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ex -officio Members W. P. G. HARDING, GOVERNOR PAUL M. WARBURG, v i c e G o v e r n o r FREDERIC A. DELANO ADOLPH C. MILLER CHARLES S. HAMLIN WILLIAM G. McADOO SECRETARY OF THE TREASURY CHAIRMAN JOHN SKELTON WILLIAMS FEDERAL RESERVE BOARD Co m p t r o l l e r o f t h e c u r r e n c y H. PARKER WILLIS, SECRETARY SHERMAN P. ALLEN, ASST. SECRETARY and W A S H IN G T O N Fis c a l A g e n t AD D R E SS R E P L Y TO FEDERAL £E^ERVE BOARD April 25, 1917. Dear Sir: Following the last conference with the Governors of the Federal reserve banks in Washington the Committee on Clearings of the Federal Reserve Board took up the mat ter of Federal Reserve Exchange and has worked out a plan which the Board has approved to become operative May 21. An explanation of the plan and sample forms., are enclosed herewith for your information and guidance. The Federal reserve banks are requested tc issue as soon as possible circulars to their member banks em bodying the rules and recommendations which are applicable to them, it being unnecessary, of course, to inform member banks of such details as concern the Federal reserve banks only. Respectfully, Governor.
@FedFRASER