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1038 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Tuesday, August 1, 1950. PRESENT: Mr. McCabe, Chairman Mr. Evans Mr. Vardaman Mr. Sherman, Assistant Secretary Mx. Kenyon, Assistant Secretary Letter to Mr. Gilbert, President of the Federal Reserve Bank of Dallas, reading as follows: "Reference is made to your letter of July 17, 1950, submitting for the Board's approval new salary structures for the Head Office and El Paso and Houston Branches of the Federal Reserve Bank of Dallas under the Job Classification and Salary Administration Plan. You state that the proposed changes have been approved by your directors subject to the approval of the Board of Governors. "The Board approves the following minimum and maximum salaries for the respective grades, effective July 13, 1950: Head Office, El Paso, Houston Grade Minimum Salary Maximum Salary 1 $1440 $1920 2 1560 2100 3 1740 2340 4 1920 2580 5 2160 2880 6 21400 3240 7 8 9 lo 11 2700 2940 3360 3700 12 4600 4900 5700 6400 6900 13 14 15 16 4100 3600 4000 45oo 5000 5500 6200 6600 7700 8600 91400 1 039 8/1/5o -2"San Antonio Minimum Salary $1380 1500 1620 1740 1860 2040 2220 Grade 1 2 3 4 5 6 7 8 9 lo Maximum Salary 2460 2760 3060 3420 3800 420o 5000 5900 6600 $1860 2040 2220 2340 2520 2760 3000 3300 3700 4100 4600 11 5100 12 5700 13 6700 14 7900 15 89oo 16 "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. It is assumed that all employees whose salaries are below the minimum of their grades as a result of the structure increase will be brought within the appropriate range as soon as practicable and not later than October 31, 1950." Approved, Mr. Vardaman voting no. Letter to Mr. L. J. Newman, Former President, Bank of Newman, Newman, California, reading as follows: "A copy of your letter of July 18, 1950, addressed to the Federal Reserve Bank of San Francisco has been referred to the Board of Governors. "It goes without saying that the Board of Governors is desirous of avoiding any disruption of the business of your bank or of the other banks involved, or any disturbance of the confidence of their depositors and other customers. Consequently, the Board is glad to have the benefit of your views in this matter as expressed in your letter. "Therefore, if, after consulting the officials of Transamerica and Bank of America, you feel that it would I 040 8/1/5o -3- "be desirable for the Board of Governors to issue a statement to the effect that the order of the court, . requiring the retransfer to the Bank of Newman of the assets formerly belonging to that bank, was purely for the purpose of preserving the jurisdiction of the Board of Governors and the court under the Clayton Act and was in no sense a reflection upon the stability of the bank, the Board will be glad to issue such a statement." Approved unanimously, for transmittal through the Federal Reserve Bank of San Francisco. Letter to Mr. Roger W. Jones, Assistant Director, Legislative Reference, Bureau of the Budget, Washington 2,, D. C., reading as follows: "This is in response to enrolled bill transmittal sheet received by the Board on July 28, 195o, enclosing a facsimile of enrolled bill S. 2774, an Act 'To amend section 2113 of title 18 of the United States Code in order to include certain savings and loan associations within its provisions'. "The bill includes State-chartered savings and loan associations within the provisions of the United States Code relating to bank robbery and incidental crimes. The Board sees no objection to the President approving the bill. In this connection, there is attached a copy of the Board's report to the House Committee on the Judiciary on the bill, H.R. 6976, which was designed to accomplish the same purpose as S. 2774." Approved unanimously. Telegram to Mr. Slade, Vice President of the Federal Reserve Bank of San Francisco, reading as follows: "Relet July 26. Board considers proposed action establishment of branch. It is understood that approval of appropriate State authorities has been obtained and in 8/1/5o -4- "view your recommendation Board approves establishment and operation of a branch at 12th and K Streets, Modesto, California, by American Trust Company, San Francisco, California, provided such branch is established within six months of the date of this telegram and with understanding that counsel for the Reserve Bank will review and satisfy himself as to the legality of all steps taken to effect its establishment. In circumstances Board does not consider this action further expansion within meaning of its telegram of March 3, 1950." Approved unanimously. Memorandum dated July 21, 1950, from Mr. Evans, recommending approval of the voucher of Gregory O'Keefe, Jr., covering per diem and travel expenses during the period May 16, 1950 through June 14, 1950. Approved unanimously. Memorandum dated July 21, 1950, from the Division of Personnel Administration, recommending that the Board approve the continuation of the policy adopted on November 14, 1940, so as to provide the same benefits for any employee of the Board's staff other than temporary who leaves his position under either the Selective Service Act of 1948 or the Service Extension Act of 1950 for active duty in the Armed Forces of the United States. Approved unanimously. Assis VSecretary.
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