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TELEGRAM FEDERAL RESERVE BQ>ARD Washington CO~F!RMATION December 13,1918o X-1306 MotilOd of com:r:-uting earnir.gs from discounted bill of lading dm!ts. SUBJECT: Curtiss, Boston Wills, Cleveland Heath, Chicago RarrAay,Kansas City Jay;New York Hardy;Richmond Martin,, St.Louis Ramsey,Dallas .Austin, Philadelphia Well b0rn .• Atlanta Rich~ M:i.nncapol is PerrinrSan ?:rancisco. In response to inquiries regarding propar basis of comfuting earnings from discounted bill of lading drafts payable on or before fix0d data, Board desires that all such drafts be discounted for the marginal number of days for which drawn. In case draft is paid beforo marginal rr.aturi ty, discount for unexpired period should be rebated. ADELSON. The Governor, Fed3ral .Reserve Bank 1 Assistant Secretary.
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