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305 IEX•OPPI~~M8~U WoP. 8. HARDIH8, 8oV.IIIOI PAUL II. WAQUU, YICIGCIYIINOI . P'RIDRRJC A. DILANO ADOLPH C. IIJLLIR CHARLU 1. HAMLIN WILLIAN G, IleA~ I&CIITAIIY OP HI 'hLUUIY CHAI MAN JOHN IKELTON WILLIAIII CONPUOLLII QP THI CUIIINCY FEDERAL RESERVE BOARD I H. PARKIR WILLIS, IICIITAIY IHIRIIAN P. ALUH, Aln. IICIITAIIY AND P'18CAL A•INT WASHINGTON DIVISION OF :REPORTS AND STATISTICS . . MJ -AAM Dear ADDII&•8 II&PLY TO X-7se:cii:RAI. RUII:RVII: •oARD March 12, 1918 S~.r: Some r,f the Federal Reserve bariks in repcr-r,ing to the Board purchases of Liberty bonds and Ue S. ce~tificates or indebtedness uneer so-called repurchase e.g:-eemer.ts (the selling bank obligating itself to re~ purchase these securities within 15 days) have been classing euoh transactions. as 15.;.day advances upon members' coJJ ateral notes, instead of purchases of· Government, sec uri ties. In order to insure uni.form treatment of su~h transactiona by all the banks it is requested that the purchase of such bonds or certificate& be reported to the 'B.:>ard on Schedules or Investments Purchased, l<'orm 5.;.2, and that these· investments be carried on Fo::."l'il 34 under the following, or similar heading: 11 U. So Bonds, repurcha;,e agreement", 11 U. S. ~ertificates of IndE.btedneos, repur::hase agreement". and t,hat in the Friday night teleg:r;aml:l to tile Bca rd the bonds .so held be desi$nated · by code word "BUCK" and certificates ot indeb·t.ednes3 so held by code word "BOON". I·::. is also requested that conunercial parer o.f' the seve~al maturities whe~ taken by the Federal Reserve banks unller an agreemen~c. with the rediscounting bank the.t the papar will be taken up within 15 days. shall·be reported on Sohe1ules B.D. 4 and that ~he wo~ds "Repur~hase agreenent" !.'allow the name of the redi-scounting tnember bank. This will ins·lre their proper o;tassifice.tion by c.ur StatisticEtl Division. At present. it:. is difficult in some cases to determi.ne whether the transactions represent member banks 1 colbteral notes or paper discounted lmder a repurchase agreement. Very truly yours, Assistant Secretary. Mr. Federal' Reserve Agent'·
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