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Personal and Confidential July 25, 19U6. Dear Allan: As a result of & verbal statement which I made to a group who met at the White House a couple of weeks ago to discuss the inflationary problems generally and OPA in particular, I was asked by Mr. Clifford, Special Counsel to the President, to submit a memorandum to the President along the lines of my discussion* Last Friday I sent the requested memorandum to the President through Mr. Clifford. I know that the President has read it. I am not hopeful, however, that it will bring about any results* I thought you might be interested in reading it, so I am enclosing a oopy for your •ery confidential information. With kind regards, Sincerely yours, Mr. Allan Sproul, President, Federal Reserve Bank of Hew York, New York 7, Mew York. Enclosure MSE:b