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582 FEDERAL RESERVE BOARD WASHINGTON address official correspondence t o the federal reserve board December 20, 193^ B-1044 Dear S i r : The Board i s in r e c e i p t of a, l e t t e r from a F e d e r a l Reserve bank s t a t i n g t h a t i t has an a p p l i c a t i o n to open a c l e a r i n g account f o r a nonmember "bank not e l i g i b l e , under p r e s e n t p o l i c i e s , f o r membership i n t h e F e d e r a l Reserve System. I t appears t h a t i n t h i s p a r t i c u l a r case t h e nonmember bank d e s i r e s to o b t a i n c l e a r i n g p r i v i l e g e s at the F e d e r a l Reserve Bank f o r t h e purpose of a v o i d i n g exchange and c o l l e c t i o n charges now made by i t s c i t y correspondent. In t h i s c o n n e c t i o n , the Board n o t e s from the b a l a n c e s h e e t of your bank t h a t i t shows an amount a g a i n s t the i t e m "Nonmembers - clearingaccount" i n t h e d e p o s i t block and, a c c o r d i n g l y , the Board w i l l a p p r e c i a t e r e c e i v i n g a s t a t e m e n t showing t h e name of each nonmember bank which maint a i n s a c l e a r i n g account w i t h your bank, t h e average amount of the account i n November 193^ยป the g e n e r a l e x t e n t to which the account i s used., and the d a t e on, and c i r c u m s t a n c e s under which, i t was opened. a p p r e c i a t e r e c e i v i n g a f u l l s t a t e m e n t of the p o l i c y The Board w i l l a l s o f o l l o w e d by your bank, and the r e a s o n s t h e r e f o r , i n a c c e p t i n g or r e f u s i n g to a c c e p t c l e a r i n g a c c o u n t s from nonmember b a n k s . Very t r u l y y o u r s . TO ALL CHAIRMEN EXCEPT CHICAGO WITH COPY TO MR. STEVENS Chester Morrill, Secretary.
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