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-- -- .... .FEDERAL RESERVE BOARD WASHINGTON ADDRESS OFFICIAL. CORRESPONDENCE TO THE FEDERAL. RESERVE BOARD Se~tember SUBJ~CT: 23, 1927. Topic for Governors' Conference. Dear Sir: The Board h3s received from one of the Federal reeerve banks and has voted to refer to the forthcoming Conference of !}overnors and Federal Rcsorve Agents, an inauiry as to '"l:ether deposits in r:J.embor banks by building and loan associations and mutual savings banks should be classed as amounts "Due to Banks:', w:i. thin the meaning of Section 19 of the Federal "Reserve Act, or should be tlassed as d~and or time dc"!')osits, against which amounts "Due from Banks" can not bo a-pulied ir. a.>:riving at the basis for ascerte.inint~ required reserves. The Board would like to be advised whether in tho oninion of the !}ovcrnors' Conf 0 rence the same rule shoulQ be extended to include denosits in member banks by cooperative b~mks, crndit unions and Horris Plan banks. Very truly yours, Edmund Platt, Vice !}ovcrnor. To the Governors of all Federal reserve banks.
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