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,.1~ EX-OFFICIO M&M!IItRS WlLLIAM G. McADOO SECRETARY OF THE TREASURY CHAiRMAN JOHN SKELTON WILLIAMS COMPTROLLER OF THE CURRENCY FEDERAL RESERVE BOARD WASHINGTON s W. P. Gi. HARDING. CiiOYIH.R. , PAUL M. WARBURG. VHtl . .YIIUIOR FREDERIC A. DELANO ADOLPH C. MILLER CHARLES S. HANLIN Pl. PARKER WILLIS, SECRITAitT SHIRMAN P. ALLEN, AIIT.SICftETARY AND FISCAL. AlilNT ADDilJEQS REPLY TO FEDERAL RESERVE BOARD J4a.rch 6, 1918. De.ar Sir: For statistical purposes the Federal Reserve Board desiresJ during the next three or four months, covering the ,perio<;l of heavy' payments on account of incon:e taxes and Liberty Loan subscript:l.ons, to keep in close touch with the movelllent of credits betvij'een the · · Federal Reserve districts. With this in view, it desirea 1 beginning Monday, :March 18th, to obtain from each Federal Reserve bank a daily record by telegraph of the total footings of checks drawn on Federal Reserve city banks which are sent by it to the other eleven Faderal Reserve".ba.nks for credit. For the present it is not desired to have these telegraphic statements include the amount of checks sent to a Federal Reserve bank on points .oUtside of the city in nhich the Federal Reserve bank is located, Ohecks sent to br~nches of Federal Resel~e banks which are drawn on banks in the city where the branch j,s established., should be inoluded. in the sum total as though sent ~ireot to the head office. B:ranehes of Federal Reserve banks are re~ested to report by teleg~ each evening to the Fooeral Resarve Board at Washington the total footings of checks sent by them to the eleven Federal Reserve ·oanks and to the branchE-s outside o:f their o-,-m district., the foot::.ngs however., to include cnly checks drawn on banks in Federal Res9rve cities and in cities where br~ches are l~cated. Branch ban~s ue&d not make any report of checks sent by them to their o-Nn Federal F.eserve bank or to any other branch of the Feoeral Reserve bank in tneir own district. In order that these daily ra~orts may be compl3te., the Federal Reserve banks and branches are requested to include in their figu!es the totals of cheeks sent by any nember banks in their respective cities which are sent direct to Federal Reserve banks or branChes of other districts, in each case howeverJ confining the figure5 to checks drawn on banks in the city where the Federal Reserve bank or branch thereof is lOCc::i.te<i. It nill. not be neoes:.;ary to furnish the exact figures and. in order to avoid necessity of sending these reports in code the telegran:. rra.y be sent a.s a.n open m3ssage, in even figures; with five ciphers omitted; thus $100,000 Nill be reported. as 11 one 11 , $1,500,000 will be re~orted as 11 fifteen"J ett • any . A hypothetical case uay be stated as follows: Suppose the Federal Reserve Batik of Boston is sending to the Federal. Res.erve Bank of Cleveland. and to its branches in Pittsburg."l and Cit.cinuati, iten.s a.s f oll owe :
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