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FEDERAL RESERVE BOARD WASHINGTON address official correspondence t o t h e f e d e r a l reserve! b o a r d J a n u a r y 30, 193% B-237 SUBJECT? Weekly Member Bank Statement, Form S t . $1. Dear S i r : Since J a n u a r y 192$ i t h a s begn our p r a c t i c e , a s y o u know, to show t h e f i g u r e s in the weekly c o n d i t i o n s t a t e m e n t of r e p o r t i n g member "banks i n l e a d i n g c i t i e s in m i l l i o n s , i n s t e a d of in thousands of d o l l a r s a s was the p r a c t i c e b e f o r e t h a t t i m e . The t e l e g r a p h i c and m a i l r e p o r t s of the F e d e r a l r e s e r v e a g e n t s to the Board, however, s t i l l show a l l f i g u r e s , i n c l u d i n g d i s t r i c t t o t a l s , in thousands of d o l l a r s . I t would be much more c o n v e n i e n t and reduce the work of the t e l e g r a p h o f f i c e i f the d i s t r i c t t o t a l s were r e p o r t e d to t h e Board i n m i l l i o n s of d o l l a r s i n the f i r s t i n s t a n c e , and i t w i l l be a p p r e c i a t e d i f you w i l l k i n d l y so r e p o r t the t o t a l s h e r e a f t e r . In o r d e r to guard a g a i n s t e r r o r s i n t r a n s m i s s i o n , i t w i l l be a p p r e c i a t e d i f you w i l l have the f i g u r e s a d j u s t e d i n t o m i l l i o n s i n such a way t h a t the s e v e r a l l o a n and i n v e s t m e n t items w i l l add e x a c t l y t o the s u b - t o t a l s of l o a n s and i n v e s t m e n t s , and t h a t t h e s e s u b - t o t a l s t o g e t h e r with t h e o t h e r items w i l l add t o t h e t o t a l of items t e l e g r a p h e d (code BOWL). ^ On the d e t a i l e d working s h e e t f o r w a r d e d t o t h e Board, which should be i n thousands of d o l l a r s a s a t p r e s e n t , the f i g u r e s i n m i l l i o n s a s t e l e g r a p h e d should be shown immed i a t e l y below the d i s t r i c t t o t a l in thousands. The comparison of t h e c u r r e n t w e e k ' s r e p o r t of each bank w i t h f i g u r e s f o r the p r e v i o u s week, which i s now being made r e g u l a r l y by the F e d e r a l r e s e r v e a g e n t s , t o g e t h e r w i t h . t h e p e r i o d i c check a g a i n s t the q u a r t e r l y c a l l r e p o r t s , h a s r e s u l t e d i n t h e prompt d e t e c t i o n of most e r r o r s , t h u s r e d u c i n g v e r y m a t e r i a l l y the number of c o r r e c t i o n s t h a t have been made in p u b l i s h e d f i g u r e s . - I t i s hoped t h a t i n t h e f u t u r e i t w i l l r a r e l y be n e c e s s a r y t o make r e v i s i o n s in t h e weekly member bank c o n d i t i o n f i g u r e s a f t e r such f i g u r e s have been r e p u b l i s h e d i n t h e Fede r a l Reserve B u l l e t i n . TO ALL FEDERAL RESERVE AGENTS* Very t r u l y y o u r s , E. L. Smead, C h i e f , D i v i s i o n of Bank O p e r a t i o n s .
@FedFRASER