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E x OFFICIO MEMBERS
DAVID F.HOUSTON
SECRETARY OF THE TREASURY
CHAIRMAN
FEDERAL RESERVE BOARD
JOHN SKELTON WILLIAMS
COMPTROLLER OF THE CURRENCY
ADDRESS REPLY TO
WASHINGTON
FEDERAL RESERVE BOARD
W. P. 6. HARDING, GOVERNOR
ADOLPH C. MILLER
CHARLES S. HAMLIN
HENRY A. MOEHLENPAH
E D M U N D PL ATT
W. T. CHAPMAN. SECRETARY
R. G. EMERSON, ASSISTANT SECRETARY
W. M. IMLAY, FISCAL AGENT
November 27, 1920
St.l605.
SUBJECT:
Debits to I n d i v i d u a l Account
a t Reporting Clearing House
Centers.
Dear Sir
I t has "been noted t h a t debits to i n d i v i d u a l account, r e p o r t e d
f o r c l e a r i n g house c e n t e r s , e s p e c i a l l y during the more r e c e n t weeks,
have shown m a t e r i a l f l u c t u a t i o n s due i n no small p a r t to the f a c t that
the number of hanks f o r which r e p o r t s were made has not been uniform
from week to week-
I t i s evident t h a t i f these f i g u r e s are to r e t a i n
any informative value they must r e p r e s e n t d e b i t s for the same banks
each week, otherwise the f i g u r e s are not only of no value but are misleading in t h a t the trend of business which these d e b i t s a r e supposed
to measure may be i n exactly the opposite d i r e c t i o n from t h a t i n d i c a t e d .
With a view to p u t t i n g the weekly statements of d e b i t s to
individual account on a s t r i c t l y comparable b a s i s , i t i s requested t h a t
where the f i g u r e s r e c e i v e d from any r e p o r t i n g clearing, house manager
f a i l to include debits f o r a l l banks f o r which r e p o r t s should be r e ceived, immediate s t e p s be taken to obtain the complete f i g u r e s .
In
no case, however, should r e p o r t s f o r other c e n t e r s be h e l d up pending
the r e c e i p t of f i n a l and complete data from c l e a r i n g house c e n t e r s f o r
which no r e p o r t s or incomplete r e p o r t s were r e c e i v e d .
The Board may
f i n d i t necessary h e r e a f t e r to r e f r a i n from p u b l i s h i n g f i g u r e s f o r any
c l e a r i n g house center where the f i g u r e s f u r n i s h e d do n o t r e p r e s e n t
d e b i t s f o r the f u l l number of banks which are on the l i s t of banks ior
which t h a t center makes weekly r e p o r t s .
2
-
~
st.1605
We note that there are a few centers for which the number of report*
ing "banks, code'IDES, -has not been given in the past.
In order that the
Board may be able to determine whether or not the figures are s t r i c t l y comparable, also whether any errors have been made in transmission of the
telegrams, may we request that i n the future the number of reporting banks,
code IDES, be given for each reporting center and that telegraphic reports
to the Board give the total number of reporting, banks and the aggregate
amount of debits included in each telegram.
In order that the Board may have d e f i n i t e information as to whether
or not f i g u r e s received include debits for a l l banks whose checks are clear-*
ed through the clearing house, i . e . , for a l l clearing house members and for
banks which clear through clearing house members ( s o - c a l l e d clearing nonmembers), as requested in previous l e t t e r s on t h i s subject, kindly furnish us as soon as practicable with a statement showing for each reporting
center (a) the names of a l l clearing house member banks and (b) the names
of a l l clearing non-member banks.
The names of clearing non-member banks
should appear immediately following (and s l i g h t l y indented under) the
names of clearing house member banks through which their checks are handled,
and the words "not reporting" should be added in parentheses after the
name of each bank for which no reports are now received.
A supplementary
statement should also be furnished the Board, giving the names of banks
for which no reports are now received but w i l l be received beginning with
January 1, 1921.
If in your judgement there are any clearing house centers i n your
d i s t r i c t which should be added to or eliminated from the l i s t for which
debits are now published by the Board, we shall be very glad to receive
your recommendation on the subject*
i.238
•.
•
3
1339
-
st.i605
As previously explained, debits to individual account represent
a l l debits to the accounts of individuals, firms, and corporations, and
of the U. S. Government, including debits to Far Loan Deposit Account,
debits against savings accounts, payments from trust accounts and of
c e r t i f i c a t e s of deposit.
Very truly yours,
Assistant to Governor.
Letter sent to each F. R. Agent,
fC
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