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MEMORANDUM FOR GOVERNORS t CONFERENCE.
The Federal Reserve Board is of the op~n1on that certain
voluntary services assumed by the Federal Reserve Banks for their
member banks should be discontinued,
The following list indicates
the items referred to and the annual cost to the Federal Reserve System
involved in each i tern except in i tern 11 1 11 , for which the figures
are not available;
(BASED ON JANUARY 1923 REPORTS)
1.
Shipping charges on currency and coin to
member and nonmember banks ................. .
2.
Securities held for safekeeping ..•..........
Figures
{not available)
$193,932
3· Currency- receiving and sorting •.....•.....
NOTE:
Part of this expense could perhaps
be eliminated by requiring member
and nonmember banks to make more
detailed sorts of currency deposited.
4. Non-cash collections- total •..•...........
1,260,552
(a) Administration ..................... ·.$ 55,596
(b) Non-cash city collections
....... ..... ' . 240,480
(c) Non-cash country colleations
"'
......... ' 545,976
(d) Coupon collections (except Gov' t) ..... 196,884
(e) Government coupons
5·
..
. . . .. .. ... , ...... 221,616
~
Transfers of funds •.•.................. · ·· ·
Total
March 28, 1923.
397,860
@FedFRASER