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649 llx·OPPICIO MI:Ma&ae W. P. G. HAIDINe, G0¥111101 PAUL II. WARIUH, YICI GoYIINOI PRIDIIIC A. DILANO ADOLPH C:. IIILLIR C:HARLII S. HAIILIN WIUIAII G. llcADOO S&CIITAIY OP THI TIIAIUIY CHAIRMAN JOHN I KILTON WILLIAIIS COMPTIOLLII OP THI CUIIINCY FEDERAL RESERVE BOARD H. PARKER WILLIS, IICIITAiiY SHIRIIAN P. ALLIII, AIIT.IICIITAaY AID FIICAL MINT WASHINGTON ADDRK88 RaPLY TO I'I:DI:RAL lti:GI:RVI: .OAI!ID DIVISION OF REPORTS AND STATISTICS MJ-JCO June 14, 1918 Dear Sir: An examin~tion of the daily statement of resources and liabilities, form 34, ·of a. number of the Federal Reserve l3ank:s, indicates that they are selling bonds to their employes on the installment plan, purchasing sufficient bonds to take care of such nucscriptions, and carrying the aggregate amount on form 3lJ. against the caption "Liberty Loan subscriptions, account en}lloyes." This account is cred.ited with each installment pay.l1ent receivej., and will therefore be eliminated. when all en-ployes have collJ>leted payments on their subscriptions. / It is requested that such banks as are selling bonds to their enJ>loyes on the installment plan and. c.9.rrying them on form 34 in the above nanner, furnish us with a schedL1le covering the total amount of such bends purchased and that at the end of each IllO!lth a schedule be furnished to oo.r Statistical Division covering the total installment payments received during that month, giving a separate total for each class of bonds for which payments are received. This will enable our Statistical Divis ion to ascertain at the end of each month the exact amount of bonds carried among the earning assets of each Federal Reserve :Bank. It is of ccur~e understood that the unpaid balance on bonds sold to the enplo:res represents an investment of the bank in U. S. securities, and consequently such amo'Uilt should be included with other bond holdings in your Friday night telegram, form 34, and in your monthly report, form 722, showing a.n.."lual rate of earnings. Yours very truly, Assistant Secretary Federal Resel"le Bank, X-1003
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