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W. P. G. HARDING, GOVERNOR PAUL M. WARBURG, VICE GovifN~ FREDERIC A. DELANO -iLf-o.W ADOLPH C. MILLER EX-OFFICIO MEMBERS WILLIAM G. McADOO SECRETARY OF THE TREASURY CHAR~ES CHAIRWAN JOHN SKE~MJ'woJG& COMPTROLLER OF THE CURRENCY FEDERAL RESERVE BOARD WASHINGTON DIVISION OF REPORTS AND STATISTICS S. HAM~IN H. PARKER WILf:-15, SEC~ETARY SHERMAN P. ALLEN, ASST. SECRETARY AND FISCAL AGENT ADDRESS REPLY TO FEDERAL RESERVE BOARD August 30, 1918 Dear Sir: Analysis of the reports of discount and interest rates prevailing in the several Federal Reserve and Federal Reserve branch cities during the 30-~ periods ending J~ 15, 1918 and August 15, 1918, shows that it is desirable to supplement in certain particulars our circular letter X-lo6S, dated July 17, and our letter of August 2. It is very important that the data be upon strictly a comparable basis. ~~ we therefore aSk that before transmitting the report to this office you kindly compare the current report with the pravious week's report and verify any striking cr..anbes which ma.y '.appear. Please also bear in mind that the data. fran each Federal Reserve bank and branch are to be confined to rates prevailing in the respective city only, and not in the entire district, nor Should they include rates on loans in outside cities by banks in the city for V~hich the raport is made. The local rate for each class of paper is desired, not tha rate securad elS3whare as for instance in New York on loans temporarily made there. Kindly eliminate rates charged infrequently on loans for small amounts, which rates do not actually represent charges for prtme paper, but include a considerable risk el3ment as well. Rates on prima member bank acceptances eligible for rediscount at the Federal Reserve Bank are desired in class 4.n. In certain o;f the centers in Which this class of paper is actively dealt in 1 it should be possible to secure separate quot~.;~.tions for endorsed and unendorsed bankers• acceptances, and we would request again that you endeavor to secure such quotatione. Under the head of special types of paper reported in class 7, it appears that there are two classes for which quotations should be given if S'\leh p~er is current locally • namely commodity paper, secured by warehouse receipts, ate, • and cattle paper. In addition to the rates for which current information is sent, it would be desirable to have also infor.ma.tion regarding ratea charged during tne 30.~ pdriod for paper secured by Liberty bonds and car~ tificates of indebtedness. Copies of these instructions are transmitted to Federal Reserve branches direct. Respectfully, Assistant Secretary. 1.
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