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472 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Monday, April 8, 1940, at 11:30 a.m. PRESENT: Mr. Mr. Mr. 7,q-. Ransom, Vice Chairman McKee Davis Draper Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinafter referred to was taken by the Board: The minutes of the meetings of the Board of Governors of the Federal Reserve System held on April 5, 1940, (two meetings) were approved unanimously. Letter to Mr. Ruml, Deputy Chairman of the Federal Reserve Bank of New York, reading as follows: "As you and Mr. Stevens were advised informally at your meeting with the Board on Tuesday, April 2, and for the reasons given to you at that time, the Board has taken the actions set forth below on the salary recommendations contained in your letter of April 1, 1940. The Board approves salaries, effective from April 1, 1940 to March 31, 1941, for the following officers in the amounts stated, if fixed by your Board of Directors at siich rates, subject in the case of the President and First Vice President to their reappointment with the approval of the Board of Governors upon the expiration of their present terms of office: Annual Name Title 112.-1-21a "George L. Harrison :50,000 President Allan Sproul 32,500 First Vice President Leslie R. Rounds 30,000 Vice President Walter S. Logan and Vice President 25,000 General Counsel 473 4/8/40 -2- "The salaries fixed by your Directors for other officers of your bank for the year April 1, 1240 to March 31, 1941 are approved by the Board as follows: "Ray M. Gidney “0,000 Vice President L. Werner Knoke 20,000 Vice President Robert G. Rouse 17,500 Vice President John H. Williams 000 President (During period of part time service to the bank, which involves Mr. illiamsl spending 2 days a week at the bank, the salary paid him by the bank to be at the rate of one-third of his regular annual salary.) Wm. H. Dillistin 15,000 Asst. Vice President J. Wilson Jones 14,000 Asst, Vice President Herbert H. Kimball Asst. Vice President 9,000 (Secretary of the Bank) John W. McKeon 12,000 Asst. Vice President Silas A. Miller 9,000 At. Vice President Arthur Phelan 10,000 Asst. Vice President James M. Rice 15,000 Asst. Vice President Harold V. Roelse 12,000 Asst. Vice President Valentine Willis 12,000 Asst. Vice President Dudley H. Barrows 9,000 Manager Wesley W. Burt 8,000 Manager Donald J. Cameron 9,500 Manager Felix T. Davis 7,200 Manager Norman P. Davis 7,000 Manager Edward 0. Douglas 8,000 Manager Edwin C. French 10,000 Manager Marcus A. Harris 5,000 Manager Myles C. McCahill 8,000 Manager Robert F. McMurray Manager 8,000 Horace L. Sanford Manager 7,500 (Assistant Secretary of Bank) William A. Scott 8,500 Manager Wm. F. Sheehan 13,000 Examiner) Manager (and Chief Insley B. Smith 6,000 Manager Frederick 5,500 Stocker Manager Chas. N. VanHouten Manager 7,500 Todd G. Tiebout 8,700 Counsel Assistant Wm. F. Treiber 7,200 Counsel Assistant Rufus J. Trimble 11,500 Assistant Counsel George W. Ferguson General Auditor 10,000 Harold A. Bilby 6,000 Auditor General Assistant (174 4/8/40 -3- "Robert M. O'Hara Reginald B. Wiltse Halsey W. Snow Buffalo Branch Managing Director Assistant Manager Cashier 0_2,000 9,000 7,000" Approved unanimously. Letter to Mr. John G. Nichols, Chief, Division of Examination, Federal Deposit Insurance Corporation, reading as follows: "This is in reply to your letter of April 4, 1940, advising that the Board of Directors of your Corporation has authorized the granting of a deficiency loan to facilitate the assumption of the established liabilities of 'The Southampton Bank', Southamp ton, New York, by, and the transfer of its acceptable assets to, The First National Bank of Southampton. "As requested in your letter, the Board of Governors of the Federal Reserve System hereby grants written consent, in accordance with the provisions of subsection (k) (2) of section 12B of the Federal Reserve Act, for examiners for the Federal Deposit Insurance Corporation to make such examination of The Southampt on Bank as may be required to consummate the proposed transacti on." Approved unanimously. Letter to Mr. A. A. Berle, Jr., Assistant Secretary of State, reading as follows: "The Board is pleased to acknowledge receipt of your letter of March 29 indicati ng the procedure by which a statement would be inserted in the permanent minutes of the Inter -American Financial and Economic Advisory Committee to the effect that any government which desires to do so is free to designate its central banking authority to appoint the director and represent the government in its relations With the Inter -American Bank. The procedure which you describe would seem to be entirely satisfactory, and the Board is gratified to learn that its suggestion has proved acceptable.,, Approved unanimously. L75 4/8/40 -4Letter dated April 6, 1940, to Mr. Nardin, Chairman of the Fed- eral Reserve Bank of St. Louis, reading as follows: "This refers to your letters of March 5 and March 28, 1940, with respect to whether Mr. George 0. Boomer, recently appointed a director of your Louisville branch, may serve as a member of the Louisville Bridge Commission without violating the Board's resolution of 1915 forbidding officers and directors of Federal Reserve banks to hold political or public Office. It is noted that you and your counsel are of the opinion that Mr. Boomer's service is not in violation of the Board's resolution. "It is understood that the Louisville Bridge Commission, of which Mr. Boomer is a member, was created to operate the municipal bridge across the Ohio River at Louisville; that the Commission consists of two Democrats and two Republicans apPointed by the mayor of the city, with the mayor acting as an ex officio member; and that, in general, it is the duty of the Commission to supervise the construction of bridges, including the making of necessary contracts, the Employment of experts, inspectors, and attorneys, and the making of surveys and maps. It ls noted from your letter of March 28, 1940, that, according to information received from your Louisville branch, Mr. Boomer is not at present chairman of the Louisville Bridge Commission and receives no substantial compensation as a member, although members of the Commission receive 0.0 for attendance at each meeting. It is further noted that membership on the Commission is not regarded as political in character and that such membership is not considered politically desirable and carries with it no particular political influence. "On the basis of the information stated above, and, in view of your opinion and that of your counsel, the Board offers no objection to Mr. Boomer's serving as a member of the Louisville Bridge Commission while serving as a director of the Louisville Branch of your bank." Ap)roved unanimously. Thereupon the meeting adjourned. h(7) Secretary
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