Full text of Mimeograph Letters and Statements of the Board : Letter From Secretary Morrill re Applications for Membership of Trust Companies Doing Substantially No Banking Business, Number X-7923, Volume 40, Page 345

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

f
F

E

D

E

R

A

L

R

E

S

E

R

V

E

B

O

A

R

345

D

WASHINGTON
address official correspondence t o
the federal reserve board

X-7923
June 20, 1934*

SUBJECT:

Applications for Membership of
Trust Companies Doing Substantially
No Banking Business#

Dear Sir:
During the past several years the Board has taken the
position that it would not admit to membership in the Federal
Reserve System trust companies which do substantially no commercial banking business, but recently it reviewed the question
and decided that it should give consideration to applications
for membership from trust companies of this type*
If there is any trust company in your district that
has been advised that it would not be admitted to membership because it was doing substantially no commercial banking business,
the Board desires that you inform it that the Board will give
consideration to its application for membership if it desires
to file one.
Very truly yours,

Chester Morrill,
Secretary*

TO ALL FEDERAL RESERVE AGENTS.