The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
'V63 Minutes for January 20, 1964 To: Members of the Board From: Office of the Secretary Attached is a copy of the minutes of the Board of Governors of the Federal Reserve System on the above date. It is not proposed to include a statement with respect to any of the entries in this set of minutes in the record of policy actions required to be maintained pursuant to section 10 of the Federal Reserve Act. Should you have any question with regard to the minutes, it will be appreciated if you will advise the Secretary's Office. Otherwise, please initial below. If you were present at the meeting, your initials will indicate approval of the minutes. If you were not present, your initials will indicate only that you have seen the minutes. Chin. Martin Gov. Mills Gov. Robertson Gov. Balderston Gov. Shepardson Gov. Mitchell Gov. Daane S Minutes of the Board of Governors of the Federal Reserve System on Monday, January 20, 1964. The Board met in the Board Room at 10:00 a.m. PRESE NT: Mr. Mr. Mr. Mr. Mr. Mr. Martin, Chairman 1/ Balderston, Vice -d'hairman Mills Robertson Shepardson Daane Sherman, Secretary Kenyon, Assistant Secretary Noyes, Adviser to the Board Cardon, Legislative Counsel Fauver, Assistant to the Board Brill, Director, Division of Research and Statistics Director, Division of Farrell, Mr. Bank Operations Mr. Johnson, Director, Division of Personnel Administration Mr. Hexter, Assistant General Counsel Mr. Dembitz, Associate Adviser, Division of Research and Statistics Assistant Director, Division Kiley, Mr. of Bank Operations Mr. Leavitt, Assistant Director, Division of Examinations Mr. Mattras, General Assistant, Office of the Secretary Miss Hart, Senior Attorney, Legal Division Mr. Sanders, Attorney, Legal Division Mr. McClelland, Assistant to the Director, Division of Examinations Mr. Mr. Mr. Mr. Mr. Mr. Circulated items. The following items, copies of which are attached to these minutes under the respective item numbers indicated, /gere approved unanimously: uoined meeting at point indicated in minutes. S' I V20/64 -2Item No. Letter to Hyannis Trust Company, Hyannis, Massachusetts, approving the establishment Of branches in the towns of Barnstable and Yarmouth. 1 Letter to United California Bank, Los Angeles, California, approving the establishment of a branch on Highway 99E in an unincorporated area of Butte County. 2 Report on competitive factors (Spokane-Pullman, Washington). There had been distributed a draft of report to the Comptroller of the Currency on the competitive factors involved in the proposed merger The First National Bank of Pullman, Pullman, Washington, into Old National Bank of Washington, Spokane, Spokane, Washington. Mr. Leavitt noted that the draft conclusion stated that the Proposed merger would eliminate competition existing between the two banks and reduce the banking alternatives available to people living in the area surrounding Pullman from three Washington banks to two. Re added that this did not take into consideration the three banks located in Moscow, Idaho, which was about eight miles east of Pullman, because of the crossing of State lines. He felt that the Board might wish to modify the conclusion to give consideration to the broader competitive area by stating that the proposed merger would eliminate competition existing between the two banks and permit Old National to Obtain some competitive advantage in the Pullman area. Governor Mills said that he would favor the changes suggested 13r Mr. Leavitt in the conclusion and would go beyond that to exclude is 1/20/64 -3- the last sentence, which stated that the over-all effect of the proposed transaction on competition would be adverse. He knew the area involved; as a practical matter most of the independent banks had already been absorbed in this part of Washington and the proposed merger would not greatly alter the present competitive situation. The banks in Moscow, Idaho, were competitive in the Pullman area, however, and the two cities were connected by an excellent highway. Governor Robertson stated that he had no objection to the changes suggested by Mr. Leavitt but that he would object to the deletion of the last sentence. After further discussion the report was approved for transmittal to the comptroller, Governor Robertson dissenting, with the understanding that the conclusion would be revised as suggested by Mr. Leavitt and Governor Mills to read as follows: While the proposed merger of The First National Bank of Pullman into Old National Bank of Washington, Spokane, would not have adverse competitive effects on other banks, it would eliminate competition existing between the two banks and permit Old National to obtain some competitive advantage in the Pullman area. At this point Chairman Martin joined the meeting, and the following also entered the room: Mr. Young, Adviser to the Board and Director International Finance Mr. Bass, Assistant Controller Distributed items. Division of The following items, copies of which are attached to these minutes under the respective item numbers indicated, /fere approved unanimously: 1/20/64 4I em No. Letter to Chairman Rains of the Housing Subcommittee of the House Banking and Currency Committee regarding questions raised by Lester H. Smith, Executive Vice President of the First National Bank of Decatur, Decatur, Alabama, about certain characteristics of the banking structure of the United States. 3 Letter to the Bureau of the Budget reporting cm a proposed bill to amend the Commodity Exchange Act. 4 Letter to the Federal Reserve Bank of San Francisco approving the payment of salaries to one officer at the head office and two officers at the Portland Branch at rates fixed by the Bank's Board of Directors. 5 In connection with Item No. 3, it was noted that the letter had been revised pursuant to the understanding reached at the meeting on January 16, 1964. Request for list of staff salaries (Item No. 6). A request haa been received from Chairman Patman of the House Banking and Currency Committee for a listing of the names and current salaries of the 50 highest paid. members of the Board's organization and the 25 highestkid, at each Federal Reserve Bank. No objection was indicated to complying with the request, and it Iras understood that the material would be sent to Chairman Patman as sooll as possible with a transmittal letter from Chairman Martin. Secretary's Note: The requested material was transmitted to Chairman Patman with a letter from Chairman Martin dated January 21, 1964. A copy of the letter is attached as Item No. 6. 1/20/64 -5All members of the staff then withdrew and the Board went into executive session. Appointment of Assistant Secretary. The Secretary was informed later that during the executive session the Board appointed Karl E. Bakke, Senior Attorney in the Legal Division, as an Assistant Secretary in the Office of the Secretary of the Board, effective January 20, 1964, with annual salary at the rate of $17,500. The meeting then adjourned. Secretary's Notes: A letter was sent today to First National City Bank, New York, New York, acknowledging receipt of advice of its intent to establish a branch in Makati, Republic of the Philippines. Pursuant to recommendations contained in memoranda from appropriate individuals concerned, Governor Shepardson today approved on behalf of the Board the following actions relating to the Board's staff: Refollowing maternity leave --.......__employment Mary F. Weaver as Statistical Assistant, Division of Research 4nd Statistics, with basic annual salary at the rate of $7,160, effective January 200 1964. S . 4 . 1arY increase t Loretta D. Beale, Senior Records Clerk, Office of the Secretary, , r°m $5,810 to $6,285 per annum, with a change in title to Assistant ' 311Pervisor, Subject Files, effective January 20, 1964. 191 Item No. 1 1/20/64 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, O. C. 20551 ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD January 20, 1964 • Board of Directors, Hyannis Trust Company, Hyannis, Massachusetts. Gentlemen: The Board of Governors of the Federal Reserve System .1)Proves the establishment by Hyannis Trust Company, Hyannis, 248eachusetts, of branches (1) on Iyanough Road at the Airport Traffic Circle, the village of Hyannis, town of Barnstable, and on State Route Number 28, opposite the Yarmouth Shopping _taza, in the South Yarmouth section of the town of Yarmouth, provlded the branches are established within one year from the date of th44.8 letter. Very truly yours, (Signed) Elizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary. letter to the Reserve Bank stated that the Board had approved a six-month extension of the period ; 4' 14med to establish the branches; and that if an i tension should be requested, the procedure prescribed ' 4 the Board's letter of November 9, 1962 (S-1846), 611°41(1 be followed.) BOARD OF GOVERNORS Item No. 2 1/20/64 OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551 ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD January 201 1964 Board of Directors, United California Bank, Los Angeles, California. Gentlemen: The Board of Governors of the Federal Reserve System approves the establishment of a branch by United California Bank, Los Angeles, California, on Highway 99E between Cohasset Road and East Avenue in an unincorporated area of Butte County, California, provided the branch is established within one year from the date of this letter. Very truly yours, (Signed) Elizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary. (The letter to the Reserve Bank stated that the Board also had approved a six-month extension of the period allowed to establish the branch; and that if an extension should be requested, the procedure prescribed in the Board's letter of November 90 1962 (S-1846), should be followed.) 193 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Item NO, 3 1/20/64 WASHINGTON OFFICE OF THE CHAIRMAN January 22, 1964. Honorable Albert Rains, Chairman, Subcommittee on Housing, Committee on Banking and Currency, House of Representatives, 20515 Washington, D. C. Dear Mr. Chairman: President The letter from Lester 11. Smith, Executive Vice PubShelton, C. Barrett to Decatur of the First National Bank of Shelton by Mr. forwarded was which lisher of The Decatur Daily, 5, is a to you and then by you to MB with your letter of December of the istics character certain on y commentar thoughtful, informed the of because banking structure of the United States that exist historical evolution of banking institutions. There is no doubt that competitive advantages and disbanking advantages have resulted from the development of our dual of laws and charters under operate System, in which some banks Federal the of laws and charters under some their own State and a number Government. In this connection, during the past few years Federal the in of suggestions have been made relative to membership rec1961 in Credit and Reserve System. The Commission on Money to be required should banks commercial ommended that all insured holding banks subject would which become members of the System, 99.4 per cent of the country's commercial bank deposits to the same Committee on reserve requirements. Last year, the President's all that commercial banks be Financial Institutions recommended by the Federal Reserve specified ts subject to the reserve requiremen continue to be on System in the banks but that membership of State membership in n is that suggestio another Still a voluntary basis. is for Statenow as it banks, all for voluntary made the System be lower reserve of and if appeal the done were this If banks. chartered to such an s from membership requirements should lead to withdrawal directly of means an of adequate extent as to deprive the System and effectively influencing the supply of money and credit, some . immediate corrective legislative action would become necessary Honorable Albert Rains -2- As you suggested, I asked our staff to comment on the g to the points raised in Mk. Smith's letter and a paper relatin or Messrs. you matter is enclosed. If we can be of further help to Shelton and Smith, please let us know. Sincerely yours, (Signed) Wm. McC. Martin, Jr. Wm. Ma. Martin, Jr. 195 Comments on letter, dated November 14, 1963, from Lester H. Smith, Executive Vice President of The First National Bank, Decatur, Alabama, to Mr. Barrett C. Shelton, Director of that bank and Publisher, The Decatur (Ala.) Daily Most bankers recognize the contributions that the Federal Reserve 83r8t " 1 has made toward strengthening the private banking system of this katin -4. There is no doubt that benefits from the achievements of the System h e extended in large measure to member and nonmember banks alike, and this Otn maY create a question as to the immediate value of any individual bank's 441bership. To the extent that the System has contributed to greater strength 111 banking, and to more stable growth in the economy as a whole, it has affected 411111ng and business conditions in a manner conducive to the most stable and 1)r°fitab1e operation of the individual bank. This is not the same as saying, 11(41eIrer, that the strength of the Federal Reserve System is imparted equally t° all banks. The System imparts its strength directly to every member bank l'egardless of its size or location. Nonmember banks, on the other hand, t1°1‘i1a1 lY find unavailable some of the most valuable services the Federal. 1lEerze Banks were designed to provide. erisplas problem. At times, this may not seem to be At other times, however, and for individual banks, the em may be serious indeed. Thus, while the strength of the System may totiNilicate itself, directly or indirectly, to member and nonmember banks 4like) only member banks can be assured of being in a position to rely upon that s trength in case of need. Consequently, advantages of membership are to 4 1N, —444) first, in participating as a member of a sound banking system, and 4111c1) in the individual privileges, each important in itself and together 114irig to reflect what membership in the System means to a member bank. 1_91; -2- One of the important privilges of membership in the Federal ' I ve System is direct access to Reserve Bank credit for appropriate pun., . 1/1 time of need. Federal Reserve credit is available at all times to 43ist member banks in meeting unusual situations, such as may result from , 4atioh -.J., regional, or local difficulties or from exceptional circumstances "lng a particular member bank. Sound and conservative bankers agree that ) in View of the lack of precision involved in forecasting banking and ecorto . Mlo conditions, it is unwise for an individual bank to assume that it 78 ' will be able to operate effectively by use of its own resources or that time of need it always will be able to obtain full support from aoilre es outside the Federal Reserve Banks. Undcr varying conditions, credit acto Ir°0dations that are normally available to nonmember banks from sources Lcle the System may very well become inadequate or even unavailable. It 110111, ' 4 be noted also that while national banks and many State banks are reatrict ed in their borrowings to the amount of their capital stock, this 141itat., --Lon does not apply to their borrowings from the Federal Reserve Banks. Z4 thi 8 sense, then, membership in the System is a form of protection to thq dlvidual bank in that it is assured that at any time in the future, '4a Al 44.es5 of the severity of impact of local, regional, or national economic ,4atin it will have access to the full resources of the Federal Reserve Since its establishment, one of the major objectives of the , al Reserve System has been the shortening of time required for the ellt of funds between various parts of the country. The progress that b eerl made in this direction includes the development of facilities for -3— i;s4 14°11e rapid movement of currency and coin, checks, and bank balances, and the institution and broadening of the par collection of checks drawn on a Illai°PitY of banks throughout the country. Member banks participate fully the benefits which all these facilities provide, and nonmember banks that °n the par list derive benefits that vary according to the circumqances. No charge is made against member banks with respect to incoming 4tici°1-thgoing shipments of currency and coin, the collection of checks and norie asn items, including notes, drafts, bonds, coupons, and other credit it ents which are not subject to first-hand presentment by the originat- 114s, and for the telegraphic transfer of the member bank's own funds ' 11111114t41es of $1,000 throughout the country by means of the private wire Iletw(31"k maintained by the Reserve Banks. The Federal Reserve Banks also accept and execute promptly tele111()Iie or written orders of member banks to buy and sell securities of the 'kite -- States Government or agencies of the Government in the market on a coro, . vetItive bid basis, thus assuring country banks the same prompt service able to banks in the larger cities. Member banks have the added ad- 4t / v1 age er being able to handle all of the accounting for such purchases and 41" through their reserve accounts, thus facilitating the completion of the ' tl ansaction. Member banks are not charged for this service. Closely related to the purchase and sale service is that of safeOf securities of member banks. The Federal Reserve Banks make avail- 4ble thei, --- vault facilities, without charge, for the storing of any securities 01,11,1ea by a member bank located outside the central financial district of any 198 41— Ileserlre cityo These facilities are offered only under special circumstances to th e large member banks located in the central financial district of any e city. If desired, securities may be pledged to secure deposits in thenlelitgir bank by various Government agencies or by the trust department °11.e commerciP1 bank. While securities are held in custody, the coupons '-i-PPed, collected, and the proceeds credited to the member bankls re.07e account; and lists of securities, both pledged and unpledged, are sent -1711ners and auditors for confirmation purposes as requested, These ees also are performed without charge, In order to directly participate in all of the benefits of the arid its effectiveness in formulating and maintaining sound monetary 441 Cal policies, member banks necessarily assume certain obligations, Ing the maintenance of required reserves, submission to periodic 4ti°11 by ' 411 CX- a Federal authority, and the remittance at par for checks . against them, Statutory reserve requirements are prescribed in the Federal e to the Act and in 49 of the 50 State banking codes, There are differences requirements between member and nonmember banks both with respect Percentages of reserves required and the place and form in which they be held depending on the designated reserve status of the individual bank zotrt e State in which it operates. These differences unquestionably do give °IllrlembPr banks a competitive advantage; however, for many banks the ) 111:t iOfl passed by Congress in 1960 permitting member banks to count their e aehin meeting reserve requirements helped to offset some of the diftNriec in this respect. Further, the fact that the country bank members 199 (these tO include both national and State-chartered banks) of the System tend "cll higher net earnings in relation to capital accounts than do nonmember bant, . 13 some evidence that there may be competitive advantages in System Ite'snIP in attracting certain deposits and other business that might ot herliise not be available and that this more than offsets the cost of maintainrigreserve balances. Also, while it is true that the balance maintained ate R eserve Bank is not an earning asset, at the same time, it must be , lh mind that the services furnished to a bank by its correspondent bane are likewise not rendered without cost, since the bank relying on eorr esPondents must maintain substantial balances with these institutions. It is true too that the Federal Reserve Banks absorb the cost of ations made of State member banks, and that the FDIC absorbs the cost ()It' e calllining insured nonmember State banks. However, State member banks are 433e8sed by their respective State Banking Departments for the cost of exarritliations. Thus, both State and national banks are assessed for examinations one bank supervisory authority. Consequently, there is no discrimi4 against national banks with respect to bearing the cost of examinations, 44113 UKJI admittedly there are variations in the actual dollar amounts paid, Orie /IV or the other, depending on the charges by the State in which any Nlbsnk is located. The Federal Reserve has been the motivating force behind the nation414 . aztroduction and growth of the par collection to vhi ell all member banks must adhere and in which 1)4111ca 11°1untarily participate. The acceptance and la 44tIll'ally of great benefit and convenience both system in the United States a growing number of nonmember clearance of checks at par to business and the general lUblie• Whether or not its universal application can be accomplished, or 48 Present degree of prevalence sustained, without the basic support of a bstantial cross section of member banks furnishing a continuing example to cooPerating nonmember banks is a matter of conjecture. It may well be that the check collection practices of the FedSystem, as well as other services, can be improved, and the Resrv' • %rate m is continuously striving to improve all of its operations. However, of PPraising current operations, it should be noted that a large part item 's received by correspondent banks is sent through the Reserve Banks for are replenished "'" collection and that their currency and coin supplies .t)Y the Reserve System Reserve Banks. Thus, the facilities of the Federal 4re the keystones which support the check collection and currency and coin lation systems of the entire country. In summary, some of the disadvantages of membership referred to es sentially legislative and are due to the unique structure of commercial bk1k4 'flg in the United States. Under existing law and granting that there e_ 'rile services rendered by correspondent banks which cannot appropriately Aer formed by a Reserve Bank, there are services rendered by the Reserve t.ars °f which many banks are not now availing themselves that they may wish to eX1)1(3re more thoroughly with representatives of their Reserve Bank. 11( lbsti benefits that 2114 in the Federal Reserve System offers privileges and Carl al bank. contribute materially to the growth and success of an individu equ,, the s banks of Importance, however, is the opportunity for the member Yatem, working in partnership with the Federal Reserve Banks and the q' Governors of the Federal Reserve System, to exert a constructive directed to strengthening the economy of their individual communities, regions, and the entire nation. 4 ,1* ve , BOARD OF GOVERNORS r Item No. 4 1/20/64 OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551 ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD January 20, 1964. Phillip S. Hughes, Assistant Director for Legislative Reference, Bureau of the Budget, 4ashington, D. C. 20503 Dear Mr. Hughes: This is in response to your request of January 3, 1964, for he views of the Board on a proposed bill to amend the Commodity 4xchange Act for the purpose of giving the Secretary of Agriculture lithority to set margin requirements for trading in commodities ' whenever there is reason to believe there is danger of manipulation, sudden or unreasonable fluctuations, or unwarranted changes in prices, !3cessive speculation," or the like, and generally to improve and taghten the Secretary's authority to supervise and regulate the conduct °f the exchanges and the persons using their facilities. The recent incidents in the market for vegetable oils have e lohasized a need for legislation in this area. While repetition of slmllar events might be prevented by improvements in the rules of the exchanges themselves, it seems clear that the powers available for l'egulating commodity trading should include at least discretionary authority to prescribe minimum margin requirements. The experience of the Board in prescribing margin requirements tursuant to section 7 of the Securities Exchange Act of 1934 suggests P he value of an initial margin requirement which is higher than the 11 antenance requirement set (at present) by brokerage firms, and as : 1111himum, by the stock exchanges. Study might well be given to the R°ssibility that a similar differential for commodity futures trading ;?uld be desirable. Consideration should therefore be given to pro°6-hg authority in section 13 of the proposed legislation under which 1:ffering initial and maintenance margins could, in the discretion of the Secretary, be prescribed. j the A memorandum is enclosed with some detailed observations on Proposed amendments. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Secretary. tlIciosure 202 Comments on proposed amendments to the Commodity Exchange Act, 42 Stat. 998 (7 U.S.C. 1-17a) (The detailed comments in this memorandum are directed at the wording of the amendments to the Commodity Exchange Act proposed by the Department of Agriculture. The general merits of the proposal are discussed in the report of the Board of Governors to which this memorandum is attached.) Sections of draft bill Section numbers in the text of the memorandum refer to sections of Title 7 of the U. S. Code rather than to the Commodity Exchange Act as enacted (42 Stat. 998). (1) (Section 2). Since every action taken upon a market can have the effect of altering the price level "which would otherwise prevail", might the proposed language be found to cover otherwise legitimate activities? Would it be preferable to spell out the kinds of conduct which constitute unlawful manipulation in a separate section of the Act, in much the same way that corresponding conduct on a national securities exchange is spelled out as unlawful in section 9 of the Securities Exchange Act of 1934? (2) (Section 2a). Would it be preferable to provide that all commodities traded in a contract market shall be subject to the Act, but that the Secretary may exempt commodities after making appropriate findings? If the proposed structure of the section is retained, would it be helpful to provide that the Secretary may temporarily designate commodities which are to be subject to the Act, but must hold a hearing within a specified period before making a permanent designation? This would provide for more rapid action under emergency conditions. (7) (Section 6a(5)). Would it be desirable to attempt to define what is to constitute "direct or indirect control"? See, i.e., 12 U.S.C. 1841, 1842 and 12 U.S.C. 221a for legislative approaches to comparable problems. (8) (Section 6b). The proposed amendment seems to create an unintended ambiguity, since the phrase "any person" is used to refer to two different classes of persons, one class which takes prohibited actions, another class which suffers harm from such actions. Would it be helpful to insert "other" before "person" each time it now appears in Section 4b of the Act? r)i( ;4, Ill -2- (9) (Section 6d). "Trust funds" is a term of art, in the legal sense, and might be found to impose unintended restrictions on the use of the moneys in question. Would it be preferable to provide that funds of a customer, deposited by a commission merchant, may not be used to "offset liabilities of the commission merchant" or for any other specific, undesirable, purpose not already covered by the language of the section? (10) (Section 6f(2)). This proposed amendment deletes the requirement that a person registered as a future commission merchant shall post his registration certificate at his place of business. Would there be any purpose served by making it an offense to post or to continue to post an invalid certificate? (12) (Section 6i). See the comment under section (7) of the proposed bill. (13) (New section to follow Section 6i). Would it be preferable to grant the Secretary broad discretionary authority to set either initial or maintenance requirements or both, in the light of appropriate general standards, on the ground that the operations of commodity exchanges are affected with a public interest, rather than to condition his authority on his having reason to believe that there is danger of one or more of the listed conditions existing? (19) (Section 8). It is assumed that under the Secretary's rules of procedure, the hearing contemplated by this section would be held before an independent trial examiner. However, would it be advisable to include authority for emergency suspensions similar to that provided by Section 19(a)(4) of the Securities Exchange Act of 1934? (20) (Section 9). Would it be advisable to include authority for emergency suspensions? (25) (Section 12a(2)). It seems possible that an applicant might be found to be unfit for registration for reasons other than those enumerated, and it might be helpful to add at the end of the proposed section 12a(2)(B) some language such as "or for other good cause shown". 204 Item No. 5 1/20/64 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D. C. 20551 AGONIES'S orricum. GORRICOPONOIENOIE TO MC SOARO January 20, 3.964 004. (FR) lir m.'Eliot J. Swan, President, :ederal Reserve Bank of San Francisco, '411 iVanciscos California 94120. 45° Mr, Swan: The Board of Governors approves the payment of salaries to the NI1.0wing officers of the Federal Reserve Bank of San Francisco, for the February 1 through December 31, 1964, at rates indicated: Rains 941 Brown 0 . navvies Masten Title Portland Branch Vice President and Manager Assistant Vice President Head Office Assistant Cashier Annual Salary $17,000 14,000 11,000 The rates approved by the Board are those fixed by your Board tk 4 rectors, as reported in your letter of January 3, 1964. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Secretary. • 2(45 BOARD OF GOVERNORS OF THE Item No. 6 1/20/64 FEDERAL RESERVE SYSTEM WASHINGTON OFFICE OF THE CHAIRMAN January 21, 1964. The Honorable Wright Patman, Chairman, Committee on Banking and Currency, House of Representatives, Washington, D. C. Dear Mr. Chairman: In accordance with the request of Mr. Schremp of your staff, 1 am enclosing a list of the current salaries of the fifty highest Paid members of the Board's organization and the twenty-five highest Paid at each of the twelve Federal Reserve Banks. Let me call your attention to the fact that the figures for members of the Board's staff are annual rates of compensation, made effective only this month at the same time that pay raises went into effect January 5, 1964, by provision of the 1962 Federal Salary Reform Act, for Government employees subject to the Classification Act. Shown Although the salaries of Board personnel are set pursuant to the Federal Reserve Act, the Board has long followed a policy of 4 -11g staff salaries at levels closely corresponding to those fixed under the Classification Act for Government employees generally. In the revision of its employee salary structure to take effect January 5, the Board extended that policy by the following actions: 1. In respect to its employees in positions corresponding Grades 1 through 15, for which higher salary ranges were provided the 1962 Federal Salary Reform Act, the Board put into effect pay kucreases following the pattern set out in that Act. These changes, wever, produced a situation in which the new pay range of GS-14 and 0S-15 equivalents would cause salaries of several employees to exceed t almost equal prevalent pay rates of their supervisors and other Illembers of the Board's official staff in positions of higher level and greater responsibility. r 2. Therefore, in respect to the latter group, chiefly staff officers in positions corresponding to Grades 16 through for ' 8, which no provision was made in the 1962 Act, the Board put Be IliOr The Honorable Wright Patman into effect pay increases that, in most cases, followed the approach taken in H.R. 8986, a bill containing pay adjustment provisions for the grades specified in follow-up to the 1962 Act's provisions covering the lower grades. (The average amount of the increases granted by the Board to its official staff was $2,860, compared with the average mid-point increase of $4,333 provided in H.R. 8986 for the Classified employees' General Schedule Grades 16, 17, and 18.) In determining appropriate pay for senior staff officers, the Board took into consideration: 1. The principles laid down in the Federal Salary Reform Act of 1962, Section 502 of which provides that "(a) There shall be equal pay for substantially equal work, and pay distinctions shall be maintained in keeping with work and performance distinctions; and (b) Federal salary rates shall be compatible with private enterprise salary rates for the same levels of work." 2. The statement in the Senate Committee Report on that legislation that "salary schedules to become effective in January 1964 4° not include adjustments for these grades (GS-16, GS-17, and GS-18), Which will have to be supplied before the effective date of these schedules." 3. The fact that denial or prolonged delay of an increase c't the Board's principal staff officers would leave them underpaid : 1.4 t only in relation to their counterparts in private industry, but 4180 in relation to other staff members with lesser responsibilities. Granting increases to the members of its official staff aecordingly was, in the judgment of the Board, essential not only "der the principles of equity but also the principles of good manage- Maintenance of a small, highly specialized staff working at r efficiency is always a concern of the Board, and no pains are Pared to elicit maximum performance from minimum numbers--an operating : el the Board stresses in annual budget preparation, other manpower ntrols, and monthly performance reviews. Some indication of success in these efforts is given by the ! tariet that on December 31, 1963, the Board's staff totaled only 615 ; 31)10yees, compared with 603 five years earlier, despite a substantial ati k-bed increase in that period, largely in consequence of new duties c signed to the Board by legislation, notably by the Bank Holding °41Pang Act of 1956 and the Bank Merger Act of 1960. 20' The Honorable Wright Patman Throughout, the Board has applied strict tests of essentiality, as well as labor-saving devices and procedures to improve the use of manpower in an unceasing effort to make its organization a model of good management and economical administration. But these objectives also require a high standard of quality in Product, and therefore in personnel. To maintain that standard of quality the Board is convinced that it must continue endeavoring, to the extent it reasonably can, to attract and retain qualified personIlel at all levels of work. It is also convinced that the pay structure it recently put into effect is realistically appropriate to that endeavor. Sincerely yours, (signed) Wm. McC. Martin, Jr. Wm. McC. Martin, Jr. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Name 4,500 2€ 00 43000 4,onn Zs — )000 ;S3000 ' 4)500 Z4,soo 41000 i 24)000 ,S00 21000 ; 230 0 ; 23000 ; ;!3S00 ;3500 i000 ;1)000 s° 000 z z01000 z()3000 j "3000 9,500 113500 11400 is 000 143000 1755 Title William McC. Martin, Jr. C. Canby Balderston J. Dewey Daane Abbot L. Mills, Jr. George W. Mitchell J. L. Robertson Chas, N. Shepardson Chairman of the Board Vice Chairman of the Board Member of the Board Member of the Board Member of the Board Member of the Board Member of the Board Ralph A. Young Guy E. Noyes Merritt Sherman Howard H. Hackley Daniel H. Brill Frederic Solomon Robert C. Holland Albert R. Koch J. Herbert Furth John R. Farrell Charles Molony J. Charles Partee David B. Hexter Robert L. Cardon Frank R. Garfield A. B. Hersey Robert L. Sammons Thomas J. O'Connell Edwin j.. Johnson Kenneth B. Williams Innis D. Harris Lewis N. Dembitz Robert Solomon Samuel I. Katz Brenton C. Leavitt Maurice H. Schwartz Kenneth A. Kenyon Adviser to the Board Adviser to the Board Secretary of the Board General Counsel Director Director Associate Director Associate Director Adviser Director Assistant to the Board Adviser Assistant General Counsel Legislative Counsel Adviser Adviser Adviser Assistant General Counsel Director Adviser Coordinator Associate Adviser Associate Adviser Associate Adviser Assistant Director Director Assistant Secretary of the Board Assistant General Counsel Assistant Director Director Associate Adviser Associate Director Controller Chief, Business Conditions Section Jerome W. Shay Glenn M. Goodman Joseph E. Kelleher Ralph C. Wood Robert C. Masters J. J. Connell Clayton Gehman Principal Assignment Board Members Board Members Secretary Legal Research and Statistics Examinations Research and Statistics Research and Statistics International Finance Bank Operations Board Members Research and Statistics Legal Board Members Research and Statistics International Finance International Finance Legal Personnel Research and Statistics Defense Planning Research and Statistics Research and. Statistics International Finance Examinations Data Processing Secretary Legal Examinations Administrative Services International Finance Examinations Controller Research and Statistics -2ArItual Sal Name $4 ,750 18,500 181500 181500 18,500 11 81250 4.8,240 . )240 " Gerald M. Conkling Arthur L. Broida Henry Benner James C. Smith Mortimer B. Daniels H. F. Sprecher, Jr. Mona E, 'Dingle James B. Eckert Harlow D. C. Osborne 1964 Title Assistant Director Assistant Secretary of the Board Assistant Director Assistant Director Assistant Director Assistant Director Senior Economist Chief, Banking Section Chief, Consumer Credit and Finance Section Principal Assignment Bank Operations Secretary Examinations Examinations Bank Operations Personnel Research and Statistics Research and Statistics Research and Statistics 210 FEDERAL RESERVE BANK OF BOSTON hit Name 535.000 ' 4,500 223000 22,00n 19,0nisn , 19,0-n;1% 19i1Z 1(i'v Q 11 8:000 i?)500 ‘71500 George H. Ellis E. O. Latham D. Harry Angney Oscar A. Schlaikjer Ansgar R. Berge Charles E. Turner G. Gordon Watts . Luther M. Hoyle, Jr. John E. Lowe Wallace Dickson Parker B.14illis 111000 Robert W. Eisenmenger 163500 Jarvis M. Thayer, Jr. 163500 163a , Louis A. Zehner ' 163v04 A 3 Stanley B. Lacks Laurence H. Stone 153000 Loring C. Nye 11. 41s500 Lee J. Aubrey -4400 4,000 Daniel A. Acquilino 1q3000 Charles H. Brady Richard A. Walker 13 ' 3 11, 340 H. Wendell Chittim 13:Z? Paul S. Anderson 13,0 7 .10 ° Ripley M. Keating Harry R. Mitiguy ' JA N 1964 Title Principal Assignment President Administrative First Vice President Administrative Personnel Vice President Vice Pres. & Genll Counsel Legal Vice President Loans & Credits Check Collection Vice President Fiscal Agency, Currency Vice President Examinations Vice President Special Assignments Special Adviser Public Information Assistant Vice President Vice President and Research Economic Adviser Research Director of Research Accounting Cashier Assistant Vice President Bank Relations General Auditor Auditing Secy. & Asso. Gen'l Counsel Legal Assistant Vice President Loans & Credits Assistant Vice President Examinations Assistant Cashier Planning Assistant Vice President Currency Assistant Vice President Personnel Examiner Examinations Financial Economist Research Assistant Cashier Building Bank Relations Officer Bank Relations FEDERAL RESERVE BANK OF NEW YORK Name Alfred Hayes William F. Treiber Robert G. Rouse - Title Harold A. Bilby President First Vice President Vice President and Senior Adviser Vice President Marcus A. Harris Vice President Charles A. Coombs Howard D. Crosse John J. Clarke Vice President Vice President Vice President & General Counsel Vice President Insley B. Smith Felix T. Davis Thomas 0. Waage Vice President Vice President Vice President Assistant Vice President Assistant General Counsel Assistant Vice President Vice President George Garvy Alan R. Holmes Herman G. Sandvoss Robert G. Link Spencer S. Marsh Jr. Economic Adviser Vice President Medical Director Adviser Assistant Vice President John P. Jensen Fred W. Piderit, Jr. General Auditor Assistant Vice President William H. Braun, Jr. Assistant Vice President Norman P. Davis Assistant Vice President Robert W. Stone Horace L. Sanford Walter H. Rozell, Jr. Angus A. MacInnes, Jr. Edward G. Guy Principal Assignments Administrative Administrative Special Assignments Govt. Bond, Accounting, Loans & Credits Cash and Collections Foreign Examinations Legal Administrative (Branch) Open Market Opr. Foreign Personnel Check Collection Legal Fiscal Agency Public Information Research Research Medical Research Open Market Operations Auditing Bank Examinations Accounting, Planning, Loans & Credits Accounting, Planning FEDERAL RESERVE BANK OF CLEVELAND Annual Name Sa1ary. 251000 23000 Title W. Braddock Hickman Donald S. Thompson Clyde E. Harrell President First Vice President Vice President Fred 0. Kiel Vice President Martin Morrison Paul C. Stetzelberger Roger R. Clouse Vice President Vice President Vice President & Secretary Edward A. Fink Vice'President Maurice Mann Addison T. Cutler Elmer F. Fricek Fred S. Kelly Elfer•B. Miller John A. Schmidt Vice President Special Economist Vice President Vice President & Cashier. General Auditor Cashier Phil J. Geers Cashier Paul Breidenbach Clifford G. Miller George T. Quast George E. Booth, Jr. Phillip B. Didham Counsel Vice President Chief Examiner Assistant Counsel Assistant Vice President Robert G. Hoover Charles E. Houpt Assistant Vice President Assistant Cashier John J. Hoy Harry W. Huning Walter H. MacDonald Assistant Vice President Assistant Vice President Assistant Cashier 0 00 , 23 2,5o0 ;1i000 `°,5o0 2°,500 18,000 000 ",500 16.500 1 00 '1500 16.000 15)500 15.000 11,5,000 500 *(4 500 14,000 14,000 14,000 14.000 111000 'JAN 19 Principal Assignments Administrative Administrative Administrative (Branch) Administrative (3ranch) fiscal Agency Examinations Bank Relations, Public Information Accounting, Budget Research Research Personnel Cash Auditing Administrative (Dranch) Administrative (Branch) Legal Check Collection Examinations Legal Operating & Circular Letters Fiscal Agency Check Collection, Building Operations (Br.) Accounting Examinations Fiscal Agency(Br.) FEDERAL RESERVE BANK OF PHILADELPHIA 8tki °4Title ' „ It()J000 `1)500 253nr„ 2115 -0 ' c̀; , 191500 ; (9)500 19,500 '23500 9,500 Karl R. Bopp Robert N. Hilkert J. V. Vergari David P. Eastburn Hugh Barrie John R. Bunting Joseph R. Campbell Harry W. Roeder Murdoch K. Goodwin President First Vice President Vice President & Cashier Vice President Vice President Vice President Vice President Vice President Vice President, General Counsel & Asst. Secy. Vice President & Secy. Richard G. Wilgus G. William Metz General Auditor Norman G. Dash Vice President Economic Adviser Clay J. Anderson Economic Adviser Evan B. Alderfer Assistant Vice President Joseph M. Case Assistant Vice President E. A. Aff Assistant Vice President H. J. Nelson Director of Plant Fred A. Murray Assistant Vice President R. E. Haas Leonard Markford Examining Officer Assistant Vice President Warren R. Moll Assistant Vice President Kenneth M. Snader Lawrence C. Murdoch, Jr. Business Economist James P. Giacobello Chief Examining Officer Jack P. Besse Assistant Cashier 181500 1815o0 18,00„ 18,00 ' ' 0 17)500 17400 15600 L5)500 -J)500 15 15:0 " r̀i\Au ' 14,000 3O00 000 141 f‘ w00 33500 19t Principal Assignments Administrative Administrative Check Collection Research Planning Bank Relations Examinations Accounting Legal Building Auditing Fiscal Agency Research Research Examinations Bank Relations Fiscal Agency Building Check Collection Examinations Check Collection ' Research Research Examinations Data Processing FEDERAL RESERVE BANK OF RICHMOND ANuai `' S41 . . 11I $40,000 27)500 25)000 22)000 22,00r, 4,(In„ u 19' 07, 19:00 ' ' n 16 1500 ', l 1 4500 44f1500 16,000 14,000 163.53 1s)uu° 1143500 114 00o 13:500 13)5nin 13,513 53 0) 0 13,000 Name Edward A. Wayne Aubrey N. Heflin Benjamin U. Ratchford D. F. Hagner Upton S. Martin J. M. Nowlan Robert P. Black W. S. Farmer E. F. MacDonald John L. Nosker G. Harold Snead S. A. Ligon A. A. Stewart, Jr. J, G. Dickerson, Jr. H. E. Ford R. E. Sanders, Jr. John G. Deitrick James Parthemos John C. Horigan V. E. Pregeant, III E. L. Bennett R. Henry Smart Joseph F. Viverette Stuart P. Fishburne W. B. Harrison, III JAN 1964 Title President First Vice President Vice President and Senior Adviser Vice President Vice President Vice Pres. and Cashier Vice President Vice Pres. & Genii Counsel Vice President Vice President General Auditor Cashier Cashier Vice President Assistant Vice President Vice President Assistant Vice President Assistant Vice President Chief Examiner Asst. Vice Pres. & Secy. Examining Officer Examining Officer Assistant Vice President Assistant Vice President Assistant Vice President Principal Assignment Administrative Administrative Research Administrative (Branch) Fiscal Agency, Check Coll. Cash, Accounting Research, Bank & Public Rel. Legal Administrative (Branch) Examinations Auditing Administrative (Branch) Administrative (Branch) Planning Cash, Building Personnel Fiscal Agency Research Examinations Special Assignments Examinations Examinations Data Processing Planning Accounting 215 FEDERAL RESERVE BANK OF ATLANTA hrmai. sal Name Title Principal Assignment 4t0,000 27,5oo Malcolm Bryan Harold T. Patterson Harry Brandt DeWitt Adams R. M. Stephenson W. H. Sewell Richard A. Sanders George W. Sheffer, Jr. W. M. Davis Theodore Walter Beyr1 E. Howard Dowdell Brown, Jr. President First Vice President and General Counsel Vice Pres. & Cashier Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President and Director of Research Assistant Vice President General Auditor Assistant Vice President Assistant Vice President Arssociate Gen. Auditor Chief Examiner Aosistant Cashier Ansistant Vice President Assistant Vice President Assistant Vice President L. Y. Chapman T. C. Clark John T. Harris Arthur Kantner Assistant Assistant Assistant Assistant 21,000 20,000 203000 11 9)500 ' 93500 18,000 117,600 44,750 16)750 1 6S_, 320° 7So %1 ),,ttoo is ) :00 250 r‘C) );4.1500 '44)250 14,000 3)500 j3600 ;33500 .`33500 J. E. McCorvey R. E. Moody, Jr. M. L. Shaw T. A. Lanford Brown R. Rawlings E. C. Rainey J. E. Denmark L. B. Raisty Charles T. Taylor JAN 1954 Vice President Vice President Vice President Cashier Administrative Administrative Fiscal, Loans, Bldg. Administrat.ive (Branch) Administrative (Branch) Administrative (Branch) Check Coll., Personnel Administrative (Branch) Examinations Currency, Accounting Research Research Auditing Examinations Administrative (Branch) Auditing Examinations Research Administrative (Branch) General Services Fiscal Agency, Check Coll. (Branch) Check Collection (Branch) Accounting, Cash (Branch) Fiscal Agency Research 216 FEDERAL RESERVE BANK OF CHICAGO Name Title $55,000 24,000 24,000 23,000 23,000 23,000 21400 4/000 20,000 9i00 41,000 ,1 , / .1500 44i500 /6)500 !1)500 16 1250 nr, 16:68Pj. C. J. Scanlon Hugh J. Helmer Paul C. Hodge R. A. Swaney Ernest T. Baughman John J. Endres L. H. Jones C. T. Laibly Leland M. Ross A. M. Gustayson H. J. Newman Harry S. Schultz Bruce L. Smyth Richard A. Moffatt R. W. Bloomfield Fred A. Dons Elbert O. Fults Ward J. Larson G. W. Lamphere 16 16,000 ' 000 7.1 ,500 ' 5,500 API Carl E. Bierbauer E. A. Heath James R. Morrison Carl W. Weiskopf George W. Cloos Joseph Srp, Jr. President First Vice President Vice President, General Counsel & Secretary Vice President Vice President General Auditor Vice President and Cashier Vice President Vice President Vice President Vice President Vice President Assistant Vice President Vice President Assistant Vice President Assistant General Auditor Assistant Vice President Assistant Counsel and Asst. Secretary Assistant General Counsel Assistant Vice President Assistant Vice President & Asst. Secretary Chief Examiner Assistant Chief Examiner Senior Economist Assistant Vice President Principal Assignments Administrative Administrative Legal Administrative (Branch) Research Auditing Accounting Fiscal Agency Examinations Cash Personnel Check Collection Planning Credit - Discount Accounting (Branch) Auditing Examinations Legal Legal (Branch) Check Collection Publications Examinations Examinations Research Building Operations FEDERAL RESERVE BANK OF ST. LOUIS AtInutti Name 47,500 23,000 22,500 22,000 21:500 21) 000 2°000 Title Harry A. Shuford Darryl R. Francis Howard H. Weigel President First Vice President Vice President & Secretary Joseph C. Wbtawa Dale M. Lewis Vice President Vice President Donald L. Henry Vice President & Manager Homer Jones E. Francis DeVos Vice President Vice President & Manager Orville O. Wyrick Fred Burton Vice President Vice President & Manager Marvin L. Bennett George W. Hirshman Gerald T. Dunne Wilbur H. Isbell Stephen Koptis Vice President General Auditor General Counsel and Assistant Secretary Chief Examiner Assistant Vice President Earl R. Billen Norman N. Bowsher Willis L. Johns Woodrow W. Gilmore John W. Menges Assistant Vice President Assistant Vice President Assistant Vice President Planning Officer Cashier Paul Salzman Assistant Vice President Earl H. Chapin John F. Breen Assistant Chief Examiner Cashier Janes M. Geiger Assistant Vice President 20,000 19,500 18$500 1,81500 'f$000 .; 171000 ' 7400 16,500 16,500 16,000 15,0iZ 152000 , 14)500 44,000 14,000 14,0)0 Clifton B. Luttrell JAH Ilanager Senior Economist Principal Assignments Administrative Administrative Building: Personnel Check Collection Cash,lredit Discount Administrative (Branch) Research Administrative (Branch) Examinations Administrative (Branch) Fiscal Agency Auditing Legal Examinations Credit Discount Check Collection Research Personnel Planning Accounting, Building (Branch) Operations Research Examinations Accounting, Cash (Branch) Building Servireg Research FEDEqAL RESERVE BANK OF MINNEAPOLIS .?.404al Name Title Principal Assif.vonnt *140,000 ?5, 00 0 223500 1400 ) 2 9,000 .0%7So 183000 17400 17,o00 63000 ' 53000 14,500 143500 131500 0,3500 -)3000 12)500 3500 (3500 113600 `3500 `'13500 Frederick L. Deming M. H. Strothman, Jr. H. G. McConnell C. W. Groth Kyle K. Fossum Franklin L. Parsons A. W. Johnson R. K. Grobel M. B. Holmgren Clement A. Van Nice Ralph J. Dreitzler Oscar F. Litterer M. E. Lysen F. J. Cramer John A. MacDonald R. D. Graham W. C. Bronner John J. Gillette W. A. O'Brien Carl E. Bergquist Christopher Bjork C. W. Nelson M. G. Anderson Earl O. Beeth Howard L. Knous 1964 President First Vice President Vice President & Secretary Vice Pres. & Cashier Vice President Vice President Vice President Chief Examiner Vice President Vice President General Auditor Assistant Vice President Assistant Vice President Assistant Vice President Assistant Vice President Assistant Secretary and Assistant Counsel Assistant Cashier Assistant Vice President AtIsistant Cashier Assistant Cashier Asst. General Auditor Economist Senior Examiner Assistant Cashier Assistant Cashier Administrative Administrative Examinations Accting, Sec. Safekeeping Bank and Public Services Research Check Collection, Cash Examinations Fiscal Agency Administrative (Branch) Auditing Research Planning Personnel Budget, Planning Legal Fiscal Agency Check Collection, Cash Accounting Bank and Public Services Auditing Research Examinations Discount Credit Check Collection FEDERAL RESERVE BANK OF KANSAS CITY Arinivo Name $37,500 ,3,;;000 c4,500 21,000 19,500 180600 18,500 lasoo 17)000 George H. Clay Henry 0. Koppang Clarence W. Taw John T. Boysen Title President First Vice President Senior Vice President Economic Research Vice President H. W. Fritz Vice President and Senior Economist Vice President Vice President and Senior Economist Vice President George C. Rankin Vice President John W. Snider Vice President William H. Leedy J. R. Euans General Counsel and Secretary Vice President F. W. Alexander Cashier William F. Fairley H. L. Stempel General Auditor Cashier Leon F. Hesser George R. Wilkinson Marvin L. Mothersead J. T. White Harold E. Donovan George D. Royer, Jr. John N. Blair James C. Craig Carl F. Griswold, Jr. Walter L. Pleiss Agricultural Economist Sr. Bank Examiner Director of Personnel Vice President Trust Examiner Chief Examiner Assistant Vice President Assistant Vice President Assistant Vice President Cashier Ray J. Doll L. F. Mills Wilbur T. Billington 173000 16,500 16,000 151000 1 5:00 000 0 114,040 1141001 11 3,500 i33,4 59 °4 ° .131200 433000 1131000 ' 2,50o Principal Assignments Administrative Administrative Research Planning, Accounting, Cash Research Examinations Research Administrative (Branch) Adminittrative (Brancn) Administrative (Branch) Legal Fiscal Agency, Discounts Accounting, Cash (Branch) Auditing Cash, Building (Branch) Research Examinations Personnel Bank Relations Examinations Examinations Check Collection Cash Planning Check Collection (Branch) FEDERAL RESERVE BANK OF DALLAS k ai Title Name ko,nr,„ 2530 3 24,500 223500 4,000 193000 1911000. ° 1,1000 15)500 1S3000 1(:$0( 0 ;4:000 1242 ) ° suoo 123600 0;37:1 4:000 124000 12 $000 °00 Watrous H. Irons Philip E. Coldwell J. L. Cook G. R. Murff T. W. Plant James L. Cauthen Ralph T. Green T. A. Hardin Carl H. Moore Arthur H. Lang George F. Rudy Thomas R. Sullivan Roy E. Bohne James A. Parker W. M. Pritchett J. Z. Rowe B. J. Troy A. E. Mundt Charles A. Gore James 0. Russell T. C. Arnold Robert H. Boykin Fredric W. Reed Emmett A. Thaxton Leon W. Cowan Jr. President First Vice President Vice President Vice Pres. & Secy. Vice Pres. & Cashier Vice President Vice President Vice President Vice President General Auditor General Counsel Vice President Vice President Vice President Vice President Director of Research Cashier Cashier Senior Examiner Chief Examiner Cashier Assistant Counsel and Assistant Secretary Assistant Cashier Assistant Cashier Assistant Vice President Principal Assignment Administrative Administrative Administrative (Branch) Accounting Cash, Loans Check Collection Research Fiscal Agency Administrative (Branch) Auditing Legal Examinations Administrative (Branch) Personnel Building Research Administrative (Branch) Administrative (Branch) Examinations Examinations Administrative (Branch) Legal Loans Cash, Fiscal Agency Examinations FEDERAL RESERVE BANK OF SAN FRANCISCO Antual So Name $40,000 27,500 526)500 ,2,000 Eliot H. E. David A. B. J. Swan Hemmings L. Grove Merritt Title President First Vice President Vice President Vice President 20,000 E. R. Barglebaugh 2°,000 8,000 ' 71000 17,000 17,000 17,000 17,000 161500 1%000 16 000 15,000 15,000 is000 44)000 114 n,, 0 : 111)0vou 13300C (12, 1;!.:4900 'c)900 C. H. Watkins E. H. Galvin J. L. Barbonchielli P. W. Cavan George D. Hartlin A. L. Price Vice President and Manager Vice President and Manager Vice President Vice President W. F. Scott William M. Burke D. M. Davenport Vice President General Auditor Vice President and Manager General Counsel Senior Economist Vice President Gault W. Lynn E. J. Martens W. R. Sandstrom Director of Research Cashier Assistant Vice President J. F. Ahlf W. M. Brown Chief Examiner Assistant Vice President George F. Dimmler R. Maurer, Jr. J. R. Robinson T. M. Simmons Economist Assistant Vice President Assistant Manager Assistant Vice President J. Norman Aamodt Herbert R. Runyon Senior Examiner Economist A Principal Assignments Administrative Administrative Research Check Collection, Credits Administrative (Branch) Administrative (Branch) Examinations Cash, Fiscal Agency Personnel Auditing Administrative (Branch) Legal Research Administrative (Branch) Research Accounting Administrative (Branch) Examinations Administrative (Branch) Research Check Collection Accounting (Branch) Administrative (Branch) Examinations Research
@FedFRASER