19400111_Minutes.pdf
Transcript of 19400111_Minutes.pdf
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A meeting of the Board of Governors of the Federal Reserve
SYstem was held in V.ashington on Thursday, jan.uary 11, 1940, at 11:30a. me
PRESENT: Mr. Eccles, ChairmanMr. Ransom, Vice ChairmanMr. SzymczakMr. McKeeMr. DavisMr. Draper
Mr. Morrill, SecretaryMr. Bethea, Assistant SecretaryMr. Carpenter, Assistant SecretaryMr. Clayton, Assistant to the Chairman
The action stated with respect to each of the matters herein-
referred to was taken by the Board:
The minutes of the meeting of the Board of Governors of the
Fade—,-L-0-1- Reserve system held on January 10, 1940, were approved unani-
tdimorandum dated January 10, 1940, from Mr. Morrill recommend-ib-g thAt
--, on the basis of the information contained in a memorandum
PrePared- by Mr. Spurn..y under date of January 9, 1940, David F.Of'van) elevator operator, be promoted to the position of guard,
With--arY at the rate of t;:1,500 per annum, effective as of January
16, ig-4°1 and that his name be changed on the Board's records to
1:1"1-cl GUlli van.
The recommendations were approvedunanimously.
Letter to Mr. Young, President of the Federal Reserve Bank
"ostreadinir as follows:
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"Referring to your letter of January 5, 1940, itis noted that at a meeting of the Board of Directors ofthe Federal Reserve Bank of Boston on January 3, 1940,the salaries of all officers of the Bank were fixed forthe period January 1 to April 30, 1940, at the rates ineffect for such officers, respectively, on December 31,1939, as shown in your letter.
"In accordance with the further action taken by yourBoard of Directors, the Board of Governors approves pay-ment of a retaining fee, at the rate of ;,2,400 per annum,t° Mr. Phillips Ketchum, who was reappointed AssociateCounsel for the year 1940.. "The Board also approves the reappointment of Messrs.Winthrop L. Carter, Albert M. Creighton, Carl P. Bennett,Paul A. Draper, and Edward M. Graham as members of theIndustrial Advisory Committee for the First Federal Re-s?rve District, to serve for terms of one year each, be-ginning on March 1, 1940.
"It is noted that Mr. Thomas M. Steele, Presidentocf The First National Bank and Trust Company of New Haven,
17E11 Advisory
(3/1flecticut, has been reappointed as a member of the Fed-Council, representing the First Federal
°serve District, for the year ending December 31, 1940."With respect to the second Paragraph on page 2 of
?r°11-r letter, the Board's letter of June 16, 1939 wasIvaanded to apply only to the salaries of 'officers' ofe Bank, not to any 'employees'. The position of 'Chief
4aacminer , occupied by Mr. McRae, is provided for in the/;!ankts Personnel Classification Plan and his name, there-jire, should be included in the list of 'employees' of
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to be submitted to the Board as of January 1,0.1,
Approved unanimously.
Letter to Mr. Drinnen, Iirst Vice President of the Federal Re-8 erve B
eilk of Philadelphia, reading as follows:
"Referring to your letter of January 9, 1940, itis noted that the Board of Directors of the Federal Re-
sere Bank of Philadelphia have fixed the salaries ofA1,-‘ c'fficers of the Bank for the period January 1 to,4.111 30) 1940, at the rates in effect for such officers,'eaPectively, on December 31, 1939, as shown in the
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"statement attached to your letter."In accordance with the farther action taken by
Your Board of Directors, the Board of Governors approvesPayment of a retaining fee, at the rate of .',2,500 perannum, to the firm of MacCoy, Brittain, Evans & Lewis,which was reappointed Counsel for the year 1940."
Approved unanimously.
Letter to Mr. ;ale, Secretary of the Federal Reserve Bank of
Sat Francisco, reading as follows:
"Referring to your letter of January 5, 1940, itis noted that at a meeting of the Board of Directors of
Federal Reserve Bank of San Francisco on January 4,t9401 the salaries of all officers of the Bank were fixedOr the period January 1 to April 30, 1940, at the rates
effect for such officers, respectively, on December4-1 1939, as shown in the statement attached to your let-ter.
"In accordance with the farther action by your BoardOf Directors, the Board of Governors approves payment of
Teining fee, at the rate of '40,000 per annum, to Mr.• " Ac7flew, who was reappointed Counsel for the year 1940."
Approved unanimously.
Letter to Mr. Hale, Secretary of the Federal Reserve Bank ofSax t
Prancisco, reading as follows:
let+, "In accordance with the request contained in your
"er of January 6, 1940, the Board of Governors approvesthe fees and allowances fixed by your Board for the Di-rectors of the Federal Reserve Bank of San Francisco andIfts
branches for the year 1940, which are the same as theees and allowances in effect in 1939."
Approved unanimously.
Memorandum dated January 10, 1940, from Mr. Goldenweiser, Di-
or the Division of Research and Statistics, recommending that,
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fox. the reason stated in the memorandum, an additional amount of 25be added to the item telephone and telegraph in the 1939 budget for
the Division.
Approved unanimously.
Thereupon the meeting adjourned.
Chairman.
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