The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
75 FEDERAL RESERVE BOARD WASHINGTON X-3953 January 25ยป 1924. SUBJECT* Currency In Transit to and from Federal Reserve Banks. Dear Sir: There is quoted "below, for your information, a. resolution adopted by the Federal Reserve Board at its meeting on January IS, 1924: "WHEREAS, it is the purpose and desire of the Federal Reserve Board to equalize the services of the System to the nember banks whenever possible; and "WHEREAS, in securing currency from and depositing currency with the Federal Reserve Banks, member banks located outside of the Reserve Bank and Branch Bank cities are at a considerable disadvantage; and "WHEREAS, all expenses connected with shipments of currency between the Reserve Banks and member banks are borne by the Reserve Banks; and TIHEREAS, all insurance is carried and all possible losses in transit are reimbursable to the Federal Reserve Banks; and fl WHEREAS, the legal title to the Currency in transit between Federal Reserve Banks and member banks is vested in the Federal Reserve Banks; "THEREFORE, BE IT RE6Qi,VEB, that the B6atd Sees ho objection to the Federal Reserve Banks giving full consideration to currency in transit, in computing the reserve requirements and penalties for deficiencies in reserves of member banks; and "BE IT FURTHER RESOLVED, that a copy of these resolutions be furnished each of the Federal Reserve Banns." In acknowledging receipt of this letter, please advise the Board of the manner in which your bank will treat shipments of currency in transit to and from your member banks when determining penalties to b e assessed a-gainst such member banks on account of reserve deficiencies By direction of the Federal Reserve Board. Walter L. Eddy, Secretary. TO CHAIRMEN OF ALL FEDERAL RESERVE BANKS.
@FedFRASER