The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
r- ftr% t:10 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