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Jamary 19, 1920.

2o the Member Bmfc Addrease&t
la returning to the daily operations of the ban!: following
the conclusion of the hearing by our Board la st Saturday, It seems to
me not Inappropriate to nuke mm cbservatlom with re ©poet to the re ­
s u lt of the review mat m a undertaken*
A d istin c t benefit *fcS0h has accrued from i t , la my judgment ,
la the additiom l knowledge gained by the bankers in attendance of the
policies and principled of the federal Reserve System, as well as the
lim itations a a i statu to ry re stric tio n s under which I ts o fficers labor*
I t is my feeling th a t the hankers who were hers l e f t Dallas with an
increased understanding of the true mission and function of a Federal
Reserve Bartc, a circumstance which w ill redound to th is bonk#s welfare
long a fte r the d etails of the hearing are forgot ten*
An oven greater adpuitage which has come from the occasion
than th a t outlined in the fbregoiog paragraph, is the stim ulation Which
my associates and 1 have received to bring about closer cooperation and
a b e tte r understanding between thle bank and I ts members* Vfnlls £ have
cover consciously, by word or ac t, given offense to an o fficer of any
mamber bank, i t nevertheless not; seems manifest th at in my seal to f a ir ly
and honestly administer the tru st committed to cay hands, and my desire
to promote b e tte r banking in the D istric t, occasionally my motives may
have been misunderstood and my statements wrongly interpreted*
I t is also equally a parent th at the officers of th is bank,
notwithstanding the e cellenoe of th e ir intentions, have a t times taken
too much fo r granted and faile d to make clear to member b&;Jta the c i r ­
cumstances and retirem en ts which impelled them to take certain aoticnsb
2hs hearing ju st ended has fu lly ju stifie d i t s cost in the
incentive which i t has given us to striv e to make transactions with th is
In stitu tio n easier and simpler end the inspiration which i t has afforded
us to function in ©vm a greater degree In i$& in te re st of our member
bajdca whoa© funds co n stitu te the basis of our operations*
All of us are g ratefu l for the personal sacrifices the repre­
sentatives of member banks made who attended one or both of the sosslom*
2heir presence here not only indicated th e ir in te re st in the subject mat­
te r but also cave aviderco of a deep concern in the welfare of the federal
Reserve Bank of Dallas and th e d istrict*
zrm p* B i e

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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102