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654 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Tuesday, April 29, 1947. PRESENT: Mt. Draper, Chairman pro tern Mt. Evans Mt. Clayton Mt. Mt. Mt. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Chairman Memorandum dated April 24, 1947, from Mt. Thomas, Director of the Division of Research and Statistics, recommending that an increase in the basic salary of Mrs. Mary Jane Roberts, an economist in that Division, from $3,773.40 to $4,149.60 be approved effective NT 44 1947. Approved unanimously. Memorandum dated April 18, 1947, from Mt. Thomas, Director of the Division of Research and Statistics, recommending that an increase in the basic salary of Miss Nancy Schelling, a research assistant in that Division, from $2,770.20 to $3,146.40 per annum be approved effective May 4, 1947. Approved unanimously. Memorandum dated April 28, 1947, from Mr. Bethea, Director of the Division of Administrative Services, recommending the apPointment of Mrs. Louise A. Wrightson as a charwoman in that Division, on a temporary basis for a period of two months, with basic salary at the rate of $1,690 per annum, effective as of tha date 655 4/29/47 -2- upon which she enters upon the performance of her duties after having passed the usual physical examination. The memorandum also stated that Mrs. Wrightson had in the past been a member of the Civil Service retirement system, but that she would be excluded from that system during the period of her temporary appointment. Approved unanimously. Letter to Mr. Williams, President of the Federal Reserve Bank of Philadelphia, reading as follows: "The Board of Governors approves the payment of salaries to the following officers of the Federal Reserve Bank of Philadelphia for the period May 1, 1947, through April 30, 1948, at the rates indicated, which are the rates fixed by the Board of Directors as reported in your letters of April 24 and April 25, 1947: Annual Salary Title Name $25,000 President Alfred H. Williams 18,000 First Vice President W. J. Davis 14,000 Vice President and Secretary Wm. G. McCreecly 11,000 Vice President Robert N. Hilkert 14,000 Vice President E. C. Hill 10,000 Vice President C. A. McIlhemy 17,000 Vice President C. A. Sienkiewicz 12,000 Cashier P. M. Poorman 10,000 Assistant Vice President L. E. Donaldson and Assistant Vice President J. V. Vergari 7,700 Assistant Secretary and President Assistant Vice R. R. Williams 8,250 Assistant Secretary 7,700 Cashier Assistant W. M. Catanach 7,500 Assistant Cashier Richard G. Wilgus 12,000 Research of Director Karl R. Bopp 7,700 General Auditor Norman G. Dash of a payment the approves also Governors of "The Board Lewis and Evans Brittain, MacCoy, of firm the to fee retainer 656 4/29/47 -3- "at the rate of $2,500 per annum, for the period May 1, 1947, through April 30, 1948. In this connection, however, the Board has reexamined the general question of the regular employment of outside counsel by Reserve Banks. You will recall the Board's letter (S-399, L.S.S. #9060) of December 5, 1941, which set forth the Board's position that as a matter of general policy, the legal work of each Reserve Bank should be conducted under the direction of a general counsel who devotes his full time to the Reserve Bank and represents only the Bank. With respect to the Banks which did not then have such counsel, the policy was regarded as an ultimate objective, and all of the Reserve Banks except your Bank and the Federal Reserve Bank of Cleveland now have their own full-time counsel. The Board continues to feel that the objective set forth in its letter of December 5, 1941, is sound. It also believes that the considerations which led to the retention of outside counsel by some Banks are no longer sufficient to justify continuing the arrangements, and that after April 30, 1948, each Reserve Bank should have its own counsel who devotes his full time to and who represents only the Bank. Accordingly, the Board will not expect to approve regular compensation for outside counsel when salaries are considered next year, and it has asked that these views be transmitted to you at this time in order that your Bank may plan to make appropriate arrangements." Approved unanimously. Letter to Mr. Gidney, President of the Federal Reserve Bank of Cleveland, reading as follows: "The Board of Governors approves the payment of salaries to the officers of the Federal Reserve Bank of Cleveland and its Branches for the period May 1, 1947, through April 30, 1948, at the following rates which are the rates fixed by the Directors as reported in your letter of April 24, 1947: Annual Salary Title Name $25,000 R. M. Gidney President 18,000 W. H. Fletcher First Vice President 12,000 Vice President and Cashier A. H. Laming 11,000 President Vice Fulton W. D. 65'7 4/29/47 Annual Salary Title Vice President $ 9,000 10,000 Vice President 12,500 Vice President 9,500 Assistant Vice President 8,000 Assistant Vice President 8,500 Assistant Vice President 8,000 Assistant Vice President 6,450 Assistant Cashier 8,000 Assistant Cashier 7,000 Assistant Cashier 6,100 Assistant Cashier 6,100 Assistant Cashier 6,100 Assistant Cashier 7,250 Secretary 8,500 Auditor 7,000 Manager, Research Department Cincinnati Branch 13,500 Vice President B. J. Lazar 9,000 Cashier H. N. Ott 7,200 Assistant Cashier Phil J. Geers 7,300 Cashier Assistant R. G. Johnson Pittsburgh Branch 14,250 Vice President J. W. Kossin 10,500 Cashier A. G. Foster 8,000 President Vice Assistant Clyde Harrell 6,800 Cashier Assistant H. Nolte 7,250 Assistant Cashier J. A. Schmidt 7,000 Cashier Assistant R. J. Steinbrink "The Board of Governors also approves the payment of a retainer fee to the firm of Squire, Sanders and Dempsey at the rate of $7,500 per annum for the period May 1, 1947, through April 30, 1948. In this connection, however, the Board has reexamined the general question of the regular employment of outside counsel by Reserve Banks. You will recall the Board's letter (S-3991 L.S.S. #9060) of December 5, 1941, which set forth the Board's position that as a matter of general policy, the legal work of each Reserve Bank should be conducted under the direction of a general counsel who devotes his full time to the Reserve Bank and represents only the Bank. With respect to the Banks which did not then have such counsel, the policy was regarded as an ultimate objective, and all of the Reserve Banks except your Bank and the Federal Reserve Bank of Philadelphia now have their own full-time counsel. The Board continues to "Name M. Morrison W. F. Taylor D. S. Thompson R. R. Clouse W. L. Findeisen H. E. J. Smith P. C. Stetzelberger J. B. Anderson C. J. Bolthouse G. H. Emde J. R. Lowe J. M. Miller Geo. R. Ross W. T. Blair C. F. Ehninger L. M. Hostetler 658 -5- 4/29/47 "feel that the objective set forth in its letter of December 5, 1941, is sound. It also believes that the considerations which led to the retention of outside counsel by some Banks are no longer sufficient to justify continuing the arrangements, and that after April 30, 1948, each Reserve Bank should have its own counsel who devotes his full time to and who represents only the Bank. Accordingly, the Board will not expect to approve regular compensation for outside counsel when salaries are considered next year, and it has asked that these views be transmitted to you at this time in order that your Bank may plan to make appropriate arrangements." Approved unanimously. Telegram to Mr. Dillard, Vice President of the Federal Reserve Bank of Chicago, reading as follows: "The listed article 'phonographs' under Regulation lidoes not include wire recorders as such but this ruling would not exempt wire recorders which are incorporated in radio receiving sets or combinations." Approved unanimously., ,,? Secreta Approved: Chairman pro tem.
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