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82 FEDERAL RESERVE BOARD WASHINGTON address official correspondence to the federal reserve board X-4221 December i g , 1924. SUBJECT: Determination of Outlying D i s t r i c t f o r Purpose of Reserve Reduction. Dear S i r : You a r e hereby advised that the Federal Reserve Board has approved the following recommendation of the recent conference of Federal Reserve Agents: "That the Federal Reserve Board in determining whether a member bank located in an outlying d i s t r i c t of a reserve or c e n t r a l reserve c i t y should be permitted to carry reduced reserves as provided in Section 19, Federal Reserve Act, should be guided in each instance by the r e s u l t s of an analy s i s of the character of the business of the app l i c a n t member bank or of a l l the bajiks of the neighborhood group showing a proportion of (1) Balances due other banks (2) Balances of corporations (3) Public deposits (4) Cash in v a u l t s . " You a r e f u r t h e r advised that the Federal Reserve Board has ruled that a bank applying f o r a reduction in reserves under the provisions of Section 19 must have been a member of the Fede r a l Reserve System and i n operation as such f o r a period of a t l e a s t one year p r i o r to the date of such application* Very t r u l y yours, Walter L. Eddy, Secretary. TO ALL FEDERAL RESERVE AGENTS
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