The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
111 FEDERAL RESERVE BOARD WASHINGTON X-3626 January 31, 1923. SUTIJECT: Employment of Honorable John W. Davis in all Par Clearance Litigation. Dear Sir: Under date of Novamber 17, 1922, the Joard addressed a circular lettar (X-3566) to the Governors and Chairmen of all Federal Reserve 3anks su56estinb that, in order to obtain unity of policy and coordination of action in the conduct of all cases growin~ out of the pa~ clearance controversy, all Federal Rasarve Ranks employ Honorable John W. Davis as special counsel in all such casas to direct the conduct of such litigation by local counsel and to participate actively in the trial of each case to such ~xtent as he deems advisable, the expenses of his employment to be borne pro rata by all the 'Federal Reserve :Sanks. The ::Joard has now received replies from all the F.:Jderal Raserve ::Janks aF~.~roving of the employment of Mr. Davis in this capacity, and it is understood that each Federal Reserve :Sank will notify Mr. Davis promptly of all developments in any such case which is now pending against .it and of any similar suit which may be broucht against it in the future. Of course, it is understood that the Federal Reserve l!anks will not dispense 'Nith the services of their regular counsel or of any special counsel whom they have retained or desire to retain in such casas, but it is expected that they will request such counsel to consult Mr. Davis as to the conduct of all suCh litigation and to invi-te him to participate actively in the trial of each case to such extent as he deems advisable. In compensating Mr. Dayis for his services in this connection, the same practice will be followed as in connection with his err9loyment in the Atlanta case - i.e., after approving the fea charged by Mr. Davis in eaCh case the :Soard will authorize the Faderal Reserve ~ank which was a party to that case to pay such fee to rv1:r. Davis and will notify all of the other Fadaral Raserve :anks to remit to such bank their proportionate shares of such fee. By order of the Federal Raserve Board. w. Ho:cton Secretary. Wm. Chairmen of all Federal Reserve Eanks.
@FedFRASER