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FEDERAL RESERVE BANK OF CHICAGO DISTRICT No. 7 Chicago, November 13th, 1914. TO THE MEMBER BANKS OF DISTRICT NUMBER SEVEN: This bank will open for business on November 16th, to perform the following functions:-Deposits of reserves from member banks will be received and due acknowledgment will appear in your statements of account which will go forward at close of the first day's business. Thereafter daily statements will be rendered, provided there are any transactions in your account. We will receive for credit checks drawn by member banks on the Federal Reserve Bank of Chicago or on any member bank in the Reserve or Central Reserve cities within this district. (Please note that this does not include checks drawn by individuals, firms or corporations.) Re-discounting. We will be in readiness to re-discount commercial paper as defined by the Federal Reserve Board at Washington. In this connection you are respectfully requested to read and carefully consider circular letters bearing date of November 10th, 1914, issued by the Federal Reserve Board, being regulations numbered 2, 3, 4 , 5 and 6; also circular number 13, all of which will be mailed to you today under separate cover. You will be notified of the rate of discount when the same has been determined. Attention is directed particularly to the requirements of regulation number 3, calling for a written statement of an officer to the effect that all provisions of the Act and requirements of the Federal Reserve Board have been fully complied with. Our ability to re-discount will of necessity be limited to some extent until the new Federal Reserve notes are made fully available. Several days in advance of maturity all re-discounted paper will be returned for collection to the member bank from which it was received and charged to its account at maturity. The foregoing is intended to indicate the scope of our activities at the outset. Other functions will be inaugurated from time to time with respect to which you will receive due advice. It is the hope and expectation of our Directors that we will, in the near future, be fully equipped to perform all authorized functions. An advice has been received from the Secretary of the Treasury stating that the Comptroller of the Currency will send you direct from his office forms indicating how reserve calculations are to be made. The Directors and Officials of this bank assure you of their desire to co-operate with member banks to the fullest extent in order that you will receive prompt and efficient service in all your transactions with this institution. 1 Bulletin No. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Very respectfully, JAMES B . McDOUGAL 10 Governor.
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