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596 A meeting of the Board of Governors of the Federal Reserve 8Y-stern Was held in Washington on Monday, April 17, 1944, at 2:00 p.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Szymczak McKee Draper Evans Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman The action stated with respect to each of the matters herein— after referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Federal Reserve System held on April 15, 1944, were approved unani— raously. Letter to Mr. Koppang, First Vice President of the Federal Reserve Bank of Kansas City, reading as follows: "The Board of Governors approves the changes in the Personnel classification plan of your Bank and its Branches as submitted with your three letters of April 5, 1944. "As requested, the establishment of the position of Storeroom Keeper at the Head Office is approved effective March 1, 1 944, and the increases in maximum annual salaries for the position of Currency Assorter at each of the Branches and the position of Coupon Assorter at the Omaha Branch are approved effective April 1, 1944." Approved unanimously, together with a letter to the Joint Committee on Salaries and Wages transmitting the original and four copies of a certificate of the Kansas City Bank with respect to increases in the maximum annual salaries for four positions as approved in the above letter. 597 4/17/44 —2— Letter prepared for the signature of Chairman Eccles to Honor— able D. W. Bell, Under Secretary of the Treasury, reading as follows: "This refers to your letter of April 8, with which You enclosed a copy of a proposed letter to the Secretary of War prescribing the procedure for the destruction of United States currency in combat areas. "The procedure proposed, insofar as it relates to Federal Reserve notes and Federal Reserve Bank notes, is entirely satisfactory to the Board." Approved unanimously. Memorandum dated April 132 1944, from Mr. Goldenweiser, Director f the the all the Division of Research and Statistics, submitting the budgets for statistical and analytical function, including library services, at of the Federa l Reserve Banks for the year 1944, and recommending that Board approve the proposed budgets in the following amounts: advral Reserve Bank Boston New York Philad elphia hilade lphia ichmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Budget $21g,075 3 84,980 64,500 R 5444:1 150,000 70 8,6 80 139 66,096 75,700 82,260 The Federal Reserve Bank of Chicago had submitted a proposed budget of t174,000 for the year 1944, representing an increase of 58 per cent over actual e xpenditures for the year 1943, but, for the reasons stated in the 14111°randlim, it was recommended that a total budget of $150,000 be approved 598 4/17/44 —3— and that the Bank be informed (1) that, if an acute situation should develop as a resul t of this reduction from the budget submitted, the Bank should take the matter up with the Board again and (2) that it Should not assume obligations which would result in a continuing anIlual rate of expenditures of more than $150,000 without prior approval by the Board. The budgets submitted by the Federal Reserve Banks of 1Cansas City and Dallas represented increases of 171 and 76 per cent, res pectively, over 1943 expenditures, but because of the fact that the increases represented largely provision for expansion in the research personnel of the Banks which had been inadequate, particular ly view of the System program for expanded regional research work, it was recommended that the budgets be approved as submitted. Approved unanimously. Memorandum dated April 15, 19144, from Mr. Smead, Administrator fc3r the War Loans Connjttee, recommending that the item of Books and Subscriptions in the 1944 budget of the Office of the Administrator the tar Loans Committee be increased from :1:50 to $100 to provide tUricis for the purchase of a Dun and Bradstreet Annual Register at a cost of t65. Approved unanimously. 599 4/17/44 Thereupon the meeting adjourned. Chairman.
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