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903 Ex o f f i c i o M e m b e r s - W. P . 6 . H A R D I N G , GOVERNOR A L B E R T S T R A U S S . VICE GOVERNOR , ADOLPH C. MILLER DAVID F . H O U S T O N SECRETARY OF THE TREASURY CHAIRMAN C H A R L E S S . HAMLIN FEDERAL RESERVE BOARD J O H N SKELTON WILLIAMS COMPTROLLER OF THE CURRENCY HENRY A. MOEHLENPAH W . T . C H A P M A N . SECRETARY address reply to R G . E M E R S O N , ASSISTANT SECRETARY WASHINGTON FEDERAL RESERVE BOARD W . M . IMLAY, FISCAL AGENT X-2318 September 3Q, 1,920. To t h e S t a f f of the Federal Reserve Board: The Federal Reserve Boa^d has accepted my r e s i g n a t i o n a s i t s Secretary e f f e c t i v e November 1, 1920. Inasmuch, however, a s -I s h a l l not be a t t h e o f f i c e a f t e r today, I take t n i s opportunity t o t r y t o eay t o you how much I a p p r e c i a t e t h e splendid s p i r i t of c o o p e r a t i o n and l o y a l t y on your p a r t t h a t i t has been my p r i v i l e g e t o enjoy while I have had t h e honor of s e r v i n g a s a n o f f i c e r of t h e Board. I t i s my e a r n e s t hope and e x p e c t a t i o n t h a t s i m i l a r s e r v i c e t o my successor i n o f f i c e w i l l redound t o your mutual benefit. F a i t h f u l l y yours,
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