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B R O W N

B R O T H E R S

H A R R I M A N

&

59

C o .

BUSINESS ESTABLISHED 1818

PRIVATE

WALL STREET,

INVESTMENT ADVISORY DEPARTMENT




5

F

N.Y

CABLE ADDRESS "SHIPLEY-NE W YORK ''

BANKERS

March 7, 1947

Board of Governors
Federal .Reserve System
Washington, D. C.
Gentlemen:
Do you, by any chance, have a transcript of the remarks maae by Marriner S. Eccies
before the Hous-e Banking Committee urging Congress to continue indefinitely the existing
temporary authority for Federal Reserve banks
to purchase up to $5,000,000,000 of government
securities?
If you C O I should appreciate it if
L,
you would send me a copy of Mr, Eccles1 testimony. If such a transcript will be available
for circulation but has not yet been prepared,
would you please place my name on the mailing
list to receive a copy.
Very truly yours,

C. C. Bayard
CCBigr

NEW YORK




March 10, 1947•

Mr. C• C. Bayard,
Brown Brothers Harriman & Go.,
59 V*aii Street,
New York
New York.
Dear Mr. Bayard:
In accordance with your request of
March 7, I am enclosing copies of two prepared
statements which Chairman Eccles presented to the
House Banking arid Currency Committee. The memorandum of March U was prepared in an effort to
clarify the garbled press reports of his first
dayis testimony.
V»e do not have copies available of the
complete testimony, but no doubt they may be obtained
from the Committee when the hearings are printed.
Sincerely yours,

Elliott Thurston,
Assistant to the Chairman.
Enclosures 2