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A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Monday, January 18, 1932, at 1130 a. nu Governor Meyer Mr. Hanlin Mr. Miller Mx. Tames Mr. Magee PRESENT: Mr. McClelland, Assistant Secretary. The following matters of business were considered and acted upon by the Board: Telegram dated January 15 from the Chairman of the Federal Reserve Bank of Chicago, advising that the Board of Directors at a special meeting on that date, made no change in the bank's existing schedule of rates of discount and purchase. Without abjection, noted with approval. Letter dated january 13 from the Chairman of the Federal Reserve Bank of Dallas, advising of the establishrent on January 12 of the following schedule of buying rates on bankers' acceptances: 1 to 45 days 46 to 120 days 121 to 180 days Repurchase 2 3/4% 3% 3 1/4% 3% Without objection, noted with approval. Report of Committee on Salaries and Expenditures on a list submitted by the Federal Reserve Bank of San Francisco of employees for wham the directors authorized leaves of absence with pay on account of illness during the month of December, where the total of such absences since Xanuary 1, 1931 has exceeded thirty days; the Board's Committee recommend- 1/18/32 -2- trig approval of the salary payments involved. Approved. Report of Committee on Salaries and Expenditures on a letter dated Tanuary 12 from Assistant Deputy Governor Netterstrom of the Federal Reserve Bank of Chicago, requesting approval by the Board of changes in the personnel classification plan of the bank to provide (1) for the classification of the position of special collection agent as an appraised position, (2) a change in the title of the present position of "Proof Clerk" to "Claims Clerk" with the increased salary range of $2,520 to $3,000 per am, and (3) the creation of the new positions of "Proof Clerk" and "Typist (junior)", all in the failed banks division of the discount department; the Board's Committee recommending approval. Approved. Telegraphic reply, approved by five members of the Board on Tanuary 15, to a telegram received on that date from the Federal Reserve Agent at Cleveland recommending approval of an application of the Union Trust Company of Cleveland, Ohio, a member bank, for permission to rediscount paper acquired from nonmember banks; the reply stating that the Board authorizes the Federal Reserve Bank of Cleveland, in. its discretion, for a period of six months from January 15, to rediscount for the member bank good and eligible paper acquired from or bearing the signature or indorsement of nonmember banks. Reply approved. Telegraphic reply, approved by five members of the Board on January 14, to a telegram received on that date from Deputy Governor Rounds of the Federal Reserve Bank of New York requesting approval of the purchase of 0249,128.50 of tax revenue notes of the Village of Ridgewood, New Tersey, 1/18/32 -- being offered by the First National Bank and Trust Company of Ridgewood; the reply stating that the Board authorizes the purchase of the notes with the understanding that they meet all requirements of the Board's Regulation E except that the amount offered exceeds 25% of the total warrants of the municipality outstanding. Reply approved. Telegraphic reply, approved by the Executive Committee on January 15, to a telegram of the same date frara Deputy Governor Rounds of the Federal Reserve Bank of New York requesting approval of the purchase of .1)85,000 of Union Free School District No. 14, Town of Hempstead, certificates of indebtedness being offered by the Hewlett Woodmere National Bank of Woodmere, New York; the reply stating that the Board authorizes the purchase of the certificates with the understanding that they meet all the requirements of the Board's Regulation E except that the amount offered represents the entire amount of warrants of the municipality outstanding and that the maturity date of the certificates, which were issued in anticipation of taxes, is prior to the date on which the second instalment of taxes is due. Reply approved. Letter dated January 14 from the Governor of the Federal Reserve Bank of Boston advising that under date of January 12 the bank discounted for the Atlantic National Bank of Boston, Massachusetts, four notes of nonmember banks, totaling 490,000, which notes have since been taken up by the national bank, and stating that this action was taken without first securing the Board's approval, as required by its Regulations, because of the emergency which existed at the time. Action of the Boston bank approved. 29 1/18/32 -4Letter to the First Federal Foreign Banking Corporation, New York City, New York, advising that the cost of the credit investigation of the corporation made by examiners of the Board as of the close of business November 23, 1931, was .::;831.44, and requesting that the corporation deposit this amount in the Federal Reserve Bank of New York with instructions to that bank to credit it in the General Account of the Treasurer of the United States, for credit to the Federal Reserve Board in the account designated "Salaries and Expenses, Federal Reserve Board, Special Fund." Letter approved. Reply, approved by the Executive Committee on January 16, to a letter dated January 7 from the Governor of the Federal Reserve Bank of Boston requesting approval of the action of the bank in establishing temporarily two currency depots in Hartford, Connecticut, one in the Hartford National Bank and Trust Company and the other in the Phoenix State Bank and Trust Company; the reply stating that the Board approves the action of the bank in placing issued Federal reserve notes in special compartments of the vaults of the banks named for a temporary period, such notes to be released only upon the direction of the Federal Reserve Bank of Boston in accordance with the Procedure described in Governor Young's letter, and requesting that the Board be advised as to the amount of Federal reserve notes placed in each depot and of the date of the discontinuance of the arrangement. Reply approved. Telegraphic reply, approved by the Executive Committee on January 16, to a telegram received on that date from the Federal Reserve Agent at San Francisco giving the details of a proposed consolidation of the First State Bank of Gresham, Oregon, a member, and the Bank of Gresham, a nonmem- 1/18/32 -5- ber, under the charter of the former, and recommending, for reasons stated, that the transaction be approved by the Federal Reserve Board; the reply • stating that the Board interposes no objection to the contemplated consolidation, assuming that the transaction will not in any way affect the legal status of the First State Bank of Gresham as a member of the Federal Reserve System and that no new application for membership is necessary, and requesting that the Federal Reserve Agent submit a detailed report regarding the transaction including all information available respecting the condition of the banks involved. Reply approved. Consideration was then given to the proposed salaries for officers during the year 1932, which have been submitted by the Boards of Directors Of the Federal reserve banks, except Minneapolis, for approval by the Board and to the fixing of salaries for the Federal reserve agents and assistant Federal reserve agents during the year. The following actions were taken: Federal Reserve Bank of Boston The salary of Mr. F. H. Curtiss as Federal Reserve Agent and Chairman of the Board of Directors, was fixed at the rate of.120,000 per annum for the year 1932. The salary of Mr. C. F. Gettemy as Assistant Federal Reserve Agent was fixed at the rate of $7,500 per annum for the year 1932. Salaries fixed by the directors of the Boston bank for the year 1932, at the annnal rates stated below, were then approved: Name Roy A. Young William 1. Paddock Williamillllett Krickel K. Carrick Title Governor Deputy Governor Cashier Secretary Salary $30 000 20,000 14,000 9,000 -6- 1/18/32 Salary Title Name Ellis G. Hult Ernest N. Leavitt L. ,:allace Sweetser Carl B. Pitman Barry F. Currier Phillips Ketchum Assistant Assistant Assistant Assistant Auditor Counsel Cashier Cashier Cashier Cashier (retainer) c)7,500 7,250 7,000 6,000 6,500 2,400 Federal Reserve Bank of New York The salary of Lir. X. H. Case as Federal Reserve Agent and Chairman Of the Board of Directors was fixed at the rate of 50,000 per annum for the year 1932. The salary of Er. j. H. Dillistin as Assistant Federal Reserve Agent was fixed at the rate of 45,000 per annum for the year 1932. The salary of Er. H. S. Downs as Assistant Federal Reserve Agent t' was fixed at the rate of :)9,000 per annum for the year 1932. The following salaries for the year 1932, which are at the same rates aS the salaries paid the same officers during 1931, and which have been fixed by the directors of the New York: bank for the present pending final action on the matter, were then ap,)roved with the understandin_; that, when final action is taken by the New York directors, sone changes may be submitted to the Board for its approval: G. W. J. A. E. W. L. R. E. W. R. S. Harrison Burgess Crane Gilbart Kenzel Logan L. L. C. R. J. L. W. R. F. H. M. W. W. B. Rounds Sailer Coe Gidney Jones Knoke Eatteson *Effective Salary Title Name January 15. .>50,000 30,000 20,000 25,000 30,000 Governor Deputy Governor Tt 11 Tt Tt Tf ft ff & Gen. counsel ft ft t? Asst. Deputy Governor tt tt t? tt " ft ft ft ft 22,000 27,000 40,000 13,000 18,000 14,000 14,000* 14,000 32 1/1B/32 -7TitleSala Name T. M. Rice Allan Sproul D. H. Barrows W. W. Burt E. O. Douglas E. C. French R. F. McMurray J. A. Mitchell R. M. Morgan W. A. Scott I. W. Waters T. M. Crisp H. H. Kimball Carl Snyder H. V. Roelse E. L. Dodge G. W. Ferguson .11,000 Asst. Deputy Governor tt and Secretary Manager 1? Assistant Counsel ft General Statistician Manager & Asst. Secretary General Auditor Assistant General Auditor 15,000 9,000 6,000 6,000 10,000 7,000 12,000 7,000 7,000 9,000 6,500 4,000 11,000 8,000 12,000 6,750 Buffalo Branch R. R. H. C. M. B. W. L. O'Hara Wiltse Snow, Jr. Blakeslee 12,000 8,400 7,000 5,500 Managing Director Assistant Manager Cashier Assistant Cashier Federal Reserve Bank of Philadelphia The salary of Mr. R. L. Austin as Federal Reserve Agent and Chairman of the Board of Directors, was fixed at the rate of 20,000 per annum for the year 1932. The salaries of Messrs. Arthur E. Post and Ernest C. Hill as Assistant Federal Reserve Agents were fixed at the rate of ::£3,000 per annum for the year 1932. Salaries fixed by the directors of the Philadelphia bank for the year 1932, at the annual rates stated below, were then approved: Name George W. Norris William H. Hutt C. A. McIlhenny Title Governor Deputy Governor Cashier and Secretary Salaa 40,000 18,000 12,000 -8- 1/18/32 Name W. X. Davis James 1;4 Toy R. M. Miller, Jr. Samuel R. Earl William G. Mc Greedy Williams, Brittain& Sinclair Salary Title Assistant Cashier ft I? if It 17 Comptroller Cournel (retainer) $9,000 8,000 7,500 7,500 7,000 2,500 . Federal Reserve Bank of Cleveland The salary of Mr. George DeCamp as Federal Reserve Agent and Chairman of the Board of Directors, was fixed at the rate of 020,000 per annum for the year 1932. The salaries of Messrs. X. B. Anderson and V.. H. Fletcher as Assistant Federal Reserve Agents were fixed at the rate of 4,500 and $11 000 per annum, respectively, for the year 1932. Salaries fixed by the directors of the Cleveland bank for the year 1932, at the annual rates stated below, were then approved: Name Title Salary 4.1••••••••=•••0.1* E. R. Fancher Governor Deputy Governor M. X. Fleming F. 7, Zurlinden Cashier-Secretary Strater C. W. Arnold Assistant Cashier C. L. Bickford D. B. Clouser W. F. Taylor George H. Wagner Auditor F. V. Grayson Squire, Sanders & Dempsey Counsel (retainer) 030,000 18,000 18,000 13,000 7,800 7,500 7,500 7,800 7,800 7,800 4,000 Cincinnati Branch C. F. B. J. Bruce Henry McCombs Lazar Kennelly Ott Manae;tng Director Cashier Assistant Cashier Assistant Cashier 9,000 7,800 5,000 5,400 64 -9- 1/18/32 Salary Title Name Pittsburgh Branch J. C. Nevin Thomas C. Griggs P. A. Brown F. E. Cobun Managing Director Cashier Assistant Cashier $13,500 8,700 6,500 5,500 Federal Reserve Bank of Richmond The salary of Mr. W. W. Hoxton as Federal Reserve Agent and Chairman of the Board of Directors, was fixed at the rate of :::20,000 per annum for the year 1932. The salary of Mr. T. G. Fry as Assistant Federal Reserve Agent was fixed at the rate of $9,000 per annum for the year 1932. Salaries fixed by the directors of the Richmond bank for the year 1932, at the annual rates stated below, were then approved: Name George T. Seay Charles A. Peple R. H. Broaddus J. S. Walden, Jr. George H. Kbesee Sohn T. Garrett Edw. Waller, Jr. W. W. Dillard Albert S. Johnstone Travis F. Epos E. G. Wallace Salary Title Governor Deputy Governor Controller Cashier Manager Assistant Cashier Manager Auditor Counsel 25,000 17,500 14,000 12,000 9,000 8,000 7,500 6,000 6,000 4,500 7,000 Baltimore Branch Hugh Leach John R. Cupit Frank W. Wrightson John A. Johnston Managing Director Cashier Assistant Cashier tt IT 12,000 5,000 4,200 4,200 Charlotte Branch W. T. Clements Robert L. Cherry Managing Director Cashier 7,500 4,000 5 -10- 1/18/32 Federal Reserve Bank of Atlanta The salary of Mr. Oscar Newton as Federal Reserve Agent and Chairman of the Board of Directors, was fixed at the rate of20,000 per annum for the year 1932. The salary of Mr. Ward Albertson as Assistant Federal Reserve Agent was fixed at the rate of :)9,000 per annum for the year 1932. Salaries fixed by the directors of the Atlanta bank for the year 1932, at the annual rates stated below, were then approved: Title Name E. R. Black W. S. Johns . F. Conniff H W. S. McLarin, Jr. L.f. W. Bell R. A. Sins V. K. Bowman C. R. Camp P. L. T. Beavers S. P. Schuessler L. M. Clark E. P. Paris J. Welsby Honour Robert S. Parker Salary ":25,000 12,000 IT 10,000 7,500 Asst. Deputy Governor 9,000 Cashier 4,500 Issistant Cashier TT 5,400 4,500 4,800 4,500 IT 4,300 6,500 General Auditor 4,500 Assistant Auditor General Counsel (retainer) 3,500 (Allowance for stenographer) 1,500 Governor Deputy Governor New Orleans Branch Managing Director Assistant Manager Cashier Assistant Cashier Assistant Auditor Marcus Walker Janes A. Walker Wm. H.Black F. C. Vasterling Wm. E. Miller 15,000 6,500 6,200 3,720 2,940 Birmingham Branch Managing Director Cashier Assistant Cashier A. E. Walker H. T. Urquhart T. K. Knowlton 7,500 4,200 2,880 Jacksonville Branch Hugh Foster Geo,S. Vardeman, Jr. Nary E. Mahon Managing Director Cashier Assistant Cashier 7,500 4,500 2,400 o6 -11- 1/18/32 Title Name Salary Nashville Branch Tool B. Fort, Xi'. E. R. Harrison. Leo W. Starr Managing Director Cashier Assistant Cashier $6,500 4,500 2,800 Havana Agency Manager Assistant Manager H. C. Frazer A. H. Alston 8,400 6,300 Savannah Agency X. H. Bowden Tames A. Goethe Manager Assistant Manager 4,000 2,400 Federal Reserve Bank of Chicago The salary of Mr. Eugene M. Stevens as Federal Reserve Agent and Chairman of the Board of Directors, was fixed at the rate of $35,000 per annum for the year 1932. The salaries of Mr. C. S. Young and Mr. George A. Prugh as Assistant Federal Reserve Agents were fixed at the rate of $9,000 and 06,000 per annum, respectively, for the year 1932. Salaries fixed by the directors of the Chicago bank for the year 1932, at the annual rates stated below, were then approved: VaMB Title Salary •••••••••••••... X. T. C. X. W. E. D. 0. F. X. R. A. I. R. B. McDougal H. Blair R. McKay H. Dillard C. BachmAn A. Delaney A. Xones X. Nettorstrom Bateman C. Callahan E. Coulter W. Dazey Fischer X. Hargreaves Governor Deputy Governor ft Ty n " Asst. Deputy Governor If ty ir ft n n It tt, ti, Manager " TT n It " $35,000 25,000 22,000 14,500 9,000 7,500 7,500 9,000 6,000 6,500 6,500 7,000 6,500 7,000 o7 1/18/32 NameTitle F. A. Lindsten L. G. Meyer A. L. Olson L. G. Pavey F. L. Purrington J. G. Roberts W. W. Turner F. R. Burgess W. A. Hopkins H. G. Pett Carl Meyer Salary $ 6,000 6,500 If & Asst. Secretary 5,800 tt 6,250 I? 6,250 tt 6,750 11 4,500 9,000 General Auditor 7,000 Assistant Auditor 7,000 Yanager 10,000 Counsel Manager it Detroit Branch W. R. Cation H. J. Chalfont T. G. Baskin G. T. Jarvis F. L. Bowen Isadore Levin Managing Director Cashier Assistant Cashier ft " Assistant Auditor Assistant Counsel 14,000 8,500 6,750 5,750 4,500 3,000 Federal Reserve Bank of St. Louis The salary of Mr. John S. Wood as Federal Reserve Agent and Chairman of the Board of Directors, was fixed at the rate of :.20,000 per annum for the year 1932. The salary of Mr. C. Li. Stewart as Assistant Federal Reserve Agent was fixed at the rate of :.10,000 per annum for the year 1932. Salaries fixed by the directors of the St. Louis bank for the year 1932, at the annual rates stated below, were then approved. Name Wm. MaC. Martin O. M. Attebery I. G. McConkey A. H. Hail S. F. Gilmore F. U. Hall G. O. Hollocher O. C. Phillips E. J. Novy A. E. Debrecht Title Governor Deputy Governor Secretary and Counsel Controller n tt Tr It Auditor Assistant Auditor Salary '25,000 17,000 10,000 7,500 7,000 6,000 4,500 4,500 8,000 3,900 08 1/18/32 -13Name Salary Title Little lock Branch A. F. Bailey 11. H. Long C. Wood yanaging Director Cashier Assistant Cashier 4,800 3,900 Louisville Branch John T. Lbore C. A. Schacht S. B. Jenks Lee A. ibore 1,:anaging Director Cashier Assistant Cashier Assistant Auditor 8,000 7,000 4,000 2,700 Lleraphis Branch W. H. Glasgow S. K. Belcher C. E. Eartin flanagineo; Director Cashier Assistant Cashier 10,000 5,300 4,800 Federal Reserve Bank of Kansas City The salary of Mr. E. L. UCClure as. Federal Reserve Agent and Chair- 1 nan of the Board of Directors, was fixed at the rate of $20,000 per annum for the year 1932. The salary of Er. A. E. rbAdans as Assistant Federal Reserve Agent and Secretary was fixed at the rate of ':.,10,000 per annum for the year 1932. Salaries fixed by the directors of the Kansas City bank for the year 1932, at the annual rates stated below, were then approved: Name Geo. H. Hamilton C. A. Worthington T. W. Helm John Phillips, Jr. G. E. Barley E. P. Tyner LT. W. E. Park G. H. Pipkin N. R. Oberwortmann S. A. Wardell Title Salary Governor Deputy Governor Deputy Governor and Cashier Assistant Cashier It IT T? tt It 11 ft I? Assistant ,-3,ashior and Examiner Auditor 25,000 16,000 12,000 7,000 7,000 6,600 6,000 6,000 5,000 8,000 1/18/32 —14— Name H. G. Leedy Salary Title _9,600* Counsel *Mr. Leedy to continue to occupy approximately the same space in the Federal Reserve Bank building and pay the regular rental rates therefor. Denver Branch Jos. E. Olson S. A. Brown John A. Cronan Managing Director Cashier Assistant Cashier 10,000 4,800 4,300 Omaha Branch L. H. Earhart G. A. Gregory Wm. Phillips O. P. Cordill Managing Director Cashier Assistant Cashier I? ft 10,000 6,000 4,800 4,300 Oklahoma City Branch C. E. Daniel R. O. Wunderlich R. L. Mathes Managing Director Cashier Assistant Cashier 10,000 5,700 4,300 Federal Reserve Bank of Dallas The salary of Mr. C. C. Walsh as Federal Reserve Agent and Chairman Of the Board of Directors, was fixed at the rate of ',, 1 20,000 per annum for the year 1932. The salaries of nr. W. X. Evans and Mr. Charles C. Hall as Assistant Federal Reserve Agents were fixed at the rate of :.8,500 and 9,000 Per annum, respectively, for the year 1932. Salaries fixed by the directors of the Dallas bank for the year 1932, at the annual rates stated below, were then approved: Name B. A. McKinney R. R. Gilbert R. B. Coleman Salary Title Governor Deputy Governor ft If .T'?30,000 15,000 10,500 1/18/32 -15Marne Title Fred Harris W. 0. Ford E. B. Austin L. G. Pondrom R. 0. rebb W. P. Clarke C. C. True Charles C. Huff Locke, Locke, Stroud and Randolph Salary )9,600 Cashier Assistant Deputy Governor 7,000 6,000 Assistant Cashier It 6,000 tt 11 5,500 7,000 General Auditor 4,300 Assistant Auditor General Counsel (retainer) 1,200 Counsel (retainer) 9,000 El Paso Branch T. L. Hermann Allen Sayles Eanaging Director Cashier 6,000 4,200 Houston Branch W. D. Gentry C. B. L'endel H. R. DeIloss Managing Director Cashier Assistant Cashier 8,000 4,500 4,300 San Antonio Branch M. Crump W. E. Eagle H. E. Davis Managing Director Cashier Assistant Cashier 7,500 4,500 3,000 Federal Reserve Bank of San Francisco The salary of 1 -r. Isaac B. Newton as Federal Reserve Agent and Chairman of the Board of Directors, was fixed at the rate of ,;'24,000 per annum for the year 1932. The salaries of Mr. S. G. Sargent and Mr. 0. P. Wheeler as Assistant Federal Reserve Agents were fixed at the rate of .,14,000 and n6,600 per annum, respectively, for the year 1932. Salaries fixed by the directors of the San Francisco bank for the Year 1932, at the annual rates stated below, were then approved: -16- 1/18/32 Ino. U. Calkins Wm. A. Day Ira Clerk W. M. Hale C. E. Earhart C. D. Phillips H. Y. Nangels E. C. Nailliard T. M. Osner F. H. Holman R. T. Hardy A. C. Agnew Salary Title Name Governor Deputy Governor ft ft Cashier Assistant Cashier n n fr 9 n n n " General Auditor Auditor Counsel (retaining, fee) .:30,000 18,000 16,000 11,000 7,200 6,300 6,300 5,200 5,000 7,200 5,000 10,000 Los Angeles Branch W. M. F. L. N. Ambrose McRitchie C. Bold C. reyer Managing Director Assistant Manager Assistant Cashier n n 10,000 5,300 5,000 4,500 Portland Branch R. B. rest S. A. iacEachron T. P. Blanchard Managing Director Assistant ianager Assistant Cashier 7,200 5,000 4,200 Salt Lake City Branch W. L. Partner H. M. Craft W. M. Smoot Managing Director Assistant Manager Assistant Cashier 7,500 5,300 4,200 Seattle Branch C. R. Shaw B. A. Russell G. W. Relf 1:anaging Director Assistant /Imager Assistant Cashier 7,200 4,000 3,900 Spokane Branch D. L. Davis J. M. Leisner A. J. Duran Managing Director Assistant Manager Assistant Cashier 7,000 5,000 4,500 Reference was then nade to the action taken by the Board of Directors Of the Federal Reserve Bank of Philadelphia, comnunicated in the Chairman's 42 -17- 1/18/32 letter of January 6, in authorizing the payment to Irr. :Howard A. Loeb, President of the Tradesmen's National Bank and Trust Company of Philadelphia, Who has been reappointed a member of the Federal Advisory Council representin the Third Federal Reserve District for the year 1932, of .100.00 for each meeting of the Council attended by him, in lieu of compensation and actual expenses; also, to the action of the Board of Directors of the Federal Reserve Bank of St. Louis, comamicated in the Chairman's letter of January 6, in authorizing an allowance of 4,000.00 Per annum, in lieu of compensation and actual expenses, for Mr. Walter W. Smith, President of the First National Bank in St. Louis, who has been reappointed a member of the Federal Advisory Council representing the Eighth Federal Reserve District for the current year. r'S The allowances fixed by the boards of directors of the Philadelphia and St. Louis banks were approved. Reports of Standing Committee dated January 16, recomiending approval of the following changes in stock at Federal Reserve banks: AUlications for ORIGINAL Stock: District No. 2. First National Bank in Mamaroneck, flamaroneck, New York. District No. 11. First National Bank in L'Unday, i,:unday, Texas. Shares 180 180 18 Total 18 198 Approved. Report of Standing Committee dated January 18, recommending approval Of an application for fiduciary powers by the following bank: 41 1/18/32 -18- District No. Me Union National Bank or Youngstown, Ohio. (3376. Powers 1-7, and 9) Approved. The meeting adjourned at 12:05 p* m. Assistant Secretary. Approve ve or.
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