The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Minutes for September 21q, 1956 To: 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 you advise the Secretary's Office. Otherwise, if were present at the meeting, please initial in cols. umn A below to indicate that you approve the minute B column If you were not present, please initial in below to indicate that you have seen the minutes. Chin. Martin Gov. Szymczak Gov. Vardaman Gov. Mills Gov. Robertson Gov. Balderston Gov. Shepardson x/0_,ori3 1.914 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Friday, September 21, 1956. The Board met in the Board Room at 9:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Martin, Chairman 1/ Szymczak Vardaman Mills Robertson Shepardson Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Kenyon, Assistant Secretary Leonard, Director, Division of Bank Operations Vest, General Counsel Young, Director, Division of Research and Statistics Sloan, Director, Division of Examinations Solomon, Assistant General Counsel Hackley, Assistant General Counsel Noyes, Adviser, Division of Research and Statistics n Goodman, Assistant Director, Divisio of Examinations amendments to With reference to the Board's review of possible Banking and Currency the Federal Reserve law for submission to the Senate statutes relating Committee in connection with its study of the Federal called attention to financial institutions and credit, Governor Robertson with discounts to the provisions of the Federal Reserve Act having to do those provisions and advances by Federal Reserve Banks and commented that d. were in numerous instances confused, complex, and outmode He said that which in themselves While some legislative suggestions could be made they could would not be controversial, the question arose as to whether 1/ Entered meeting at point indicated in minutes. 1.915 -2- 9/21/56 be submitted without raising the whole problem of the discount function, a field which would apparently be outside the scope of the present study by the Committee. It occurred to him that in the circumstances the staff might be requested to prepare for the Board's consideration a memorandum on possible changes in the law regarding the lending functions of the Reserve Banks, with the thought that after reviewing the memorandum the Board could decide whether it wanted to submit anything to the Committee. If so, he said, the Chairman might discuss with Senator Robertson whether the latter would like to have the Board make suggestions in this area after the first of October, the date when the first group of suggestions was to be submitted. There ensued a discussion based on Governor Robertson's comments during which Governor Shepardson remarked that when the Board began its review of items for possible submission to the Robertson Committee, it - accepted, appeared to have divided the items into three categories Passed over, and dropped. However, he said, when the Board reviewed the suggestions submitted by the Federal Reserve Banks, some items were "dropped" which were of such a nature that further study at a later date would seem to be warranted. Comments by other members of the Board re- garding the point raised by Governor Shepardson indicated that they had had in mind first selecting those items that it would appear desirable in the to include in the initial submission to the Robertson Committee, light of the announced scope of the Committee's study, and that the 19If; 9/21/56 -3- rejection of an item for this purpose was not intended to indicate that it should not be given further consideration by the Board. It was stated that this was particularly true with respect to legislative suggestions such as those having to do with the Federal Reserve lending functions where it was recognized that inclusion of any suggestions might lead to discussion of fundamental changes in the law. Agreement then was expressed with Governor Robertson's suggestion that the staff be requested to prepare a memorandum on the discount provisions of the Federal Reserve Act. In this connection, Governor Robert- son proposed that there also be marked for further consideration the suggestion by the Federal Reserve Bank of Chicago that a member bank be restricted in making loans secured by stock in another bank in excess of 5 per cent or 10 per cent of the number of outstanding shares of the other bank, which could be accomplished by a new statute or an amendment to section 11(m) of the Federal Reserve Act. At this point Mr. Thomas, Economic Adviser to the Board, entered the room. The following matters, which had been circulated to the members of the Board, were presented for consideration and the action taken in each instance was as stated: Telegram to Mt. Johns, President, Federal Reserve Bank of St. Louis, reading as follows: Board approves the program for alterations to the Memphis Branch building at an estimated cost of $125,000 191'7 9/21/56 as outlined in your letter of August 30 and notes that provision for the project is being made in the 1957 budget. Approved unanimously. Letter to the Board of Directors, State Bank of Albany, Albany, New York, reading as follows: Pursuant to your request submitted through the Federal Reserve Bank of New York, the Board of Governors approves the establishment by State Bank of Albany, Albany, New York, of a branch at 51 West Main Street, Richfield Springs, New York, in the quarters now occupied by The First National Bank of Richfield Springs, provided that (a) the merger of The First National Bank of Richfield Springs, Richfield Springs, New York, into State Bank of Albany, Albany, New York, is effected substantially in accordance with the Plan and Agreement of Merger dated July 24, 1956, (b) formal approval is obtained from the appropriate State authorities, and (c) the merger and establishment of the branch are accomplished within six months from the date of this letter. Approved unanimously, for transmittal through the Federal Reserve Bank of New York. Letter to Mr. Stetzelberger, Vice President, Federal Reserve Bank of Cleveland, reading as follows: In view of the information submitted in your letter of September 10, 1956, and the Reserve Bank's favorable recommendation, the Board further extends until October 15, 1956, the time within which The Croghan Colonial Bank, Fremont, Ohio, may establish a branch at the southwest corner of East State and St. Joseph Streets, Fremont, Ohio, under the authorization contained in its letter of December 29, 1955. Approved unanimously. Telegram to Mr. O'Kane, General Counsel, Federal Reserve Bank of San Francisco, reading as follows: Reurtel September 14, 1956 to Vest re The Arizona Bancorporation. In opinion of Board, the Bank Holding 19IS 9/21/56 -5- Company Act requires that any organization which was a bank holding company on May 9, 1956 must register even though it subsequently reduced its percentage of stock ownership so as to fall without the statutory definition. The Board has no authority to make exceptions to this requirement. Approved unanimously. Reference was made to a draft of letter to Mr. Heflin, Vice President and General Counsel of the Federal Reserve Bank of Richmond, which had been circulated to the members of the Board, with respect to a request by the American Trust Company, Charlotte, North Carolina, for the Board's views regarding the withdrawal from the bank's common trust fund of participations representing the funds of certain pension and profit-sharing trusts. After setting forth an interpretation of section 17(c)(6) of Regulation F, Trust Powers of National Banks, in relation to the specific question that had been raised, the draft of letter would suggest that as an alternative the bank's common trust fund might assign to the withdrawing trusts an interest equal to their ratable Portion of the entire portfolio of mortgages, if feasible and legal under State law, with the result that the common trust fund would act in effect as agent for such trusts with respect to their interests in such mortgages, Paying them their ratable portion of the interest and principal payments thereon. Governor Mills suggested elimination of the reference to the Possible alternative procedure since the accounting thereunder would be a complicated operation and the procedure would not be a normal one in a bank's trust department. Governor Robertson concurred in the views expressed by Governor Mills, stating that if the national bank, having 1919 -6- 9/21/56 in its possession the Board's opinion concerning the question that had been raised, wished to develop an alternative procedure, it could come to the Board for an opinion. Thereupon, unanimous approval was given to a letter to Mr. Heflin reading as follows: This refers to your letter of August 23, 1956, transmitting a request by American Trust Company, Charlotte, North Carolina, for the Board's views with respect to the withdrawal from the bank's Common Trust Fund of participations representing the funds of certain pension and profit-sharing trusts. Specifically, the question is whether mortgages are susceptible of being distributed "ratably" under section 17(c)(6) of Regulation F, which provides that in the case of withdrawals from Coliulion Trust Funds "distributions may be made in cash or ratably in kind, or partly in cash and partly ratably in kind." The provision of the regulation relating to ratable distribution in kind is intended chiefly to permit such distribution of investments that are identical or interchangeable in nature, such as shares of the same class of stock of the same corporation or bonds of a single issue. A portfolio of mortgages does not constitute such a homogeneous investment, for each mortgage has its own particular characteristics and value. Therefore, it is not possible to effect a ratable distribution of the mortgage portfolio by transferring a certain number of whole mortgages to the withdrawing trusts; and any attempt to do so might subject the bank to criticism on the ground of preferential treatment of certain participating trusts. Accordingly, it is the Board's view that the "ratably in kind" provision of section 17(c)(6) does not permit distribution of whole mortgages upon the withdrawal of participations from a Common Trust Fund. The next item presented for consideration, which also had been circulated to the members of the Board, was a draft of letter to Mr. 1920 9/21/56 -7- Kroner, Vice President of the Federal Reserve Bank of St. Louis, concerning an application by the Security National Bank Savings and Trust Company, St. Louis, Missouri, for permission to maintain the same reserves against deposits as are required to be maintained by member banks located outside of central reserve and reserve cities. The pro- posed letter, which was supported by a memorandum from the Division of Bank Operations dated September 10, 1956, would express concurrence in the position of the, Reserve Bank that under present law the Board would have no alternative but to deny the application because of the subject bank's location in the downtown business and financial district of St. Louis, even though the character of business conducted by the bank appeared to be typical of that conducted by banks located in outlying districts of St. Louis that had been given permission to carry reduced reserves. Governor Vardaman made a statement in which he discussed the financial district of St. Louis, the location of the subject bank, and the type of business conducted by the bank, which he said was almost exclusively a savings bank and, so far as he knew, did not have any substantial interbank deposits. He went on to say that there were banks in Clayton County, outside the city limits of St. Louis, which conducted much more of a commercial banking business and had more interbank deposits. It was his impression that in certain cases in other cities the Board had in the past made exceptions inconsistent with an adverse ruling in this case. 1921 -8- 9/21/56 In response to Governor Vardaman's comments, Mr. Leonard said that the Board over the years had followed a course of making interpretations based on geographical location and type of business conducted, under which banks applying for permission to carry reduced reserves must satisfy the requirements on both counts. He then de- scribed the geographical interpretation applicable to member banks in the city of Chicago and in New York City. It was fully recognized by the staff, he said, that this procedure worked an injustice on certain banks, but it appeared to be required by the current provisions of the law. and RobertIn further discussion of the matter, Governors Mills son commented to the effect that although considerations of equity would appear to make some change in the current procedure desirable in connection with any change in the present system of reserve requirements, it was difficult to see how the current statutory provisions would permit of the St. Louis any decision in this case except concurrence in the view Reserve Bank. Governor Vardaman then stated that he had no particular brief for the subject bank but that it was a satisfactory, small operation on a side street in a city without a well-defined "financial district". He would not be inconwanted to be sure, he said, that the proposed reply sistent with any other situation where a bank had been permitted to carry reduced reserves. Therefore, he would like to have the Division 1_922 -9- 9/21/56 of Bank Operations review again the outstanding cases where the Board had granted applications to carry reduced reserves, particularly those cases which might be regarded as containing elements of doubt. It was agreed that the Division of Bank Operations would make the further review suggested by Governor Vardaman and that the matter currently before the Board would receive additional consideration after that study had been made. There were presented telegrams proposed to be sent to the following Federal Reserve Banks approving the establishment without change on the dates indicated of the rates of discount and purchase in their existing schedules: New York Philadelphia Chicago September 20 September 20 September 20 Approved unanimously. Pursuant to the understanding at the meeting on September 13, 1956, there had been circulated to the members of the Board a revised draft of letter to Mr. Roland Pie"-otti, Assistant to the President, Bank of America National Trust and Savings Association, San Francisco, Caliof America, fornia, regarding Mr. Pierotti's request, on behalf of Bank New York, New York for approval in principle of the purchase by that bank of the stock of Banca d'America e d'Italia, Milan, Italy, held by Transamerica Corporation. Governor Vardaman, who had expressed reservations in previous discussions of the matter with regard to a condition which would require 192 -10- 9/21/56 Bank of America to cause the Italian bank to permit examiners appointed by the Board to examine the bank, its branches, and agencies, said he continued in the belief that such an approach was not entirely realistic. He said that personally he would not want the Federal Reserve System to have authority to examine the Italian bank unless it actually was going to make examinations of the institution and had authority to effect correction of matters disclosed by examination. With reference to Governor Vardaman's comments, Governor Mills pointed out that under section 25(a) of the Federal Reserve Act the Board has the right to withdraw the charter of an Edge corporation if the corporation does not comply with the spirit and letter of the law and the Board's regulations. Hence, if the Italian bank was found to be con- ducting operations that in the judgment of the Board were contrary to the statutes, Bank of America presumably would have to correct the situation upon penalty of forfeiture of its right to do business. While he did not think that there would be any tendency to act contrary to sound Principles, it nevertheless appeared that necessary authority to bring about correction of any matters complained of would be available to the Board. Governor Vardaman said that he hoped Governor Mills was correct in his analysis but that he continued to have doubt and would like to let his statement stand on the record. He then suggested certain edi- torial changes in the proposed letter to distinguish Bank of America, 1 924 9/21/56 New York, clearly from Bank of America National Trust and Savings Association, and there was agreement that these changes should be made. Accordingly, Governor Vardaman's comments have been noted, unanimous approval was given to a letter to Mr. Pierotti reading as follows: This refers to your letter of July 23, 1956 requesting, on behalf of Bank of America, New York (a foreign banking corporation organized under the provisions of Section 25(a) of the Federal Reserve Act), approval in principle by the Board of Governors of the purchase by Bank of America, New York, of the stock of Banca d'America e d'Italia, Milan, Italy, held by Transamerica Corporation. Your letter requests that such approval be subject to further and final approval by the Board of Governors of the purchase price and the method of acquisition, should the negotiation with Transamerica Corporation prove successful. The information submitted in your letter of August 2, 1956 and accompanying documents has been reviewed. It is noted that as of December 31, 1955 Transamerica Corporation owned 94.66 per cent of the outstanding stock of Banca d'America e d'Italia, hereinafter referred to as BAI; that the balance sheet of BAI as of December 31, 1955 reflected a net worth--capital, surplus, undivided profits, and reserve arising from revaluation--in excess of *6,000,000 after provisions for dividends; and that, in addition, BAI has free reserves which at the end of 1955 were probably in excess of i';;3,200,000. The Annual Report of Transamerica Corporation for 1955 showed that its holdings of BAI were carried at $9,110,618, less reserve of $5,239,385, or a net investment of $3,871,233. The statement of BAI shown in the Anntal Report of Transamerica contains this comment: "Based on the official rate of exchange of Lit. 625 for the dollar, the assets of the bank aggregate $247,856,582 and capital funds, including reserve arising from revaluation, total $6,668,771." On this basis, Transamerica's 94.66 per cent ownership of the stock of BAI would have had an indicated value of $6,312,659. -12- 9/21/56 In the circumstances and in the absence of more definite information concerning the approximate purchase price for the stock and an appraisal of the value of the stock based on an independent audit of BAI, the Board's approval, even in principle, would necessarily have to be in rather general terms and subject to various conditions and limitations. However, these views may be of some assistance to you in reaching a conclusion as to whether it would be desirable to enter into negotiations with Transamerica regarding the purchase of the stock of BAI. On the basis of the information furnished to the Board and subject to further and final approval by the Board after the review of all pertinent facts, including details regarding the proposed purchase price and method of acquisition, the Board would be disposed to grant consent to Bank of America, New York, to purchase, within one year from the date of this letter, the capital stock of BAI but, in the absence of sound reasons which are not apparent from the preliminary information you have supplied, the Board would be reluctant to authorize the investment by your bank in the stock of BAI in an amount exceeding 15 per cent of the capital and surplus of Bank of America, New York; the figure beyond which special approval is required by Section 25(a) of the Federal Reserve Act. The Board's approval would be subject to clearance with other interested United States Government agencies and conditions along the following lines: 1) That, if consummated, the stock of Banca d'America e d'Italia acquired will be not less than the amount now held by Transamerica Corporation; 2) That as long as Bank of America, New York, maintains a financial interest in BAI, it will maintain a controlling interest of substantially all of the outstanding stock of BAI; 3) That Bank of America, New York, shall not purchase or hold any stock in BAI if BAI at any time fails to restrict its activities to those permissible to a corporation in which Bank of America, New York, with the consent of the Board of Governors, may purchase and hold stock under Section 25(a) of the Federal Reserve Act or the regulations thereunder, or if BAI, except with the consent of the Board of Governors, 1 f-32 9/21/56 -13transacts or engages in any business in the United States, establishes any branch or agency, or takes any action or undertakes any operation in Italy or elsewhere which at that time is not permissible to Bank of America, New York; 4) That the full purchase price of the stock be paid upon consummation of the transaction, subject to reserve for adjustment based on a thorough audit of the books, records, accounts, and affairs of BAI to be completed within one year from date of acquisition; 5) That, when required by the Board of Governors, Bank of America, New York, will cause BAI to permit examiners appointed by the Board of Governors to examine BAI and its branches and agencies, and to furnish the Board of Governors with such reports as it may request from time to time; 6) That Bank of America, New York, agreeto maintain a net capital structure which, in the judgment of the Board of Governors of the Federal Reserve System, shall be adequate in relation to the character and condition of its assets and to its deposit liabilities and other corporate responsibilities, after giving consideration to Bank of America, New York, and BAI on a consolidated basis; 7) That, within 90 days after consummation of the proposed acquisition of BAI, steps will be taken to increase the capital and surplus of Bank of America, New York, by an amount not less than the cost of the shares of BAI acquired. Upon receipt of detailed information concerning the proposal, following the conclusion of your discussions with Transamerica Corporation, the Board will give further and formal consideration to your request. With further reference to the legislative suggestions to be submitted by the Board to the Senate Committee on Banking and Currency, Governor Robertson recalled that in earlier discussion there had been some 192? -14- 9/21/56 sentiment in favor of a suggestion to repeal legislation relating to bank holding company affiliates which was on the statute books prior to the date of enactment of the Bank Holding Company Act. He said that upon further review the Division of Examinations had concluded that it would not be advisable to repeal such legisla4on at this time. Therefore, he would suggest that the item be passed over. When Mr. Vest stated that the Legal Division had in process for distribution to the Board later today a compilation of items tentatively accepted by the Board which would include the item mentioned by Governor Robertson, the latter suggested that the item need not be deleted from the material distributed to the Board but that the point which he had mentioned should be borne in mind when the Board Made its final review of the legislative suggestions to be sent to the Committee. At this point Chairman Martin joined the meeting and Mr. Goodman Withdrew. The Board then proceeded to review the remaining suggestions of the Federal Reserve Banks for items which might be submitted to the Senate Committee on Banking and Currency in connection with the Committee's current study, consideration being given to the suggestions received from the Reserve Banks of the Ninth to the Twelfth Federal Reserve Districts, inclusive. It was noted that a number of the suggestions received from those Banks had already been considered during discussion 92S -15- 9/21/56 of the items suggested by the Board's staff or by the other Federal Reserve Banks. Following the review of the remaining suggestions, it was agreed that none of them should be included in the initial submission to the Banking and Currency Committee. During the foregoing discussion, Governor Robertson called attention to a memorandum from Mr. Shay, Assistant General Counsel, dated September 20, 1956, regarding possible changes in section 30 of the Banking Act of 1933. This memorandum, copies of which had been sent to the members of the Board, was prepared in accordance with the Board's request at the meeting on September 14, 1956, with a view to deciding Whether any suggestions with regard to this section of the Banking Act Of 1933 were of a nature that would be appropriate for inclusion in the material to be sent to the Banking and Currency Committee. In response to a question by Governor Robertson, Mr. Vest said that the interpretation of the statute contained in Mr. Shay's memorandum lly reflected his own view and that, so far as he knew, no substantia staff in the past. different position had been taken by the Board's legal Attention was called to the fact that in an earlier discussion Of the Committee request the Board had tentatively approved inclusion Of a legislative suggestion which would provide that warnings under secthan by the Fedtion 30 would be issued by the Board of Governors rather eral Reserve Agent at the Reserve Bank concerned. Governor Robertson stated if there were no more fundamental suggestions for changes in 1929 9/21/56 -16- section 30 than appeared at present on the basis of Mr. Shay's memorandum, he would be inclined to consider excluding from the material sent to the Committee the suggestion just mentioned since he felt that little would be gained through the change in procedure. There was agreement with Governor Robertson's view that further consideration should be given to the legislative suggestion in question before deciding whether to transmit it to the Committee. Governor Robertson then referred to his statement at yesterday's meeting regarding advice from the Office of the Comptroller of the Currency that it was prepared to suggest to the Committee transferring to the Comptroller the responsibilities of the Board with respect to authorizing and regulating trust powers of national banks. He said that in his opinion authority with respect to trust powers of both national and State member banks should be vested in the same agency of the Federal Government, which made it seem logical that the authority should be vested in the Board of Governors. In the circumstances, however, it was his feeling that perhaps the Board should make no suggestion of its own and merely keep the matter in mind if the question should be raised by the Committee. Chairman Martin expressed the view that the Board should subit to the Committee as few items as possible that might be suggested to the Committee by others. He felt that the Board would be in the strongest position if it submitted only those legislative suggestions that would stand up under scrutiny as items covering points where there was an evident need for change from the legislative standpoint. 1 91rTn. -17- 9/21/56 Messrs. Sherman, Leonard, Vest, Sloan, Solomon, and Hackley then withdrew from the meeting. Chairman Martin referred to a memorandum addressed to him by the staff under date of September 20, 1956, which discussed the anticipated need of the Treasury for new money during the remainder of this calendar year and made certain suggestions regarding the means by which the financing might be accomplished most satisfactorily. At the request of the Chairman, Mr. Thomas reviewed the nature of the problem and the analysis contained in the memorandum. Following a discussion based on Mr. Thomas' comments, Chairman Martin stated that copies of the memorandum would be distributed to all of the members of the Board with a view to further consideration of the subject at another meeting. Pursuant to the understanding at the meeting yesterday, there had been distributed to the members of the Board copies of a letter addressed to Chairman Martin under date of September 18, 1956, by Mr. Clarence B. Randall, Chairman of the Council on Foreign Economic Policy, inquiring whether the Board would designate Mr. Marget, Director, Division of International Finance, to participate in the activities of a subcommittee that had been formed in connection with the current study Of the policy aspects of regional economic integration and its impact 011. United States trade and other economic interests. Following a discussion, unanimous approval was given to a letter for the 1931 -18- 9/21/56 signature of Chairman Martin to Mr. Randall in the following form: In response to your letter of September 181 1956, the Board of Governors will be pleased to have Mr. Marget of our staff serve as a member of the Subcommittee which has been formed under the chairmanship of Dr. Davis of the Council of Economic Advisers in connection with your study of the policy aspects of regional economic integration and its impact on U. S. trade and other economic interests. The meeting then adjourned. Secretary's Note: On September 19, 1956, Governor Shepardson approved on behalf of the Board the recommendation contained in a memorandum dated September 18, 1956, from the Division of Personnel Administration, that approval be given, in accordance with the Board's policy of following in principle the wage levels and other standards of the Interdepartmental Lithographic Wage Board, to a new printing grade pay schedule applicable to lithographic trade positions in the Duplicating and Mail Section of the Division of Administrative Services as shown below, and to certain changes in annual salary rates of the present incumbents of those positions, also as shown below, effective September 23, 1956: PRINTING GRADE BASIC PAY SCHEDULE Grade Step 1 Step 2 1 432,309 4;2,434 Step 3 2 2,496 2,621 2,558 2,746 3 4 5 6 7 8 9 10 2,683 2,891 3,078 3,266 3,453 3,661 3,827 4,o35 2,829 3,07 3,245 3,432 3,640 3,848 4,05 14.,211.3 2,974 3,182 3,411 3,598 3,827 4,035 4,243 4,451 192 9/21/56 -19- 3 Grade Step 1 Step 2 Step 11 12 $4,222 4,410 $4,451 13 14 15 16 17 18 4,597 4,805 4,992 5,179 5,366 5,574. $4,680 4,867 5,096 5,304 5,533 5,720 5,949 6,157 4,638 4,846 5,054 5,262 5,450 5,658 5,866 Name and title Franklin Taylor, Supervisor Thomas V. Kopfman, Assistant Supervisor Frank W. Constable, Photographer (Offset) Bruce L. Moffett, Operator (Offset Press) Joseph W. Wright, Photographer (Offset) J. Robert Surguy, Clerk (Composition) Nelson S. Dyson, Bindery Worker Claiborne Johnson, Operator (Offset Press) Ralph A. Sherrod, Photographer (Offset) Benjamin D. Berry, Foreman Operator (Mimeograph) Herbert W. Bundy, Operator (Duplicating Devices) Bricen Barnes, Bindery Helper and Operator (Mimeograph) Levernon Wood, Operator (Duplicating Devices) Edward L. Hargett, Operator (Mimeograph) Daniel F. Lane, Operator (Mimeograph) Annual salary rate From To $6,232 $6,357 5,699 5,866 5,616 5,720 5,616 5,720 5,574 5,720 5,346 5,533 5,179 5,304 4,909 5,054 4,285 4,410 3,910 4,035 3,682 3,827 3,910 4,035 3,515 3,640 3,494 3,598 3,494 3,598 4933 9/21/56 -20Pursuant to the recommendations contained in memoranda from appropriate individuals concerned, Governor Shepardson approved on behalf of the Board yesterday the following matters relating to the Board's staff: Appointment, effective as of the date of assuming duties Name and title Division Kathleen Barnes, Draftsman-Trainee Salary increase Basic annual salary $3,045 Research and Statistics effective September 23, 1956 Name and title Division Mary F. Murphy, Administrative Services Mailing List Clerk 1/ Basic annual salary From To $3,385 $3,515 Changes in status of employment Transfer of Mary Ann Nichols, Clerk-Typist, Division of Research and Statistics, from a regular basis to a half-time basis (four-hour day) beginning on or about September 24, 1956, with the understanding that her Present basic salary at the rate of ei;3,345 per annum would be adjusted accordingly. Transfer of Joan I. Darby from the position of Clerk to the position of Clerk-Typist in the Division of Research and Statistics, and from a regular basis to a half-time basis (four-hour day) beginning on or about September 24, 1956, with the understanding that her present basic salary at the rate of 0,430 per annum would be adjusted accordingly. Pursuant to the recommendation contained in a memorandum dated September 20, 1956, from Mr. Bethea, Director, Division of Administrative Services, Governor Shepardson today approved on behalf of the Board the termination of the employment of Beverly K. McDaniel as Telephone Operator in that Division, effective Se tember 20, 1956. ecretary 1/ Title changed from Clerk.
@FedFRASER