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FEDERAL RESERVE BOARD WASHINGTON address official correspondence to September 18, the federal reserve board g t , 4 gj) 7 • SUBJECT: Budget Expense. Dear S i r : I am enclosing herewith f o r your information a copy of a l e t t e r (St. 4235 dated September 18, 1924) sent to the Governors of the Federal reserve banks advising them that the subject of budget control i s having the serious consideration of the Board and that the topic will be placed on the program f o r discussion at the joint conference of the Federal reserve agents and Governors of the Federal reserve banks to be held in Washington beginning November 10. I t r u s t you w i l l give t h i s matter c a r e f u l consideration and be prepared t o discuss i t f u l l y at the forthcoming conference* As you w i l l note, the l e t t e r to the Governors c a r r i e s an.enclosure summar i z i n g the r e p l i e s received from the Governors t o the Board's l e t t e r St. Ulfay of July 29 on the subject of Budget Expense. LETTER Very t r u l y yours, Geo. R. James, Chairman, Ccmmittee on Salarie s, Expenditures and E f f i c i e n c y . TO EACH FEDERAL RESERVE AGENT"
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