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1107

F E D E R L R E S E R V E B O R D

WASHINGTON

December

  3> 1920.

X-2078

Su bj ect : Code words

  t o b e

  used

  i n

rediscount t ransact ions.

Dear  S i r :

There  i s  submitted herewith  a new  l i s t  of  code words

and  phrases  to be  used  i n  rediscount transactions between

Federal Reserve Banks, superseding  th e  code words suggested  i n

th e  Board ' s le t ters  of  Ju ly  10, 1919 ,  X-1613; July  24, 1919i

X-1&8;  and  August  23 , 1919 ,  X-1657.

I t i s

  requested that

  th e new

  code words

  be

  made

e f f e c t i v e

  as of

  December

  15, 1920.

Very truly yours,

E n c l o s u r e .

Assis tan t  t o  Governor.

To   Chairmen  of a l l F , R .  Banks.

Cory  to  G-ovemers.

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X-2078  a

  CODE MESSAGES  TO BE  USED  IN  REDISCOUNT TRANSACTIONS

BETWEEN FEDERAL RESERVE BANKS.

(a ) To be

  sent

  b y t h e

  bank wishing

  t o

  rediscount

  t o t h e

  Board:

CODE WORD;

CENTER  - , . «  Please arrange  f o r  this bank  t o  rediscount (date)

(amount-A.B.A. code) (kind  of  -paper—see code

words given below) maturing  (11 to I 'D  days.

Gold Settlement Fund direct transfer

  i n

  payment.

(b ) To be

  sent

  b y th e

  Board

  to the

  rediscounting bank:

  . .  .Board  h a s  requested (Chicago)  to  rediscount  f o r  your

Bank (d at e) (amount-A.B.A.code) (kind  of  •paper  - see

code words given below) maturing  (11 to 15)  days

ra t e

  ( ) p e r

  ce n t. Gold Settleme nt Fund d ir e ct t r a n s f e r

i n  payment. Please arrange de ta il s d i re c t .

TEMPLE

  . . .

  .Board

  h a s

  requested (Chicago)

  t o

  rediscount

  f o r

  your

Bank today  as of  (date) (amount-A.B.A. code) (kind

of   paper-see code words given below) maturing  (11 to 15)

days, rate  ( ) p e r  ce nt . Gold Set tle men t Fund d i r e c t

t r a n s f e r  i n  payment this morning, with  a l l  e n t r i e s  as

°f  (d ate )• Please arrange de ta i l s d i r ec t .

(c ) To be  sent  by the  Board  t o t h e  discounting bank:

TANNER

  . . .

  .Board requests your Bank

  t o

  discount

  f o r

  (Dallas)

(date) (aaount-A.B.A. code) (kind  of  •paper-see

code words given below) maturing

  (11 to 15)

  days,

r a t e  ( ) p e r  ce nt . Gold Settle ment Fund d i r e c t

t ra ns fer . P lease a rrange de ta i l s d i re c t .

TANGENT  . . .  .Board reque st s your Bank  t o  discount  f o r  (Dallas)

today  as of  ( da te ) (amount-A.B.A. code) (k ind  of

-paper  - see  code words given below) ma turin g

(11 to 15)  days, rate  J)  p e r  r e n t . Gold Settl ement

Fund di re ct t r an sf er  i n  payment this morning, with

a l l  e n t r i e s  as of  (d at e) . Please arrange de ta il s

d i r e c t .

(d ) To be

  sent

  by the

  discounting bank

  t o t h e

  redis coun ting bank:

H

  MMER

  . . . . I n  accordance with request  of the  Federal Reserve Board  we

s h a l l  b e  pleased  t o  discount  f o r  your Bank (date) (amount—

A.B.A.. code) (kind  of  -paper-see code words given below)

maturing  (11 to 15)  days, rate  ( ) p e r  ce nt . Please deposit

paper with Federal Reserve Agent  of  your Bank  f o r  account

Federal Reserve Agent  of  this Bank  a n d  have  him  wire  our

Agent acknowledging receipt  of  b i l l s  and  co l l a t e r a l . Wire

amount  of  unearned disc ount cr ed it ed , al so advise se pa ra tel y

f o r

  each kind

  of

  paper to t a l amount maturing within f i f t e e n

days, thirty days, sixty days, ninety days  and  over ninety

da ys . Also pl ea se forward sch ed ul es . Gold Set tle men t Fund

d i r e c t t r ans f e r w i l l

  b e

  made

  i n

  payment.

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  2

X-20T8

  a

HAMtiCT

  . . . . I n

  accordance with request

  of the

  Federal Reserve Board

we

  s h a l l

  b e

  p leased

  t o

  discount

  f o r

  your Bank today

  as of

(da te  )  (a mount -/«B./ .. code) (kind  of  "paper  - se e  code

words given below) maturing

  (11 to 15 )

  days, ra te

  ( )

p e r

  c e nt . Ple ase de po si t paper with Fed era l Reserve

  J

1

 gen t

of

  your Bank

  f o r

  account Federal Reserve Agent

  of

  th i s

Bank

  and

  have

  h im

  wire

  o u r

  /gent acknowledging receipt

  of

"bi l ls

  and

  c o l l a t e r a l ,

  ^ i r e

  amount

  of

  unearned discount

cred i ted ; a l so advise separa te ly

  f o r

  each kind

  of

  paper

to ta l amount maturing wit hin f i f t e e n day s, t hi r t y days,

s ixty days, ninety days,

  end

  over ni ne ty da ys . Also pl ea se

forward sche dule s. Gold Settlement Fund d i r e c t tr a ns f e r wi ll

h e

  made this morning

  i n

  payment, with

  a l l

  e n t r i e s

  as of

  (date)

(e ) To he   sen t  b y t h e  Agent  of the  rediscounting bank  t o t h e  Agent  of

t h e

  discounting bank:

P/WPFR

  . . . . 1

  have received from

  t h e

  Federal Reserve Bask

  of

  (Dal las ) .

properly endorsed

  b y i t ,

  (amount-/.B..

 A.

  code) (kind

  of

  r a r e r -

s e e

  code words given below)maturing

  ( l l t o 15 )

  days, rate

XX) per  cent  and am ho ld in g same  i n  t r u s t  f o r y ou f o r  account

of

  Federal Reserve Bank

  of

  (Chicago) which Bank

  i s

  discount ing

above paper

  a s o f

  (da te )

  .

  De ta i l f i gu re s

  and

  schedules will

fo l low.

( f ) T o b e

  sent

  b y

  discounting bank

  t o

  Board:

R/NGFR

  . . . . I n

  accordance with Board's request

  we

  wi l l d i scount

  f o r

  (Dallas)

as of

  (date) (amount-A.B.A, code) (kind

  o-f

  raper-see code

words given below) maturing

  ( l l t o 15 )

  days, ra te

  ( ) p e r

  cent .

We are  arranging de ta i l s di re ct with (D al l as ) . Gold Set t lement

Fund d i re c t t r an sf e r wi l l

  b e

  made today

  i n

  payment, with

  a l l

e n t r i e s

  as of

  (da te ) .

(g ) To be

  sent

  b y

  rediscounting bank

  t o

  discounting bank:

REAPER  . . . . I n  accorda nce with your wir e ( da te )  we  have d eliv ered  t o t h e

Federal Reserve Agent

  of

  this Bank

  t o b e

  he ld

  i n

  t r u s t

  f o r

t h e  Federal Reserve Agent  of  your Bank  f o r t h e  account  of  your

Bank (amount-/»B.z. code)(klnd

  of

  rarer-see code words given

below) maturing

  ( 1 1 t o 1 5 )

  days . Please make di re ct t ra ns fe r

cf

  (amount-*.B.Z. code) (date) through Gold Settlement Fund

  i n

payment.

  We

  cr ed it your account

  i n

  Gold Fund clearing (date)

(amount-/^B./ . code) discount  a t ( J ) p e r  cent  f o r ( 1 0 )  days  on

(amount-Z.B.Z. code) (kind

  of

  rarer-see code words given below)

and.

  (amount-/.B.A. code) discount

  a t ( ) p e r

  cen t

  f o r (1 0 )

  days

on  (amount-A.B./. code) (kind  of  rarer-see code words given

be low) ; to ta l c red i t  f o r  discount (amount-A.B.A. code)

Schedule

  of

  bil ls pledged with

  o u r

  Agent will

  b e

  mailed (date)

(h ) To be

  sent

  b y

  rediscounting bank

  t o

  discount ing tank

  i n

  renewal

t r ansac t ions :

RFC

/ST

  . . . . I n

  accordance with your wire

  of

  (date)

  we

  have delivered

  t o t h e

Federal Reserve Agent

  of

  this Bank

  t o b e

  he ld

  i n

  t r u s t

  f o r t h e

Federal Reserve Agent  of  your Bank  f o r t h e  account  of  your Bank

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  >

1110

X-2078  a

(amount-A.B.A. code) (kind

  of

  paper-see code words given below)

maturing

  ( 1 1 to 15)

  days.

  We

 have re cei ved from

  t h e

  Federal

Reserve Agent

  of

  this Bank paper lodged with

  him ( 10)

  days

  ago

i n

  equivalent amount*

  We a r e

  paying

  y o u f o r

  today 's matur i t ies

through

  t h e

  Gold Settlement Fund

  b y

  di re c t t ra nsf er today

  end

request that

  you

  make direct t ransfer

  to us of

  (amount-A.#./,

code) cover ing liew. tr an sa ct io n.  We cr e di t your account  i n

Gold Fund c l e a r i n g ( da te ) (amount-.A.3.A. code) d is co un t  a t ( J )

p e r

  cent

  f o r (1 0 )

  days

  on f

 amount-A.B.A. code) (k in d

  of

  n a re r -

s e e

  code words given below)

  and

  (amomat-A.B.A. code) discount

a t ( J ) p e r

  cent

  f o r (1 0 )

  days

  on

  '(amount-A.B.A. code) (k in d

of

  pap er- see code words given below): t o t a l cr ed i t

  f o r

  discount

(amount-A.B.A. co de ). Schedule

  of

  bil ls pledged with

  our

Agent being mailed.

( i ) To be  sent  b y  rediscounting bank  t o  discounting bank  i n  making

advance payments:

RESORT

  . . . .We a r e

  paying your Bark today

  b y

  di re c t t r an sf er through

  t h e

Gold Settlement Fund

  on

  account

  of

  proceeds

  of

  advence

payment

  f o r o ur

  rediscount with your bank

  due

  (da te)

  a s

  fol lows:

Rate  ( ) p e r  cent

(Name)

  or (No) Amt.

  (A.B.A. Code) Di sc .

  ( a m t .

  A.B.A.code) Proceeds (A.B.A.code)

(Name)

  or (No) Amt.

  4

(A.B4A. Code) Di sc , (amt.; A.B.A.code) Procee ds (A.B.A.code)

( j )

  Designations

  of

  kinds

  of

  paper:

CERTIFICATES  . . . .  member bank promissory no te s secur ed  b y  Treasury

c e r t i f i c a t e s  of  indebtedness.

LIBERTIES member bank promissory notes secured

  by

  Liberty bonds.

VICTORIES member bank promis sory notes secu re d

  b y

  Victory notes .

COMMERCIAL

  . . . . .

  commercial pap er secu red

  o r

  unsecured.