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W. P. G. HARDING. GOVERNOR PAUL M. WARBURG. VICE GOVIRNOI FREDERIC A. DELANO ADOLPH C. MILLER CHARLES S. HAMLIN EX·OO'PICIO MIIMBIIR8 WILLIAM G. McADOO SICRITARY OF THE TREASURY CHAIRMAN JOHN SKELTON WILLIAMS COMnROLUR OF THE CURRENCY H, PARKER WILLIS, SECRETARY FEDERAL RESERVE BOARD SHERMAN P. ALLEN, ASsT. SECRETARY AND FISCAL AGENt ADDR&S8 REPLY TO WASHINGTON FllDIERAL RIESERVE BOARD April 1, 1918. X-859 Dear Sir: The Board has been advised by Assistant Secretary of the Treasury Leffingwell that he f1nds there is a ronsiderahle dif£erence of opinion among the Federal res.arve banks as to th~ d6sir.al,i.lity and feasibility of permitting them to attend to the registration of bonds of the third Liberty loan, and that there have, at the sane tirre, developed in the Treasury scue doubts as to the lege>l questions involved. Mr. Leffingwell states that the Treasury reluctantly reached the conclusion that, for t.he the registration and transfer of bonds w~st offt~j~ls pr~sent have at least, ·be attenden to excl~sively at the Treasury Departn:.ent .. If you have any corrnents or recQmmendations to nake regarding this .d.6c1Dion I will be pleased to transmit them to the Department .. Very truly yours, Governor. ,
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