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 of 1940, Number R-811, Volume 54, Page 155

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155

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM

E-eii

WASHINGTON
A D D R E S S OFFICIAL C O R R E S P O N D E N C E
TO THE BOARD

March 25, 19^1

Dear Sir:
There is enclosed for your information a
copy of the Board's Functional Expense Exhibit for the
second half of I9U0# which has been compiled from the
semi-annual functional expense reports (Form E) received from the Federal Reserve Banks and branches.
Additional copies aro being forwarded under separate cover.
Very truly yours.

(O.
E. L. Smead, Chief#
Division of Bank Operations.

Enclosure.
9

TO THE CHAIRMEN AM) PRESIDENTS OF ALL FEDERAL RESERVE BANKS
(Enclosures with addressed copies only)