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X-397. Ex*Officio members WILLIAM G. McADOO SECRETARY OF THE TREASURY W. P. G. HARDING, GOVERNOR PAUL M. WARBURG, VICE GOVERNOR FREDERIC A. DELANO ADOLPH C. MILLER CHARLES S. HAMLIN C h a ir m a n JOHN SKELTON WILLIAMS COMPTROLLER OF THE CURRENCY FEDERAL RESERVE BOARD W A SH IN G TO N H. PARKER WILLIS, SECRETARY SHERMAN P. ALLEN, ASST. SECRETARY and Fis c a l A g e n t ADDRESS REPLY TO FEDERAL RESERVE BOARD Dear Sir: Replying to your letter of • X would state that the Federal Reserve Board is raking a careful study of the foreign exchange situation but L*ms not up to Inis tin© been able to find any way of overcoming certain'obstacles which mist be overcome before the desired re sults could be attained by the establishment of foreign agencies by Federal Reserve Banks. The whole natter is complicated by reason of Our. participation in the war, as we cannot longer consider the interests of the United States alone,, but mast consider the whole question from a partnership standpoint. Our foreign exchange transactions are not at present related entirely to our own imports and exports, but are affected also by the transactions of other cations with which v e are associated » in the war and by the loans which our Gove meant is making to these nations. Very truly yours Governor
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