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BOARD OF GOVERNORS
OP THE

FEDERAL RESERVE SYSTEM

Office Correspondence
To

Chairman Eccles

Ytom

Date ipm 24,1945
Subject:_

Governor Ransom

At 9 2 40 this morning Mr, Will Davis called me to saythat they were continuing their studies with the Treasury on
the tax proposals, that he had recently noticed a statement
issued by an k.B.k. Committee in effect requesting their members
to be careful in extending real estate credits, that he (Mr*
Davis) thought that it might be helpful to have private agencies
follow such a course but that he also thought it more important
to consider what, if anything, along these lines Government
agencies, particularly his own, might be doing. He asked that
I put his Mr, Salant in touch with some staff member who had
studied real estate credits and let them discuss ideas along
this general line, namely, of Government agencies taking some
action — what, if anything, he did not know* He said that
perhaps an Executive Order still might be issued.
I told Mr. Davis that I would have Dr. Parry call
Mr. Salant, which was done, but so far as I know they have
not reached each other. I cautioned Dr. Parry as to the delicate
nature of these discussions but said that Mr. Davis wanted some
consultation between the staff members on the whole subject.
Dr. Parry has later reported that he got in touch
with Mr. Salant and that the discussion seemed to be on the
subject of how credit controls could be further implemented.
They are to see one another at four o'clock this (Tuesday) afternoon.