The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
ClK< ILAR NO. 53. FEDERAL RESERVE BANK OF N E W YORK N E W YORK, October 26, 1916. T o THE C A S H I E R : SIR: You are respectfully advised t h a t the next instalment of reserves will be payable to the Federal Reserve Bank of New York on November 16, 1916. Thereafter member banks are required by law to e a r n ' reserves with this bank as follows: Banks located elsewhere than in central reserve and reserve cities five per centum of their demand deposits, plus five-twelfths of five per centum of their time deposits as defined by the Federal Reserve Board in Regulation D , Series of 1916. Banks located in reserve cities six per centum of their demand deposits plus sixfifteenths of five per centum of their time deposits as defined by the Federal Reserve Board in Regulation D, Series of 1916. All reserves should be calculated in conformity with the method prescribed by the Comptroller of the Currency. Reserves may be established by deposits of lawful money, Federal reserve notes or checks drawn upon member banks. This bank will also receive as reserves eligible paper as described in Regulation A series of 1916 of the Federal Reserve Board, and our circular letters Nos. 25 and 30 dated June 19, 1915, and July 24, 1915, respectively, to an amount not exceeding one-half of the instalment. Member banks are requested to assume the expense of coin or currency shipments. For your convenience in transmitting your instalment of reserves, we enclose herewith form letter and blanks for discount application. Respectfully, ROBERT H. TRKMAN, Deputy Governor , 1916 T o T H E F E D E R A L R E S E R V E B A N K OF N E W Y O R K , New York, N. Y. DEAR SIRS: In accordance with your Circular No. 53, we hand you herewith: Gold Coin $ Gold Certificates $ Silver Certificates $ Legal Tender Notes $ Federal Reserve Notes $ Checks on Member Banks $ Bills or notes offered for Discount $ TOTAL $ which please place to the credit of our account under advice. Yours very truly, by Cashier. CALCULATION OF T H E LAWFUL M O N E Y RESERVE OF NATIONAL LOCATED E L S E W H E R E T H A N IN RESERVE A N D CENTRAL RESERVE I•a CITIES. 1. Due to Approved Reserve Agents Due to Banks other than Federal Reserve Bank* $ LESS— mi 2 2. Due from Bank." other than Federal Reserve Bank or Reserve Agents 3 . Dividends unpaid .... 4 . Demand Deposits 5. 5/12 of Time Deposits 6. Gross amount. DEDUCTIONS ALLOWED. 7. Checks on other Banks in the same place. 8. Exchanges for Clearing House. 9. Net Amount 10. Twelve required, which is per cent, of this total amount ls the necessary legal Reserve BANKS
@FedFRASER