frsbog_mim_v05_toc.pdf

MIMEOGRAPH LETTERS AHD SEAffiMEMS

ISSUED BY

HB EEEERAL RESERVE BOARD

JMUART, 1916 - DECEMBER, 1917

(In four volumes)

VOL. I I I .

* THIS BOOK IS THE PROPERTY OF THE

FEDERAL RESERVE BOARD AND NOT TO BE

REMOVED FROM THE BOARD'S OFFICES,

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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XXV

Letter enclosed, Feb* 2, 1917, with abstract of Report of F. R. Bd., prepared for the Press#

Abstract for the Press of Third Animal Beport of F. a* Bd., sent to the Speaker of House of Rep., for year 1916*

Letter from Gov., F. R. Bd., Feb. 3, 1917, re matter of addressing chairmen of Boards of Directors and F. R. agents in o f f i c i a l . communications from o f f i c e of Sec. of Board.

Letter from Fiscal Agent, F. R. Bd., re matter of assessment for general expenses of Board by F. R. banks.

Letter from Gov., F. R. Bd., Bab. 5 , 1917, requesting F. R. batiks to place their orders for F. R. no te s .

Statement for the Press of message sent by Gov. Harding, F. R. Bd., to Horth Carolina State Convention of commercial secretaries# farm demonstrators, bankers, & other business men, at Gastonia, H. C., Feb. 5 t h . -8th .

Letter from Asst . Sec . , F. R. Bd., re post-ponement of transactions under Gold Settlement Ftind from Feb. 22nd., to Feb. 23rd., 1917.

Topics (Banking)

1 . The Batiks and the "Market" - The Chief Modern System of Banking.

2 . Organization of Banks & Division of the Field among Ins t i tu t ions .


XXVI S t e n c i l Page

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1012 Topics (Banking), continued. 3 . Maintenance of the l i q u i d Condition

of the Bank. 2002

4 . Bank Obligations and Beserve t Const i tuents - Deposits and Botes.— 2009

5 . Central v s . Dif fused Control of Barking - The Rela t ion of the Govt. to the Banks. 2013

6# Modes of Economizing Cash & Promoting Liquidat ion - The Clear ing System. 2022

7 . Commercial Paper - I t s Var ie t i e s and P e c u l i a r i t i e s . 2029

8 . Test ing the Condition of the Borrowers-His Business E l i g i b i l i t y . 2036

9* a . Bank Organization & Rela t ionship i n I n t e r n a t i o n a l Business . 2041

b . Classes of Paper i n I n t e r n a t i o n a l Trade. 2048

10. The Foreign Exchange Market - I t s Organization & Methods. 2052

11. In t e rna t iona l D i s t r i bu t i on of C a p i t a l . 2057

12. Bates & Competition f o r Cap i t a l . 2061

13# Honey Pr ices & Cred i t . 2065

14. Banking & I t s Rela t ion to Money & P r i c e s . 2071

15. Current Banking Problems of the United S t a t e s . 2076


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Memorandum for the Kress, Feb, 11, 1917, re e l ec t ion of %u 1# Saunders, as c l a s s "0* Director, P. Be back of He Y. 2080

Copy of Congressional Act, re gold deposits of Fe B« basks or P. Be agents, with Sec* of Treasury, for credit to account with F. H. Bd* 2081

l e t t e r of country banker i n Texas to Be L. Tan Zandt, Gov*, P. B. bank of Dallas* 2082

Circular l e t t e r from Gov* P. R« Bd*, Feb* 14, 1917, re s implifying of discount ra tes for P. B* batiks* 2083

Congressional Act, re taxes on checks of banks other than those operating under P. B* Act* 2084

Congressional Act, re holding of ?• B* notes , gold , gold certs* , money and e l i g i b l e co l la t era l security by P. B* agents and banks* 2085

A proposal plan of procedure to be adopted by P. Be Bd* in promoting matter of check col lect ion* 2086

Circular l e t t e r from Gov*, Fe Be Bd*, Feb. 16, 1917, re matter of r ight s of Fe Be banks a s to rediscounts and loans based, upon D. S* Govt* bonds or notes* 2089

Circular l e t t e r from Gov*, Fe Be Bd*, Febe 16, 1917, re matter of forged l e t t e r to a Fe Be bank, purporting to come from a member bank & requesting shipment of currency to an unknown; individual* 2092

Circular l e t t e r from Gov*, Fe B. B4», Feb* 17, 1917, to F. Be agents, re treatment of notes in sub treasuries as reserve or emergency supplies and not as current stock* 2095


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d ir . l e t t e r from Gov., P. R. Bd., Feb. 16, 1917, re extension of pr iv i l ege , by Treasurer of U. 5#, of transfers of funds to F. it. banks in subtreasury c i t i e s . 2096

Oir. l e t t e r from Asst . Sec . , F. B. Bd., re mailing copy of 3rd. annual report- of P. H. Board. 2097

Remarks of H. P. Wi l l i s , before Conn. Bankers* Association at Sew Haven, Conn., Feb. 21, 1917 . 2098

Trade Acceptance Form. 2123

Letter from Sec. , F. R. Bd., Feb. 21, 1917, re changes in bankers* acceptance rates in 1 . Y. 2124

Letter from Gov., F. R. Bd., Feb. 20, 1917, re purchases of warrants by F. E. banks# 2125

Letter from Gov., F. B. Bd., Feb. 21, 1917, re inadvisabi l i ty of conference in Washington, D. 0 . , in larch, 1917, of Govs. of F. R. bazlks. 2126

Letter from Gov., F. H. Bd., Feb. 21, 1917, re insurance carried by F. R. banks. 2127

Letter from Gov., F. R. Bd., Feb. 27, 1917, re code book for use between F. R. Bd. & F. R. banks, & between F. R. banks & their branches or agencies . 2128

Statement for the Press, released March 1 , 1917, re establishment,by F. R. bank of H. Y., of agency with Bank of France. 2129

Letter from Gov., F. R. Bd., re re lease by F. R. bank of S t . Louis, of Mr. 0 . H. Attebery, for temporary service i n o f f i c e Of F. R. Bd. 2130

X—18 Letter to 0. J . Bhoads, F. R. bank of Zh i la . , from Asst . Sec. , P. R. Bd., Ffcb. 28, 1917, re purchase of F. R. bonds by F. R. banks. 2131


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XKIX Bage

Letter from Sec. , P. R* M e , March 2, 1917, re changes in bankers* acceptance rates in H. Y. 2133

Letter from Gov., P. R. Bd.# Ma rch 3 , 1917, re bi-weekly statements of F. R. banks of aggregate amount of acceptances held and endorsement l i a b i l i t i e s thereon* 2134

Form of Statement of Acceptances enclosed with Letter X-£L. 2136

Amounts and precentages of to ta l paid-in-capital for each P. R. batik and pro-portionate bond conversion allotments on |15,000,000 bas i s , March 6 , 1917. 2138

Letter from GOT., P. R. bank, re method of delivery of money to P. R. agents. 2139

Letter from Gov., P. R. Bd., March 8 , 1917, re custody of gold, notes , and secur i t i e s held by F. R. agents. 2141

Tentative proposal submitted by P. R. Bd., March 9 , 1917, for consideration of banks, bankers, and banking ass*ns. ; merchants, mfgrs. , and a s s ' n s . of mfgrs.; & of auditors, accountants, and ass*ns. of accountants. 2143

Letter from Gov., P. R. Bd., March 8 , 1917, enclosing statement of bond, conversion allotments. 2176

Haematics of H. P. Wi l l i s , at Conference of national Association of Credit Men a t Hew York, larch 9 , 1917. 2177

X-36 Statement for Press, released March 9 , 1917, re P. Re Board's att i tude re foreign loans . 2192


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X-39 d ir . l e t t e r from Asst . Sec. , P. R. Bd., March 10, 1917, re report of member banks accommodated* Enc. Form 40. 2193

X-4d Cir* l e t t e r from Asst . Sec. , F. R. Bd., March 10, 1917, re copy for business conditions for use In F. H. Bulletin* 2194

X-42 Cir* l e t t e r from Gov*, P. R. Bd*, March 13, 1917, enc. copy of resolution re use of F. R. notes in subtreasuries; a lso re necess i ty of not preserving exact sequence of serial numbers. 2195

X-43 Cir. l e t t e r from Gov., F. R. Bd., March 13, 1917, re approved discount rates . 2196

X—44 Cir. l e t t e r from Gov., F. R. Bd., March 13, 1917, requesting bl—monthly statements re acceptances held by F. R. banks. 2198

X—45 Memo, prepared by banker of 40 y r s . experience & submitted to a memberof F. R. Bd. -"Why the Rigid l ine i s the Maintenance of Reserves'1. 2199

X-50 Cir. l e t t e r from Sec. , F. R. Bd*, %rch 19, 1917, enclosing copy of l e t t e r to Board from B. R. Newton, Asst. Sec. of Treasury. 2206

2r52 Cir. l e t t e r from Gov., F. R. Bd., March 21, 1917, re use of "Public Vouchers'* issued by War Dept., for debts contracted by the Dept., as co l lateral security for member banks* 2207

X-53 Cir. l e t t e r from Gov., F. R. Bd., %rch 21, 1917, re excessive withdrawal of deposits from savings banks and savings departments of commercial banks* 2208


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Cir. l e t t e r from Fiscal Agent, March. 23, 1917, enclosing copy of l e t t e r from B. R. Hewton, Asst . Sec* of Treasury, re cost of preparing F. R. notes for Feb., 1917. 2309

Cir. l e t t e r of Gov., P. R. Bd., March 27, 1917, re delivery of F, R. notes t© F. He agents and receipts for same. 2230

Cir. l e t t e r from Gov*, F. R. Bd., March 30, 1917, r e f . to c ircular l e t t e r X-S2, of March 21s t . , to Govs., F. R. bks*, & en-closing l e t t e r from Quartermaster Gen., dated March 19, 1917. 2211

Copy of l e t t e r from Quartermaster Gen*, dated March 19, 1917, re vouchers which War Dept. I s unable to pay unt i l receipt of further funds from Congress* 2212

l e t t e r from Gen* Agent., Wells Fargo & Co* Express, to Eon* iin. G* Mo Adoo,dated March 34, 1917, re shipment of "Mutilated or Out Unfit Currency"* 2213

Further communication from Gov., F. R. Bd., March 31, 1917, re use of unpaid Govt. vouchers as bankable securi ty . 2214

Federal Reserve Primer, prepared by F. A* Delano for crit ic ism, Apr. 4 , 1917. 2215

Federal Reserve Primer, Apr. 10, 1917. 2221

Congressional b i l l , re annual tax on checks paid by banks and collected through, other banks, neither bank operating under 3?. B. Act. 2228

X-69-A Synopsis of address by Hon* Paul M» Warburg, before Commercial Club of Chicago, Apr. 7 , 1917, released for morning papers, Apr. 8, 1917. 2229


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Synopsis of address by Hon. P. II. Warburg, before Oommercial Club, Chicago, April 7 1917, released for morning papers, Apr.

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d i r . l e t t e r from Gov., P. R. Bd., April 4 , 1917, re n o t i f i c a t i o n of Board of clearing operations by P. R. banks. 2249

Gir. l e t t e r from Asst . Sec*, F. E. Bd., Apr.5, 1917, re report to P. R. Bd. on u n f i t F. R. notes* 2250

Gir. l e t t e r , April 6, 1917, from Sec. , P. R. Bd., with copy of computation made by S t a t i s t i c a l Dir . , showing maximum note i ssue & gold lending powers of P. R. banks at c lose of business, March 23, 1917* 2251

Letter from Gov., ff. R. Bd., Apr. 9 , 1917, enclosing (I) Form 341, for weekly telegraphic statements, & (2) Exhibit indicating method used by Board? 6 S t a t i s t i c a l Div. in building up the several items of i t s weekly statement# 2252

Fbzrn 341, mentioned above. 2253

Exhibit, mentioned above. 2254

l e t t e r , Apr. 9 , 1917, from Sec . , P. R. Bd., re reports of business conditions for copy in Bul let in for m y , 1917* 2255

Gir. l e t t e r , April 10, 1917, re encouraging enthusiasm, among member banks of Reserve System, & enclosing primer to aid in same* 2256

Gir. l e t t e r from Sec . , P. R. Bd., Apr. 10, 1917, requesting information from banks as to acceptances purchased. 2257

Gir* l e t t e r from Gov., P. R. Bd., April 12, 1917, re col lect ion,by P. R. banks, of notes or b i l l s for their P. R. agents. 2258

Gir. l e t t e r , April 12, 1917, from Sec. , P. R. Bd., re mi scons t ruction by a P. R. agent of words "brighten up* used in l e t t e r of April 9 , from Board, requesting monthly report of business conditions. 2259


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Letter from 3. R. Newton, Asst . Sec# of Treasury, to Gov*, P. R. Bd., with copy of account of Bureau of Engraving & Printing for preparing F. R. notes during March, 1917* 2260

Oir. l e t t e r from Asst . Sec . , F. R. Bd., Apr. 17, 1917, enc. copies of revised Foim 381, for monthly reports re amounts of F. R. notes exchanged with other F. R. banks* 2262

Letter from Gov., F. R. Bd., April 18, 1917, to Govs., P. R. batiks, re conversion of sj? bonds held, and 7$ bonds to be acquired, by F. R. banks, into bonds paying higher rate of interest* 2263

Trade Acceptance Form. 2266

Federal Reserve draf ts , - exchange & transfer. 2266

Specimen form of advice re F. R. transfer draf ts , sent by drawing bank to i t s F. R. bank. 2270-a

Dup. form of advice, X-93, for forwarding to P. R. bank at which drafts are made payable. 2270

Specimen fora of advice re F. R. exchange dra f t s . 2271

telegraphic form of advice from one F. R. bank to another, re va l id i ty of F. R. transfer draf ts drawn by member banks of f i r s t F* R. bank. 2269

Gir. l e t t e r from Sec . , F. R. Bd., April 20, 1917, requesting immediate advice of receipt of applications for membership in F. R. System. 2274

Oir. l e t t e r , Apr. 20, 1917, from Gov., F. R. Bd., re advisabi l i ty of investments by banks in U. 3 . Treasury Certs, of indebtedness having short maturity & receivable in payment of subscriptions to U. S. bonds. 2275


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X-99 Cir* l e t t e r from Gov., F. R. Bd., re auditing of Gold Settlement Ftind, & suggesting sealed package plan. 2276

X-101 Press Statement, Apr. 21, 1917, re matter of payments for new issue of c e r t s , of Indebtedness under war financing Act . 2277

X-102 Oir* l e t t e r from Gov., F* R. Bd., April 25, 1917, re plan of Btederal Be serve Exchange

formulated by Gom. on Clearings of F. R. 3d. 2278

5-103 Press Statement, re copy for ser ie s of advertisements sent by F. B. banks to the ir member banks. 2279

X-105 Cir. l e t t e r from Sec. , F. B. M . , April 25, 1917, re forwarding, under separate cover, copies of reprint of "Regulation IP* of "Circulars & Regulations of F. H. Bd., Series of 1916™, together with proposed amendts* to sect ion 9 of F. B. Act, attached thereto. 2280

X-106 Letter from Gov., F. R. Bd., April 26, 1917, enc. copy of statement of acceptors* & endorsers* l i a b i l i t i e s on bankers* acceptances. 2281

5-107 Oir. l e t t e r from Gov., F. B. Bd., April 26, 1917, re rul ing of Comptroller of Currency, re national bank examiners* b i l l s . 2283

X-1G8 Cir. l e t t e r from Gov., F. E. Bd., Apr. 26, 1917, cautioning F. R. banks against revealing information re names o f , and amounts subscribed by, subscribers for Treasury c e r t s . & war loan bonds. 2284

X-109 Cir* l e t t e r from Gov., F. R. Bd., Apr. 26, 1917, enclosing copies of tentat ive proposal re uniform methods of accounting for merchandising or manufacturing caneerns*-Reprint from F. R. Bul let in of i p r i l , 1917. 2285


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X-109-& Letter from Gov*, P. R. M . , April 27, 1917, in substance same as X-1Q9. 2286

X - l l l Glr. l e t t e r from Sec . , F. R. Bd., Apr. 27, 1917, re date of receipt by Board of l i s t s of changes i n par l i s t - a lso l a s t date of acceptance of telegraphic changes# 2287

X-112 Press Statement, released Apr. 29, 1917, re establishment of branches of F* R. bk. of San Francisco, in Portland, Seat t l e , & Spokane. 2288

X-113 Letter from Sec*, F. R. Bd., re manner of cancel lat ion of u n f i t half notes by F« E. bks. - Criticism of Hon. 0. T. Crosby, Asst . Sec. treasury, re same* 2289

S-115 Suggested plan of Counsel, F. R. Bd., for deposit & disbursement of funds derived from sa le of D. S. bonds and c e r t s , of indebtedness, used for purchase of foreign, s ecur i t i e s , & to be disbursed by foreign Govts, in U« S. 2291

X-117 B i l l to amend F. R. Act - Banking Corporations Authorized to do Foreign Banking Business# 2295

X-118 Cir. l e t t e r from Sec . , F. R. Bd., enclosing form l e t t e r for not i fy ing Board of purchase of acceptances by F. R. bank for account of another F. R. bank. 2306

$•119 Cir. l e t t e r from Sec . , P. R. Bd., l a y 2, 1917, enclosing copies of Foim 50, for use i n reporting monthly c learing operations;-also n o t i f i c a t i o n that weekly data of clearing operations may be discontinued. 2307


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XXX7I

Copy of Form 50 for monthly report o f c lear ing operations* 2308

l e t t e r from Counsel, F. R* Bd*, re question as to whether the g iv ing of a note or acceptance f o r a debt discharges sa id debt. - Decis ion by TJ. S . Supreme Coftrt o i t ed in negat ive , un less by express agreement to contrary* 2309

Cir . l e t t e r from Sec . , F* K. Bd*, enc . rev i sed Forms f o r weekly recommendation as to discount rates* 2311

l e t t e r from Sec*, F. B. Bd*, enc . c e r t i f i e d extract from mimites of Board meeting he ld Bay 2,1917. 2312

Cert, ex trac t from mlnatea of meeting of Board, Vkxy 2 , 1917, re powers of F* R* banks ac t ing as Fiscal Agents for U. 3 . Govt*, re forei^ai Govt* credi t s* 2313

Cir* l e t t e r from Gov*, P. R* Bd*, May 3 , 1917, enc* copy of l e t t e r from Chief 01 eric, Treasury Dept. , dated May 3 , 1917* 2315

l e t t e r from Chief 01 eric, t reasury Sept*, May 3* 1917, to W. P* G* Harding, Gov ^ F. R* Bd., re charging to account of Treasury Dept. telegrams sent by F. B, bits, in connection with forthcoming bond issue* 2316

Copy Bankers' & Brokers* Pol icy from Lloyd's , London - "In & Out ' f om* 2317

Cir* l e t t e r from Com*, P. R. Bd., re surety & f i d e l i t y bonds held by P. R. bks* & recom-mending Lloyd* s Bankers* & Brokers* "In & Out" Form* 2320

X-126-b Memorandum, re above* 2322


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X-128 State Bank Membership - Preliminary Invest igat ions, 2324

X-128-a State Bank Membership - General Information Desired* 2386

36-129 Clr. l e t t e r from Gov., F. &. Bd*, ISay 8 , 1917, re farther advice re deposits made by national banks on aoot . of assessments for expensse of examinations. 2328

X-130 Letter from Gov., P. fi. Bd., May 8 , 1917, re matter of F. H. bks* using Govt, frank on correspondence re f l o t a t i o n of Liberty Loan. 2329

X—132 Letter from Gov., P. B. Bd., May 10, 1917, re communication from Counselor of State Dept. re des irab i l i ty of guarding against transfers of banking cred i t s to neutral countries for a c c t . of a l i e n enemies: a l so against use of domestic credi ts for similar purposes. 2330

3-134 Cir. l e t t e r from Sec*, F. H. Bd., May 11, 1917, to P. &. agents re pos i t ion taken by them re sealed packages of certs , i n audit of Gold Settlement Fund. 2333

X—135 Cir. l e t t e r from Gov., F. a . Bd., May 11, 1917, re matter of charging to ac&t. of Treasury Dept. telegraphic messages re lat ing to bond issue sent "col lect" by other banks to F. H. banks. 2334

X-137 Cir. l e t t e r from Gov*, F. R. Bd., May 12, 1917, re postponement, from ISay 21s t . to Jane 1 s t . , of uniform plan for issue of F. fi. exchange d r a f t s . 2336


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X-138 Status of resident a l i ens who are subjects or c i t i z e n s of nations at war with the U. S. 2337

X-139 Be suit ant dangers of Bar&wick Amendt. to P. 11. Act. 2354

X-140 l e t t e r from Vice Gov., F. H. l a y 14, 1917, re a c t i v i t y of banks as f i s c a l agents for Govt, in loan transactions. 2360

X-142 Remarks of H. P. Wi l l i s , before Hat* Association of Manufacturers, IT. I . , May 16, 1917 . 2361

X-143 Letter from Sec . , F. E. Bd., May 15, 1917, re copy for report of business conditions in July "Bulletin". 2378

X-144 Cir. l e t t e r from Sec . , F. E. Bd., May 15, 1917, requesting home address of for use i n emergency. 2379

X-145 Letter from Sec . , F. it. Bd., May 15, 1917, enc. copy of l e t t e r from Judge Advocate Gen., and Bul le t in of Information accompanying same. 2380

X-145-8. Copy of Bullet in of Information, Concerning Begistration & Conscription under So-Galled Draft Act. 2381

X-145-b Letter from E. H. Growder, Judge Advocate Gen., May 12, 1917 . 2383

X-146 Letter from Vice Gov., F. a . Bd., May 15, 1916, re underslrabi l i ty of using machines for counting gold co in . 2384

X—149 Deposits of Govt, funds real ized from sale of U. S. bonds & c e r t s , of deposit under authority of Act approved April 24, 1917. 2386


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X-150 Liberty Loan Conference, May 17, 191?• -Meeting of Reps. of F. R. Bank Cammlttees.-Suggested Topics for Discussion* 2395

X-151 Form "A" - Liberty Loan. 2399

X-152 Form "B" - Liberty Loan# 2400

X-153 Cert, of Approval of Fiscal Agent; & Gert. of Custodian. 2402

X-154 Instructions. 2403

X-157 Cir. l e t t e r from Sec . , F. R. 3d. , May 18, 1917, re matter of assuring uniform ac-counts and statements,on Form 34, of F. R. bk. draf ts , F. R. exchange dra f t s , & F. R. reserve transfers so ld . 2404

2-158 Letter from Sec . , F. R. Bd., May 18, 1917, requesting reports by F. R. bks. on schedules 3-2, re gross amounts of U. S . 3$ c e r t s , purchased# amts. of c e r t s . immediately sold; amts. carried to earning as-se t s ; & amts. sold a f t e r inclusion among earning a s s e t s . 2407

X-159 Cir. l e t t e r from Sec. , F. R. Bd., May 18, 1917, re sending to F. R. agents information as to important matters now pending i n Congress & at Treasury Dept., i n which F. R. bks. are d irect ly interested* 2408

X-161 Cir. l e t t e r from Sec . , F. R. Bd., May 19, 1917, re report, on Form 34, of additional expenses in connection with Liberty Loan. 2409

X—162 Cir. l e t t e r from Vice Gov., F. R. Bd., May 21, 1917, ca l l ing at tent ion to neglect of several F. R. bks. to submit weekly reports of prevai l ing discount ra te s . 2410


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Gir. l e t t e r from See. , P. R. Bd., May 21, 1917, eno. copy of B i l l amending P. R. Act, containing Hardwick Amendti., also eno. statements from Treasury Dept., re Liberty Loan.

Letter from Sec . , P. R. Bd., May 22, 1917, advising of postponement of meeting of Conference Committee in charge of B i l l amending P. R. Act. Enclosures.

Letter from Vice Gov., P. R. Bd., May 22, 1917, eno. suggestions by Treasury Dept. for circular l e t t e r for transmittal to a l l member bks.

Suggested Pom of circular l e t t e r mentioned in 36-167.

Letter from Vice Gov., P. R. Bd., May 22, 1917, re successful f l o t a t i o n of Liberty Loan through, agency of P. R. bks.

Letter from See . , P. R. Bd., May 23, 1917, re reaching of agreement, of date , of Conference Committee of Senate & House of Sep. , having in charge B i l l to amend P. R. Act.

Statement from Asst . Sec. , Treasury Dept., May 19, 1917, of account of Bureau of Engraving & Printing for preparing P. R. notes in Apri l , 1917. Referred to Auditor for Treasury Dept. for sett lement.

Letter from Seo. , May 24, 1917, re unexpected delay in presentation to Congress, by Conference Committee, of i t s report on amendments to P. R. Act. Also re matter of establishment, by P. R. bk. of Richmond, 7a . , of branch in Baltimore.

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State Bank Applications - .Procedure; with Pom 84 (Stenci l 310), and suggested form of l e t t e r or cert* to be signed by State Bank* Supervisor (Stenci l 289),attached* 2423

State Bank Membership - Information re same* 2428

Cir* l e t t e r , Sec . , P. R. Bd., May 25, 1917, not i fy ing of unchanged status of l e g i s l a t i o n amending F. 11. Act. Also statements from Treasury Dept. re Liberty Loan enc. 2431

Cir. l e t t e r from Sec . , P. R. Bd., May 27, 1917, enc. statements from Comptroller of Currency & Treasury Dept. re placing of Liberty Loan. 2432

P. R. Banks as Fiscal Agents of U. 3 . - Indexed Circular of Instructions. 2433

Letter from Gov*, P. R. Bd., May 28, 1917, re i ssuing by II. Y* & Chicago P. R. bks. of 4pl0 cer t s , of i n t . in Liberty Loan. 2451

Letter from Sec . , enc. copies of statements issued by Treasury Dept. re Liberty Loan, 2453

Letter from Sec. , P. R. Bd. , May 29, 1917, requesting monthly report by auditors of P. R. bks. Specimen form enclosed. 2454

Porm - Monthly Report of Proofs & Ver i f i ca-t ions by the Audit Dept., Federal Reserve Bank of * 2455

Letter from Gov., P. a . Bd., May 29, 1917, ire matter of equi l i z ing the d i s tr ibut ion of banking funds. 2458

Memorandum. 2460 A. Rediscounts between Pederal Reserve

Banks. gA&Q

B. Avai labi l i ty of rediscounts between Pederal Reserve Banks as co l la t era l security for the issue of Pederal notes . 2461


XL! I Stenci l Bag0

Eo#

X-185-a Form A# Power of Attorney given F. E. agent of one "bank by F* R. agent of another# 3463

X-185-1* Form B. Form of l e t t e r to be forwarded by a F. R. agent act ing as attorney for another F. R. agent. 2464

X-185-c 5bim C# Form of l e t t e r to be forwarded, by a F. R« agent receiving notes , d r a f t s , & b i l l s of exchange for account of a purchasing F. R. bank other than h i s ovm» 2465

X—185~d Foim Le Form of resolution by F. R. batik, B, authorizing F. R. agent of bank,A, to act as custodian of paper which bank B purchases from batik A» 3466

X-186 Oire l e t t e r from Asst . Sece, F. Re Bde, May 31, 1917, enclosing copies of revised fora of procedure in handling State bank appl icat ions , and copies of memorandum requesting general information desired furnished by applying bks. 2467

X-188 Letter from Gov., F. B. Bd., Jane 1, 1917, to employees on Staff of F. S . Bd#, re purchase of Liberty Bonds# 2468

X-189 Oire l e t t e r of Gov., P. II. Bd., Jane 1, 1917, re accounting of a c t i v i t i e s of F. R. banks as Fiscal Agents for Govt. Fora enclosed# 2469

X-189-a Form for Fiscal Agent accounts, re Liberty Loan Bonds. 2470

X-292 Remarks of H. P. Wi l l i s , before Pa. Bankers* Association, Jane 1, 1917# 2474

X-194 Letter from Sec. , F. R. Bd., Jane, 1917, enc# changes suggested by an o f f i c e r of a F# R. bank in fora of par l i s t to bs issued July 1 , 1917. Copy of specimen fora attached# 2493


Stenci l

BO.

X-195

X-197

X—300

X—201

X-203

X-204

X—205

X-206

m n Page

Press statement, JUne 6 , 1917, re t r ip of 117. P. G. Harding, Gov*, P. R. Bd., in behalf of Liberty Loan* 2496

Cir. l e t t e r from Sec. , P. R. Bd*, Jane 8 , 1917, re further delay in report on amendts* to P» R« Act* 2497

Cir* l e t t e r from Gov*, P. R. Bd*, Jane 9 , 1917, re matter of member batiks re -discounting for non-member batiks in matter of Liberty Loan bonds* 2498

Cir* l e t t e r from Sec*, P* R. Bd*, enc* copy of Conference report on amendts* to P. R* Act, & statements by Treasury Dept. re Liberty Loan. 2499

Letter from Asst* Sec . , Treasury Dept. , June 8 , 1917, end* statement of Bureau of Engraving & Printing for preparing P. R. notes in May, 1917* Referred to Auditor of Treasury Dept. for settlement* 2600

Cir* l e t t e r from Sec . , P. R* Bd*, June 12* 1917, not i fy ing of debate in House of Rep., on B i l l amending P. R. Act. Also enclosing statements issued by Treasury Dept. re Liberty Loan. 2503

Letter from Sec. , P. R. Bd*, Otane 13, 1917, re subst i tut ion for part of Poiro 34, re Fiscal Agent account, of a new form, (Pom PI3C 101)for use in a l l transactions re Liberty Loan* 2604

Letter-from Sec. , P. R* Bd., Jane 13, 1917, enc. statements issued by Treasury Dept* re Liberty Loan* 2505


XLIV Stenci l

So.

X-207 Circular Form - Liberty Loan Discount Bates. 2506

2r»2Q9 Clr. l e t t e r from Sec. , F. It. M . , June 14, 1917, re adoption,by House of Sep . ,o f Conference report on B i l l amending F. R. Act. Enclosures. 250?

X—212 Letter from Gov., F. R. Bd., June IB, 1917, re preferred modus operandi in matter of rediscount operations between F. R. bks. 2508

X.-213 Letter from Sec . , F. R. Bd., June 15, 1917, enc. copy of decision of Supreme Court of U« 3 . in case of Bank v s . Bellows; a l so statements issued by Treasury Dept. re Liberty Loan* 2511

X-215 Letter from Sec. , F. R. Bd., June 16, 1917, requesting information re matter of trade acceptances. 2512

36-216 Remarks of H. P. Wi l l i s , before American Inst i tute of Banking, at Toledo, Ohio, June 18, 1917. 2513

Zr217 An analys is of the subject of an exchange charge on checks, by F. A, Delano, Jane 16, 1917. 2530

&»221 Cir. l e t t e r from Sec . , F. R. Bd., enc . , under separate cover, supply of Forms 58 & 59, blank c e r t s , of increase and decrease of capi ta l stock, & exhibi ts A & B, together with instructions re same# 2544

S»223-e Letter from Fiscal Agent, F. R. Bd., June 19, 1917, enc. copy of resolution adopted by F. R. Bd., levying assessment against F. R. bks. for defraying expenses of F. R. Bd. from July 1 to Dec. 31, 1917, not including cost of engraving and printing of F. R. notes . Statement a lso enclosed showing bas is upon Tshich assessment i s l ev i ed . 2545


Stem 11

Ho.

X—223

X-223-a

X-223-b

X—226

3-227

X-E30

X-233

£•236

2LV Page

Statement showing basis upon which assessment i s levied* 2546

Estimate for July, 1917, assessment# 2547

Copy of resolution, adopted by P. R* Bd., June 19, 1917, levying assessment against F. R. bks. for defraying general expenses of P. R. Bd. 2548

Letter from Gov., F. R. Bd., June 20, 1917, s ta t ing passage by Senate of Conference Report on F. R. Act imendts., the same now awaiting President's signature. Also instructions enclosed showing method for adoption by Board i n publishing weekly statement a f t e r new Act becomes a law. 2549

Confidential l e t t e r from P. M. Warburg, Vice Gov., F. R. Bd., to Gov., F. R. bk . , 5 . Y.,June 7 , 1917, re matter of holding, by Bank of England, $50,000,000 in gold for F. R. bk. of B. Y. 2551

Letter from Gov., F. R. Bd., Jane 22, 1917, reporting approval by the President of B i l l passed by Congress amending F. R. Act; a l so ca l l ing attention to Section 10 of the Act which amends Section 19 of F. R. Act, and remarks re same* 2554

,FvTar Finance And Die Federal Reserve Banks'*-Address of Mr. A. C. Mil ler before the Joint Conference of the Western Economic Society & the Chicago City Club, June 22,1917. 2557

Letter from Gov., F. R. Bd., June 28, 1917, enc. recommendations made by Board's Clearing Committee for adoption by F. R. banks* a l so n o t i f i c a t i o n of F. R. bks. of changes i n Board's c irculars and regulations to conform with changes in amended F. R. Act. 2564


Stenc i l

Ho.

X-240

X—243

X-245

>•846

X-2A7

5-248

X-252

2-254

XLVI

Letter from Sec . , F. R. Bd., June 27, 1917, requesting l e s s de ta i l ed reports from P. R. banks re business conditions# 2567

Letter from Asst . Seo. , ?• R. Bd., June 28, 1917, enc . c ircular , issued by Acting Sec* of Treasury, covering procedure, on part of Treasurer of U. S . , re Gold Settlement Fund account of P. R. Bd* 2568

Copy of reso lut ion adopted by P. R. Bd#, June 21, 1917, and forwarded to F. R. banks, re sa le of U. 3 . bonds o f fered by member batiks f o r quarter ending June 30, 1917. 2569

Letter of Sec . , F. 3* Bd., June 28, 1917, forwarded with copy of re so lu t ion adopted by Board, June 2 1 s t . (See 2-245} 2570

Letter from. Gov., F. R. Bd., June 29, 1917, re abol i sh ing of o f f i c e of deputy F. R. agent and appointment, by F. R. agent , of one or more bonded a s s i s t a n t s . 2571

Letter from Gov., F. R. Bd., June 29 , 1917, enc . draf t of by-laws for branches of F. R. banks, based upon by-laws agreed upon between F. R. Bd. and F. R. bank of San Francisco for establishment of branches in that d i s t r i c t . 2572

Form of bond to be executed by a s s i s t a n t F. R. agent . 2573

Report of executive committee, a c t i n g a s committee on committees. 2574


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