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Minutes for To: Members of the Board From: Office of the Secretary August 1, 1962 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 929 Minutes of the Board of Governors of the Federal Reserve System on Wednesday, August 1, 1962. The Board met in the Board Room at 10:00 a.m. PRESENT: Mr. Mt. Mt. Mr. Mr. Mr. Mr. Martin, Chairman Balderston, Vice Chairman Mills Robertson Shepardson King Mitchell Kenyon, Assistant Secretary Fauver, Assistant to the Board Hackley, General Counsel Solomon, Director, Division of Examinations Mr. Spencer, General Assistant, Office of the Secretary Mr. McClintock, Supervisory Review Examiner, Division of Examinations Mr. Mr, Mr. Mt. Circulated item. The following item, which had been circulated to the Board and a copy of which is attached to these minutes as Item No. 1, was approved unanimously: Letter to Bank of Huntington, Huntington, New York, approving the establishment of a branch in Elwood, Town of Huntington. Report on competitive factors (Meadville-Conneaut Lake, Pennsylvania). A draft of report to the Comptroller of the Currency on the competitive factors involved in the proposed merger of The Merchants National Bank and Trust Company of Meadville, Meadville, Pennsylvania, and First National Bank at Conneaut Lake, Conneaut Lake, Pennsylvania, had been distributed. During discussion a change in the wording of the conclusion was agreed upon, after which the report was approved unanimously for -2- 8/1/62 transmittal to the Comptroller. The conclusion in the report, as transmitted) read as follows: The proposed merger of The Merchants National Bank and Trust Company of Meadville, Meadville, Pennsylvania, and First National Bank at Conneaut Lake,ConneautLake, Pennsylvania, would eliminate some competition. Report on competitive factors (Richmond-Staunton, Virginia). 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 Augusta National Bank of Staunton, Staunton) Virginia, into First and Merchants National Bank of Richmond, Richmond, Virginia. In discussion, a change was suggested in the phrasing of the conclusion. The report was then approved unanimously for transmittal to the Comptroller in a form containing the following conclusion: In view of the distance between the institutions and the nature of their activities, the proposed merger would not have an adverse effect on competition. Fund and Bank meetings. Governor Mitchell raised the question whether arrangements could be made whereby the Federal Reserve Bank Presidents would receive invitations to attend the forthcoming annual meetings of the Boards of Governors of the International Monetary Fund and the International Bank for Reconstruction and Development. Chairman Martin explained the problem involved in the size of the raised by United States delegation but added that he thought the question I 8/1/62 Governor Mitchell could be resolved satisfactorily. He felt that arrangements could be made for the Presidents of the Reserve Banks, as well as the members of the Board, to receive letters of invitation to attend all open sessions of the Fund and Bank meetings and indicated that appropriate steps would be taken. Director vacancy at Birmingham Branch. Attention was called to the vacancy on the Board of Directors of the Birmingham Branch of the Federal Reserve Bank of Atlanta caused by the resignation of Dr. Henry King Stanford, who became President of Miami University, Miami) Florida, on July 1, 1962. Following a brief discussion, it was understood that Governor King would review available information regarding certain persons previously suggested for appointment to the Birmingham Board and that he might also submit additional names for consideration by the Board of Governors. The meeting then adjourned. Secretary's Notes: On July 31, 19620 Governor Shepardson approved on behalf of the Board the following items: Letter to the Federal Reserve Bank of Dallas (attached Item No. 2) approving the designation of 15 employees as special assistant examiners. Memoranda from appropriate individuals concerned recommending the following actions relating to the Board's staff: e 8/1/62 ) effective August increases, Salary increases 5, 1962 Division Name and title Basic annual salary To From Legal 61600 $ 6,765 10,635 10,895 4,830 81080 4,995 8,340 5,490 5,655 $ Rufus S. Hill, Jr., Attorney Research and Statistics Elizabeth B. Sette, Chief, Economic Editing International Finance Joanne V. Cass, Secretary Margaret H. Garber, Economist Bank Operations JoAnn L. Murray, Secretary Administrative Services Vincent R. Creamer, Laborer Donald B. Fitzhugh, Data Processing Planner Margaret E. Jenkins, Cafeteria Helper James R. Jordan, Operator (Duplicating Devices) Albert A. Portnoy, Supervisor-Inspector Aubrey L. Simmons, Sergeant, Guard Force William N. Taylor, Messenger Herman L. Tobler, Sergeant, Guard Force 3,500 3,605 7,820 8,o8o 3,185 4,514 4,510 3,290 4,724 4,675 41460 4,565 3,185 4,565 3,290 4,670 Outside activities Lewis N. Dembitz, Associate Adviser, Division of Research and Statistics, to handle the investment of certain family funds. Boris C. Swerling, Senior Economist, Division of International Finance, to serve (without compensation) as a member of the Editorial Council of the Journal of Farm Economics. Pursuant to the recommendation contained in a memorandum from the Division of Administrative Services, Governor Shepardson 8/1/62 -5today approved on behalf of the Board an increase in the basic annual salary of Willa WC. Davis from $4,670 to $4,8401 with a change in title from Clerk-Stenographer to Utility Clerk in that Division, effective August 19, 1962. 29 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Item No. 1 8/1/62 WASHINGTON 25, D. C. ADDRESS °maim. CORRESPONDENCE TO THE BOARD August 1, 1962 Board of Directors, Bank of Huntington, Huntington, New York. Gentlemen: The Board of Governors of the Federal Reserve System approves the establishment of a branch on the easterly side of East Deer Park Road, approximately 231 feet southerly from the junction of Jericho Turnpike and East Deer Park Road, Unincorporated Area of Elwood, Town of Huntington, Suffolk County, New York, by Bank of Huntington, provided the branch is established within one year from the date of this letter. • Very truly yours, (Signed) Elizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary. ) Item No, 2 8/1/62 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. CE ADDRESS OFFICIAL CORRESPONDEN TO THE BOARD itu 3 11902 Mr. Thomas R. Sullivan, Vice President, Federal Reserve Bank of Dallas, Dallas 2, Texas. Dear Mr. Sullivan: in your In accordance with the request contained nation desig the ves appro letter of July 26, 1962, the Board ners exami tant assis al speci of the following employees as purpose of for the Federal Reserve Bank of Dallas for the : r banks membe State of ns participating in examinatio John E. Short Gerald B. Garrett C. A. Cass John Feather Billy J. Hayden William E. Cheshier Thomas C. Cole J. Lero Griffin Heston R. Huffman James E. Phillips Lloyd L. Roach, Jr. John E. Weems Stanley J. Jarmiolowski Green R. Miller Richard L. Muncy Appropriate notations have been made on our of special records of the names to be deleted from the list assistant examiners. Very truly yours, Elizabeth L. Carmichael, Assistant Secretary.
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