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429 A. meeting of the Board of Governors of the Federal Reserve System was held in Washington on Monday, April 18, 1938, at 12:15 P. m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Davis Draper Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman Consideration was given to each of the matters hereinafter reto and the action stated with respect thereto was taken by the Board: The minutes of the meeting of the Board of Governors of the Pederal Reserve System held on April 15, 1938, were approved unaniMously. Letter to Mr. Leach, President of the Federal Reserve Bank °t Richmond, reading as follows: "Referring to your letter of April 14, 1938, the Board approves payment of salary at the rate of $4,800 Per annum, as fixed by your Board of Directors, for Mr. Roger W. Mercer, who has been appointed Assistant Cashier or your bank, effective April 14." Approved unanimously. Letter dated April 16, 1938, to Mr. Leach, President of the l'ederel Reserve Bank of Richmond, reading as follows: "In accordance with the request contained in your letter of April 12, the Board approves the appointment 430 4/18/38 -2- on a permanent basis of R. T. Short as examiner and P. H. Eubank, W. H. Malcolm, Jr., and U. H. Mills as assistant examiners, their appointments as such on a temporary basis having been previously approved by the Board." Approved unanimously. Memorandum dated April 13, 1938, from Mr. Paulger, Chief of the Division of Examinations, submitting the budgets for the year 1938 for the bank examination departments of the respective Federal reserve banks, as follows: F. R. Bank Budget Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 66,465 376,319 140,851 95,632 71,621 46,519 126,663 63,909 31,337 48,697 35,545 85,716 4;1,139 274 $ Total The memorandum set forth a comparison of the budget proposed f°11 1938 with the budget figures and actual expenses of the departments Of the respective banks for the year 1937 and recommended that the blIdget S for the current year be approved as submitted (which would include the approval of the budgets of the Federal Reserve Banks of Philadelphia and St. Louis exclusive of any reimbursement obtained by the two banks for examinations conducted by the respective departments). Approved unanimously. 431 -3Letter to Mr. Sinclair, President of the Federal Reserve Bank Of P hiladelphia, reading as follows: "Reference is made to your telegram of April 9, 1938, in regard to the program of the Federal Reserve Bank of Philadelphia in connection with the coming summer session of the Graduate School of Banking at Rutgers University. "It is noted that the bank expects to pay the tuition expenses of one second-year and two third-year students, but that two other prospective students from your bank, one of wham attended the school for the first time last Year and one of whom has not previously attended the school, Will Pay their own expenses. "In view of the special circumstances previously rePorted to the Board, it will interpose no objection to the Payment by the bank of the tuition expenses of the three students above mentioned in connection with their attendance at the coming summer session of the Graduate School of Banking at Rutgers University." Approved unanimously. Letter to Mr. Frank W. Simonds, Senior Deputy Manager, The American Bankers Association, New York, New York, reading as fellows: "This refers to your letter of April 5 requesting earnings and expense figures of State bank members of the Federal Reserve System for the calendar year 1937, by States and by size of banks, corresponding to data heretofore made available to your Association covering the calendar years 1935 and 1936. 'The Board will be glad to make the desired data for the year 193? available to your representative under the same conditions as outlined in our letter to you dated May 5, 1937, with respect to corresponding data for the Year 1936. The recapitulation sheets showing the desired data for the year 193? will be available in about one month. You will be advised as soon as they are available, Whereupon your representative may arrange direct with Mr. E. L. Smead, Chief of the Division of Bank Operations, the desired figures from the recapitulation fshreeZT'ing Approved unanimously. Thereupon the meeting adjourned.
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