Full text of Mimeograph Letters and Statements of the Board : Letter From E. L. Smead, Chief, Division of Bank Operations, re Functional Expenses, First Half, 1940, Number R-702, Volume 53, Page 97

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97
BOARD OF GOVERNORS
OF" THE

R-702

FEDERAL RESERVE SYSTEM
WASHINGTON

ADDRESS DF"F"ICIAL CDRRESPDNDENCE
TD THE BDARD

September 17, 1940
•

Dear Sir:
There is enclosed for your information a copy
of the Board's Functional Expense Exhibit for the first
half of

•

1~~0,

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.
Very truly yours,

E. L. Smead, Chief,
Division of Bank Operations.

Enclosure •

•
TO THE CHAIRMEN AND PRESIDENTS OF ALL FED1'RAL RESERVE BANKS