[103] As shown in the foregoing tables, employees of Stone & Webster Service Corporation numbered 282 in July 1929; 267 in January 1930; 206 in January 1931; 121 in January 1932; and 107 in December 1932. The average number employed, on the basis of the half-year period, was approximately 271 in 1929; and on the basis of full-year periods was approximately 238 in 1930, 157 in 1931, and 111 in 1932.

Of the total regular pay roll, general executives received over 16 percent in 1929 and nearly 15 percent in 1930; division executives received 4.08 percent in 1929 and 4.34 percent in 1930; and division and district managers and their assistants received 15.02 percent in 1929 and 14.19 percent in 1930. The number of general executives averaged 4% for 1929 and 3% for 1930; the number of division executives averaged 4 for 1929 and 3112 for 1930; and the number of division and district managers and their assistants averaged 14%1⁄2 for 1929 and 15%1⁄2 for 1930. The division and district managers themselves received the bulk of the salaries paid that department, the amount for 1929 totaling $64,167,20 or about 12.7 percent of the total salaries for the 6-months' period.

Employees of the auditing, transfer, corporation, treasurer, and accounting departments received 41.25 percent of the total pay roll in 1929, and 38.38 percent in 1930. Auditing-department employees received 12.29 percent of the total in 1929 and 12.33 percent in 1930; transfer-department employees received 11.1 percent of the total in 1929 and 8.95 percent in 1930; corporation-department employees received 8.99 percent of the total [109] in 1929, and 8.76 percent in 1930; and treasurer and accounting departments' employees received 8.87 percent of the total in 1929 and 8.34 percent in 1930. The employees of these departments, in the order as stated, averaged in number approximately 35, 76, 23, and 25, respectively, for 1929; and approximately 31, 53, 19, and 23, respectively for 1930.

Stenographers, secretaries, and employees of the remaining 10 departments averaged in number approximately 85 for 1929, and 90 for 1930, and their salaries comprised 21.62 percent of the 1929 total and 28.21 percent of the 1930 total. Under the new classification of accounts used in 1932, separate figures were shown for "Executives and assistants, Boston", and "Executives and assistants, New York." There were no district and division managers in the classification for this year. Instead of showing separate figures for a treasurer's department and an accounting department as in 1929 and 1930, combined figures were shown under the classifications, "Accounting department, Boston", and Accounting department, New York." Stenographers and secretaries were included among the different departments. As compared with the 20 classifications of pay roll shown for 1929 and 1930, 11 classifications were shown for 1932, or 9, if the separate figures for Boston and New York referred to above are combined.

Executives and assistants at Boston and New York averaged approximately 12 in number for 1932, and they received 28.7 percent of the total pay roll. Auditing-department employees, averaging approximately 27 in number for the year, received 24.7 percent of the total; accounting-department employees, averaging approximately 20 in number, received 16 percent of the total; and transferdepartment employees, averaging approximately 30 in number, received 13.6 percent of the total. The remaining 5 departments, with employees averaging approximately 22 in number for the year, shared 17 percent of the total regular pay roll.

[110] Classification of 1929 and 1932 pay rolls, by per annum salary rates.-The following table shows, for each of the years 1929 and 1932, salaries paid by Stone & Webster Service Corporation, classified according to per annum salary rates within specified ranges, together with the number of employees applicable to each and the approximate number in each case reduced to a full-time equivalent.

20 Table 9, p. 113, shows $74,167 for salaries paid division and district managers. Another employee that received $10,000 for the 6 months' period was included in this classification in table 9.

TABLE S.-Classification of 1929 and 1932 pay rolls, by per annum salary rates

For the 6 months that the Service Corporation operated in 1929, 6 members of the staff who served throughout the period were paid salaries at rates of $25,000 or more per annum and received a total of $104,333.39. Seventeen others, with a full-time equivalent of 16%, were paid salaries at rates of from $10,000 to [111] $20,000 per annum and received a total of $124,500.31 for the 6-months period. These 23 employees receiving salaries at rates of $10,000 and over per annum were paid for services rendered during the last 6 months of 1929 about 46 percent of the total pay roll for that period.

Twenty-nine employees, with a full-time equivalent of approximately 25 were paid salaries in 1929 at rates within the $4,200 to $9,500 per annum range and received a total of $74,633.81, or about 15 percent of the total pay roll for the period. The remaining 268 employees, with a full-time equivalent of approximately 2261⁄2, were paid salaries at rates of $4,000 and under per annum and received a total of $191,440.19 for the 6 months, or nearly 39 percent of the total pay roll for the period.

For the 12 months of 1932, 2 members of the company's staff, who served throughout the period, were paid salaries at rates in excess of $25,000 per annum and received a total of $61,795.83. Five others, with a full-time equivalent of 4, were paid salaries at rates within the $10,000 to $20,000 range and received a total of $54,166.79. The salaries of these 7 employees comprised about 29 percent of the total pay roll for the year.

Twenty-two employees, with a full-time equivalent of approximately 20%, were paid salaries at rates within the $4,200 to $9,500 range and received a total of $120,825.98, or about 30 percent of the total pay roll for the period. The remaining 104 employees, with a full-time equivalent of approximately 86%, were paid salaries of $4,000 and under per year and received a total of $160,821.77, or about 40.5 percent of the total pay roll for the year.

[112] Of the total pay roll for the 6 months of 1929, about 16% percent represented amounts paid 5 general executives, with a full-time equivalent of 43, who were paid salaries at rates in excess of $25,000 per year, the average on the yearly basis having amounted to approximately $37,769 per person for actual time employed. Nearly 15 percent of the total represented amounts paid 8 division and district managers, with a full-time equivalent of approximately 7% the salaries of whom ranged from $12,500 to $30,000 per year and averaged, on the yearly basis, approximately $19,778 per person for actual time employed. Nearly 12 percent of the total represented amounts paid 10 department heads and men in charge of certain activities, with a full-time equivalent of approxi mately 8%, the salaries of whom ranged from $5,000 to $19 000 per year and averaged, on the yearly basis, approximately $13,820 per person for actual time employed. Employees classified as experts, numbering 12 for 1929 with a fulltime equivalent of approximately 93, were paid amounts representing nearly 7.5 percent of the total pay roll and drew salaries at rates of from $3,000 to $12,000 per year, the average per person, on the yearly basis, having amounted to ap proximately $7,674 per person for actual time employed. Nearly 14.5 percent

of the 1929 pay roll represented amounts paid 36 auditors and accountants with a corresponding full-time equivalent, the salaries of whom ranged from less than $4,000 to as high as $8,800 per year and averaged, on the yearly basis, $3,968 per person for actual time employed. Employees classified as secretaries and assistants to executives, numbering 18 for 1929 with a corresponding full-time equivalent, received nearly 5 percent of the total pay roll for that year and were paid salaries ranging from less than $4,000 to as high as $5,000 per year, the average for the 18, on the yearly basis, having amounted to $2,706 for actual time employed. All other employees, which [113] includes clerks, cashiers, stenographers, messengers, insurance and tax men not classified as experts, machine operators, stockkeepers, etc., numbering 231 for 1929, with a full-time equivalent of approximately 189%, received nearly 30 percent of the total pay roll for that year and were paid salaries ranging from less than $4,000 to as high $7,000 per year, the average per person, on the yearly basis, having amounted to $1,558 for actual time employed. However, in the latter group is included a so-called clerk, paid at the rate of $7,000 per year, who acted as direct assistant to the head of the department in which he was employed and also in the capacity of assistant secretary to certain of the client companies. Except for this $7,000per-year salary, the range of salaries for this latter group of employees was from less than $4,000 to as high as $5,400 per year, and the average, on the yearly basis, $1,529.21

Of the total pay-roll expense for the 12 months of 1932, about 18 percent represented amounts paid 3 general executives, with a full-time equivalent of approximately 2%, who were paid salaries which averaged $25,266 per person for the actual time employed. Nearly 19 percent of the total represented amounts paid 8 department heads and division executives, with a full-time equivalent of approximately 7%, whose salaries ranged from $5,000 to $15,500 per year and averaged approximately $10,375 per person for actual time employed. Employees classed as experts, numbering 7 with a full-time equivalent of approximately 6%, received about 8 percent of the 1932 pay roll, and their salaries ranged from $3,500 [114] to $10,000 per year, the average per person for actual time employed having amounted to approximately $5,140. Nearly 24 percent of the total pay roll represented amounts paid 26 auditors and accountants, with a full-time equivalent of approximately 24%, who were paid salaries at rates ranging from less than $4,000 to $7,800 per year, the average for actual time employed having amounted to approximately $3,917 per person. Employees classified as secretaries and assistants to executives, numbering 12 with a full-time equivalent of approximately 94, received nearly 6 percent of the total pay roll for 1932 and were paid at rates of less than $4,000 per year, the average for actual time employed having amounted to approximately $2,498 per person. All other employees, numbering 77 with a full-time equivalent of approximately 6312, received about 25 percent of the 1932 pay roll and were paid salaries at rates ranging from less than $4,000 to as high as $6,067 per year, the average paid for actual time employed having amounted to approximately $1,590 per person. In the latter group was included a clerk, paid at the rate of $6,067 per year, who acted as head of a branch department. Except for that employee, the range of salaries for the latter group was from less than $4,000 to $4,400 per year, and the average for actual time employed was approximately $1,517 per person.

Salaries paid all employees for actual time employed averaged approximately $3,618 per person, on the yearly basis, for 1929, and approximately $3,512 per person for 1932.

[115]

SECTION 14. RENT, LIGHT, AND HEAT

During the period from July 1, 1929, to the end of April 1931, the personnel of Stone & Webster Service Corporation occupied space in the Stone & Webster Building, located at 49 Federal Street, Boston. From May 1, 1931, to the close of the period covered by this report part of the company's personnel was located at 49 Federal Street, Boston, and the remainder was located in the Stone & Webster building at 90 Broad Street, New York. The space occupied in both buildings was leased space; but both of the buildings were owned by the Stone & Webster organization.

When it began business the Service Corporation also operated district offices at Houston, Tex., and Savannah, Ga. The Savannah office was subsequently

The averages per person on the yearly basis as set forth in this paragraph are equivalent in each case to twice the averages applicable to the 6-month period.

removed to Jacksonville, Fla., and later the district offices were discontinued altogether.

The following itemized statement shows the amounts paid for occupied space in the Stone & Webster buildings at Boston and New York, and for district offices, for each of the years 1929 to 1932, inclusive.

For the last 6 months of 1929 a total of $57,730.87 was included in operating expenses for rent, light, and heat, $55,516.47 of which applied to the Stone & Webster building at Boston, and the remainder to the district offices. The charge for rent for space in the Boston office building amounted to approximately $1.10 per square foot per year for 2,630 square feet of space in the basement of the building, and averaged approximately $3.30 per square foot per year for space on the upper floors.

[117] In 1930, a total of $125,725.60 was included in operating expenses for rent, light, and heat. Of this total, $122,865.58 applied to the Stone & Webster Building in Boston, and the remainder applied to district offices. For the period January to March, inclusive, the charges for rent for space in the basement and on the upper floors were at the same rates as for the previous 6 months—namely, $1.10 per square foot per year for basement space, and an average of approximately $3.30 per square foot per year for upper floor space. From April to December, inclusive, the rental for 6,621 square feet of basement space was at the rate of $1.02 per square foot per year, and the rental for upper floor space was at the average rate of $3.75 per square foot per year.

For 1931, a total of $75,099.81 was included in operating expense for rent, light, and heat, exclusive of amount paid for unoccupied space in the Boston office building referred to under the next title. Of this $75,099.81, $60,596.99 applied to the Stone & Webster Building, Boston, $13,599.58 applied to the Stone & Webster office building in New York, and the balance applied to the district office at Houston and to miscellaneous. Certain space in the New York office building that was rented for joint use of the Service Corporation and other Stone & Webster companies accounted for $1,333.33 of the charge applying to the New York office. The balance covered the rental of office space in that building from May to December, inclusive, at the average rate of about $3.53 per square foot per year.

The rental charge for space occupied in the Boston building from January to March, inclusive, was at the rate of $1.02 per [118] square foot per year for 6,621 square feet of space in the basement, and at the average rate of $3.75 per square foot per year for space on the upper floors. The charge for the period from April 1 to December 31, 1931, was at the rate of $1 per square foot for 5,480