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FEDERAL RESERVE BOARD WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE TO THE FEDERAL RESERVE BOARD February 25, 1927 st. 5261 SUBJECT: Functional Expenses, Second Half, 1926. Dear Sir: There are enclosed herewith copies of the consolidated Functional Expense exhibit for the half year ending December Jl, 1926. A copy of the exhibit is also being mailed to the Governor of the bank. Very truly yours, E. L. Smead, Chief, Division of Bank Operations. Enclosure. LETTER TO CHAIRMAN OF EACH FEDERAL RESERVE BAITK*