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W. !'·G. NARI»NG, GOVHRa PAitL M. WAR81JH, YICI hYIIIIOI t'IIIDIRIC A. DILANO WILLlAN G. McADOO ADOLPH C. MILLER CHARLII IJ. HANLIN S&CIDAIY OP THI TRIAIUIY CHAntiiA• JOHN SKELTON WILLIAMS FEDERAL RESERVE BOARD COIIniOLLII OP TNI CUIRINCY WASHINGTON ADDR.as• RKI'L.YTO P'll:t:IIIRA.L. RUI:RVII IKIARt:l DIVISION OF REPORTS AND STATISTICS JUne 5, 1918 MJ-JCO Dea.r Sir: With the view of avoiding misunderstandings by the Board of telegrams received from Fed- e:ral Reserve Banks and Agents, affecting credit balances in the Gold Settlement Fund, it is requested that in the future Federal Reserve Agents sign only such Gold Settlement Fund telegrams as involve transfers from their accounts and that all telegrams involving transfers from the Bank's accounts, either to the Agents, to the other Reserve llanks or to the Govel'l'llllent be signed by the Gov- ernor. Cashier or such other officers of the bank: as may be authorised to sign Gold Settlement Fund telegram&. tours very truly, Secretary Mr. Federal Reserve Agent, · X-98'7 H. PARKER WILLIS, SICIITAiY SHERMAN P. ALLIN, AIIT.IICIITAIY AND PlicAL MINT