Full text of Mimeograph Letters and Statements of the Board : Letter From Asst. Secretary Bethea re Shipments of Federal Reserve Notes of Other Federal Reserve Banks in Even Thousands of Dollars, and Making Clearing Similarly, Number X-9719, Volume 45, Page 197

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197

BOARD OF G O V E R N O R S

X-9719

OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON
ADDRESS

OFFICIAL C O R R E S P O N D E N C E
TO THE

BOARD

October 17, 3 956

Dear Sir:
One of the Federal reserve banks has advised the
Board that it has arranged with its branches to ship Federal reserve notes of other Federal reserve banks in even
thousands of dollars, thus permitting the transmission of
the note clearing telegrams over the branch lines in thousands of dollars.

This appreciably reduces the number of

words transmitted and results in quicker transmission.
Please advise the Board whether you would, favor
the adoption of this procedure by all Federal reserve
banks and branches.

If the plan is adopted, the Federal

reserve note clearing would, of course, be made in thousands of dollars.
Very truly yours,

L. P. Bethea,
Assistant Secretary
TO ALL PRESIDENTS.