The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Minutes for To: Members of the Board From: Office of the Secretary April 8, 1963 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. Chin. Martin Gov. Mills Gov. Robertson Gov. Balderston Gov. Shepardson Gov. King Gov. Mitchell 155 Minutes of the Board of Governors of the Federal Reserve System on Monday, April 8, 1963. The Board met in the Board Room at 10:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Martin, Chairman Mills Robertson Shepardson Sherman, Secretary Kenyon, Assistant Secretary Fauver, Assistant to the Board Hackley, General Counsel Farrell, Director, Division of Bank Operations Mr. Solomon, Director, Division of Examinations Mr. Johnson, Director, Division of Personnel Administration Mr. Daniels, Assistant Director, Division of Bank Operations Mr. Leavitt, Assistant Director, Division of Examinations Mr. Sprecher, Assistant Director, Division of Personnel Administration Mrs. Semia, Technical Assistant, Office of the Secretary Mr. Mr. Mr. Mr. Mr. Circulated items. The following items, copies of which are attached to these minutes under the respective item numbers indicated, were approved unanimously: Item No. Letter to the Federal Reserve Bank of New York approving the payment of salary to sixteen employees until June 30, 1963, at rates below the minimums of the grades in which their positions are classified. 1 Letter to Commonwealth Bank and Trust Company, Pittsburgh, l'ennsylvania, approving an extension of time to dispose of shares of stock of other banks acquired through merger with Butler Savings and Trust Company, Butler, Pennsylvania. 2 I56 4/8/63 -2Item No. Letter to The Peoples Banking Company, McComb, Ohio, waiving the requirement of six-months'notice of withdrawal from membership in the Federal Reserve System. 3 Letter to the Federal Reserve Bank of Kansas City approving the appointment of William G. Evans as Federal Reserve Agent's Representative at the Oklahoma City Branch. Letter to the Federal Reserve Bank of Minneapolis approving revised employee salary structures at the head office and Helena Branch. Atlanta Reserve Bank building program. 5 The Board noted a memorandum dated March 28, 1963, from the Division of Bank Operations relating to advice from the Federal Reserve Bank of Atlanta in a letter dated March 21, 1963, regarding steps being taken for the design and execution of a sculptured bronze eagle to be mounted on a central column in front of the Atlanta Bank's new head office building, now under construction. This architectural feature, intended to relieve the severity of the otherwise plain facade of the buildin46 fell within the scope of the over-all authorization for the building program. The meeting then adjourned. Secretary's Note: Governor Shepardson today approved on behalf of the Board the following items: Letter to the Federal Reserve Bank of Cleveland (attached Item No. approving the designation of Robert Groh as special assistant examiner. 6) Letter to the Federal Reserve Bank of Richmond (attached Item No. 7) approving the designation of Howard S. Boote, Jr., as special assistant examiner. 4/8/63 Letter to the Federal Reserve Bank of Chicago (attached Item No. approving the appointment of Ronald R. Skadow as assistant examiner. • ) Slc etary 8) 111158 Item No. 1 BOARD OF GOVERNORS 4/8/63 OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD April 8, 1963 OONFIDEPUAL (YR) Yr. Walter H. Rozell, Jr., Vice President, Federal Reserve Bank of New York, New York 45, New York. Dear Mr. qozell: As renuested in your letter of Farch 27 and because of circumstances reported therein, the 13ord of Governors approves the payment of salary to the sixteen employees concerned at rates which are below the minimums of the grades in which their positions are classified. It is understood that salaries will be increased or other appropriate action effected no later than June 30, 1963. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Secretary. it BOARD OF GOVERNORS Item No. 2 4/8/63 OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD April 8, 1963 Board of Directors, Commonwealdi Bank and Trust Company, Pittsburgh 30, Pennsylvania. Gentlemen: The Board of Governors of the Federal Reserve System has approved an extension until December 31, 1963, of the time within which Commonwealth Bank and Trust Company is to dispose of the shares of stock of other banks acquired in the merger with Butler Savings and Trust Company. The Board requests that you make every effort to effect disposition of the remaining shares by December 31, 1963. Very truly yours, (Signed) Elizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary. I'16.0 Item No. 3 BOARD OF GOVERNORS 4/8/63 OF THE FEDERAL RESERVE SYSTEM IM WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD April 8, 1963 Board of Directors, The Peoples Banking Company, McComb, Ohio. Gentlemen: The Federal Reserve Bank of Cleveland has forwarded to the Board of Governors Cashier Finn's letter dated March 15, 1963, 1963, together with the accompanying resolution dated January 9, the in ip Signifying your intention to withdraw from membersh Federal Reserve System and requesting waiver of the six months, notice of such withdrawal. The Board of Governors waives the requirement of six months' notice of withdrawal. Under the provisions of Section 208.10(c) of the Board's Regulation H, your institution may accomPlash termination of its membership at any time within eight months from the date that notice of intention to withdraw from membership was given. Upon surrender to the Federal Reserve Bank of Cleveland of the Federal Reserve stock issued to your institution, such stock will be cancelled and appropriate refund will be made thereon. It is requested that the certificate of membership be returned to the Federal Reserve Bank of Cleveland. Very truly yours, (Signed) Elizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary. 1161 Item No. 4 4/8/63 BOARD OF GOVERNORS OF THE .•.c)OF Got,:• *• O. . FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD April 8, 1963 Homer A. Scott, Federal Reserve Agent, Federal Reserve Bank ,of Kansas City, larisas City 6, Missouri. Dear Mr. Scott: As requested in Mr. Mathews' letter of March 27, 1963, the Board of -uors approves the appointment of Mr. William G. Evans as Federal Reserve ' ennt's Representative at the Oklahoma City Branch to succeed Mr. Lee G. Cox. 0011,— This approval is given with the understanding that Mr. Evans will be lY responsible to the Federal Reserve Agent and the Board of Governors for 3the Proper performance of his duties, except that, during the absence or ! - lability of the Federal Reserve Agent or a vacancy in that office, his renv°11sibility will be to the Assistant Federal Reserve Agent and the Board of '13.7ernors. When not engaged in the performance of his duties as Federal Reserve Agent,s Representative, Mr. Evans may, with the approval of the Federal Res Pererve Agent and the Vice President in charge of the Oklahoma City Branch, a8 , f,°rm such work for the Branch as will not be inconsistent with the duties rederal Reserve Agent's Representative. It will be appreciated if Mr. Evans is fully informed of the imttence of his responsibilities as a member of the staff of the Federal ot! rye Agent and the need for maintenance of independence from the operations he Bank in the discharge of these responsibilities. Please have Mr. Evans execute the usual Oath of Office which should the „ - be forwarded to the Board of Governors along with notification of the et, 'ective date of his appointment. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Secretary. BOARD OF GOVERNORS Item No. 5 OF THE 4/8/63 FEDERAL RESERVE SYSTEM WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD April 8, 1963 CONFIDENTIAL (FR) Mr. Frederick L. Deming, President, Federal Reserve Bank of Minneapolis, Minneapolis 2, Minnesota. Dear Mr. Deming: As requested in your letter of March 19, 1963, the Board Of Governors approves the following minimum and maximum salaries for the respective grades of the employees' salary structures at the Federal Reserve Bank of Minneapolis and Helena branch, effective April 15, 1963. Grade 1 2 Minneapolis Maximum Minimum $ 2,650 $ 3,350 Helena Minimum Maximum $ - $. 2,650 3 2,800 3,700 2,800 4 5 3,000 3,350 4,000 4,450 3,000 3,350 3,750 14,300 5,050 5,700 3,750 4,300 14,800 6,400 4,800 7,150 5,350 6 7 8 9 lo 11 12 13 14 15 16 5,350 5,950 6,600 7,350 8,100 8,950 9,900 10,850 3,350 3,700 4,000 4,450 5,050 5,700 6,400 7,150 7,950 5,950 7,950 8,840 9,850 10,900 12,050 13,300 14,550 6,600 6,920 7,660 8,470 9,350 8,800 9,340 10,340 11,430 12,610 10,290 13,870 The Board approves the payment of salaries to the employees, Other than officers, within the limits specified for the grades in Which the positions of the respective employees are classified. All 1163 Mr. Deming employees whose salaries are below the minimum of their grades as a result of this structure increase should be brought within appropriate ranges by July 150 1963. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Secretary. IL1134 Item No. 6 BOARD OF GOVERNORS 4/8/63 OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD April 8, 1963 "gat-I-TRELLIg:__QM/ Paul C. Stetzelberger, Vice President, vederal Reserve Bank of Cleveland, Cleveland 1, Ohio. tear Mx. Stetzelberger: In accordance with the request contained in your letter April 1, 1963, the Board approves the designation of Robert Groh 4 special assistant examiner for the Federal Reserve Bank of eveland for the purpose of participating in examinations of State mber except The Central Trust Company, Cincinnati, Ohio. of Z The authorization heretofore given your Bank to designate Groh as a special assistant examiner is hereby canceled. Very truly yours, (signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary. BOARD OF GOVERNORS Item No. OF THE 7 4/8/63 FEDERAL RESERVE SYSTEM WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD April 8, 1963 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 April 3, 1963, the Board approves the designation of Howard S. Boote, Jr., as a special assistant examiner for the Federal Reserve Bank of Richmond for the purpose of participating in examinations of State member banks except State-Planters Bank of Commerce and Trusts, Richmond, Virginia. The authorization heretofore given your Bank to appoint Mr. Boote as an assistant examiner is hereby canceled. Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Item No. 8 4/8/63 WASHINGTON 25, D. C. ADDRESS orriciAL CORRESPONDENCE TO THE BOARD April 8, 1963 4kLAII4 t lr. Leland Ross, Vice President, 'nederal Reserve Bank of Chicago, llicego 90, Illinois. bear Mr. Ross: In accordance with the request contained in your letter of APril 48 4, 1963, the Board approves the appointment of Ronald R. Skadow ?1 sn assistant examiner for the Federal Reserve Bank of Chicago, ease advise the effective date of the appointment. Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary.
@FedFRASER