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9/61
Minutes for
To:
Members of the Board
From:
Office Of the Secretary
October 12) 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
Gov. Balderston
Gov. Shepardson
Gov. King
Gov. Mitchell
Cc
Minutes of the Board of Governors of the Federal Reserve
SYstem on Friday, October 12, 1962.
Room
The Board met in the Board
at 10:00 a.m.
PRESENT:
Mr.
Mr.
Mr.
Mr.
Balderston, Vice Chairman
Mills
Shepardson
King
Mr. Sherman, Secretary
Mr. Kenyon, Assistant Secretary
Mr. Young, Adviser to the Board and
Director, Division of International
Finance
Mr. Fauver, Assistant to the Board
Mr. Noyes, Director, Division of Research
and Statistics
Mr. Holland, Adviser, Division of
Research and Statistics
Mr. Koch, Adviser, Division of Research
and Statistics
Mr. Brill, Associate Adviser, Division
of Research and Statistics
Mr. Sammons, Adviser, Division of International Finance
Mr. Eckert, Chief, Banking Section,
Division of Research and Statistics
Mr. Yager, Chief, Government Finance
Section, Division of Research and
Statistics
Mr. Bernard, Economist, Division of
Research and Statistics
Money market review.
the
Mr. Bernard discussed developments in
Government securities market, in which connection he distributed
tables and charts on the publicly-held marketable Federal debt, dealer
alfards of one-year Treasury bills, and the Treasury's operating balance.
141'' Koch then commented on banking developments.
10/12/62
-2-
All of the members of the staff except Messrs. Sherman,
KenYon, Young, FAuver, and Sammons then withdrew from the meeting
and the following entered the room:
Mr. Hackley, General Counsel
Mr. Solomon, Director, Division of Examinations
Mr. Johnson, Director, Division of Personnel
Administration
Mr. Leavitt, Assistant Director, Division of
Examinations
Mr. Sprecher, Assistant Director, Division of
Personnel Administration
Mr. Hill, Attorney, Legal Division
Mr. Wood, Personnel Assistant, Division of
Personnel Administration
Discount rates, The establishment without change by the
Neraa Reserve Banks of New York, Cleveland, Richmond, Atlanta,
Chicago, St. Louis, Kansas City, and Dallas on October 11, 1962,
Of the rates on discounts and advances in their existing schedules
148
roved imanimously, with the understanding that appropriate
rice would be sent to those Banks.
‘
44
.ilpplication of Union Trust Company (Items 1 and 2).
°"°ber
On
9, 1962, the Board approved the application of Union Trust
C411143114Y of Maryland, Baltimore, Maryland, for permission to merge with
l'he Liberty Rank, Easton, Maryland.
There had now been distributed
(11‘art8 Of an order, statement, and revised statement reflecting that
After discussion, during which agreement was expressed with
certain further changes in the proposed statement, the issuance of
the order and
statement was authorized with the understanding that
1°/12/62
-3-
u
thecu
anges in the statement would be made.
Copies of the order and
st
atement, as issued, are attached as Items 1 and 2, respectively.
Mr. Hill then withdrew from the meeting.
Loan on gold to Guatemala (Item No. 3). Mr. Sammons reported
that
Banco de Guatemala had requested a $10 million gold loan on the
4114al terms and conditions, and that the staff of the Federal Reserve
laallak of New York had recommended favorably to the Board of Directors.
1** Sammons indicated that the loan request appeared attributable to
aeasonal circumstances affecting the Guatemalan situation and that
the Division of International Finnnee saw no reason to object to the
alaking of the
loan.
After discussion, it was agreed unanimously that in response
to telegraphic advice that the directors of the New York Reserve
had approved the loan, the Reserve Bank should be advised of
al4Dr°val by the Board of Governors. It was understood, also, that
the usual background documentation pertinent to the loan request
14°1114 be distributed to the members of the Board for their information.
Secretary's Note: The New York Bank
advised by telegram that the directors
of the Bank had approved the loan,
subject to the approval of the Board
of Governors. A copy of the telegram
sent in reply to the New York Bank,
pursuant to the action taken today by
the Board of Governors, is attached
as Item No. 3.
Mr. Sammons then withdrew from the meeting.
1-,
1411,1
10/12/62
-Itort on co HI!etitive factors (Burli
t
on-Mont•eller
Vermont
There had been distributed to the Board a draft of report to the
Pecleral Deposit Insurance Corporation on the competitive factors
involved in the proposed merger of The First National Bank of
bi°nt-Pelier, Montpelier, Vermont, into Chittenden Trust Company,
11144Lington, Vermont.
In discussion, Mr. Leavitt stated reasons why the Division
°f EXaminations, upon further consideration, would recommend changing
the conclusion of the report so that it would read as follows:
This merger would eliminate some competition as
both Chittenden Trust Company and The First National
Bank have an office in Montpelier.
There being agreement with this suggestion, the report was
11Z2Y2(1. unanimously for transmittal to the Corporation subject to
this change being made.
Messrs. Fauver, Hackley, Solomon, and Leavitt then withdrew
from the
meeting.
12,c1,ule(IIteDINo. ltRevisedsalscr.
On October 11, 1962,
the President signed into law the Postal Service and Federal Employees
3414ry Act of 1962.
One part of this Act adjusted the general salary
schedule of
Federal employees in two phases, the first to become
effective October 14, 1962, and the second to become effective
aantlarY 5, 1964.
0
In this connection, there had been distributed
the Board a memorandum from the Division of Personnel Administration
+11(422
10/12/62
-5-
dated October 11, 1962, making certain recommendations with respect
to the basis of compensation of Board employees.
as Item No.
A copy is attached
4.
Following explanatory comments by Mr. Johnson, the recommendations
c°11tained in the memorandum from the Division of Personnel Administration
were
aPproved unanimously.
All members of the staff then withdrew from the meeting and the
Bcerd went into executive session.
Salary adjustments for Board officer staff.
Following the
Mee
ting, Governor Shepardson informed the Secretary that during the
executive session the Board approved, effective October 14, 1962, the
a•Yrlient of salaries to officers of the Board at the annual rates shown
°PPosite their names in the following list:
title
Annual salary
1/cerd Members' Offices
ir:
ie11
)
h A. Young, Adviser to the Board
;Alarles Molony, Assistant to the Board
;.:V/ert L. Cardon, Legislative Counsel
-4-arke L. Fauver, Assistant to the Board
$20,000
19,000
19,000
16,500
frice of the Secretary
Merritt Sherman, Secretary
tIrrineth A. Kenyon, Assistant Secretary
tl-izabeth L. Carmichael, Assistant Secretary
20,000
17,500
12,500
Legal Division
av,„',' H. Hackley, General Counsel
-;Lykk B. Hexter, Assistant General Counsel
'lowland Chase, Assistant General Counsel
20,000
19,500
17,500
-6-
10/12/62
Name and title
Annual salary
Legal Division
Counsel
Thomas J. O'Connell, Assistant General
Jerome W. Shay, Assistant General Counsel
Wilson L. Hooff, Assistant General Counsel
$19,000
18,000
15,500
Division of Research and Statistics
GuY E. Noyes, Director
Frank R. Garfield, Adviser
Robert C. Holland, Adviser
Albert R. Koch, Adviser
A.enneth B. Williams, Adviser
Daniel H. Brill, Associate Adviser
Lewis N. Dembitz, Associate Adviser
20,000
19,000
19,000
19,500
19,000
19,000
18,500
..11r..1221.4.22_2LI2ternational Finance
J. Herbert Furth, Adviser
A' E. Hersey, Adviser
Robert L. Sammons, Adviser
)
S
T amuel I. Katz, Associate Adviser
alPh C. Wood, Associate Adviser
'
19,500
19,000
19,000
18,000
17,000
--XLE19n of Bank Operations
'
1°114 R. Farrell, Director
Gerald M. Conklin, Assistant Director
E. Daniels, Assistant Director
°114
' N. Kiley, Jr., Assistant Director
Divis.
of Examinations
Frederic Solomon, Director
.VDert C. Masters, Associate Director
i-enn M. Goodman, Assistant Director
jenrY Benner, Assistant Director
es C. Smith, Assistant Director
Br
A:!nton C. Leavitt, Assistant Director
""u-rew N. Thompson, Assistant Director
L1°Y11 M. Schaeffer, Chief Federal Reserve Examiner
g
19,500
18,000
17,000
16,000
20,000
19,000
18,000
18,500
17,500
16,500
16,500
16,500
3..W1
10/12/62
-7Annual salary
Div1sion of Personnel Administration
Edwin J. Johnson, Director
R. Franklin Sprecher, Jr., Assistant Director
$19,000
17,000
.121Xial2p. of Administrative Services
:Joseph E. Kelleher, Director
riarry E. Kern, Assistant Director
18,000
12,500
9
.E.E12.1
.21112 Controller
Connell, Controller
jamPson H. Bass, Assistant Controller
17,500
13,700
2-tf-121.11E221:22se Planning
Innis D. Harris, Coordinator
19,000
The meeting then adjourned.
Secretary's Note: Pursuant to recommendations contained in memoranda from appropriate
individuals concerned, Governor Shepardson
today approved the following actions relating
to the Board's staff:
George J. Viksnins, on a temporary contractual basis in the
business
davai°11 of Research and Statistics for approximately 10
rate of
the
at
compensation
beginning
1
5°)
$
October 15, 1962, with
Per day for each day worked.
Sala
.
Yiflease
of
b
J. Partee, Chief, Capital Markets Section, Division
Irch and Statistics, from $16,00Dto $17,445 per annum, effective
4lese,_arch
Oct
°per 14, 1962.
Item No. 1
10/12/62
UNITED STATES OF AMERICA
BEFORE THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON, D. C.
14 the
Matter of the Application of
111410N TRUST COMPANY OF MARYLAND
!°r approval
of merger with
the Liberty
Bank
11.
ORDER APPROVING MERGER OF BANKS
There has come before the Board of Governors, pursuant to
the Bank Merger Act of 1960 (12 U.S.C. 1828(c)), an application by
1411°4 Trust Company of Maryland, Baltimore, Maryland, a member bank
f the Federal Reserve System, for prior approval by the Board of
themerger of that bank and The Liberty Bank, Easton, Maryland, under
the charter
and title of the former. As an incident to the merger,
the
three offices of The Liberty Bank would be operated as branches
°II the
—14.011 Trust Company of Maryland. Notice of the proposed merger,
form
approved by the Board, has been published pursuant to said Act.
Upon consideration of all relevant material in the light of
the ,
-Lactors set forth in said Act, including reports furnished by the
C°1111)tr
-011er of the Currency, the Federal Deposit Insurance Corporation,
atIcl the
Department of Justice on the competitive factors involved in
the
Proposed merger,
IT IS HEREBY ORDERED, for the reasons set forth in the
Board
s Statement of this date, that said application be and hereby
le
approved,
provided that said merger shall not be consummated
(a)vithin seven calendar days after the date of this Order or
(b) later
than three months after said date.
Dated at Washington, D. C., this 12th day of October, 1962.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and
Governors Balderston, Mills, and Shepardson.
Absent and not voting: Governors Robertson,
King, and Mitchell.
(Signed) Merritt Sherman
Merritt Sherman,
Secretary.
(SpAL)
BOARD OF GOVERNORS
Item No. 2
10/12/62
OF THE
FEDERAL RESERVE SYSTEM
APPLICATION BY UNION TRUST COMPANY OF MARYLAND
FOR APPROVAL OF MERGER WITH THE LIBERTY BANK
STATEMENT
Union Trust Company of Maryland, Baltimore, Maryland
("Union Trust"), with deposits of $286.6 million as of December 30,
1961 (adjusted for two mergers heretofore consummated in 1962), has
41312-led, pursuant to the Bank Merger Act (12 U.S.C. 1828(c)), for
1511or approval by the Board of the merger of that bank and The Liberty
larik) Easton, Maryland ("Liberty Bank"), with deposits of $7 million
Qf the same date.
The banks would merge under the charter and title
of Unison Trust, which is a State-chartered member bank of the Federal
Reserlis System, and the three offices of Liberty Bank would become
bl'aliches of Union Trust, increasing the number of offices of Union
fill'118t from 35 to 38.
Under the Act, the Board is required to consider (1) the
- clal history and condition of each of the banks involved, (2) the
'
4441140
Y of its capital structure, (3) its earnings prospects, (4) the
gener
al character of its management, (5) whether its corporate powers
41'e consistent
with the purposes of 12 U.S.C., Ch. 16 (the Federal
Depon.
'at Insurance Act), (6) the convenience and needs of the communities
to b
e served, and (7) the effect of the transaction on competition
39W4
-2(mc
-"Lung any tendency toward monopoly).
The Board may not approve
the transaction unless, after considering all these factors, it finds
the transaction to be in the public interest.
Banking factors. - The financial history of Union Trust is
ti
sfactory, its asset condition is sound, and its capital structure
adequate. Its management is good and its earnings prospects are
favor
able. The financial history of Liberty Bank is also satisfactory;
howev
er, its financial condition is only fair, its earnings have been
below
average, and its capital structure is less than desirable. Liberty
8anit has a
serious management succession problem which this merger would
tire".
This transaction would have the effect of adding management
81tl'ength and of establishing a basis for improved earnings that does
11(3t Presently exist on the part of the offices of Liberty Bank.
irldication
No
exists that there is or would be any inconsistency with the
PlIrP°aes of 12
U.S.C., Ch. 16.
Convenience and needs of the communities. - Thirty-three of the
°'Qices of
Union Trust are in Baltimore or within twenty miles of the
city
limits (city
population 939,000 and metropolitan area population
1,785,000).
The other two are in Salisbury (city population about
16,300 and
trade area population of 225,000) on the Eastern Shore of
Maryland.
The main office of Liberty Bank is in Easton (city population
b°11t 6,300),
which is
11.1
°Ile
6o miles from Baltimore and 45 miles from Salisbury.
is a branch of Liberty Bank in Trappe,
in
8 miles south of Easton, and
H
illsboro, 15 miles northeast of Easton.
-3—
The merger would affect principally those people living in the
"'ice area of Liberty Bank. The Hillsboro and Trappe offices of Liberty
Bank would offer a number of new banking services and the Easton office
111d become another source of certain services.
For example, larger
1°alls, consumer loans, and trust services would be available at all three.
Competition. - The nearest offices of the two banks involved
ill this
Ther
proposal are those at Trappe and Salisbury, 38 miles apart.
are several other banking offices in the area between these offices
°fLibertY Bank and Union Trust.
effeot upon them.
This merger would have little, if any,
The service areas of Union Trust and Liberty Bank do
tict Overlap, and each draws only a negligible amount of business from the
al'e4 of the other.
There is virtually no competition between them.
The small banks in the areas surrounding Easton, Trappe, and
sboro serve principally their own communities and would probably not
bs
Perceptibly affected by this merger. Upon consummation of this merger
he
would be
in Easton one branch of Union Trust (third largest bank in
1'141-71-and), two branches of Maryland National Bank (the largest bank in the
State
13 and one unit bank, The Talbot Bank of Easton. The proposed transwould probably have no deleterious effect upon competition in
4 ton.
Consummation of this proposal would cause Union Trust to hold
°IllY .2 per
cent more of the total commercial bank deposits of Maryland,
441 it8
position as third largest bank in the State would not change.
3930
-4Summary and conclusion. - There is little, if any, competition
bet
ween Liberty Bank and Union Trust which would be eliminated by this
er, and the aver-all effect upon competition for other banks in the
tea should not
be appreciably adverse. This merger would not materially
incht
--ass Union Trust's percentage of total bank deposits in Maryland,
411d its
relative size among the banks in the State would not change.
—111traation of the proposal would not only provide the people within
the-
ce area of Liberty Bank with broader banking services but would
also
"lye the management succession and capital problems of Liberty Bank.
Accordingly, the Board finds the proposed merger to be in the
ji
•nterest.
Qtt,
12, 1962.
Item No.
TELEGRAM
3
10/12/62
LEASED WIRE SERVICE
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
October 15, 1962.
COOMBS - NEW YORK
Your wire of October 11.
Board approves granting a three-month loan
on gold up to a total of $10 million by Federal Reserve Bank of New
11°rk to the Banco de Guatemala on the following terms and conditions:
(a)
To be made up to 98 per cent of the value of
gold bars set aside in vaults of Federal Reserve
Bank of New York under pledge to that Bank;
(b)
To be made in units of $1 million at any time
on or before November 16, 1962;
(c)
To mature in three months with option to repay
at any time before maturity in units of $1 million;
(d)
To bear interest at the discount rate of New York
Reserve Bank in effect on the date on which such
loan or loans are made.
It is understood that the usual participation will be offered to the
Other
Federal Reserve Banks.
(signed)
SHERMAN
Item No.
4
10/12/62
BOARD OF DOVERNIORS
Of THC
FEDERAL RESERVE SYSTEM
Correspondence
/0„119.Ati_siummwm,_
Date October 11, 1962___
()Rice
4"1---lbalgon of Personnel A‘:.mitietration
Subject: General Adjustment to the
Board's Rpgu1ar Salnry Schedule_
B
ACKGROUND
"Postal Service and Federal
Today the E.esident signed into law the
of this Act adjusts the
LITtployees Salary Act of 1962." Title II, part II,
effective on
eneral salary schedule in two phases, the first to become
October 14, 1962 and the second on January 5, 1964.
of compenpation within
In addition to adjusting the annual rates
longevity steps and
the
the general salary schedule, this Act (1) abolishes
steps, (2) changes
ess
progr
replaces them with a like number of additional
grades to the comall
in
ases
the
i time requirement for proeress step incre
in steps 1, 2, and 3, 104 calendar
ei°n of 52 calendar weeks of service
ry ,,„
ce in
-1c.s of service in steps 4, 5, and 6, and 156 calendar weeks of servi
within
step,
two
7
2teps
equivalent of a
, I, 8, and 9, and (3) provides for the
his
or
ion
posit
,gacte increase upon the reclassification of an employee's
transfer and promotion to a higher graded one.
n;
maintaining a salary
In keeping with the Board's policy of
other agencies of the
of
that
structure for its employees comparable to
approve the following:
Board
the
that
d
Federal Government, it is recommende
11120MAENDATION
1.
ule in accordance with
Revise the Beard's Regular Salary Sched
2) which correspond to
and
1
ts
chmen
the attached tables (Atta
the Postal Service
the basic compensation rates established by
and, further, adjust
and Federal Employees Salary Act of 1962;
of those employees paid
accordingly the basic compensation
of the adjustment would
under this schedule. The first phase
second would become
the
become effective October 14, 1962;
pay period on or after
first
the
effective on the first day of
salary adjustment
the
shows
3
January 1, 1964. Attachment
is appreved.
cost to the Board, if this recommendation
2. Application :Ind implementation of Revised Salary Structure.
charge of matters of
4i.th the approval of tne Board Member in
nnel Administration
Perso
of
ion
a managerial nature, the Divis
tments in (1) the per
shall be responsible for making adjus
(when actually employed)
diem and hourly wa?:,e rates of the 1AAE
ntments, etc.
employees, (2) pending employee appoi
To: Board of Governors
-2-
ller
3. Administration and Procedures. The Office of the Contro
Govuse
will
on
strati
Admini
and the Division of Personnel
regard to matters
ernment regulations and interpretations with
of 1962 of the
coming under the Classified Act Amendments
Act of 1962 as
Postal Service and Federal Employees Salary
and procedure.
guides in deciding questions of administration
on are Board
Exceptions. Not included in this recommendati
ling Rate
Prevai
C.
D.
olitan
Metrop
the
employees paid under
the
and
Wage Schedule (mechanics, gardeners, painters)
Pay
ing)
(print
Interdepartmental Lithographic Wage Board
c salary
periodi
ng
receivi
Schedule. These employees have been
basis
the
On
.
surveys
wage
adjustments as a result of area
these
ed,
receiv
has
on
Divisi
Of advanced information this
be.recommended
two salary schedules will, in all probability,
the year.
for further adjustments before the end of
ons
Also excepted from coverage of the recommendati
whose
,
nurses
tute
made in this memorandum are the substi
Registered
salaries are based on the prevailing rate for
a.
Nurses in the District of Columbi
ndum
No recommendation is made in this memora
al
offici
s
Board'
the
of
s
salarie
with regard to the annual
matter
this
sta.ff. It is assumed that any determination on
will be made by the Board, as in the past.
FED,
SALARY REFORM
and Federal
Title I, part II of the basic Act (Postal Service
4111P10Yees Salary Act of 1962) is cited as the "Federal Salary Reform Act
°f 1962." This provides for an annual review of salary rates paid to
Federa,
requirement much
emPloyees by the President and Congress, a
cle.4_
desired by Government personnel people.
ent the authority to
establish Also there is provided to the Presid
whose salary
higher minimum rates of pay for an occupation
rateo
y above the
ntiall
in private industry are found to be so substa
ped
ment in
Govern
the
p
handica
receral salary rates as to significantly
ns. To
positio
these
in
s
person
and retaining well-qualified
time,
some
for
Board
the
by
used
been
extent this approach has
m
rates.
minimu
at
hiring
t was not restricted to
The Federal Salary Reform Act further provides for the rec°Cnitio
ordinarily found in the
tyipe on of high quality performance above that
departmentsor agencies
of
heads
zing
to °I Position concerned by authori
grant step-increases in addition to the 1, 2, and 3 year periodic step
To: Board of Governors
increases. The Act limits such increases to no more than one within any
riftT-two week period, with the individual agency and department heads
being responsible for establishing their own criteria and selection processess for this program. As can be seen, this program is quite similar
to the Board's Merit Increase Program.
This Act also provides for adequate salary differentials for
_!1.1pervisors of wage board employees. This Division has reviewed the
:
la
mited number of such cases within the Board and has found all such positions to be adequately compensated under the intent of the above
provision.
If agreeable to the Board, the Division of Personnel Administration will review salary administration changes effected elsewhere in
G
overnment as a result of the Federal Salary Reform Act. Any desirable
additions to, or revisions in, the Board's salary administration prorani will be promptly adopted, subject to the approval of the Board Member
in charge of matters of a managerial nature.
At
tachments
A7\e-A
,TT-GA,a 1
1301uW OF GOVERNORS OF THE FEDERAL AESERVE SYSTEM
PROPOSED ALGULA.R.SALiaL SCHEDULE
OCTOBER 14, 1962
Step
Increase
Ora,
Fa.).
Pa..8
P11,9
5
Three /ear lerlodTi
7
8
9
10
3350
3455
3560
3665
3770
3875
3900
4065
4190
105
3560, 3665
3770
3875
3980
4085
4190
4295
4400
115
105
3820
3925
4030
4135
4240
4345
4455
4550
4705
4830
1140
4110
4250
4390
4530
4670
4810
4950
5090
5230
370
160
4565
4725. 4885
5045
5205
5365
5525
5685
5045
6005
170
5035
5205
5375
5545
5715
5885
6055
6225
6395
6565
185
5540
5725
5910
6095
6280
6465
6650
6835
7020
7205
205
6090
6295
6500
6705
6910
7115
7320
7525
7730
7935
225
6675
6900
7125
7350
7575
7300
8025
8250
8475
8700
245
7290
7535
7780
8025
8270
8515
8760
9005
9250
9495
265
6045
8310
8575
8840
9105
9370
9635
9900 10165
315
9475
9790 10105 10420
10735 1100 11365
11680 11995
365
11150 .11515 11880 12245.
12610 4975 13340
13705 111070
425
12845 13270 13695 14120
14545 14970 15395
15820 16245
430
14565 15045 15525 16005
16465 1695 17445
17925
Ph,10
Pft,11
Pft-12
Pit,13
4
6
3245
FR,6
Pit-7
Tar Periods
105
Fa,2
P11-4
Precress Steps
One fear rerioas
2
3
1
4
4 8ter,
i.
-
alic
equal 'eaSe
tO
from 6 to
apiece.
7 is equal to 110.
Steps
7 to
, and
9 to 10
frW,
ATTAGIDJENT 2
M
BOARD OF GOVERNORS OF THE FEDERAL fizsLau SYSTE
PROPOSED REGULAR SALARY SCHEDULE
JANUARY 5, 1964
242.4!
1?11-2
PR-4
PR,5
Step
Increase
Progress Steps
Two Year Periods
One Year Periods
6
7
5
4
2
3
1
Three Year Period':.
10
8
9
105
3305
31410
3515
3620
3725
3830
3935
4040
4145
4250
105
3620
3725
3830
3935
4040
4145
4250
4355
4460
4565
105
3880
3985
4090
4195
4300
4405
4525
4650
4775
4900
140
4215
4355
4495
4635
4775
4915
5055
5195
5335
5475
160
4690
14850
5010
5170
5330
5490
5650
5810
5970
6130
175
5235
5410
5585
5760
5935
6110
6285
6460
6635
6810
195
.5795
5990
6185
6380
6575
6770
6965
7160
7355
7550
210
6390
6600
6810
7020
7230
7440
7650
7860
8070
8280
230
.7030
7260
7490
7720
7950
818o
8410
8640
8870
9100
255
7690
7945
8200
8455
8710
8965
9220
9475
9730
9985
280
8410
8690
8970
9250
9530
9810 10090
330
9980 10310 1o64o 10970
11300 11630 11960
12290 12620,
385
11725 '12110 12495 12880
13265 13650 14035
14420 14805
450
13615 14065 14515 14965
15415 15865 16315
16765 17215
515
15665 16180 16695 17210
1.7725 18240 18755
19270
4.7
N,8
PR-9
PR-10
P11.11
PR-I2
Pft,13
PR 14
'
P4.15
1.t,ep i
. 6 to 7 is equal to $120.
ncrease fr=
41'e equal
to $125
apiece.
10370 10650
Steps 7 to 8, 8 to 9, and 9 to 10
3!),
ATTACHMENT
3
DISTRIBUTION OF RECORMENDED ADJUSTMENT TO
THE BOARD'S REGULAR SALARY SCHEDULE BY GRADE
Grade
„,.......
1
2
3
4
Number of
PZIEllata2
47
28
25
Present Total
Annual Salpry
Cost
$ 166,723
Approximate Salary
Adjustment Cost
%
1st Phase
•
4.7
$ 7,800
5,145
4,277
10,395
13,440
16,155
14,020
2,310
15,240
4.6
4.3
4.0
4.2
4.6
5.4
6.8
6.4
Estimated Salary
Adjustment Cost
%
2nd Phase
.
$ 2,834
1,805
1,279
5,954
7,982
13,860
12,799
1,660
12,888
1.7
1.6
1.3
2.3
2.5
4.0'
4.9
4.9
5.4
5.8
4.9
5
6
7
8
9
lo
11
6o
63
62
42
5
112,805
98,368
258,885
319,275
346,495
261,210
33,880
35
238,673
1
7,985
12
13
413,110
293,205
1,020
27,215
21,625
12.8
Si
31
7.4
463
20,242
16,419
293,645
220,830
275,365
$3,340,454
19,815
20,910
25,370
$204,737
6.7
9.5
9.2
6.1
16,150
14,133
22,58o
1151,048
27
14
17
15
19
Total
___513____
6.6
5.6
5.5
6.4
8.2
4.q
@FedFRASER