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BDARD DF GDVERNDRS DF THE FEDERAL RESERVE SYSTEM WASHINGTON M*y 13, 1943 Mr. Allan Sproul, President, Federal Reserve Bank of Kew Xoris, New Yoric 45, Hew XQTK. Dear Allan: The t i c k e r tape carried the following statement yesterda/: "More and ?sore i t seems t o have becose the habit to think of the System as a head office in Washington with 12 branched or subsidiaries in the 12 Federal Be serve ffi l l r ^ * " . ^ d even to forget that the Bo&rd>ar Lf^mkrnors i s a Board and not & Ojairsayj^i^th deputies, great though th« power® of W&flCn&irman may be. More and laere i t has b^5*^vtS^ habit t o &ini.:aize th« v&lue or deny^he p r o p r i e t y of an/ private ^ j g y f a i r s of the Syste.a. 1 oppose If you are correctly quoted, I want you t o Kno« that I consider your statement unfair, untrue, Mid cont r a r y t o the best i n t e r e s t s of tne Reserve System... Sincerely yours, E* M* Ivans.
@FedFRASER