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FEDERAL RESERVE BOARD X-6407 WASHINGTON HOVmbOr 4, 1929. ADDRESS OFFICIAL CORRESPONDENCE TO THE FEDERAL RESERVE BOARD SUBJECT; Uniform policy re Mall Transfers from lion-member Banks. Dear S i r : This i s to advise you that the Federal Reserve Board has approved the following recommendation of the Standing Committee on Collections which was concurred in by the Conference of Governors at i t s meeting on April 3, 1929; "The committee, therefore, recommends that Federal reserve banks decline to accept mail transf e r s from non-member banks with the one exception, namely: that any Federal reserve bank accept from any non-member bank, whether located in i t s own d i s t r i c t or in another Federal reserve d i s t r i c t , such non-member bank* s own d r a f t on a clearing house bank in the c i t y of the Federal reserve bank or one of i t s branches, f o r the credit of one of i t s orn member or non-member clearing banks, provided such member or non-member clearing bank has authorized the Federal reserve bank to accept such remittance from the non-member bank as agent of the member or non-member clearing bank, subj e c t to the same conditions of collection and credit that would prevail if such remittance had been sent to the Federal reserve bank by the member or non-member clearing bank i t s e l f . " I t Is f u r t h e r recommended t h a t , if the Governor's Conference approve this recommendation, the Federal Reserve Board be requested to make their action mandatory upon a l l Federal reserve banks, since i t i s evident that the practices of the Federal reserve banks should be uniform in t h i s matter." By order of the Federal Reserve Board. Very truly yours. S. M. McClelland, Assistant Secretary. To Governors and Chairmen of a l l F.R.Banks,
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