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ex-Officio m e m b e r s W . P . G . H A R D I N G , GOVERNOR A L B E R T S T R A U S S , VICE GOVERNOR ADOLPH C. MILLER C H A R L E S S„ H A M L I N CARTER GLASS SECRETARY OF THE TREASURY CHAIRMAN JOHN SKELTON WILLIAMS COMPTROLLER OF THE CURRENCY FEDERAL RESERVE BOARD J . A . E S O D E R I C K , SECRETARY W . T . C H A P M A N , ASSISTANT SECRETARY w. M. I M L A Y . FISCAL AGENT washington a d d r e s s r e p l y t o F E D E R A L R E S E R V E BOARD X-142o THE FALLOWING STaTE INSTITUTIONS HaVE BEEN ADMITTED' TO THE FEDERAL RESERVE SYSTEM DURING THE Y/EEE ELDING MARCH 14, 1919. Capital Bank of Grayson, Grayson, G^. #25,000 S t a t e Bank of iL-shua, Nashua, Mont. 25,000 Farmers Commercial & Savings (Bank, Oakley, Idaho 25,000 Farmers & Merchants Bank, • provo, Utah. 100,000 Bank of Vernal, V e r n a l , Utah. 60,000 Surplus T o t a l Resources %. 157,952 4? 3,000 180,419 10,000 229,007 2,500 614,010 15,000 494,648 You a r e a l s o advised t h a t t h e F i d e l i t y Trust Company, Tacoma, V'ish., has been purchased by t h e Bank of C a l i f o r n i a , N. A. and i t s a s s e t s taken over by t h e IX.coma Branch of t h a t bank. X-1427 The following re Gormen da t ion was trade by the Federal Advisory Council t o the Federal Reserve Board: (Meeting of February 17 and 18, 1919, ) Topic 2, I t has been suggested t h a t the Federal Reserve Banks should send a l l checks and o t h e r items f o r c o l l e c t i o n d i r e c t l y t o the town or c i t y in which they are payable, even if such town or c i t y i s located in another Federal Reserve d i s t r i c t r a t h e r than send them in the f i r s t place t o the Federal Reserve Bank of t h e d i s t r i c t as i s now the p r a c t i c e with a t l e a s t some of the banks. Recommendation: The Council i s of (bpinion t h a t c o l l e c t i o n s should be made in the most d i r e c t and expeditious way p o s s i b l e and would recomnend t h a t in the i n t e r e s t of increased and b e t t e r s e r v i c e the Board should look into t h i s matter with the view of seeing to i t t h a t due d i l i g e n c e is exercised by the t r a n s i t departments of the Federal Reserve Banks in the matter of check collections. X-1427 The following recomr.endation was cade by t h e Federal Advisory Council to t h e Federal Reserve Board; (Meeting of February 17 and 13,1919.) Topic 5,» I t is suggested t h a t the Federal Reserve Banks should r e c e i v e on deposit national-bank n o t e s and pay out i n place of them clean Federal Reserve n o t e s . Recommendation: The Council recommends t h a t t h e Federal Reserve Board, as a, n a t t e r of a d d i t i o n a l s e r v i c e t o member banks, request the Federal Reserve Banks t o receive on deposit f o r immediate c r e d i t from member banks national-bank notes u n f i t f o r c i r c u l a t i o n .
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