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43 Upon call of the Governor a meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board an Friday, January 14, 1927 at 11:40 a.m. PRESENT: Governor Crissinger Mr. Platt Mr. Hamlin Mr. Cunningham Mr. McIntosh Mr. Noell, Asst. Secretary Mr. McClelland, Asst. Secretary The Governor stated that he had called the meeting to present to the Boara a request received over the telephone from the Federal Reserve 1344'4 Of New York that the Board reconsider its action of December 22nd d isapproving recommendations of the board of directors of that bank for increases in the salaries of Mr. W. R. Burgess, Assistant Federal Ileserve Agent and Mr. J. H. Philbin, Assistant General Counsel and SecretaliY from „T;10,000 to .,15,000 and from b 7500 to „i9,000, respectively, and aPproving instead a salary of „13,000 for Mr. Burgess and continuance Of 1.1r, Philbin's present salary of cr;7,500. The Governor stated that the e°mmittee of directors of the Federal Reserve Bank of New York which was here several days ago discussed the matter with members of the Board and the bank desired that if the Board contemplates reconsideration of its action SUCH reconsideration be given today due to the fact that the first sed„ , --J payments for 1927 are being made today. The Governor stated that he realized that Messrs. Miller and James who voted against the increases when they were first considered were absent but that he desired to P/besent the request of the New York bank for whatever action the Board rIlaY deem proper. 44 1/14/27 Following a discussion, Mr. Cunningham moved that in view of the absence of two members of the Board action looking toward reconsideration of salaries approved for Messrs. Burgess and Philbin be deferred, with the understanding that any changes which may later be made in these salaries will be retroactive to January 1, 1927. Mr. Cunningham's motion being put by the Chair was carried. The meeting adjourned at 12:00 o'clock noon. Assistant Secretary
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