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X-4584 FEDERAL RESERVE BOARD 2 8 8 WASHINGTON A p r i l 14, 1926. ADDRESS OFFICIAL CORRESPONDENCE TO THE FEDERAL RESERVE BOARD SUBJECT: Mo-protest Minimum. Dear S i r : A p o l l of t h e F e d e r a l r e s e r v e banks taken i n 1922 d i s c l o s e d t h e f a c t t h a t seven of the banks were i n f a v o r of a suggestion made a t t h a t time by t h e E x e c u t i v e Committee of t h e C l e a r i n g House S e c t i o n of t h e American Bankers A s s o c i a t i o n t h a t t h e n o - p r o t e s t minimum should be i n c r e a s e d from $10 to $20. However, a t t h e Governors' Conference l a t e r i n t h e y e a r , i t was unanimously v o t e d t h a t t h e r e should be a u n i f o r m n o - p r o t e s t minimum and t h a t the F e d e r a l r e s e r v e banks s h o u l d a g r e e u n i f o r m l y to a d o p t e i t h e r t h e $10 or $20 l i m i t , whichever was d e t e r m i n e d by a m a j o r i t y of t h e member banks t o be p r e f e r a b l e to them, i t b e i n g t h e s e n s e of t h e Conference t h a t t h e F e d e r a l r e s e r v e banks should adapt t h e i r p r a c t i c e in t h i s r e g a r d to t h e w i s h e s and convenience of t h e m a j o r i t y of t h e i r members. Since t h a t tinie, t h e r e c o r d s of t h e Board i n d i c a t e t h a t a l l F e d e r a l r e s e r v e banks have c o n t i n u e d t h e $10 minimum. The American Bankers A s s o c i a t i o n Committee h a s a g a i n b r o u g h t t h i s m a t t e r to t h e a t t e n t i o n of t h e Board, s t a t i n g t h a t i t w i s h e s to d i s p o s e of same a t t h e s p r i n g m e e t i n g of t h e C l e a r i n g House S e c t i o n , and r e q u e s t i n g t h e views of t h e Board. In o r d 6 r t h a t t h e Board may be p r e p a r e d t o r e p l y t o t h i s i n q u i r y , i t i s r e q u e s t e d t h a t on o r b e f o r e A p r i l 2 8 t h you communicate to i t t h e reasons' which a c t u a t e d your bank i n c o n t i n u i n g t h e $10 minimum and your p r e s e n t views on t h e s u b j e c t . Very t r u l y y o u r s , . J . C. N o e l l , Assistant Secretary. %p ALL GOVERNORS.
@FedFRASER