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W. P.!i.!IAIIDING;8oVONOW - · - ·· ----.-,VICE~ AOOLPH C. IIIWR CHARLES S. HAMLIN WII.I.IAM.G. ~ SII:IIITAIY OF THC THASURT CHAIRMAN FEDERAL RESERVE BOARD JOliN SKELTON WILLIAN$ . CollPTROLLIR OF THI CURRENCY WASHINGTON J. A. BROOERICK, SII:RITART L. C. ADELSON, ASSISTANT SICRITAIIY W. T. CHAPMAN, ASSISTANT SPITART W. M. IMLAY, FISCAL AGINT ADDIIIDS IIIIEPLY TO FEDERAL RESERVE BOARD October 5,1918. ~1245 SUBJEC!: RESERW lU!QJIR!WftS OF BANKS LOCATED IN Otl'l'LnNG DISfiUC'.l'S OF CENTRAL RESERVE AND RESERVE CitiES. Dear Sir: The Board now :has authority 'W'lder the Ac~ of September 26,1918., alllell4ing the Federal Reaerve Act to re4\1Ce tbe rese"e reqW.reunts of banks looate4 ia outlyinl districts of Central Resene an4 Reserve Cities. There is now under coneiclera:tioa a repla.tion covering this a.tter, but 'before issuin& the 1'8&\1lation ycul" opiniCIIJl is desired as to the cenoral rule which should be a4opte4. You are requea.ted. to a4viee this office a.t your earliest convenieace of your .view of· the- matter based upon looal ~ditiae in your OWI'l city ·anct other reserve cities •~' your cliatrict. fhe pst10J) it should the Boara. ostabU.sh a definite tenitorial limi~ or ek~d cop.bance be tal:ea .also of the ehal'<el" ~ .. ~~··• e...ge~ ill . ~.the baJike D\VOl'fed ~ .. \h&\ ..... tile . ·~ )Ottbm M baak 'ba.Un\$e to ind1Yt·dwU. !epnits ca.triect b:r tbe rest&c\ive ~k~. It sbo\11.4 be borne i11 min4., however', that the s.ans ,,_ withc:Nt ~tbority to red»ce the reaene req\liiH of a'lf'l llarlk which is looate4 within the recop1ae4 bwJirless aa4 fi.DMd&l center, as direot reference is ~ to "~tlying diatriota•. !he principal problem i11Yolve4, therefore, eeEJIDe to be vrhether all ~ke loe&te4 ln •outlying 41stricta• eutsi4e of the bustn••• oeater shCN14 be clateifie4 alike. Very truly you.n, Governor.
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