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F o r m No**131 A"\ dCm A^ 1 Ofhce Correspondence To „ rom fioyerno** F'ftclefi Cb/1 j, H« Daig^qjfly FEDERAL RESERVE FL BA D 0R 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)