[James E. Talamge]
Attended meeting of the Council of the Twelve beginning at 9 a.m. in the Temple. At this meeting and in that of the combined Councils which followed matters of grave importance were considered. Among these is the enforced reduction of expenses in Church administration. Having foreseen the necessity of such reductions as approaching, the Council of the Twelve took action months ago suggesting to the First Presidency that the stipends paid to the General Authorities of the Church be reduced as the judgment of the First Presidency may determine, and that the Twelve set the example by accepting a reduction in their own stipends. The reduction now goes into effect among Church employees generally. The general conditions incident to what is tritely called the 'depression' are manifest in a grievous degree among many of our own people, as indeed through the country and in other countries.
[Source: James E. Talmage, Diary, as quoted in Minutes of the Apostles of The Church of Jesus Christ of Latter-day Saints, 1835-1951, Electronic Edition, 2015]