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W. P. G. HARDING, GOVERNOR PAUL M. WARBURG, VICE GOVERNOR FREDERIC A. DELANO ADOLPH C. MILLER CHARLES S. HAMLIN Ex -O f f ic io M e m b e r s WILLIAM G. McADOO SECRETARY OF THE TREASURY CHAIRMAN JOHN SKELTON WILLIAMS COMPTROLLER OF THE CURRENCY FEDERAL RESERVE BOARD H. PARKER WILLIS, SECRETARY SHERMAN P. ALLEN. ASST. SECRETARY AND FISCAL AGENT ADDR^ WASHINGTON :£PLY TO RAL RESERVE B O A R D February 17, 1917. Dear Sir: It is noted that Federal reserve agents are treating supplies of notes in subtreasuries not as reserve or emergency supplies, but as stock to be drawn upon for current requirements. The Board believes that a more desirable policy will be to treat notes held in subtreasury as reserve, to be drawn upon only in case of necessity, while using the stock in Washington as the current supply to be drawn upon when notes are required to be issued to a Federal reserve agent. In this connection it is suggested that Form 45 be used only in ordering notes from Washington or in confirming such orders which have been sent by wire. Some confusion has been caused in the offices of the Board through the failure of Federal reserve agents to indicate upon requisitions for notes on the printed form that the requi sition is in confirmation of an order forwarded by telephone or telegram. You are requested, therefore, if you are not already doing so, to indicate plainly when an order is forwarded on the usual form in confirmation of a telephone or telegraph message. A rubber stamp may be used or the word "Confirmation" written diagonally across the requisition with the date on which the original request was forwarded. This will prevent duplication of orders. Requests for the release of notes from the subtreas ury should be confirmed over the signature of the Federal reserve agent in the ordinary way, and not upon a blank. Thanking you for your attention to this matter, I am, Very respectfully, Governor.
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