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2615 W . F . a . H A R B IN S , SOVRRROR P A U L M. 'W ARBURR. VICE SOVRRROR FREDERIC A.. ADOLPH CHARLES S . HAM LIN E X -O F F IC IO .MEMBERS W ILL IA M S . HCADOO SECRETARY OF THB i l U I I H C h a ir m a n ,c«*iO§5. k JOHN SKELTON W IL L IA M S COHFTROLLIR OF THR CURRENCY L - FEDERAL RESERVE BOARD WASHINGTON . H . PARKER W IL L IS , SECRETARY SHERM AN P . A L L E N . A*ET.SECRETARY AND FISCAL AOERT FEDERAL RESERVE WOARO n. Dear Sir: This letter is being sent to a limited number of’ busi ness men. In order to ascertain the present position of the trade acceptance as an element in the commercial paper of the country, thel Federal Reserve Board .would consider it a favor-if you would reply briefly to the following questions, answers t.o which are desired for its information. (1) Do you at present ask your customers to give you trade acceptances for goods bought from you? (2) Do you at present give trade acceptances when you buy goods? 1 (3) Do you find that the trade acceptances furnished ■ you by custoners are more promptly paid than open accounts (with or without "cash discount") for like amounts? (4) Do you discount trade acceptances at your bank, and> if so, what rate is charged you7 Is this less than the rate on your straight pa^er? If so, hew much? . (5) Does your banker give you a larger aggregate line on trade acceptances than on your straight paper? If so, how much larger (in percentages)? (6) What.can be done by the Board or by others to encourage the use of the trade, acceptance? Enclosed is a copy of the Board’s regulations for 1917, on page 6 of which will be found the definition now in force with regard.to trade acceptances. Very truly yours, Secretary.
@FedFRASER