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EX·OFFICIO MEMBERS X-6'~J W1LLIAM G. McADOO SECRETARY OF THE TREASURY CHAIRMAN JOHN SKELTON WILLIAMS FEDERAL RESERVE BOARD CoMPTROLLER OF THE CURRENCY WASHINGTON W. P. G. HARDING, GOYIAROR PAUL •• WARBURG, VIOl IIOYjiR~Q·R FREDERIC A. DELANO ADOLPH C. MILLER CHARLE$ S. HAMLIN H. PARKER WILLIS, S!!CRITART SHIRMAN P. ALLEN, ASiiiT. SJCftiTART AftD FISCAL AGENT ADDft&SS REPLY TO FEDERAL RES&:RVIE -.oARD Dear Sir: In reference to a question raised by the Federal Reserve Bank of Boston, the Board has ru.led that, in figuring interest for rediscount transactions between Federal Reserve Eanks, the basis of 36i days to the year should be applied. A copy ot the Board's ietter to the tedeml Reserve l3azlk of Boston is enclosed, for your information. Very truly yours, Vice Governor. Governor, Federal Reserve Bank• Encloev.re. X·-69J.'l- Jc.nuary 31,, 1918 Mr. Charles A. Morss., Governor., Federal Reserve Bank, Iia.ss. Boston.~ I:'ear Governor Morss: In Governor Harc~.:tngts absence~ I am reply:bg to your letter of January 28., in which you inform +,he Board that, in connection with rediscounts with :Federal ReserVe Banks., the point has been raised by one bank that it is its habit to figure discounts on a basis of 360 days to the year., while in your district they are figured on a basis o! 365 days. The b~nk clai~ 1 therefore, the differ&nce tr.om yo-.1. You ha~e asked tha Board to give you a ruling in this respect, and after a full discussion of the question it has been decided to rule that for rediscounts on transactions between Federal Reserve B~nks, the basis of 365 days to the year should be applied. I am sending a copy of this letter to all banks, for their future guidance. Very truly yours., (Signe~) PAUL M" WARBURG, Vice Governor ..
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