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BOARD OF GOVERNORS DF' THE FEDERAL RESERVE SYSTEM WASHINGTON R-326 AI)CIIIEBB OFFICIAL CDRREBPDNCENCE TD THE BDARC October 19, 1938 Dear Sirt It ho.s been brought to our attention that the figures for salaries of officers and employees on pages 1-4 of the Board's functional expense exhibit for the first half of 1938 include certain duplications. The figures shown represent the aggregate of the salary items of all units without deduction for duplications resulting from the distribution of expenses from certain service units to other units, particularly to the fiscal agency, custodianship and depositary units. We are unable from the Form E reports, as submitted, to determine definitely in all cases the amounts of salaries without duplications, and, accordingly, it will be appreciated if you will have someone indicate on the copies of the functional expense report exhibit for the first half of 1938, foxwarded to your bank, that the salary figures on pages 1-4 include duplications and should, therefore, not be used. In this connection please advise us at your early' convenience of the amount of salaries at your head office and branches, if any, corresponding to the total average number of officers and the total average number of employees as reported on page 1 of Form E for the first half of 1938. Very truly yours, E. L. Smead, Chief, Division of Bank Operations. TO THE PRESIDENT OF EACH FEDERAL RFBERVE BANK EXCEPT MINNEAPOLIS
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