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August 1, 19U5-

Mr. Allan Sproul, President,
Federal Reserve Bank of Sew York,
Hew York 1, Hew York.
Dear Allan:
On behalf of the Chairman, I wish to acknowledge receipt of your letter of July J>1 enclosing
a copy of your letter of the same date to Mr. Vinson
in regard to the preferential discount rate.
Also, let me thank you for sending to the
Chairman the copy of Mr. Knoke's interesting letter,
particularly with respect to the French picture.
Sincerely yours.

Elliott Thurston,
Assistant to the Chairman.