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FEDERAL RESERVE BOARD WASHINGTON September 26, 1922. St.3057 • SUBJECT: De<:~.r Discontinu•nce or modifi-. cation of reports. Sir: With a view to reducing wherever pr~cticable the work of the Feder~ reserve b~ in connection with reports submitted to the Federal Reserve Board, the Auxili~ry Committee on Econonzy and Efficiency has recommended that certllin reports be discontinued and others modified so as to elindnate All data, the current value of which is not suffici~nt to warrant continued submission. The Board :tlas given careful consideration to these recommendati~ns, und you authorized to disco~tinua the snbadssion of the following reports as of the dates indicated: ar·e 1.. Working sheet showin~ pr.iricipol assets and liabilities for each member bank subrni ttint; weekly reports to your bmlk, the consolidn.ted f;i.gures· of which are .. reported on fonn St. 51 and include~ in the Board's weakly press statement showing ''Principal resource and ·Habili ty items of reporting member bc:mks .. in leading cities" to be discontinued immediately. 2. Forms 172 and 172a, Interdistrict movement of Federal reserve notes, to be d-iscontinued as of December·· 31, 1922. 3· Detaileli lists prepared monthly in accordance with BoZII'd 1 s letter X-304o date4. February 4, 1921, showing each·member bankpena~ized on ~count of deficient reserves. To be discontinued as of Becemoer 31, 1922 (including lists prep...red for Coirjp~Coller of the , Currency .md the Chief N.:A.tionil B.::.nk Ex;:aoincr.) . 4. Form X-1252a,Currency and Coin received from and paid to member and non,member banks, to be discontinued as of December 31, 1922. 5· Form x-1053, Gold Receipts and Payments, to be discontinued immediately. · ·· t - 2- 6. 7• ••· St.3057. Detailed reports now being furnished in accordwnce with Board's letter St.l949 dated April 30, 1921, covering e~ch member bank borrowing in excess of its basic line may be discontinued as of September 30, and in lieu thereof reports should be submitted coverinc only those member b~s whose avera6e borrowings are equal to or in excess of 3 times the basic line. Det~iled reports now furnished on Form A ffiay be discontinued as of September 30, 1922 and in lieu thereof only total figures as provided on the attached revised Form A need be furnished. In order to a.void so far as practic ..•ble any d}lplication of work between the Federal Reserve Bo~d and the Feder~l reserve b~, the Committee also recommended th~t the det~iled corr~ilations rel~ting to character of paper discounted or purchased by the Federal reserve bcmks be zrode by the Federal Reserve Board. 'At the present time the Bozxd is compilL~g statistics corresponding to those shoVvn in tables 39 - 66 .:.ppearing on pages 130 - 220 of its 1921 Annual Report, all of which with the exception of d~ta shown in tables 43, 44, 45, 63, Wld 64 are published monthly in the Bulletin.The Board also compiles each rr:onth tables showing the amount of paper discounted for member bi.lnks in 13.X;e, medium size, and small cities and towns in e~ch st~te, ~copy of which t~ble for the month of June is enclosed herewith. Copies of these tables will be furnished to the Federal ~eserve banks e~ch month upon request. A statement showing the character of data now being co~ piled by the Bourd is enclosed herewith. The Board uses mechanical tabulators for the purpose of co~ piling data regarding discount and open market operations, ~d as these machines can be so adjusted to obtain a variety of classifications without any material a.ddi tion to the volu..'ne of work required, it will be practiC<lble to rearr.:mga or enlar,:;e somewhat the tables referred to above. It will be appreciated, therefore, i f you will kindly advise us at your early convenience of :my changes you may h~va to SU5gest in the enclosed schedule, or of any additional data which you think should be co~iled regularly by the Bo.:...rd. In order to obviate the necessity of shOiving any unnecessary data on schedules covering bills discounted ~d bought, and U.S. securities, and MUnicipal warrants purchased, there is given below a statement of the minimum inform~tion Which the Board desires to .... 3 St.}057• have shown on these schedules. It should be understood of course that there is no objection to any Federal reserve bank's showing such additional infonnation on the schedules as will be of value to it in its work: SCHEDULE OF BILLS DISCOUNTED FOR MEMBER BANKS - BD-4 1. 2. Schedule nunber and d.?.te. Name and location of rediscounting member bank. 3. Item number. 4. Symbol indicating class of paper • i.e. , whether commercial, agricultural, etc. 5. Maturity date or number of days for which discount is charged. 6. · .Amount. 1. Federal reserve bar~ discount rate. 8. Member bank rate. 9. Unearned discount. (NOTE: If t~~en under repurchase agreement, the schedule should show the maturity date of the agreement) SCHEDULE OF BILLS BOUGHT IN OPEN J.VlARKET - BD- 7 1. 2. 3. 4. 5. 6. 7. 8. 9. Schedule number and date. Item number. Name and location of acceptor. Character of acceptance, i.e., whether based on imports or exports, or domestic transactions, and dollar exchange.· Maturity date or number of days for which discount is charged. .Amount. Federal reserve bank rate. Unearned discount. From whom purchased. (NOTE: If taken under repurchase agreerr.ent, the schedule should show the maturity date of the agreement) SCHEDULE OF U. S. SECURITIES PURCHASED - S-2 1. 2. 3. 4. 5. 6. Schedule nunber and date. Description of securities, including maturity date. Interest or coupon rate. Par value (amount chargeu investments) Accrued interest. Premium or discount. . .' St. 3057. - 4 SCHEDULE OF U. S. SECURITIES PURCHASED- S-2 (Cont 1 d) 1. 8. Total cost. Name and address of institution or person from wham purchased. • SCHEDULE OF MUNICIPAL WARRANTS PURCHASED 1. 2. 3. 4. 5. 6. Schedule number and date. Description of warrants, including maturity date. Maturity value ( amount charged investmants) Rate at which purchased by Federal reserve bank. Unearned discount. Name and address of institution or per son from whom purchased. Very truly yours, 3 Enclosures. LETTER SENT TO CHAlEMAN AT EACH FEDERAL RESERVE BANK. Vice Governor. '•. STATE!'IIENT SHOWING CHARACTER OF DATA REGARDING DISCOtn-JT .AND OPEN Ivl.ARKET OP.C:RATIONS COMPILED M.01i'THLY BY T:-IE FEDERAL RESERVE BOARD FOR EACH FEDERAL RESERVE DISTRICT. BILLS DISCOUNTED FOR MEMBER BANKS: l. 2. Distribution by classes of paper a - Member banks 1 collateral notes: (1) Secured by U. S. Govern~ent obligations (2) Otherwise secured - - - - - - - - b - Agricultural and livestock paper - - - - c - Bankers 1 acceptances: (l) Domestic trade (2) Foreign trade - - - - - - - (3) Dollar exchan6 e d - Trade acceptances: (1) Domestic - - - - - - - - - - - - - - - (2) Foreign - - - - - - - - - - - - - - e- Rediscounted paper, n.e.s.: (1) Secured by U. S. C~vernment obliQations (2) Othervlise secured and unsecured f Total - - - - - - - - - - - Distribution by maturities a - From l to 15 days - - - - b - From 16 to 30 days - - - c - From 31 to 60 deys - - d - From 61 to 90 deys - - - e - From 91 days to 6 rronths f - Average maturity - - - - 3· Distribution by rates - Total amount discounted at each rate, also average rate charged - - - 4. - - - - - Distribution by classes of member banks a - National banks - - - - - - - - - - b - State bank and trust company members - - - - - 5· Distribution by states and cities a b c For Total amount discounted, Total amount reduced to a common maturity basis*, Average maturity of bills discounted, member banks in (1) Large cities (100,000 population or over) - (2) Medium size cities (15,000 to 99,999 population)(3) Small cities and towns (less than 15,000 population) - - - - - - - - - 6. NUmber of member banks accommodated in each district *Amount discounted for all member b~.s in each district, state or city, multiplied by the average maturity of bills discounted for such banks, and divided by the average maturity for the System •• (St. 3057a) f" - 2 - BILLS IDUGHT IN OPEN MABKET: l. Distribution by classes a - Banker·s 1 acceptances: (1) Foreign trade - (2) Dorr.estic trade (~) Dollar exchange b - Trade acceptances: (l) Foreign - (2) Domestic - - - - - - Total c - 2. Distribution by maturities a - From l to 15 days b - From 16 to 30 days c - From 31 to 60 days d - From 61 to 90 days e - From 91 to 130 days f - Average maturity - - - - - - 3. Distribution by rates - total arr1ount purchased at each rate, also average .rate charged - - - -.- --------- 4. Distribution by classes of institutions froxn which purchased:· a - National banks - - - - - - - - - - b - State bank and trust company members c - Non-meuber barucs, etc. - - - - - - - - (St. 3057a) ... • ' . Form A (Rev. Sept. 1922) DISCOUNT .AND OPEN IvL\RKET OPERATIONS DURING THE MONTH OF - - - - - 19 FEDERAL RESERVE BANK OF - - - - - - - - ------ l. Bills discounted for member banks - - - - - - - - - - - - - - - - $ 2. Discounted paper acquired from other Federal Reserve Banks .,. -- Acceptances bought in open market - - - - - - - - - 4. Acceptances bought from other Federal Reserve Banks 5· U. S. bonds, notes, and certificates b~t - 6. Municipal warrants boUbht - - - - - - - - 7. Total. discount and open marl:et operations - MEMORANDA 8. Number of member banks accommodated through the discount of paper during month - - - - - - - - - - - - - - - . Federal Reserve Agent. To be mailed to the Federal Reserve Board (Division of Bank than the 7th of each month. O~erations) not later . l (St.321)
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