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EX-OFPICIO MI!MBERS W. P. G. HARDING. GovE"""" _,..., .. ALBERT STRAUSS. VICE ~...-.._.::. ADOLPH C. MILLER " CHARLES S. HAMLIN WILLIAM G. MCADOO SECRETARY OP' THE TREASURY CHAIIIIAN JOHN SKELTON WILLIAMS COMPTROLLER OP' THE CURRENCY FEDERAL RESERVE BOARD J. A. BRODERICK. SECRETARY L. C. ADELSON. ASSISTANT SECRETARY W. T. CHAPMAN. ASSISTANT SECRETARY W. M. IMLAY, FISCAL AGENT WASHINGTON ADDRESS IIEPLY TO FEDERAL RESERVE BOARD Str.BJECT: ) Weekly htloat" statement prepared by Federal Reserve Board. Dear Sir: I Enclosed herewith please find copy of the "Float" statement prepared in accordance with re.commendations ma.de at the transit conference held at Chicago November 11•-14. You will note that two extra col~ns have been added to the :Board's former :form of statement, (1) "float" figured as if the ·settlement through the Gold Fund for Friday's bu.sin:ess had beED:l na.de before closing of books on Friday :i.nstea.d of on Saturday; and (2) "float" after ded\l.cti.ng Nati<.nal and. Federal Reserve bank notes, also net investment in transfers. from the calculated "float" shown in the imme4,iately preceding column~ The composition of "Uncollected items" and ''Deferred availability credits" is also shown somewhat more i..'l detail than in our previous state~~ts. It Will not be possible for us to show the "float" after deducting National and Federal Reserve bank notes until after Jan,uary 1, as the present form 34 does not segregate these notes fron1 Federal Reserve notes of other Reserve banks. Neither is it possible now tv show Transfers bought and Transfers sold on the second sheet (composition of uncollected items), as sorr.e of the Federal Reserve :Banks show these alnounts net on form 34 • ,The revised eC.i tion of form 34 for use during 1919 provides for segrega.ti~ the Government account so as to show, approxima,tely a.t leaet, the portion of tpe account which is uncollected separately-from the portion Which is collected.. .This Will enable ·~s to make a more accu..-rate analysis of the Ufloat" carried by the Banks. . The ratio of "float" to total earning assets has been dropped from the statement. :.-. The ;Board will be glad to consider any further changes in the state- ment which you may care to suggest •. Yours vei:y trUly-, AsSi.stant :Secretary. Mr·· Federal Reserve Agen~,; St .126
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