BOARD OF GOVERNORSof the Federal Reserve System

WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman

A. L. MILLS, JR. CHAS. N. SHEPARDSON GEORGE W. MITCHELL

J. L. ROBERTSON J. DEWEY DAANE

RALPH A. YOUNG, Adviser to the Board GUY E. NOYES, Adviser to the Board

CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Legislative Counsel

CLARKE L. FAUVER, Assistant to the Board

OFFICE OF THE SECRETARYMERRITT SHERMAN, SecretaryKENNETH A. KENYON, Assistant SecretaryELIZABETH L. CARMICHAEL, Assistant SecretaryARTHUR L. BROIDA, Assistant SecretaryKARL E. BAKKE, Assistant Secretary

LEGAL DIVISIONHOWARD H. HACKLEY, General CounselDAVID B. HEXTER, Assistant General CounselTHOMAS J. O'CONNELL, Assistant General

CounselJEROME W. SHAY, Assistant General CounselWILSON L. HOOFF, Assistant General Counsel

DIVISION OF RESEARCH AND STATISTICSDANIEL H. BRILL, DirectorROBERT C. HOLLAND, Associate DirectorALBERT R. KOCH, Associate DirectorFRANK R. GARFIELD, AdviserJ. CHARLES PARTEE, AdviserROBERT SOLOMON, AdviserKENNETH B. WILLIAMS, AdviserLEWIS N. DEMBITZ, Associate Adviser

DIVISION OF INTERNATIONAL FINANCERALPH A. YOUNG, DirectorA. B. HERSEY, AdviserSAMUEL I. KATZ, AdviserROBERT L. SAMMONS, AdviserREED J. IRVINE, Associate AdviserJOHN E. REYNOLDS, Associate AdviserRALPH C. WOOD, Associate Adviser

DIVISION OF BANK OPERATIONSJOHN R. FARRELL, DirectorGERALD M. CONKLING, Assistant DirectorM. B. DANIELS, Assistant DirectorJOHN N. KILEY, JR., Assistant Director

DIVISION OF EXAMINATIONS

FREDERIC SOLOMON, Director

GLENN M. GOODMAN, Assistant Director

BRENTON C. LEAVITT, Assistant Director

JAMES C. SMITH, Assistant Director

ANDREW N. THOMPSON, Assistant Director

LLOYD M. SCHAEFFER, Chief Federal ReserveExaminer

DIVISION OF PERSONNEL ADMINISTRATION

EDWIN J. JOHNSON, Director

H. FRANKLIN SPRECHER, JR., Assistant Director

DIVISION OF ADMINISTRATIVE SERVICES

JOSEPH E. KELLEHER, Director

HARRY E. KERN, Assistant Director

OFFICE OF THE CONTROLLER

JOHN KAKALEC, Controller

SAMPSON H. BASS, Assistant Controller

OFFICE OF DEFENSE PLANNING

INNIS D. HARRIS, Coordinator

DIVISION OF DATA PROCESSING

M. H. SCHWARTZ, Director

LEE W. LANGHAM, Assistant Director

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January 1965

BOARD OF GOVERNORSof the Federal Reserve System

W M . M C C . MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman

A. L. MILLS, JR. CHAS. N. SHEPARDSON GEORGE W. MITCHELL

J. L. ROBERTSON J. DEWEY DAANE

RALPH A. YOUNG, Adviser to the Board GUY E. NOYES, Adviser to the Board

CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Legislative Counsel

CLARKE L. FAUVER, Assistant to the Board

OFFICE OF THE SECRETARYMERRITT SHERMAN, SecretaryKENNETH A. KENYON, Assistant SecretaryELIZABETH L. CARMICHAEL, Assistant SecretaryARTHUR L. BROIDA, Assistant SecretaryKARL E. BAKKE, Assistant Secretary

LEGAL DIVISIONHOWARD H. HACKLEY, General CounselDAVID B. HEXTER, Assistant General CounselTHOMAS J. O'CONNELL, Assistant General

CounselJEROME W. SHAY, Assistant General CounselWILSON L. HOOFF, Assistant General Counsel

DIVISION OF RESEARCH AND STATISTICSDANIEL H. BRILL, DirectorROBERT C. HOLLAND, Associate DirectorALBERT R. KOCH, Associate DirectorFRANK R. GARFIELD, AdviserJ. CHARLES PARTEE, AdviserROBERT SOLOMON, AdviserKENNETH B. WILLIAMS, AdviserLEWIS N. DEMBITZ, Associate Adviser

DIVISION OF INTERNATIONAL FINANCERALPH A. YOUNG, DirectorA. B. HERSEY, AdviserSAMUEL I. KATZ, AdviserROBERT L. SAMMONS, AdviserREED J. IRVINE, Associate AdviserJOHN E. REYNOLDS, Associate AdviserRALPH C. WOOD, Associate Adviser

DIVISION OF BANK OPERATIONSJOHN R. FARRELL, DirectorGERALD M. CONKLING, Assistant DirectorM. B. DANIELS, Assistant DirectorJOHN N. KILEY, JR., Assistant Director

DIVISION OF EXAMINATIONS

FREDERIC SOLOMON, Director

GLENN M. GOODMAN, Assistant DirectorBRENTON C. LEAVITT, Assistant DirectorJAMES C. SMITH, Assistant Director

ANDREW N. THOMPSON, Assistant DirectorLLOYD M. SCHAEFFER, Chief Federal Reserve

Examiner

DIVISION OF PERSONNEL ADMINISTRATION

EDWIN J. JOHNSON, Director

H. FRANKLIN SPRECHER, JR., Assistant Director

DIVISION OF ADMINISTRATIVE SERVICES

JOSEPH E. KELLEHER, Director

HARRY E. KERN, Assistant Director

OFFICE OF THE CONTROLLER

JOHN KAKALEC, ControllerSAMPSON H. BASS, Assistant Controller

OFFICE OF DEFENSE PLANNING

INNIS D. HARRIS, Coordinator

DIVISION OF DATA PROCESSING

M. H. SCHWARTZ, Director

LEE W. LANGHAM, Assistant Director

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February 1965

BOARD OF GOVERNORSof the Federal Reserve System

W M . M C C . MARTIN, JR., Chairman

J. L. ROBERTSON

CHAS. N. SHEPARDSON

C. CANBY BALDERSTON, Vice Chairman

GEORGE W. MITCHELL

J. DEWEY DAANE

RALPH A. YOUNG, Adviser to the Board GUY E. NOYES, Adviser to the Board

CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Legislative Counsel

CLARKE L. FAUVER, Assistant to the Board

OFFICE OF THE SECRETARYMERRITT SHERMAN, SecretaryKENNETH A. KENYON, Assistant SecretaryELIZABETH L. CARMICHAEL, Assistant SecretaryARTHUR L. BROIDA, Assistant SecretaryKARL E. BAKKE, Assistant Secretary

LEGAL DIVISIONHOWARD H. HACKLEY, General CounselDAVID B. HEXTER, Assistant General CounselTHOMAS J. O'CONNELL, Assistant General

CounselJEROME W. SHAY, Assistant General CounselWILSON L. HOOFF, Assistant General Counsel

DIVISION OF RESEARCH AND STATISTICSDANIEL H. BRILL, DirectorROBERT C. HOLLAND, Associate DirectorALBERT R. KOCH, Associate DirectorFRANK R. GARFIELD, AdviserJ. CHARLES PARTEE, AdviserROBERT SOLOMON, AdviserKENNETH B. WILLIAMS, AdviserLEWIS N. DEMBITZ, Associate Adviser

DIVISION OF INTERNATIONAL FINANCERALPH A. YOUNG, DirectorA. B. HERSEY, AdviserSAMUEL I. KATZ, AdviserROBERT L. SAMMONS, AdviserREED J. IRVINE, Associate AdviserJOHN E. REYNOLDS, Associate AdviserRALPH C. WOOD, Associate Adviser

DIVISION OF BANK OPERATIONSJOHN R. FARRELL, DirectorGERALD M. CONKLING, Assistant DirectorM. B. DANIELS, Assistant DirectorJOHN N. KILEY, JR., Assistant Director

DIVISION OF EXAMINATIONS

FREDERIC SOLOMON, Director

GLENN M. GOODMAN, Assistant DirectorBRENTON C. LEAVITT, Assistant DirectorJAMES C. SMITH, Assistant Director

ANDREW N. THOMPSON, Assistant DirectorLLOYD M. SCHAEFFER, Chief Federal Reserve

Examiner

DIVISION OF PERSONNEL ADMINISTRATION

EDWIN J. JOHNSON, Director

H. FRANKLIN SPRECHER, JR., Assistant Director

DIVISION OF ADMINISTRATIVE SERVICES

JOSEPH E. KELLEHER, Director

HARRY E. KERN, Assistant Director

OFFICE OF THE CONTROLLER

JOHN KAKALEC, ControllerSAMPSON H. BASS, Assistant Controller

OFFICE OF DEFENSE PLANNING

INNIS D. HARRIS, Coordinator

DIVISION OF DATA PROCESSING

M. H. SCHWARTZ, Director

LEE W. LANGHAM, Assistant Director

512

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March 1965

BOARD OF GOVERNORSof the Federal Reserve System

W M . M C C . MARTIN, JR., Chairman

J. L. ROBERTSON

CHAS. N. SHEPARDSON

C. CANBY BALDERSTON, Vice Chairman

GEORGE W. MITCHELL

J. DEWEY DAANE

RALPH A. YOUNG, Adviser to the Board GUY E. NOYES, Adviser to the Board

CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Legislative Counsel

CLARKE L. FAUVER, Assistant to the Board

OFFICE OF THE SECRETARYMERRITT SHERMAN, SecretaryKENNETH A. KENYON, Assistant SecretaryELIZABETH L. CARMICHAEL, Assistant SecretaryARTHUR L. BROIDA, Assistant SecretaryKARL E. BAKKE, Assistant Secretary

LEGAL DIVISIONHOWARD H. HACKLEY, General CounselDAVID B. HEXTER, Assistant General CounselTHOMAS J. O'CONNELL, Assistant General

CounselJEROME W. SHAY, Assistant General CounselWILSON L. HOOFF, Assistant General Counsel

DIVISION OF RESEARCH AND STATISTICSDANIEL H. BRILL, DirectorROBERT C. HOLLAND, Associate DirectorALBERT R. KOCH, Associate DirectorFRANK R. GARFIELD, AdviserJ. CHARLES PARTEE, AdviserROBERT SOLOMON, AdviserKENNETH B. WILLIAMS, AdviserLEWIS N. DEMBITZ, Associate Adviser

DIVISION OF INTERNATIONAL FINANCERALPH A. YOUNG, DirectorA. B. HERSEY, AdviserSAMUEL I. KATZ, AdviserROBERT L. SAMMONS, AdviserREED J. IRVINE, Associate AdviserJOHN E. REYNOLDS, Associate AdviserRALPH C. WOOD, Associate Adviser

DIVISION OF BANK OPERATIONSJOHN R. FARRELL, DirectorGERALD M. CONKLING, Assistant DirectorM. B. DANIELS, Assistant DirectorJOHN N. KILEY, JR., Assistant Director

DIVISION OF EXAMINATIONS

FREDERIC SOLOMON, Director

GLENN M. GOODMAN, Assistant DirectorBRENTON C. LEAVITT, Assistant DirectorJAMES C. SMITH, Assistant DirectorANDREW N. THOMPSON, Assistant DirectorLLOYD M. SCHAEFFER, Chief Federal Reserve

Examiner

DIVISION OF PERSONNEL ADMINISTRATION

EDWIN J. JOHNSON, Director

H. FRANKLIN SPRECHER, JR., Assistant Director

DIVISION OF ADMENISTRATIVE SERVICES

JOSEPH E. KELLEHER, Director

HARRY E. KERN, Assistant Director

OFFICE OF THE CONTROLLER

JOHN KAKALEC, Controller

SAMPSON H. BASS, Assistant Controller

OFFICE OF DEFENSE PLANNING

INNIS D. HARRIS, Coordinator

DIVISION OF DATA PROCESSING

M. H. SCHWARTZ, Director

LEE W. LANGHAM, Assistant Director

640

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April 1965

BOARD OF GOVERNORSof the Federal Reserve System

W M . M C C . MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman

J. L. ROBERTSON GEORGE W. MITCHELL J. DEWEY DAANE

CHAS. N. SHEPARDSON SHERMAN J. MAISEL

RALPH A. YOUNG, Adviser to the Board GUY E. NOYES, Adviser to the Board

CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Legislative Counsel

CLARKE L. FAUVER, Assistant to the Board

OFFICE OF THE SECRETARYMERRITT SHERMAN, SecretaryKENNETH A. KENYON, Assistant SecretaryELIZABETH L. CARMICHAEL, Assistant SecretaryARTHUR L. BROIDA, Assistant SecretaryKARL E. BAKKE, Assistant Secretary

LEGAL DIVISIONHOWARD H. HACKLEY, General CounselDAVID B. HEXTER, Assistant General CounselTHOMAS J. O'CONNELL, Assistant General

CounselJEROME W. SHAY, Assistant General CounselWILSON L. HOOFF, Assistant General Counsel

DIVISION OF RESEARCH AND STATISTICSDANIEL H. BRILL, DirectorROBERT C. HOLLAND, Associate DirectorALBERT R. KOCH, Associate DirectorFRANK R. GARFIELD, AdviserJ. CHARLES PARTEE, AdviserROBERT SOLOMON, AdviserKENNETH B. WILLIAMS, AdviserLEWIS N. DEMBITZ, Associate Adviser

DIVISION OF INTERNATIONAL FINANCERALPH A. YOUNG, DirectorA. B. HERSEY, AdviserSAMUEL I. KATZ, AdviserROBERT L. SAMMONS, AdviserREED J. IRVINE, Associate AdviserJOHN E. REYNOLDS, Associate AdviserRALPH C. WOOD, Associate Adviser

DIVISION OF BANK OPERATIONSJOHN R. FARRELL, DirectorM. B. DANIELS, Assistant DirectorJOHN N. KILEY, JR., Assistant Director

DIVISION OF EXAMINATIONS

FREDERIC SOLOMON, Director

GLENN M. GOODMAN, Assistant DirectorBRENTON C. LEAVITT, Assistant DirectorJAMES C. SMITH, Assistant DirectorANDREW N. THOMPSON, Assistant DirectorLLOYD M. SCHAEFFER, Chief Federal Reserve

Examiner

DIVISION OF PERSONNEL ADMINISTRATION

EDWIN J. JOHNSON, Director

H. FRANKLIN SPRECHER, JR., Assistant Director

DIVISION OF ADMINISTRATIVE SERVICES

JOSEPH E. KELLEHER, Director

HARRY E. KERN, Assistant Director

OFFICE OF THE CONTROLLER

JOHN KAKALEC, Controller

SAMPSON H. BASS, Assistant Controller

OFFICE OF DEFENSE PLANNING

INNIS D. HARRIS, Coordinator

DIVISION OF DATA PROCESSING

M. H. SCHWARTZ, Director

LEE W. LANGHAM, Assistant Director

780

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May 1965

BOARD OF GOVERNORSof the Federal Reserve System

WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman

J. L. ROBERTSON GEORGE W. MITCHELL J. DEWEY DAANE

CHAS. N. SHEPARDSON SHERMAN J. MAISEL

RALPH A. YOUNG, Adviser to the Board GUY E. NOYES, Adviser to the Board

CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Legislative Counsel

CLARKE L. FAUVER, Assistant to the Board

OFFICE OF THE SECRETARYMERRITT SHERMAN, SecretaryKENNETH A. KENYON, Assistant SecretaryELIZABETH L. CARMICHAEL, Assistant SecretaryARTHUR L. BROBDA, Assistant SecretaryKARL E. BAKKE, Assistant Secretary

LEGAL DIVISIONHOWARD H. HACKLEY, General CounselDAVID B. HEXTER, Assistant General CounselTHOMAS J. O'CONNELL, Assistant General

CounselJEROME W. SHAY, Assistant General CounselWILSON L. HOOFF, Assistant General Counsel

DIVISION OF RESEARCH AND STATISTICSDANIEL H. BRILL, DirectorROBERT C. HOLLAND, Associate DirectorALBERT R. KOCH, Associate DirectorFRANK R. GARFIELD, AdviserJ. CHARLES PARTEE, AdviserROBERT SOLOMON, AdviserKENNETH B. WILLIAMS, AdviserLEWIS N. DEMBITZ, Associate Adviser

DIVISION OF INTERNATIONAL FINANCERALPH A. YOUNG, DirectorA. B. HERSEY, AdviserSAMUEL I. KATZ, AdviserROBERT L. SAMMONS, AdviserREED J. IRVINE, Associate AdviserJOHN E. REYNOLDS, Associate AdviserRALPH C. WOOD, Associate Adviser

DIVISION OF BANK OPERATIONSJOHN R. FARRELL, DirectorM. B. DANIELS, Assistant DirectorJOHN N. KILEY, JR., Assistant Director

DIVISION OF EXAMINATIONS

FREDERIC SOLOMON, Director

GLENN M. GOODMAN, Assistant DirectorBRENTON C. LEAVITT, Assistant DirectorJAMES C. SMITH, Assistant DirectorANDREW N. THOMPSON, Assistant DirectorLLOYD M. SCHAEFFER, Chief Federal Reserve

Examiner

DIVISION OF PERSONNEL ADMINISTRATION

EDWIN J. JOHNSON, Director

H. FRANKLIN SPRECHER, JR., Assistant Director

DIVISION OF ADMINISTRATIVE SERVICES

JOSEPH E. KELLEHER, Director

HARRY E. KERN, Assistant Director

OFFICE OF THE CONTROLLER

JOHN KAKALEC, Controller

SAMPSON H. BASS, Assistant Controller

OFFICE OF DEFENSE PLANNING

INNIS D. HARRIS, Coordinator

DIVISION OF DATA PROCESSING

M. H. SCHWARTZ, Director

LEE W. LANGHAM, Assistant Director

912

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June 1965

BOARD OF GOVERNORSof the Federal Reserve System

W M . M C C . MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman

J. L. ROBERTSON GEORGE W. MITCHELL J. DEWEY DAANE

CHAS. N. SHEPARDSON SHERMAN J. MAISEL

RALPH A. YOUNG, Adviser to the Board GUY E. NOYES, Adviser to the Board

CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Legislative Counsel

CLARKE L. FAUVER, Assistant to the Board

OFFICE OF THE SECRETARYMERRITT SHERMAN, SecretaryKENNETH A. KENYON, Assistant SecretaryELIZABETH L. CARMICHAEL, Assistant SecretaryARTHUR L. BRODDA, Assistant SecretaryKARL E. BAKKE, Assistant Secretary

LEGAL DIVISIONHOWARD H. HACKLEY, General CounselDAVID B. HEXTER, Assistant General CounselTHOMAS J. O'CONNELL, Assistant General

CounselJEROME W. SHAY, Assistant General CounselWILSON L. HOOFF, Assistant General Counsel

DIVISION OF RESEARCH AND STATISTICSDANIEL H. BRILL, DirectorROBERT C. HOLLAND, Associate DirectorALBERT R. KOCH, Associate DirectorFRANK R. GARFIELD, AdviserJ. CHARLES PARTEE, AdviserROBERT SOLOMON, AdviserKENNETH B. WILLIAMS, AdviserLEWIS N. DEMBITZ, Associate Adviser

DIVISION OF INTERNATIONAL FINANCERALPH A. YOUNG, DirectorA. B. HERSEY, AdviserSAMUEL I. KATZ, AdviserROBERT L. SAMMONS, AdviserREED J. IRVINE, Associate AdviserJOHN E. REYNOLDS, Associate AdviserRALPH C. WOOD, Associate Adviser

DIVISION OF BANK OPERATIONSJOHN R. FARRELL, DirectorM. B. DANIELS, Assistant DirectorJOHN N. KILEY, JR., Assistant Director

DIVISION OF EXAMINATIONS

FREDERIC SOLOMON, Director

GLENN M. GOODMAN, Assistant DirectorBRENTON C. LEAVITT, Assistant DirectorJAMES C. SMITH, Assistant DirectorANDREW N. THOMPSON, Assistant DirectorLLOYD M. SCHAEFFER, Chief Federal Reserve

Examiner

DIVISION OF PERSONNEL ADMINISTRATION

EDWIN J. JOHNSON, Director

H. FRANKLIN SPRECHER, JR., Assistant Director

DIVISION OF ADMINISTRATIVE SERVICES

JOSEPH E. KELLEHER, Director

HARRY E. KERN, Assistant Director

OFFICE OF THE CONTROLLER

JOHN KAKALEC, Controller

SAMPSON H. BASS, Assistant Controller

OFFICE OF DEFENSE PLANNING

INNIS D. HARRIS, Coordinator

DIVISION OF DATA PROCESSING

M. H. SCHWARTZ, Director

LEE W. LANGHAM, Assistant Director

1046

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July 1965

BOARD OF GOVERNORSof the Federal Reserve System

W M . M C C . MARTIN, JR., Chairman C. CANBY BALDERSON, Vice Chairman

J. L. ROBERTSON GEORGE W. MITCHELL J. DEWEY DAANE

CHAS. N. SHEPARDSON SHERMAN J. MAISEL

RALPH A. YOUNG, Adviser to the Board GUY E. NOYES, Adviser to the Board

CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Legislative Counsel

CLARKE L. FAUVER, Assistant to the Board

OFFICE OF THE SECRETARYMERRITT SHERMAN, Secretary

KENNETH A. KENYON, Assistant SecretaryELIZABETH L. CARMICHAEL, Assistant SecretaryARTHUR L. BROIDA, Assistant SecretaryKARL E. BAKKE, Assistant Secretary

LEGAL DIVISIONHOWARD H. HACKLEY, General CounselDAVID B. HEXTER, Assistant General CounselTHOMAS J. O'CONNELL, Assistant General

CounselJEROME W. SHAY, Assistant General CounselWILSON L. HOOFF, Assistant General Counsel

DIVISION OF RESEARCH AND STATISTICSDANIEL H. BRILL, Director

ROBERT C. HOLLAND, Associate DirectorALBERT R. KOCH, Associate DirectorFRANK R. GARFIELD, Adviser

J. CHARLES PARTEE, Adviser

ROBERT SOLOMON, Adviser

KENNETH B. WILLIAMS, Adviser

LEWIS N. DEMBITZ, Associate Adviser

DIVISION OF INTERNATIONAL FINANCERALPH A. YOUNG, Director

A. B. HERSEY, AdviserSAMUEL I. KATZ, Adviser

ROBERT L. SAMMONS, Adviser

REED J. IRVINE, Associate AdviserJOHN E. REYNOLDS, Associate AdviserRALPH C. WOOD, Associate Adviser

DIVISION OF BANK OPERATIONSJOHN R. FARRELL, Director

M. B. DANIELS, Assistant DirectorJOHN N. KILEY, JR., Assistant Director

DIVISION OF EXAMINATIONS

FREDERIC SOLOMON, Director

GLENN M. GOODMAN, Assistant Director

BRENTON C. LEAVITT, Assistant Director

JAMES C. SMITH, Assistant Director

ANDREW N. THOMPSON, Assistant Director

LLOYD M. SCHAEFFER, Chief Federal ReserveExaminer

DIVISION OF PERSONNEL ADMINISTRATION

EDWIN J. JOHNSON, Director

H. FRANKLIN SPRECHER, JR., Assistant Director

DIVISION OF ADMINISTRATIVE SERVICES

JOSEPH E. KELLEHER, Director

HARRY E. KERN, Assistant Director

OFFICE OF THE CONTROLLER

JOHN KAKALEC, Controller

SAMPSON H. BASS, Assistant Controller

OFFICE OF DEFENSE PLANNING

INNIS D. HARRIS, Coordinator

DIVISION OF DATA PROCESSING

M. H. SCHWARTZ, Director

LEE W. LANGHAM, Assistant Director

1192

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August 1965

BOARD OF GOVERNORSof the Federal Reserve System

W M . M C C . MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman

J. L. ROBERTSON GEORGE W. MITCHELL J. DEWEY DAANE

CHAS. N. SHEPARDSON SHERMAN J. MAISEL

RALPH A. YOUNG, Adviser to the Board GUY E. NOYES, Adviser to the Board

CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Legislative Counsel

CLARKE L. FAUVER, Assistant to the Board

OFFICE OF THE SECRETARYMERRITT SHERMAN, Secretary

KENNETH A. KENYON, Assistant SecretaryELIZABETH L. CARMICHAEL, Assistant SecretaryARTHUR L. BROIDA, Assistant SecretaryKARL E. BAKKE, Assistant Secretary

LEGAL DIVISIONHOWARD H. HACKLEY, General CounselDAVID B. HEXTER, Assistant General CounselTHOMAS J. O'CONNELL, Assistant General

CounselJEROME W. SHAY, Assistant General CounselWILSON L. HOOFF, Assistant General Counsel

DIVISION OF RESEARCH AND STATISTICSDANIEL H. BRILL, Director

ROBERT C. HOLLAND, Associate DirectorALBERT R. KOCH, Associate DirectorFRANK R. GARFIELD, Adviser

J. CHARLES PARTEE, Adviser

ROBERT SOLOMON, Adviser

KENNETH B. WILLIAMS, Adviser

LEWIS N. DEMBITZ, Associate Adviser

DIVISION OF INTERNATIONAL FINANCERALPH A. YOUNG, Director

A. B. HERSEY, AdviserSAMUEL I. KATZ, Adviser

ROBERT L. SAMMONS, Adviser

REED J. IRVINE, Associate AdviserJOHN E. REYNOLDS, Associate AdviserRALPH C. WOOD, Associate Adviser

DIVISION OF BANK OPERATIONSJOHN R. FARRELL, Director

M. B. DANIELS, Assistant DirectorJOHN N. KILEY, JR., Assistant Director

DIVISION OF EXAMINATIONS

FREDERIC SOLOMON, Director

GLENN M. GOODMAN, Assistant Director

BRENTON C. LEAVITT, Assistant Director

JAMES C. SMITH, Assistant Director

ANDREW N. THOMPSON, Assistant Director

LLOYD M. SCHAEFFER, Chief Federal ReserveExaminer

DIVISION OF PERSONNEL ADMINISTRATION

EDWIN J. JOHNSON, Director

H. FRANKLIN SPRECHER, JR., Assistant Director

DIVISION OF ADMINISTRATIVE SERVICES

JOSEPH E. KELLEHER, Director

HARRY E. KERN, Assistant Director

OFFICE OF THE CONTROLLER

JOHN KAKALEC, Controller

SAMPSON H. BASS, Assistant Controller

OFFICE OF DEFENSE PLANNING

INNIS D. HARRIS, Coordinator

DIVISION OF DATA PROCESSING

M. H. SCHWARTZ, Director

LEE W. LANGHAM, Assistant Director

1360

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September 1965

BOARD OF GOVERNORSof the Federal Reserve System

W M . M C C . MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman

J. L. ROBERTSON GEORGE W. MITCHELL J. DEWEY DAANE

CHAS. N. SHEPARDSON SHERMAN J. MAISEL

RALPH A. YOUNG, Adviser to the Board GUY E. NOYES, Adviser to the Board

CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Legislative Counsel

CLARKE L. FAUVER, Assistant to the Board

OFFICE OF THE SECRETARYMERRITT SHERMAN, SecretaryKENNETH A. KENYON, Assistant SecretaryELIZABETH L. CARMICHAEL, Assistant SecretaryARTHUR L. BROIDA, Assistant SecretaryKARL E. BAKKE, Assistant Secretary

LEGAL DIVISIONHOWARD H. HACKLEY, General CounselDAVID B. HEXTER, Assistant General CounselTHOMAS J. O'CONNELL, Assistant General

CounselJEROME W. SHAY, Assistant General CounselWILSON L. HOOFF, Assistant General Counsel

DIVISION OF RESEARCH AND STATISTICSDANIEL H. BRILL, DirectorROBERT C. HOLLAND, Associate DirectorALBERT R. KOCH, Associate DirectorFRANK R. GARFIELD, AdviserJ. CHARLES PARTEE, AdviserROBERT SOLOMON, AdviserKENNETH B. WILLIAMS, AdviserLEWIS N. DEMBITZ, Associate Adviser

DIVISION OF INTERNATIONAL FINANCERALPH A. YOUNG, DirectorA. B. HERSEY, AdviserSAMUEL I. KATZ, AdviserROBERT L. SAMMONS, AdviserREED J. IRVINE, Associate AdviserJOHN E. REYNOLDS, Associate AdviserRALPH C. WOOD, Associate Adviser

DIVISION OF BANK OPERATIONSJOHN R. FARRELL, DirectorM. B. DANIELS, Assistant DirectorJOHN N. KILEY, JR., Assistant Director

DIVISION OF EXAMINATIONS

FREDERIC SOLOMON, Director

GLENN M. GOODMAN, Assistant Director

BRENTON C. LEAVITT, Assistant Director

JAMES C. SMITH, Assistant Director

ANDREW N. THOMPSON, Assistant Director

LLOYD M. SCHAEFFER, Chief Federal ReserveExaminer

DIVISION OF PERSONNEL ADMINISTRATION

EDWIN J. JOHNSON, Director

H. FRANKLIN SPRECHER, JR., Assistant Director

DIVISION OF ADMINISTRATIVE SERVICES

JOSEPH E. KELLEHER, Director

HARRY E. KERN, Assistant Director

OFFICE OF THE CONTROLLER

JOHN KAKALEC, Controller

SAMPSON H. BASS, Assistant Controller

OFFICE OF DEFENSE PLANNING

INNIS D. HARRIS, Coordinator

DIVISION OF DATA PROCESSING

M. H. SCHWARTZ, Director

LEE W. LANGHAM, Assistant Director

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October 1965

BOARD OF GOVERNORSof the Federal Reserve System

W M . M C C . MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman

J. L. ROBERTSON GEORGE W. MITCHELL J. DEWEY DAANE

CHAS. N. SHEPARDSON SHERMAN J, MAISEL

RALPH A. YOUNG, Senior Adviser to the Board

ROBERT C. HOLLAND, Adviser to the Board ROBERT SOLOMON, Adviser to the Board

CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Legislative Counsel

CLARKE L. FAUVER, Assistant to the Board

OFFICE OF THE SECRETARY

MERRITT SHERMAN, Secretary

KENNETH A. KENYON, Assistant SecretaryELIZABETH L. CARMICHAEL, Assistant SecretaryARTHUR L. BROIDA, Assistant SecretaryKARL E. BAKKE, Assistant Secretary

LEGAL DIVISION

HOWARD H. HACKLEY, General CounselDAVID B. HEXTER, Associate General CounselTHOMAS J. O'CONNELL, Assistant General

CounselJEROME W. SHAY, Assistant General CounselWILSON L. HOOFF, Assistant General Counsel

DIVISION OF RESEARCH AND STATISTICS

DANIEL H. BRILL, Director

ALBERT R. KOCH, Deputy DirectorJ. CHARLES PARTEE, Associate DirectorFRANK R. GARFIELD, Adviser

KENNETH B. WILLIAMS, Adviser

STEPHEN H. AXILROD, Associate AdviserLEWIS N. DEMBITZ, Associate AdviserLYLE E. GRAMLEY, Associate AdviserSTANLEY J. SIGEL, Associate AdviserTYNAN SMITH, Associate Adviser

DIVISION OF INTERNATIONAL FINANCE

RALPH A. YOUNG, Director

ROBERT L. SAMMONS, Associate DirectorA. B. HERSEY, AdviserREED J. IRVINE, Adviser

SAMUEL I. KATZ, Adviser

JOHN E. REYNOLDS, Adviser

RALPH C. WOOD, Adviser

DIVISION OF BANK OPERATIONS

JOHN R. FARRELL, Director

M. B. DANIELS, Assistant DirectorJOHN N. KILEY, JR., Assistant Director

DIVISION OF EXAMINATIONS

FREDERIC SOLOMON, Director

GLENN M. GOODMAN, Assistant DirectorBRENTON C. LEAVITT, Assistant DirectorJAMES C. SMITH, Assistant DirectorANDREW N. THOMPSON, Assistant DirectorLLOYD M. SCHAEFFER, Chief Federal Reserve

Examiner

DIVISION OF PERSONNEL ADMINISTRATION

EDWIN J. JOHNSON, Director

H. FRANKLIN SPRECHER, JR., Assistant Director

DIVISION OF ADMINISTRATIVE SERVICES

JOSEPH E. KELLEHER, DirectorHARRY E. KERN, Assistant Director

OFFICE OF THE CONTROLLER

JOHN KAKALEC, Controller

SAMPSON H. BASS, Assistant Controller

OFFICE OF DEFENSE PLANNING

INNIS D. HARRIS, Coordinator

DIVISION OF DATA PROCESSING

M. H. SCHWARTZ, DirectorLEE W. LANGHAM, Assistant Director

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November 1965

BOARD OF GOVERNORSof the Federal Reserve System

W M . M C C . MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman

J. L. ROBERTSON GEORGE W. MITCHELL J. DEWEY DAANE

CHAS. N. SHEPARDSON SHERMAN J. MAISEL

RALPH A. YOUNG, Senior Adviser to the Board

ROBERT C. HOLLAND, Adviser to the Board ROBERT SOLOMON, Adviser to the Board

CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Legislative Counsel

CLARKE L. FAUVER, Assistant to the Board

OFFICE OF THE SECRETARYMERRITT SHERMAN, Secretary

KENNETH A. KENYON, Assistant SecretaryELIZABETH L. CARMICHAEL, Assistant SecretaryARTHUR L. BROIDA, Assistant SecretaryKARL E. BAKKE, Assistant Secretary

LEGAL DIVISION

HOWARD H. HACKLEY, General CounselDAVID B. HEXTER, Associate General CounselTHOMAS J. O'CONNELL, Assistant General

CounselJEROME W. SHAY, Assistant General CounselWILSON L. HOOFF, Assistant General Counsel

DIVISION OF RESEARCH AND STATISTICS

DANIEL H. BRILL, Director

ALBERT R. KOCH, Deputy DirectorJ. CHARLES PARTEE, Associate DirectorFRANK R. GARFIELD, Adviser

KENNETH B. WILLIAMS, Adviser

STEPHEN H. AXILROD, Associate AdviserLEWIS N. DEMBITZ, Associate AdviserLYLE E. GRAMLEY, Associate AdviserSTANLEY J. SIGEL, Associate AdviserTYNAN SMITH, Associate Adviser

DIVISION OF INTERNATIONAL FINANCE

RALPH A. YOUNG, Director

ROBERT L. SAMMONS, Associate DirectorA. B. HERSEY, AdviserREED J. IRVINE, Adviser

SAMUEL I. KATZ, Adviser

JOHN E. REYNOLDS, Adviser

RALPH C. WOOD, Adviser

DIVISION OF BANK OPERATIONS

JOHN R. FARRELL, Director

M. B. DANIELS, Assistant DirectorJOHN N. KILEY, JR., Assistant Director

DIVISION OF EXAMINATIONS

FREDERIC SOLOMON, Director

GLENN M. GOODMAN, Assistant DirectorBRENTON C. LEAVITT, Assistant DirectorJAMES C. SMITH, Assistant DirectorANDREW N. THOMPSON, Assistant DirectorLLOYD M. SCHAEFFER, Chief Federal Reserve

Examiner

DIVISION OF PERSONNEL ADMINISTRATION

EDWIN J. JOHNSON, Director

H. FRANKLIN SPRECHER, JR., Assistant Director

DIVISION OF ADMINISTRATIVE SERVICES

JOSEPH E. KELLEHER, Director

HARRY E. KERN, Assistant Director

OFFICE OF THE CONTROLLER

JOHN KAKALEC, Controller

SAMPSON H. BASS, Assistant Controller

OFFICE OF DEFENSE PLANNING

INNIS D. HARRIS, Coordinator

DIVISION OF DATA PROCESSING

M. H. SCHWARTZ, DirectorLEE W. LANGHAM, Assistant Director

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December 1965

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January 1966

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February 1966

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March 1966

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

April 1966

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

May 1966