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• FEDERAL RESERVE BOARD WASHINGTON X-3812 August 16, 1923. SUBJECT: EXPRESS RATES FOR TRANSPORTATION OF MONEY .AND SECURITIES • Dea.r Sir; In letter X-3777 da.ted July 12, the Boa.rd's Coiill!'.ittee on Economy a.nd Efficiency a.sked all banks for certain informa.tion concerning the present costs of shipping currency and coin, pa.rticula.rly ·vith respect to those shipments ma.de by express, .As •dvised in tha.t letter, the question of securing a. downward revision of the express ra.tes now being dla.rged, ha.d already been taken up inforlll.3lly with the !ntereU.te Commerce Commission, with the result tha.t it was regarded a.s advisable to fortn9.lly pre sent the ma.tter to the Commissillll· It is, of course, desirable tha.t the ma.tter be ha.ndled in such a. way a.s to secure the grea.test benefits possible, and the Committee on Economy and Efficiency ha.s a.dvised the Boa.rd that i t ma.y be advisable to secure the services of an a.ttorney regularly practicing before the Interstate Commerce Commis:>ion. The Boa.rd has a:pproved of this a.ction with the understanding tha.t wha.te'V'er expense ma.y be incurred in this connection, which is not expected. to be grea.t, will be pa.id by a.ll banks on a pro ra.ta. (not an eq~l) ba.sis. The information received from the banks indicates tha.t the ma.tter is of eonsidera.ble importance ina.smuch a.s the twelve banks are paying a.ltogether ovel' $300,000. per annum for express chB.rges, this cost being ba.sed upon rates which are between l.j.Q and 50% higher than the ra.tes in effect prior to a.bout a. :rea.r a.go. It is des ira.ble to ha:ve the ma.tie:t handled a.s promptly as possible and will you, therefore, advise if the proposed a.ction meets with the a:pprova.l of your bank. By order of the Federa.l Reserve Boa.rd. Very truly yours. w. w. General TO GOVERNORS ALL F.R. BANKS. Roxton, Secretary.
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