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FEDERAL RESERVE BOARD WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE TO THE FEDERAL RESERVE BOARD SUBJECT: May 19, 1927. St. 5359 Increase in Operating Efficiency at Federal Reserve Banks. Dear Sir: A report was recently prepared, for the information of the Federal Reserve Board, in which an effort was made to measure the increase in operating efficiency at the head offices of the several Federal reserve "banks since 1923, While it is recognized that the results shown cannot be taken as an accurate measurement in each instance of the increase in operating efficiency, it is thought that they are sufficiently correct to constitute a fairly reliable measure of the very gratifying improvement achieved in operating efficiency during the past few years. The Board feels that you and your blnk will be interested in this report, and accordingly a copy is enclosed herewith for your confidential use. Very truly yours, Walter L. Eddy, Secretary. Enclosure. CHAIRMM OF EACH FEDERAL RESERVE BAJTK. * 500
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