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BOARD OF GOVERNORS
or

THE

FEDERAL RESERVE SYSTEM

Office Correspondence
Xo

Chairman Eoolea

From

Richard A» Musgraw

Date- JUM is, 1&7
Subject!

y4 ^y

Mr# Bartelt called this morning and reported that the Treasury
was planning to pay off 200 million dollars of bills maturing June 26*
He asked me whether this iras in agreement with your ideas and I told him
that I was sure that you would favor this action which is entirely within
the recommendations made at the last meeting of the Open Market Committee*