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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Office Correspondence To Chairman Eooles Date—jni y 10, Subject! August certificates Richard A Masgrave » Mr* Bartelt called to inquire about the Committee's recommendation on refunding for the August 1 certificate. H e said that the decision had to be made not later than Tuesday and that he would very much like to have your views by Monday morning• H mentioned that he was now preparing a recommendation e on the matter for the Secretary and that he was inolined to recommend refunding into a eleven-month 7/8 per cent certificate. He i asked me whether I thought that this was compatible with your views and I told him that my understanding was that your thinking was along similar lines*