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1912 W . P . G . H A R D I N G , GOVERNOR P A U L M. W A R B U R G , VICE GOVERNOR F R E D E R I C A. DELANO ADOLPH C. MILLER C H A R L E S S . HAMLIN EX-OFFICIO MEMBERS WILLIAM 6 . McADOO SECRETARY OF THE TREASURY CHAIRMAN J O H N SKELTON WILLIAMS COMPTROLLER OF THE CURRENCY FEDERAL RESERVE BOARD WASHINGTON H . P A R K E R W I L L I S , SECRETARY S H E R M A N P . A L L E N . ASST. SECRETARY AND FISCAL AGENT A D D R E S S REPLY TO FEDERAL R E S E R ^ ^ O A R D J a n u a r y 11, 1917 • F e d e r a l R e s e r v e Bank, Gentlemen: We u n d e r s t a n d t h a t t h e w e e k l y r e p o r t s f o r t h e g o l d s e t t l e m e n t f u n d a s f o r w a r d e d now, r e p r e s e n t t h e c r e d i t s i n a s i n g l e a c c o u n t which y o u c a r r y w i t h e a c h o t h e r F e d e r a l r e s e r v e bank. You h n v s , no d o u b t , c o n s i d e r e d t h e a e s i r a b i l i t y of r e p o r t i n g , i n s t e a d of t h e c r e d i t amount f o r e a c h a c c o u n t , m e r e l y t h e n e t amounts i n a c c o u n t s where t h e b a l a n c e i s i n f a v o r of a n o t h e r F e d e r a l r e s e r v e bank. The o b s t a c l e zo be e n c o u n t e r e d i n t h i s c o n n e c t i o n i s , of c o u r s e , t h e d i f f i c u l t y of h a v i n g t h e time s c h e d u l e s s o o p e r a t e d as t o s e c u r e e x a c t agreement a t any moment b e t w e e n t h e a c c o u n t s of t h e v a r i o u s b a n k s , b u t t h e b e n e f i t s of r e p o r t i n g t h e s m a l l e r number of i t e m s a r e s o o b v i o u s t h a t we t h i n k i t d e s i r a b l e t o e n d e a v o r t o a s c e r t a i n how c l o s e l y t h e v a r i o u s a c c o u n t s would a g r e e . To t h i s e n d , we r e q u e s t t h a t , i n a d d i t i o n t o s e n d i n g t h e r e g u l a r weekly t e l e g r a m a s a t p r e s e n t , you f o r w a r d by m a i l e a c h Wednesday e v e n i n g f o r some l i t t l e t i m e t o come, a memorandum of t h e n e t amount s t a n d i n g t o t h e d e b i t o r c r e d i t of e a c h of t h e o t h e r F e d e r a l r e s e r v e b a n k s . I n t h i s way, we can s o o n d e t e r m i n e w h e t h e r or n o t a r e p o r t b a s e d or. o n l y t h e n e t c r e d i t b a l a n c e s would be s a t i s f a c t o r y . Very t r u l y y o u r s , Assistant Secretary. >
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