19350412_1100a_minutes.pdf

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A meeting of the Federal Reserve Board was held in Washington on

1.claY, April 12, 1955, at 11:00 a. in.

PRESENT: Mr. Eccles, GovernorMr. Thomas, Vice GovernorMr. HamlinMr. MillerMr. JamesMr. Szymczak

Mr. Morrill, SecretaryMr. Clayton, Assistant to the Governor

Mr. Miller referred to the provision of the program of the corn-Petit

1 for the selection of an architect for the Board's new building

equires that the designs of the competing architects be received

Illashington before noon on May 15, 1935, following which they will be

Btildied by the jury and a selection made, and he suggested that Saturday,

4E7 18) 1955, at 11 o'clock be fixed as the time for a meeting of the

13(411'd to consider the report of the jury.

architects as to the desirability of the use of marble

i1dpurposes in the city of Washington because of the climate.

al-cl that the National Capital Park and Planning Commission had someciellbt8 as to404 to the suitability and suggested that the Board give considera-

0 of a very light granite, and that, while the Fine Arts

oi 1.41°4 agrees that marble is not as durable in this climate as in

localities, the Commission is of the opinion that long before the4411114 vi

It was understood that the Governor wouldcall a meeting on May 18, 1935, in accordanceWith Mr. Miller's suggestion.

Mr. Miller then stated that there appears to be a difference ofazong

worn out the building would no longer be usable, that this is

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

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Particularly true if great care is used in the selection of the marble

°IN' into the building, and that it would be well to have an expert

fr°m he Bureau of Standards at the quarry in order to see that the proper

1111terial is

till insist on the use of marble in the building, but will give considera-tion to

the matter at the proper time.

Mr. Thomas stated that, in accordance with the understanding

4-achedL, the meeting of the Board yesterday he and Mr. James had con-

sidered the recommendations of the heads of the various divisions of the

8°4rd; that Mr. James had recommended approval of proposed increases in

%taller salaries and disapproval of proposed increases in salaries in the

her brackets; and that, while he (Mr. Thomas) did not have any infor-

44(41 as to the merits of the individual cases, he was generally in

kce°11c1 v;ith Mr. James! position except that there may be some adjustments

it salaries in the higher brackets which, because of special circum-

l'14111"sy should be considered..

Mr. James called attention to the memoranda submitted by the

welie--“311 heads with their proposed budgets for the year 1935 in which

et forth the reasons for the proposed increase in each individual8E417

furnished. He added that probably the Fine Arts Commission

iliea:ecommended, and stated that, after reviewing the memoranda, he

re he'd the conclusion that, in view of the Board's attitude with

°4rd t salaries at the Federal reserve banks and the general situation,ere-

btlow 'Justification in approving increases recommended in salaries

4 reasonable standard of living, with 02,000 as the maximum limit,


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with the exception of tv.o or three cases There special circumstances were

ilrirolved, and that he Was of the opinion that some salaries now being

Paid lere too high, but that as no chan -e was being proposed in such

salalles he had not considered them. He also said that, in his recom-

illericiati°118, he Iled made exceptions in connection with increases in

aelarles recommended for examiners on the field force for the reason that

t4Y 8.1‘e away from home on limited 'expense accounts for over eleven months

Otthe year and are under necessity, where they have a family, of main-

tall:114g a home in addition to their traveling expenses and, therefore,

a greater responsibility. He also said thtt, after talking with Mr.

‘4(1' Chief of the Division of Benk Operations, he had recommended approval

orProPosed increases in the salaries of two hi_ther salaried employees inthat

4ivision because of the work that they are doing and the responsi-

bilities ed by them.

Governor Eccles expressed the opinion that if the recommendations01* the ,iajority

of the executive committee rere approved, it would result14 serio_ s

u in to the morale of the staff. He felt that the proposedillereacies

as recommended by the division heads were justified on severalRN11148. In

the first place, these recommendations -;.ere gotten up and sub-kitteci before

the Board's letter of January 5, 1935, regarding salary

llielle"" Was sent out to the various Federal reserve banks. Furthermore,

to the great amount of extra time spent on legislative matters, the

g t had been delayed for some three months and a half and it was only

therefore that the staff generally had assumed that the recommended


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increases had not been rejected. He referred to the fact that the staff ofthe .„1p

'--oral Reserve Board is considered equal to the best of any depart-

of the government and that, for that reason, the salaries in all the,

'ets should not be lower than corresponding salaries in other govern-

During the time that he has been with the Board,

December, the staff has been constantly called on to

Perform extra duties

l'allingly and without

°Pinion, the

great deal

illericle'ti°n appeared

ectlinistration

beet results

l'Ibordinate 3

e°4ction and

cleeired results

tille in que stion.

riletilberse) whose time

to become

14'iclencY of the

111*e followed the time

4.41ils and consideration

raerit departments.

Particularly sincr3

and to work overtime, all of which has been done

extra compensation. He pointed out that, in his

recommendations of the heads of departments should

of consideration unless the reasons contained

to be

be given

in the recom-

insUfficient, as it had been his experience in the

of organizations in the business and financial world that

are obtained by placin full responsibility upon executive

aLlowing them a great ded of latitude in the matter of

relative remuneration of their own staffs and, where the

are not obtained, the proper procedure is to

He felt

replace the

that it was impossible for the Board

is necessarily fully spent in handling matters of

acquainted in detail with the qualifications and

many employees on the Board's staff and that if such plan

of the Board would be largely taken up with such

of policies would suffer correspondingly.1c)/7ertior

Eccles

referredOfto4,41t

YO"z to Assistant

the salaries being paid by the Federal Reserve

Federal Reserve Agent Gidney and Chief


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461/4 ner Sheehan and by the office of the Comptroller of the Currency to

rRoberts, Chief National Bank Examiner for the Second Federal

ye Dlstrict, and Governor Eccles said that he felt that either the

illel'eases recommended in the salaries of the employees should be approved

(*the division heads should be given a hearing on the matter.

klr. Hamlin expressed himself as being in entire accord withGovern°

r v'ecles' position.

Mr. 'aller said that, in his opinion, adjustments in salaries of

4.41bers of the staff of the Board should not be proposed on the basis of a

e°141"son with the Federal reserve banks or on any other basis of relativity.

4241°1 he had not gone carefully over the recommended increases, but in

glatcing over the list he had felt that there were some salaries that

81101111 be decreased. He expressed the view that the members of the Board

111101114 become acquainted with the individual members of the staff, and

41:44sii that he had been holding meetings with some of the members of the

4118i°11 of Research and Statistics and in that manner was becoming

With their qualifications as members of the Board's staff.

Mr, Szymczak referred to the fact that each member of the Board

ilbeeri furnished with memoranda settin forth in detail the reasons

ti:th° ealarY adjustments recommended, and expressed the opinion that

134ssing upon individual recommendations the members of the Board vere

4eqekrily dependent upon comparisons with salaries paid in similar11N.tions.

He also suggested that an opportunity be provided for the11%aci.

8 °f the respective divisions to meet with the Board or the Executive


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Nraittee for a discussion of reasons why the salary of each member of

thedivision staff should or should not be increased or decreased.

BOARD mxviB

8

After a discussion of the procedure whichShould be followed in acting upon the proposedsalary adjustments, it was voted to approve,effective April 16, 1935, all salary increasesrecommended by the majority of the executivecomnittee, and the increases recommended bythe division heads which were not approved bythe majority of the committee were referredback to the committee for further considerationafter giving the head of each division con-cerned an opportunity to be heard.

The salary increases approved were as follows:

OFFICES:

Sarah L. Brissenden11.4eY E. McLeodvictrin M. Taylor

RETARYIS OFFICE:

Catherine M. Burke!).• Jeanne Krieger

*argaret G. Haworth41nk H. Grimes, Jr

4114e H. Wilkesanc)1111 C. Brennan`a-a-ire C. AtkinsScott D. Kellogg41111 N. Kiley, Jr.Warren Kidwell

Walter L. Peregory

4hn M. Costello

L. Watkins

Ile.rles G. Trescottnliamin D. Berry4°rd04 P. Johnson

From ToStenographer $1,620 $1,740Stenographer 1,560 1,680Stenographer 1,900 2,000

Telephone Operator 1,740 1,800Stenographer 1,700 1,800Stenographer 1,620 1,740Assistant IndexClerk 1,600 1,720

Stenographer 1,600 1,700Stenographer 1,560 1,680Stenographer 1,500 1,560File Clerk 1,500 1,620File Clerk 1,500 1,620Messenger

(Telegraph Office) 840 1,080Messenger

(Telegraph Office) 840 1,080Messenger

(Telegraph Office) 780 900Messenger -

Mimeograph Operator 1,380 1,440Messenger 1,200 1,320Messenger 1,100 1,200Messenger 1,100 1,200


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SEcTIPTARY'S OFFICE:(Contld)

Sidney WashingtonWilliam H. DrakeFredrick L. FrostJesse D. SmithOtto H. Branic

114EZON OF EXAMINATIONS:

Rose RootHarold F. StoneA. B. BromAlice E. KidwellNancy

PorterDorothy QuinnMarion GoshornEvelynRuth

NewcombeLamb

8. L. BrownJ. J. Connell

Harold J•Nrman1,!. . o

J. A Nishart.

TurnbullR. Murff

HaglerHowardTroup

ttglishLee

HighfieldO'Donnell

14ellON OP BANK OPERATIONS:0. H

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MessengerMessengerMessengerMessengerMessenger

L. 8. MammondyrickJewell

BarnettLatkra Weihe

toUise E. Evanskeanor K. Andersontvelyn

BryanEvelyn

Tindall1%. 2b. Wallace

1elPha Mae Wrightu°ra A. Watt

Chief File ClerkStenographer-ClerkStenographerFile ClerkStenographerStenographerClerkStenographer-ClerkClerkAssistant ExaminerAssistant ExaminerAssistant ExaminerAssistant ExaminerAssistant ExaminerAssistant ExaminerAssistant ExaminerAssistant ExaminerAssistant ExaminerAssistant ExaminerAssistant ExaminerAssistant ExaminerAssistant Examiner

Technical Asst.Technical Asst.SecretaryStenographerStenographerFile ClerkCompt. OperatorCompt. OperatorFile ClerkCompt. OperatorCompt. Operator

From $1,100

840840840840

1,8001,6801,6201,6001,5601,5601,4401,4401,4003,3003,3003,0003,0002,7002,7002,5002,4002,4002,4002,3001,9001,500

To $1,2001,0801,0801,080960

2,0001,8001,7401,6601,6201,6201,6001,6001,4603,6003,6003,2003,3003,0003,0002,7002,7002,6002,6002,5002,0001,700

4,500 5,0004,500 5,0001,800 1,9001,560 1,6801,560 1,6801,560 1,6801,560 1,6201,500 1,6201,500 1,6801,440 1,5601,440 1,560


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DIVISION OF RESFARCH AND STATISTICS:

Hubert BartonRaymond CollierMary M. MaroneyJoyce W. MossElla W. BorruatCaroline HamillHarvey

Robinsonkith B. RuchRuth JonesItatharyne PerryWilliam A. KlineMarY White

I)IVIsioN OF SECURITY LOANS:

Lewis N. DembitzFlorence C. O'Hare

kIJISION OF ISSUE AND IMMTTION:

Maude Williams

Research AssistantStatistical ClerkStatistical ClerkStatistical ClerkDraftsmanStenographerLibrary ClerkStatistical ClerkStenographerStatistical ClerkAssistant Printing ClerkStatistical Clerk

14 1,1"'LB attention and as the Board is advised of his position in the

tteranother member of the Board be substituted for him as a member

tthe committee in connection with consideration of the proposed salary

cihtstzents.

Research AssistantSecretary

Bookkeeper-Stenographer

From To;1,1,800 $2,4001,800 2,0001,800 2,0001,800 2,0001,800 1,9001,680 2,0001,630 1,8001,680 1,8001,560 1,8001,560 1,8001,440 1,5601,380 1,440

1,800 2,6001,800 2,000

1,750 2,000

Governor Eccles suggested that, because of the many things demand-

After discussion, Mr. Miller moved that theexecutive committee be temporarily enlarged forthe purpose of considering increases in salariesof members of the Board's staff which had notbeen approved by a majority of the executivecommittee by adding Mr. Szymczek to the membershipof the committee.

Carried unanimously.

4't this point Governor Eccles was called from the room and, upon


ad o ned to reconvene upon cRil of the Governor.


19350412_1100a_minutes.pdf

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