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495 A raeeting of the Federal Reserve Board was held in the office of the Federal i?eserve Board on ;Tednerday, December 22, 1926, at 11:00 a.m. PRESENT: Governor Criss ince r Lir. Platt Mr. Hamlin Mr. Liille r mr. James Mr. Cunningham Hr. Eddy, Secretary Hr. McClelland, Asst. Secretary The Governor stated that the special order of business for this morning's meeting would be consideration of reports by the Board's Comtlittee on Salaries and Expenditures, with regard to the salary recommendations submitted by the directors of the various Federal Reserve banks for officers and employees during the year 1927; copies of the Committee's re- 1 ports having previously been furnished to each member of the Board. The Secretary called attention to the fact that at the time of the Board's consideration of Federal Reserve bank salaries last year its approval of the salaries of officers and employees of the banks was exPressly made subject to the condition that any compensation paid to any c'fficer or employee while on leave of absence for a period extending be143nd the regular annual vacation period must be approved by the Federal l eserve Board, except that in cases of illness the directors of the Federal 1),o5erve banks in their discretion :my authorize payment of the regular " tlary, or any part thereof, for a period not exceeding thirty days, in addition to the regular annual vacation period, without the approval of the Federal Reserve Board. Upon motion, it was unanimously voted that the Board's approval of salaries for the year 1927 be made subject to the same express ccndit ion. The Governor then presented report of the Committee on Salaries and 496 12/22/26 -2- Expenditures dated December 17th, submitting a surnrary of recomendations for salaries to be paid to employees, including those in the Federal Reserve L.gentts Department, at each Federal Reserve bank, except New York, as of January 1, 1927, the report (1) Listing individually all employees who are recommended for a salary in excess of 5,000 and all employees receiving in excess of ::2500 per annum for whom increases of more than $300 are recommended; (2) Showing the number and present and proposed salaries of other employees receiving in excess of $2500 per annum for Thom increases are recommended and for whom increases are not recommended; (3) Showing the number and aggregate salaries on January 1, 1926 and pr Posed salaries on January 1, 1927 of employees receiving $2500 or less per ;1! annum, whose salaries have been or will be increased and separately of employees whose salaries remained =changed throughout the year and who 17111 not receive any increase at the beginning of 1927; (4) Sharing a summary of total salary payments to employees, both including and excluding the fiscal agency function, for the years 1923 to 1926 and proposed Payments for 1927. In its report the Committee stated that it has careflally examined the salary schedules as submitted by the banks and recomMends approval of all adjustments I:11de since January 1, 1926 in the salaries Of employees receiving $2500 or less, and of all salaries proposed to be Paid to all employees as of January 1, 1927, with the exception of the salary which the Federal Reserve Bank of Chicago proposes to pay to Arthur I. Olson, Secretary, which the Committee submits without recommendation. After discussion, 1,1r. Cunningham moved that the Doard disapprove the reccramendation of the directors of the Federal Reserve Dank of Chicago for an increase from 04,000 to 04,500 per annum 497 12/22/26 -3- in the salary of idr. Olson and approve for him a salary of 4.;41000 for the year 1927. Mr. Cunningham's motion being put by the Chair was carried. :Ir. James then moved that in accordance with the recominendation of the Committee, the Board approve for all Federal Reserve banks, except New York, all adjustments made since January 1, 1926 in the salaries of employees receiving $2500 or less per annum, and all salaries proposed to be paid to employees as of January 1, 1927. Mr. James' motion being put by the Chair was carried. The Governor then presented report of the Board's Committee on Salaries and Expenditures, dated December 17th, submitting without recommendation separate schedules for each Federal Reserve bank with reference to salary recommendations of the boards of directors of the banks for officers during the year 1927; the .Colaraittee submitting in the case of each Federal Reserve bEtrlic a list of present and propo:ed salaries for all official positions and a. Comparison of salary payments during the period 1923 to 1926 with proposed Payments in 1927 to all officers, including salary or retainer fee paid to ecna12e1. The Board then proceeded to consider individually the matter of flalaries to be paid to the officers of the various Federal Reserve banks during the year 1927. Federal Reserve Bank of Boston Upon motion by Mr. Hamlin, it was voted to fix the salary of Mr. Frederic H. Curtiss, Federal Reserve gent, at $20,000 for the year 1927. Upon motion by Mr. Hamlin, it was voted to fix the salary of Mr. Charles F. Gettemy, Assistant Federal Reserve Agent, at !';':7,000 for the year 1927. No increases being recommended for officers in the Auditing and Banking Departments, upon motion 498 12/22/26 -4- by Mr. Hamlin, it was voted to approve for all such officers during 1927 the same salaries as they received during the year 1926. Federal Reserve rank of Hew York Mr. Hamlin moved that the salary of Mr. R. Burgess, Assistant Federal Reserve Agent, . be increased from 00,000 to $15,000 for the year 1927. Mr. Hamlin's motion being put by the Chair was lost, the members voting as follows: Governor Crissinger,aye!! Mr. Platt, "aye" Mr. Hamlin, "aye" Mr. iiller, "no" Mr. Jaires, "no" Mr. Cunningham, "no" Mr. Miller then moved that the Board increase the salary of Mr. Burgess,to ;7;13,000 for the year 1927. Mr. Platt moved as a substitute for Mr. !liner's motion that the Board fix the salary of Mr. Burgess at 014,000 for the year 1927. Mr. Platt'F substitute motion being put by the Chair was lost, the members voting as follows: Governor Crissinger, "aye" Mr. Platt, "aye" Mr. Hamlin, "aye" Mr. Miller, "no" Mr. Jams, "no" Mr. Cunninghno" Mr. Miller's motion then being put by the Chair was carried. Ur. Hamlin then moved that the Board fix the salary of Mr. Carl Snyder, Statistician, at :r,;11,000 for the year 1927. Mr. Halalin. s motion be ing put by the Chair was carried, Mr. James voting "no". 499 12/22/26 -5- Mr. Hamlin then moved that the Board fix the salary' of 'Mr. H. S. Dtzwrns, Manager of the Bank Relations Department, at $7,200 for the year 1927. Carried. Mr. Hamlin then moved that the Board approve an increase from t:7,500 to ;.9,000 per annum recommended in the salary of Mr. J. H. Philbin, Assistant General Counsel and Secretary. Mr. Hamlin's motion being put by the Chair was lost, the members voting as follows: Governor Cris singer, "aye" LIr. Platt, "aye" Mr. Hamlin, "aye" Mr. Miller, "no" Mr. James, "no" Mr. Cunningham, "no" Mr. Miller then moved that the Board approve a salary of $7,500 per annum for Mr. Philbin, being the salary which he received during the year 1926. Carried. Mr. Hamlin then moved that all other salaries of officers of the Federal Reserve Bank of New York, as recommended by the directors of that bank, be approved. Carried. Mr. Miller then moved that the Board disapprove an increase from :1.5,000 to ')18,000 per annun recommended in the salary of Mr. IT. VI. Schneckenburger, 1,1an.aging Director of the Buffalo Branch, and approve for him a salary of (i'?15,000, 'being that which he received during 1926. Mr. Miller's motion being put by the Chair was carried, Mr. Platt voting "no". Mr. Hamlin then moved that all other salaries of officers at the Buffalo Branch, as recommended by the directors of the Federal Peserve Bank of New York, be approved. Carried. 500 12/22/26 -6- Federal P.eserve Bank of Philadelphia Upon motion by Mr. Miller, it was voted to fix the salary of Mr. R. L. Austin, Federal Reserve Agent at $20,000 for the year 1927. Upon motion by Mr. Miller, it was voted to fix the salary of Mr. Arthur E. Post, Assistant Federal Reserve Agent, at 0,000 for the year 1927. Upon motion by Mr. Miller, it was voted to fix the salary of Mr. E. C. Hill, Assistant Federal Reserve Agent, at ',16,000 for the year 1927. Mr. Miller then moved that the Board disapprove an increase from :325,00.0 to ‘30,000 per annum recommended in the salary of Mr. George T T. Norris, Governor, and approve for him a salary of $25,000, being that which he received during the year 1926. Mr. Miller's motion being put by the Chair was carried, Mr. Platt voting "no". Mr. Hamlin then moved that the Board approve an increase from $15,000 to €18,000 per annum recommended in the salary of Mr. William H. Hutt, Deputy Governor. Mr. Hamlin's motion being put by the Chair was lost, the members voting as follows: Governor Crissinger, tt aye'1 Mr. Platt, "aye" Mr. Hamlin, "aye" Mr. Miller, "no" Mr. James, "no" Mr. Cunningham, "no" Mr. Platt then moved that the Pos.rd approve a salary of )15,000 for Mr. Hutt during the year 1927. Carried. Mr. jallies then moved that the salaries of other officers of the bank, for whom no increases were recommended, be approved at the same figures as they received during the year 1926. Carried. 501. 12/22/26 -7- Federal Reserve Bank of Cleveland Upon motion by Hr. Cunningham, it waa voted to fix the salary of Mr. Geo. DeCarly, Federal Reserve Agent, at 018,000 for the year 1927. Mr. Platt moved that the salary of Mr. J. B. Anderson, Assistant Federal Reserve i..gent, be increased from $5,000 to 05,500 for the year 1927. Carried. Mr. Platt then moved that the salary of Ur. Fletcher, Assistant Federal Reserve Agent, VT be increased from $8,500 to .0,500 for the year 1927. Carried. Mr. Miller then moved that the Board disapprove an increase from $30,000 to 335,000 per annum recommended in the salary of }a-. E. R. Fancher, r 0,000, Governor, and approve for him a salary of Z being that which he received during 1926. Carried. Mr. Hamlin then moved that the salaries of other officers of the Federal Reserve Bank of Cleveland, as recommended by the board of directors of the bank, be approved. Carried. Mr. Hamlin then moved that salaries of all officers of the Cincinnati Branch, as recommended by the board of directors of the Federal Reserve Dank of Cleveland, be approved. Carried. Mr. Hamlin then moved that the salaries of all officers of the Pittsburgh Branch, as recommended by the board of directors of the Federal Reserve Bank of Cleveland, be approved. Mr. Miller moved as a substitute that the salaries of all officers at the Pittsburgh Branch, as recommended by the directors of the Federal Reserve Bank of Cleveland, be approved, except that of Mr. Thomas C. Griggs, Cashier, for whom an increase from -8- 12/22/26 502 0,400 to 0,000 per annum is recommended. Mr. Miller's substitute motion being put by the Chair was lost, the members voting as follows: Mr. Miller, "aye" Mr. James, "aye" Mr. Cunningham, "aye" II issinger, n no Governor Cr, Mr. Platt, "no" Mr. Hamlin, no raot ion being put, Mr. Hamlin ts or by the Chair was lost, the members voting as follows: Governor Criss Inger, "aye" Mr. Platt, "aye" Mr. Hanain, "aye Mr. Miller, "no 1,1r.• James, "fl' Mr. Cunningham, "no lir. James then moved that the Board approve for Mr. Griggs a salary of 38,400 per annum, the sam.as he received during 1926. Mr. James' motion being put by the Chair was carried, Messrs. Platt a.ncl Hamlin voting li noII. Mr. officers board of land, be James then moved that the salaries of all other of the Pittsburgh Branch, as recommended by the directors of the Federal Reserve Bank of Cleveapproved. Carried. Federal Reserve Bank of Richmond Upon motion by Mr. Cunningham, it was voted to salary of Mr. ITT. Vi. Hoxt on, Federal Reserve the fix Agent, at :,',:20,000 for the year 1927. Upon motion by Mr. Cunningham, it was voted to fix the salary of Mr. J. G. Fry, .i..ssistant Federal Reserve Agent, at :7)8,500 for the year 1927. Mr. Cunningham then moved that the salaries of officers of the Federal Reserve Bank of other all 12/22/26 -9- 503 Ridirmond be approved, no increases being ieco:mended. Carried. Ni. Cunningham then moved that the salaries of all of of the Baltimore Branch, as recol)..aended by the board of directors of the Federal Reserve Bank of Richmond, be approved. Carried. Federal Reserve Bank of Atlanta Upon motion by Lir. Platt, it was voted to fix the salary of LY. Oscar Nevrton, Federal Reserve .i.gent, at 820,000 for the year 1927. Upon notion by r. Cunningham, it vras voted to increase the salary of Lir. :1 :ard Llbertson, issistant Federal Reserve Agent, from i7,20.0 to $7,5c)0 for the year 1927. Mr. Hamlin moved that the salaries of all other officers of the Federal Reserve Bank of Atlanta, as recoiwaended by the board of directors of the bank, be approved. Carried. iAr. James moved that the salaries of all officers of the Birmingham Branch, as recommended by the board of directors of the Federal Reserve Bank of Atlanta, be approved. Carried. ill-. James then moved that the salaries of all officers of the Jacksonville Branch, as recommended by the board of directors Of the Federal Reserve Bank of Atlanta, be approved. Carried. Mr. Hamlin then moved that the salaries of all officers of the Nashville Branch, as recommended by the board of directors of the Federal Reserve Bank of Atlanta, be approved. Carried. 101 12/22/26 -10- Hr. Hamlin then moved that the salaries of all officers of the New Orleans Branch, as recommended by the board of directors of the Federal eserve Bank of Atlanta, be approved. Carried. Upon Lot ion, it was voted to fix the salary of Llr. istant Federal Reserve i.gent at the New Orleans Branch, at :.I.2,700 for the year 1927. . James then moved that the salaries of officers of the Havana igency, a recolended by the board of directors of the Federal Reserve Bank of Atlanta, be approved. Carried. Hr. Platt then moved that the salaries of officer:3 of the Savannah Agency, as stbmitted by the board of directors of the Federal Reserve Bank of Atlanta, be approved. Carr ied• Federal Reserve Bank of Chicago Upon motion by Hr. Cunningham, it was voted to fix the salary of 11-. VT. A. Heath, Federal Reserve Agent, at (24,000 for the year 1927. Upon :lotion by :Ir. Cunningham, it was voted to 7ihite, Assistant Federal fix the salary of Reserve Agent and :,an,,.-ger of Bank Exauinat ions, at :•13,000 for the year 1927. Upon notion by Hr. Cunningham, it was voted to fix the salary of Pr. F. P. Huston, l!anager of Re::7,000 for the year 1927. search and Statistics, Cunningham then moved that the Beard disapprove an increase from 035,000 to .‘;37,000 per anni,un recommended in the salary of Hr. J. B. l'cnougal, Governor, and approve for Governor 1.IcDougal a salary of 35,000, the some as he received during 192 6. Carried. Cunningham then moved that the 'Board disapprove an increase from 025,000 to 028,000 per annu:-. 505 12/22/26 -13.- recommended in the salary of ir. J. H. Blair, Deputy Governor, and approve for ',Ir. Blair a salary of $25,000, the sane as he received during 1926. Carried. Liz-. Cunningham then moved that the Board disapprove an increase from $18,000 to )3.9,000 per annum recommended in the salary of Mr. C. R. McKay, Deputy Governor, and appr ove for fir. McKay a salary of $18,000, the same as he received during 1926. Carried. Lir. Cunningham then noved that the Board disapprove an increase from ',33.2,500 to 'i )13,500 recommended in the salary of :.!r. K. C. Childs, Controller of Loans and Credits, and approve for fir. Childs a salary of .)3.2,500, the sane as. he received during 1926. Mr. Cunningham's motion being put by the Chair v,-as carried, 1,7essrs. Platt and Hamlin voting It noit. Mr. James then moved that the Board disapprove an increase from $8,000 to ::40,000 per annum, recommended in the salary of Charles L. Powell, Counsel, and approve for 11r. Powell a salary of ,1:;8,000, the sane as he received during 1926. Carried. Upon motion by Hr. Cunningham, it was voted that the salaries of all other officers of the Federal Reserve Bank of Chicago, as recommended by the board of directors of the bank, be approved. Upon motion by 1:r. Hamlin, it was voted to fix the salary of Mr. John G. Baskin, Assistant Federal Reserve i-gent at the Detroit Branch, at 't -,6,500 for the year 1927. Mr. officers board of Chicago, Hamlin then moved that the salariesof all of the Detroit Branch, as recommended by the directors of the Federal Reserve Bank of be approved. Carried. 506 12/2 -12- Federal Reserve Bank of St. Louis Upon motion by I.T.r. Hamlin, it was voted to fix the salary of :Jr. Um. lce. .7 a.rtin, Federal Peserve Agent, at ...J‘2 0,000 for the year 1927. Upon motion by r. Hamlin, it was voted to increase the salary of Lr. C. H. Stewart, ..i.ssistant Federal Peserve -iigent, from :±7,50.0 to $8,000 for the year 1927. Mr. Hamlin then moved that the salaries of all officers of the Federal heserve Bank of St. Louis, as recommended by the board of directors of that bank, be approved. Carrie d. Hiller moved that the Board disapprove an increase from •)8,00C.J to $8,500 per annum recoriended in the salary of Hr. A.. F. Bailey, I:anager of the Little Pock Branch, and approve for Lir. Bailey a salary of :8,000, the same as he received during 1926. Carried. her L'Ir. James moved that the salaries of all officers of the Little Pock Branch, as recol:imended by the Boa rd of Directors of the Federal Pe se rve Bank of St. Louis, be approved. Carried. 1,7,r. James then moved that the salaries of all officers of the Louisville Branch, as recommended by the board of directors of the Federal Reserve Bank of St. Louis, be a7proved. Carried. la7. Hamlin then moved that the salaries of all officers of the lTeraphis Branch, as recommended by the board of directors of the Federal P.eserve Dank of St. Louis, be approved. Carried. 12/22/26 -13- 507 Federal Reserve Bank of Minneapolis ller, it was voted to fix :Upon motion by r. the salary QV L. John R. 1:iitche1l, Federal Reserve Agent, at '.:20,000 for the year 1927. Fir. Platt then moved that the salary of L. Curtis L. 1.-losher, Assistant Federal Reserve agent, be increased from ;6,50.0 to $7,000 for the year 1927. Mr. Platt's motion, being put by the Chair, was lost, the members voting as follows: Governor Cris. s inger, "aye" Mr. Platt, "aye" Mr. Hamlin, "aye" Mr. Miller, "no" Mr. James, "no" Mr• Cunningham, "no" :tr. Cunningham then moved that the Board disapapprove an increase from ;11,800 to $5,300 per annum recommended in the salary of Mr. John F. Ebersole, Assistant Federal Reserve Agent, and fix his salary for the year 1927, at !:4,800. Cunningham ts motion, being put by the Chair, was carried. Mr. Hamlin then moved that the salary of Mr. Fred M. Bailey, Manager of the Bark Examination Department, be fixed at k;:6,000 for the year 1927, an increase of Wo. Carried. 1Jr. James then moved that the salary af Mr. Curtis L. Li.asher, Ass istant Federal Reserve Agent, be fixed at $6,500 for the year 1927, and that the Committee on District No. 9 be directed to report upon the necessity of the present staff of the Federal Reserve Agent ts Department in Minneapolis engaged in public relations, statistical and research work. Carried. Mr. Cunningham then moved that the Beard disapprove an increase from t':17,500 to $18,500 per annum 508 12/22/26 -14- recommended in the salary of Mr. Wm. B. Geery, Deputy Governor, and approve for Er. Geery a salary of 17,500 for the year 1927, the same as he received during 1926. Mr. Cunningham's motion being put by the Chair, was carried. Mr. Cunningham then moved that the salaries of all other officers of the Federal Reserve Bank of Minneapolis, as recommended by the board of directors of that bank, be approved. Carried. Mr. Hamlin then moved that the salaries of all officers of the Helena Branch, as recommended by the board of directors of the Federal Reserve Bank of Minneapolis, be approved. Carried. Federal Reserve Bank f Kansas City Upon motion, it was voted to fix the salary of Mr. 11. B. McClure, Federal Reserve Agent, at ';20,000 for the year 1927. Upon motion, itiTus voted to fix the salary of Mr. A. M. McAdam, Assistant Federal Reserve Agent, at :7,500 for the year 1927. Mr• Hamlin then moved that the salaries of all officers of the Federal Reserve Bank of Kansas City, as recommended by the Board of Directors of that bank, be approved. Carried. Mr. Cunningham then moved that the salaries of all officers of the Denver Branch, as recommended by the board of directors of the Federal Reserve Bank of Kansas City, be approved. Carried. Sr. Hamlin officers of the by the board of of Kansas City, then moved that the salaries of all Oklahoma City Branch, as recorxnended directors of the Federal Reserve Bank be approved. Carried. 509 12/22/26 -15- Lir. Hamlin then moved that the salaries of all officers of the Omaha Branch, as recommended by the board of directors of the Federal Reserve Bank of Kansas City, be approved. Carried. Thereupon ensued a discussion, during which the salaries of the Ltinaging Directors of the Denver, Oklahoma City and Omaha Branches appeared to the Board not to be adequate for the responsibilities of the positions, and the Committee on District No. 10 VMS instructed to make informal inquiries at the Federal Reserve Bank of Kansas City regarding them. Federal Reserve Bank of Dallas Upon motion, it was voted to fix the salary of Mr. C. C. walsh, Federal Reserve Agent, at ,20,000 for the year 1927. Upon motion, it was voted to fix the salary of Mr. Chas. C. Hall, Assistant Federal Reserve I,gent, at ;•38,000 for the year 1927. Upon motion, it vras voted to fix the salary of Mr • Vi. J. Evans, Assistant Federal Reserve Agent, at 7,00O for the year 1927. Platt, it was voted that the Upon motion by Jr.1 of the Federal Reserve Bank officers all salaries of by the Board of Directors as reconrended Dallas, of except the proposed fees approved, be bank, of that and Stroud Locke, Randolph, Counsel of the Locke, for bank, and C. C. Huff, General Counsel, regarding which it was voted to request the Board's Counsel to submit a report. Upon motion by Mr. James, it was voted that the salaries of all officers of the Houston Branch, as recommended by the board of directors of the Federal Reserve Bank of Dallas, be approved. Upon motion by Mr. James, it was voted that the salaries of all officers of the El Paso Branch, as recommended by the Board of Directors of the Federal Reserve Bank of Dallas, be approved. Federal Reserve Bank of San Francisco -*•••-•••••••••• Upon Iflotion, it was voted to fix the salary of of ldr. Isaac B. Newton, Federal Leserve Agent, at 12/22/26 -16- 510 '24 000 for the year 1927. r. Hamlin then moved that the salary of Mr. Sargent, .Lssistant, Federal Reserve Agent, be G. S. fixed at c;13,000 for the year 1927, an increase of $1,000. Mr. Handin ts motion, being put by the Chair, was lost, Mr. Hamlin voting "aye". Mr. Miller then moved that the salary of it". Sargent be fixed at n12,000 for the year 1927. Carried. Mr. James then moved that the salary of Mr. Allan Sproul, issistant Federal Reserve Agent, be fixed at 06,000 for the year 1927. Carried. Mr. Miller then moved that the Board disapprove an increase from ..;)25,000 to $';30,000 per annum, recommended in the salary of 11-. J. U. Calkins, Governor, and approve for Mr. Calkins a salary of ::,25,000, the same as he received during 1926. Carried. Mr. James then moved that the Board disapprove an increase from C15,000 to 17,000, recommended in the salary of Mr. 1,1. A. Day, Deputy Governor, and approve for Lr. Day a salary of 015,000, the same as he received during 1926. Carried. Mr. James then .-iioved that the salaries of all • other officers of the Federal Reserve Bank of San Francisco, as recommended by the Board of Directors of that bank, be approved. Carried. Mr. James then moved that the salaries of all officers of the Los Angeles Branch, as recommended by the board of directors of the Federal Reserve Bank. of San Francisco, be approved. Carr led. Mr. James then moved that the salaries of all 511 12/22/26 -17- officers of the Portland Branch, as recoaended by the Board of Directors of the Federal Reserve Bank of San Francisco, be approved. Carried. Mr. Hamlin then moved that the salaries of all officers of the Salt Lake City Branch, as recomraended by the Board of Directors of the Federal Reserve Fmk of San Francisco, be approved. Carr le d. Mr. Miller then yuoved that the salaries of all officers of the Seattle Branch, as recommended by the Board of Directors of the Federal Reserve Bank of San Francisco, be approved. Carried. 3,7r. 1,111er then moved that the salaries of all officers of the Spokane Branch, as recommended by the Board of Directors of the Federal Reserve Bank of San Francisco, be approved. Carried. The Governor then presented a report submitted by the Secretary and appr ov ed by the Executive Committee, proposing budgets totalling ::',869,152.50 covering expenses of the Board and the various divisions of its organization for the year 1927, 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 set forth in detail) aggregatinr, 118,800 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) aggre gat ing 129,091.50 Division of Examinations (including salaries of individuals employed therein and various items classified as nonpersonal services as set forth in detail) aggregating . 183,700 Division of Bank Operations (including salaries of indi- 512 12/22/26 -13- viduals employed therein and various items classified as non-personal services as set forth in detail) aggregating 70,500 Office of Fiscal .i,gent (including salaries of individuals employed therein and various items classified as nonpersonal services as set forth in detail) aggregating . 11,145 Division of Issue (including salaries of individuals employed therein and various items classified as nonpersonal services as set forth in detail, and also including an amount of :,,,2,000 allowed in the absence of the Comptroller of the Currency for any increases in salaries of employees of the Division which he :lay care to make) aggregating 52,980 Office of Counsel (including salaries of individuals employed there in and various items classified as nonpersonal services as set forth in detail ) aggregating. 32,000 Division of Research and Statistics (including salaries of individuals employed therein and various items classified as non-personal services as set forth in detail) aggregating 120,000 General (including salaries of i ndivi dual s chargeable thereto and various items classified as non-personal services as set forth in detail, and also including provision for the proposed Division of Member Bank Examination, upon completion of the organization of which it is understood that the expenses thereof will be budgeted and the amount allowed therefor deducted from this budget ) aggregating 150,936 "Upon motion, it was voted to approve the budget as set forth above with the understanding that any increases in individual salaries of employees of the Div is ion of Is sue vth ich the Comptroller of the Currency may wish to wake within the allcrrance of 2,000 provided in the budget for that Division, be left to the Executive Comittee with pccrer. The Board then reelected the follanring officers and fixed their salaries for the year 1927 as stated: Walter L. Eddy, J. C. Noell, E. M. IgicClelland, Posit ion Salary 1925 Salary 1927 Secretary ,12,003 6,000 4,500 6,000 5,000 .Jecretary Assistant Secretary hSC istunt 12/22/26 -19- 761ter Gee. B. Vest, B. H. J. F. Herson, E. L. Smead, 1. M. Imlay, General Counsel Assistant Counsel Assistant Counsel Chief Examiner Chief, Division of Dank Operations Fiscal ilgent 10,000 5,000 3,000 13,000 10,000 6,000 4,000 13,000 9,000 4,800 10,000 4,800 The increase in the salary of Mr. Smead, Chief of the Division of Bank Operations, not having been provided for in the budget just approved for his Division, the Secretary was directed to cover same by trarsferring ;.)1,000 from the personal services services item of the General budget to the per item of the Division of Dank 01,erations. The meeting adjourned at 1:15 p.m.
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