Full text of Mimeograph Letters and Statements of the Board : Letter From E. L. Smead, Chief, Division of Bank Operations, re Functional Expense Exhibit, Second Half, 1939, Number R-626, Volume 52, Page 99

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99

BOARD OF G O V E R N O R S
OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON

R-626
ADDRESS

OFFICIAL

CORRESPONDENCE

TO THE

BOARD

March 13, 1 l 9|0

Dear Sirs
There is enclosed for your information a copy of
the Board*s Functional Expense Exhibit for the second half
of 1939, which has been compiled from the semi-annual
functional expense reports (Form B ) received from the Federal
Reserve banks and branches•

Additional copies are being for-

warded under separate cover.
It will be noted that an additional column has been
added to the Telegraph unit to show the amount of reimburse-*
ments received for messages sent over the leased wires for
member and nonmember clearing banks.*
Very truly yours,

£• L. Smcad, Chief,
Division of Bamk Operations•

TO THE CHAIRMEN AND PRESIDENTS OF ALL FEDERAL RESERVE BANKS