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SOARD OF' BOVERNORS
OF' "''M£
FEDERAL. RESERVE SYSTEM
383
WASHINGTON
AOOit&ee OP'P'ICUAI. COitltCeiOONOtNGC
TO. THC ei:JAitO
Dear Sir:
'lhe Boai'Cl CODCurB in tile actJ.oa ot tbe Cotat...-oe ot Presidents held October 2'-26 1 liS$ 1a appJ'IO'I1q the. tol.l.ewi.al ......._
tiona, or parts ot reo0188rlda tiOUt ot the StancllDI
ttee oa
Collect1one, contaiQed 1n ita report dated September 20• 1918•
c..-
ITDIS PAYABLI Dl 011 FIDIIAL. BliDY& lWJI Oft 8lWIQl CIT!
That eaCh .Pecleal. re_,..,.·beak Ud .._•. Cl'ff ~
ate crMi t tor 1 tMI ptpble in owa e1 v 1.t recei'ftKl 1D t i •
tor cl8&J"inc, p&"OYiclecl, however, tllat IIW' n._... -... •
sive s...dia te Cl'edl t tor 1 teas pa.yable ~ om eft¥ lllb8ll ·receivecl throup tbe maile too late tor claariD& tJroa ita o•
COUlltry meaber baftke."
"(&)
Rt.tlilia»AP tt kiM lit''
~taw
ta u: .,..,. IIIU
'l'ba t each Fecie.ral reee.rve beak. etacl bnaoh e.ocept OQh
1teu w1 tbout deecr1pt1on ae to dnlae···. ...._ • ._.. letten
troa 1ta liMber baalte l.n4 dil"&Ct ........._. • • • • ._., of. otllet
districts, pro'l'ide4 t&at eacll ••...,.. ·. -..· ·~ • •.U
1 tlelt ot tbie prl•lece be requUetl to - . • pllo~c
reeor<i ot· toe race ot eac1a uadeaoribed l.tee Milt to·•tu·r*
eral. reserve b&Dk or breach, or .dUect \0 aoo-. r~ ,....
SIJ'Ve bank 01' bftftebt .·to ~ t 1tae ,U.· eoatalaJac
photocraphl ot all .auch 1~ 1D ..-caa~t.lottel' to ttae
Federal :rea\:lrve baU or braaell t;o lhlcll ··tbe. letter wu teat
with the uadera~ac tAaat . IUCil r..-.. ..... or ...._1d.U
return 8'QCh tila to the 1111.,.. bank· attar a.. lapae of aot
IDOI'e tban two weeks, it the • • - - ·bank citdru to have the
tUm returaect. The Co.l't'- '"' DO Qblecttoa "'> a ledenl
reserve beak• a pet'llittlai lta ~- . . _ banta to J"(ttain tbe
tiaa c011tain1111 pbotoplphl ot tile . _ . eent to 1t; prov1de4
384
-2each such member bank agrees to furnish the reserve bank upon
its request with a description of all such items and ~o indemnif,y the reserve bank in case of aqy loss resulting from its
failure to do so."
"(4)
Closing Hours of Federtl Bgservv Ban!§ for the Acceptance
of Casa Itgm§
·
That each Federal reserve bank and branch make a careful
study of incoming and outgoing mail .and express schedules in
relation to the ~dditional volume of items that might be received and cleared or dispatched if its closing hours were extended, with a view to adopting later closing hours for the
acceptance of cash items if b,y doing so an appreciable volume
of items could be received and CQllected a day earlier than
at present and its expenses would. not be increased to an extent incommensurate w1 th the additional service rendered to
member banks.
That the established closing hours of each Federal reserve bank and branch for the acceptance ot cash 1 tems be
applicable to items received from other Federal reserve banks
and branches and thei;r direct routing member banks as well
as to items received from its own member banks."
I
With reference to the remainder of reco11111endation numbered (1),
which was disapproved by the Conference, and recommendation numbered
{2), it is noted that the Conference approved in principle the modified plan suggested by the Committee as an alternative to its recommendations regarding availabili-cy of cash items payableoutside of
own Federal Reserve bank or branch ci tv', including direct sendings,
but requested the Committee to give further stuqy to the matter.
Ver.y truly yours,
~~
Chester Morrill,
Secretaey.
TO THE PRESIDENTS OF ALL FEDERAL RESERVE Blu1KS
@FedFRASER