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168 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON R-204 ADDRESS DF"F"ICIAL. CORRESPONDENCE TO THE BOARD March 14, 1938 SUBJECT: Functional Expense Exhibit~ Second Half, 1937 Dear Sir: There is inclosed a copy of the Board's functional expense exhibit for the second half~ 1937, which has been campiled from the semi-annual fUnctional expense reports (Form E) received from all Federal Reserve banks and branches. Additional copies of the exhibit are being forwarded to your bank under separate cover. In accordance with a reconunendation of the Presidents' Con• ference Connnittee, which recently reviewed suggested changes in the functional expense report and in tho Manual of Instructions governing its preparation, tho fUnctional expense exhibit, b~ginning tho first half, 1938, will show approximately the srunc detc.il for each function and expense unit as is contained in tho functional oxponso reports. Vory truly yours, -t.____ E. L. Smead, Chief, Division of Bank Operations. Inclosure TO PRESIDENTS OF ALL FED.:m.AL Rl~SERVE BANKS
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