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Minutes for To: Members of the Board From: Office of the Secretary September 26, 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 Minutes of the Board of Governors of the Federal Reserve System on Wednesday, September 26, 1962. The Board met in the Board Rama at 10:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Balderston, Vice Chairman Mills Robertson Shepardson Mitchell Sherman, Secretary Kenyon, Assistant Secretary Fauver, Assistant to the Board Hackley, General Counsel 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. Mr. Mr. Mr. Mr. Circulated items. The following items, which had been circulated t° the Board and copies of which are attached to these minutes under the res,kictive item numbers indicated, were approved unanimously: Item No. Idetter to Marine Midland Trust Company of Rockland 1„21411:3r, Nyack, New York, approving the establish-11t of a branch at Tappan, Town of Orangetown. 1 Letter to the Federal Reserve Bank of Atlanta °ving a revision in the employees' salary 'ucture, effective October 1, 1962. 2 14 tter to the Federal Reserve Bank of Dallas : Bli!!!°1/Ing a revision in the employees' salary “Icture, effective October 1, 1962. 3 e Mr. Leavitt withdrew from the meeting following action on Item No . -2- 9/26/62 Processing of applications. There was a general discussion of ations in the factors resulting in delay in the processing of applic y bank supervisory field, particularly bank merger and bank bolding compan sPPlications. Various suggestions were made for procedures that might be helpful in expediting decisions on such applications, including the and work product Possibility of increased reliance on the facilities Of the Federal Reserve Banks in order to conserve available staff resources, and it was understood that these suggestions would be taken Under consideration by the Division of Examinations. It was also under- stood that copies of the weekly list of pending applications prepared by the Division of Examinations would be made available to all members Of the Board desiring such information, with the understanding, however, that primary responsibility for working with the staff on procedures for expediting the processing of such items would continue to reside in Governor Shepardson. The meeting then adjourned. Secretary's Note: Governor Shepardson today approved on behalf of the Board the following items: Memoranda from appropriate individuals concerned recommending s acceptance of resignations of the following persons on the Board' staff: Barbara C. Passell, Secretary, Division of Internass tional Finance, effective at the close of busine October 5, 1962. Examinations, Sandra J, Rider, Stenographer, Division of r 12, 1962. Octobe ss busine effective at the close of Letter to the Federal Reserve Bank of New York (attached Item No. 4) approving the reappointment of John Gritzek as assistant examiner. qtr" •Item NO. 1 9/26/62 BOARD OF GOVERNORS ,."''•• q0ECol',•. OF THE 0. FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD September 26, 1962 Board of Directors, Marine Midland Trust Company of Rockland County, Nyack, New York. Gentlemen: The Board of Governors of the Federal Reserve System approves the establishment of a branch at 142 Oak Tree Road, Hamlet of Tappan (Unincorporated Area), Town of Orangetown, Rockland County, New York, provided the branch is established within six months from the date of this letter. Very truly yours, (Signed) Elizabeth L. Carmichael Elizabeth L. Carmichael, Assistant Secretary. n Item NO. 2 9/26/62 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD September 26, 1962 CONFIDENTIAL (FR) mr. Malcolm Bryan, President, Federal Reserve Bank of Atlanta, Atlanta 3, Georgia. Dear Mr. Bryan: As requested in your letter of September 141 1962, the Board of Governors approves the following minimum and maximum salaries for the respective grades of the employees' salary structures at the Federal Reserve Bank of Atlanta and branches, effective October 1, 1962. Atlanta Birmingham-New Orleans Grade llinimum Maximum 1 2 $2,600 2,600 $3,120 3,240 3 2,700 3,420 4 2,800 3,780 5 6 7 8 9 10 11 12 13 14 15 16 3,160 3,640 4,150 4,660 5,180 5,725 6,300 6,870 7,515 8,150 8,860 9,610 41240 4,900 5,590 6,280 6,980 7,715 8,480 9,260 10,125 10,990 11,940 12,950 Jacksonville Minimum Maximum Nashville Minimum Maximum $2,600 $3,120 $2,600 $3,000 2,600 2,700 2,765 3,160 3,555 3,960 4,385 4,810 5,250 5,800 61400 7l000 7,700 8,400 9,200 30240 30420 3,735 14,260 4,795 5,350 5,915 6,490 7,090 7,800 8,600 9,500 10,400 11,300 12,400 2,600 2,640 2,700 2,830 3,260 3,685 4,135 4,585 51065 5,560 6,070 6,610 7,200 7,900 8,600 3,120 3,300 3,600 3,820 4,400 4,975 5,585 6,190 6,835 7,500 8,190 8,920 9,700 10,700 11,600 Mr. Malcolm Bryan - 2- The Board approves the payment of salaries to the employees, Other than officers, within the limits specified for the grades in *itch the positions of the respective employees are classified. All employees whose salaries are below the minimum of their grades as a result of this structure increase should be brought within appropriate ranges by January 1, 1963. It is noted that provision will be made in the 1963 budget tor the increased salary costs resulting from these adjustments in "lary structures. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Secretary. 6-1 Item No. 3 9/26/62 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 25, D. C. ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARO September 26, 1962 CONFIDENTIAL (FR) Ar. Wabrous H. irons, ?resident, rederal Reserve Bank of Dallas, Dallas 2, Texas. Dear Mr. Irons: As requested in your letter of September 13, 1962, the Board of Governors approves the following minimum and maximum salaries for the respective grades of the employees' salary structures at the Federal Reserve Bank of Dallas and branches, effective October 1, 1962. Grade Dallas-El Paso-Houston Maximum MinLauri San Antonio Minimum Maximum 1 2 3 4 5 6 7 8 2,600 2,640 2,760 3,000 3,300 3,665 4,075 4,54o $3,510 3,565 3,725 11,050 4,455 4,950 5,505 6,130 *2,600 2,640 2,700 2,880 3,145 3,460 3,810 4,210 $3,510 3,565 3,645 3,890 4,250 4,675 5,140 5,680 9 5,060 6,830 4,645 6,270 10 11 12 13 14 15 16 5,645 6,300 7,040 . 7,790 8,675 9,655 10,775 7,620 8,510 9,505 10,515 11,710 13,035 1)4,545 5,135 5,700 6,330 6,990 7,795 8,690 9,635 6,930 7,695 6,545 9,435 10,520 11,735 13,010 111,110., Mr. Watrous H. Irons 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. All employees whose salaries are below the minimum of their grades as a result of this structure increase should be brought within appropriate ranges by January 1, 1963. It is noted that any increase in salary expenses arising out of the increases in salary structures can be handled within the limits of your 1962 budget estimates. Very truly yours, (Signed) Merritt Sherman Merritt Sherman, Secretary. I No. 4 9/26/62 Item BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTE WASHINGTON 25, D. C. ADDRESS arriciAL CORRESPONDENCE TO THE BOARD September 26, 1962 Mr. John F. Pierce, Chief Examiner) Federal Reserve Bank of New York New York 45, New York. Dear Mr. Pierce: In accordance with the request contained in your letter of September 200 19621 the Board approves the reappointment of John Gritzek as an assistant examiner for the Federal Reserve Bank of New York. Please advise the salary rate and the effective date of the appointment. Very truly you (Signed) Elizabeth L. Carmichael Elizabeth L. Carmichael) Assistant Secretary.