Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, June 26, 1919, 5:20 PM, Volume 6, Part 2

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At a meeting of the Executive Committee of the Federal Reserve Board held in the office of the Board on Thursday,
June 26, 1919, at 5-20
PP' 'ENT: The
Mr.
Mr.
Mr.

Governor
Strauss
Hamlin
Broderick, Secretary.

Business was presented and disposed of as follows:
Letter dated July 25th from the Chairman of the Federal Reserve Bank of New York, submitting recommendations of
the Board of Directors of that Bank of increases in salaries
of officers and employees of the Federal Reserve Bank of New
York, effective July 1, 1919.
Approved as submitted.
Letter dated June 23d from the Assistant Federal
Reserve Agent at Minneapolis, advising that Federal Reserve
Agent Rich is desirous of appointing R. A. Smith as Chief
Clerk to the Federal Reserve Agent at Minneapolis, at a salary
of $2,200 per annum, effective July 1, 1919.




Mr. Hamlin, to whom the question had been
referred, reported that he approved the recommendation, if and when made over the signature
of the Federal Eeserve Agent, and not that of
his assistant.
Voted that Mr. Mosher be informed that the
Board will be milling to approve the appointment
of Mr. Smith at the salary named upon the recommendation of the Federal Reserve Agent.
Memorandum by Secretary dated June 26th, submitting

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fiV\
-2opinion of the Comptroller of the Treasury to the effect that
employees of the Federal Reserve Board are subject to the
limitations of Section 7 of the Act of March 1, 1919, and entitled to the additional compensation therein provided, and
submitting for approval recommendations for increases of salaries
of the employees of the Board not affected by the provisions
of such act.
Voted that payment of extra compensation
be made to employees subject to the provisions
of Section 7 of the Act of March 1, 1919, known
as the Legislative Appropriation Bill.
Voted that the recommendations of the
Secretary of increases in salaries of those employees of the Board not entitled to extra compensation effective July 1, 1919, be approved as
subMitted.
The Secretary called the attention of the meeting to
the fact that the $100 per annum increase in salaries of
Private Secretaries to Members of the Board was, under the
terms of the present arrangement, payable dating from the
period when such secretaries entered upon their duties, and
recommended that such payment date be made uniform in all
cases as of July 1st in each year.
Approved.
At 6-25 P.M., the meeting adjourned.

),r‘
Approved:




Secretary.