Full text of Mimeograph Letters and Statements of the Board : Statement Regarding Circular Sent Out Anonymously From Philadelphia, Number 480, Volume 2, Page 823

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480.

STATEMENT FOR THE PRESS.

January 5, 1916.

There have been sent to the Federal Reserve Board from
Federal reserve banks and various member banks of the system
copies of an anonymous circular which is being sent out from
Philadelphia to member banks of the Federal reserve system,
headed "FAILURE TO COMPLY WITH .REGULATIONS’1.
The circular qiiotes the last paragraph of Section 9
of the Act which permits the Federal Reserve Board to require
the surrender of stock and return cash-paid subscriptions with
interest.
The Federal Reserve Board has not sent out this cir­
cular and has no knowledge of its source.

It appears to be the

intent of those issuing it to create prejudice against the Federal
Reserve Act and the Federal Reserve Board.