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TO CHAI.RMEN Alto GOVERNORS OF ALL J1. R. BAMS. f 1- O f FEDERAL RESERVE BOARD WASHINGTON X-7407 A p r l l 1 2 , 1 9 a 5 . A D D R E S S OFFICIAL C O R R E S P O N D E N C E TO T H E FEDERAL RESERVE B O A R D SUBJECT: Subscriptions to Government S e c u r i t i e s by D i r e c t o r s , O f f i c e r s and Employees of Federal Reserve Banks. Dear S i r : In view of the f a c t t h a t the Federal r e s e r v e "banks a c t as f i s c a l agents of the Government i n r e c e i v i n g s u b s c r i p t i o n s to bonds, n o t e s , Treasury b i l l s , c e r t i f i c a t e s of indebtedness and other o b l i g a t i o n s of the United S t a t e s , i t i s the view of the Federal Reserve Board t h a t , i f d i r e c t o r s , o f f i c e r s or employees of a Federal r e s e r v e bank f i l e s u b s c r i p t i o n s f o r such s e c u r i t i e s d i r e c t l y with such Federal r e s e r v e bank, e s p e c i a l care should be taken t o make c e r t a i n t h a t t h e i r s u b s c r i p t i o n s a r e handled i n s t r i c t accordance with Treasury i n s t r u c t i o n s and i n no r e s p e c t r e c e i v e more f a v o r a b l e treatment than i s accorded other s u b s c r i p t i o n s of t h e same c l a s s . In order to i n s u r e s t r i c t compliance with t h i s p r i n c i p l e , i t i s suggested t h a t a s p e c i f i c o f f i c e r of t h e bank be charged with the r e s p o n s i b i l i t y of supervising a l l s u b s c r i p t i o n s h e r e a f t e r received from d i r e c t o r s , o f f i c e r s and employees of t h e bank and t h a t the a u d i t o r of the bank a l s o be i n s t r u c t e d to p r e p a r e a d e t a i l e d a n a l y s i s of a l l such s u b s c r i p t i o n s , the a l l o t m e n t s thereon and other a c t i o n s taken with r e s p e c t t h e r e t o , and submit a f u l l r e p o r t thereon to your Board of D i r e c t o r s a t t h e e a r l i e s t p o s s i b l e meeting f o l l o w i n g the d a t e of the issuance of such Government o b l i g a t i o n s . Very t r u l y yours, Chester M o r r i l l , Secretary.
@FedFRASER