The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
412 A meeting of the Federal Reserve Board was held in the Office of the Federal Reserve Board on Friday, December 21,'1928, at 3:30 p. m. PRESENT: Governor Young Mr. Platt Mr. Hamlin Mr. James Mr. Cunningham Mr. Eddy, Secretary Mr. McClelland, Asst. Secretary. The Secretary read the minutes of a meeting held this morning by Messrs. Platt and Cunningham, members of the Executive Committee, and Mr. James, Chairman of the Committee on Salaries and Expenditures, at Which were presented budgets, including salary recommendations for the year 1929, submitted by the Secretary of the Board and the heads of the various departments which, after discussion of each budget individually With the department head, were approved for submission to the Board, I. Mr. James voting it no' Mr. Cunningham, in connection with the statement in the minutes referred to that he had some reservations as to the salaries provided for the lower grade employees and would have a formal statement to make. With respect thereto at this meeting, stated that he had not had time to prepare the statement in question which he felt should take the form of a resolution directing a committee of the Board to make a thorough and complete survey of all salaries paid to officers and employees of the Board. He said, however, that he would submit an appropriate resolution later and, in the meantime, felt that the salary recommendations and budgets for the year 1929, now under consideration, should be adopted. It was understood that Mr. Cunningham would submit the resolution which he has in mind at his convenience. 413 -2- 12-21-28 After discussion, Mr. Hamlin moved that the officers of the Board be reappointed for the year 1929 and that the budgets covering the operations of the various offices of the Board for the year, in the aggregate $816,276, including salaries of officers and employees, be approved as submitted. The Secretary and the Assistant Secretary then left the room and the Board went into executive session. When they were called back into the meeting, Mr. Hamlin's motion was put by the Chair and carried, Mr. James voting "no% The combined budget approved by the Board follows: $644,170.00 Personal Services 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 6,725.00 46,450.00 23,400.00 13,725.00 53,250.00 1,200.00 16,000.00 36.00 820.00 8,600.00 1,900.00 Total $172,106.00 Complete Total $816,276.00 There are listed below the increases in salaries effective January 1, 1929, provided for by the budgets: BOARD MEMBERS OFFICES: From $2,900 to Ficks, L. G. . ?I 2,700 Beller, Leona M. tt ft 2,500 Carpenter, S. R. SECRETARY'S OFFICE: (Combined) n tt 2,700 Stone, A. M. II It 2,500 Coe, Madison P. II n 2,100 Twomey, Raymond C. tt tt 2,000 Rice, Margaret A. t, n 1,900 Swan, Nelle n it 1,900 Watson, Mary H. t, ft 1,500 Taylor, Victrin M. n ii 1,000 N. Thomas Buckley, ft it 3,800 Carter, Aubrey C. ti n 1,900 Richardson, L. C. ?I I, 1,500 Murdock, Frank J. $3,000 2,800 3,000 2,800 2,700 2,200 2,100 2,000 2,000 1,600 1,200 4,000 2,100 1,700 -3- 12.-21-28. SECiTAIZYIS OFFICE: (Combined) (Cont'd.) From 3,000 to $3,200 Baldwin, Wm. N. n It 2,500 2,400 Stone, Harry B. it It 2,100 2,000 Sherfy, R. E. n t, 1,400 1,200 Farrell, John R. II 1, 1,700 1,600 McDowell, Henry tl 11 1,550 1,500 Dyson, Seaton n tt 1,320 1,250 Banks, Essex n n 1,320 1,250 Hargett, Edward L. t, n 1,320 1,250 Hunley, John H. I, n 1,320 1,250 Piper, Robert it ti 1,320 1,250 Simms, R. N. n II 1,320 1,250 Skinner, Carl M. It II 1,320 1,250 datkins, F. L. n n 1,320 1,200 Earlowe, Ernest It tt 1,320 1,200 Washington, Lafayette It n 1,200 1,150 R. aheeler, Rutledge t, n 1,100 1,000 Dyson, Nelson S. IT 1, 1,000 900 G. Charles Trescott, BANK OPERATIONS: DIVISION OF 1, n 6,500 6,000 Van Fbssen, John R. t, ?I 4,700 4,400 Horbett, J. E. tt tt 2,900 2,700 Caskey, Merret P. I, ti 2,900 2,700 Mitchell, tains H. It tt 3,000 2,700 Myrick, L. S. tt ti 2,900 2,700 Scudder, Dilver It t, 2,700 2,500 Hurley, John J. t, n 2,600 2,500 Morrissette, O. B. n n 2,400 2,200 aalker, F. A. 1, n 2,100 2,000 Dorsey,William B. n n 1,800 1,700 Callahan, Frank J. n t, 1,800 1,700 Chapin, Emma L. t, It 1,900 1,700 Goheen, Loretta M. t, It 1,800 1,700 Jones, Marjorie F. If ti 1,800 1,700 Williams, Mary C. I, t, 1,700 1,600 Conover, Esther W. It It 1,700 1,600 Sullivan, Libbie L. 1, n 1,600 1,500 Clark, Helen It II 1,600 1,500 S. Flora Devereux, It I, 1,600 1,500 F. Meredith Foster, n It 1,600 1,400 FUgitt, Rita S. It It 1,500 1,400 Virginia M. Greene, t1 n 1,500 1,400 Patterson, Thelma C. It n 1,400 1,200 McKey, Felipa Moss DIVISION OF RESEARCH AND STATISTICS: It 8,000 7,500 " Parry, Carl E. 1, 5,000 4,800 " Cummings, John 11 n 5,400 4,500 Riefler, Winfield t, n 4,800 4,200 Stark, W. R. II It 4,800 4,000 Gardner, Walter 13. n I, 3,160 3,060 Rackstraw, Elsie tt II 3,200 2,700 Joy, Aryness I. 414 415 -4- 12-21-28 DIVISION OF RESEARCH AND STATISTICS: (Contid.) From $2,500 to $2,600 Evans, Mary Sibley n 2,500 " 2,400 Elder, Nora V. 1, n 2,200 2,100 Deeds, Dorothy R. n n 2,000 1,900 Caskey, Franc S. t, 2,000 1,900 Dyer, Helen R. ti t, 2,000 1,900 Sutton, Blanche L. n tt 2,000 1,800 Baur, Helene F. n t, 2,600 1,800 Rhodes, Thomas B. It t, 1,900 1,800 Taylor, Alice M. n 1, 1,900 1,800 Vincent, Helen ?I 1, 1,860 1,680 Cockerille, Gladys t, 11 1,800 1,680 Mason, Helen L. tt 1,700 1,600 Entriken, Everett. tt 1,560 1,440 Collier, Raymond t, n 1,560 1,440 Haigh, Julia It 1,560 1,440 Maroney, Lary M. It 1,680 1,440 Moss, Joyce ff. tt 1,560 1,440 H. Plitt, Elsie t, 1,320 1,200 Harvey Robinson, tt it 1,000 900 Kline, William A. N: EKAMINATIO OF DIVISION tt ti 8,000 7,500 Drinnen, Frank J. n ?I 6,000 5,300 Brett, Rolfe H. t, t, 5,000 4,900 Bobb, J. A. if 5,000 4,800 Heising, John D. n 5,400 4,800 Siems, L. A. A. It 5,200 4,500 Leonard, R. F. ti n 5,000 4,500 Wilkes, h. R. II 4,800 4,300 Barker, C. S. t, n 4,600 4,300 Farrell, E. A. it 4,500 4,300 Ringen, George M. n 3,800 3,500 Cooke, Robert a. t, 3,800 3,500 Koppang, H. O. 1, 1, 3,500 3,200 Comley, Lorne C. n it 2,900 2,700 F. FUrbershaw, James It It 3,200 2,500 Dougal, W. D. n t, 2,200 2,100 H. Bartz, Charles GENERAL COUNSEL: Wingfield, B. M. n 5,000 4,500 Assistant Counsel It tt 3,000 2,700 Seitz, S. Earl I, n 2,800 2,500 Croghan, 011ie M. If 2,800 2,400 Dyer, Sara A. I, n 1,800 1,680 Bane, Vivian D. 1, 1,620 1,500 Hooff, Wilson Lee FISCAL AGENT: n t, 2,100 2,000 Lally, Josephine E. DIVISION OF ISSUE: II ft 2,820 2,760 Tucker, W. J. ti IT 2,400 2,280 Durnbaugh,W. K. n n 1,860 1,800 Gailes, George A. n I, 1,620 1,560 Poston, Mary C. 416 12-21-28 -5- Memorandum dated December 21st from Fiscal Agent, setting forth estimated expenses for the first six months of 1929, and recommending that to cover same, the Board levy an assessment on the Federal Reserve Banks of ninety-seven thousandths of one per cent (.00097) of their total paid in capital and surplus as at the close of business December 31, 1928. Upon motion, the following resolution was adopted: "WHEREAS, under Section 10 of the act approved December 23, 1913, and known as the Federal Reserve Act, the Federal Reserve Board is empowered to levy semi-annually upon the Federal reserve banks in proportion to their capital stock and surplus an assessment sufficient to pay its estimated expenses, including the salaries of its members, assistants, attorneys, experts and employees for the half-year succeeding the levying of such assessment, together with any deficit carried forward from the preceding half-year; and 4HEREAS, it appears from estimates submitted and considered that it is necessary that a fund equal to ninety-seven thousandths of one per cent of the total paid-in capital stock and surplus of the Federal reserve banks be created for the purpose hereinbefore described, exclusive of the cost of engraving and printing of Federal reserve notes; Now, therefore, BE IT RESOLVED, That pursuant to the authority vested in it by law, the Federal Reserve Board hereby levies an assessment upon the several Federal reserve banks of an amount equal to ninety-seven thousandths of one per cent of the total paid-in capital and surplus of such banks as of December 31, 1928, and the Fiscal Agent of the Board is hereby authorized to collect from said banks such assessment and execute, in the name of the Board, receipts for payments made. Such assessments will be collected in two installments of one-half each; the first installment to be paid on January 1, 1929, and the second half on March 1, 1929." Uemorandum dated December 13th from Counsel, approved by the Law Committee, with reference to the Clayton Act application of Mr. David P. Houston, for permission to serve at the same time as director of the National Bank of Commerce, The Farmers Loan and Trust Company, The International Acceptance Bank and The International Acceptance Trust Company, all of New York City; Counsel stating that there is no legal reason why the application should not be approved as to any three of 417, -6- 12-21-28 the banks included therein, if in the Board's judgment it would not be incompatible with the public interest, and calling attention to the recommendation of the Federal Reserve Agent at New York that the application be approved as to the National Bank of Commerce and any two of the other three banks named in the application. After discussion, upon motion, it was voted to authorize Mr. Houston to serve at the same time as director of any three of the institutions listed in his application on condition that he sever his connection with the other. The Secretary then presented draft of a letter addressed to the Federal Reserve Agent at Chicago, prepared by the Chief of the Division of Bank Operations after discussion with individual members of the Board, requesting that beginning with the report to be submitted as of January 2, 1929, member banks in Chicago now reporting the amount of loans to brokers, both for their own account and for account of correspondent banks, report also the amount of such loans for "account of others". Upon motion, the above letter was approved. The Secretary then submitted telegrams and letters from all Federal Reserve Agents requesting approval of the appointment for the year 1929 of the following Assistant Federal Reserve Agents, Acting Assistant Federal Reserve Agents and representatives to act for the Federal Reserve Agents in the performance of certain duties heretofore specified: Boston New York Philadelphia Cleveland Richmond Mr. Mr. Mr. Mr. Mr. Mr. Mr, Mr. Mr. Mr. Mr. Charles F. Gettemy W. Randolph Burgess William H. Dillistin Herbert S. Downs Post Arthur Ernest C. Hill J. Frank RehfUss (Acting) William H. Fletcher J. B. Anderson J. G. Fry R. L. Shepherd (Acting) 418 -7- 12-21-28 Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Mr. Ward Albertson William H. 4hite Clifford S. Young (Representative) Carl Schelling (Representative) Clarence M. Stewart Curtis L. Mosher F. M. Bailey Oliver S. Powell (Representative) A. M. McAdams Charles C. Hall W. J. Evans S. G. Sargent Allan Sproul Upon motion, the appointments recommended were approved. Letter dated December 20th, from the Chairman of the Federal Reserve Bank of New York, advising that the board of directors on that date voted, subject to the approval of the Board, to fix the salary of Mr. George L. Harrison, recently elected Governor of the Bank, at $50,000 per annum, effective January 1, 1929. After discussion, it was voted to defer action on the above salary until consideration is given to official salaries at all Federal Reserve Banks, when submitted following the first meetings of the new boards of directors in January. The Board then discussed the matter of reallocation of appointments to the various committees of the Board, which the Governor stated he would like to revise effective January 1, 1929. The members of the Board expressed their individual preferences as to committees on which they would like to serve and the Governor made tentative appointments in conformity with the wishes of the members. He stated that the tentative list will he further discussed at a meeting of the Board when Messrs. Miller and Pole are present before being made effective. 12-21-28 -8- 419 REPORTS OF STANDING COMMITTEES: Dated, December 19th, 20th, 21st, Dated, December 20th, 21st, Dated, December 21st, Dated, December 21st, Recommending changes in stock at Federal Reserve Banks as set forth in the Auxiliary Minute Book of this date. ' Recommendation approved. Recommending action on applications for fiduciary powers as set forth in the Auxiliary Minute Book of this date. Recommendation approved. Recommending approval of the application of Mr. Wm. A. Moulton for permission to serve at the same time as director of the Washington Park National Bank, Chicago, Illinois and as director of the South Central State Bank, Chicago, Illinois. Approved. Recommending approval of the application of Mr. E. A. Garard for permission to serve at the same time as director of the Washington Park National Bank, Chicago, Illinois, as director of the South Central State Bank, Chicago, Illinois and as officer and t Company, Chicago, director of the Garard T Illinois. Approved. The meeting adjourned a 4:45 p.m. Seer Approved: ary.
@FedFRASER