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W. P. 6 . HARDING. GOVERNOR PAUL m . WARBURG. VICE Governor FREDERIC A. DELANO ADOLPH C. MILLER CHARLES S. HAMLIN E x -o r n c io m em b e rs WILLIAM 6. McADOO SECRETARY OF THE TREASURY C H A IR M A N JOHN SKELTON WILLIAMS COMPTROLLER OF THE CURRENCY FEDERAL RESERVE BOARD H. PARKER WILLIS, S E C R E T A R Y SHERMAN P . ALLEN. A S S T . S E C R E T A R Y A N D F IS C A L A C E N T ADDRESS REPLY TO WASHINGTON FEDERAL RESERVE BOARD X44? October 20, 1C17. Dear Sir: ’ I enclose herewith a letter from Ur. Stoddard Jess, of L'js angeles, California, who .is Vice president of the Clearing House Section of the American Bankers a s s o c iation„ with the request that you advise me of the views of y.ur directors and your executive committee on the subject. The Board is aware of the very heavy additional work which is now imposed upon the federal Heservo banks in the bond selling campaign and in the discharge of their duties as fiscal agents, and is inclined to the opinion that while the suggestions of Mr. Jess might be carried out at some future time, the banks might desire to defer undertaking the new functions suggested until the end of the war, or at least until a larger number of state banks have cone into the system. Very truly youts governor.
@FedFRASER