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fORM M 1 S C L . 14. 8-17 -1 0 M -B5 3 E FEDERAL RESERVE BANK OF DALLAS A p r il 2 6 , 1915. NUMBER. 1 7 . TO THE MEMBER BANK ADDRESSAD: For the p ast few days we have boon ch argin g a r a te o f 35$ per thousand ag ain st d r a ft s o f member banks on us which have been sent to C en tral R eserve and oth er Eastern c i t i e s to c r e a t e E astern exchange. In view o f th e la r g e amount o f t r a n s fe r s of t h is ch a ra cter and the d e b it balan ces o f Federal Reserve Banks in New Y ork, S t . Louis and Chicago p a r t ic u la r l y , running against us to the presen t extent o f upwards o f tw o and o n e -h a lf m illio n d o l l a r s , we w ish t o a d v ise th at we are now ch argin g a r a te o f 50^ p er thousand again st these t r a n s fe r d r a ft s . V/e wish to a d v is e , how ever, that we a re in the market t o buy New Y ork , Chicago and S t. Louis exchange to s e t t l e th ese d e b it balances against us and to m inim ise the shipment o f curren cy which in clu d e s g o ld c e r t i f i c a t e s , and s h a ll, t h e r e fo r e , f o r th e p r e s e n t , s u b je c t to change in r a te a ccord in g to c o n d itio n s WITHOUT FURTHER NOTICE, cred~ i t at the same r a t e , exhhange on New Y ork, Chicago and St* L ou is, which i s sent in to us by member banks t o r e s t o r e or m aintain t h e ir le g a l requ irem en ts. I t i s not our purpose t o make th ese tr a n s a c tio n s p r o f i t a b l e t o t h is bank, but to avoid lo s s to i t and p r o te c t i t s g o ld r e s e r v e . Y ours r e s p e c t f u l l y , LYNN Po TALLEY, C ashier This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
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