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-.,;;,.IIEX•OPPICIO MllMIIKIIIl 1J, P. 8. HARDIIl8, 80¥-01 PAUL H. WAUUR8, Ytcl JJoYDilOI FRIDIRJC A. DILAllO .ADOLPH C. HILLIR Cll.ARUI 1. NAHUM WILLIAM II. MCADOO IIICIITAIT OP THI TILUUIY . -• CIJAJIIIAJJ JO\sll SICILTOil WILLIAMS COIIPTIOLUI Of THI CUIIIMCY ll, PARKIR WILUS, BIICIITAIT IHIRH.AI\ P. ALLEN, AIIT.BIC:IITAIY FEDERAL RESE:RVE BOARD AIJD I'I•CAL AIIIIT WASHINGTON ADD. . .II llllPLY TO NDIIRAI. RI:81:RVI: IIOARD J-.65'1 In the lalnle of work -in .ao:-acRion lQ.tb liaoal.apacJ t.ra.naa.ctiQ:.la. tho quea'tlOl;. of olleok oleal'lni bu been negl.eote4 in a nt.m.bar of '\be J'oaeral Boeeno Diatnna an£ a-ll;h'\ pro,teea baa bean 'aa4a in a4~1ng to ilu liat. non ......... liiLJla ftllllttin& ..~ par. I ha.v~> 1114 pn~rad a. table whllb ehua tile lnoreaaea or 4eoraa.sea ~ 'Ule nwr.ber of bci;lka em tho ,par J•r t.lle ~~:'U.s .a1~~ing »eec\e:r 15-t.'l, 1917. 1aa \Yil1 note ·t~~at tt. aboWa an .:.ctu.a.l llimillD'Uvll l;1 f vu.r .;;.bt.riota. Wbile otoo of the ~irincta r..a.~ a.bout stoo;l atiU; aix hc.;.Y" IZ'A.:le p.1.:.a a.n4 three of tbase lat-t~r ha.Ya w.ia Yal'f eubstcw~t.ial progress. oJ 1ut. •1•• I 1i ls proper to poir.t. <at• hOll'~er, tla&t the• paJ"Mnt.• Q.~~as ~re SviiOvft'l&t. ad.alaa.;ling in 80U O&fil. roh.~ple. tbaft ia :r;.~ :·...ir. sh~ iL .~ba Buat.un Diet.not. 116..-e aU t.be ·~ in the Diatrict h..:.v-3 rad't.•ll a.t. ~r &r\it6. a. eta.n. 1totb AZI.Ii nell member. It _, ~ •ut .s.r. auzr.a ot.Aar ouva also. core \be ~ has be~:. ii.Dill.l, u. u beoauaQ the :l...mbel' of laar.U 1'8}';1ol't.1ni a JMl" a.g.o reproi)ao-.tacl a la.rser ;ru~onio•• of aJ.l.'Uie 1:lar.t.b b t.aa. D.t.atrict tr.a.~. in o'thr Ua'triota. Rbicth .,ppuo-entlf . . - a lillt.tor sh(MIIIo ••r bE• WiwN ~\Jo;;. :. ru~h~flij baa 'b~n u..-le. it. baa lMter. almol~ inY:...ri....bly due to anar... ~tic e<olicl'\a.ti.Oil ltJ ur..o or mora of tlae St..j.ff Of tho Jia.:.k whu h.ii.V~ di•ota4 their .:Umi '\O it. atl.i laYO aq missi~y ROt't :j.n a..iJ.iaii tu their ~ un. lC&y I not V&• that y~u r-3:1.-:..v- r-au-r "£f~rts a.l\J:.;;;; thia l.ill&t · Very tl\\ly yws-s. (Signl.ld) r. A.. m:LIUIO, Cbalnrar... Ogm. on Cllo&r~. ' '
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