"The Federal Reserve Bank of Chicago belongs to its members. They have furnished the entire capitalization and are the sole depositors, they have elected six of the nine directors and the directors in turn have elected all the officers of the bank except the chairman of the Board. Furthermore, the Federal Reserve Board has stated its policy to be that it does not desire to interfere with the management of the banks except to see that the law is observed. Therefore, the attitude toward member banks is one of cordial co-operation for the purpose of securing for them and through them for the business community and the public every advantage intended and possible under the Act.

"Co-operation between the Federal Reserve Banks also has been evidenced by the organization of a conference of Governors for the purpose of considering problems and questions that have arisen, and exchanging views in order that all may have the benefit of the views of each."