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FEDERAL RESERVE BOARD WASHINGTON December B, 1922. X-3578 · SUBJECT: "Reserve Ratio Questwnnaire 11 from the New York University. Dear.Sir: The Federal Reserve Board has received from one of the Federal Reserve :Bar~:s a copy of a letter from the Bureau of Business Research of the New Ratio Q.uestionr.aire 11 • Yorl~ University enclosing a "Reserve This letter ap.i:'ears to be a circular letter and presuwably sent to all Federal Reserve Bacl:s. In case you have received or shall receive this letter and questionnaire asking for a.n expression of opinion with reference to reserve ratios I am directed by the Board to advise you that the Board deems that a discussion for publication of the kind indicated by the question- naire, on the part of officers of the Federal Reserve Banks, is inadvisable. This is written without any assumption, of course, that you, or anyone in your bank, would undertake to answer the questions propounded by the New York University in the form in which they appear, . By order of the Federal Reserve Board. Very truly yours, vvM. w. HOXTON , Secretary . .i.'V .ALL FEDERAL R!:Sl:RVE AGENTS OF J..LL FEDERAL RESERVE BANKS . •
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