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W. P. G. HARDING, GOVERNOR - - - - . VICE GOVERNOR EX-OFFICIO MEMBERS WILLIAM G. McADOO ADOLPH C. MILLER CHARLES S. HAMLIN SECRETARY OF THE TREASURY CHAIRMAN JOHN SKELTON WILLIAMS COMPTROLlER OF THE CURRENCY FEDERAL RESERVE BOARD -1J 6 J 0 • ...:!_ J. A. BRODERICK, SECRETARY L. C.~ ADELSON, ASSISTANT SECRETA~Y W. T. CHAPMAN. ASSISTANT SECRETARY W. M. IMLAY, FISCAL AGENT WASHINGTON ADDRESS REPLY TO FEDERAL RESERVE BOARD September 20~ 1915. SUBJECT: Collateral pladge d Vii th U. s. Treasurer against outstanding ? . R. bank notes .. Dear Sir: An examination of the daily statements, form 34, received fram a number of the Reserve baru~s, indicates that they are reporting their total holdings of U. S. securities deposited with the U. s. Treasurer to secure Federal Reserve bank notes, against item 11U. s. bonds to secure circulation" without reference to Whether the securities are long or short-tenn obligations. It is important that your holdings of the various classes of government securities be stated correctly on for.m 34 and it is accordingly requested that in the future u. s. bonds only be reported against caption nu. s. bonds to secure circulation," and that certificates of indebtedness be set up separately against caption "Certificates of indebtedness to secure circulation," code word :BUFF. Inasmu.ch as all one-year Treasury notes held by the Federal Reserve banks have been deposited vrith the u. s. Treasurer as security against Federal Reserve ban1: note issues, it will be satisfactory to us if the banks will report such holdings against the caption "One-year Treasury notes" on fom 34. Yours very truly 1 Secretary. X-1217
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