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t Ex OP'l'ICIO M~hiBaU II. P. G. HARDING, GOVERNOR ALBERT STRAUSS, VICE GOVERNOR ADOLPH C. MILLER CHARLES S. HAMLIN HENRY A. MOEHLENPAH DAVID F. HOUSTON SECRETARY OF THE tREASURY CHAIRMAN FEDERAL RESERVE BOARD JOHN SKELTON WILLIAMS COMPTROLLER OF THE CURRIHCY W. T. CHAPMAN, SECRETARY R. G. EMERSON, ASSISTANT SECRETARY ADDRESS REPLY TO W, M.IIILAY, FISCAL A&ENT WASHINGTON FEDERAL RESERVE BOARD May 5, l93J St .. 1133 SUBJECT: Discounts for Member Banks in Excess of Basic Line. Dear Sir: With the view of ~nabling the Board to follow more closely the credit situation in each Federal Reserve district, will you kindly forward a statement to the Board at and as of close of business on the lOth, 20th and last dey of each .month, ·beginning with May 10, showing the basic :iiscount 1ine (to "be determined in the mannar indicated in the footnote to the subjoined form) for each member bank in your district discounting paper in excess of that line, also the average amount of paper held unier discount for such banks during the period covered by the report. Federal Reserve Bank of ___________________ MEMBER BANKS GRAl~TED During DISCOUNTS IN EXCESS OF BASIC DISCryJNT LINE period ending 10·~· Basic Discount Line Name Average daily amount of paper under discount during period covered by report. Chairman or Governor. Note: Basic discount line e~uals 2i times (65 per cent of average daily reserve balance maintained with Federal Reserve Bank during previous calendar month plus amount of :Bank 1 s paid-in subscription to capital stock of Federal Reservd Bank). St.ll33 -2In arrivin,; at 11 averae;e daily reserve balances" used in calculating the basic discount line and "avera;se daily amounts of paper held under discount" during the period covered by the report, figures for Sundays and holidays should be included, i.e., fi6ures for Satur~ys and days preceding legal holidays should be repeated in order that the repor~ may be based on the full number of days in the report period. You are authorized, on receipt of this letter, to discontinue the monthly report of 11 surplus, which was requested in. the Board 1 s telegram of March 7, 1919 (X-1414) 11 Liabili ty of member banks to Reserve Bank:s, in excess of capital and and letter X-1445 dated March 26, 1919. Kindly acknowledge receipt. Very truly yours, Governor. Letter sent to Chairman of each F. R. Bank.
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