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W, P. G. HARDING. GOVERNOR PAUL M. WARBURG, VICE GOYEJII0~ FREDERIC A. DELANO ll ADOLPH C. MILLER ......_ .,.1 '.:J CHARLES S. HAMLIN EX•OFFICIO MEMBERS 1 2 WILLIAM G. McADOO SECRETARY OF THE TREASURY CHAIRMAN JOHN SKELTON WILLIAMS FEDERAL RESERVE BOARD COMPTROLLER OF THE CURRENCY H. PARKER WILLIS, SECRETARY SHERMAN P. ALLEN. ASST. SECRETARY AND FISCAL AGENT WASHINGTON ADDRIESS REPLY TO FEDERAL RESERVE BOARD September 6, 1~18. X·-1177 Dear Sir: In consid~x·at~ on of appli~aticns for rr.embership received from State institutiono, the Board and P'edera.l Re·· serve Pa.nks have been embal'rassed on several occasions because it had become publicly mitted, and declination kn~m mi~ht that an application had been subhave caused very unfavorable comnent upon the applying institution, or might even have re~ltod in heavy withdrawal of deposits. The Board has instructed me, therefore, to suggest to you that, upon receipt of an infom.al inquiry or fonnal application from a State bank or trust com~y6 a request be rrade to such institution that no public: announcement be reade of its intention to join th.e Federal Reserve System until the application has been formally approved by the Board, and the conditions imposed accepted. by the applying bank,. Very truly yours, The Chainr.an, Federal Reserve Bank,
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