The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BOARD WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE TO T H E FEDERAL RESERVE BOARD X-7089 February 13, 1932. Dear S i r : There i s attached h e r e t o copy of a s e l f explanatory l e t t e r which the Federal Reserve Board has addressed to the Federal Reserve Agent a t Kansas City, with regard to f u r n i s h i n g the Federal Farm Board, f o r i t s c o n f i d e n t i a l u s e , information concerning the c o n d i t i o n of s t a t e member banks. Very t r u l y y o u r s , Chester M o r r i l l , Secretary. Enclosure. LETTER TO ALL F. R. AGENTS, EXCEPT KANSAS CITY COPY X-7089-a February 13, 1932. Mr. M. L. McClure, Federal Reserve Agent, Federal Reserve Bank, Kansas City, Missouri. Dear Mr. McClure: Receipt i s acknowledged of your l e t t e r of January 23, 1932, with regard t o a r e q u e s t which you received from the Treasurer of the Federal Farm Board f o r such current information as you might f e e l f r e e to g i v e , f o r t h e c o n f i d e n t i a l use of t h a t Board, concerning the cond i t i o n of one of t h e s t a t e member "banks i n your d i s t r i c t . It is noted t h a t i n your r e p l y you suggested t h a t the i n q u i r y be addressed t o the Federal Reserve Board and t h a t you would l i k e t o be advised whether, i n t h e opinion of the Board, i t would be d e s i r a b l e f o r you to r e p l y d i r e c t to any f u t u r e i n q u i r i e s t h a t may be received from the Federal Farm Board. The Federal Reserve Board i s i n agreement with the p o s i t i o n taken i n your l e t t e r t o Mr. Burklin t h a t i n f o r m a t i o n concerning the c o n d i t i o n of member banks of t h e Federal Reserve System, which i s made a v a i l a b l e t o the Board and the F e d e r a l Reserve Banks under the F e d e r a l Reserve Act, i s intended f o r t h e c o n f i d e n t i a l use of t h e Board and the banks i n t h e discharge of t h e i r o f f i c i a l d u t i e s , and f e e l s t h a t extreme caution should be e x e r c i s e d i n making any other use of t h i s i n f o r m a t i o n . In t h e event of the r e c e i p t of any f u r t h e r i n q u i r i e s of a s i m i l a r n a t u r e from the Federal Farm Board, i t i s b e l i e v e d t h a t i t would be a proper p r e - » 164 X-7089-a — 2 — caution, i n l i n e with t h e s p i r i t of t h e Act, f o r you t o suggest to the Federal Farm Board t h a t i t endeavor to secure the consent of t h e member t a n k i t s e l f , e i t h e r to your f u r n i s h i n g a copy of the l a s t r e p o r t of v examination of the "bank or otherwise conveying such i n f o r m a t i o n concerning i t s c o n d i t i o n a s may "be i n your p o s s e s s i o n . If i n any case i t does not appear t o be p o s s i b l e to o b t a i n the permission of t h e member bank, the question should be considered i n the l i g h t of t h e p a r t i c u l a r circumstances a t the time i t a r i s e s . In any event, i t i s assumed, of course, t h a t a t t e n t i o n w i l l be c a l l e d t o the f a c t t h a t your r e p l y i s s o l e l y f o r the c o n f i d e n t i a l use of the Federal Farm Board, t h a t s p e c i a l care w i l l be exercised as to the c h a r a c t e r of any comments t h a t may be made upon the b a n k ' s c o n d i t i o n , and t h a t you w i l l assume no r e s p o n s i b i l i t y f o r any opinions t h a t may be expressed. Very t r u l y y o u r s , Chester M o r r i l l , Secretary.
@FedFRASER