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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Office Correspondence Tn Chairman Eooles p f l t e December 10,191*7 Subject: January 1 refunding Thomas L< "When Mr* Bartelt made routine inquiry to make sure that there had been no change in the Casmittee1s views, I told him that the Committee considered it settled that one-year 1 l/8 per cent certificates would be offered in full exchange for the maturing January 1, 19i|S issue; and that the System still intends to turn in its holdings for cash if, as expected* there are sufficient funds, but that that point did not have to be covered today* I then let Ur* Rouse know what I had told Bartelt* He reminded me that the instruction of the full committee was for retirement of System holdings through the next quarter to the extent justified by the money market condition, and that, after first asking for mandatory instruction from the full committee for full retirement of System holdings, you had agreed to this modification* We have until a few days after the opening of the books9 probably around the 19th, to make final decision*
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