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FEDERAL RESERVE
OF

BOSTON

RALPH E. FLANDERS
PRESIDENT




BANK

January 50,1945*

Honorable Marriner S. Eccles,
Board of Governors of the Federal Reserve System,
Washington 25f D.Cm
Dear Marriner:
I am sending you herewith copy of a letter
which I put into our regular folder sent to the
directors in advance of the last aeeting.
I am not at all sure you will agree with
the position I have taken in this matter and I
would be interested in your comments•
May I say that this document is confidential
with the directors and that I have no intention
of using the material publicly in any way#
Sincerely yours,
/

A.
Enc.