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' C21 FEDERAL RESERVE BOARD WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE TO THE FEDERAL RESERVE BOARD August 25, 1924.• X-41U3 SUBJECT: Report of Gold Payments and Receipts (X-3991)« Dear S i r ; In comparing t h e monthly r e p o r t s of gold payments and r e c e i p t s submitted by the Federal r e s e r v e banks i n r e sponse to Board's request of March 3, 1924 (X-3991), i t app e a r s t h a t the items included i n t h e amounts r e p o r t e d under the s e v e r a l c a p t i o n s a r e n o t uniform. These r e p o r t s a r e i n tended t o r e f l e c t , i n so f a r as p o s s i b l e , the movement of gold i n a c t u a l c i r c u l a t i o n . They should include as r e c e i p t s , t h e r e f o r e , only f i t and u n f i t c e r t i f i c a t e s and c o i n received from member and non-member banks and i n d i v i d u a l s , and as payments, only new and f i t c e r t i f i c a t e s and coin p a i d to member and non-member banks and i n d i v i d u a l s , with payments to United S t a t e s d i s b u r s i n g o f f i c e r s r e p o r t e d s e p a r a t e l y All shipments of coin t o and from the Mints, or shipments of c e r t i f i c a t e s to and from the Treasury Department, or t r a n s f e r s between Head O f f i c e and branches, should be t r e a t e d a s s t a c k and should not be included i n the r e p o r t s . P l e a s e advise your branches. Very t r u l y yours, J . C. N o e l l , Assistant Secretary. TO GOVERNORS OF ALL F . R. BANKS, except NEW YORK.
@FedFRASER