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December 29, Dear Dr, Calkins: I ?ja enclosing with this note a copy of the list of possible historians which Mr. Bpronl brought to the meeting yesterday. I think you took with you the other list which we prepared in this office. n& soon M we get your own choices out of these lists, we will put them together with the others and hope to cone «p with a haaftftal of recommendations for the meeting of the full Committee on the 29th. I certainly admire the speed with which your new electronic wonder reproduces this kind of thing. Cordially yours, Mildred Adams Dr. Hobert D. The Brookinga Institution 12k Jackson Place ^ Washington 6, D.C Enc, 722 December 23, 1954 Dear Miss Adams: I have your note regarding the quarterly financial reports. I am passing it on to Mr. Akers and Miss Maroney with the request that they prepare such reports quarterly. With very best wishes for the Holidays and the New Year, Sincerely yours, President Miss Mildred Adams Committee on the History of The Federal Reserve Systemg £% g* • • * M 33 liberty Street •• V E New York 45, N. Y. DEC 2 7 1954 COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM we *> ttmrnltl report i of Of of I P. Ct-Xkls* Institution V 722 HJ D e c e m b e r 2 1 , 1954 M r s . Ellen C . Singer C o m m i t t e e on the H i s t o r y of The Federal Reserve System 33 Liberty Street New York 45, New York Dear Mrs. Singer: Thank you for your note. I will expect to see Mr. Sproul and the others here for the Executive Committee meeting at 1 o'clock on the 28th. Sincerely yours, President RECEIVED DEC 2 7 1954 COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTEM December 20, 1954 Dear Dr. Calkins: Miss Adas© has asked me to write you that she has received word from Mr* Sproul about the Executive Ccaamittee meeting on Tuesday, December 28th. He would like to change the hour of that meeting fro& 12:30 to itOO pja. Unless you l e t this office know to the contrary, we shall assume that 1*00 p.m. a t the Brookings Institution on Tuesday, December 28th, i s convenient for you. Sincerely, Secretary Dr. Robert D. Calkins The Brookings Institution 722 Jackson Place M» W. Washington 6, D. C, HONORARY TRUSTEES TRUSTEES WILLIAM R. BIGGS, Chairman HUNTINGTON GILCHRIST, Vice Chairman ARTHUR STANTON ADAMS DANIEL W. BELL ROBERT D . CALKINS LEONARD CARMICHAEL WILFRED L. GOODWYN, JR. JOHN W. HANES LEWIS WEBSTER JONES JOHN E. LOCKWOOD LEVERETT LYON ROBERT BROOKINGS SMITH LAURENCE F . WHITTEMORE DONALD B. WOODWARD ROBERT PERKINS BASS MRS. ROBERT S. BROOKINGS JOHN LEE PRATT HARRY BROOKINGS WALLACE <3fttgittuittm OFFICERS ROBERT D . CALKINS President 6, ^&~ (0L MILDRED MARONEY Treasurer 7 2 2 JACKSON PLACE, N. W. ELIZABETH H. WILSON Secretary December 17, 1954 SHELDON B. AKERS Executive Manager Miss Mildred Adams Committee on the History of the Federal Reserve System 33 Liberty Street New York 4-5, New York Dear Miss Adams: I am putting January 29 down on my schedule for the Princeton meeting. In accordance with your suggestion, we are paying the expenses of the Princeton conference out of the contingency fund, I am sending Mrs. Singer an annual appointment letter in accordance with your suggestion. Sincerely cc: Mr. Akers Miss Maroney Mr. Woodward Enclosure RECEIVED DEC 20)954 December 17, 1954 Dear Dr. C&lkins? In going over old notes, I find that l a s t February, vh«n vm were talking about the miereabouts of the Mellon papera, you aaid that you were going to talk to Paul Mellon and -**ould take that occasion to fegk hiiB where the Andrew Mellon papers ere and hov they could be made available. Hy memory i s th*>t you spoke to me about these l a t e r , but I can not find that I m&de & record wiueh sheds more light on the matter* On the other hand, I don't w&at to go &h@&d &nd aake a further investigation because I sleo h&ve a feeling th&t this n*i 6 matter which you considered slightly delicate. Would you search your esesaory &n& l e t &e knov about a® sorry to have slipped up on i t . Cordially yours, Mildred Ideas Br# Robert J). Calking The Brookings Institution 722 Jeckson Place H, ¥. Washington 6, E. C. 14, 1954 Dear Dr. Calkinst tfe BOW h&ve the figures in for the three-day Princeton meeting, at which we visaed your presence tad your advice* The totel caaes to iX18G»77, and I sa asking Mra» Singer to enclose & sufmry chart* Sh® has alre&dy sent details to Mr« Akers* I would think that this conference and its sequel, now being scheduled for January 29th if that dftte meets with Coesiitte* approval, should b« paid for out of the Committee*s contiugem^ fund, »<it up la tfe^ budget at your stuggefttioiu May I b«ve word you or Hies M«ironey on tbisl Mr. Akers reminded me last veefc that I should b« eesding you word about Mrs, Ellen Singer who came to work for this Conasittee on September 9th as Executive Secretary ».nd Research Assiatant. Her period of Tesporary AppoiRts©xrt was up or. December 9th, «nd this is to serve as the appropriate reeoanecdatlon* May I s&y that Mrs* Singer's work is abundantly satisfactory, a»d that I therefore request that she be trsnsferrecl to an Armual Appointment basis as a raaaber of th« Special Staff of this Federal Beserv* study* That appointment should be wade as of December Huj I also ask what the Brooklngs policy is as to salary raises? Mrs. Singer1 s w^rk seems to me worth sor® than the 134-6 a month which sh# is facing paid, snd I would like to reeoswend a iiuirease at whatever you regard as the appropriate tine* She is & valuable asaistiint, and will be mor© valuable as. she goes on. Very sincerely yours, Mildred k&®m* Dr. Kobert D. C&Ikics The Brookings Institution 722 Jackson Place I.V. Washington 6, P,C» * f M^tiitf •% frifiertoft, Jkwwflw 21, X954 273.91 0, sad for Mffi* lll»is Singer, b i l l fro® tfct frt»«s#ton Ian i t l»lEf fe#M i» i#w totk u i t t i l WILLIAMSON, Harold Francis, educator, aeon, historian; b. Vyandotte Co., Kan., Mar. 21, 1901; s. Samuel Sylvester and Ella (Watson) W.j A.B., U. of So. Calif., 1924, A.M., 1925; Ph.D., Harvard, 1936; m. Arline Jane Hotohklss, Aug. 12, 1932; children—Harold Francis, Samuel Hotchklss. Instr., 0. So. Calif., 1925-27; instr. and tutor, Harvard, 1930-32, 1934-39; asst. prof, economics Yale, 1939-42, assoc. prof., 1942-48; prof., economics, Northwestern U. since 1943. Director National Bureau Economic Research, National Records Management Council. Member American Economic Association, Econ. History Assn. (trustee 1947-50), Am. Assn. U. Profs., Sigma Alpha Epsilon. Authors Edward Atkinson: Biography of an American Liberal, 1934; The American Carpet Manufacture (with A. H. Cole), 1941; Winchester, the Gun That Won the West, 1952. Editor and contributori The Growth of the American Economy, 1944, 51. Source book adv. Com. of Social Scl. Research Council. Adv. editor, Jour, of Modern History. Home: 824 Monticello Av., Evanston, 111. Source: Who's Who in Amerio*. Vol. 28. 1954-1955 Received from Dr. Calkins, December 9, 1954 (carded, ecs) Williamson, Harold Francis, 1901- Economlc development: principles and patterns (Editor with J. A, Buttrick) Prentice-Hall, 1954. 576 p. Qro+ah of the African economy. 2d ed. (Xditor) Prentice-Hall, 1951. 946 p. Winchester: tne gun that won the Vast. p. Combat Preps, 1952. American carpet manufacture; a history and an analysis (with A. H. Cole) Harvard University Press, 1941. 281 p. Edward Atkinson; the biography of an Aaerican liberal. Riverside Press, 1935. Boston, latural resfurces and international policy. Prophecies of scarcity or exha ustion of natural resources in the United States. (In American eoonomic association, Papers and proceedings, Feb. 1945* p. 97-109) An appraisal of American economic progress. (In American association, Papers and proceedings, Dec. 1949. p. 107-117) Mention in made la the Directory of American Scholars of a title: American banking before the Civil War. I bare been unable to find it listed elsewuere so hare no bibliographical details. Ve shall check furtaer and send on to you any additional information we obtain. December 6, 1954 Dear Dr. Calkins: Thank you for your letter of December 3rd. I mm looking forv&rd to having lunch with you &nd Mr. Shav on Thursday, December 9, at 12:45 et Brookings. r Cordially, Mildred Adanss Dr. Robert ©. Calkina The Brookings Institute 722 Jackson Place I»l?« Washington 6, D.C. December 3, 1954 Dear Miss Adams: May we plan to have lunch together with Mr. Shaw on December 9> about 12:45» I have an appointment with my doctor for an eye test at 12 o1 clock, but I should be back by a quarter to one. Mr. Shaw is free that day. I regret that I shall not be here on the 10th. With very best wishes, Sincerely yours, President Miss Mildred Adams Committee on the History of the Federal Reserve System 33 Liberty Street New York 45, New Yorka g ^ E l V E D DEC 61954 COMMITTEE ON THC HISTORY OF THC RESERVE SYSTCM December 1, 1954Dear Dr. Calkins: I now find that I am going to be in Washington next veek on Thursday and Friday (December 9th and 10th), and I vonder if it will be possible for me to see you and Edward Shaw. I am eager to know more about his own study on commercial banking, and I would be very much interested to hear his account of Karl Bode. Would lunch on Thursday or Friday be possible for both of you, or would you rather name some other time? I hope your bout with the flu is entirely over and that you are feeling yourself again. Cordially yours, Mildred Adams Dr. Robert D. Calkins The Brookings Institution 722 Jackson Place N. W. Washington 6, D. C. er 26, 1954 Deer Dr. Calkins: go each for sending us copies of t i e Material en Karl Bode, I t sottBda t i t I i t i j interesting, *:id I a;-, particularly glad to note the Lib Sovard Cilia concerning -.-•. : feel 8 3 you I will certainly look up t i e citations -Hicb • fe«v notes in order to fat «J MBit of Boda'fl t y l e . Incldentcslly, I latopa th&t I »»y jseet r. 8 lai aext time I cotae to WaafelDgt&U 1 te not :.-«t, t a t I aa hoping to ^et s CWB EMsatlsa during tha m i l of the 6th cf Deeesber. I v i l l try to l e t you kaov ia advenes. Xf yours Kildred Er. Sobert D. C*,ikina The Brookings l a s t i t u t i o n ?22 JaafeflpO Place »• H* Hagblagtoa 6 , D, C« 6, Hovember 24, 1954 Mr. Donald B. Woodward Vick Cheiaical Company 122 East 42nd Street Hew York 17, New York Dear Don: I understand that 1 will shortly receive from Miss Adams a request for su6gestions of persons for writing the History of the Federal Reserve. In talking this laatter over with Mr. Shaw yesterday and today, he came up with a new suggestion of a name which seems to me extremely It is Karl Bode, who is both a student of monetary theory and economic history. I am attaching a memorandum from Mr. Shaw setting forth the high lights of Bode1s publications and also the bibliography which we could readily identify* I knew Bode slightly in the late thirties, when he was at Stanford. He is unquestionably a person of very substantial ability. It is my understanding that he was offered a professorship at Columbia in Economic History about 1948, and turned this down because of a feeling that he should lend a hand in the rehabilitation of Germany. In order to take this appointment with General Clay and Mr. McCloy, he resigned his position at Stanford and does not now hold an academic post. He is instead in Korea* Shaw reports that he writes very well mid he has a first-rate mind. It was the view amon^ some of the English economists back in the thirties that Bode might make one of the leading contributions in the study of capital. Actually, he was drawn into economic history at Stanford, has spent years developing an adequate knowledge and background in that field, and was just on the verge of becoming productive when the war ended and he took on tne assignment in Germany. Mr. Shaw is of the impression that we could probably get Bode. The principal difficulty is that ftode iias written very little in recent years and, therefore, it is difficult to prove the point that he would be productive. But on this score Shaw has no doubt whatever. The second difficulty is that he is in Korea and we could not readily interview him before making some kind of commitment that would bring him back to this country. I do not consider this latter obstacle entirely serious, since, if necessary, we might be able to make a commitaent at 3rookings that would brin^ Him back, before assigning him to this p rticular project. Mr, Woodw&rd -2- U./2U/5U Another person who might be considered, but whom I would not rate as the top man for the History, is Howard Ellis, Ellis would do a very thorough job, but he has a somewhat ponderous style and lacks the breadth and flexibility of mind which Bode apparently has, and which seems required on this study. Ellis would be excellent for one of the monographic studies, and I have every reason to believe that he could be interested in one of them. Sincerely yours, President cc: Miss Mildred Adams Karl Bode Bode is a naturalized citizen* He was born in Germany. He is a devout Gatholic, and his faith was responsible for his decision to leave Germany in, I think, 1933. His training in economies includes at least the Universities of Bonn and Vienna, the London School of Economics, and Cambridge University. He wag in England during 1933-1937 and developed a isajor reputation as an econoo&c theorist with specialties in capital and monetary theory. It was during this period that he established the reputation which later l&d f« Sraffa to invite his participation as co-editor of the impressive Ricardo studies. Bode replaced me at Stanford in 1937-1938 during iay sabbatical. Stanford invited Bode to remain, and he did until 19U6 when he resigned to join the staff of the allied occupation in Germany. He was with Clay and McCloy in major capacities, and remained in Germany to 19$k and until his conscience was satisfied that he had assisted the recovery of his mother country as best he could. His conscience is clear, and he regards himself as American wit no strings attached. Bode is now on his second mission to Korea, on the civilian reconstruction staff. His explicit responsibility is to devise and implement means of stabilizing the South Korean currency. I know of no economist better qualified for the job, I regard Bode as a brilliant, utterly honest economist* He has admirable training and experience in the monetary field. His principal concern, however, is economic history. This combination of interests and talents and training seems to qualify him for some such project as the Federal Heserve history. Bode has written very little, though he writes in a highly lucid and literate style. I recall articles in Economica of about 1937-1938, the American Sconoraic Keview of about 19i|2, and a note in the Review of Economics and Statistics for around 19l*5>. This small output should not be taken as indicative of his ability to write, his will to write, or his facility in writing. I can think of no one better qualified to handle the history of t3* Federal Reserve or, for that matter, of any other central bank. People who are qualified to comment on Bode includes Rosenstein-Bodan, Haberler, Wallis, Haley, Ellis. November 23, 1954 Dear Dr. Calkin U o'ot yc g — two i a j /ou ^roi^ Princeton pp4 D r . Chandler, and : r . Vood and Sunday I i Committee — vas extraordinarily interesting end valuable. I t will be ^ending out minutes, but I did vaat you to know how very much you were sissed bjid to send you one or tut b i t s of information \nich you mmy need for your r, Tar '.eve now gent their various ways and ' r i l i be working i ent to be presented to the Coosiittee ht •: in January. The- dates whica were set c e l l for the experts to jneet on Thursday, January 6th sn SuH.-'ay, January 9th, ihili tttt Meeting of the f a l l GesjBdtttt vith. the scheduled for January 3th. T:is «H1 be another full-day meeting, and ever/one Is hoping that you v i l l be able to be t h e r e . In the Beantime, the key figure -no i s to vrite th ; -rehennive h i s tory ' t i l l c veiled in Mists. Tht trend of thinking on Sunday seemed to run to en historj I • ant of economic fer«J I th Dane of S s r l Hamilton (suggested by Dr. I favor• Hr# Sproul aslctd t h a t , on the basis of f a . i l i c r i t y .ita appropriate periodical l i t e r s t a r e of r e cent deter, the Cou.dttee send in aamea of iuggestad writers and that they then be circulj ^for^ the S3 Lng. thig l i s t Kight - e l l include suggestions of vritars for s y d i T l t t d BoJiOgrrpxa as v e i l fcs the writer of the comprehensive h i s tory. LTB asking that these l i s t s retch us by the 10th of December, so t h e t we say circulate s oos^lett l i s t before the holiday russ i s on us. You may also l i k e to know that Br. Joseph Willits has accepted the CoiaK i t t ' e 1 ; ! invitfction to become £ aieEber, He was not able to ?. ttend the entire lM>tt" ing on Sunday but ca^e to lunch and sat with us for a half hour eftervards. I think that Mrs. Singer talked vith your secretary t h i s corning and esked th&t you hold Decenber 14.th for • possible executive Coamittee meeting. I v i l l try to l e t you know toBOXTTW 'whether or not this dc>te i s geuerslly r.ossible. Meanvhile I hope that you ere e n t i r e l y restored to h e a l t h . Dr. Hobert D. Calkins Trie Brookings I n s t i t u t i o n 722 Jackson Place B* ¥ . Washington 6, D. C, Cordielly yours Mildred Adams I, 195-4 Bear Dr. Calklne: I now find that I am going to be in Vashinftoa next ve*k on Thursday and Friday (December 9th and 10th), and I vonder if it vill b® possible for ®% to see you and Idvurd Bimv. I an Mgaf to- fcM* sor© about his own ^tiiclj on cosraercial banking, and I vould b« Y^ry imeh tere-?ted to he-^r his account of Karl Bo^e. Vould lunch on Thursday or Friday be possible for both of you, or woulct you mih@r oas® some other tims? I hope your bout with the fl« is entirely over and that you. are feeling yourself again. Cordially yours. Mildred Adazss Dr. Robert D. Calkias Th@ Brooking« Institution 722 Jackffon Place K. V« Vsshington 6, D. C. 18 f Bear Br» C$lkiB*t In the matter of Hit* Balls *©ci th# basis ©a vhleh I fctfVt s#ked h«r to do ft s^etiflc ^-lece of research .for a s , 1 think pprhe-ps I did uot MMI el.«nr the fatti?rf HM% a^4e vc fe#3t «he tfe^nli. 1* -e@«ti#er«c easlsl-oyce felit a-® st% i^id#^'#E^0Bi ootttrs&-etor» Ifey I set ^.U^'SJ f*i* 1st - Hiss though sot to th« «xt*&t o; ffesctlon la tfc*t category• vhloh o&ay for ua 1^*t for other p«ople on p as «n lsfor»&l r«»e»jrete fferrice, office, mnd 9h« «ould pnuTar to ^ a »y#sifi#4 nuafter of e«ird.s» ft«.3«rve £o«rdif at hairs uhlch »he nets to suit her iMI sad on « \mrTQ\md tjpewrittr. Soiie of i&a eonttitloBs ujui*r by « This is a v«ry sfeort ta.»* for vfeieh im have sought her t so ^bort tiir<t if you t*k* h«r on *• &». twpXwfi)> yo« will hardly get her there before I t I* tl»e to cheek ber out* I e&asot be •^eeific *boat tlm®, but I woaltfln't think t&el sore ttomn & elat^ee b®for© the jofe i s done* 4th - Miac Bull» i s retired, ^r^i of &n age to receive r i t y beseflte rr.ther than to |e^ %m» Her eivil servie rating er th«» the be.»e -fTice on ^hioh sh© i s fliorlng the eost of the ce »h«» is Mating m*« As K r«tire<l vicil aerv&iit »he prefers to her»«2f «.a oper*.t.lng a waell ba#i»#as, »o to speak, as 'feeing hired at & lover 'Jrat© than she In fact I sis sot at a l l sure tfeftt ash© MUMI h.^Te uiKSertfckeB the job h«d she, or I , thought th«re w*s mcy ^estion of her beln^ taken th* Br^okiagt r o l l * ** »a cst^loy*** 1 pro«d««d h#jr i oontr«etor; ***I«B you review th^ «lro2is»tai«s«© I hop* you b tfe&a i * the pr«i|^r i^roiiiKl <m *&l1& to tMHtfwiti her out M»tt§?» o f IMMMMNI MHi X 6.0 mmt ^«tafe i t I t 6, D«C* H:J till Wp« ! Mr 1 t o g«t the 6, | 8 . QL 7ZZ S p November 17, 1954- Dear Miss Adams: Thank you for your note of the 16th, and for the r e s e r v a t i o n . I hope to see you on Saturday n i g h t or Sunday, 1 s h a l l probably not be a v a i l a b l e for dinner Saturday n i g h t , since 1 s h a l l be dining with my son a t Princeton. S i n c e r e l y yours, President Miss Mildred Adams Committee on the History of the Federal Reserve System 33 Liberty Street New York 4-5, New York W31SAS AHO1SIH 3H1 ! 17951 33J HONORARY TRUSTEES TRUSTEES WILLIAM R. BIGGS, Chairman HUNTINGTON GILCHRIST, Vice Chairman ARTHUR STANTON ADAMS DANIEL W. BELL ROBERT D . CALKINS LEONARD CARMICHAEL WILFRED L. GOODWYN, JR. JOHN W. HANES LEWIS WEBSTER JONES JOHN E. LOCKWOOD LEVERETT LYON ROBERT BROOKINGS SMITH LAURENCE F. WHITTEMORE DONALD B. WOODWARD ROBERT PERKINS BASS MRS. ROBERT S. BROOKINGS JOHN LEE PRATT HARRY BROOKINGS WALLACE <3ltt0ittuittm OFFICERS ROBERT D. CALKINS President 5, MILDRED MARONEY Treasurer 7 2 2 JACKSON PLACE, N. W. ELIZABETH H. WILSON Secretary SHELDON B. AKERS Executive Manager November 1 6 , 195-4 jj'i g > S Miss Mildred Adams Committee on the History of the Federal Reserve System 33 Liberty Street New York 4-5> New York Dear Miss Adams: I have your letter regarding the appointment of Miss Beatrice Bulla. I find that the question of whether a person is or is not an employee is somewhat influenced by the question of whether or not we have to pay Social Security Taxes on their salaries as employees. Our interpretation of the regulations leads us to the conclusion that the arrangement you propose would be classified as employment. Our practice here is to limit contracts pretty definitely to lump sum arrangements, or to specified monthly payments for a specified period at' time. In the circumstances, I wonder if it would not be better to appoint Miss Bulla as a casual employee on part-time employment, at an hourly rate as you suggest. If this is agreeable, I will send her a letter of appointment. It might be advisable to specify the period in which she is to be so employed. Can you give me any light on that question? Sincerely yq Resident cc: Mr. Akers Miss Maroney ; office* I 2 tit ». fin»«r,eir'l r s | ^ r t , I hoi^» he Jtty &$t* tm*% t*%m X %& jfl&*f p«r^#^0 wlt*i • o o ^ #$«iF#*i#«d to «&** If I I ttj«t fttM 'sl«! f i m n e i ^ l HI far ytHiv v l l l be «*pr*$!& <^i«rg08f *ad I thialt w# «.r« f^i^HE ^ *»k £*** t sr««aiid ran s t e n e l l e wfiidi *r« st!;U b^iug i # i d In Vlr^tat*. T!^ #xc«-s? to p tfc# tk»^OO 4he«LL43 <*o»# -....itMa $3OG# feat « • %41X MPi ftw<lll i i t i t l g ©* Ul&nA I 6, Enclosed: Kincaid letter to Dr. Calkins and Page 2 of financial statement, November 16, 1954 Bear Dr. Calkins: This is to repeat a message sent you earlier th»t we have e room reserved in your m o at the Princeton Inn, where you are expected Saturday afternoon, to stay through Sunday afternoon. Our three experts and at least two other members of the Committee will be dining ftt the Inn on Saturday evening they will be particularly pleased to have you join them. You will be glad to hear th~t we are expecting I full attendance of Committee members for the all day meeting on Sunday. They will convene at ten o'clock in the morning in the Inn's private conference room. Very sincerely yours, Mildred Adams Dr. Robert D. Calkins The Brookings Institution 122 Jackson Place ••¥. Washington 6, B.C. , -; ss 81a* Se&' I HKVtjr « tw»b*r of UN itftff of tfe* is** This : s<Ksm «^t lb?^ '" :oy«.^; t y IIM fio-^rd I tf * of •fl»r i«i v l l l k«9p t f r l c t acc^twat of i • rttff»y—1 -Jure ft / ve 'hair» y»t w^t i» ttiat «v«ni t tb* u»e*l I - ItftiMM r.r* vttl I OXM llos« ye« ^r than MI * fc »rt I o?<tr«. X 4 of O}:«r«tleQ* I f !%M It fctra l5er n^ixic f » » t&M to ; Md or vord from yeu M : i I -H* your*, : r. ! . las I a «tl tut lets Mr. Woodward fy November 8, 1954 Dear Dr. Calkins: I shall be in Washington on Tuesday the 9th, as soon as you get this letter, but I wanted to set down details so that you could have them on record. In the first place, we have taken on a new secretary-stenographer, Miss Irma Burstein, who began work Monday, November 1 at a salary of . At the same time, Miss Lois Krebs, who had been loaned to us by the bank for several months, returned to the bank. Miss Burstein will make out the necessary forms, and Mrs. Singer will send them to you, but I wanted to give you this preliminary information. In the second place, in regard to the 3 day conference, which is to be held November 20, 21, and 22 in Princeton, it has been agreed by Mr. Woodward and Mr. Sproul that the 3 experts, Dr. Bopp, Dr. Chandler, and Dr. Wood should be paid honoria of $100.00 each. Incidentally, at the present moment, all the members of the committee have signified their intention of being present. I talked with Miss Maroney the other day about the provision of funds in advance to cover out-of-pocket costs at the conference. I will provide her with some kind of an estimate before the 20th. In regard to the exemption of New York City Retail Sales Taxes, I am informed that that will be retroactive. We have been asked to furnish the New York City Refund Office with a list of items and amounts which have been paid out, and the bank disbursing office is now getting this together. Amounts which have been collected but not yet turned over to the city will either be refunded or credited to us by the bank in the near future. On Tuesday morning, we are to be moved to more ample offices on the 11th floor of this building. The telephone exchange remains the same, but charges for telephone equipment and the rental of furniture may be slightly increased. This new space will give me a private office and make it possible to set aside a. research room in which Mr. Chandler, Miss Burnett, and any others working there can have access to necessary files. It corrects a situation in which we were crowded and the bank was having to loan one of its own offices to Professor Chandler. -2As for Dr. Kincaid, I am planning to go to Charlottesville on Thursday, the 11th, and should be able to come back with complete information about that project. This rounds out a bundle of small detail which had been mounting for you. I hope the inclusion of everything in one letter is not too hard on the filing system. Cordially yours, Mildred Adams Dr. Robert D. Calkins President The Brookings Institution 722 Jackson Place, N, W. Washington 6, D. C. c.c. - Mr. Akers Miss Maroney Mr, Woodward HONORARY TRUSTEES TRUSTEES WILLIAM R. BIGGS, Chairman HUNTINGTON GILCHRIST, Vice Chairman ARTHUR STANTON ADAMS DANIEL W. BELL ROBERT D . CALKINS LEONARD CARMICHAEL WILFRED L. GOODWYN, JR. JOHN W. HANES LEWIS WEBSTER JONES JOHN E. LOCKWOOD LEVERETT LYON ROBERT BROOKINGS SMITH LAURENCE F . WHITTEMORE DONALD B. WOODWARD <3f*tstttutum ROBERT PERKINS BASS MRS. ROBERT S. BROOKINGS JOHN LEE PRATT HARRY BROOKINGS WALLACE OFFICERS 6, J L 40L 7 2 2 JACKSON PLACE, N. W. MILDRED MARONEY Treasurer ELIZABETH H. WILSON Secretary October 22, Miss Mildred Adams Committee on the History of the Federal Reserve System 33 Liberty Street New York U5> New York Dear Miss Adams: I have your letter regarding the proposal that we hold further financial adjustments for Dr. Kincaid in abeyance until further study has been made of the requirements. This procedure I heartily approve. I also have your memorandum regarding the proposed conference at Princeton. As 1 understand it, the members of the Committee would participate with the three-man group on one day during their second session, which would run for three days. I would prefer a Saturday as the day for my participation, but I could make it on Sunday. The preferred dates would be November 13 or 14, and November 20 or 21. Thank you also for your letter clarifying the proposal regarding Miss Burnett1s appointment. I shall write the letter to her the first of the week. ROBERT D . CALKINS President Sincerely President SHELDON B. AKERS Executive Manager ^F^P^^^^P^P#- T! •" p w» r tf^w I h**o ytmr Xottor of Gctofeor l*t» ftferot tfco oopy ef your* of UMI #**o 4*t* to Mr* ¥oo4**r* «m tteo **** •obj e c t , Kay I say In tfeo fir«t pl*co fee* glad 1 w i l l b* if v* e*s> « rovtl&o to bo rogeUrXy «ao4 la ««klnf &ppoi«ttnm%», tm&*9 md eoaatruciing cootr»ct*. I fool «« yau tio tlittt o*4iu»hos fey olonrlsg a*tt«r« in t&m bmgl*nin&, and I too »%iar# th«t th«r« b«Y« tso«« l s p t t i from tfeit ldo«l. la tfe* »»tt«r of His* H&rguorito g«r?j«it# mm? I rvriw* .otntls %rfcilch PMH proooutod o^rlior *.nd «*y h*vo ollppod your will fi»4 « »p««lfi(r »llov«ooo for Mi#« Sttraott1? work i s tho vfelefe you »ubcltt#4 to %hm lockofollor foua4*tlo» OR hte^ *#• atcovtod hf tboau Tho l^o« t^*t ttl«c b# tiaoful t« «• Is ft p T t t t o t ««p*»olty wlion «& nor post fti lifermH«e to tho Sov torV fo^orml lteoorvo tiooo4 %t loft«t A» osrly «s v *y. I t orl$is*to^ vltfe Mr. Sproul Mr* 9orio«»| «a« «o»tlo»od 1A tiso €®**ittoo «ootir*g of M&y Mth *ad *OfroT»d AS an idon to bo «l*t*tt*t#d la tori v*» listing*! in i l o t tor of luso 9th ftddrooood to you, w r. g l o t t o r of JttBO 9tJi c-roBMtod %& you thro* tho propo«od bt>4«ot, I t wi» on tho bfttin ^f th*t iottor th*t yo« Mtetttod tho bad*ot t o tho ioo'«of*Uer la aqr lott«r of Jw»o ftfe, tho • o o o d fwrftgrft^li oa pogo 5, v i l l fled tho follovinf &«tr.i»Ga«»j »A* for £i## X«rt«orito Bsrr^tt, rotiro* thlo osnaMir «• llbr*ri*!s of tho sov torit fo^oml $o»orvo vo vo«i4 liko h-#r t« vork p*.rt t l a o oo * *a»t#r Hollofropiiy of sifttorlol 1» t&o tv»lv« r#fi«ifi*l b*n*». Mr# Sproal i f tteo id»m, «»d 41oeu«»io&« to th#t on for feor Is boood on feor prooont fey tfeo C e n s l t f o of c*ily inclu *<3 £roYi*io» for K I M Barnott** sorvloo* vowld, I should > eonotituto *ooop%«&eo of tho projoot* Cortal&ly I took i t ifi t**0 hor *tajrt Bumatt in October* Mi* vith tboto to Mr of ! for IttUr (n) for tit to tho to run 1954 It (c) tim » tc for n r»t« t h i s cio«.?r» If vll of will «loo of ttfll NiMrod I a »t 1 tuat t on l . oth«r Tour l o t t o r of Ootoooi* Iftfe vitb I t i tptootlottt *bo*t fir* St*oo£4 t to$oils#y witlt ik. oopy of o MUtff *oat to Mr. !feo<feifoj'& on tfeo ooao oofejloot, m» f®llmm& tteo *wo day t?y * iott*r f ft fi»«*14# X© 'ftpXy to ^r lottos* ookiftg ^ . r ^ o r iafomotioa oo«to» bo **?•» • ! iteali nftko WNM ooot # t ^ l o « * l t t t l o ttotll ttMMt I oojraot oo.y vfcotltor l » t n f f l e l « i t fwucis tlsooo ®£*tHNItNMMMb »atf Ifl VlMi t f yowr tiwit oooo ftdjuntoottt mj huv® to bo ^*4of I ooulo' o«ifo«t tls#t tho wittor ^# l # f t I s olnqmioo until B*« Kl»eoi< oondo «o »©8O kltt4 of i#o enm bn»i' o roo^ioot for o I vroto fMi Ootobor l#tli t %%* Co«olttoo ogroodl Imt naato4 to o» «aro olMrat tho IRo mf mmtmllj h®m to tali HUM Monwwj^o p i t &r* £lms*li' f g figurot 1» IftiMfti I t of «oommto WOTO ft rool 41ffliml.t|r. arrlvo« 9 «o oust wortt $ot a protoduro of jw^m^at to fos* tho pxwiidlnf of iu^LosawtorT *i<i ftom OoMtittoo a I oolf ^|so « i n©afil tev« to ti«o mufti o fir* Bobort &• ColklM XaotltixtiMi « Afcor* HONORARY TRUSTEES TRUSTEES WILLIAM R. BIGGS. Chairman HUNTINGTON GILCHRIST, Vice Chairman ARTHUR STANTON ADAMS DANIEL W. BELL ROBERT D . CALKINS LEONARD CARMICHAEL WILFRED L. GOODWYN. JR. JOHN W. HANES LEWIS WEBSTER JONES JOHN E. LOCKWOOD LEVERETT LYON ROBERT BROOKINGS SMITH LAURENCE F . WHITTEMORE DONALD B. WOODWARD ROBERT PERKINS BASS MRS. ROBERT S. BROOKINGS JOHN LEE PRATT HARRY BROOKINGS WALLACE OFFICERS 6 , ^9- (£L~ 7 2 2 JACKSON PLACE. N. W. October 19, 1954 ROBERT D . CALKINS President MILDRED MARONEY Treasurer ELIZABETH H. WILSON Secretary SHELDON B. AKERS Executive Manager Miss Mildred Adams Committee on the History of the Federal Reserve System 33 Liberty Street New York 45, New York Dear Miss Adams: In checking our files here I find we have no information about Miss Burnett, She has not received an appointment letter, and the information sent today by Mrs. Singer does not give me the monthly rate and the title, or the fraction of time she is to put in on her assigoment. I would infer from the information supplied that she is to be paid for a six months period, beginning October 13, and that she will be devoting possibly half-time to this assignment. I assume that this appointment has been approved by the Executive Committee and that the budget appropriation has been approved, although I have no record of such action In accordance with Mrs. Singer1 s request, I am sending enclosed half a dozen copies of the final statement of the arrangement between the Brookings Institution and the Committee. This was approved by the Committee on May 21, 1954- and approved by our Trustees on May 14, 1954. I also have your letter of October 18 regarding Mr. Kincaid. I am not sure what the procedure is regarding formal action in approving a supplement to Mr. Kincaid, or precisely what the supplement is to be used for. I gather that there are two problems presented. One is that we did not anticipate the taxes when originally we negotiated and agreed upon the grant to him, and that the portion of the taxes that normally is deducted from the employees1 salaries has been erroneously paid to the persons and to recover this sum would require some repayment to Mr. Kincaid. His letter of October 11, copy of which I sent you, indicates the amount of the tax expense which was unanticipated. The second item is an additional sum that may be required in order to defray the cost of completing the assignment he has begun. I would favor a reasonable sum for additional expenses. I would also favor some further contribution toward the tax expense which was not Miss Adams -2- 10/19/54- anticipated initially. If he can recover the portion of taxes chargeable to the employees, I think we should not make additional provision for this sum. If he cannot collect it, because employees have already severed their connection and are not locally available, I am inclined to think that some adjustment should be made so that this sum will not come out of his personal compensation. In defense of making some adjustment, I would point out that Mr. Kincaid is not accustomed to playing the role of employer and that we on the Committee and at Brookings may be somewhat inexperienced in supposing that these matters had all been thought of and taken into account when the agreement was reached. I am inclined to think that we should be strict, but not unreasonable. Will you please check on just what procedure we are expected to follow in view of the arrangements with the Brookings Institution in order to authorize an appropriate supplementary sum for Mr. Kincaid? Sincerely yours, President cc: Mr. Donald B. Woodward Mr. Akers Miss Maroney Mrs* Wilson Enclosures COMMITTEE OM THE HISTORY OF THE FEDEhAL RESERVE SYSTEM 33 Liberty Street, Hew York 45, New York October 18, 1954 Dear Dr* Calkinst Thanks so much for the copy of your letter of October 13th to Dr. Kitsch id. Apparently we vrote him the same dey - I hope a copy of my letter to him has reached you. Vhen ve talked by phone about this you and I were both fearful that Dr. Xine&id's deficit could not be covered by as little as #500. However, I asked Mrs. Singer to go through the correspondence in detail and dig out whatever basis for an estimate she could find. Her conclusion is that, with the exception of the ua-vithheld taxes which Dr. ilineaid must surely got back from the assistants who should never have been given this in the first place, the deficit may run under #300. Her estimated figure is $283.83. I think Mr. Woodward mentioned the mettar to you on Friday. If aiy memory serves, the Executive Committee agreed that a smell runever vould be approved, but wanted to be sure about the figures. Perhaps Dr. Kincald will furnish us with complete figures vhen he replies to my letter of October 13th. I will let you knov further as soon ®s I hear. sincerely yours, Mildred Adams Dr. Pobert D. Calkins President The Brookings Institution 722 Jackson Place, M.V. Washington 6, ft. C* October 18, 1954. Dear Dr. Calkins: This i s our f i r s t sheet of the new paper which l i s t s you properly*. Miss i-*dasis asked me to vrite you that Miss Burnett i s to work on & master bibliography of archival material in the twelve regional banks. The figure of assigned to her in the budget for 1954-55 i s based on the salary she received as librarian of the Federal Reserve Bank of Hew York. She bt&s been engaged to work part-time for six months, and started on Wednesday, October l j t h . As I went through the Brookings f i l e recently, I noticed that we have no final steta&ent on the relation the Committee on the History of the federal Reserve System end the Brookings Institution . Ve have a proposed draft, dated May 14, 1954, but no copy of the statement as agreed upon by a l l members of tiie Committee. Would you plea.ie send us & c o ^ of the final statement as i t 3eeas an important paper tor us to have. Sincerely, Secretary Dr. Robert D. Calkins Tae Brookings Institution 722 Jeckaon Place S.V# Washington 6, D,C, COMMITTEE ON THE HISTORY OF THE FEDERAL RESERVE SYSTO4 33 L i b e r t y S t r e e t , New York A5, New York October 1 5 , Dear Dr. Calkinst After a lull during the summer, work seems to be going ahead at good speed. On Monday, September 27th, Dr. Chandler began work here at the Bank on the Strong papers. Miss Marguerite Burnett started October 13th on her part-time project of setting up central archives in the member banks, Would you be so kind as to inform Mr. Akers of these dates? I understand thft the aeeess&ry blanks for Miss Burnett have already been forwarded to you. The Executive Committee meeting this morning seems to have accomplished a great deal toward getting our main project underway. Long distance telephone may be the only way of getting so busy an Executive Committee together, but apparently it is a successful one. I hope the hurricane has not wreaked havoc in Washington. Our windows in the office are beginning to rattle and the sky is ominous. Very sincerely yours, Mildred Adams Research Director Dr. Robert B. Calkins President The Brookings Institution 722 Jackson Place, N.V. Washington 6, D. C. Committee on the History of the Federal Reserve September 3, 1954 Bear Dr. CaBdLnst Panics very much for your letter of September I consenting on the details of my letter of August 17 regarding fringe benefits. I take i t that the only details l e f t vith any degree of doubt are retirement, hospital!zation and Sera Xork State insurance provisions* So far as retirement i s concerned I -would agree •feat Brookings regulations umald apply to employees of tJae Committee* As for any one -ma comes under the tLAA regulations I vould think that eould be l e f t until i t happens* In regard to hospital!zation X v i l l make inquiries here Is Mev York of the Blue Cross to see i f tMs service can be •attended to employees here* i s for insurance ve v i l l avait the result of the correspondence vhich Mr* Akers has undertaken vitix t&e Hev York State authorities* 1 voulc like to get these details in hand as soon as possible so as to report to the Executive Gowlttee and cross thea off the l i s t of things s t i l l avalting action* Sincerely yours, Mildred Adaas Research Director Dr« Bobert Calkins, President The Brookings Institution 722 Jackson Place, N«¥« Washington 6, D.C* HONORARY TRUSTEES TRUSTEES WILLIAM R. BIGGS, Chairman HUNTINGTON GILCHRIST, Vice Chairman ARTHUR STANTON ADAMS DANIEL W. BELL ROBERT D. CALKINS LEONARD CARMICHAEL WILFRED L. GOODWYN, JR. JOHN W. HANES 1 WEBSTER JONES J. E. LOCKWOOD LEVERETT LYON ROBERT BROOKINGS SMITH LAURENCE F. WHITTEMORE DONALD B. WOODWARD ROBERT PERKINS BASS MRS. ROBERT S. BROOKINGS JOHN LEE PRATT HARRY BROOKINGS WALLACE OFFICERS m 6, $3- C. 7 2 2 JACKSON PLACE, N. W. ROBERT D . CALKINS President MILDRED MARONEY Treasurer ELIZABETH H. WILSON Secretary September 3, 1954- SHELDON B. AKERS Executive Manager Miss Mildred Adams Committee on the History of the Federal Reserve System 33 Liberty Street New York A5, New York Dear Miss Adams; In reply to your letter of August 17 regarding fringe benefits, I should like to set forth the following proposals: (1) The contractual arrangement between the Committee and the Brookings Institution provides (Sec. 6) that employees "shall be joint employees of the Committee and the Institution for specified periods, and not regular employees of the Brookings Institution." Since employees are joint employees of the Institution they would normally come under such regulations which govern our own employees, (2) Social Security. Employees must be covered by Social Security since employees of the Institution are so covered. (3) Ho spitali zation. Since the Institution provides Blue Cross hospitalization at the employee1 s expense, we believe that efforts should be made to arrange for similar benefits through the Blue Cross or Blue Shield systems in New York. If such arrangements can be made and the employees pay the full cost of coverage, as they do here at Brookings, we should provide this service on the same terms as it is provided here. (4.) Sick Leave. The Brookings regulation on sick leave should apply to employees of the Committee in or out of New York. ($) Vacation with pay. Brookings regulations providing vacation with pay should apply to the employees of the Committee. (6) Retirement. The regular retirement age here at Brookings is 65 years. Appointments of personnel beyond that age require special action of the Executive Committee. We believe that similar regulations should apply to employees of the Committee. Such employment may jeopardize the retirement income from OASI. It would not normally imperil other retirement rights of employees. Miss Adams -2- 9/3/54 (7) Teachers Insurance and Annuity Association, The Institution allows participation in the TIAA for employees who have at least 3 years of service, are at least 30 years of age, and have a minimum salary of $3>6OO, Since the employees of the Committee will come under Social Security and would not normally be eligible for TIAA for at least 3 years, we believe that any action with respect to TIAA should be left for later consideration. The problem may arise for employees who come from institutions that are under TIAA, and here through special contractual arrangements the Committee could undertake to continue the TIAA payments during the temporary period of service for the Committee, (3) Insurance, I am turning your correspondence regarding unemployment insurance over to Mr. Akers with a view that he may follow up with you or the New York State officials regarding this matter. It seems clear that the Brookings Institution is exempt since we are incorporated as a nonprofit corporation for scientific and educational purposes, and are exempt under Sec. 101(6) of the Internal Revenue Code, Sincerely yours, President c 0 p Y THE BROOKINGS INSTITUTION Washington 6, D.C. September 3, 1954 Dr. E.A. Kincaid Rugby Road at Mason Lane Charlotte sville, Virginia Dear Dr. Kincaid: I ha.ve asked Miss Maroney, our Treasurer, to furnish the necessary information regarding your responsibilities with respect to Social Security and withholding taxes relative to the persons who are employed by you on the Glass papers. Miss Maroney informs me that it will be necessary for you to pay the Social Security tax on salaries of each of your employee assistants and to withhold taxes in the event their compensation is taxable. I hope that your estimates of compensation for assistants have taken account of the OASI tax. The employee must supply an exemption certificate (¥-2) and a Social Security number. If any employee does not have a Social Security number, it will be necessary for them to get one. The application forms are enclosed. These forms should be supplied to you as employer. The amounts to be withheld are as follows! Income Tax. This depends on the number of exemptions claimed by the employee on Form ¥-2, and whether the payroll period is weekly, monthly, daily or miscellaneous. The amounts are set forth in tables on p. 20 f. of the enclosed booklet. OASI (F.I.C.A. tax). The amount withheld (to be matched by the employer) is set forth in the tables on pp. 30-31. There is an exemption for OASI, but not for income tax, for wages of less than $50 in a calendar quarter. But this exemption is peculiar to nonprofit institutions and it would not, we think, apply to you as employer. If you have only one or two assistants and the records of their service and payments are in good order it is possible that we might help you on the paper work in straightening out any complications you encounter. I talked with Miss Adams about this today. We think it might be well for you to furnish an accounting showing the amount spent and any unexpended balances. We, of course, hope that the funds available will be ample to cover the OASI tax. Dr. p.ncaid - 2 - 9/3/54- Miss Maroney also informs me that you -will need to obtain an identification number as the employer. A form for this is enclosed. It is also advisable to keep suitable records for income tax purposes, since you will need to report the full amount of funds received from the Institution and then show the payments made as expenses deductible from other gross income received. A tax form is also enclosed. If we can be of further assistance to you in this matter please let us know. Sincerely yours, President HONORARY TRUSTEES TRUSTEES WILLIAM R. BIGGS, Chairman HUNTINGTON GILCHRIST, Vice Chairman ARTHUR STANTON ADAMS DANIEL W. BELL ROBERT D. CALKINS LEONARD CARMICHAEL WILFRED L. GOODWYN, JR. JOHN W. HANES LEWIS WEBSTER JONES J E. LOCKWOOD Lk.^RETT LYON ROBERT BROOKINGS SMITH LAURENCE F. WHITTEMORE DONALD B. WOODWARD <3l*tgtttutttm OFFICERS G, ^B. (SL 7 2 2 JACKSON PLACE. N. W. I have your note of August 27. I shall be here on September 2 and 3 and will be glad to see Miss Adams at that time. Sincerely you^s, President /U MILDRED MARONEY Treasurer SHELDON B. AKERS Executive Manager August 30, Dear Miss Krebs: li, ROBERT D. CALKINS President ELIZABETH H. WILSON Secretary Miss Lois Krebs Secretary Committee on the History of the Federal Reserve System 33 Liberty Street New York 4.5, New York cc: ROBERT PERKINS BASS MRS. ROBERT S. BROOKINGS JOHN LEE PRATT HARRY BROOKINGS WALLACE Miss Mildred Adams 7T ,. /UUL, r COMMITTEE On THE HISTORY OF THE FEDEP1L KESERVE SYSTEM 33 Liberty Street, Uev York -45, tew York Telephonet REctor 2-5700, Extension 236 August ~7, 1954 Dear Dr. Calkins: to t*2J you to be in VV:.shin^ton the M O O C U third is 'noping that it vill be convenient for at that time. She vill telephone for an her arrival Thursday morning. that B] ects of September, and you to it* ht>r appointment on Very sincerely yours, Lois t'rebs Secretary Dr. Robert D. Calkins Preside The Brooking? Institution 722 Jaekton Place, N.V. Washington 6, D. C. c 17, 1954 Deer Dr. Calkinsi It v&s good to hesr that you are b»ek frog* a California vacation, and that my favorite state was kind sad refreshing. Thing* h&v# gone slowly here, but sus&er is usually like that, Dr» Kincsid reports that he expects to finish his surrey of tbe Glass collection by September 15th, Kls wife's health is such that be has given up the idea of going to £ri»oaa, -which seem* a pity, and he vould like to be kept is aind for further vork» The problem of fringe benefits, about vhich I vrote you earlier, seess clearer after & careful reeding of the Brooking* Bules &nd Regulations which you sent m e , and » long conversation vlth Mr, S&edley, the appropriate personnel officer here, concerning the practices of the liev York Federal Heserve Bank. I &m now prepared to JBak© the folloving suggestions to you, and if you agree, to take the® to the Executive Costaltt&e5 x/ Social Security - Federal practice rules both at Brookiags e»d the Bank, and would govern any employee arrangements aade by this Coaslttee, Hospitaliaatioa - Brookings uses th# Blue Cross plan, and employees pay till costs. The Nev York Bank uses both Blue Cross and Blue Shield, arsd pmy* two-thirds of the cost. Under those circumstances Mr, Smedley is sure that Blue Cross service e&n be acquired in Sew York for «a^)loy»es who went it. They should follow the Brookings arrangement la Washington and pay ell costg if they elect to use the service. Sick Leave - Here th# Brooking* and the iBank &rrangenents are very siailar. The Coaaittee should therefore follow th® Brookings rule that staff members may have sick leare vlth pay st the rate of fifteen working days for #&ch fiscal y»ax (1,25 days per eal®Daar sionth) to a of 90 days. Vacation on pay • H#re Brookings is than th« Bank, hut not enough to stir trocble adtt«# employees. Stiff ambers are eligible at th© rate of two &%y% per month plus one asking 25 working days for each fiscal year. slightly more generous as betveen Benk end Comfor annual leave with extra, day for the 12th Ket.ir©m<tat - To ao»t young employees this is « minor benefit. The only warning li th&t whatever arrangements are made should not imperil future retiresent rights of employees. Insurance - Because the chief Committee office is in Sew York employ©©s come under Sew York State laws. I have written to the appro* prlate officers and received their replies. I take It that Brookings and the Committee would both be exempt under the provisions of the Hew York State Unemployment Act emd also under the Workmen's Compensation Act, However, it might be well to have an opinion from Brookings1 legal adviser on this so that w© will feel doubly safe. I em enclosing copies of the pertinent letters. I an p. bashed to learn froiB your latter of August 11th that we were overly optimistic in thinking w# could stretch our pilot appropriation to cover an ©xtra month. I would agree with your desire to squeeze the shortage out of our 1954--55 funds• V# have let our typist go back to th« Batik, and w@ do not expect to take on a foil-tine assistant until September, so the suiter provides soae economies whic>- will help. I s#e no Immediate prospect of he*yy expenses in connection with the history, 30 my guess is thet we are safe. However, I am all too well aware that we have set up no budgetary safeguard© - they may be necessary. If luck holds I'll be in Washington the last week in August and will hope to see you then* Meanwhile thanks for the suggestion about Ed Shaw. 1*11 see what reaction I can get on a tentative basic. Cordially yours, Mildred Adams Dr. Robert D. Calkins President The Brookings Institution 722 Jackson Place, H.V. Washington 6, D. C. HONORARY TRUSTEES TRUSTEES WILLIAM R. BIGGS, Chairman HUNTINGTON GILCHRIST, Vice Chairman ARTHUR STANTON ADAMS DANIEL W. BELL ROBERT D . CALKINS LEONARD CARMICHAEL WILFRED L. GOODWYN, JR. JOHN W. HANES LEWIS WEBSTER JONES J7££= E. LOCKWOOD L>c-/<ETT LYON ROBERT BROOKINGS SMITH LAURENCE F. WHITTEMORE DONALD B. WOODWARD ROBERT PERKINS BASS MRS. ROBERT S. BROOKINGS JOHN LEE PRATT HARRY BROOKINGS WALLACE OFFICERS 6, 7 2 2 JACKSON PLACE. N. W. ROBERT D. CALKINS President MILDRED MARONEY Treasurer ELIZABETH H. WILSON Secretary August 11, 1954 SHELDON B. AKERS Executive Manager Miss Mildred Adams Committee on the History of the Federal Reserve System 33 Liberty Street New York 45 > New York Dear Miss Adams: I have just returned from several weeks vacation in California, which was a welcomed change and rest. I have one or two matters for your consideration. Miss Maroney reports that as of the end of June we had spent 112,038.64, which is an over-run of $2,038.64 above the $10,000 grant originally made by the Foundation. This is much higher than I had thought, based on earlier figures. The explanation lies mainly in the fact that the statements rendered by the bank came in June and the amount of these we had not fully anticipated. This raises a question as to whether we should ask for $2,038.64 more from the Foundation to cover those expenditures, or whether we should endeavor to absorb them in the budget for the coming year. Unless we get started promptly on the history it may be possible to squeeze the money out of the funds for the coming year. My own view is that we might both consider these matters as we re-examine the budget along with our plans during the next month, and if the sum cannot be absorbed in the budget for the current year we should then make a special request for an additional payment by the Foundation. While I was at Stanford I visited Ed Shaw and talked over with him some of the problems connected with the history of the System. In the course of our discussion it became apparent that if we wished to switch Shaw1 s assignment and have him take on the history of the Federal Reserve, rather than the study of Trends in Commercisl Banking, he would be very glad to do this. This shift might be feasible if the Committee wished to assign the task to Shaw, since Gurley, Shaw1s assistant, could probably do the other study under Shaw1 s general oversight and direction, but without any great effort on the part of Shaw himself. Miss Adams -2- 8/11/54 I have no idea what reaction the other members of the Committee might have to this suggestion. You may wish to explore the matter tentatively. If we should make this assignment, we should plan to reach the decision by early fall so that Shaw will not be too much involved in the other study. He will arrive here at Brookings the second week of September. I hope you have had a good summer and some vacation. Sincerely President cc: Mr. Donald B, Woodward Miss Mildred Adams Compo Parkway Westport, Connecticut 6, |2B. (E. 722 J $ July 15, 1954 Dear Miss Adams: Thank you for your note of the 8th. In the rush of getting off 1 evidently failed to tell your address instructions. the delay in receiving AT. of July 2nd. on vacation, Mrs. Birkel Sorry about Calkins1 letter The air-conditioning is wonderful, and I wonder how we ever managed without it. Mr. Calkins left this morning for his California trip. 1 do hope he will manage to get a few days of rest while he is away. Sincerely, . ftAmelia M. Suttle HONORARY TRUSTEES TRUSTEES WILLIAM R. BIGGS, Chairman HUNTINGTON GILCHRIST, Vice Chairman ARTHUR STANTON ADAMS DANIEL W. BELL ROBERT D . CALKINS LEONARD CARMICHAEL WILFRED L. GOODWYN, JR. JOHN W. HANES LEW"1 WEBSTER JONES •. LOCKWOOD LHvtRETT LYON ROBERT BROOKINGS SMITH LAURENCE F. WHITTEMORE DONALD B. WOODWARD ROBERT PERKINS BASS MRS. ROBERT S. BROOKINGS JOHN LEE PRATT HARRY BROOKINGS WALLACE OFFICERS 6, 7 2 2 JACKSON PLACE. N. W. July Uy 1954 ROBERT D . CALKINS President MILDRED MARONEY Treasurer ELIZABETH H. WILSON Secretary SHELDON B. AKERS Executive Manager Dear Miss Adams: May I offer a few hurried comments in response to your letter of July 8. I am getting away tomorrow for a trip to the West Coast, and my remarks, therefore, will be brief. I have had several favorable, but mainly second-hand, comments about Professor Wood, He has not written much in recent years, and I would think it worth checking to find out whether or not he has terminal facilities and can meet a dead line. I have become rather suspicious of scholars who do not write regularly, I have very little information about Professor Reed. My question there is mainly his age. It would seem to me desirable to find a younger person, if possible, for this assignment. Some time ago I talked with Shepard Clough at Columbia end got no very good suggestions from him. He mentioned John Sawyer of Yale and George Taylor of Amherst, but neither is, I think, especially qualified in the banking field. He also mentioned William Miller, who is reportedly a very good writer. He worked with Tom Cochran on one of his studies. He is now at Seventy Acres Road, RFD U, Ridgefield, Connecticut. My impression is that he is something of a free lence end probably not in any way especially qualified for this assignment. Clough considers him, however, one of the most able and facile writers in the field of economic history. On the matter of fringe benefits, I should be glad to heve your suggestions. I would hope that for employees we would not depart markedly from Brookings practices since the arrangement between the Institution and the Committee specifies that the staff is to be special employees of the Institution. Miss Mildred Aasms -2- 7/U/5A On the matter of new members for the Committee, I think I favored Fred Lane before and I would still place him at the top of my list. I should think that it might be worth considering Ed Shaw of Stanford, who will be here at Brookings after September, as a possibility, but I feel that it might be better to leave that question for settlement after he arrives and becomes better known by the Committee. I shall give the matter some thought and send you further suggestions when I return from California early in August. With very best wishes, Sincerely yours, President Miss Mildred Adams Research Director Committee on The History of The Federal Reserve System 33 Liberty Street New York 4-5? New York July 3, 1954 Dear Mrs. Suttle: A l e t t e r froa Dr, Calkins dated July 2nd was sent hj to sgr home address &t 340 East 72nd Ptreet and then to ae a t Westport, Connecticut vhere I am nov l i r i n g . May I suggest that unless you are eeger to reach M in a greet huny on a veekend i t i s nonially qiiicker to send mail here la care of the Federal Reserve Bank of Nev York at 33 Liberty street, Mew Tork U59 M. I . Veekend nail ffiay fee addressed to Co^po Parkway, Vestport, Connecticut. I ho^pe tlie air-conditioning i s vorking v e i l . Cordially yours, Mildred Adams Mrs. Suttle Brookings Institution 722 Jackson Piece, S4 Washington 6, D. C* THE BROOKINGS INSTITUTION RULES AND REGULATIONS RESPECTING EMPLOYMENT AND RETIREMENT OF STAFF (Effective June 16, 1954) In accordance with Article V of the By-Laws, the following Rules and Regulations Respecting Employment and Retirement of Staff shall apply: 1. Classification of Personnel The personnel of the Institution shall consist of Administrative Staff, Professional Staff, Service Staff, and Maintenance Employees, as follows: Administrative Staff, comprising the Officers and other Executive Directors or Managers; Professional Staff, comprising the professional research and educational personnel; Service Staff, comprising publishing, editorial, library, secretarial and clerical personnel, administrative assistants, and other personnel engaged in facilitating the research, educational, and administrative work of the Institution; and Maintenance Employees, comprising employees engaged in maintaining and operating the building and related services, including the Dining Room. The Professional Staff shall consist of the following grades: Senior Staff, representing staff members who have demonstrated ability to carry out major independent studies or to direct major research or educational projects. Research Associates, representing staff members who have demonstrated ability to carry out independent research assignments with limited supervision. Research Assistants, representing staff members engaged on research or educational projects under the supervision of-Senior or Associate Staff members. 6/16/54 Other Staff, representing professional staff personnel or temporary rather than regular appointmer t ii such capacities as Visiting Scholar, Consultant, Senior Staff, Research Associate, Research Assistant, Brookings Associate, Research Fellow, or Guest Scholar. The Administrative, Professional, and Service personnel may also be classified as Regular Staff or Special Staff according to the terms of appointment. Regular Staff shall include Administrative, Professional, and Service personnel on tenure or annual appointment; Special Staff shall include Administrative, Professional, and Service personnel on temporary appointment. 2 . Terms of Appointment Staff appointments shall be On Tenure, Annual, or Temporary: Appointment on Tenure shall be made only with the approval of the Board of Trustees or the Executive Committee. Appointees on tenure shall be eligible to serve until retired and may otherwise be removed only for cause after investigation by the Executive Committee and after opportunity has been given to the individual concerned to appear in person before the Executive Committee. Annual Appointment for employees on the Regular Staff shall be for the fiscal year with no obligation on the part of the Institution to renew the appointment. Temporary Appointment shall be for a limited and specified period during a special assignment or during a training or probationary period following initial employment. 3. Appointment Procedures All appointments to the Professional Staff and Service Staff of the Institution shall be made by the President of the Institution and shall be reported periodically to the Board of Trustees or Executive Committee. Pursuant thereto the President shall report to the Executive Committee each year the list of appointees for the next fiscal year with the rank and compensation for each. 6/16/54 Appointments to the Senior Staff on Tenure shall be made only with the approval of the Board of Trustees or the Executive Committee. Appointments to the Senior Staff on Annual Appointment (Regular Staff) and appointments to the Senior Staff on Temporary Appointment (Special Staff) for the direction of a research project or equivalent responsibility shall be made only with the approval of the Board of Trustees or the Executive Committee. Term Appointments. The President may arrange employment contracts with professional personnel for periods of one to five years provided the term of such contracts is specified and the appointments are approved by the Board of Trustees or the Executive Committee. Other Appointments. All appointments of Professional and Service personnel, other than those referred to above, shall be for no more than one year at a time. The President is authorized to make such appointments whether on an annual or a temporary basis without the express approval of the Board of Trustees or Executive Committee; provided, however, that these appointments after the third fiscal year and every third year thereafter shall be continued only after the President has reviewed the individual case and satisfied himself of the advisability of continuing the appointment. The result of these three-year reviews, together with the recommendations of the President, shall be reported each year to the Board of Trustees or the Executive Committee for their information and review„ 4. Retirement The automatic retirement age, as provided in the retirement system, shall be 65 years for all staff members. The Institution reserves the right, upon the recommendation of the President with the approval of the Board of Trustees or the Executive Committee, to retire any member of the staff or other employee at any time after he or she has reached the age of 60, The Institution shall also have the right, upon the recommendation of the President with the approval of the Board of Trustees or the Executive Committee, to offer such retired persons new contracts of employment on such terms as circumstances may warrant; but in such cases no rights, privileges, or obligations of the retirement system shall apply, so far as Institutional contributions are concerned. 6/16/54 5. Communication to the Trustees Staff members holding appointments on tenure are free to address the Board of Trustees in writing on any matter of basic policy pertaining to the administration of the Institution, 6. Annual Leave—Vacations Eligibility. All Administrative, Professional, and Service personnel of the Regular Staff are eligible for annual leave with pay to the extent of 25 working days for each fiscal year (at the rate of 2 days per month plus 1 extra day for the twelfth month of service). Special Staff on appointment for 6 months or less are not entitled to annual leave. Special Staff on appointment for more than 6 but less than 12 months are entitled to annual leave with pay of 1 working day per month beginning with the first month of service. Special Staff, after 12 months of continuous service, shall be eligible for annual leave with pay on the same basis as Regular Staff. Accrual. Accrual of annual leave begins on the date of appointment for employees on the Regular Staff and on the seventh month of service for Special Staff, and continues during periods in which annual leave is being taken, except for annual leave granted at the termination of appointment (terminal leave) or taken immediately prior to total disability leave or leave without pay. Accrual also continues during periods in which sick leave is being taken but ceases when total disability leave or leave without pay is being taken. Vacation Period. Accrued annual leave may be taken in the course of the fiscal year in which it is being earned or within 8 calendar months after the close thereof. It may be taken, however, only at such time as conforms to Institutional convenience. Employees on appointment for one year or more, but for whom renewal is not contemplated, must take all annual leave within the period of appointment. Lapsing. Accrued annual leave for Regular Staff employees lapses if not used within 8 calendar months after the close of the fiscal year in which it is earned. 6/16/54 Extension, In a case where an employee is prevented, solely by Institutional necessities, from taking annual leave within the prescribed period, the period may be extended by the President for an additional 4 calendar months but no longer. Application for extension must be made before February 1. Anticipation, Annual leave may not be taken before leave is earned. Commutation. Since the purpose of annual leave is relaxation and revitalization, the practice of continuing Institutional work during a period of potential annual leave and thus receiving both regular pay and annual leave pay during such period is not contemplated. The same principle applies to paid employment outside the Institution during the vacation period. Charging. During a period in which annual leave is being taken, only regular Institutional working days or hours are chargeable against such leave. Regular Institutional holidays (New Year's Day, Inauguration Day, Washington's Birthday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas), included within a period in which annual leave is being taken, are not chargeable against such leave, but specially declared holidays (such as closing because of heat) are so chargeable. 7. Sick Leave Purpose. Sick leave is provided to cover absences necessitated by the illness or temporary incapacity of an employee or relatives or others for whom he is immediately responsible, and who require his services, or by the death of such relatives or others as above designated. Eligibility. All Administrative, Professional, and Service employees on the Regular Staff are eligible to receive sick leave with pay at the rate of 15 working days for each fiscal year (1.25 days per calendar month), cumulative to a maximum of 90 days. Special Staff employees shall be eligible for sick leave with pay at the rate of 1 working day per month, cumulative to a maximum of 15 working days. Accrual. ment. Accrual terminal leave) ability leave or Accrual of sick leave begins as of the date of appointcontinues during periods in which annual leave (except or sick leave is being taken, but ceases when total disleave without pay is being taken. 6/16/54 Lapsing. Sick leave lapses at the termination of employment. Extension. Extension of sick leave is not permitted. Anticipation. Sick leave may not be taken before leave is earned. Commutation. Sick leave may not be commuted into any other form of leave or into cash. Charging. Sick leave is chargeable on the same basis as annual leave. 8. Leave Without Pay The President, at his discretion, may grant leave without pay to employees of the Institution. During such periods Institutional contributions to the retirement fund and accruals of leave of any sort cease. Periods of leave without pay do not constitute a break in "continuous" employment in determining eligibility for certain privileges, such as disability leave, but such periods may not be counted toward total months or years of employment necessary for such eligibility. In the event that a general increase or decrease in pay has been instituted for a group in which an employee absent on leave without pay would otherwise have been included, he is, upon return to pay status, eligible for such increase or subject to such decrease. 9. Total Disability Leave Purpose. Total disability leave is provided to cover accident to or illness of an employee resulting in prospective, continuing, total incapacity or disability, mental or physical, extending beyond the period in which all annual leave and sick leave accruals have been exhausted. Such leave is intended solely for the employee whose condition, mental or physical, is such that return to productive work with the Institution is improbable. The purpose of total disability leave is to provide a period of full pay in which the disabled employee may have an opportunity to adjust his personal affairs, looking toward imminent compulsory retirement. 6/16/54 Eligibility. Employees with a record of 10 years or more continuous full-time employment with the Institution may be declared eligible for total disability leave, but such leave applies to the employee only and not to others for whom he may be responsible. Total disability leave may be granted at the discretion of the President of the Institution; and the Institution reserves the right, at any time, to select a physician or other qualified person to report upon the condition of the employee, and to base decision with regard to the granting or discontinuance of such leave upon such report without recourse. Accrual, Total disability leave may be granted by the President to a maximum of 3 calendar months beginning as of the date the employee is declared eligible by the President. No form of leave accrues during periods when total disability leave is being taken. Pay. Full pay is presumed for total disability leave, but Institutional contributions to the retirement fund cease at the initiation of such leave. Lapsing. Total disability leave lapses at the end of 3 calendar months from the date of initiation, or before in case of the death of the employee or on order of the President, pursuant to report as to health status. Extension. Extension of total disability leave, or resumption of such leave after interruption, is not permitted. Anticipation. Total disability leave may not be taken before leave is earned. It is not presumed to be earned until an employee has had at least 10 years of continuous service and all sick leave and annual leave accruals have been exhausted. Commutation. Total disability leave may not be commuted into any other form of leave or into cash. Charging. Total disability leave is charged on a calendar basis for such period as it continues. No credit is allowed for nonworking days. 6/16/54 July S, 1954 ftssr 3Dr. Calkin*t Ths<* so asuofe for ysar l e t t e r of July 2nd inclosing of correspondence with Dr. finoald, Dr» VilXiasas *cd the Heek«f«ller Fouedfttioa* I t i s very comforting to feaov that you actually hare the ehecfc its band. The tvo p©»®ibiUti#s vhoai Pr* Villiam* y^o^. and ?rof9««or R»#d, tatfft &iio l>«#n y Spronl* Tb*r* is »o ss«eh iat«n»«t in Frof*#»or ¥ood H i i I am hopi&g to «<N» bi» o» * t r i p vhleh I «ta#t arak* to th» Middl« V»*t l«t«r in tb« I kaov lass ebo«t Professor S«#4 «nd vould b«* Met gr*tsf«l for «icgr coanMint you e*& gi^r far jour paragraph OQ the aattor of X t«lit»d this s^ralag vitb Mr* S«edl«yt vbo 1« one of 8«nkf8 p«rsoiin«l «uk&«g«rtv »nd I hope shortly to haw a vbieto san b« presented to th« Xx»eativi» CossMitt«« for Th* faet that tba Coi^sittae i s in Sfv Tork whereas Brookiagu i» in V«sl»itt£ton prm$4mt$ « f«v diffieulties, but I thisk th*y art by no roam* to hsffe BO record ©f ycmr choice on the for Committee sesibers which m i attached to the Progress Report of June 24th* I aa eager to add your vote to the l i s t . Host sieeerely, *iUrm& mm* ' r . Polbert Dm Calkins The Brooking8 Institution 722 Jack*on Fl«ce# 9«V# Vashlnjrtoa 6y D, C* HONORARY TRUSTEES TRUSTEES WILLIAM R. BIGGS, Chairman HUNTINGTON GILCHRIST, Vice Chairman ARTHUR STANTON ADAMS DANIEL W. BELL ROBERT D . CALKINS LEONARD CARMICHAEL WILFRED L. GOODWYN, JR. JOHN W . HANES LT""'S WEBSTER JONES J E. LOCKWOOD LEVERETT LYON ROBERT BROOKINGS SMITH LAURENCE F . WHITTEMORE DONALD B. WOODWARD <3Ittgtttutum ROBERT PERKINS BASS MRS. ROBERT S. BROOKINGS JOHN LEE PRATT HARRY BROOKINGS WALLACE OFFICERS ROBERT D . CALKINS President ttigfam 6, 7 2 2 JACKSON PLACE. N. W. MILDRED MARONEY Treasurer ELIZABETH H. WILSON Secretary July 2, 1954 SHELDON B. AKERS Executive Manager Miss Mildred Adams Committee on History of the Federal Reserve System 340 East 72nd Street New York 45, New York Dear Miss Adams: Thank you for sending me the correspondence with Kincaid. I think the matter is now straightened out and we will be able to proceed. In your letter of June 29 you asked about the fringe benefits of employees of the Committee and the Institution. We have very few fringe benefits here at Brookings. All members of the staff would come under Social Security. They would not be eligible for the Teachers' Annuity Old Age Benefits unless they were members of the Regular Staff and had served three years. The Institution does participate in the Washington Blue Cross Group Hospitalization plan, but the premiums are carried entirely by the individual. The Institution makes no contribution. I think it would be feasible to have employees stationed here in Washington participate in this hospitalization plan. I do not see that employees in New York could be brought under it, since we have no arrangement with the New York hospitalization program and no adequate group to permit group rates, as I understand the practice. Sincerely yours, President Enclosure (Rules and Regulations Respecting Employment and Retirement of Staff)
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