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federal reserve board WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE TO THE FEDERAL RESERVE BOARD J u l y 24, 1926 s t . 5032. SUBJECT: Expenses of Federal Reserve Banks. Dear S i r : The Board b e l i e v e s t h a t you and the d i r e c t o r s and o f f i c e r s of your "bank w i l l be i n t e r e s t e d i n t h e enclosed statement, prepared p r i m a r i l y f o r i t s i n f o r mation, which b r i n g s out the t r e n d of expenses chargeable t o f u n c t i o n s e s s e n t i a l to the o p e r a t i o n of the System, a s d i s t i n g u i s h e d from expenses absorbed as a matter of p o l i c y or of operations c a r r i e d on as a matter of p o l i c y . The statement, a s you w i l l n o t e , i s s i m i l a r i n form t o t h a t prepared i n November 1923, a copy of which was enclosed with t h e Board's l e t t e r St. 4450 of March 11, 1925. Very t r u l y y o u r s , D. R. C r i s s i n g e r , Governor, Enclosure. LET TEE TO CHAIRMEN OF ALL F. R. BANKS* 436
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