Full text of Mimeograph Letters and Statements of the Board : Letter From Executive Secretary Eddy re Member Banks Borrowing in Excess of Capital and Surplus, Number St. 3676, Volume 19, Page 1016

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FEDERAL RESERVE BOARD
WASHINGTON
ADDRESS OI'I"ICIAL CORRESPONDENCE TO

THE FEDERAL RESERVE BOARD

September 4, 1923.
St. 3676.

SUJ3JECT:

Member Banks Borrowing in
Exce.ss of Capital and Surplus.

Dear Sir:
In order that the Board may follow more closely the
trend of borrowings in ~he several Federal reserve districts
by those member banks which are more or less continuously borrowing excess amounts from the Federal reserve banks, it will
be appreciated if you will fu~nish the Board with montply reports hereafter on form St. 3677, as per copy attached hereto.
It will be noted that this form provides for reporting the
total amount of paper held under discount on the last day of
the report month for each member bank whose borrowings from
the Federal reserve barik were continuously in excess of its
combined capital and surplus during the month, the amount of
such paper secured by U. S. Government obligations, and the
capital and surplus of the member bank.
It is requested that the first repo:rt be rendered
as of August 31, 1923 1 and that on this first report only
you show in the last column th~ dats since which each menibet'
bank has been borrowing continuously in excess 6f its da.pl•
tal and surplus.
One hundred copies of the form are being forwarded
to you. toda;y under separate cover.
Very truly yours,

Walter L. Eddy,
Executive Secretary.

Enclosure.

LETTER



TO GOVERNOR OF EACH FEDERAL BESERVE BANK.