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X·l032
TOPICS FOR DISCUSSION AT CONFERENCE WITH GOVERNORS OF
FEDERAL RESERVE BANKS, JULY l, 1918 ..
1.
Curtaill:oont of credits
11.
Discount rates at Federal Reserve banks
(a) Method of extending "to each rcomber bank such discounts•
advancerr..ents and acC':llllilOdat.ions as nay be safely and
reasonably rrade wit~ duo r0gard for the claims and
derrands of other n:embe r bar.ks .. "
{b) Proposed differcntic'l.l abc•Jo official discount rate
to apply to of forings cf ;;:Ylu~~or banks in excess of
their required reserve ba:!.o.nco or ::r.ultiplcs thereof.
(e)
~amorandum
of Honorable
A~ Ca
(d) Letter of Honorable Charles
lll.
Miller.
s.
Hamlin.
Interest rates paid by member banks on bank balances and doposits.
(a) Discussion of r:r.ethod for st:lnd.ardizing rates and
preventing undue competit:i.on botween banks for deposits.
IV.
Indirect discounts for non-member banks.
(a) Effect of such accorr.rnodatioh through member banks upon
Federal Reserve banks and their membership. Should
limitations bo imposed upon such accommodations?
V,
Branches and Agoncios.
(a) Arc uniform by-laws for branchos desirable?
What considerations should govern in tho ostablishrrant
of branches?
Is it dosirab~o to establish agencies in local financial
or industrial centers whore branches are clearly
inexpedient?
VI.
Exchange rates.
{a) Is it expedient at this time to regulate charge-S'• which
~ay bo made by mombor banks on checks deposited with
them which are cleared through the Federal Reserve banks?
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VII.
Inter-district clearings.
(a)
Time allowances are basad at present upon time
in transit to each Federal Reserve bank 1 plus
additional time for actual collection of intradistrict items, transfers of actual collections
being rrade by wire. In order to protect Federal
Reserve banks from excessive float, exchange on
other districts is purchased by Federal Reserve banks
from member banks at a discount.
Is it f~sible or desirable to extend time allowance
so as to provide for rrail transfers between Federal
Reserve banks, thus enabling the Federal Reserve
banks to take oxchange from member banks at par and
involving a redistribution of the float among the
member banks and their customers?
VIII.
Federal Roserva Exchange drafts.
(a)
•,
To what extent are these instrurr~nts being used and
do banks which use them promptly advise Federal
Reserve banks of their drawings?
Should Federal Reservo exchange drafts, when properly
advised, be made instantaneously at any Federal
Reserve bank and cleared through the gold settlement
fund?
IX,
Bankers Acceptances.
(a)
X.
Fiscal Agency operations.
(a)
XI,
Discussion of plans for sale of current issues of
Treasury certificates and for redeposit and withdrawal of funds.
Negotiations with for0ign Governrrents involving shiprr~nts of gold
six rr.onths after the conclusion of the war.
('a)
XII.
Are they baing paid in actually collected funds on
day of maturity, or if not, is penalty of one dayfs
additional interest imposed where checks are
received payable the next day thrpugh the local
clearing house?
Plan for division of this liability among all Federal
Reserve banks in an equitable proportion.
Adjustm3nt of employes' salaries.
(a)
How best effectedj general discussion of salary
question with recOI!l:Ilendat·ions,
@FedFRASER