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COPY May 34, 1939. Honorable Henry Morgenthau, Jr., Secretary of the Treasury, Washington, D. C. Dear Mr. Secretary: As an aid to the Executive Committee of the Federal Open Market Committee in its discussions of the June Treasury financing prior to our meeting in your office, we should appreciate the receipt of your estimates of future cash expenditures by the Treasury. We hope that you will find it desirable to provide us with this information. Very truly yours, (signed) M. S. Eccles, Chairman. LMP/fsc COPY TREASURY DEPARTMENT Washington May 27, 1939 Dear Mr. Chairman: I have your letter of May 24, 1939, requesting our estimates of the future cash expenditures by the Treasury for use by the Executive Committee of the Federal Open Market Committee in its discussions of the June Treasury financing prior to the meeting in the Treasury on Wednesday, May 31, As you know, I have always been reluctant to permit any copies of the detailed estimates of the cash position of the Treasury to go out of my office. I am glad, however, to furnish you the contemplated balances at the end of each month based upon the cash position estimates, which I believe will serve your purpose. The estimates of the balances for the end of each month, in millions of dollars, are: May $ 2,176 June ......... 1,916 July 1,731 August ....... 1,384 September $1,938 October 1,644 November 1,758 December ........ 1,534 These balances do not provide for any cash financing in June or December, but do provide for the sale of $200,000,000 in July of the obligations of the Commodity Credit Corporation; the sale of Treasury obligations of $5850,000,000 in September; and the sale of #300,000,000 in November of Reconstruction Finance Corporation obligations. Very truly yours, (Signed) H. Morgenthau, Jr. Secretary of the Treasury. Honorable Marriner S. Eccles, Chairman, Board of Governors, Federal Reserve System, Washington, D. C. Honorable Henry Morgenthau, Jr», Secretary of the Treasury, Washington, D« 6« Dear Mr. Secretary* I wish to acknowledge with thanks your letter of llay 27, giving estimates of th© cash position of th® Treasury to th© end, of the calendar year* These estimates are entirely sufficient for our purpose• Very truly yours, Ohairaaan •