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W. P. G. HARDING. GoVERNOR ALBERT EX-OFFICIO MEMBERS STRAUSS, VICE GoYEANO R ADOLPH C. MILLER CHARLES 5. HAMLIN CARTER GLASS SECRETARY OF THE TREASURY CHAIRMAN JOHN SKELTON WILLIAMS CoMP'TROLLER OF THE CURRENCY J. A. BRODERICK. SECRETARY W. T. CHAPMAN, ASSISTANT SECRETARY FEDERAL RESERVE BOARD W. M. IMLAY, FISCAL AGENT ADDRESS REPLY TO WASHINGTON FEDERAL RESERVE BOARD May 22,1919 • X-1548 ... ·~ Subject: Collection of Trade Acceptances. Sir: Referring to the Board's letter dated April 16,1919, (X-1482), in • which the Reserv'e Banks were requested, if they had not already done so, to effect arrangements for the collection of trade acceptances payable at member banks on the same terms as bankers 1 acceptances, the Board has received replies from the Federal Reserve Banksfrom Which it is noted that little difficulty will be experienced in the collection of trade acceptances payable in cities where Federal Reserve Banks or branches are located, on the same terms as batikerst acceptances. It is a·.;l')arent, however, that there :rr.ay be considerable difficulty in the collection of trade acceptances payable at member banks in other cities, and for ·that reason it is believed well at this ti~ to defer the request made in our former communication tintil such time as the par collection system is more fully developed, so that trade acceptances payable at both .member and non-member banks may be collected on the same basis. The Board urges all Reserve Banks to endeavor to collect all trade acceptances at par, and on the same basis as b~ers' acceptances if it is possible to do so. Very truly yours, Governor.
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