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F o r m No**131

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Ofhce Correspondence
To
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fioyerno**

F'ftclefi

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j, H« Daig^qjfly

FEDERAL RESERVE
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Subject:

n^ August 22,1955
Mr» Riefler t s comment on

participating certificate proposal
•p•

lou may be interested in the attached excerpt from a
letter that I received on Monday from Win Riefler, to whom I
had sent the clippings about Mr. Grimm's advocacy of participating
certificates as a means of relieving banks of some of their
mortgage load and making additional funds available for mortgages. With the clippings I sent a copy of the memorandum that
I wrote to you on August 8 following Ferguson1s visit•




16—S52




Brewster, Mass*
August 15, 1935

Catharine telegraphed me today to ask me to
come to a very important conference next week. I hate to
break this summer up again. It seems as though I havenft
yet caught ay stride after that last trip. Maybe I will
be there and maybe not. I assume that the problem is
still the one of individual investors* The way that thing
keeps on bobbing up makes me sick. I should think that it
had been effectively disposed of long ago* Your memo to
Governor Eccles covered the ground admirably. For myself>
I am not disposed to argue it much more. It amounts to
unsound finance and that ought to settle it.

(Excerpt from letter from Mr. Riefler to Mr. Daiger)