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FEDERAL RESERVE BOARD WASHINGTON M a r c h 1 4 , 1$22. St.2642. SUBJECT; Weekly "Float" Statement. Dear Sir: Inasmuch as no deductions are n o w b e i n g made from d e p o s i t l i a b i l i t i e s f o r the p u r p o s e o f c a l c u l a t i n g r e s e r v e p e r c e n t a g e s a n d a s t h e r e is n o w a d a i l y F e d e r a l r e s e r v e n o t e s e t t l e m e n t b e t w e e n F e d e r a l r e s e r v e b a n k s , i t is f e l t that the c o l u m n i n d i c a t i n g the a m o u n t of " f l o a t a f t e r deducting net investment in transfers and National a n d F, R, B a n k n o t e s " i n the B o a r d ' s w e e k l y " f l o a t " s t a t e m e n t n o longer has any special significance. Accordingly, begin- n i n g w i t h t h e s t a t e m e n t f o r the w e e k e n d i n g , J a n u a r y 4, a c o p y of w h i c h is a t t a c h e d h e r e t o , the s t a t e m e n t s h o w s the a m o u n t of " f l o a t " a s m e a s u r e d b y the d i f f e r e n c e b e t w e e n u n c o l l e c t e d items a n d d e f e r r e d a v a i l a b i l i t y i t e m s , a n d the float after deduction of net investments in transfers and all non-reserve cash. Very truly yours, Walter L, Zddy, Assistant Secretary. Enclosure. Letter sent to all F. R. Agents.
@FedFRASER