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FEDERAL RESERVE BOARD WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE TO THE FEDERAL RESERVE BOARD March 11, 1925. S t . 44=50 Dear S i r : The Board b e l i e v e s t h a t -you and t h e members of your Board of D i r e c t o r s would be i n t e r e s t e d i n e x amining t h e a t t a c h e d s t a t e m e n t s which r e f l e c t t h e p r o g r e s s made by the F e d e r a l r e s e r v e banks d u r i n g t h e p a s t two y e a r s i n t h e i r e f f o r t s to reduce the c o s t s of c o n d u c t i n g t h e i r v a r i o u s f u n c t i o n s . The s t a t e m e n t s were made up p r i m a r i l y f o r t h e i n f o r m a t i o n of the members of t h e F e d e r a l Reserve Board, and have as t h e i r b a s i s the q u a r t e r l y f u n c t i o n a l expense r e p o r t s rendered t o the Board by the F e d e r a l r e s e r v e banks. There are a l s o b e i n g forwarded t o you s e v e r a l c o p i e s of the f o r m a l r e p o r t s made to the Board by i t s Committee on Economy and E f f i c i e n c y , one i n November, 1923, and the o t h e r i n October, 1524. These r e p o r t s o u t l i n e the scope of the work u n d e r t a k e n b y t h e Comm i t t e e and d i s c u s s some of the problems w i t h which i t has been c o n f r o n t e d . Your d i r e c t o r s may wish t o read t h e s e r e p o r t s i n c o n j u n c t i o n with t h e i r examination of t h e statements above r e f e r r e d t o . Very t r u l y y o u r s , D. R. Cr i s s i n g e r , Governor. Enclosures. LETTER TO CHAIRMAN OF EACH FEDERAL RESERVE BANK. 506
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