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_It a regular meeting of the 2ederal eserve Board held in the office of the Board on 2riday, vember 13th at 3:00 p. m. PRE=T: Idr. McAdoo lir. Hamlin :Iarburg Delano rat. Harding :r. inter. The Governor of the Board presided and :Tr. H. P. Mills acted as secretary to the meeting. The lAnates of ti-40 preceding meeting were read and approved. Lir. Delano reported that he had arranged for the transfer of Morris Jacobson on a ninety day furlough 'from the Interstate Commerce Commission to the Federal Reserve idr. Jacobson to act as Chief of the Division of Re;300.00 per month. 7norts and Statistics at a salary of ) Thi5 action was approved. The Secretary 'of the Board was directed to take lir questiorl with Assistant Secretary of the Treasury halburn the tl of permitting member banks to turn in gold cortficatee at sub-Treasuries and to receive in exchange order certificates for use in depositing reserves, and to call Mr. Lalburnts 1 attention to the necessity of having the original gold certificates thus turned in cancelled. In pursuance of this action the 3ecretury was directed to inform tne iederal Reserve Bank of Kansas City that its member banks might deposit gold certificates in the St. Louis sub-Treasury a.ici receive in exchange order certificates for use in i'ayinE.; in reserves. The Secretary of the Board presented a report on corsonnel describing the action of his office in carrying out the lirections of the Board with reference to the ouest ion of a permanent staff and asked for its insertion in the minutes. authorized. On motion this action was The report follows: FEDERAL RESRVE BOARD Washington :ovember 10, l91,1. The Comptroller of the Currency, Treasury Department, Washington, D. 0. My dear :Ir. Comptroller: I duly received your memorandum, and in reply to that part in which you ask for a list of the versons employed by the Board with their ratings, I beg to hand you herewith copy of a report which has been prepared for the Board and which covers this whole subject in its main outline. :/e have never prepared any memoranda showing the endorse- 3 b pents of the different .employees, these being in the files of the Organization Committee, and it seems doubtful whether, as the members of the staff have now been employed on a permanent basis, we had better revive the question of their support. If I can be of further service in this matter, please cormand me. Very truly yours,' H. PARKER WILLIS Secretary. To the FED3RAL RES3RVE BOARD : . The Secretary of the Federal Reserve Board submits to the 2ederal Reserve Board a report of his action taken under the direction of the Board and in accordance with the report of the Committees on Staff and on Organization approved by the Board: The Reserve Bank Organization Committee had in its employment just prior to november 2d, when the work was taken over by the Federal Reserve Board, 72 individuals. Under the scheme of a skeleton organization to be developed in accordance with the growth of business, the Federal Reserve Board assembled from the above named force and began its work on rovember 2d with a force of 40 individuals. There has been added through temporary employment, one Assistant Counsel, one female stenographer, two typists and one clerk skilled in typewriting, thus increasing the force to 45 people, divided as follows: PRIVATE 3EORETIRIES. Er. Er. 1.1r. Er. Er. Er. Adelson Chapman De La Mater Fouik Gidney Stauffer To Harding Warburg Delano • Hamlin mr. Miller Er. Williams Mr. Er. Mr. Er. 3,3 STENOGRAPHERS TO 1TERERS Mr. Eddy Mr. Titus Ur. Ball Miss Waters Miss Peiffer - Mr. Mr. Ur. Mr. Mr. Mr. Harrison Mr. Bradley - Asst. to Judge Elliott tt Sooty. to " Mr. Stuart Ur. Burklin - Sec'y to Mr. Willis Steno. Harding Hamlin. Delano Warburg Williams STENOGRAPHERS Mrs. Mrs. lire. Mrs. Miss Woodford Croghan Starr Richardson Steger Mrs. Marvin Miss Doocy Miss Mickley Mrs. Hess (Resigned 1Tov.2d.) Mr. Moran CLERKS Mr. Kitzmiller (File clerk) Mr. Jamison (File clerk) Mr. Fountain (Bookkeeper, temporary) Miss Townsend (skilled in typewriting) Mr, Shea TYPISTS Miss Milliken **** Mrs. Rice Multigraph Operator Miss Meyers - Mimeograph Operator and Typist Miss Oberndorfer Telephone Operator Mrs. Clark 3 MESSENGERS J. W. W. I. De Haven Evans Fletcher Fantroy P. H. T. C. Killingsworth Nicholson Robinson Johnson CHARWOMEN F. Thomas 1 A. Fisher M. Romero 1 *, * * Total of 45 employees on roll. TOTAL 6 4 1 1 1 2 2 1 1, 7 2 1 1 1 1 1 8 1 3 PAY-ROLL Aggregate salaris0 on an annual basio, Private Secretaries at 42500 per year 415,000.00 Stenographers to members at gin° n 4,800.00 Stenographer to Mr. Hamlin at 41400 1,400.00 Assistant to Counsel at 42400 per year 2,400.00 Secretary to Counsel at 0.500 1,500.00 Stenographers, Secretary's Office 41400 ec43200 2,600.00 Pile Clerks at 41800 and 41080 2,880.00 Bookkeeper at 41600 (temporary) 1,600.00 Chief Stenographer at 41800 1,800.00 Stenographers at 41000 7,000.00 Typists at '-A . 000 2,000.00 Machine Operator at ;$900 900.00 Machine Operator and Typist at 41000 1,000.00 Telephone Operator 600.00 Clerk skilled in typewriting at 4800 800.00 Stenographer at 4900 900.00 Messengers at 4600 4,800.00 Clerk at $600 600.00 Charwomen at p'240 500.001 720.00 3, BOARD 5 members at 412,000 per year 1 member at 47,000 per year 467,000.00 totsk, 7,500 6,000 4,500 Counsel Secretary Assistant Secretary Y859000 ,';136,300 Grand Total Joseph A. Broderick, Chief of Division of Audit & Examination Accountant for field work 3,600 2,400 6,000 3,600 H. Y. Brooke, Special Examiner 4147,900.00 Grand Total The reduction in the number of those employed when the Federal Reserve Board took over the work of the Organization Committee left about thirty persons to be placed upon a list of those eligible for temporary re-employment pending the establishment of an eligible list through the application of a test of fitness. Two of these, Mr. McChord and Miss iftrwick,were dropped from the list as not to be re-employed. Two have been re-employed in the Division of Insolvent Banks of the Treasury Department as follows: a Miss Barnard and Miss Collison. Seven nave been temporarily re-employed by the Comptroller of tne Ourrency in the Division of Issue, Federal Reserve notes as follows: Miss Wofford Miss Mooney Yr. De Mott Mrs. Harris Mins Haskins Mrs, Lewis Mrs. Wedderburn. Those recommended by the Federal Reserve Board have been taken in order of standing from the respective classifications. Their names are Mrs. Clark, Miss Milliken, typists; and Miss Townsend, clerk, with knowledge of typewriting. One clerk, Mr. Underwood, declined employment at the % per month, the proposed beginning salary. rate of ,67.66 This leaves available for re-emrloyment the following who are listed male and female in order of rating: YAIT, FE1,14.13 • Mrs. Miss Mrs. Mrs. Miss Mrs. Mrs. Mrs. Mrs. Mrs. Mrs. Walker Corcoran Taylor Overby Smith Ferguson Blackstone Blanchard Thompson Colmesneil Campbell Mr. Mr. r. Mr. Mr. Hoover Thompson Keller Christian Castle The Board by resolution of October 20th, 1914 has authorized the Comptroller of the Currency to establish a "Reimbursable Roll" for the purpose of caring for Federal Reserve notes and left it to the Comptroller's discretion to select his personnel for this staff. The personnel of the bureau in question as made up by the Comptroller of the Currency, was consequently outside of the jurisdiction of this office. H. PARKER WILLIS Secretary. The Board then took up the question of fixing a rate of rediscount and telegraphic correspondence relating thereto was read. 3,10 After discussion, on motion rates of rediscount for use at the opening of the banks were fixed as follows: , ep,", for 30 days or less and 6170 for longer periods Atlanta it tt Pt It If ft Pt It it It Kansas City " ft It It ft II It ft ft If ft Minneapolis " If It ft tf It pf It tt ft It ft Dallas ft It ft tf Pt Pt II ft It ft San Francisco" It ft It It If PI II pt ft it ft Richmond tf It It ft It ft It ft rt ft " St• Louis 57 2.--;6 for 30 days or less and 6,`114; for longer periods New York• ft if If ft If rt tt, It II Pt Philadelphia " 6,1 ; Chicago Cleveland. 6% Boston...... 6 On motion it was voted that if tne Federal Reserve Banks in Chicago, Cleveland and Boston desired the 5L/0 rate for paper up to thirty days it should be established for them also. On motion it was voted tnat if the Comptroller of the Treasury approves, Federal reserve notes when shipped by the Comptroller of the Currency, shall be sent by registered mail, insured. A telegram of inquiry from Federal Aeserve Agent Jay was referred to the Committee on Bonding. The Secretary of the Board presented two alternative forms of suggested drafts for use by member banks. The form complying with tne previous orders of the Board was approved. On motion it was voted that Mr. Warburg and the Secrelmry of the Aoard acting as a comnittee, prepare a state=ent for tae press relating to discount rates. A compiled state:nent regarding the salaries and rates of compensation fixed by federal reserve banks for their officers and directors was referred to the Committee on Bank Organization* On motion at 5:30 p. m APPROVED: Ohainlan. the Board adjourned.
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