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I!X OPPICIO MBM8&l'IS
W. P. G. HARDING. GOVERNOR
ALBIRT STRAUSS. YICI GOVIRNOI
ADOLPH C. MILLER
CHARLES S. HAMLIN
HENRY A. MOEHLENPAH
DAVID F. HOUSTON
SECRETARY OF THE TREASURY
CHAIRMAN
FEDERAL RESERVE BOARD
JOHN SKELTON WILLIAMS
COMPTROLLER OF THE CURII.N.CY
W. T. CHAPMAN. SICRITARY
R. G. EIIERSON,ASSISTAJIT SECRITARY
W.II.IMLAY, fiiCAL AGINT
ADDRESS REPL.Y TO
WASHINGTON
FEDERAL RESERVE BOARD
April 9, 1920.
St.974a
SUBJECT:
~'~onthly
reserv~s
report of deficiencies in
of ~e~ber banks.
Dear Sir:
With a. view to ana.bling the Board to follow
extent to which
~a~ber
~ore
closely the
banks are allowing their reserves to fall
"belovi ~.1ini:-:1uo. requirements na.y vve request that rr:onthly reports be
su·ord tted. in accordance with tha enclosed form St~974.
Inasmuch as penalties
and raserve
~ity
~re
assessed against central reserve
banks on the Jasis of average deficiencies cover-
ing a weekly period it ITay not be rra.ctica.ble to give figures for
calend~r
months, and accordingly the forn calls for Qata relating
to the four or five weekly periods ending within the calendar month
covered by the report.
With refarence to inquiry No.4 relating to the amount of leficiencies iuring the report period, m~y we request that you shovv
the aggregate
~T.ount
of deficiencies on which penalties were
assessed during each of tha weekly or
serr~-monthly
periods.
To illustrate: :Bank A, a reserve city bank, with net def··osits
and reserve balances as indicated in the following example, would
have an aggregate deficiency of $9,000 on which a penalty would be
assessed..
-2Het 1eposi t liaA.'11ount of
T
bility on which reserve re~uiredjReserve oalance
reserve is
to be carriedJ with Federal
__::c~.::o::.:r:::,&:p':.:::1U::..:t:.:::e:.:::d::..__ _J____:.:w~i~t~h!-!'-! R.. ~ank
_A~?.~ry·e-~~
_ _ _ _ _ _ _ _ _..J...__
1-!onda.y
Tuesday
\7ednesda.y
Thursday
Friday
Saturday
Sunday (Saturday
figures reEeated)
$79,000
$800,000
750,000
775,CCO
325,000
G50,000
375,000
875,000
78~000
77{,000
so,ooo
82,000
65;000
S5,C00
.~~~-----------------------
s66,ooo
575,000·
5.750,000
Aggre;ate deficiency on which penalty is assess-3d $9,000
-------------------------------------------------------------------In figuring deficiencies the Bank should
t~:e
into consideration
reserves carried and required on Sun1ays and holidays, the figures
for these days to be the sa.-ne as
ately preceding.
sho~·m
for the business days irJ.T.edi-
In arriving at average daily figures of reserve
deficiencies, the Board vV"ill divide the aggragatc deficiencies by the
nu.'11~:)er of days in the calendar month in the case of country banks and
by the 2G or 35 days, as the case :;:ay oe, for central reserve and reserve city '..:anks.
The introductory code word RULE should 'Je followed by the nu.':'lber
of weeY.s covered by the rJport for central reserve and reserve city
banks
~nd
ths
~te
represanting the
fin~l
day of the period, thus for
exa:::Ele, n::?.ule 4, January 26, 11 indL:a.tes rsport rendered for a four ..
•
•
,
-3week period ending January 26 in the case of
c·~nt.ral -reser'ITe and.
reserve city b3riks; ani for the month of January for country barikRIt is requested that reports be tn.ns·c-.i. tteti
by wire coverjng t1:e .j·)n
the months of Janua:ey. February and Ilia.rch as soon as r.r3.cticable
after receipt of this latter and. th3.t reports for subsequent x.1onths
be telegraphed as soon a.s :;;:ossible after the end of each LlO:nth.
In
or1.er tha.t reports -:ray not be i<Jlayei pending fin3.l determination
of fena.lties, it is desired th3.t re1orts be submitted. on the basis
of original penalty
a.ssess:~nts.
Very truly yours,
Assistant Secretary.
(Copy of~-this le.tter sent to Cr.airrcan of each Federal .aeserve :Bank.)
•
St. 974
DEFICIENCIES IN RESERVES OF MEMBER. BAN:{S.
FEDERAL RESERVE BA..l'U{ OF - - - - - - - - - - - - -
(~te) ---------------RULE - Report covering period of ___ weeks ending
centr~l reserve ~nd reserve city banks, ~nd the
for country banks.
calend~r
month of
, 1920 for
----
Total number of diffe~ent (~) banks penalized on account
of defi~ient reserves!
Banks located in F.·R. b~ and branch cities DI:K - - - - - - DELL
Other reser~e city banks
DISK------Country banks
1.
'
. banks assessed penalties in exNumber of different ta,
cess of minimum rate:
Baru:s lccated in F. R. bank ~d branch cities
Oth3r reserve city banks
Cou.ntry banks
2.
M:1ximum
4.
of penalty charged:
Ba.nks located in F~ R. bank and branch cities
Othe:o reserve city banks
Country banks
r~ te
----=-=--==::_
DOME~~~·
DUST
DYKE
--~.
-------------
=-_---711-:
'l)l:BE --· __________.;......._
Aggregate deficiencies on wbich penalties were assessed
during report period: (See paragraph 3 of Boa:rd1 s
letter, St. 974~, dl.ted. --Aplt"U 9 , 1920.)
"Yl
B~nks
located in
F. R. Bank a.nd
Brl.nch Cities
$_ _ _ _ __
First week
Secvnd week
Third week
Fourth week·
Fift·.n week
Tot::~.l
Other Reserve
City Ba.nks
$._ _ _ _ __
------->toTE~=====
DUNN======
Country banks:
First half of month
Second h~lf of month
Tota.l
$·---~--
DTim============
No bank to be counted more th'l.n once no ma.tter how ml.nY times pena.liz:;.;d duri~
report period.
NOTE;
Da.ta to be telegraphed to Federa.l Reserve B~a.rd a.t th:;.; el.rliest pr~ctica.bla
d~te a.fter end of e~ch month, f~llowed by mail report.
@FedFRASER