The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Minutes for January
To:
Members of the Board
From:
Office of the Secretary
7, 1959
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, if you
were present at the meeting, please initial in column A below to indicate that you approve the minutes.
If you were not present, please initial in column B
below to indicate that you have seen the minutes.
Chm. Martin
Gov. Szymezak
Gov. Mills
Goy. Robertson
Goy. Balderston
Gov. Shepardson
x
Minutes of the Board of Governors of the Federal Reserve System
on Wednesday, January 7,
1959.
The Board met in the Board Room at
10:00 a.m.
PRESENT:
Mr.
Mr.
Mr.
Mr.
Mr.
Martin, Chairman
Balderston, Vice Chairman
Szymczak
Mills
Robertson
Mr. Sherman, Secretary
Mr. Kenyon, Assistant Secretary
Mr. Marget„ Director, Division of International
Finance
Mr. Hackley, General Counsel
Mr. Masters, Director, Division of Examinations
Mr. Solomon, Assistant General Counsel
Mr. O'Connell, Assistant General Counsel
Mr. Hostrup, Assistant Director, Division of
Examinations
Mr. Hill, Assistant to the Secretary
Discount rates.
Unanimous approval was given to a telegram to
the Federal Reserve Bank of San Francisco approving the establishment
without change by that Bank on January
5, 1959,
of the rates on discounts
end advances
in its existing schedule.
Chairman Martin inquired of Governor Robertson whether his vote
lia8 being east on the same basis as his recent votes with respect to the
rees
tablishment of existing discount rates by other Federal Reserve Banks,
and
wvernor Robertson responded in the negative, his reason being that
the imminence of the Treasury's cash financing (scheduled for announcement
t°1°rrow) precluded action for the time being on a discount rate increase.
Items circulated or distributed to the Board.
The following
itelnes which had been circulated or distributed to the members of the
18°41'd and copies of which are attached to these minutes under the
SG
1/7/59
-2-
respective item numbers indicated, were approved unanimously:
Item No.
9rder and Statement in the matter of the application of
The First
Virginia Corporation to acquire shares of the
Old
Dominion Bank, Arlington, Virginia.
1, 2
Letter to the Presidents of all Federal Reserve Banks re.ting
participation of System personnel in the 1959
j
aining course'of the Center for Latin American Monetary
Studies
3
rrc
The action on Item No. 3 was taken with the understanding that
Ilcalinations for
candidates to attend the 1959 training course of the
Center for Latin American Monetary Studies also would be requested
from
the d
ivisions of the Board's staff.
Mr. Marget then withdrew from the meeting.
Matter of Old Kent Bank and Trust Company.
With reference to
the suit filed against the Board by Old Kent Bank and Trust Company,
Grand Rapids,
Michigan, Mr. O'Connell reported having been advised by
the United States Attorney's office that counsel for the National
Ase°ciation of Supervisors of State Banks had expressed a desire to file
an
cus curiae brief on behalf of that association. Counsel for the
association had asked the United States Attorney's office for consent to
the filing of the brief and was advised by that office that it would be
/leceesary to
obtain the consent of the Department of Justice and the
Board of
Governors. It had been tentatively agreed to have a discussion
°f the
matter at a meeting attended by representatives of the United
States
Attorney's office, the Department of Justice, and the Board, which
1/7/59
-.3—
could result either in a final decision on whether to consent
or object to
the filing of the brief or in deferment of the decision
Pending further consideration of the matter by the Justice Department
and the Board.
It was further understood that the Department of Justice,
in accordance
with its general approach to such matters, probably would
not favor
the filing of the amicus brief.
If this were the decision, an
answering brief would be filed by the Department on behalf of the Board,
and the matter
perhaps would be set down for oral argument, following
which the court would decide whether to permit the amicus brief to be
Mr. O'Connell was asked what arguments might be made against
"nsenting to the filing of the brief and responded by citing several
P°ints, the first being that an amicus brief presumes there are areas
e difficulty on which the court would wish to be advised
t° a Particular issue.
with respect
In this case, Mr. O'Connell said, he found no
SUPc-rA
''''e uion of any issue that could not be argued by the parties to the
eases
In other words, he saw no area in this case where the court would
have difficulty in reaching a decision on the basis of the arguments of
the 13arties.
The second point mentioned by Mr. O'Connell was that if
the
•
Michigan State Bank Commissioner had thought it necessary, he was
free to
enter the case; and there had been no indication that the
asso4,.
-lation had been asked to represent him. The third point related to
the st
anding of the association to come into the case as a representative
l/7/59
-4-
of all of the State banking authoritie
s.
Due to variations in the
banking laws of the respective States, Mr. O'Connell suggested that it
would be difficult for any one association to hold itself out as
representing all
of the State authorities in this particular matter.
Finally, he
said that the courts are not prone to clutter up a proceeding
by
admitting briefs from more parties than necessary.
Question was then raised regarding the arguments that could be
made for
consenting to the filing of the brief, and Mr. Hackley stated
that this was
a case of novel impression regarding the authority of the
Board under
the law.
The State Bank Commissioner of Michigan was
Primarily the authority interested in this case, but the matter had
broader implications affecting all of the State supervisory authorities.
beref°re, any views that an association representing those authorities
'wished to submit might be helpful to the court, and it might
appear
ina
PPropriate for the Board, as defendant in the case, to refuse to
consent to the filing
of the brief.
Governor Robertson inquired whether there were any alternatives
e3ceePt to oppose
or consent to the filing of the brief, and Mr. O'Connell
l'ePlied that if
no opposition were registered by the Justice Department
and the Board, it might be presumed that the court would be more inclined
t° admit
the amicus brief.
He also commented that, the Board being the
defendant in this
case, any brief filed by the Department of Justice
(11313
"
ing the admission of the anicus brief would be filed in the name of
89
1/7/59
the Board and probably would be attributed to the Board by the Dress.
Governor Robertson then stated that he did not think the Board
should be in a position of opposing a presentation by any person if the
court felt that the material would be helpful.
On the other hand, he
did not feel that the Board should tie the hands of the Department of
Justice in handling the case. If the decision of that Department should
be to
oppose the filing of the amicus brief, such action on the part of
that agency as the representative of the Board would not bother him.
However, the Board might wish to take a neutral position.
This was a
case of first impression, the Board had made a decision in the exercise
of its judgment and felt that the decision was right, and it wanted that
side of the case presented as ably as possible. At the same time, there
ought not to
be any feeling against having the other side presented as
Well as possible and in such manner as the court deemed appropriate.
Therefore, he suggested that the Board not take any formal position and
that it
leave the Justice Department a completely free hand to do anything
it vi
shed as counsel for the Board.
In further comments, Governor Robertson made it clear that under
no cir
clxmstances would he give a consent to the filing of the brief.
11°.wever, he had a feeling that opposition to the filing of the brief
14°uld indicate a lack
of confidence on the Dart of the Board in its
Position and suggest that the Board was afraid to have the other side
adequately presented. If the Board neither consented nor registered
90
1/7/59
—6—
cDposition, it would be up to the court
to decide whether to accept
the amicus brief.
On the side of opposing the introduction of the brief, it was
stated that any other course might seem to acknowledge the State
supervisory authori
ties as having parallel authority to the Board in a
field where the Board had contend
ed that it was acting within its
authority under the statutes.
Likewise, it was stated that the Board had
handed doun its decision in this
matter, had concluded that the decision
was right, and
would not want to give the appearance that it lacked
confidence in
its ability to interpret the law.
It was also pointed out
that the Department
of Justice appeared likely not to favor the introduction
°I' the amicus brief and that the Board would not want to conflic
t with the
age nCY
handling the case for it unless there were strong reasons.
Furthermore
the Board had a responsibility to support the Justice
DsPartment in bringing the case to as successful a conclus
ion as possible.
During the discussion, it was noted that there had been nothing
to
suggest that the brief would present any legal argumen
ts other than
those that would
be presented by counsel for the plaintiff, not that the
1:11-ef would
present additional facts. While it was recognized that a
Public relations problem
was involved as well as a legal problem, the
ifielg was expressed that as long
as the matter was in litigation the Board
811°111d proceed in
accordance with legal principles.
However, if it were
Pcssible to
state, through the Justice Department, that the Board was
91:
1/7/59
-7-
°PPosed to the introduction of the brief because it would apparently
introduce
no new facts or no legal arguments beyond those to be made
by
plaintiff's counsel and because introduction of the brief would
merely clutter up the record, it was felt that the public relations
Problem might be
relieved.
The discussion revealed the consensus to be that the Board
should support
the Department of Justice if that Department was opposed
to the
introduction of the amicus curiae brief proposed be submitted by
counsel for the
National Association of Supervisors of State Banks, and
it 'las
understood that Mr. O'Connell would discuss the matter with
repres
entatives of the Justice Department in the light of this consensus
Governor Robertson
expressed the hope that it might develop to be the
best Judgment of Mr. O'Connell and the Department of Justice, upon
further consideration, that the
filing of the brief should not be
activelY opposed.
Messrs. O'Connell and Nelson then withdrew from the meeting.
1
122Ointment
of Assistant Federal Reserve Agent at New York.
G"ernor Robertson reported having been advised
informally by President
Re'Y'es of the Federal
Reserve Bank of New York that the Bank proposed to
trans
fer Mr. Piderit,
Manager of the Rank Examinations Department, to
411°ther assignment
under its development program and replace him with
John Ringen, presently associated with the credit and discount
functi
-°11. In that connection the Bank would like
to designate Mr. Ringen
92
l/7/59
ae
-8-
Assistant Federal Reserve Agent while at the same time retaining the
designation for Mr. John Kauderer.
this
If the Board saw no objection to
concurrent designation of two persons, Mr. Hayes would like to
Present the matter at the next meeting of the Bank's Board of Directors.
Governor Robertson noted that concurrent designation existed at
the Federal Reserve Bank of St. Louis and that, although at one time the
Board indicated that it preferred to have only one Assistant Federal
Reserve Agent at each Reserve Bank, the statute provides that "one or
more" as
may be designated.
In view of the circumstances described by Governor Robertson,
he...wau authorized to advise Mr. Hayes informally that the Board
tentatively saw no objection to the proposal, with the understanding
that the
usual information would be submitted for the Board's
"nsideration in
requesting formal approval of the designation of
Mr° aingen as an Assistant Federal Reserve Agent.
Circulation of newspaper article.
Chairman Martin said that he
was circulating to the other members of the Board for their information
SYndiCated
article written by Mr. Robert S. Allen and carried in
cull
'
ent papers which referred to investigation by a Senate Subcommittee
Of all
leaks with respect to certain Board policy actions. With
regard to
that portion of the article which stated that he had been
aPPr°ached by brokers protesting an alleged leak of the action of the
Boara
.
increasing margin requirements on October 15, 1958, Chairman
Marti'
- 44 noted that at the time he was out of the United States.
1/7/59
-9Withdrawal and substitution rules.
In response to an inquiry
hY Governor Robertson concerning the progress of the study of the
Withdrawal and substitution rules under the Board's margin regulations,
it was stated that representatives of the New York Stock Exchange had met
with members of the Board's staff in Washington and that members of the
Staff were to meet in New York tomorrow with representatives of the
Stock Exchange, the New York Reserve Bank, and the Margin Clerks'
As
sociation.
jy of speculation in the Government securities market. At the
meeting on November 26, 1958, the Board gave consideration to a memorandum
fr°m Mr. Keir, Acting Chief of the Government Finance Section in the
Division of Research and Statistics, which suggested certain types of
regillation to curb speculative excesses in the Government securities
market. It was decided not to transmit that memorandum to the Treasury
Pencling the availability of a memorandum on the same general subject
Which was
being prepared by Mr. Yager, also of the Government Finance
Section.
Governor Mills noted that Mr. Yager's memorandum had been
distributed to the members of the Board with a memorandum from Mr. Young,
pirector of the Division
of Research and Statistics, dated December 19, 1958.
The question
of sending copies of the two memoranda to the Treasury was
then discussed in the light of the contents of those documents and it was
4ecided to defer
a decision pending further consideration at the meeting
94
1/7/59
-10-
of the Board tomorrow.
Governor Robertson stated that although he
would not be present at tomorrow's meeting, he would review the memoranda
and submit any views he might have.
The meeting then adjourned.
Secretary's Notes:
Acting in the absence of Governor Shepardson,
Governor Robertson approved on behalf of the
Board on January 6, 1959, a letter to Dr.
Frederic D. Chapman, Washington, D. C.,
regarding the annual physical examination for
all Board cafeteria employees. A copy is
attached as Item No. 4.
Pursuant to the recommendation contained in a
memorandum dated January 7, 1959, from the
Division of Personnel Administration, Governor
Robertson, acting in the absence of Governor
Shepardson, today approved on behalf of the
Board a new 17-grade prevailing rate wage
schedule for trades, crafts, and labor-type
positions (attached Item No. 5) and increases
in the basic annual salaries of Board employees
affected by the new schedule (attached Item No. 6),
effective January 11, 1959.
UNITED STATES OF AMERICA
Item No. 1
1/7/59
BEFORE THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON, D. C.
"."
••• ........
...
....
t In the Matter of the Application of
1 THE FIRST VIRGINIA CORPORATION
' for prior approval of acquisition of
voting shares of Old Dominion Bank
Olni
[NO
610
•••
ORDER APPROVING APPLICATION FOR PRIOR
APPROVAL UNDER BANK HOLDING COMPANY ACT
There having come before the Board of Governors pursuant
to section
3(a)(2) of the Bank Holding Company Act of 1956 (12 USC 18)43)
and section
4(a)(2) of the Board8 s Regulation Y (12 CFR 222.)4(a)(2)),
an application on behalf of The First Virginia Corporation, whose
Principal office is in Arlington, Virginia, for the BoardIs prior
approval of the acquisition of from 51 to 92 per cent of the 40500
outstanding
voting shares of Old Dominion Bank; Arlington, Virginia;
a Notice
of Tentative Decision referring to a Tentative Statement on
said application
having been published in the Federal Register on
December 9, 1958; the
said Notice having provided interested persons
an oPportunity„ before issuance of the Board2s final order, to file
ob
jections or comments upon the facts stated ,Ad the reasons indicated
in the
Tentative Statement; and the time for filing such objections
and comments having expired and no such objections or comments having
been filed;
IT IS HEREBY ORDERED, for the reasons set forth in the
Board's Statement of this date, that the said application be and
hereby is granted, and the acquisition by The First Virginia
Corporation of from Si to 92 per cent of the 400500 outstanding
voting shares of Old Dominion Bank, Arlington, Virginia, is hereby
approved, provided that such acquisition is completed within three
months from the date hereof.
Dated at Washington, D. C., this 7th day of January,
1959.
By order of the Board of Governors.
Voting for this action: Chairman Martin, Vice
Chairman Balderston, and Governors Szymczak,
Mills and Robertson.
Absent and not voting: Governor Shepardson.
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
(SEAL)
BOARD OF GOVERNORS
OF THE
Item No. 2
1/7/59
FEDERAL RESERVE SYSTEM
APPLICATION BY THE FIRST VIRGINIA CORPORATION, ARLINGTON, VIRGINIA,
FOR PRIOR APPROVAL OF ACQUISITION OF VOTING SHARES OF
OLD DOMINION BANK, ARLINGTON, VIRGINIA
STATEMENT
The First Virginia Corporation, Arlington, Virginia, a bank
holding company, has applied, pursuant to section 3(a)(2) of the Bank
Holding Company Act of 1956 ("the Act"), for this Boards prior
approval of the acquisition of from 51 to 92 per cent of the 40/500
outstanding voting shares of Old Dominion Bank, Arlington, Virginiafl
a bank organized under the laws of Virginia.
As required by section 3(b) of the Act, the Commissioner of
Banking for the State of Virginia was asked for his views and recommendations with respect to the application.
The Commissioner interposed
no objection to the application.
Statutory factors. - Section 3(c) of the Act requires the
Board to take into consideration the following five factors (1) the
financial history and condition of the holding company and bank
concerned;
(2) their prospects; (3) the character of their management;
(4) the convenience, needs, and welfare of the communities and the
area concerned; and (5) whether or not the effect of the acquisition
would be to expand the size or extent of the bank holding company
sYstem involved beyond limits consistent with adequate and sound
98
-2-
banking, the public interest, and the preservation of competition
in the field of banking.
Discussion. -
The applicant, The First Virginia Corporation,
is a part of a holding company system that includes three banks in
northeastern Virginia, near the District of Columbia: Old Dominion
Bank, Arlington, Virginia, with deposits of $37 million on June 23,
1958; Bank of Annandale, Annandale, Virginia, with deposits of
$4 million; and The National Bank of Manassas, Manassas, Virginia,
With deposits of
$5
million.
At the present time, Old Dominion Bank is a bank holding
comparly by virtue of its ownership of all of the stock of The First
Virginia Corporation, which owns a majority of the stock of the
Annandale and Manassas banks. The voting shares of Old Dominion Bank
are publicly owned (with the exception of
5 per
cent of Old Dominion
stock presently owned by First Virginia).
First Virginia proposes to acquire up to 92 per cent of
Old Dominion's outstanding voting shares by offering to exchange
30 shares of a new issue of First Virginia stock for each outstanding
Share of Old Dominion stock. If the proposal were fully consummated
the stock of First Virginia would become publicly owned, and First
Virginia would become the owner of 97 per cent of the voting stock
of Old Dominion and would continue to hold a majority of the stock of
the Annandale and Manassas banks. Old Dominion Bank would cease to
be a bank holding company, since it would no longer own or control
25 Per cent of the voting shares of First Virginia.
99
_3-
The rapid growth of Old Dominion Bank and Bank of Annandale
calls for substantial increases in their capital structures, and
continued growth of all three banks in the group may, in the future,
call for further increases in their capital structures through sale
of additional stock. Since First Virginia owns a majority of the
stock of the Annandale and Nanassas banks, that holding company would
be the natural purchaser of the greater part of any such additional
issues of stock. Under the existing intercorporate arrangement of the
System, however, with a commercial bank (Old Dominion Bank) as the
top holding company and an intermediate holding company (First Virginia)
that holds only the stock of two relatively small banks, First Virginia
might find it somewhat awkward and costly to raise funds with which
to purchase additional shares of its subsidiary banks. Financing of
capital increases for all three banks probably would be facilitated
as now proposed, First Virginia became the only holding company
in the group and the relatively large Old Dominion Bank was included
among its subsidiaries.
The financial history and condition of First Virginia are
satisfactory, and the proposed transaction would enhance that corporation's financial strength.
The financial history and condition of
Old Dominion also are satisfactory. As stated above, its rapid growth
calls for a substantial increase in its capital structure, and such
an
increase is 3ontemplated by the general plan of which the pending
application is a part. Both First Virginia and Old Dominion appear to
be under
good management.
100
Inasmuch as the proposed acquisition involves2 essentially,
a rearrangement of the corporate units in the holding company system
and involves no change in the number or character of banking facilities, the convenience, needs, and welfare of the communities and the
area concerned will not be materially affected.
Likewise, the pro-
posed acquisition will not modify the existing competitive situation
among the banks of the area or otherwise significantly affect
competition in the field of banking.
The contemplated strengthening
of the capital structures of two of the banks in the group would
contribute to the soundness of banking in the area and thereby to the
public interest.
Conclusion. -
The above views were incorporated in the
Tentative Statement issued in connection with the Notice of Tentative
Decision published in the Federal Register on December 9, 1958
(23 FR 9522)2 affording interested persons an opportunity to submit
comments on or objections to the Board's proposed action.
No such
comments or objections were received within the 15-day period
specified for their submission.
It is the judgment of the Board, in the light of the factors
enumerated in section 3(c) of the Act and the general purposes of
the Act, that the application should be approved. IT IS SO ORDERED.
January 7, 1959
1 4f)i'
. _ABOARD OF GOVERNORS
OF THE
Item No. 3
FEDERAL RESERVE SYSTEM
1/7/59
WASHINGTON 25. D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
January 7, 1959.
Dear Sir:
Reference is made to the Board's letter of January 13, 1958,
1 to
previous correspondence cited therein regarding participation
'Ystem personnel in the training course given by the Center for
Latin
American Monetary Studies in Mexico City.
7
Nominations are now invited for possible candidates for the
1950 nroRram
which begins approximately the first of May and closes
t the
end of Auaust. As previously indicated, nominees should have
__sufficient command of the Spanish language
to be able to participate
!
Ifectively in
the program of the Center and should be in a position
,
0_.Profit.from
the courses involved. The terms and conditions for
h
1?Is
Year's appointments will be the same as for last year, as out1
ip the letter of January 13, 1958.
:
Nominations for the 1959 course should be submitted not
,t
isr. than January
31, 1959. Each one should be accompanied by a
ef resume of the candidate's training and experience.
Very truly yours,
Merritt Sherm
Secretary.
PRESIDENTS OF ALL FEDERAL RESERVE BANKS
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
Item No,
4
1/7/59
WASHINGTON 25, D. C.
ADDRESS OFFICIAL CORRESPONDENCE
TO THE BOARD
January
Ur. Frederic D. Chapman,
1150 C
onnecticut Avenue, N.
azhington, D.
C.
6, 1959
.3
AJear Dr. Chapmn:
each employee in the
. The annual physical examination for
teria of the Doord of Governors of the Federal neservo System
be continued durinc. 1959 on the samP basis as set forth in our
J-etter to
you of December 22, 195'2.
cafe
I have been advised by the Division of Personnel Administrat;,
1,(
Lhat these arraaLements have worLed out satisfactorily and
1V 64at the fee of t.100 for the calendar year 199 is a(7ecable
1,0 su')2 to be conducted
t't„,37°11. Thu auql,er of examtnat5on,
understood
!.,hat tho
0)c
:
11 ially the sa-le as in previous years. It is
in the
conducted
'
to ll uations bill Lc:Lin on Nay C, 1959, and will be
until.
TO
Uo
2
alT'dls Health Service "unit each ',:ednesdey Jlornin2, from
cafeteria emp3oyees nre exwained.
Very truly
(Signed) Merritt Sherman
Shor=,
Socretnrir.
ATTACILENT I
1. Ch.
Item No.
5
1/7/59
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
METROPOLITAN D. C. PAP,VAILIIJG Rita wAGE SCHEDULE
BASIC ANNUAL PAY RATES
EFFECTIVE JANUARY 11, 1959
:licte:
?r Trades, Crafts, and Labor-type positions - not applicable to Laundry or
'c'oct Service positions.
\11,-
2
3
4
Step 1
Step 2
Step
$2,954
9
$4,950
$5,221
$5,491
3,182
3,349
10
5,179
51450
5,720
3,370
3,557
3,744
11
5,366
5,658
5,949
3,723
3,910
4,098
12
5,741
6,032
6,344
4,077
4,285
4,493
13
6,136
6,448
6,781
4,285
4,514
4,742
14
6,531
6,864
7,218
4,514
4,742
4,971
15
6,947
7,322
7,696
4,742
4,992
5,242
16
7,426
7,821
8,216
17
7,925
8,341
8,757
Step 2
Step
2,662
,U,808
3,016
5
6
7
8
3
Grade
E'L'9.11.1
3
1411.4w,
7at,ist,' normally occurs in Step 1. Progression to Step 2 occurs after 26 weeks
iNkp 4ct°/7 service in Step 1.
satisfactory service in
Progression to Step
Step 2.
3 occurs after
an additional
alt,e
' SOUgh
t
4 represent the All-Industry or "Custodial" Schedule as used by
ntSi in the Metropolitan D. C. Inter-Agency Plan, Grades 12 through
4rteNaLliusted to make them applicable for use with Supervisory positions in
1/Itergency Plan. Grades 5 through 11 are Army-Air Force rates as used in
'CencY Plan.
17
141:
ATTACHMENT II
84cIget
jbe
Employee & Position
Present
Wage Board
Grade and
Step
Proposed
Wage Board
Grade and
Step
Item No. 6
1/7/59
Annual Salary
Amount of
Present Proposed Increase
Young, Herbert W.
Building Supt.
26 - 3
16 - 2*
7530
7821
291
Lindamood, C. D.
Prin. Opr. Eng.
19 - 3
12 - 3
6011
6344
333
Myers, Arthur S.
Elect. - Opr. Eng.
18 - 2
12 - 2
5533
6032
499
Blash, John
Carp, Opr. Eng.
16 - 3
11 - 3
5533
5949
416
Osborne, John E.
Steamfitter, Opr. Eng.
15 - 3
10 - 3
5408
5720
312
Steger, Karl J.
Steamfitter, Opr. Eng.
15 - 3
10 - 3
54o8
5720
312
-2
10 - 2
5054
5450
396
Hopkins, Glenn B.
Painter
13 - 2
9-2
4950
5221
271
Rabbitt,
Bruce L.
Painter
12 - 2
9-2
4826
5221
395
Itanew, Morris
Gardener
6-3
6-3
4389
4742
353
Clanton, Saul
Gardener
4 -3
4-3
3910
4098
188
Total Annual Cost of Increase
$3766
Average Percentage of Increase
6.43%
3
5
6
7
a
9
10
8114P, Arad B.
Gen. Mech., Opr. Eng.
4 1,41a
s larY to remain in step 2 of Grade WB-16.
@FedFRASER