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I Minutes of actions taken by the Board of Governors of the Federal Reserve System on Friday, November 20, 1953. The Board met in the Board Room at 10:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Martin, Chairman Szymczak Evans Mills Robertson Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Kenyon, Assistant Secretary Thurston, Assistant to the Board Riefler, Assistant to the Chairman Thomas, Economic Adviser to the Board Vest, General Counsel Allen, Director, Division of Personnel Administration Herter, Assistant General Counsel Fauver, Assistant to Mr. Thurston In addition, the following members of the staff of the Division of Research and Statistics iere present: Mr. Younc, Director Mr. Garfield, Adviser on Economic Research Mr. Williams, Assistant Director Miss Burr, Assistant Director Mr. Noyes, Assistant Director Mr. Youngdahl, Assistant Director Mr. Gehman, Chief, Business Conditions Section Messrs. Broida, Cody, Freedman, Milton Moss, Schwartz, Vlinfield Smith, and Trueblood, Economists Pursuant to the understanding at the meeting on October 27, 1953, members of the staff of the Division of Research and Statistics presented a visual-auditory description of a revision of the Federal Reserve index Of industrial production planned for public release about the first of December. 1991 11/20/53 ^c- Following a discussion based on this presentation, the release of the revised index in the manner outlined was approved unanimously. All of the members of the staff except Messrs. Carpenter, Sherman, Kenyon, and Allen then withdrew from the meeting. s for Governor Evans stated that the Federal Reserve Bank budget staff, would 1954, with a summary and analysis prepared by the Board's of next be sent to the members of the Board for review the latter part er week, and it was understood that the meeting on Decemb 4, 1953, would be set aside for consideration of the budgets. l Reserve Consideration then was given to the appointment of Federa 1954, the discussion Bank branch directors for terms beginning January 1, s of the Board by being based on data which had been sent to the member the Division of Personnel Administration. Actions as stated below were taken by unanimous vote: The following were appointed directors of the Federal Reserve Bank branches indicated for three-year terms each, beginning January 1, 1954: Branch Name Robert C. Tait Henry A. Roemer, Jr. Sam B. Strauss D. F. Stahmann Herbert G. Sutton Buffalo Pittsburgh Little Rock El Paso Houston The following were appointed directors of the Federal Reserve 11/20/53 -3Bank branches indicated for two-year terms each, beginning January 1, 1954: Branch Name Detroit Helena Denver Los Angeles Salt Lake City Seattle William M. Day G. R. Milburn Aksel Nielsen Paul H. Helms Joseph Rosenblatt D. K. MacDonald Mt. Wilbur, Chairman of the Federal Reserve Bank of San Francisco, was requested to ascertain and advise the Board whether Phillip I. Welk, Vice President, Preston-Shaffer Milling Co., Walla Walla, Washington, would accept, if tendered, appointment as director of the Portland Branch of the San Francisco Bank for the two-year term beginning January 1, 1954. Chairman Martin reviewed the tentative agenda for the meeting of the Conference of Chairmen of the Federal Reserve Banks, to be held In Washington on December 7 and 8, 1953. He also stated that arrange- of ments had been made for a dinner at a local hotel on the evening December 7 for those attending the meeting, and that seven former Federal to Reserve Bank or branch directors now in Washington had been invited the dinner. of the Chairman Martin went on to say that at the suggestion were being prepared executive committee of the Conference, resolutions who were for presentation to each of the six members of the Conference to retire from service at the end of 1953 and that Mt. Hodgkinnon, Chairman 11/20/53 of the Conference, had asked that a modest token badge for each retiring Chairman be prepared for his use in presenting the resolutions. Chairman Martin also stated that while provision for the cost of the dinner and two luncheons to be given in the Board's dining rocms on December 7 and 8 had been made in the 1953 budget of the Division of Administrative Services, no allowance had been made for the cost of the resolutions or badges. Following a discussion, payment of the cost of preparing the resolutions, the cost of the badges, and other incidental expenses which might be incurred in connection with the meeting was approved unanimously. There were presented telegrams to the Federal Reserve Banks of New York, Philadelphia, Atlanta, Chicago, St. Louis, Kansas City, and San Francisco stating that the Board approves the establishment without change by the Federal Reserve Bank of San Francisco on November 13, by the Federal Reserve Bank of Kansas City on November 14, by the Federal Reserve Bank of St. Louis on November 16, by the Federal Reserve Banks of New York, Philadelphia, and Chicago on November 19, and by the Federal Reserve Bank of Atlanta on November 20, 1953, of the rates of discount and purchase in their existing schedules. Approved unanimously. The meeting then adjourned. During the day the following addi- except tional actions were taken by the Board with all of the members Governor Vardaman present: 199 11/20/53 Minutes of actions taken by the Board of Governors of the Federal Reserve System on November 19, 1953, were approved unanimously. Memoranda from appropriate individuals concerned recommending personnel actions as follows: Appointments, effective upon the date of assuming duties Name and title Marilyn Rishell, Clerk-Typist Thelma Margrett Grabowski, Library Assistant Division Type of appointment Research and Statistics Research and Statistics Basic annual salary Temporary indefinite Temporary indefinite $3,030 $3,030 Transfer and appointment as Special Assistant Federal Reserve Examiner Gena E. Gander, Secretary, Division of Personnel Administration. Transferred to the Division of Examinations, effective January 3, 1954, and appointed a Special Assistant Federal Reserve Examiner for a period Of one year, effective January 3, 1954, without change in her present basic salary at the rate of $3,785 per annum, with official headquarters in Washington, D. C., with the understanding that Miss Gander would be granted the special travel allowance and other priviliges granted with respect to Special Assistant Federal Reserve Examiners by the Board's action of August 2, 1951, and with the further understanding that at the termination of her assignment with the field examining staff, Miss Gander will return to her position in the Division of Personnel Administration. Salarr increases, effective November 22, 1953 Name and title Division Basic annual salaa To From Office of the Secretary Alberta L. Thorley, File Clerk $3,030 $3,110 I99 -6- 11/20/53 Salary increases Name and title effective November 221 1953 (continued) Basic annual salary lo Prom Division _ Research and Statistics Nancy B. Kelly, Clerk-Stenographer $31575 ,T3,655 $4,205 $5,060 $4,295 $4,420 $3,575 $3,655 $3,175 $3,255 $2,950 $3,030 $3,495 e;,3,575 $2,552 $2,632 $2,830 $2,950 $3,310 $3,390 $2,872 $2,952 $2,700 „770 International Finance Frederick R. Dahl, Economist Thelma E. Ward, Assistant Supervisor, Information Center Ann Marie Roberts, Clerk-Stenographer Marian E. Gochenour, Clerk Fyaminations Shelly L. Suddith, Stenographer Administrative Services Anna S. Courtney, Stenographer Aaron Dortch, Cafeteria Laborer Jean Mull, Clerk Charles R. Nichols, Guard W. LtleillS Thalley, Messenger Lela M. Wilson, Cafeteria Helper Approved unanimously. Memorandum dated November 19, 2953, from Mr. Allen, Director, Di- vision of Personnel Administration, reading au follows: 199f' 11/20/53 -7- It is recommended that the Board loan, on a reimbursable basis, to the President's Committee on Retirement Policy for Federal Personnel the services of a stenographer for a period of one month beginning immediately. The Committee on Retirement Policy for Federal Personnel is currently typing many reports, including some to be forwarded to Congress, and recent resignations have depleted their stenographic force. They do not wish to employ any one permanently, because the bulk of the work will be completed within the next month. They will then not have need for more than their current staff. Mr. Bethea, who has supervision of the Board's Stenographic Section, states that that unit will be able to handle the additional work the Committee has. The Committee will furnish the materials to be used, and the work to be done is merely the cutting of stencils. The work will be done at the Board's offices. Approved unanimously. Letter to Mr. Crane, Federal Reserve Agent, Federal Reserve Bank of New York, reading as follows: In accordance with the request contained in your letter of November 12, 1953, the Board of Governors approves the appointment of Richard E. Hunke, at present an Alternate Assistant Federal Reserve Agent, as Assistant Federal Reserve Agent to succeed Mr. Jere V. D. Stryker. The approval is given with the understanding that Mr. Hunke will remain on the Federal Reserve Agent's pay roll and will be solely responsible to him or, during a vacancy in the office of the Agent, to the Board of Governors for the proper performance of his duties. When not engaged in the performance of his duties as Assistant Federal Reserve Agent he may, with the approval of the Federal Reserve Agent, and the President, perform such work for the Bank as will not be inconsistent with his duties as Assistant Federal Reserve Agent. Mr. Hmke should execute the usual oath of office which should be forwarded to the Board of Governors together with advice as to the effective date of his appointment. Approved unanimously. I9, -8- 11/2o/53 Letter to Mr. Wiltse, Vice President, Federal Reserve Bank of New York, reading as follows: In accordance with the request contained in your letter of November 17, 1953, the Board approves the designation of Robert L. Mowrey as a special assistant examiner for the Federal Reserve Bank of New York. Approved unanimously. Letter to Nr. Leedy, President, Federal Reserve Bank of Kansas City, reading as follows: In response to the request made in your letter of November 9, 1953, the Board of Governors approves the following minimum and maximum salaries for the respective grades at the Head Office and Denver Branch effective January 1, 1954: Head Office and Denver Branch Maximum Minimum Salary Salary Grade $2340 $1740 1 2580 1920 2 3 4 5 6 7 8 9 lo 2160 2400 2700 3000 3360 1720 4200 468o 2880 3240 3600 4020 4500 5o4o 564o 6360 11 12 5220 5880 7080 7920 13 14 15 16 6600 7380 8220 9180 8880 9960 11100 12420 The Board of Governors also approves the minimum and maximum salaries for the respective grades at the Oklahoma City and Omaha Branches in the same amounts as those approved December 18, 1952 and currently in effect. ,41 11/20/53 -9- The Board approves the payment of salaries to the employees, other than officers, within the limits specified for the grades in which the positions of the respective employees are classified. It is understood that all employees whose salaries are below the minimum of their grades as a result of the structure increase will be brought within the appropriate range as soon as practicable and not later than March 1, 1954. Approved unanimously. Letter to the Board of Directors, Titonka Savings Bank, Titonka, Iowa, stating that subject to conditions of membership numbered 1 and 2 contained in the Board's Regulation H, and the followin3 special condition, the Board approves the Bank's application for membership in the Federal Reserve System and for the appropriate amount of stock tn the Federal Reserve Bank of Chicago: 3. Prior to admission to membership, such bank shall Increase its common capital from *45,000 to not less than *60,000. Approved unanimously, for transmittal through the Federal Reserve Bank of Chicago. Letter to the Board of Directors, The Northern New York Trust Company, Watertown, New York, reading as follows: Pursuant to your request submitted through the Federal Reserve Bank of New York, the Board of Governors hereby gives its written consent under the provisionE of Section 18(c) of the Federal Deposit Insurance Act to the merger of The Northern New York Trust Company, -v;atertown, New York, with the Potsdam Bank and Trust Company, Potsdam, New York, provided the transaction is effected substantially in accordance with the plan as presented through i9! 11/20/53 -10- the Federal Reserve Bank. The Board of Governors also approves the establishment and operation by The Northern New York Trust Company of a branch in the present quarters of the Potsdam Bank and Trust Company, Potsdam, New York, provided formal approval of the proposed merger and establishment of the branch is obtained from the appropriate State authorities. Approved unanimously, for transmittal through the Federal Reserve Bank of New York.
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