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Minutes for To: January 30, 1961 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. Szymczak Gov. Mills Gov. Robertson Gov. Balderston Gov. Shepardson Gov. King Minutes of the Board of Governors of the Federal Reserve System on Monday, January 30, 1961. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. The Board met in the Board Room at 10:00 a.m. Martin, Chairman Balderston, Vice Chairman Szymczak Mills Robertson King Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Sherman, Secretary Kenyon, Assistant Secretary Young, Adviser to the Board Fauver, Assistant to the Board Hackley, General Counsel Farrell, Director, Division of Bank Operations Solomon, Director, Division of Examinations Hooff, Assistant General Counsel Landry, Assistant to the Secretary Leavitt, Supervisory Review Examiner, Division of Examinations Report on competitive factors (Bedford and Roanoke, Virginia). Under date of January 26, 1961, copies had been distributed of a draft of report to the Comptroller of the Currency on the competitive factors Involved in a proposed merger of The Citizens National Bank of Bedford, Bedford, Virginia, into The First National Exchange Bank of Roanoke, Roanoke, Virginia. Following discussion, unanimous approval was given to the report, which contained the following conclusion: First National presently operates, as a branch, one of two banking offices in Bedford. It now proposes to merge into itself the remaining independent bank in Bedford, thereby eliminating competition almost entirely in the community. Minor remaining competition would be principally from much smaller banks in Roanoke and Lynchburg, 29 and 24 miles distant, respectively. It is not definitely established at present, but there is also a possibility that the banking resources in Bedford would be consolidated under one roof, reducing by 50 per cent the number of banking offices. -2- 1/30/61 Further, the present deposit volume of First National compared to other area banks and number of offices suggests a tendency toward monopoly. Messrs. Hooff and Leavitt then withdrew from the meeting. Letter to all Reserve Banks regarding savings bonds. A distributed memorandum from Mr. Young dated January 24, 1961, referred to recent discussion between representatives of the Treasury Department and the Board's staff regarding a special effort in 1961 to promote the sale of fact that the beginning United States savings bonds, to be related to the of 1961 marked the Twentieth Anniversary of the "Series E" savings bond program. The Treasury Department had expressed the hope that the Federal Reserve Banks would include Reserve Bulletin and the monthly reviews of the bonds. articles during the year relating to savings It was Mr. Young's not be inappropriate view, as expressed in his memorandum, that it would to express interest in this matter to the Presidents of the Reserve Banks. memorandum a suggested draft of Accordingly, there was attached to the letter for this purpose. ity of cooperating Mr. Young commented on the apparent desirabil with the Treasury in the manner suggested in the memorandum, noting in his of an article on savings remarks that plans were under way for inclusion bonds in a forthcoming issue of the Bulletin. ity of deferring Governor Balderston inquired as to the advisabil pending consideration at the next transmission of the proposed letter joint meeting e. of the Board and the Presidents' Conferenc Following a :390 1/30/61 discussion, however, it was decided to send a letter on this subject in a form satisfactory to the Chairman, particularly in view of the fact that the next meeting of the Presidents' Conference was not scheduled to be held until early March. The meeting then adjourned. Secretary's Note: Pursuant to the recommendations contained in memoranda from appropriate individuals concerned, Governor Robertson, acting in the absence of Governor Shepardson, today approved on behalf of the Board increases in the basic annual salaries of the following persons on the Board's staff to the rates indicated, effective February 5, 1961: Name and title Division Basic annual salary From To Office of the Secretary Diane Quick, Secretary (change in title from Clerk-Stenographer) 4,46o 4,675 5,005 4,145 5,170 4,250 5,170 7,820 7,820 41 84o 5,335 8,o8o 8,o8o 5,005 11,155 11,155 11,415 11,415 $ Research and Statistics Katherine G. Black, Statistical Assistant Lindsay M. Catterton, Library Assistant International Finance Mary V. F. Baker, Senior Clerk Robert F. Emery, Economist Margaret Garber, Economist Pauline Major, Statistical Assistant Bank Operations Raymond J. Collier, Chief, Current Series Section Lee W. Langham, Chief, Call Report Section :r3 t 1/30/61 increases, effective February 5 1961 (continued) Salary increases Name and title Division Basic annual salary From To 11.0.1.4.0 Administrative Services Donald B. Fitzhugh, Data Processing Planner Andrew Fassino, Assistant Foreman of Laborers James R. Jordan, Operator, Duplicating Devices $7,560 4184o 4113o $7,820 5,005 413o6
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