The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
BOARD OF GOVERNORS X-9650 OF THE FEDERAL RESERVE SYSTEM WASHINGTON July 17, 1936. A D D R E S S OFFICIAL C O R R E S P O N D E N C E TO T H E BOARD Dear Sir; There is inclosed, for your information, a copy of a letter written, under date of July 17, 1936, to Mr. J. N. Peyton, President, Federal Reserve Bank of Minneapolis, in reply to his letter of July 7, a copy of which it is understood has already been furnished you by Mr. Peyton, with respect to Circular No. 424 relating to non-cash collections, recently issued by that bank. Very truly yours, Chester Morrill, Secretary. Inclosure. TO ALL PRESIDENTS EXCEPT AT MINNEAPOLIS X-9650-a July 17, 1936. Mr. J. N. Peyton, President Federal Reserve Bank of Minneapolis Minneapolis, Minnesota Dear Mr. Peyton: Reference is made to your letter of July 7 in reply to the Board's letter of July 2 in regard to the suggestion of the recent conference of Presidents that your bank might wish to recall its Circular #424 until such time as the Presidents had had an opportunity to consider the forthcoming report of the committee on free services. In view of the circumstances as set forth in your letter, and particularly of the saving in expense under your present procedure and of the fact that no complaints have been received by your bank, the Board will interpose no objection to the continuance of the procedure outlined in your Circular #424 until the matter has received further consideration by the conference of Presidents and by the committee on free services. Very truly yours, (Signed) Chester Morrill Chester Morrill, Secretary.
@FedFRASER