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9/61 Minutes for To: Members of the Board From: Office of the Secretary July 30, 1962 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 iv p-'2 Gov. Balderston Gov. Shepardson Gov. King Gov. Mitchell 0 Minutes of the Board of Governors of the Federal Reserve System on Monday, July 30, 1962. The Board met in the Board Room at 10:00 a.m. Mr. Mr. Mr. Mr. Mr. Mr. PRESENT: Martin, Chairman Balderston, Vice Chairman Mills Robertson Shepardson Mitchell Mr. Kenyon, Assistant Secretary Mr. Young, Adviser to the Board, and Director, Division of International Finance Mr. Molony, Assistant to the Board Mr. Cardon, Legislative Counsel Mr. Fauver, Assistant to the Board Mr. Landry, Assistant to the Secretary Messrs. Noyes, Garfield, Holland, Williams, Altmann, Eckert, Partee, Peret, Weiner, and Yager, Miss Dingle, and Miss Stockwell of the Division of Research and Statistics Messrs. Katz, Wood, Emery, Fieser, Gemmill, Irvine, Klein, Mills, and Reynolds of the Division of International Finance Economic review. Staff members of the Divisions of Inter- national Finance and Research and Statistics presented a review of foreign and domestic economic and financial developments. After a discussion based upon these reports, all members of the staff except Messrs. Kenyon and Landry withdrew and the following entered the room: Mr. Hackley, General Counsel Mr. Johnson, Director, Division of Personnel Administration Mr. McClintock, Supervisory Review Examiner, Division of Examinations -2- 7/30/62 Circulated items. The following items, which had been circulated to the Board and copies of which are attached to these minutes under the respective item numbers indicated, were approved unanimously: Item No. Letter to Wells Fargo Bank, San Francisco, California, approving the establishment of a branch in Novato. 1 Letter to the Federal Reserve Bank of Chicago approving the payment of salaries to three Officers at rates fixed by the Bank's Board Of Directors. 2 The meeting then adjourned. Secretary's Note: Governor Shepardson today approved on behalf of the Board a memorandum dated July 27, 1962, from Mr. Solomon, Director, Division of Examinations, requesting permission for himself and two other officials of the Division to attend the Annual Convention of the National Association of Supervisors of State Banks in Bretton Woods, New Hampsire, on September 17-20, 1962, with the understanding that the Board representatives would be allowed actual necessary travel expenses and that the Board would pay a $20 registration fee for each representative. The memorandum also stated that it was proposed to hold a meeting on September 20 of the Vice Presidents and other representatives of Bank Examination Departments of the Federal Reserve Banks. Assistant Secretary BOARD OF GOVERNORS OF THE Item No. 1 7/30/62 FEDERAL RESERVE SYSTEM WASHINGTON 25. CO. C. ADDRESS orrIctikt_ CORRESPONDENCE TO THE BOARD July 30 1962 Board of Directors, Wells Fargo Bank, San Francisco, California. Gentlemen: The Board of Governors of the Federal Reserve System approves the establishment of a branch by Wells Fargo Bank in the downtown area of Novato, 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. BOARD OF GOVERNORS OF THE Item No. 2 FEDERAL RESERVE SYSTEM 7/30/62 WASHINGTON 25. D. C. ADDRESS OFFICIAL. CORRESPONOENCE TO THE BOARD July 30, 1962 CONFIDENTIAL (FR) Mr. Charles J. Scanlon, President, Federal Reserve Bank of Chicago, Chicago 90, Illinois. Dear Mr. Scanlon: The Board of Governors approves the payment to the following officers of the Federal Reserve Bank for the period September 1 through recember 31, 1962, indicated, which are the rates fixed by your Board of reported in your letter of July 19, 1962: Name Richard A. Moffatt Daniel M. Doyle Karl A. Scheid of salaries of Chicago at the rates Directors as Title Annual Salary Vice President Assistant Cashier Assistant Cashier $16,000 11,500 12,000 Very truly yours, (Signed) Kenneth A. Kenyon Kenneth A. Kenyon, Assistant Secretary.
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