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FEDERAL RESERVE BOARD WASHINGTON x-3733 June S, 1923, SUBJECT; Warehouse R e c e i p t s of Cotton. Dear S i r : P l e a s e f i n d enclosed, a copy of a l e t t e r d a t e d May 2 9 t h , a d d r e s s e d t o Mr. George R . ' J a m e s , Member of the F e d e r a l Reserve Board, by Mr. H« S. Yohe i n Charge of the A d m i n i s t r a t i o n of the United S t a t e s Warehouse A c t . There i s a l s o enclosed a. copy of each of t h e documents r e f e r r e d to i n Mr. Yohe's l e t t e r . The system Of i n s p e c t i o n of warehouses i n c o t t o n p r o d u c i n g t e r r i t o r y under t h e United S t a t e s Warehouse Act appears c l e a r l y to be s u p e r i o r to the i n s p e c t i o n under s t a t e laws i n soma s t a t e s , and the form of r e c e i p t c a l l i n g f o r a d e s c r i p t i o n of t h e c o t t o n b a l e s , so t h a t they Can be i d e n t i f i e d and so t h a t s u b s t i t u t i o n s of i n f e r i o r grades can n o t be made in t h e s e c u r i t y f o r l o a n s by banks, seems f a r s u p e r i o r t o t h e i n d e f i n i t e r e c e i p t s used by many warehouses not l i c e n s e d under the United S t a t e s Act. The Board d e s i r e s a r e p o r t from you as t o whether t h e c o n d i t i o n s d e s c r i b e d i n Mr. Yohe's l e t t e r o b t a i n i n s t a t e s i n your d i s t r i c t , w i t h any s u g g e s t i o n s which may occur t o you f o r improving p r e s e n t p r a c t i c e s . I s i t t r u e t h a t b a n k e r s , i n making l o a n s on c o t t o n , pay l i t t l e a t t e n t i o n to t h e warehouse r e c e i p t s , and give no p r e f e r e n c e to t h e l o a n s based on c o t t o n i n warehouses l i c e n s e d under the United S t a t e s Warehouse Act? If s o , what e x p l a n a t i o n i s given? I n g i v i n g c o n s i d e r a t i o n to t h i s m a t t e r , your a t t e n t i o n i s c a l l e d t o t h e r e g u l a t i o n s of t h e Farm Loan Board a c c o r d i n g p r e f e r e n c e t o the. r e c e i p t s of F e d e r a l Warehouses as s e c u r i t y . The Board would l i k e to r e c e i v e a n ' e x p r e s s i o n of your o p i n i o n as t o whether i t would be p r a c t i c a b l e f o r F e d e r a l Reserve Banks to e x p r e s s such a p r e f e r e n c e f o r t h e r e c e i p t s of F e d e r a l Warehouses. By order of t h e F e d e r a l Reserve Board. Very t r u l y y o u r s , Wm. W. Hoxton, Secretary. ( COPY ) UNITED STATES DEPARTMENT OF AGRICULTURE BUREAU OF AGRICULTURAL ECONOMICS WASHINGTON X-3733a May 29» 1923 Mr. George R. James, F e d e r a l Reserve Board, T r e a s u r y Department, Washington, D. C. Dear Mr. James: I n l i n e w i t h t h e s u g g e s t i o n made y e s t e r d a y a t our c o n f e r e n c e , and inasmuch a s t h e s u b j e c t of t h i s l e t t e r was t a k e n up f i r s t i n f o r m a l l y with you, I am a d d r e s s i n g my communication to you. I n the i n t e r e s t s of o r d e r l y marketing of a g r i c u l t u r a l p r o d u c t s and of b a n k e r s who l o a n on such p r o d u c t s when i n s t o r a g e , I take t h i s o p p o r t u n i t y t o c a l l to your a t t e n t i o n the U n i t e d S t a t e s warehouse Act* The purpose of t h i s law i s to encourage o r d e r l y m a r k e t i n g and t o give t o b a n k e r s a form of warehouse r e c e i p t , d e f i n i t e i n i t s t e r m s , conveying such s p e c i f i c i n f o r m a t i o n a s i s e s s e n t i a l to the bankers to form a f a i r e s t i m a t e of the v a l u e of the p a r t i c u l a r commodities on which he i s asked to loan. I n o r d e r t h a t each member of the F e d e r a l Reserve Board and each of your twelve F e d e r a l Reserve Banks may c o n s i d e r t h i s s u b j e c t t h o r o u g h l y , t h e r e a r e e n c l o s e d w i t h t h i s communication the f o l l o w i n g : 18 18 18 18 c o p i e s of the U n i t e d S t a t e s warehouse Act. c o p i e s of forms of r e c e i p t s i s s u e d und^r t h i s A c t . c o p i e s of S e r v i c e and R e g u l a t o r y Announcements No. 71 c o p i e s of t h r e e l e t t e r s d a t e d , r e s p e c t i v e l y , May 29, June 5 and June 12, and a d d r e s s e d "To Bankers i n Cotton Producing S t a t e s . " I n Service and R e g u l a t o r y Announcements No. you w i l l f i n d on page 3 a t a b l e showing the p r o g r e s s made under t h i s Act to May 1 , 1922. To b r i n g t h i s i n f o r m a t i o n t o d a t e , I would s t a t e t h a t on May 1 9 , 1923, we had warehouse space l i c e n s e d s u f f i c i e n t to accommodate commodities i n the amounts i n d i c a t e d : Cotton Grain . Wool Tobacco 2,279,1+09 19,914,547 32,526,250 226,055,000 bales. bushels. pounds. pounds. I n the copy of the Act enclosed we should l i k e , p a r t i c u l a r l y f o r you to n o t e s e c t i o n 30. This s e c t i o n was amended a t the l a s t s e s s i o n -2- X-3733a of Congress• I t i n c r e a s e d n o t o n l y t h e s c o p e of t h e o f f e n c e s p u n i s h a b l e under t h e Act b u t t h e s e v e r i t y of t h e p e n a l t i e s which might be imposed* From t h e f i g u r e s I have g i v e n you showing t h e p r o g r e s s made u n d e r t h e A c t , i t i s a p p a r e n t t h a t we h a v e been p r o g r e s s i n g s u b s t a n t i a l l y i n t h e p a s t two y e a r s . I n t h e M i s s i s s i p p i V a l l e y r e c e n t l y , t h r o u g h t h e a c t i o n of c e r t a i n c o t t o n t r a d e i n t e r e s t s , some of t h e l a r g e r c o t t o n w a r e housemen have a d v i s e d t h a t t h e y i n t e n d t o p e r m i t t h e i r l i c e n s e s t o e x p i r e w i t h t h e i r e x p i r a t i o n d a t e s . As f a r a s the warehousemen a r e c o n c e r n e d , i t seems i t makes l i t t l e d i f f e r e n c e t o them w h e t h e r t h e y o p e r a t e under t h e A c t . What t h e y w i s h t o t r y t o do i s to give t h e i r p a t r o n s what t h e y d e s i r e . Now i t seems t h a t some of t h e l a r g e c o t t o n m e r c h a n t s and p a t r o n s of t h e s e warehouses have come t o the c o n c l u s i o n t h a t t h e banks make no d i s t i n c t i o n between a F e d e r a l warehouse r e c e i p t and a r e c e i p t such a s was i s s u e d by t h e s e warehousemen p r i o r t o becoming l i c e n s e d u n d e r t h e s t a t u t e # There h a s j u s t come t o me a l e t t e r which e x p r e s s e s r a t h e r c l e a r l y the sentiment i n t h i s connection. In p a r t i t reads a s f o l l o w s : "When money was t i g h t t h e c o t t o n .merchants h a d t o g e t i t anyway t h a t t h e banks would l e t them h a v e i t . **** The banks as a whole i n t h i s s t a t e have put t h e i r stamp of a p p r o v a l on t h e bonded warehouse s y s t e m , but n i n e out of e v e r y t e n banks i n t h i s same s t a t e w i l l n o t make i t compulsory f o r a c o t t o n m erchant t o have bonded r e c e i p t s b e f o r e t h e y w i l l e x t e n d him a l i n e of c r e d i t # The c o t t o n men s e e i n g t h a t t h e y can h a n d l e t h e i r b u s i n e s s w i t h o u t t h e bonded warehouse r e c e i p t s have a s k e d f o r t h e s t a n d a r d f o r m . " Now, what i s t h i s s t a n d a r d f o r m of r e c e i p t ? I t i s n o t a r e c e i p t such as i s approved by t h e U n i f o r m Warehouse R e c e i p t s Act; n e i t h e r i s i t a f o r m i n harmony w i t h t h a t i s s u e d u n d e r the U n i t e d S t a t e s warehouse A c t . That you may know vAiat i s l i k e l y t o be t h e s t a n d a r d form which w i l l be u s e d , I am q u o t i n g , u s i n g f i c t i t i o u s names and a d d r e s s e s , t h e wording which a p p e a r s on t h r e e r e c e i p t s i s s u e d by warehousemen i n d i f f e r e n t p a r t s of t h e c o u n t r y p r i o r t o t h e i r becoming l i c e n s e d by t h i s Department* The f i r s t one r e a d s a s f o l l o w s : ~ h Cambria, S . C . , Received f r o m Bales Cotton, q u a l i t y , w e i g h t and c o n d i t i o n unknown, marked a s i n t h e m a r g i n , which we h e r e b y a g r e e t o d e l i v e r t o , or . o r i e r , o n l y upon s u r r e n d e r of t h i s r e c e i p t , and payment of a l l charges % CAMBRIA WAREHOUSE CORPORATION." X-3733a - 3 "FARMERS COMPRESS COMPANY Uniontown, Miss. 19 . Received of One b a l e of c o t t o n a s p e r marks and number given below: Marks : Number : Weight: Remarks :Standard : :Not standard : . Thio Compresi Company i j not l i a b l e or r e s p o n s i b l e f o r a c c i d e n t -, concealed damage , <"/„ terpack= , a c t s of Providence, a c t s of the p u b l i c enemy, or f o r damages or l o s s e s by f i r e even when caused by i t s n e g l i g e n c e . This bale of c o t t o n to be d e l i v e r e d only upon r e t u r n of t h i s r e c e i p t and payment of a l l charges." FARMERS COMPRESS COMPANY DELAWARE CITY COTTON COMPRESS CO. Received f o r Storage op' Concentration And D e l i v e r a b l e To Or o r d e r One Bale of Cotton in apparent good o r d e r , u n l e s s o t h e r wise n o t e d , of t h e above t a g number and f o l l o w i n g marks This b a l e w i l l be d e l i v e r e d upon r e t u r n of Hark : No. this receipt properly ; endorsed ana payment of Charges a l l warehouse c h a r g e s . RISK OF FIRE EXCEPTEDAnd s u b j e c t to a l l condit i o n s appearing on back hereof." DELAW. RE CITY COTTON COMPRESS C Now as to the terms or c o n d i t i o n s a p p e a r i n g on the back of the l a s t mentioned r e c e i p t , one of them i s t h a t the c o t t o n is s u b j e c t e d to a charge f o r compression whether compressed or not a t the time i t i s withdrawn. Another one reads as f o l l o w s : "Thio company assumes no l i a b i l i t y and i s n o t r e s p o n s i b l e • f o r l o s s or damage to c o t t o n by f i r e , or r e s u l t i n g t h e r e f r o m , (e'ven though caused by the negligence of t h i s company, or i t s s e r v a n t s ) , or by f l o o d , tornado or any cause beyond i t s c o n t r o l - 4 - X-373)a. P l e a s e conpare t h e s e forms of r e c e i p t s with t h e form of c o t t o n r e c e i p t which I have e n c l o s e d , Note, p a r t i c u l a r l y , the d i f f e r e n c e between the c o n t r a c t u a l r e l a t i o n e s t a b l i s h e d between the warehouseman and the d e p o s i t o r , and then note' f u r t h e r the d e t a i l e d i n f o r m a t i o n c a l l e d f o r on the Federal r e c e i p t a s compared with t h a t c a l l e d f o r on the o t h e r forms• Of c o u r s e , i t i s apparent t h a t the i n f o r m a t i o n c a l l e d f o r on the Federal r e c e i p t i s needed to give the banker a f a i r e s t i m a t e of the v a l u e of t h e c o t t o n P a r t i c u l a r l y i s the banker i n t e r e s t e d in the w e i g h t , grade and c o n d i t i o n of the c o t t o n . Under t h e Federal law the grade must be s t a t e d on every warehouse r e c e i p t u n l e s s the d e p o s i t o r r e q u e s t s t h a t i t s h a l l n o t be s t a t e d . Such a r e q u e s t i& v a l i d only in the case of products the i d e n t i t y of which i s a t a l l times m a i n t a i n e d , while the p r o d u c t i s in tfcu warehouse• In the case of a product which i s handled i n b u l k , such as g r a i n , the i d e n t i t y of which i s l o s t , the grade must always be s t a t e d on a Federal r e c e i p t * Mention i s made of t h i s p o i n t because the producer of c o t t o n r e a l l y does not know h i s r i g h t s unaer the law and the warehouseman i n v a r i a b l y w i l l n o t grade u n l e s s he i s r e quested t o do so $ and t h i s even d e s p i t e the f a c t t h a t the law p l a c e s a p o s i t i v e duty upon i t * We check t h i s c l o s e l y to see t h a t the warehouseman has v a l i d r e q u e s t s to omit the g r a d e . Country b a n k e r s , t o o , do n o t seem to u n d e r s t a n d t h a t tihu grade must appear on the F e d e r a l receipt. All the country banker needs do when a Federal r e c e i p t i s o f f e r e d to him as c o l l a t e r a l , i f he notes t h a t grade does n o t appear t h e r e o n , i s t o t e l l h i s c l i e n t to take the r e c e i p t back to t h e warehouseman, i f i t has been i s s u e d by a l i c e n s e d warehouseman, and r e q u e s t the grade to be s t a t e d on the r e c e i p t * If the warehouseman r e f u s e s to do i t and the m a t t e r i s r e p o r t e d to t h i s Department, the warehouseman 1 s l i c e n s e w i l l be revoked a t once or he w i l l be obliged to conduct h i s warehouse in accordance with the Act. Now with r e s p e c t t o the w e i g h t . I t i s a general p r a c t i c e in some s e c t i o n s of t h e country, i f the producer happens to be h a u l i n g h i s c o t t o n t o the warehouse and i s caught i n a shower, f o r the warehouseman t o make an a r b i t r a r y deduction from the weight of the cotton* We take t h e s t a n d t h a t t h e r e c e i p t should show in such i n s t a n c e s the gross weight of the c o t t o n , the amount t h a t has been deducted f o r excess m o i s t u r e , and under the h e a d i n g "Condition" some e x p l a n a t i o n made f o r the d e d u c t i o n . I t i s immaterial to u s , as a m a t t e r of f a c t , whether the gross weight and amount of deduction a r e shown or whether the n e t weight and the amount deducted a r e shown, but what we want i s t h a t the d e p o s i t o r should be informed of deductions which a r e made and t h e r e a s o n t h e r e f o r * We r e q u i r e an explanation under the heading "Condit i o n " i f t h e r e a r e any other circumstances which might a f f e c t the v a l u e of the c o t t o n from a c o l l a t e r a l s t a n d p o i n t . X-3733a - 5 - There a r e c e r t a i n p r a c t i c e s indulged i n w i t h r e f e r e n c e t o s t o r i n g c o t t o n in c e r t a i n s e c t i o n s which a r e not t o l e r a t e d b y , and which, as a m a t t e r of f a c t , a r e p e n a l o f f e n s e s under t h e F e d e r a l warehouse Act * For i n s t a n c e , i n some s e c t i o n s , when the warehouse becomes f i l l e d , i n s t e a d of the warehouseman d e c l a r i n g an embargo and r e f u s i n g t o a c c e p t t h e c o t t o n , he w i l l t a k e the c o t t o n , p l a c e i t o u t s i d e the warehouse, p e r h a p s on t h e open ground without dunnage u n d e r n e a t h , and i s s u e f o r such c o t t o n t h e same k i n d of r e c e i p t as i s i s s u e d on t h e c o t t o n i n the warehouse, a t t h e same time c h a r g i n g the d e p o s i t o r the u s u a l s t o r a g e r a t e s . Of c o u r t e , as b a n k e r s , i t i s easy to a p p r e c i a t e t h e u n d e s i r a b i l i t y of a warehouse r e c e i p t c o v e r i n g such c o t t o n . Another p r a c t i c e which i s indulged in i s f o r the warehouseman, who i s p r e v a i l e d upon by a customer who wishes to make a shipment of c o t t o n i n a h u r r y , t o d e l i v e r the c o t t o n without the r e c e i p t s • We have known t h i o t o happen even i n c a s e s where the r e c e i p t s were in the hands of bankers as c o l l a t e r a l f o r loans# Now i f you w i l l r e f e r a g a i n t o the forms of r e c e i p t s which I have quoted, you w i l l n o t i c e t h a t they merely acknowledge r e c e i p t of a b a l e o r b a l e s of c o t t o n . That might mean t h a t the c o t t o n r e p r e s e n t e d by t h e r e c e i p t might be a bJLe of b o l l i e s or might be m i d d l i n g c o t t o n or m i d d l i n g f a i r c o t t o n , i t might be s h o r t s t a p l e or i n c h and a h a l f c o t t o n and, of c o u r s e , i t i ; apparent t h a t t h e l o a n v a l u e s i n such instances are f a r apart. There i s no r e a s o n t o b e l i e v e t h a t the s o - c a l l e d s t a n d a r d form of r e c e i p t which w i l l be i s s u e d by warehousemen who have been o p e r a t i n g under the A c t , b u t who w i l l p e r m i t t h e i r l i c e n s e s to e x p i r e , w i l l be any d i f f e r e n t from the forms which I have abovo q u o t e d . On the o t h e r hand, we have f a i r l y a c c u r a t e i n d i c a t i o n s t h a t the r e c e i p t s w i l l be e n t i r e l y in l i n e with those b e f o r e mentioned. R e f e r r i n g a g a i n t o the q u o t a t i o n from the l e t t e r , b e f o r e ment i o n e d , i t seems t o me t h a t i f the banks were r i g h t in r e q u i r i n g F e d e r a l l y l i c e n s e d warehouse r e c e i p t s when money was t i g h t , t h e r e q u i r e ment should be j u s t as r i g h t when money i s e a s y . In o t h d r words, i f the F e d e r a l warehouse r e c e i p t i s a good t h i n g when the money market b r e a k s , i t ought to be a good t h i n g t o p r e v e n t the money market from breaking, There i s a n o t h e r phase of what seems t o be i n j u s t i c e toward warehousemen who a r e t r y i n g to give to the bankers the v e r y b e s t form of warehouse c o l l a t e r a l , i f the bankers as a whole are f a i l i n g t o d i s c r i m i n a t e between a F e d e r a l l y l i c e n s e d warehouse r e c e i p t , or one t h a t can measure up t o i t , and r e c e i p t s which a r e i n f e r i o r to i t . The warehouseman who i s l i c e n s e d under the F e d e r a l s t a t u t e must comply w i t h the law and the r e g u l a t i o n s . This means t h a t p a t r o n s of t h e s e warehouses can n o t do b u s i n e s s i n a l o o s e f a s h i o n * The r e s u l t i s t h a t -6- t h o s e who want t o f o l l o w unsound methods or methods which may promote t h e i r own i n t e r e s t s t o t he d e t r i m e n t of o t h e r s , w i l l p l a c e t h e i r c o t t o n i n warehouses where the warehouseman a r e n o t r e s t r i c t e d by t h e F e d e r a l law and r e g u l a t i o n s * In o t h e r w o r d s , t h e a c t i o n of the b a n k s , i t seems to me, s e t s up u n f a i r c o m p e t i t i o n * I t seems to me t h a t b a n k e r s , and e s p e c i a l l y members of the F e d e r a l Reserve Banking System, should cooperate w i t h warehousemen who a r e t r y i n g to g i v e them a h i g h type of warehouse c o l l a t e r a l . Any o t h e r c o u r s e does n o t seem f a i r . I n a d m i n i s t e r i n g the F e d e r a l warehouse A c t , we do n o t depend upon the p e n a l t i e s p r o v i d e d i n the law to y.eap warehousemen from going wrongJ u s t as the N a t i o n a l Banks a r e s u b j e c t e d to i r r e g u l a r examination by n a t i o n a l bank examiners, so a r e t h e warehouses and the warehousemen o p e r a t i n g under t h e F e d e r a l warehouse Act s u b j e c t e d t o i n s p e c t i o n and e x a m i n a t i o n by a corps of i n s p e c t o r s o p e r a t i n g under t h i s Department. No l a w , r e g a r d l e s s of the s e v e r i t y of the p e n a l t i e s , n e c e s s a r i l y keeps men from going wrong. The I n s p e c t i o n S e r v i c e of t h i s Department does have a r e s t r a i n i n g i n f l u e n c e and, i n a d d i t i o n , i t c e r t a i n l y i s more l i k e l y t o c a t c h wrong a c t s on t h e p a r t of warehousemen i n t h e i r i n c i p i e n c y t h a n any system which does n o t have an i n s p e c t i o n s e r v i c e . As you know, the War Finance Corporation loaned a g r e a t many m i l l i o n s of d o l l a r s on a g r i c u l t u r a l p r o d u c t s i n the p a s t two y e a r s . I n t h e l a r g e m a j o r i t y of c a s e s the v a r i o u s c o o p e r a t i v e a s s o c i a t i o n s which o b t a i n e d advances from t h e War Finance Corporation gave as s e c u r i t y F e d e r a l l y l i c e n s e d warehouse r e c e i p t s • I n t h e a p p l i c a t i o n s which t h e s e v a r i o u s a s s o c i a t i o n s f i l e d f o r loans t h e Finance C o r p o r a t i o n had s t i p u l a t e d t h a t i t would accept F e d e r a l l y l i c e n s e d r e c e i p t s w i t h o u t f u r t h e r q u e s t i o n . The F e d e r a l Farm Loan Board, which i s now a d m i n i s t e r i n g the i n t e r m e d i a r y farm c r e d i t s Act, has made a r u l i n g a s to warehouse c o l l a t e r a l which i s i n complete harmony with t h e War Finance C o r p o r a t i o n , I t h a s , however, added t o i t s r u l i n g t h a t a s f o r warehouse r e c e i p t s i s s u e d under S t a t e laws, i t would a c c e p t such r e c e i p t s only a f t e r h a v i n g s a t i s f i e d i t s e l f a s t o t h e a c c e p t a b i l i t y of the law and the r e g u l a t i o n s promulgated, t h e r e u n d e r and, f u r t h e r , t h a t i t was s a t i s f i e d w i t h the method of a d m i n i s t r a t i o n of t h e law and r e g u l a t i o n s . To t h i s r u l i n g i t h a s added a f u r t h e " r u l i n g t h a t r e c e i p t s i s s u e d by warehouses o t h e r than those l i c e n s e d under the United S t a t e s warehouse Act would be a c c e p t e d only a f t e r i n v e s t i g a t i o n s had been made of each i n d i v i d u a l warehouse and i t s o p e r a t i o n s , These r u l i n g s on the p a r t of both t h e War Finance C o r p o r a t i o n and t h e F e d e r a l Farm Loan Board were made only a f t e r a thorough i n v e s t i g a t i o n of the F e d e r a l warehouse Act, t h e r e g u l a t i o n s , and the method of a d m i n i s t r a t i o n , I t seems d e s i r a b l e t h a t t h e v a r i o u s branches of t h e Government which have t o do w i t h f i n a n c i n g a g r i c u l t u r a l p r o d u c t s through t h e u s e of warehouse r e c e i p t s should be i n complete harmony. I t would appear from the q u o t a t i o n f r o m the l e t t e r p r e v i o u s l y r e f e r r e d to t h a t i f the F e d e r a l Reserve Banks and t h e i r member banks merely i n d i c a t e d t h a t t h e y p r e f e r r e d t h e F e d e r a l warehouse r e c e i p t t h a t x-3733a they would r e c e i v e i t . The warehouseman, as a g e n e r a l r u l e , wants t o accommodate h i s p a t r o n s . On g e n e r a l p r i n c i p l e s he i s n o t opposed to the F e d e r a l warehouse A c t . He r e a l i z e s t h a t h e i s o b l i g e d t o do "business i n a d i f f e r e n t way and mast keep c e r t a i n r e c o r d s which he would n o t keep i f he were n o t o p e r a t i n g as a F e d e r a l l i c e n s e e , b u t no warehouseman h a s ever f i l e d a complaint t h a t the k e e p i n g of t h e s e r e c o r d s was burdensome. I s h a l l be v e r y glad to have you p r e s e n t t h i s m a t t e r t o t h e Reserve Board a n d , of c o u r s e , i f I can s e r v e you and t h e Board i n g i v i n g more s p e c i f i c i n f o r m a t i o n , i t w i l l be a p l e a s u r e t o do s o . I s h a l l be p l e a s e d t o have a copy of any l e t t e r which t h e Board may see f i t to send t o t h e I b d e r a l Reserve Banks. I n c l o s i n g , l e t me thank you, Mr. Hamlin and Mr. P i a t t f o r t h e v e r y c o u r t e o u s a u d i e n c e given rod y e s t e r d a y . Very t r u l y y o u r s , (signed) H. S. Yohe I n Charge, A d m i n i s t r a t i o n United S t a t e s Warehouse A c t .
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