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l28(3 At a meeting of the Executive Committee of the Federal Reserve Board, held In the office of the Board on Thursday, August 22, 1918, at 11:30 A.M., PRESENT: Mr. Mr. Mr. Mr. Harding, presiding Miller Hamlin Broderick, Acting Secretary Business was presented and disposed of as follows: Letter dated August 16, 1918, from the Secretary of the Clearing House Committee, Boston Clearing House Association, in re charge of 1/10 per cent by New York Clearing House banks on bills payable elsewhere than in New York. Governor reported conversation had by him with Federal Reserve Agent at New York, and stated that the understanding now was that this matter would be settled between the Boston and New York Clearing House Associations without the intervention of the Board. Telegram dated August 21, 1918, from Federal Reserve Agent, San Francisco, and reply by Governor same date, authorizing changes in the discount rates. Approved. Reports in re discount rates received from Federal Reserve Banks at New York, Philadelpnia, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, Richmond and San Francisco. No changes recommended. Application from the Commercial Trust & Savings Bank, New Orleans, Louisiana, for penmission to accept drafts and bills drawn upon it up to 14) of its capital and surplus. Approved. Letter dated August 19, 1918, addressed by the Acting Third Assistant Postmaster General to the Chairman of the Board, in re delivery of registered mail. Voted that Treasury messenger be authorized to receive all registered mail addressed to the Board, its members and offioers. Telegram dated August 21, 1918, from the Secretary of the Federal Reserve Bank of Dallas, asking if Board would approve the payment of accrued bonuses to employees of the bank Who were drafted for military service. Voted to approve, upon the distinct understanding that bonuses were recognized as increased compensation and were not to be paid to such drafted employees unless they actually enter upon active military service of the United States; voted also to permit similar payment of bonus or increased compensation to estate of a deceased employee. Reports of Committee were presented and acted upon as follows: No. 1 Dated August 20th, recommending admission of state institutions as set forth in the auxiliary minute book as of this date subject to conditions stated in the individual re 1288 -3- port attached to each application. Dated August 20th, recommending changes in stock at Federal Reserve Banks, as set forth in the auxiliary minute book as of this date. Dated August 16th,and 20th (4 reports) recommending action upon applications for fiduciary powers, as stated in the auxiliary minute book as of this date. Dated August 19th, letter of Comptroller of the Currency advising the appointment of jr. Thorne Clark as National Bank Examiner, recommending for approval salary of ;';2,700 per annum. Approved. Dated August 22d, memorandum submitted by the Acting Secretary recommending changes in personnel and salaries of the examining staff, was approved as follows: Mr. S. G. Sargent was appointed Federal Reserve Lxaminer, District No. 12, with headquarters for the present at Seattle, :1ashington, salary 0,000, effective September 16, 1918. It will be his duty to examine the head office and branches at least once in each nine months, examining branches jointly with Audito;,and the head office with the assistance of clearing house examiners of the branches and examiners from other districts if necessary. The time not occupied with work for the Board, will be devoted to examinations for the Federal Reserve Bank, which will reimburse the Board for the proportionate part of the salary. -4- Changes in salaries and designation of head- eptember 1,1918: ; quarters, increases in salaries effective . Increase position Name Examiner 2xaminer Examiner W. J. Donald, J. i. Herson, W. L. Walter, :„;3,000 to 0,60U 4,000 to 4,200 3,660 to 4,200 Headauarters -.;.t. Louis New York New York Dated August L2d, Increases in salaries of telegraph operators at 4ashington as follows, effective L;eptember 1, 1918: E.T.Ilulranen, from ;;125 to .„:140 per month 125 to 140 " A.D.Blake, " 125 to 140 G.H.Wyly, Appointment of successor to D. T. ';,ilson, resigned, at a. salary of .;140 per month. Approved. 2ostmaster General authorized 10'10 increase in salaries of ii-estern Union operators, bringing rate for premium operators (kind employed by Board) up to :;137.50 per month. -;:estern Union also allows time and a half for G7ertime, and duuble time for holiday and Sunday work, with two weeks cation Va- and also provides generous sick and death benefits and pension. Board adopts basis of .„1140 per month as fair comparative compensation. It was voted that 1.:r. Hamlin bt authorized to visit Hartford, Conn., on:Friday, August 30th, at the expense of the Board, for the purpose of consulting with the trust companies at that point. :12 c '-5- It was voted that, effective August 16, 1918, Mr. J. P. Cotton, Consulting Counsel of the Board, be granted an indefinite • leave of absence, without pay, ret4ining his.title as such. • At 12:10 the mooting adjourned. Acting 6eoretary. Approved:
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