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Ex OFFICIO MEMBERS CARTER GLASS SECRETARY OF THE TREASURY CHAIRMAN JOHN SKELTON WILLIAMS COMPTROLLER OF THE CURRENCY FEDERAL RESERVE BOARD W P. a . HARDING, GOVERNOR ALBERT STRAUSS. VICE GOVERNOR AOOLPH C. MILLER CHARLES S. HAMLIN HENRY A. MOEHLENPAH W. T. CHAPMAN. SECRETARY R . G . E M E R S O N , ASSISTANT SECRETARY A D D R E S S REPLY TO FEDERAL RESERVE BOARD W . M . I M L A Y . FISCAL AGENT WASHINGTON December 19, 1919* St .77/ SUBJECT: Form 3** revised for use during the calendar year 1920. Dear Sir: The revised edition of form for use during the year 1920 will be sent out by the Government Printing Office the latter part of this month and should reach the banks in time to enable them to submit their statements for January 2 on the new form, Changes In form of statement relate chiefly to the Treasurer's General Account« The Board has also ordered a change in the "feethod of calculating the reserve percentage to Which your particular attention i s called. » ft ' * Treasurer's General Account: As stated in the Board1s l e t t e r X-1725 of November 1% the Treasurer's General Account has been divided into Collected Funds, code COPY, and Uncollected Funds, code CUJSZ. No change in the meithod of crediting items to Government account i s Involved in this 11 vision of the Treasurer's General Account, the purpose being merely to show separately any uncollected funds for which immediate credit has been given# Items for which the Government has been given deferred credit should be reported against Government Transit Items, code CHAT, as heretofore. In case the Government collected fund account, code COPY, i s overdrawn, the overdraft should be shown in red* Uncollected item* credited to the Treasurer's General Account, code CUBS, should be shown gross, regardless of any overdraft which may occur in the collection fund account, The sum of the respective amounts reported against items COPY and CURE should be extended into the long coluna as the actual balance in the Treasurer's General Account. In case the collected fund account i s overdrawn, the balance to be extended i s , of course, the amount of uncollected items credited (code CUBK) l e s s the overdraft in the collected fund account, except when the overdraft in the collected fund account Is greater than the amount shown in the uncollected fund account, in which case the resuiting overdraft should be shown on the resource side of the form against code BOHE. Deposits on which reserve i s computed: In accordance with a recent opinion of counsel the Board has ruled that beginning with January 1, 1920, the reserves required to be carried by Federal Reserve banks against deposits w i l l be computed against immediately available deposits only) i . e . , against code items COPY, CUBZ, CLAY, CHOP, CEDE, C»J0 and CORA of the 1920 edition of form 3U. Accordingly beginning with January 1, 1920, deferred availability items on the l i a b i l i t y side and uncollected items on the resource side of form >4 will be disregarded in determining the deposit l i a b i l i t y on which reserve i s computed. —2* $ ' ^ Changes i n Board*a Weekly Tank Statement: The following changes w i l l a l s o be made i n the Board's weekly bank statement: Caption "Uncollected items and other deductions from gross dep o s i t s " w i l l be changed to read "Uncollected items" and w i l l appear immediately below c a p t i o n "5$ redemption fund a g a i n s t F . E. Bank Notes." Caption "All o t h e r resources" w i l l be changed to read "All o t h e r r e s o u r c e s , including amounts due from f o r e i g n banks," and w i l l comprise items BILL, BOBE, BADE, BUFF, BOLD, BOND, and BURS of form 3^* Caption "Deferred a v a i l a b i l i t y items" w i l l be shown immediately preceding "All o t h e r l i a b i l i t i e s . " The l a t t e r c a p t i o n w i l l be made up of items TULE, CART, CURE, and BT%E of form 34. Caption "Deposits on which reserve i s computed" w i l l be s u b s t i t u t e d f o r c a p t i o n "Total gross deposits' 1 and the word "net" w i l l be eliminated from the c a p t i o n of both memorandum items showing r e s e r v e r a t i o s . In t h i s connection a t t e n t i o n i s i n v i t e d to Board's l e t t e r s S t . 118 of December IS, 1918, and X-I5U2 of May 20, 1$1$, i n which i t i s requested t h a t i n f u t u r e p r e s s r e p o r t s showing the resources and l i a b i l i t i e s of your bank you use the same captions and follow the same order of p r e s e n t a t i o n as adopted by the Board i n i t s weekly p r e s s statement. In case you d e s i r e to show items i n g r e a t e r d e t a i l than i n our weekly statement, there w i l l be no o b j e c t i o n on the p a r t of the Board, provided you show the d e t a i l e d items under sub-heads and give i n a d d i t i o n , t o t a l s a g a i n s t the same capt i o n s as a r e shown i n the Board 1 s weekly statement. Very t r u l y yours, Governor. / / -Enclosures: 1. Skeleton of 1920 form of the Board's weekly Bank Statement. 2. Unruled copy of 1920 e d i t i o n of form 34. COPY OF THIS LETTER SENT TO CHAIRMAN OF EACH F . B, BANK.
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