Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, September 26, 1962, Volume 49, Part 9

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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.