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31 A special meeting of the Federal Reserve Board as held in the office Of the Federal Reserve Board on Saturday, January 10, 1925 at 12:05 p.m. P1133ErT: PRI3EN2 a.30: Governor Crissinger Mr. Platt Mr. Hamlin Mr. Miller Mr. James Mx'. Cunningham Mr. Eddy, Secretary Mr. W. P. G. Harding, Governor of the Federal Reserve Bank of Boston. the Federal Reserve Board Governor Hording referred to the action of an increase from c46,000 taken on December 23rd in voting to disapprove bank in the salary te ;17,000 per annum, recommended by the directors of the se from :0_0,000 to .-J2,000 Of ijr• 7. 7. Paddock, Deputy Governor and an increa ed to the Per annum in the salary of Mr. William Willett, Cashier and express this action be reconsiderBoard the desire of the directors of the bank that approved. ed and that the increases recommended be Governor Harding pointed to their own duties, eUt that these two officers are now performing, in addition Purchasing Yfrent Porter, the duties of former Deputy Governor Bullen and former increases aM that the aggregate salaries for the two present officers, if the annum, as against a previous recommended were approved, -would be .;29,000 per Willett and Porter. salary roll of c;48,000 for Messrs. Bullen, Paddock, n statistics rearling Governor Harding presented to the Board certai Boston and the volume of business handled by the Federal Reserve Bank of banks in the First Federal regarding salaries paid by the lmding commercial comparable to those of Reserve District to officers whose duties are liessrs. Paddock znd Willett. He referred to the reduction already accomplished bank and stated that iU the number of officers and employees of the Boston not to replace It was the policy of the directors, so far as practicable, 30 1/10/25 OJ 0111Ployees leaving the service. He stated as his personal belief that the total number of employees would gradually be reduced to about 600. At this point, Governor Harding left the meeting. After discussion, Mr. Miller moved that the reluest of the directors of the Federal Reserve Bank of Boston, as made known to the Board by the.Governor of the bank, that the Board reconsider action taken on December 23rd in voting to disapprove increases recommended in the salaries of Deputy Governor Paddock and Cashier Inllett, be referred to the Committee on Salaries, Expenditures and Efficiency for report. Carried. Mr. Hamlin then moved that the Committee be requested to report on the above mctters at the next meeting of the Board. Carried. Governor Hardin:; then returned to the meeting and in a personal way stated that certain of the directors of his bank had expressed the hope that the Board would consider increasing the salary of the Federal Reserve ;gent at Boston from c16,000 to .20,00,.-) per annum, and had asked him to advise the Board Of their attitude in the matter. Governor Harding stated that Mr. F. H. Curtiss was an ideal man for the position of Federal Reserve Agent in the First District ftld that his influence throus-hout the District was very great. He expressed the opinion that an increase in Mr. Curtiss' salary would have a very beneficial effect. Thereupon, Governor Harding “;ain left the meeting. Mr. Hamlin moved that the suggestion of Governor Harding that the Board consider increasing the salary of the Federal Reserve Agent at Boston also be referred to the Committee on Salaries, Expenditures and Efficieaty for report at the next meeting of the Board. Carried. The meeting adjourned at 12:45 Secretary. 4PPrOVed: Gover
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