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r>H- -r> FEDERAL RESERVE BOARD WASHINGTON X-3699 A p r i l 19, 1923. SUBJECT: S p e c i a l Committed t o Consider Non-Cash Collections. Dear S i r : At the l a s t Conference of Federal Reserve Bank Governors, the Conference considered the B o a r d ' s memorandum X-3676, d a t e d March 28, 1923, having r e f e r e n c e t o t h e e l i m i n a t i o n of c e r t a i n v o l u n t a r y s e r v i c e s assumed by the F e d e r a l Reserve Banks f o r t h e i r member b a n k s . I t was "Voted t o be the sense of the Conference t h a t the s e r v i c e s enumerated i n the B o a r d ' s memorandum should n o t be ^discontinued a t t h i s time, e x c e p t t h a t w i t h r e f e r e n c e t o the item of Non-Cash C o l l e c t i o n s , i t was f e l t t h a t the s u b j e c t should be r e f e r r e d f o r c o n s i d e r a t i o n and r e p o r t t o a Special Committee of Governors t o be s e l e c t e d by the F e d e r a l Reserve BoaM" 1 i n accordance with the above a c t i o n , t h e F e d e r a l Reserve Board has appointed a s p e c i a l committee c o n s i s t i n g of the Governors of the F e d e r a l Reserve Banks of Boston, New York, Chicago, Cleveland, and Dallas* The Board has f u r t h e r d i r e c t e d Mr* J . F . Herson, Chief Examiner, t o a t t e n d the meetings of the above committee f o r the purpose of r e p r e s e n t i n g the Board d u r i n g t h e d i s c u s s i o n of the m a t t e r r e f e r r e d t o . By d i r e c t i o n of the F e d e r a l Reserve Board., Wm. W. Hoxton, Secretary. TO GOVS. OF ALL F . R. BANKS EXCEPT BOSTON .NEW YORK .CHICAGO, CLEVELAND AND DALLAS. ^
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