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August 25, 1914*.

Telephone conversation with

Chairman Ecoles

Mr. Sproul.

I discussed over the telephone with Mr. Sproul the subject matter of hi3 letter of August 21*
I advised him that the Treasury had agreed to defer
taking up the question of an increase in the amount of the weekly
offering of Treasury bills until around September 20, when Mr.
Sproul will be here for the .meeting of the full committee.
With referonos to Mr. Rounds attending the meeting, I
advised Mr, Sproul that undei* the circumstances outlined in his
letter, I would reoosEnend to U\o committee that he be permittod
to attend the meetings of the Open Market Committee to be held
September 21 and 22, with the understanding that this would not
establish a precedent permitting his attendance at all meetings
of the full committee in the future.