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FEDERAL RESERVE BANK
OF NEW YORK
Personal

May 19, 1943.

Hon. Marriner S. Eccles, Chairman,
Board ofGovernors of the Federal
Reserve System,
Washington, D.C.
Dear Marriner:
Enclosed is a copy of my letter to the Secretary, dated May 3rd, which
he mentioned to you, and which I said I would send to you.

Some days after he had received this letter he called me on the telephone,
without mentioning it, and asked if I were going to be in Washington at any time before our conference on Friday. When I said I was not, he asked me if I had written
down anything as to the kind of organization he should now set up. When I said I
had not, he asked if I could jot something down so that he could have it and I said
I would try to do so. Enclosed is a copy of a letter of mine to him, dated May 12t
written and sent to him in response to this request.
Yours sincere

Encs. (2)



May 21, 19U3PEHSQHAL AHD COHPIDBHTIAL

Pear Henry:
Because you took exception to a letter you had
received from Allan Sproul dated May 3# * asked him to
send me a copy* He did so and at the same time sent me a
copy of his letter to you of May 12 in response to your
request over the telephone for his ideas on the way he
felt the organisation should be set up for future financing drives.
X have gone over both of these letters carefully
and X think they are excellent — direct, clear, courteous
and most const rue tire. They are entirely objective. There
is nothing personal in them, they are just the sort of
frank and constructive comments X should think you would
want to have. X am in full agreement with practically every*
thing he has to say and every suggestion he makes.
X cannot understand why they should have created
such an unfavorable reaction on your part. Knowing Allan
Sproul as X do and as you should after your long association with him, X should think these letters would serve
only to increase your confidence in him and in his judgment. X can only conclude that you have wholly misunderstood him*
Sincerely yours,

Honorable Henry Morgenthau, Jr.,
Secretary of the Treasury,
Washington, D. C.







May 21, 19U3-

Dear Allan:
The enclosed copy of a letter I
have sent to the Secretary speaks for itself.
In view of what he said to us, I could not do
less than send him this oxpression of ay own
opinion in this matter.

Sincerely yours,

Mr. Allan Sproul, President,
Federal Reserve Bank of Heir York,
Hew York City.

Enclosure