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PAUL M. WARBURG. CHAIRMAN
FREDERIC A. DELANO
ADVISORY COMMITTEE:
ALLEN B. FORBES, CHAIRMAN
CAPITAL ISSUES COMMITTEE
CHARLES S. HAMLIN
P.H.GOFF
HENRY C. FLOWER
OF THE
W. T. CHAPMAN, SECRETARY
BRADLEY W. PALMER, CoUNSEL
FEDERAL RESERVE BOARD
STEPHEN L. SELDEN
EXECUTIVE SECRETARY
WASHINGTON
JAIIES
Q.
NEWTON
AsST. EXECUTIVE SECRit'tAR'C'
X-722
February 12, 1918.
To the Chairman of the
Sub Committee on Capital Issues of
Federal Reserve District No.
Dear Sir:
The Committee has decided somewhat to recast the language
of clause· (4) on page 4, of its letter of F0brua.ry seventh
(No. X-706), and you are requested to destroy page four of the
copies of such letter hcretofoC"' sc;nt to !ou, substi tlftir;.g
therefor enclosed revised page
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Unless expressly excepted., it is un¢.erstood . ~~hat ~11 com_:
r.1Unications from the central committee to the sub-committees
arc to be treated as donfidential and not to be
gi~en
to the
public•
There is also enclosed, for your information, copy of
resolutions passed on January 17, 1918, by the League of
Kansas Municipalities.
It is suggested that you
b1~ing
this
document to the knowledge of municipalities in your ov7n district wherever you think that it may be necessary or advisable to do so.
I append copy of resolution adopted by the New York
Stock Exchange.
This resolution was vntirely voluntary by
the Stock Exchangc 1 and sets a valuable example to be emulated by other stock exchanges..
It v;ould be desirable, however,
6
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.
X;..;.722
Page 2
tha.t ail ac·tion taken by stock excl1anges should be taken a3
I ariclose .;.,.lso, fc,r-
Sommi·Gteea a~p,inted in
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o~ -Gl:.s tr.;0lve Federal Reserve
Dis-G:4icts.
Chairman.
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