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FEDERAL RESERVE BOARD WASHINGTON address official correspondence t o t h e federal reserve board X-8012. September 19, 1934. Dear Sir: R e f e r r i n g to the Board's telegram, Trans 1873, of September 23, 1933, with regard to the r e c l a s s i f i c a t i o n of member banks f o r e l e c t o r a l purposes, the Board w i l l not r e q u i r e a r e c l a s s i f i c a t i o n a t t h i s time, but r e q u e s t s t h a t you review the p r e s e n t c l a s s i f i c a t i o n so f a r as your d i s t r i c t i s concerned and advise the Board whether, i n your opinion, a r e c l a s s i f i c a t i o n of banks f o r e l e c t o r a l purposes should be made e f f e c t i v e next year and, i f so, what changes i n the p r e s e n t c l a s s i f i c a t i o n you would recommend. In t h i s connection, p l e a s e a l s o advise the Board whether you would favor a r e c l a s s i f i c a t i o n whereby the number of member banks i n Group 2 w i l l be approximately o n e - t h i r d of the t o t a l number of member banks i n t h e d i s t r i c t , with the number of member banks i n Group 1 as n e a r l y as may be i n the same r a t i o to t h e t o t a l number of a l l member banks as the combined c a p i t a l and surplus of member banks i n Group 3 bears to the combined c a p i t a l and surplus of a l l member banks. In submitting your views, p l e a s e f u r n i s h the Board with a s t a t e ment grouping the member banks i n your d i s t r i c t according to combined c a p i t a l and s u r p l u s , those having the smallest c a p i t a l and surplus to X-8012 - 2 - be shown f i r s t and those having the l a r g e s t c a p i t a l and surplus l a s t , together with p r o g r e s s i v e cumulations of the f i g u r e s i n the manner o u t l i n e d i n t h e Board's l e t t e r X-6159 of October 12, 1928. The c a p i - t a l and surplus of a member bank f o r t h i s purpose should be t h e same as t h a t used i n determining i t s r e q u i r e d holdings of F e d e r a l Reserve bank s t o c k . Very t r u l y yours, Chester M o r r i l l , Secretary. TO ALL CHAIF.MM.
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