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FEDERAL RESERVE BOARD 220 WASHINGTON address official correspondence t o the federal reserve board X-7863 April 16, 1934. SUBJECT: Salaries of Officers of Federal Reserve Banks# Dear Sir: In connection with the adjustments as of the first of the year of salaries of officers at certain Federal reserve banks, the Board considered a suggestion that some method be adopted by •which proposed changes, at least with respect to those of an important character, in the salaries of officers of Federal reserve banks might be considered somewhat informally in advance of the submission of definite recommendations by the boards of directors of the Federal reserve banks so that the Board on the one hand might be informed more adequately as to the views and reasons of the directors of the Federal reserve banks, and on the other hand the directors might have an opportunity to ascertain the reasons that would impel the Federal Reserve Board to its conclusions with respect to their recommendations# The plan which the Board now has in mind is that at some time before important changes in salaries are made, which ordinarily take place as of January 1 of each year, the directors of your bank would consider informally what action they desire to ~2~ take and arrange to have either the chairman of the board or a committee of the directors communicate with the Board's committee for your district and go over the matter with a view to arriving at an understanding, subject, of course, to the Board's formal action in the usual way when the regular schedule of salary rates for the succeeding year is submitted. These communications could be had in November so as to allow ample time for the further consideration of adjustments that might seem advisable as the result of such communications. It will be appreciated if you will bring the above plan to the attention of the directors of your bank and advise the Board whether they have any comments or suggestions to make with regard thereto. Very truly yours Chester Morrill, Secretary. 10 THE CHAIRMEN OF ALL FED1SAL RESERVE BANKS EXCEPT HEW YORK AND CHICAGO
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