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Minutes of actions taken by the Board of Governors of the Federal Reserve System on Monday, December 14, 1953. The Board met in the Board Room at 9:30 a.m. PRESENT: Mr. Martin, Chairman Mr. Szymczak Mr. Evans Mr. Vardaman Mr. Mills Mr. Robertson Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Kenyon, Assistant Secretary Thurston, Assistant to the Board Riefler, Assistant to the Chairman Thomas, Economic Adviser to the Board Vest, General Counsel Young, Director, Division of Research and Statistics There was a further informal discussion of developments in the Government securities market and matters relating to the operation of the SYstem Open Market Account following which Messrs. Thurston, Riefler, Thomas, Vest, and Young withdrew from the meeting and Messrs. Leonard, Director, Division of Bank Operations, and Allen, Director, Division of Personnel Administration, entered the room. In accordance with the understanding at the meeting on December 8, 1953, further consideration was given to salaries proposed for Federal Re— serve Bank officers, including the presidents and first vice presidents, effective January 1, 1954. At the conclusion of the discussion, during which it was brought out that all of the salaries proposed , 12/1)4/53 for officers below the rank of president and first vice president were within the framework of the salary administration plan approved by the Board earlier this year, unanimous approval was given uo letters in the following form, with the understanding that when the chairmen and the presidents of the respective Federal Reserve Banks were invited to meet with the Board for discussion of Reserve Bank operations, officers' salaries would be among the matters taken up with them: Letter to Mr. Hodgkinson, Chairman of the Federal Reserve Bank of Boston The Board of Governors approves the payment of salaries to Mr. J. A. Erickson as President of the Federal Reserve Bank of Boston at the rate of $30,000 per annum and to Mr. A. C. Neal as First Vice President at the rate of $22,000 per annum, both for the period January 1, 1954 through December 312 1954, if fixed by your Board of Directors at such rates. These rates are those reported in your letter of October 26, 1953. The Board of Governors also approves the payment of salaries to the following officers at the rates indicated, for tile period January 1, 1954 through December 31, 1954, in accordance with the list accompanying your letter of October 260 1953, if fixed by your Board of Directors at such rates: Title Annual Salar ,y Name Group A Vice President and Cashier $18,000 Robert B. Harvey Carl B. Pitman Vice President 18,000 Earle O. Latham 17,000 Vice President Oscar A. Schlaikjer Vice President and General Counsel 18,000 Roy F. Van Amringe Vice President 15,000 Group B D. Harry Angney Assistant Vice President 11,500 Ansgar R. Berge Secretary, Assistant Counsel and Assistant Federal Reserve Agent 12,500 Elliot S. Boardman Assistant Vice President 11,5oo George H. Ellis Director of Research 10,000 12/14/53 -3- Annual Salary Title Name Group C $10,500 Assistant Vice President, Frank C. Gilbody 10,000 Assistant Vice President Edward W. O'Neil 11,500 Assistant Vice President Dana D. Sawyer 10,500 General Auditor David L. Strong 9,500 Economist Financial Parker B. Willis 10,500 President Vice Assistant Louis A. Zehner Group D 9,500 Assistant Cashier William R. King 8,500 Assistant Cashier John E. Lowe 9,500 James D. MacDonald Chief Examiner 9,003 Assistant Cashier John J. Rock Letter to Mr. Crane, Chairman of the Federal Reserve Banic of New York The Board of Governors approves the payment of salaries to Mr. Allan Sproul as President of tne Federal Reserve Bank of New York at the rate of $60,000 per annum and to Mr. W. F. Treiber as First Vice President., at the rate of $30,000 per annum, both for the period January 10 1954, through December 310 1_954, tnese being the rates reported in your letter of November 13, 1953, as having been fixed by the Executive Committee of your Board of Directors. Thu Board of Governors also approves the payment of salaries to tne following officers at the rates indicated for the period January 1, 1954, through December 31, 1954, (with the exception of Messrs. Knoke and Boyd) which, according to your letter of November 13, 1953, are the rates fixed by the Executive Committee of your Board of Directors. Annual Salary Title Name $20,000 President Vice Bilby, Harold A. 22,000 President Kimball, Herbert H. Vice 27,500 Vice President Knoke, L. Werner 24,000 Vice President Phelan, Arthur 22,000 Vice President Roelse, Harold V. 28,000 Vice President Rouse, Robert G. Vice President & General Tiebout, Todd G. 23,000 Counsel 24,000 Vice President Willis, Valentine 19,000 Vice President B. Reginald Wiltse, 20,000 Vice President Wurts, John H. Counsel 17,000 General Assistant Clarke, John J. 14,000 Cameron, Donald J. Assistant Vice President lb ,000 President Vice Assistant Crosse, Howard D. 211 12/14/53 -14-- Annual Salary Title $17,500 Assistant Vice President 16,500 Assistant Vice President 15,000 Assistant Vice President 17,500 Assistant Vice President 18,000 Assistant Vice President 15,000 Assistant Vice President 18,500 Assistant Vice President 16,500 General Auditor 11,750 Senior Economist Manager, Cash Custody Department 10,000 13,000 Manager, Research Department 12,500 Assistant Counsel 11,750 Senior Economist 12,500 Assistant Counsel 12,000 Counsel Assistant Manager, Savings Bond Department 12,000 11,500 Manager, Foreign Department 13,000 Department Manager, Check & Department Manager, Credit 12,500 Discount Department 13,000 Department Marsh, Spencer S., Jr. Manager, Securities McLaughlin, Michael J. Manager, Government Check 10,500 Department 13,000 Manager, Building Operating Muether, Herbert A. Department 12,000 Planning Department Manager, Niles, Donald C. 11,500 Manager, Service Department Noa, Arthur H. O'Keefe, Gregory, Jr. Assistant Counsel & 10,000 Assistant Secretary 12,000 Manager, Accounting Department Palmer, William F. 12,000 Cash Department Manager, Peterson, Franklin E. Quackenbush, Lawrence F. Manager, Bank Examinations 12,000 Department Manager, Security Custody DeRushmore, Walter S. 11,000 partment DeBond Government Manager, Scheffer, Ralph W. 13,000 partment 11,000 Department Personnel Manager, Small, Kenneth E. 11,500 Smedley, Frederick L. Manager, Personnel Department Department 10,500 Collection Manager, Smith, George C. DeInformation Manager, Public Waage, Thomas O. 12,500 partment DepartRelations Manager, Bank Walton, A. Chester 10,500 ment Name Davis, Felix T. Davis, Norman P. Fitchen, Paul R. Harris, Marcus A. Miller, Silas A. Roosa, Robert V. Sanford, Horace L. Bowman, Curtis R. Bloomfield, Arthur I. Boyd, Harry M. Coombs, Charles A. Cowan, Harding Garvy, George Gordon, Clifton R. Guy, Edward G. Heinl, William A. Lang, Peter P. MacInnes, Angus A., Jr. Marple, William E. 2 1 12/14/53 Name Wendell, Roy E. Annual Sala/7 Title Manager, Safekeeping Depart$12,500 ment 12,000 Secretary Willis, Arthur H. Buffalo Branch 20,000 Vice President Smith, Insley B. 13,500 nt Preside Vice nt Assista Wessel, Harold M. 11,500 Cashier Doll, George J. 9,500 Cashier nt Assista Greene, Gerald H. 9,200 Cashier nt Assista Myers, M. Monroe M. Harry and Knoke Werner L. It is understood that Messrs. the ngly, accordi and 1954, during Boyd will reach retirement age dates of repayment of their salaries is approved only until the tirement. the Board As requested in your letter of November 13, 1953, maximums for of Governors also approves the following minimums and Reserve Bank the three lowest officer salary groups at the Federal of Nem- York: Maximum Minimum Annual Annual _221Ea _f212a $1-7-,000 $12,000 Group D 14,500 10,500 Group E 13,000 9,000 Group F Bank of Philadelphia Letter to Mr. Meinel, Chairman of the Federal Reserve salaries to The Board of Governors approves the payment of Bank Mr. Alfred H. Williams as President of the Federal Reserve J. Of Philadelphia at the rate of $30,000 per annum and to Mr. W. annum, per Davis as First Vice President at the rate of $22,000 1954, 31, r Decembe through 1954 both for the period January 1, November 122 these being the rates reported in your letter of 19532 as having been fixed by your Board of Directors. of salaries The Board of Governors also approves the payment for the to the following named officers at the rates indicated which accordPeriod January 1, 1954 through December 31, 1954, which were ing to your letter of November 12, 1953, are the rates fixed by your Board of Directors: Annual SalaryTitle Name $18,500 Vice President Karl R. Bopp 18,000 Vice President Robert N. Hilkert 17,000 Vice President E. C. Hill ry 16,000 Vice President & Secreta William G. McCreedy 17,000 President Vice P. M. Poorman 14,000 ry nt Secreta Assista & Cashier Richard G. Wilgus ry 15,000 Secreta nt Assista & Counsel J. V. Vergari 2 12/14/53 Name Joseph R. Campbell W. M. Catanach Norman G. Dash G. J. Lavin E. A. Aff R. E. Haas Roy Hetherington H. J. Nelson Harry W. Roeder Z. G. Fenner Evan B. Alderfer Clay J. Anderson Fred A. Murray Hugh Barrie Murdoch K. Goodwin H. B. Haffner —6Title Assistant Vice President Assistant Vice President Assistant Vice President Assistant Vice President Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier Chief Examiner Industrial Economist Financial Economist Director of Plant Machine Methods Officer Assistant Counsel General Auditor Annual Salary $10,500 12,000 11,000 12,000 8,500 8,500 10,000 9,000 8,000 10,500 12,000 12,000 10,000 10,000 10,000 10,000 Letter to Mr. Fulton, President of the Federal Reserve Bank of Cleveland The Board of Governors approves the payment of salaries to You as President of the Federal Reserve Bank of Cleveland at the rate of $25,000 per annum and to Mr. D. S. Thompson as First Vice President at the rate of $18,000 per annum, both for the Period January 1, 1951i through December 31, 1954, these being the rates reported in your letter of November 20, 1953, as having been fixed by your Board of Directors. The Board of Governors also approves the payment of salaries to the following officers at the rates indicated, for the period January 1, 1954 through December 31, 1_954, (with the exception of Mr. Ross), which, according to your letters of November 12 and 20, 1953, are the rates fixed by your Board of Directors: Annual Salary Title Name MAIN OFFICE $16,000 R. R. Clouse Vice President 17,750 Cashier A. H. Laning Vice President and 17,500 Vice President Martin Morrison 14,500 H. E. J. Smith Vice President 17,500 P. C. Stetzelberger Vice President 14,000 L. M. Hostetler Director of Research 12,000 P. B. Didham Assistant Vice President 12,750 G. H. Emde Assistant Vice President 12,250 J. R. Lowe Assistant Vice President 12,000 J. M. Miller Assistant Vice President 21 4k', 12/14/53 —7— Annual Salary Title $10,500 Assistant Cashier 9,250 Assistant Cashier 8,500 Assistant Cashier 8,500 Assistant Cashier 10,500 Assistant Cashier 12,000 Chief Examiner 14,500 General Auditor 8,700 Assistant Secretary CINCINNATI BRANCH 15,500 R. G. Johnson Vice President 13,000 Cashier P. J. Geers 9,000 Assistant Cashier G. W. Hurst 11,000 C. Harrell Assistant Cashier 8,500 Assistant Cashier John Bierman PITTSBURGH BRANCH 20,000 J. W. Kossin Vice President -fl A. G. Foster Cashier 10,300 W. H. Nolte Assistant Cashier 10,500 J. R. Price Assistant Cashier 11,000 Assistant Cashier Jno. A. Schmidt 11,000 R. J. Steinbrink Assistant Cashier age retirement reach will It is understood that Mr. Ross ap— accordingly is during 1954 and the payment of his salary proved only until the date of retirement. Name C. J. Bolthouse C. E. Cranford E. V. Denton E. F. Fricek G. R. Ross H. M. Boyd C. F. Ehninger H. B. Flinkers Itqlpr to Mr. McCormick Chairman of the Federal Reserve Bank of Richmond The Board of Governors approves the payment of salaries to Mro Hugh Leach as Presiaent of the Federal Reserve Bank of Rich— mom, at the rate of $30,000 per annum and to Mr. E. A. Wayne as First Vice President at the rate of $22,000 per annum, both for the period January 1, 1954, through December 31, 1954, these being the rates reported in your letter of November 12, 1953, as having been fixed by your Board of Directors. The Board of Governors also approves the payment of salaries to the following named officers at the rates indicated, for the Period January 1, 1954, through December 31, 1954, which accord— ing to your letter of November 12, 1953, are the rates which were fixed by your Board of Directors: Annual Salary Title Name $16,000 N. L. Armistead Vice President Vice President and General Aubrey N. Heflin 15,000 Counsel 12/14/53 Name Upton S. Martin R. W. Mercer C o B. Strathy K. Brantley Watson Chas. W. Williams J. Dewey Daane John L. Nosker J. M. Nowlan Thomas I. Storrs Jas. W. Dodd, Jr. H. E. Ford Robert G. Howard W. B. Wakeham Edw. Waller, Jr. G. Harold Snead R. S. Brock, Jr. Baltimore Branch D. F. Hagner A. A. Stewart, Jr B. F. Armstrong A. C. Wienert E. Riggs Jones, Jr. Charlotte Branch R. L. Cherry S. A. Ligon R. L. Honeycutt E. C. Mondy -8Annual Salary Title $13,600 Vice President 15,000 Vice President and Cashier 15,000 Secretary and President Vice 15,000 Vice President 14,000 Vice President 11,500 Assistant Vice President 10,600 Assistant Vice President 11,500 Assistant Vice President 11,500 Assistant Vice President 10,500 Assistant Vice President 8,700 Assistant Cashier 9,600 Assistant Cashier 8,800 Assistant Cashier 9,000 Assistant Cashier 10,000 Chief Examiner 12,500 General Auditor Vice President Cashier Assistant Cashier Assistant Cashier Assistant Cashier 16,000 11,500 8,300 8,800 7,500 Vice President Cashier Assistant Cashier Assistant Cashier 16,000 12,000 8,500 8,200 I2Iter to Mr. Neely, Chairman of the Federal Reserve Bank of Atlanta The Board of Governors approves the payment of salaries to Mr. Mnlcolm Bryan as President of the Federal Reserve Bank of Atlanta at the rate of $30,000 per annum and to Mr. Lewis M. Clark as First Vice President at the rate of $22,000 per annum, both for the period January 10 1954, through December 31, 1954, 13, these being the rates reported in your letter of November . Directors of 1953, as having been fixed by your Board The Board of Governors also approves the payment of salaries to the following officers at the rates indicated 2 for the period January 12 1954, through December 31, 1954, (with the exception of Messrs. Harrison and Camp) which, according to your letter of November 13, 19532 are the rates fixed by Your Board of Directors: 211 12/14/53 -9- Annual Salary Title $17,000 Vice President and General Counsel 14,000 Vice President - Birmingham John L. Liles, Jr. 15,000 Jacksonville President Vice T. A. Lanford 13,000 Vice President - Nashville R. E. Moody, Jr. 13,000 President Vice Earle L. Rauber 13,000 Vice President J. E. Denmark 14,000 Vice President S. P. Schuessler 15,500 Vice President V. K. Bowman Assistant Manager - New Orleans14,000 M. L. Shaw Ass13tant Manager - Birmingham 12,000 H. C. Frazer 10,500 Assistant Manager - JacksonT. C. Clark ville E. R. Harrison Assistant Manager - Nashville 11,500 12,500 L. B. Raisty Vice President 10,500 Birmingham Assistant Manager E. C. Rainey 10,000 R. M. Stephenson Assistant Vice President 10,000 Assistant Vice President Charles T. Taylor 10,000 Assistant Vice President J. E. McCorvey 11,000 C. R. Camp Assistant Vice President 9,000 Assistant Cashier Fred I. Breck 9,500 Auditor General DeWitt Adams 9,000 Counsel Assistant Dowdell Brown, Jr. 10,000 J. H. Bowden Assistant Vice President 9,500 Jacksonville Cashier J. N. Snyder 9,500 Nashville Cashier L. W.. Starr 10,000 Cashier - New Orleans W. H. Sewell 9,500 President. Vice Assistant F. H. Martin 9,000 I. H. Martin Assistant Vice President 9,000 President Vice Assistant R. E. Milling 8,500 Cashier - Birmingham H. J. Urquhart 7,500 Birmingham Assistant Cashier Melvin McIlwain 9,000 Jacksonville C. Mason Ford Assistant Cashier 7,500 Assistant Cashier - Nashville Stuart H. Magee 8,500 Orleans New L. Y. Chapman Assistant Cashier C. R. Camp Mr. and It is understood that Mr. E. R. Harrison of payment their Will reach retirement age during 1954 and the of retiredate salaries is accordingly approved only until the Name Harold T. Patterson Merit. Lotter to Mr. Dawes) Vice President and Secretary of the Federal Reserve Bank of Chicago The Board of Governors approves the payment of salaries to Mr. C. S. Young as President of the Federal Reserve Bank of 12/14/53 -10- Chicago at the rate of $40,000 per annum and to Mr. E. C. Harris as First Vice President at the rate of $271500 per annum, both for the period January 1, 1954 through December 31, 1954, these being the rates reported in your letter of October 270 1953, as having been fixed by your Board of Directors. The Board of Governors also approves the payment of salaries to the following named officers at the rates indicated for the period January 1, 1954 through December 31, 1954, which, according to your letter of October 270 1953, are the rates which were fixed by your Board of Directors: Annual W600 Title Name Secretary & Dawes, President Vice N. B. 19,500 President Vice Diercks, W. R. 15,500 Vice President Hopkins, W. A. 15,000 President Vice Meyer, L. G. 16,500 Vice President Mitchell, G. W. 20,000 Vice ?resident Olson, A. L. 21,500 Vice President Sihler, A. T. 18,500 Vice President Turner, W. W. 13,500 Cashier Jones, L. H. 12,000 Assistant Vice President Baughman, E. T. 12,500 Assistant Vice President Carroll, P. C. 12,500 Assistant Vice President Laibly, C. T. 14,000 Assistant Vice President Lies, M. A. 13,500 Assistant Vice President F. Lindsten, A. 12,000 Assistant Vice President Newman, H. J. 12,000 Assistant Vice President Petersen, I. J. 11,500 Assistant Vice President Smyth, B. L. 12,000 Assistant Vice President Fred Wilson, H. 17,000 General Auditor Endres, J. J. 11,000 General Auditor Assistant Gustayson, A. M. 16,500 General Counsel Hodge, P. C. Asst. General Counsel Barton, O. C. 10,500 and Assistant Secretary 12,500 Chief Examiner Van Zante, C. P. 9,500 Assistant Cashier Bristow, E. D. 8,500 Assistant Cashier Davis, L. A. 8,500 Assistant Cashier Grimm, F. H. Assistant Cashier and Heath, E. A. 11,000 Assistant Secretary 7,700 Assistant Cashier Schultz, H. S. 9,500 Cashier Assistant ShiroY, E. F. 9,500 Assistant Cashier Tucker, G. T. 21 12/14/53 Name Helmer, H. J. Scanlon, C. J. DETROIT BRANCH Swaney, R. A. Bloomfield, R. W. Diehl, H. L. Srp2 J. J., Jr. Wiegandt, A. J. Lamphere, G. W. —11— Annual Salary Title $10,500 Assistant Chief Examiner 10,500 Examiner Assistant Chief Vice President Assistant Vice President Cashier Assistant Cashier Assistant Cashier Assistant General Counsel 14,000 12,000 11,500 9,000 10,500 10,500 Letter to Mr. Johns, President of the Federal Reserve Bank of St. Louis The Board of Governors approves the payment of salaries to you as President of the Federal Reserve Bank of St. Louis ak L.21=inig 2-:0Zeitic i,04/ unriaTeldot at the (13 1tillt: NI 0 as fP12= -Ititc: for the period January 1, 1954, through December 312 1954, these being the rates reported in your letter of November 130 19532 as having been fixed by your Board of Directors0 The Board of Governors also approves the payment of sal— aries to the following officers at the rates indicated for the period January 1, 1954, through December 31, 1954, (with the exception of Messrs. Stewart and Schacht) which, accord— ing to your letter of November 13, 1953, are the rates fixed by your Board of Directors: Annual Salary Title Name William E. Peterson Howard H. Weigel Joseph C. Wotawa Dale M. Lewis Clarence M. Stewart Charles A. Schacht Darryl R. Francis William J. Abbott, Jr. Vice President Vice President Vice President Vice President Vice President Vice President Vice President Director of Research 2E222-1 Victor M. Longstreet George E. Kroner John J. Christ Earl R. Billen Willis L. Johns Stephen Koptis George W. Hirshman Assistant Vice President Chief Examiner Assistant Vice President Assistant Vice President Assistant Vice President Assistant Vice President General Auditor $18,000 15,000 15,000 15,000 15,000 13,500 15,000 12,200 13,500 12,000 10,200 10,000 9,800 9,000 9,000 12/14/53 -12Title Name Assistant Assistant Assistant Assistant Assistant G. 0. Hollocher W. W. Gilmore Fred Burton Marvin L. Bennett C. E. Martin Annual Salary $ 9,100 Vice President 8,500 Vice President 11,500 Manager-Louisville 9,000 Manager-Little Rock 8,500 Manager-Memphis EX:MEI 7,000 Assistant Manager-Little Rock Clifford Wood 6,700 Assistant Manager-Little Rock W. J. Bryan 7,000 L. K. Artnur Assistant Manager-Louisville 6,700 L. S. Moore Assistant Manager-Louisville 7,000 S. K. Belcher Assistant Manager-Memphis 6,700 Assistant Manager-Memphis H. C. Anderson It is understood that Mr. Clarence M. Stewart and Mr. Charles A. Schacht will reach retirement age during 1954 and the payment of their salaries is accordingly approved only until the date of retirement. Letter to Mr. Powell President of the Federal Reserve Bank of Minneapolis The Board of Governors approves the payment of salaries to you as President of tne Federal Reserve Bank of Minneapolis at the rate of $261500 per annum and to Mr. A. W. Mills as First Vice President at the rate of $191000 per annum, both for the Period January 1, 1954, through December 311 19541 those being the rates reported in your letter of September 15, 1953, as having been fixed by your Board of Directors. The Board of Governors also approves the payment of salaries to the following officers at the rates indicated for the period January 1, 1954, through December 311 1954, (with the exception of Mr. Core) which, according to your letter of September 15, 19531 are the rates fixed by your Board of Directors: Annual Salary Title Name E2112 A 2 H. G. McConnell . R. Preston 0 Sigurd Uelana Jo M. Peterson 21:2a2 B H. C. Core E. B. Larson M. H. Strothman„ Jr. C., W. Groth A. W. Johnson K. K. Fossum Vice Vice Vice Vice of President President President and Counsel President and Director Research Vice President Vice President Vice President Vice President Assistant. Vice President Auditor $171000 16,500 114,000 14,000 12,000 13,000 12,500 12,000 10,000 9,000 21 12/14/53 Name C F. L. Parsons -13Title Annual Salary Associate Director of Research Assistant Vice Presidem Assistant Vice President Assistant Vice President Assistant Vice President Operating Research Officer $11,000 9,500 C. A. Van Nice 9,500 A. R. Larson 9,000 O. W. Ohnstad 9,000 C. Ries 10,000 M. E. Lysen amup D 8,000 Assistant Cashier H. A. Berglund 8,000 Cashier Assistant G. M. Rockwell 8,000 Cashier Assistant J. J. Gillette 8,000 Assistant Cashier M. B. Holmgren 7,500 Assistant Cashier M. O. Sather t retiremen reacn will It is understood that Mr. H. C. Core salary his of payment age during 1954, and, accordingly, the is approved only until the date of his retirement. Letter to Mr. Hall Chairman of tne Federal Reserve Bank of Kansas Citz Your letter of November h advised tne Board of Governors of the action taken by your Board of Directors with respect to fixing the salaries of the President and First Vice President for the calendar year 1954. The Board has reviewed this matter again, the thoughtParticularly in the light of considerations outlined in ful resolution adopted by your Directors as well as the considerations which should guide the Board and which were discussed when salary procedures were being formulated during the past year. On the basis of that review, tne Board cannot escape the conclusion that the considerations which prompted its earlier action approving these salaries at their present levels, including the special relationship of Character of the Federal Reserve Banks and the salaries, must other to salaries of Federal Reserve Bank officers weighed the has Board the continue to apply. Consequently, while action of your directors very carefully, it believes tnat the salaries of tne President and First Vice President of your Bank Should not be increased further at this time. Accordingly, the Board approves the payment of salaries to Mr. Leedy as President at the rate of $30,000 per annum, and to Mr. Koppang as First Vice President at the rate of $22,000, both for the period of January 1, 1954 through December 31, 1954, provided those rates are fixed by the Board of Directors of your Bank. The Board of Governors also approves the payment of salaries to the following officers at the rates indicated for the period 12/14/53 -114- January 1, 1954 through December 31, 1954) which, according to your letter of November 114, 1953, are the rates fixed by your Board of Directors: Annual Salary Title Name HEAD OFFICE $18,000 Vice President D. W. Woolley 12,000 Vice President E. D. Vanderhoof 15,000 Vice President Clarence W. TOW 10,1100 Cashier John T. Boysen 10,000 President Vice Assistant E. U. Sherman 9,800 President Vice Assistant F. H. Larson 9,000 Assistant Cashier C. A. Cravens 9,000 Cashier Assistant J. S. Handford 8,500 Assistant Cashier J. T. White 8,500 Cashier Assistant Joseph R. Euans 10,000 Auditor General C. L. Bollinger 10,200 Chief Examiner L. F. Mills BRANCH DENVER 15,000 Vice President G. A. Gregory 9,800 Cashier H. L. Stempel 8,L00 Assistant Cashier Hubert G. Duck 8,000 Assistant Cashier Howard W. Pritz OKLAHOMA CITY BRANCH 15,000 Vice President R. L. Mathes 9,800 Cashier F. W. Alexander 8,1400 Assistant Cashier F. R. Fritz 8,300 Assistant Cashier Fred C. Schmocker OMAHA BRANCH 9,800 Cashier P. A. Debus 8,500 Assistant Cashier U. S. Berry 8,300 Assistant Cashier William P. Doran 1.41IIer to Mr. Parten Chairman of the Federal Reserve Bank of Dallas The Board today has advised Mr. Gentry of its approval level of the payment of salaries to the officers below the Dallas of of First Vice President at the Federal Reserve Bank in accordance with the rates fixed by your Board of Directors and submitted to us in Mr. Gentry's letter of November 13, 1953. Mr. Gentry's letter also states that the Bank has received no information on its recommendation that the salary of the First Vice President be at the rate of $21,000 per annum and that accordingly the Board of Directors of your Bank took no action on the salary of the First Vice President for the year 199i. 2122 12/111/53 In view of the circumstances it is the opinion of the Board that Mr. Gentry's salary should be continued at the present rate for the time being. Accordingly, the Board approves the payment of salary to Mr. W. D. Gentry as First Vice President of the Federal Reserve Bank of Dallas at the rate of $18,000 per annum for the period January 1) 1954 through December 31, 19% provided that this rate is fixed by your Board of Directors. Letter to Mr. Gentry, First Vice President of the Federal Reserve Bank of Dallas The Board of Governors approves the payment of salaries to the following officers of the Federal Reserve Bank of Dallas at the rates indicated for the period January 1, 19541 through December 31, 19541 which, according to your letter of November 13, 1953, are the rates fixed by your Board of Directors: Annual Salary Title Name $l5"1500 Vice President E. B. Austin 151000 Vice President L. G. Pondrom 161000 Vice President W. H. Irons 000 14) General Auditor G. R. Murff General and President Vice Harry A. Shuford 13,000 Counsel 12,000 Cashier and President Vice J. L. Cook Assistant Vice President and Morgan H. Rice 11,700 Secretary of the Board 9,600 Cashier Assistant Howard Carrithers 9,000 Examiner Chief N. B. Harwell 8,900 Cashier Assistant W. D. Waller 8,900 Assistant Cashier T. W. Plant 8,900 Assistant Cashier H. W. Kaman 8,400 Cashier Assistant E. H. Berg 6,800 Assistant Counsel George F. Rudy Houston Branch 131500 Vice President W. H. Holloway 9,300 Cashier H. K. Davis 8,000 Cashier Assistant B. J. Troy San Antonio Branch 121500 Vice President W. E. Eagle 83)40 Cashier A. E. Mundt 7,200 Assistant Cashier F. C. Magee 12/14/53 El C. A. T. Name Paso Branch M. Rowland E. Russell C. Arnold -16Title Vice President Cashier Assistant Cashier Annual Salary $101700 81100 6,900 Letter to Mr. Wilbur, Chairman of the Federal Reserve Bank of San Francisco The Board of Governors approves the payment of salaries to Mr. C. E. Earhart as President of the Federal Reserve Bank of San Francisco at the rate of $301000 per annum and to Mr. H. N. Mangels as First Vice President at the rate of $22,000 per annum, both for the period January 1, 1954 through December 311 19541 these being the rates reported in your letter of October 271 19531 as having been fixed by your Board of Directors. The Board of Governors also approves the payment of salaries to the following named officers at the rates indicated for the period January 1, 1954 through December 311 1954, which, according to your letter of October 271 1953, are the rates which were fixed by your Board of Directors: Annual Salary Title Name HEAD OFFICE $171000 Vice President Millard, E. R. 17,000 Vice President Slade, H. F. 13,000 Vice President and Cashier Symms, Ronald T. 15,000 Vice President Wheeler, O. P. 10,500 Assistant Vice President Morrill, R. H. 12,000 Assistant Vice President Swan, E. J. 9,000 Assistant Cashier Barbonchielli, J. L. 9,000 Assistant Cashier Barrett, T. W. g-3 Hemmins 9,000 Assistant Cashier H. E F. 9,000 Assistant Cashier Milliken, R. C. 8,000 Cashier Assistant H. A. rice, P 11,500 General Auditor Armstrong, H. 10,500 Chief Examiner Galvin, E. H. 14,000 General Counsel Mane, J. A. LOS ANGELES BRANCH 19,000 Vice President Volberg, W. F. 12,500 H Watkins, --• Manager Assistant C• 7,500 Assistant Manager Davies, M. J. 8,500 Manager Assistant parker, G. D. 8,500 Assistant Manager Robinson, J. R. Thomas, W. J. 81000 Assistant Manager 12/1h/53 -17- Name PORTLAND BRANCH Randall, J. A. Bent, D. E. Mercer, C. H. Merritt, A. B. SALT LAKE CITY BRANCH Partner, W. L. Barglebaugh, E. R. Price, A. L. Simmons, T. M. SEATTLE BRANCH Leisner, J. M. Everson, R. E. Sandstrom, W. R. Simms, D. E. Title Annual Salary Vice President Assistant Manager Assistant Manager Assistant Manager $1h 1000 10,000 8,000 8,500 Vice President Assistant Manager Assistant Manager Assistant Manager 15,000 10,500 8,000 7,500 Vice President Assistant Manager Assistant Manager Assistant Manager 16,000 11,500 8,500 9,000 Governor Robertson discussed a request received by the Federal Deposit Insurance Corporation from Representative Patman, of Texas, for a report showing positions in insured commercial banks paying an annual salary of $25,000 or more. He said the Corporation replied to the effect that such information was confidential and went only so far as to supply data on average salaries taken from its annual report for 1952. Governor Robertson said that when Congressman Patman received the letter he asked Mr. Ensley, Staff Director of the Joint Committee on the Economic Report, to call the Board of Governors and the Comptroller of the Currency and ask for the information. Following discussion of the matter, Governor Robertson said, he suggested at a meeting of the Standing Interagency Committee of the Federal and State bank supervisory agencies on Friday, December 11, 1953, that consideration be given by the Federal bank supervisorY agencies to the desirability of making a study of trends in bank -13- 12/14/53 salaries over the last ten or fifteen years, with the thought that if such a study was felt to be desirable a joint committee might be set up to undertake it. Governor Robertson added that the representatives of the other Federal supervisory agencies agreed to discuss the matter with their principals, that Mr. Ensley was notified that the suggestion had been made, and that it was understood Representative Patman would find information of this character acceptable for his purposes and intended to write each representative on the Interagency Committee urging that the study be made. It was Governor Robertson's suggestion that if the other agencies did not agree to join in making the study, it be made by the Board, since he felt that the information would be of value. Following a discussion of the matter, during which no objection was raised with respect to the study, it was understood that Governor Robertson would keep the Board advised of further developments. Governor Robertson said that, if agreeable to the members of the Board, he mould not report personally on the meeting of the Interagency d. Committee last Friday but would have the minutes of the meeting circulate It was understood that the suggested procedure would be satisfactory. At this point Messrs. Farrell, Chief, Reserve Bank Budget and ExPense Section, and Massey, Technical Assistant, Division of Bank Operations, entered the room. Pursuant to the understanding at the meeting on December 92 1_953 2 there was a further discussion of the proposed Federal Reserve Bank 2-12v -19- 12/14/53 budgets for 1954. At Governor Evans' request, Mr. Leonard then read a draft of ed, letter to the Presidents of the Federal Reserve Banks which request for reasons stated, that the Reserve Banks review their 1954 budgets of and submit revised budgets by March 1, 1954. Following a discussion the draft, during which several suggestions were made for revisions in the language, it was understood that the letter would be redrafted in the light of the comments made at this meeting for consideration at another meeting of the Board. meetMessrs. Allen, Farrell, and Massey then withdrew from the ing. of the Prior to this meeting there had been sent to the members Federal Board copies of a draft of letter to Mr. Leedy, President of the Reserve Bank of Kansas City, reading as follows: The Board authorizes the preparation of detailed plans and specifications for the proposed addition to, and remodel prethe of basis the on g, buildin ing of, the Omaha Branch floor, liminary plans with the alternative plan for the first 1953. 6, r Novembe of forwarded with your letter compared The plans call for a five-story addition, as and red, conside lly with the three-story addition origina project the for the estimated cost of "building proper" is approximately $697,000 as compared with approximately authori$08,000 estimated a year ago. Of the $20 million been had 0 $550,00 zation granted last year, approximately 000 $1,800, and tentatively earmarked for the Omaha program the Tenth in for the building programs of the three Branches for the District. Any excess of "building proper" costs out Omaha program over $550,000 may well have to be taken and the Denver for ed earmark vely tentati of the amounts Oklahoma City programs. -20- 12/1h/53 The architect has presented alternative plans of vault construction. The present vault at Omaha is of much heavier construction than most branch vaults, and than branch vaults built in recent years. Protective steel linings are not considered necessary in well-constructed vaults with adequate electrical protection, and it is believed that the modified plan as proposed by your architect with 32-inch walls and steel beam protective reinforcement should afford adequate protection without steel linings. In commenting on the matter, Governor Evans brought out that on the basis of information received from the Federal Reserve Bank of Kansas City earlier this year, approximately $1,800,000 of the current authorization for "building proper" costs of branch buildings had been tentatively earmarked for the building projects of the three branches of the Kansas City Bank. In view of the increased "building proper" cost now proposed for the Omaha Branch program, he recommended that, as stated in the draft of letter, the Federal Reserve Bank be informed that any excess over the original estimate might have to be taken out of the amounts tentatively earmarked for the Denver and Oklahoma City branches. Following a discussion, the letter to President Leedy was approved unanimously in the form set forth above. There was a brief discussion of appointments remaining to be made to the boards of directors of Federal Reserve Banks and branches for terms beginning January 1, 1954, and it was suggested that a statement regarding the appointments made by the Board be prepared for release on Friday, Decem- ber 18. This suggestion was approved unanimously. 2-1 2f-i -21- 12/111/53 The meeting then adjourned. During the day the following additional actions were taken by the Board with all of the members present: Minutes of actions taken by the Board of Governors of the Federal Reserve System on December 11, 1953, were approved unanimously. Letter to the Organizers of American Bank, Fort Lauderdale, Florida, stating that, subject to conditions of membership numbered 1 and 2 contained in the Board's Regulation H, and the following special condition, the Board approves the bank's application for membership in the Federal Reserve System and for the appropriate amount of stock in the Federal Reserve Bank of Atlanta, effective if and when the bank is authorized to commence business by the appropriate State authorities: 3. At the time of admission to membership, such bank shall have paid-in capital stock of $350,000,surplus of $1001000, and other capital funds of not less than $50,000. The letter also contained the following paragraph: Acceptance of the conditions of membership contained in this letter should be evidenced by a resolution adopted by the board of directors after the bank's Certificate of Authorization to transact a general banking business has been issued. The board of directors should also adopt, at the same time, a resolution ratifying the action which has been taken in the bank's behalf in making application for membership in the Federal Reserve System. A certified copy of each resolution, together with advice of compliance with the condition to be complied with prior to admission to membership, should be transmitted to the Federal Reserve Bank. Arrangements will thereupon be made to accept payment for an appropriate amount of Federal Reserve Bank stock, to accept the deposit of the required reserve balance, and to issue the appropriate amount of Federal Reserve Bank stock to the bank. Approved unanimously, for transmittal through the Federal 212 12/14/53 -22Reserve Bank of Atlanta, together with a letter to Mr. Bryan, President of the Reserve Bank, containing the following paragrapn: Before issuing stock in the Federal Reserve Bank of Atlanta to the new State institution, you are requested to satisfy yourself that its capital stock of $350,000 and surplus of $100,000 have been paid in, that a Certificate of Authorization to transact a general banking business has been issued, and not less than $50,000 of other capital funds provided as set forth in the plan submitted. At such time your Counsel should review all steps taken in the organization of the bank, and certified copies of all organization papers not previously submitted and resolutions adopted by the board of directors should be forwarded to the Board, together with a copy of Counsel's opinion. A Certificate of Counsel on Form 83E should also be furnished in order to complete the bank's application for membership. Letter to the Board of Directors, Deposit Guaranty Bank & Trust Company, Jackson, Mississippi, reading as follows: Pursuant to your request submitted through the Federal Reserve Bank of Atlanta, the Board of Governors hereby gives its written consent under the provisions of Section 18(c) of the Federal Deposit Insurance Act to the merger of the Deposit Guaranty Bank & Trust Company, Jackson, Mississippi, and the Commercial Bank & Trust Company, Jackson, Mississippi, and the establishment by the former of three branches in existing offices of the Commercial Bank & Trust Company located at 229-33 East Capitol Street, 3023 North State Street and the Standard Life Building, Roach and Pearl Streets, Jackson, Mississippi, provided the transaction is effected substantially in accordance with the plan submitted and within six months from the date of this letter° Approved unanimously, for transmittal through the Federal Reserve Bank of Atlanta. retary
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