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FED ER AL RESERVE B O A R D WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE TO THE FEDERAL RESERVE BOARD X-9090 January 15, 1935. Dear Sir: There is attached, for your informa tion, a copy of a letter addressed by the Board on January 12, 1935, to Deputy Governor McKay of the Federal Reserve Bank of Chicago on the subject of safekeeping of securities by Federal reserve banks for their member banks. Very truly yours, Chester Morrill Secretary. Inclosure TO GOVERNORS OF ALL FEDERAL RESERVE BANKS. X -90 90 -a COPY January 12, 1935* Mr* C* R* McKay, Deputy Governor, Federal Reserve Bank of Chicago, Chicago, Illinois* Dear Mr* McKay: Reference is made to your letter of December 6 1934, stating , that you have been advised that at the joint meeting of the Federal Advisory Council and the Federal Reserve Board on September 18, 1934, it was informally agreed that the matter of safekeeping of Government securities by the Federal reserve banks for member banks should be left to the directors of each Federal reserve bank, and that you as sume that this modifies, at least to some extent, the Board*s letter of June 6 1934, (X-7907), on the subject of safekeeping of securities , by Federal reserve banks* While this question was brought to the attention of the Board by one of the members of the Council at its September meeting, no formal recommendation was submitted at that time by the Council* It was stated that the matter was one which had been made the subject of a survey of the practices and views of the Federal reserve banks, that all the banks were fully informed, and the suggestion was made that the question be taken up with the board of directors of the particular Federal reserve bank concerned. This suggestion was accepted by the member who raised the question and no other action was taken on the matter by the Board* Very truly yours, (Signed) Chester Morrill Chester Morrill, Secretary.
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