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F E D E R A L R E S E R V E B O A R WASHINGTON address official correspondence t o t h e federal reserve board SUBJECT: 318 D X-7908 June 6, 1934. Participation in Account Opened byFederal Reserve Bank of New York for Banco de Mexico. Dear Sir: There is inclosed a copy of a letter addressed by the Board to Mr. J. E. Crane, Deputy Governor of the Federal Reserve Bank of Her/ York, advising of approval by the Board of the action of the board of directors of the bank in authorizing the officers to open and maintain an account on the books of the bank in the name of the Banco de Mexico. As stated in the letter to Mr. Crane, the Board approves the acceptance by your bank, should it desire to do so, of participation in the account if and when established by the Hew York bank. Very truly yours, Chester Morrill, Secretary. Inclosure. TO CHAIRMEN OF ALL F. R. BANKS EXCEPT HEW YORK. (No http://fraser.stlouisfed.org/ copy Federal Reserve Bank of St. Louis of letter to Governors and no extra copies to banks.) OPT X-7908-a June 6, 1934. Mr. J. B. Crane, Deputy Governor, Federal Reserve Bank of Hew York, New York, Hew York. Dear Mr. Crane: In accordance with the request contained in your letter of May 31, 1934, the Federal Reserve Board approves the action of your directors in authorizing the officers of the Federal Reserve Bank of Hew York to open and maintain an account on the books of the "bank in the name of the Banco de Mexico and to carry out operations in this market for that bank along substantially the same general lines and subject to substantially the same terms and conditions as for other foreign central banks having accounts with you. It is noted that the action of your directors restricts the relations to be established with the Banco de Mexico to the opening of a one-way account and it will be appreciated if you will forward to the Board for its records a copy of your letter to the Banco de Mexico, setting forth the terms and conditions upon which the account with that institution will be opened and maintained, together with a copy of the bank's acceptance of the conditions. Your letter states that, if the opening of the account is approved, your bank will offer a participation in the account to the other Federal reserve banks. The Federal Reserve Board approves the participation in the account by any of the Federal reserve banks which may desire to do so, and letters are being addressed today to the chairmen of the banks advising than accordingly. Very truly yours, (Signed) Chester Morrill Chester Morrill, Secretary.
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