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Minutes for To: Members of the Board From: Office Of the Secretary September 21z 1962 Attached is a copy of the minutes of the of the Federal Reserve System on Governors Board of 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. Chin. Martin Gov. Mills Gov. Robertson Gov. Balderston Gov. Shepardson Gov. King Gov. Mitchell http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I ,gf'• Minutes of the Board of Governors of the Federal Reserve System on Friday, September 21, 1962. The Board met in the Board Room at 10:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Martin, Chairman Balderston, Vice Chairman Mills Shepardson King Mitchell Mr. Sherman, Secretary Mr. Kenyon, Assistant Secretary Mr. Young, Adviser to the Board and Director, Division of International Finance Mr. Cardon, Legislative Counsel Mr. Fauver, Assistant to the Board Mr. Noyes, Director, Division of Research and Statistics Mr. Holland, Adviser, Division of Research and Statistics Mr. Koch, Adviser, Division of Research and Statistics Mr. Brill, Associate Adviser, Division of Research and Statistics Mr. Eckert, Chief, Banking Section, Division of Research and Statistics Mr. Keir, Senior Economist, Division of Research and Statistics Mr. Mattras, General Assistant, Office of the Secretary Money market review. There were distributed tables and charts relating to the Treasury financing outlook; Treasury balance estimates; dealer financing in the month of September, 1960-62; monetary developments for the five-week period ended September 19, 1962; and the money supply, bazik debits, and deposit turnover. the Mr. Keir commented on the Government securities market and znancing alternatives that the Treasury might utilize through the remainder http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/21/62 -2- pments °I' 1962, following which Mr. Eckert discussed recent banking develo kma commented on one of the series of charts that had been distributed. Messrs. All of the members of the staff then withdrew except Sherman, Kenyon, Young, Fauver, Noyes, and Mattras, and the following entered the room: Mr. Hackley, General Counsel Mr. Johnson, Director, Division of Personnel Administration Mr. Hexter, Assistant General Counsel Mr. O'Connell, Assistant General Counsel Mr. Hooff, Assistant General Counsel Mr. Daniels, Assistant Director, Division of Bank Operations Mr. Kiley, Assistant Director, Division of Bank Operations of Mr. Benner, Assistant Director, Division Examinations on Mr. Sprecher, Assistant Director, Divisi of Personnel Administration , Senior Attorney, Legal Division Potter Mr. er, Mr. McClintock, Supervisory Review Examin Division of Examinations Mr. Lyon, Review Examiner, Division of Examinations Mrs. Semia, Technical Assistant, Office of the Secretary Discount rates. The establishment without change by the Federal ber 20, Reserve Banks of New York, Philadelphia, and San Francisco on Septem existing schedules 1962) of the rates on discounts and advances in their that appropriate advice 1148 aPproved unanimously, with the understanding ld be sent to those Banks. Circulated items. The following items, which had been circulated to these minutes under the t° the Board and copies of which are attached l e8Pective item numbers indicated, were approved unanimously: ' http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/21/62 -3Item No. Letter to the Federal Reserve Bank of New York .!;nterposing no objection to arrangements whereby .ancis H. Schott, Manager, Foreign Department, " woUld serve in the office of the Under Secretary of the Treasury for Monetary Affairs for a specified Period of time. 1 Letter to Bankers Trust Company, New York, New York, a branch aPProving an extension of time to establish at 280-290 Park Avenue, Borough of Manhattan. 2 Letter to Bankers Trust Company, New York, New York, 3 lasetter to Fidelity Union Trust Company, Newark, New premises. erseY, approving an investment in bank 4 an a approving etter to the Federal Reserve Bank of Atlant Letter ,the appointment of Newton Brown as Alternate Assistant 'cederal Reserve Agent. 5 1.etter to the Federal Reserve Bank of Richmond approv ng the appointment of Robert E. Sing as Federal Lleserve Agent's Representative at the Charlotte Branch. 6 Letter to United California Bank, Los Angeles, Caliish a approving an extension of time to establ uraaach in East Whittier. 7 ish a branch 4Proving an extension of time to establ at 2 Lafayette Street, Borough of Manhattan. Letter to the Federal Reserve Bank of Kansas City 804)Proving the adoption of a uniform basic Blue nce program r°68-Blue Shield hospitalization insura , es. branch 'Or the Bank and its three Letter to The Chase Manhattan Bank, New York, New York, , at 220 West roving the establishment of a branch ericho Turnpike, Syosset. 8 9 P :etter to The Merchants Bank of New York, New York, 1!;e1 ing the establishment of a branch at 10 , New York, Letter to State Bank of Albany, Albany at 265 branch a of t P 0 "Proving the establishmen ( e. Coloni 8uorne Road, Town of 11 York, approv 157 Third Avenue, Borough of Manhattan. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/21/62 Item No. Letter to The Matawan Bank, Matawan, New Jersey, 12 aPProving the establishment of a branch at State Highway 79 and Harbor Road, Marlboro T ownship. Letter to Genesee Merchants Bank & Trust Co., Flint, Michigan, approving the establishment a branch at G-5278 Corunna Road, Flint TOlinShip. 13 Letter to the Federal Reserve Bank of Philadelphia approving the payment of salaries to certain officers at rates fixed by the Bank's Board of Directors. Letter to the Federal Reserve Bank of San Francisco 15 approving the payment of salaries to certain officers 't the Head Office and Seattle Branch at rates fixed DY the Bank's Board of Directors. Report on competitive factors (Olean-Allegany, New York). There had been distributed a draft of report to the Comptroller of the Currency °n the competitive factors involved in the proposed merger of The First 4ational Bank of Allegany, Allegany, New York, into The First National 1344k of Olean, Olean, New York. Mills, that the It was agreed, at the suggestion of Governor on e°11clusion of the report should include reference to the active competiti Provided by two other banks in Olean. The report was then approved lltlarlimously for transmission to the Comptroller of the Currency in a form in which the conclusion read as follows: The proposed merger of The First National Bank of Allegany into The First National Bank of Olean would eliminate the substantial amount of competition existing between these two institutions. It would result in one bank holding about half of the total deposits and operating three of the five offices of commercial banks in this area, but with active competition from other Olean banks. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis _5_ 9/21/62 Report on competitive factors (Rocky Mount-Manteo, North C There had been distributed a draft of report to the CoMptroller of the Currency on the competitive factors involved in the proposed merger of The Bank of Manteo, Manteo, North Carolina, into The Planters National Bank and Trust Company of Rocky Mount, Rocky 4°11ht, North Carolina. The report was approved unanimously for transmission to the Comptroller of the Currency. The conclusion read as follows: There would appear to be little, if any, competition , and existing between the two banks involved in this proposal other on the merger would not have serious adverse effects banks operating in the service area of the resulting institution. Letter to Postmaster General (Item No. 16). There had been distributed a draft of a letter that Mr. Swan, Chairman of the Presidents' Conference Committee on Miscellaneous Operations, proposed to send to the Postmaster General regarding the question of currency shipments hY registered mail and by armored car. The draft letter purported to 841/ise the Postmaster General of the consensus reached by the Reserve /144k Presidents following a discussion of the question on September 10, 1962. This discussion resulted from a meeting that President Swan and °°Irernor Mitchell had had with the Postmaster General on August 31, 1962. esident Swan had sent the draft of proposed letter to Governor Mitchell Illth a request for comments or suggestions. Certain suggestions of the bllrision of Bank Operations were reflected in a revised draft of letter that had been distributed to the Board. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 14 9/21/62 -6After discussion, it was agreed to send a telegram to President Swan transmitting the suggested changes in the draft letter. A copy or the telegram is attached to these minutes as Item No. 16. Reward offer by Federal Reserve Bank of Boston. Mr. Daniels advised the Board of a telegram received from Mr. Ellis, President of the Federal Reserve Bank of Boston, bringing to the Board's attention certain changes that were being considered in the terms of the proposed reward tor the recovery of currency and/or coin lost in the recent holdup of a thaited States mail truck in Plymouth, Massachusetts. On September 17, 1962, the Board considered the original terms of the reward offer and interposed no objection. The changes now suggested had been proposed bY the Post Office Department and were as follows: 1. Agreement that the postal authorities may announce d that the anonymity of a potential informant can be preserve reward. the g receivin in qualifying for and 2. Stipulation that the reward offer expires six months from date of announcement subject to extension at option of the Federal Reserve, 3. Eligibility provision to include State and local law enforcement officers. 4. Increase in reward to 10 per cent of any amount recovered. Mr. Daniels recalled that the Post Office Department had previously 41140unced a substantial reward aimed at apprehending the criminals. The l'eVtIrd offer of the Reserve Bank, on the other hand, would be directed t°10itrd recovering the money. The reward, under the revised proposal now Ilacler consideration, could amount to as much as $150,000. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis However, it I 9/21/62 -7- did not appear likely that recovery of a large proportion of the stolen money could be anticipated. Mr. Daniels pointed out that the telegram sent by President Ellis to the Board, which was received late yesterday, had also been sent to the Presidents of all of the other Federal Reserve Banks. Mr. Ellis contemplated arranging a telephone conference call today that lgould bring together all of the Reserve Bank Presidents and the members Of the Insurance Committee of the Federal Reserve Banks, for the purpose of obtaining concurrence in the terms of the revised offer suggested by the Post Office Department. In discussion of the matter, Chairman Martin inquired whether the receipt of the telegram at the Board's offices indicated that Board 4Pproval was expected or whether the telegram had been sent to the Board more as a matter of information. Mr. Hackley commented, in reply, that the offering of rewards contemplated by the Loss Sharing Agreement of the Federal Reserve 134h-ks, which agreement the Board had approved. Thus, he did not think there was any legal question as to the authority of the Reserve Banks to Make a reward offer of this kind. It was true that the Board had broad lowers of supervision over the Federal Reserve Banks. ' Therefore, the 11°4rd perhaps had an over-riding authority, but there might be some element of inconsistency if the Board objected to the offering of a reward 144der a procedure provided for in the Loss Sharing Agreement. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ht,) -8- 9/21/62 indicated that there Further comments by members of the Board of a reward that would be no objection in this instance to the offering tment. e would incorporate the suggestions of the Post Offic Depar It was record to reflect that suggested that it would seem desirable for the the Board interposed no objection. This could then be stated by Mr. Daniels during the telephone conference call. suggestion. There was agreement with this a memoSecretary's Note: As stated in 's date, which today of ls randum from Mr. Danie the , telephone Board was circulated to the val of the in appro ted conference call resul by the sed propo offer d changes in the rewar tion the with excep , tment Post Office Depar to the offer that stood that it was under preserve the anonymity of an informant would be made consistent with the law; that is, anonymity of informers would be preserved cy could to the degree that requests for secre nt of nceme Annou law. the under be satisfied by made was offer d rewar ve Reser the Federal 24. mber Septe y, on Monda al Gener the Postmaster withdrew from the meeting. Messrs. Daniels and Kiley then (Item No. 17). Marine Midland Corporation There had been distrib- Counsel for Marine Midland Corporailted to the Board a draft of letter to Legal Division, regarding the along with a memorandum from the in testimony presented in private 4va1labi1ity to the Corporation of certa ding €tt the oral presentation before the Board on September 17, 1962, regar d, Huntington, the proposed acquisition of Security National Bank of Long Islan lieu' York. r and expreesed the feeling Mr. O'Connell commented on the matte led as a matter of fairness, and that Marine Midland Corporation was entit http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis f _9_ 9/21/62 from a legal standpoint, to review the transcript of the remarks made in private by Mr. Arthur T. Roth at the oral presentation. This would Permit Marine Midland to file a rebuttal if it so desired. He also felt that the Corporation was entitled to copies of any written submisaions that might be received from participants in the oral presentation. Rovever, Marine Midland's request to review other written comments could Possibly be interpreted to include all correspondence submitted to the lloard subsequent to the publication of the notice of receipt of the aPPlication in the Federal Register, and Mr. O'Connell did not feel that the corporation would be entitled to such broad access to the Board's files. After a short discussion, it was decided that the proposed letter aboUld be revised to indicate clearly that the Board would only agree to aUPPly copies of written submissions received on or before October 2, 1962) from participants in the oral presentation. The letter was then 4PProved unanimously in the form attached to these minutes as Item No. 17. Mr. Mattras withdrew from the meeting at this point. Applications of First Virginia Corporation. 44Rust At its meeting on 3, 1962, the Board disapproved, Governor Mills dissenting, the applications submitted under the Bank Holding Company Act by The First Corporation, Arlington, Virginia, to acquire 8o per cent or more or the outstanding voting shares of Farmers and Merchants National Bank, Winchester, Virginia; Southern Bank of Norfolk, Norfolk, Virginia; Peoples' Mount Jackson, Virginia; and Shenandoah County Bank and Trust Company, 1400dstock, Virginia. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/21/62 -10At the meeting of the Board on August 8, 1962, the Legal Division Proposed that, instead of issuing an order and statement covering all four °f First Virginia's applications, an order and statement concerning the Board's disapproval of the application relating to Farmers and Merchants ment of the decisions National Bank, Winchester, be issued and announce On the other three applications be held in abeyance. The primary reason for this proposal was that, whereas one of the principal circumstances that influenced the Board to disapprove the four applications was its e, which included dissatisfaction with First Virginia's capital structur there were other elements tlio classes of stock with unequal voting rights, in the Winchester situation that it appeared the Board might have considhad been no question ered sufficient cause for disapproval, even if there as to First Virginia's stock structure. at the August Conversely, the tenor of discussion 3 meeting had left the impression with the Legal Division 's stock structure not been that, had the question regarding First Virginia have been approved. Present, the remaining three applications might After discussion, the Board agreed to issue its order and statement regarding the Winchester bank first, and to withhold for the time being announcement its decisions regarding the other three applications. Accordingly, the Board, by order dated August 29, 1962, denied the application of First Virginia to acquire 80 per cent or more of the outstanding voting shares °r Farmers and Merchants National Bank, Winchester, Virginia. Board's information a There had since been distributed for the g a telephone Itienlorandwn dated August 30, 1962, from Mr. Solomon regardin http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis % 9/21/62 -11- c8.11 he had received from Mr. Beeton, President of First Virginia. Mr. Beeton interpreted the order regarding the Winchester bank application as meaning that so long as the present stock arrangement of the holding company continued it would be extremely difficult to obtain Board approval Of further acquisitions through the issuance of Class A stock (that being the class of First Virginia's stock with the lesser voting rights). He pending applications. assumed that this would apply to First Virginia's Mr. Solomon had replied that that would be his understanding from reading the Board's statement regarding the Winchester bank application. Mr. Beeton a planned to meet on then said that the board of directors of First Virgini September 5, 1962. dum dated September 14, There had also been distributed a memoran the Legal Division reporting 1962) from the Division of Examinations and that in a letter dated September 6, 1962, First Virginia stated that its hoard of directors had voted unanimously to amend the holding company's nts were approved by ar'ticles of incorporation so that, if the amendme Shareholders at a meeting to be held October ould have only one class of stock. 9, 1962, the corporation First Virginia indicated that the would include the directors' 11(1/tioe of the meeting sent to shareholders recommendation that the amendment be adopted, and it was believed that the holders of both classes of stock would vote for the amendment. Virginia's September 6 First letter to the Board enclosed a copy of the proposed elnendments to the holding company's articles of incorporation, and asked the that the three applications for bank stock acquisitions pending before http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/21/62 -12- Board be amended to take into account the expected change in stock structure. The memorandum stated that in the opinion of the Legal Division the proposed amendments would bring First Virginia's articles of incorporaof the Board in its tion in line with the views expressed by the majority statement on the denial of the acquisition of Farmers and Merchants National Bank, Winchester. Since a principal adverse feature of the pending applica- suggested that the Board tions thus would presumably be removed, it was !night wish to reconsider the three remaining applications. The memorandum reviewed the salient points with respect to the three applications and a decision of approval concluded with the opinion of the Legal Division that °r disapproval in any of the three cases would be upheld by a reviewing coUrt as based on substantial evidence and as within the discretionary Company Act. authority of the Board under the Bank Holding However, in the light of past decisions of the Board, it appeared to the Legal Division grounds for denial of the applicathat it would be more difficult to define tions than for approval. today's meeting, Governor At the beginning of the discussion at further consideration to 11413 asked if it was not premature to give Pirst Virginia's remaining three applications, since the expected change 14 the capital structure of the holding company would not take place until October 9, 1962. the matter had been brought Mr. Hackley responded that UP at this time because all but one of the members of the Board were available. any of the three decisions If the Board should decide to reverse http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4 ).4 4 "!C 9/21/62 -13- that had not thus far been announced, the staff could move ahead with the Preparation of the necessary orders and statements. He noted that the d three applications had been amended to reflect the anticipate change in First Virginia's stock structure. In this connection, Chairman Martin commented that Governor Robertson had indicated that he would have no objection to having the three remaining applications brought before the Board again during his a bsence. In reply to a question as to whether the turn of events pointed c°nclusively to reversal of the Board's earlier decisions, Mr. Hackley c°111mented that that was not necessarily so. A principal basis for the licerd's denial of the applications was its objection to First Virginia's capital structure. the Board could Now that this question was academic, of view of the five at the applications specifically from the point statutory factors required to be considered pursuant to the Bank Holding C°111PanY Act. still decide to In the light of that review, it might denY one or more of the applications. the Board stated their After further discussion the members of P°sitions, beginning with Governor Mills, who had originally voted to 41/Prove the applications. He reiterated the view he had expressed earlier to the effect that the applications were not strong, particularly because °t the burden that would be placed on the subsidiary banks to provide tin ancial support to the holding company. aS However, though he regarded these marginal cases, he would approve the three applications. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/21/62 -14Governor Shepardson recalled that several members of the Board bad expressed reservations about the applications on the ground of the burden that was to be placed on the subsidiary banks to provide income for the holding company. However, he would approve the applications. Governors King, Mitchell, and Balderston and Chairman Martin having also indicated that they would approve, the action taken by the Board on August 3, 1962, in disapproving the applications of First Virginia Corporation to acquire 80 per cent or more of the voting shares of Southern 13ank of Norfolk; Peoples' Bank, Mount Jackson; and Shenandoah County Bank and Trust Company, Woodstock, was rescinded and the applications were 4Pproved unanimously, subject to action being taken by First Virginia C°rPoration to amend its articles of incorporation to provide that the 4°1ding company would have only one class of stock. that It was understood the Legal Division would prepare for the Board's consideration an °Itier and statement reflecting approval of the applications, but that such °1'der and statement would not be issued until after information had become available to the Board concerning the results of the meeting of the shareholders of First Virginia Corporation to be held on October 9, 1962. Mr. Sherman reported that Governor Robertson had indicated that he would have voted to approve the applications if he had been present. Messrs. O'Connell and Potter then withdrew. Application for trust powers (Southern National Bank of Houston) There had been distributed a memorandum dated September 20, http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/21/62 -15- 1962, from the Division of Examinations in regard to the application by Southern National Bank of Houston, Houston, Texas, for full trust Powers. The bank opened for business on October 19, 1960, and had been examined only once, as of May 16, 1961. had occurred in the bank. Since that date many changes Its total assets and total deposits had about tripled, and the information accompanying the application for trust Powers indicated that the bank's board of directors had been reorganized, the controlling interest of the bank was held by a new owner, a new President had been appointed, the bank had moved to a new location and Plarchased a bank building, and new capital had been added. These facts having become apparent upon receipt, on August 17, 1962, of the application for trust powers, submission of the application to the Board was postponed Pending a new examination of the bank. The Chief Examiner of the Federal Reserve Bank of Dallas was informed of this postponement immediately after the application was received, and subsequently the Reserve Bank was l'eqUested to inform the applicant of the reason for the delay in processing its application. The Division of Examinations also communicated with the Office of the Comptroller of the currency to find out when the next eXamination of the bank would be made and learned that no new examination 114(1 been started or was arranged for at that time. week the Federal In continuing, the memorandum stated that last Ileserve Bank of Dallas had informed the Board by telephone that the 4PP1icant was dissatisfied that action was being deferred and hoped that the Board would consider its application promptly. In recognition of the http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9/21/62 -16- need for additional information, the bank sent its proposed trust officer, accompanied by an attorney, to visit the Board's offices on September 18, 1962. They indicated that Southern National was apprehensive that a long clelaY in acting on the application for trust powers, either through 144iting for a new examination report or because of the pending transfer Of regulatory authority over trust powers from the Board to the Comptroller of the Currency, might seriously interfere with substantial trust business that Southern National had pending. The visitors from Southern National again asked that the Board consider the bank's application on the basis of present circumstances, and presented reasons why they believed that all the changes Southern National had undergone repre3ented improveInents. the Federal The memorandum concluded by stating that, although Reserve Bank of Dallas recommended approval of the application, the illvision of Examinations was reluctant to concur in that recommendation because of lack of information, through a current report of examination, 4bout the material changes that had occurred in the bank. the changes that Mr. Benner began the discussion by reviewing 1146- occurred in Southern National Bank. In response to questions by governor Shepardson, he verified that although the information available to the Board was "unofficial," having been obtained principally through the aPplicant bank, there was no reason to suppose that the information /las not accurate. A further question by Governor Shepardson brought the r of the Currency had l'esPcInse that it was understood that the Comptrolle http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -17- 9/21/62 started an examination of the applicant bank on September 17, 1962. Rowever, such an examination normally took one or two weeks, after which additional time was needed to prepare the report. Mr. Benner assumed that the report of examination would not be available for six enable Southern National Bank OZ eight weeks, which would be too late to t° avoid the complication and delay of submitting a new application for trust powers to the Comptroller of the Currency, since it was understood that the bill transferring regulatory authority over trust powers to the Comptroller would be signed by the President within the next few Ys. be feasible for the Reserve Governor Shepardson asked if it would 411k to send an examiner into Southern National Bank to obtain informa the bank's application for trust tiO4 Pertinent to reaching a decision on would be difficult for an 4°%lers, to which Mr. Benner replied that it s of the bank. e4Miner to do more than interview the official It would examination. ti°t be feasible for him to make a full lly around the fact that all Further discussion centered especia 4va11ab1e information pertinent •to the current condition of Southern powers was favorable, and 44tloual Bank and its application for trust the Federal Reserve Bank of Dallas had recommended approval. In all the the applicaellic Umstances, the view was expressed that a decision to grant tio4 for trust powers would be warranted. n National Bank was Accordingly, the application of Souther 4111)1 . unanimously. A copy of the letter conveying this decision to the 413Plicant bank is attached as Item No. 18. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis * 9/21/62 -18Messrs. Hooff and Lyon then withdrew. Interagency committees. At the Chairman's request, Mr. Noyes Presented a report on the work being done by the interagency committees aPPointed by the President to study (1) Federal credit programs and (2) corporate pension funds and other private retirement and welfare programs. The work of the third committee appointed by the President, to study financial institutions, was considered to require more discussion than time permitted at this meeting. Therefore, discussion of the work of that committee was deferred. (In his comments Mr. Noyes brought out that with °Ile exception the members of the committees had not thus far participated in the meetings of the respective committees.) After outlining the origin, membership, and operating methods °t the interagency committees, Mr. Noyes stated that the committee studying 13ension funds was concerned with two major issues, which he described. more immediate 14r. Noyes then stated that if the Federal Reserve had a responsibility in this area, he would have reported earlier that the coftittee was not proceeding with its work as vigorously as the other two committees. There had been no meetings of the pension fund committee for some time, although a certain amount of staff work presumably had been Ic'ing on to collect information. However, it appeared to him that the c°MMittee's performance was primarily the responsibility of its chairman, the Secretary of Labor. the In a discussion of this situation, it was observed that during lire of the committee a new Secretary of Labor had taken office. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Also, (-1 -19- 9/21/62 although the committee had been directed by the President to present a report by November 15, 1962, conceivably an extension of that deadline Might be requested. At the conclusion of the discussion it was suggested that the Secretary of Labor might be asked informally by the Chairman O' Vice Chairman, should an appropriate occasion arise, regarding his views on the status of the committee's work. Mr. Noyes then turned to the work of the Federal credit programs committee, whose chairman, Secretary of the Treasury Dillon, had asked Under Secretary Roosa to act in his stead. Mr. Noyes discussed the framework within which studies were being conducted, major guide-lines that were emerging, and some of the recommendations it appeared might be presented by the committee staff to their principals. Staff position Papers that had been prepared had been reviewed with a group of academic consultants, and a series of meetings with the Government agencies affected would begin in a few days. Presumably, as a result of those Meetings, the position papers would be revised, and it might be expected that they would be available for review by the committee members, including ellairman Martin, by about the middle of October. The meeting then adjourned. Secretary's Notes: On September 20, 1962, Governor Shepardson approved on behalf of the Board the following items: Memorandum from the Division of Personnel Administration recommending ;LI advance of sick leave for M. Callie Wickline, Nurse in that Division, °r 12 days beginning September 17, 1962. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis el". ')'c' 9/21/62 -20- Letter to the Federal Reserve Bank of Chicago (attached Item No. 19) aPproving the appointment of Walter E. 011ech and Chris J. Pappas as examiners. Governor Shepardson today approved on behalf of the Board a letter to the Federal Reserve Bank of Richmond (attached Item No. 20) approving the designation of Thomas W. Gaulding as special assistant examiner. ( Secretry http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis sr BOARD OF GOVERNORS Item No. 1 OF THE FEDERAL RESERVE SYSTEM 9/21/62 WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD September 21, 1962 CONFIDENTIAL(FR) Mr. Thomas M. Timlen, Jr., Secretary, Federal Reserve Bank of New York, New York 45, New York. Dear Mr. Timlen: Reference is made to your letter of September 10, 1962, advising of a request by Mr. Robert V. Roosa, Under Secretary of the Treasury for Monetary Affairs, that the Federal Reserve Bank or New York make available the services of Francis H. Schott, nager, Foreign Department, to undertake a special assignment in he office of the Under Secretary. Your letter advised that Mr. Schott has been granted a leave of absence, with pay, for a period of approximately three months, commencing on or about September 24, 1962, to accept this aPPointment. It is noted also, as in previous arrangements for emPloyees loaned to the Under Secretary, the Bank will assume exPenses incurred by Mr. Schott, including travel, hotelo and -,s_ubsistence expenses, to the extent such expenses are not assumed 0.Y the Treasury Department. The. Board of Governors 111% Schott serving in the office Treasury for the period approved °I' arrangements outlined in your interposes no objection to of the Under Secretary of the by your Directors, on the basis letter. Very truly .yours, (Signed) Merritt Sherman Merritt Sherman, Secretary. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Item No. 2 9/21/62 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25. D. C. ADDRESS arriciAL CORRESPONDENCE TO THE BOARD September 21, 1962 Board of Directors, Bankers Trust Company, New York, New York. Gentlemen: The Board of Governors of the Federal Reserve System extends to December 1, 1962, the time within which Bankers Trust Company may establish a branch at 280-290 Park Avenue, Borough of Manhattan, New York, New York. Very truly yours, (Signed) Elizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BOARD OF GOVERNORS Item No. 3 OF THE FEDERAL RESERVE SYSTEM 9/21/62 WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD September 211 1962 Board of Directors, Bankers Trust Company, New York, New York. Gentlemen: The Board of Governors of the Federal Reserve System extends to April 3, 1963, the time within which Bankers Trust Company may establish a branch at 2 Lafayette Street, Borough of Manhattan, New York, New York. Very truly yours, (signed) Elizabeth L. Carmiehapl Elizabeth L. Carmichael, Assistant Secretary. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BOARD OF GOVERNORS OF THE ... . ".. .. ,-A '.0 kl Item No. 9/21/62 FEDERAL RESERVE SYSTEM 4 WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD .I.tAL RE.St •••••• September 21, 1962 Board of Directors, Fidelity Union Trust Company, Newark, New Jersey. Gentlemen: The Board of Governors of the Federal Reserve System approves, pursuant to Section 24A of the Federal Reserve Act, an additional investment of $1,547,270.10 in bank premises by Fidelity Union Trust Company. Of this amount, $297,270.10 represents additional investments made at three branch offices since June 1, 1960. The remaining $1,250,000 is for the purpose of anticipated expansion and improvements from this date until December 31, 1963. Very truly yours, (Signed) Flizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BOARD OF GOVERNORS Item No. OF THE FEDERAL RESERVE SYSTEM 5 9/21/62 WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD September 21, 1962 1,11 Jack Tarver, 'ecleral Reserve Agent, 41el'a1 Reserve Bank () tf l Atlanta, 4-11ta 3, Georgia. t41 ' Tarver: In accordance with the request contained in your letter of SePte h NIII-er'12, 1962, the Board of Governors approves the appointment of ewton Brown as Alternate Assistant Federal Reserve Agent at the Pecie, ' 41 Reserve Bank of Atlanta to succeed Mr. W. B. Morgan. This approval is given with the understanding that Mr. Brown Gove ue solely responsible to the Federal Reserve Agent and the Board of rnors for the proper performance of his duties, except that, during t4t4bsence or disability of the Federal Reserve Agent or a vacancy in t el.„4.°tfice, his responsibility will be to the Assistant Federal Reserve 'Kuu the Board of Governors. ka When not engaged in the performance of his duties as Alternate estatt Federal Reserve Agent, Mr. Brown may, with the approval of the dl Reserve Agent and the President, perform such work for the Bank 1 not be inconsistent with his duties as Alternate Assistant Federal "Ile Agent. 4 It will 41Pori. "ance of his 01 14.1e Agent and 'ions of the be appreciated if Mr. Brown is fully informed of the responsibilities as a member of the staff of the Federal the need for maintenance of independence from the Bank in the discharge of these responsibilities. Please have Mr. Brown execute the usual Oath of Office which be forwarded to the Board of Governors along with notification of e-Ltective date of his appointment. hbl, Very truly yours, (Signed) Merritt Sherman http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Merritt Sherman, Secretary. BOARD OF GOVERNORS Item No. 6 9/21/62 OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD September 21, 1962 III% Alonzo G. Decker, Jr., Federal Reserve Agent, ,,'eclera1 Reserve Bank of Richmond, aichmond 13, Virginia. pear Mr. Decker: letter of In accordance with the request contained in your ment of appoint the es approv ember 13, 1962, the Board of Governors at the ntative Represe s ch_ Robert E. Sing as a Federal Reserve Agent' probeen has who ILZrlotte Branch, to succeed Mr. Winfred W. Keller ( ed to officer status. that Mr. Sing This approval is given with the understanding and the Board Agent Reserve will be solely responsible to the Federal of that, except , duties his du rvernors for the proper performance of a or Agent e Reserv Federal yarlhg the absence or disability of the nt Assista the to be will ibility earleY in that office, his respons par, 'eral Reserve Agent and the Board of Governors. duties as Federal When not engaged in the performance of his approval of the 1've Agent's Representative, Mr. Sing may, with the ' Fe(4 the Charlotte Br'eral Reserve Agent and the Vice President in charge of stent inconsi be not 1ch, perform such work for the Branch as will 1, . ntative u his duties as Federal Reserve Agent's Represe 4 fully informed of the It will be appreciated if Mr. Sing is the staff of the of iMPor Fed tance of his responsibilities as a member of independence from ance theeral Reserve Agent and the need for mainten these responsibilities. of °Perations of the Bank in the discharge with the approval of this It is noted from your letter that will execute the usual Sing Mr. 4P13°i.ntment by the Board of Governors, oath of Governors and Board the to forwarded thq 0f Office which will be that time. at ve effecti - his appointment will become Very truly yours, (Signed) Merritt Sherman http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Merritt Sherman, Secretary. BOARD OF GOVERNORS Item No. 7 OF THE FEDERAL RESERVE SYSTEM 9/21/62 WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD September 21, 1962 Board of Directors, United California Bank, Los Angeles, California. Gentlemen: The Board of Governors of the Federal Reserve System extends to June 13, 1963, the time within which United California Bank may establish a branch in the vicinity of Whittier Boulevard and Santa Gertrudes Avenue, East Whittier, California. Very truly yours, (Signed) Elizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BOARD OF GOVERNORS jotalltro*4 Item NO. 8 OF THE ,40.011 Q0V.4'0 , 9/21/62 FEDERAL RESERVE SYSTEM t WASHINGTON 25. D. C. ip .4% ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD a +a tt 044 44o*** September 21, 1962 Mr. Henry O. Koppang, First Vice President, Federal Reserve Bank of Kansas City, Kansas City 6, Missouri. Dear Mr. Koppang: mber 10, This refers to your letter of Septe has authorized 1962 advising that the Board of Directors Blue Shield CrossBlue basic the adoption of a uniform s City and its Kansa for am progr hospitalization insurance 1962. 11 ber Novem tive effec three branches, to be program of The Board of Governors approves the the absorpand contract, increased benefits under the new in costs um premi tion by the Bank of two-thirds of the connection therewith. Very truly. yours, (Signed) Merritt Sherman Merritt Sherman, Secretary. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BOARD OF GOVERNORS jiottit, 41 ' 4.*c,0 got, Item No. 9 OF THE -11V'L° t% FEDERAL RESERVE SYSTEM 9/21/62 WASHINGTON 25, D. C. g AODRESS OFFICIAL CORRESPONOENCE 4,0 0 Q.St ! 4° 4‘1 2-04*** TO THE BOARD september 211 1962 Board of Directors, The Chase Manhattan Bank, New York, New York. Gentlemen: The Board of Governors of the Federal Reserve System approves the establishment of a branch by The Chase Manhattan Bank, New York, New York, at 220 West Jericho Turnpike, Syosset, Nassau County, New York, Provided the branch is established within one year from the date of this letter. Very truly yours, (Signed) Elizabeth L. Carmieb.ael Elizabeth L. Carmichael, Assistant Secretary. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BOARD OF GOVERNORS OF THE o• .4 eiz4vi,4,1Z Item No. 10 9/21/62 FEDERAL RESERVE SYSTEM WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD September 21, 1962 Board of Directors, The Merchants Bank of New York, New York, New York. Gentlemen: Reserve The Board of Governors of the Federal 757 Third at h branc a of ent lishm System approves the estab by The York, New York, New Avenue, Borough of Manhattan, the branch is Merchants Bank of New York, provided date of this letter. the from year established within one State banking It is understood that the New York this branch of ent lishm authorities have approved the estab an amount in funds al conditioned upon an increase in capit n stock. commo new of sale not less than $634,000 through the Very truly yours, (Signed) Elizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Item No. 11 9/21/62 WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD September 21, 1962 Board of Directors, State Bank of Albany, Albany, New York. Gentlemen: al The Board of Governors of the Feder a of ent lishm estab Reserve System approves the Colonie, branch at 265 Osborne Road, Town of of Albany, Bank State by Albany County, New York, estabis h branc the Albany, New York, provided date of this lished within six months from the letter. Very truly yours, (Signed) Elizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BOARD OF GOVERNORS Item No. 12 9/21/62 OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD September 21, 1962 Board of Directors, The Matawan Bank, Matawan, New Jersey. Gentlemen: The Board of Governors of the Federal Reserve SYstem approves the establishment of a branch at the southwest corner of the intersection of State Highway 79 and Harbor Road, Marlboro Township, Monmouth County, New Jersey, by The Matawan Bank, Matawan, New Jersey, provided the branch is established within one year from the date of this letter. It is understood the bank will acquire at least $1003000 additional capital funds through the sale of common stock to meet the requirement of the Commissioner of Banking and Insurance of the State of New Jersey. Very truly yours, (Signed) Elizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis rw BOARD OF GOVERNORS OF THE Item No. 13 9/21/62 FEDERAL RESERVE SYSTEM WASHINGTON 25. D. C. ADORES!' orriciAL CORRESPONDENCE TO THE SOAR') September 21, 1962 Board of Directors, Genesee Merchants Bank & Trust Co., Flint, Michigan. Gentlemen: The Board of Governors of the Federal Reserve System approves the establishment of a branch by the Genesee Merchants Bank & Trust Co. at G-5278 Corunna Road, Flint Township, Genesee County, Michigan, provided the branch is established within six months from the date of this letter. Very truly yours, (Signed) Elizabeth I. Carmichael Elizabeth L. Carmichael, Assistant Secretary. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BOARD OF GOVERNORS Item No. 14 9/21/62 OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25. D. C. ADDRESS OrriCIAL CORRESPONDENCE TO THE BOARD September 21, 1962 CONFIDENTIAL FR Mr. Robert N. Hilkert, First Vice President, Federal Reserve Bank of Philadelphia, Philadelphia 1, Pennsylvania. Dear Mr. Hilkert: The Board of Governors approves the payment of salaries to the following officers of the Federal Reserve Bank of Philadelphia for the period October 1 through December 31, 1962, at the rates Indicated: Name Harry Nr, Roeder John R. Bunting Hugh Barrie Russell P. Sudders Ralph E. Haas Lawrence C. Murdoch, Jr. Title Vice President Vice President Vice President Assistant Vice President Assistant Vice President Business Economist Annual Salar $17,000 17,000 17,000 13,000 14,000 110500 The rates approved by the Board are those fixed by your Board of Directors as reported in your letter of September 7, 1962. Very truly yours, (signed.) Merritt Sherman Merritt Sherman, Secretary. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BOARD OF GOVERNORS It OF THE FEDERAL RESERVE SYSTEM No. 15 9/21162 WASHINGTON 25. D. C. ADDRESS OFFICIAL. CORRESPONDENCE TO THE BOARD September 21, 1962 CONFIDENTIAL FR Mr. Eliot J. Swan, President, Federal Reserve Bank of San Francisco, San Francisco 20, California. Dear Mr. Swan: The Board of Governors approves the payment of salaries to the following officers of the Federal Reserve Bank of San Francisco .'or the period October 1 through December 31, 1962, at the rates Indicated: Annual Salary Title Name •••••••••••• Head Office J. L. J. B. E. E. "a F. Barbonchielli Martens Bernstein Livingston Scott Vice President Cashier Assistant Cashier Assistant Cashier Assistant General Counsel $15,000 13,000 9,500 9,500 Assistant Manager 10,000 12,000 Seattle Branch A. C. Laiti The rates approved by the Board are those fixed by your Board of Directors as reported in your letter of September 7, 1962. Very truly yours, (Signed) Merritt Sherman http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Merritt Sherman, Secretary. Item No. 16 9/21/62 TELEGRAM LEASED WIRE SERVICE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON September 21, 1962. SWAN SAN FRANCISCO Reurlet September 14 to Governor Mitchell. Quoted below is cit'att of proposed letter to Postmaster General in form containing sugtions in which Board concurs. Principal change appears in paragraph 3 d in added paragraph number 4. Board would concur in your sending letter " substantially this form. "As indicated in our discussion with.you on August 31, the Conference of Presidents of the Federal Reserve Banks considered the question of currency shipments by registered mail and armored car at its meeting September 10. The consensus of the Conference may be expressed in these terms: The Federal Reserve Banks will work cooperatively witti postal of cunrency shipments authorities toward a reduction in the magnitude will seek to Banks Reserve the this, by registered mail.. In doing can be facilities additional where cars extend the use of armored made available and it is economically feasible to utilize them. The Reserve Banks will also study the patterns of shipments from banks to the Reserve Banks, seeking to reduce the exposure traceable to incoming shipments. "It should be noted, however, that the Federal Reserve Banks can not control incoming registered mail shipments either as to amounts of individual shipments or as to their subsequent accumulation on specific postal runs'. Also, it is apparent that there will be a considerable number of currency shipments, both to and from Reserve Banks, for which the only reasonable method of transportation will be through Post Office facilities. It is expected that these shipments will continue to be handled by the Post Office, since they are essential to trade and commerce in the many areas concerted. to "A committee of the Conference of Presidents is continuing car of armored use the in expansion study the matter looking toward of efficient framework the within services to the extent practicable and economical administration of the Reserve Banks. On this point, 1961, from the reference is made to the letter dated August 17, to System Acting Postmaster Reserve Federal Board of Governors of the General Brawley. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -2- "Please be assured of our concern over the existing situation and our desire to be of as much assistance as possible." (Signed) Merritt Sherman. SHERMAN http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis r Item No. 17 9/21/62 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONOENCE TO THE BOARD September 21, 1962. Charles G. Blaine, Esq., Phillips, Lahoney, Lytle, Yorkey & Letchworth, Attorneys at Law, Marine Trust Building, SUffalo 3, New York. Dear Mr. Blaine: This will acknowledge receipt of your letter dated September 18, 1962, requesting that in connection with the oral presentation conducted by the Board on September 17 on the application bY Marine Midland Corporation to acquire the outstanding voting stock Of Security National Bank of Long Island, Marine Midland Corporation 1?e given the opportunity to review the transcript of the remarks made ln private to the Board by Mr. Arthur T. Roth. You also renew your l'equest made during oral presentation for access to any written comments ons made. views submitted to the Board relating to the oral presentati n an opportunity In order to afford Marine Midland Corporatio or other rebuttal Board the by allotted to submit within the time has no objection Board the made, ons presentati Material relating to all to your review of Mr. Roth's remarks made in private to the Board. A Company, ..01DY of this letter will be transmitted to the Hoover Reporting as a form s, these proceeding Inc., the reporting firm that transcribed reof Mr. Roth's transcript of authorization to furnish a copy of the marks to you upon your request. copies of written submisAS to your additional request for in the oral presentation ts participan sions that may be received from will provide you with staff Board's on or before October 2, 1962, the that you are in is understood It a c°1):7 of any such statements filed. by Board Mr. the Sidney Friedman with possession'of the statement filed which of were made statement copies 111 opposition to this application, September 17. hearing the on room in Friedman, available, presumably by Mr. Very truly yours, (signed) Merritt Sherman Merritt Sherman, Secretary. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Item No. 18 9/21/62 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD September 21, 1962. Board of Directors, Southern National Bank of Houston, Houston, Texas. Gentlemen: The Board of Governors of the Federal Reserve System has given consideration to your application for fiduciary poliers and grants Southern National Bank of Houston 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 Texas. 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. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Item No. 19 9/21/62 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD September 20, 1967 CONFIDENTIAL (FRI Mr. Leland Ross, Vice President, Federal Reserve Bank of Chicago, Chicago 90, Illinois. Dear Mr. Ross: In accordance with the requests contained in your letters of September 14, 1962, the Board approves the appointment of Walter E. 011ech and Chris J. Pappas, at present assistant examiners, as examiners for the Federal Reserve Bank of Chicago, effective October 8, 1962. It is noted that Mr. Pappas is indebted to Union Story Trust & Savings Bank, Ames, Iowa, a nonmember bank. Accordingly, the Board's approval of the appointment of Mi. Pappas is given with the understanding that he will not Participate in any examination of that bank until his indebtedness has been liquidated. Very truly yours, (Signed) Elizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BOARD OF GOVERNORS OtrA \ Attf, AN ilK"T• NW\\°.* /• 41! Item No. 20 9/21/62 OF THE • FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. 41WC ACIORESS OFFICIAL CORRESPONDENCE TO THE BOARD .1.11Est September 21, 1962 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 September 14, 1962, the Board approves the designation of Thomas W. Gaulding as a special assistant examiner for the Federal Reserve Bank of Richmond for the purpose of participating in examinations of State member banks. Very truly yours, (Signed) Elizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary. http://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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