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THE WHITE HOUSE
WASH INGTON
THE ASSISTANT TO THE PRESIDENT

December 2, 1947

Dear Mr* Thurston:

Thank you for your thoughtfulness in writing
to me and enclosing Mr. Eccles1 statement on housing and the statements regarding the relation of bank
credit and inflation.

Sincerely,

Mr. Elliott Thurston
Assistant to the Chairman
Board of Governors
of the
Federal Reserve System
Washington 25, D. C*