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At a meting of the Federal Reserve Board
20, 1918,
held in the office of the Board on December
at 11 A.M.,
PRESENT: The Governor
Mr. Strauss
Mr. Miller
Mr. Hamlin
Mr. Williams
Mr. Broderick, Secretary.
The minutes of the meeting of the Board held
on December 18th were read, and on motion approved.
The minutes of the meetings of the Gold Export Committee, held on December 19th and 20th were
presented and approved, and the action therein set forth
ratified.
Morning business was presented and disposed of
as follows:
Report by Mr. Strauss in re letter dated December 14th from Assistant Secretary Barrows of the Federal
Reserve Bank of New York, asking approval of an appropriation by that Bank of a sum of money in support of
a club to be ran for the benefit of the employees of the
Bank.




Referred back to Mr. Strauss for further investigation and report.
Report by Secretary dated December 19th, recommending modification of the Board's ruling in regard to
payment of extra compensation of employees of Federal Reserve Banks for the year 1918, to permit the Federal Reserve Bank of Philadelphia to pay to employees receiving
salaries of from 41,500 to $5,000 per annum, extra compensation equal to

210

of the total salary paid to such

employees from July 1 to December 31, 1918, with a proviso
as to the total amount to be paid.
Approved.
Letter dated December 18th from the Governor of
the Federal Reserve Bank of Philadelphia, requesting permission to reduce book value of bank building from $600,000
to .500,000, and charge $100,000 to profit and loss account.
Approved.
Letter dated December 18th from the President of the
International Banking Corporation, advising of the intention
of establishing a branch of that institution at Lyons ,France.




Noted.
(At this point Mr. Williams joined the meeting).
Recommendations of changes in discount rates received

-3from several Federal Reserve Banks.

Considerable discussion

ensued, and as so= changes recommended were those on paper
secured by Government obligations, any changing of which would
affect the operations of the Treasury Department, it was voted
to defer action on recommendations in order to secure the
benefit of the views of the Secretary of the Treasury, and
that the matter be made special order business at the meeting
of the Board on Monday, December 23d.
Memorandum by Chief Clerk dated December 14th, recommending the printing of 5,000 additional copies of "Approved
Methods for the Preparation of Balance Sheet Statement".
Approved.
The Governor reported the purchase for account of
the Federal Reserve Bank of Atlanta of $500,000 special 46
certificate of indebtedness of the United States, for deposit
with the Comptroller of the Currency as collateral for Federal Reserve Bank notes.
Approved.
REPORTS OF COMMITTEE NO. 1:
Dated December 20th, recommending admission of State institutions as set forth in the auxiliary
minute book as of this date, subject to
the conditions stated in the individual
reports attached to each application.
Approved.
Dated December 20th, (3 reports) recommending changes in
stock at Federal Reserve Banks as set




-4-

forth in the auxiliary minute
book as of this date.
I)pproved.
Dated December 19th, recommending approval of application of illeorge W. Baker, Brooklyn, N.Y., to serve at the same
time as Director of the First
National Bank, and the Peoples
National Bank, both of Brooklyn,
N. Y.
Approved.
Dated December 19th, recommending approval of application of Edward J. Barber to
serve at the same time as Director
of the Citizens National Bank,
Englewood, N.J., and the Yercantile Trust and Depusit Company,
New York City.
Approved.
Dated December 18th, application of H. K. Twitchell,
President and Director of Chemical
National Bank; also Director of
Bankers' Trust Company, and the
Bank of Suffolk County, Stony
Brook, N.Y., for permission to
serve on the Board of another
New York City trust company.
Referred to Mr. Hamlin for
fu:ther report.
rated December 19th, recommending the sublease of
quarters in Heard National Bank
Building for Jacksonville Branch
of federal Reserve Bank of Atlanta,
at rental of 4450 per month.
Approved.
CHANGES IN STAFF:
Dated December 19th, recommendini; temporary appointment




-5of E. M. Ford as Telegraph Operator on the Leased Wire System,
effective December 19, 1918.
Approved.
Dated December 20th, recommending increase in salary
of Supervising Operator Mooney
of the Leased Wire System, from
$2,100 to $2,300 per annum, effective January 1, 1919.
Approved.
Dated December 19th, recommending that W. H. Toole be
placed in charge of the Fiscal
Agent Department of Federal Reserve Bank of Atlanta at a salary
of $4,500 per annum, with the
understanding that he is not an
officer of that Bank, and that
his designation as Manager of
that Department is not an official
title.
Approved.
Dated December 19th, recommending conditional approval
of salary at the rate of $6,000
per annum of M. W. Bell, Assistant
Cashier of the Federal Reserve
Bank of Atlanta, effective December
15, 1918.
Approved.
Other business was presented as follows:
Letter dated December 18th, from Governor of the
Federal Reserve Bank of Chicago, transmitting copy of
letter of Mr. John Ballantyne, President of Merchants
National Bank of Detroit, Michigan.




Referred to Mr. Miller.

-6The Governor stated that it was in order to consider increases in the salaries of employees of the Federal Reserve Board for the period beginning January 1, 1919.
On motion duly seconded, it was voted
to approve the following increases:
OFFICE OF GENERAL COUNSEL:
Name
Bradley, C. S.,
Cox, W. F.,
Wyatt, Walter,

Title

Present
Salary

Secretary to General
$2,400
Counsel,
1,770
Stenographer,
Asst. to General
2,400
Counsel,

Increase

$200
150
400

DIVISION OF ANALYSIS AND RESEARCH:
Steiner, W. H.,

1,800

450

2,000
2,100
1,800
3,600
4,200
4,200
4,200

700
900
200
300
300
300
300

Chief Clerk and
3,600
Fiscal Agent,
720
Typist and Messenger,
1,800
General Assistant,
1,320
Stenographer,

300
120
300
120

Investigator,

DIVISION OF AUDIT AND EXAMINATION:
(A) Examining Staff:
Augherton, G. A.,
Buchanan, James Jr.,
Chamberlin, R. B.,
Hamilton, Geo. L.,
Herson, J. F.,
Paddock, N. W.,
Walter, W. E.,

Asst. Examiner,
Asst. Examiner,
Asst. Examiner,
Examiner,
Examiner,
Examiner,
Examiner,

(B) Office Force of Division:
Imlay, W. M.,
Bartz, C. H.,
Brett. R. H.,
Nichols,. Ira J.,




Voted that effective January 1, 1919,
the designation of Mr. James Buchanan, Jr.,
at present Assistant Federal Reserve Examiner,
be changed to Federal Reserve Examiner.

-7DIVISION OF REPORTS AND STATISTICS:
Name
Jacobson, M.,
Dorsey, VAII. B.,
Evans, Mary S.,
Halsted, John P.,
Holt, G. Warren,
Horbett, J. E.,
Jones, Marjorie F.,
Jones, Susan W.,
Lally, Kathleen T.,
McFadyen, Hennie,
McLinaen, Pauline,
Meacham,_Genevieve,
Mitchell, Willis H.,
M.ontioth, Elsie,
Moore, Julia,
Pellen, Mary,
Schmehl, Esther L.,
Smead, Edw. L.,
Smith, A. E.,
Van Fossen, J. R.,

Present Increase
Salary
,,-6(.)0
0,5 I400
Chief,
1,
1,400
120
Clark,
200
1,200
Clerk,
1,520
130
Clerk,
200
1,400
Clerk,
200
Stenographer-Chic., 1,800
1,000
200
Clerk,
120
1,200
Clerk,
1,200
120
Clerk,
1,000
200
Clerk,
80
Stenographer-Chic., 1,920
1,000
200
Clerk,
1,800
120
Clerk,
Clerk,
1,200
120
Clerk,
1,200
200
1,200
Librarian,
120
Clerk,
1,000
200
Gen'l.Assistant,
300
3,000
2,250
Stat. Clerk,
250
Accountant,
1,800
450
Title

Gold Settlement Fund:
Emerson, R. G.,
Moore, A. A.,
Johnson, W. A.,

Special Clerk,
2,250
Stenographer-Chic., 1,800
Clerk,
1,200

450
200
200

Asst.to Chief Clk.,1,440
Stenographer-Chic., 1,500
Stenographer,
1,320

120
60
180

CHIEF CLERK'S OFFICE:
Black, Burnetta,
Morey, Esther,
White, Fred H.,

DIVISION OF FOREIGN EXCHANGE:
Statistical Division:
Brower, Helen 1.,
Cadigan, Russel1J.,
Coombe, Grace E.,




Record Clerk,
Clerk,
Record Clerk,

900
1,900
780

60
300
70

-8DIVISION OF FOREIGN EXCHANGE:
Statistical Division (Continued):
Present Increase
Salary
460
Clerk,
Record
de Vigne, Helene A.,
60
840
Record Clerk,
Dreyer, Margaret,
100
900
Stenographer,
Eckhardt, Anna K.,
80
1,000
Record Clerk,
Edrige, Adelaide R.,
60
840
Clerk,
Ellis, Mabel,
60
1,020
Gallagher, Mrs.Florence, Record Clerk,
120
840
Clerk,
Record
Hatfield, Minnie,
180
900
Hayden, Mrs. Ethel Lee, Clerk,
75
600
Messenger,
Hitchcock, Raymond J.,
60
780
Clerk,
Hoffman, Grace Justus,
100
900
Clerk,
Hyland, Theresa,
,
300
1,800
Clerk,Statistica1
Hymes, Louis B.,
960
90
Clerk,
Johnson, Mrs. Florence,
Clerk,
60
780
Kelly, Marion F.,
60
900
Typist and Clerk,
McCoy, May,
60
Clerk,
780
McDonald, Eva,
80
1,000
Record Clerk,
Marsh, FlOrence,
120
1,200
Stenographer,
Parks, Daisy A.,
780
70
Record Clerk,
Pine, Violet G.,
780
95
Clerk,
Record
Root, Madeleine H.i
80
1,000
Record Clark,
Russlend, Henrietta,
90
960
Record Clerk,
Spiller, Florence M.,
100
Messenger,
600
Walsh, Thomas,
Name

, Title

Research Division:
Alden, Margaret,
Banfield, Edna,
Cary, Mrs. Byrd,
Cooper, Erin R.,
De Muth, Lillian,
Drugon,Mrs.Marguerite,
Earl, Louise,
Forbes, Elizabeth,
Gibson, Edythe V.,
Hallock, Emma C.,
Hatch, Eleanor,
Hayden, Laura C.,
Hewes, Evelyn,
Howell, Mildred J.
Hunn, Hope Ivins,




Asst.,Cat.Dept.,
720
Stenographer-Typist,1,200
Stenographer-Typist 1 1,000
Stenographer,
1,200
Stenographer-Typist,;,200
Typist,
720
Asst.,File Division, 720
Stenographer-Typist,1,200
Asst. in Filing,
900
Stenographer-Typist,1,380
File Clerk,
900
Stenographer,
1,200
Head,For.Dec.Dept.,
900
1,200
Asst. in Filing,
1,200
Clerk,

100
120
200
100
150
80
80
120
100
300
100
240
100
120
120

-9DIVISION OF FOREIGN LNCHANGE:
Research Section (Continued):
Present
Salary
$1,000
Stenographer & Asst.,
Islip, Alma,
720
Kervan, naizaboth, Asst.File Clerk,
900
Filing,
Asst. in
Lane, Janet,
900
McCadden,Charlotte E.Syltchboard Opr.,
1,800
Files,
of
McCain, Wilhelmina, Chief
1,300
Stenographer-Typist,
McGowan, Anna,
900
Filing
,Asst.in
Malevinsky, Dorothy
1,000
,Stenographer-Typist,
Melervy, Madeleine
1,200
Mercready, Lillian, Stenographer-Typist,
900
Files,
and
Typist
Muller, Emma J.,
1,000
in
Asst.
Filing,
Penny, Maud,
1,200
Petry, Lillian A., Stenographer,
1,200
Stenographer-Typist,
M.,
Robson, Jennie
1,200
Research,
in
Asst.
Rogers, Agnes,
900
Filing,
in
Asst.
Smith, Camilla,
600
F.E.113
ing
Squire, Christine G.List
360
3oc'y.to Er. Kent,
Stieb, Mildred Y.
480
-Boy,
Office
Williams, Anthony,
Wing, Caroline R., Research Rep.at Postal
1,320
Censorship
Name

Title

At 1 P.M., the meeting adjourned.

Approved:




Increase
$200
180
100
300
180
130
100
100
120
100
100
240
120
120
100
60
90
100
200