The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
R ep rod uced from the U ncla ssified / D e cla ssified H o ld in g s o f the N a tio n a l A rchives
3 3 1 .
JAN11 m
Hr* f * K. (t a r t i* * *
Federal iesw rve Bank o f Boston,
Boston,
Hr# OwrtiiP#i
l e t e i p t i # acknowledged ©I" your le t t t ff o f
$t
Sm w ^T
.ad v isin g tlm t til# board o f itoNitoi*# # f ymir bank,
at It# a c t in g
m
8, a «le e te d the gcrafttt&r o f tha
Federal laaen r# $&&k o f Bo8ton n » & member #£ thtt Federal
Open
W m k M t Cowai%t**# representing t&# F i r s t fe<larai Re
serve M sfe ri# t,
serve n »fcil the §X#a« o f bunlnas# FstN*
r m r y £9, 1956, end uppoititad t&*' d apity
o f tfe#
bank as * » a lte rn a te to the gorern or, to ftttsnd any **et**
iM $ o f the Cmw&ttaMt f e l s g *«u& tern «n£ t# jm r lit i p * t #
i a Hi# d issuasion i a the
ilb m m s m - & r iu * M M t y -of the
tovernosf*
IJi' *F “
#*'W #.
Tour l e t t s r i s being brought to the
Of the aeobers o f the Bo«r& # f §owm#s?s « f tifc# f a $ * r * i
B#SS3fft SySt«flU
Very tr\iiy y s w s *
iggpcd) S. R- Cw^Kr
S* H. Carpenter,
Assistant Secretary,
3
Reproduced from the Unclassified I Declassified Holdings of the National Archives
FEDERAL RESERVE BANK
OF BOSTON
FREDERIC
R O Y A . Y O U N Q , G OVE RNOR
WILLIAM
W. P A D D O C K , DEPUTY GOVE RNOR
WI LLI AM
W I L L E T T , CAS HI E R
KRICI<EL
H.CURTISS
CHAIRMAN OF THE BOARD
AND FEDERAL RESERVE AGENT
ALLEN
K. C A R R I C K
HOLLIS
DEPUTY CHAIRMAN OF THE BOARD
SE CRET ARY ANtJ GENERAL C O U N S E L
ASSI STANT FEDERAL RESERVE AGENTS
AS S I S T A NT C A S H I E R S
ELLIS
G.HULT
ERNEST
M. L E A V I T T
C A R L B. P I T MA N
CH ARLES
L. WALLACE
WILLIAM
SWEETSER
F. G E T T E M Y
D. M C R A E
January 9 , 1936
B oard o f G o v e r n o r s o f t h e F e d e r a l R e s e r v e S y ste m
W a sh in g to n , D. C.
i IJ'
>
G e n tle m e n : -
I■
AS
J*
A t t h e r e g u l a r m e e t in g o f o u r b o a r d o f d i r e c t o r s h e l d on
J a n u a r y 8 , 1 9 5 6 , t h e m a t t e r o f a p p o in t i n g t h e b a n k ’ s r e p r e s e n t a t i v e
on t h e F e d e r a l Open M ark et C om m ittee u n t i l t h e c o m m itte e i s r e c o n s t i
t u t e d p u r s u a n t t o t h e p r o v i s i o n s o f S e c t i o n 505 o f t h e B a n k in g A c t o f
1 9 3 5 e f f e c t i v e M arch 1 , 1 9 5 6 , w as ta k e n up and t h e f o l l o w i n g v o t e w as
a d o p ted s-
I 5i
KA
y p i a
VOTED t h a t , S e c t i o n ISA o f t h e F e d e r a l R e s e r v e A c t w i t h r e s p e c t
t o t h e F e d e r a l Open M arket C om m ittee h a v in g b e e n am ended b y
S e c t i o n 205 o f t h e B a n k in g A c t o f 1 9 3 5 e f f e c t i v e M arch 1 , 1 9 3 6 ,
t h e G o v ern o r o f t h e F e d e r a l R e s e r v e Bank o f B o s to n b e an d h e
h e r e b y i s a p p o in t e d a member o f s u c h F e d e r a l Open M ark et
C om m ittee t o s e r v e u n t i l t h e c l o s e o f b u s i n e s s F e b r u a r y 2 9 ,
1 9 3 6 , an d t h a t t h e D e p u ty G overn or o f t h e F e d e r a l R e s e r v e
Bank o f B o s to n b e an d h e h e r e b y i s a p p o in t e d a s an a l t e r n a t e
t o t h e G overn or t o a t t e n d any m e e t in g o f s u c h c o m m itte e d u r in g
su c h te r m and t o p a r t i c i p a t e i n t h e d i s c u s s i o n , i n t h e a b s e n c e
o r i n a b i l i t y o f t h e G o v ern o r t o a t t e n d s u c h m e e t in g .
R e s p e c tfu lly y o u r s
Chairm an
R e p rod uced from the U ncla ssified
■ n
I D ecla ssified H o ld in g s o f th e N atio n a l A rchives
J 3 3.
J A N t2 !9 ?
Mr# F# R, Curtiss, Chairman,
Fodoral Kosorvo B&nk of Bostan,
Boston, Massachusetts*
D«ar Hr. Curtis®*
Receipt It acknowledged of your letter of Jam**
your book, at It* aootlng on January 9, selected tho
governor of the Federal Reserve Bank of Bopton as a bob*
ber of tho Federal Open Market CoBnittee, representing
tho First Federal Reserve Mstriot* to serve until. Bocobber 51, 1955, or until his successor is appointed end
qualified, end appointed tho deputy governor of tho
bank aa aa alternate to the governor, to attend any
oooting of tho Ooaaittoo during such tors and to
participate in tho discussion in tho absence or in
ability of
th# govomor*
■f i
lour letter is being brought to th© attention
of the BOBbers of tho Fodoral Reserve Board.
Very truly yours,
(Signed) S. F
£. R. Carpenter,
Assistant Secretary
z-
R ep rod uced from the U ncla ssified
I D ecla ssified H o ld in g s o f th e N a tional A rch ive s
federalR
eserve poaro
wasmmof,
tA f
2 -
FEDERAL RESERVE BANK
OF BOSTON
PM
47
I
F R E D E R I C H. C U R T I S S
CHAIRMAN OF THE BOARD
AND FEDERAL RESERVE AGENT
A L L E N HOLLIS
DEPUTY CHAIRMAN OF THE BOARD
ASSISTANT FEDERAL RESERVE AGENTS
EDW ARD H .O S G O O D
C H A R L E S F. G E T T E M Y
W IL L IA M D. M c R A E
RQ.Y A . Y O U N G , GOVERNOR
W IL L IA M W. P A D D O C K , DEPUTY GOVERNOR
W IL L IA M W I L L E T T , CASHIER
K R IC K E L K.C A R R IC K
SECRETARY AND GENERAL COUNSfeL
ASSISTANT CASHIERS
ELLIS G .H U L T
CARL B. PITMAN
E R N E S T M. L E A V IT T
L.WALLACE S W E E T S E R
January 10, 1955
F ed eral Reserve Board
Washington
D. C.
GentlementA t t i e r e g u la r meeting o f ©nr Board o f D ire c to rs y esterday ,
the fo llo w in g vote was adopted
"VOTED that the Governor o f the F ed eral Reserve Bank o f
Boston h e and he i s hereby appointed a member o f the
F ed eral ©pea Market Committee created by Section 12A o f
the F ed eral Heserve A ct, as amended, t© serve im t il
December S I, 1935, o r u n t il h is successor is appointed
and q u a lif ie d , and th at the Deputy Governor he and h e i s
hereby appointed as an a lte rn a te t o the Governor to attend
any meeting o f the committee during such term, and to
p a rt ic ip a t e in the d iscu ssio n , im the absence or inability
o f the Governor to attend such m eeting*.
FOR CIRCULATION
I am a ls o a d v isin g the Secretary o f the F ed eral Open Market
Committee o f the adoption © f such vote*
........
Mr- Ham,to
Mr. Miller.. VT.
Mr. James .
R e sp e c tfu lly yours
/
^
- — '""Hi -h *i ^
*
http://fraser.stlouisfed.org/
€Uu-«
Federal Reserve Bank of St. Louis
Ur- Thornas
^
Mr. Bethea.... r . ... ^ ............
Hr. Carpenter.
............
Hr. Noell......... ^
r.
..............; ; .............
' *
............ :
* .•
\
i;
y/ ***^'
****••••©»«
.............
’
JJr' Jfornll‘
Dr.
i
Mr.
............
PInm note — check
'> / ^
:r
........................ * • • • • •
UM return to
7
/ '
Mr. Szymczak
^ ^
Chairman o f the Board
jA .
'
R ep rod uced from th e U ncla ssified
I D ecla ssified H o ld in g s o f th e N a tional A rch ive s
3 3 3
. 3 - * c ..2 -
J m u & ry 2 9 , 1 9 5 4 #
i t r . F* H. C u r t i s s , C b a iria a ii,
F e d e r a l R e s e r v e Bank o f B o s t o n ,
B o sto n , M a ssa c h u se tts.
B e a r Mr* C u r t i s s :
R e c e i p t i s a c k n o w le d g e d o f j o u r l e t t e r o f J a n m r y
...'n-nrrn,>,ti,r|-|iiiwiiniiiirt'iiiiv>Tr>iwr'irTiiin~irfi'J~~r>iiii||
2 4 f 1 9 5 4 , a d v i s i n g t h a t th© b oard o f d i r e c t o r s o f y o u r b e a k ,
at its
m e e tin g cm t h a t d a t e , s e l e c t e d
tiae g o v e r n o r o f t h e
F e d e r a l R e s e r v e Bank o f B o s to n a s a a e a b e r o f t h e F e d e r a l Open
M ark et C o w & t t e e , r e p r e s e n t i n g t h e F i r s t F e d e r a l R e s e r v e D is
tr ic t,
is
t o s e r v e u n t i l D ecem ber S I , 1 9 5 4 , o r u n t i l h i© s u c c e s s o r
a p p o in t e d and q u a l i f i e d , and a p p o in t e d t h e d e p u t y g o v e r n o r
o f t h e bank a s a n a l t e r n a t e t o t h e g o v e r n o r , t o
attend a n y m e et
i n g o f t h e G o w & t te e d u r in g s u c h t e r a and t o p a r t i c i p a t e i n t h e
d is c u s s io n in th e a b se n c e o r i n a b i l i t y o f th e g o v e r n o r .
lo u r l e t t e r i s
b e in g b ro u g h t t o th e a t t e n t i o n o f th e
m em bers o f t h e F e d e r a l R e s e r v e B o a r d .
V ery t r u l y ' y o u r s ,
t e t e i s M
i ,
S e c r e ta r y *
Reproduced from the Unclassified I Declassified Holdings of the National Archives
FED ER A L R E S E R V E BANK
OF BOSTON
ROY A . Y O U N G ,
FREDERIC
governor
WI L L I A M
W. P A D D O C K , d e p u t y g o v e r n o r
WI L L I A M
W I L L E T T , CASHIER
KRICKEL
H. C U R T I S S
CHAIRMAN OF THE BOARD
AND FEDERAL RESERVE AGENT
ALLEN
K. C A R R I C K , SECRETARY
HOLLIS
DEPUTY CHAIRMAN OF THE BOARD
ASSISTANT CASHIERS
G.
ERNEST
HULT
CARL
M. L E A V I T T
y V f
/Ltt
B. P I T M A N
L. W A L L A C E
SWEETSER
\$J
ASSISTANT FEDERAL RESERVE AGENTS
10AR D
CHARLES
WI L L I A M
C- , H l ^ T O N !
F. G E T T E M Y
D. M c R A E
FOR CIRClrtATIDH
1934 JAN 2 5
PM
I
48
January 2 4 ,
Go?.
am!in Mr. N !:i!e r.. .’CTT.4 ____ . . . . . .
Mr. James .
Mr. Thomas
Mr.
D ear S i r s : -
Please note — check
and return to
A t t h e r e g u l a r m e e tin g o f o u r b o a rd o f d i r e c t o r s h e l d t«taqprrpenter
t h e m a t te r o f t h e a n n u a l s e l e c t i o n o f a member o f t h e F e d e r a l
Open M arket C o m m itte e , c r e a t e d b y S e c t i o n 12A o f t h e F e d e r a l
R e s e r v e A c t , a s am en d ed , w as t a k e n up and t h e f o l l o v / i n g v o t e
w as a d o p te d
"VOTED t h a t t h e G o v ern o r o f t h e F e d e r a l R e s e r v e
Bank o f B o s to n be and h e i s h e r e b y a p p o in t e d a
member o f t h e F e d e r a l Open M arket C om m ittee
c r e a t e d b y S e c t i o n 12A o f t h e F e d e r a l R e s e r v e A c t ,
a s am en d ed , t o s e r v e u n t i l D ecem ber 3 1 , 1 9 3 4 , o r
u n t i l h i s s u c c e s s o r i s a p p o in t e d and q u a l i f i e d , and
t h a t t h e D e p u ty G overn or b e and h e i s h e r e b y a p p o in t e d
a s an a l t e r n a t e t o t h e G o v ern o r t o a t t e n d a n y m e e tin g
o f t h e c o m m itte e d u r in g s u c h t e r m , an d t o p a r t i c i p a t e
in th e d is c u s s io n , in th e ab sen ce or i n a b i l i t y o f th e
G o v ern o r t o a t t e n d s u c h m e e tin g " .
R e s p e c tfu lly you rs
^
C hairm an o f t h e B oard
j ?«/
....................
Mr. S z y m c z a k . . . . . . . . . . . .
Mr. I n r i l T f l T * _ .
F e d e r a l R e s e r v e B oard
W a s h in g to n , D . C.
K
9J Ad
ELLIS
R E C E IV E D
FEDERAL RESERVE
R ep rod uced from the U ncla ssified
I D ecla ssified H o ld in g s o f the N a tional A rchives
?1
Mr* Allan Sproul, Soorotos?,
Fodon& M m r m Soak of Stew fork.
Mow Hfcwit, Mo® fo r k #
0 n r Mr* fiprouli
Boooipi in aaimowlodgod of* and I shall bring
to th* attention of the aoaboro of the Board of Govornors of tho Fodoral Booorvo Sy»to», your lottor of
JoattMry 2» 1986, advlsiitf that tho board of dtrootora
of your book, at its «ootlxig on that date, ooleoted
*r* Goovfo WMarriooa, ( krvwmm of thoFodoraX fto~
M m
Bunk of low fork, a» a mnhor of tho Fodoral
Open Market Ctsoodlttss to sroppooont tho Second Fodt**
oral Eooonre ttotrict for tho period fro* January l
to February 8§f 1096f lncluol*e»
V o ty tantijr y w m $
§* E* Carpootor,
Aoalotaat Sooretary*
ec:
Mr. Snead
m
R ep rod uced from the U ncla ssified / D ecla ssified H o ld in g s o f th e N a tional A rchives
\ ■■■ f t V
■\, i j J P' '
(J ;
:.1 -t
\
-
> i-
rcnt-n* RECEIVED
D£R& h $ $ f & V £ BOAED
Vi r\oH!,k$ fON
\
-
J> r
Federal Reserve B a n k
o f
N e w
036 jan
Y o r k
|fr'
January 2 , 19 5 6 .
S i r s :
/
Y
A t i t s m e e tin g t o d a y t h e b o a rd o f d i r e c t o r s
o f t h e F e d e r a l R e s e r v e Bank o f New York v o t e d t o a p p o in t
G eorge L . H a r r is o n , G o v ern o r o f t h e F e d e r a l R e s e r v e Bank
o f New Y o rk , a s a member o f t h e F e d e r a l O pen M ark et
C om m ittee f o r t h e p e r i o d fro m J a n u a r y 1 , 1 9 3 6 , t o
F e b r u a r y 2 9 , 1 9 3 6 , b o th d a t e s i n c l u s i v e .
K e s p e c tfu lly ,
/
^
V
A U a ^ r o u l,
S e c r e ta r y .
B oard o f G o v e r n o r s o f t h e
F e d e r a l R e s e r v e S y ste m ,
W a s h in g to n , D. C.
S^'^'
4
* * ■ > ''
' ^
m
R ep rod uced from th e U ncla ssified / D ecla ssified H o ld in g s o f th e N a tional A rch ive s
I 3 3 ,1 - * - ' 2
JAN 5
1035
Hr* Allan Sjxroul* Secretary,
federal Reserve Bank of Hew York,
Hew York, Sew fork*
Dear Hr* Sprouls
E«e0lpt 1s acknowledged of your letter of
January I§ 1055, advising that the board of director#
of your beak, at Its aeetlng m
that date, selected
Hr* George L* Harrison, Governor of the Federal Reserve
Benk of Hew Tork, e* a neeber o f the Federal Open IS&rket
Coaiaitfcee to represent the Second Federal Beeerve Dis
trict for the jeer 1958*
Tour letter is being brought to the attention
of the aeftbere of the Federal Reserve Board*
Very truly yours,
(Signed) S. fl Carpenter
8* E* €ar|>e*iter#
Assistant Secretary*
ect
Mr* Saead
COPY
R ep rod uced from the U ncla ssified / D ecla ssified H o ld in g s o f th e N a tional A rch ive s
RECEIVED
FEDERAL RESERVE
DOARD
Federal Reserve B a n k
o f
N e w
Y o r k
1935 .JAN 4
January 3 , 1 9 3 5 .
0Rr. Haffliifi •
Hr, Mitt
Mr, jaffios •••••••
■
Hr. TOornss'
JRfc.
V
B i r s i
Mir.
In a c c o rd a n c e w ith th e p r o v is io n s o f p aragrap h (a )
Ml;.
•••/
y
M l:. M e rrill ■vS / -
o f S e c t i o n 12k o f t h e F e d e r a l R e s e r v e A c t , a s am ended b y t h e
H fr.BBthsa......... • • • • • • •
^■•••'•••Banking A c t o f 1 9 3 3 , t h e b o a r d o f d i r e c t o r s o f t h e F e d e r a l
Hr,r.Npgll..... V.
............ R e s e r v e Bank o f New Y o r k , a t i t s
Ifcr.
......
m e e tin g h e l d to d a y , v o t e d t o
a p p o i n t G eo rg e L . H a r r is o n , G o v ern o r o f t h e F e d e r a l R e s e r v e Bank
Hf-.r.
note ™ «h«cR
id return to
o f New Y o r k , a s a member o f t h e F e d e r a l Open M ark et C om m ittee
f o r th e y e a r 1 9 3 5 .
Y ou rs r e s p e c t f u l l y ,
A1 1^-epFuul ,
S e c r e ta r y .
F e d e r a l R e serv e B oard,
W a sh in g to n , D. C.
yV
&
m
9
03
mm
R e p rod uced from the U ncla ssified
I D ecla ssified H o ld in g s o f th e N ational A rch ive s
J 3
-i.1
January 1G* 1954*
Mr* A lla n S p ro u l, S e cretary ,
F ed eral Reserve Bank o f Mew York,
lew York* few lo r k *
Bear- Hr* Sproult
Receipt I s acknowledged o f your l e t t e r o f Jam*-*
a ry 8 , 1954, a d v isin g th at the board o f d ir e c t o r s o f your
bank, a t I t s .meeting
m
January 4 , s electe d llr . George L,
H arriso n , Governor o f the Federal Reserve Bank o f Mew
lo r k , &# a aieaber o f the F ed eral Open Market Ccwsjittee represen tin g the Second Fed eral Beserre D i s t r ic t f o r the
year 1984*
Your l e t t e r I s being brought to the atten tio n o f
FOR ClfjfCULATlOM
Gov. Black
Mr. Hamlin
Ii n . . V £ C
Mr. M iller»r
Mr. James
amss. . . X .s.
Mr. Thor
homas . ^
7vnv»7olf
Mr. Szymczak
the saesberB o f the Fed eral Reserve Board.
Very t r u ly yours,
. .7 .
*
Mr. 1 w < r n r \J t/»
Mr. Martin............
i ' % ^ rXfo -j
Chester
Secretary
R e p rod uced from the U ncla ssified
B34 JAN 9
I D ecla ssified H o ld in g s o f th e N ational A rch ive s
AM 8 5»
Fe d e r a l R e s e r v e B a n k
of
N
e w
Yo
r k
January 8, 1954
S i r s :
In accordance with the p ro v isio n s o f paragraph A o f
Section 12(a) o f the Federal Reserve A ct, as amended "by the
Banking Act o f 1935, the board o f d ire c to rs o f the Fed eral Re
serve Bank o f New York, a t i t s meeting held January 4, 1954,
voted to appoint George L . H arriso n , Governor o f the F ederal
Reserve Bank o f New York, as a member o f the F ed eral Open Market
Committee f o r the year 1934.
Yours r e s p e c t fu lly ,
Federal Reserve Board,
Washington, D. G.
R ep rod uced from the U ncla ssified
I D ecla ssified H o ld in g s o f th e N a tional A rch ive s
3
F
e d e r a l
R
e s e r v e
T
Richard
"
B
hird
a n k
o f
P
h il a d e l p h i a
District
L .A ustin
Chairman of the Board
and
A p r il 24,
Federal Reserve Agent
1934
RECEIVED
federal r es
WASKIMTOh
I
1954 APR 2 5
FEDERAL RESERVE BOARD,
W a s h in g t o n ,
D. C.
Dear S ir s
A t t h e m e e t in g
th is
bank,
G o vern o r
h e ld A p r i l
of
th is
of
1 8 th ,
th e b o a rd
o f d ire c to rs
o n m o t io n d u l y
b a n k w as a p p o i n t e d
to
c a rrie d ,
rep resen t
on t h e F e d e r a l Open M a r k e t C om m ittee,^ an d i n
or in a b ilit y
to
serv e ,
to
it
o n t h a t C o m m itte e ,
re p re se n t
th e A c t in g
h is
t r u ly
th e
th e bank
absence
G o vern o r is . a u t h o r iz e d
fo r
th e b a la n c e
cu rre n t y e a r.
V e ry
of
y o u rs,
CHAIRMAN
of
th e
46
R ep rod uced from the U ncla ssified / D e cla ssified H o ld in g s o f th e N a tional A rch ive s
A p r il
1934.
Hr* P. L- Aoatln, Chair*taa#
Fadaral Saaar*a Baifle ef Philadalphia,
P h i l a d e l p h i a , P e M w y ltm a ia .
Dear Hr. Jteetiai
Sactloa 12A of tha Fedaral Beaarre A c t provide# that
eaeh Federal reee**e bask hy ita hoard of directors shall
asise&lly aalact oae m m & m r of tha Fadaral Op^b Market Cofwittee.
I s y e w 1attar of July 12f 1933, you advisee! of tha
eelaction of Qoreraor Horrie aa a taeisfear of tha eo*anittee repre
senting tha ft&fd Fadaral Baeer** Metrict, and, while your
latter did not so etafca, it was aaauiaed hy tha Board that
Governor Morris’ appointwaat was for tha
1933.
of tha year
It will ha apigreeiatad, therafar^k, if you will advisa
what, if asy, aotioa haa hea®. taken by yoiar direetore d-orlng
tha mxrront year with regard to tha aeleotioa of a neator of tha
oonaittee*
For yo’
ur information, a naajortty of tha Fadaral reserve
hanks have selected taenhere of tha Federal Opaa Market Comaittee
to serve for tha oalaaAar^ar and it ia believed desirable for
1 Fadaral reserve hanks to follow thia procedure.
Tary truly yerare,
.
,
r
------- -------------------------
R ep rod uced from the U ncla ssified
.
........
'
I D ecla ssified H o ld in g s o f th e N a tional A rch ive s
Hr* 1* §• Burk*, Jr*f
Acting Chairoan,
FodaiTfcX JUMNKTVa
*n*ji ^
Clavoland, Ohio#
Baar Hr# Burkoi
FNHMKtfffc I ff
4|£ y$UF la tta S " O f
Doca«bor 0, 19&5,a4vj»lpg that tha board of director*
of your bonk, at ita aaating on that data, **laatad
Mr* M. J* Flwaiag# Goranior of th* Fodaral Baaarv*
Bank of Clavel«adf aa a aaabar of tha Fodoral Gpan
■arkat fnitttaa rafiraaanting tha Fourth Fa^aral la*
aarva HUtrlat for tha paarlod fro* taaiiaa?y X to- Fabruary I§t 19*6, ineluaivo.
Tour lattor la balng brought ta tha attao*
tion of tho aaabaro of tho Board of Oovaraora of tha
Fadaral Eoaorr* Syata**
?ary truly youra,
8* E* Carpaotar*
Aaatataai Saaratary*
cc:
Mr. Bmead
......... ' ....... '
1
~ " ..... '-••T i l ..........
R ep rod uced from the U ncla ssified
I D ecla ssified H o ld in g s o f th e N a tional A rch ive s
F
ederal
R
e se r v e
B
a n k of
C
leveland
OF F I CE OF
CHAI RMAN
OF
THE
BOARD
D ec e m b e r 6 ,
Board
1935*
o f G o v e r n o r s o f the
F e d e r a l R e s e r v e System,
W a s h i n g t o n , D* C.
Gentlemen:
At
a meeting
d irectors
of th is
G o v e r n o r M.
pointed
as
to
bank held
F l e m i n g w as
a member
Open M a r k e t
th is
J.
o f the board
C omm it t ee t o
d istrict
February
o f the
1936,
reap
Federal
1,
193&
in clu sive.
Very t r u ly
Acting
today,
represent
from January
29#
of
C hai rman
yours,
of
the
Board*
R e p rod uced from the U ncla ssified
I D ecla ssified H o ld in g s o f the N ational A rchives
■a
fTBi
m
*r. I. S. Burk*, Jr.,
Acting Chain*an,
Fodoral Reaor*e Bank of Cleveland,
Cleveland, Ohio.
Boar Hr* Burke»
Receipt la acknowledged of your lottor cf Jaatt*
ary 80, 19W , ad^iaing that the board of dlrectora of
your bank, at it# mooting on January 19, aelnctod Hr.
I* J* Flowing, Governor of tho Fodoral Haaervo Bank
of Cleveland, to auooeed Governor Fanchor as a iMMtbor
of tho Fodoral Open Market Coaaittee representing tho
Fourth Fodoral Koaerve Blatrict during tho current
yoar*
four letter la being brought to the attention
of tho Msbor# of tho Fodoral Reaorve Board«
Very truly youra,
(Signed) S. R. Carpenter
8. R* Carpenter,
Aaaiatant Secretary.
cci
Mr. Sinead
Reproduced from the Unclassified I Declassified Holdings of the National Archives
RECEIVED
FEDERAL RESERVE
BOARD
WASHINGTON x
F
e
d
e
r
a
l
o f
R
e
s
Cl e v
e
r v
e
R
x
\
2 QtJ
r
1935 JAN 31
eland
January
FOR CIRCULATION
M r.
a
30,
AM II
28
1935>*
Hamlin
Mr. M ille r .,
Mr. James
Mr. Thomas
Mr. Szymczak
Mr.
Mr.
’•
.
Mfr-Wwrrt!r~?
Fed eral R eserve Board,
W a s h i n g t o n , D. C.
Mr. Bs'Jssa
Mr. Carpenter
G entlem en:
Mr. .H a a iU . .
Mr.
Mr.
Mr.
Mr.
Please note — check
and return to
I am s o r r y t o f i n d t h a t I h a v e n e g l e c t e d
to in fo rm you of th e ap p o in tm e n t o f Governor
M* J , F l e m i n g b y o u r b o a r d o f d i r e c t o r s a s o u r
r e p r e s e n t a t i v e o n t h e F e d e r a l O p e n M a r k e t Com
m ittee*
T h i s a p p o i n t m e n t w a s made b y o u r b o a r d
a t i t s s p e c i a l m e e t i n g on J a n u a r y 19*
This
A
letter
w ill
confirm
the
above
appoint
ment.
t
Very
A cting
truly
Federal
yours,
Reserve
Agent*
3
R e p rod uced from the U ncla ssified
I D ecla ssified H o ld in g s o f th e N ational A rch ive s
(
«JAN 9
1935
ltr» E* §* Burk*, lr.,
Acting Chatrttaa,
Fadaral Raaarta Bank of Claraland,
GlamUnd, Ohio*
Daar Hr* Burkat
Kacalpt la acknowledgad of your lottar of Janu
ary 7, 1955, adviaing that tha board of diraotora of
your bank,
1914, Mltitcd
Mr* X* E* Faachar, Governor of tha Fadaral Fteeorre Bank
of Claroland, at a m b i r of tha Fadaral Opan Markat
Coaalttaa rapreaenting tha Fourth Fadaral Ka««r*a Dia~
trict during tha yaar 1855*
four l*tt#r la being brought to tha attention
M
tba aaabara of tha Fadaral Raaanra Board*
Fary truly your*,
f
§*. 1* Carpantor,
Aeaiatant Secretary
ccj
Mr. Sinead
4
i
Ironai A rch ive s
/)
3
Th ^ v-C^z-
RECEIVED
FEDtrtAL RESERVt BOARD
F
R
e d e r a l
B
e s e r v e
fcASlw
a n k
m
o f C le v e la n d
M
Q
>
pH
FO R C IR C U L A TIO N
1/
Jaauary
Hr. Hamlin.
7,
1935-
Mr. M ille r,.
M r Jamas .
M r Thomas
Mr. Szymczak
Mr
Mr.
Mr. Morrill.
.7
s . .............
Mr. Bethea. . M . . , : . . . .
M r. Carpenter
V y .............
M r. Noell.............v
Federal
Reserve
Board,
...............
W ashington,
Mr.
Mr.
D.
C*
m eeting
of
............
Gentlemen:
Mr.
Mr.
At
the
the
"board
of
directors
P k s s t M ie
afti return
?
of
the
Federal
Reserve
Bank
of
C leveland,
held
r-Mr'rar>4 (L
\ \ Vl f
December
7 » E.
designated
the
this
Federal
for
R*
the
Fancher,
year
Open M a r k e t
1935> a s
the
Committee
was
re
member
to
representing
institu tion .
Very
A cting
' h !
Governor,
truly
Chairman
yours,
of
the
Board.
,
55
c vy
R ep rod uced from th e U ncla ssified / D ecla ssifie d H o ld in g s o f the N atio n a l A rch ive s
&
if?
o )
{Stationery of)
FEDHUL KESTOTE BA*fK OF CHICAGO
January 1 1 , I W $
Federal Heservs Board
Washington* B* C«
Gentleaent
The animal meeting of the Bow'd of Director® of this bank,
adjourned froa J»imaxy 4, was hold today* At this meeting, the fol~
lowing action# were taken on whidh I sis reporting to you# I Hare
written you under separate cover with a report of the coaadttee on
the election of officer® and salaries therefor*
Hr* Janes Xnglls was elected a director of the Detroit
Breach for a tern of three years beginning January 1, 108$*
Mr* Ralph H* Bugs was elected Managing Director of the
Detroit Branch for one year beginning Janaaxy 1, 198S*
radarnl Oooa Hantot Co— <♦■*— »
Ur* George J* Schaller was elected the representative of
this bank on the Federal Open Market Goraiittee* Hr* Howard P# Preston
wai elected alternate*
<
Fxi«r>l AdTlBorr Courallt
Hr. Solomon A*
pasqr, Chicago, Illinois,
as the representative of
Featon, President of the
elected alternate to Mr*
S»lth, President of the northern Trust Co*was elected on the Federal Advisory Council
this district for 1958, and Mr* Howard W.
Harris Trust and Storings Bank, Chicago, was
Staith without power to vote*
aoeutlr»
The following were elected mntbers of the executive oossittee
of the Board of Directors for the year 10SSt
George J. Schaller
Sttgene II, Stevens
James R* Leavell
Janes Simpson
S• R# Istberg
Frank D* Williaas
with Hessrs. Max W. Babb and Nicholas H* Noyes a* alternates.
C o m lt t w an A d a lw lO M t
Messrs. Bugene *• Stevens, George J* Schaller, and 1* B*
Fstberg were elected the Committee on Admission*, with Mr* C* S* Young
a* a lte rn a te f o r % *
fCBT l r * S c h a lle r, and
Hr* Howard t m
m a ltia ra a t*
W t * f « m * S tm p m m . # £ a ltern ate t m Mr* Ej»tberg.
Sgflarffem
H r#
4 iiiit * if t
C.
i ,
S e tw la r y
?he
Young
o f
th e
was
e le c te d
S & t$ it
o f
f a X ltfid * * #
S e e w ta iy
M m c ta rs
w ae
a n t! t t r *
an&
o ffe re d
th e
* a rf.
4#
I* *
0 1 iK ia ,
t a c e m a t lv #
C o»-
a d o p te d I
■Resolved, That the Executive Coawittee be mpowerei to
erfcabliah the rediaccnmt rata should w m g m o ? *ariU» l i t a k dJjWMK
tor*1 m m tin g # demanding * change in the existing rate, with the
underrtandln g, hoimr, th at so far ass poesibln, a l l ■enbera of th#
board be advised
t e t t e r * t#l*pfecai# o r ta&*f
b e fo re *«*ih chang#
im rate la sag*#*
mm
truly youre,
( S ig n e d ) E ugene I * S te v e n #
S
m$ m
»gh
h
i
l
l
i
l
l
fts
Reproduced from the Unclassified I Declassified Holdings of the National Archives
r
December 1 9 , 1 9 5 $
Mr* L. B, Willians, Chairman,
Federal Reserve Bask of Cleveland,
Cleveland* Ohio*
Deer Hr* Wllliaafl:
Receipt is acknowledged ef your letter of Decem
ber 1 8 , 1 9 5 5 , advising that the board of director® of your
bask, at Its Meeting on- December 8, selected Mr* £• R*
Fancher, Governor of the Federal Reserve Bank of Cleveland,
as a amber o f the Federal Open Market Coawittee represent
ing the Fourth Federal Reserve District f o r the year 1954 •
lo u r
letter is being brought to the attention o f
the neabers of the Federal Reserve Board*
Very truly yours,
Chester Morrill,
Secretary.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
5 3 / “3
^
cw)
F
e
d
e
r
l
R
O F
C
a
e
s
e
r
l e v e ia
Dec emb er
18 ,
v
e
n
d
B
i
V
193S.
N
K
^ECEfVr n
FEDERAL RESERVI- nn»o«
®
F e d e ra l Reserve Board,
W a s h i n g t o n , D. C.
Gentlemeni
At the m eetin g o f th e B oard o f
D i r e c t o r s o f t h e F e d e r a l R e s e r v e Bank
o f C l e v e l a n d , h e l d D e c e mb er 8 , E* R.
F a n c h e r , G o v e r n o r , was r e d e s i g n a t e d
f o r t h e y e a r 1934 a s t h e member t o t h e
F e d e r a l Open M a r k e t Committee r e p r e
senting t h is i n s t i t u t i o n .
V e r y t r u ly yours,
DEC 19
m
„
3 ,
R ep rod uced from th e U ncla ssified
I D e cla ssified H o ld in g s o f th e N a tional A rch ive s
SSB.
7J ,^J 7)
(l )
FEDERAL RESERVE BANK OF CHICAGO
January 1 0 , 1956
SOBJISBT*
B o a r d 's l e t t e r 1 - 9 5 6 6 o f N ovem ber 2 2 , 1 9 5 5
A p p o in tm e n ts , .and E l e c t i o n and S a l a r i e s o f O f f i c e r s I
B eard o f G overn ors
o f t h e F e d e r a l R e s e r v e S y s te m
W a s h in g to n , D . C .
GentlMuntt
C o n fir m in g my t e le g r a m o f t o d a y , I d e s i r e t o f o r m a l l y r e p o r t
t o you th e r e s u l t o f th e a c t io n s o f th e b oard o f d ir e c t o r s o f th e F e d e r a l
He s e r v e Bank o f C h ic a g o a t I t s a n n u a l m e e t in g h e l d t o d a y w i t h r e s p e c t t o
e l e c t i o n o f o f f i c e r s an d a p p o in tm e n ts *
A l l o f t h e o f f i c e r s o f t h e h a n k w e r e r e e l e c t e d f o r t h e te r m
e n d in g F e b r u a r y 2 9 , 1 9 5 6 , an d s a l a r i e s a s recom m ended b y t h e s a l a r y
c o m m itte e w e re f i x e d b y t h e b o a r d o f d i r e c t o r s , s u b j e c t t o t h e a p p r o v a l
o f t h e B oard o f G o v e r n o r s o f t h e F e d e r a l R e s e r v e S ystem *
T h is i n c l u d e s
a l s o t h e s a l a r i e s o f s u c h o f f i c e r s i n t h e F e d e r a l R e s e r v e A g e n t1s d e p a r t
m ent who a r e a p p o in t e d d i r e c t l y b y t h e B o a rd o f G o v e r n o r s .
I am e n c l o s i n g , h e r e w i t h , a l i s t o f s u c h d e s i g n a t e d o f f i c e r s
w i t h t h e i r recom m ended s a l a r i e s f o r y o u r c o n s i d e r a t i o n .
I u n d e r sta n d
t h a t , i n a c c o r d a n c e w i t h t h e u s u a l c u s to m , t h i s s a l a r y l i s t h a s b e e n
h e r e t o f o r e i n f o r m a l l y s u b m it t e d t o y o u b y t h e s a l a r y c o m m itte e o f t h i s
b a n k . We t r u s t , t h e r e f o r e , t h a t we may h a v e y o u r e a r l y a p p r o v a l, a s o u r
n e x t s a l a r y paym en t w i l l b e made o n J a n u a r y 1 5 .
The f o l l o w i n g S t a n d in g C o m m itte e s w e r e a p p o i n t e d f o r t h e y e a r 1 1 5 6 i
E x e c u t i v e C o m m itte e !
M essrs. S eb a H e r
S te v e n s
L e a v e ll
E stb e r g
W illia m s
Babb
C o m m ittee on A d m is s io n s t
M essrs.
S te v e n s S c h a lle r E stb e r g -
A lte r n a te
H o y es
A l t e r n a t e , Young
*
P r e sto n
*
L e a v e ll
M ember. F e d e r a l Open M ark et C o m m ittee t o F e b r u a r y 2 9 , 1 9 5 6 i
G erveraor S c h a l l e r - A l t e r n a t e , D e p u ty G o v ern o r F r e s t o a
R e p io d u ce d fi Dm th e U nclass
Declassified Holdings of th
al Archives
'iN P 1
B o a rd o f G o v e r n o r s
January 1 0 , 1956
Member. F e d e r a l A d v is o r y C o u n c il f o r 1 9 5 6 t
I» I . B row n , P r e s i d e n t , F i r * t n a t i o n a l Bank o f C h ic a g o
A l t e r n a t e - W. S . M cL u cas, P r e s i d e n t , N a t i o n a l B ank o f D e t r o i t
D i r e c t o r . D e t r o i t Bram tiw
J o h n B a l l a n t y n e , P r e s i d e n t , M a n u fa c tu r e r s N a t i o n a l Bank o f D e t r o i t ,
r e a p p o i n t e d f o r t h r e e - y e a r term #
R a lp h H. B u s s , r e a p p o i n t e d M anaging D i r e c t o r o f t h e D e t r o i t B ra n ch
fo r th e year 1936.
Jam es E . D a v id s o n , P r e s i d e n t , P e o p le # C o m m ercia l & S a v in g s B a n k ,
B ay C i t y , M ich ig a n ., t o f U l u n e x p ir e d te r m o f G eo rg e B .
M o r le y , d e c e a s e d , w h ic h U n e x p i r e s D ecem b er S I , 1 9 S 6 .
Mr* D a v id s o n , t h e new m em ber, i n a d d i t i o n t o b e i n g P r e s i d e n t o f t h e
a b o v e-n a m e d b a n k , i s a l s o I d e n t i f i e d d i r e c t l y w i t h t h e s h i p b u i l d i n g i n d u s t r y ,
and i s a d i r e c t o r i n a num ber o f b u s i n e s s c o r p o r a t i o n s *
He h a s r e c e n t l y b e e n
t h e P r e s i d e n t o f t h e M ic h ig a n B a n k e r s A s s o c i a t i o n .
B e i s a l s o p r o m in e n t ly
i d e n t i f i e d w i t h v a r i o u s e d u c a t i o n a l an d p h i l a n t h r o p i c i n s t i t u t i o n s , an d a
member o f a num ber o f im p o r ta n t c l u b s i n D e t r o i t , D u lu t h , B u f f a l o , C l e v e l a n d ,
and New X o r k . He i s o n e o f t h e o u t s t a n d i n g men i n t h a t s e c t i o n o f t h e c o u n t r y ,
and. .we f e e l f o r t u n a t e i n g e t t i n g h i® on o a r B ra n ch b o a r d .
We w i l l l a t e r s e n d
y o u a b io g r a p h y o f Mr. D a v id s o n .
Mr* 0* S . Young w as r e f l e c t e d S e c r e t a r y , a n d Mr. A . L . O ls o n , A s s i s t a n t
S e c r e t a r y o f t h e B |* r d o f D i r e c t o r s o f t h e p a r e n t bank*
V ery t r u l y y o u r s ,
( S ig n e d ) l u g e n e M. S t e v e n s
C h airm an o f t h e B o a rd
5
5 85
55
/§?*S « i lB § a ^ S fiff Sffi R^Bftss S § §BBEjBHfi^ ^ ESS
R ep rod uced from the U ncla ssified / D e cla ssified H o ld in g s o f the N atio n a l A rch ive s
oopy kg
/
*5
fv ‘
4-4?
L.'*
C O PT
**
*
Daoambar 22, 1934
Mr* f * f * io x to a f Q m lm m m $
Kadaral l i f t i f i Bank o f &i*feaitiHBAf
H iohaoai, V ir g in ia *
Saar Mr* Boarfeomt
Raaalpt i i ae&mowla&fad o f t and I a h a ll bring to tha
a ttan tla n o f tha «art>ara o f Hi# Fad aral la a a r *a Board, y<*ir
l a t t a r o f Dacaabar 3J# 1934, advlaiiig o f tha a m p p e lK la ia t
f o r I a n s beginning Jnimary 1, 1935, o f tha Managing ttrao*t o r * and tha d ira e to ra o f your Baltim ore and 0fearlOtte
bmaohaa ahosa ta m e a r pi re on December S l # 1934 j tha a e le e t lo a o f a ®aabar o f tha Fadaral i& fia o ry Council and a&iarwate
to. repreaant* tha F i f t h Fadaral Seaanre D ia t r ie t for tha year
1935; and
tha e e le e tlo n o f a siagiber o f tha F ad aral Opan
liarket Conaiittee
and a lte rn a te
r lc t
f o r tha coming y e a r.
Vary t r u ly yoara,
(S ig n e d ) th eater i s a r r i l l ,
Cbaatar M o r r ill*
a e tr e ta tf*
Cotiaeil
FBBaak - Biotecnd, V ir g in ia
^
5
Reproduced fromthe Unclassified IDeclassified Holdings of the National Archives
S3
3
.
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COFY
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m
m-'mmm
Daoam bar 13 f
F ad aral Bftwrnt
1934
M m e ti
l&aliilSgtOli* E#
0&rn%%mm$
t$k&£
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to
mpmiff'
•itJOSi ta la ii a t t& « VttgttX** jaonthly mooting,
o f our Board .of fi it o o t o n 1**M
For our
as H
wo alma
M l % lm m m
a tbroa
yc&r
it
$ *# Btigh
f o r * t o w ' t f 0$# p N if* ondtn* J M « $!§ ItS S *
f t x * i m i $* M i l i f t t as t dtroatoar f o r
tanot
1
Jbbjry 1^
*
fo r w
c h a rlo tt e i « i m m*m lo o to d Hr* w* f* ci«r*aat#,
ae & s ilro o to r f o r on® f # # r asi^isan
&l.# M SI*,
m ai#o
f o a r toast ta g& ft& ig
m * ?#. &* %©& m * dirtotor fosr n $&*#*
l$ 1$S§*
Aa t&0 iaaabar o f tha
M fia o r r ® m m k l fo r tb it
D i * t r l i t m»
-ir# Charlaa E* $0$***, frosidasiii. o f tha
f i r a t W m % im 0 a m H & M m & M f c * Jftwtiii$toti# fo a t
Aa aooit as I « * * « & * * w # Q t it o m * * aocoptanoe I w i l l n o t i f y
tin fo d a n n fiaaorto Board end th# soowrtary o f t&» f o i o r a l
Aa- lltorneta to flfr« Oohan oik tl# IMoaml h M m w y Qcm#!!*
no ro**l#«to& Hr* 0feiiitoa If* Mom#** fro#ida&t of t&o
Woatoam. National Bank -of S a lt im o r o * 'Ht*.* m at a il*M*a A
M r o o t o r o f th o f a d a m l B on on ro 'Bmk o f M « t a $ s d *
*a r»i##|#©t*d i& o $ o i ^ » r o f ti>i# fcmk aa onsr r a p r a a « t » M t #
*$$& tfco fo d a r a l % a n Haricot $ o »«$ tt# o f wit% tbo jffo tiao t o t
■$M M b abaanoo t%# a#n$or X&fmty
a l l ! a o rf# *
?o$y t r u l y fo u r#
( i i g a o d t ?&u f t M m Io n
w# t * iosetot*
Chairman
z e d
b s t
R ep rod uced from the U ncla ssified
I D ecla ssified H o ld in g s o f the N ational A rchives
\ » A
F e d e r a l R e s e r v e Ba n k
of
Ri c h m o n d
A p r il 1 2 , 193 4
Mr. C h e s te r M o r r i l l , S e c r e ta r y F e d e r a l R e s e r v e B oard
W a sh in g to n , D . C .
D e a r Mr. M o r r i l l s
W ith f u r t h e r r e f e r e n c e t o v o u r l e t t e r o f
A p r i l 7 th o u r B oard o f D i r e c t o r s t o d a y a p p o i n t e d , a s t h e
r e p r e s e n t a t i v e o f t h i s bank u p o n t h e F e d e r a l Open M arket
C o m m ittee , t h e G o v ern o r o f t h i s b a n k ,a n d i n h i s a b s e n c e
t h e D ep u ty G o v e r n o r .
T h i s a p p o in tm e n t w as made i n a c
c o r d a n c e w i t h S e c t i o n 1 2 A o f t h e F e d e r a l R e s e r v e A c t , and
i s i n t e n d e d t o a p p ly t o t h e c a l e n d a r y e a r 1 9 3 4 .
V e ry t r u l y y o u r s
W. W. H o x to n
C hairm an
W a sh in g to n , D . C.
D e a r M r. M o r r i l l :
I h ave y o u r l e t t e r o f A p r il 7 th p a llin g a tt e n
t i o n t o th e f a c t t h a t S e c t io n 12 A o f th e F e d e r a l R e se r v e A ct
p r o v i d e s f o r t h e e l e c t i o n a n n u a l l y b y e a c h F e d e r a l R e s e r v e B ank ,
o f o n e member o f t h e F e d e r a l Open M ark et C o m m itte e .
L a s t J u l y G o v ern o r S e a y w as e l e c t e d a s o u r r e
p r e s e n t a t i v e , b u t n o t h in g h a s b e e n d o n e a s y e t f o r t h e c a le n d a r
y e a r 1 9 3 4 . We r e g a r d G o v e r n o r S ea y a s o u r p erm a n en t member o f
t h e F e d e r a l Open M ark et C o m m itte e , and I e n t i r e l y o v e r lo o k e d t h e
s t a t u t o r y r e q u ir e m e n t t h a t a member b e e l e c t e d e a c h y e a r . We
h a v e a m e e t in g o f o u r B o a rd n e x t T h u rsd a y and t h i s o v e r s i g h t w i l l
b e c o r r e c t e d and y o u w i l l b e p r o m p tly n o t i f i e d a c c o r d i n g l y .
V e ry t r u l y y o u r s
W. W. H o x to n
C hairm an
Reproduced from the Unclassified I Declassified Holdings of the National Archives
A p r il ?, 1934.
Mr.
f« W. H o x to n , C h airm an ,
Federal Beserve Bank of
'Richmond # V i r g i n i a .
D ear Mr, K o x to m
Section 12A of tlx® Federal Beserve M t provides that
each Federal reserve bank by it# board of director! shall
fmaually select om
m z iber of the Federal Open Market Comittee.
In order that the Board** record* mtsy be complete, it
s&ll be appreciated if you will advise what, if aay# action
has been taken during the current year by tlie board of direc
tors of yonr bank with regard to tlie selection of a *ae*aber of
the costalttee representing the Fifth Federal Reserve district,
For your information, a majority of the federal reserve
banks have selected members of the Federal Open Market Cow&ttee
to serve for the calendar year and it is believed desirable
for all Federal reserve banks to follow this procedure.
Very truly yours
Chester florrlll
Secretary.
AjbtAs*i1
,
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNational Archives
V|MJ
i
■
Mr# I** 1* Clark, Socratary,
Fodoral Boaorvo Bank of Atlanta,
Atlanta* Goorgia.
Boar Hr# Clark*
Rooolpt lo acknowlodgod o f, and X ahall
bring to tho attoatlon of the monboro of the Board
of Goi'ornoro of tho Fodoral Soaorvo Syatoa, your
Xottor of January 11* 1955, advlotng that tho hoard
of dlroetora of your bank, at ita rogular January
noating, aolootod Sr* Oaoar Sowtoa, Gow nor of tho
Fodoral Kaaorva Bank of Atlanta,
m a naaabor
of tho
Fodoral 0pa«t Markat Oonalttoo to roproaant tho Sixth
Fodoral Koaorvo D istrict for tho porlod froa January
1 to Fobsmry tt* 19S6ff i&olualw*
fory truly youra,
CS^ned) S' H* Gprr>cftter
B* E. Carpontor,
Aaalatant Boorotary.
cc:
Mr. Sinead
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNationalArchives
\ -a \
"•
K
V V '
F e d e r
a
l
R
e
s
e
r
v
e
B a
n
k
)\ VJ
\
\
A
c h it a h t
s s is t a n t
F
o p t h e
e d e h a l
FOR CIRCULATION
S
w
of Atlanta
O F F IC E ] O P
Se
^
33 J'
B
o ah d
e s e k y e
A
q e s t
Mr. Chester Morrill, Secretary,
Board of Governors of the
Federal Eeserve System,
Washington, D. C.
Bear Mr. Morrill:
M r . r la in S in . .
«*•
Mr. M ille r. M r.
James .
M r.
Thomas
Mr. Szymezan w.. , y
(bJXui.y
Please note -and rsturn to
**
For the information of the Board, I am
Getting out next below the text of a resolution introduced
fiftid passed at the regular January meeting of the Board of
Birectors of this bank!
••
check
|
MBE IT B35SOLY1D That Mr. Oscar Uewton, Governor
Of this Bank, be, and he hereby is, elected to
serve until March 1, 193&, as & member of the
Federal Open Market Committee, which was created
by the Banking Act of June 1933 and which will
be in existence until March 1, 1936, the effec
tive date of the amendment to Section 12JL of
the Federal Reserve Act providing for a Federal
Open Market Committee, constituted as in said
amended Section set out.M
Very truly yours,
L. M* Clark,
Secretary of the Board.
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNationalArchives
3S
S,
January 18, 1916*
Mr. !*• M* Clark* S®cr«tary,
Federal Beserve Bank of Atlanta,
Atlanta* Georgia.
year Hr» wi&rici
Receipt Is acknowledged of your letter of
January 14a 19SS, advising that the board of direc
tor# of your hank, at tt* aeetlng
m
January 11,
selected Mr. Oscar Iawtoaf Governor of the Federal
Reserve Bank of Atlanta, as a aeaber of the Federal
Open Market Conmittee representing the Sixth Federal
Reserve District during the year 1955*
four latter la being brought to tha attention
of tha aea&sra of the Federal Eeserfe Board*
fery truly youraf
(S | 0 M !) S.
h
‘' c T^.- '.le>
£» R* Carpenter,
Assistant Secretary,
cc:
Mr. Sinead
3-*--2
ReproducedfromtheUnclassified/DeclassifiedHoldingsoftheNationalArchives
F e d e r
a
R e s e r v e
l
B a n k
5 n .
o f
A
3-*- - 2
t l a n t a
OITXCE or
Secretary ortheBoard
AssistantFederalReserveAgent
January lU, 1935*
rOK CIRCLl AS iOii
Mr. ftamifn
Mr. MHter.
Mr. James
Mr. Thomas
Mr. Szymczak
Mr.
Mr
Mr.
Mr.
Mr.
Mr.
........ y
/
f/o y i!'
B;’ hei
’Caiuetttr
No? ’
y/
*
Pe&eral Reserve Board,
Fashington, D. C*
)©ar Sirs:
Mr.
Mr.
!Ms is to advise that the Board of
Mr.
Directors of the Federal Reserve Bank of Atlanta at the
Plsase note — check
8Rd
return to
/s.
meeting held January 11, 1935* selected Mr. Oscar Hewton
as a member of the federal Open Market Conmittee, repre
senting the Sixth federal Reserve District, to serve until
the January, 193&* meeting of the hoard*
Very truly yours,
,* M, Clark,
Secretary of the Board*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
3 3 3 -
SEP 9 *
\s»
Ir* Oscar Bewton, Qudxmm9
Federal Reserve Bank of Atlanta,
Atlanta, Georgia*
Bear Jr. Nawtont
The Federal
Beserve Board notes froa your
letter of September 17, 1 0 M , that the board of
................
...l.i,,.ln.i-nii..l|.i ................
directors of your bank, at its meeting on September
14, accepted the realga&tlon of Hr# I* i* Jonns
as
a aeaber of the Federal Open larfcet Caaa&ttee
and selected Governor Bl&cic ta a aeaker of the co»>
aitte* repressBtlag the Sixth Federal Reserve Dis
trict, to serve until the January, 1955, aeeting of
your beard of directors*
Veiy truly yours,
(Signed) Chester Morrill
fimJTES ON
SE? 2 2
♦vw,
Chester lorrill, ,
Secretary,
3 ’- ' ^
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNationalArchives
F e d e r a l
R e s e r v e
B A n k
O F A t l a n £v*^
/ _
O F F IC E O F
V/C'A,->
4^eptemb er I^
C hairman of the Board .
Federal Reserve Acjent.
K//'
<0
193U.
Ko
&
Mr. Oliester Morrill, Secretary,
Federal Beserve Board,
Washington, D. C.
Dear Mr. Morrill;
You were heretofore advised that the
hoard of directors of the Federal Beserve Bank of At
lanta selected Mr. W. S. Johns, then Acting Governor
of the Federal Beserve Bank of Atlanta, as a member
of the Federal Open Market Committee representing the
Sixth Federal Beserve District for the year 193^*
!Dhis is to advise that the directors,
at their meeting on September 1*+, 193^» accepted the
resignation of Mr. W. S. Johns as a member of the Fed
eral Open Market Committee and selected Mr. 23* B, Black,
GoTremor of the Federal Beserve Bank of Atlanta, to
serve as a member of the Committee until the January,
1935> meeting of the hoard.
Very truly yours,
sQj&t
SSSHSI
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNational Archives
FEDr.'A!. r.
\Dn
/til:
January 15, 1954,
Mr. Oecar Henrbon, Chatraan,
Federal Be&erre Bank of Atlanta,
Atlanta, Georgia,
Dear Hr. Hewtons
Receipt ie acknowledged of your letter of Janu
ary IE, 1954, advising that the board of directors of your
bazik, at it® Meeting
on
that date, selected Mr* 1* S. Johns,
Acting Governor of the Federal
...a member of the Federal Open Market
the Sixth Federal Reeerve District for the year 1954.
FOR CiRCULATfOH
Very truly yours,
wav.Biack...^
Wf. Hawltn..
,
Miller.... ?
% James..
Cheater M orrill,
Seer*tary*
Wr. Thomas
:: t
s ^ ~ z
*■ ***■ ..
.. ••*
<*•*
MtSBttaaai
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNationalArchives
F
e
d
e
r a
l
R
e s e r v e
A
t l a n t a
B
a n k
^
o
° rX&L
. o'-
■
' “'
o f
Oi
aAdn
January 12, 193^
cF: : ; : : » r -
AM a
federal Reserve Board,
Washington, D. 0.
Dear Sirs:
This is to advise you that the Board of Directors
of the Federal Reserve Bank of Atlanta at its regular monthly
meeting held today, January 12, 193^> selected Acting Governor
W. S. Johns as a member of the Federal Open Market Committee
representing the Sixth Federal Reserve District.
Very truly yours,
ReproducedfromtheUnclassified/DeclassifiedHoldingsoftheNationalArchives
V
ALJ
(oj'L i/(^ >
y
Reproduced from the Unclassified I Declassified Holdings of the National Archives
3 3?.
M ^ 3 L A < r
P
C jt y n - i v
M * > 4 ^ U s V L * jj
^rO /}}C
■.<£)
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNationalArchives
& J
Excerpt from Minutes of Annual Meeting of Board of
Directors of the Federal Reserve Bank of
Chicago held on January 5, 1934.
"MEMBER OF FED. OPEN MARKET COM.
OPON MOTION duly made, seconded
and carried, Mr. Schaller was
unanimously elected as our representative on the Federal Open Market Committee
for the year 1934.”
ReproducedfromtheUnclassified/DeclassifiedHoldingsoftheNationalArchives
3 3 3 .
■JAhj
Hr# ?+ 8. Wood,
Bi*aJt
St* kmi#* Wimmmirn
t* * r
H r*
of
it*' k>ui»,
W o o d i
Hftoeipt 1*
#f |W*r letter of
^YtSlliNg that th* board #f director*
of ,y®w
bmak$
at it*
-cm
I*
Mtmrm
Hr.* Wb« i$§, Hartin, £to*m£r «f th*
Bank of St. lioult, ** & a*ab«r of th»
(feMltta# to
¥*4mml % * »
% ♦ lig Ms F®$*rii& !**
««n t tlitrict for th* p©rWl from i'mmmry 1 t# £*!**
r w y E®, &$&$* i&#ta*i*§*
t o r n l*tt*r i# b*£ng brought to th#
«f tho a*»b*r* «M? 'th# toard #f t k k w m w m ©f th® ?t$-*
ivt& ItaHnrv*
¥*fy tr»ly 3fw*fft#
8. &* &rfrttt$4r»
cc:
Mr. Smead
3 - 4 .
- 2 .
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNationalArchives
Y
CV/X'.’'-
! /'■
Fe d e r a l R e s e r v e
'<■>'.'X
OF
S
t
. L
33,3
o u i s
*<r
J an u ary 3, 1936.
B o a r d o f G o v e r n o r s o f th ©
F e d e r a l R e se rv e S y stem ,
I T a s h in g t o n , D « C .
G e n t le m e n :
f-
s
r ,f
Digitized for/
FRASER
XJtJt.
T h i s i s t o a d v i s e t h a t a t t h e m e e t in g o f
o u r B o ard o f D ir e c t o r s on J an u ary 2 , 1936, G o v e rn o r
Tifeu M cC* M a r t i n w a s r e e 3 e c t e d a m em ber o f t h e F e d e r a l
O p en M a r k e t C o m m itte e t o r e p r e s e n t t h i s b a n k f o r t h e
p e r i o d fr o m J a n u a r y 1 t o F e b r u a r y 2 9 , 1 9 3 6 , i n c l u s i v e .
Y o u rs v e ry t r u ly ,
C h a ir m a n o f t h e B o a r d #
'f~ l f
ReproducedfromtheUnclassified/DeclassifiedHoldingsoftheNationalArchives
JAN 7
1935
Hr# J* S* Wood, Chairman,
Federal Rewire Bank of It* Louie,
St* Louie, Mieaouri.
Dear Hr* Woodt
Receipt Is acknowledged of your letter of Janii<»
ary £» 19&5, advieing that the board of direotore of
mmmf
your bank, at Its Meeting on January 2# eeleoted lfr«
W«. BeC* Martini Governor of tho Federal Reeerve Bank
of 8t« Louie,a* a aeaber of tho Fodoral Opon Market
Coaodttee to repr***nit tho Eighth Fodoral Reserve Dietriot during tho yoar 1956.
Im r
letter la being brought to tho attention
of the m em ber* of the Federal Reserve Board*
Very truly youre,
(Signed) S. R, Carpenter
6. R. Carpaiter,
Aseietant Secretary*
Reproduced from the Unclassified I Declassified Holdings of the National Archives
Fe d e r a l R e s e r v e
Ba n k
3 53-
O F
S
t
. L
received
o u i s
% . Mserve
1935 jan
Hr. Ham’m.
Mr. W ilier.
Mr. Jamas • •
Mr. t e a s rl.-iMr. Szymczak
J a n u a r y 3 , 1935<
Mr.
Mr.
Mr. Morrill.
Mr. Bethea. .. . r / • • .............
Mr. Carpenior
..........................
F e d e ra l R e se rv e B o ard ,
Washington, ©• C#
Mr
Mr.
G e n t le m e n :
Mr.
Please note and return to
f
"A
check
t-
n< } f j
T h i s i s t o a d v i s e t h a t a t t h e m e e t in g o f
o u r b o a rd o f d ir e c t o r s on J a n u a ry 2, 1935, G o v ern o r
Hthu M eC . M a r t i n w a s e l e c t e d a m em ber o f t h e F e d e r a l
O p en M a r k e t C o m m itte e t o r e p r e s e n t t h i s b a n k d u r i n g
1935,
Y ou rs v e ry t r u ly ,
C h a ir m a n o f t h e B o a r d #
8
qard
45
Reproduced from the Unclassified I Declassified Holdings of the National Archives
F e d e ra l R e s e rv e B ank
3
$ - * • “
OF
S t. L o u is
RECEIVi'D
FEDERAL RHSr'fs\i;
1954 APR II
April 9f 1934*
Federal Reserve Board*
Washington, D* C*
Attention Mr* Chester Morrill, Secretary*
Gentlement
Referring to yp«rqgMSR,.S£»teSlt.
at
the meeting of our boaroof directors on January 3,
1934, Governor Wn* McC* Martin was elected a member
of the Federal Open Market Committee to represent
this benk during 1934*
Chairman of the Board*
AM
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNational Archives
3 3 3 ,1
April
1,
1934,
Hr* J. $* food, Chairman f
Federal Peserte Bank of St* Louis
St. l*ouisc Mo.
Dear Mr* foods
III your telegram of July 19, 1933* you advised that
tha boar# of directors of the Federal Sesenre Bank of St.
Xioulft had selected Governor Martin aa a Tie^ker of the Federal
Open Market Ccwr&ttee representing the S i ^ t h Federal Beserve
District until January, 1934.
Ia order that the Board1*
records 'aay he collate, It will be appreciated if you will
•dTis* of the action taken by your directors with regard to
the selection of a waber of the cowdttee for the year 1934.
Tery truly yours.
M iNiHtS
W ,lm
APR y
OH
1934
Cheater Morrill
Secretary.
_,swingsoftheNationalArchives
■JfcaW'&serr 1 * | I ? f 4. *
DEC 1 9 1934
Mr* J* 8* P«crton# Chairawa,
Fodor&X Raaorvo Bank of U rn **polls*
IftxmoapoXis* Mlnnosota*
Soar Hr* Psgrtoot
Rocolpt Is aokaowlodgsd of* and I shall bring to
tho attention of tho *o»bore of tho PodortO. Hoaerro Board*
your lot tor o f Dooonhor ID* X9M* advising that* at tho
roguXar aooting of tho board of dtroctors of tho Fodor*l
Rasorro Bask o f tttanoapolis hold on that dato, tho following
M tlflu woro tikifii
Hr. A* B* HeDonaott was roappointod os a dirootor
of your BoXana branch for a tors of two yoars
bH ^aiflC January 19 X93§.
II Oovornor Oooary «os soloetod os a aoabor of tho Pod~
11
mernl Opm Hwrkot Coaalttoo roprosonting tho Hflnth
jI
Padsral Raaorro D istrict for tho yoar 1956*
%
Hr« M* 0* Qrangaard mas rooloetod as a soafosr of
tho oxoeutlv* oosMittoo of your bank for tho
your 1955,
?<r. Thoodoro Hold was solootod aa a nomfcor of tho
Fodoral Adriaoiy Council representing tho Kinth
Pedsral Reserve D istrict fo r tho year 1956.
Ckrromor Geery was reelected as a aeuber of tho
Board of Trustees of the Retireisant SSystew of
tho Federal Reserve B*nk« for tho yoar 1955.
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNationalArchives
Up* J# SU Payton - (£)
W it h respect t o the n o t i o n o f
jmt d i r e c t o r s l a r e e l e e t i n *
Governor Gearf aa a w e s t e r o f th © B o a r d o f T r u s t s ® * o f t h # R e t i r e
m en t grates of t h # F a d a r a l Reserve B a n k a f o r t h a . r e a r 1 9 M f y o u r
a t t e n t i o n i n c a l l e d t o s e c t i o n 6 o f t h o r u l e s and. r e g u l a t i o n # o f
t h e r^tireeent egriit an w h i c h rtrovides that t h a t r u s t e e s representing
tha Federal reserve b a n k a shfttl b e s e l e c t e d f o r a ta r? s o f t h r e e year®.
Inasmuch a a I t i s understood t h a t Governor Goaty1s* p r e s e n t t e r » a a a
trustee w i l l expire o n D e c e m b e r S l f l $ $ 4 v i t i a assstasied t h a t
your
board o f directors* a t I t a n e x t ra * i t a r m e e t i n g , w i l l i & a h t o a a e n d
i t ® a c t i o n t o provide f o r tho selection* f o r a t a r s o f three f e a r s ,
o f a representative o f y m r bank t o servo o n the B o a r d o f Trustees
of the Battresent Sjst^m of tha federal Reserve B^nka*
l a t h i s connection, separate l a t t a r ® w i l l ba addressed t o
iro n concerning t h e a c t i o n o f y o a r b o a r d o f d i r e c t o r * w i t h r e g a r d
t o t h a setting mp o f reserves o a the hooks o f
ymr
baaSs as o f
Deoetiber S I , l f S 4 t a n d t h e p r o p o s e d o p e r a t i o n o n a $yst**t b a s i s
of t h a H a v a n a agency o f t h * f e d e r a l Beserve
Bmk o f A t l a n t a *
Fery truly.yaurs*
(Signed) Chester Morrill
Ohester ^ o r r ill,
B^eretaary*
r
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNationalArchives
a
,
V
+
I
(t) :
Qon
FBO&KAL RESERVE FfrPP
m
MX1INEAPGUS
December 17th, 1955.
Ur. Chester Morrill, Secretary,
Board of Governor# of the
Federal Reserve Systeia,
Washington, 0. C.
Dear Mr* Morrill,
The regular meeting of the Board of Directors of the
Federal fteserve Bank of Minneapolis was held yesterday. At that meeting
the 'Salary Cowmitte© made a report as to increases in employees* salaries,
and attached is a copy of that report, which was approved*
An estimate of earDings, expenses and charge-offs was
presented to the Board, and the Board approved the charges as indicated
below, subject to the approval of the Board of Governors of the Federal
Beserve Systems
Karnlngsi
Industrial Advances
Discounted Bills
-—-l.a*.
tiJIit’I
$
107,662*78
954.58
585*98
1,184,002*20
590*61
0. S* Government Securities
Deficient Reserve Penalties
All Other (Interest on past
due paper of closed banks,
etc*}
Total Current Earnings
|
8,725*00
115*00
1*00
107,375.00
10*00
fear
|
116,597.78
1,049.58
584.98
1,291,977.20
400.61
55,612.20
§,500.00
45,112*20
litiiiiSiias
1126,526.00
$1,455,512*15
145,000.00
145,000.00
55,285,28
7,500.00
42,585.86
$1,564,469*41
$278,620*00
11,645,095*41
Additions to Earning@t
Our share profits on System
Operations in 0. a. Becur»*
itles
Profit and I^oss * Set credit
(Recoveries closed bank
expense, exchange profit
Foreign Banks, etc.)
Gross Earnlz^s
Estimated
Estimated
December
Jan. 1 to
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNationalArchives
Mr* Chester Morrill, Secretary,
(2)
Jen* 1 to
e u J B * .I i n
Deductions from Kernings*
Current expense®
#l,152,5i4*41
15,755*66
furniture and JSquipaent
Interest due frees*
■Section 1S**B
Federal Reserve Building
Account (Hashington
Depreciation Minneapolis
Bask building
Depreciation Helens building
Depreciation Minneapolis fixed
asachinery and equipment
170.4S8.74
Dividend
Social depreciation charge «*
Helena building
Beserve for Other Losses
December 17, 1955,
Estimated
Btaaate-
$
Estimated
99,000.00
1*000.00
$1,251,594.41
14,755.65
£0,000.00
20,000.00
24,405.41
24,401.41
25,666*65
2,700.00
25,665*65
2,700.00
551*76
15,005.00
551*76
185,465.74
20,000.00 a
118,162.61
80,000.00
118,168*81
#1,645,095.41
#526,488.81
♦ Special provision against undetermined loss in Helena building
caused by continuing earthquakes*
fhe Board of Jjireciors elected the follow!
to the following posltionsi
individuals
Open Market Coaaaittee, to March 1, 1956 * Governor 1* B* Geeryi
||
Executive Committee for the year 1956 - Mr* II* 0* Grangaardj
Member of Federal Advisory Council for the year 1956 * SSr. Theo* fold#
Very truly yours.
(Signed) J, 8* Peyton
OF m
WGU
BOARD
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNational Archives
io«urdi of Directors of the
Federal fteserve Bank of Minneapolis!
lour committee, appointed to review salary adjustments of em
ployees, met in the directors1 rooa on Monday, December 9, 1935, and
after considerable discussion recommended the following adjustments, to
becoae effective Jamary lf 1956, if and when finally approved by the
Board of Governors of the Federal Reserve System*
Present
Annual
Salary
Ha b a
Increase
m s m im . m m m i i
Oeyer, Lester
1,600.
60,
Peterson, Sdward il#
£,100*
60
60,
U,
Xelsey, Orville
larch
1985
1,£00.
Hostility, Arthur
March ££* 1955
1,500.
100
Johnson, Florence
April BO, 1920
1,760*
560
Liedaan, Lyle B*
October 19, 1955
780*
60
Fahey, Lillian
June 4, 1918
1,960.
460
Two employees in this department are recommended for salary decreases
of |820.00, one for |560«00f the other $460.00,
These two girls were
formerly used in the wire room but due to the fact teletype machines
have been Installed, the work does not require more than competent
typists.
For this reason, it is recommended that their salaries be de
creased to correspond with that of others doing work of a similar na
ture*
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNational Archives
•48**'
Present
Annual
Johnson, Corrln® S.
Septeaiher 51, 1934
lendel, Alexander G. Jr,
Increase
900,
xm»
December §, 1952
1,500,
60*
Qhnstad, Qrthen
January 6* 19EG
£,300,
100*
Ottosen, Sele B*
May 10, 19SS
1,0$O*
60,
Fagerstroa, Oscar F*
August 1, 1954
1,140*
ito,
Strom, harry 1*
October IS, 1954
1,080*
@0,
Sylvester, John J*
June 4, 19SS
1,090*
60,
01stad, Arnold f*
July 2, 1925
5,100*
100
The Increase of #100*00 recoaaended for Arnold V* Olstad was approved
subject to Mr* 4* B* Larson, Assistant Cashier, corresponding with
tr* I* L. Saead, in view of the fact this matter was brought
meeting In Chicago last mutter.
mp
at a
Hr* Olstad -was approved for a $100*00
increase last year but it was disallowed by the Federal Eeserve Board*
Mr* Snead advised Hr* Larson that if the bank would give then sore par**
ticulara concerning this nan and his work he thought there would be nov
question about an apiJrovsl*
(In this connection see letter attached*}
Ca T OK RI A i
$u*ner, Sigrid
wijm
7£Q,
xao«
December S, 1938
900,
60,
nipjRTinsfi
Johnson, Helen H.
July 9, 1984
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNational Archives
-s~
Present
Annual
JSBS_______________________ 0 » t » B»al07«d_ _ _ _ _ _ _ _ _
fr*
fpl
Increase
n r f .d
8 a.cn —
CBKCIt COtiLKCTIOB PEPABTMSBI (Traaalt)
Sanson, Lloyd
March IS* 192?
1,260*
60*
Hallin, Harold
September 10* 1926
1*420*
80*
tee* Arthur I*
March 9* 1928
1*260*
60*
Pepin* Louis D* Jr*
August 18* 1950
1*140,
60*
Sainio, Olof
March 1* 1926
1*540*
60*
Anderson* Raynold W*
June 18* 1954
1*440.
60.
Knutson, George II*
August 19* 1911
1*020,
60*
Roster, Marian
October 26* 1953
900*
60,
Biegert* Lorensa
June IS, 1954
900*
60*
Kestor* Kenneth W *
March 15* 1955
840.
60*
Albachten* Joseph
January 2* 1929
1*140.
60*
Anderson* Morris G.
June 5* 1928
1*200*
60*
Anderson* Wallace L*
September 9* 1950
960*
120*
Barry, Howard D.
February 25* 1952
900.
120*
Benson* Earl 0.
March 15* 1955
340*
60*
Buirga* LeHoy A*
June 16* 1950
1*080.
60*
Cannon* Thomas C*
February 7* 1955
900*
60.
Cook* Frederic G.
June 19* 1955
1*020*
60*
Coulson, Laverne
May i* 1950
960*
60,
DeKiare* John F, Jr*
September £4* 1929
1*500.
60*
Ehlens* Daniel J.
March 15* 1955
1*140.
60.
Erhardt* Joseph
October 1, 1954
900*
120*
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNational Archives
IPM1......... _
.......
.Present
Annual
.............. ........ Salarv
Increase
Recoaaer
CHECK COLLECTION DEPAHTMBiff (Transit) - Continued
Fransen* Vernon 1*
March 13* 1935
940.
60.
Gorman, Josephine M.
September 1?, 1934
900*
m*
Gustafson* Victor V.
May 11, 1933
840*
60.
Balacrs* Cleaencc
Septeabcr 4* 1931
960.
120*
Hanson* tilliaa 0.
Septcabcr 17, 1930
1*080.
60#
Johnson, Oacar J*
June 9* 1930
1*020*
80.
Jones, Bodney I#.
January £2* 19.34
1,560.
60.
Jtni^ht, Boss £«
March IS, 1933
840.
60.
Krebs, Walter H.
April £1* 1950
900.
60*
Lundberg* B« Arthur
March 16, 1931
960.
60*
Peterson, Kalcolm F«
March 1* 1932
900.
60.
iaasdell* Jeanette K.
March 23* 1933
900.
100.
Sehoenhoff, fiobert
October 1* 1934
960.
60.
Saith, V. Cullen
September 26, 1927
1,320.
60#
Turner, iilliaa H.
August 18, 1930
1*020*
120#
Warner, Barniec©
April 6* 1934
900.
60*
August 13* 1931
1*020.
120.
Beeth, Earl 0*
Ju3y> 5, 1930
1,020.
120*
Blooaquist, Cyrus C,
June 11, 1928
1*200.
100.
Bjork* Christopher
September 16* 1929
1*200.
100.
Fredriekeon, Carl E.
June 4* 1925
1,700.
100.
filccac* Bobert
l»m
COLLECTION DEPARTMENTS
ReproducedfromtheUnclassified/DeclassifiedHoldingsoftheNational Archives
Preaeni
ISane
Increase
.....,..Bat* ..Jtelay#<i.,.,.,
. .a^Acz:..,... .JjUtefflHJBag!
m m m js m m m
« Continued
Johaaon, Carl W.
August 7, 1918
1,500
60*
Krolaick, Florence F.
February 14, 1985
1,080.
60.
fteradiae, Wallace 0*
September 7, 1927
1,400.
100.
Spreeher, H. Franklin Jr. ’
December £9, 1955
780
60.
Wilhelm, Wayne L,
April 21, 1955
840.
60.
Wolff, Alvene A*
April 9, 1954
980.
60.
Bogga, Florence 1.
July 18, 1955
960.
60.
Clark, Dorothy Ii.
October £6, 1952
1*000*
60.
Qing»
lovwtotp 16, 1955
960.
80.
C U M M G X AMD COIR DEPii s a i i
Florence 1.
Hendricks, John C.
June 15, 1925
1,560.
100.
Kelly, Roae 5.
September 8, 1955
1,020.
60.
Murphy, Lucille A.
Jamary 16, 1984
1,200#
60.
Wilde, Bern I.
Jamary 16, 1954
900.
120.
1,900*
100.
040 <
60.
gumberge, Erwin W.
.Jamary 3, 1921
OBUGiDiUKftBaHb
Cline, Elian F.
February 28, 1954
S*wall, Clinton
Bovewber 5, 1955
1,200,
60*
Byrne, Maurice C*
September 5, 1955
1,000*
60.
Frede&n, Cora J.
March 29, 1954
960*
60.
Healey, Lawrenoe 9*
March 18, 1955
1,400*
100.
Johnson, Leonard ?, V,
April lif
1 ,4 0 0 ,
100.
FISCAL AGE8CX AMD
vm
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNational Archives
<•*$#»
IfcUM .
... M t e J W t a x i d ..... .
Present
Annual
Salary
Increase
.
m m L M s m M v rn rn m :..FA8M,_.«mMl............ ~ Qontim M
K e lly ,
September 5, 1985
1,600.
80*
McAdams, Hoy 1.
June 6, 1928
1,880.
60*
Meehan, Bobert
August fc, 1988
1,400*
80.
June 15, 1985
1,500*
100.
21,
Douglas C«
Quinlan,
Mw*r&
V.
Skogen, C. Sheraan
June
1985
1,580.
60*
Storm, Olive f .
June 15, 1954
900*
60*
Stubbs, Donald F.
June 21* 1987
1,580*
80*
Warren, Charles D.
Kay 85, 1955
1,500.
60.
August 10, 1955
780.
60*
Baker, Phillips D«
March 88, 1954
780*
60.
Gillette, John J*
August 27, 1985
1,580.
60*
Bale,
August 9, 1951
840*
80*
Keenan, George B. Jr.
Hoveaber 15, 1955
780.
80*
Kendall, I* Clayton, Jr.
July 16, 1955
780.
80*
Laingen, Earl S.
December 89, 1955
780.
80.
Odoae, F. Galen
April 84, 1955
780.
80*
Price, Howard V*
October 19, 1955
780.
80*
Plachy, Hare F*
June 81, 1954
780.
60.
Shields, Joseph I.
August 10, 1955
840.
80*
Stone, James F.
Hay 85, 1954
880*
80.
Swanson, Harold SI.*
March 88, 1954
780.
80.
Wallin, Donald I.
August 10, 1955
780.
80.
MAIL DEPARTMENTf
Anderson, Raymond
A*
John 8»
ReproducedfromtheUnclassified/DeclassifiedHoldingsoftheNational Archives
Present
lucre*##
Jteagaaasli
FAQMi
Borg,
June 15, 1954
Jttobard K,
Donaldbob, faul
h»
A u g u * t
io ,
in z
no*
60*
780*
60*
Miller, £era»tte 1*
October 19, 1953
780*
@0*
Sim$Mmt liobiMrd C*
August 10, 105S
780*
60*
VoDcaax# Robert H*
June 16, 1954
780.
60*
Erickaon, Dorothy K*
April It* 1954
m
60*
H«ss, Franca# I**
November 1, 19£S
ttvxiCA«lU|y>T TTPPinTOfGnM1*
a /a m m a a L m
1,5*0.
m
y a m
Srobel, Roger K*
July 6, 1955
1,690*
60*
Ibaen, Kathryn
August 11, 1955
1,140 k,
60*
Euckuck, I’raderick ff*
July 5, 1954
1,620*
60*
Laraon^ Frftncea B*
Hoveaber 6, 1955
1,140*
60.
Laaoski, Ann
January 24, 1954
960
60*
Braxih&xit, Jl^bert V*
August 10, 1155
730*
60*
Flat*n, Gerald W*
May 15, 1951
960.
60.
Welch, Ulldred 1»*
June IS, 1954
900*
60*
RWfiTM't’IPRtt'T'i MATT
m-
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNational Archives
Pre««at
Annual
Increas*
.M M .Emcloyed_.....
Bumball, Margaret A.
December 8, 1952
1,060*
60*
Sohmid, Hildegarde A*
July 27, 1952
1,020 *
60.
Sperling, Bertha 1»
May 10, 1955
1,060.
60,
fotushek, Heatj©r L*
June 12, 1984
960.
60*
2,100,
100*
VAULTt
Carlson, Albert Q.
January 5, 1921
HILISA BMSCHi
Chivers, Doaald
Hoveaber 9, 1955
900.
180*
Guauaow, Clyde
Sovembtr 1, 1928
1,520.
60*
Noel, Boberfc
July 28, 1954
760*
120.
Polloh, Loretta
January 15, 1954
960*
60.
Samson, jftalpfo
Hoveaber IS, 1929
1,200.
120.
Surman, Steve
Kay 26, 1922
2,000.
100*
Leslie, ftobert
September 5, 1955
1,020.
500.
Culbertson, fiueh
August 24, 1926
1,560.
im
Von Dleck, Bertha
ISovember 7, 1929
1*200.
60*
Biachoff, Howard
August £0, 1954
340,
190*
Ziegler, Sobert
December H , 1955
940.
180*
Powell, Leland
September 1, 1925
2,600.
100.
Boble, Lloyd
Say 1, 1929
1,880.
120*
.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
th# recommendation# nad®
hj
$r» JU 1* fowl## Jta&ging Slr#cte
Of the Branch, were approved, with the uii3®rstanding that Ir* ■Clifford
Judd, an *%plogr*# at the Branch* receiving a salary #f flt#40*0® annually,
whom Mr, fowl# wishes to e B a im t #* Hill be dl®»i#a®d &«. ®f D®c®»b©r 0I#
1$$$, without r®$3jtC#*s©»t*
1t
«*# agree# by your cowsitte#*
l&t#f
approved by tha i&tontive Ooamltt*** that Mr. fowl® be imtfe&ffifcwl to
pity
Up,, £$&£ «tn stonth** *«dagy in advanc®* in accordance with th# r#c©»t
ruling of the
of Qovarnors of the Federal &®a®rve System, in vie#
tf the fact he has been #*ploy®d *t the Branch ova** thlrt#«n yeitm*.
The increases aggregate $&§*£40*00*
the decreases previously «®«tlontd
ber
tm m §
Btducting $h« asmmt of
* total of |$#§li§*0$ On
1055 eight employees will be r#l®*#®d (two of who» will hsv® to
bft r®pl*C»d)| reducing the
'p%fmlX
#f*§4®#®0 nmm&lly*
amount from th# total above «t®ntlan#d will
tl*tS$*00+
mom
a
Inducting this
m% im rm m
of but
|u a d d itio n * Mr. 4 , $* ? «& ««» one o f the investigator* 111
the Industrial Loan Division* will leave the bank
a$d his position *111 not be filled*
The
m lm f
m
£®#«mb#? H * Xt$§*
paid him is #$*000*00*
so in tha final analysis the tctsd anasts.! salasfy* as of January 1# 1956,
will be less than at the present tin®*
M .
Ivim S.* &»yUm
loner f* Claris
I*. 0* Gr&ngaard*
'§ e c * * i b « r
19&5.
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNationalArchives
COP*
feb&ral
mmm
bom&
SABSIEIfOS
December 12, 195S.
Hr. A* ft* i*arson, Assistant Cashier,
Federal Keserre Sank of Minneapolis*,
Minneapolis, Minn,
Dear Sir*
This refer# to your letter of December 9 with
reference to a proposed increase of #100 in the salary
of your equipment aechanic.
X ha*e noted your eoMBe&t#
with reference to thia position as sat forth in your lat
ter and they appear to me to be amah as to warrant your
aubaiittinf a foraal request for tha proposed change,
I
cannot, of course, state in adv&nce what action tha
Board would taka on such a request but it saaas to be a
reasonable one to ae»
Vary truly yours,
(Signed) £• X,. Smead,
S. I** Snead, Chief,
Division of Bank Operations
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNational Archives
VO!
FEDERAL RESERVE BANK OF MINNEAPOLIS
NINTH
i s r
JO H N N . PE Y T O N
CHAIRMAN OF THE BOARDAND
FEDERAL RESERVE AGENT
April 10th, 1934-
Mr. Chester Morrill, Secretary,
Federal Reserve Board,
YJashington, D. C.
Dear Mr. Morrill,
In answer to your inquiry of the 7th with regard
to action taken by this bank under Section i.2ATo? the Federal
Reserve Act, providing that each Federal Reserve Bank shall se
lect one member of the Federal Open Market Committee by resolu
tion of its Board of Directors, I quote as follows from the
minutes of the meeting of the Board of Directors of the Federal
Reserve Bank of Minneapolis of August 28, 1933s
HIn accordance with provisions of the Banking Act of
1933, Director Washburn moved that Governor Geery be
elected as the representative of the Ninth Federal
Reserve District on the System's Open Market Committee.
The motion was seconded by Director Leeman and unani
mously adopted.”
I also quote as follows from the minutes of the
regular directors’ meeting held on April 9, 1934-J
"Chairman Peyton referred to a letter from the Federal
Reserve Board suggesting that each Federal reserve bankfs
representative on the Open Market Coinmittee should be
elected annually to serve for a calendar year period.
Since Governor Geery has beaa serving as the member from
this bank since his election to this post at the August
meeting last year, it was voted by the Board, upon mo
tion by Director Clark, seconded by Director Grangaard,
that Governor Geery*s term as a member of the Open Mar
ket Committee under the action taken last August, should
expire on December 31, 1934> or as soon thereafter as a
successor is appointed."
Very truly yours,
JNP:B
U
DISTRICT
? -^
-
2. j r
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNationalArchives
April 7 f 1934.
Hr* J. K* Peyton, Chairman,
federal Ssserve Bank of Minneapolis,
Minneapolis, Mian*
Dear Mr* Peyton:
Section 12A of the Fodoral Heserve Act provide*
that each Federal reserve bank: by it* board of director*
shall annually select one tapster of the Federal Open Mar
ket Committee*
Im order that the Board** record* may he collet**
it will he appreciated if you will advise what, if any,
action has been taken during the current year by the board
of directors of your bank with regard to the selection of a
member of the committee representing the Hinth Federal Be~
serve District*
For yoTir inforraatlon, a ntajorlty of the Federal re
serve banks have selected toilers of the Federal Open Market
Qornaittm
to serve for the calendar year end it is believed
desirable for all Federal reserve banks to follow this procedutre*
feiy truly y<rar*»
theUnclassified/DeclassifiedHoldingsoftheNational Archives
3 3 .^
C/»J
January 14, 1955
Mr. X* P# Brown,
Deputy Chalr*an,
Federal Reearte Bank of X?iaeaa 01% ,
Kaaaaa City, Mleaourl*
Receipt la acknowledged of your letter of
January 11, 1956, advising that the board of dire#*
tore of your book, at Ite neetlug <» January 10,
selected Hr* G« It* Hamilton, Governor of the Federal
Beserve Bonk of Kansas City, aa a aaaber of the Fed
eral Open Market Coaialttee representing the Tenth
Federal Reserve District for the year 1955*
four letter la being brought to the atten
tion of the meabera of the Federal Keeerve Board*
cot
Mr* Snead
Reproduced from the Unclassified I Declassified Holdings of the National Archives
'/*"
F e d e r a l . R e s e I ^ e?
'v*
K A N S A S C IT Y
OFFICE OF
11
Jan u ary 1 1 ,
federal reserve agent
FOR CIRCULATION
Mr. H a t r t f m . . y'**<»»>♦*
Mr. M iiie r ......^ y ^ .. . . . . .
Mr. James
.....
Mr. Thomas •.
.
J
r
Mr. Szymcza« ./ r * ,....... . . . .
J*r'
' ” **
Mr.
F e d e r a l R e se rv e B o ard
W a s h in g t o n
.
n
«
..... . . . . . G e n t le m e n :
•»**»»»•••»*■
.... *
A s p r o v id e d f o r in S e c t io n 12A o f th e
Mr Beih°3
Mr' Car enlcr £>'/.... . . . . . . . . . . F e d e r a l R e s e r v e A c t , o u r B o a r d o f D i r e c t o r s a t
Mr NoSr*
v Z .. . . . . . . . *
m e6^ i n S o f J a n u a r y 1 0 r e - e l e c t e d G o v e r n o r
u'
*t. . . . ’ " I . . . . . . . . . . . . . H a m i lt o n a s t h e r e p r e s e n t a t i v e o f t h i s b a n k o n
^
.. . . . . . . . . . . . . . . . . .
j»e(j e r a 2 O pen M a r k e t C o n m it t e e f o r t h e y e a r
Wr‘
............. ..... 1935 an d u n t i l h is s u c c e s s o r s h a l l b e e le c t e d
Mf* - .. . . . . . . . . . . . . . . . . . . . . . . . a n d q u a l i f i e d ,
PIM» note - check
and return to
A
)
trul7 yours,
__
-
r A~J|
'
D e p u t y C h a irm a n
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNational Archives
RECEIVED
FEDERAL R E S E R V
V ,: l,
F e d e r a l R e s e r v e
2-(/
B a n k
OF
ADR
Ka n s a s C it y
April 9, 1934
F e d e r a l B e s e rv e B o ard
W a s h in g to n , D * C .
G e n t le m e n :
A t t e n t io n o f M r* C h e s te r M o r r i l l
__________ S ecretary _____________
R e p ly in g t o y o u r l e t t e r o f A p r i l 7 , a t th e
m e e t in g o f o u r B o f e T ^ o f ^ O ^ r t f f O T ^ ^ B H ^ I O T u a r y 1 1 ,
1 9 3 4 , G o v e r n o r H a m i lt o n w a s u n a n im o u s ly r e e l e c t e d
a s th e r e p r e s e n t a t iv e o f t h i s ban k on t h e F e d e r a l
O p en M a r k e t C o m m itte e f o r t h e y e a r 1 9 3 4 a n d u n t i l
h is s u c c e s s o r s h a l l b e e le c t e d and q u a l i f i e d .
Wn
: ■3ARD
T '" :
m II
O
53
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNational Archives
7
? *3 •
1 '
April 7, 1934.
M r. M. L . M c C l u r e , C h a irm a n ,.
F e d e ra l R e se rv e Bank o f K an sas C ity ,
K a n s a s C i t y * M o.
D e a r M r. McClure*
S e c t io n
12A o f t h e F e d e r a l H e s e r v e A c t p r o v i d e s t h a t
each F e d e ra l re s e rv e ban k by i t s b o ard o f d ire c to r® s h a ll
a n n u a l l y s e l e c t o n e m em ber o f t h e F e d e r a l O p e n M a r k e t Committee*
I n y o u r t e le g r a m o f J u ly 3 0 , 1 9 3 3 , y o u a d v is e d o f th e
s e l e c t i o n o f G o v e r n o r H a m i lt o n a s a m em ber o f t h e committee
r e p r e s e n t in g th e T e n th F e d e r a l R e s e r v e D i s t r i c t , a n d , w h ile
th e t e le g r a m d id n o t so s t a t e , i t w a s assum ed b y t h e B o a rd
t h a t t h e a p p o in t m e n t w a s f o ^ t h e r e m a in d e r o f t h e y e a r 1 9 3 3 .
I t w i l l 'be a p p r e c i a t e d , t h e r e f o r e , i f y o u w i l l a d v i s e w h a t ,
i f a n y , a c t io n h a s b e e n ta k e n b y y o u r d ire c to r** d u r in g th e
c u r r e n t y e a ’* w i t h r e g a r d t o t h e s e l e c t i o n o f a raem ber o f t h e
conralttee.
F o r y o u r i n f o r m a t i o n , a ’m a j o r i t y of t h e F e d e r a l r e s e r v e
b a :n > s h a v e s e l e c t e d m em b ers o f t h e F e d e r a l O p e n M a r k e t C o n r i it t e e
to s e rv e f o r th e c a le n d a r y e a r and i t i s b e lie v e d d e s i r a b l e f o r
a l l .F e d e r a l r e s e r v e b a n k s t o f o l l o w this p r o c e d u r e .
V ery tr u ly y o u rs.
Reproduced from the Unclassified I Declassified Holdings of the National Archives
3 3 3
E x c e r p t fr o m t h e m in u t e s o f t h e m e e t in g o f t h e B o a r d o f d i r e c t o r s
o f th e F e d e r a l R e se rv e Bank o f D a lla s , h e ld on J an u ary 7 , 1 9 5 6 .
FED ER AL OPEN MARKET COM M ITTEE:
U p o n m o t io n o f D i r e c t o r M o r r i s , s e c o n d e d b y D i r e c t o r M i d d l e t o n ,
G o v e r n o r M c K in n e y w a s s e l e c t e d a s a m em ber o f t h e F e d e r a l O p en M a r k e t
C o m m it te e t o r e p r e s e n t t h e E l e v e n t h F e d e r a l R e s e r v e D i s t r i c t fr o m J a i u a r y
1 , 1 9 5 6 , to F e b ru a ry 2 9 , 1 9 3 6 , i n a c c o rd a n c e w it h S e c t io n 1 2 a o f th e
F e d e r a l R e s e r v e A c t , p r i o r t o t h e p a s s a g e o f t h e B a n k in g A c t o f 1 9 5 5 ,
Reproduced from the Unclassified / Declassified Holdings of the National Archives
EXCERPT FROM THE M IN U T E S OF THE M EETING OF THE BOARD
OF D IR E C TO R S OF THE FED ER AL RESERVE BANK OF D A LLA S
_ _ _ _ _ _ _ _ _ _ _ _ _ _ HELD OH JANUAR Y 7 . 1 9 5 5 ._ _ _ _ _ _ _ _ _ _ _ _ _ _
"F E D E R A L OPEN M ARKET.
COM M ITTEE:
U p o n m o t io n o f D i r e c t o r M o r r i s , s e c o n d e d b y D i r e c t o r
M ila m , G o v e r n o r M c K in n e y w a s s e l e c t e d a s a m em ber o f t h e F e d e r a l
O p en M a r k e t C o m m itte e t o r e p r e s e n t t h e E l e v e n t h F e d e r a l R e s e r v e
D i s t r i c t d u rin g th e y e a r 1935, in a c c o rd a n c e w it h S e c t io n 12a o f
th e F e d e r a l R e se rv e A c t ."
ie s a B » « E
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNationalArchives
1
F e b ru a ry 1 2 , 1954*
M r * C* C* Walahf C b & in a a n ,
F e d e r a l R e se rv e Bank o f W X a i ,
D a lla s * T exas*
D e a r M r* f f & ls h i
R e c e i p t i s a c k n o w le d g e d o f y o u r l e t t e r o f F e b r u
a r y 8 , 1954, a d v is in g th a t th e b o a rd o f d ir e c t o r s o f y o u r
b a n k , a t i t s m e e t in g o n F e b r u a r y 7 , s e l e c t e d H r . B» k. .
M c K in n e y , G o v e r n o r o f t h e F e d e r a l R e s e r v e B a n k o f B a l i a s ,
a s a m em ber o f t h e F e d e r a l O p e n M a r k e t C o m m itte e r e p r e s e n t i n g t h e E l e v e n t h F e d e r a l R e s e r v e D i s t r i c t fe a r t h e y e a r
1954*
T om * l e t t e r i s b e i n g b r o u g h t t o t h e a t t e n t i o n o f
t h e m em b e rs o f t h e F e d e r a l B e s e r v e B o a r d *
V ery t r u ly y o u rs,
-- ? ;V' :
■
Chester M o rrill,
Secretary.
./)
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNationalArchives
VFE'
fe b
12
C. C. W A L S H
C H A IR M A N O F T H E B O A R D
AND FE D E R AL R E SE R VE AG E N T
RAL R E S E R V E B ANK
O F
DALLAS
9 06
February 8, 1934
Federal Reserve Board
Washington, D. C.
Gentlemen:
For your information and records, X wish to advise
that at the regular meeting of our Board of Directors, held
yesterday, the minutes of which are now being prepared,
Governor McKinney was again selected as the representative
of this bank on the Federal Open Market Committee.
Yours very truly,
Chairman of the Board
r
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNationalArchives
Fed e r a l R e se r v e
B a s e
o f
Sa n
F r a n c is c o
Office of
HAI RMAN O F T HE B O A R D
RECEIVED^ ^
RESEKVl %ARD Fe^ruary 7
Fe d e r a l R e s e r v e A g e n t
FEDERAL
1935
D ear S ir s :
I n c o n f i r m a t i o n o f o u r t e le g r a m o f t o d a ^ t h i s i s t o
a d v i s e y o u t h a t o u r B o a r d o f D i r e c t o r s a t i t s m e e t in g t h i s m o rn
i n g v o t e d t h a t t h e G o v e r n o r b e a p p o i n t e d a m em ber o f t h e F e d e r a l
O p en M a r k e t C o m m itte e a s r e p r e s e n t a t i v e o f t h i s b a n k f o r t h e c a l
e n d a r y e a r 1935? a n d t h a t i n h i s a b s e n c e t h e S e n i o r D e p u t y G o v e r n o r
b e a u t h o r iz e d to a c t in h is s t e a d .
Y ou rs,
Seer
F e d e ra l R eserve B o ard ,
W a s h in g t o n ,
D. C.
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNationalArchives
T E L E G R A M
FEDERAL RESERVE SYSTEM
3 $3-
(LEASED WIRE SERVICE)
RE C EIV E D A T W A S H IN G T O N , D. C.
249g°
'
A X*.
sanfranoisco Feb 7 387p
Board
Washn
R e fe rrin g Board*s l e t t e r February 1 our Board D ire c to rs a t meeting
today reappointed Governor G alkin s as a member o f the F ed eral Open
M arket Committee re p re s e n tin g th is bank fo r the calendar y e a r 1935
and in h is absence the sen io r Deputy Governor was au th o rize d to act
in h is stead
Sargent
635p
ia —794
ReproducedfromtheUnclassified/DeclassifiedHoldingsoftheNationalArchives
Hr# ffalton S. Moore,
Depitjr Chairmn,
Federal Reserve Bank of ®aa Fmiolsco,
San Francisco, California.
Dear Mr* Moorei
Aa you fcno», eection I M of the federal Reserve
Act provide* that each Federal reserve bank by It® board
of director* shall annually select one »eaber of the Fed
eral Open
OcMMiltt#**
that advice ha*
serve Bank of
m%
Bm
The Board*# files indicate
been received fro* the Federal Be*
Francisco as t# tha selection of a
iseitber of the Comittee to represent the Twalfth federal
Reserve District far the year 19$$#
It will be Appreciated,
therefore| if you will advise what, if any, action ha*
been take© by
?qwp
director* tith regard' to the selection
of a taaaber of th* Federal Open Market Co«aittee during
the ot*rr*nt yeer*
Very truly your*,
• • - ' .i
j
/juec
/l/
S# R* Carpenter,
A**i*tant Secretary.
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNationalArchives
u
}
F e d e r a l
Is a a c B . N
R e se r v e
B ank o f
S a n F r a n c is c o
ewton
Chairman of the Board
and Federal Reserve Agent
A p r i l 1 9 , 1934
feofral
reser;
* ^ . ji ka /-t t it I I r'*1' I
1934 APR 2 4
I!
38
D ear S irs :
R e c e i p t i s a c k n o w le d g e d o f t h e B o a r d ’ s l e t t e r o f A p r i l 7 j
c a l l i n g a t t e n t i o n t o S e c t i o n 1 2 A o f t h e F e d e r a l R e s e r v e A c t w h ic h
p r o v id e s th a t each F e d e ra l r e s e r v e bank b y i t s b o ard o f d ir e c t o r s
s h a l l a n n u a l l y s e l e c t o n e m em ber o f t h e F e d e r a l O p en M a r k e t Com
m itte e .
A t a m e e t in g o f o u r b o a r d o f d i r e c t o r s t o d a y t h e G o v e r n o r
w a s a p p o i n t e d a m em ber o f t h e F e d e r a l O p e n M a r k e t C o m m itte e t o
r e p r e s e n t t h i s b a n k f o r t h e c a l e n d a r y e a r 1934 - a n d i n h i s a b s e n c e
th e S e n io r D ep u ty G o v e rn o r w as a u t h o r iz e d to a c t in h is s t e a d .
lo u r s v e r y t r u ly ,
F e d e ra l R eserve A gen t.
F e d e r a l R e se rv e B o ard ,
W a s h in g to n ,
D. C.
ReproducedfromtheUnclassifiedIDeclassifiedHoldingsoftheNationalArchives
April 7, 1934
Mr. Isaac B. Hewton, Chainnan,
Federal Iteserve Bank of San Francisco,
Saa Francisco, California.
Sttr Mr. Hewtont
Section 12A of tho Fodoral Bosorro Act prorlde* that
each Fodoral roaorto bask by its board of director* shall
annually select one tsember of tho Fodoral Opon Haricot Corandttee.
~ J U fo * £ -3 Z 'i'Z
In your tolograa of July 13, 1933* you advised of tho
selection of Gorernor Calkins as a member of tho committee
representing tho twelfth Federal Bosorro District* and, while
tho telegrara did not so state, it was assumed by tho Board
that tho apDoiattsoiit vas
tor*
tho remainder of tho year 1933,
It will bo appreciated , therefore, if you will adrlse what,
if any, action has boon taken by your directors during tho
current yoar with regard to tho selection of a member of the
coraaittee*
For your information a majority of the Federal resort*
banks hare selectod member* of the Federal Open Market Committee
to aerre for tho calendar, year and it is beliered desirable for
all Fodoral roserre banks to follow this procedure*
\ t’"
Very truly yours.
'•o tN
W5NUT 1S O N
APRS 1934
w i S l w Bvinrxxx 9
SawnHNviy *
@FedFRASER