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August 25, 1914*. Pilea 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. MSE:VE:b