter is in reply to your letter of
October 14, in which you indicated that your Directors
had approved an extension of Hr. Fleetwood's stay in
Venezuela for an additional maximum period of four
weeks from October 20 in order to permit him to complete the work he has undertaken. You indicated that
the Bank would continue to pay Li'. Fleetwood's salary
and that the Venezuelans would continue to pay all
naintenanco, travel and incidental expenses.
Your letter has been brOu7ht to the attention.
Of the Board of Governors, which interposes no objection
tO the arrangements as outlined by you.
Sincerely yours,
(Signed) ttrritt Sherman
/Aerritt Sherman,
Secretary
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25, D. C.
Item No. 4
10/21/60
ADDRESS OFFICIAL CORRESPONDENCE
frt,44w7S'*:
TO THE BOARD
October 21, 1960
Roger C. Damon, President,
Boston Overseas Financial Corporation,
67
Street,
Boston 6, Massachusetts.
Dear 11-. Damon:
The Board of Governors has received a certificate of the
(,
11
Secretary, and three directors of Boston Overseas Financial
:esident,
Poration, dated October 13, 1960, certifying the information re-red by Section 3(c) of Regulation K as prerequisite to the issuance
a final permit to commence business.
r
There is enclosed herewith a final permit of the Board of
Go
vernors granting to Boston Overseas Financial Corporation authority
to? commence business as a corporation organized under the provisions
Section 25(a) of the Federal Reserve Act.
Upon completion of the organization of the Corporation, it
be appreciated if you will furnish the Board of Governors with a
ew of the By-Laws of the Corporation.
Will
Consideration has been given by the Board of Governors to the
l
test
contained in your letter dated October 13, 1960, transmitted
1.°11ch the Federal Reserve Bank of Boston, for the Board's consent for
11* Boston Overseas Financial Corporation ("Overseas") to purchase and
coj4 15,000 shares of capital stock, par value US0.00 per share, of a
al20ration to be organized under the laws of the Republic of Panama,
to be known as Mhssnat Corporation ("Rhssnat") in the aggregate
-14)11nt
of $1,5001000 and (2) Ehssnat to invest up to US$1,500,000 in
the
ti Stock of a finance company to be organized under the laws of Argen3 and to be known as Corporacion Financiera de Boston ("Financiera")
6
In the event Overseas invests in Mhssnat and Mhssnat in turn
trIvr.
111.1
3 in Financiera, neither Eassnat nor Financiera should be pered. to make loans to and investments
in any one person or government
1,4 alnolints which, combined with the amounts of loans to and investments
(P1,,
811eh Person or government by Overseas and the other subsidiary
-'anciera or Massnat, as the case may be), would be in excess of the
f'.)(
Mr. Roger C. Damon
-2
amount permitted to Overseas. For example, if total liabilities of one
borrower to Overseas were limited under Section 10(a) of Regulation K
t° 0.'000,000, such limitation would apply to the aggregate liabilities
°f such borrower to any or all of the three corporations above named.
Accordingly, should the proposed arrangements for investment in and
establishment of Nassnat and Financiera be completed, the limitations
°11.Overseas would be applicable to the loans and investments of all of
sald corporations on a combined basiThe Board of Governors, therefore, grants its consent and
PProval, for the purposes of Sections 9(c), 9(d)(2), and 10(a) of
coCulation K, to:
'
(a) Overseas to purchase and hold shares of capital stock of
a corporation to be formed under the laws of the Republic
of Panama and to be known as Massnat Corporation, provided
the aggregate investment (including all loans to such subsidiary) may not exceed USa,5002000; and
(b) Nassnat to purchase and hold shares of capital stock of a
corporation to be formed under the laws of the Republic of
Argentina to be known as Corporacion Financiera de Boston,
provided the aggregate investment (including all loans to
such subsidiary) may not exceed US11500,000.
is
The Board's approval of the proposed investment in Nassnat
given subject to the following conditions:
(1)
Such investment shall be made within one year from the date
of this letter and the Board of Governors shall be informed,
through the Federal Reserve Bank of Boston, when such investment is made, together with pertinent detalls regarding such
investment.
(2) Nassnat shall carry on its business in accordance with sound
financial policies, including, among others, (a) appropriate
diversification of its loan and investment portfolios so as
to avoid undue concentrations in loans to, and investments
in, individual enterprises, industries, or otherwise, and
(b) proper regard to the relationship between its assets and
the maturities of its obligations so as to give reasonable
assurance that the corporation will be in a position to pay
its obligations as they mature.
(3) So long as Overseas is the controlling stockholder in Nassnat,
Nassnat will make no investment in the stock of other corporations except after the consent of the Board of Governors has
been obtained in the same manner as provided by Section 9(c)
of Regulation K for Financing Corporations.
Ilk'. Roger C. Damon
-3-
(4) Overseas shall not purchase or hold any stock in Ehssnat (a)
if Massnat at any time fails to restrict its activities to
those permissible to a corporation in which Overseas, with
the consent of the Board of Governors, may purchase and hold
stock under Section 25(a) of the Federal Reserve Act or the
regulations thereunder, or (b) if Ehssnat, except with the
consent of the Board of Governors, establishes or relocates
any branch or agency, or tkes any action or engages in any
operation, in Panama or elsewhere, which at that time could
not be taken, or engaged in, by Overseas itself.
(5) Overseas will be expected to dispose of its holdings of
stock of Ehssnat„ as promptly as practicable, in the event
that Massnat should at any time (a) engage in issuing,
underwriting, selling, or distributing securities in the United
States; (b) engage in the general business of buying or selling goods, wares, merchandise, or commodities in the United
States or transact any business in the United States except
such as is incidental to its international or foreign
business; or (c) conduct its operations in a manner incons
istent
with Section 25(a) of the Federal Reserve Act or regula
tions
thereunder.
(6) When required by the Board of Govern
ors, Overseas will cause
Ehssnat to permit examiners appointed by the Board
of Governors
to examine Massnat and its branches and agencies, and
to furnish the Board of Governors with such reports as it
may
request from time to time.
The Board's approval of the proposed investment by
Ehssnat in
/11,:uoiera is given subject to the same
condit
ions
as
specif
ied
above
—'
41 regard to the invest
cable.
ment by Overseas in Ehssnat to the extent appliIt is understood that for the time being Overseas and
Massnat
'
function solely as holding companies and that, if and when
kre r_
you
1)140 u,aqy to have either Overseas or Massnat
engage in other types of
41)0Z
. eee or make other investments than those specifically
authorized
further application will be made to the Board.
Upon completion of the organization of Massnat and
i,
Financiera,
ot t, requested that the Board of Governors
be furnished with final copies
"e Articles of Association and By-Law
s of the corporations.
Very truly yours,
(Signed) Merritt Sherman
Zklgonttro
Merritt Sherman,
Secretary.
3981
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON
October 211 1960
Peratt 1.2 Begin 1
1 12ingsq
WHEREAS, the Board of Governors of the Federal Reserve
8
Mem on the fourth of October, Nineteen Hundred and Sixty,
aPProved the Articles of Association and Organization Certificate
Boston Overseas Financial Corporation in accordance with the
Lerma of Section 25(a) of the Federal Reserve Act; and
WHEREAS, by satisfactory evidence presented to the Board
Governors of the Federal Reserve System, it appears that Boston
vveraeas Financial Corporation has complied with
all of the proviaions of the statutes of the United States required to be corn,led with before a corporation shall be authorized to commence
,lainess as a corporation organized under Section 25(a) of the
deral Reserve Act;
NOW, THEREFORE, it is hereby certified that Boston
°Irarseas Financial Corporation is authorized to commence business
.Ez13 a corporation organized and operating under the provisions of
trtion 25(a) of the Federal Reserve Act and the regulations of
4 e Board of Governors of the Federal Reserve
System issued in
ceordance therewith.
IN WITNESS WHEREOF, I have hereunto set my hand and caused
th
bee seal of the Board of Governors of the Federal
Reserve System to
affixed on the day and year first above written.
(sEAL)
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Item No.
WASHINGTON 25. D. C.
1021/60
5
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
October 21, 1960
International Banking Corporation,
55 W11 Street,
New York, New York.
G
entlemen:
In accordance with the request and on the basis
of the
.nformation submitted in your letters of June 14 and September
1
20,
'
960, transmitted
through the Federal Reserve Bank of New York, the
Board of Governors grants its consent
to the purchase and holding by
Ir.lternational Banking Corpora
tion of the stock of "First National
eltY Trust Company (Bahamas) Limited”, a trust company organize
d
411cler the laws of the Bahamas and located in Nassau, Bahamas,
such
stook to be acquired at a cost of approximately US$280,000 within
°Ile Year from the date of this letter.
It is understood that all of the stock, except for five
--Les, will be owned by International Banking Corporation (IBC).
Of
StOCk
The Board's consent to the proposed purchase and holding
is granted subject to the following conditions:
(1) That IBC shall not hold any stock in the trust
company if the trust company at any time fails to
restrict its activities to those permissible to a
corporation in which IBC, with the consent of the
Board of Governors, may purchase and hold stock
under its agreement entered into under Section 25
of the Federal Reserve Act or Regulation K, or if
the trust company, except with the consent of the
Board of Governors, establishes any branch or agency
or takes any action or undertakes any operation in
the Bahamas or elsewhere which at that time is not
permissible to IBC without such consent;
(2) That when required by the Board of Governors, IBC
will cause the trust company to permit examiners
appointed by the Board of Governors to examine the
trust company and to furnish the Board of Governors
with such reports as it may require from time to time;
International Banking Corporation
-2-
IBC will be expected to dispose of the stock of
the trust company as promptly as practicable in the
event that operations of the trust company should at
any time be inconsistent with the provisions of the
agreement of IBC under Section 25 of the Federal
Reserve Act or Regulation K or of the terms of this
letter; and
(3) That
the offices of the trust company will be established in quarters separate and distinct from those
of the Nassau Branch of The First National City Bank
of New York.
(4) That
Upon the completion of the organization of the proposed trust
company, it is requested that the Board of Governors be furnished with
"Pies of final Articles of Association, Memorandum of Association, and
BY-Laws of the trust company and a list of officers and directors, with
addresses and principal business affiliations. Please advise the Board
?: Governors, through the Federal Reserve Bank of New York, when the
Irust company is established and opened for business, furnishing informatlon as to the exact location of the company.
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.
10/21/60
ADORERS
orructAL
CORRESPONOCNCIC
TO THE BOARD
October 21, 1960
Mr. Frederick L. Deming, President,
Federal Reserve Bbnk of Minneapolis,
Minneapolis 2$ Einnesota.
Dear Nr. Doming:
In accordance 4th the ;oecluest contained in
yaur lettor cf October 14, 1960, the Board approves the
designation of Roland D. Graham as a special assistant
examiner for the Federal Reserve Bank of Einneapolis.
Very truly yours,
(Signed) Elizabeth L. Carmichael
Elizabeth L. Carmichnel,
kl:sistant Secretary.
6
@FedFRASER