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BOARD OF GOVERNORS DF THE FEDERAL RESERVE SYSTEM Office Correspondence Xo Chairman Eccles From Mr» Bethea Date March L. 1944 Subject: Final Report (Z-1298) of Participation of Board's Organization in Fourth War Loan Drive* Last December the Interdepartmental War Savings Bond Coanmittee set quotas for all Government agencies operating a pay roll plan on the basis of 35$ of gross salaries for the month of November 1943* la the case of the Board the amount involved was #47 ,067* In fixing a quota for campaign purposes within the organization, it seemed advisable to round this figure to an even #50,000* The Interdepartmental Committee stated that each Government organization would be allowed credit against the assigned quota for the total amount of pay roll deductions made under the Pay Roll Savings Plan for the months of January and February* According to our estimates on the basis of pay roll deductions in effect at the end of December, deductions made during the drive months would approximate #38,000; therefore, f12,000 remained to be raised during the drive* This amount was, therefore, allocated to the several divisions of the Board without specifying whether it should be raised through additional pay roll deductions or by cash purchases, although it was expected that at least #3,000 would be obtained through increased pay roll deductions* The item of #6,695* concerning which you inquired, represents additional pay roll deductions made during January and February as the result of increases in regular pay roll authorizations and by special pay roll deduction authorizations which were effective only for one or more pay periods during January or February* The difference between $6,695 and #44,283, or #37*588, represents the total pay roll deductions made during the drive on the basis of authorizations in effect prior to January 1* 8HAIEMAK ECCLES Z-1298 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FOURTH WAR LOAN DRIVE (January-February 1944) FINAL REPORT Division Board Members Secretary Amount Raised Cash Purchases Per Cent of Amount to , Pay Roll Reported Total Amount to be raised =* Deductions (Issue Price) be raised $2,050 $ 246.00 $ 4,937.50 $ 5,233.50 255 1,870 1,803.50 3,375.00 5,178.50 277 65 37.50 37.50 75.00 115 1,100 578.25 687.25 1,265.50 115 Statistics 3,000 2,554.00 7,887.50 10,441.50 348 Bank Operations 1,000 579.00 1,206.25 1,785.25 179 Examinations 2,150 427.25 1,731.25 2,158.50 100 Security Loans 370 312.50 - 312.50 84 War Loans Personnel Administration 100 50.00 56.25 106.25 106 295 107.00 243.75~ 350.75 119 $12,000 S6.695.OO $20.212.25 $26.907.25 224 Fiscal Agent Legal Research and Totals 1/ In addition to normal pay roll deductions at beginning of drive. I Per cent of quota Quota assigned to Board by Interdepartmental Committee Raised through pay roll deductions Raised through cash purchases Total , $47.067 44,283 20.212 $64,495 March 1, 1944 Copies to: Board Members, Division Heads and K«ymen. 94 43 137
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