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\ x-ll03 PRESS STATEMENT The .Federal Reserve :soari otaclaJf d"'c:S.ded to uncieTtake the collec- i;iC>n <>t .&.,._.., .. qtics designed the volume of bank1~ out the country. t~ furnish an aecuroi:e aJlCl 't-rW'~wort.hy i.nde.x -of business at the various clearing house points thro~ It transmitted to each Federal Reserve bank a letter re- questing that the manager of each clearing house in the district be asked ta obtain from each of the members of such clearing house figures showing, for each week, the total of checks drawn oh and paid by each reporting bank; separating those drawn by individuals; firms, corporations and the United States Government under one head and those drawn by other banks and bankers under a second head. It is intended to have these figures telegraphed each week to the Chairmen of the Board of Directors of each Federal Reserve Bank of each di~trict, Board. who will then transmit the combined returns to the Federal Reserve In this way reports showing the actual volume of business at clearing house points will be obtained. Present clearing house returns show only the total of checks which actually pass through the. clearing house and thus fall to take account of the large volume of checks which are settled the individual member banks. They also lack uniformity in that outside items are included in some eases. August l, 1918. throug~.
@FedFRASER