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<: • ~ FEDERAL RESERVE BOARD WASHINGTON X-3902 Dacambe~ SUBJECT: 1, 1923. Stocks of Unissued F. R. Notes. You a.:re requested to prepare and subrni t to the Feda:ra.l Rese:rva Boa.:rd, before Janua.ry l, 1924, an estima.te of the amount of each denomination of the Federal Rese:rve notas of you:r bank you rr,ay be callad upon to issue du.:ring the calenda~ year 1924.This info:rma.tion is d a six-ad fo:r the purpose of ragulating th·e p:roduction of Feda:ral Rese:rve notes dut'ing the coming yea.~. Fo~ you.r guid a nee , I would s ta ta tha.t the Boa.:rd is of the opinion tha.t. its stock Of u."lissued Fede~al Rese:rv 3 notes should a.t all times include approxirna.te1y a. twelve months' supply of each denomination of the notes of each bank, and tha.t not rrore than a. six months' supply of ea.ch denomina.tion of unissued notes should be in the custody of the Federal Rase:rva AgantsJ By direction of tha Federal Reserve Board, Yours vary t:ruly, Wal te:r L. EdJy, Secreta:ry. TO ALL FEDEP..AL RESERVE AGENTS. <;L/ - ~-..:'
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