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966 W. P. 0 . HARDING, GOVERNOR PAUL M. WARBURG. VICE GOVERNOR FREDERIC A. DELANO ADOLPH C. MILLER CHARLES S. HAMLIN WILLIAM « . McADOO SECRETARY OF T H I TREASURY CHAIRMAN JOHN SKELTON WILLIAMS COMPTROLLER OF THE CURRENCY FEDERAL RESERVE BOARD H. PARKER WILLIS. SECRETARY SHERMAN P. ALLEN. ASST.SECRETARY AND FISCAL AOENT ADOI WASHINGTON TO FEDERAL RESERVE s e r v k BOARD 5y* March SB, 1916 Dear Sir»i There is enclosed for your information copy of a resolution, adopted by the Federal Reserve Board at its meeting today, in connection with the sale of United States bonds offered by member banks of the Federal reserve system through the Treasurer of the United States under Section IS of the Federal Reserve Act* You will note from the resolution that the Board has determined under the circumstances to make no allotment Of bonds for purchase at this time* Very respectfully, Governor
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