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S t • 44:34 FEDERAL RESERVE BOARD 505 WASHINGTON FebniarV 13 ADDRESS OFFICIAL CORRESPONDENCE TO THE FEDERAL RESERVE BOARD SUBJECT: * ' 1925. Bank E x a m i n a t i o n and. C r e d i t Work. Dear S i r : An e x a m i n a t i o n of t h e o u t l i n e s c o v e r i n g t h e work p e r formed "by t h e Bank E x a m i n a t i o n s and C r e d i t d e p a r t m e n t s o f t h e F e d e r a l r e s e r v e "banks f u r n i s h e d t h i s committee i n r e s p o n s e t o i t s l e t t e r o f O c t o b e r 7, 1924, i n d i c a t e s t h a t t h e p o l i c y w i t h r e s p e c t t o t h e s e f u n c t i o n s d i f f e r s m a t e r i a l l y among t h e "banks. I t i s r e c o g n i z e d t h a t t h e work of t h e s e d e p a r t m e n t s of t h e "banks i s o f t h e u t m o s t i m p o r t a n c e a s i t k e e p s t h e r e s e r v e "banks i n c l o s e t o u c h w i t h t h e c o n d i t i o n o f t h e i r members and w i t h t h e f i n a n c i a l s t a n d i n g of t h e makers o f t h e p a p e r t h a t f i n d s i t s way i n t o t h e F e d e r a l R e s e r v e S y s t e m . In v i e w of t h e s i m i l a r i t y o f t h e p r o b l e m s i n v o l v e d , however, i t would seem p r a c t i c a b l e t o work o u t g e n e r a l p l a n s f o r b o t h bank e x a m i n a t i o n s and c r e d i t work, b o t h a s t o s c o p e and p r o c e d u r e , t h a t would embody t h e r e s u l t s o f s e v e r a l y e a r s ' e x p e r i e n c e and would be v e r y h e l p f u l t o t h e Reserve banks. In o r d e r t h a t t h i s may be done i t h a s b e e n d e c i d e d t o a p p o i n t a c o m m i t t e e o f F e d e r a l r e s e r v e bank o f f i c e r s who h a v e h a d d i r e c t c o n t a c t w i t h b o t h p h a s e s of t h i s work t o r e v i e w t h e q u e s t i o n n a i r e s and t o submit a r e p o r t t h e r e o n . The c o m m i t t e e named i s a s f o l l o w s : F . J , Zur l i n d e n , Deputy G o v e r n o r , F e d e r a l R e s e r v e Bank o f C l e v e l a n d (Chairman) J . H. B l a i r , Deputy G o v e r n o r , F e d e r a l R e s e r v e Bank o f Chicago L.C. P o n t i o u s , Deputy G o v e r n o r , F e d e r a l R e s e r v e Bank o f S a n F r a n c i s c o I t i s b e l i e v e d t h a t i f t h e above named committee s u b m i t s a r e p o r t w h i c h w i l l be a c c e p t a b l e t o a l l F e d e r a l r e s e r v e banks t h e r e s h o u l d r e s u l t a s a v i n g i n e x p e n s e and p o s s i b l y an improvement i n t h e q u a l i t y o f the s e r v i c e r e n d e r e d and i n the i n f o r m a t i o n a v a i l a b l e f o r the System a s a whole. Very t r u l y y o u r s , Geo. R. James, Chairman, Committee on S a l a r i e s , Expenditures and E f f i c i e n c y , LETTER TO ALL CHAIRMEN
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