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Circular No. 9. Series of 1918 OFFICERS DIR EC TOR S R . L . VAN ZA N D T. Go v er n o r J. V/. H O O P E S, De p u t y G o v e r n o r LY N N P. TA LL EY , C a s h ie r SAM R. LA W D ER . A s s is t a n t C a s h ie r R. R. G IL B E R T . A s s is t a n t C a s h ie r R- B. CO LEM A N, A c t in g A s s is t a n t C a s h ie r F ederal Reserve Bank OF DALLAS W . F. RA M SEY , C h a ir m a n a n d Fed er a l R ese r v e Agent W . B. N E W SO M E , . DEPUTY C h a ir m a n J . J . C U L B E R T SO N . . . PARIS. TEXAS FR A N K K E LL . . WICHITA FALLS, TEXAS B . A . M C K IN N E Y , . . DURANT, OKLA. M A RION SA NSO M , . FT. WORTH, TEXAS JN O . T . SCO TT, . . H o u s t o n . T e x a s E . K. SM IT H , . . . S h r e v e p o r t , L a . H . O. W O O T E N , . . A b il e n e , T e x a s C H A R LES C. H A LL , ASSISTANT F ed er a l Re se r v e Ag en t W . C. W E IS S .........................................A u d it o r February 27, 1918. OUR METHOD OF IMPARTING USEFUL INFORMATION TO M E M B E R BANKS TO T H E M EM BER BANK A D D R E S S E D : The enactm ent of the Federal Reserve Act, and its subsequent application throughout the country, has, of necessity, entailed m any changes in the m ethods of banking followed under the old National Banking Act. Many of its provisions, being entirely new in principle, require careful study in order that the transactions arising therefrom between the m ember banks and their custom ers, and, in turn, between the member banks and the Federal Reserve Bank, be handled properly and w ith a minimum of effort. It is with a desire to assist our m embers to this end that we offer, from time to time, by means of circulars addressed to the entire mem bership, suggestions concerning the proper course of pro cedure in specific cases, which are the result of very careful study of the situation, both from the standpoint of the m em ber and of the Federal Reserve Bank. In no sense do we presum e to dictate to or interfere with a m ember bank in the conduct of its general clerical routine, but at the same time we feel th at in many instances we are in a position to indicate the essential points to be considered, as far as the transaction involves the m em ber’s relation to the Federal Reserve Bank, and uniform ity is im perative to get the best results at a minimum of expense. The routine m ethods of the Federal Reserve System apply to all member hanks alike, and the standardization of any one detail of that routine which effects a saving of time or labor results in equal benefit to all. W e endeavor to treat each phase of this Bank’s activities, as considered in or circulars, as briefly and in as simple language as is consistent with the subject m atter involved. Such suggestions as are made are based upon our actual experience, and are subm itted solely in a spirit of constructive helpfulness. It is very essential, therefore, that a practice should be made of carefully reading and preserving the circulars as they are received. Each one bears a consecutive number, is dated, and indicates clearly the subject considered. To insure their delivery we now address a copy to each of two active officers of each m ember bank and a copy to the bank itself. By using a binder or some other m ethod of perm anent preservation, and filing these com m unications in the date and num ber order received, a standard and authoritative source of inform ation will be provided for ready reference. W hile we are glad to answ er inquiries from our members, it should he borne in mind that the constantly increasing volume of our daily mail often delays the answ ers to letters until dissatisfac tion w ith our service may be created. Not only can this be largely avoided, but much of this corre spondence can be entirely elim inated by establishing such a file, and invariably referring to its con tents before w riting us. Exactly the same inform ation is at your disposal, if this is done, as could be furnished by us in a special letter. Some responsible mem ber of your organization m ight assume the duty of reading and preserving the circulars for further reference, and, by filing them as sug gested, readily detect any m issing num bers, which could be secured w ithout delay from us. It will be understood that every transaction which is not handled in the uniform m anner provided causes delay and confusion, both to our m em bers and to ourselves, and a clearer understanding of the principles embodied in our several circulars, gained by careful and thoughtful study, will result in a uniform ity and sm oothness in the details of our relationship which will insure a truer realization of the strength, scope and adaptability of the Federal Reserve System and a fuller enjoym ent of its facilities. Respectfully, Governor. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
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