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Minutes for To: Members of the Board From: Office of the Secretary Aimust 14, 1964 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. Chm. Martin Gov. Mills Gov. Robertson Gov. Balderston Gov. Shepardson Gov. Mitchell Gov. Daane Minutes of the Board of Governors of the Federal Reserve System on Friday, August 14, 1964. PRESENT: Mx. Mr. Mr. Mr. Mr. Mr. The Board met in the Board Room at 10:00 a.m. Martin, Chairman Balderston, Vice Chairman Mills Shepardson Mitchell 1/ Daane Kenyon, Assistant Secretary Noyes, Adviser to the Board Molony, Assistant to the Board Cardon, Legislative Counsel Fauver, Assistant to the Board Holland, Associate Director, Division of Research and Statistics Mr. Partee, Adviser, Division of Research and Statistics Mr. Furth, Adviser, Division of International Finance Mr. Sammons, Adviser, Division of International Finance Mr. Katz, Associate Adviser, Division of International Finance Mr. Spencer, General Assistant, Office of the Secretary Mr. Bernard, Economist, Division of Research and Statistics Miss Krummack, Economist, Division of Research and Statistics Mr. Baker, Economist, Division of International Finance Mr. Mr. Mr. Mr. Mr. Mr. Money market review. There were distributed tables on money Market factors for the period January-August 12, 1964, the Federal cash budget (fiscal years 1964 and 1965), monetary developments in the four weeks ended August 12, 1964, and U. S. capital flows. Mr. Partee presented a report on bank reserves, bank credit, and the money supply, after which Miss Krummack commented on developments in the Government securities market and discussed Federal budget results 7- Withdrew from meeting at point indicated in minutes. 2. 7 2835 8/14/64 -2- and projections. Mr. Baker then discussed foreign exchange market developments. During the foregoing presentation Governor Mitchell withdrew from the meeting. Following the reports, all members of the staff except Messrs. Kenyon, Molony, Cardon, Fauver, and Spencer withdrew and the following entered the room: Mr. Mr. Mr. Mr. Mr. Mr. Mr. Hackley, General Counsel Farrell, Director, Division of Bank Operations Solomon, Director, Division of Examinations Hooff, Assistant General Counsel Daniels, Assistant Director, Division of Bank Operations Leavitt, Assistant Director, Division of Examinations McClintock, Supervisory Review Examiner, Division of Examinations Discount rates. The establishment without change by the Federal Reserve Bank of Minneapolis on August 12, 1964, and by the Federal Reserve Banks of Cleveland, Richmond, Chicago, Kansas City, and Dallas on August 13, 1964, of the rates on discounts and advances in their existing schedules was approved unanimously, with the understanding that appropriate advice would be sent to those Banks. Circulated or distributed 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 First Trust and Deposit Company, Syracuse, New York, approving the establishment of a branch at 219 East Adams Street. 1 0- 11,Lis 8/14/64 -3Item No. Letter to Chemical Bank New York Trust Company, New York, New York, approving the establishment of a branch at 130 William Street, branch operations now conducted at Fulton and Cliff Streets to be discontinued simultaneously with the establishment of this branch. 2 Letter to Wyandotte Savings Bank, Wyandotte, Michigan, approving the establishment of a branch at 31062 Ecorse Road, Romulus Township. 3 Letter to The Detroit Bank and Trust Company, Detroit, Michigan, approving the establishment of a branch at 2651 East Jefferson Avenue (to be opened in temporary quarters at 2700 East Jefferson Avenue). Letter to Commonwealth National Bank, Boston, Massachusetts, 5 granting its request for permission to maintain reduced reserves. Letter to the Comptroller of the Currency submitting an adjusted printing order for Federal Reserve notes for fiscal year 1, )65. 6 Letter to Cross Armored Carrier Corp., Bayside, New York, regarding the question whether free armored car service Provided by member banks to their depositors constitutes Payment of interest on demand deposits. 7 Letter to Houston Bank & Trust Company, Houston, Texas, interposing no objection to a past investment in bank Premises and approving a proposed investment in bank Premises. 8 All members of the staff except Mr. Kenyon then withdrew from the meeting. Revision of Board's Regular Salary Schedule (Item No. 9). It having been ascertained that the President had today signed into law the Government Employees Salary Reform Act of 1964, effective retroactively tO the first day of the first pay period beginning on or after July 1, 1964, I -4- 8/14/64 the Board approved unanimously a revision of its Regular Salary Schedule the retroactive to July 5, 1964, in such manner as to correspond with basic compensation rates established by the Salary Reform Act and authorized appropriate adjustment of the basic compensation of those Board employees paid under such schedule effective as of July 5, 1964. The Board also approved the related recommendations contained in a memorandum from the Division of Personnel Administration dated August 14, 1964, (copy attached as Item No. 9), which had been distributed. Mr. Kenyon then withdrew from the meeting and the Board went into executive session. Officer salaries. The Secretary's Office was advised later that inasmuch as the changes in salaries of officers of the Board that were made effective in January of this year had been predicated on anticipation Of the passage of legislation along the lines of the Government Employees Salary Reform Act of 1964, it was decided during the executive session that no further changes in officer salaries would be made at this time. The meeting then adjourned. Secretary's Notes: Governor Shepardson today approved on behalf of the Board the following items: Letter to the Federal Reserve Bank of New York (attached Item No. 10) aPProving the appointment of James H. Oltman as examiner. Letter to the Federal Reserve Bank of New York (attached Item No. 11) aPProving the appointment of Arnold A. Egli as assistant examiner. , 8/14/64 -5- Letter to the Federal Reserve Bank of Richmond advising that the instructions regarding authorized signers of checks drawn on the Board's General and Payroll Funds have been revised to permit either manual or machine signing of checks drawn on either fund, and enclosing a specimen impression of the autograph plate signature of the Controller, Mr. Kakalec. Memorandum from the Division of Personnel Administration dated July 1964, recommending that annual refunds of overpayments received in connec tion with the Board's voluntary accident insurance policy be turned over to the Reserve Board Club, with the understanding that no restrictions would be placed upon the Club as to the use of the money. Memorandum from the Division of Personnel Administration dated August 14, 1964, recommending adjustments as indicated in the wage rates of the following part-time substitute employees, effective July 5, 1964, in conjunction with the General Pay Increase: Annie W. Becton, Substitute Maid, Division of Personnel Administration, from $1.64 to $1.68 per hour. Ruth Page, Substitute Maid, Division of Personnel Administration, from $1.64 to $1.68 per hour. Frances L. Hornbeck, Substitute Charwoman, Division of Administrative Services, from $1.80 to $1.85 per hour. Marie Willard, Substitute Cafeteria Helper, Division of Administrative Services, from $1.80 to $1.85 per hour. Memoranda recommending the following actions relating to the Board's staff: Salary increases, effective August 16, 1964 Name and title Division Basic annual salary To From Examinations Jc)hn Albert Treimann, Federal Reserve Examiner $9,530 $10,310 6,635 6,968 3,880 4,215 3,880 4,215 Administrative Services ' Carl J. Steger, Steamfitter-Operating Engineer Data Processing Janet Cross, Draftsman (change in title from Draftsman-Trainee) Jean C. Hartig, Draftsman (change in title from Draftsman-Trainee) 28, 2839 8/14/64 -6- Leave without pay Harriet D. Berger, Secretary, Division of International Finance, for the period from August 30 through September 30, 1964. Permission to engage in outside activity Sandra Lee Herbough, Statistical Clerk, Division of Bank Operations, as keypunch operator for Expert Key-Punching Services, Alexandria, work to Virginia, on a part-time basis. Establishment of new position Additional programming position at Grade FR-9-11 in the Division Of Data Processing, it being understood that this would be offset by the elimination of a position in the Business Conditions Section of the Division of Research and Statistics. Assistant Secre 2-11,10 BOARD OF GOVERNORS Item No. 1 8/14/64 OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551 ADDRESS orricsAL CORRESPONOENCE TO THE SOARD August 14, 1964. Board of Directors, First Trust and Deposit Company, Syracuse, New York. • Gentlemen: The Board of Governors of the Federal Reserve System approves the establishment by First Trust and Deposit Company; Syracuse, New York, of an in-town branch at 219 East Adams Street, provided the branch is established within one year from the date of this letter. Very truly yours, (Signed) Karl E. Bakke Karl E. Bakke, Assistant Secretary. (The letter to the Reserve Bank stated that the Board also had approved a six-month extension of the period allowed to establish the branch; and that if an extension should be requested, the procedure prescribed in the Board's letter of November 9, 1962 (S-1846), should be followed.) ?, 4 riet—digx. BOARD OF GOVERNORS Item No. 2 8/14/64 OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551 ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD August 14, 1964. Board of Directors, Chemical Bank New York Trust Company, New York, New York. Gentlemen: The Board of Governors of the Federal Reserve System approves the establishment of a branch by Chemical Bank New York Trust Company, New York, New York, at 130 William Street, New York, New York, provided the branch is established within two years from the date of this letter, and provided further that branch operations now conducted at the northwest corner of Fulton and Cliff Streets, New York, New York, are discontinued simultaneously with the establishment of the above branch. Very truly yours, (Signed) Elizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary. (The letter to the Reserve Bank stated that the Board also had approved a six—month extension of the period allowed to establish the branch; and that if an extension should be requested, the procedure prescribed in the Board's letter of November 9, 1962 (S-1846), should be followed.) BOARD OF GOVERNORS Item No. 3 8/14/64 OF THE o. . 'Slit kk, .x0 I. FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551 AOORESS OFFICIAL CORRESPONDENCE TO THE •OARD August 14, 1964. Beard of Directors, Wyandotte Savings Bank, Wyandotte, Michigan. Gentlemen: The Board of Governors of the Federal Reserve System approves the establishment by Wyandotte Savings Bank, Wyandotte, Michigan, of a branch at 31062 Ecorse Road, Romulus Township, Michigan, 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. (The letter to the Reserve Bank stated that the Board also had approved a six-month extension of the period allowed to establish the branch; and that if an extension should be requested, the procedure prescribed in the Board's letter of November 9, 1962 (S-1846), should be followed.) Aat_ BOARD OF GOVERNORS Item No. 4 8/14/64 OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551 ADDRESS! OFFICIAL CORRESPONDENCE TO THE BOARD August 14, 1964. Board of Directors, The Detroit Bank and Trust Company, Detroit, Michigan. Gentlemen: The Board of Governors of the Federal Reserve System approves the establishment by The Detroit Bank and Must Company, Detroit, Michigan, of an in-town branch at 2651 East Jefferson Avenue, provided the branch is established within one year from the date of this letter. It is noted that your bank plans to open this branch in temporary quarters at 2700 East Jefferson Avenue. Very truly yours, (Signed) Karl E. Bakke Karl E. Bakke, Assistant Secretary. (The letter to the Reserve Bank stated that the Board also had approved a six-month extension of the period allowed to establish the branch; and that if an extension should be requested, the procedure prescribed in the Board's letter of November 9, 1962 (S-1846), should be followed.) 2844 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Item No. 5 8/14/64 WASHINGTON, D. C. 20551 ADDRESS orriciAL CORRESPONDENCE TO THE BOARD August 14, 1964. Board of Directors, Commonwealth National Bank, Boston, Massachusetts. Gentlemen: With reference to your request submitted through the Federal Reserve Bank of Boston, the Board of Governors, acting under the provisions of Section 19 of the Federal Reserve Act, grants permission to the Commonwealth National Bank to maintain the same reserves against deposits as are required to be maintained by nonreserve city banks, effective as of the date it opens for business. Your attention is called to the fact that such Permission is subject to revocation by the Board of Governors. Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary. 01". 48 1. ( BOARD OF GOVERNORS Item No. 6 8/14/64 OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551 ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD August 14, 1964. The Honorable, The Comptroller of the Currency, Treasury Department, Washington, D. C. 20226 Sir: This refers to our letter of June 24, 1964, requesting that Ye1.1 place an order with the Bureau of Engraving and Printing for Printing 1,938,000,000 Federal Reserve notes (single units) of the 1963 series or 1950 series during the fiscal year ending June 30, 1965. The order was subject to adjustment in small amount for particular denominations in order to accommodate the serial numbering Procedures for currency. The Bureau of Engraving and Printing has now advised us of adjustments. The revised printing order for Federal Reserve notes ° be delivered in fiscal year 1965 is shown below: Denomination Boston New York • Number of notes Dollar amount $S3,760,000 $1 53,760,000 5 n4,520,000 10 20 15,880,000 7,080,000 50 loo 512,000 512,000 141,600,000 25,600,000 51,200,000 $1 5 lo 153,920,000 51,360,000 153,920,000 256,800,000 20 88,200,000 h0,120,000 50 loo 3,072,000 3,328,000 882,000,000 802,400,000 153,600,000 332,800,000 5 73,120,000 8,320,000 15,800,000 73,120,000 41,600,000 158,000,000 1,280,000 944,000 64,000,000 94,140,00o Philadelphia 10 20 50 100 72,600,000 158,800,000 284 . The Comptroller of the Currency Cleveland Richmond -2- Denomination Number of notes Dollar amount a 5 lo 54,400,000 19,bool000 16,760,000 20 14,520,000 5o loo 1,024,000 544,000 $54,1400,000 98,000,000 167,boos000 290,1400,000 51,200,000 54,400,000 $1 128,100,000 128,160,000 39,840,000 199,200,000 194,800,000 412,000,000 38,400,000 51,200,000 5 lo 20 50 100 Atlanta $1 5 lo 20 50 Chicago St. Louis Minneapolis 19,480,000 20,600,000 768,000 512,000 132,800,000 333680,000 23,320,000 16,880,000 132,800,000 168,400,000 233,200,000 337,600,000 loo 432,000 43,200,000 $1 5 186,1400,000 57,200l000 186,400,000 10 20 50 100 68,200,000 33,680,000 2,048,000 1,456,000 $1 62,080,000 5 15,880,000 10 20 50 100 10,200,000 5,360,000 288,000 656,000 $1 21,760,000 5 10 20 50 100 510h0l000 286,000,000 682,000,000 673,600,000 102,400,000 145,600,000 62,080,000 79,400,000 102,000,000 107,200,000 114,100,000 65,600,000 21,760,000 25,200,000 IMMO 1h4,000 1h14,000 7,200,000 14,400,000 2847 The Comptroller of the Currency Kansas City -3Denomination Number of Notes Dollar amount $1 0,280,000 9,800,000 8,4)40,000 7,360,000 256,000 256,000 $49,280,000 49,000,000 84,400,000 147,200,000 12,800,000 25,600,000 56,960,000 56,960,000 50,h00,000 98,000,000 94,400,000 25,600,000 65,600,000 5 10 20 50 100 Dallas $1 5 San Francisco Totals 10,080,000 10 20 50 100 9,800,000 )4,720,000 512,000 656,000 $1 128,160,000 5 53,920,00o 10 20 50 100 30,0)40,000 38,760,000 1,280,000 1,680,000 128,160,000 269,600,000 300,1,00,000 775,200,000 64,000,000 168,000,000 $1 1,100,800,000 319,2)40,000 306,120,000 189,080,000 11,181,000 11j120 000 1,100,800,000 1,596,200,000 3,061,200,000 3,781,600,000 559,200,000 1,712,000,000 5 10 20 50 100 1193715h4 000 11 211 000,000 Respectfully, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary. Item No. 7 8/14/64 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551 ADDRESS OFFICIAL. CORRESPONDENCE TO THE BOARD August 14, 1964. Mr. J. K. Murphy, General Counsel, Cross Armored Carrier Corp., 222-17 Northern Boulevard, Bayside, New York. 11361 Dear Mr. Murphy: This refers to your letter of July 29, 1964, with respect to the question whether free armored car service provided by member banks to their depositors constitutes a payment of interest on demand deposits in violation of the Board's Regulation Q. Section 19 of the Federal Reserve Act prohibits member banks from paying interest on demand deposits but authorizes the Board of Governors to determine what shall be deemed to be a payment of interest. In Regulation Q, the Board has stated that any payment to or for an account of the depositor "as compensation for the use of funds constituting a deposit" shall be considered interest. In an effort to give reasonable application to the law, the Board has taken the position that, where a member bank renders services to its customers for which it may or may not make a charge, the omission of a charge for such services does not involve any payment" to the depositor. Thus, for example, the Board does not consider the common practice of analyzing individual checking accounts, and offsetting the expense of handling such accounts by their estimated earning value to the member bank, as a payment to the depositor. In offering free armored car service, no money is paid to the depositor or credited to his account, although it is recognized that the customer does benefit from such free service. There is no same Federal statute that would require member banks to provide the appears service delivery and Pick-up customers. free services to all to have a direct relationship to the receipt or payment of deposits, and is similar to other services rendered by banks such as providing, 2849 aoARo OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Mr. J. K. Murphy without charge, specially printed checks, postage paid envelopes, parking facilities, etc. All of these are benefits for which the customer would have to pay if the bank did not absorb the cost. Accordingly, the Board does not consider the offering of free armored car service to depositors as a payment of interest on demand deposits in violation of Regulation Q. Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary. BOARD OF GOVERNORS Item No. 8 8/14/64 OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551 ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD August 14, 1964. Board of Directors, Houston Bank & Trust Company, Houston, Texas. Gentlemen: The Board of Governors of the Federal Reserve System has received the requests of your bank for approval pursuant to Section 24A of the Federal Reserve Act of a $55,000 recent expenditure for improvement of a parking lot and a proposed expenditure, direct and indirect, of $4,144,949 for bank premises. Since the $55,000 expenditure in this casehas already been made, the prior approval contemplated by the statute cannot be given. However, if a timely request had been made for the required approval, it appears, on the basis of information before the Board, that such approval would have been granted. Accordingly, the Board offers no objection to the expenditure of $55,000. After consideration of all pertinent information, the Board aPProves an investment, direct and indirect, of $4,144,949 by Houston Eat* & Trust Company for the purpose of adding a ten-story tower to the Present banking house. It is understood that $4,000,000 of this proposed Investment will be represented by funds borrowed by the bank's whollyowned affiliate from a source other than the subject bank. In approving this substantial investment in bank premises, 1,4sh1ch will place a heavy burden on the bank's capital structure, the 40ard has carefully considered the proposed additions to capital funds f tilr°ugh the sale of new capital stock. It is understood that capital lunds will be increased by $990,000 through the sale of new stock not ater than January 31, 1965, and an additional sale of stock, increasing c aloital funds by $440,000 will be consummated upon completion of the Proposed building program. The Board urges that the bank's capital P°aition be frequently reviewed by the board of directors, that earnings be c°nserved to strengthen capital structure, and that further sales of new s tock be undertaken when warranted by future deposit growth of the bank. Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary. 851 Item No.9 8/14/64 BOARD OF GOVERNORS Of THIL FEDERAL RESERVE SYSTEM Office Correspondence Board of Governors Proin2ivision of Personnel Administration Date Subject: August 14, 1964 General Adjustment to the Board's Regular Salary Schedule Background Today the President signed into law the "Government Employees Salary Reform Act of 1964", to become effective retroactive the first day of the first pay period which begins on or after July 1, 1964. The effective date for the Board, if approved, would therefore be July 5, 196h. In addition to retroactively adjusting the annual rate of compensation within the general salary schedule, as it would be used to affect Board employees, the Act (1) increases the number of within grade steps to ten for Grades FR-11 through FR-15, thus substantially increasing the range of compensation in those grades, (2) adjusts the salary rates of employees Within the first three grades who receive compensation in excess of the tenth step under the 1962 Salary Act, to the tenth step of the new general salary schedule, (3) provides that all rates shall be computed to the nearest cent, counting one-half cent and over a whole cent (this revises the former method of rounding up of all fractional amounts) and (4) also provides that notwithstanding any provision of the Act, the basic, gross, or total annual compensation received by an employee immediately prior to the effective date of the Act shall not be reduced by reason of enactmen t of the Act. RECOMMENDATIONS In keeping with the Board's policy of maintaining a salary structure for its • employees comparable to that of other agencies of the Federal Government, it is recommended that the Board approve the following: (1) Revision of the Boaed's Regular Salary Schedule Retroactive to July 1964 in accordance with the attached table (Attachment 1.) which aorresponds to the basic compensa tion rates established by the "Government P219yees Salary Reform Act of 1964"; and, further, adjust accordingly the °asic compensation of those employees paid under this schedule effective as °f July 5, 1964. (2) Application and Implementation of Revised Salary Structure. Wi th the approval of the Board Member in charge of internal administr atZ.ve : Iliffairs, the Division of Personnel Administration shall be responsible for 111!ing adjustments in (1) the per diem and hourly wage rates of the WAE "en actually employed) employees, (2) pending employee appointments, etc. 4 285,2 -2- (3) Administration and Procedure. The Office of the Controller and the Division of Personnel Administration will use Government regulations and interpretations as guides in deciding questions of administration and procedure. (4) Computations Under the New Salary Formula. The 1964 Pay Act sets up a new pay computation formula - also retroactive. The 1958 Pay Act rounded up all fractions of a cent on the hourly rates, which in turn were used to fix the biweekly basic pay. This resulted in many instances of payments up to approximately $21 more than the employee's annual salary rate. 7he new formula rounds down the hourly rate where a fraction less than a half cent is involved; if half or more it continues to be rounded up. To avoid any employee not included in this general pay increase (wage board and official staff) receiving, however minor, a salary "cut", it is recommended that the flew Pay computation formula be deferred until such time as he does receive an 4-nerease in basic salary. Exceptions Not included in these recommendations are Board employees paid under the Metropolitan D.C. Prevailing Rate Wage Schedule (mechanics, gardeners, 1.einters) 1 and the Interdepartmental Lithographic Wage Board (printing) Pay elledule. These employees receive periodic salary, adjustments as a result of allnual area wage surveys. No recommendation is made in this memorandum with regard to the annual salaries of the Board's official staff. It is assumed that any deterMination on this matter will be made by the Board, as in the past. e°mments Title I, Part II of the basic Act (Postal Service and Federal fliPloyees Salary Act of 1962) provides for an annual review of salary rates Pda eid to Federal employees by the President and Congress, a requirement much sired by Government personnel people. The enactment of the present Act is result of this obligation. The purposes of this legislation are principally (1) to adjust civilian c eer salaries in the Federal Government in accordance with the principle of ' ()MParability with other than Government salaries; (2) to establish a new, prneistent, and rational structure for positions at the highest level; (3) to (6)vide a logical and appropriate relationship between career salaries and ?e!, to adopt a salary structure designed to meet the present day needs of the 1De ' 4eral Government, the most important of which is ottaining and retaining l'eonnel of the highest caliber at every level. j kttachment. 28 3 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM REGULAR SALARY SCHEDULE Basic Annual Pay Rates by Grades -- July 5, 1964 (Rates in effect January 5, 1964 to July 4, 1964 are shown on the second line of each grade.) Progress Steps urade Step One Year Periods Increase 1 2 3 FR....1 115 105 3385 3305 3500 3410 3615 3515 FR-2 125 105 3680 3620 3805 3725 135 4005 4140 105 3880 FR-4 150 140 FR-5 Two Year Periods Three Year Periods 5 6 7 13 9 10 3730 3620 3845 3725 3960 3830 4075 3935 4190 4040 4305 4145 4420 4250 3930 3830 4055 3935 4180 4040 4305 4145 4430 4250 4555 4355 4680 4460 4805 4565 4275 4090 4410 4195 4545 4300 4680 4405 4815 4525 4950 5085 5220 3985 4650 4775 4900 4480 4215 4630 4355 4780 4495 4930 4635 5080 4775 5230 4915 5380 5055 5530 5195 5680 5335 5830 5475 165 160 5000 4690 5165 4850 5330 5010 5495 5170 5660 5330 5825 5490 5990 5650 6155 5810 6320 5970 6485 6130 185 175 5505 5235 5690 5410 5875 5585 6060 5760 6245 5935 6430 6110 6615 6285 6800 6460 6985 6635 7170 6810 FR-7 200 195 6050 5795 6250 5990 6450 6185 6650 6380 6850 6575 7050 6770 7250 6965 7450 7160 7650 7355 7850 7550 FR,..8 220 210 6630 6390 6850 6600 7070 6810 7290 7020 7510 7230 7730 7440 7950 7650 8170 7860 8390 8070 8610 8280 FR_9 245 230 7220 7030 7465 7260 7710 7490 7955 7720 8200 7950 8445 8180 8690 8410 8935 8640 9180 8870 9425 9100 ER-10 270 255 7900 7690 8170 7945 8440 8200 8710 8980 9250 8455 8710 8965 9520 9220 9790 9475 10060 9730 10330 9985 295 8650 8410 8945 8690 9240 8970 9535 9250 9830 9530 10125 9810 10420 10090 10715 10370 11010 10650 11305 280 R-12 355 330 10250 9980 10605 10310 10960 10640 11315 10970 11670 11300 12025 11630 12380 11960 12735 12290 13090 12620 13445 FR....13 420 385 12075 11725 12495 12110 12915 12495 13335 12880 13755 13265 14175 13650 14595 14035 15015 14420 15435 14805 15855 ,!FR-14 490 450 14170 13615 14660 14065 15150 14515 15640 14965 16130 15415 16620 15865 17110 16315 17600 16765 18090 17215 18580 FR-15 570 16460 15665 17030 16180 17600 16695 18170 17210 18740 17725 19310 18240 19880 18755 20450 19270 21020 21590 FR_3 FR-6 -------_, FR-11 ---------_________ ___,4 1 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Item No. 10 8/14/64 WASHINGTON, D. C. 20551 . 1171CIAL CORRESPONDENCE ADDRESS 0 TO THE BOARD August 17, 1964. CONFIDENTIAL (FR) Mr. Howard D. Crosse, Vice President, Federal Reserve Bank of New York, New York, New York. 10045 Dear Mr. Crosse: In accordance with the request contained in Mr. Treiber's letter of August 11, 1964, the Board approves the appointment of James H. Oltman as an examiner for the Federal Reserve Bank of New York, effective today. It is noted that Mr. Oltman is indebted to First National City Bank, New York, New York. Accordingly, the Board's approval of the appointment of Mr. Oltman is given with the understanding that he will not participate in any examination of that bank until his indebtedness has been liquidated. Very truly yours, (Signed) Karl E. Bakke Xarl E. Bakke, Assistant Secretary. t j Cif -1‘03 BOARD OF GOVERNORS Item No. 11 8/14/64 OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25. D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD August 17, 1964. CONFIDENTIAL (FR) Mr. Howard D. Crosse, Vice President, Federal Reserve Bank of New York, 10045 New York, New York. Dear Mr. Crosse: In accordance with the request contained in Mr. Qackenbush's letter of August 12, 1964, the Board approves the appointment of Arnold A. Egli as an assistant examiner for the Federal Reserve Bank of New York. Please advise the effective date of the appointment. It is noted that Mr. Egli is indebted to First National Bank of Passaic County, Paterson, Hew Jersey. Accordingly, the Board's approval of the appointment of Mr. Egli is given with the understanding that he will not Participate in any examination of that bank so long as his indebtedness remains unliquidated. Very truly yours, (Signed) Elizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary.
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