The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
309
Minutes for December
To:
Members of the Board
From:
Office of the Secretary
7, 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.
Ohm. Martin
Gov. Mills
Gov. Robertson
Gov. Balderston
Gov, Shepardson
Gov. Mitchell
Gov. Daane
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
I4)1
Minutes of the Board of Governors of the Federal Reserve
System on Monday, December
7, 1964.
The Board met in the Board Room
at 10:00
a.m.
PRESENT:
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Martin, Chairman
Balderston, Vice Chairman
Mills
Robertson
Shepardson
Mitchell
Daane
Mr. Sherman, Secretary
Miss Carmichael, Assistant Secretary
Mr. Hackley, General Counsel
Mr. Solomon, Director, Division of
Examinations
Mr. Johnson, Director, Division of
Personnel Administration
Mr. Shay, Assistant General Counsel
Mr. Sammons, Adviser, Division of
International Finance
Mr. Goodman, Assistant Director, Division
of Examinations
Mr. Leavitt, Assistant Director, Division
of Examinations
Mr. Via, Senior Attorney, Legal Division
Mr. Egertson, Supervisory Review Examiner,
Division of Examinations
Mr. Guth, Review Examiner, Division of
Examinations
Mr. Lyon, Review Examiner, Division of
Examinations
Discount rates.
The establishment without change by the
Federal Reserve Bank of Atlanta on December 2, 1964, and by the
Federal Reserve Banks of New York, Philadelphia, Chicago, and San
Francisco on December 3, 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.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7/64
-2Circulated 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 The Chase Manhattan Bank, New York, New York,
approving the establishment of a branch in the Korvette
City Shopping Center, Douglaston, branch operations
conducted at 249-46 Horace Harding Boulevard, Little
Neck to be discontinued simultaneously with the establishment of this branch.
1
Letter to Camden Trust Company, Camden, New Jersey, approving
the establishment of a branch at the intersection of White
Horse Pike and Evesham Road, Magnolia.
2
Letter to Birmingham-Bloomfield Bank, Birmingham, Michigan,
approving the establishment of a branch at 3681 West Maple
Road, Bloomfield Township.
3
Letter to Wood & Huston Bank, Marshall, Missouri, approving the
establishment of a branch at the intersection of Marion and
North Jefferson Streets.
4
Letter to Valley Bank of Nevada, Reno, Nevada, approving the
establishment of a branch in the vicinity of the intersection
Of Silverada Boulevard and Oddie Boulevard in an unincorporated
area in Washoe County.
5
Letter to Wilmington Trust Company, Wilmington, Delaware,
granting an extension of time to operate a branch at 436
Loockerman Street, Dover.
6
Letter to Boston Overseas Financial Corporation, Boston, Massachusetts, granting permission to purchase additional shares of
International Factors A. G., Chur, Switzerland.
7
Letter to First Pennsylvania Overseas Finance Corporation,
Philadelphia, Pennsylvania, granting permission to purchase
Shares of ADELA Investment Company, S. A., Luxembourg.
8
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7/64
-3Item No.
Letter to First National City Bank, New York, New York,
granting permission to increase the amount it may invest
in the stock of International Banking Corporation, New York,
New York.
9
Telegram to the Federal Reserve Agent at Kansas City
authorizing the issuance to First Oklahoma Bancorporation,
Inc., Oklahoma City, Oklahoma, of a limited voting permit
covering its stock of The Idabel National Bank, Idabel,
Oklahoma.
10
Letter to First Capital, Lander, Wyoming, granting a
de
termination exempting it from all holding company
affiliate requirements except for the purposes of
section 23A of the Federal Reserve Act.
11
Messrs. Sammons, Guth, and Lyon then withdrew from the meeting
and Mr. Molony, Assistant to the Board, entered the room.
Report on competitive factors (Watertown-Clayton, New York).
There had been distributed a draft of report to the Comptroller of the
C
urrency on the competitive factors involved in the proposed merger
Of The First National Exchange Bank of Clayton, Clayton, New York, into
The National Bank of Northern New York, Watertown, New York.
After a change in the wording of the report had been suggested
and agreed upon, the report was approved unanimously for transmittal
to the Comptroller.
The conclusion read as follows:
The proposed merger of The First National Exchange Bank of
Clayton into The National Bank of Northern New York, Watertown,
would eliminate a small amount of competition. While the transaction would increase the concentration of commercial bank
deposits in Jefferson County, the overall effect of the proposed
transaction on competition would not be adverse.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7 64
Report on competitive factors (Seattle-Yakima, Washington).
There had been distributed a draft of report to the Federal Deposit
Insurance Corporation on the competitive factors involved in the
proposed consolidation of Washington Mutual Savings Bank, Seattle,
Washington, with Liberty Savings and Loan Association of Yakima,
WashingLon, upon the latter institution's conversion into Liberty
Mutual Savings Bank, Yakima, Washington.
The report, in which the conclusion read as follows, was
aPProved unanimously for transmittal to the Corporation:
There is presently no competition between Washington
Mutual Savings Bank, Seattle, and Liberty Savings and Loan
Association of Yakima, and the consolidation would not have
adverse competitive effects.
Application of Worthen Bank & Trust Company (Items 12 and 13).
Pursuant to the decision reached during the meeting of the Board on
November
25, 1964,
there had been distributed a proposed order and
statement reflecting approval of the application of Worthen Bank &
Trust Company to merge with Bank of Arkansas, both of Little Rock,
Arkansas.
Governor Daane suggested several changes in the wording of
the statement, after which the issuance of the order and statement
was authorized.
Copies of the order and statement, as issued, are
attached as Items 12 and 13.
All members of the staff except Messrs. Sherman and Johnson
and Miss Carmichael then withdrew and Mr. Sprecher, Assistant Director, Division of Personnel Administration, entered the room.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
141
12/7/64
-5Officer salaries at Federal Reserve Banks (Items 14-37).
There had been distributed a memorandum
from the Division of Personnel Administration dated December 2, 1964,
regarding requests
from the respective Federal Reserve
Banks for approval of salaries
fixed by the Boards of Directors for individ
ual officers other than
Presidents and First Vice Presidents effective January 1, 1965.
Another memorandum dated November 30, 1964, presented the
Reserve
Bank salary recommendations that had
been received for Presidents
and First Vice Presidents.
In discussion of the memoranda, special attention was given
to the request of the Federal
Reserve Bank of Philadelphia for apProval of payment of salary to Vice President Vergari at
the rate
of $27,500 per annum effective January 1, 1965, contingent upon
aPproval of an increase in the salary of First Vice President Hilkert,
Who presently was receiving the same salary
as that recommended for
Mr. Vergari, but who was not eligible for a salary increas
e at this
time under the Board's 1962 guidelines.
1964,
At the meeting on November 12,
the Board had agreed that it would adhere to the 1962 guidelines
in approving officer salaries for the year 1965.
Governor Mitchell stated that the Board's Committee on
Organization, Compensation, and Building Plans had reviewed the
Proposals of the Reserve Banks and recommended approval of all of
those submitted except those falling outside the guidelines.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The
12/7/64
-6-
1962 guidelines had
worked particularly well in arriving at salary
Proposals for the Reserve Banks for the calendar year 1965, Governor
Mitchell said, and in his judgment it would be desirable for the
Board to
adhere to them at this time.
The Board then turned to the proposed salaries for Presidents
and First
Vice Presidents, which had been summarized in the memorandum from the Division of Personnel Administration dated November 30.
Proposals for 1965 salaries had been received for all of the Presideate and
First Vice Presidents of the Reserve Banks except the
Presidents
of the Philadelphia, Atlanta, Minneapolis, and Kansas
City Banks and the First Vice Presidents of the last three named
Banks, (The
salary of the First Vice President at Kansas City was
alreadY at the maximum of the range for that position.) In the
discussion that followed it was noted that the salary increase proposed for the First Vice President at the New York Bank represented
an increase of $5,000, whereas under the 1962 guidelines an increase
Of not more than $2,500 could be made.
The proposed increase for
the Pirst Vice President at Philadelphia was outside the guidelines
as was one that had been proposed for the First Vice President at
Chicago, regarding which the Board on November 12 approved a letter
to the Chicago Bank stating that its First Vice President would not
be eligible for a salary increase until January 1966.
Chairman Martin stated that, pursuant to the understanding
at the
meeting on November 18, he had discussed with President
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7/64
-7-
Scanlon of the Chicago Bank the increase that initially had been
Proposed for First Vice President Helmer.
President Scanlon had
indicated that it would be agreeable not to increase Mr. Helmer's
salary at this time if no exceptions were being made to the Board's
1962 guidelines for officer salary administration.
in a letter dated December
Accordingly,
3, 1964, the Board was advised by the
Chicago Bank that the directors on that day had set Mr. Helmer's
salary for 1965 at the same rate as that presently being paid.
Chairman Martin suggested that, in keeping with the position
taken at
the November 12 meeting, the Board approve all of the officer salary proposals that fell within the guidelines set in 1962
and that it
disapprove the proposals falling outside the guidelines,
with the understanding that the New York Bank would be notified
that the Board had approved an increase of $2,500 for Mr. Treiber,
the amount for which he was eligible under the guidelines, and that
the Philadelphia Bank be informed that the Board had not approved
the proposed increase for the First Vice President because it would
be outside the guidelines but that it would be willing to approve
an increase for Vice President Vergari within the guidelines.
Governor Balderston noted that the present guidelines specified both frequency and amounts of salary increases for Presidents
and First Vice Presidents.
In his judgment, it was important to
adhere to the provisions with respect to frequency.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
He had a feeling,
•
12/7/64
-8-
however, that $2,500 as the maxim
um amount for an increase for a
First Vice Presi
dent might be an obsolete figure that should be
adjusted.
Specifically, the proposal for a $5,000 increase for
the First
Vice President at the New York Bank made him wonder
whether it would be preferable
to make an exception to the guidelines at this
time or whether to approve an increase of $2,500 as
suggested by Chairman Marti
n, subject to action by the Bank's Board
of Directors, and
to review the matter further next year.
Governor Mitchell said he believed it would be better to
follow the guide
lines now and review the entire salary administration
plan for officers next year. Other
members of the Board expressed agreement
with this approach, and Chairman Martin commented
that he felt the
entire salary administration plan should be reviewed during
the coming year in order to appraise the manner in
which it had worked since
its adoption, including the appropriateness
Of the
salary guidelines and the existing limits.
Question was then raised as to the wording of the letters
to the New
York and Philadelphia Reserve Banks in connection with
the
salary proposals for Messrs. Treiber, Hilke
rt, and Vergari. In
the ensuing discussion it was under
stood that the letter to the New
1.13rk Bank would
state that the Board had approved a salary increase
for Mr. Treib
er in the amount of $2,500 subject to the fixing of
such
a salary by
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
the directors of the Bank.
It was also suggested
/1145
12/7/64
-9-
and agreed that
the letter to the Philadelphia Bank state that the
salary proposed for Mr. Hilkert was not consistent with the Board's
guidelines but that the Board was approving payment of salary at
the current rate if so fixed by the directors of that Bank.
At
Governor Robertson's suggestion it was understood that the letter
to the
Philadelphia Bank would approve a salary for Vice President
Vergari at the present rate but that it would not spell out in
detail that the Board was prepared to approve an increase for Mr.
Vergari within the guidelines, since the Bank would understand that
it was free to come back to the Board for an increase that would
not be
contingent upon another salary increase that would violate
the Board's
guidelines.
It was also agreed that in the case of
the Presidents and First Vice Presidents for which no salary proPosals had been received,
the letters would state that the Board
approved payment of salaries for 1965 at the current rates, if so
fixed by the directors of the Banks.
Copies of the letters sent to the Federal Reserve Banks
PlIrsuant to the foregoing understandings are attached as Items 14
through 25 (Presidents and First Vice Presidents) and Items 26
through
3
,,
( other officers).
All members of the staff except Mr. Sherman then withdrew
from the meeting.
Chairman Martin said that he had asked for this session
re'r the purpose of having a preliminary discussion of two problems
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
• 1
12/7/64
-10-
facing the Board.
No one should feel that he need take a firm
Position at this time, but he would like to have any individual
views as to the reserves required to be maintained in gold certificates by the Federal Reserve Banks against deposit and note liabilities; and he would appreciate a similar discussion of the surplus
accounts of the Federal Reserve Banks to which he had referred at
Joint meeting of the Board and the Reserve Bank Presidents on
December 1, and regarding which he had asked for a discussion with
the
Presidents when they were in Washington on December 15.
Gold reserve ratio.
Governor Mills said that he would
align himself with the conservatives on this question.
The statute
Provided a means of meeting losses of gold through assessing a charge
on the Federal
Reserve Banks, which charge could be at a minimum
rate.
There were those who would retain the 25 per cent reserve re-
quirement on both note and deposit liabilities of the Reserve Banks
in the belief that it was a disciplinary factor that was wholesome
and afforded a degree of restraint in the credit field that was
desirable.
To drop it would show a lack of intention on the part
of the Federal
Reserve System to restrain unwise credit actions.
This was a very difficult psychological time.
The Board had ob-
served the reaction to the Chairman's press conference on November 23
e'lld the diversity of thinking that had come out of it was astonishing.
To Governor
Mills, the comments indicated that it was felt that the
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
,
12/7/64
-11-
System was pledged to see that the banking system was supplied with
reserves that would counteract any tendency toward contraction of
credit that might otherwise be advisable and that it was opposed
to any move
up in interest rates.
If there were to be a move in
that direction, he felt that it would confound the financial and
business community.
There was a great deal of uncertainty and,
even to the extent that good reasons could be found for abandoning
the gold
reserve on deposits, the reaction to it could be very,
very bad.
What was needed now was sternness and the taking of a
position and standing on that position, rather than giving any impression of yielding to circumstances where there were losses of
gold and
dollars.
Chairman Martin said that this was a real point of view.
This was what he wanted to get from the individual members of the
Board at this time.
Governor Robertson said that he had a different view.
He
thought something had to be done about the gold reserve requirements.
There was never a "right" time to do it.
There would always
be Some
Persons who would oppose any change in the reserve requirements simply because they felt it would imply monetary weakness.
He
Personally would go the whole way and remove the requirements on
both notes and deposits, but he didn't think that was feasible.
(lid. not think the System should move at all unless the Secretary
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
He
12/7/64
-12-
of the Treasury
was in agreement.
He believed that a more acceptable
measure would be merely the alteration with respect to deposits and
not notes.
But if something wasn't done promptly the System would
be sorry,
and there would always be the problem of finding the right
time.
Governor Shepardson said that, if there was to be a move,
it seemed
to him preferable to go the whole way and remove the
reserve requirement against both notes and deposits.
He wondered
how much time
would be gained with a half-way move and whether
there was enough justificati
on for removal of the reserve on deposits only to justify that shift.
go slowly on the whole thing.
to take
the initiative.
Basically, he was inclined to
At the moment, he was not disposed
The Board would be in a difficult position
if it took the initiative
against or without the full support of
the
Treasury.
In fact, he felt any move on gold reserve require-
ments should be initiated
by the Treasury rather than by the Board,
1314 he leaned toward not doing anything at this time.
Governor Robertson expressed the hope that, from a practical
Point of view, whatever decision was taken by Government should be
hanciled in such a way that it could be disposed of quickly.
148.8
There
no way of guaranteeing that, but every step should be taken to
see that
action came fast.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7/64
-13Chairman Martin remarked that most would agree with the
desire for speed, but he doubted action would come as fast as
Governor Robertson might be suggesting.
Governor Mitchell said he did not think we could afford to
wait longer.
and
The Federal Reserve should be preparing something
presenting it to the Administration.
This was an occasion for
the System
to take leadership in the matter, at least with respect
to having
a System policy.
He would like to see the gold cover
removed completely, but it might be better to propose it be taken
off deposits only, and at the same time announce that the reserve
against notes was a minimum that would not be dropped except in a
most serious
situation.
The balance of payments situation might
in1Prove in a couple of years to a point where the U. S. would be
in surplus, at least on the suggested new accounting basis.
worst time to do anything would be in a time of crisis.
The
Obviously,
there was the
mechanism that Governor Mills referred to for use in
4
crisis, but that was intended as a disciplinary action against
individual Federal Reserve Banks, not against the System as a whole.
Governor Mitchell felt it important for the System to develop a
set of policy actions, present them to the Treasury, and hope the
Administration would adopt them.
He felt that a strong case could
be made for such a program in terms of the alternative of not acting.
Governor Daane said he had a strong conviction as to the
need
for action.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
In principle, he would propose the complete removal
12/7/64
of the gold
reserve requirement, and he felt this should emanate
from the Federal Reserve.
The question was one of timing.
There
might never be a good time, but
in the light of what the Board
knew about forthc
oming gold takings and what would occur from the
Fund quota increase,
action should be started.
While in principle
he would
favor removal of the requirement against both notes and
deposits, he would
be willing to go along with the suggestion for
removal of only the deposit requirement.
He hoped this could be
done quickly.
Governor Balderston said he regretted that when arrangements were made for
the reduction from
4o per cent to 25 per cent
in the Federa
l Reserve Bank reserve requirement, they did not go
the whole way to zero.
As he now saw it, the increase in note cir-
culation inevitably would bring the ratio down to or below the 25
Per cent
figure, and perhaps soon. His conclusion was that the
Board should move
now to ask for removal of the gold reserve against
dey,os
its, leaving the reserve against currency. His reasoning was
that the public, aside from the sophisticate, was not as aware of
°r as sensitive to holdings of gold against deposits as agains
t
euzrency.
Federal Reserve Bank surplus accounts.
Chairman Martin
said that he would now like to have some preliminary discussion of
the Federal Reserve Banks
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
surplus accounts, to which he had referred
12/7/64
-15-
briefly at the joint meeting of the Board and the Presidents fol1°14ing the conclusion of the Federal Open Market meeting on December 1,
He mentioned that he had informed certain other persons
that the matter had been put before the Reserve Bank Presidents
and would be discussed with them when they were in Washington on
December 15.
The Chairman also noted that the surplus accounts of
the Federal Reserve Banks, now fixed at twice paid-in capital,
would be slightly over one billion dollars at the end of 1964 -capital paid in had risen from $387 million on December 31, 1959,
to $522 million on November 25, 1964.
Governor Mills said that liabilities over surpluses had
been
magnified as compared with the end of 1959.
The System had
Over $2 billion exposure in swap arrangements on foreign currencies.
If there
were losses, Reserve Bank capital was small relative to
liabilities.
be
n
At this sensitive time he would feel that it would
very serious mistake to elect a further withdrawal of surplus
for the
temporary benefit of the Federal Government budget.
there
If
were losses that weakened the capital structure of Reserve
/3ank8 and it was not necessary to go to the Congress for funds,
that was a preferable arrangement to one where the System would
have to go to the Congress. The obvious answer to him would be
that the Government might as well own the Federal Reserve Banks
48 to be called upon to make good their losses.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
t
12/7/64
-16Chairman Martin commented that the other side of the argument
was that the System was earning over a billion dollars this year.
It
waS adding to surplus so as to maintain it at twice the paid-in capital. If this were changed to have surplus maintained equal to paidin capital, whatever losses might occur could still be taken out of
earnings.
He felt there was a problem, but the logic of building
surPlus to twice paid-in capital was not easy to defend.
Governor Robertson said he did not see how the System could
now defend the twice paid-in capital formula.
the
He understood that
foreign currency swaps were arranged in a way that eliminated
the risk
of losses for the Federal Reserve, and he did not see how
this could result in losses to draw on surplus funds.
He had diffi-
cultY in justifying any surplus for the Reserve Banks and suggested
that there be a review of changes in Reserve Bank surpluses over
the years. Any justification for a surplus must be based on possible losses in future operations.
Governor Mills suggested that if the discount window were
to be
opened widely, that could expose the System to losses.
Governor Daane said that there was some exposure in future
e°mmitments for foreign currencies under the swap arrangements,
al
though it had been relatively small thus far.
Governor Shepardson said he had difficulty in justifying
the size of the present surplus of the Reserve Banks. Psychologically
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7/64
-17-
and on the basis of normal accounting there was some value in having
a surplus, but he was not sure how valid the case was for the Reserve Banks.
He thought their surplus might well be brought to
about half the present amount -- for example, to equal the amount
Of paid-in
capital.
As long as the amount of annual earnings was
near the present level, he did not think the System needed as much
surplus as it now had.
His impression was that since the early
Years of the System there had been no time when it had been necessary to
call upon surplus to meet losses or expenses.
In sum, he
felt it would be in order to drop surplus to half the rate of accumulation
at this time.
Governor Robertson suggested that one consideration was
whether to do something on a voluntary basis or whether to resort
to -egislation, which might completely eliminate the surplus and
Preclude the System from building it up again.
Chairman Martin said this was very much in his mind.
//as an advantage in acting voluntarily as in 1959.
There
If the issue
'were
laid before the Congress, the Congress could legislate the
entire surplus.
Governor Balderston said that he felt it desirable to have
"
la definite kind of formula, say a 100 per cent surplus in relation
to Paid-in capital.
He did not like to have Reserve System funds
taken for a specific project such as the FDIC capital in the 30's
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7/64
-18-
or the Fund quota increase that was coming up.
He would prefer to
saY that the Federal Reserve System had grown along with the economy,
that what seemed appropriate as a rate of surplus accumulation five
Years ago no longer seemed necessary or appropriate, and that the
System now felt that 100 per cent of paid-in capital would be sufficient.
Governor Mitchell said he could see no logical reason for
having capital or surplus, either one.
create money.
The Reserve Banks could
This was an essential fact. But there was a practical
situation,
and he believed the sensible procedure would be to say
surPlus now was at a liberal point and to make a payment to the
Treasury.
He would want to continue a rate of accumulation but
vould cut down the present surplus by about half and then build it
41/ again.
He would make this change at the end of this year.
Governor Daane said he agreed with most of the comments:
one could
not defend the present surplus, but he would be unhappy
to see the System
with none.
As a practical matter, he would cut
84rPlus back to about a half billion dollars and arrive at a deformula that would let it accumulate again.
Chairman Martin said that Mr. Farrell, Director of the
Division of Bank Operations, had furnished him with some information
he had requested.
Mr. Farrell thought the simplest thing to do
'would be to change the formula from twice paid-in capital to an
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7/64
-19-
amount equal to paid-in capital.
It seemed to the Chairman that
the wisest thing would be to do something voluntarily as was done
in 1959. It would be a mistake to relate such action to the budget,
per Be:
he questioned whether the System should get into the pos-
ture of dealing with any specific budget.
However, the action
could be effective at the end of this year if it was decided that
something should be done.
There followed a brief discussion of the particular use
to which Federal Reserve payments made to the Treasury might be
Put, during which Governor Doane expressed the view that the best
Procedure was for the System simply to make whatever payment it
decided upon to the Treasury and to let the Treasury use the funds
in whatever way it decided was best.
Chairman Martin then con-
cluded the discussion with the statement that he had asked Messrs.
Y°ung, Director of the Division of International Finance, and
RackleY, General Counsel, to prepare some material regarding the
gold certificate reserve requirements of the Federal Reserve Banks
and that it would be distributed to the members of the Board shortly.
In the meantime he stressed the need for keeping discussion of this
Matter strictly confidential for the present.
Thereupon the meeting adjourned.
Secretary's Notes: On December 3, 1964,
Governor Shepardson approved on behalf of
the Board memoranda recommending increases
in the basic annual salaries of the following persons on the Board's staff, effective
December 6, 1964:
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12/7/64
-20-
Dorothy B. Saunders, Secretary to Governor Daane, from $9,240
to $9,535 per
annum.
Patricia K. Cook, Statistical Clerk, Division of Research and
S
tatistics, from $4,005 to $4,140 per annum.
Walter W. Graves, Cafeteria Laborer, Division of Administrative
Services, from $3,385 to $3,500 per annum.
On December 4, 1964, Governor Shepardson
approved on behalf of the Board memoranda
recommending the following actions relating
to the Board's staff:
Appointments
Dolores Ann Winkler as Secretary, Office of the Secretary,
with basic
annual salary at the rate of $5,000, effective December
1964.
7,
Patricia J. Slovek as Statistical Clerk, Division of Research
and
Statistics, with basic annual salary at the rate of $3,680,
effective
the date of entrance upon duty.
SalarY increases, effective December 6
1964
Ann Roane Clary, Librarian, Division of Research and Statistics,
fram $7,250
to $7,710 per annum.
Marilynn S. Cunningham, Key Punch Operator (Trainee), Division
Data. Processing, from $3,680 to $4,005 per annum, with a change
in title to
Key Punch Operator.
Transfer
in Bessie M. McCrae, from the position of Statistical Assistant
s
,tlie Division of Research and Statistics to the position of
i;
I
lcal
Clerk in the Division of Data Processing, with no change
1964a..sic annual salary at the rate of $5,825, effective December 6,
Governor Shepardson noted on behalf of the
Board on December 4, 1964, memoranda advising
that applications for retirement had been
filed by the following persons, effective at
the close of business December 30, 1964:
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
k
12/7/64
-21-
Name and title
Division
Elsie M. Westman, Secretary to Governor
Shepardson
Board Members' Offices
Esther G. Crews, Supervisor, International
Information Center
International Finance
Governor Shepardson today approved on behalf
of the Board the following items:
Memorandum from the Division of Data Processing dated December 7,
1964, recommending that the appointment of Ronald Sterkel, Associate
Erofessor of Fine Arts, University of Illinois, as Consultant in that
uivision be extended through the month of December 1964, with comensation at the rate of $50.00 a day and transportation and per diem
to be
paid in accordance with the Board's travel regulations.
A . Memorandum from the Divisions of Research and Statistics and
151mlnistrative Services dated December 4, 1964, recommending steps
F
,or the
publication and distribution of a research handbook entitled,
_Farm Debt--Data from the 1960 Sample Survey of Agriculture." The
memorandum stated that provision for this publication was made in
the 1964
budget.
Memoranda recommending the following actions relating to the
Board s staff:
A
Ppointment
Margaret I. Ratcliffe as Clerk-Typist, Division of Research
Statistics, with basic annual salary at the rate of $4,005, effective the date of entrance upon duty.
SelarY increases, effective December
Irom
7, 1964
Robert F. Emery, Economist, Division of International Finance,
$11,670 to $12,495 per annum.
Rodney H. Mills, Jr., Economist, Division of International
lnance, from $10,960 to $12,075 per annum.
p.
Secretary
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
a(
Item No. 1
BOARD OF GOVERNORS
12/7/64
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, O. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
December
7, 1964.
Board of Directors,
The Chase Manhattan Bank,
New York, New York.
Gentlemen:
The Board of Governors of the Federal Reserve System
approves the establishment of a branch in the Korvette City
Shopping Center, in the vicinity of the intersection of
Douglaston Parkway and 61st Avenue, Douglaston, Borough of
Queens, New York, by The Chase Manhattan Bank, provided the
branch is established within one year from the date of this
letter, and provided further, that branch operations conducted at 249-46 Horace Harding Boulevard, Little Neck, Borough of Queens, New York, are discontinued simultaneously with
the establishment of the above branch.
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
or the period allowed to establish the branch;
and that if an extension should be requested,
the procedure prescribed in the Board's letter
of Nobember 9, 1962 (S-1846), should be followed.)
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BOARD OF GOVERNORS
Item No. 2
12/7/64
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
December 7, 1964.
Board of Directors,
Camden Trust Company,
Camden, New Jersey.
Gentlemen:
The Board of Governors of the Federal
Reserve System approves the establishment by
Camden Trust Company, Camden, New Jersey, of a
branch at the northwest corner of the intersection'
of White Horse Pike and Evesham Road, Magnolia,
Camden County, New Jersey, 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.)
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Item No.
BOARD OF GOVERNORS
3
12/7/614.
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
December 7, 1964.
Board of Directors,
Birmingham-Bloomfield Bank,
Birmingham, Michigan.
Gentlemen:
The Board of Governors of the Federal
Reserve System approves the establishment by
Birmingham-Bloomfield Bank, Birmingham, Michigan,
of a branch at 3681 West Maple Road, Bloomfield
Township, Oakland County, Michigan, provided the
branch is established within six months 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.)
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
,
BOARD OF GOVERNORS
Item No.
L.
12/7/64
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, 0. C. 20551
ADDRESS
arriciAL
CORRESPONDENCE
- TO THE BOARD
December 71 1964.
Board of Directors,
Wood & Huston Bank,
Marshall, Missouri.
Gentlemen:
The Board of Governors of the Federal
Reserve System approves the establishment by
Wood & Huston Bank, Marshall, Missouri, of an
In-town branch at the southwest corner of the
intersection of Marion and North Jefferson
Streets, 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.)
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Item No.
BOARD OF GOVERNORS
5
12/7/64
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON 28. D. C.
ADORE'S OFFICIAL CORRIESPONOCNCe
TO flit BOARD
December
7, 1964.
Board of Directors,
Valley Bank of Nevada,
Reno, Nevada.
Gentlemen:
The Board of Governors of the Federal
Reserve System approves the establishment by
Valley Bank of Nevada, Reno, Nevada, of a branch
in the vicinity of the intersection of Silverada
Boulevard and Oddie Boulevard in an unincorporated
area in Washoe County, Nevada, 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.)
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BOARD OF GOVERNORS
Item No.
6
12/7/64
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
December
7, 1964.
Board of Directors,
Wilmington Trust Company,
Wilmington, Delaware.
Gentlemen:
The Board of Governors of the Federal
Reserve System extends to June 18, 1965, the time
Within which Wilmington Trust Company may operate
a branch at 436 Loockerman Street, Dover, Delaware,
Provided that branch operations are confined to
granting and servicing consumer credit loans.
Very truly yours,
(signed) Karl E. Bakke
Karl E. Bakke,
Assistant Secretary.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BOARD OF GOVERNORS
404tItig rt
Item No.
4:400)4101,*ot,
7
12/7/64
OF THE
FEDERAL RESERVE SYSTEM
o!.
*I
WASHINGTON 25, D. C.
ENCE
ADDRESS OFFICIAL CORRESPOND
TO THE BOARD
.
OA•LC ADORE/Ili “IFICONIEIBIENVIV
December 7, 1964.
Boston Overseas Financial Corporation,
67 Milk Street,
Boston 6, Massachusetts.
Gentlemen:
In accordance with the request and on the
basis of information furnished in your letter of November
19, 1964, transmitted through the Federal Reserve Bank
of Boston, the Board of Governors grants its consent for
Boston Overseas Financial Corporation to purchase and
hold 640 additional shares, par value Swiss Francs 1,000
each, of the capital stock of International Factors A.C.
("IFAG"), Chur, Switzerland, at a cost of approximately
US$165,000, provided such stock is acquired within one
year from the date of this letter.
The Board also approves the purchase and
holding of shares of IFAG within the terms of the above
consent in excess of 10 per cent of your Corporation's
capital and surplus.
Very truly yours,
(Signed) Karl E. Bakke
Karl E. Bakke,
Assistant Secretary.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
k
Item No.
BOARD OF GOVERNORS
1 4.atti:00i.-?k)
'
'
4
4 V . • ••• . • 4,4p ',.,
4 4j• •r"...,-, .t.i,'
'. 1'4 /
't:!,),
,,.
FEDERAL RESERVE SYSTEM
*
43 -.,:l•
8
12/7/64
OF THE
WASHINGTON 25. D. C.
r;*
ADDRESS OFFICIAL CORRESPONDE NCL
J'
TO THE BOARD
ti14410, ‘M--Vt
,11Y
-‘
*4-,
t ok,kik
CABLE ACCREIBIlt “FECREBERVE..
December 7, 1964.
First Pennsylvania Overseas
Finance Corporation,
Philadelphia 1, Pennsylvania.
Gentlemen:
In accordance with the request contained in
Your letter of November 27, 1964, transmitted through the
Federal Reserve Bank of Philadelphia, and on the basis of
information furnished, the Board of Governors grants consent to your Corporation's purchase and holding of 25
ordinary shares, par value US$10,000 each, of ADELA Investment Company, S.A., Luxembourg, at a cost of approximately
US$250,000, provided such stock is acquired within one
year from the date of this letter.
The Board also approves the purchase and holding
of shares of ADELA Investment Company, S.A. within the
terms of the above consent in excess of 10 per cent of
Your Corporation's capital and surplus.
Very truly yours,
(Signed) Karl E. Bakke
Karl E. Bakke,
Assistant Secretary.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4166
BOARD OF GOVERNORS
Item No.
9
12/7/64
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, O. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
December
7, 1964.
First National City Bank,
399 Park Avenue,
New York 22, New York.
Gentlemen:
In accordance with the request and on the basis
of the information furnished in your letter of November 12,
1964, transmitted through the Federal Reserve Bank of New
York, the Board of Governors grants permission to First
National City Bank, pursuant to the provisions of Section
25 of the Federal Reserve Act, to increase from $12,000,000
to $17,000,000 the amount it may invest in the stock of
International Banking Corporation, New York, New York.
Very truly yours,
(Signed) Karl E. Bakke
Karl E. Bakke,
Assistant Secretary.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
,
TELEGRAM
Item No. 10
12/7/64
LEASED WIRE SERVICE
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
December
7, 1964.
SCOTT -- KANSAS CITY
KEcEA,
A.
First Oklahoma Bancorporation, Inc., Oklahoma City, Oklahoma.
B.
The Idabel National Bank, Idabel, Oklahoma.
C.
None.
At any time prior to April 1, 1965, at the annual meeting
of shareholders of such bank, or any adjournment thereof,
to elect directors for the ensuing year and to act thereat
Upon such matters of a routine nature as are ordinarily
acted upon at the annual meetings of such bank.
(Signed) Karl E. Bakke
BAKKE
Definition of KECEA:
The Board authorizes the issuance of a limited voting permit,
under the provisions of section 5144 of the Revised Statutes
of the United States, to the holding company affiliate named
below after the letter "AP, entitling such organization to
vote the stock which it owns or controls of the bank(s) named
below after the letter "B", subject to the condition(s) stated
below after the letter "C". The permit authorized hereunder
is limited to the period of time and the purposes stated after
the letter "D". Please proceed in accordance with the instructions contained in the Board's letter Of March 10, 1947, (S-964).
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Item No. 11
12/7/64
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
December
7, 1964.
Mr. R. W. Finkbiner, President,
First Capital,
303 Main Street,
Lander, Wyoming.
Dear Mr. Finkbiner:
letter of
This refers to the request contained in your
Bank of
November
Reserve
Federal
the
5, 1964, submitted through
of the
Governors
of
Board
I:ansas City, for a determination by the
Lander,
Capital,
First
.ederal Reserve System as to the status of
WYoming, as a holding company affiliate.
understands
From the information presented, the Board
Agency) is
Insurance
that First Capital (trading as First Capital
a holding
is
it
that
actively engaged in the insurance business;
(57.177)
1,029
owns
it
company affiliate by reason of the fact that
o
ttf the
National
First
The
1,800 outstanding shares of stock of
not, directly
of
_auk
Lander, Lander, Wyoming, and that it does
or control,
manage
ur indirectly, own or control any stock of, or
anY other banking institution.
determined that
,In view of these facts, the Board has
as a busiindirectly,
First Capital is not engaged, directly or
banks,
controlling
rirss in holding the stock of, or managing or
within
companies
2nking associations, savings banks, or trust
e meaning of section 2(c) of the Banking Act of 1933 (12 U.S.C.
company
and, accordingly, it is not deemed to be a holding
Federal
:ffiliate except for the purposes of Section 23A of the
Reserve
the Board of
Act and does not need a voting permit from
uovernors in order to vote the bank stock it owns.
r
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Mr. R. W. Finkbiner
-2-
If, however, the facts should at any time indicate
that First Capital might be deemed to be so engaged, this matter
should again be submitted to the Board. The Board reserves the
right to rescind this determination and make further determination of this matter at any time on the basis of the then existing
facts,
additional acquisitions of bank stocks even
though not constituting control.
Very truly yours,
(Signed) Karl E. Bakke
Karl E. Bakke,
Assistant Secretary.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
k
Item No. 12
12/7/64
UNITED STATES OF AMERICA
BEFORE THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON, D. C.
f
---------------
In the
Matter of the Application of
WORTHEN BANK & TRUST COMPANY
for approval of merger with
Bank of Arkansas
- --------------
ORDER APPROVING MERGER OF BANKS
pursuant to
There has came before the Board of Governors,
the Bank Merger Act of 1960 (12 U.S.C. 1028(c)), an application by
Worthen
Bank & Trust Company, Little Rock, Arkansas, a State member
bank of the Federal Reserve System, for the Board's prior approval of
the merger of that bank and Bank of Arkansas, Little Rock, Arkansas,
"der the charter and title of Worthen Bank & Trust Company.
As an
incident to the merger, the two offices of Bank of Arkansas would
become branches of Worthen Bank & Trust Company.
Notice of the
Pz'oposed merger, in form approved by the Board, has been published
Pursuant to said Act.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1171
-2-
Upon consideration of all relevant material in the light
of the factors set forth in said Act, including reports furnished by
the Comp troller of the Currency, the Federal Deposit Insurance
Co
rPoration, and the Department of Justice on the competitive factors
involved in the proposed transaction,
IT IS HEREBY ORDERED, for the reasons set forth in the
Board's
iS
Statement of this date, that said application be and hereby
aPproved, provided that said merger shall not be consummated
(a) within
seven calendar days after the date of this Order, or
(b) later
than three months after said date.
Dated at Washington, D. C., this 7th day of December, 1964.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and
Governors Balderston, Mills, Shepardson, and
Deane.
Absent and not voting:
and Mitchell.
Governors Robertson
(Signed)
Merritt Sherman
Merritt Sherman,
Secretary.
(sEAL)
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
/1 1t"NC)
1_ 4/ jW
BOARD OF CO7ER1T0R3
Item No. 13
12/7/64
OF THE
FEDERAL RESERVE SYSTEM
APPLICATION BY WORTHEN BANK & TRUST COMPANY
FOR APPROVAL OF MERGER WITH
BANK OF ARKANSAS
STATEMENT
("Worthen"),
Worthen Bank & Trust Company, Little Rock, Arkansas
N7ith total
the Bank
deposits of $96 million, has applied, pursuant to
lierger Act of 1960 (12 U.S.C. 1828(c)), for the Board's prior approval
Of the merger
of that bank and Bank of Arkansas, Little Rock, Arkansas,
1/
vhich has total deposits of $6 million.—
The banks would merge under
the charter and name of Worthen, a member State bank of the Federal
Reserve System.
Bank
As an incident to the merger, the two offices of
of
0Z Arkansas
would become branches of Worthen, increasing its number
aPproved offices to eight.2/
each
Under the law, the Board is required to consider, as to
Of the
banks involved, (1) its financial history and condition, (2) the
adequacy of its capital structure, (3) its future earnings prospects,
(4) the general character of its management, (5) whether its corporate
P014ers are consistent with the purposes of 12 U.S.C., Ch. 16 (the
Peder
-a4 Deposit Insurance Act), (6) the convenience and needs of the
sit figures
as of June 30, 1964.
4hi5 total
business.
includes one branch of Worthen not yet opened for
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4_1_23
-2transaction on
community to be served, and (7) the effect of the
competition (including any tendency toward monopoly).
The Board may
of these
n°t approve the transaction unless, after considering all
interest.
factors, it finds the transaction to be in the public
of Worthen and
Banking factors. - The financial histories
Bank of Arkansas are satisfactory, and each bank has a sound asset
condition and a reasonably adequate capital structure.
sa
Worthen has a
prospects are
tisfactory earnings record and its future earnings
been generally
While the earnings of Bank of Lrkansas have
favorable.
satisfactory, its future earnings prospects are uncertain.
It is
located in a relatively less attractive sector of Little Rock and
to
Pr°Posed expressways will route traffic around the area and tend
relocate
ac
celerate the existing trend among business enterprises to
in the more desirable areas of Little Rock.
The management of Worthen is capable.
Bank of Arkansas has
experienced an unusually high rate of turnover in managcment personnel,
and the evidence indicates that the bank is in need of improved internal
control procedures.
independently of the
Bank of Arkansas, earlier and
to convert to a
merger application, received provisional authorization
a downtown
branch its
present head office (which would be moved to
,
10Cation)
and expand its operations.
Because of the proposed expan-
the plan was
sion in
operations, one of the conditions upon which
approved required that management be suitably supplemented.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-3Consummation of the proposed merger would supply needed management
by
Strength and depth for the scope of operations presently conducted
Bank of Arkansas.
management of
The asset condition, earnings prospects, and
the resulting bank would be satisfactory, and its capital structure
Would be reasonably adequate.
those of
The corporate powers of the two banks are not, and
the resulting bank would not be, inconsistent with the purposes of
12 U.S.C., Ch. 16.
Rock,
Convenience and needs of the communities. - Little
1411101 has a population in excess of 125,000, is the seat of Pulaski
County and the capital of Arkansas.
The city has enjoyed considerable
industrial development in recent years and there are now over 300
man
ely have
ufacturing plants in the metropolitan area, which collectiv
111°re than 17,000 employees.
There are six commercial banks in Little
Rock and two in North Little Rock, which is situated directly across
he Arkansas River from Little Rock. These eight banks have a total
°f 24 authorized branches.3/
and Bank of
Worthen offers a wide range of banking services
its
Atansas offers the services normally made available by banks of
size.
mile
The offices of the two banks nearest each other are about one
apart.
Rock about
The main office of Worthen is in downtown Little
as of
This rtotal
a/
sePtembe
includes six branches authorized but not opened
1,
1964.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-4three
and one-fourth miles distant from the main office of Bank of
Arkansas, which is in the southwestern section of the city.
All
ffices of the proponent banks are located within a seven-mile radius
of downtown Little
Rock and are situated near the offices of competing
banks.
Worthen's service area-Little Rock.
consists of Little Rock and North
The service area of Bank of Arkansas is smaller and
Contained entirely within the service area of Worthen.
The proposed
conversion of
the main office of Bank of Arkansas into a branch of
11(3rthen may affect slightly the convenience and needs of the customers
Of the former bank since branch banks, under Arkansas law, do not have
full
bunking powers.
Corn etition. - Worthen, with 27 per cent of the total
deno
'sits and 30 per cent of the IPC deposits of all commercial banks
in its
service area, is the second largest of the eight commercial
banks in Little Rock and North Little Rock.
1.8
Per
riks
Bank of Arkansas, with
cent of the total deposits and 2.3 per cent of the IPC deposits,
seventh)]
The two largest commercial banks in Little Rock
ec(31Int for
over 62 per cent of the loans and about 61 per cent of the
deposits held by the city's commercial banks.
Consummation of the
Proposed merger
would eliminate the existing and potential competition
between
Bank of Arkansas and the other banks in its service area,
-14 The
area from which a bank obtains 75 per cent or more of its deposits
5/ ,',Luividuals, partnerships, and corporations ("IPC deposits").
"-gures are as of June 30, 1964.
Of
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-5including
Worthen, and increase slightly the concentration of banking
resources
in the relevant area.
However, the evidence indicates that
competition for the banking business now held by Bank of Arkansas would
be
vigorous.
Summary and conclusion. - The proposed merger would result in
the e
limination of an independent commercial bank and have the potential
of increasing
Worthen's share of total commercial bank deposits in the
relevant area from 27 per cent to about 30 per cent.
It does not
appear that the transaction would have any significant effect on the
--lng needs and convenience of the community concerned.
location
The present
of the head office of Bank of Arkansas creates uncertainty
llith respect to the bank's future earnings prospects, and it may not
be atoe
to fulfill the conditions attached to approval of the earlier
Plan to
- expand operations in conjunction with the proposed relocation
Of
its
head office.
Consummation of the proposed transaction would
r'eselve this problem and result in the operation of the present Bank of
Arka
naas offices under strengthened management.
Accordingly, the Board finds that the proposed merger would
be in the
public interest.
bece
her 7, 1964.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
• • O.
BOARD OF GOVERNORS
41.•
Item No. 14
12/7/64
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON
OFFICE OF THE CHAIRMAN
December 9, 1964.
_CONFIDENTIAL (FR)
Mr. Erwin D. Canham, Chairman,
Federal Reserve Bank of Boston,
Boston, Massachusetts 02106.
Dear Spike:
The Board of Governors approves the payment of
salaries to Mr. George H. Ellis as President and Mr. Earle
0. Latham as First Vice President of the Federal Reserve
Bank of Boston for the period January 1 through December 31,
1965, at their current rates of $35,000 and $27,500 per annum, respectively. These rates, fixed by your Board of
Directors, were reported in your letter of November 24, 1964.
Sincerely yours,
(Signed) Wm. McC. Martin, Jr.
Wm. McC. Martin, Jr.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
41_1;'S
Item No. 15
BOARD OF GOVERNORS
12/7/64.
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON
OFFICE OF THE CHAIRMAN
December 9, 1964.
CONFIDENTIAL (FR)
Mr. Philip D. Reed, Chairman,
Federal Reserve Bank of New York,
New York, New York 10045.
Dear Phil:
Reference is made to letters dated November 5,
1964, from you and Deputy Chairman Wise regarding salary
payments for the calendar year 1965 to the President and
First Vice President of the Federal Reserve Bank of New York.
The Board of Governors approves the payment of
salary to Mr. Alfred Hayes as President for the year at the
rate of $75,000 per annum as recommended in your letters.
With respect to the salary recommendation for
First Vice President William F. Treiber, the Board believes
that the guidelines for meritorious increases set forth in
its letter of October 5, 1962, should be observed in fixing
salaries for 1965.
Under provisions of the guidelines, Mr. Treiber is
eli gible for a meritorious adjustment limited to a maximum
increase of 12,500. Accordingly, the Board of Governors
approves the payment of salary to Mr. Treiber as First Vice
President for the calendar year 1965 at the rate of 142,500
Per annum, if so fixed by your Board of Directors.
Sincerely yours,
(Signed) Bill
WM. McC. Martin, Jr.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Item No. 16
12/7/64
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WABHINCITON
OFFICE OF THE CHAIRMAN
December 9, 1964.
CONFIDENTIAL (FR)
Mr. Walter E. Hoadley, Chairman,
Federal Reserve Bank of Philadelphia,
Philadelphia, Pennsylvania 19101.
Dear Walter:
the payment of salThe Board of Governors approves
rve
ary to Mr. Karl R. Bopp as President of the Federal Rese
gh
throu
1
Bank of Philadelphia for the period January
of $40,000 per annum,
December 31, 1965, at his current rate
if so fixed by your Board of Directors.
tion for
With respect to the salary recommenda
believes
Board
First Vice President Robert N. Hilkert, the
h in
fort
set
ases
that the guidelines for meritorious incre
ng
fixi
in
ved
obser
be
its letter of October 5, 1962, should
nors
Gover
of
Board
salaries for 1965. Accordingly, the
Hilkert as First Vice
approves the payment of salary to Mr.
his current rate of
at
1965
President for the calendar year
of Directors.
Board
your
$27,500 per annum, if so fixed by
Sincerely yours,
(Signed) Bill
Wm. McC. Martin, Jr.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
B OARD OF GOVERNORS
Item No. 17
12/T/64
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON
OFFICE OF THE CHAIRMAN
December 9, 1964.
ETELEEEILLIEE/
Mr. Joseph B. Hall, Chairman,
Federal Reserve Bank of Cleveland,
Cleveland, Ohio 44101.
Dear Joe:
The Board of Governors approves the payment of
salaries to Mr. W. Braddock Hickman as President and
Mr. Edward A. Fink as First Vice President of the Federal
Reserve Bank of Cleveland for the period January 1 through
December 31, 1965, at their current rates of $40,000 and
$25,000 per annum, respectively. These rates, fixed by
Your Board of Directors, were reported in your letter of
November 12, 1964.
Sincerely yours,
(Signed) Bill
Wm. McC. Martin, Jr.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6 k
Item No. 18
12/7/64
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON
OFFICE OF THE CHAIRMAN
41. Rest..
December 9, 1964.
CONFIDENTIAL (FR)
Mr. Edwin Hyde, Chairman,
Federal Reserve Bank of Richmond,
Richmond, Virginia 23213.
Dear Ed:
The Board of Governors approves the payment of
salaries to Mr. Edward A. Wayne as President and Mr. Aubrey
N. Heflin as First Vice President of the Federal Reserve
Bank of Richmond for the period January 1 through December 31,
1965, at their current rates of $40,000 and $27,500 per annum,
respectively. These rates, fixed by your Board of Directors,
were reported in your letter of November 19, 1964.
Sincerely yours,
(signed) Bill
Wm. McC. Martin, Jr.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
_
41,182
BOARD OF' GOVERNORS
Item No. 19
12/7/64
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON
OFFICE
OF THE CHAIRMAN
December 9, 1964.
CONFIDENTIAL (Fill
Mr. Jack Tarver, Chairman,
Federal Reserve Bank of Atlanta,
Atlanta, Georgia 30303.
Dear Jack:
The Board of Governors approves the payment of
salaries to Mr. Malcolm Bryan as President and Mr. Harold
T. Patterson as First Vice President and General Counsel
of the Federal Reserve Bank of Atlanta for the period
January 1 through December 31, 1965, at their current
rates of $40,000 and $27,500 per annum, respectively, if
SO fixed by your Board of Directors.
Sincerely yours,
(Signed) Bill
Wm. McC. Martin, Jr.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
t_
Item No. 20
BOARD OF GOVERNORS
10/61+
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON
OFFICE OF THE CHAIRMAN
December 9, 1964.
CONFIDENTIAL (FR)
Mr. James H. Hilton, Deputy Chairman,
Federal Reserve Bank of Chicago,
Chicago, Illinois 60690.
Dear Jim:
The Board of Governors approves the payment of
salaries to Mr. Charles J. Scanlon as President and Mr. Hugh
J. Helmer as First Vice President of the Federal Reserve
Bank of Chicago for the period January 1 through December 31,
1965, at their current rates of $55,000 and $27,500 per annum,
respectively. These rates, fixed by your Board of Directors,
were reported in your letter of October 22 and Mr. Scanlon's
letter of December 3.
Sincerely yours,
(Signed) Bill
Wm. McC. Martin, Jr.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BOARD OF GOVERNORS
Item No. 21
12/7/64
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON
OFFICE OF THE CHAIRMAN
December 9, 1964.
CONFIDENTIAL
FR
Mr. Raymond Rebsamen, Chairman,
Federal Reserve Bank of St. Louis,
St, Louis, Missouri 63166.
Dear Ray:
payment of
The Board of Governors approves the
and Mr. Darryl
salaries to Mr. Harry A. Shuford as President
ve
R. Francis as First Vice President of the Federal Reser
ber 31,
Decem
gh
Bank of St. Louis for the period January 1 throu
ly.
ctive
respe
,
1965, at rates of $40,000 and $27,500 per annum
ted
repor
were
These rates, fixed by your Board of Directors,
in your letter of November 12, 1964.
Sincerely yours,
(Signed) Bi11
Wm. McC. Martin, Jr.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Item No. 22
12/7/64
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON
OFFICE OF THE CHAIRMAN
December 9, 1964.
2EIREELL_KFR)
Mr. Atherton Bean, Chairman,
Federal Reserve Bank of Minneapolis,
Minneapolis, Minnesota 55440.
Dear Atherton:
The Board of Governors approves the payment of
salaries to Mr. Frederick L. Deming as President and
Mr. M. H. Strothman, Jr. as First Vice President of the
Federal Reserve Bank of Minneapolis for the period January 1
through December 31, 1965, at their current rates of $40,000
and $25,000 per annum, respectively, if so fixed by your
Board of Directors.
Sincerely yours,
(Signed) Bill
Wm. McC. Martin, Jr.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
r)
Item No. 23 A-12/7/64
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON
OFFICE OF THE CHAIRMAN
December 9, 1964.
.gatlEang21/
Mr. Homer A. Scott, Chairman,
Federal Reserve Bank of Kansas City,
Kansas City, Missouri 64106.
Dear Homer:
approves the payment of
The Board of Governors
ry 0.
y as President and Mr. Hen
salaries to Mr. George H. Cla
Bank
e
erv
of the Federal Res
Koppang as First Vice President
31,
er
emb
Dec
ough
Of Kansas City for the period January 1 thr
anper
0
,00
$30
1965, at their current rates of $37,500 and
of Directors.
rd
Boa
r
you
by
num, respectively, if so fixed
Sincerely yours,
(Signed) Bill
Wm. McC. Martin, Jr.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BOARD OF GOVERNORS
OF THE
Item No. 24
12/7/64
FEDERAL RESERVE SYSTEM
WASHINGTON
OFFICE OF THE CHAIRMAN
December 9, 1964.
CONFIDENTIAL (FR)
Mr. Robert O. Anderson, Chairman,
Federal Reserve Bank of Dallas,
Dallas, Texas 75222.
Dear Bob:
payment of
The Board of Governors approves the
Mr. Philip
salaries to Mr. Watrous H. Irons as President and
Federal Reserve
E. Coldwell as First Vice President of the
Bank of Dallas for the period January 1 through December 31,
respectively.
1965, at rates of $40,000 and $27,500 per annum,
reported
These rates, fixed by your Board of Directors, were
in your letter of November 12, 1964.
Sincerely yours,
(Signed) Bill
Wm. McC. Martin, Jr.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.....
.• 0o?
• St•
,
BOARD OF GOVERNORS
0.
Item No. 25
12/7/64
OF THE
FEDERAL RESERVE SYSTEM
.0
WABHiNGTON
OFFICE OF THE CHAIRMAN
December 9, 1964.
.CONFIDENTIAL
/FR)
Mr. F. B. Whitman, Chairman,
Federal Reserve Bank of San Francisco,
San Francisco, California 94120.
Dear Fred:
t of
The Board of Governors approves the paymen
and Mr. H. E.
salaries to Mr. Eliot J. Swan as President
l Reserve
Federa
the
of
ent
Presid
Hemmings as First Vice
Bank of San Francisco for the period January 1 through
$40,000 and
December 31, 1965, at their current rates of
fixed by
$27,500 per annum, respectively. These rates,
of
your Board of Directors, were reported in your letter
November 5, 1964.
Sincerely yours,
(Signed) Bill
Wm. McC. Martin, Jr.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BOARD OF GOVERNORS
..•....
pOF Cot;•.
•
Item No. 26
12/7/64
OF THE
FEDERAL RESERVE SYSTEM
,1
WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
December 9, 1964.
.cONFIDENTIT (FR)
Mr. George H. Ellis, President,
Federal Reserve Bank of Boston,
Boston, Massachusetts 02106.
Dear Mr. Ellis:
The Board of Governors approves the payment of
salaries to the officers of the Federal Reserve Bank of
Boston, for the calendar year 1965, as set forth in the
enclosed schedule. The rates listed are those fixed by
Your Board of Directors, as reported in your letter of
October 14, 1964.
Your Chairman is being advised in a separate
letter regarding salary payments to you and First Vice
President Latham.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
Enclosure.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Federal Reserve Bank of Boston
Name
D. Harry Angney
Ansgar R. Berge
Robert W. Eisenmenger
Luther M. Hoyle, Jr.
Oscar A. Schlaikjer
Charles E. Turner
G. Gordon Watts
Stanley B. Lacks
Lawrence H. Stone
Jarvis M. Thayer, Jr.
Parker B. Willis
Paul S. Anderson
Lee J. Aubrey
Charles H. Brady
Wallace Dickson
Harry R. Mitiguy
Loring C. Nye
EugenelA.
Tangney
Richard A. Walker
Daniel Aquilino
John J. Barrett
Ripley M. Keating
Richard M. Radford
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Title
Annual
Salary
$24,000
Vice President
20,000
Vice President
of
Director
Vice President and
20,000
Research
18,000
Vice President
22,000
Counsel
Vice President and General
19,000
Vice President
19,000
Vice President
18,000
General Auditor
General
Secretary and Associate
16,000
Counsel
16,500
Cashier
17,500
Adviser
Vice President and Economic
16,000
Financial Economist
16,000
Assistant Vice President
14,000
Assistant Vice President
17,500
Assistant Vice President
15,000
Assistant Vice President
16,000
Assistant Vice President
15,500
Assistant Vice President
16,000
Assistant Vice President
14,000
Assistant Cashier
11,500
Assistant Cashier
14,000
Assistant Cashier
14,000
Assistant Cashier
4191
Item No. 27
12/7/64
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
AOORIC•111
°maim. CONRESPONDENCIC
TO THE 'CARD
December 9, 1964.
CONFIDENTIAL (FR)
Mr. Alfred Hayes, President,
Federal Reserve Bank of New York,
New York, New York 10045.
Dear Mr. Hayes:
the payment of
The Board of Governors approves
ve Bank of
Reser
al
salaries to the officers of the Feder
forth in the
set
as
New York, for the calendar year 1965,
fixed by
those
are
d
enclosed schedule. The rates liste
r of
lette
your
Your Board of Directors, as reported in
November 5, 1964.
and Doll will
It is noted that Messrs. Ringen
y, salary
dingl
Accor
reach retirement age during 1965.
of their
date
the
Payments to them are approved only to
retirements.
in a separate
Your Chairman is being advised
First Vice
and
letter regarding salary payments to you
President Treiber.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
Enclosure.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Federal Reserve Bank of New York
Name
Harold A. Bilby
John J. Clarke
Charles A. Coombs
Howard D. Crosse
George Garvy
Marcus A. Harris
Alan R. Holmes
Walter H. Rozell, Jr.
Horace L. Sanford
Robert W. Stone
Thomas 0. Waage
John P. Jensen
William H. Braun, Jr.
Felix T. Davis
Peter Fousek
Edward G. Guy
Peter P. Lang
Robert G. Link
Angus A. MacInnes, Jr.
Spencer S. Marsh, Jr.
Fred W. Piderit, Jr.
Lawrence E. Quackenbush
Thomas 3. Roche
Prank W. Schiff
Thomas C. Sloane
Frederick
L. Smedley
Peter D. Sternlight
Harold M. Wessel
Gerald E. Beach
Leonard I. Bennetts
Martin W. Bergin
nest E. Blanchette
4,
Thomas Combader
Robert L. Cooper
Robert J. Crowley
Richard A. Debs
Karl L. Ege
Martin French
Edward J. Geng
Fred H. Klopstock
Bruce K.
MacLaury
William E. Marple
Madeline
H. McWhinney
Paul Meek
Donald C. Niles
Arthur H. Noa
',,
/alnea H. Oltman
Everett B. Post
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Title
Vice President
Vice President and General Counsel
Vice President
Vice President
Economic Adviser
Vice President
Vice President
Vice President
Vice President
Vice President
Vice President
General Auditor
Assistant Vice President
Assistant Vice President
Assistant Vice President
Assistant General Counsel
Adviser
Adviser
Assistant Vice President
Assistant Vice President
Assistant Vice President
Assistant Vice President
Senior Foreign Exchange Officer
Assistant Vice President
Assistant General Counsel
Assistant Vice President
Assistant Vice President
Assistant Vice President
Manager
Assistant General Auditor
Manager
Manager
Manager
Manager
Assistant Counsel
Assistant Counsel
Manager
Manager
Manager
Manager
Manager
Manager
Manager
Manager
Manager
Manager
Manager
Manager
Annual
Salary
$35,000
28,500
34,500
29,000
26,000
32,500
26,500
28,500
29,000
30,000
26,000
24,000
23,000
24,250
20,000
25,000
21,000
24,500
25,500
23,000
21,000
21,000
21,500
19,000
20,000
21,500
22,000
19,000
15,000
14,500
15,000
16,000
15,500
16,500
17,000
15,000
17,000
14,500
16,000
18,000
18,000
19,250
18,500
17,000
19,000
18,500
14,000
19,000
New York
Name
Charles R. Pricher
John P. Ringen
Edwin S. Rothman
Walter S. Rushmore
Francis H. Schott
William M. Schultz
Kenneth E. Small
George C. Smith
Aloysius J. Stanton
Robert C. Thoman
Thomas M. Timlen, Jr.
Robert Young, Jr.
-2
Title
Manager
Manager
Manager
Manager
Manager
Manager
Manager
Manager
Manager
Manager and Assistant Secretary
Secretary and Assistant Counsel
Assistant Counsel
Annual
Salary
$17,500
17,000
16,500
16,250
20,000
15,000
18,750
20,500
17,250
17,000
20,500
16,500
Buffalo Branch
Insley B. Smith
George J. Doll
Gerald H. Greene
John T. Keane
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Vice President
Assistant Vice President and
Cashier
Assistant Cashier
Assistant Cashier
$28,000
18,250
15,500
15,500
Item No.
BOARD OF GOVERNORS
28
12/7/64
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS
orricam. CORRESPONDENCE
TO THE BOARD
December 9, 1964.
SIETEDIALLE1/
Mr. Karl R. Bopp, President,
Federal Reserve Bank of Philadelphia,
Philadelphia, Pennsylvania 19101.
Dear Mr. Bopp:
The Board of Governors approves the payment of
salaries to the officers of the Federal Reserve Bank of
Philadelphia, for the calendar year 1965, as set forth in
the enclosed schedule.
Mr. Hilkert t s letter of November 5 indicated that
a proposed increase for Mr. Vergari was related to and contingent upon approval of the recommended increase for the
First Vice President. In view of the Board's action with
respect to the salary of Mr. Hilkert, the salary of Vice
l'resident Vergari has been approved at the current rate of
$25,000.
Your Chairman is being advised in a separate
letter regarding salary payments to you and First Vice
President Hilkert.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
Enclosure.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Federal Reserve Bank of Philadelphia
Name
James V. Vergari
David P. Eastburn
Joseph R. Campbell
Norman G. Dash
David C. Melnicoff
Hugh Barrie
Harry W. Roeder
G. William Metz
Richard G. Wilgus
Joseph M. Case
Murdoch K. Goodwin
Clay J. Anderson
Evan B. Alderfer
James P. Giacobello
Leonard E. Markford
L
awrence C. Murdoch
Jack C. Rothwell
Edward A. Aff
Fred A. Murray
RenrY J. Nelson
Jack P. Besse
Jack H. James
W illiam
A. James
Ralph E. Haas
Warren R. Moll
Bertram W. Zumeta
William L. Ensor
Xenneth M. Snader
Russell P. Sudders
A.
Lamont Magee
' rilas A. Agnew, Jr.
4- K.
Desch
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Title
Vice President and Cashier
Vice President
Vice President
Vice President
Vice President
Vice President
Vice President
General Auditor
Vice President and Secretary
Assistant Vice President
Vice President, General Counsel
and Assistant Secretary
Economic Adviser
Economic Adviser
Chief Examining Officer
Examining Officer
Assistant Vice President and
Assistant Secretary
Economist
Assistant Vice President
Director of Plant
Assistant Vice President
Assistant Vice President
Examining Officer
Assistant Vice President
Assistant Vice President
Assistant Vice President
Economist
Examining Officer
Assistant Vice President
Assistant Vice President
Assistant General Auditor
Assistant Cashier
Examining Officer
Annual
Salary
$25,000
24,000
22,000
20,000
20,000
19,500
19,500
18,500
18,500
19,000
18,500
18,000
17,500
16,000
16,000
16,000
16,000
15,500
15,500
15,500
15,000
15,000
15,000
15,000
15,000
15,000
14,000
14,000
13,000
12,500
12,000
12,000
41.St
BOARD OF GOVERNORS
.....
Item No. 29
12/7/64
OF THE
FEDERAL RESERVE SYSTEM
4
'
:
'
WASHINGTON, D. C. 20551
AOOKICIIII OFFICIAL CORRIESPONCIENCC
TO THE SOAR°
t44'Z.S,110
• ML RESt
December 9, 1964.
EQEIREELIgt_Qa/
Mr. W. Braddock Hickman, President,
Federal Reserve Bank of Cleveland,
Cleveland, Ohio 44101.
Dear Mr. Hickman:
The Board of Governors approves the payment of
salaries to the officers of the Federal Reserve Bank of
Cleveland, for the calendar year 1965, as set forth in the
enclosed schedule. The rates listed are those fixed by
Your Board of Directors, as reported in your letter of .
September 10, 1964.
It is noted that Vice President Morrison will
reach retirement age during 1965. Accordingly, salary
payments to him are approved through date of retirement,
September 30, 1965.
Your Chairman is being advised in a separate
letter regarding salary payments to you and First Vice
President Fink.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
Enclosure.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Federal Reserve Bank of Cleveland
Name
Title
Annual
Salary
George E. Booth, Jr.
$16,500
Vice President and Cashier
Roger R. Clouse
22,500
Vice President and Secretary
Elmer F. Fritek
18,500
Vice President
John J. Hoy
16,000
Vice President
Harry W. Huning
16,500
Vice President
F
16,500
rederick S. Kelly
Vice President
Maurice Mann
20,000
Vice President and General Economist
Clifford G. Miller
17,000
Vice President
Wm. Martin Morrison
22,500
Vice President
Elfer B. Miller
18,500
General Auditor
Paul Breidenbach
15,500
Counsel
Addison T. Cutler
Assistant Vice President and Economist 17,000
Phillip
16,500
B. Didham
Assistant Vice President
R. Joseph Ginnane
14,000
Assistant Vice President
John T. Hackett
Assistant Vice President and Economist 15,000
Robert G. Hoover
14,000
Assistant Vice President
George T. Quast
15,000
Chief Examiner
bonald G. Benjamin
12,000
Assistant Cashier
Robert D. Duggan
11,000
Assistant Cashier
12,500
Allne J. Erste
Assistant Cashier
13,000
William Hendricks
Assistant Cashier
Thomas E. Ormiston, Jr. Assistant Cashier
14,500
!
l arrY Milton Pugh
14,000
Assistant Chief Examiner
James H.
12,500
Assistant General Auditor
Campbell
Lester M. Selby
12,000
Assistant Secretary
Cincinnati Branch
red O. Kiel
Walter H. MacDonald
Joseph W. Crowley
?,e°rge W. Hurst
4Ward E. Taylor
Vice President
Cashier
Assistant Cashier
Assistant Cashier
Assistant Cashier
23,000
16,000
12,000
15,000
13,000
Pittsburgh Branch
ClYde Harrell
Steinbrink
u. Robert
Aufderheide
l'aul H. Dorn
Charles E. Houpt
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Vice President
Cashier
Assistant Cashier
Assistant Cashier
Assistant Cashier
23,000
16,500
12,500
14,500
15,500
BOARD OF GOVERNORS
Item No. 30
OF THE
12/7/64
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
December
9, 1964.
CONFIDENTIAL (FR)
Mr. Edwin Hyde, Chairman,
Federal Reserve Bank of Richmond,
Richmond, Virginia 23213.
Dear Mr. Hyde:
The Board of Governors approves the payment of
salaries to the officers of the Federal Reserve Bank of
Richmond, for the calendar year 1965, as set forth in the
enclosed schedule. The rates listed are those fixed by
your Board of Directors, as reported in your letter of
November 19, 1964.
It is noted that Mr. Wienert will reach retirement age during 1965. Accordingly, salary payments to him
are approved only to the date of his retirement.
You are being advised in a separate letter regarding salary payments to President Wayne and First Vice
President Heflin.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
Enclosure.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Federal Reserve Bank of Richmond
Name
R. P. Black
W. S. Farmer
U. S. Martin
J. L. Nosker
J. M. Nowlan
B. U. Ratchford
G. H. Snead
J. G. Deitrick
3. G. Dickerson, Jr.
H. E. Ford
J. C. Horigan
R. E. Sanders, Jr.
E. L. Bennett
S. P. Fishburne
W. B. Harrison, III
J. Parthemos
C. D.
Porter, Jr.
V. E. Pregeant,
III
R. H.
Smart
J. F.
Viverette
R. p. Schad
3. L. Allin, Jr.
C. B.
Beavers
J. B.
Friend
R. L. Miller
A. v.
Myers, Jr.
3. H. Wyatt
Title
Vice President
Vice President and General Counsel
Vice President
Vice President
Vice President and Cashier
Vice President and Senior Adviser
General Auditor
Assistant Vice President
Vice President
Assistant Vice President
Chief Examiner
Vice President
Examining Officer
Assistant Vice President
Assistant Vice President
Assistant Vice President
Examining Officer
Assistant Vice President and
Secretary
Examining Officer
Assistant Vice President
Assistant General Auditor
Assistant Cashier
Assistant Cashier
Assistant Cashier
Assistant Cashier
Assistant Vice President
Assistant Cashier
Annual
Salary.
$19,000
19,000
22,000
21,000
22,000
25,000
18,500
17,000
18,000
16,000
15,000
18,500
14,500
15,000
14,000
15,000
13,500
15,000
14,500
13,500
12,500
11,500
12,500
12,000
13,000
14,000
11,500
Baltimore Branch
D. F. Hagner
A. A. Stewart,
Jr.
B. F.
Armstrong
R. Jones, Jr.
A. C. Wienert
Vice President
Cashier
Assistant Cashier
Assistant Cashier
Assistant Cashier
$22,000
19,000
12,000
14,000
13,000
Charlotte Branch
E. F.
A.
W.
W.
F.
C.
C.
Mac Donald
Ligon
Keller
Krueger, Jr.
Mondy
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Vice President
Cashier
Assistant Cashier
Assistant Cashier
Assistant Cashier
$21,500
17,500
13,000
13,000
13,000
BOARD OF GOVERNORS
Item No. 31
12/7/64
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
December 9, 1964.
CONFIDENTIAL (FR)
Mr. Malcolm Bryan, President,
Federal Reserve Bank of Atlanta,
Atlanta, Georgia 30303.
Dear Mr. Bryan:
The Board of Governors approves the payment of
salaries to the officers of the Federal Reserve Bank of
Atlanta, for the calendar year 1965, as set forth in the
enclosed schedule. The rates listed are those fixed by
Your Board of Directors, as reported in your letter of
November 16, 1964.
It is noted that Mr. Raisty will reach retirement age during 1965. Accordingly, salary payments to
him are approved only to the date of his retirement.
Your Chairman is being advised in a separate
letter regarding salary payments to you and First Vice
President Patterson.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
Enclosure.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Federal Reserve Bank of Atlanta
Name
J. E. McCorvey
Brown R. Rawlings
R. M. Stephenson
Richard A. Sanders
Charles T. Taylor
Lloyd B. Raisty
DeWitt Adams
Harry Brandt
Beyrl E. Howard
George W. Sheffer
Carson Branan
Duane Hoover
Jeffrey Wells
W. M. Davis
J. T. Harris
Edgar M. Vallette
George Hibbert
Arthur Kantner
J. Lyle Hardin
C. Mason Ford
P. R. Martin
Pred I. Breck
Eric Hingst
Pesti_ A. Wapensky
James B. Forbes
Title
Vice President and Cashier
Vice President
Vice President
Associate General Auditor
Vice President and Director
of Research
Vice President
General Auditor
Vice President
Assistant Vice President
Chief Examiner and Assistant
Vice President
Assistant Cashier
Assistant Cashier
Assistant Cashier
Assistant Cashier
Assistant Vice President
Assistant Vice President
Assistant Counsel
Assistant Cashier
Assistant Chief Examiner
Assistant Vice President
Assistant Vice President
Assistant Cashier
Assistant Cashier
Assistant Cashier
Assistant General Auditor
Annual
Salary
$23,500
21,000
17,000
15,250
19,250
16,750
15,750
18,500
14,250
16,000
12,500
12,000
14,500
16,000
15,000
14,000
14,500
13,500
14,750
12,750
12,000
11,350
11,000
11,000
12,250
Birmingham Branch
E. C. Rainey
WIA. A. Waller, Jr.
Marvin Stewart
William Thomas
Vice President
Assistant Vice President and
Cashier
Assistant Cashier
Assistant Cashier
$18,000
14,500
11,000
11,000
Jacksonville Branch
T. A.
Lanford
Bowdell Brown, Jr.
T. C.
Clark
Vestus Crow
tilly Hargett
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Vice President
Assistant Vice President
Assistant Vice President
Cashier
Assistant Cashier
$21,000
14,000
15,000
14,000
11,750
.tederal Reserve Bank of Atlanta (continued)
Nashville Branch
Name
R. E. Moody, Jr.
4. H. Sewell
L. W. Starr
Stuart H. Magee
Title
Vice President
Assistant Vice President
Cashier
Assistant Cashier
Annual
Salary
$20,000
16,400
12,250
10,250
New Orleans Branch
Morgan L. Shaw
Fred Millsaps
L. Y. Chapman
R. M. Junca
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Vice President
Assistant Vice President
Assistant Vice President and
Assistant Manager
Assistant Cashier
$20,000
14,500
15,000
10,750
Item No. 32
12/7/64
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS
orriciAL
CORRESPONDENCE
TO THE BOARD
December 9, 1964.
CONFIDENTIAL (FR)
Mr. Charles J. Scanlon, President,
Federal Reserve Bank of Chicago,
Chicago, Illinois 60690.
Dear Mr. Scanlon:
The Board of Governors approves the payment of
salaries to the officers of the Federal Reserve Bank of
Chicago, for the calendar year 1965, as set forth in the
enclosed schedule. The rates listed are those fixed by
Your Board of Directors, as reported in your letter of
October 22, 1964.
Your Chairman is being advised in a separate
salary payments to you and First Vice
regarding
letter
President Helmer.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
Enclosure.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Federal Reserve Bank of Chicago
Name
A. J. Anschutz
E. T. Baughman
C. E. Bierbauer
H. C. Buell
J. J. Capouch
G. W. Cloos
L. A. Davis
Li W. Dawson
P. A. Dons
D. M. Doyle
P. C. Edler
J. J. Endres
B. 0, Fults
L. A. Gohr
A. M. Gustayson
V. A. Hansen
B. A. Heath
P. C. Hodge
V. 0,
L. H.
B. K.
C. T.
W. J.
Hume
Jones
Kroll
Laibly
Larson
R. A. Moffatt
;IT. R. Morrison
4. 3. Newman
L. M. Ross
R- M. Scheider
R. A. Scheld
R. S. Schultz
8. L. Smyth
III, B. Sorg
;' J. Srp
L. A.
stiles
C W. Weiskopf
,1
'. G. Wright
Title
Assistant Cashier
Vice President
Assistant Vice President
Assistant Chief Examiner
Assistant Cashier
Senior Economist
Assistant Vice President
Assistant Vice President
Assistant General Auditor
Assistant Vice President
Assistant Cashier
General Auditor
Assistant Vice President
Assistant Cashier
Vice President
Assistant Vice President
Assistant Vice President and
Assistant Secretary
Vice President, General Counsel
and Secretary
Assistant Cashier
Vice President and Cashier
Assistant Cashier
Vice President
Assistant Counsel and
Assistant Secretary
Vice President
Chief Examiner
Vice President
Vice President
Assistant Cashier
Assistant Vice President
Vice President
Vice President
Assistant Vice President
Assistant Vice President
Senior Economist
Assistant Chief Examiner
Assistant Vice President
Annual
Salary
$12,000
26,000
18,500
14,000
12,000
17,500
16,000
15,000
18,000
14,500
11,500
25,000
16,500
14,000
22,000
14,000
16,000
26,000
13,500
23,000
13,000
23,000
16,500
18,500
16,000
22,000
21,000
12,000
15,000
22,000
21,000
14,500
15,500
17,000
16,000
14,000
Detroit Branch
11,
P.
?.
.1'.
W.
F.
W.
J.
G.
It* A.
Bloomfield
Carey
Lamphere
Purol
Rickel
Swaney
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Assistant Vice President
Assistant Cashier
Assistant General Counsel
Assistant Cashier
Assistant Cashier
Vice President
$17,500
13,000
18,000
11,500
13,000
24,000
6 );(i -L5
_ 11...
BOARD OF GOVERNORS
......
.
Of
co. •
T
,
:Or
t•
O
•
Item No.
33
12/7/64
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS
OFFICIAL
CORRESPONDENCE
TO THE BOARD
December 9, 1964.
CONFIDENTIAL cal
Mr. Harry A. Shuford, President,
Federal Reserve Bank of St. Louis,
St. Louis, Missouri 63166.
Dear Mr. Shuford:
payment of
The Board of Governors approves the
Bank of
e
Reserv
l
salaries to the officers of the Federa
in the
forth
set
as
St. Louis, for the calendar year 1965,
by
fixed
those
are
enclosed schedule. The rates listed
of
letter
your
Your Board of Directors, as reported in
November 13, 1964.
and DeVos will
It is noted that Messrs. Burton
salary
ingly,
reach retirement age during 1965. Accord
their
of
dates
the
payments to them are approved only to
retirements.
a separate
Your Chairman is being advised in
Vice
First
and
you
letter regarding salary payments to
President Francis.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
Enclosure.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Federal Reserve Bank-of St. Louis
Annual
Name
Howard H. Weigel
Joseph C. Wotawa
Dale M. Lewis
Homer Jones
Marvin L. Bennett
George W. Hirshman
Orville O. Wyrick
Willis L. Johns
Stephen Koptis
Norman N. Bowsher
Woodrow W. Gilmore
Paul Salzman
Wilbur H. Isbell
Gerald T. Dunne
John J. Hofer
Janes M. Geiger
George W. Dennison
Richard O. Kaley
Earl H. Chapin
Joseph C. Welman, Jr.
F. Garland Russell, Jr.
William E. Walker
Title
Vice President and Secretary
Vice President
Vice President
Vice President
Vice President
General Auditor
Vice President
Assistant Vice President
Assistant Vice President
Assistant Vice President
Planning Officer
Assistant Vice President
Chief Examiner
General Counsel and
Assistant Secretary
Assistant Vice President
Assistant Vice President
Assistant Vice President
Assistant Vice President
Assistant Chief Examiner
Assistant Chief Examiner
Assistant Counsel
Assistant Vice President
,Salary
$24,500
22,500
23,500
23,000
20,000
20,000
22,000
17,000
17,000
17,500
16,500
16,500
17,000
18,000
13,500
14,000
12,000
15,000
14,500
12,500
12,500
12,000
Little Rock Branch
Fred Burton
John F. Breen
John K. Ward
Howard J. Jensen
Vice President and Manager
Cashier
Assistant Cashier
Assistant Cashier
$19,500
14,000
10,500
9,500
Louisville Branch
Donald L. Henry
John W. Menges
C
larence J. Woertz
Louis A. Nelson
Vice President and Manager
Cashier
Assistant Cashier
Assistant Cashier
$21,500
15,000
11,500
11,000
Memphis Branch
E. Francis DeVos
Henjamin B. Monaghan
Paul I. Black,
Jr.
Joseph P. Garbarini
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Vice President and Manager
Cashier
Assistant Cashier
Assistant Cashier
$20,000
13,500
11,000
11,000
Item No. 34
12/7/64
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS OFEICIAL CORRESPONDENCE
TO THE EIOARD
December 9, 1964.
CONFIDENTIAL (FR)
Mr. Frederick L. Deming, President,
Federal Reserve Bank of Minneapolis,
Minneapolis, Minnesota 55440.
Dear Mr. Deming:
The Board of Governors approves the payment of
salaries to the officers of the Federal Reserve Bank of
Minneapolis, for the calendar year 1965, as set forth in
the enclosed schedule. The rates listed are those fixed
by your Board of Directors, as reported in your letter of
November 12, 1964.
Your Chairman is being advised in a separate
letter regarding salary payments to you and First Vice
President Strothman.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
Enclosure.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Federal Reserve Bank of Minneapolis
Name
K.
C.
R.
R.
J.
M.
F.
C.
F.
L.
R.
K. Possum
W. Grath
K. Grobel
J. Dreitzler
J. Gillette
B. Holmgren
L. Parsons
E. Bjork
J. Cramer
G. Gable
D. Graham
E. L.
0. F.
3. A.
J. P.
Knous
Litterer
MacDonald
Olin
E.
C.
W.
H.
W.
M.
Beeth
Bergquist
Bronner
Hallin f.
O'Brien
Sather
O.
E.
C.
O.
A.
O.
Title
Vice President
Vice President and Cashier
Vice President
General Auditor
Vice President
Vice President
Vice President
Assistant General Auditor
Assistant Vice President
Chief Examiner
Assistant Counsel and
Assistant Secretary
Assistant. Vice President
Assistant Vice President
Assistant Vice President
Assistant Vice President and
Secretary
Assistant Vice President
Assistant Cashier
Assistant Vice President
Assistant Cashier
Assistant Cashier
Assistant Cashier
Annual
Salary
$20,000
21,000
19,000
15,000
15,000
17,000
20,000
13,000
15,000
13,500
13,000
13,000
15,500
15,000
14,000
13,000
12,000
14,000
11,000
12,500
10,500
Helena Branch
C. A. Van Nice
J. L. Heath
R. W. Worcester
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Vice President
Assistant Cashier
Assistant Cashier
$17,500
11,000
12,500
Item No. 35
BOARD OF GOVERNORS
OF THE
12/7/64
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
December 9, 1964.
CONFIDENTIAL (FR)
Mr. Homer A. Scott, Chairman,
Federal Reserve Bank of Kansas City,
Kansas City, Missouri 64106.
Dear Mr. Scott:
The Board of Governors approves the payment of
salaries to the officers of the Federal Reserve Bank of
Kansas City, for the calendar year 1965, as set forth in
the enclosed schedule. The rates listed are those fixed
by your Board of Directors, as reported in your letter of
November 14, 1964.
It is noted that Messrs. Stempel and Alexander
will reach retirement age during 1965. Accordingly, salary payments to them are approved only to the dates of
their retirements.
You are being advised in a separate letter regardsalary payments to President Clay and First Vice President
Koppang.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
Enclosure.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Federal Reserve Bank of Kansas City
Name
Clarence W. Tow
John T. Boysen
J. R. Euans
Geo, D. Royer, Jr.
Wilbur T. Billington
Raymond J. Doll
W. F. Fairley
Marvin L. Mothersead
S. J. Andrews
John N. Blair
J. C. Craig
Carl F. Griswold
R. E. Thomas
George R. Wilkinson
Theodore F. Brauninger
F. J. Mathews
Wayne W. Martin
Lewis W. Smith
p. I. White
Title
Annual
Salary
Senior Vice President-Econ. Research $26,000
23,000
Vice President
16,000
Vice President
17,000
Vice President
19,500
Vice President and Senior Economist
20,500
Economist
Senior
and
President
Vice
16,000
General Auditor
13,500
Director of Personnel
12,000
Cashier
13,000
Assistant Vice President
13,000
Assistant Vice President
13,000
Assistant Vice President
12,500
Assistant Vice President
15,000
Chief Examiner
11,000
Assistant Cashier
11,500
Assistant Cashier
12,000
Assistant Cashier
11,000
Cashier
Assistant
11,000
Cashier
Assistant
Denver Branch
John W. Snider
H. L. Stempel
J. R. Zahourek
H. F. Krebs
Vice President
Cashier
Assistant Cashier
Assistant Cashier
$19,000
15,000
12,700
11,100
Oklahoma City Branch
R. W.
F. W.
E. P.
W. J.
Fritz
Alexander
Farley
Milburn, Jr.
Vice President
Cashier
Assistant Cashier
Assistant Cashier
$20,000
15,000
12,300
12,000
Omaha Branch
C. C. Rankin
W. L. Pleiss
C. C. Tollander
Dan S. Spencer, Jr.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Vice President
Cashier
Assistant Cashier
Assistant Cashier
$19,000
14,000
11,000
11,000
BOARD OF GOVERNORS
Item No. 36
12/7/64
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
December 9, 1964.
CONFIDENTIAL (FR)
Mr. Watrous H. Irons, President,
Federal Reserve Bank of Dallas,
Dallas, Texas 75222.
Dear Mr. Irons:
The Board of Governors approves the payment of
salaries to the officers of the Federal Reserve Bank of
Dallas, for the calendar year 1965, as set forth in the
enclosed schedule. The rates listed are those fixed by
your Board of Directors, as reported in your letter of
November 16, 1964.
It is noted the Messrs. Berg and Hartung will
reach retirement age during 1965. Accordingly, salary
payments to them are approved only to the dates of their
retirements.
Your Chairman is being advised in a separate
letter regarding salary payments to you and First Vice
President Coldwell.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
Enclosure.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Federal Reserve Bank of Dallas
Name
G. R. Murff
T. W. Plant
James L. Cauthen
Ralph T. Green
Arthur H. Lang
George F. Rudy
Thomas R. Sullivan
James A. Parker
W. M. Pritchett
Roy E. Bohne
J. Z. Rowe
Robert H. Boykin
E. A. Thaxton, Jr.
James 0, Russell
Leon W. Cowan
E. H. Berg
E. W. Vorlop, Jr.
T°nY J. Salvaggio
Title
Vice President and Secretary
Vice President and Cashier
Vice President
Vice President
General Auditor
General Counsel
Vice President
Vice President
Vice President
Vice President
Director of Research
Assistant Vice President and
Assistant Secretary
Assistant Cashier
Chief Examiner
Assistant Vice President
Assistant Cashier
Assistant Cashier
Assistant Cashier
Annual
Salary
$24,500
23,000
21,000
19,000
19,000
17,500
17,000
16,000
15,100
15,000
14,000
13,500
13,000
12,500
11,800
11,200
10,000
10,000
El Paso Branch
Fredric W. Reed
T. C. Arnold
Forrest
E. Coleman
Vice President
Cashier
Assistant Cashier
$13,500
12,000
9,500
Houston Branch
J. L. Cook
!* 3. Troy
masco R. story
W. C.
Hartung
Vice President
Cashier
Assistant Cashier
Assistant Cashier
$26,500
13,250
12,000
11,000
San Antonio Branch
Can H.
Moore
A. E. Mundt
Alvin E. Russell
Fr
ederick J. Schmid
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Vice President
Cashier
Assistant Cashier
Assistant Cashier
$18,500
12,600
11,000
10,500
4
BOARD OF GOVERNORS
Item No.
37
12/7/64
OF THE
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
December 9, 1964.
CONFIDENTIAL (FR)
Mr. Eliot J. Swan, President,
Federal Reserve Bank of San Francisco,
San Francisco, California 94120.
Dear Mr. Swan:
The Board of Governors approves the payment of
salaries to the officers of the Federal Reserve Bank of
San Francisco, for the calendar year 1965, as set forth
in the enclosed schedule. The rates listed are those
fixed by your Board of Directors, as reported in your
letter of November 6, 1964.
It is noted that Administrative Assistant
Whitworth will reach retirement age during 1965. Accordingly, salary payments to him are approved only to the
date of his retirement.
Your Chairman is being advised in a separate
letter regarding salary payments to you and First Vice
President Hemmings.
Very truly yours,
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
Enclosure.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Federal Reserve Bank of San Francisco
Name
D. L. Grove
A. B. Merritt
3. L. Barbonchielli
P. W. Cavan
E. H. Galvin
G. D. Hartlin
W. F. Scott
W. M. Burke
H. B. Jamison
G. W. Lynn
E. J. Martens
Rix Maurer, Jr.
1. W. Barrett
E. E. Bernstein
W. L. Cooper
B. E. Livingston
D. V. Masten
R. E. McKendry
R. G. Retallick
E. A. Wells
J. B.
Williams
C. H. Whitworth
Title
Vice President
Vice President
Vice President
Vice President
Vice President
General Auditor
General Counsel
Senior Economist
Chief Examiner
Director of Research
Cashier
Assistant Vice President
Assistant Cashier
Assistant Cashier
Assistant General Counsel
Assistant Cashier
Assistant Cashier
Assistant General Auditor
Assistant Cashier
Assistant Vice President
Assistant Vice President
Administrative Assistant
Annual
Salary
$26,500
24,500
17,000
17,000
20,000
19,500
17,000
17,500
14,000
16,000
16,500
15,000
12,000
11,000
14,000
11,000
11,000
14,000
11,250
14,000
14,000
11,500
Los Angeles Branch
C.
D.
J.
W.
M.
G.
G.
H.
M.
R.
B.
A.
R.
D.
Watkins
Davenport
Robinson
Carter
Jones
Kelly
Parker
Vice President and Manager
Vice President
Assistant Manager
Assistant Manager
Assistant Manager
Assistant Manager
Assistant Manager
$22,500
16,000
14,000
12,250
12,000
11,000
12,500
Portland Branch
M, Brown
w. G. DeVries
,P,* K. Grimm
R. Skinner
Vice President and Manager
Assistant Vice President
Assistant Manager
Assistant Manager
$17,000
14,000
12,500
11,000
Salt Lake City Branch
A. L.
T.
H.
C.
A. G.
ce
Price
Simmons
Dunn
Holman
Vice President and Manager
Assistant Vice President
Assistant Manager
Assistant Manager
$19,000
14,500
11,000
12,500
Seattle Branch
E.
W.
R.
A.
R. Barglebaugh
R. Sandstrom
P. Glascock
C. Laiti
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Vice President and Manager
Assistant Vice President
Assistant Manager
Assistant Manager
$20,000
16,000
13,000
11,000
@FedFRASER