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FEDERAL RESERVE BOARD WASHINGTON June 14, 1928 S t . 5821 ADDRESS OFFICIAL CORRESPONDENCE T O T H E FEDERAL RESERVE BOARD SUBJECT: Operating E f f i c i e n c y at the Federal Reserve Banks. Bear S i r : Under date of May 19, 1927 the Board forwarded you a statement, St. 5359, "bearing on changes in operating e f f i c i e n c y at the head o f f i c e s of the Federal reserve "banks since 1923. The statement covered the twelve expense u n i t s f o r which a measurement of the volume of work performed was a v a i l a b l e and gave index numbers of the changes in output per employee and output per unit of c o s t . The Board has brought t h i s statement up to date and i s enclosing herewith a copy thereof f o r your information and f o r the information of your Board of Directors and the operating o f f i c i a l s of the bank. The Board would be glad to have you bring to i t s a t t e n t i o n any comments regarding the statement which you may think d e s i r a b l e . Very truly yours, Walter L. Eddy, Secretary. Enclosure CHAIRMAN OF EACH FEDERAL RESERVE BANK*
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