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t Upon call of the Governor, a special meeting of the Federal eserve Board was neld in the office of the Board on Wednesday, December 16, 1925, at 2:30 p.m. PaESE:IT: PaESENT ALSO: Governor Crissinger Mr. Platt Mr. Hamlin Mr. Miller Mr. James Mr. Cunningham Mr. Eddy, Secretary D. Stewart, Director of the Division of Research and Statistics. Dr. Stewart presented a brief outline of the steps necessary in his Opinion to complete tne organization of the Division of Research and Statistics, and answered certain questions of the members of the Board with respect to the probable cost of operating the Division ior the year 1926, following which he left the meeting. The Board then went into executive session and the Secretary left the room. While in executive session, the Board reappointed its various officers and fixed their salaries for the year 1926, E. M. McClelland being aPPcinted to the office of Assistant Secretary and B. M. Wingfield to that cf Assistant Counsel. Position W. L. Eddy, J. C. Noell, E. M. McClelland, Walter Wyatt, Geo. B. Vest, B. M. Wingfield, J. F. Herson, E. L. Smead, Secretary Assistant Secretary Assistant Secretary General Counsel Assistant Counsel Assistant Counsel Chief Examiner Chief, Division of Bank Operations, Salary 1925 Salary 1926 4A1,000 6,000 4,000 10,000 5,000 2,400 13,000 412,000 6,000 4,500 10,000 5,000 3,000 13,000 6,000 9,000 12/16/25 -2- W. W. Stewart, W. Y. Imlay, Geo. E. Good, Director, Division of 2esearch & Statistics Fiscal Agent, Chief Clerk, 11,000 916.67 (Aesigning 1/0l/26) 4,550 4,800. 4,600 4,800 E. A. Goldenweiser was reappointed Assistant Director o Of esearch and Statistics with salary at the rate of the Division 8,000 per annum, with the understanding that his salary will be at the rate of ' 9,000 per annum effective January 1, 1926 until such time as the Board appoints a Director Of tne Division to succeed Dr. Stewart, whose resignation has been accepted. The Board then went into regular session and the Secretary re-entered the meeting. The Chairman of the Committee on Salaries, Expenditures and Efficiency thenpresented budgets,totaling y800,u00, as approved by the Committee, covering expenses of the Board and the various divisions Of its organization for the year 1926 as follows: Board Members and their offices (including salaries of members of the Board, their secretaries and stenographers, and various items classified as non-personal services as y118,500 set forth in detail) aggregating Approved. Office of Secretary of the Board (including salaries of individuals employed therein and various items classified as non-personal services as set forth in detail) 122,300 aggregating ••• ••• 000 ••••• 0•0•0 • • • Approved. Division of Examinations (including salaries of individuals employed therein and various items classified as nonpersonal services as set forth in detail) aggregating 175,400' Approved. Division of Bank Operations (including salaries of individuals employed theisein and various items classified as non-personal services as set forth in detail) aggregating • 67,500 Approved. Office of Fiscal Agent (including salaries of individuals employed therein and various items classified as nonpersonal services as set forth in detail) aggregating . • 13,200 Approved. 12/16/25 -3- Division of Issue (including salaries of individuals employed therein and various items classified as non-personal services as set forth in detail) aggregating Approved. Office of Counsel (including.salaries of individuals employed therein and various items - classified as non-personal services as set forth in detail) aggregating Approved. General uncontrollable expenses as set forth in detail aggregating Approved. Division of Research and Statistics (including salaries of individuals employed therein ath various items classified as non-personal services as set forth in detail) aggregating . . 52,600 60,000 . 105,300 115,000 unity of lookDr. Miller stated that he had not been afforded an opport on for the year 1926, ing over individual increases proposed in this Divisi and at his suggestion, each salary was acted upon by the Board separately, as follows: Position Editorial & Research Carl E. Parry Research John Cummings Woodlief Thomas Research Robert B. Warren Research Wingfield Riefler Research 7:a1ter R. Stark Research Research 7. J. Carson Dorothy B. Riefler Research Elsie Rackstraw Librarian Draftsman Nora V. Elder Statistical Mary S. Evans Viola A. Hodson Statistical Dale E. Hoffman Statistical Statistical Helene Baur tical Statis Porter Ruth tical Statis Taylor Alice Present Salary $5,000 4,000 6,400 6,400 3,000 3,000 3,000 3,000 2,800 2,000 2,000 2,000 1,700 1,600 1,600 1,600 Proposed Salary $6,500 4,500 4,000 4,000 3,800 3,600 3,600 3,000 2,800 2,400 2,000 2,100 1,800 1,700 1,700 1,700 _4_ 12/1 /25 Position Effie Mohan Helen Vincent Demma Shumate Blanche Sutton Dorothy Deeds Louise Young Franc Schreiner Helen Dyer Everett Entriken Raymond Collier Statistical Statistical Statistical Statistical Secretary Stenographer Stenographer Stenog.-Librarian Library clerk Library messenger present Salary Proposed Salary 1,440 1,500 1,800 1,800 1,800 1,700 1,700 1,680 1,300 900 1,700 1,700 1,800 1,800 1,900 1,800 1,800 1,800 1,500 1,200 Upon separate motions in each case, the above salaries were approved, Dr. Miller voting "no" with respect to the amount of the proposed increases in the salaries of 1:essrs. Carl E. Parry And John Cummings. Upon motion, the complete budget of the Division of Research and Statistics was approved. Aeport of the Chairman of the Committee on Salaries, Expenditures and Efficiency dated December 16th, recommending approval of all salaries recommended by the directors of the Federal Reserve Bank of New York for officers and employees of that institution and its Bufialo Branch for the year 1926. The Board considered separately the recommendations for increases in official salaries an1 took action thereon as follows: L. F. Sailer, Deputy Governor, increase from 430,000 to 936,000 per annum. Upon motion by 1:r. Hamlin, the above increase was unanimously approved. G. L. Harrison, Deptity Governor, increase from 425,000 to i?30,000 per annum. Mr. Miller moved that the Board approve a salary of 425,000 for Deputy Governor Harrison. It 4,1 -5_ 12/16/25 increase Mr. Platt moved as a substitute that the y be salar son's Harri Mr. from 425,000 to $30,000 in approved. Mr. Platt's motion being put by the Chair was carried, Messrs. Miller and Cunningham voting "no". 00 to Kenzel, Deputy Governor, increase from 422,0 per annum. 25,000 Upon motion by Mr. Platt, the above increase was unanimously approved. 415,000 to 418,000 L. R. aounds, Comptroller, increase from per annum. was Upon motion by Mr. Platt, the above increase unanimously approved. 414,500 to $16,500 A. 77. Gilbart, Comptroller, increase from per annum. ase was Upon motion by Mr. Platt, the above incre ved. unanimously appro ,12,000 to 415,000 H. M. Gidney, Comptroller, increase from per annum. ase Upon motion by Mr. Platt, the above incre was unanimously approved. 00 to 412,000 J. W. Jones, Comptroller, increase from 411,0 per annum. ase Upon motion by Mr. Platt, the above incre was unanimously approved. 00 to 412,000 W. 3. Matteson, Manager, increase from 411,0 per annum. increase Upon motion by Mr. Platt, the above was unanimously approved. to 411,000 A. J. Lins, Manager, increase from $10,000 per annum. se Upon motion by Mr. platt, the above increa was unanimously approved. 12/16/25 ) \ • -6- C. H. Coe, Manager, increase from v9,000 to 410,000 per annum. Upon motion by Mr. Platt, the above increase was unanimously approved. R. M. O'Hara, manager, increase from 48,400 to 49,000 per annum. Upon motion by mr. Platt, the above increase was unanimously approved. D. H. Barrows, Secretary, increase irom 48,b00 to 49,000 per annum. Upon motion by Mr. Platt, the above increase was unanimously approved. J. E. Crane, Manager, increase from ;1;8,000 to 49,000 per annum. Upon motion by Mr. Platt, the above increase was unanimously approved. I. W. Waters, Manager, increase from 47,500 to ?8,000 per annum. Upon motion by Yr. Platt, the above increase was approved. E. C. French, Manager, increase from 47,500 to :8,000 per annum. Upon motion by Yr. Platt, the above increase was unanimously approved. J. II it 1/ 1 4...• Rice, manager, increase from 47,200 to 48,000 per annum. Upon motion by Mr. Platt, the above increase was unanimously approved. S. S. Vansant, Manager, increase from 1'46,000 to 47,b00 per annum. Upon motion by Mr. Platt, the above increase was unanimously approved. Burgess, Assistant Federal Reserve Agent, increase from 48,400 to 410,000 per annum Upon motion by Mr. Platt, the above increase was unanimously approved. -7- 12/16/25 G. B. Aoberts, Manager, increase from .T?5,000 to 06,000 per annum. Upon motion by Mr. -Platt, the above increase was unanimously approved. E. L. Dodge, Auditor, increase from 08,000 to $10,000 per annum. Upon motion by Mr. platt, the aoove increase was unanimously approved. L. A. Mason, General Counsel, increase from 410,000 to $12,000 per annum. Mr. Miller moved approval of a salary of $10,000 per annum for Mr. Mason. Mr. Hamlin roved as a substitute that the Board approve a salary of 012,000 per annum for Yr. Mason. Mr. Hamlin's substitute motion being put by the Chair was carried, Messrs. miller and Cunningham voting "no". J. H. Philbin, Assistant Counsel, increase from $6500 to $7500 per annum. Upon motion by Mr. Platt, the above increase was unanimously approved. W. Schneckenourger, Manager, Buffalo Branch, increase from 410,800 to i;18,000 per annum. Mr. Miller moved that a salary of c,;12,000 per annum be approved for Mr. Schneckenburger. Mr. Platt moved as a substitute motion that a salary of 415,000 per annum be approved for mr. Schneckenburger. Mr. Platt's substitute motion being put by the Chair was lost, the =embers voting as follows: 12/16/25 Mr. Hamlin, "no" Mr. Miller, "no" Mr. Cunningham, "no" Governor Crissinppr, "aye" Mr. Platt, "aye" Mr. Janes, "not voting" Mr. Miller's original motion being put by the Chair was carried, the members voting as follows: Mr. Platt, "aye" Mr. Miller, "aye" Mr. Cunningham, "aye" Governor Crissinger, "no" Mr. Hamlin, "no" Mr u James, "not voting" Er. Hamlin stated that while a salary of 18,000 per annum seemed excessive, he wished to have further information as t6 the reasons for the recommendation before voting in favor of a lower salary. L. Theobald, Assistant Cashier, Buffalo Branch, increase from ,.),E300 to 0,200 per annum. Upon motion by Mr. Hamlin, the above increase was unanimously approved. Mr. Platt then moved that the Board approve all salaries recommended for employees oi the Bank and Branch, and the continuation of present salaries for all officers for whom no increases were recommended. Mr. platt's motion being put by the Chair was unanimously carried. The Governor stated that a meeting of the Board would be held tomorrow for the purpose of considering payments of dividends and arge offs for the various Federal deserve banks. The "- eting adjAcdier d at 5: Approved: JAN' aloe Secretary.
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