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X-3S39 FEDErAL RESERVE r.OAHD September STATEMENT FOil THE PTcESS. For Immediate Relea.se • The Federal Advisory Council toda.y concluded its third sta.tutory meeting for the year 1923 and repo.rted upon the Cla.iborne-Adams Check Collection Plan, as follows: "The Federal Advisory Council ha.ving heard Messrs. Cla.iborne and Adams in support of the socalled Cla.illorne-Adams check collecl;ion plan and the recent amendments thereto, is of the opinion tha.t the plan is unsound and, ther21fo:re, 'I.'IJ.Jcmimously recormmnds its rejection by the Federal Rese:rve Board. The Council con.::ut"s in the essential objections to the pJ.an as set forth in the :report of the .Advisory Com:ni ttee of GoYel'no:rs of the Federal Reserve :Oanks to the Federal Re ;;;erve Boa.rd da.ted August l, 1923· 11 The Council recommended sor.::le changes in Hegulat ion J, which is not yet in effect, the chief of Vlhich was that Federa.l Reserve Banks shall not receive on deposit checks on any nonmember bank which a.re. not collect:i.ble a.t pa.:r. The Council also opposed any cha:rge by Fede:ra.l :Reserve Il.a.nks for collecting checks d:raV'm on membe.t' banks even if endorsed by nonmember banks vvhich refuse to :remit a.t pa.r. lS, 1923
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