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Minutes for April 20, 1962 To: 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 12elow. If you were present at the meeting, your Initials will indicate approval of the minutes. If You were not present, your initials will indicate 0I.1Y that you have seen the minutes. Chin. Martin Gov. Mills Gov. Robertson Gov. Balderston Gov. Shepardson Gov. King Gov. Mitchell ) Minutes of the Board of Governors of the Federal Reserve System on Friday, April 20, 1962. The Board met in the Board Room at 10:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Balderston, Vice Chairman Mills Robertson Shepardson Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Sherman, Secretary Kenyon, Assistant Secretary Thomas, Adviser to the Board Molony, Assistant to the Board Fauver, Assistant to the Board Noyes, Director, Division of Research and Statistics Holland, Adviser, Division of Research and Statistics Koch, Adviser, Division of Research and Statistics Brill, Associate Adviser, Division of Research and Statistics Spencer, General Assistant, Office of the Secretary Keir, Senior Economist, Division of Research and Statistics Money market review. Mr. Keir commented on recent developments tlae money market and on forthcoming Treasury financing operations, t011°Iiing which Mr. Koch presented a report on economic and financial (leveloPments. Mr. Koch also made certain observations with respect to the Universities-National Bureau Conference on Monetary Economics hell; 4 at Carnegie Institute of Technology, Pittsburgh, Pennsylvania, ' (14 A1)111 13-14, 1962, which he and certain other members of the Board's "had attended. stElL Messrs. Thomas, Molony, Fauver, Holland, Koch, Brill, and keir 4'ken withdrew from the meeting and the following entered the room: ' 4/20/62 -2Mr. Johnson, Director, Division of Personnel Administration Mr. Solomon, Director, Division of Examinations Mr, Hexter, Assistant General Counsel Mr. Leavitt, Assistant Director, Division of Examinations Discount rates. The establishment without change by the Federal Reserve Banks of New York, Philadelphia, and San Francisco °n April 19, 1962, of the rates on discounts and advances in their elcisting schedules was approved unanimously, with the understanding that appropriate advice would be sent to those Banks. Report on competitive factors (Middleburg-Richfield, PentisYlvania). A draft of report to the Comptroller of the Currency °4 the competitive factors involved in the proposed consolidation et The First National Bank of Middleburg, Pa., Middleburg, Pennsylvania, and The Richfield Bank, Richfield, Pennsylvania, had been distributed lqth a memorandum from the Division of Examinations dated April 131 1962 . The conclusion in the report read as follows: Investigation discloses that consolidation of The First National Bank of Middleburg, Pa., Middleburg, Pennsylvania, and The Richfield Bank, Richfield, Pennsylvania, would not adversely affect competition in the area. The report was approved unanimously for transmittal to the CotAt roller. Mr. Leavitt then withdrew from the meeting. Officer salaries at Dallas Bank (Item No. 1). Pursuant to th c mmendation contained in a memorandum from the Division of 4/2o/62 Personnel Administration dated April 180 1962, which had been distributed, unanimous approval was given to a letter to the Federal Reserve Bank of Dallas approving the payment of salaries to certain officers at rates fixed by the Board of Directors. A copy of the letter is attached as 3s2.21.9.!_14. Attendance by Mr. Gehman at meeting in Geneva, Switzerland. 04 the basis of information contained in a memorandum dated April 18, 1962, from Mr. Noyes, the Board authorized attendance by Clayton Gehman, Chief, Business Conditions Section, Division of Research and Statistics, at •a meeting of the Conference of European Statisticians Working Group °4 Industrial Statistics to be held in Geneva, Switzerland, May 21-25, 1962* It was understood the Board would pay his expenses. (A request that *4. Gehman be permitted to serve as United States representative •this at meeting had been received from the Bureau of the Budget.) Summer research positions. Governor Shepardson advised that 44 °PPortunity had arisen for the Divisions of Research and Statistics ar International Finance to secure more well-qualified summer research a851stants this year than had been contemplated when the 1962 budgets Of t• he respective divisions were prepared. Five such positions were 4°11 Contemplated in the Research Division and two in International —4e* Since it appeared that the remuneration involved could be 4e°°taraodated without budget overexpenditures due to lapses in other 1)(Isitl°11s, he had approved on behalf of the Board the indicated number cir temporary positions. 4/62 -4The meeting then adjourned. Secretary's Note: Governor Shepardson today approved on behalf of the Board the following items: Memorandum from the Division of International Finance reco mmending the appointment of Frederic Brill Ruckdeschel as !!!!search Assistant (temporary summer position) in that Division, 11-ch basic annual salary at the rate of $5,3550 effective the ' late of entrance upon duty. Memorandum from Mr. Johnson, Security Officer, recommending tha the e Position of Clearing Assistant in the Clearing Unit, Office .., 1 the Secretary, be declared sensitive and that a full field nvestigation be initiated for the incumbent, Lee E. Sawyer. 7 Letter to the Federal Reserve Bank of Philadelphia (etta Item No. 2) approving the reappointment of Gordon C. Boop a8 eXaminer. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Item No. 1 4/20/62 WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD April 20, 1962 w atrous H. Irons, President, al Reserve Bank of Dallas, 444--La8 2, Texas. r/ekr Mr. Irons: The Board of Governors approves the payment of salaries to the t !llowing officers of the Federal Reserve Bank of Dallas, effective the a te through December 31, 1962, at the rates indicated, which are ' A ates fixed by your Board of Directors, as reported in your letter Qt 4Pril 13. Name Title Annual Salary 1 .12.1_9ffice Howard Carrithers Fredric W. Reed Edward W. Vorlop, Vice President Assistant Cashier Assistant Cashier $15,000 11,000 8,000 Vice President Cashier Assistant Cashier 13,000 10,500 8,000 Branch RoY E. Bohne T heodore C. Arnold Forrest E. Coleman Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Secretary. :144( BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Item NO. 2 4/20/62 WASHINGTON 25, D. C. ADORES'S OFFICIAL CCIRRE5C.ONOENCE TO THE BOARD 44**** April 20, 1962 Mr. Joseph R. Campbell, Vice President, Federal Reserve Bank of Philadelphia, Philadelphia 1, Pennsylvania. Dear 1114 Campbell: In accordance with the request contained In your letter of April 12, 1962, the Board approves the reappointment of Gordon C. Boop as an examiner for the Federal Reserve Bank of Philadelphia. Please advise the effective date of the reappointment. Very truly yours, (Signed) Elizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary.
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