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federal reserve board WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE TO THE FEDERAL RESERVE BOARD October 4, 1930. S t . 674s. SUBJECT: Debits to I n d i v i d u a l Accounts f o r Bach Reporting Bank. Dear S i r : One of the s t u d i e s being conducted "by t h e System's Committee on Bank Reserves r e l a t e s to the turnover in dep o s i t s . E x i s t i n g f i g u r e s of d e b i t s to i n d i v i d u a l accounts have helped m a t e r i a l l y i n t h i s connection but such f i g u r e s i n the aggregate are not s u f f i c i e n t f o r the Committee's purposes. The Committee's study would "be g r e a t l y f a c i l i t a t e d i f i t had a v a i l a b l e d e b i t f i g u r e s f o r i n d i v i d u a l r e p o r t i n g banks f o r u s e along with deposit f i g u r e s now a v a i l a b l e f o r such banks, in determining the deposit turnover i n d i f f e r e n t c l a s s e s of banks and i n banks i n d i f f e r e n t l o c a l i t i e s . I t w i l l be a p p r e c i a t e d , t h e r e f o r e , i f you w i l l ask the c l e a r i n g house managers, or others i n your d i s t r i c t who f u r n i s h you with the aggregate d e b i t f i g u r e s each week, to give you the f i g u r e s f o r each i n d i v i d u a l hank, i n a d d i t i o n to the aggreg a t e f i g u r e s now being r e p o r t e d , f o r the f o u r weekly periods beginning Thursday, October 23, and ending Wednesday, November 19. Care should, of course, he taken to see t h a t the mailing of these f i g u r e s f o r i n d i v i d u a l banks does not delay the transmission of the c i t y t o t a l s to the Board f o r use i n the weekly p r e s s statement. Your cooperation i n obtaining these f i g u r e s f o r the Committee w i l l be g r e a t l y a p p r e c i a t e d . Very t r u l y yours, E. L. Smead, Chairman, Committee on Bank Reserves. TO ALL FEDERAL RESERVE AGE!IS* 47
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