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225 Ex OPPICIO MllMBilU DAVID P. HOUSTON SICR&TARY OF THI TRUSUIY CHAIRMAN FEDERAL RESERVE BOARD JOHN SKELTON WILLIAMS COMPTROLLEI OF THI CUII&NCY W. T. CHAPIIAN, SICRITARY R.lil. EIIERSON, AsSISTANT SICRITARY W,JI.IMLAY, FII"-L AAIKT ADDRESS REPLY TO FEDERAL RESERVE BOARD W. P.G. HARDING, GOYIINOI ALBIRT STRAUII, VIC I GOVIINOI ADOLPH C. IIILLIR CHABLIS I. HAMLIN HENRY A. IIOEHLENPAH WASHINGTON March 4,1920. X-1852 Subject: Recommendatiuns covering changes in discount rE,tes~ Dear Sir:Since the Board no longer considers recommendations for ch..-mges in uiscount rates t:1-t Federal Reserve lkmks upon a stated day e!I.Ch week, und is at all times prepared to con~ider such recc:mnendDtions in its regular meetings, it is requested that the pr£>ctice be discontinued of sending to the Board. ea.ch Wednesday a code te legr~.m subtlli tting your recomDend:ttions regarding discount rrttes in your district. 'Ihe ins true tions rega.rci.ing reports to the :Soard each Wednesday with respect to discount rates, contained in the Board's letters of December 14, l9lB, ~nd August 7, 1919, (X-1307, "Rn.tes of Discount", and X-1545, ".A.ddi tiona1 Code Word for use in Discount Rate TelegrC'JD.s") are accordingly revoke~, ana. hereafter, the Federal Reserve Banks will advise the Board only \Vben submitting recommendr~tions for changes in the prevailing discount rates for tbe review und det0rminntion of tbe Board. \~en recommendations are forwarded by wire, the code suggested in the Board 1 s letter of DeceDber 14, 1916 1 (X-1307) should be used .. Very truly yours, Secretary. To Choirmen of all F.R. B~s.
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