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329 FEDERAL RESERVE BOARD WASHINGTON March 26, 1921. x-3079 SUBJECT: Answers t o American Bankers' A s s o c i a t i o n Q u e s t i o n n a i r e on General C o n d i t i o n s . Dear S i r : For your ini'orod-tion t h e r e i s quoted below a l e t t e r addressed, by t h e Board t o the Chairman of t h e Board of D i r e c t o r s of one of the F e d e r a l Reserve Banks, i n r e p l y t o an i n q u i r y from him a s t o the p r o p r i e t y of h i s a n s w e r i n g a q u e s t i o n n a i r e s e n t t o him by t h e P r e s i d e n t of the American B a n k e r s ' A s s o c i a t i o n . I t i s t h e B o a r d ' s u n d e r s t a n d i n g t h a t a copy of t h e q u e s t i o n n a i r e h a s been s e n t t o each Chairnan. "I have r e c e i v e d your l e t t e r of the 22nd i n s t a n t , e n c l o s i n g l e t t e r and q u e s t i o n n a i r e from Mr. John S. Drum, p r e s i d e n t of the American Bankers' A s s o c i a t i o n , b o t h of which I r e t u r n h e r e w i t h . I t seems t o me i t would be wise f o r t h e chairmen of F e d e r a l Reserve Banks n o t t o answer t h i s q u e s t i o n n a i r e s p e c i f i c a l l y , a s many of t h e q u e s t i o n s r e l a t e t o s u b j e c t s upon which n e i t h e r members of the F e d e r a l Reserve Board nor o f f i c e r s of F e d e r a l Reserve Banks should e x p r e s s o p i n i o n s . Other q u e s t i o n s might p r o p e r l y be answered b u t I t h i n k i t would b e w e l l i f each F e d e r a l Reserve Bank Chairman would merely r e f e r t o h i s l a s t r e p o r t of b u s i n e s s c o n d i t i o n s . " Very t r u l y y o u r s , G o v e r n o r . LETTER TO ALL CHAIRMEN EXCEPT CLEVELAND A D CHICAGO. M
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