19331221_330p_Minutes.pdf

502

A meeting of the Federal Reserve Board was held in Washington°11 Thurs day, December 21, 1933, at 3:30 p. m.

PRESENT: Mr. Black, GovernorMr. HamlinMr. MillerMr. JamesMr. ThomasMr. Szymczak

The Board met in executive session, at the conclusion of which14% Morrill, Secretary, was called into the meeting and requested to recordthe,

,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 & ToomerFertilizer Company, Jacksonville, Florida, was appointed adirector of the Jacksonville branch of the Federal Reserve}?ank of Atlanta for the unexpired portion of the term end-ing December 31, 1934, to succeed Mr. John C. Cooper, Sr.,who died on December 17.

In accordance with the request contained in a letterreceived 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 Reserveblank of Atlanta, with salary at the rate of 3,000 per an-num, 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. Millerv°ting "Non.

The individual budgets for all of the divisions of theBoard's organization and the combined budget for the FederalReserve Board and its staff, covering salaries and expensesfor the calendar year 1934, made up of the following itemsaggregating $1,138,267.87, were approved:

134X22nal Services 895,786.67

Non-Personal Services:

Supplies & MaterialsSubsistence ExpensesTransportation Expenses

8,880.0057,650.0033,500.00

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50312/21/33

2

Communication Service 24,585.00Prtg., Engr., Bindg., Etc. 44,900.00Heat & Light 750.00Rent - Building 41,792.20Rent - Equipment 54.00Repairs - Equipment 1,010.00Equipment 22,025.00Special & Miscellaneous 7.,335.00

Total Non-Personal Services $ 242,481.20

Complete Total $ 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

Secretary's Office

* Morrill, ChesterNoell, J. C.Bethea, L. P.Carpenter, S. R.Walters, A. C.Thompson, R. K.Taylor, V. M.Krieger, D. JeanneFletcher, W. T.Truehart, LynwoodWatkins, F. L.Dyson, NelsonWheeler, R. R.Johnson, Gordon

Legal Division

Wyatt, WalterVest, George B.Wingfield, B. MagruderBoatwright, H. Lee, Jr.

Seitz, S. E.Hackley, Howard H.

12,000 15,0007,100 7,5006,750 7,1004,250 4,8002,000 2,4002,000 2,4001,800 1,9001,560 1,7001,560 1,6001,560 1,6001,320 1,3801,200 1,3201,250 1,3201,000 1,100

12,000 15,0007,000 10,0006,000 9,0004,800 5,5005,000 3,6002,400 3'000


504

12/21/33Name

Wisner, MargaretLehn, Hildur V.Wainwright, Mildred R.Carroll, Jeanne H.Malia, S. AnneRaynor, Mrs. Margaret F.Hargett, Edward L.

Division of Research

From

1,8001,6001,6001,5601,5601,6001,380

and Statistics

* Goldenweiser, E. A.Parry, Carl E.Thomas, WoodliefGardner, Walter R.Blattner, George W.Thompson, Donald S.Garfield, Frank R.Evans, Mary SibleyLongstreet, Victor M.Elder, Nora V.Ellis, MargaretDeeds, DorothyHodson, ViolaSissman, LouiseSutton, BlancheCaskey, Franc S.Dyer, HelenBaur, HeleneVincent, HelenPorter, RuthTaylor, AliceEntriken, EverettCollier, RaymondHaigh, JuliaMaroney, Mary M.Moss, JoyceBorruat, EllaBarcalow, ElizabethO'Hare, FlorenceDarker, EdithHammill, CarolineRobinson, HarveyPerry, KatharyneKline, William A.

12,0008,5008,0005,0005,0003,8003,4002,6002,6002,5002,0002,2002,1002,0002,1002,0002,0002,0002,0001,9001,9001,8001,6801,6801,6801,6801,6201,5601,5601,5601,5601,5601,4401,320

To

2,4002,0001,8001,8001,8001,8001,440

15,0009,0008,5006,0006,0004,0004,0002,8002,8002,6002,5002,3002,2002,2002,2002,1002,1002,1002,1002,0002,0001,9001,8001,8001,8001,8001,8001,8001,8001,6801,6801,6801,5601,440

s In connectialwith the budget for the Division of Re-_ earch and Statistics, it was understood that the Boardwould continue to pay the salary of Mr. Winfield Riefler,


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who is now engaged in work for the President's Execu-tive Council, until Governor Black has an opportunityto look into the matter in accordance with the dis-cussion at the meeting of the Board on December 1801933, and submit a report to the Board thereon; andtherefore that his salary at the rate of $7,000 forthe year 1934 would be provided for in the budget ofthis division pending further action by the Board.

Name

Division of Bank

From To

s? 15,0008,0005,400

Operations

* Smead, Edward L.Van Fossen, John R.Horbett, J. E.

$ 12,0006,7005,000

Myrick, L. S. 3,600 4,100Scudder, Dilver 2,900 3,100Goheen, Loretta 1,900 2,000Jones, Marjorie F. 1,800 1,900Fugitt, Rita S. 1,700 1,800Clark, Helen C. 1,700 1,800Kullberg, Gladys L. 1,500 1,700Woolschlager, Geraldine E. 1,440 1,560Bryan, Evelyn 1,440 1,560Tindall, Evelyn 1,440 1,600

Division of Examinations

* Paulger, Leo H. 12,000 15,000Leonard, R. F. 6,500 8,000Cagle, C. E. 6,000 7,000Wilkes, M. R. 5,400 6,400Chamberlin, R. B. 4,800 5,200Koppang, H. O. 4,200 5,200Calloway, R. M. 4,800 5,000Nelson, Fred A. 4,200 5,000Crays, D. L. 4,500 5,000Crosby, J. B. 4,500 5,000Pollard, W. B.Hostrup, C. C.

4,2504,200

5,0004,500

Brien, E. L., Jr. 3,900 4,400Goodman, G. M. 3,300 4,000McClelland, W. J.Bartz,

3,000 3,600Charles H. 2,700 3,300

King, Herman C.Polsom,

2,200 3,000George H.Ri

chardson,2,800 3,000

Mrs. Lulu C.Massey,

2,100 2,200E. R.Sheaf 2,000 2,100

e, Edward A., Jr. 1,700 1,800


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Name From To

Myers, Edward S. 1.1600 t,11800Root, Mrs. Rose D. 1,560 1,800Boiseau, Mrs. Natalie 1,600 1,700Stone, Harold F. 1,600 1,680Brown, Arch B. 1,560 1,620Dolan, Helen V. 1,560 1,620Gallagher, Nadine L. 1,560 1,620Lanston, Marjorie 1,560 1,620Weadon, Betty B. 1,560 1,620Hopkins, Julia B. 1,500 1,600Elliott, Alice I. 1,440 1,600Millard, E. R. 4,500 5,000Brown, S. L. 3,000 3,300Brown, W. G. 3,600 3,900Connell, J. J. 3,000 g00'4 ,,,,Dougal, W. D. 3,500 3,800Howard, T. P. 2,200 2,400Lee, A. W. 2,100 2,300Mann, W. T. 2,000 2,200Strahorn, C. A. 1,600 2,000Turnbull, J. A. 2,500 2,700Wishart, H. J. 2,700 3,000

* On these increases Mr. Miller voted "no".

The following changes in titles of employees in theDivision of Examinations were approved, effective as ofJanuary 1, 1934:

D. L. Crays, Assistant Federal Reserve Examiner to Fed-eral Reserve Examiner

W. B. Pollard, Assistant Federal Reserve Examiner toFederal Reserve Examiner

J. B. Crosby, Assistant Federal Reserve Examiner to Fed-eral Reserve Examiner

G. M. Goodman, Assistant Federal Reserve Examiner toFederal Reserve Examiner

E. L. Brien, Jr., Assistant Federal Reserve Examiner toFederal Reserve Examiner

C. C. Hostrup, Assistant Federal Reserve Examiner toFederal Reserve Examiner

George E. Good was appointed an examiner for all pur-poses of the Federal Reserve Act, as amended, andof all other acts of Congress pertaining to exami-nations made by, for, or under the direction ofthe Federal Reserve Board, and was designated anAsSistant Federal Reserve Examiner.


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The following changes in headquarters of examinersin the Division of Examinations were approved, effectiveCS 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 theCurrency that, inasmuch as Janet Oliphant, Mary White, andIrma Smoot, money counters, now carried on the Board's pay-roll for the Federal Reserve Issue and Redemption Division,have been assigned to the issue division of the office ofthe Comptroller of the Currency and are performing no workWhatsoever for the Federal Reserve Board, their salariesshould be paid by the office of the Comptroller of the Cur-rency and their names, therefore, are being removed fromthe payroll of the Federal Reserve Board as of the closeof December 31, 1933, and that Fannie Meade and LillieStanowsky, money counters, who were loaned temporarily tothe issue division of the office of the Comptroller of theCurrency at the time of the banking holiday, should be re-turned to the Federal Reserve Issue and Redemption Divi-sion on January 2, 1934.

The following resolution levying an assessment uponthe several Federal reserve banks to cover the expensesof the Federal Reserve Board for the first six months of1934, which provides for an addition to the budget of0.00 ,000 for contingencies, was approved:

"WHEREAS, under Section 10 of the act approvedDecember 231 1913, and known as the Federal ReserveAct, the Federal Reserve Board is empowered to levysemi-annually uoon the Federal reserve banks, inproportion to their capital stock and surplus, anassessment sufficient to pay its estimated expenses,Including the salaries of its members, assistants,attorneys, experts and employees, for the halfyear succeeding the levying of such assessment, to-gether with any deficit carried forward from thePreceding half year;


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"WHEREAS, Section 10 of the Federal Reserve Act,as amended by the Banking Act of 1933, contains thefollowing provision:

/The Board shall determine and prescribethe manner in which its obligations shall beincurred and its disbursements and expensesallowed and paid, and may leave on deposit inthe Federal reserve banks the proceeds of as-sessments levied upon them to defray its es-timated expenses and the salaries of its membersand employees, * * and funds derived from suchassessments shall not be construed to be Govern-ment funds or appropriated moneys./

"WHEREAS, it appears from estimates submitted toand considered by the Federal Reserve Board that itis necessary that a fund equal to one hundred fifty-sixthousandths of one per cent (.00156) of the total paid-in capital stock and surplus of the Federal reservebanks be created for the purpose hereinbefore described,exclusive of the cost of engraving and printing of Fed-eral reserve notes;

"NOW, THEREFORE, BE IT RESOLVED BY THE FEDERAL RE-SERVE BOARD, That:

"(1) There is hereby levied upon the several Fed-eral reserve banks an assessment in an amount equal toone hundred fifty-six thousandths of one per cent(.00156) of the total paid-in capital and surplus ofeach such bank at the close of business on November 30,1933;

11(2) Such assessment shall be paid by each Fed-eral reserve bank in two equal installments on January2, 1934, and March 1, 1934, respectively;

"(3) Every Federal reserve bank except the Fed-eral Reserve Bank of Richmond shall pay such assess-ment by transferring the amount thereof on the datesstated above through the Gold Settlement Fund to theFederal Reserve Bank of Richmond for credit to theaccount of the Federal Reserve Board on the books ofthat bank, with telegraphic advice to Richmond of the


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41)14icnred:

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"purpose and amount of the credit, and the FederalReserve Bank of Richmond shall pay its assessmentby crediting the amount thereof on its books tothe Federal Reserve Board on the dates statedabove."

Thereupon the meeting adjourned.

Governor.


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