The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
502 A meeting of the Federal Reserve Board was held in Washington °11 Thursday, December 21, 1933, at 3:30 p. m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Black, Governor Hamlin Miller James Thomas Szymczak The Board met in executive sessio n, at the conclusion of which 14% Morrill, Secretary, was called into the meeting and requested to record the, ,c1,1on taken during the executive session, as follows: Upon recommendation of the Committee on District No. 6, Bayless W. Haynes, President of the Wilson & Toomer Fertilizer Company, Jacksonville, Florida, was appointed a director of the Jacksonville branch of the Federal Reserve }?ank of Atlanta for the unexpired portion of the term ending December 31, 1934, to succeed Mr. John C. Cooper, Sr., who died on Decemb er 17. In accordance with the request contained in a letter received under date of December 19, 1933, from Mr. Newton, Federal Reserve Agent at Atlanta, the appointment of Mr. E. Denmark as trust examiner at the Federal Reserve blank of Atlant a, with salary at the rate of 3,000 per annum, was approved. The payment of a fee of 5,000 to Mr. Newton D. Baker ?f Cleveland, Ohio, as a retainer fee and for consultations °I1 certain pending legal questions was approved, Mr. Miller v°ting "Non. The individual budgets for all of the divisions of the Board's organization and the combined budget for the Federal Reserve Board and its staff, coveri ng salaries and expenses for the calendar year 1934, made up of the following items aggregating $1,138,267.87, were approved: 134X22nal Services 895,786.67 Non-Personal Services: Supplies & Materials Subsistence Expenses Transportation Expenses 8,880.00 57,650.00 33,500.00 503 12/21/33 2 Communication Service Prtg., Engr., Bindg., Etc. Heat & Light Rent - Building Rent - Equipment Repairs - Equipment Equipment Special & Miscellaneous 24,585.00 44,900.00 750.00 41,792.20 54.00 1,010.00 22,025.00 7.,335.00 Total Non-Personal Services $ Complete Total 242,481.20 $ 1,138,267.87 There are listed below the increases in salaries, effective 7 1, 1954, provided for in the individual budgets: Name From To Board Members' Offices * Martin, H. Warner ;112,000 $15,000 12,000 7,100 6,750 4,250 2,000 2,000 1,800 1,560 1,560 1,560 1,320 1,200 1,250 1,000 15,000 7,500 7,100 4,800 2,400 2,400 1,900 1,700 1,600 1,600 1,380 1,320 1,320 1,100 12,000 7,000 6,000 4,800 5,000 2,400 15,000 10,000 9,000 5,500 3,600 3'000 Secretary's Office * Morrill, Chester Noell, J. C. Bethea, L. P. Carpenter, S. R. Walters, A. C. Thompson, R. K. Taylor, V. M. Krieger, D. Jeanne Fletcher, W. T. Truehart, Lynwood Watkins, F. L. Dyson, Nelson Wheeler, R. R. Johnson, Gordon Legal Division Wyatt, Walter Vest, George B. Wingfield, B. Magruder Bo atwright, H. Lee, Jr. Seitz, S. E. Hackley, Howard H. 504 12/21/ 33 Name From Wisner, Margaret Lehn, Hildur V. Wainwright, Mildred R. Carroll, Jeanne H. Malia, S. Anne Raynor, Mrs. Margaret F. Hargett, Edward L. 1,800 1,600 1,600 1,560 1,560 1,600 1,380 To 2,400 2,000 1,800 1,800 1,800 1,800 1,440 Division of Research and Statistics * Goldenweiser, E. A. Parry, Carl E. Thomas, Woodlief Gardner, Walter R. Blattner, George W. Thompson, Donald S. Garfield, Frank R. Evans, Mary Sibley Longstreet, Victor M. Elder, Nora V. Ellis, Margaret Deeds, Dorothy Hodson, Viola Sissman, Louise Sutton, Blanche Caskey, Franc S. Dyer, Helen Baur, Helene Vincent, Helen Porter, Ruth Taylor, Alice Entriken, Everett Collier, Raymond Haigh, Julia Maroney, Mary M. Moss, Joyce Borruat, Ella B arcalow, Elizabeth O'Hare, Florence Darker, Edith Hammill, Caroline Robinson, Harvey Perry, Katharyne Kline, William A. 12,000 8,500 8,000 5,000 5,000 3,800 3,400 2,600 2,600 2,500 2,000 2,200 2,100 2,000 2,100 2,000 2,000 2,000 2,000 1,900 1,900 1,800 1,680 1,680 1,680 1,680 1,620 1,560 1,560 1,560 1,560 1,560 1,440 1,320 15,000 9,000 8,500 6,000 6,000 4,000 4,000 2,800 2,800 2,600 2,500 2,300 2,200 2,200 2,200 2,100 2,100 2,100 2,100 2,000 2,000 1,900 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,680 1,680 1,680 1,560 1,440 s In connectialwith the budget for the Division of Re_ earch and Statistics, it was understood that the Board would continue to pay the salary of Mr. Winfield Riefler, 505 12/21/33 4who is now engaged in work for the President's Executive Council, until Governor Black has an opportunity to look into the matter in accordance with the discussion at the meeting of the Board on December 180 1933, and submit a report to the Board thereon; and therefore that his salary at the rate of $7,000 for the year 1934 would be provided for in the budget of this division pending further action by the Board. Name From To Division of Bank Operations * Smead, Edward L. Van Fossen, John R. Horbett, J. E. Myrick, L. S. Scudder, Dilver Goheen, Loretta Jones, Marjorie F. Fugitt, Rita S. Clark, Helen C. Kullberg, Gladys L. Woolschlager, Geraldine E. Bryan, Evelyn Tindall, Evelyn $ 12,000 6,700 5,000 3,600 2,900 1,900 1,800 1,700 1,700 1,500 1,440 1,440 1,440 s? 15,000 8,000 5,400 4,100 3,100 2,000 1,900 1,800 1,800 1,700 1,560 1,560 1,600 Division of Examinations * Paulger, Leo H. Leonard, R. F. Cagle, C. E. Wilkes, M. R. Chamberlin, R. B. Koppang, H. O. Calloway, R. M. Nelson, Fred A. Crays, D. L. Crosby, J. B. Pollard, W. B. Hostrup, C. C. Brien, E. L., Jr. Goodman, G. M. McClelland, W. J. Bartz, Charles H. King, Herman C. Polsom, George H. Ri chardson, Mrs. Lulu C. Massey, E. R. Sheaf e, Edward A., Jr. 12,000 6,500 6,000 5,400 4,800 4,200 4,800 4,200 4,500 4,500 4,250 4,200 3,900 3,300 3,000 2,700 2,200 2,800 2,100 2,000 1,700 15,000 8,000 7,000 6,400 5,200 5,200 5,000 5,000 5,000 5,000 5,000 4,500 4,400 4,000 3,600 3,300 3,000 3,000 2,200 2,100 1,800 506 12/21/33 _ 5 _ Name From To Myers, Edward S. Root, Mrs. Rose D. Boiseau, Mrs. Natalie Stone, Harold F. Brown, Arch B. Dolan, Helen V. Gallagher, Nadine L. Lanston, Marjorie Weadon, Betty B. Hopkins, Julia B. Elliott, Alice I. Millard, E. R. Brown, S. L. Brown, W. G. Connell, J. J. Dougal, W. D. Howard, T. P. Lee, A. W. Mann, W. T. Strahorn, C. A. Turnbull, J. A. Wishart, H. J. 1.1600 1,560 1,600 1,600 1,560 1,560 1,560 1,560 1,560 1,500 1,440 4,500 3,000 3,600 3,000 3,500 2,200 2,100 2,000 1,600 2,500 2,700 t,11800 1,800 1,700 1,680 1,620 1,620 1,620 1,620 1,620 1,600 1,600 5,000 3,300 3,900 ' 4 g00 ,,,, 3,800 2,400 2,300 2,200 2,000 2,700 3,000 * On these increases Mr. Miller voted "no". The following changes in titles of employees in the Division of Examinations were approved, effective as of January 1, 1934: D. L. Crays, Assistant Federal Reserve Examiner to Federal Reserve Examiner W. B. Pollard, Assistant Federal Reserve Examiner to Federal Reserve Examiner J. B. Crosby, Assistant Federal Reserve Examiner to Federal Reserve Examiner G. M. Goodman, Assistant Federal Reserve Examiner to Federal Reserve Examiner E. L. Brien, Jr., Assistant Federal Reserve Examiner to Federal Reserve Examiner C. C. Hostrup, Assistant Federal Reserve Examiner to Federal Reserve Examiner George E. Good was appointed an examiner for all purposes of the Federal Reserve Act, as amended, and of all other acts of Congress pertaining to examinations made by, for, or under the direction of the Federal Reserve Board, and was designated an AsSistant Federal Reserve Examiner. 507 12/21/F,F 6 The following changes in headquarters of examiners in the Division of Examinations were approved, effective CS of January 1, 1934: W. B. Pollard, Memphis, Tennessee, to Washington, D. C. J. B. Crosby, Louisville, Kentucky, to Washington, D. C. G. i. Goodman, New Orleans, Louisiana, to Washington, D. C. Herman C. King, Cincinnati, Ohio, to Washington, D. C. H. O. Koppang, Helena, Montana, to Washington, D. C. R. F. Leonard, Minneapolis, Minnesota, to Washington, E. C. F. A. Nelson, Chicago, Illinois, to Washington, D. C. M. R. Wilkes, Charlotte, North Carolina, to Washington, C. C. E. Cagle, Charlotte, North Carolina, to Washington, D. C. It was also decided to advise the Comptroller of the Currency that, inasmuch as Janet Oliphant, Mary White, and Irma Smoot, money counters, now carried on the Board's payroll for the Federal Reserve Issue and Redemption Division, have been assigned to the issue division of the office of the Comptroller of the Currency and are performing no work Whatsoever for the Federal Reserve Board, their salaries should be paid by the office of the Comptroller of the Currency and their names, therefore, are being removed from the payroll of the Federal Reserve Board as of the close of December 31, 1933, and that Fannie Meade and Lillie Stanowsky, money counters, who were loaned temporarily to the issue division of the office of the Comptroller of the Currency at the time of the banking holiday, should be returned to the Federal Reserve Issue and Redemption Division on January 2, 1934. The following resolution levying an assessment upon the several Federal reserve banks to cover the expenses of the Federal Reserve Board for the first six months of 1934, which provides for an addition to the budget of 0.00,000 for contingencies, was approved: "WHEREAS, under Section 10 of the act approved December 231 1913, and known as the Federal Reserve Act, the Federal Reserve Board is empowered to levy semi-annually uoon 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; 508 12/21/33 "WHEREAS, Section 10 of the Federal Reserve Act, as amended by the Banking Act of 1933, contains the following provision: /The Board shall determine and prescribe the manner in which its obligations shall be incurred and its disbursements and expenses allowed and paid, and may leave on deposit in the Federal reserve banks the proceeds of assessments levied upon them to defray its estimated expenses and the salaries of its members and employees, * * and funds derived from such assessments shall not be construed to be Government funds or appropriated moneys./ "WHEREAS, it appears from estimates submitted to and considered by the Federal Reserve Board that it is necessary that a fund equal to one hundred fiftysix thousandths of one per cent (.00156) of the total paidin capital stock and surplus of the Federal reserv e 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 BY THE FEDERAL RESERVE BOARD, That: "(1) There is hereby levied upon the several Federal reserve banks an assessment in an amount equal to one hundred fifty-six thousandths of one per cent (.00156) of the total paid-in capital and surplus of each such bank at the close of business on Novemb er 30, 1933; 11(2) Such assessment shall be paid by each Federal reserve bank in two equal installments on January 2, 1934, and March 1, 1934, respec tively; "(3) Every Federal reserve bank except the Federal Reserve Bank of Richmond shall pay such assess ment by transferring the amount thereof on the dates stated above through the Gold Settlement Fund to the Federal Reserve Bank of Richmond for credit to the account of the Federal Reserve Board on the books of that bank, with telegraphic advice to Richmond of the 509 12/21/33 -8"purpose and amount of the credit, and the Federal Reserve Bank of Richmond shall pay its assessment by crediting the amount thereof on its books to the Federal Reserve Board on the dates stated above." Thereupon the meeting adjourned. 41)14icnred: Governor.
@FedFRASER