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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*