The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
I Go.._ · . ..- . W. P.'G. HAII&ING. - - - , --,VICE.,_. ' WII.LIAM G' MCADOO. ADOL!'H C. MILL!II CHARLES s. HAMLIN SIIC1I'ITARY OF TH1 TIIIASiiRT CIWIIIIAN JOHN SKELTON WILLIAMS COIIPTROI.LIR OF TKI£ CURRENCY FEDERAL RESERVE 'BOARD J. A. BRODERICK. hi!RETAIY L. C.' ADELSON, AltiSTANT SI!CltJfART W. T. CHAPMAN, ASSISTANT SI!CIIETARY W. M. IMLAY, FISCAL AGENT WASHINGTON ADDRESS REPLY TO FEDERAL RESERVE BOARD ·-:-«.· October StmJECT: 11~1918. DIRECT REMITTANCES. X-1248 bear Sir: It has been brought to. the attention of the Federal Reserve Board .tbat deiays frequently occur in the crediting ot rendttances sent by uember banks in o:oe federal Reserve district to Federal Reserve Banks in other districts~ either direct to the Federal Reserve Banks or through local correspondents. The Board fully realizes that such delays in most cases are the result of delayed nails, receipt of remittances after clearing hours, cashiers• checks being deposited by lbcal banks after clearing hours, and in sorr.e eases, letters being mailed at point of origin on a day other than the date appearing upon letter of enclosure. It is important that the handling of these direct remittances be expedited6 as in some instances member banks receive imr.ediate credit and are called upon to pay a stated charge per day until such remittances are actually credited. by the receiving Reserve ~ank. It is suggested that instructions be given • your transit departrr<9nt to Oilrrefulli scrutinize all such incoming remittances, received for the account of other Federal Reserve Banks~ and st~p the time of receipt on the letter of enclosure, so that the information nay ba available in case of inquiry. ~'here deposits are receive~ through local banks, a record of the character of the deposit and tiu:e of receipt should be maintained. Please acknowledge receipt. Very truly yours, 'l'he Governor, Federal Reserve Bank, Secretary.
@FedFRASER