19500104_Minutes.pdf

Minutes of actions taken by the Board of Governors of the

Federal Reserve System on Wednesday, January 4, 1950.

PRESENT: Mr. Szymczak, Chairman pro tem.Mr. DraperMr. Vardaman

Mr. Sherman, Assistant SecretaryMr. Morrill, Special AdviserMr. Thurston, Assistant to the Board

Memorandum dated December 30, 1949, from Mr. Bethea, Director

of the Division of Administrative Services, recommending that the

resignation of Raymond L. Watkins, a cafeteria helper in that Division,

be accepted to be effective, in accordance with his request, at the

close of business December 31, 1949.

Approved unanimously.

Letter to Mr. Earhart, President of the Federal Reserve Bank

of San Francisco, reading as follows:

"The Board of Governors approves the payment of salary

to you as President at the rate of $22,000 per annum and

to Mr. H. N. Mangels as First Vice President at the rate

of $18,000 per annum, these being the rates fixed by the

directors, for the period May 1, 1920, through February

28, 1921, the date of expiration of your terms of office.

"The Board of Governors also approves the payment

of salary to the following officers at the rates indica-

ted, which, according to your letter of December 30, 1949,

are the rates which were fixed by the Board of Directors,

for the period May 1, 1920, through April 30, 1921, unless

otherwise indicated, in which case payment of the salary

is approved for the period March 1, 1920, through April

30, 1921.Name Title Annual Salary

Leisner, J. M. Vice President $12,000

Slade, H. F. Vice President 14,000

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

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"NameSymms, R. T.

Wheeler, O. P.Hardy, R. T.

Mailliard, E. C.

Morrill, R. H.

Barbonchielli, J. L.Barrett, T. IN.Hemmings, H. E.Milliken, R. C.Parker, G. D.Armstrong, H.Agnew, A. C.O'Kane, J. A.

Volberg, W. F.

Bold, F. C.Barglebaugh, E. R.Meyer, L. C.Robinson, J. R.Watkins, C. H.

MacEachron, S. A.

Randall, J. A.Bent, D. E.Blanchard, J. P.

Partner, W. L.

Everson, R. E.Barnard, O. H.Price, A. L.

Shaw, C. R.

Russell, B. A.Sandstrom, W. R.Simms, D. E.1( For the period March

-2-

Title Vice President &Cashier

Vice PresidentAssistant VicePresidentAssistant VicePresidentAssistant Vice

Annual Salary

$10,000*12,000

8,x)o

8,)oo

President 8,000Assistant Cashier 6,)oo*Assistant Cashier 7,000Assistant Cashier 7,000*Assistant Cashier 7,000Assistant Cashier 6,500*General iuditor 9,000*General Counsel 16,000Assistant GeneralCounselLos Angeles BranchVice President andManager 15,000*Assistant Manager 12,000Assistant Manager 7,)00Assistant Manager 8,000Assistant Manager 6,300*Assistant Manager 8,500Portland BranchVice President andManager

Assistant ManagerAssistant ManagerAssistant ManagerSalt Lake City BranchVice President andManager 13,000Assistant Manager 9,000Assistant Manager 7,000Assistant Manager 6,000Seattle Branch

Vice President andManager

Assistant ManagerAssistant ManagerAssistant Manager1, 19)0, through April

9,000

12,000*9,000*7,)006,000

14,0008,)oo6,x)o7,200

30, 19)1.

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"The Board of Governors also approves the desig-nation of Vice President H. F. Slade as the officer incharge of the Bank Examination Department.

"It is understood that Assistant Vice President E.C. Mailliard is to retire effective June 1, 1950."


Telegram to Mr. Creighton, tpderal Reserve Agent at the Fed-

eral Reserve Bank of Boston, authorizing him to issue a limited voting

permit, under the provisions of Section 5144 of the Revised Statutes

of the United States, to the "New Hampshire Bankshares, Incorporated",

Nashua, New Hampshire, entitling such organization to vote the stock

which it owns or controls of "The New Market National Bank", Newmarket,

New Hampshire, at any time prior to April 1, 1950, to elect directors

of such banks at the annual meeting of shareholders of any adjournments

thereof, and to act thereat upon such matters of a routine nature as

are ordinarily acted upon at the annual meeting of such bank.

The telegram also requested Mr. Creighton to advise the appli-

cant in conjunction with transmittal of the limited voting permit that

the question whether further voting permits will be granted to it will

be determined on the basis of its performance in removing the causes

of criticism contained in reports of examination of its subsidiary

banks made by national banks examiners.


Letter to the Honorable Frank Pace, Jr., Director, Bureau of


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the Budget reading as follows:

"Enclosed herewith are four copies of a proposedletter to the Chairman of the Senate Committee onFinance recommending that H. R. 6000, a bill to amendthe Social Security Act, be amended so as to exemptfrom the coverage of the Federal old-age and survivorsinsurance system those employees of this Board who arecovered by the Federal Reserve Retirement System.

"Advice as to the relationship of such an amend-ment to the program of the President will be appreciated."

Approved unanimously, to-gether with the following letterto the Honorable Oscar R. Ewing,Federal Security Administrator:

"We are enclosing herewith a copy of a letter whichthe Board has addressed to the Director of the Bureauof the Budget and a copy of a proposed letter to theChairman of the Senate Committee on Finance, with refer-ence to a suggested amendment to H. R. 6000, the pendingbill to amend the Social Security Act.

"You will note that the Board of Governors proposesto recommend an amendment which would exempt employeesof the Board of Governors who are subject to the FederalReserve Retirement System from the coverage of the FederalOld Age and Survivors Insurance, thus continuing theirpresent status in this respect. Since they are Governmentemployees and are subject to a retirement system which wasestablished with the approval of this Board in 1934, it isthe view of the Board that the proposed amendment is a prop-er and desirable one and is in conformity with the generalscheme and purpose of H. R. 6000 as passed by the House ofRepresentatives. Moreover, the bill, in defining the term'employment' for the purposes of Federal old age and survi-vors insurance, specifically excludes service 'in the em-ploy of the Tennessee Valley Authority in a position whichis covered by a retirement system established by such Au-thority', and thus contains a precedent for exempting theBoard's employees who are members of the Federal ReserveRetirement System.

"For these reasons, the Board is sending its letterto the Bureau of the Budget on the assumption that youwould have no objection to the proposed amendment. If,

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"however, you should have any question about its desir-ability, the Board would like very much for members ofits staff to have an opportunity to discuss this matterwith appropriate representatives of your agency. Yourcooperation to this end will be greatly appreciated."

Ass's t Secretary.


19500104_Minutes.pdf

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