Full text of Mimeograph Letters and Statements of the Board : Letter From E. L. Smead, Chief, Division of Bank Operations, re Functional Expenses for First Half of 1939, Number R-534, Volume 51, Page 94

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94

BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM

R-55U

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

September 13> 1939

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

Additional copies are being forwarded

under separate cover.
It will be noted that columns have been added to
the Provision of Space function to show the square foot cost
of maintenance of floor space and the rates charged the
Treasury Department and Government agencies.
Very truly yours,

B* L# Smead, Chief,
Division of Bank Operations

Enclosure

TO TEE


PRESIDENTS OF ALL FEDERAL RESERVE BANKS