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W . P. G. HARDING. GOVERNOR P A U L M. WARBURG. VICE GOVERNOR FREDERIC A. DELANO ADOLPH C. M ILLER CHARLES S. HAMLIN E X -O FFIC IO M EMBERS W ILLIAM G. MCADOO SECRETARY OF THE TREASURY C h a ir m a n JOHN SKELTON W ILLIAM S COMPTROLLER OF THE CURRENCY F E D E R A L R E S E R V E B O A R 3 l 577 WASHINGTON H. PARKER W IL L IS . SECRETARY SHERMAN P. ALLE N . ASST. SECRETARY AND FISCAL AGENT ADD R E SS R E P L Y TO FEDERAL. RESERVE BOARD December 15, 1917. Dear Sir: Referring to the matter of setting up a Reserve against depreciation of bonds, I quote that price at which depreciation 6f Government bonds should be allowed for: 2j£ Consols. - 1930 1936 3% One year notes 3% of 1918 4 ’s of 1925 3% Conv. 1946-7 Price 96-1/2 " 96 Par Par 104 84 Governor Harding is away from the city today, and X find that this fact was omitted from hid recent letter to you on the subject, and I am therefore vrriting to supplement his letter* Yours very truly,
@FedFRASER