The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
405 A meeting of the Federal Reserve Board was held in the off1c3 of the Federal Reserve Board on Thursday, December 19, 1929 at 11:30 a.m. PRESENT: Governor Young Mr. Platt Mr. Miller Mr. James Yr. Cunningham The Board in executive session considered individual budgets for the year 1930, including salaries of personnel, submitted by the Assistant Secretary of the Board and the Chiefs of the several Divisions. At the conclusion of the executive session, Er. McClelland, Assistant Secretary, was called into the meeting and directed to record the election for the year 1930 of the following officers of the Board at the salaries stated: Walter L. Eddy, Secretary McClelland, Asst. Secretary J. C. Noell, Asst. Secretary W. Y. Imlay, Fiscal Agent 'falter Wyatt, General Counsel George B. Vest, Asst. Counsel B. E. Wingfield, Asst. Counsel E. A. Goldenweiser, Director, Division of Research and Statistics E. L. amead, Chief, Division of Bank Operations ,„;14,000 9,000 7,000 5,000 12,000 7,000 6,000 12,000 12,000 Mr. Janes requested that he be recorded as voting "no" on the salary fixed for the Director of the Division of Research and Statistics. Upon motion, the individual budgets for the year 1930, and the combined as follows, were then approved, Er. James voting . budget aggregating ,851,780.00 on the individual budget of the Division of Research and Statistics: Personal Services '4;673,880.00 406 12/19/29 -2 Non-Personal Services: Supplies and Materials Subsistence Expenses Transportation Expenses Communication Service Ptg., Engr., Bdg., etc. Heat and Light Rents: Building Equipment Repairs - Equipment Equipment Special and Miscellaneous Total - 6,000.00 49,450.00 25,000.00 13,550.00 54,100,00 1,110.00 - 16,000.00 50.00 820.00 9,950.00 1,870.00 .177,900.00 851,780.00 Complete Total There are listed below the increases in salaries effective January 1, 1930 for other than officers provided for by the individual budgets: 111 Board Members' Offices Name Beller, Leona M. Stone, A. M. From To „i2,800 2,800 ,;2,900 2,900 Secretary's Office Carpenter, S. R. Coe, Madison P -Jestergren, LI,Lith A. Taylor, Victrin M. Burrows, Frederick G. : . iright, Leroy Murdock, Frank J. Moore, A. A. Rowan, William J. Stone, Harry B. Sherfy, A. E. Farrell, John R. Miles, Maria D. McDowell, Henry Dyson, Seaton Fletcher, Wilson T. Truehart, Lynwood Wheeler, Rutledge R. Dyson, Nelson S. Trescott, Charles G. Washington, Simmie _ - 3,000 2,700 2,200 1,600 900, 720 1,700 3,600 2,400 2,500 2,100 1,400 1,500 1,700 1,550 1,500 1,500 1,200 1,100 1,000 900 3,300 2,800 2,400 1,600 1,000 840 1,800 3,800 2,500 2,600 2,200 1,600 1,800-, 1,800 '1,600 1,560 1,560 1,250 1,200 1,100 1,000 12/19/29 General Counsel's Office Name From Bane, Vivian D. Hooff, Wilson Lee *Hargett, Edward L. 1,800 1,620 1,320 To ‘,1,920 1,800 1,380 *Transferred from Secretary's Office, effective January 1, 1930. Division of Bank Operations Van Fossen, John R. Horbett, J. E. Myrick, L. S. Hurley, John J. Morrissette, 0. B. Walpr, F. A. Sullivan, Libbie L. Clark, Helen Foster, Lerelith F. Fugitt, Rita S. Patterson, Thelma C. Crump, Frances Iverson, Kenneth R. - 6,500 4,700 3,000 2,700 2,600 2,400 1,700 1,600 1,600 1,600 1,500 1,400 1,200 6,700 5,000 3,200 2,800 2,700 2,500 1,800 2,700 1,900 1,700 1,600 1,560 1,700 Division of Research and Statistics • Parry, Carl E. Riefler, Winfield Blattner, George W. Gardner, Walter R. Garfield, Frank R. Joy, Aryness I. Rhodes, Thomas B. Sutton, Blanche L. Vincent, Helen Cohen, Louise Slavin Ellis, Margaret Hanford, Eleanor S. Porter, Ruth H. Entriken, Everett Collier, Raymond Haigh, Julia Maroney, Mary M. Plitt, Elsie H. Barcalow, Elizabeth M. Robinson, Harvey Kline, William A. - 8,000 5,400 4,800 4,800 3,200 3,200 2,600 2,000 1,900 1,800 1,800 1,800 1,800 1,700 1,560 1,560 1,560 1,560 1,440 1,320 1,000 8,500 6,000 5,000 5,000 3,400 3,600 2,800 2,100 2,000 2,000 2,000 2,000 1,900 1,800 1,680 1,680 1,680 1,680 1,560 1,440 1,200 408 12/19/29 Division of Examination Name Drinnen, 2. J. Brett, Rolfe H. Siems, L. A. A. Leonard, A. F. Bobb, J. A. *Wilkes, :,1. R. Barker, C. S. Farrell, E. A. Cooke, Robert W. Koppang, H. 0. Comley, Lorne C. Daugal, W. D. Braun, Willis G. Furbershaw, James F. Wishart, Harvey J. Bartz, Charles H. _ - From To ,8,000 6,000 5,400 5,200 5,000 5,000 4,800 4,600 3,800 3,800 3,500 3,200 3,000 2,900 2,400 2,200 „:9,000 7,000 6,000 5,700 5,200 5,400 5,200 4,800 4,000 4,200 3,800 3,500 3,600 3,000 2,700 2,400 *Designated Federal Reserve Examiner, effective January 1, 1930. Division of Issue Tucker, W. J. Durnbaugh, W. It. Dashiell, Searing T. Gailes, George A. Gray, Authette P. McCuen, William B. Murray, Thomas J. Beattie, Helen 11. Cranmer, Elsie L. Smoot, Irma _ Todd, Edna L. *Dingier, Haman F. *Whittaker, Ruth _ - 2,820 2,400 1,860 1,860 1,800 1,800 1,800 1,500 1,500 1,200 1,200 1,200 1,200 2,920 2,500 1,920 2,000 2,000 1,860 1,860 1,680 1,680 1,380 1,380 1,320 1,500 *Appointments made permanent, effective January 1, 1930. Telegrams dated December 18th from the Chairmen of the Federal Reserve Banks °f Boston, Philadelphia and St. Louis, advising that their boards of directors at meetings on the dates stated made no changes in the banks, existinc,. schedules of rates of discount and purchase. WithoUt objection, noted with approval. 409 (4. 12/19/29 -5- Telegram dated December 18th from Mr. Clarence E. Linz, congratulating the Board upon its selection of Mr. E. R. Brown as Class C Director of the Federal Reserve Bank of Dallas to succeed him; Mr. Linz stating that Mr. Brown is en outstanding citizen and will reflect great credit upon the Board's confidence in him. Noted. Matters approved on initials yesterday, namely, memoranda dated December 17th from the Director of the Division of Research and Statistics, recommending the appointment of Mrs. Katharine Lewis as statistical clerk in the Division at en annual salary of effective February 3, 1930, and the probationary ePpointment of Miss Edith Barker as clerk in the Division for a period of three Months beginning December 19, 1929 with salary at the rate of ,l,440 per annum. Upon motion, the appointments were formally approved. Memorandum dated December 19th from the Assistant Secretary, approved bY the Committee on Salaries and Expenditures, recommending the following increases in the salaries of telegraph operators in the Washington office: From Name J. E. B. G. T. J. Mooney, Chief Operator F. Anderson M. Unger L. March N. Buckley - ,3,500 2,100 2,040 2,040 1,680 To .3,600 2,160 2,100 2,160 1,800 Upon motion, the increases were approved, effective January 1, 1930. Letter dated December 17th from the Assistant Federal Reserve Agent at tiew York, advising of plans for the merger into the Fidelity Union Trust Company, 4wark, Ir. J., of the Worth Ward National Bank of Newark and the Equitable Trust 410 12/19/29 -6- Company of Newark, a nonmemter. Noted. Memorandum from Counsel dated December 16th, submitting application of the National City Bank of New York for pelmission to establish a branch in Holguin, Cuba and advising that the application is in proper legal form and he knows of no legal reason why it should not be granted; together with memorandum dated December 13th from the Comptroller of the Currency and letter dated December 18th from the Federal Reserve Agent at New York advising that they know of no reason why the application should not be approved. Upon motion, the following was ordered spread upon the minutes, Lir. Cunningham voting "no": "THE NATIONAL CITY BANK OF NEU YORK, having on or about December 12th, 1929, filed an application with this Board for the purpose of obtaining authority to establish a Branch in Holguin, CUBA, and the said application having been considered; and it appearing that the said application is properly made under the laws of the United States of America and should be granted, Nal, THEREFORE, IT IS "03DERED, that the said application be and it hereby is .approved, and that the said Bank be and it hereby is authorized to establish a Branch in Holguin, CUBA." Memorandum from Connsel dated December 2nd, submitting draft of reply to letter dated November 21st from the First Federal Foreign Banking Corporation, requesting approval of the Board to cancellation of .,4,343,000 of its 5-,; five Year secured gold notes which, though authorized, were never authenticated by the trustee or delivered to it by the Corporation, (56,000 of the notes Which were sold and repurchased by the Corporation, and ,18,000 authenticated by the trustee but unsold; the proposed reply advising that the Board approves Of the cencellation of the notes in question. Upon motion, cancellation of the notes was approved and the letter to the Corporation submitted by Counsel was ordered transmitted. 411 12/19/29 11) Liemorandum from Counsel dated December 17th, submitting draft of a letter to all Federal Reserve banks advising of the action of the Board at its meeting on that date in voting to postpone indefinitely the effective date of the amendments to Paragraphs (4) and (6) of Section V of Regulation J adopted by the Board on October 15th; the letter also stating that the postponement of the effective date of the amendments does not in any way affect the uniform policy approved by the Board on October 15, 1929. Discussion ensued during which certain members of t.he Board expressed the opinion that the Board's arnroval of the uniform policy should also be rescinded or at least postponed until the question of its interpretation raised by Governor Harding of the Federal Reserve Bank of Boston can be determined. During the discussion, Mr. Vest, Assistant Counsel, was called into the meeting but action was deferred. ii-EPORT OF STANDING comIlIT: Dated, December 19th, Recommending changes in stock at Federal Reserve banks as set forth in the Auxiliary Minute Book of this date. liecommendations approved. The meeting adjourned at one o'clock. Assistant Secretary. Approved:
@FedFRASER