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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.