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•J Ex -O f f ic io & W . P . G . H A R D I N G , GOVERNOR mem bers PAUL M. W A R B U R G , VICE GOVERNOR F R E D E R I C A. D E L A N O W I L L I A M G. Mc AD OO ADOLP H SECRETARY OF THE TREASURY C. M I L L E R C H A R L E S S. H A M L I N CHAIRMAN JOHN SKELTON WILLIAMS COMPTROLLER OF THE CURRENCY H. P A R K E R W I L L I S . SECRETARY FEDERAL RESERVE BOARD S H E R M A N P. A L L E N . ASST. SECRETARY and WASHINGTON Agent FEDERAL RESERVE BOARD X-108 April 26, 1917. Dear Sir: The Secretary of the Treasury has called the attention of the Board to the fact that Federal reserve banks, in receiving subscriptions for Treasury certifi cates Of ihdebtcdnoss, and for war loah bonds, do so in their capacity as fiscal agents for the Government* At his request this letter is written in behalf Of the Board, to caution you that no information should be made public regarding names of subscribers or amount subscribed by each except when and as specifically authorized by the Secretary of the Treasury. f is c a l AD D R E SS R E P L Y TO Very truly yours, Governor.