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FEDERAL RESERVE BOARD WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE TO THE FEDERAL RESERVE BOARD X-7414 A p r i l 18, 1933. SUBJECT: I n t e r - d i s t r i c t time schedules. Dear S i r : The Federal Reserve Board concurs in the a c t i o n taken by the governors of the Federal reserve "banks a t the conference held in Washington on November 15 and 16, 1932, in adopting and approving the views of the Standing Committee on C o l l e c t i o n s a s expressed in a l e t t e r dated November 25, 1931, from the Chairman of the committee to the Federal Reserve Board. The Committee's views a s s e t f o r t h i n i t s l e t t e r are (a) t h a t "the i n t e r d i s t r i c t time schedule of each Federal reserve bank or branch should be based upon mail t r a i n schedules from i t to o t h e r Federal r e s e r v e banks and branches, and should not take i n t o c o n s i d e r a t i o n the d i r e c t sendings to the o t h e r Federal r e s e r v e banks and branches by i t s member banks" and (b) t h a t "The d e f e r r e d c r e d i t time f o r the d i r e c t sendings of a member bank i n one Federal r e s e r v e d i s t r i c t to the o t h e r Federal reserve banks and branches, to which i t d e s i r e s to route d i r e c t should be based upon mail t r a i n schedules from the town in which the d i r e c t sending 173 X-7414 — 3 — member bank i s located to the o t h e r Federal reserve banks and branches and should make such items a v a i l a b l e f o r r e s e r v e p u r poses when c o l l e c t e d without regard to the r e g u l a r i n t e r - d i s t r i c t time schedule of i t s Federal reserve bank or b r a n c h . n Very t r u l y yours, * B. M. McClelland, Assistant Secretary. TO GOVERNORS OF AIL F. E. BANKS.
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