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WILLIAM G. HcADOO SECRETARY OF TMI TREASURY CHAIRMAN JOHN SHELTON WILLIAHS COHPTROLLRR OF THR Cl ICT W. P. S. HARDING, GOVRRHOR PAUL I . WARBURG, VlCR GOVRRHOR PREDRRIC A. DILANO ADOLPH C. HILLRR CHARLES S. HAHUH FEDERAL RESERVE BOARD WASHINGTON H. PARKER WILLIS, SECRETARY SHERHAN P. ALLEN. ASST. SECRETARY ADDRESS RKPLY TO FBDKRAL RBSKRVK WOARO December 31, 1917 Dear Sir: . . It is especially desirable that your member banks take a more active interest in the United States Treasury, certificates of indebtedness maturing June 25, which are now being offered. It was not expected that sales of these certif icates could be made in large volume during the closing days of December, but there ought to be a much greater demand for them during the first half of January. The Board has no doubt that you are doing all in your power to induce, good subscriptions in your district, and deems it unnecessary to point out further the importance of anticipating tax payments in order that congestion may be avoided in June. It would be well for the banks to bear in mind that upon the extent to which these certificates are taken will depend the date of new Treasury financing. This letter is, of course, not for publication, and is intended for the attention only of yourself and of your directors. Very truly yours Governor
@FedFRASER