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376 Minutes of actions taken by the Board of Governors of the /'ec1erea Reserve System on Friday, March 24, 1970. PRESENT: Mr. Szymczak, Chairman pro tem. Mr. Draper Mr. Vardaman Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Telegram to the Federal Reserve Banks of New York, PhilatielPhia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, mutia:6. -44°11e, Kansas City, Dallas, and San Francisco stating that thaBoard approves the establishment without change by the Federal Rese rve Bank of San Francisco on March 22, by the Federal Reserve s Of New York, Philadelphia, Cleveland, Richmond, Atlanta, Chi cae°, Minneapolis, Kansas City, and Dallas on March 23, and 1)/ th the Federal Reserve Bank of St. Louis on March 24, 19)0, of rates of discount and purchase in their existing schedules. Approved unanimously. Telegram to Mr. Erickson, President of the Federal Reserve tardt °f Boston, reading as follows: "Retel March 20, Board approves effective March 24/ 19)0, on purchases of Government securities under resale agreement minimum rate of 1/8 per cent above verage issuing rate on most recent issue of United :.tates Treasury bills, as authorized by Federal Open Fiarket Committee on March 1, 1920. Otherwise Board aPProves establishment by your Bank, without change, °f rates of discount and purchase in Bank's existing hedule advice of which was contained in your telegr--' dill dated March 20." Approved unanimously. 31'i7 V24/50 -2Memorandum dated March 23, 1950, from Mr. Sloan, Assistant 13irect0r, Division of Examinations, recommending that the voucher ellitraillg per diem for the period March 1, 19)0 to March 17, 1950, tc)11 j 'W. Williams, Assistant Federal Reserve Examiner, covering a Pel 'ic'd while he was hospitalized, be paid in full. Approved unanimously. Letter to Honorable Frank Pace, Jr., Director, Bureau of the Washington 2), D. C., reading as follows: "The Board has prepared the enclosed report in compliance with a request from the Senate Committee 11 Banking and Currency for an expression of opinion :Y April 1, 19)0, on Committee Print No. 3 of S. 529 ntitled the 'Economic Development Corporation Act in 19)01. "Before transmitting this report, the Board will aPPreciate advice as to the relatio nship of the proPosed legislation to the program of the Iresident." Approved unanimously. Letter to Mr. Sproul, President of the Federal Reserve telik Of New York, reading as follows: 8 "The Board of Governors approves the payment of ,, e_ti_arY to you as President at the rate of $0,000 per um and to Mr. L. R. Rounds as First Vice President the rate of $3),000 per annum, these being the rates i;ePorted in your letter of March 21, 1950, as having 1, , een fixed by the directors, for the period April 1, 50, through February 28, 1951, the date of expiration -L Your terms of office. 0 , "The Board of Governors also approves the payment 14.1"). salary to the following officers at the rates indicated, r! eh/ according to your letter of March 21, 19)0, are the IlEt'es which were fixed by the Board of Directors, for the eri°d April 1, 1950, through March 31, 1951. J 3/24/50 -3- Baby, Harold A. Kimball, Herbert H. Knoke, L. Werner Logan, Walter S. Phelan, Arthur Roelse, Harold V. Rouse, Robert G. Willis, Valentine Wiltse, Reginald B. Tiebout, Todd G. Triltble, Rufus J. Cameron, Donald J. Davis, Felix T. Davis, Norman P. Harris, Marcus A. Miller, Silas A. Sanford, Horace L. TenEyck, Otto W. T reiber, William F. Wurts, John H. Sheehan, William F. Ab rahams, William F. .I2°Yd, Harry M. turt, Wesley W. Carroll, James J. CrOSse, Howard D. P itchen, Paul R. Heinl, William A. Lealsg, Peter P. Marsh, Spencer S., Jr. McL aughlin, Michael J. Moore, 0. Ernest reterson, Franklin E. Rozell, Walter H., Jr. scheffer, Ralph W. Van Houten, Charles N. Title Annual Salary Vice President $16,000 Vice President 17,500 Vice President 23,500 Vice President and 25,000 General Counsel Vice President 20,500 Vice President 19,000 Vice President 27,200 Vice President 19,200 Vice President 17,000 Asst. General Counsel 17,500 Asst. General Counsel 12,000 Asst. Vice President 12,000 Asst. Vice President 14,500 Asst. Vice President 13,200 Asst. Vice President 12,200 Asst. Vice President 16,000 Asst. Vice President 15,500 Asst. Vice President 13,000 Asst. Vice President 16,500 Asst. Vice President 15,200 Chief Examiner 15,000 Mgr., Security Custody 9,200 Dept. Mgr., Safekeeping Dept. 10,000 Mgr., Savings Bond 11,000 Dept. Mgr., Planning Dept.; 13,000 also Asst. Secretary of Bank 10,000 Mgr., Bank Relations Dept. 10,500 Mgr., Cash Dept. 10,000 Mgr., Personnel Dept. Mgr., Accounting Dept. 12,000 Mgr., Securities Dept. 10,750 Mgr., Cash Custody Dept. 9,000 and Govt. Check Dept. 11,000 Mgr., Research Dept. Mgr., Collection Dept. 10,000 11,500 Mgr., Foreign Dept. Mgr., Service Dept. 10,000 Mgr., Govt. Bond Dept. 11,000 and R. F. C. Custody Dept. 379 3/24/50 -4- ttName Title Annual Salary Mgr., Credit Dept. $10,000 and Discount Dept. Wendell, Roy E. Mgr., Check Dept. 11,000 Wessel, Harold M. Mgr., Accounting Dept. 10,000 Brome, Robert H. Assistant Counsel 12,500 Clarke, John J. Secretary and Asst. 12,500 Counsel Dillistin, William H. 17,000 General Auditor Bowman, 12,000 Asst. General Auditor Curtis R. Buffalo Branch Smith, Insley B. General Manager 15,000 8fl4111, Halsey W. Cashier 10,000 voll, George J. Assistant Cashier 9,500 Myers, M. Monroe Assistant Cashier 7,700 "It is understood that Messrs. Dillistin, Snow, and Sheehan will reach retirement age during 1950 and the payment of their salaries is accordingly approved only until the date of retirement. "The Board of Governors also approves the payment of salexY to Mr. John H. Williams as Economic Adviser for the Period April 1, 1950, through March 31, 1951, at the rate 7 1 $22,000 per annum when he is engaged in the work of the +Ink on a full-time basis, and when he is not engaged in work of the Bank on a full-time basis, at the rate of 64.62 per day for each day on which he spends any time, °4 behalf of the Bank, at the Bank or at a Federal Reserve (13.r related meeting elsewhere, plus his reasonable travel, °aging and subsistence expenses." Warner, Walter C. Approved unanimously. Letter to Mr. Earhart, President of the Federal Reserve an Francisco, reading as follows: "Enclosed herewith is a copy of a letter dated ruary 22, 1950, from Mr. Robert D. Tucker, Los Angeles, ia-Lifornia, relating to his efforts to obtain statistical izsiltclrmation concerning common trust funds for use in 4!Paring a doctoral dissertation for submission to the vartment of Economics of the University of California at L os Angeles. V;S() 3/24/50 -5- "Copies of a letter of November 15, 1949, from Mr. Tucker, and our reply of December 7, 1949, concerning the same subject, were sent to Mr. Volberg on the latter date; and, on December 12, 1949, Mr. Volberg sent us copies of his correspondence with Mr. Tucker and stated that Mr. Tucker had called at your Bank to discuss his project. "In our reply to Mr. Tucker's prior letter, we indicated our reservations concerning the publication °f common trust fund statistics such as he had in 111, 17114d, but stated that there would appear to be no Objection to a private study of common trust funds if it could be arranged that the study would not be published °I' made available for quotation. "You will note from the enclosed letter that Mr. Tucker now states that he has obtained permission to state on the cover of his dissertation that publication of the information contained therein is unauthorized !Ind that he will provide each bank from which he solicits ?formation a copy of a letter from the Department of ' conomics of his University stating that publication will .1.°t be authorized. However, it appears from his letter 1,hat, while some banks have given him the information which 7e desires, others have indicated that, before furnishcopies of the annual reports of their common trust unds to him, they desire more definite assurances that tIch action will not be regarded as a violation of section r7 Of Regulation F. Therefore, he requests a letter 2:all the Board authorizing him to solicit the information ;Itch he desires, together with authority to send copies the letter to the banks from which he solicits in4o rmation. ru,, "Banks are under no obligation, of course, to ----sh Mr. Tucker the iormation information which he desires and, : ordingly, Ac it would not be appropriate for us to take ,737. action which might be regarded by the banks as a -rection to furnish the information. Also, having no mnrmation concerning Mr. Tucker except his own statecillts, we do not feel that we should give any further w earance in this matter unless your Bank is satisfied a;th respect to the reliability of Mr. Tucker and his l esIll'ances that the information in question will not 'de available for publication. However, if you are . 8 41114 ' t1',":isfied in these respects, you may advise Mr. Tucker the Board will not regard it as a violation of I V 3/24/50 -6- "Regulation F for banks to furnish copies of the annual reports of their common trust funds for use in preparing his dissertation under the conditions stated by him with respect to publication of the Information and the identification of particular coMmon trust funds, and that, if banks with which he communicates desire further assurances in this respect, he may suggest that they write either to you or to the Board. "We are not writing to Mr. Tucker directly, and it will be appreciated if you will dispose of this matter, advising us as to the action taken." Approved unanimously. Letter to Mr. Tillander, Chief Examiner of the Federal 48erve Bank of Minneapolis, reading as follows: "This refers to your letter of December 13, 1949, requesting advice as to whether you may furnish copies of reports of examination of Montana and Trust Company, Great Falls, Montana, made by oy examiners for your Bank to Mr. Otto Bremer, St. Paul, Minnesota, principal stockholder of the bank. "While the Board raises no question with respect to Mr. Bremer, the furnishing of copies of such reports of examination to him would raise questions as to how far the policy thus established Illight be followed in other similar cases. The Board has, therefore, reached the conclusion that the Reserve Bank should not furnish copies of the reports of examination directly to Mr. Bremer as as he is not a director or an officer of montana Bank and Trust Company." Approved unanimously. Letter to Mr. Fletcher, First Vice President of the 8.1 Reserve Bank of Cleveland, reading as follows: "Reference is made to your letters of March 14 I -,-9)0, regarding the proposed expenditures of e.PProximately $378,000 for modernization of the 382 3/24/30 -7- H Passenger elevators at the main office and of aPProximately $20,000 for alterations to the Cincinnati branch building. . "We understand that at the request of the Directors a program of the repairs, alterations and improvements to be considered within the next five years is being developed. Can you tell us when it is expected that the program will be reviewed by the Directors as, if it is at all Possible, the Board would prefer to consider the two projects referred to in your letters of March 14 in the light of the long-range program?" I/ Approved unanimously. ,-./1 A ..f4dilli.rdeAgilitiall Secrets,
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